8-K

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

                                    Form 8-K

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

       Date Of Report (Date Of Earliest Event Reported): October 31, 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)) [GRAPHIC OMITTED]

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



ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

     On October 31, 2005,  American  Campus  Communities,  Inc. (the  "Company")
issued a press release  announcing  earnings for the quarter ended September 30,
2005.  The text of the press release is included as Exhibit 99.1 to this Current
Report.

     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 October 31, 2005, the Company  disclosed a supplemental  analyst package
in connection with its earnings  conference call for the quarter ended September
30,  2005,  which took place on  November  1, 2005.  A copy of the  supplemental
analyst package is attached hereto as Exhibit 99.2.

     The  supplemental  analyst  package is furnished  pursuant to Item 7.01 and
shall not be deemed  "filed" for purposes of Section 18 of 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

     The list of exhibits is  incorporated  herein by  reference  to the Exhibit
Index.


                                  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/ Jonathan A. Graf
Date: November 1, 2005.                       ----------------------------------
                                              Jonathan A. Graf
                                              Senior Vice President, Chief
                                              Accounting Officer and Treasurer




                                  Exhibit Index


 Exhibit No.           Description
- --------------       -----------------------------------------------------------
EX-99.1                Press Release Dated October 31, 2005
EX-99.2                Supplemental Analyst Package - Third Quarter 2005

EX-99.1

                   American Campus Communities Inc.
             Reports Third Quarter 2005 Financial Results

    AUSTIN, Texas--(BUSINESS WIRE)--Oct. 31, 2005--American Campus
Communities Inc. (NYSE:ACC) today announced the following financial
results for the quarter ending September 30, 2005.

    Highlights

    --  Quarterly FFOM of $0.25 per fully diluted share.

    --  Increase in net operating income ("NOI") for same store owned
        off-campus properties of 4.7 percent over the third quarter
        2004 and 12.5 percent over the nine months ended September 30,
        2004.

    --  Increase in occupancy for owned off-campus portfolio to 98.8
        percent for the 2005-2006 academic year, as compared to 97.4
        percent for the 2004-2005 academic year.

    --  Commenced construction on the Village at Newark, an 812-bed
        off-campus student community serving students attending
        colleges and universities in the metro New Jersey and New York
        areas.

    --  Commenced construction on Callaway Villas, a 704-bed
        off-campus community serving students at Texas A&M University.

    --  Commenced third-party construction management services on a
        345-bed student community at West Virginia University.

    --  Completed phase two construction on a 320-bed third-party
        development at Saint Leo University in Saint Leo, Florida.

    2005 Operating Results

    Revenue for the 2005 third quarter totaled $21.9 million, up 62.6
percent from $13.5 million in the 2004 third quarter. Net loss for the
quarter totaled $0.6 million, or $0.03 per fully diluted share. The
third quarter is typically a weaker quarter for the company due to the
seasonality of the student housing business, due primarily to the
nine-month lease expirations at the company's on-campus participating
properties as leases generally run concurrent with the academic year.
FFO for the quarter totaled $3.6 million, or $0.21 per fully diluted
share. FFOM totaled $4.3 million, or $0.25 per fully diluted share. A
reconciliation of FFO and FFOM to net income (loss) is shown on Table
3.
    NOI for same store owned off-campus properties was $3.6 million in
the quarter, up 4.7 percent from $3.4 million in the 2004 third
quarter. NOI for the total owned off-campus property portfolio
increased 85.4 percent, to $7.1 million from $3.8 million in the
comparable period of 2004, primarily due to the impact of acquired
properties. For purposes of calculating property NOI, the company
defines property NOI as property revenues less direct property
operating expenses, excluding depreciation, unallocated corporate
general and administrative expenses, and ground/facility lease
expenses.
    For the nine months ended September 30, 2005, revenues totaled
$61.4 million, up 44.1 percent from $42.7 million in 2004. Net income
for the year-to-date period totaled $5.8 million, or $0.41 per fully
diluted share. FFO for the year-to-date period totaled $11.8 million,
or $0.83 per fully diluted share, and FFOM totaled $12.4 million, or
$0.87 per fully diluted share. A reconciliation of FFO and FFOM to net
income (loss) is shown on Table 3.
    "Since our IPO, we have recorded four straight quarters of year on
year same store NOI growth," commented Bill Bayless, CEO and president
of American Campus Communities. "This, coupled with external growth
related to the commencement of construction on two new owned
development assets, should set the stage for solid performance in the
years ahead."

    Portfolio Update

    --  Achieved 98.8 percent fall occupancy at the company's owned
        off-campus portfolio for the 2005-2006 academic year.

    --  Completed construction on University Village at Sweethome, an
        828-bed owned community serving students attending SUNY
        Buffalo, which opened with 100 percent occupancy.

    --  Completed construction on the Cullen Oaks expansion project, a
        354-bed on-campus participating property at the University of
        Houston.

    Additionally, subsequent to the commencement of construction of
Callaway Villas, American Campus has started pre-leasing its 704 beds
for the 2006-2007 academic year.

    Subsequent to the Quarter End

    The company has been awarded a development consulting and
construction management services contract for a proposed 323-bed
project on the downtown campus of West Virginia University.
    Due to the impact of Hurricane Katrina, the commencement of
construction for the third-party development at the University of New
Orleans housing project has been delayed. The University has expressed
their commitment to this project moving forward, and is in the process
of establishing a definitive timeline.

    2005 Outlook

    Based on the judgment and current expectations of the management
team, the company is reaffirming its previously stated full-year 2005
guidance ranges of net income from $0.56 to $0.60 per fully diluted
share, FFO from $1.24 to $1.30 per fully diluted share, and FFOM from
$1.15 to $1.23 per fully diluted share.
    The financial results for the year ended December 31, 2005 may be
affected by: national and regional economic trends and events; the
timing of acquisitions; interest rate risk; the timing of starts and
completion of owned development projects; the ability and the timing
of the company to be awarded and commence construction of third-party
and owned development projects; the amount of income recognized by the
taxable REIT subsidiary and any corresponding income tax expense.

    Supplemental Information and Earnings Conference Call

    Supplemental financial and operating information, as well as this
release, are available in the investor relations section of the
American Campus Communities website,
www.americancampuscommunities.com. In addition, the company will host
a conference call to discuss third quarter results and the 2005
outlook on Tuesday, November 1, 2005 at 2:00 p.m. EST (1:00 p.m. CST).
To participate by telephone, call 800-638-5439 passcode 90615265 at
least five minutes prior to the call.
    To listen to the live broadcast, go to
www.americancampuscommunities.com or www.earnings.com at least 15
minutes prior to the call so that required audio software can be
downloaded. Informational slides in the form of the supplemental
analyst package can be accessed via the website. A replay of the
conference call will be available beginning two hours after the end of
the call until November 8, 2005 by dialing 888-286-8010 or
617-801-6888 pass code 49887026. The replay also will be available for
30 days at www.americancampuscommunities.com and at www.earnings.com.

    Non-GAAP Financial Measures

    As defined by NAREIT, FFO represents income (loss) before
allocation to minority interests (computed in accordance with GAAP),
excluding gains (or losses) from sales of property, plus real estate
related depreciation and amortization (excluding amortization of loan
origination costs) and after adjustments for unconsolidated
partnerships and joint ventures. We present FFO because we consider it
an important supplemental measure of our operating performance and
believe it is frequently used by securities analysts, investors and
other interested parties in the evaluation of REITs, many of which
present FFO when reporting their results. FFO is intended to exclude
GAAP historical cost depreciation and amortization of real estate and
related assets, which assumes that the value of real estate diminishes
ratably over time. Historically, however, real estate values have
risen or fallen with market conditions. Because FFO excludes
depreciation and amortization unique to real estate, gains and losses
from property dispositions and extraordinary items, it provides a
performance measure that, when compared year over year, reflects the
impact to operations from trends in occupancy rates, rental rates,
operating costs, development activities and interest costs, providing
perspective not immediately apparent from net income. We compute FFO
in accordance with standards established by the Board of Governors of
NAREIT in its March 1995 White Paper (as amended in November 1999 and
April 2002), which may differ from the methodology for calculating FFO
utilized by other equity REITs and, accordingly, may not be comparable
to such other REITs. Further, FFO does not represent amounts available
for management's discretionary use because of needed capital
replacement or expansion, debt service obligations or other
commitments and uncertainties. FFO should not be considered as an
alternative to net income (loss) (computed in accordance with GAAP) as
an indicator of our financial performance or to cash flow from
operating activities (computed in accordance with GAAP) as an
indicator of our liquidity, nor is it indicative of funds available to
fund our cash needs, including our ability to pay dividends or make
distributions.
    As noted above, FFO excludes GAAP historical cost depreciation and
amortization of real estate and related assets because these GAAP
items assume that the value of real estate diminishes over time.
However, unlike the ownership of our owned off-campus properties, the
unique features of our ownership interest in our on-campus
participating properties cause the value of these properties to
diminish over time. For example, since the ground leases under which
we operate the participating properties require the reinvestment from
operations of specified amounts for capital expenditures and for the
repayment of debt while our interest in these properties terminates
upon the repayment of the debt, such capital expenditures do not
increase the value of the property to us and mortgage debt
amortization only increases the equity of the ground lessor.
Accordingly, when considering our FFO, we believe it is also a
meaningful measure of our performance to modify FFO to exclude the
operations of our on-campus participating properties and to consider
their impact on performance by including only that portion of our
revenues from those properties that are reflective of our share of net
cash flow and the management fees that we receive, both of which
increase and decrease with the operating measure of the properties, a
measure we refer to as FFOM.

    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 25 student
housing communities containing approximately 17,100 beds. Including
its owned properties, the company provides management and leasing
services at a total of 43 properties with more than 27,700 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 Balance Sheets
        (dollars in thousands, except share and per share data)

                                            September 30, December 31,
                                                2005          2004
                                            ------------- ------------
Assets                                       (unaudited)

Investments in real estate:
 Owned off-campus properties, net               $409,712     $272,450
 On-campus participating properties, net          81,750       68,064
                                            ------------- ------------
Investments in real estate, net                  491,462      340,514

Cash and cash equivalents                          5,879        4,050
Restricted cash                                    8,547        9,816
Investments in commercial paper                   31,682           --
Student contracts receivable, net                  2,284        2,164
Other assets                                      14,615       11,084
                                            ------------- ------------

Total assets                                    $554,469     $367,628
                                            ============= ============

Liabilities and stockholders' equity
Liabilities:
 Secured debt                                   $291,762     $201,014
 Accounts payable and accrued expenses             8,564        5,443
 Other liabilities                                26,275       20,294
                                            ------------- ------------

Total liabilities                                326,601      226,751

Minority interests                                 2,816        2,648

Stockholders' equity:
 Common stock, $0.01 par value, 800,000,000
  shares authorized, 17,190,000 and
  12,615,000 shares issued and outstanding
  at September 30, 2005 and December 31,
  2004, respectively.                                172          126
 Additional paid in capital                      231,253      136,259
 Accumulated (deficit) earnings
  and dividends                                   (6,777)       1,802
 Accumulated other comprehensive income              404           42
                                            ------------- ------------
Total stockholders' equity                       225,052      138,229
                                            ------------- ------------

Total liabilities and stockholders' equity      $554,469     $367,628
                                            ============= ============


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

                   Three Months Ended           Nine Months Ended
                      September 30,               September 30,
                -------------------------   -------------------------
                   2005         2004           2005         2004
                ----------- -------------   ----------- -------------
Revenues:
 Owned
  off-campus
  properties       $15,184        $8,944       $42,437     $24,659
 On-campus
  participating
  properties         3,637         3,328        12,263      11,823
 Third-party
  development
  services           2,017           537         3,994       4,738
 Third-party
  management
  services             783           535         2,055       1,307
 Resident
  services             256           114           676         114
                ----------- -------------   ----------- -------------
Total revenues      21,877        13,458        61,425      42,641

Operating
 expenses:
 Owned
  off-campus
  properties         8,386         5,254        20,395      12,457
 On-campus
  participating
  properties         2,173         2,032         6,034       5,873
 Third-party
  development
  and
  management
  services           1,609         1,330         4,646       4,121
 General and
  administrative     1,534         2,912         4,823       3,920
 Depreciation
  and
  amortization       4,269         2,619        12,143       7,150
 Ground/facility
  leases               245           302           697         664
                ----------- -------------   ----------- -------------
Total operating
 expenses           18,216        14,449        48,738      34,185
                ----------- -------------   ----------- -------------

Operating income
 (loss)              3,661          (991)       12,687       8,456

Non-operating
 income and
 (expenses):
 Interest income       396            32           498          57
 Interest
  expense           (4,319)       (4,678)      (12,761)    (13,148)
 Amortization of
  deferred
  financing
  costs               (318)         (691)         (840)       (979)
 Other
  non-operating
  income                --           371           430         371
                ----------- -------------   ----------- -------------
Total
 non-operating
 expenses           (4,241)       (4,966)      (12,673)    (13,699)
                ----------- -------------   ----------- -------------

(Loss) income
 before income
 tax benefit,
 minority
 interests, and
 discontinued
 operations           (580)       (5,957)           14      (5,243)
Income tax
 benefit                (6)          757            (6)        757
Minority
 interests             (10)           86           (85)        130
                ----------- -------------   ----------- -------------
(Loss) from
 continuing
 operations           (596)       (5,114)          (77)     (4,356)

Discontinued
 operations:
 Loss
  attributable
  to
  discontinued
  operations            --           (94)           (2)       (284)
 Gain (loss)
  from
  disposition
  of real estate        --            --         5,883         (39)
                ----------- -------------   ----------- -------------
  Total
   discontinued
   operations           --           (94)        5,881        (323)
                ----------- -------------   ----------- -------------

Net (loss)
 income              $(596)      $(5,208)       $5,804     $(4,679)
                =========== =============   =========== =============

(Loss) income
 per share --
 basic              $(0.04)       $(0.13)(a)     $0.41      $(0.13)(a)
                =========== =============   ==========  ===========
(Loss) income
 per share --
 diluted            $(0.03)       $(0.12)(a)     $0.41      $(0.12)(a)
                =========== =============   ==========  ===========
Weighted average
 common shares
 outstanding:
  Basic         17,005,462    12,290,256(a) 14,100,631  12,290,256(a)
                =========== =============   ========== ============
  Diluted       17,126,462    12,411,256(a) 14,263,981  12,411,256(a)
                =========== =============   ========== ============


(a) Represents the period from August 17, 2004, the date of the
    company's initial public offering through September 30, 2004.

                                Table 3
           American Campus Communities Inc. and Subsidiaries
                    and American Campus Predecessor
                      Calculation of FFO and FFOM
  (unaudited, dollars in thousands, except share and per share data)


                   Three Months Ended         Nine Months Ended
                      September 30,             September 30,
                -------------------------   -------------------------
                   2005         2004           2005         2004
                ----------- -------------   ----------- -------------
Net (loss)
 income              $(596)      $(5,208)        $5,804    $(4,679)
Minority
 interests              10           (86)            85       (130)
(Gain) loss from
 disposition of
 real estate            --            --         (5,883)        39
Real
 estate-related
 depreciation
  and
 amortization        4,153         2,653         11,823      7,218
                ----------- -------------   ----------- -------------

Funds from
 operations
 ("FFO")             3,567        (2,641)        11,829      2,448

Elimination of
 operations from
 on-campus
 participating
 properties:
  Net loss
   (income) from
   on-campus
   participating
   properties          966           967            897        909
  Amortization
   of investment
   in on-campus
   participating
   properties         (913)         (950)        (2,675)    (2,660)
                ----------- -------------   ----------- -------------
                     3,620        (2,624)        10,051        697

Modifications to
 reflect
 operational
 performance of
 on-campus
 participating
 properties:
  Our share of
   net cash
   flow(a)             245           302            697        698
  Management
   fees                167           158            588        586
  On-campus
   participating
   properties
   development
   fees(b)             253            --          1,068         --
                ----------- -------------   ----------- -------------
  Impact of
   on-campus
   participating
   properties          665           460          2,353      1,284
                ----------- -------------   ----------- -------------
Funds from
 Operations --
 modified for
 operational
 performance of
 on-campus
 participating
 properties
 ("FFOM")           $4,285       $(2,164)       $12,404     $1,981
                =========== =============   =========== =============

FFO per share --
 basic and
 diluted
  Basic              $0.21        $(0.01)(c)      $0.84     $(0.01)(c)
                =========== =============   =========== ===========
  Diluted            $0.21        $(0.01)(c)      $0.83     $(0.01)(c)
                =========== =============   =========== ===========

FFOM per share
  Basic              $0.25        $(0.02)(c)      $0.88     $(0.02)(c)
                =========== =============   =========== ===========
  Diluted            $0.25        $(0.02)(c)      $0.87     $(0.02)(c)
                =========== =============   =========== ===========

Weighted average
 common shares
 outstanding:
  Basic         17,005,462    12,290,256(c)  14,100,631 12,290,256(c)
                =========== =============   =========== ===========
  Diluted       17,174,663    12,411,256(c)  14,263,981 12,411,256(c)
                =========== =============   =========== ===========


(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. Represents
    amounts accrued for the interim periods.

(b) Development and construction management fees related to the Cullen
    Oaks Phase II on-campus participating property, completed in
    August 2005.

(c) Share and per share amounts represent the period from August 17,
    2004, the date of the Company's initial public offering, through
    September 30, 2005.

                                Table 4
           American Campus Communities Inc. and Subsidiaries
                             2005 Outlook
  (unaudited, dollars in thousands, except share and per share data)
                       Revised 2005 Outlook (a)


                                                       Low      High
                                                    --------- --------
Net income                                            $8,450   $9,000
Minority interests                                        80       90
Gain on disposition of real estate                    (5,800)  (5,900)
Depreciation and amortization                         14,920   15,210
Amortization of acquired intangible assets             1,100    1,200
                                                    --------- --------
  Funds from operations ("FFO")                       18,750   19,600

Elimination of operations from on-campus
 participating properties                             (4,000)  (3,900)

Modifications to reflect operational performance
 of on-campus participating properties                 2,650    2,900
                                                    --------- --------
Funds from operations -- modified for operational
 performance of on-campus participating properties
 ("FFOM")                                            $17,400  $18,600
                                                    ========= ========

Weighted average common shares outstanding --
 diluted                                              15,075   15,075
                                                    ========= ========

Net income per average common share -- diluted         $0.56    $0.60
                                                    ========= ========

FFO per average common share -- diluted                $1.24    $1.30
                                                    ========= ========

FFOM per average common share -- diluted               $1.15    $1.23
                                                    ========= ========


(a) Assumes that (1) the company will complete $0 to $30 million of
    off-campus property acquisitions during the fourth quarter of
    2005, (2) University Village at Sweet Home and Cullen Oaks Phase
    II developments being placed into service on schedule, (3) the
    company will generate third-party development and management
    revenues from $7.5 million to $8.5 million, (4) the 2005-2006
    academic year lease-up is based upon current pre-leasing and
    rental rate trends, and (5) the cost of Sarbanes-Oxley compliance
    at 2005 year-end will be approximately $0.5 million.



    CONTACT: American Campus Communities Inc., Austin
             Brian Nickel, 512-732-1000

EX-99.2

American Campus Communities

Supplemental Analyst Package

Third Quarter 2005 Earnings Call

November 1, 2005

	Three Months Ended September 30,													Nine Months Ended September 30,
	2005			2004					$ Change		% Change			2005		2004					$ Change		% Change
Operating Data
Total revenues	$	21,877		$	13,458				$	8,419		62.6	%	$	61,425	$	42,641				$	18,784		44.1	%
Operating income (loss)		3,661			(991	)				4,652					12,687		8,456					4,231
Net (loss) income		(596	)		(5,208	)				4,612					5,804		(4,679	)				10,483
Net (loss) income per share - basic		(0.04	)		(0.13	)	(1	)							0.41		(0.13	)	(1	)
Net (loss) income per share - diluted		(0.03	)		(0.12	)	(1	)							0.41		(0.12	)	(1	)
FFO		3,567			(2,641	)				6,208					11,829		2,448					9,381
FFO per share - basic		0.21			(0.01	)	(1	)							0.84		(0.01	)	(1	)
FFO per share - diluted		0.21			(0.01	)	(1	)							0.83		(0.01	)	(1	)
FFOM		4,285			(2,163	)				6,448					12,404		1,981					10,423
FFOM per share - basic		0.25			(0.02	)	(1	)							0.88		(0.02	)	(1	)
FFOM per share - diluted		0.25			(0.02	)	(1	)							0.87		(0.02	)	(1	)
Same store net operating income -
owned off-campus properties		3,604			3,442					162		4.7	%		13,448		11,954					1,494		12.5	%
Operating Statistics		September 30, 2005								December 31, 2004
Debt to total market capitalization (2)		32.0%								30.2%
Interest coverage (3)		2.18								2.26
Fixed charge coverage (3)		1.65								1.72
(1) Per share amounts represent the period from August 17, 2004, the date of the Company's initial public offering, to September 30, 2004.
(2) Excludes debt related to our on-campus participating properties of $90.7 million and $77.2 million at September 30, 2005 and December 31, 2004, respectively.
(3) Represents operating performance for the four most recently completed fiscal quarters. Excludes interest and fixed charges associated with our on-campus participating properties.

	September 30, 2005			December 31, 2004
Assets
Investments in real estate:
Owned off-campus properties, net	$	409,712		$	272,450
On-campus participating properties, net		81,750			68,064
Investments in real estate, net		491,462			340,514
Cash and cash equivalents		5,879			4,050
Restricted cash		8,547			9,816
Investments in commercial paper		31,682			-
Student contracts receivable, net		2,284			2,164
Other assets		14,615			11,084
Total assets	$	554,469		$	367,628
Liabilities and stockholders’ equity
Liabilities:
Secured debt	$	291,762		$	201,014
Accounts payable and accrued expenses		8,564			5,443
Other liabilities		26,275			20,294
Total liabilities		326,601			226,751
Minority interests		2,816			2,648
Stockholders’ equity:
Common stock, $.01 par value, 800,000,000 shares authorized,
17,190,000 and 12,615,000 shares issued and outstanding
at September 30, 2005 and December 31,2004, respectively		172			126
Additional paid in capital		231,253			136,259
Accumulated (deficit) earnings and distributions		(6,777	)		1,802
Accumulated other comprehensive income		404			42
Total stockholders’ equity		225,052			138,229
Total liabilities and stockholders’ equity	$	554,469		$	367,628

	Three Months Ended September 30,											Nine Months Ended September 30,
	2005			2004					$ Change			2005			2004					$ Change
Revenues:
Owned off-campus properties	$	15,184		$	8,944				$	6,240		$	42,437		$	24,659				$	17,778
On-campus participating properties		3,637			3,328					309			12,263			11,823					440
Third party development services		2,017			537					1,480			3,994			4,738					(744	)
Third party management services		783			535					248			2,055			1,307					748
Resident services		256			114					142			676			114					562
Total revenues		21,877			13,458					8,419			61,425			42,641					18,784
Operating expenses:
Owned off-campus properties		8,386			5,254					3,132			20,395			12,457					7,938
On-campus participating properties		2,173			2,032					141			6,034			5,873					161
Third party development and management services		1,609			1,330					279			4,646			4,121					525
General and administrative		1,534			2,912					(1,378	)		4,823			3,920					903
Depreciation and amortization		4,269			2,619					1,650			12,143			7,150					4,993
Ground/facility leases		245			302					(57	)		697			664					33
Total operating expenses		18,216			14,449					3,767			48,738			34,185					14,553
Operating income (loss)		3,661			(991	)				4,652			12,687			8,456					4,231
Nonoperating income and (expenses):
Interest income		396			32					364			498			57					441
Interest expense		(4,319	)		(4,678	)				359			(12,761	)		(13,148	)				387
Amortization of deferred financing costs		(318	)		(691	)				373			(840	)		(979	)				139
Other nonoperating income		-			371					(371	)		430			371					59
Total nonoperating expenses		(4,241	)		(4,966	)				725			(12,673	)		(13,699	)				1,026
(Loss) income before income taxes, minority interests,
and discontinued operations		(580	)		(5,957	)				5,377			14			(5,243	)				5,257
-																					-
Income tax (provision) benefit		(6	)		757					(763	)		(6	)		757					(763	)
-										-
Minority interests		(10	)		86					(96	)		(85	)		130					(215	)
Loss from continuing operations		(596	)		(5,114	)				4,518			(77	)		(4,356	)				4,279
Discontinued operations:
Loss attributable to discontinued operations		-			(94	)				94			(2	)		(284	)				282
Gain (loss) from disposition of real estate		-			-					-			5,883			(39	)				5,922
Total discontinued operations		-			(94	)				94			5,881			(323	)				6,204
Net (loss) income	$	(596	)	$	(5,208	)			$	4,612		$	5,804		$	(4,679	)			$	10,483
Net (loss) income per share - basic	$	(0.04	)	$	(0.13	)	(1	)				$	0.41		$	(0.13	)	(1	)
Net (loss) income per share - diluted	$	(0.03	)	$	(0.12	)	(1	)				$	0.41		$	(0.12	)	(1	)
Weighted-average common shares outstanding:
Basic		17,005,462			12,290,256		(1	)					14,100,631			12,290,256		(1	)
Diluted		17,126,462			12,411,256		(1	)					14,263,981			12,411,256		(1	)
(1) Share and per share amounts represent the period from August 17, 2004, the date of the Company's initial public offering, through September 30, 2004.

	Three Months Ended September 30,											Nine Months Ended September 30,
	2005			2004					$ Change			2005			2004					$ Change
Net (loss) income	$	(596	)	$	(5,208	)			$	4,612		$	5,804		$	(4,679	)			$	10,483
Minority interests		10			(86	)				96			85			(130	)				215
(Gain) loss from disposition of real estate		-			-					-			(5,883	)		39					(5,922	)
Real estate related depreciation and amortization		4,153			2,653					1,500			11,823			7,218					4,605
Funds from operations ("FFO")		3,567			(2,641	)				6,208			11,829			2,448					9,381
Elimination of operations of on-campus participating properties:
Net loss from on-campus participating properties		966			968					(2	)		897			909					(12	)
Amortization of investment in on-campus participating properties		(913	)		(950	)				37			(2,675	)		(2,660	)				(15	)
		3,620			(2,623	)				6,243			10,051			697					9,354
Modifications to reflect operational performance of on-campus
participating properties:
Our share of net cash flow (1)		245			302					(57	)		697			698					(1	)
Management fees		167			158					9			588			586					2
On-campus participating property development fees (2)		253			-					253			1,068			-					1,068
Impact of on-campus participating properties		665			460					205			2,353			1,284					1,069
Funds from operations – modified for operational performance
of on-campus participating properties ("FFOM")	$	4,285		$	(2,163	)			$	6,448		$	12,404		$	1,981				$	10,423
FFO per share
Basic	$	0.21		$	(0.01	)	(3	)				$	0.84		$	(0.01	)	(3	)
Diluted	$	0.21		$	(0.01	)	(3	)				$	0.83		$	(0.01	)	(3	)
FFOM per share
Basic	$	0.25		$	(0.02	)	(3	)				$	0.88		$	(0.02	)	(3	)
Diluted	$	0.25		$	(0.02	)	(3	)				$	0.87		$	(0.02	)	(3	)
Weighted average common shares outstanding
Basic		17,005,462			12,290,256		(3	)					14,100,631			12,290,256		(3	)
Diluted		17,174,663			12,411,256		(3	)					14,263,981			12,411,256		(3	)
(1) 50% of the properties’ net cash available for distribution after payment of operating expenses, debt service (including repayment of principal) and capital expenditures.
Represents amounts accrued for the interim periods.
(2) Development and construction management fees related to the Cullen Oaks Phase II on-campus participating property, which was completed in August 2005.
(3) Share and per share amounts represent the period from August 17, 2004, the date of the Company's initial public offering, through September 30, 2004.

Total Debt (1)	$	196,456
Total Market Value (2)		417,266
Total Market Capitalization	$	613,722
Debt to Total Market Capitalization		32.0	%
Interest Coverage (3)		2.18
Fixed Charge Coverage (3)		1.65
					Principal Outstanding (1)	Weighted Average Interest Rate		Average Term to Maturity
Fixed Rate Mortgage (1)				$	196,456	6.90	%	6.4 Years
Variable Rate Unsecured Revolving Credit Facility					-	-		1.9 Years
Total / Weighted Average				$	196,456	6.90	%	6.4 Years

⁽¹⁾ Excluding debt related to our on-campus participating properties totaling $90.7 million with a weighted average interest rate of 6.72% and average term to

  maturity of 12.8 years. Also excludes unamortized debt premiums of $4.6 million.

⁽²⁾ Based on share price of $24.02 at September 30, 2005.

⁽³⁾ Represents operating performance for the four most recently completed fiscal quarters. Excludes interest and fixed charges associated with our on-campus

participating properties.

							Physical Occupancy at September 30,
Property	Primary University Served		Units		Beds		2005					2004
Owned off-campus properties:
1. Commons On Apache		Arizona State University Main Campus		111		444		100.0	%	(1	)		100.0	%	(1	)
2. The Village at Blacksburg		Virginia Tech University		288		1,056		99.1	%				98.6	%
3. The Village on University		Arizona State University Main Campus		288		918		98.5	%				96.6	%
4. River Club Apartments		The University of Georgia – Athens		266		794		98.6	%				92.7	%
5. River Walk Townhomes		The University of Georgia – Athens		100		340		97.9	%				98.2	%
6. The Callaway House		Texas A&M University		173		538		103.7	%				102.2	%
7. The Village at Alafaya Club		The University of Central Florida		228		840		98.7	%				95.5	%
8. The Village at Science Drive		The University of Central Florida		192		732		99.5	%				99.5	%
9. University Village at Boulder Creek		The University of Colorado at Boulder		82		309		93.2	%				86.1	%
10. University Village at Fresno		California State University – Fresno		105		406		95.8	%				99.8	%
11. University Village at TU		Temple University		220		749		98.1	%				99.6	%
Subtotal - Same Store Properties				2,053		7,126		98.8	%				97.4	%
12. University Village at Sweethome (2)		State University of New York – Buffalo		269		828		100.0	%
13. University Club Tallahassee		Florida State University		152		608		99.2	%
14. The Grove at University Club		Florida State University		64		128		97.7	%
15. College Club Tallahassee		Florida A&M University		96		384		96.6	%
16. The Greens at College Club		Florida A&M University		40		160		98.8	%
17. University Club Gainesville		University of Florida		94		376		96.0	%
18. City Parc at Fry Street		University of North Texas		136		418		99.5	%
19. The Estates		University of Florida		396		1,044		99.1	%
20. Callaway Villas (3)		Texas A&M University		236		704		n/a
21. Village at Newark (4)		Rutgers University, NJIT, Essex CCC		221		812		n/a
Subtotal - New Properties				1,704		5,462		98.8	%	(5	)
Total owned off-campus properties				3,757		12,588		98.8	%	(5	)
On-campus participating properties:
22. University Village—PVAMU		Prairie View A&M University		612		1,920		99.1	%				99.6	%
23. University College—PVAMU		Prairie View A&M University		756		1,470		86.4	%				99.9	%
24. University Village—TAMIU		Texas A&M International University		84		252		73.8	%				70.6	%
25. Cullen Oaks - Phase I and II (6)		The University of Houston		411		879		99.9	%				99.6	%
Total on-campus participating properties				1,863		4,521		93.7	%				98.0	%
Total - all properties				5,620		17,109		97.3	%	(5	)		97.6	%
(1) Commons on Apache is 100% leased from August 2004 through July 2006 by Arizona State University.
(2) Construction was completed and property commenced operations in August 2005.
(3) Currently under development - scheduled to open for occupancy in August 2006.
(4) Currently under development - scheduled to open for occupancy in Fall 2007. Pending approval from the City of Newark's Central Planning Board, the project's capacity can be
increased to 838 beds without modifying the existing building area.
(5) Excludes properties that are currently under development.
(6) Includes an additional phase consisting of 180 units and 354 beds that was completed in August 2005. Occupancy as of September 30, 2004 does not include the additional phase.

	Three Months Ended September 30,										Nine Months Ended September 30,
	2005		2004		$ Change			% Change			2005		2004		$ Change		% Change
Property revenues
Owned off-campus properties:
Same store properties	$	8,109	$	7,982	$	127			1.6	%	$	25,231	$	23,697	$	1,534		6.5	%
New properties		7,331		1,076		6,255			581.3	%		17,882		1,076		16,806		1561.9	%
Total owned off-campus properties (1)		15,440		9,058		6,382			70.5	%		43,113		24,773		18,340		74.0	%
On-campus participating properties:
Same store properties		3,466		3,328		138			4.1	%		12,092		11,823		269		2.3	%
New properties		171		-		171			100.0	%		171		-		171		100.0	%
Total on-campus participating properties		3,637		3,328		309			9.3	%		12,263		11,823		440		3.7	%
Total property revenues	$	19,077	$	12,386	$	6,691			54.0	%	$	55,376	$	36,596	$	18,780		51.3	%
Property operating expenses
Owned off-campus properties:
Same store properties	$	4,505	$	4,540	$	(35	)		-0.8	%	$	11,783	$	11,743	$	40		0.3	%
New properties		3,881		714		3,167			443.6	%		8,612		714		7,898		1106.2	%
Total owned off-campus properties		8,386		5,254		3,132			59.6	%		20,395		12,457		7,938		63.7	%
On-campus participating properties:
Same store properties		2,096		2,032		64			3.1	%		5,957		5,873		84		1.4	%
New properties		77		-		77			100.0	%		77		-		77		100.0	%
Total on-campus participating properties		2,173		2,032		141			6.9	%		6,034		5,873		161		2.7	%
Total property operating expenses	$	10,559	$	7,286	$	3,273			44.9	%	$	26,429	$	18,330	$	8,099		44.2	%
Property net operating income
Owned off-campus properties:
Same store properties	$	3,604	$	3,442	$	162			4.7	%	$	13,448	$	11,954	$	1,494		12.5	%
New properties		3,450		362		3,088			853.0	%		9,270		362		8,908		2460.8	%
Total owned off-campus properties		7,054		3,804		3,250			85.4	%		22,718		12,316		10,402		84.5	%
On-campus participating properties:
Same store properties		1,370		1,296		74			5.7	%		6,135		5,950		185		3.1	%
New properties		94		-		94			100.0	%		94		-		94		100.0	%
Total on-campus participating properties		1,464		1,296		168			13.0	%		6,229		5,950		279		4.7	%
Total property net operating income	$	8,518	$	5,100	$	3,418			67.0	%	$	28,947	$	18,266	$	10,681		58.5	%
(1) Includes revenues earned at properties related to non-customary activities, which subsequent to our IPO are reflected as Resident Services revenue on the accompanying
consolidated statements of operations

	Three Months Ended
	December 31, 2004					March 31, 2005					June 30, 2005					September 30, 2005					Total
Owned off-campus properties - 12-month leases (9 properties):
Revenues	$	7,764		24	%	$	7,969		25	%	$	7,986		25	%	$	8,163		26	%	$	31,882	100	%
Property operating expenses and estimated management costs (2)		2,785		22	%		2,897		23	%		3,047		25	%		3,730		30	%		12,459	100	%
Subtotal	$	4,979		26	%	$	5,072		26	%	$	4,939		25	%	$	4,433		23	%	$	19,423	100	%
Occupancy at period end		97.3	%				97.5	%				97.4	%				98.3	%
Owned off-campus properties - less than 12-month leases (2 properties):
Revenues	$	2,947		28	%	$	3,048		29	%	$	2,499		23	%	$	2,116		20	%	$	10,610	100	%
Property operating expenses and estimated management costs (2)		1,247		23	%		1,257		24	%		1,259		24	%		1,542		29	%		5,305	100	%
Subtotal	$	1,700		32	%	$	1,791		34	%	$	1,240		23	%	$	574		11	%	$	5,305	100	%
Occupancy at period end		97.6	%				99.9	%				38.3	%				100.4	%
Total owned off-campus properties (11 properties):
Revenues	$	10,711		25	%	$	11,017		26	%	$	10,485		25	%	$	10,279		24	%	$	42,492	100	%
Property operating expenses and estimated management costs (2)		4,032		23	%		4,154		23	%		4,306		24	%		5,272		30	%		17,764	100	%
Subtotal	$	6,679		27	%	$	6,863		28	%	$	6,179		25	%	$	5,007		20	%	$	24,728	100	%
Occupancy at period end		97.4	%				98.0	%				85.3	%				98.8	%
On-campus participating properties - less than 12-month leases (4 properties):
Revenues and interest income	$	5,612		31	%	$	5,517		31	%	$	3,160		18	%	$	3,519		20	%	$	17,808	100	%
Property operating expenses and estimated management costs (2)		2,293		27	%		1,979		24	%		2,036		24	%		2,111		25	%		8,419	100	%
Subtotal	$	3,319		35	%	$	3,538		38	%	$	1,124		12	%	$	1,408		15	%	$	9,389	100	%
Occupancy at period end		96.9	%				93.1	%				14.1	%				93.2	%
Grand total - all properties (15 properties):
Revenues	$	16,323		27	%	$	16,534		27	%	$	13,645		23	%	$	13,798		23	%	$	60,300	100	%
Property operating expenses and estimated management costs (2)		6,325		24	%		6,133		23	%		6,342		24	%		7,383		28	%		26,183	100	%
Subtotal	$	9,998		29	%	$	10,401		31	%	$	7,303		21	%	$	6,415		19	%	$	34,117	100	%
Occupancy at period end		97.2	%				96.2	%				59.0	%				96.7	%
(1) For purposes of the seasonal trend analysis, the following properties are excluded: 2005 acquisitions, 2005 dispositions, and properties under construction during 2005.
Only those assets that were owned and operated during all four quarters are reflected.
(2) Represents direct property expenses and estimated management costs for owned off-campus properties at 2.5% of revenues, whereas on-campus participating properties operating expenses
include actual management costs.

PROJECTS UNDER CONSTRUCTION
Project	Location		Primary University Served		Units		Beds				Estimated Project Costs		% Complete (1)			Scheduled to Open for Occupancy
Callaway Villas		College Station, TX		Texas A&M University		236		704			$	37,475		7	%		August 2006
Village at Newark		Newark, NJ		Rutgers University, NJIT, Essex CCC		221		812	(2	)		72,935		1	%		Fall 2007
											$	110,410
PROJECTS IN PRE-DEVELOPMENT
Project		Location		Anticipated Commencement		Targeted Units						Targeted Beds		Estimated Project Cost			Targeted Completion
Arizona State University (3)		Tempe, AZ
Component I				Second Quarter 2006		625						1,600	$	110,000			August 2007
Component II				Second Quarter 2007		700						2,000		115,000			August 2008
Component III				Second Quarter 2008		575						1,500		110,000			August 2009
													$	335,000
(1) As of September 30, 2005.
(2) Pending approval from the City of Newark's Central Planning Board, the project's capacity can be increased to 838 beds without modifying the existing building area.
(3) Component developments are contingent upon the execution of a Memorandum of Understanding ("MOU"), Board of Regents approval on each Component, and execution of
all transactional documents.

	Three Months Ended Sept. 30,								Nine Months Ended Sept. 30,
	2005			2004			$ Change		2005			2004			$ Change
Development services revenue	$	2,017		$	537		$	1,480	$	3,994		$	4,738		$	(744	)
% of total revenue		9.2	%		4.0	%				6.5	%		11.1	%

RECENTLY COMPLETED PROJECTS						Completion Date
Project	Location	Primary University Served	Units	Beds	Total Fees
Cullen Oaks Phase II	Houston, TX	University of Houston	180	354	$ 1,117	August 2005
Saint Leo University Phase II	Saint Leo, FL	Saint Leo University	87	320	375	August 2005
					$ 1,492

CONTRACTED PROJECTS IN PROGRESS
Project	Location	Primary University Served	Units	Beds	Total Fees	Fees Earned to Date (1)	Remaining Fees (1)	Scheduled Completion
Vista del Campo Phase II	Irvine, CA	University of California - Irvine	545	1,564	$ 3,500	$ 1,622	$ 1,878	August 2006
West Virginia University - Evansdale (2)	Morgantown, WV	West Virginia University	96	345	725	455	270	August 2006
Fenn Tower Renovation	Cleveland, OH	Cleveland State University	174	438	1,510	576	934	August 2006
Cardinal Village Dining Hall	Beaumont, TX	Lamar University	n/a	n/a	110	88	22	November 2005
The Inn at Auraria	Denver, CO	Auraria Higher Education System	125	439	300	188	112	August 2006
West Virginia University - Potomac State (3)	Keyser, WV	Potomac State College	107	355	700	230	470	August 2007
					$ 6,845	$ 3,159	$ 3,686

AWARDED PROJECTS
Project	Location	Anticipated Commencement	Estimated Fees
Blinn College	Brenham, TX	Fourth Quarter 2005	$ 650
West Virginia University - Downtown (4)	Morgantown, WV	Fourth Quarter 2005	650
University of Hawaii - Manoa	Honolulu, HI	Second or Third Quarter 2006	2,285
University of New Orleans (5)	New Orleans, LA	Undetermined	1,550
Hope International University (6)	Fullerton, CA	Undetermined	-
			$ 5,135
(1) As of September 30, 2005
(2) The West Virginia - Evansdale project consists of pre-development and design services which were completed in the third quarter 2005 and construction administration services which are currently
in progress. Contractual fees are shown net of costs anticipated to be incurred to complete the project.
(3) The West Virginia - Potomac State project consists of pre-development and design services which are currently in progress and construction administration services which are scheduled to commence
in the third quarter 2006. Contractual fees are shown net of costs anticipated to be incurred to complete the project.
(4) We will provide pre-development, design, and construction administration services. Estimated fees are shown net of costs anticipated to be incurred to complete the project.
(5) Hurricane Katrina has caused a delay in the commencement of construction for the third-party development of the University of New Orleans housing project. The University has expressed their commitment
to this project moving forward and is in the process of establishing a definitive timeline.
(6) Currently in the strategic planning phase and in the process of determining project size and scope.

		Three Months Ended September 30,				Nine Months Ended September 30,
		2005	2004	$ Change		2005	2004	$ Change
Management services revenue		$ 783	$ 535	$ 248		$ 2,055	$ 1,307	$ 748
% of total revenue		3.6%	3.9%			3.3%	3.1%
NEW MANAGEMENT CONTRACTS
Property	Location	University			Units	Beds	Estimated Annual Fees	Anticipated Commencement
Fenn Tower	Cleveland, OH	Cleveland State University			174	438	$ 100	August 2006
The Inn at Auraria	Denver , CO	Auraria Higher Education System			125	439	145	August 2006
Vista del Campo Phase II	Irvine, CA	University of California Irvine			545	1,564	400	August 2006
							$ 645
DEVELOPMENT AWARDS WITH ANTICIPATED MANAGEMENT
University	Location	Anticipated Commencement
Blinn College	Brenham, TX	August 2006
Arizona State University	Tempe, AZ	August 2007
University of Hawaii - Manoa	Honolulu, HI	August 2007

Contact Name	Title		Phone		E-mail
William C. Bayless, Jr.		Chief Executive Officer		(512) 732-1020		bbayless@studenthousing.com
Brian B. Nickel		Chief Financial Officer		(512) 732-1045		bnickel@studenthousing.com
Gina Cowart		Investor Relations		(512) 732-1041		gcowart@studenthousing.com
Corporate Headquarters
American Campus Communities, Inc.
805 Las Cimas Parkway
Suite 400
Austin, Texas 78746
Tel: (512) 732-1000
Fax: (512) 732-2450
www.americancampuscommunities.com

_{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.}