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):  February 28, 2007

American Campus Communities, Inc.

(Exact Name of Registrant as Specified in its Charter)

Commission File Number:  001-32265

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

805 Las Cimas Parkway Suite 400

Austin, TX 78746

(Address of Principal Executive Offices, Including Zip Code)

512-732-1000

(Registrant’s Telephone Number, Including Area Code)

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

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

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

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

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

ITEM 2.02   RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On February 28, 2007, American Campus Communities, Inc. (the “Company”) issued a press release announcing earnings for the quarter ended December 31, 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 February 28, 2007, the Company disclosed a supplemental analyst package in connection with its earnings conference call for the quarter ended December 31, 2006, which took place on March 1, 2007. 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.
Date: March 1, 2007.	By:	/s/ Jonathan A. Graf
		Jonathan A. Graf
		Senior Vice President, Chief Accounting Officer and Treasurer

Exhibit Index

Exhibit No.	Description
EX-99.1	Press Release Dated February 28, 2007
EX-99.2	Supplemental Analyst Package - Fourth Quarter 2006

EX-99.1

Exhibit 99.1

   

American Campus Communities, Inc. Reports Fourth Quarter

and Year End 2006 Financial Results

AUSTIN, Texas--(BUSINESS WIRE)—February 28, 2007--American Campus Communities, Inc. (NYSE:ACC) today announced the following financial results for the quarter and year ended December 31, 2006.

Highlights

§   Quarterly FFOM of $0.40 per fully diluted share, and annual 2006 FFOM of $1.37 per fully diluted share, which covers the company’s annual dividend distribution of $1.35 per share.

§   Increased net operating income ("NOI") for same store owned off-campus properties by 4.8 percent over the fourth quarter 2005 and 4.7 percent over the year ended December 31, 2005.

§   Maintained same store occupancy for owned off-campus properties at 98.7 percent as of December 31, 2006.

§   Executed the ground lease and commenced construction on South Campus Residential Community (SCRC), the $138 million, 1,866-bed owned on-campus development at Arizona State University in Tempe.

§   Completed the disposition of The Village on University containing 918 beds in Tempe, Arizona for a sale price of $51.0 million, recognizing a gain of $18.6 million.

§   Commenced construction on Frear Hall, an 810-bed on-campus third-party development serving students attending the University of Hawaii, Manoa.

§   Increased total assets by 60.5 percent from $550.9 million as of December 31, 2005 to $884.4 million as of December 31, 2006 through acquisitions and developments consistent with the company’s investment criteria.

2006 Operating Results

Revenue for the 2006 fourth quarter totaled $33.5 million, up 35.6 percent from $24.7 million in the 2005 fourth quarter. Operating income for the quarter increased $4.2 million or 57.8 percent over the prior year quarter primarily due to the addition of the Royal portfolio and the Callaway Villas asset placed into service in August 2006. In addition, the company recognized an $18.6 million gain on the disposition of

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The Village on University in December 2006. Net income for the 2006 fourth quarter totaled $22.6 million, or $0.98 per fully diluted share, compared with $3.9 million, or $0.22 per fully diluted share, for the same quarter in 2005. FFO for the 2006 fourth quarter totaled $12.3 million, or $0.48 per fully diluted share, compared with $8.1 million, or $0.47 per fully diluted share, for the fourth quarter 2005. FFOM for the 2006 fourth quarter totaled $10.1 million, or $0.40 per fully diluted share, compared with $6.5 million, or $0.37 per fully diluted share, for the fourth 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 $9.6 million in the quarter, up 4.8 percent from $9.2 million in the 2005 fourth quarter. NOI for the total owned off-campus property portfolio increased 54.6 percent to $14.1 million for the quarter from $9.1 million in the comparable period of 2005. For purposes of calculating property NOI, the company defines property NOI as property revenues less direct property operating expenses, excluding depreciation and unallocated corporate general and administrative expenses.

For the year ended December 31, 2006, revenues totaled $119.0 million up 44.1 percent from $82.5 million in 2005. Net income for the year-to-date period totaled $22.6 million, or $1.17 per fully diluted share. FFO for the year-to-date period totaled $30.9 million, or $1.48 per fully diluted share, compared with $20.0 million in 2005, or $1.33 per fully diluted share, and FFOM for 2006 totaled $28.6 million, or $1.37 per fully diluted share, compared with $18.9 million in 2005, or $1.26 per fully diluted share.

“The end of 2006 marks a banner year and strong fourth quarter for American Campus,” said Bill Bayless, ACC CEO. “We continued to leverage off of our premier operating platform and scalability, further strengthening our core business as evidenced by an increase in same store NOI of 4.7 percent over the prior year. We also saw robust external growth with our total net assets increasing by 60 percent during the year. Furthermore, the quality of our owned development pipeline sets the stage for future growth in our core business.”

Portfolio Update

On December 5, 2006, the company executed the disposition of The Village on University, a 918-bed owned off-campus property serving students attending Arizona State University in Tempe, for a sale price of $51.0 million. This represents an economic cap rate on a forward 12-month NOI of approximately 5.75 percent or a nominal cap rate of approximately 6.15 percent.

During the fourth quarter, the company commenced construction on the South Campus Residential Community (SCRC), the owned on-campus development at Arizona State University in Tempe. The $138 million, 1,866-bed SCRC project is the initial phase of a potential $370.8 million three-phase student housing development targeting 5,100 total beds. ACC will fund 100 percent of the total development costs of the project and will own a leasehold interest in the on-campus land and improvements through an 85-year ground lease, which includes two 10-year extensions. The project is anticipated to open for occupancy at the beginning of the Fall 2008 academic year.

Construction is 81 percent complete on the 838-bed University Centre in Newark, NJ, which will primarily serve students attending NJIT, Rutgers University - Newark, Essex County Community College, the University of Medicine and Dentistry of New Jersey, and Seton Hall University School of Law, with full completion on target for Fall 2007.

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The Hampton Roads Military Unaccompanied Housing project, which was expected to close in April 2007 has been delayed due to the Navy’s request to analyze increasing the number of unaccompanied military personnel that can be housed in the project. Final determination of any changes in the scope of the project is anticipated to be completed by the end of the first quarter, with submission to Congress for approval in the second or third quarter of 2007. Closing and commencement of construction is expected shortly thereafter. Management of the Navy's existing onsite unaccompanied housing will commence concurrent with closing.

2006 Capital Markets Activity

The company successfully accessed the capital markets to strengthen its balance sheet in 2006 through the following activities:

§   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.

§   Assumed $123.6 million of fixed-rate mortgage debt associated with acquired properties at a weighted average interest rate of 5.95percent.

§   Amended and restated the company’s 3-year $100 million revolving credit facility to increase the size of the facility to $115 million and reduce the interest rate spread over LIBOR.

As of December 31, 2006, the company’s debt to total market capitalization was 31.8 percent.

Subsequent to Year End

Leasing status for the owned same store off-campus portfolio is 70 percent applied for and 63 percent pre-leased for the 2007-2008 academic year as of February 23, 2007. The Royal properties acquired in 2006 are 56 percent applied for and 54 percent pre-leased for the same period.

In January, the company acquired the Courtyard by Pyramid, a 752-bed off-campus student community in Huntington, West Virginia for $25.6 million. The property, built in 1999 with an additional phase completed in 2006, is located less than 0.3 miles from Marshall University and offers pedestrian access to campus. As part of the transaction, the company assumed two fixed-rate mortgage loans, which includes one for $16.2 million with an annual interest rate of 5.5 percent and 7.4 years to maturity and the second loan for $1.4 million with an annual interest rate of 6.6 percent and 9.7 years to maturity.

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In February, the company also acquired three student housing properties containing 1,887 beds for a total purchase price of $102.0 million. The properties opened for occupancy in August 2005 and are located within 0.2 miles of their respective campuses, offering pedestrian access. The properties are:

§   Newtown Crossing, University of Kentucky, Lexington, 858 beds

§   Olde Towne University Square, University of Toledo, Ohio, 550 beds

§   Peninsular Place, East Michigan University, Ypsilanti, 479 beds

As part of the transaction, the company assumed $70.7 million in fixed-rate mortgage debt with a weighted average annual interest rate of 5.7 percent and an average remaining term to maturity of 8.3 years. The transaction also includes the pre-sale of an additional phase with 84 beds currently under construction at Newtown Crossing for $4.6 million, with completion expected in August 2007.

Construction commenced on Chestnut Ridge, a 552-bed owned development in Amherst, NY that will serve students attending the University of Buffalo. The community is scheduled to open for occupancy in August 2008.

Callaway Villas, the company’s newest owned community, which serves students attending Texas A&M University, was selected as a finalist for the National Association of Home Builders Multifamily’s 2007 Pillars of the Industry Award for Best Student Housing Community. The winner will be announced at the NAHB national conference in April. Vista Del Campo, the company’s on-campus development at the University of California, Irvine, was the 2005 recipient.

2007 Outlook

The company believes that the financial results for the fiscal year ending December 31, 2007 will 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 development projects;

§   the amount of income recognized by the taxable REIT subsidiary and any corresponding income tax expense;

§   the ability of the company to integrate acquired properties;

§   the success of releasing the company’s owned properties for the 2007-2008 academic year; and

§   other factors.

Based upon these assumptions management anticipates that fiscal year 2007 FFO will be in the range of $1.47 to $1.58 per fully diluted share and that FFOM will be in the range of $1.36 to $1.48 per fully diluted share. All guidance is based on the current expectations and judgment of the company's management team.

A reconciliation of the range provided for projected net income to projected FFO and FFOM for the fiscal year ending December 31, 2007, and assumptions utilized is included in Table 4.

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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 fourth quarter and year end results and the 2007 outlook on Thursday, March 1, 2007 at 11 a.m. EDT (10:00 a.m. CDT). To participate by telephone, call 866-510-0708 passcode 69503688 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 Web site. A replay of the conference call will be available beginning two hours after the end of the call until March 8, 2007 by dialing 888-286-8010 or 617-801-6888 passcode 50747498. 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 Web site shortly after the call.

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.

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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.

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 43 student housing communities containing approximately 26,900 beds. Including its owned properties, the company provides management and leasing services at a total of 57 properties with approximately 36,000 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

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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)

	December 31, 2006			December 31, 2005
Assets		(unaudited)
Investments in real estate:
Owned off-campus properties, net	$	694,197		$	384,758
Owned off-campus property-held for sale		-			32,340
On-campus participating properties, net		76,688			80,370
Investments in real estate, net		770,885			497,468
Cash and cash equivalents		79,107			24,641
Restricted cash		11,260			9,502
Student contracts receivable, net		3,129			2,610
Other assets		20,000			16,641
Total assets	$	884,381		$	550,862
Liabilities and stockholders’ equity
Liabilities:
Secured debt	$	432,294		$	291,646
Accounts payable and accrued expenses		13,616			7,983
Other liabilities		29,436			25,155
Total liabilities		475,346			324,784
Minority interests		39,561			2,851
Stockholders’ equity:
Common stock		229			172
Additional paid-in capital		382,367			233,388
Accumulated earnings and dividends		(13,533	)		(10,817	)
Accumulated other comprehensive income		411			484
Total stockholders’ equity		369,474			223,227
Total liabilities and stockholders’ equity	$	884,381		$	550,862

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Table 2

American Campus Communities, Inc. and Subsidiaries

Consolidated Statements of Operations

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

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2006			2005			2006			2005
Revenues:	(unaudited)						(unaudited)
Owned off-campus properties	$	24,577		$	15,473		$	89,264		$	54,287
On-campus participating properties		6,510			6,207			19,960			18,470
Third-party development services		1,315			1,860			5,778			5,854
Third-party management services		688			731			2,532			2,786
Resident services		426			449			1,419			1,125
Total revenues		33,516			24,720			118,953			82,522
Operating expenses:
Owned off-campus properties		10,910			6,777			42,620			25,653
On-campus participating properties		2,310			2,291			8,970			8,325
Third-party development and management services		1,162			2,323			5,564			6,969
General and administrative		1,399			1,891			6,278			6,714
Depreciation and amortization		6,192			4,063			24,864			15,447
Ground/facility leases		181			176			857			873
Total operating expenses		22,154			17,521			89,153			63,981
Operating income		11,362			7,199			29,800			18,541
Non-operating income and (expenses):
Interest income		607			327			1,230			825
Interest expense		(6,090	)		(4,607	)		(25,937	)		(17,368	)
Amortization of deferred financing costs		(287	)		(336	)		(1,365	)		(1,176	)
Other non-operating income		-			849			-			1,279
Total non-operating expenses		(5,770	)		(3,767	)		(26,072	)		(16,440	)
Income before income taxes, minority interests, and discontinued operations		5,592			3,432			3,728			2,101
Income tax provision		(28	)		(180	)		(28	)		(186	)
Minority interests		(2,240	)		(79	)		(2,038	)		(164	)
Income from continuing operations		3,324			3,173			1,662			1,751
Discontinued operations:
Income attributable to discontinued operations		639			685			2,287			2,028
Gain from disposition of real estate		18,648			-			18,648			5,883
Total discontinued operations		19,287			685			20,935			7,911
Net income	$	22,611		$	3,858		$	22,597		$	9,662
Net income per share:
Basic	$	0.99		$	0.22		$	1.20		$	0.65
Diluted	$	0.98		$	0.22		$	1.17		$	0.65
Weighted average common shares outstanding:
Basic		22,923,226			17,204,375			18,907,061			14,882,944
Diluted		25,339,239			17,371,328			20,967,946			15,047,202

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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 December 31,						Twelve Months Ended December 31,
	2006			2005			2006			2005
Net income	$	22,611		$	3,858		$	22,597		$	9,662
Minority interests		2,240			79			2,038			164
Gain from disposition of real estate		(18,648	)		-			(18,648	)		(5,883	)
Real estate-related depreciation and amortization		6,047			4,209			24,956			16,032
Funds from operations (“FFO”)		12,250			8,146			30,943			19,975
Elimination of operations from on-campus participating properties:
Net income from on-campus participating properties		(1,538	)		(1,321	)		(232	)		(424	)
Amortization of investment in on-campus participating properties		(1,048	)		(986	)		(4,131	)		(3,661	)
		9,664			5,839			26,580			15,890
Modifications to reflect operational performance of on-campus participating properties:
Our share of net cash flow (a)		181			176			861			842
Management fees		305			290			920			878
On-campus participating properties development fees (b)		(26	)		207			279			1,275
Impact of on-campus participating properties		460			673			2,060			2,995
Funds from Operations—modified for operational performance of on-campus participating properties (“FFOM”)	$	10,124		$	6,512		$	28,640		$	18,885
FFO per share - diluted	$	0.48		$	0.47		$	1.48		$	1.33
FFOM per share - diluted	$	0.40		$	0.37		$	1.37		$	1.26
Weighted average common shares outstanding - diluted		25,339,239			17,371,328			20,967,946			15,047,202

(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 actual cash received for the year-to-date periods and 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.

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Table 4

American Campus Communities Inc. and Subsidiaries

2007 Outlook (a)

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

	Low			High
Net income	$	6,100		$	8,750
Minority interests		650			950
Depreciation and amortization		29,900			29,800
Amortization of acquired intangible assets		750			750
Funds from operations (“FFO”)		37,400			40,250
Elimination of operations from on-campus participating properties		(4,500	)		(4,700	)
Modifications to reflect operational performance of on-campus participating properties		1,700			2,000
Funds from operations - modified for operational performance of on-campus participating properties	$	34,600		$	37,550
Weighted average common shares outstanding - diluted		25,420			25,420
Net income per share - diluted	$	0.24		$	0.34
FFO per share - diluted	$	1.47		$	1.58
FFOM per share - diluted	$	1.36		$	1.48

(a)        Assumes that: (1) other than the previously announced acquisitions, no additional property acquisitions will occur during 2007; (2) the company will achieve property level NOI of $62.7 million to $63.7 million; (3) University Centre will open on-time and on-budget; (4) the company will generate third-party development and management revenues from $7.9 million to $8.9 million; and (5) the Hampton Roads Military Housing project contract will be consummated during 2007.  The guidance does not include any compensation expense related to the 2004 Outperformance Bonus Plan which could result in a compensation charge related to 367,000 shares contemplated by such.

CONTACT: American Campus Communities, Inc., Austin

Gina Cowart, 512-732-1000

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EX-99.2

Exhibit 99.2

Supplemental Analyst Package Fourth Quarter 2006 Earnings Call March 1, 2007

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 Seasonal Trends by Property Type ______________________________________________________________________9 2007/2008 Leasing Status - Same Store Owned Portfolio ____________________________________________________ 10 2007/2008 Leasing Status - Owned Development Projects and Acquisitions _____________________________________11 Owned Development Update ___________________________________________________________________________12 Third-Party Development Update ________________________________________________________________________13 Management Services Update __________________________________________________________________________14 Investor Information __________________________________________________________________________________15

Financial Highlights (dollars in thousands, except per share data) 1 2006 2005 $ Change % Change 2006 2005 $ Change % Change 33,516 $ 24,720 $ 8,796 $ 35.6% 118,953 $ 82,522 $ 36,431 $ 44.1% 11,362 7,199 4,163 29,800 18,541 11,259 22,611 (1) 3,858 18,753 22,597 (1) 9,662 (2) 12,935 Net income per share - basic 0.99 (1) 0.22 1.20 (1) 0.65 (2) Net income per share - diluted 0.98 (1) 0.22 1.17 (1) 0.65 (2) 12,250 8,146 4,104 30,943 19,975 10,968 FFO per share - diluted 0.48 0.47 1.48 1.33 10,124 6,512 3,612 28,640 18,885 9,755 FFOM per share - diluted 0.40 0.37 1.37 1.26 Owned properties 9,642 9,199 443 4.8% 22,533 21,521 1,012 4.7% Three Months Ended December 31, Year Ended December 31, December 31, 2006 December 31, 2005 Operating Data Total revenues Operating income Net income 2.07 FFOM Same store net operating income - FFO Represents operating performance for the four most recently completed fiscal quarters. Excludes interest associated with our on-campus participating properties. (4) Operating Statistics Debt to total market capitalization (3) Interest coverage (4) (1) Net income for the year ended December 31, 2005 includes a gain from disposition of real estate of approximately $5.9 million or $0.39 per fully diluted share. 31.8% 2.41 31.3% Net income for the three months ended and year ended December 31, 2006 includes a gain from disposition of real estate of approximately $18.6 million or $0.74 and $0.89 per fully diluted share for the respective periods presented. (3) (2) Excludes debt related to our on-campus participating properties of $89.9 million and $91.4 million at December 31, 2006 and December 31, 2005, respectively. Also excludes net unamortized debt premiums of $6.0 million and $4.3 million at December 31, 2006 and December 31, 2005, respectively.

Consolidated Balance Sheets (dollars in thousands) 2 December 31, 2006 December 31, 2005 (unaudited) Assets Investments in real estate: Owned properties, net 694,197 $ 384,758 $ Owned property-held for sale - 32,340 On-campus participating properties, net 76,688 80,370 Investments in real estate, net 770,885 497,468 Cash and cash equivalents 79,107 24,641 Restricted cash 11,260 9,502 Student contracts receivable, net 3,129 2,610 Other assets 20,000 16,641 Total assets 884,381 $ 550,862 $ Liabilities and stockholders' equity Liabilities: Secured debt 432,294 $ 291,646 $ Accounts payable and accrued expenses 13,616 7,983 Other liabilities 29,436 25,155 Total liabilities 475,346 324,784 Minority interests 39,561 2,851 Stockholders' equity: Common stock 229 172 Additional paid in capital 382,367 233,388 Accumulated earnings and distributions (13,533) (10,817) Accumulated other comprehensive income 411 484 Total stockholders' equity 369,474 223,227 Total liabilities and stockholders' equity 884,381 $ 550,862 $

Consolidated Statements of Operations (dollars in thousands, except share and per share data) 3 2006 2005 $ Change 2006 2005 $ Change Revenues: (unaudited) Owned properties 24,577 $ 15,473 $ 9,104 $ 89,264 $ 54,287 $ 34,977 $ On-campus participating properties 6,510 6,207 303 19,960 18,470 1,490 Third-party development services 1,315 1,860 (545) 5,778 5,854 (76) Third-party management services 688 731 (43) 2,532 2,786 (254) Resident services 426 449 (23) 1,419 1,125 294 Total revenues 33,516 24,720 8,796 118,953 82,522 36,431 Operating expenses: Owned properties 10,910 6,777 4,133 42,620 25,653 16,967 On-campus participating properties 2,310 2,291 19 8,970 8,325 645 Third-party development and management services 1,162 2,323 (1,161) 5,564 6,969 (1,405) General and administrative 1,399 1,891 (492) 6,278 6,714 (436) Depreciation and amortization 6,192 4,063 2,129 24,864 15,447 9,417 Ground/facility leases 181 176 5 857 873 (16) Total operating expenses 22,154 17,521 4,633 89,153 63,981 25,172 Operating income 11,362 7,199 4,163 29,800 18,541 11,259 Nonoperating income and (expenses): Interest income 607 327 280 1,230 825 405 Interest expense (6,090) (4,607) (1,483) (25,937) (17,368) (8,569) Amortization of deferred financing costs (287) (336) 49 (1,365) (1,176) (189) Other nonoperating income - 849 (849) - 1,279 (1,279) Total nonoperating expenses (5,770) (3,767) (2,003) (26,072) (16,440) (9,632) 5,592 3,432 2,160 3,728 2,101 1,627 Income tax provision (28) (180) 152 (28) (186) 158 Minority interests (2,240) (79) (2,161) (2,038) (164) (1,874) Income from continuing operations 3,324 3,173 151 1,662 1,751 (89) Discontinued operations: Income attributable to discontinued operations 639 685 (46) 2,287 2,028 259 Gain from disposition of real estate 18,648 - 18,648 18,648 5,883 12,765 Total discontinued operations 19,287 685 18,602 20,935 7,911 13,024 Net income 22,611 $ 3,858 $ 18,753 $ 22,597 $ 9,662 $ 12,935 $ Net income per share - basic 0.99 $ 0.22 $ 1.20 $ 0.65 $ Net income per share - diluted 0.98 $ 0.22 $ 1.17 $ 0.65 $ Weighted-average common shares outstanding: Basic 22,923,226 17,204,375 18,907,061 14,882,944 Diluted 25,339,239 17,371,328 20,967,946 15,047,202 Three Months Ended December 31, Year Ended December 31, Income before income taxes, minority interests, and discontinued operations (unaudited)

Consolidated Statements of Funds From Operations (dollars in thousands, except share and per share data) 4 2006 2005 $ Change 2006 2005 $ Change Net income 22,611 $ 3,858 $ 18,753 $ 22,597 $ 9,662 $ 12,935 $ Minority interests 2,240 79 2,161 2,038 164 1,874 Gain from disposition of real estate (18,648) - (18,648) (18,648) (5,883) (12,765) Real estate related depreciation and amortization 6,047 4,209 1,838 24,956 16,032 8,924 Funds from operations ("FFO") 12,250 8,146 4,104 30,943 19,975 10,968 Net income from on-campus participating properties (1,538) (1,321) (217) (232) (424) 192 Amortization of investment in on-campus participating properties (1,048) (986) (62) (4,131) (3,661) (470) 9,664 5,839 3,825 26,580 15,890 10,690 Our share of net cash flow (1) 181 176 5 861 842 19 Management fees 305 290 15 920 878 42 On-campus participating property development fees (2) (26) 207 (233) 279 1,275 (996) Impact of on-campus participating properties 460 673 (213) 2,060 2,995 (935) 10,124 $ 6,512 $ 3,612 $ 28,640 $ 18,885 $ 9,755 $ FFO per share - diluted 0.48 $ 0.47 $ 1.48 $ 1.33 $ FFOM per share - diluted 0.40 $ 0.37 $ 1.37 $ 1.26 $ Weighted average common shares outstanding - diluted 25,339,239 17,371,328 20,967,946 15,047,202 (1) (2) 50% of the properties' net cash available for distribution after payment of operating expenses, debt service (including repayment of principal) and capital expenditures. Represents actual cash received for the year-to-date periods and amounts accrued for the interim periods. 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. Three Months Ended December 31, Year Ended December 31, Modifications to reflect operational performance of oncampus participating properties: Funds from operations - modified for operational performance of on-campus participating properties ("FFOM") Elimination of operations of on-campus participating properties:

Capital Structure as of December 31, 2006 (dollars in thousands) 5 Total Debt (1) 336,430 $ Total Equity Market Value (2) 721,368 Total Market Capitalization 1,057,798 $ Debt to Total Market Capitalization 31.8% Interest Coverage (3) 2.41 Principal Outstanding (1) Weighted Average Interest Rate Average Term to Maturity Fixed Rate Mortgage 315,044 $ 6.53% 5.3 Years Variable Rate Construction Loan 21,386 6.85% 1.8 Years Total / Weighted Average 336,430 $ 6.55% 5.0 Years (1) (2) (3) Fixed Rate Debt Maturity Schedule Excluding debt related to our on-campus participating properties totaling $89.9 million with a weighted average interest rate of 7.07% and average term to maturity of 11.8 years. Also excludes net unamortized debt premiums of $6.0 million. Based on share price of $28.47 at December 31, 2006. Assumes conversion of all common and preferred Operating Partnership units as well as any other securities convertible into common shares. Represents operating performance for the four most recently completed fiscal quarters. Excludes interest associated with our on-campus participating properties. $ 0 $ 0 $ 53,977 $ 51,495 $ 48,771 $ 69,387 $ 17,888 $ 35,563 $ 37,963 $ 0 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 Thereafter

Portfolio Overview as of December 31, 2006 Same Store Owned Portfolio 6 Primary University Served Units Beds 2006 2005 1. The Village at Blacksburg Virginia Tech University 288 1,056 99.3% 98.8% 2. River Club Apartments (1) The University of Georgia - Athens 266 792 99.4% 97.0% 3. River Walk Townhomes (1) The University of Georgia - Athens 100 336 99.1% 97.9% 4. The Village at Alafaya Club (1) The University of Central Florida 228 839 99.5% 98.9% 5. The Village at Science Drive The University of Central Florida 192 732 98.6% 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% 97.3% 8. University Village at TU Temple University 220 749 99.5% 98.8% 9. University Club Tallahassee Florida State University 152 608 99.0% 99.0% 10. The Grove at University Club Florida State University 64 128 99.2% 98.4% 11. College Club Tallahassee Florida A&M University 96 384 88.8% 97.4% 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% 94.9% 14. Cityparc at Fry Street University of North Texas 136 418 97.6% 98.6% 15. The Estates University of Florida 396 1,044 98.3% 98.9% 16. University Village at Sweethome State University of New York - Buffalo 269 828 99.5% 99.6% 2,728 9,165 98.4% 98.3% Owned properties - less than 12-month leases 17. The Callaway House Texas A&M University 173 538 103.5% 103.7% 18. Villas on Apache Arizona State University Main Campus 111 288 99.0% 100.0% 284 826 101.9% 102.0% 3,012 9,991 98.7% 98.7% (1) Any discrepancy from previous disclosures in bed count is a result of permanent reconfiguration. Total - Same Store Owned Properties Physical Occupancy at December 31, Subtotal - Same Store Owned Properties - less than 12-month leases Property Subtotal - Same Store Owned Properties - 12-month leases Owned properties - 12-month leases

Portfolio Overview as of December 31, 2006 New Properties & On-Campus Participating Properties 7 Primary University Served Units Beds 2006 2005 19. Entrada Real University of Arizona 98 363 99.4% n/a 20. Royal Oaks Florida State University 82 224 98.7% n/a 21. Royal Pavilion Florida State University 60 204 98.0% n/a 22. Royal Village Tallahassee Florida State University 75 288 99.3% n/a 23. Royal Village Gainesville University of Florida 118 448 97.5% n/a 24. Northgate Lakes The University of Central Florida 194 710 98.0% n/a 25. Royal Lexington The University of Kentucky 94 364 92.0% n/a 26. The Woods at Greenland Middle Tennessee State University 78 276 95.7% n/a 27. Raider's Crossing Middle Tennessee State University 96 276 95.7% n/a 28. Raider's Pass Texas Tech University 264 828 69.4% n/a 29. Aggie Station Texas A&M University 156 450 98.0% n/a 30. The Outpost San Marcos Texas State University - San Marcos 162 486 99.6% n/a 31. The Outpost San Antonio University of Texas - San Antonio 276 828 100.0% n/a 32. Callaway Villas Texas A&M University 236 704 100.0% n/a 33. University Centre (1) Rutgers University, NJIT, Essex CCC 234 838 n/a n/a 34. ASU - SCRC Component I (2) Arizona State University 613 1,866 n/a n/a 2,836 9,153 94.5% (3) n/a 5,848 19,144 97.1% (3) 98.7% 35. University Village - PVAMU Prairie View A&M University 612 1,920 95.8% 99.2% 36. University College - PVAMU Prairie View A&M University 756 1,470 89.3% 85.8% 37. University Village - TAMIU (4) Texas A&M International University 84 250 83.6% 75.4% 38. Cullen Oaks - Phase I and II The University of Houston 411 879 96.1% 99.4% 1,863 4,519 93.1% 93.5% 7,711 23,663 96.2% (3) 97.1% (1) Currently under development and scheduled to open for occupancy in Fall 2007. (2) Currently under development and scheduled to open for occupancy in Fall 2008. (3) Excludes properties that are currently under development. (4) Any discrepancy from previous disclosures in bed count is a result of permanent reconfiguration. Total - All Properties Total - Owned Properties (New and Same Store) On-Campus Participating Properties Subtotal - On-Campus Participating Properties Physical Occupancy at December 31, Property New Owned Properties Subtotal - New Owned Properties

Property Results of Operations (dollars in thousands) 8 2006 2005 $ Change % Change 2006 2005 $ Change % Change Property revenues Ow ned properties: Same store properties 16,464 $ 15,922 $ 542 $ 3.4% 39,049 $ 37,981 $ 1,068 $ 2.8% New properties 8,539 - 8,539 100.0% 51,634 17,431 34,203 196.2% Total ow ned properties (1) 25,003 15,922 9,081 57.0% 90,683 55,412 35,271 63.7% On-campus participating properties: Same store properties 6,510 6,207 303 4.9% 17,727 17,566 161 0.9% New properties - - - 0.0% 2,233 904 1,329 147.0% Total on-campus participating properties 6,510 6,207 303 4.9% 19,960 18,470 1,490 8.1% Total property revenues 31,513 $ 22,129 $ 9,384 $ 42.4% 110,643 $ 73,882 $ 36,761 $ 49.8% Property operating expenses Ow ned properties: Same store properties 6,822 $ 6,723 $ 99 $ 1.5% 16,516 $ 16,460 $ 56 $ 0.3% New properties 4,088 54 4,034 7470.4% 26,104 9,193 16,911 184.0% Total ow ned properties 10,910 6,777 4,133 61.0% 42,620 25,653 16,967 66.1% On-campus participating properties: Same store properties 2,310 2,291 19 0.8% 8,087 8,005 82 1.0% New properties - - - 0.0% 883 320 563 175.9% Total on-campus participating properties 2,310 2,291 19 0.8% 8,970 8,325 645 7.7% Total property operating expenses 13,220 $ 9,068 $ 4,152 $ 45.8% 51,590 $ 33,978 $ 17,612 $ 51.8% Property net operating income Ow ned properties: Same store properties 9,642 $ 9,199 $ 443 $ 4.8% 22,533 $ 21,521 $ 1,012 $ 4.7% New properties 4,451 (54) 4,505 -8342.6% 25,530 8,238 17,292 209.9% Total ow ned properties 14,093 9,145 4,948 54.1% 48,063 29,759 18,304 61.5% On-campus participating properties: Same store properties 4,200 3,916 284 7.3% 9,640 9,561 79 0.8% New properties - - - 0.0% 1,350 584 766 131.2% Total on-campus participating properties 4,200 3,916 284 7.3% 10,990 10,145 845 8.3% Total property net operating income 18,293 $ 13,061 $ 5,232 $ 40.1% 59,053 $ 39,904 $ 19,149 $ 48.0% Three Months Ended December 31, (1) Year Ended December 31, Includes revenues w hich are reflected as Resident Services Revenue on the accompanying consolidated statements of operations. March 31, 2006 June 30, 2006 September 30, 2006 December 31, 2006 Total 13,881 $ 25% 13,851 $ 25% 14,322 $ 25% 14,097 $ 25% 56,151 $ 100% (5,391) 22% (5,635) 24% (7,431) 31% (5,627) 23% (24,084) 100% 8,490 $ 27% 8,216 $ 26% 6,891 $ 21% 8,470 $ 26% 32,067 $ 100% 98.7% 98.4% 98.0% 98.6% 98.4% 2,265 $ 29% 1,700 $ 21% 1,609 $ 20% 2,421 $ 30% 7,995 $ 100% (1,010) 24% (1,105) 26% (1,007) 24% (1,071) 26% (4,193) 100% 1,255 $ 33% 595 $ 16% 602 $ 16% 1,350 $ 35% 3,802 $ 100% 101.9% 66.8% 74.8% 101.9% 86.0% 16,147 $ 25% 15,551 $ 24% 15,931 $ 25% 16,519 $ 26% 64,148 $ 100% (6,401) 22% (6,740) 24% (8,439) 30% (6,698) 24% (28,278) 100% 9,746 $ 27% 8,811 $ 25% 7,492 $ 21% 9,821 $ 27% 35,870 $ 100% 99.1% 95.3% 95.9% 98.9% 97.3% 6,045 $ 30% 3,585 $ 18% 4,083 $ 20% 6,592 $ 32% 20,305 $ 100% (2,080) 22% (2,275) 24% (2,486) 27% (2,477) 27% (9,318) 100% 3,965 $ 36% 1,310 $ 12% 1,597 $ 15% 4,115 $ 37% 10,987 $ 100% 89.5% 41.4% 66.8% 94.6% 73.1% 22,192 $ 26% 19,136 $ 23% 20,014 $ 24% 23,111 $ 27% 84,453 $ 100% (8,481) 23% (9,015) 24% (10,925) 29% (9,175) 24% (37,596) 100% 13,711 $ 29% 10,121 $ 22% 9,089 $ 19% 13,936 $ 30% 46,857 $ 100% 96.1% 78.7% 86.9% 97.6% 89.8% (1) (2) (3) (4) Properties are The Callaw ay House and Villas on Apache. (5) (6) Properties are University Village - PVAMU, University College - PVAMU, University Village - TAMIU, and Cullen Oaks - Phase I and II. Revenues Property operating expenses and estimated management costs (3) Subtotal Average occupancy (5) Property operating expenses and estimated management costs (3) Subtotal Average occupancy (5) Revenues Grand total - all properties (22 properties): Average occupancy Owned properties - less than 12-month leases (2 properties): (4) Revenues Property operating expenses and estimated management costs (3) Owned properties - 12-month leases (16 properties): (2) Revenues Property operating expenses and estimated management costs (3) Subtotal Three Months Ended For purposes of the seasonal trend analysis, the follow ing properties are excluded: 2006 acquisitions, 2006 dispositions, and properties under construction during 2006. Only those assets that w ere ow ned and operated during all four quarters are reflected. Properties are The Village at Alafaya Club, The Village at Blacksburg, University Village at Boulder Creek, River Club Apartments, River Walk Tow nhomes, The Village at Science Drive, University Village at Fresno, University Village at TU, Cityparc at Fry Street, College Club Tallahassee, The Greens at College Club, University Club Gainesville, University Club Tallahassee, The Grove at University Club, The Estates, and University Village at Sw eethome. Represents direct property expenses and estimated management costs for ow ned properties at 2.5% of revenues, w hereas on-campus participating properties operating expenses include actual management costs. At those properties w ith less than 12-month leases average occupancies include the decrease in occupancy occurring during the summer months. Subtotal Average occupancy (5) Total owned properties (18 properties): On-campus participating properties - less than 12-month leases (4 properties): (6) Revenues Property operating expenses and estimated management costs (3) Subtotal Average occupancy (5)

Seasonal Trends by Property Type(1) (dollars in thousands) 9 Current Apps + Leases (1) % of Rentable Beds Prior Year (2) Beds % Rentable Beds (3) Total Design Beds Applications + Leases University Village at Boulder Creek 329 110% 341 (12) -4% 299 309 The Callaw ay House 554 105% 442 112 25% 527 538 University Club Gainesville 372 99% 373 (1) 0% 376 376 Cityparc at Fry Street 400 98% 169 231 137% 410 418 The Village at Blacksburg 992 95% 1,034 (42) -4% 1,048 1,056 The Village at Science Drive 599 83% 399 200 50% 724 732 The Estates 803 77% 696 107 15% 1,037 1,044 University Club Tallahassee (4) 531 72% 406 125 31% 736 736 The Village at Alafaya Club 556 67% 222 334 150% 828 839 Callaw ay Villas 411 59% 486 (75) -15% 691 704 River Walk Tow nhomes 196 59% 180 16 9% 330 336 University Village at TU 400 55% 290 110 38% 731 749 University Village at Sweethome 430 53% 644 (214) -33% 813 828 River Club Apartments 403 52% 341 62 18% 774 792 College Club Tallahassee (5) 275 51% 152 123 81% 540 544 University Village Fresno 114 29% 160 (46) -29% 396 406 Villas on Apache 21 7% 0 21 100% 288 288 Applications + Leases Total 7,386 70% 6,335 1,051 17% 10,548 10,695 Leases University Village at Boulder Creek 279 93% 281 (2) -1% 299 309 The Callaw ay House 448 85% 364 84 23% 527 538 University Club Gainesville 372 99% 369 3 1% 376 376 Cityparc at Fry Street 366 89% 161 205 127% 410 418 The Village at Blacksburg 949 91% 1,012 (63) -6% 1,048 1,056 The Village at Science Drive 557 77% 369 188 51% 724 732 The Estates 774 75% 661 113 17% 1,037 1,044 University Club Tallahassee (4) 492 67% 359 133 37% 736 736 The Village at Alafaya Club 530 64% 206 324 157% 828 839 Callaw ay Villas 351 51% 379 (28) -7% 691 704 River Walk Tow nhomes 179 54% 175 4 2% 330 336 University Village at TU 300 41% 233 67 29% 731 749 University Village at Sweethome 314 39% 571 (257) -45% 813 828 River Club Apartments 396 51% 336 60 18% 774 792 College Club Tallahassee (5) 269 50% 150 119 79% 540 544 University Village Fresno 82 21% 142 (60) -42% 396 406 Villas on Apache 3 1% 0 3 100% 288 288 Leases Total 6,661 63% 5,768 893 15% 10,548 10,695 (1) As of February 23, 2007 (2) As of February 24, 2006 (Comparison of last Friday in February of each year) (3) Rentable Beds exclude beds needed for on-site staff and/or model units. (4) For lease administration purposes, University Club Tallahassee and The Grove at University Club are reported combined. (5) For lease administration purposes, College Club Tallahassee and The Greens at College Club are reported combined.

Variance 10 2007/2008 Leasing Status Same Store Owned Portfolio NEW DEVELOPM ENTS Current A pps + Leases ( 1) % o f R entable Beds P rior Year ( 2) Beds % Rentable Beds ( 3) Total D esign Beds Applications + Leases University Centre 58 7% n/a n/a n/a 838 838 Applications + Leases Total 58 7% n/ a n/ a n/ a 838 838 Leases University Centre 23 3% n/a n/a n/a 838 838 Leases Total 23 3% n/a n/ a n/ a 838 838 NEW ACQUISITIONS Current A pps + Leases ( 1) % o f R entable Beds P rior Year ( 4) Variance % Rentable Beds ( 3) Total D esign Beds Applications + Leases Northgate Lakes 682 96% 633 49 8% 710 710 Royal Village - Gainesville 426 95% 456 (30) -7% 447 448 Raider's Crossing 160 58% 106 54 51% 276 276 Entrada Real Tucson 205 56% 175 30 17% 363 363 Royal Tallahassee (5) 391 55% 322 69 21% 715 716 The Outpost - San Antonio 413 50% 718 (305) -42% 828 828 Raider's Pass 392 48% 183 209 114% 823 828 Aggie Station 209 47% 185 24 13% 444 450 Royal Lexington 138 38% 147 (9) -6% 364 364 The Woods at Greenland 102 37% 106 (4) -4% 276 276 The Outpost - San Marcos 114 23% 126 (12) -10% 486 486 Applications + Leases Total 3,232 56% 3,157 75 2% 5,732 5,745 Leases Northgate Lakes 680 96% 633 47 7% 710 710 Royal Village - Gainesville 425 95% 456 (31) -7% 447 448 Raider's Crossing 155 56% 106 49 46% 276 276 Entrada Real Tucson 196 54% 175 21 12% 363 363 Royal Tallahassee (5) 388 54% 322 66 20% 715 716 The Outpost - San Antonio 405 49% 718 (313) -44% 828 828 Raider's Pass 312 38% 183 129 70% 823 828 Aggie Station 196 44% 185 11 6% 444 450 Royal Lexington 128 35% 147 (19) -13% 364 364 The Woods at Greenland 102 37% 106 (4) -4% 276 276 The Outpost - San Marcos 109 22% 126 (17) -13% 486 486 Leases Total 3,096 54% 3,157 (61) 2% 5,732 5,745 (1) As o f February 23, 2007 (2) Prio r year data is no t applicable as property is in its first year o f initial lease up. (3) Rentable Beds exclude beds needed for on-site staff and/or model units. (4) Based on unaudited prio r owner's data. (5) For lease administration purposes, Royal Oaks, Royal Pavilio n, and Royal Village are reported combined.

NEW DEVELOPM ENTS Current A pps + Leases ( 1) % o f R entable Beds P rior Year ( 2) Beds % Rentable Beds ( 3) Total D esign Beds Applications + Leases University Centre 58 7% n/a n/a n/a 838 838 Applications + Leases Total 58 7% n/ a n/ a n/ a 838 838 Leases University Centre 23 3% n/a n/a n/a 838 838 Leases Total 23 3% n/a n/ a n/ a 838 838 NEW ACQUISITIONS Current A pps + Leases ( 1) % o f R entable Beds P rior Year ( 4) Variance % Rentable Beds ( 3) Total D esign Beds Applications + Leases Northgate Lakes 682 96% 633 49 8% 710 710 Royal Village - Gainesville 426 95% 456 (30) -7% 447 448 Raider's Crossing 160 58% 106 54 51% 276 276 Entrada Real Tucson 205 56% 175 30 17% 363 363 Royal Tallahassee (5) 391 55% 322 69 21% 715 716 The Outpost - San Antonio 413 50% 718 (305) -42% 828 828 Raider's Pass 392 48% 183 209 114% 823 828 Aggie Station 209 47% 185 24 13% 444 450 Royal Lexington 138 38% 147 (9) -6% 364 364 The Woods at Greenland 102 37% 106 (4) -4% 276 276 The Outpost - San Marcos 114 23% 126 (12) -10% 486 486 Applications + Leases Total 3,232 56% 3,157 75 2% 5,732 5,745 Leases Northgate Lakes 680 96% 633 47 7% 710 710 Royal Village - Gainesville 425 95% 456 (31) -7% 447 448 Raider's Crossing 155 56% 106 49 46% 276 276 Entrada Real Tucson 196 54% 175 21 12% 363 363 Royal Tallahassee (5) 388 54% 322 66 20% 715 716 The Outpost - San Antonio 405 49% 718 (313) -44% 828 828 Raider's Pass 312 38% 183 129 70% 823 828 Aggie Station 196 44% 185 11 6% 444 450 Royal Lexington 128 35% 147 (19) -13% 364 364 The Woods at Greenland 102 37% 106 (4) -4% 276 276 The Outpost - San Marcos 109 22% 126 (17) -13% 486 486 Leases Total 3,096 54% 3,157 (61) 2% 5,732 5,745 (1) As o f February 23, 2007 (2) Prio r year data is no t applicable as property is in its first year o f initial lease up. (3) Rentable Beds exclude beds needed for on-site staff and/or model units. (4) Based on unaudited prio r owner's data. (5) For lease administration purposes, Royal Oaks, Royal Pavilio n, and Royal Village are reported combined. Variance Variance 11

2007/2008 Leasing Status Owned Development Projects and Acquisitions Owned Development Update (dollars in thousands) 12 PROJECTS UNDER CONSTRUCTION Location Primary University Served Units Beds Estimated Project Costs % Complete (1) Scheduled to Open for Occupancy University Centre Newark, NJ Rutgers University, NJIT, Essex CCC 234 838 74,386 $ 81% Fall 2007 ASU - SCRC Component I (2) Tempe, AZ Arizona State University 613 1,866 137,500 n/a August 2008 Chestnut Ridge Amherst, NY SUNY - Buffalo 196 552 34,800 n/a August 2008 246,686 $ PROJECTS IN PRE-DEVELOPMENT Location Anticipated Commencement Approximate Targeted Beds Estimated Project Cost Targeted Completion Tempe, AZ Component II (4) Third Quarter 2007 1,738 123,300 $ August 2009 Component III TBD 1,500 110,000 TBD 233,300 $ PROJECTS UNDER EXECUTED CONTRACT (5) Location Anticipated Commencement Targeted Beds Estimated Project Cost Targeted Completion Midwest Development Midwest Third Quarter 2007 652 29,800 $ August 2008 Existing Project Expansion Northeast Third Quarter 2007 192 11,700 August 2009 41,500 $ (1) (2) (3) (4) (5) Project 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. Project Approximate Targeted Units Arizona State University (3) These contracts are on speculative development projects that are subject to final determination of feasibility, execution and closing on definitive agreements, complex entitlement and municipal approval processes, and fluctuations in the construction market. 605 575 Based on costs incurred under general construction contract as of December 31, 2006. Substantial work under the general construction contract had not commenced on the ASU-SCRC Component I and Chestnut Ridge projects as of December 31, 2006. Project Targeted Units 163 Includes parking structure and retail space. Includes the new Barrett Honors College. 48

Third-Party Development Update (dollars in thousands) 13 2006 2005 $ Change 2006 2005 $ Change Development services revenue 1,315 $ 1,860 $ (545) $ 5,778 $ 5,854 $ (76) $ % of total revenue 3.9% 7.5% 4.9% 7.1% CONTRACTED PROJECTS IN PROGRESS Project Units Beds Total Fees Fees Earned to Date (1) Remaining Fees (1) Scheduled Completion West Virginia University - Potomac State (2) 107 355 660 $ 545 $ 115 $ August 2007 University of New Orleans (3) 231 742 1,550 780 770 September 2007 Arizona State University - DPS (4) Tempe, AZ Arizona State University n/a n/a 400 300 100 October 2007 University of Hawaii - Manoa (5) 240 810 3,141 1,362 1,779 July 2008 West Virginia University - Downtown (6) 89 323 286 286 - TBD 6,037 $ 3,273 $ 2,764 $ AWARDED PROJECTS Project Estimated Fees Hampton Roads Military Housing (7) 3,105 $ (1) (2) (3) (4) (5) (6) (7) Keyser, WV Potomac State College Honolulu, HI Morgantown, WV Three Months Ended December 31, Location Primary University Served West Virginia University University of Hawaii Location Year Ended December 31, Anticipated Commencement New Orleans, LA University of New Orleans Third Quarter 2007 As of December 31, 2006. The West Virginia - Potomac State projects consists of pre-development and design services w hich w ere completed in the second quarter of 2006 and construction administration services w hich are currently in progress. Contractual fees are show n net of costs anticipated to be incurred to complete the project. Norfolk, VA The Department of the Navy has selected a joint venture betw een American Campus and Hunt ELP to exclusively negotiate for the Hampton Roads Unaccompanied Military Housing project. New construction as w ell as management of the existing housing is expected to commence after congressional notification and execution of the long-term partnership agreements. The West Virginia - Dow ntow n project consists of pre-development and design services. Contractual fees are show n 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. This project consists of development services w hich began in January 2006 and construction services. The 810-bed Frear Hall project at the University of Haw aii-Manoa received approval from the Board of Regents in October and construction commenced in November 2006. ACC commenced construction on the 742-bed residence hall on the University of New Orleans campus in August 2006 after the project w as delayed a year due to Hurricane Katrina. We are providing development and limited construction services for the relocation of DPS station in order to utilize the site for on-campus student housing. The development phase w as complete as of December 2006. The construction portion w ill run from January-October 2007. Contractual fees are show n net of travel costs anticipated in the original fee.

Management Services Update (dollars in thousands) 14 2006 2005 $ Change 2006 2005 $ Change Management services revenue 688 $ 731 $ (43) $ 2,532 $ 2,786 $ (254) $ % of total revenue 2.1% 3.0% 2.1% 3.4% NEW MANAGEMENT CONTRACTS Property Units Beds Stabilized Annual Fees Anticipated Commencement Fenn Tower Cleveland State University 174 438 100 $ August 2006 The Inn at Auraria Auraria Higher Education System 125 439 145 August 2006 Vista del Campo Norte University of California Irvine 545 1,564 480 August 2006 Residence Learning Center Texas A&M International University 224 436 40 August 2006 SAIT - New Housing 446 720 125 August 2007 Norfolk, VA Department of the Navy 722 1,313 280 Third Quarter 2007 Hampton Roads - New Housing (1) Norfolk, VA Department of the Navy 1,184 2,368 500 August 2009 1,670 $ DISCONTINUED MANAGEMENT CONTRACTS Property Units Beds 2006 Fees Discontinued As Of Jacob's Landing Tallahassee, FL Tallahasee Community College 46 184 40 $ February 2006 (1) Property management has been selected/awarded and management agreement is currently being negotiated. Laredo, TX Hampton Roads - Existing Housing (1) Cleveland, OH Calgary, AB Southern Alberta Institute of Technology Location University Served Year Ended December 31, Irvine, CA Three Months Ended December 31, Location University Served Denver, CO

Investor Information 15 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 Investor Relations: Gina Cowart VP, Investor Relations and Corporate Marketing (512) 732-1041 gcowart@studenthousing.com 805 Las Cimas Parkway, Suite 400 Austin, Texas 78746 Tel: (512) 732-1000; Fax: (512) 732-2450 www.americancampuscommunities.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.

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.