EX-99.2 3 a5345537ex99-2.htm EXHIBIT 99.2 Exhibit 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.