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