Exhibit 99.2

Supplemental Analyst Package First Quarter 2009 Earnings Call April 29, 2009

Table of Contents Financial Highlights 1 Consolidated Balance Sheets 2 Consolidated Statements of Operations 3 Consolidated Statements of Funds from Operations 4 Wholly-owned Property Results of Operations 5 Seasonality  6 Capital Structure 7 Portfolio Overview 8 2009/2010 Leasing Status 9 2009/2010 Leasing Trends 12 Owned Development Update 13 Third-party Development Update 14 Management Services Update 15 Investor Information 16

Financial Highlights (dollars in thousands, except per share data) 2009 2008 $ Change % Change 77,740 $ 41,441 $ 36,299 $ 87.6% 17,845 12,631 5,214 277 4,909 (4,632) Net income per share attributable to ACC - basic 0.01 0.18 Net income per share attributable to ACC - diluted 0.01 0.18 20,756 13,165 7,591 FFO per share - diluted 0.47 0.45 18,503 11,207 7,296 FFOM per share - diluted 0.42 0.38 Debt to total market capitalization (1) Operating Data Total revenues FFO FFOM Operating income Net income attributable to ACC Operating Statistics Represents operating performance for the four most recently completed fiscal quarters. Excludes interest associated with our on-campus participating properties and Hampton Roads unconsolidated joint venture. 2.04 2.06 Interest coverage (2) (2) (1) Excludes debt related to our on-campus participating properties of $86.2 million and $86.3 million as of March 31, 2009 and December 31, 2008, respectively, as well as unamortized debt discounts of $4.8 million and $4.7 million at March 31, 2009 and December 31, 2008, respectively. Also excludes our share of debt from our unconsolidated joint ventures with Fidelity totaling $34.2 million and $34.3 million as of March 31, 2009 and December 31, 2008, respectively. 61.6% 57.1% Three Months Ended March 31, March 31, 2009 December 31, 2008 1

Consolidated Balance Sheets (dollars in thousands) 2 March 31, 2009 December 31, 2008 (unaudited) Assets Investments in real estate: Wholly-owned properties, net 2,008,723 $ 1,986,833 $ On-campus participating properties, net 68,250 69,302 Investments in real estate, net 2,076,973 2,056,135 Cash and cash equivalents 26,196 25,600 Restricted cash 29,680 32,558 Student contracts receivable, net 4,113 5,185 Other assets 52,975 64,431 Total assets 2,189,937 $ 2,183,909 $ Liabilities and equity Liabilities: Secured debt 1,132,751 $ 1,162,221 $ Senior secured term loan 100,000 100,000 Unsecured revolving credit facility 78,300 14,700 Accounts payable and accrued expenses 26,465 35,440 Other liabilities 52,209 56,052 Total liabilities 1,389,725 1,368,413 Redeemable noncontrolling interests 24,571 26,286 Equity: American Campus Communities, Inc. and Subsidiaries stockholders' equity: Common stock 423 423 Additional paid in capital 903,265 901,641 Accumulated earnings and distributions (126,117) (111,828) Accumulated other comprehensive loss (5,900) (5,117) 771,671 785,119 Noncontrolling interests 3,970 4,091 Total equity 775,641 789,210 Total liabilities and equity 2,189,937 $ 2,183,909 $ Total American Campus Communities, Inc. and Subsidiaries stockholders' equity 2009 2008 $ Change

Revenues: Wholly-owned properties 67,332 $ 31,681 $ 35,651 $ On-campus participating properties 6,874 6,744 130 Third-party development services 1,052 1,656 (604) Third-party management services 2,242 922 1,320 Resident services 240 438 (198) Total revenues 77,740 41,441 36,299 Operating expenses: Wholly-owned properties 31,486 13,885 17,601 On-campus participating properties 2,030 2,295 (265) Third-party development and management services 2,977 2,108 869 General and administrative 2,748 2,134 614 Depreciation and amortization 20,102 8,029 12,073 Ground/facility leases 552 359 193 Total operating expenses 59,895 28,810 31,085 Operating income 17,845 12,631 5,214 Nonoperating income and (expenses): Interest income 40 162 (122) Interest expense (15,886) (6,979) (8,907) Amortization of deferred financing costs (801) (311) (490) Loss from unconsolidated joint ventures (554) (126) (428) Total nonoperating expenses (17,201) (7,254) (9,947) Income before income taxes and redeemable noncontrolling interests 644 5,377 (4,733) Income tax provision (135) (60) (75) Redeemable noncontrollilng interests share of income (54) (306) 252 Net income 455 5,011 (4,556) Net income attributable to noncontrolling interests (178) (102) (76) Net income attributable to American Campus Communities, Inc. and Subsidiaries 277 $ 4,909 $ (4,632) $ Net income per share attributable to American Campus Communities, Inc. and Subsidiaries common stockholders - basic 0.01 $ 0.18 $ Net income per share attributable to American Campus Communities, Inc. and Subsidiaries common stockholders - diluted 0.01 $ 0.18 $ Weighted-average common shares outstanding: Basic 42,377,638 27,331,896 Diluted 44,031,602 29,161,145 Three Months Ended March 31, 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) 2009 2008 $ Change Net income attributable to American Campus Communities, Inc. and Subsidiaries 277 $ 4,909 $ (4,632) $ Noncontrolling interests 232 408 (176) Loss from unconsolidated joint ventures 554 126 428 FFO from unconsolidated joint ventures (1) (39) (126) 87 Real estate related depreciation and amortization 19,732 7,848 11,884 Funds from operations ("FFO") 20,756 13,165 7,591 Elimination of operations of on-campus participating properties and unconsolidated joint venture: Net income from on-campus participating properties (2,014) (1,682) (332) Amortization of investment in on-campus participating properties (1,090) (1,069) (21) FFO from Hampton Roads unconsolidated joint venture (2) 236 126 110 17,888 10,540 7,348 Modifications to reflect operational performance of on-campus participating properties: Our share of net cash flow (3) 292 359 (67) Management fees 323 308 15 Impact of on-campus participating properties 615 667 (52) Funds from operations – modified for operational performance of on-campus participating properties ("FFOM") 18,503 $ 11,207 $ 7,296 $ FFO per share - diluted 0.47 $ 0.45 $ FFOM per share - diluted 0.42 $ 0.38 $ Weighted average common shares outstanding - diluted 44,031,602 29,161,145 (1) (2) (3) Three Months Ended March 31, 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 (the "Fidelity Joint Ventures") formed or assumed as part of the company's acquisition of GMH. For the three months ended March 31, 2009, ACC's 10% share of FFO and net operating income of the Fidelity Joint Ventures was $0.2 million and $0.7 million, respectively. 50% of the properties' net cash available for distribution after payment of operating expenses, debt service (including repayment of principal) and capital expenditures. Represents amounts accrued for the interim periods. 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

Wholly-Owned Property Results of Operations (dollars in thousands) 2009 2008 $ Change % Change Wholly-owned property revenues Same store properties 32,773 $ 31,847 $ 926 $ 2.9% New properties - GMH portfolio 29,345 - 29,345 New properties - other 5,454 272 5,182 Total revenues (1) 67,572 $ 32,119 $ 35,453 $ 110.4% Wholly-owned property operating expenses Same store properties 14,270 $ 13,729 $ 541 $ 3.9% New properties - GMH portfolio 15,498 - 15,498 New properties - other 1,718 156 1,562 Total operating expenses 31,486 $ 13,885 $ 17,601 $ 126.8% Wholly-owned property net operating income Same store properties 18,503 $ 18,118 $ 385 $ 2.1% New properties - GMH portfolio 13,847 - 13,847 New properties - other 3,736 116 3,620 Total net operating income 36,086 $ 18,234 $ 17,852 $ 97.9% (1) Three Months Ended March 31, Includes revenues w hich are reflected as Resident Services Revenue on the accompanying consolidated statements of operations. 5

Seasonality – Same Store Wholly-Owned Portfolio (dollars in thousands) March 31, June 30, September 30, December 31, Includes 18 properties containing 9,991 beds operating during both the entire years ended December 31, 2007 and 2006. Revenues 16,786 $ 25% 15,910 $ 24% 16,641 $ 25% 17,085 $ 26% 66,422 $ Operating expenses 7,030 23% 7,082 24% 8,578 29% 7,047 24% 29,737 Net operating income 9,756 $ 27% 8,828 $ 24% 8,063 $ 22% 10,038 $ 27% 36,685 $ Operating expense margin 42% 45% 52% 41% 45% Average occupancy 98.6% 94.6% 96.5% 98.2% 97.0% Includes 32 properties containing 16,440 beds operating during both the entire years ended December 31, 2008 and 2007. Revenues 26,405 $ 25% 25,635 $ 24% 27,236 $ 26% 26,876 $ 25% 106,152 $ Operating expenses 11,008 22% 11,325 23% 14,970 31% 11,688 24% 48,991 Net operating income 15,397 $ 27% 14,310 $ 25% 12,266 $ 21% 15,188 $ 27% 57,161 $ Operating expense margin 42% 44% 55% 43% 46% Average occupancy 98.4% 95.9% 96.2% 97.2% 96.9% 2008 Three Months Ended Year Ended December 31, 2007 6

Capital Structure as of March 31, 2009 (dollars in thousands) Total Debt (1) 1,229,627 $ Total Equity Market Value (2) 765,529 Total Market Capitalization 1,995,156 $ Debt to Total Market Capitalization 61.6% Interest Coverage (3) 2.04 Principal Outstanding (1) Weighted Average Interest Rate Average Term to Maturity Fixed Rate Mortgage Loans 923,480 $ 5.86% 5.0 Years Variable Rate Construction Loans 127,847 1.77% .6 Years Revolving Credit Facility 78,300 2.04% .4 Years Senior Secured Term Loan (4) 100,000 3.80% 2.1 Years Total / Weighted Average 1,229,627 $ 5.02% 4.0 Years (1) (2) (3) (4) In the first quarter 2009, we entered into an interest rate swap agreement whereby we fixed the LIBOR portion of the rate to 1.79% through maturity of the loan. Fixed Rate Mortgage Loans Maturity Schedule Excludes debt related to our on-campus participating properties totaling $86.2 million with a weighted average interest rate of 7.17% and average term to maturity of 11.4 years. Also excludes net unamortized debt discounts of $4.8 million as well as our share of debt from our unconsolidated joint ventures with Fidelity totaling $34.2 million. Based on share price of $17.36 at March 31, 2009. Assumes conversion of all common and preferred Operating Partnership units as well as any other securities convertible into common shares. Represents operating performance for the four most recently completed fiscal quarters. Excludes interest associated with our on-campus participating properties and Hampton Roads unconsolidated joint venture. $51,102 $84,580 $97,351 $74,960 $84,370 $101,448 $190,592 $182,932 $43,700 $12,445 $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000 $180,000 $200,000 $220,000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018+ 7

Portfolio Overview as of March 31, 2009 (1) Units Beds 2009 2008 Same Store Wholly-owned Properties 6,458 20,689 96.4% 95.5% New Wholly-owned Properties (Excluding GMH Portfolio) 809 (2) 2,418 (2) 98.9% (2) N/A Wholly Owned Properties (Excluding GMH Portfolio) - Total 7,267 (2) 23,107 (2) 96.7% (2) 95.5% (3) GMH Portfolio 7,481 23,471 89.1% N/A Wholly Owned Properties (Including GMH Portfolio) - Total 14,748 (2) 46,578 (2) 92.9% (2) 95.5% (3) On-campus Participating Properties 1,863 4,519 91.0% 94.6% Joint Venture Properties (4) 3,644 12,051 91.0% N/A (1) (2) (3) (4) 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 March 31, Property Type Excludes properties under construction as of March 31, 2008 (Chestnut Ridge and Vista del Sol) and the GMH portfolio. For a detailed disclosure of occupancy for each property, please refer to the company's Form 10-K for the year ended December 31, 2008. Excludes 601 units and 1,720 beds for Barrett Honors College, w hich w as under construction as of March 31, 2009 and is anticipated to be completed and open for occupancy in August 2009. Including Barrett Honors College, the company's total w holly-ow ned property portfolio contains 15,349 units and 48,298 beds. 8

2009/2010 Leasing Status Wholly-owned Properties 9 Applications + Leases Current Applications + Leases (1) % of Rentable Beds Prior Year (1) Prior Year % of Rentable Beds Rentable Beds (2) Design Beds Final Fall 2008 Occupancy (3) Legacy Properties (Excluding 2008 Acquisitions) 17,784 80.1% 19,447 87.6% 22,198 22,418 96.7% 2008 Acquisitions (4) 337 48.9% 414 60.1% 689 689 92.5% GMH Properties (Acquired June 2008) 17,006 73.5% 14,539 62.8% 23,149 23,471 87.5% Total Same Store Wholly-owned Properties 35,127 76.3% 34,400 74.7% 46,036 46,578 92.0% 2009 Development (5) 1,399 81.6% n/a n/a 1,715 1,721 n/a Total Wholly-owned Properties 36,526 76.5% 34,400 74.7% (6) 47,751 48,299 92.0% Leases Current Leases (1) % of Rentable Beds Prior Year (1) Prior Year % of Rentable Beds Rentable Beds (2) Design Beds Final Fall 2008 Occupancy (3) Legacy Properties (Excluding 2008 Acquisitions) 16,685 75.2% 18,198 82.0% 22,198 22,418 96.7% 2008 Acquisitions (4) 316 45.9% 383 55.6% 689 689 92.5% GMH Properties (Acquired June 2008) 16,548 71.5% 14,539 62.8% 23,149 23,471 87.5% Total Same Store Wholly-owned Properties 33,549 72.9% 33,120 71.9% 46,036 46,578 92.0% 2009 Development (5) 1,399 81.6% n/a n/a 1,715 1,721 n/a Total Wholly-owned Properties 34,948 73.2% 33,120 71.9% (6) 47,751 48,299 92.0% (1) As of April 24, 2009 for current year and April 25, 2008 for prior year. (2) Rentable Beds exclude beds needed for on-site staff. (3) As of September 30, 2008. (4) Sunnyside Commons and Pirates Place. (5) Barrett Honors College - anticipated to complete construction and open for occupancy in August 2009. (6) The prior year rentable beds percentage w as calculated by removing the rentable beds for the 2009 Development because no 2008 prior year leasing information is available.

Leases (1) % of Rentable Leases (1) % of Rentable Same Store Legacy ACC Properties 1. Royal Village Gainesville - Gainesville, FL 434 96.9% 439 98.0% 448 448 98.0% 4.7% 4.7% 2. Vista del Sol - Tempe, AZ 1,809 98.5% 1,836 100.0% 1,836 1,866 99.6% 4.6% 4.6% 3. The Outpost San Antonio - San Antonio, TX 804 97.1% 787 95.0% 828 828 99.4% 4.4% 4.5% 4. University Village at Fresno - Fresno, CA 319 80.6% 134 33.8% 396 406 97.5% 3.9% 4.1% 5. Aggie Station - Bryan, TX 428 95.1% 448 99.6% 450 450 99.6% 3.9% 4.0% 6. University Village at Boulder Creek - Boulder, CO 295 98.7% 295 98.7% 299 309 98.1% 4.0% 4.0% 7. Entrada Real - Tucson, AZ 359 98.9% 359 98.9% 363 363 97.8% 3.9% 3.9% 8. City Parc at Fry Street - Denton, TX 392 95.6% 408 99.5% 410 418 98.6% 3.7% 3.7% 9. The Callaway House - College Station, TX 535 101.5% 539 102.3% 527 538 103.7% 3.7% 3.7% 10. University Centre - Newark, NJ 401 48.5% 420 50.8% 826 838 92.5% 3.6% 3.6% 11. The Village at Blacksburg - Blacksburg, VA 1,043 99.2% 1,047 99.6% 1,051 1,056 99.1% 3.0% 3.5% 12. The Outpost San Marcos - San Marcos, TX 482 99.2% 391 80.5% 486 486 99.2% 3.5% 3.5% 13. Northgate Lakes - Orlando, TX 695 97.9% 706 99.4% 710 710 99.0% 3.4% 3.4% 14. Royal Lexington - Lexington, KY 322 88.5% 355 97.5% 364 364 100.0% 3.3% 3.3% 15. Newtown Crossing - Lexington, KY 655 69.5% 641 68.0% 942 942 86.8% 3.1% 3.1% 16-17. University Club Tallahassee - Tallahassee, FL 629 85.9% 726 99.2% 732 736 99.0% 3.6% 3.1% 18. Raider's Pass - Lubbock, TX 548 67.1% 564 69.0% 817 828 98.9% 2.7% 2.7% 19. Village on Sixth - Huntington, WV 399 53.4% 411 55.0% 747 752 96.5% 2.7% 2.7% 20. Villas at Chestnut Ridge - Amherst, NY 482 88.8% 489 90.1% 543 552 98.9% 2.8% 2.6% 21. University Village at TU - Philadelphia, PA 612 84.2% 598 82.3% 727 749 98.5% 2.6% 2.6% 22. Raider's Crossing - Murfreesboro, TN 184 66.7% 234 84.8% 276 276 98.6% 3.0% 2.5% 23. The Woods at Greenland - Murfreesboro, TN 146 52.9% 196 71.0% 276 276 97.1% 3.2% 2.4% 24. Olde Town University Square - Toledo, OH 405 73.6% 531 96.5% 550 550 99.5% 3.0% 1.9% 25. Callaway Villas - College Station, TX 359 52.0% 517 74.8% 691 704 99.9% 1.8% 1.8% 26-28. Royal Village Tallahassee - Tallahassee, FL 628 88.0% 562 78.7% 714 716 96.2% 1.4% 1.4% 29. University Village at Sweet Home - Amherst, NY 423 51.9% 411 50.4% 815 828 88.3% 1.8% 1.2% 30. Villas on Apache - Tempe, AZ 41 14.2% 94 32.6% 288 288 99.7% 1.9% 0.7% 31. The Village at Science Drive - Orlando, FL 501 69.3% 717 99.2% 723 732 99.5% 3.2% 0.3% 32. University Club Gainesville - Gainesville, FL 236 62.8% 372 98.9% 376 376 98.4% 3.8% 0.0% Properties Increasing Rental Rates 14,566 80.0% 15,227 83.6% 18,211 18,385 97.5% 3.3% 3.0% 33. The Village at Alafaya Club - Orlando, FL 426 51.4% 788 95.1% 829 839 98.7% 3.3% -1.0% 34. River Walk Townhomes - Athens, GA 267 79.7% 227 67.8% 335 336 91.1% 1.1% -4.5% 35. River Club Apartments - Athens, GA 487 62.0% 515 65.6% 785 792 86.5% 2.0% -5.3% 36-37. College Club Tallahassee - Tallahassee, FL 242 44.9% 383 71.1% 539 544 93.2% 1.4% -8.4% 38. The Estates - Gainesville, FL 569 55.2% 831 80.6% 1,031 1,044 93.7% 0.4% -8.8% 39. Peninsular Place - Ypsilanti, MI 128 27.4% 227 48.5% 468 478 89.3% 0.7% -11.0% Properties Reducing Rental Rates 2,119 53.1% 2,971 74.5% 3,987 4,033 92.5% 1.6% -6.2% Total Same Store Legacy ACC Properties (Excluding 2008 Acquisitions) 16,685 75.2% 18,198 82.0% 22,198 22,418 96.7% 3.0% 1.6% (1) As of April 24, 2009 for current year and April 25, 2008 for prior year. (2) Rentable beds exclude beds needed for on-site staff. (3) As of September 30, 2008. (4) Projected rental rate increase is based on current executed leases and assumes all future leases are executed at currently marketed rates up to targeted occupancy. Initial Rate Increase Projected Rate Increase (4) Current Year Design Beds Final Fall 2008 Occupancy (3) Rentable Beds (2) Prior Year 2009/2010 Leasing Status Same Store Legacy ACC Properties - Leases 10

Leases (1) % of Rentable Beds Leases (1) % of Rentable Beds Same Store GMH Portfolio 1. Aztec Corner - San Diego, CA 602 99.3% 602 99.3% 606 606 99.3% 5.0% 5.0% 2. University Mills - Cedar Falls, IA 476 99.0% 380 79.0% 481 481 99.0% 4.8% 4.8% 3. Abbott Place - East Lansing, MI 492 76.9% 385 60.2% 640 654 95.3% 3.9% 4.4% 4. Campus T rails - Starkville, MS 404 85.8% 374 79.4% 471 480 97.9% 4.2% 4.4% 5. University Crossings - Philadelphia, PA 998 99.5% 998 99.5% 1,003 1,016 98.1% 4.2% 4.2% 6. Campus Way - Tuscaloosa, AL 666 99.0% 573 85.1% 673 684 92.7% 3.5% 3.5% 7. University Trails - Lubbock, TX 674 99.6% 656 96.9% 677 684 98.4% 3.4% 3.4% 8. University Pines - Statesboro, GA 273 50.0% 286 52.4% 546 552 98.0% 3.3% 3.3% 9. Southview - Harrisonburg, VA 919 96.3% 960 100.6% 954 960 99.6% 2.7% 3.0% 10. Brookstone Village - Wilmington, NC 129 55.6% 93 40.1% 232 238 94.1% 2.9% 2.9% 11. Stonegate - Harrisonburg, VA 653 97.9% 667 100.0% 667 672 99.4% 2.5% 2.8% 12. Campus Walk - Wilmington - Wilmington, NC 102 35.9% 130 45.8% 284 290 92.8% 2.6% 2.6% 13. University Village - Sacramento - Sacramento, CA 136 35.5% 132 34.5% 383 394 91.4% 1.2% 2.3% 14. University Pointe - Lubbock, TX 552 82.3% 599 89.3% 671 682 96.6% 2.2% 2.2% 15. Campus Ridge - Johnson City, TN 232 44.4% 246 47.0% 523 528 93.6% 1.9% 1.9% 16. Campus Corner - Bloomington, IN 752 96.0% 360 46.0% 783 796 77.9% 2.3% 1.7% 17. Cambridge at Southern - Statesboro, GA 293 52.5% 324 58.1% 558 564 89.5% 1.6% 1.6% 18. The Commons - Harrisonburg, VA 394 75.2% 519 99.0% 524 528 97.0% 3.1% 1.5% 19. Pirates Cove - Greenville, NC 703 67.7% 461 44.4% 1,039 1,056 69.9% 1.1% 1.1% 20. University Gables - Murfreesboro, TN 299 46.9% 183 28.7% 638 648 74.7% 1.1% 1.0% 21-22. Willowtree Apartments and Towers - Ann Arbor, MI 291 34.5% 340 40.3% 843 851 91.8% 0.6% 0.6% 23. Tower at 3rd, Champaign, IL 252 85.4% 244 82.7% 295 295 95.6% 1.0% 0.5% 24. Campus Club - Statesboro - Statesboro, GA 647 66.4% 417 42.8% 975 984 90.5% 0.4% 0.4% 25-27. Jacob Heights / The Summitt - Mankato, MN 493 53.7% 614 66.9% 918 930 90.8% 0.7% 0.0% Properties Increasing Rental Rates 11,432 74.3% 10,543 68.5% 15,384 15,573 91.8% 2.5% 2.5% 28. University Meadows - Mt. Pleasant, MI 571 94.1% 363 59.8% 607 616 82.5% 4.3% -0.2% 29. Riverside Estates - Cayce, SC 277 40.0% 338 48.8% 693 700 95.4% 1.3% -0.8% 30. GrandMarc - Seven Corners - Minneapolis, MN 282 65.4% 305 70.8% 431 440 88.4% -1.0% -0.8% 31. University Manor - Greenville, NC 602 101.2% 384 64.5% 595 600 87.7% -0.9% -0.9% 32. The Club - Athens, GA 383 81.5% 302 64.3% 470 480 90.4% 1.1% -1.9% 33. The Edge (formerly Pegasus Connection) - Orlando, FL 542 59.0% 401 43.6% 919 930 86.9% 1.7% -2.3% 34. Lakeside - Athens, GA 466 61.1% 556 72.9% 763 776 94.5% 2.5% -3.6% 35. University Centre - Kalamazoo - Kalamazoo, MI 558 81.6% 232 33.9% 684 700 56.0% -5.8% -5.7% 36. University Highlands - Reno, NV 417 58.2% 201 28.0% 717 732 63.0% -5.8% -5.8% 37. Hawks Landing - Oxford, OH 295 62.0% 317 66.6% 476 484 74.4% -6.2% -6.2% 38. University Place - Charlottesville, VA 143 28.3% 234 46.2% 506 528 76.1% 1.2% -8.4% 39. Campus Walk - Oxford - Oxford, MS 227 53.5% 157 37.0% 424 432 56.9% -9.2% -9.3% 40. The Enclave I - Bowling Green, OH 353 73.5% 206 42.9% 480 480 65.4% -6.8% -11.8% Properties Reducing Rental Rates 5,116 65.9% 3,996 51.5% 7,765 7,898 79.0% -0.7% -3.5% Total Same Store GMH Portfolio 16,548 71.5% 14,539 62.8% 23,149 23,471 87.5% 1.6% 0.7% (1) As of April 24, 2009 for current year and April 25, 2008 for prior year. (2) Rentable beds exclude beds needed for on-site staff. (3) As of September 30, 2008. (4) Projected rental rate increase is based on current executed leases and assumes all future leases are executed at currently marketed rates up to targeted occupancy. Current Year Prior Year Initial Rate Increase Projected Rate Increase (4) Final Fall 2008 Occupancy (3) Rentable Beds (2) Design Beds 2009/2010 Leasing Status, continued Same Store GMH Portfolio – Leases 11

12 2009/2010 Leasing Trends Same Store Wholly-owned Properties – Applications + Leases GMH Properties - 5,000 10,000 15,000 20,000 25,000 11/14/2008 12/14 /2008 1/14/2009 2/14/2009 3/14/ 2009 4/14/2009 5/14/2009 6/14/2009 7/14/ 2009 8/14/2009 9/14/2009 2008 2009 Capacity Same Store Wholly-Ow ned Legacy Properties (Excluding 2008 Acquisitons) - 5,000 10,000 15,000 20,000 25,000 11/14/2008 12/14/2008 1/14/2009 2/14/2009 3/14/2009 4/14/2009 5/14/2009 6/14/2009 7/14/ 2009 8/14/2009 9/14/2009 2008 2009 Capacity Total Same Store Wholly-Ow ned Properties - 10,000 20,000 30,000 40,000 50,000 11/14/2008 12/14/2008 1/14/ 2009 2/14/ 2009 3/14/2009 4/14/2009 5/14/2009 6/14/2009 7/14/ 2009 8/14/ 2009 9/14/ 2009 2008 2009 Capacity

Owned Development Update (dollars in thousands) PROJECT UNDER CONSTRUCTION Location Primary University Served Units Beds Estimated Project Costs % Complete (1) Scheduled to Open for Occupancy Tempe, AZ Arizona State University 601 1,720 126,500 $ 74% August 2009 PROJECTS IN PRE-DEVELOPMENT (2) Location Anticipated Commencement Approximate Targeted Beds Estimated Project Cost Targeted Completion ASU Component III - ACE (3) Tempe, AZ TBD 1,500 110,000 $ TBD Carbondale Development (4) Carbondale, IL TBD 652 32,100 TBD 142,100 $ Location Approximate Targeted Beds 860 140 TBD University of New Mexico - Phase I Albuquerque, NM 1,300 University of New Mexico - Phase II Albuquerque, NM TBD Portland State University Portland, OR 1,000 Washington State University Pullman, WA TBD ASU - West Campus Phoenix, AZ TBD (1) (2) Does not include 4 undeveloped land parcels in 4 university markets totaling $18.2 million as of March 31, 2009. (3) (4) (5) Boise, ID 7,500 August 2012 August 2012 TBD TBD Targeted Completion August 2011 TBD August 2011 163 ACE AWARDS (5) Boise, ID Estimated Project Cost 42,500 $ TBD Boise State University - Phase IA Boise, ID Boise State University - Phase II Boise State University - Phase IB 575 Project Approximate Targeted Units Project Barrett Honors College - ACE TBD TBD TBD ACE awards provide the company with the opportunity to exclusively negotiate with the subject universities and commencement is subject to final determination of feasibility, execution and closing on definitive agreements, municipal approval processes, fluctuations in the construction market, and current capital market conditions. Component development is contingent upon execution of all transactional documents, including a facility lease agreement with Arizona State University and Board of Regents approval. Commencement of this project is subject to final determination of feasibility, execution and closing on definitive agreements, municipal approval processes, fluctuations in the construction market, and current capital market conditions. Based on costs incurred under general construction contract as of March 31, 2009. As of March 31, 2009, the total Construction in Progress balance for this project is $89.5 million, representing costs incurred under the total project budget. TBD TBD TBD 13

Third-Party Development Update (dollars in thousands) 2009 2008 $ Change Development services revenue 1,052 $ 1,656 $ (604) $ % of total revenue 1.4% 4.0% CONTRACTED PROJECTS IN PROGRESS Project Units Beds Total Fees Fees Earned to Date (1) Remaining Fees (1) Scheduled Completion West Virginia University - Downtown West Virginia University 110 362 235 $ (2) 211 $ 24 $ July 2009 Hampton Roads Military Housing 1,190 2,367 3,542 2,869 673 March 2010 The Highlands Edinboro, PA Edinboro University of PA 232 796 2,000 1,757 243 August 2009 University of California, Irvine - Phase III Irvine, CA University of California - Irvine 720 1,763 7,570 4,724 2,846 August 2010 13,347 $ 9,561 $ 3,786 $ AWARDED PROJECTS (3) Project Estimated Fees (4) CUNY - Staten Island Staten Island, NY Q3 / Q4 2009 3,250 $ Cleveland State University Cleveland, OH Q3 / Q4 2009 2,500 Edinboro University - Phase II Edinboro, PA TBD 1,900 Univ. of California, Irvine - Future Phases (5) Irvine, CA TBD TBD (1) As of March 31, 2009. (2) Contractual fees are show n net of costs anticipated to be incurred to complete the project. (3) (4) Commencement and fees are dependent upon the availability of project financing, w hich is affected by current capital market conditions. (5) United States Navy Morgantown, WV Location 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 and financing markets. Anticipated Commencement (4) Norfolk, VA 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. Three Months Ended March 31, Location Primary University/ Institution Served 14

Management Services Update (dollars in thousands) 2009 2008 $ Change Management services revenue 2,242 $ 922 $ 1,320 $ % of total revenue 2.9% 2.2% NEW/PENDING MANAGEMENT CONTRACTS Property Approx. Beds Stabilized Annual Fees Anticipated Commencement Asbury Green Denver, CO University of Denver 357 200 $ August 2009 University Village Residence Hall Richardson, Texas University of Texas at Dallas 400 100 August 2009 Hampton Roads - New Housing Norfolk, VA Department of the Navy 2,367 500 March 2010 University of California, Irvine - Phase III Irvine, CA University of California, Irvine 1,763 830 August 2010 Cleveland State Phase II (1) Cleveland, OH Cleveland State University 550 80 (2) August 2010 CUNY - Staten Island (1) Staten Island, NY City University of New York 600 275 TBD 1,985 $ DISCONTINUED MANAGEMENT CONTRACTS Property Approx. Beds 2009 Fee Contribution Discontinued As Of University Courtyard Tallahassee, Florida Florida A & M University 380 72 $ February 2009 (1) (2) Three Months Ended March 31, 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. Location University Served 15

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 Research Coverage David Toti / Michael Bilerman Citigroup Equity Research (212) 816-1909/ (212) 816-1383 david.toti@citi.com / michael.bilerman@citi.com Andrew McCulloch / Craig Leupold Green Street Advisors (949) 640-8780 amcculloch@greenstreetadvisors.com / cleupold@greenstreetadvisors.com Anthony Paolone / Joseph Dazio J.P. Morgan Securities (212) 622-6682 / (212) 622-6416 anthony.paolone@jpmorgan.com / joseph.c.dazio@jpmorgan.com Stephen Sw ett Keefe, Bruyette, & Woods (212) 887-3680 ssw ett@kbw.com Jordan Sadler / Karin Ford KeyBanc Capital Markets (917) 368-2280 / (917) 368-2293 jsadler@keybanccm.com / kford@keybanccm.com Paula Poskon / Lindsey Yao Robert W. Baird & Co., Inc. (703) 821-5782 / (703) 918-7852 pposkon@rw baird.com / lyao@rw baird.com Michelle Ko / Andrew Ryu UBS Investment Research (212) 713-3893 / (212) 713-3998 michelle.ko@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 w w w .studenthousing.com 16

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 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 related to our ability to successfully integrate the operations of GMH Communities Trust; the national economy, the real estate industry in general, and in our specific markets; 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 principles; 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.