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):  November 1, 2006

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:

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

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

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

o 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 November 1, 2006, American Campus Communities, Inc. (the “Company”) issued a press release announcing earnings for the quarter ended September 30, 2006. 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 November 1, 2006, the Company disclosed a supplemental analyst package in connection with its earnings conference call for the quarter ended September 30, 2006, which took place on November 2, 2006. 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.
D Date: November 2, 2006	By:	/s/  /J /s/ Jonathan A. Graf
		JoJonathan A. Graf
		Senior Vice President, Chief Accounting Officer and Treasurer

Exhibit Index

Exhibit No.	Description
EX-99.1	Press Release Dated November 1, 2006
EX-99.2	Supplemental Analyst Package - Third Quarter 2006

EX-99.1

 MEDIA RELEASE  

American Campus Communities, Inc. Reports Third Quarter 2006 Financial Results

AUSTIN, Texas--(BUSINESS WIRE)—November 1, 2006--American Campus Communities, Inc. (NYSE:ACC) today announced the following financial results for the quarter ended September 30, 2006.

Highlights

§   Quarterly FFOM of $5.5 million, or $0.27 per fully diluted share, compared to $4.3 million, or $0.25 per fully diluted share, in the third quarter of 2005.

§   Increased net operating income ("NOI") for same store owned off-campus properties by 4.7 percent over the third quarter 2005.

§   Increased occupancy of same store owned off-campus portfolio to 99.0 percent for the 2006-2007 academic year, as compared to 98.8 percent for the 2005-2006 academic year.

§   Raised $140 million of gross proceeds through an equity offering on September 15, 2006, consisting of the sale of 5,692,500 shares of common stock at a price of $24.60 per share, including 742,500 shares issued as a result of the underwriters' exercise of their over-allotment option in full at the closing.

§   Completed construction and opened Callaway Villas, a 704-bed owned off-campus community serving students attending Texas A&M University, 100.0 percent occupied.

§   Placed four third-party on-campus communities into service, totaling 2,786 beds at the University of California-Irvine, Cleveland State University, Auraria Campus, and West Virginia University; and commenced management at three of the four communities.

§   Commenced construction on a third-party on-campus development with 742 beds at the University of New Orleans.

Third Quarter 2006 Operating Results

Revenue for the 2006 third quarter totaled $30.9 million, up 48.0 percent from $20.8 million in the 2005 third quarter. Operating income for the quarter increased $1.9 million, or 52.3 percent, over the prior year quarter primarily due to the addition of the Royal portfolio and two new development projects placed into service. This operating income increase was offset by an increase in interest expense, which resulted in an overall increase in net loss over the prior year quarter. Net loss for the 2006 third quarter totaled $1.6 million, or $0.09 per fully diluted share, compared with a net loss of $0.6 million, or $0.03 per fully diluted share, for the same quarter in 2005. FFO for the 2006 third quarter totaled $5.0 million, or $0.24 per fully diluted share, compared with $3.6 million, or $0.21 per fully diluted share, for the third quarter 2005. FFOM for the 2006 third quarter totaled $5.5 million, or $0.27 per fully diluted share, compared with $4.3 million, or $0.25 per fully diluted share, for the third quarter 2005. A reconciliation of FFO and FFOM to net income is shown on Table 3.

NOI for same store owned off-campus properties was $6.9 million in the quarter, up 4.7 percent from $6.6 million in the 2005 third quarter. NOI for the total owned off-campus property portfolio increased 68.5 percent to $11.9 million for the quarter from $7.1 million in the comparable period of 2005, primarily due to the impact of the Royal portfolio acquisition and development properties placed into service during 2005 and 2006.

“This quarter, we further solidified our internal growth while simultaneously strengthening our balance sheet, thus positioning the company to execute on our development and acquisition pipeline,” said Bill Bayless, CEO and president of American Campus Communities. “With another quarter of same store NOI growth in excess of 4.5 percent when compared to the same quarter prior year, and the strong lease-up we experienced for the 2006-2007 academic year, our portfolio is primed for robust rental rate and revenue growth.”

Portfolio Update

In September, the company executed a contract for the disposition of The Village on University in Tempe, Arizona, a 918-bed owned off-campus property serving students attending Arizona State University. The transaction is anticipated to close during the fourth quarter 2006.

The 810-bed Frear Hall project at the University of Hawaii, Manoa received approval from the Board of Regents in October and construction is anticipated to commence in November 2006.

Components I and II of the Arizona State University project are currently in the Board of Regents approval process with final approval expected in late November. Construction of Component I and the Department of Public Safety (DPS) building are anticipated to commence in December 2006, with Component II expected to commence during the third quarter 2007.

The Hampton Roads Military Unaccompanied Housing project for the Department of the Navy, a joint venture with Hunt ELP, will be submitted for congressional approval in December. Construction of the proposed 1,100 new units is targeted to commence in April 2007, along with the commencement of management of the Navy’s existing onsite unaccompanied housing.

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 2006 outlook on Thursday, November 2, 2006 at 11 a.m. EDT (10:00 a.m. CDT). To participate by telephone, call 800-329-9097 passcode 43335435 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 9, 2006 by dialing 888-286-8010 or 617-801-6888 passcode 60898582. The replay also will be available for 30 days at www.americancampuscommunities.com and at www.earnings.com. The call will also be available as a podcast on www.REITcafe.com and on the company’s website shortly after the call.

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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.

The company defines property NOI as property revenues less direct property operating expenses, excluding depreciation, but including allocated corporate general and administrative expenses.

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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 38 student housing communities containing approximately 22,700 beds. Including its owned properties, the company provides management and leasing services at a total of 53 properties with approximately 32,000 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.

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Table 1

American Campus Communities, Inc. and Subsidiaries

Consolidated Balance Sheets

(dollars in thousands)

	September 30, 2006			December 31, 2005
Assets	(unaudited)
Investments in real estate:
Owned off-campus properties, net	$	684,160		$	384,758
Owned off-campus property-held for sale		31,851			32,340
On-campus participating properties, net		77,633			80,370
Investments in real estate, net		793,644			497,468
Cash and cash equivalents		32,245			24,641
Restricted cash		12,681			9,502
Student contracts receivable, net		3,028			2,610
Other assets		22,831			16,641
Total assets	$	864,429		$	550,862
Liabilities and stockholders’ equity
Liabilities:
Secured debt	$	425,421		$	291,646
Accounts payable and accrued expenses		16,133			7,983
Other liabilities		30,288			25,155
Total liabilities		471,842			324,784
Minority interests		38,176			2,851
Stockholders’ equity:
Common stock		229			172
Additional paid in capital		382,115			233,388
Accumulated earnings and dividends		(28,374	)		(10,817	)
Accumulated other comprehensive income		441			484
Total stockholders’ equity		354,411			223,227
Total liabilities and stockholders’ equity	$	864,429		$	550,862

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Table 2

American Campus Communities, Inc. and Subsidiaries

Consolidated Statements of Operations

(unaudited, dollars in thousands, except share and per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2006			2005			2006			2005
Revenues:
Owned off-campus properties	$	24,340		$	14,155		$	64,687		$	38,814
On-campus participating properties		3,971			3,637			13,450			12,263
Third party development services		1,729			2,017			4,463			3,994
Third party management services		491			783			1,844			2,055
Resident services		328			256			993			676
Total revenues		30,859			20,848			85,437			57,802
Operating expenses:
Owned off-campus properties		13,178			7,696			31,710			18,876
On-campus participating properties		2,455			2,173			6,660			6,034
Third-party development and management services		1,338			1,609			4,402			4,646
General and administrative		1,468			1,534			4,879			4,823
Depreciation and amortization		6,735			4,015			18,672			11,384
Ground/facility leases		238			245			676			697
Total operating expenses		25,412			17,272			66,999			46,460
Operating income		5,447			3,576			18,438			11,342
Non-operating income and (expenses):
Interest income		294			396			623			498
Interest expense		(7,445	)		(4,319	)		(19,847	)		(12,761	)
Amortization of deferred financing costs		(334	)		(318	)		(1,078	)		(840	)
Other non-operating income		-			-			-			430
Total non-operating expenses		(7,485	)		(4,241	)		(20,302	)		(12,673	)
Loss before income taxes, minority interests, and discontinued operations		(2,038	)		(665	)		(1,864	)		(1,331	)
Income tax provision		-			(6	)		-			(6	)
Minority interests		149			(10	)		202			(85	)
Loss from continuing operations		(1,889	)		(681	)		(1,662	)		(1,422	)
Discontinued operations:
Income attributable to discontinued operations		278			85			1,648			1,343
Gain from disposition of real estate		-			-			-			5,883
Total discontinued operations		278			85			1,648			7,226
Net (loss) income	$	(1,611	)	$	(596	)	$	(14	)	$	5,804
Net (loss) income per share:
Basic	$	(0.09	)	$	(0.04	)	$	-		$	0.41
Diluted	$	(0.09	)	$	(0.03	)	$	(0.02	)	$	0.41
Weighted average common shares outstanding:
Basic		18,218,128			17,005,462			17,553,627			14,100,631
Diluted		20,535,276			17,126,462			19,397,571			14,221,631

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Table 3

American Campus Communities, Inc. and Subsidiaries

Calculation of FFO and FFOM

(unaudited, dollars in thousands, except share and per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2006			2005			2006			2005
Net (loss) income	$	(1,611	)	$	(596	)	$	(14	)	$	5,804
Minority interests		(149	)		10			(202	)		85
Gain from disposition of real estate		-			-			-			(5,883	)
Real estate-related depreciation and amortization		6,711			4,153			18,909			11,823
Funds from operations (“FFO”)		4,951			3,567			18,693			11,829
Elimination of operations from on-campus participating properties:
Net loss from on-campus participating properties		1,191			966			1,306			897
Amortization of investment in on-campus participating properties		(1,037	)		(913	)		(3,083	)		(2,675	)
		5,105			3,620			16,916			10,051
Modifications to reflect operational performance of on-campus participating properties:
Our share of net cash flow (a)		238			245			676			697
Management fees		171			167			615			588
On-campus participating properties development fees (b)		-			253			305			1,068
Impact of on-campus participating properties		409			665			1,596			2,353
Funds from Operations—modified for operational performance of on-campus participating properties (“FFOM”)	$	5,514		$	4,285		$	18,512		$	12,404
FFO per share - diluted	$	0.24		$	0.21		$	0.96		$	0.83
FFOM per share - diluted	$	0.27		$	0.25		$	0.95		$	0.87
Weighted average common shares outstanding - diluted		20,637,239			17,174,663			19,495,171			14,263,981

(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, including construction savings earned under the general construction contract, related to the Cullen Oaks Phase II on-campus participating property completed in August 2005.

CONTACT: American Campus Communities, Inc., Austin

Gina Cowart, 512-732-1000

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EX-99.2

Exhibit 99.2

Supplemental Analyst Package Third Quarter 2006 Earnings Call November 2, 2006

Table of Contents Financial Highlights ___________________________________________________ 1 Consolidated Balance Sheets __________________________________________ 2 Consolidated Statements of Operations __________________________________ 3 Consolidated Statements of Funds from Operations _______________________ 4 Capital Structure _____________________________________________________ 5 Portfolio Overview ____________________________________________________ 6 Property Results of Operations _________________________________________ 8 Owned Development Update ___________________________________________ 9 Third Party Development Update _______________________________________ 10 Management Services Update __________________________________________ 11 Investor Information __________________________________________________ 12

Financial Highlights (dollars in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2006 2005 $ Change % Change 2006 2005 $ Change % Change Operating Data Total revenues 30,859 $ 20,848 $ 10,011 $ 48.0% 85,437 $ 57,802$ 27,635 $ 47.8% Operating income 5,447 3,576 1,871 18,438 11,342 7,096 Net (loss) income (1,611) (596) (1,015) (14) 5,804 (1) (5,818) Net (loss) income per share - basic (0.09) (0.04) 0.00 0.41 (1) Net (loss) income per share - diluted (0.09) (0.03) (0.02) 0.41 (1) FFO 4,951 3,567 1,384 18,693 11,829 6,864 FFO per share -diluted 0.24 0.21 0.96 0.83 FFOM 5,514 4,285 1,229 18,512 12,404 6,108 FFOM per share - diluted 0.27 0.25 0.95 0.87 Same store net operating income Owned off-campus properties 6,876 6,566 310 4.7% 18,431 17,616 815 4.6% Operating Statistics September 30, 2006 December 31, 2005 Debt to total market capitalization (2) 33.7% 31.3% Interest coverage (3) 2.27 2.07 (1) Net income for the nine months ended September 30, 2005 includes a gain from disposition of real estate of approximately $5.9 million or $0.41 per fully diluted share. (2) Excludes debt related to our on-campus participating properties of $90.1 million and $91.4 million at September 30, 2006 and December 31, 2005, respectively. Also excludes net unamortized debt premiums of $6.3 million and $4.3 million at September 30, 2006 and December 31, 2005, respectively. (3) Represents operating performance for the four most recently completed fiscal quarters. Excludes interest associated with our on-campus participating properties.

Consolidated Balance Sheets (dollars in thousands) Assets Investments in real estate: Owned off-campus properties, net Owned off-campus property-held for sale On-campus participating properties, net Investments in real estate, net $ September 30, 2006 (unaudited) 684,160 31,851 77,633 793,644 $ December 31, 2005 384,758 32,340 80,370 497,468 Cash and cash equivalents Restricted cash Student contracts receivable, net Other assets Total assets $ 32,245 12,681 3,028 22,831 864,429 $ 24,641 9,502 2,610 16,641 550,862 Liabilities and stockholders' equity Liabilities: Secured debt Accounts payable and accrued expenses Other liabilities Total liabilities $ 425,421 16,133 30,288 471,842 $ 291,646 7,983 25,155 324,784 Minority interests 38,176 2,851 Stockholders' equity: Common stock Additional paid in capital Accumulated earnings and distributions Accumulated other comprehensive income Total stockholders' equity Total liabilities and stockholders' equity $ 229 382,115 (28,374) 441 354,411 864,429 $ 172 233,388 (10,817) 484 223,227 550,862

Consolidated Statements of Operations (unaudited, dollars in thousands, except share and per share data) Three Months Ended September 30, Nine Months Ended September 30, 2006 2005 $ Change 2006 2005 $ Change Revenues: Owned off-campus properties $ 24,340 $ 14,155 $ 10,185 $ 64,687 $ 38,814 $ 25,873 On-campus participating properties 3,971 3,637 334 13,450 12,263 1,187 Third party development services 1,729 2,017 (288) 4,463 3,994 469 Third party management services 491 783 (292) 1,844 2,055 (211) Resident services 328 256 72 993 676 317 Total revenues 30,859 20,848 10,011 85,437 57,802 27,635 Operating expenses: Owned off-campus properties 13,178 7,696 5,482 31,710 18,876 12,834 On-campus participating properties 2,455 2,173 282 6,660 6,034 626 Third party development and management services 1,338 1,609 (271) 4,402 4,646 (244) General and administrative 1,468 1,534 (66) 4,879 4,823 56 Depreciation and amortization 6,735 4,015 2,720 18,672 11,384 7,288 Ground/facility leases 238 245 (7) 676 697 (21) Total operating expenses 25,412 17,272 8,140 66,999 46,460 20,539 Operating income 5,447 3,576 1,871 18,438 11,342 7,096 Nonoperating income and (expenses): Interest income 294 396 (102) 623 498 125 Interest expense (7,445) (4,319) (3,126) (19,847) (12,761) (7,086) Amortization of deferred financing costs (334) (318) (16) (1,078) (840) (238) Other nonoperating income ----430 (430) Total nonoperating expenses (7,485) (4,241) (3,244) (20,302) (12,673) (7,629) Loss before income taxes, minority interests, and discontinued operations (2,038) (665) (1,373) (1,864) (1,331) (533) Income tax provision -(6) 6 -(6) 6 Minority interests 149 (10) 159 202 (85) 287 Loss from continuing operations (1,889) (681) (1,208) (1,662) (1,422) (240) Discontinued operations: Income attributable to discontinued operations 278 85 193 1,648 1,343 305 Gain from disposition of real estate ----5,883 (5,883) Total discontinued operations 278 85 193 1,648 7,226 (5,578) Net (loss) income $ (1,611) $ (596) $ (1,015) $ (14) $ 5,804 $ (5,818) Net (loss) income per share -basic $ (0.09) $ (0.04) $ -$ 0.41 Net (loss) income per share -diluted $ (0.09) $ (0.03) $ (0.02) $ 0.41 Weighted-average common shares outstanding: Basic 18,218,128 17,005,462 17,553,627 14,100,631 Diluted 20,535,276 17,126,462 19,397,571 14,221,631

Consolidated Statements of Funds from Operations (dollars in thousands, except share and per share data) Three Months Ended September 30, Nine Months Ended September 30, 2006 2005 $ Change 2006 2005 $ Change Net (loss) income $ (1,611) $ (596) $ (1,015) $ (14) $ 5,804 $ (5,818) Minority interests (149) 10 (159) (202) 85 (287) Gain from disposition of real estate ----(5,883) 5,883 Real estate related depreciation and amortization 6,711 4,153 2,558 18,909 11,823 7,086 Funds from operations ("FFO") 4,951 3,567 1,384 18,693 11,829 6,864 Elimination of operations of on-campus participating Net loss fromon-campus participating properties 1,191 966 225 1,306 897 409 Amortization of investment in on-campus participating properties (1,037) (913) (124) (3,083) (2,675) (408) 5,105 3,620 1,485 16,916 10,051 6,865 Modifications to reflect operational performance of on- campus participating properties: Our share of net cash flow (1) 238 245 (7) 676 697 (21) Management fees 171 167 4 615 588 27 On-campus participating propertydevelopment fees (2) -253 (253) 305 1,068 (763) Impact of on-campusparticipatingproperties 409 665 (256) 1,596 2,353 (757) Funds from operations -modified for operational performance of on-campus participating properties ("FFOM") $ 5,514 $ 4,285 $ 1,229 $ 18,512 $ 12,404 $ 6,108 FFO per share -diluted $ 0.24 $ 0.21 $ 0.96 $ 0.83 FFOM per share - diluted $ 0.27 $ 0.25 $ 0.95 $ 0.87 Weighted average common shares outstanding -diluted 20,637,239 17,174,663 19,495,171 14,263,981 (1) 50% of the properties'netcashavailable for distribution afterpayment of operating expenses, debtservice (including repayment of principal)and capital expenditures. (2) Developmentand construction management fees, including construction savings earned under the generalconstruction contract, related to the Cullen Oaks PhaseIIon-campus participating propertycompleted in August2005.

Capital Structure as of September 30, 2006 (dollars in thousands) Total Debt (1) Total Equity Market Value (2) Total Market Capitalization Debt to Total Market Capitalization Interest Coverage (3) $ $ 328,986 646,399 975,385 33.7% 2.27 Fixed Rate Mortgage Variable Rate Construction Loan Total / Weighted Average Principal Outstanding (1) 316,204 $ 12,782 328,986 $ Weighted Average Interest Rate 6.53% 6.83% 6.54% Average Term to Maturity 5.5 Years 2.0 Years 5.4 Years Fixed Rate Debt Maturity Schedule $80,000 $69,646 $70,000 $60,000 $50,000 $0 $0 $0 $54,260 $51,636 $48,926 $17,950 $35,689 $38,097 $0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 $40,000 $30,000 $20,000 $10,000 $0 (1) Excluding debt related to our on-campus participating properties totaling $90.1 million with a weighted average interest rate of 7.08% and average term to maturity of 12.1 years. Also excludes net unamortized debt premiums of $6.3 million. (2) Based on share price of $25.51 at September 30, 2006. Assumes conversion of all common and preferred Operating Partnership units as well as any other securities convertible into common shares. (3) Represents operating performance for the four most recently completed fiscal quarters. Excludes interest associated with our on-campus participating properties.

Portfolio Overview as of September 30, 2006 Same Store Owned Off-Campus Portfolio Physical Occupancy at September 30, Property Primary University Served Units Beds 2006 2005 Owned off-campus properties - 12-month leases 1. The Village at Blacksburg Virginia Tech University 288 1,056 99.4% 99.2% 2. River Club Apartments The University of Georgia - Athens 266 794 99.0% 98.6% 3. River Walk Townhomes The University of Georgia - Athens 100 340 97.9% 97.9% 4. The Village at Alafaya Club The University of Central Florida 228 840 99.4% 98.7% 5. The Village at Science Drive The University of Central Florida 192 732 99.5% 99.5% 6. University Village at Boulder Creek The University of Colorado at Boulder 82 309 98.7% 93.2% 7. University Village at Fresno California State University - Fresno 105 406 95.1% 95.8% 8. University Village at TU Temple University 220 749 99.5% 98.1% 9. University Club Tallahassee Florida State University 152 608 99.2% 99.2% 10. The Grove at University Club Florida State University 64 128 100.0% 97.7% 11. College Club Tallahassee Florida A&M University 96 384 89.8% 96.6% 12. The Greens at College Club Florida A&M University 40 160 99.4% 98.8% 13. University Club Gainesville University of Florida 94 376 98.9% 96.0% 14. Cityparc at Fry Street University of North Texas 136 418 98.8% 99.5% 15. The Estates University of Florida 396 1,044 99.3% 99.1% 16. University Village at Sweethome State University of New York -Buffalo 269 828 99.9% 100.0% 2,728 9,172 98.7% 98.4% Subtotal - Same Store Owned Off-Campus Properties - 12-month leases Owned off-campus properties - less than 12-month leases 17. The Village on University Arizona State University Main Campus 288 918 99.5% 98.5% 18. The Callaway House Texas A&M University 173 538 103.7% 103.7% 19. Villas on Apache Arizona State University Main Campus 111 288 (1) 99.0% 100.0% 572 1,744 100.7% 100.3% Subtotal - Same Store Owned Off-Campus Properties - less than 12-month leases 3,300 10,916 99.0% 98.8% Total - Same Store Owned Off-Campus Properties (1) Villas on Apache (Formerly Commons on Apache) was reconfigured from 444 beds to 288 beds in August 2006.

Portfolio Overview as of September 30, 2006 New Properties & On-Campus Participating Properties Physical Occupancy at September 30, Property Primary University Served Units Beds 2006 2005 New Owned Off-Campus Properties 20. Entrada Real University of Arizona 98 363 99.5% n/a 21. Royal Oaks Florida State University 82 224 100.0% n/a 22. Royal Pavilion Florida State University 60 204 98.0% n/a 23. Royal Village Tallahassee Florida State University 75 288 99.3% n/a 24. Royal Village Gainesville University of Florida 118 448 96.7% n/a 25. Northgate lakes The University of Central Florida 194 710 99.4% n/a 26. Royal Lexington The University of Kentucky 94 364 91.5% n/a 27. The Woods at Greenland Middle Tennessee State University 78 276 98.2% n/a 28. Raider's Crossing Middle Tennessee State University 96 276 97.8% n/a 29. Raider's Pass Texas Tech University 264 828 68.6% n/a 30. Aggie Station Texas A&M University 156 450 100.0% n/a 31. The Outpost San Marcos Texas State University - San Marcos 162 486 99.6% n/a 32. The Outpost San Antonio University of Texas - San Antonio 276 828 99.8% n/a 33. Callaway Villas Texas A&M University 236 704 100.0% n/a 34. University Centre (1) Rutgers University, NJIT, Essex CCC 234 838 n/a n/a Subtotal -New Owned Off-Campus Properties 2,223 7,287 94.8% (2) n/a Total - Owned Off-Campus Properties (New and Same Store) 5,523 18,203 97.5% (2) 98.8% On-Campus Participating Properties 35. University Village - PVAMU Prairie View A&M University 612 1,920 97.6% 99.1% 36. University College - PVAMU Prairie View A&M University 756 1,470 89.8% 86.4% 37. University Village - TAMIU Texas A&M International University 84 252 93.7% 73.8% 38. Cullen Oaks -Phase I and II The University of Houston 411 879 99.2% 99.9% Subtotal -On-Campus Participating Properties 1,863 4,521 95.2% 93.7% Total - All Properties 7,386 22,724 97.0% (2) 97.3% (1) Formerly Village at Newark. Currently under development and scheduled to open for occupancy in Fall 2007. (2) Excludes properties that are currently under development.

Property Results of Operations (dollars in thousands) 8 2006 2005 $ Change % Change 2006 2005 $ Change % Change Property revenues Owned off-campus properties: Same store properties (1) 15,335 $ 14,708 $ 627 $ 4.3% 32,615 $ 31,781 $ 834 $ 2.6% New properties 10,324 732 9,592 1310.4% 36,804 11,332 25,472 224.8% Total owned off-campus properties (2) 25,659 15,440 10,219 66.2% 69,419 43,113 26,306 61.0% On-campus participating properties: Same store properties 3,495 3,381 114 3.4% 11,878 12,007 (129) -1.1% New properties 476 256 220 85.9% 1,572 256 1,316 514.1% Total on-campus participating properties 3,971 3,637 334 9.2% 13,450 12,263 1,187 9.7% Total property revenues 29,630 $ 19,077 $ 10,553 $ 55.3% 82,869 $ 55,376 $ 27,493 $ 49.6% Property operating expenses Owned off-campus properties: Same store properties (1) 8,459 $ 8,142 $ 317 $ 3.9% 14,184 $ 14,165 $ 19$ 0.1% New properties 5,317 244 5,073 2079.1% 18,986 6,230 12,756 204.8% Total owned off-campus properties 13,776 8,386 5,390 64.3% 33,170 20,395 12,775 62.6% On-campus participating properties: Same store properties 2,189 2,074 115 5.5% 5,993 5,935 58 1.0% New properties 266 99 167 168.7% 667 99 568 573.7% Total on-campus participating properties 2,455 2,173 282 13.0% 6,660 6,034 626 10.4% Total property operating expenses 16,231 $ 10,559 $ 5,672 $ 53.7% 39,830 $ 26,429 $ 13,401 $ 50.7% Property net operating income Owned off-campus properties: Same store properties (1) 6,876 $ 6,566 $ 310 $ 4.7% 18,431 $ 17,616 $ 815 $ 4.6% New properties 5,007 488 4,519 926.0% 17,818 5,102 12,716 249.2% Total owned off-campus properties 11,883 7,054 4,829 68.5% 36,249 22,718 13,531 59.6% On-campus participating properties: Same store properties 1,306 1,307 (1) -0.1% 5,885 6,072 (187) -3.1% New properties 210 157 53 33.8% 905 157 748 476.4% Total on-campus participating properties 1,516 1,464 52 3.6% 6,790 6,229 561 9.0% Total property net operating income 13,399 $ 8,518 $ 4,881 $ 57.3% 43,039 $ 28,947 $ 14,092 $ 48.7% Three Months Ended September 30, (2) Nine Months Ended September 30, Includes revenues which are reflected as Resident Services Revenue on the accompanying consolidated statements of operations. (1) Includes The Village on University which is classified as discontinued operations on the accompanying consolidated statements of operations. Revenues for The Village on University were $991 and $1,029 for the three months ended September 30, 2006 and 2005, respectively, and $3,739 and $3,623 for the nine months ended September 30, 2006 and 2005, respectively. Operating expenses for The Village on University were $598 and $690 for the three months ended September 30, 2006 and 2005, respectively and $1,460 and $1,519 for the nine months ended September 30, 2006 and 2005, respectively. Excluding The Village on University from same store owned-off campus properties, net operating income increased 4.3% over the third quarter 2005 and 4.3% over the year to date 2005 period.

Owned Development Update (dollars in thousands) RECENTLY COMPLETED PROJECTS Project Location Callaway Villas College Station, TX PROJECTS UNDER CONSTRUCTION Project Location University Centre Newark, NJ Rutgers University, NJIT, Essex CCC PROJECTS IN PRE-DEVELOPMENT Location Project Anticipated Commencement Arizona State University (2) Tempe, AZ Component I (3) Component II (4) Component III Primary University Served Texas A&M University Primary University Served Fourth Quarter 2006 Third Quarter 2007 TBD PROJECTS UNDER EXECUTED LETTERS OF INTENT (5) Project Location Anticipated Commencement Chestnut Ridge Amherst, NY First Quarter 2007 Midwest Development Midwest Third Quarter 2007 PROJECTS UNDER ISSUED LETTERS OF INTENT (5) Project Location Anticipated Commencement Existing Project Expansion Northeast Third Quarter 2007 Units Beds Project Costs Completion Date 236 704 $ 37,475 August 2006 Scheduled to Estimated Open for Units Beds Project Costs % Complete (1) Occupancy 234 838 $ 74,386 64% Fall 2007 Approximate Approximate Estimated Targeted Targeted Units Targeted Beds Project Cost Completion 625 1,900 $ 138,000 August 2008 575 1,700 114,000 August 2009 575 1,500 110,000 TBD $ 362,000 Estimated Targeted Targeted Units Targeted Beds Project Cost Completion 196 552 $ 36,500 August 2008 220 750 37,000 August 2008 $ 73,500 Estimated Targeted Targeted Units Targeted Beds Project Cost Completion 96 384 $ 20,700 August 2009 (1) Based on costs incurred under general construction contract as of September 30, 2006. (2) Component developments are contingent upon Board of Regents approval on each component and execution of all transactional documents, including a ground lease agreement with Arizona State University for each component. (3) Includes parking structure and retail space. (4) Includes the new Barrett Honors College. (5) These letters of intent are on speculative development projects that are subject to final determination of feasibility, execution of definitive agreements, complex entitlement and municipal approval processes, and fluctuations in the construction market.

Third Party Development Update (dollars in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2006 2005 $ Change 2006 2005 $ Change Development services revenue $ 1,729 $ 2,017 $ (288) $ 4,463 $ 3,994 $ 469 % of total revenue 5.6% 9.7% 5.2% 6.9% RECENTLY COMPLETED PROJECTS Total Completion Project Location Primary University Served Units Beds Fees Date Vista del Campo Norte Irvine, CA University of California -Irvine 545 1,564 $ 3,500 August 2006 Fenn Tower Renovation Cleveland, OH Cleveland State University 174 438 1,510 August 2006 West Virginia University - Evansdale (1) Morgantown, WV West Virginia University 96 345 725 August 2006 The Inn at Auraria (2) Denver, CO Auraria Higher Education System 125 439 315 August 2006 $ 6,050 CONTRACTED PROJECTS IN PROGRESS Total Fees Earned Remaining Scheduled Project Location Primary UniversityServed Units Beds Fees to Date (3) Fees (3) Completion West Virginia University - Potomac State (4) Keyser, WV Potomac State College 107 355 $ 700 $ 495 $ 205 August 2007 West Virginia University - Downtown (5) Morgantown, WV West Virginia University 89 323 286 286 -TBD University of Hawaii -Manoa (6) Honolulu, HI University of Hawaii 240 810 2,094 1,087 1,007 July 2008 University of New Orleans (7) New Orleans, LA University of New Orleans 231 742 1,550 780 770 September 2007 $ 4,630 $ 2,648 $ 1,982 AWARDED PROJECTS Estimated Project Location Anticipated Commencement Fees University of Hawaii -Manoa (6) Honolulu, HI Fourth Quarter 2006 $ 1,047 Arizona State University - DPS (8) Tempe, AZ Fourth Quarter 2006 300 Hampton Roads Military Housing (9) Norfolk, VA Second Quarter 2007 3,105 $ 4,452 (1) The West Virginia -Evansdale projects consisted of pre-development and design services which were completed in the third quarter 2005 and construction administration services which were completed in the third quarter 2006. Contractual fees are shown net of costs incurred to complete the project. (2) The Inn at Auraria project consisted of pre-development, initial operations, accounting and marketing services. (3) As of September 30, 2006. (4) The West Virginia -Potomac State projects consists of pre-development and design services which were completed in the second quarter of 2006 and construction administration services which are currently in progress. Contractual fees are shown net of costs anticipated to be incurred to complete the project. (5) The West Virginia -Downtown project consists of pre-development and design services. Contractual fees are shown net of costs anticipated to be incurred to complete the project. This project has been put on hold pending investigation of alternative financing. Once financing has been determined, additional fees may be earned. (6) The 810-bed Frear Hall project at the University of Hawaii-Manoa received approval from the Board of Regents in October and construction is anticipated to commence in November 2006. (7) ACC commenced construction on the 742-bed residence hall on the University of New Orleans campus in August 2006 after the project was delayed a year due to Hurricane Katrina. (8) We will provide development services for the relocation of a DPS station in order to utilize the site for on-campus student housing. (9) The Department of the Navy has selected a joint venture between American Campus and Hunt ELP to exclusively negotiate for the Hampton Roads Unaccompanied Military Housing project. New construction as well as management of the existing housing is expected to commence after congressional notification and execution of the long-term partnership agreements.

Management Services Update (dollars in thousands) Management services revenue % of total revenue 2006 2005 $ Change 2006 2005 $ Change 491$ 783 $ (292) $ 1,844 $ 2,055 $ (211) $ 1.6% 3.8% 2.2% 3.6% Nine Months Ended September 30, Three Months Ended September 30, NEW MANAGEMENT CONTRACTS Property Location University Served Units Beds Stabilized 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 Norte Irvine, CA University of California Irvine 545 1,564 480 August 2006 Residence Learning Center Laredo, TX Texas A&M International University 224 436 40 August 2006 Hampton Roads -Existing Housing (1) Norfolk, VA Department of the Navy 722 1,313 280 April 2007 SAIT - New Housing Calgary, AB Southern Alberta Institute of Technology 446 720 125 August 2007 Hampton Roads -New Housing (1) Norfolk, VA Department of the Navy 1,184 2,368 500 August 2009 $ 1,670 (1) Property management has been selected/awarded and management agreement is currently being negotiated.

Investor Information Executive Management William C. Bayless, Jr. Chief Executive Officer Brian B. Nickel Chief Financial Officer James C. Hopke Chief Investment Officer Greg A. Dowell Chief of Operations Research Coverage Jonathan Litt / Craig Melcher Citigroup Equity Research (212) 816-0231 / (212) 816-1685 jonathan.litt@citigroup.com / craig.melcher@citigroup.com Louis Taylor / Christeen Kim Deutsche Bank - North America (212) 250-4912 / (212) 250-6771 louis.taylor@db.com / christeen.kim@db.com Craig Leupold / Andrew McCulloch Green Street Advisors (949) 940-8780 cleupold@greenstreetadvisors.com / amcculloch@greenstreetadvisors.com Anthony Paolone / Joseph Dazio J.P. Morgan Securities (212) 622-6682 / (212) 622-6416 anthony.paolone@jpmorgan.com / joseph.c.dazio@jpmorgan.com Jordan Sadler / Karin Ford KeyBanc Capital Markets (917) 368-2280 / (917) 368-2293 jsadler@keybanccm.com / kford@keybanccm.com Steve Sakwa / Bill Acheson Merrill Lynch (212) 449-0335 / (212) 449-1920 steve_sakwa@ml.com / william_acheson@ml.com David Rodgers RBC Capital Markets (216) 378-7626 dave.rodgers@rbccm.com Thayne Needles Robert W. Baird & Co., Inc. (703) 821-5781 tneedles@rwbaird.com Stephen Swett Wachovia Securities, LLC (212) 909-0954 stephen.swett@wachovia.com American Campus Communities, Inc. is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding American Campus Communities, Inc.'s performance made by such analysts are theirs alone and do not represent the opinions, forecasts or predictions of American Campus Communities, Inc. or its management. American Campus Communities, Inc. does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations. Additional Information Corporate Headquarters: American Campus Communities, Inc. Investor Relations: 805 Las Cimas Parkway, Suite 400 Gina Cowart Austin, Texas 78746 VP, Investor Relations and Corporate Marketing Tel: (512) 732-1000; Fax: (512) 732-2450 (512) 732-1041 www.americancampuscommunities.com gcowart@studenthousing.com

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.