8-K

UNITED STATESSECURITIES 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): August 4, 2008

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 Incorporation or Organization)	(I.R.S. Employer 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:

⃞ 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 (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02     RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On August 4, 2008, American Campus Communities, Inc. (the “Company”) issued a press release (the “Earnings Release”) announcing, among other things, earnings for the quarter ended June 30, 2008. 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 August 4, 2008, the Company disclosed a supplemental analyst package in connection with its earnings conference call for the quarter ended June 30, 2008, which took place on August 5, 2008. 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:	August 5, 2008	By:	/s/ Jonathan A. Graf
			Jonathan A. Graf
			Executive Vice President and
			Chief Financial Officer

Exhibit Index

Exhibit No.	Description
EX-99.1	Earnings Release Dated August 4, 2008
EX-99.2	Supplemental Analyst Package – Second Quarter 2008

EX-99.1

Exhibit 99.1

American Campus Communities, Inc. Reports Second Quarter 2008 Financial Results

AUSTIN, Texas--(BUSINESS WIRE)--American Campus Communities, Inc. (NYSE:ACC) today announced the following financial results for the quarter ended June 30, 2008.

Highlights

• Increased quarterly FFOM 30 percent to $10.6 million compared to $8.1 million in the second quarter prior year, and achieved quarterly FFOM of $0.28 per fully diluted share compared to $0.32 per fully diluted share for the same period in 2007.

• Increased same store wholly-owned net operating income ("NOI") by 5.8 percent over the second quarter 2007.
• Achieved same store wholly-owned occupancy of 94.2 percent as of June 30, 2008 compared to 93.1 percent for the same period prior year.
• Increased leasing for the upcoming academic year at the same store wholly-owned properties to 97.3 percent applied for and 94.4 percent leased as of August 1, 2008 compared to 95.8 percent applied for and 93.2 percent leased as of July 27, 2007.
• Achieved current average rental rate increase at the same store wholly-owned properties of 3.4 percent for the 2008 – 2009 academic year.
• Completed the acquisition of GMH Communities Trust’s student housing platform in a transaction that increases the company’s total market capitalization to $2.4 billion from $1.3 billion.
• Entered into a $326 million joint venture with Fidelity Real Estate Group for 15 GMH assets bringing the total to 21 joint venture properties with Fidelity.
• Selected by Boise State University to begin the planning process for the development of an ACE™(American Campus Equity) multi-phased project containing approximately 2,000 beds.
• Raised $252.1 million in net proceeds from a public offering of 9,200,000 shares of common stock at a price of $28.75 per share, which includes 1,200,000 shares issued as a result of the underwriters' exercise of their over-allotment option in full at the closing.

“The fundamentals of our core business could not be better as evidenced by the 5.8 percent increase in same store NOI compared to the second quarter 2007, as well as our strong leasing status and rental rate growth for the upcoming academic year,” said Bill Bayless, American Campus CEO. “While we inherited the GMH portfolio with leasing status approximately 5 percent behind last year’s pace, we believe that given our track record for integration and execution, we can dramatically impact value with the commencement of leasing activities for the 2009-2010 academic year beginning Q4 of this year.”

Second Quarter 2008 Operating Results

Revenue for the 2008 second quarter totaled $43.5 million, up 30.5 percent from $33.4 million in the 2007 second quarter. Net loss per fully diluted share was $0.04 or $1.5 million and $0.03 or $0.8 million for the second quarter of 2008 and 2007, respectively. FFO for the second quarter of 2008 totaled $9.7 million, or $0.26 per fully diluted share, compared with $6.8 million, or $0.27 per fully diluted share, for the same period in 2007. FFOM for the 2008 second quarter totaled $10.6 million, or $0.28 per fully diluted share, compared with $8.1 million, or $0.32 per fully diluted share, for the second quarter 2007.

As previously mentioned, American Campus issued 9.2 million shares of common stock on April 23, 2008 and completed its acquisition of GMH Communities student housing platform on June 11, 2008, resulting in the issuance of 5.4 million shares of common stock. The company’s second quarter 2008 financial results reflect both the weighted average issuance of the common shares and the GMH operations beginning on the merger date. Per share amounts for net loss, FFO and FFOM for the three months ended June 30, 2008 included a $0.01 per diluted share impact from GMH merger expenses. A reconciliation of FFO and FFOM to net income is shown on Table 3.

NOI for same store wholly-owned properties was $16.1 million in the quarter, up 5.8 percent from $15.3 million in the 2007 second quarter. NOI for the total wholly-owned property portfolio increased 36.9 percent to $20.9 million for the quarter from $15.3 million in the comparable period of 2007, primarily due to the acquisition of the GMH Communities student housing platform.

Owned Portfolio Update

Construction on the Villas at Chestnut Ridge, a 552-bed owned development that will serve students attending the State University of New York, Buffalo, was 98 percent complete as of June 30, 2008 and is 99.3 percent leased. Occupancy will occur this month.

Construction on Vista del Sol, the initial phase of a three-phase owned ACE development at Arizona State University, was 93 percent complete as of June 30, 2008 and is 100 percent leased. Occupancy is scheduled to occur this month and the company is hosting its grand opening ceremony and investor tour on September 30.

As of June 30, construction on Barrett Honors College, the second phase of the ACE development at ASU, was 20 percent complete. Occupancy is anticipated to occur in August 2009.

For the 2008-2009 academic year, the GMH Communities portfolio was 84.2 percent applied for and 83.4 percent leased as of August 1, 2008 compared to 87.2 percent leased for the same quarter prior year. As previously communicated, American Campus’ ability to impact value will occur upon commencement of leasing activity for the 2009-2010 academic year beginning Q4 of this year.

Third-Party Services Update

The company increased third-party development and management revenue 50 percent to $1.9 million (including $241,000 in fees earned from GMH management contracts) compared to $1.3 million for the same quarter prior year.

Financing on Phase III of the University of California, Irvine project closed on July 30, 2008 and construction commenced on August 1. This project consists of 1,198 undergraduate beds, 565 graduate beds, a 1,815-space parking structure, and is designed to target gold certification standards on the LEED Green Building Rating System. This $221 million project is the largest single phase development in the company’s history. Occupancy is anticipated to occur in August 2010.

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.studenthousing.com. In addition, the company will host a conference call to discuss second quarter results and the 2008 outlook on Tuesday, August 5, 2008 at 11 a.m. EDT (10:00 a.m. CDT). To participate by telephone, call 866-202-4367 passcode 81369747 at least five minutes prior to the call.

To listen to the live broadcast, go to www.studenthousing.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 August 12, 2008 by dialing 888-286-8010 or 617-801-6888 passcode 70234020. The replay also will be available for 30 days at www.studenthousing.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.

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 the largest developer, owner and manager 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, and operational management of student housing properties. American Campus Communities owns 87 student housing properties containing approximately 53,600 beds. The company also owns a minority interest in 21 joint venture properties containing 12,100 beds. Including its owned, joint venture and third-party managed properties, ACC's total managed portfolio consists of 144 properties with approximately 91,400 beds. Additional information is available at www.studenthousing.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.

Table 1 American Campus Communities, Inc. and Subsidiaries Consolidated Balance Sheets (dollars in thousands)
	June 30, 2008			December 31, 2007
Assets	(unaudited)
Investments in real estate:
Wholly-owned properties, net	$	1,931,316		$	947,062
Wholly-owned properties - held for sale		68,641			-
On-campus participating properties, net		70,959			72,905
Investments in real estate, net		2,070,916			1,019,967
Cash and cash equivalents		63,470			12,073
Restricted cash		32,196			13,855
Student contracts receivable, net		3,298			3,657
Other assets		69,165			26,744
Total assets	$	2,239,045		$	1,076,296
Liabilities and stockholders’ equity
Liabilities:
Secured debt	$	1,190,552		$	533,430
Senior secured term loan		100,000			-
Unsecured revolving credit facility		-			9,600
Accounts payable and accrued expenses		35,270			14,360
Other liabilities		48,739			43,278
Total liabilities		1,374,561			600,668
Minority interests		30,021			31,251
Stockholders’ equity:
Preferred stock		131			-
Common stock		422			273
Additional paid in capital		902,273			494,160
Accumulated earnings and dividends		(66,549	)		(48,181	)
Accumulated other comprehensive loss		(1,814	)		(1,875	)
Total stockholders’ equity		834,463			444,377
Total liabilities and stockholders’ equity	$	2,239,045		$	1,076,296

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 June 30,					Six Months Ended June 30,
		2008		2007			2008		2007
Revenues:
Wholly-owned properties	$	37,294	$	28,007		$	68,975	$	55,152
On-campus participating properties		3,948		3,740			10,692		10,077
Third-party development services		723		646			2,379		1,051
Third-party management services		1,222		650			2,144		1,372
Resident services		361		323			799		664
Total revenues		43,548		33,366			84,989		68,316
Operating expenses:
Wholly-owned properties		16,738		13,046			30,623		24,908
On-campus participating properties		2,499		2,499			4,794		4,525
Third-party development and management services		2,328		1,147			4,436		2,441
General and administrative		3,237		2,190	(1)		5,371		13,518	(1)
Depreciation and amortization		11,114		7,768			19,143		14,738
Ground/facility leases		368		495			727		790
Total operating expenses		36,284		27,145			65,094		60,920
Operating income		7,264		6,221			19,895		7,396
Non-operating income and (expenses):
Interest income		642		314			804		1,021
Interest expense		(8,733)		(6,920)			(15,712)		(13,380)
Amortization of deferred financing costs		(448)		(314)			(759)		(612)
Loss from unconsolidated joint ventures		(129)		-			(255)		-
Total non-operating expenses		(8,668)		(6,920)			(15,922)		(12,971)
(Loss) income before taxes, minority interests, and discontinued operations		(1,404)		(699)			3,973		(5,575)
Income tax provision		(73)		(60)			(133)		(120)
Minority interests		(65)		(26)			(473)		232
(Loss) income from continuing operations		(1,542)		(785)			3,367		(5,463)
Discontinued operations:
Income attributable to discontinued operations		92		-			92		-
Net (loss) income	$	(1,450)	$	(785)		$	3,459	$	(5,463)
Net (loss) income per share:
Basic	$	(0.04)	$	(0.03)		$	0.11	$	(0.24)
Diluted	$	(0.04)	$	(0.03)		$	0.11	$	(0.23)
Weighted average common shares outstanding:
Basic		35,692,653		23,271,223			31,512,271		23,107,888
Diluted		37,098,977		25,259,335			33,272,354		25,250,312
(1)  Includes a compensation charge of $0.3 million and $9.9 million, or $0.01 and $0.39 per fully diluted share, for the three and six months ended June 30, 2007, respectively, related to the company’s 2004 Outperformance Bonus Plan.

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 June 30,						Six Months Ended June 30,
		2008			2007			2008			2007
Net (loss) income	$	(1,450	)	$	(785	)	$	3,459		$	(5,463	)
Minority interests		65			26			473			(232	)
Loss from unconsolidated joint ventures		129			-			255			-
FFO from unconsolidated joint ventures (1)		(13	)		-			(139	)		-
Real estate related depreciation and amortization		10,943			7,593			18,791			14,469
Funds from operations (“FFO”)		9,674			6,834			22,839			8,774
Elimination of operations from on-campus participating properties and unconsolidated joint venture:
Net loss (income) from on-campus participating properties		1,356			1,683			(326	)		106
Amortization of investment in on-campus participating properties		(1,074	)		(1,065	)		(2,143	)		(2,126	)
FFO from Hampton Roads unconsolidated joint venture (2)		83			-			209			-
		10,039			7,452			20,579			6,754
Modifications to reflect operational performance of on-campus participating properties:
Our share of net cash flow (3)		368			495			727			790
Management fees		182			173			490			463
Impact of on-campus participating properties		550			668			1,217			1,253
Funds from Operations—modified for operational performance of on-campus participating properties (“FFOM”)		10,589			8,120			21,796			8,007
Compensation expense related to 2004 Outperformance Bonus Plan		-			298			-			9,934
FFOM, excluding compensation expense related to 2004 Outperformance Bonus Plan	$	10,589		$	8,418		$	21,796		$	17,941
FFO per share - diluted	$	0.26		$	0.27		$	0.69		$	0.35
FFOM per share - diluted	$	0.28		$	0.32		$	0.66		$	0.32
FFOM per share, excluding compensation expense related to 2004 Outperformance Bonus Plan – diluted	$	0.28		$	0.33		$	0.66		$	0.71
Weighted average common shares outstanding - diluted		37,383,565			25,423,486			33,272,354			25,409,100
(1)  Represents our share of the FFO from three joint ventures in which we are a minority partner.  Includes the Hampton Roads Military Housing joint venture in which we have a minimal economic interest as well as our 10% minority interest in two joint ventures formed or assumed as part of the company's acquisition of GMH.   (2)  Our share of the FFO from the Hampton Roads Military Housing unconsolidated joint venture is excluded from the calculation of FFOM, as management believes this amount does not accurately reflect the company's participation in the economics of the transaction.   (3)  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.

CONTACT:
American Campus Communities, Inc.
Gina Cowart, 512-732-1000

EX-99.2

Exhibit 99.2

Supplemental Analyst Package Second Quarter 2008 Earnings Call August 5, 2008

Table of Contents Financial Highlights 1 Consolidated Balance Sheets 2 Consolidated Statements of Operations 3 Consolidated Statements of Funds from Operations 4 Property Results of Operations 5 Capital Structure 6 Portfolio Overview 7 2008/2009 Leasing Status 8 Owned Development Update 14 Third-party Development Update 15 Management Services Update 16 Investor Information 17

Financial Highlights (dollars in thousands, except per share data) 2008 2007 (1) $ Change % Change 2008 2007 (1) $ Change % Change 43,548 $ 33,366 $ 10,182 $ 30.5% 84,989 $ 68,316 $ 16,673 $ 24.4% 7,264 6,221 1,043 19,895 7,396 12,499 (1,450) (785) (665) 3,459 (5,463) 8,922 Net (loss) income per share - basic (0.04) (0.03) 0.11 (0.24) Net (loss) income per share - diluted (0.04) (0.03) 0.11 (0.23) 9,674 6,834 2,840 22,839 8,774 14,065 FFO per share - diluted 0.26 0.27 0.69 0.35 10,589 8,120 2,469 21,796 8,007 13,789 FFOM per share - diluted 0.28 0.32 0.66 0.32 Represents operating performance for the four most recently completed fiscal quarters. Excludes interest associated with our on-campus participating properties and unconsolidated joint ventures as well as the compensation charge associated with the company's 2004 Outperformance Bonus Plan discussed in Note 1. 2.71 2.70 Interest coverage (3) (3) (1) (2) For the three and six months ended June 30, 2007, the company recorded a compensation charge of $0.3 million and $9.9 million, or $0.01 and $0.39 per fully diluted share, respectively, related to the company's 2004 Outperformance Bonus Plan. Excludes debt related to our on-campus participating properties of $88.2 million as of both June 30, 2008 and December 31, 2007, as well as unamortized debt discounts of $5.5 million and unamortized debt premiums of $4.3 million at June 30, 2008 and December 31, 2007, respectively. Also excludes our share of debt from our unconsolidated joint ventures with Fidelity totaling $34.3 million. Operating income Net (loss) income Operating Data Total revenues Six Months Ended June 30, Three Months Ended June 30, FFO FFOM Operating Statistics June 30, 2008 December 31, 2007 Debt to total market capitalization (2) 49.7% 36.6% 1

Consolidated Balance Sheets (dollars in thousands) 2 June 30, 2008 December 31, 2007 (unaudited) Assets Investments in real estate: Wholly-owned properties, net 1,931,316 $ 947,062 $ Wholly-owned properties - held for sale 68,641 - On-campus participating properties, net 70,959 72,905 Investments in real estate, net 2,070,916 1,019,967 Cash and cash equivalents 63,470 12,073 Restricted cash 32,196 13,855 Student contracts receivable, net 3,298 3,657 Other assets 69,165 26,744 Total assets 2,239,045 $ 1,076,296 $ Liabilities and stockholders' equity Liabilities: Secured debt 1,190,552 $ 533,430 $ Senior secured term loan 100,000 - Unsecured revolving credit facility - 9,600 Accounts payable and accrued expenses 35,270 14,360 Other liabilities 48,739 43,278 Total liabilities 1,374,561 600,668 Minority interests 30,021 31,251 Stockholders' equity: Preferred stock 131 - Common stock 422 273 Additional paid in capital 902,273 494,160 Accumulated earnings and distributions (66,549) (48,181) Accumulated other comprehensive loss (1,814) (1,875) Total stockholders' equity 834,463 444,377 Total liabilities and stockholders' equity 2,239,045 $ 1,076,296 $

2008 2007 $ Change 2008 2007 $ Change Revenues: Wholly-owned properties 37,294 $ 28,007 $ 9,287 $ 68,975 $ 55,152 $ 13,823 $ On-campus participating properties 3,948 3,740 208 10,692 10,077 615 Third-party development services 723 646 77 2,379 1,051 1,328 Third-party management services 1,222 650 572 2,144 1,372 772 Resident services 361 323 38 799 664 135 Total revenues 43,548 33,366 10,182 84,989 68,316 16,673 Operating expenses: Wholly-owned properties 16,738 13,046 3,692 30,623 24,908 5,715 On-campus participating properties 2,499 2,499 - 4,794 4,525 269 Third-party development and management services 2,328 1,147 1,181 4,436 2,441 1,995 General and administrative 3,237 2,190 (1) 1,047 5,371 13,518 (1) (8,147) Depreciation and amortization 11,114 7,768 3,346 19,143 14,738 4,405 Ground/facility leases 368 495 (127) 727 790 (63) Total operating expenses 36,284 27,145 9,139 65,094 60,920 4,174 Operating income 7,264 6,221 1,043 19,895 7,396 12,499 Nonoperating income and (expenses): Interest income 642 314 328 804 1,021 (217) Interest expense (8,733) (6,920) (1,813) (15,712) (13,380) (2,332) Amortization of deferred financing costs (448) (314) (134) (759) (612) (147) Loss from unconsolidated joint ventures (129) - (129) (255) - (255) Total nonoperating expenses (8,668) (6,920) (1,748) (15,922) (12,971) (2,951) (1,404) (699) (705) 3,973 (5,575) 9,548 Income tax provision (73) (60) (13) (133) (120) (13) Minority interests (65) (26) (39) (473) 232 (705) (Loss) income from continuing operations (1,542) (785) (757) 3,367 (5,463) 8,830 Discontinued operations: Income attributable to discontinued operations 92 - 92 92 - 92 Net (loss) income (1,450) $ (785) $ (665) $ 3,459 $ (5,463) $ 8,922 $ Net (loss) income per share - basic (0.04) $ (0.03) $ 0.11 $ (0.24) $ Net (loss) income per share - diluted (0.04) $ (0.03) $ 0.11 $ (0.23) $ Weighted-average common shares outstanding: Basic 35,692,653 23,271,223 31,512,271 23,107,888 Diluted 37,098,977 25,259,335 33,272,354 25,250,312 (1) Three Months Ended June 30, Six Months Ended June 30, (Loss) income before income taxes, minority interests, and discontinued operations Includes a compensation charge of $0.3 million and $9.9 million, or $0.01 and $0.39 per fully diluted share, for the three and six months ended June 30, 2007, respectively, related to the company's 2004 Outperformance Bonus Plan. Consolidated Statements of Operations (dollars in thousands, except share and per share data)  3

Consolidated Statements of Funds from Operations (dollars in thousands, except share and per share data) 2008 2007 $ Change 2008 2007 $ Change Net (loss) income (1,450) $ (785) $ (665) $ 3,459 $ (5,463) $ 8,922 $ Minority interests 65 26 39 473 (232) 705 Loss from unconsolidated joint ventures 129 - 129 255 - 255 FFO from unconsolidated joint ventures (1) (13) - (13) (139) - (139) Real estate related depreciation and amortization 10,943 7,593 3,350 18,791 14,469 4,322 Funds from operations ("FFO") 9,674 6,834 2,840 22,839 8,774 14,065 Elimination of operations of on-campus participating properties and unconsolidated joint venture: Net loss (income) from on-campus participating properties 1,356 1,683 (327) (326) 106 (432) Amortization of investment in on-campus participating properties (1,074) (1,065) (9) (2,143) (2,126) (17) FFO from Hampton Roads unconsolidated joint venture (2) 83 - 83 209 - 209 10,039 7,452 2,587 20,579 6,754 13,825 Modifications to reflect operational performance of on-campus participating properties: Our share of net cash flow (3) 368 495 (127) 727 790 (63) Management fees 182 173 9 490 463 27 Impact of on-campus participating properties 550 668 (118) 1,217 1,253 (36) Funds from operations – modified for operational performance of on-campus participating properties ("FFOM") 10,589 8,120 2,469 21,796 8,007 13,789 Compensation expense related to 2004 Outperformance Bonus Plan - 298 (298) - 9,934 (9,934) FFOM, excluding compensation expense related to 2004 Outperformance Bonus Plan 10,589 $ 8,418 $ 2,171 $ 21,796 $ 17,941 $ 3,855 $ FFO per share - diluted 0.26 $ 0.27 $ 0.69 $ 0.35 $ FFOM per share - diluted 0.28 $ 0.32 $ 0.66 $ 0.32 $ FFOM per share, excluding compensation expense related to 2004 Outperformance Bonus Plan - diluted 0.28 $ 0.33 $ 0.66 $ 0.71 $ Weighted average common shares outstanding - diluted 37,383,565 25,423,486 33,272,354 25,409,100 (1) (2) (3) Three Months Ended June 30, Six Months Ended June 30, Represents our share of the FFO from three joint ventures in w hich w e are a minority partner. Includes the Hampton Roads Military Housing joint venture in w hich w e have a minimal economic interest as w ell as our 10% minority interest in tw o joint ventures formed or assumed as part of the company's acquisition of GMH. 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. Our share of the FFO from the Hampton Roads Military Housing unconsolidated joint venture is excluded from the calculation of FFOM, as management believes this amount does not accurately reflect the company's participation in the economics of the transaction. 4

Property Results of Operations (dollars in thousands) 2008 (1) 2007 $ Change % Change 2008 (1) 2007 $ Change % Change Property revenues Wholly-ow ned properties: Same store properties 29,494 $ 28,303 $ 1,191 $ 4.2% 52,040 $ 50,011 $ 2,029 $ 4.1% New properties - GMH portfolio 6,127 - 6,127 100.0% 6,127 - 6,127 100.0% New properties - other 2,034 27 2,007 7433.3% 11,607 5,805 5,802 99.9% Total w holly-ow ned properties (2) 37,655 28,330 9,325 32.9% 69,774 55,816 13,958 25.0% On-campus participating properties: Same store properties 3,948 3,740 208 5.6% 10,692 10,077 615 6.1% New properties - - - 0.0% - - - 0.0% Total on-campus participating properties 3,948 3,740 208 5.6% 10,692 10,077 615 6.1% Total property revenues 41,603 $ 32,070 $ 9,533 $ 29.7% 80,466 $ 65,893 $ 14,573 $ 22.1% Property operating expenses Wholly-ow ned properties: Same store properties 13,358 $ 13,046 $ 312 $ 2.4% 22,454 $ 21,982 $ 472 $ 2.1% New properties - GMH portfolio 2,165 - 2,165 100.0% 2,165 - 2,165 100.0% New properties - other 1,215 - 1,215 100.0% 6,004 2,926 3,078 105.2% Total w holly-ow ned properties 16,738 13,046 3,692 28.3% 30,623 24,908 5,715 22.9% On-campus participating properties: Same store properties 2,499 2,499 - 0.0% 4,794 4,525 269 5.9% New properties - - - 0.0% - - - 0.0% Total on-campus participating properties 2,499 2,499 - 0.0% 4,794 4,525 269 5.9% Total property operating expenses 19,237 $ 15,545 $ 3,692 $ 23.8% 35,417 $ 29,433 $ 5,984 $ 20.3% Property net operating income Wholly-ow ned properties: Same store properties 16,136 $ 15,257 $ 879 $ 5.8% 29,586 $ 28,029 $ 1,557 $ 5.6% New properties - GMH portfolio (3) 3,962 - 3,962 100.0% 3,962 - 3,962 100.0% New properties - other 819 27 792 2933.3% 5,603 2,879 2,724 94.6% Total w holly-ow ned properties 20,917 15,284 5,633 36.9% 39,151 30,908 8,243 26.7% On-campus participating properties: Same store properties 1,449 1,241 208 16.8% 5,898 5,552 346 6.2% New properties - - - 0.0% - - - 0.0% Total on-campus participating properties 1,449 1,241 208 16.8% 5,898 5,552 346 6.2% Total property net operating income 22,366 $ 16,525 $ 5,841 $ 35.3% 45,049 $ 36,460 $ 8,589 $ 23.6% (1) (2) (3) Net operating income for the GMH portfolio represents operations for the period from June 11, 2008 through June 30, 2008 and is therefore not indicative of a full year of operations for these assets. Three Months Ended June 30, Six Months Ended June 30, Includes revenues w hich are reflected as Resident Services Revenue on the accompanying consolidated statements of operations. The property grouping for the same store analysis for the six months ended June 30, 2008 excludes properties acquired in the first quarters of 2007 and 2008 as w ell as properties developed during 2007. How ever, the property grouping for the three months ended June 30, 2008 includes the first quarter 2007 acquisitions because the properties w ere ow ned for both of the entire periods presented. 5

Capital Structure as of June 30, 2008 (dollars in thousands) Total Debt (1) 1,207,864 $ Total Equity Market Value (2) 1,221,146 Total Market Capitalization 2,429,010 $ Debt to Total Market Capitalization 49.7% Interest Coverage (3) 2.71 Principal Outstanding (1) Weighted Average Interest Rate Average Term to Maturity Fixed Rate Mortgage Loans 1,009,160 $ 5.79% 5.5 Years Variable Rate Construction Loans 98,704 3.89% 1.4 Years Senior Secured Term Loan 100,000 3.95% 2.9 Years Total / Weighted Average 1,207,864 $ 5.48% 5.0 Years (1) (2) (3) Fixed Rate Debt Maturity Schedule Excludes debt related to our on-campus participating properties totaling $88.2 million with a weighted average interest rate o f 7.17% and average term to maturity of 12.2 years. Also excludes net unamortized debt discounts o f $5.5 million as well as our share of debt from our unconsolidated jo int ventures with Fidelity totaling $34.3 million. Based on share price of $27.84 at June 30, 2008. Assumes conversion o f 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 and unconsolidated jo int ventures as well as the compensation charge associated with the company's 2004 Outperformance Bonus Plan. $0 $82,325 $85,094 $98,175 $107,251 $85,410 $102,784 $191,767 $199,819 $56,535 $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000 $180,000 $200,000 $220,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017+ 6

Portfolio Overview as of June 30, 2008 Units Beds 2008 2007 Same Store Wholly-owned Properties : Properties w ith 12-month leases 5,839 18,624 96.8% 95.6% Properties w ith less than 12-month leases 173 538 4.6% 5.4% Same Store Wholly-owned Properties - Total 6,012 19,162 94.2% 93.1% New Wholly-owned Properties (Excluding GMH Portfolio) 1,856 5,665 59.3% (1) n/a Wholly Owned Properties (Excluding GMH Portfolio) - Total 7,868 24,827 91.6% (1) 93.1% (2) GMH Portfolio: Properties w ith 12-month leases 8,311 24,469 86.8% n/a Properties w ith less than 12-month leases 122 484 44.8% n/a GMH Portfolio - Total 8,433 24,953 86.0% n/a Wholly Owned Properties (Including GMH Portfolio) - Total 16,301 49,780 88.5% (1) 93.1% (2) On-campus Participating Properties 1,863 4,519 14.9% 18.5% Total - All Wholly Owned & On-Campus Participating Properties 18,164 54,299 81.9% (1) 78.8% (2) Joint Venture Properties (3) 3,645 12,103 90.4% n/a (1) (2) (3) Includes 21 properties ow ned in tw o joint ventures w ith Fidelity, of w hich w e ow n a 10% interest. Physical Occupancy at June 30, Property Type Excludes properties under construction as of June 30, 2007, as w ell as properties acquired in 2008. Excludes properties under construction as of June 30, 2008. 7

Applications + Leases % of Rentable Beds Applications + Leases % of Rentable Beds Rentable Beds (3) Total Design Beds Applications + Leases Villas on Apache -Tempe, AZ 395 138.1% 288 100.7% 286 288 The Callaw ay House - College Station, TX 561 106.5% 563 106.8% 527 538 University Village at Fresno - Fresno, CA 418 105.8% 365 92.4% 395 406 University Village at Boulder Creek - Boulder, CO 310 103.7% 314 105.0% 299 309 Callaw ay Villas - College Station, TX 709 102.6% 707 102.3% 691 704 The Outpost San Marcos - San Marcos, TX 495 101.9% 447 92.0% 486 486 Cityparc at Fry Street - Denton, TX 415 101.5% 427 104.4% 409 418 University Village at TU - Philadelphia, PA 736 101.2% 754 103.7% 727 749 Royal Lexington - Lexington, KY 367 100.8% 328 90.1% 364 364 Raider's Pass - Lubbock, TX 828 100.6% 818 99.4% 823 828 The Outpost San Antonio - San Antonio, TX 828 100.0% 834 100.7% 828 828 The Village at Alafaya Club - Orlando, FL 829 100.0% 826 99.6% 829 839 Aggie Station - Bryan, TX 450 100.0% 451 100.2% 450 450 The Village at Science Drive - Orlando, FL 723 100.0% 721 99.7% 723 732 Entrada Real - Tucson, AZ 363 100.0% 363 100.0% 363 363 Northgate Lakes - Oviedo, FL 707 99.6% 706 99.4% 710 710 The Village at Blacksburg - Blacksburg, VA 1,042 99.4% 1,043 99.5% 1,048 1,056 The Woods at Greenland - Murfreesboro, TN 274 99.3% 273 98.9% 276 276 University Club Gainesville - Gainesville, FL 372 98.9% 376 100.0% 376 376 Raider's Crossing - Murfreesboro, TN 273 98.9% 271 98.2% 276 276 University Club Tallahassee - Tallahassee, FL (4) 724 98.6% 737 100.4% 734 736 Royal Village Gainesville - Gainesville, FL 439 98.2% 440 98.4% 447 448 University Village Tallahassee - Tallahassee, FL (5) 690 96.6% 709 99.3% 714 716 College Club Tallahassee - Tallahassee, FL (6) 514 95.4% 558 103.5% 539 544 The Estates - Gainesville, FL 965 93.9% 1,030 100.2% 1,028 1,044 River Walk Tow nhomes - Athens, GA 307 91.6% 329 98.2% 335 336 River Club Apartments - Athens, GA 675 86.0% 758 96.6% 785 792 University Centre - New ark-New ark, NJ 675 82.1% 483 58.8% 822 838 University Village at Sw eethome - Amherst, NY 647 79.4% 875 107.4% 815 828 16,731 97.8% 16,794 98.2% 17,105 17,278 (1) As of August 1, 2008. (2) As of July 27, 2007. (3) Rentable Beds exclude beds needed for on-site staff and/or model units. (4) For lease administration purposes, University Club Tallahassee and The Grove at University Club are reported combined. (5) Formerly know n as Royal Tallahassee. For lease administration purposes, Royal Oaks, Royal Pavilion, and Royal Village are reported combined. (6) For lease administration purposes, College Club Tallahassee and The Greens at College Club are reported combined. Current Year (1) Prior Year (2) Same Store Wholly-owned Properties - Excluding 2007 Acquisitions 2008/2009 Leasing Status Same Store Wholly-owned Portfolio (Excluding 2007 Acquisitions): Applications + Leases 8

Leases % of Rentable Beds Leases % of Rentable Beds Rentable Beds (3) Total Design Beds Leases The Callaw ay House - College Station, TX 546 103.6% 545 103.4% 527 538 University Village at TU - Philadelphia, PA 728 100.1% 728 100.1% 727 749 Entrada Real - Tucson, AZ 363 100.0% 361 99.4% 363 363 Royal Lexington - Lexington, KY 364 100.0% 317 87.1% 364 364 The Outpost San Marcos - San Marcos, TX 485 99.8% 429 88.3% 486 486 Aggie Station - Bryan, TX 448 99.6% 448 99.6% 450 450 The Village at Science Drive - Orlando, FL 719 99.4% 719 99.4% 723 732 Northgate Lakes - Oviedo, FL 706 99.4% 706 99.4% 710 710 The Outpost San Antonio - San Antonio, TX 823 99.4% 818 98.8% 828 828 Callaw ay Villas - College Station, TX 686 99.3% 691 100.0% 691 704 Raider's Pass - Lubbock, TX 817 99.3% 817 99.3% 823 828 Cityparc at Fry Street - Denton, TX 406 99.3% 406 99.3% 409 418 The Village at Blacksburg - Blacksburg, VA 1,040 99.2% 1,039 99.1% 1,048 1,056 The Village at Alafaya Club - Orlando, FL 822 99.2% 825 99.5% 829 839 University Club Gainesville - Gainesville, FL 371 98.7% 372 98.9% 376 376 University Village at Boulder Creek - Boulder, CO 295 98.7% 294 98.3% 299 309 The Woods at Greenland - Murfreesboro, TN 272 98.6% 272 98.6% 276 276 University Club Tallahassee - Tallahassee, FL (4) 723 98.5% 728 99.2% 734 736 Royal Village Gainesville - Gainesville, FL 439 98.2% 439 98.2% 447 448 Raider's Crossing - Murfreesboro, TN 271 98.2% 271 98.2% 276 276 Villas on Apache - Tempe, AZ 277 96.9% 276 96.5% 286 288 University Village Tallahassee - Tallahassee, FL (5) 672 94.1% 691 96.8% 714 716 The Estates - Gainesville, FL 958 93.2% 1,024 99.6% 1,028 1,044 University Village at Fresno - Fresno, CA 365 92.4% 280 70.9% 395 406 College Club Tallahassee - Tallahassee, FL (6) 489 90.7% 544 100.9% 539 544 River Walk Tow nhomes - Athens, GA 300 89.6% 328 97.9% 335 336 River Club Apartments - Athens, GA 661 84.2% 745 94.9% 785 792 University Centre - New ark - New ark, NJ 651 79.2% 450 54.7% 822 838 University Village at Sw eethome - Amherst, NY 576 70.7% 805 98.8% 815 828 16,273 95.1% 16,368 95.7% 17,105 17,278 (1) As of August 1, 2008. (2) As of July 27, 2007. (3) Rentable Beds exclude beds needed for on-site staff and/or model units. (4) For lease administration purposes, University Club Tallahassee and The Grove at University Club are reported combined. (5) Formerly know n as Royal Tallahassee. For lease administration purposes, Royal Oaks, Royal Pavilion, and Royal Village are reported combined. (6) For lease administration purposes, College Club Tallahassee and The Greens at College Club are reported combined. Current Year (1) Prior Year (2) Same Store Wholly-owned Properties Excluding 2007 Acquisitions 2008/2009 Leasing Status Same Store Wholly-owned Portfolio (Excluding 2007 Acquisitions): Leases 9

Applications + Leases % of Rentable Beds Applications + Leases % of Rentable Beds Rentable Beds (3) Total Design Beds 2007 Acquisitions Applications + Leases Peninsular Place - Ypsilanti, MI 465 99.6% 380 81.4% 467 478 Olde Tow ne University Square - Toledo, OH 542 98.9% 529 96.5% 548 550 Village on Sixth - Huntington, WV 735 98.4% 441 59.0% 747 752 New tow n Crossing - Lexington, KY 809 85.9% 827 87.8% 942 942 Subtotal - 2007 Acquisitions 2,551 94.3% 2,177 80.5% 2,704 2,722 Same Store Wholly-owned Properties - Total 19,282 97.3% 18,971 95.8% 19,809 20,000 2008 Acquisitions (Excluding GMH Portfolio) Applications + Leases Sunnyside Commons - Morgantow n, WV 160 100.0% n/a n/a 160 161 Pirates Place - Greenville, NC 489 92.6% n/a n/a 528 528 Subtotal - 2008 Acquisitions (Excluding GMH Portfolio) 649 94.3% n/a n/a 688 689 Wholly-owned Development Properties Applications + Leases Vista del Sol (ACETM) - Tempe, AZ 2,055 111.9% n/a n/a 1,836 1,866 Villas at Chestnut Ridge - Amherst, NY 554 102.0% n/a n/a 543 552 Subtotal - Wholly-owned Development Properties 2,609 109.7% n/a n/a 2,379 2,418 22,540 98.5% 18,971 95.8% (4) 22,876 23,107 (1) As of August 1, 2008. (2) As of July 27, 2007. (3) Rentable Beds exclude beds needed for on-site staff and/or model units. (4) The prior year rentable beds percentage w as calculated by removing the rentable beds for the 2008 Acquisitions (excluding the GMH Portfolio) and the w holly-ow ned development properties because no 2007 prior year leasing information is available. Current Year (1) Prior Year (2) Total - All Wholly-owned Properties (Excluding GMH Portfolio) 2008/2009 Leasing Status, continued 2007 Acquisitions, 2008 Acquisitions (Excluding GMH Portfolio), and Wholly-owned Development Properties: Applications + Leases 10

2007 Acquisitions Leases % of Rentable Beds Leases % of Rentable Beds Rentable Beds (3) Total Design Beds Leases Olde Tow ne University Square - Toledo, OH 542 98.9% 513 93.6% 548 550 Village on Sixth - Huntington, WV 690 92.4% 414 55.4% 747 752 Peninsular Place - Ypsilanti, MI 411 88.0% 359 76.9% 467 478 New tow n Crossing - Lexington, KY 792 84.1% 808 85.8% 942 942 Subtotal - 2007 Acquisitions 2,435 90.1% 2,094 77.4% 2,704 2,722 Same Store Wholly-owned Properties - Total 18,708 94.4% 18,462 93.2% 19,809 20,000 2008 Acquisitions (Excluding GMH Portfolio) Leases Sunnyside Commons - Morgantow n, WV 160 100.0% n/a n/a 160 161 Pirates Place - Greenville, NC 453 85.8% n/a n/a 528 528 Subtotal - 2008 Acquisitions (Excluding GMH Portfolio) 613 89.1% n/a n/a 688 689 Wholly Owned Development Properties Leases Vista del Sol (ACETM) - Tempe, AZ 1,836 100.0% n/a n/a 1,836 1,866 Villas at Chestnut Ridge - Amherst, NY 539 99.3% n/a n/a 543 552 Subtotal - Wholly-owned Development Properties 2,375 99.8% n/a n/a 2,379 2,418 21,696 94.8% 18,462 93.2% (4) 22,876 23,107 (1) As of August 1, 2008. (2) As of July 27, 2007. (3) Rentable Beds exclude beds needed for on-site staff and/or model units. (4) The prior year rentable beds percentage w as calculated by removing the rentable beds for the 2008 Acquisitions (excluding the GMH Portfolio) and the w holly-ow ned development properties because no 2007 prior year leasing information is available. Current Year (1) Prior Year (2) Total - All Wholly-owned Properties (Excluding GMH Portfolio) 2008/2009 Leasing Status, continued 2007 Acquisitions, 2008 Acquisitions (Excluding GMH Portfolio), and Wholly-owned Development Properties: Leases 11

Applications + Leases % of Rentable Beds Applications + Leases % of Rentable Beds Rentable Beds (3) Total Design Beds Applications + Leases University Trails - Lubbock, TX 684 100.9% 683 100.7% 678 684 Southview - Harrisonburg, VA 959 100.5% 960 100.6% 954 960 Campus Trails - Starkville, MS 472 100.2% 404 85.8% 471 480 Stonegate - Harrisonburg, VA 667 100.0% 672 100.7% 667 672 Aztec Corner - San Diego, CA 606 100.0% 602 99.3% 606 606 University Pointe - Lubbock, TX 669 99.7% 679 101.2% 671 682 University Mills - Cedar Falls, IA 470 98.9% 481 101.3% 475 481 Campus Way - Tuscaloosa, AL 668 98.8% 679 100.4% 676 684 University Crossing - Philadelphia, PA 991 98.6% 1,021 101.6% 1,005 1,026 The Commons - Harrisonburg, VA 516 98.5% 528 100.8% 524 528 Riverside Estates - Cayce, SC 678 97.7% 697 100.4% 694 700 Lakeside - Athens, GA 715 93.6% 683 89.4% 764 776 Brookstone Village - Wilmington, NC 214 92.2% 93 40.1% 232 238 Tow er at 3rd - Champaign, IL 262 91.0% 287 99.7% 288 295 Willow tree Apartments & Tow ers - Ann Arbor, MI 766 90.9% 682 80.9% 843 851 Campus Walk - Wilmington-Wilmington, NC 257 90.5% 282 99.3% 284 290 Campus Club - Statesboro-Statesboro, GA 869 89.1% 811 83.2% 975 984 University Village - Sacramento-Sacramento, CA 340 88.8% 339 88.5% 383 394 University Manor - Greenville, NC 523 88.6% 497 84.2% 590 600 University Pines - Statesboro, GA 478 87.5% 467 85.5% 546 552 The Club - Athens, GA 408 86.8% 366 77.9% 470 480 Jacob Heights/Summit - Mankato, MN 796 86.8% 891 97.2% 917 930 Abbott Place - East Lansing, MI 551 86.5% 534 83.8% 637 654 GrandMarc - Seven Corners - Minneapolis, MN 364 84.5% 432 100.2% 431 440 Pegasus Connection - Orlando, FL 767 83.6% 778 84.8% 917 930 Campus Ridge - Johnson City, TN 433 82.8% 463 88.5% 523 528 Cambridge at Southern - Statesboro, GA 445 79.7% 505 90.5% 558 564 University Meadow s - Mt. Pleasant, MI 476 78.2% 613 100.7% 609 616 Campus Corner - Bloomington, IN 599 77.4% 485 62.7% 774 800 University Place - Charlottesville, VA 373 73.7% 414 81.8% 506 528 Haw ks Landing - Oxford, OH 346 72.7% 359 75.4% 476 484 Pirates Cove - Greenville, NC 705 67.9% 691 66.6% 1,038 1,056 University Gables - Murfreesboro, TN 428 67.1% 518 81.2% 638 648 The Enclave - Bow ling Green, OH 294 61.9% 447 94.1% 475 480 Campus Walk - Oxford-Oxford, MS 254 59.5% 407 95.3% 427 432 The Highlands - Reno, NV 385 53.9% 453 63.4% 714 732 The Centre - Kalamazoo-Kalamazoo, MI 349 50.9% 543 79.3% 685 700 The Verge - Sacramento, CA 340 43.5% 399 51.1% 781 792 Total - GMH Portfolio 20,117 84.2% 20,845 87.2% 23,902 24,277 (1) As of August 1, 2008. (2) As of July 27, 2007. (3) Rentable Beds exclude beds needed for on-site staff and/or model units. Current Year (1) Prior Year (2) 2008/2009 Leasing Status, continued GMH Portfolio: Applications + Leases 12

Leases % of Rentable Beds Leases % of Rentable Beds Rentable Beds (3) Total Design Beds Leases Southview - Harrisonburg, VA 956 100.2% 960 100.6% 954 960 University Trails - Lubbock, TX 679 100.1% 683 100.7% 678 684 Stonegate - Harrisonburg, VA 667 100.0% 672 100.7% 667 672 Aztec Corner - San Diego, CA 606 100.0% 602 99.3% 606 606 Campus Trails - Starkville, MS 470 99.8% 404 85.8% 471 480 University Pointe - Lubbock, TX 668 99.6% 679 101.2% 671 682 University Mills - Cedar Falls, IA 470 98.9% 481 101.3% 475 481 University Crossing - Philadelphia, PA 991 98.6% 1,021 101.6% 1,005 1,026 The Commons - Harrisonburg, VA 516 98.5% 528 100.8% 524 528 Campus Way - Tuscaloosa, AL 662 97.9% 679 100.4% 676 684 Riverside Estates - Cayce, SC 670 96.5% 697 100.4% 694 700 Lakeside - Athens, GA 715 93.6% 683 89.4% 764 776 Brookstone Village - Wilmington, NC 214 92.2% 93 40.1% 232 238 Willow tree Apartments & Tow ers - Ann Arbor, MI 765 90.7% 682 80.9% 843 851 Tow er at 3rd - Champaign, IL 259 89.9% 287 99.7% 288 295 Campus Club - Statesboro-Statesboro, GA 864 88.6% 811 83.2% 975 984 Campus Walk - Wilmington-Wilmington, NC 249 87.7% 282 99.3% 284 290 University Manor - Greenville, NC 511 86.6% 497 84.2% 590 600 Jacob Heights/Summit - Mankato, MN 790 86.2% 891 97.2% 917 930 University Pines - Statesboro, GA 470 86.1% 467 85.5% 546 552 The Club - Athens, GA 403 85.7% 366 77.9% 470 480 Abbott Place - East Lansing, MI 543 85.2% 534 83.8% 637 654 University Village - Sacramento-Sacramento, CA 325 84.9% 339 88.5% 383 394 Pegasus Connection - Orlando, FL 767 83.6% 778 84.8% 917 930 GrandMarc - Seven Corners - Minneapolis, MN 358 83.1% 432 100.2% 431 440 Campus Ridge - Johnson City, TN 430 82.2% 463 88.5% 523 528 Cambridge at Southern - Statesboro, GA 440 78.9% 505 90.5% 558 564 University Meadow s - Mt. Pleasant, MI 473 77.7% 613 100.7% 609 616 Campus Corner - Bloomington, IN 576 74.4% 485 62.7% 774 800 Haw ks Landing - Oxford, OH 346 72.7% 359 75.4% 476 484 University Place - Charlottesville, VA 348 68.8% 414 81.8% 506 528 Pirates Cove - Greenville, NC 699 67.3% 691 66.6% 1,038 1,056 University Gables - Murfreesboro, TN 423 66.3% 518 81.2% 638 648 The Enclave - Bow ling Green, OH 294 61.9% 447 94.1% 475 480 Campus Walk - Oxford-Oxford, MS 250 58.5% 407 95.3% 427 432 The Highlands - Reno, NV 376 52.7% 453 63.4% 714 732 The Centre - Kalamazoo-Kalamazoo, MI 348 50.8% 543 79.3% 685 700 The Verge - Sacramento, CA 340 43.5% 399 51.1% 781 792 Total - GMH Portfolio 19,931 83.4% 20,845 87.2% 23,902 24,277 (1) As of August 1, 2008. (2) As of July 27, 2007. (3) Rentable Beds exclude beds needed for on-site staff and/or model units. Current Year (1) Prior Year (2) 2008/2009 Leasing Status, continued GMH Portfolio: Leases 13

Owned Development Update (dollars in thousands) PROJECTS UNDER CONSTRUCTION Location Primary University Served Units Beds Estimated Project Costs % Complete (1) Scheduled to Open for Occupancy Vista del Sol Tempe, AZ Arizona State University 613 1,866 137,500 $ 93% August 2008 Villas at Chestnut Ridge Amherst, NY SUNY - Buffalo 196 552 34,800 98% August 2008 Tempe, AZ Arizona State University 601 1,720 126,500 20% August 2009 298,800 $ PROJECTS IN PRE-DEVELOPMENT Location Anticipated Commencement Approximate Targeted Beds Estimated Project Cost Targeted Completion ASU Component III (2) Tempe, AZ TBD 1,500 110,000 $ TBD Carbondale Development (3) Carbondale, IL TBD 652 32,100 August 2010 142,100 $ Location Anticipated Commencement Approximate Targeted Beds Estimated Project Cost Targeted Completion TBD TBD TBD August 2010 TBD TBD TBD TBD (1) (2) (3) ACETM Awards Boise, ID Approximate Targeted Units Based on costs incurred under general construction contract as of June 30, 2008. As of June 30, 2008, the total Construction in Progress balance for these projects is $172.4 million, representing costs incurred under the total project budgets. Boise State University - Phase I Boise, ID TBD Component development is contingent upon execution of all transactional documents, including a facility lease agreement with Arizona State University and Board of Regents approval. This development project is subject to final determination of feasibility, execution and closing on definitive agreements, and municipal approval processes, and fluctuations in the construction market. Project Barrett Honors College 575 Project Approximate Targeted Units Boise State University - Phase II TBD 163 14

Third-Party Development Update (dollars in thousands) 2008 2007 $ Change 2008 2007 $ Change Development services revenue 723 $ 646 $ 77 $ 2,379 $ 1,051 $ 1,328 $ % of total revenue 1.7% 1.9% 2.8% 1.5% CONTRACTED PROJECTS IN PROGRESS Project Units Beds Total Fees Fees Earned to Date (1) Remaining Fees (1) Scheduled Completion University of Hawaii - Manoa 240 810 3,141 $ 2,964 $ 177 $ July 2008 West Virginia University - Downtown (2) West Virginia University 110 362 235 159 76 July 2009 Concordia University (3) Austin, TX Concordia University 139 267 885 639 246 August 2008 Hampton Roads Military Housing (4) 1,190 2,367 3,542 2,541 1,001 March 2010 The Highlands (5) Edinboro, PA Edinboro University of PA 232 796 2,000 991 1,009 August 2009 9,803 $ 7,294 $ 2,509 $ AWARDED PROJECTS (6) Project Estimated Fees University of California, Irvine - Phase III Irvine, CA Third Quarter 2008 7,570 $ (7) CUNY - Staten Island Staten Island, NY Fourth Quarter 2008 3,250 Univ. of California, Irvine - Future Phases Irvine, CA TBD TBD (8) Edinboro University - Phase II Edinboro, PA TBD TBD Erie Community College Orchard Park, NY TBD TBD Cleveland State University (9) Cleveland, OH TBD TBD (1) As of June 30, 2008. (2) (3) (4) (5) (6) (7) (8) (9) Morgantown, WV Location The Department of the Navy 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 commenced after contribution of the Navy's equity, closing of bond financing, and execution of all transactional documents in December 2007. Upon closing, w e recognized approximately $2.4 million in development fees representing services w e performed as co-developer on the project. 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. Anticipated Commencement Norfolk, VA Six Months Ended June 30, Honolulu, HI University of Hawaii Three Months Ended June 30, Location Primary University/ Institution Served Financing on this project closed on July 30, 2008 and construction commenced on August 1, 2008. The project consists of 1,198 undergraduate beds, 565 graduate beds and a 1,815 space parking structure. In February 2008, the company w as aw arded third-party development services for a new 550-bed community at Cleveland State University. United States Navy 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. In February 2008, the company signed the final contract (previously under an interim agreement) w ith Edinboro University of Pennsylvania for the development of student housing facilities. Additional phases totaling approximately 2,300 beds are included as part of the original 2007 aw ard to the company. If the University elects to move forw ard on these additional phases w ith ACC, they w ould be considered part of the original procurement. 15

Management Services Update (dollars in thousands) 2008 2007 $ Change 2008 2007 $ Change Management services revenue 1,222 $ 650 $ 572 $ 2,144 $ 1,372 $ 772 $ % of total revenue 2.8% 1.9% 2.5% 2.0% NEW/PENDING MANAGEMENT CONTRACTS Property Approx. Beds Stabilized Annual Fees Anticipated Commencement SAIT - New Housing Calgary, AB Southern Alberta Institute of Technology 720 175 $ May/Aug 2008 Drake West Village Des Moines, IA Drake University 457 165 August 2008 Asbury Green (1) Denver, CO University of Denver 357 200 August 2009 Northern New Mexico College (2) Espanola, NM Northern New Mexico College 300 100 Fall 2010 Hampton Roads - New Housing (3) Norfolk, VA Department of the Navy 2,367 500 March 2010 University of California, Irvine - Phase III (2) (3) Irvine, CA University of California, Irvine 1,760 830 August 2010 CUNY - Staten Island (2) Staten Island, NY City University of New York 600 275 August 2010 Cleveland State Phase II (2) Cleveland, OH Cleveland State University 550 80 (4) August 2010 2,325 $ DISCONTINUED MANAGEMENT CONTRACTS Property Approx. Beds 2007 Fees Discontinued As Of Coyote Village Weatherford, TX Weatherford College 280 70 $ May 2008 University Lodge Laramie, WY University of Wyoming 480 - (5) Sept 2008 70 $ (1) (2) (3) (4) (5) Three Months Ended June 30, Location University Served Property management has been selected/awarded and management agreement is currently being negotiated. Six Months Ended June 30, Location University Served Fee amount is a net increase as this facility will replace other housing, which will be demolished. Management contracts are contingent upon the successful closing and completion of development projects and negotiation of all management agreements. This project may be completed in multiple stages, with the commencement date of management services contingent upon the full completion of the development of each phase. Property management began in April 2008 under a receivership order, and management will be discontinued upon the successful sale of the property. Fees for 2008 are estimated to be approximately $12,000. 16

Investor Information Executive Management William C. Bayless, Jr. Chief Executive Officer Brian Nickel Chief Investment Officer Greg A. Dow ell Chief Operating Officer Jon Graf Chief Financial Officer James C. Hopke Executive Vice President, Project Management and Construction Research Coverage David Toti / Michael Bilerman Citigroup Equity Research (212) 816-1909/ (212) 816-1383 david.toti@citigroup.com / bilerman.reits@citi.com Louis Taylor / Christeen Kim Deutsche Bank - North America (212) 250-4912 / (212) 250-6771 louis.taylor@db.com / christeen.kim@db.com Andrew McCulloch / Craig Leupold Green Street Advisors (949) 940-8780 amcculloch@greenstreetadvisors.com / cleupold@greentstreetadvisors.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 / David Bragg Merrill Lynch (212) 449-0335 / (212) 449-8922 steve_sakwa@ml.com / david_bragg@ml.com Paula Poskon Robert W. Baird & Co., Inc. (703) 821-5782 pposkon@rw baird.com Stephen Sw ett Keefe, Bruyette, & Woods (212) 887-3680 sswett@kbw .com Alexander Goldfarb / Andrew Ryu UBS Investment Research (212) 713 3998 / (212) 713 3226 alexander.goldfarb@ubs.com / andrew .ryu@ubs.com Investor Relations: Gina Cow art VP, Investor Relations and Corporate Marketing (512) 732-1041 gcow art@studenthousing.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. 805 Las Cimas Parkw ay, Suite 400 Austin, Texas 78746 Tel: (512) 732-1000; Fax: (512) 732-2450 www.studenthousing.com 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 forwardlooking 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; our abilities to successfully integrate the operations of GMH Communities Trust; 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 update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.