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):  October 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 October 30, 2007, American Campus Communities, Inc. (the “Company”) issued a press release (the “Earnings Release”) announcing, among other things, earnings for the quarter ended September 30, 2007. The text of the Earnings Release is included as Exhibit 99.1 to this Current Report.

     The Earnings 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 October 30, 2007, the Company issued a press release (the “Press Release”) announcing several promotions and internal reassignments to maximize growth opportunities and facilitate the continuation of the Company’s sector-leading operational and financial performance, effective November 1, 2007.  The information in the Press Release restated in its entirety and supersedes the section entitled “Positioning Management for Future Growth” in the Earnings Release.  The text of the Press Release is included as Exhibit 99.2 to this Current Report.

     Also on October 30, 2007, the Company disclosed a supplemental analyst package in connection with its earnings conference call for the quarter ended September 30, 2007, which took place on October 31, 2007. A copy of the supplemental analyst package is attached hereto as Exhibit 99.3.

     The Press Release and supplemental analyst package are 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: October 31, 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	Earnings Release Dated October 30, 2007
EX-99.2	Press Release Dated October 30, 2007
EX-99.3	Supplemental Analyst Package – Third Quarter 2007

EX-99.1

Exhibit 99.1

MEDIA RELEASE

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

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

Highlights

§   Increased net operating income ("NOI") for same store owned off-campus properties by 9.3 percent over the third quarter 2006.

§   Quarterly FFOM of $5.9 million, or $0.23 per fully diluted share (including a $0.04 per fully diluted share charge consisting of a $0.5 million compensation charge and a related write-off of the company’s deferred tax asset of $0.5 million, both related to the company's 2004 Outperformance Bonus Plan), compared to $5.5 million, or $0.27 per fully diluted share, in the third quarter prior year. Excluding the compensation charge and related tax impact, quarterly FFOM was $6.9 million or $0.27 per fully diluted share.

§   The company reaffirms its annual FFOM guidance range of $1.36 to $1.48 per share, excluding the $0.43 per share impact from the compensation charge and related tax impact.

§   Increased occupancy of same store owned off-campus portfolio for the 2007–2008 academic year to 98.5 percent, compared to 97.4 percent for the previous academic year.

§   Achieved an average rental rate increase at the owned off-campus properties of 4.0 percent for the 2007–2008 academic year.

§   Completed construction and opened University Centre, an 838-bed owned off-campus community serving students attending Newark and metro New York area colleges and universities.

§   Placed two third-party on-campus communities into service, totaling 1,097 beds at the University of New Orleans and West Virginia University - Potomac State.

§   Selected by the Erie Community College Foundation to develop 450 beds on the South Campus in Orchard Park, NY.

§   Substantially expanded third-party management business with the award of four assignments at the University of Texas at Dallas, Drake University, Savannah State University and Arizona State University.  These four contracts are planned to include more than 5,357 beds and represent more than $715 thousand in potential annual third-party fees.

Third Quarter 2007 Operating Results

Revenue for the 2007 third quarter totaled $36.5 million, up 18.3 percent from $30.9 million in the 2006 third quarter. Net loss for the 2007 third quarter totaled $2.4 million, or $0.10 per fully diluted share, compared with a net loss of $1.6 million, or $0.09 per fully diluted share, for the same quarter in 2006.  Operating income for the quarter increased $0.3 million or 6.4 percent over the prior year quarter primarily due to the 2007 acquisitions and new development projects placed into service in 2006 and 2007.  FFO for the 2007 third quarter totaled $5.2 million, or $0.21 per fully diluted share, compared with $5.0 million, or $0.24 per fully diluted share, for the third quarter 2006. FFOM for the 2007 third quarter totaled $5.9 million, or $0.23 per fully diluted share, compared with $5.5 million, or $0.27 per fully diluted share, for the third quarter 2006. A reconciliation of FFO and FFOM to net income is shown on Table 3.

“The financial results for the quarter met our internal expectations, and the operational performance of our core business continues to excel with 9.3 percent same store NOI growth when compared to the same quarter prior year,” said Bill Bayless, American Campus CEO. “With the capital raise completed subsequent to the quarter, we are positioned to execute on our expanding development pipeline and thrive in a sector where many companies are hindered by the current capital environment.”

Positioning Management for Future Growth

ACC’s board of directors has approved several promotions and internal reassignments to maximize growth opportunities and facilitate the continuation of the company’s sector-leading operational and financial performance.  These promotions and reassignments will become effective as of November 1, 2007.

Executive Vice President and Chief Executive Officer Brian Nickel is being promoted to senior executive vice president of capital market strategies and chief investment officer.  In addition to his current duties related to capital market strategies, Nickel will take a more active role in leading the execution of the company’s investment and growth activities.

Greg Dowell, who has been the company’s chief of operations since its IPO in 2004, is being promoted to senior executive vice president and chief operating officer.  In addition to providing executive oversight for the company’s property operations, Dowell will assume additional responsibilities for corporate support functions to enhance the continuing development, refinement and scalability of the company’s property and corporate operating platforms.

With a $1.4 billion development pipeline continuing to rapidly expand, Jim Hopke, currently executive vice president and chief investment officer, will move into the position of executive vice president of project management and construction.  In this role he will provide focused executive leadership and oversight related to the project management and delivery of owned and third-party development pipelines.

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Jon Graf, currently the company’s senior vice president and chief accounting officer, is being promoted to the position of executive vice president and chief financial officer.  During the last three years he has worked closely with Brian Nickel on the execution of our capital market and financing activities. Graf joined the company shortly after its IPO bringing more than 10 years of public company accounting, compliance and regulatory experience.  Graf will be supported by the promotions of Daniel Perry to senior vice president of capital markets and Kim Voss to senior vice president and controller.

“With our rapidly expanding owned and third-party development pipelines, the successful launch of our ACE™ program, and opportunities to acquire underperforming properties, we believe that one of the most significant opportunities for quality growth is upon us,” Bayless said.  “These promotions and reassignments place our key personnel in the positions that fully utilize their strengths and should enable us to maximize opportunities for the company and value for our shareholders.  It is very rewarding to see all of these positions being filled by internal personnel, demonstrating the depth of talent in our organization.”

Owned Portfolio Update

Construction on the Villas at Chestnut Ridge, a 552-bed owned development that will serve students attending the University at Buffalo, was 44 percent complete as of September 30, 2007.  Occupancy is scheduled for August 2008.

Construction on Vista del Sol, the 1,866-bed owned on-campus community at Arizona State University, was 42 percent complete as of September 30, 2007 and is anticipated to open for occupancy in August 2008.

Leasing at University Centre, Newark has continued beyond its initial opening and occupancy has improved to 76 percent as of October 26, 2007.

Subsequent to Quarter End

The company raised $98.7 million of net proceeds after estimated transaction costs of $0.3 million through an equity offering on October 10, 2007, consisting of the sale of 3,500,000 shares of common stock.

Closing for the Hampton Roads Military Housing Project is expected on December 1, 2007.  As previously noted, ACC expects to earn a substantial portion of the fees on the project upon closing as most of the company’s contractual duties were related to design and pre-development activities.

Supplemental Information and Earnings Conference Call

Supplemental financial and operating information, as well as this release, are available in the investor relations section of the American Campus Communities website, www.americancampuscommunities.com. In addition, the company will host a conference call to discuss third quarter results and the 2007 outlook on Wednesday, October 31, 2007 at 10 a.m. EDT (9:00 a.m. CDT). To participate by telephone, call 866-825-1692 passcode 66947880 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 website.  A replay of the conference call will be available beginning two hours after the end of the call until November 7, 2007 by dialing 888-286-8010 or 617-801-6888 passcode 79637573. The replay also will be available for 30 days at www.americancampuscommunities.com and at www.earnings.com.  The call will also be available as a podcast on www.reitcafe.comwww.REITcafe.com and on the company’s website 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. American Campus Communities owns and manages a portfolio of 43 student housing communities containing approximately 26,900 beds. Including its owned properties, the company provides management and leasing services at a total of 56 properties with approximately 35,800 beds located on or near college and university campuses. Additional information is available at www.americancampuscommunities.com.

Forward-Looking Statements

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

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

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Table 1

American Campus Communities, Inc. and Subsidiaries

Consolidated Balance Sheets

(dollars in thousands)

	September 30, 2007			December 31, 2006
Assets	(unaudited)
Investments in real estate:
Owned properties, net	$	903,349		$	694,197
On-campus participating properties, net		73,896			76,688
Investments in real estate, net		977,245			770,885
Cash and cash equivalents		10,852			79,107
Restricted cash		14,025			11,260
Student contracts receivable, net		4,316			3,129
Other assets		25,979			20,000
Total assets	$	1,032,417		$	884,381
Liabilities and stockholders’ equity
Liabilities:
Secured debt	$	543,685		$	432,294
Unsecured revolving credit facility		47,900			-
Accounts payable and accrued expenses		14,424			13,616
Other liabilities		45,354			29,436
Total liabilities		651,363			475,346
Minority interests		31,648			39,561
Stockholders’ equity:
Common stock		236			229
Additional paid in capital		394,883			382,367
Accumulated earnings and dividends		(45,056	)		(13,533	)
Accumulated other comprehensive (loss) income		(657	)		411
Total stockholders’ equity		349,406			369,474
Total liabilities and stockholders’ equity	$	1,032,417		$	884,381

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Table 2

American Campus Communities, Inc. and Subsidiaries

Consolidated Statements of Operations

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

	Three Months Ended September 30,							Nine Months Ended September 30,
	2007				2006			2007				2006
Revenues:
Owned off-campus properties	$	30,045			$	24,340		$	85,197			$	64,687
On-campus participating properties		4,083				3,971			14,160				13,450
Third-party development services		1,383				1,729			2,434				4,463
Third-party management services		627				491			1,999				1,844
Resident services		380				328			1,044				993
Total revenues		36,518				30,859			104,834				85,437
Operating expenses:
Owned off-campus properties		16,368				13,178			41,276				31,710
On-campus participating properties		2,317				2,455			6,842				6,660
Third-party development and management services		1,484				1,338			3,925				4,402
General and administrative		2,286		(1)		1,468			15,804		(1)		4,879
Depreciation and amortization		7,797				6,735			22,535				18,672
Ground/facility leases		473				238			1,263				676
Total operating expenses		30,725				25,412			91,645				66,999
Operating income		5,793				5,447			13,189				18,438
Non-operating income and (expenses):
Interest income		221				294			1,242				623
Interest expense		(7,560	)			(7,445	)		(20,940	)			(19,847	)
Amortization of deferred financing costs		(324	)			(334	)		(936	)			(1,078	)
Total non-operating expenses		(7,663	)			(7,485	)		(20,634	)			(20,302	)
Loss before income taxes, minority interests, and discontinued operations		(1,870	)			(2,038	)		(7,445	)			(1,864	)
Income tax provision		(576	)	(2)		-			(696	)	(2)		-
Minority interests		77				149			309				202
Loss from continuing operations		(2,369	)			(1,889	)		(7,832	)			(1,662	)
Discontinued operations:
Income attributable to discontinued operations		-				278			-				1,648
Net loss	$	(2,369	)		$	(1,611	)	$	(7,832	)		$	(14	)
Net (loss) income per share:
Basic	$	(0.10	)		$	(0.09	)	$	(0.34	)		$	-
Diluted	$	(0.10	)		$	(0.09	)	$	(0.33	)		$	(0.02	)
Weighted average common shares outstanding:
Basic		23,563,651				18,218,128			23,261,475				17,553,627
Diluted		25,320,144				20,535,276			25,273,845				19,397,571

⁽¹⁾   Includes a compensation charge of $0.5 million, or $0.02 per fully diluted share, and $10.4 million, or $0.41 per fully diluted share, for the three and nine months ended September 30, 2007, respectively, related to the Company’s 2004 Outperformance Bonus Plan.

⁽²⁾   Includes the write-off of the company’s deferred tax asset of $0.5 million, or $0.02 per fully diluted share, for both the three and nine month periods ended September 30, 2007, related to the compensation charge recorded for the 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 September 30,						Nine Months Ended September 30 ,
	2007			2006			2007			2006
Net loss	$	(2,369	)	$	(1,611	)	$	(7,832	)	$	(14	)
Minority interests		(77	)		(149	)		(309	)		(202	)
Real estate-related depreciation and amortization		7,675			6,711			22,144			18,909
Funds from operations (“FFO”)		5,229			4,951			14,003			18,693
Elimination of operations from on-campus participating properties:
Net loss from on-campus participating properties		1,102			1,191			1,208			1,306
Amortization of investment in on-campus      participating properties		(1,068	)		(1,037	)		(3,194	)		(3,083	)
		5,263			5,105			12,017			16,916
Modifications to reflect operational performance of   on-campus participating properties:
Our share of net cash flow (1)		473			238			1,263			676
Management fees		189			171			652			615
On-campus participating properties development      fees (2)		-			-			-			305
Impact of on-campus participating properties		662			409			1,915			1,596
Funds from operations—modified for operational performance of on-campus participating properties (“FFOM”)		5,925			5,514			13,932			18,512
Compensation charge and related tax impact associated with 2004 Outperformance Bonus Plan (3)		973			-			10,907			-
FFOM, excluding compensation charge and related tax impact associated with 2004 Outperformance Bonus Plan  (3)	$	6,898		$	5,514		$	24,839		$	18,512
FFO per share - diluted	$	0.21		$	0.24		$	0.55		$	0.96
FFOM per share - diluted	$	0.23		$	0.27		$	0.55		$	0.95
FFOM per share, excluding compensation charge   and related tax impact associated with 2004 Outperformance Bonus Plan – diluted (3)	$	0.27		$	0.27		$	0.98		$	0.95
Weighted average common shares outstanding - diluted		25,493,713			20,637,239			25,437,569			19,495,171

(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)   For the nine months ended September 30, 2006 the amount represents 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.

(3)   Relates to a compensation charge and related tax impact 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 and the related tax impact 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 and related tax impact. 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

MEDIA RELEASE

American Campus Positions Management for Future Growth

AUSTIN, Texas--(BUSINESS WIRE)--October 30, 2007--American Campus Communities, Inc. (NYSE:ACC), one of the nation's largest owners, managers and developers of high-quality student housing properties, today announced that the company’s board of directors has approved several promotions and internal reassignments to maximize growth opportunities and facilitate the continuation of its sector-leading operational and financial performance.  These promotions and reassignments will become effective as of November 1, 2007.

Executive Vice President and Chief Financial Officer Brian Nickel is being promoted to senior executive vice president of capital market strategies and chief investment officer.  In addition to his current duties related to capital market strategies, Nickel will take a more active role in leading the execution of the company’s investment and growth activities.

Greg Dowell, who has been the company’s chief of operations since its IPO in 2004, is being promoted to senior executive vice president and chief operating officer.  In addition to providing executive oversight for the company’s property operations, Dowell will assume additional responsibilities for corporate support functions to enhance the continuing development, refinement and scalability of the company’s property and corporate operating platforms.

With a $1.4 billion development pipeline continuing to rapidly expand, Jim Hopke, currently executive vice president and chief investment officer, will move into the position of executive vice president of project management and construction.  In this role, he will provide focused executive leadership and oversight related to the project management and delivery of owned and third-party development projects.

Jon Graf, currently the company’s senior vice president and chief accounting officer, is being promoted to the position of executive vice president and chief financial officer.  During the last three years he has worked closely with Brian Nickel on the execution of ACC’s capital market and financing activities. Graf joined the company shortly after its IPO bringing more than 10 years of public company accounting, compliance and regulatory experience.  Graf will be supported by the promotions of Daniel Perry to senior vice president of capital markets and Kim Voss to senior vice president and controller.

“With our rapidly expanding owned and third-party development pipelines, the successful launch of our ACE™ program, and opportunities to acquire underperforming properties, we believe that one of the most significant opportunities for quality growth is upon us,” said Bill Bayless ACC CEO.  “These promotions and reassignments place our key personnel in the positions that fully utilize their strengths and should enable us to maximize opportunities for the company and value for our shareholders.  It is very rewarding to see all of these positions being filled by internal personnel, demonstrating the depth of talent in our organization.”

About American Campus Communities

American Campus Communities, Inc. is one of the largest developers, owners and managers of high-quality student housing communities in the United States. The company is a fully integrated, self-managed and self-administered equity real estate investment trust (REIT) with expertise in the design, finance, development, construction management, leasing and management of student housing properties. American Campus Communities owns and manages a portfolio of 43 student housing communities containing approximately 26,900 beds. Including its owned properties, the company provides management and leasing services at a total of 56 properties with approximately 35,800 beds located on or near college and university campuses. Additional information is available at www.americancampuscommunities.com.

Forward-Looking Statements

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which express the current beliefs and expectations of management. 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. Forward-looking statements speak only as of the date on which they are made, 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.

CONTACT: American Campus Communities, Inc., Austin

Gina Cowart, 512-732-1000

Investor Relations

EX-99.3

Exhibit 99.3

Supplemental Analyst Package Third Quarter 2007 Earnings Call October 31, 2007 AMERICAN CAMPUS

Table of Contents Financial Highlights1 Consolidated Balance Sheets 3 Consolidated Statements of Operations 4 Consolidated Statements of Funds from Operations 5 Property Results of Operations 6 Capital Structure 7 Portfolio Overview 8 Owned Development Update 10 Third-party Development Update 11 Management Services Update 12 Investor Information 13

Financial Highlights Including Compensation Charge Related to 2004 Outperformance Bonus Plan (dollars in thousands, except per share data) 2007 (1) 2006 $ Change % Change 2007 (1) 2006 $ Change % Change $ 3 6,518 $ 30,859 $ 5 ,659 18.3% $ 1 04,834 $ 8 5,437 $ 19,397 22.7% 5,793 5,447 3 46 13,189 18,438 (5,249) (2,369) (1,611) (758) (7,832) (14) (7,818) Net loss per share - basic (0.10) (0.09) (0.34) 0.00 Net loss per share - diluted (0.10) (0.09) (0.33) (0.02) 5,229 4,951 2 78 14,003 18,693 (4,690) FFO per share - diluted 0.21 0.24 0.55 0.96 5,925 5,514 4 11 13,932 18,512 (4,580) FFOM per share - diluted 0.23 0.27 0.55 0.95 (2) Excludes debt related to our on-campus participating properties of $88.2 million and $89.9 million at September 30, 2007 and December 31, 2006, respectively. Also excludes unamortized debt premiums of $4.7 million and $6.0 million at September 30, 2007 and December 31, 2006, respectively. (3) Represents operating performance for the four most recently completed fiscal quarters. Excludes interest associated with our on-campus participating properties as well as the compensation charge associated with the company's 2004 Outperformance Bonus Plan discussed in Note 1. Interest coverage (3) 2.64 2.41 (1) Includes compensation charge and related tax impact of $1.0 million and $10.9 million, or $0.04 and $0.43 per fully diluted share, for the three and nine months ended September 30, 2007, respectively, related to the company's 2004 Outperformance Bonus Plan. Operating Statistics September 30, 2007 December 31, 2006 Debt to total market capitalization (2) 40.0% 31.8% Three Months Ended September 30, Nine Months Ended September 30, Operating Data Total revenues Operating income Net loss FFO FFOM 1

Financial Highlights Excluding Compensation Charge Related to 2004 Outperformance Bonus Plan (dollars in thousands, except per share data) 2007 (1) 2006 $ Change % Change 2007 (1) 2006 $ Change % Change $ 36,518 $ 30,859 $ 5 ,659 18.3% $ 104,834 $ 85,437 $ 19,397 22.7% 6,250 5,447 803 23,580 18,438 5,142 (1,396) (1,611) 215 3,075 (14) 3,089 Net (loss) income per share - basic (0.06) (0.09) 0.13 0.00 Net (loss) income per share - diluted (0.06) (0.09) 0.10 (0.02) 6,202 4,951 1,251 24,910 18,693 6,217 FFO per share - diluted 0.24 0.24 0.98 0.96 6,898 5,514 1,384 24,839 18,512 6,327 FFOM per share - diluted 0.27 0.27 0.98 0.95 Operating income Net (loss) income FFO FFOM Three Months Ended September 30, Operating Data Total revenues Nine Months Ended September 30, Operating Statistics September 30, 2007 December 31, 2006 Debt to total market capitalization (2) 40.0% 31.8% Interest coverage (3) 2.64 2.41 (1) Excludes compensation charge and related tax impact of $1.0 million and $10.9 million, or $0.04 and $0.43 per fully diluted share, for the three and nine months ended September 30, 2007, respectively, 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 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. (2) Excludes debt related to our on-campus participating properties of $88.2 million and $89.9 million at September 30, 2007 and December 31, 2006, respectively. Also excludes unamortized debt premiums of $4.7 million and $6.0 million at September 30, 2007 and December 31, 2006, respectively. (3) Represents operating performance for the four most recently completed fiscal quarters. Excludes interest associated w ith our on-campus participating properties, as w ell as the compensation charge associated w ith the company's 2004 Outperformance Bonus Plan discussed in Note 1.2 2

Consolidated Balance Sheets (dollars in thousands) 3 September 30, 2007 December 31, 2006 (unaudited) Assets Investments in real estate: Owned properties, net $ 9 03,349 $ 694,197 On-campus participating properties, net 73,896 76,688 Investments in real estate, net 977,245 770,885 Cash and cash equivalents 10,852 79,107 Restricted cash 14,025 11,260 Student contracts receivable, net 4,316 3,129 Other assets 25,979 20,000 Total assets $ 1 ,032,417 $ 8 84,381 Liabilities and stockholders' equity Liabilities: Secured debt $ 5 43,685 $ 432,294 Unsecured revolving credit facility 47,900 - Accounts payable and accrued expenses 14,424 13,616 Other liabilities 45,354 29,436 Total liabilities 651,363 475,346 Minority interests 31,648 39,561 Stockholders' equity: Common stock 236 229 Additional paid in capital 394,883 382,367 Accumulated earnings and distributions (45,056) (13,533) Accumulated other comprehensive (loss) income (657) 411 Total stockholders' equity 349,406 369,474 Total liabilities and stockholders' equity $ 1 ,032,417 $ 8 84,381  3

Consolidated Statements of Operations (dollars in thousands, except share and per share data) 2007 2006 $ Change 2007 2006 $ Change Revenues: Owned off-campus properties $ 3 0,045 $ 2 4,340 $ 5 ,705 $ 85,197 $ 64,687 $ 2 0,510 On-campus participating properties 4,083 3,971 112 14,160 13,450 7 10 Third-party development services 1,383 1,729 (346) 2,434 4,463 ( 2,029) Third-party management services 627 491 136 1,999 1,844 1 55 Resident services 380 328 52 1,044 993 5 1 Total revenues 36,518 30,859 5,659 104,834 85,437 19,397 Operating expenses: Owned off-campus properties 16,368 13,178 3,190 41,276 31,710 9 ,566 On-campus participating properties 2,317 2,455 (138) 6,842 6,660 1 82 Third-party development and management services 1,484 1,338 146 3,925 4,402 ( 477) General and administrative 2,286 (1) 1,468 818 15,804 (1) 4,879 1 0,925 Depreciation and amortization 7,797 6,735 1,062 22,535 18,672 3 ,863 Ground/facility leases 473 238 235 1,263 676 5 87 Total operating expenses 30,725 25,412 5,313 91,645 66,999 24,646 Operating income 5,793 5,447 346 13,189 18,438 (5,249) Nonoperating income and (expenses): Interest income 221 294 (73) 1,242 623 6 19 Interest expense (7,560) (7,445) (115) (20,940) (19,847) ( 1,093) Amortization of deferred financing costs (324) (334) 10 (936) (1,078) 1 42 Total nonoperating expenses (7,663) (7,485) (178) (20,634) (20,302) (332) (1,870) (2,038) 168 (7,445) (1,864) (5,581) Income tax provision ( 576) (2) - (576) (696) (2) - (696) Minority interests 77 149 (72) 309 202 1 07 Loss from continuing operations (2,369) (1,889) (480) (7,832) (1,662) (6,170) Discontinued operations: Income attributable to discontinued operations - 278 (278) - 1,648 (1,648) Net loss $ ( 2,369) $ ( 1,611) $ ( 758) $ (7,832) $ ( 14) $ (7,818) Net (loss) income per share - basic $ ( 0.10) $ (0.09) $ (0.34) $ - Net (loss) income per share - diluted $ ( 0.10) $ (0.09) $ (0.33) $ ( 0.02) Weighted-average common shares outstanding: Basic 23,563,651 18,218,128 23,261,475 17,553,627 Diluted 25,320,144 20,535,276 25,273,845 19,397,571 (1) (2) Includes the write-off of the company's deferred tax asset of $0.5 million, or $0.02 per fully diluted share, for both the three and nine month periods ended September 30, 2007, related to the compensation charge recorded for the 2004 Outperformance Bonus Plan. Three Months Ended September 30, Nine Months Ended September 30, Loss before income taxes, minority interests, and discontinued operations Includes a compensation charge of $0.5 million and $10.4 million, or $0.02 and $0.41 per fully diluted share, for the three and nine months ended September 30, 2007, 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 2007 2006 $ Change Net loss $ (2,369) $ (1,611) $ (758) $ (7,832) $ ( 14) $ (7,818) Minority interests (77) (149) 72 ( 309) ( 202) ( 107) Real estate related depreciation and amortization 7,675 6,711 964 22,144 18,909 3,235 Funds from operations ("FFO") 5,229 4,951 278 14,003 18,693 (4,690) Net loss from on-campus participating properties 1,102 1,191 (89) 1 ,208 1 ,306 (98) Amortization of investment in on-campus participating properties (1,068) (1,037) (31) (3,194) (3,083) ( 111) 5,263 5,105 158 12,017 16,916 (4,899) Our share of net cash flow (1) 473 238 235 1 ,263 676 587 Management fees 189 171 18 652 615 37 On-campus participating property development fees (2) - - - - 305 (305) Impact of on-campus participating properties 662 409 253 1 ,915 1 ,596 319 5 ,925 5,514 411 13,932 18,512 (4,580) 973 - 973 10,907 - 10,907 $ 6,898 $ 5,514 $ 1,384 $ 24,839 $ 18,512 $ 6,327 FFO per share - diluted $ 0.21 $ 0.24 $ 0 .55 $ 0.96 FFOM per share - diluted $ 0 .23 $ 0.27 $ 0 .55 $ 0.95 $ 0 .27 $ 0.27 $ 0 .98 $ 0.95 Weighted average common shares outstanding - diluted 25,493,713 20,637,239 25,437,569 19,495,171 (1) (2) Funds from operations - modified for operational performance of on-campus participating properties ("FFOM") 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 interim periods. For the nine months ended September 30, 2007, this amount represents 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 September 30, Nine Months Ended September 30, Elimination of operations of on-campus participating properties: Modifications to reflect operational performance of on-campus participating properties: Compensation charge and related tax impact associated with 2004 Outperformance Bonus Plan FFOM, excluding compensation charge and related tax impact associated with 2004 Outperformance Bonus Plan FFOM per share, excluding compensation charge and related tax impact associated with 2004 Outperformance Bonus Plan - diluted 5

Property Results of Operations (dollars in thousands) 2007 2006 $ Change % Change 2007 (2) 2006 (2) $ Change % Change Property revenues Ow ned off-campus properties: Same store properties $ 2 4,982 $ 2 3,982 $ 1 ,000 4.2% $ 4 9,336 $ 4 7,533 $ 1 ,803 3.8% New properties 5 ,443 6 86 4,757 693.4% 36,905 18,147 18,758 103.4% Total ow ned off-campus properties (1) 3 0,425 24,668 5,757 23.3% 86,241 65,680 20,561 31.3% On-campus participating properties: Same store properties 4 ,083 3,971 112 2.8% 14,160 13,450 710 5.3% New properties - - - 0.0% - - - 0.0% Total on-campus participating properties 4 ,083 3,971 112 2.8% 14,160 13,450 710 5.3% Total property revenues $ 3 4,508 $ 2 8,639 $ 5 ,869 20.5% $ 100,401 $ 7 9,130 $ 21,271 26.9% Property operating expenses Ow ned off-campus properties: Same store properties $ 1 2,946 $ 1 2,966 (20) -0.2% $ 2 2,560 $ 2 2,157 $ 4 03 1.8% New properties 3 ,422 2 12 3,210 1514.2% 18,716 9 ,553 9,163 95.9% Total ow ned off-campus properties 1 6,368 13,178 3,190 24.2% 41,276 31,710 9,566 30.2% On-campus participating properties: Same store properties 2 ,317 2,455 (138) -5.6% 6,842 6,660 182 2.7% New properties - - - 0.0% - - - 0.0% Total on-campus participating properties 2 ,317 2,455 (138) -5.6% 6,842 6,660 182 2.7% Total property operating expenses $ 1 8,685 $ 1 5,633 $ 3 ,052 19.5% $ 48,118 $ 3 8,370 $ 9 ,748 25.4% Property net operating income Ow ned off-campus properties: Same store properties $ 1 2,036 $ 1 1,016 $ 1 ,020 9.3% $ 2 6,776 $ 2 5,376 $ 1 ,400 5.5% New properties 2 ,021 4 74 1,547 326.4% 18,189 8 ,594 9,595 111.6% Total ow ned off-campus properties 1 4,057 11,490 2,567 22.3% 44,965 33,970 10,995 32.4% On-campus participating properties: Same store properties 1 ,766 1,516 250 16.5% 7,318 6,790 528 7.8% New properties - - - 0.0% - - - 0.0% Total on-campus participating properties 1 ,766 1,516 250 16.5% 7,318 6,790 528 7.8% Total property net operating income $ 1 5,823 $ 1 3,006 $ 2 ,817 21.7% $ 52,283 $ 4 0,760 $ 11,523 28.3% (1) (2) Three Months Ended September 30, Nine Months Ended September 30, Includes revenues w hich are reflected as Resident Services Revenue on the accompanying consolidated statements of operations. The property grouping for purposes of the same store analysis for the nine months ended September 30, 2007 excludes properties acquired during the first quarter 2006, w hereas the property grouping for the three months ended September 30, 2007 includes such properties because they w ere ow ned for both of the entire periods presented. 6

Capital Structure as of September 30, 2007 (dollars in thousands) Total Debt (1) $ 498,711 Total Equity Market Value (2) 748,969 Total Market Capitalization $ 1 ,247,680 Debt to Total Market Capitalization 40.0% Interest Coverage (3) 2.64 Principal Outstanding (1) Weighted Average Interest Rate Average Term to Maturity Fixed Rate Mortgage $ 3 98,811 6.34% 5.2 Years Variable Rate Construction Loans 52,000 6.73% 1.2 Years Variable Rate Unsecured Revolving Credit Facility 47,900 6.94% 1.9 Years Total / Weighted Average $ 4 98,711 6.44% 4.4 Years (1) (2) (3) Fixed Rate Debt Maturity Schedule Excluding debt related to our on-campus participating properties totaling $88.2 million with a weighted average interest rate of 7.17% and average term to maturity of 13.0 years. Also excludes net unamortized debt premiums of $4.7 million. Based on share price of $29.29 at September 28, 2007. 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 as well as the compensation charge associated with the company's 2004 Outperformance Bonus Plan. $ 0 $ 0 $ 53,062 $ 51,037 $ 48,261 $ 68,570 $ 17,693 $ 51,201 $ 107,576 $ 1,411 $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 7

Portfolio Overview as of September 30, 2007 Same Store Owned Off-Campus Portfolio 8 Primary University Served Units Beds 2007 2006 1. The Village at Blacksburg Virginia Tech University 2 88 1,056 99.4% 99.4% 2. River Club Apartments The University of Georgia - Athens 2 66 7 92 97.6% 99.2% 3. River Walk Townhomes The University of Georgia - Athens 1 00 3 36 98.8% 99.1% 4. The Village at Alafaya Club The University of Central Florida 2 28 8 39 98.8% 99.5% 5. The Village at Science Drive The University of Central Florida 1 92 7 32 98.6% 99.5% 6. University Village at Boulder Creek The University of Colorado at Boulder 82 3 09 98.1% 98.7% 7. University Village at Fresno California State University - Fresno 1 05 4 06 84.0% 95.1% 8. University Village at TU Temple University 2 20 7 49 99.6% 99.5% 9. University Club Tallahassee Florida State University 1 52 6 08 99.2% 99.2% 10. The Grove at University Club Florida State University 64 1 28 99.2% 100.0% 11. College Club Tallahassee Florida A&M University 96 3 84 97.4% 89.8% 12. The Greens at College Club Florida A&M University 40 1 60 97.5% 99.4% 13. University Club Gainesville University of Florida 94 3 76 98.9% 98.9% 14. Cityparc at Fry Street University of North Texas 1 36 4 18 99.3% 98.8% 15. The Estates University of Florida 3 96 1,044 98.9% 99.3% 16. University Village at Sweethome State University of New York - Buffalo 2 69 8 28 100.0% 99.9% 17. Entrada Real University of Arizona 98 3 63 98.6% 99.4% 18. Royal Oaks Florida State University 82 2 24 98.7% 100.0% 19. Royal Pavilion Florida State University 60 2 04 99.0% 98.0% 20. Royal Village Tallahassee Florida State University 75 2 88 97.2% 99.3% 21. Royal Village Gainesville University of Florida 1 18 4 48 97.8% 96.7% 22. Northgate Lakes The University of Central Florida 1 94 7 10 98.2% 99.4% 23. Royal Lexington The University of Kentucky 94 3 64 94.2% 91.5% 24. The Woods at Greenland Middle Tennessee State University 78 2 76 97.8% 98.2% 25. Raider's Crossing Middle Tennessee State University 96 2 76 98.9% 97.8% 26. Raider's Pass Texas Tech University 2 64 8 28 98.3% 68.6% 27. Aggie Station Texas A&M University 1 56 4 50 99.6% 100.0% 28. The Outpost San M arcos Texas State University - San M arcos 1 62 4 86 98.6% 99.6% 29. The Outpost San Antonio University of Texas - San Antonio 2 76 8 28 99.3% 99.8% 30. Callaway Villas Texas A&M University 2 36 7 04 99.4% 100.0% 31. Villas on Apache Arizona State University Main Campus 1 11 288 99.3% 99.0% 4 ,828 15,902 98.3% 97.2% Owned off-campus properties - less than 12-month leases 32. The Callaway House Texas A&M University 173 538 103.5% 103.7% Subtotal-Same Store Owned Off-Campus Properties - less than 12-month leases 173 538 103.5% 103.7% Total - Same Store Owned Off-Campus Properties 5,001 16,440 98.5% 97.4% Physical Occupancy September 30, Property Subtotal-Same Store Owned Off-Campus Properties - 12-month leases Owned o ff-campus properties - 12-month leases 8

Portfolio Overview as of September 30, 2007 New Properties & On-Campus Participating Properties 9 Primary University Served Units Beds 2007 2006 33. Village on Sixth Marshall University 2 48 752 66.8% n/a 34. New tow n Crossing (1) University of Kentucky 3 56 942 87.3% n/a 35. Olde Tow ne University Square University of Toledo 2 24 550 97.5% n/a 36. Peninsular Place (2) Eastern Michigan University 1 83 478 88.3% n/a 37. University Centre Rutgers University, NJIT, Essex CCC 2 34 838 74.5% n/a 38. Vista del Sol (ACETM) (3) Arizona State University 6 13 1,866 n/a n/a 39. Villas at Chestnut Ridge (4) State University of New York - Buffalo 1 96 552 n/a n/a 2,054 5 ,978 81.6%(5) n/a 7,055 22,418 95.5% (5) 97.4% 40. University Village - PVAMU Prairie View A&M University 6 12 1,920 96.3% 97.6% 41. University College - PVAMU Prairie View A&M University 7 56 1,470 94.1% 89.8% 42. University Village - TAMIU Texas A&M International University 8 4 250 88.4% 94.4% 43. Cullen Oaks - Phase I and II The University of Houston 4 11 879 99.9% 99.2% 1,863 4 ,519 95.8% 95.2% 8,918 26,937 95.6% (5) 96.9% (1) An additional building w as purchased in August 2007, increasing the bed count to 942. (2) Any discrepancy from previous disclosures in bed count is a result of permanent reconfiguration. (3) Formerly named ASU - SCRC Component I. Currently under development and scheduled to open for occupancy in August 2008. (4) Currently under development and scheduled to open for occupancy in August 2008. (5) Excludes properties that are currently under development. Total - Owned Properties (New and Same Store) On-Campus Participating Properties Subtotal - On-Campus Participating Properties Physical Occupancy at September 30, Property Subtotal - New Owned Properties New Owned Properties Total - All Properties  9

Owned Development Update (dollars in thousands) 10 RECENTLY COMPLETED PROJECTS Location Primary University Served Units Beds Estimated Project Costs University Centre Newark, NJ Rutgers University, NJIT, Essex CCC 2 34 838 $ 7 7,800 PROJECTS UNDER CONSTRUCTION Location Primary University Served Units Beds Estimated Project Costs % Complete (1) Scheduled to Open for Occupancy Vista del Sol (2) Tempe, AZ Arizona State University 6 13 1,866 $ 137,500 42% August 2008 Villas at Chestnut Ridge Amherst, NY SUNY - Buffalo 1 96 552 34,800 44% August 2008 $ 172,300 PROJECTS IN PRE-DEVELOPMENT Location Anticipated Commencement Approximate Targeted Beds Estimated Project Cost Targeted Completion Tempe, AZ Fourth Quarter 2007 1,740 $ 1 26,500 August 2009 ASU Component III (3) TBD 1,500 110,000 TBD $ 2 36,500 PROJECT UNDER EXECUTED CONTRACT (4) Location Anticipated Commencement Approximate Targeted Beds Estimated Project Cost Targeted Completion Carbondale Development Carbondale, IL Second Quarter 2008 652 $ 32,100 August 2009 (1) (2) (3) (4) Component developments are contingent upon execution of all transactional documents, including a ground lease agreement with Arizona State University for each component. Component III is additionally contingent upon Board of Regents approval. Project Project Approximate Targeted Units ASU Component II - Barrett Honors College (3) Project This contract is on a speculative development project that is 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 September 30, 2007. Project Approximate Targeted Units 163 Formerly named ASU SCRC Component I. Includes parking structure and retail space.  10

Third-Party Development Update (dollars in thousands) 2007 2006 $ Change 2007 2006 $ Change Development services revenue $ 1,383 $ 1,729 $ ( 346) $ 2,434 $ 4 ,463 $ (2,029) % of total revenue 3.8% 5.6% 2.3% 5.2% RECENTLY COMPLETED PROJECTS Project Units Beds Total Fees Fees Earned to Date (2) Remaining Fees (2) West Virginia University - Potomac State (1) 1 07 355 $ 615 $ 5 90 $ 2 5 University of New Orleans 2 31 742 1,550 1,472 7 8 $ 2 ,165 $ 2 ,062 $ 1 03 CONTRACTED PROJECTS IN PROGRESS Project Units Beds Total Fees Fees Earned to Date (2) Remaining Fees (2) Scheduled Completion Arizona State University - DPS (3) Tempe, AZ Arizona State University n/a n/a $ 4 00 $ 390 $ 10 October 2007 University of Hawaii - Manoa 2 40 810 3,141 1,987 1,154 July 2008 West Virginia University - Downtown (4) West Virginia University 1 10 362 2 35 52 183 July 2009 Concordia University (5) Austin, TX Concordia University 1 38 267 6 75 409 266 August 2008 $ 4 ,451 $ 2 ,838 $ 1 ,613 AWARDED PROJECTS (6) Project Estimated Fees Hampton Roads Military Housing (7) $ 3 ,105 CUNY - Staten Island Staten Island, NY Third Quarter 2008 3 ,250 Edinboro University - Phase I Edinboro, PA Fourth Quarter 2007 2 ,000 Edinboro University - Phase II Edinboro, PA TBD TBD University of California, Irvine - Phase III Irvine, CA Third Quarter 2008 TBD Erie Community College Orchard Park, NY TBD TBD (1) (2) (3) (4) (5) (6) (7) 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 contribution of the Navy's equity and execution of the long-term partnership agreements. Congressional approval has been obtained w ith funding and closing expected on December 1, 2007. We are providing development and limited construction services for the relocation of a 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. During 2005 and 2006, the company earned $0.3 million for certain pre-development and design services performed for the West Virginia - Dow ntow n project. During 2006, the project w as put on hold by the University pending investigation of alternative financing. During the second quarter 2007, the University obtained financing for the final phase of the project and the company signed an agreement for the continuation of development and construction management services. The remaining phase of this project resumed in the third quarter 2007 and w e anticipate that w e w ill earn approximately $0.2 million in additional fees. Contractual fees are show n net of costs anticipated to be incurred to complete the project. In August 2007, the company signed a contract w ith Concordia University for the development of student housing facilities to be located on its new campus. Total fee amounts, including a construction management fee, are subject to the execution of final definitive agreements. Fourth Quarter 2007 As of September 30, 2007. Primary University Served Keyser, WV Potomac State College Morgantown, WV Honolulu, HI Norfolk, VA The West Virginia - Potomac State project consisted of pre-development and design services w hich w ere completed in the second quarter of 2006 and construction administration services w hich w ere completed in the third quarter of 2007. Contractual fees are show n net of estimated costs incurred to complete the project. Three Months Ended September 30, Location Primary University Served University of Hawaii Location Nine Months Ended September 30, Anticipated Commencement New Orleans, LA University of New Orleans Location 11

Management Services Update (dollars in thousands) 12 2007 2006 $ Change 2007 2006 $ Change Management services revenue $ 6 27 $ 491 $ 136 $ 1,999 $ 1,844 $ 155 % of total revenue 1.7% 1.6% 1.9% 2.2% NEW MANAGEMENT CONTRACTS Property Approx. Units Approx. Beds Stabilized Annual Fees Anticipated Commencement Indigo Pointe/Existing Residence Halls (1) Savannah State University TBD 1 ,100 $ 150 November 2007 Las Casas/Hassayampa (1) (2) Arizona State University TBD 2 ,300 1 50 November 2007 Waterview Park V-IX University of Texas at Dallas 5 41 1,500 2 50 November 2007 Department of the Navy 7 22 1,313 2 80 December 2007 SAIT - New Housing 4 46 720 125 January 2008 Drake West Village Drake University 1 89 457 165 August 2008 Hampton Roads - New Housing (1) Department of the Navy 1 ,184 2,368 5 00 January 2010 University of California, Irvine - Phase III-a (3) Irvine, CA University of California, Irvine TBD TBD 5 50 August 2010 (4) University of California, Irvine - Phase III-b (3) Irvine, CA University of California, Irvine TBD TBD 5 50 August 2011 (4) CUNY - Staten Island (3) Staten Island, NY City University of New York TBD TBD 275 August 2010 $ 2 ,995 (1) Property management has been selected/awarded and management agreement is currently being negotiated. (2) Management agreement will encompass facilities maintenance services only. (3) Management contracts are contingent upon the successful closing and completion of development projects and negotiation of all management agreements. (4) Three Months Ended September 30, Nine Months Ended September 30, Location University Served This project may be completed in multiple phases, with the commencement of management services contingent upon the full completion of development of each phase. Calgary, AB Southern Alberta Institute of Technology Savannah, GA Tempe, AZ Dallas, TX Hampton Roads - Existing Housing (1) Norfolk, VA Norfolk, VA Des Moines, IA 12

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 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 Investor Relations: Gina Cow art VP, Investor Relations and Corporate Marketing (512) 732-1041 gcow art@studenthousing.com 805 Las Cimas Parkw ay, Suite 400 Austin, Texas 78746 Tel: (512) 732-1000; Fax: (512) 732-2450 w w w .americancampuscommunities.com 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. 13

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.