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.