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):  April 30, 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 April 30, 2007, American Campus Communities, Inc. (the “Company”) issued a press release announcing earnings for the quarter ended March 31, 2007. 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 April 30, 2007, the Company disclosed a supplemental analyst package in connection with its earnings conference call for the quarter ended March 31, 2007, which took place on May 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: May 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 April 30, 2007
EX-99.2	Supplemental Analyst Package - First Quarter 2007

EX-99.1

Exhibit 99.1

   

American Campus Communities, Inc. Reports First Quarter 2007 Financial Results

AUSTIN, Texas--(BUSINESS WIRE)—April 30, 2007--American Campus Communities, Inc. (NYSE:ACC) today announced the following financial results for the quarter ended March 31, 2007.

Highlights

§   Break-even quarterly FFOM (including a compensation charge of $9.6 million or $0.38 per fully diluted share related to the company’s 2004 Outperformance Bonus Plan). Excluding the compensation charge, quarterly FFOM was $9.5 million or $0.38 per fully diluted share compared to $7.0 million or $0.39 per fully diluted share in the prior year first quarter.

§   Increased net operating income ("NOI") for same store owned off-campus properties by 3.5 percent over the first quarter 2006.

§   Achieved same store occupancy for owned off-campus portfolio of 97.2 percent as of March 31, 2007.

§   Acquired the Courtyard by Pyramid, a 752-bed off-campus student community in Huntington, West Virginia, serving students attending Marshall University, for a total purchase price of $25.6 million.

§   Acquired the Edwards Portfolio, consisting of three properties with 1,887 beds, for a total purchase price of $102.0 million. The properties serve students attending University of Kentucky, University of Toledo, and Eastern Michigan University.

§   The company was added to Standard & Poor’s REIT Composite Index after close of trading on February 26, 2007.

First Quarter 2007 Operating Results

Revenue for the 2007 first quarter totaled $35.0 million, up 30.8 percent from $26.7 million in the 2006 first quarter. Net loss for the 2007 first quarter totaled $4.7 million, or $0.20 per fully diluted share, compared with net income of $3.7 million, or $0.21 per fully diluted share, for the same quarter in 2006. The company’s net loss for the 2007 first quarter is due to a compensation charge of $9.6 million, or $0.38 per fully diluted share, related to the company’s 2004 Outperformance Bonus Plan. This charge was partially offset by additional net income generated from the company’s 2007 and 2006 acquisitions as well as a development property placed into service in 2006. FFO for the 2007 first quarter totaled $1.9 million, or $0.08 per fully diluted share, and FFOM for the 2007 first quarter was approximately break even. A reconciliation of FFO and FFOM to net income is shown on Table 3.

As previously mentioned, the company recognized a compensation charge during the quarter of 9.6 million, or $0.38 per fully diluted share, related to the 2004 Outperformance Bonus Plan. The plan was adopted at the consummation of the company’s IPO in August 2004 and contains performance hurdles that must be achieved by the third anniversary of the IPO in order for the awards granted under this plan to vest. If these hurdles are achieved at such time, awards to certain members of management and key employees equal to the value of 367,682 shares of the company’s common stock will vest.  As of March 31, 2007, management has determined the achievement of these performance measures is probable and, therefore, has recognized a prorated compensation charge for the three-year service period, which began on the company’s IPO date and ends in August 2007.  Additional compensation charges may be recorded in future quarters, to the extent management continues to believe the achievement of the performance measures is probable. Based on the company’s stock price as of March 31, 2007, management estimates the remaining compensation cost associated with this plan to be approximately $1.4 million. 

Excluding this compensation charge, the company would have realized net income of $5.0 million, or $0.18 per fully diluted share, during the 2007 first quarter. Additionally, excluding this compensation charge, the company would have realized FFO for the 2007 first quarter of $11.6 million, or $0.46 per fully diluted share, compared with $8.9 million, or $0.49 per fully diluted share, for the first quarter 2006. FFOM for the first quarter 2007, excluding the compensation charge, would have been $9.5 million, or $0.38 per fully diluted share, compared with $7.0 million, or $0.39 per fully diluted share, for the first quarter 2006.

NOI for same store owned off-campus properties was $9.8 million in the quarter, up 3.5 percent from $9.5 million in the 2006 first quarter. NOI for the total owned off-campus property portfolio increased 46.3 percent to $15.6 million for the quarter from $10.7 million in the comparable period of 2006, primarily due to the impact of acquisitions completed during both periods and a development property placed into service during 2006.

“During the first quarter of 2007, we continued to set the stage for future value creation as we sustained strong leasing velocity for the upcoming 2007-2008 academic year with an anticipated rental rate increase of 3.9 percent for our total portfolio,” said Bill Bayless, CEO of American Campus. “Moreover, despite sizeable increases in noncontrollable expenses, such as real estate taxes and insurance, we continued to see solid same store NOI growth achieving a 3.5 percent increase over same quarter prior year.”

Portfolio Update

Leasing status for the same store owned off-campus portfolio is 95 percent applied for and 89 percent pre-leased for the 2007-2008 academic year as of April 27, 2007, compared to 90 percent applied for and 84 percent pre-leased for the same period in the prior year. The Royal properties acquired in 2006 are 86 percent applied for and 84 percent pre-leased for the upcoming academic year, compared to 75 percent applied for and 74 percent pre-leased for the same period in the prior year.

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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. Renamed the Village on Sixth, the property is currently 30 percent pre-leased as of April 27, 2007.

In February, the company also acquired the Edwards Portfolio, which includes 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, Eastern Michigan University, Ypsilanti, 479 beds

The properties are currently 73, 77, and 45 percent pre-leased, respectively, as of April 27, 2007. The transaction also includes the purchase of an additional phase with 84 beds currently under construction at Newtown Crossing for $4.6 million, with completion and closing expected in August 2007.

Construction at University Centre in Newark is 89 percent complete and occupancy is expected to occur in Fall 2007. The community is currently 31 percent applied for and 24 percent pre-leased as of April 27, 2007.

Construction has 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.

After consideration of possible changes in scope and design to the Hampton Roads Unaccompanied Housing project, the Navy has elected to move forward with the original plans involving construction of 2,368 new beds and the conveyance of an additional 1,313 existing beds.  The Congressional approval process is underway with final approval and closing expected by the end of the third quarter 2007.  ACC will commence third-party management of the 1,313 existing beds at Naval Station Norfolk, Virginia concurrent with closing.

Subsequent to quarter end, the company was selected by Concordia University in Austin, TX to develop a third-party on-campus project containing 400 beds.

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 first quarter results and the 2007 outlook on Tuesday, May 1, 2007 at 11 a.m. EST (10:00 a.m. CST). To participate by telephone, call 866-700-0133 passcode 88337464 at least five minutes prior to the call.

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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 May 8, 2007 by dialing 888-286-8010 or 617-801-6888 passcode 18487764. 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 http://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.

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.

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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. The company owns and manages a portfolio of 43 high-quality student housing communities containing approximately 26,900 beds. Including its owned properties, the company provides management and leasing services at a total of 56 properties, representing approximately 35,600 beds located on or near college and university campuses. Additional information is available at www.americancampuscommunities.com.

Forward-Looking Statements

This news release contains forward-looking statements, which express the current beliefs and expectations of management. Except for historical information, the matters discussed in this news release are forward-looking statements and can be identified by the use of the words "anticipate," "believe," "expect," "intend," "may," "might," "plan," "estimate," "project," "should," "will," "result" and similar expressions. Such statements are based on current expectations and involve a number of known and unknown risks and uncertainties that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements.

Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including risks and uncertainties inherent in the national economy, the real estate industry in general, and in our specific markets; the effect of terrorism or the threat of terrorism; legislative or regulatory changes including changes to laws governing REITS; our dependence on key personnel whose continued service is not guaranteed; availability of qualified acquisition and development targets; availability of capital and financing; rising interest rates; rising insurance rates; impact of ad valorem and income taxation; changes in generally accepted accounting principals; and our continued ability to successfully lease and operate our properties. While we believe these forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be achieved. These forward-looking statements are made as of the date of this news release, and we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

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Table 1

American Campus Communities, Inc. and Subsidiaries

Consolidated Balance Sheets

(dollars in thousands)

	March 31, 2007			December 31, 2006
Assets	(unaudited)
Investments in real estate:
Owned properties, net	$	836,470		$	694,197
On-campus participating properties, net		75,693			76,688
Investments in real estate, net		912,163			770,885
Cash and cash equivalents		25,037			79,107
Restricted cash		10,219			11,260
Student contracts receivable, net		6,499			3,129
Other assets		22,247			20,000
Total assets	$	976,165		$	884,381
Liabilities and stockholders’ equity
Liabilities:
Secured debt	$	528,133		$	432,294
Accounts payable and accrued expenses		18,710			13,616
Other liabilities		31,869			29,436
Total liabilities		578,712			475,346
Minority interests		37,710			39,561
Stockholders’ equity:
Common stock		231			229
Additional paid-in capital		385,942			382,367
Accumulated earnings and dividends		(26,009	)		(13,533	)
Accumulated other comprehensive (loss) income		(421	)		411
Total stockholders’ equity		359,743			369,474
Total liabilities and stockholders’ equity	$	976,165		$	884,381

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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 March 31,
	2007			2006
Revenues:	(unaudited)
Owned off-campus properties	$	27,145		$	18,125
On-campus participating properties		6,337			5,982
Third-party development services		405			1,638
Third-party management services		722			662
Resident services		341			320
Total revenues		34,950			26,727
Operating expenses:
Owned off-campus properties		11,862			7,766
On-campus participating properties		2,026			1,950
Third-party development and management services		1,294			1,638
General and administrative		11,328	(1)		1,587
Depreciation and amortization		6,970			5,018
Ground/facility leases		295			192
Total operating expenses		33,775			18,151
Operating income		1,175			8,576
Non-operating income and (expenses):
Interest income		707			185
Interest expense		(6,460	)		(5,336	)
Amortization of deferred financing costs		(298	)		(355	)
Total non-operating expenses		(6,051	)		(5,506	)
(Loss) income before income taxes, minority interests, and discontinued operations		(4,876	)		3,070
Income tax provision		(60	)		-
Minority interests		258			(128	)
(Loss) income from continuing operations		(4,678	)		2,942
Discontinued operations:
Income attributable to discontinued operations		-			722
Total discontinued operations		-			722
Net (loss) income	$	(4,678	)	$	3,664
Net (loss) income per share - basic and diluted	$	(0.20	)	$	0.21
Weighted average common shares outstanding:
Basic		22,942,737			17,209,779
Diluted		25,394,550			18,176,189

(1)   Includes a compensation charge of $9.6 million, or $0.38 per fully diluted share, in 2007 related to the company’s 2004 Outperformance Bonus Plan.

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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 March 31,
	2007			2006			$ Change
Net (loss) income	$	(4,678	)	$	3,664		$	(8,342	)
Minority interests		(258	)		128			(386	)
Real estate related depreciation and amortization		6,876			5,155			1,721
Funds from operations (“FFO”)		1,940			8,947			(7,007	)
Elimination of operations from on-campus participating properties:
Net income from on-campus participating properties		(1,577	)		(1,355	)		(222	)
Amortization of investment in on-campus participating properties		(1,061	)		(1,032	)		(29	)
		(698	)		6,560			(7,258	)
Modifications to reflect operational performance of on-campus participating properties:
Our share of net cash flow (1)		295			192			103
Management fees		290			278			12
Impact of on-campus participating properties		585			470			115
Funds from Operations—modified for operational performance of on-campus participating properties (“FFOM”)		(113	)		7,030			(7,143	)
Compensation expense related to 2004 Outperformance Bonus Plan (2)		9,636			-			9,636
FFOM, excluding compensation expense related to 2004 Outperformance Bonus Plan (2)	$	9,523		$	7,030		$	2,493
FFO per share - diluted	$	0.08		$	0.49
FFOM per share - diluted	$	-		$	0.39
FFOM per share, excluding compensation expense related to 2004 Outperformance Bonus Plan - diluted (2)	$	0.38		$	0.39
Weighted average common shares outstanding - diluted		25,394,550			18,176,189

(1)   50 percent of the properties' net cash available for distribution after payment of operating expenses, debt service (including repayment of principal) and capital expenditures. Represents amounts accrued for the interim periods.

(2)   Relates to a compensation charge recorded to reflect the company’s 2004 Outperformance Bonus Plan based on the value of 367,682 shares of the company’s common stock. On February 28, 2007, management provided guidance regarding the company’s financial outlook for the year ended December 31, 2007.  Compensation expense associated with the company’s 2004 Outperformance Bonus Plan was not included in such guidance. Accordingly, when considering the company’s FFOM for the reporting period, management believes it is useful to modify FFOM to exclude thecompensation charge.  Management believes that this supplemental measure will allow securities analysts, investors and other interested parties to evaluate the company’s financial performance as compared to previously provided guidance.

CONTACT: American Campus Communities, Inc., Austin

Gina Cowart, 512-732-1000

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EX-99.2

Exhibit 99.2

Supplemental Analyst Package First Quarter 2007 Earnings Call May 1, 2007

Table of Contents Financial Highlights ___________________________________________________________________________________1 Consolidated Balance Sheets __________________________________________________________________________3 Consolidated Statements of Operations __________________________________________________________________4 Consolidated Statements of Funds from Operations ________________________________________________________5 Capital Structure _____________________________________________________________________________________6 Portfolio Overview ____________________________________________________________________________________7 Property Results of Operations _________________________________________________________________________9 2007/2008 Leasing Status ______________________________________________________________________________10 First Quarter 2007 Acquisitions _________________________________________________________________________13 Owned Development Update ___________________________________________________________________________14 Third-party Development Update ________________________________________________________________________15 Management Services Update __________________________________________________________________________16 Investor Information __________________________________________________________________________________17

Financial Highlights Including Compensation Charge Related to 2004 Outperformance Bonus Plan (dollars in thousands, except per share data) 2007 (1) 2006 $ Change % Change Operating Data Total revenues 34,950 $ 26,727 $ 8,223 $ 30.8% Operating income 1,175 8,576 (7,401) Net (loss) income (4,678) 3,664 (8,342) Net (loss) income per share - basic and diluted (0.20) 0.21 FFO 1,940 8,947 (7,007) FFO per share - diluted 0.08 0.49 FFOM (113) 7,030 (7,143) FFOM per share - diluted - 0.39 Same store net operating income - ow ned off-campus properties 9,793 9,466 327 3.5% Operating Statistics Debt to total market capitalization (2) Interest coverage (3) (1) (2) (3) Includes a compensation charge of $9.6 million, or $0.38 per fully diluted share, related to the company's 2004 Outperformance Bonus Plan. March 31, 2007 December 31, 2006 Represents operating performance for the four most recently completed fiscal quarters. Excludes interest associated w ith our on-campus participating properties. 36.0% 31.8% Three Months Ended March 31, 2.44 2.41 Excludes debt related to our on-campus participating properties of $89.8 million and $89.9 million at March 31, 2007 and December 31, 2006, respectively. Also excludes net unamortized debt premiums of $5.4 million and $6.0 million at March 31, 2007 and December 31, 2006, respectively. 1

Financial Highlights Excluding Compensation Charge Related to 2004 Outperformance Bonus Plan (dollars in thousands, except per share data) 2007 (1) 2006 $ Change % Change Operating Data Total revenues 34,950 $ 26,727 $ 8,223 $ 30.8% Operating income 10,811 8,576 2,235 Net income 4,958 3,664 1,294 Net income per share - basic 0.22 0.21 Net income per share - diluted 0.18 0.21 FFO 11,576 8,947 2,629 FFO per share - diluted 0.46 0.49 FFOM 9,523 7,030 2,493 FFOM per share - diluted 0.38 0.39 Same store net operating income - ow ned off-campus properties 9,793 9,466 327 3.5% Operating Statistics Debt to total market capitalization (2) Interest coverage (3) (1) (2) (3) Excludes a compensation charge of $9.6 million, or $0.38 per fully diluted share, related to the company's 2004 Outperformance Bonus Plan. On February 28, 2007, management provided guidance regarding the company’s financial outlook for the year ended December 31, 2007. Compensation expense associated with the company’s 2004 Outperformance Bonus Plan was not included in such guidance. Accordingly, when considering the company’s FFOM for the reporting period, management believes it is useful to modify FFOM to exclude the compensation charge. M anagement believes that this supplemental measure will allow securities analysts, investors and other interested parties to evaluate the company’s financial performance as compared to previously provided guidance. March 31, 2007 December 31, 2006 Represents operating performance for the four most recently completed fiscal quarters. Excludes interest associated with our on-campus participating properties. 36.0% 31.8% Three Months Ended March 31, 2.44 2.41 Excludes debt related to our on-campus participating properties of $89.8 million and $89.9 millio n at M arch 31, 2007 and December 31, 2006, respectively. Also excludes net unamortized debt premiums of $5.4 million and $6.0 million at M arch 31, 2007 and December 31, 2006, respectively. 2

Consolidated Balance Sheets (dollars in thousands) 3 March 31, 2007 December 31, 2006 (unaudited) Assets Investments in real estate: Owned properties, net 836,470 $ 694,197 $ On-campus participating properties, net 75,693 76,688 Investments in real estate, net 912,163 770,885 Cash and cash equivalents 25,037 79,107 Restricted cash 10,219 11,260 Student contracts receivable, net 6,499 3,129 Other assets 22,247 20,000 Total assets 976,165 $ 884,381 $ Liabilities and stockholders' equity Liabilities: Secured debt 528,133 $ 432,294 $ Accounts payable and accrued expenses 18,710 13,616 Other liabilities 31,869 29,436 Total liabilities 578,712 475,346 Minority interests 37,710 39,561 Stockholders' equity: Common stock 231 229 Additional paid in capital 385,942 382,367 Accumulated earnings and distributions (26,009) (13,533) Accumulated other comprehensive (loss) income (421) 411 Total stockholders' equity 359,743 369,474 Total liabilities and stockholders' equity 976,165 $ 884,381 $

Consolidated Statements of Operations (dollars in thousands, except share and per share data) 2007 2006 $ Change Revenues: Owned off-campus properties 27,145 $ 18,125 $ 9,020 $ On-campus participating properties 6,337 5,982 355 Third-party development services 405 1,638 (1,233) Third-party management services 722 662 60 Resident services 341 320 21 Total revenues 34,950 26,727 8,223 Operating expenses: Owned off-campus properties 11,862 7,766 4,096 On-campus participating properties 2,026 1,950 76 Third-party development and management services 1,294 1,638 (344) General and administrative 11,328 (1) 1,587 9,741 Depreciation and amortization 6,970 5,018 1,952 Ground/facility leases 295 192 103 Total operating expenses 33,775 18,151 15,624 Operating income 1,175 8,576 (7,401) Nonoperating income and (expenses): Interest income 707 185 522 Interest expense (6,460) (5,336) (1,124) Amortization of deferred financing costs (298) (355) 57 Total nonoperating expenses (6,051) (5,506) (545) (Loss) income before income taxes, minority interests, and discontinued operations (4,876) 3,070 (7,946) Income tax provision (60) - (60) Minority interests 258 (128) 386 (Loss) income from continuing operations (4,678) 2,942 (7,620) Discontinued operations: Income attributable to discontinued operations - 722 (722) Total discontinued operations - 722 (722) Net (loss) income (4,678) $ 3,664 $ (8,342) $ Net (loss) income per share - basic (0.20) $ 0.21 $ Net (loss) income per share - diluted (0.20) $ 0.21 $ Weighted-average common shares outstanding: Basic 22,942,737 17,209,779 Diluted 25,394,550 18,176,189 Three Months Ended March 31, (unaudited) (1) Includes a compensation charge of $9.6 million, or $0.38 per fully diluted share, related to the company's 2004 Outperformance Bonus Plan. 4

Consolidated Statements of Funds from Operations (dollars in thousands, except share and per share data) 2007 2006 $ Change Net (loss) income (4,678) $ 3,664 $ (8,342) $ Minority interests (258) 128 (386) Real estate related depreciation and amortization 6,876 5,155 1,721 Funds from operations ("FFO") 1,940 8,947 (7,007) Elimination of operations of on-campus participating properties: Net income from on-campus participating properties (1,577) (1,355) (222) Amortization of investment in on-campus participating properties (1,061) (1,032) (29) (698) 6,560 (7,258) Modifications to reflect operational performance of on-campus participating properties: Our share of net cash flow (1) 295 192 103 Management fees 290 278 12 Impact of on-campus participating properties 585 470 115 Funds from operations - modified for operational performance of on-campus participating properties ("FFOM") (113) 7,030 (7,143) Compensation expense related to 2004 Outperformance Bonus Plan (2) 9,636 - 9,636 FFOM, excluding compensation expense related to 2004 Outperformance Bonus Plan (2) 9,523 $ 7,030 $ 2,493 $ FFO per share - diluted 0.08 $ 0.49 $ FFOM per share - diluted - $ 0.39 $ FFOM per share, excluding compensation expense related to 2004 Outperformance Bonus Plan - diluted (2) 0.38 $ 0.39 $ Weighted average common shares outstanding - diluted 25,394,550 18,176,189 (1) (2) Three Months Ended March 31, 50% of the properties’ net cash available for distribution after payment of operating expenses, debt service (including repayment of principal) and capital expenditures. Represents amounts accrued for the interim periods. Relates to a compensation charge recorded to reflect the company's 2004 Out performance Bonus Plan based on the value of 367,682 shares of the company's common stock. On February 28, 2007, management provided guidance regarding the company’s financial outlook for the year ended December 31, 2007. Compensation expense associated w ith the company’s 2004 Outperformance Bonus Plan w as not included in such guidance. Accordingly, w hen considering the company’s FFOM for the reporting period, management believes it is useful to modify FFOM to exclude the compensation charge. Management believes that this supplemental measure w ill allow securities analysts, investors and other interested parties to evaluate the company’s financial performance as compared to previously provided guidance. 5

Capital Structure as of March 31, 2007 (dollars in thousands) Total Debt (1) 432,880 $ Total Equity Market Value (2) 769,978 Total Market Capitalization 1,202,858 $ Debt to Total Market Capitalization 36.0% Interest Coverage (3) 2.44 Principal Outstanding (1) Weighted Average Interest Rate Average Term to Maturity Fixed Rate Mortgage 401,848 $ 6.34% 5.7 Years Variable Rate Construction Loan 31,032 6.82% 1.5 Years Total / Weighted Average 432,880 $ 6.37% 5.4 Years (1) (2) (3) Fixed Rate Debt Maturity Schedule Represents operating performance for the four most recently completed fiscal quarters. Excludes interest associated with our on-campus participating properties. Excluding debt related to our on-campus participating properties totaling $89.8 million with a weighted average interest rate of 7.16% and average term to maturity of 13.5 years. Also excludes net unamortized debt premiums of $5.4 million. Based on share price of $30.29 at M arch 30, 2007. Assumes conversion of all common and preferred Operating Partnership units as well as any other securities convertible into common shares. $ 0 $ 0 $ 53,667 $ 51,332 $ 48,595 $ 69,105 $ 17,821 $ 51,588 $ 108,322 $ 1,418 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 $110,000 $120,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 6

Portfolio Overview as of March 31, 2007 Same Store Owned Off-Campus Portfolio 7 Primary University Served Units Beds 2007 2006 1. The Village at Blacksburg Virginia Tech University 288 1,056 99.3% 98.7% 2. River Club Apartments (1) The University o f Georgia - Athens 266 792 98.9% 98.0% 3. River Walk Townhomes (1) The University o f Georgia - Athens 100 336 98.2% 97.6% 4. The Village at Alafaya Club (1) The University o f Central Florida 228 839 98.9% 99.4% 5. The Village at Science Drive The University of Central Florida 192 732 99.5% 98.8% 6. University Village at Boulder Creek The University of Colorado at Boulder 82 309 98.4% 95.5% 7. University Village at Fresno California State University - Fresno 105 406 96.6% 99.5% 8. University Village at TU Temple University 220 749 98.9% 98.8% 9. University Club Tallahassee Florida State University 152 608 98.5% 98.5% 10. The Grove at University Club Florida State University 64 128 99.2% 96.9% 11. College Club Tallahassee Florida A&M University 96 384 91.4% 98.4% 12. The Greens at College Club Florida A&M University 40 160 97.5% 98.1% 13. University Club Gainesville University of Florida 94 376 98.9% 97.6% 14. Cityparc at Fry Street University of North Texas 136 418 99.0% 98.6% 15. The Estates University of Florida 396 1,044 99.0% 98.9% 16. University Village at Sweethome State University of New York - Buffalo 269 828 99.4% 100.0% 17. Entrada Real University of Arizona 98 363 100.0% 98.3% 18. Royal Oaks Florida State University 82 224 100.0% 100.0% 19. Royal Pavilion Florida State University 60 204 98.5% 99.5% 20. Royal Village Tallahassee Florida State University 75 288 99.7% 97.9% 21. Royal Village Gainesville University of Florida 118 448 96.9% 95.8% 22. Northgate Lakes The University o f Central Florida 194 710 99.4% 99.4% 23. Royal Lexington The University o f Kentucky 94 364 92.6% 96.2% 24. The Woods at Greenland Middle Tennessee State University 78 276 96.7% 88.4% 25. Raider's Crossing Middle Tennessee State University 96 276 97.8% 90.9% 26. Raider's Pass Texas Tech University 264 828 73.9% 78.1% 27. Aggie Station Texas A&M University 156 450 99.1% 97.3% 28. The Outpost San Marcos Texas State University - San M arcos 162 486 98.6% 98.8% 29. The Outpost San Antonio University of Texas - San Antonio 276 828 100.0% 99.8% 4,481 14,910 97.2% 97.1% Owned off-campus properties - less than 12-month leases 30. The Callaway House Texas A&M University 173 538 103.5% 103.5% 31. Villas on Apache Arizona State University M ain Campus 111 288 89.6% 100.0% Subtotal-Same Store Owned Off-Campus Properties - less than 12-month leases 284 826 98.7% 101.9% Total - Same Store Owned Off-Campus Properties 4,765 15,736 97.2% 97.4% (1) Any discrepancy from previous disclosures in bed count is a result of permanent reconfiguration. Physical Occupancy at March 31, Property Subtotal-Same Store Owned Off-Campus Properties - 12-month leases Owned o ff-campus propert ies - 12-month leases

Portfolio Overview as of March 31, 2007 New Properties & On-Campus Participating Properties 8 Primary University Served Units Beds 2007 2006 32. Callaw ay Villas Texas A&M University 236 704 99.0% n/a 33. Village on Sixth Marshall University 248 752 85.6% n/a 34. New tow n Crossing University of Kentucky 332 858 100.0% n/a 35. Olde Tow ne University Square University of Toledo 224 550 97.3% n/a 36. Peninsular Place Eastern Michigan University 184 479 98.1% n/a 37. University Centre (1) Rutgers University, NJIT, Essex CCC 234 838 n/a n/a 38. ASU - SCRC Component I (2) Arizona State University 613 1,866 n/a n/a 39. Chestnut Ridge (2) State University of New York - Buffalo 196 552 n/a n/a 2,267 6,599 95.8% (3) n/a 7,032 22,335 97.0% (3) 97.4% 40. University Village - PVAMU Prairie View A&M University 612 1,920 93.2% 93.7% 41. University College - PVAMU Prairie View A&M University 756 1,470 88.4% 78.5% 42. University Village - TAMIU (4) Texas A&M International University 84 250 88.0% 77.8% 43. Cullen Oaks - Phase I and II The University of Houston 411 879 99.2% 98.2% 1,863 4,519 92.5% 88.7% 8,895 26,854 96.1% (3) 95.5% (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. Physical Occupancy at March 31, Property Subtotal - New Owned Properties New Owned Properties Total - Owned Properties (New and Same Store) On-Campus Participating Properties Subtotal - On-Campus Participating Properties Total - All Properties

Property Results of Operations (dollars in thousands) 2007 2006 $ Change % Change Property revenues Owned off-campus properties: Same store properties 16,785 $ 16,130 $ 655 $ 4.1% New properties 10,701 2,315 8,386 362.2% Total owned off-campus properties (1) 27,486 18,445 9,041 49.0% On-campus participating properties: Same store properties 6,337 5,982 355 5.9% New properties - - - 0.0% Total on-campus participating properties 6,337 5,982 355 5.9% Total property revenues 33,823 $ 24,427 $ 9,396 $ 38.5% Property operating expenses Owned off-campus properties: Same store properties 6,992 $ 6,664 $ 328 $ 4.9% New properties 4,870 1,102 3,768 341.9% Total owned off-campus properties 11,862 7,766 4,096 52.7% On-campus participating properties: Same store properties 2,026 1,950 76 3.9% New properties - - - 0.0% Total on-campus participating properties 2,026 1,950 76 3.9% Total property operating expenses 13,888 $ 9,716 $ 4,172 $ 42.9% Property net operating income Owned off-campus properties: Same store properties 9,793 $ 9,466 $ 327 $ 3.5% New properties 5,831 1,213 4,618 380.7% Total owned off-campus properties 15,624 10,679 4,945 46.3% On-campus participating properties: Same store properties 4,311 4,032 279 6.9% New properties - - - 0.0% Total on-campus participating properties 4,311 4,032 279 6.9% Total property net operating income 19,935 $ 14,711 $ 5,224 $ 35.5% Three Months Ended March 31, (1) Includes revenues w hich are reflected as Resident Services Revenue on the accompanying consolidated statements of operations. 9

Current Apps + Leases (1) % of Rentable Beds Prior Year (2) Beds % Rentable Beds (3) Total Design Beds Applications + Leases The Callaw ay House 658 125% 517 141 27% 527 538 Cityparc at Fry Street 437 107% 395 42 11% 410 418 University Village at TU 762 104% 665 97 15% 731 749 University Village at Boulder Creek 304 102% 324 (20) -6% 299 309 The Village at Science Drive 725 100% 714 11 2% 724 732 The Village at Alafaya Club 829 100% 808 21 3% 828 839 University Club Tallahassee (4) 731 99% 705 26 4% 736 736 University Club Gainesville 372 99% 372 0 0% 376 376 The Village at Blacksburg 1,033 99% 1,039 (6) -1% 1,048 1,056 The Estates 1,015 98% 989 26 3% 1,037 1,044 Callaw ay Villas 666 96% 562 104 19% 691 704 River Walk Tow nhomes 302 92% 312 (10) -3% 330 336 University Village at Sw eethome 718 88% 829 (111) -13% 813 828 College Club Tallahassee (5) 445 82% 323 122 38% 540 544 River Club Apartments 618 80% 631 (13) -2% 774 792 University Village Fresno 285 72% 219 66 30% 396 406 Villas on Apache 157 55% 33 124 376% 288 288 Applications + Leases Total 10,057 95% 9,437 620 7% 10,548 10,695 Leases The Callaw ay House 533 101% 474 59 12% 527 538 University Village at TU 732 100% 600 132 22% 731 749 The Village at Science Drive 721 100% 677 44 6% 724 732 Cityparc at Fry Street 406 99% 391 15 4% 410 418 University Club Gainesville 372 99% 371 1 0% 376 376 The Village at Alafaya Club 805 97% 703 102 15% 828 839 University Village at Boulder Creek 290 97% 292 (2) -1% 299 309 University Club Tallahassee (4) 713 97% 661 52 8% 736 736 The Village at Blacksburg 1,007 96% 1,035 (28) -3% 1,048 1,056 The Estates 996 96% 969 27 3% 1,037 1,044 River Walk Tow nhomes 297 90% 305 (8) -3% 330 336 Callaw ay Villas 597 86% 499 98 20% 691 704 College Club Tallahassee (5) 439 81% 311 128 41% 540 544 River Club Apartments 596 77% 605 (9) -1% 774 792 University Village at Sw eethome 614 76% 762 (148) -19% 813 828 University Village Fresno 198 50% 196 2 1% 396 406 Villas on Apache 124 43% 14 110 786% 288 288 Leases Total 9,440 89% 8,865 575 6% 10,548 10,695 (1) As of April 27, 2007. (2) As of April 28, 2006 (Comparison to last Friday in April of each year). (3) Rentable Beds equal Design Beds minus Staff Beds. (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 2007/2008 Leasing Status Same Store Owned Off-Campus Portfolio 10

Current Apps + Leases ( 1) % o f R entable Beds P rior Year Variance % Rentable Beds ( 2) Design Beds Applicatio ns + Leases Northgate Lakes 706 99% 706 0 0% 710 710 Royal Village Gainesville 443 99% 433 10 2% 448 448 The Outpost San Antonio 806 97% 828 (22) -3% 828 828 Entrada Real 351 97% 290 61 21% 363 363 Raider's Crossing 258 93% 150 108 72% 276 276 Aggie Station 379 85% 309 70 23% 444 450 Raider's Pass 692 84% 318 374 118% 823 828 The Woods at Greenland 216 78% 146 70 48% 276 276 University Village Tallahassee (3) 554 77% 536 18 3% 715 716 Royal Lexington 260 71% 235 25 11% 364 364 The Outpost San M arcos 287 59% 345 (58) -17% 486 486 Applications + Leases Total 4,952 86% 4,296 656 15% 5,733 5,745 Leases Northgate Lakes 706 99% 706 0 0% 710 710 Royal Village Gainesville 442 99% 433 9 2% 448 448 Entrada Real 349 96% 290 59 20% 363 363 The Outpost San Antonio 785 95% 828 (43) -5% 828 828 Raider's Crossing 253 92% 149 104 70% 276 276 Aggie Station 359 81% 297 62 21% 444 450 The Woods at Greenland 214 78% 144 70 49% 276 276 Raider's Pass 624 76% 302 322 107% 823 828 University Village Tallahassee (3) 539 75% 519 20 4% 715 716 Royal Lexington 253 70% 231 22 10% 364 364 The Outpost San M arcos 282 58% 344 (62) -18% 486 486 Leases Total 4,806 84% 4,243 563 13% 5,733 5,745 (1) As of April 27, 2007. (2) Rentable Beds equals Design Beds minus Staff Beds. (3) Formerly known as Royal Tallahassee. For lease administration purposes, Royal Oaks, Royal Pavilion, and Royal Village are reported combined. Variance 2007/2008 Leasing Status 2006 Acquisitions 11

OWNED DEVELOPM ENT P ROJECTS Current A pps + Leases ( 1) % o f R entable Beds P rior Year ( 2) Variance % Rentable Beds ( 3) Total D esign Beds Applications + Leases University Centre 254 31% N/A N/A N/A 826 838 Applications + Leases Total 254 31% N/A N/A N/A 826 838 Leases University Centre 200 24% N/A N/A N/A 826 838 Leases Total 200 24% N/A N/A N/A 826 838 2007 ACQUISITIONS Current A pps + Leases ( 1) % o f R entable Beds P rior Year ( 2) Variance % Rentable Beds ( 3) Total D esign Beds Applications + Leases Olde Towne University Square 438 80% N/A N/A N/A 550 550 Newtown Crossing 689 73% N/A N/A N/A 942 (4) 942 Peninsular Place 221 46% N/A N/A N/A 479 479 Village on Sixth 236 32% N/A N/A N/A 745 752 Applications + Leases Total 1,584 58% N/A N/A N/A 2,716 2,723 Leases Olde Towne University Square 425 77% N/A N/A N/A 550 550 Newtown Crossing 688 73% N/A N/A N/A 942 (4) 942 Peninsular Place 215 45% N/A N/A N/A 479 479 Village on Sixth 223 30% N/A N/A N/A 745 752 Leases Total 1,551 57% N/A N/A N/A 2,716 2,723 (1) As of April 27, 2007. (2) P rior year data is no t applicable as property is in its first year of initial lease up. (3) Rentable Beds equals Design Beds minus Staff Beds. (4) Includes 84 beds related to the pre-purchase of an additional phase currently under construction, with completion expected in August 2007. Variance Variance 2007/2008 Leasing Status Owned Development Projects and 2007 Acquisitions 12

First Quarter 2007 Acquisitions (dollars in thousands) Property University Served Age (Yrs) Units Beds Contract Purchase Price Debt Assumed (1) Total Going- In Costs Village on Sixth Marshall University 7.6 248 752 $ 25,600 17,628 $ $ 27,300 (2) Edwards Portfolio: Newtown Crossing (3) University of Kentucky 1.6 332 858 32,431 Olde Towne University Square University of Toledo 1.6 224 550 20,997 Peninsular Place Eastern Michigan University 1.6 184 479 17,251 Total Edwards Portfolio 740 1,887 102,000 $ 70,679 105,700 (4) Total - 4 properties 988 2,639 127,600 $ 88,307 $ $ 133,000 (1) (2) (3) (4) Includes transaction costs of approximately $1.2 million as well as $2.3 million of anticipated capital expenditures and $0.2 million of estimated initial integration expenses necessary to bring the properties up to our operating standards. Represents debt balance on acquisition date. Excludes net debt discounts of $0.2 million recorded to reflect the market value of debt assumed. Includes transaction costs of approximately $0.4 million as well as $1.2 million of anticipated capital expenditures and $0.1 million of estimated initial integration expenses necessary to bring the properties up to our operating standards. Excludes the pre-purchase of an additional phase containing 84 beds currently under construction for $4.6 million, subject to the satisfaction of certain conditions. The completion of the additional phase is expected in August 2007. 13

Owned Development Update (dollars in thousands) 14 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 $ 89% Fall 2007 ASU - SCRC Component I (2) Tempe, AZ Arizona State University 613 1,866 137,500 5% August 2008 Chestnut Ridge Amherst, NY SUNY - Buffalo 196 552 34,800 2% 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 1,740 123,300 $ 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 2008 652 29,800 $ August 2009 Existing Project Expansion Northeast TBD 192 11,700 TBD 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 March 31, 2007. Project Targeted Units 163 Includes parking structure and retail space. Includes the new Barrett Honors College. 48

Third-Party Development Update (dollars in thousands) 2007 2006 $ Change Development services revenue 405 $ 1,638 $ (1,233) $ % of total revenue 1.2% 6.1% 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 $ 564 $ 96 $ August 2007 University of New Orleans (3) 231 742 1,550 965 585 September 2007 Arizona State University - DPS (4) Tempe, AZ Arizona State University n/a n/a 400 330 70 October 2007 University of Hawaii - Manoa (5) 240 810 3,141 1,384 1,757 July 2008 West Virginia University - Downtown (6) 89 323 286 286 - TBD 6,037 $ 3,529 $ 2,508 $ AWARDED PROJECTS (7) Project Estimated Fees Hampton Roads Military Housing (8) 3,105 $ Concordia University Austin, TX TBD TBD Undisclosed TBD TBD (1) (2) (3) (4) (5) (6) (7) (8) 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 congressional approval process is underw ay w ith final approval and closing expected by the end of the third quarter 2007. 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. The Frear Hall project consists of development services w hich began in January 2006 and construction services w hich 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. These aw ards relate to speculative development projects that are subject to final determination of feasibility, execution and closing on definitive agreements, and fluctuations in the construction market. Third Quarter 2007 As of March 31, 2007. 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 Unnamed Project Under Confidentiality Agreement Three Months Ended March 31, Location Primary University Served West Virginia University University of Hawaii Location Anticipated Commencement New Orleans, LA University of New Orleans Keyser, WV Potomac State College Honolulu, HI Morgantown, WV 15

Management Services Update (dollars in thousands) 16 2007 2006 $ Change Management services revenue 722 $ 662 $ 60 $ % of total revenue 2.1% 2.5% NEW MANAGEMENT CONTRACTS Property Units Beds Stabilized Annual Fees Anticipated Commencement 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 905 $ (1) Three Months Ended March 31, Location University Served Property management has been selected/awarded and management agreement is currently being negotiated. Hampton Roads - Existing Housing (1) Calgary, AB Southern Alberta Institute of Technology

Investor Information Executive Management William C. Bayless, Jr. Chief Executive Officer Brian B. Nickel Chief Financial Officer James C. Hopke Chief Investment Officer Greg A. Dow ell 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 Sakw a / Bill Acheson Merrill Lynch (212) 449-0335 / (212) 449-1920 steve_sakw a@ml.com / w illiam_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@rw baird.com Alexander Goldfarb / Heath Binder UBS Investment Research (212) 713 8602 / (212) 713 3226 Alexander.goldfarb@ubs.com / heath.binder@ubs.com Stephen Sw ett Wachovia Securities, LLC (212) 909-0954 stephen.sw ett@w achovia.com Investor Relations: Gina Cow art VP, Investor Relations and Corporate Marketing American Campus Communities, Inc. is follow ed 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 w ith such information, conclusions or recommendations. Additional Information Corporate Headquarters: American Campus Communities, Inc. 805 Las Cimas Parkw ay, Suite 400 Austin, Texas 78746 17

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.