Exhibit 99.2

SUPPLEMENTAL ANALYST PACKAGE - 4Q 2010 February 16, 2011 AMERICAN CAMPUS COMMUNITIES

TABLE OF CONTENTS :: AMERICAN CAMPUS COMMUNITIES 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 of Operations 6 Capital Structure 7 Portfolio Overview 8 2011/2012 Leasing Status - Summary 9 2011/2012 Leasing Status - By Property 10 Owned Development Update 13 Third-party Development Update 14 Management Services Update 15 Investor Information 16

FINANCIAL HIGHLIGHTS :: $ in thousands, except per share data AMERICAN CAMPUS COMMUNITIES :: 1 Data20102009$ Change% Change20102009$ Change% ChangeTotal revenues98,135$ 81,509$ 16,626$ 20.4%344,991$ 304,946$ 40,045$ 13.1%Operating income28,596 24,967 3,629 86,942 65,733 21,209 Net income (loss) attributable to ACC13,726 (2,003) 15,729 16,210 (12,840) 29,050 Net income (loss) per share - basic0.20 (0.04) 0.27 (0.28) Net income (loss) per share - diluted0.20 (0.04) 0.26 (0.28) FFO 35,367 25,796 9,571 97,298 75,031 22,267 FFO per share—diluted 0.52 0.48 1.64 1.49 FFOM 30,927 23,226 7,701 93,856 71,559 22,297 FFOM per share—diluted 0.45 0.43 1.58 1.42 Operating StatisticsDebt to total market capitalization1 2Interest coverage3Year Ended December 31,December 31, 201036.6%2.77December 31, 200943.0%2.35Three Months Ended December 31,

1Excludesdebtrelatedtoouroncampusparticipatingpropertiesof$81.8millionand$84.1millionasofDecember31,2010and2009,respectively,aswellasnetunamortizeddebtpremiumsof$9.9millionanddiscountsof$4.7 millionasofDecember31,2010and2009,respectively.

AlsoexcludesourshareofdebtfromourunconsolidatedjointventureswithFidelitytotaling$1.8millionand$33.0millionasofDecember31,2010and2009,respectively. 2 Marketcapitalizationiscalculatedbasedonacommonsharepriceof$31.76and$28.10asofDecember31,2010and2009,respectively,andfullydilutedcommonsharestotaling68.5millionand54.0millionasofDecember31,2010and2009,respectively. 3 Representsoperatingperformanceforthefourmostrecentlycompletedfiscalquarters.Excludesinterestassociatedwithon-campusparticipatingpropertiesandtheHamptonRoadsunconsolidatedjointventure.

AMERICAN CAMPUS COMMUNITIES :: CONSOLIDATED BALANCE SHEETS :: 2 $ in thousands December 31, 2010December 31, 2009(unaudited)AssetsInvestments in real estate:Wholly-owned properties, net2,433,844$ 2,014,970$ On-campus participating properties, net62,48665,690Investments in real estate, net2,496,3302,080,660Cash and cash equivalents113,50766,093Restricted cash 26,76429,899Student contracts receivable, net5,7365,381Other assets51,14752,948Total assets2,693,484$ 2,234,981$ Liabilities and equityLiabilities:Secured mortgage, construction and bond debt1,144,103$ 1,029,455$ Senior secured term loan100,000 100,000 Secured agency facility101,000 94,000 Accounts payable and accrued expenses34,77126,543Other liabilities61,01145,487Total liabilities1,440,8851,295,485Redeemable noncontrolling interests34,70436,722Equity:American Campus Communities, Inc. and Subsidiaries stockholders' equity:Common stock667521Additional paid in capital1,468,1791,092,030Accumulated earnings and dividends(249,381)(189,165)Accumulated other comprehensive loss(5,503)(4,356)1,213,962899,030Noncontrolling interests3,9333,744Total equity1,217,895902,774Total liabilities and equity2,693,484$ 2,234,981$ Total American Campus Communities, Inc. and Subsidiaries stockholders' equity

AMERICAN CAMPUS COMMUNITIES :: CONSOLIDATED STATEMENTS OF OPERATIONS :: 3 $in thousands, except share and per share data20102009$ Change20102009$ Change(unaudited)Revenues Wholly-owned properties86,796$ 70,093$ 16,703$ 301,747$ 267,294$ 34,453$ On-campus participating properties7,8687,498370 23,975 22,727 1,248 Third-party development services1,0441,317(273) 9,302 5,015 4,287 Third-party management services2,0612,219(158) 8,670 8,795 (125) Resident services366382(16) 1,297 1,115 182 Total revenues98,13581,50916,626344,991 304,946 40,045Operating expenses Wholly-owned properties37,61230,2307,382 143,037 130,147 12,890 On-campus participating properties2,6162,697(81) 10,492 10,200 292 Third-party development and management services4,1322,6211,511 12,781 11,250 1,531 General and administrative2,4762,711(235) 11,561 110,955 606 Depreciation and amortization21,97117,6544,317 77,234 74,554 2,680 Ground/facility leases732629103 2,944 2,107 837 Total operating expenses69,53956,54212,997258,049 239,213 18,836Operating income 28,59624,9673,62986,94265,733 21,209Nonoperating income and (expenses) Interest income1121993 187 118 69 Interest expense(15,150)(15,957)807 (60,654) (61,192) 538 Amortization of deferred financing costs(1,190)(1,042)(148) (4,485) (3,435) (1,050) Income (loss) from unconsolidated joint ventures111(129)240 (2,023)(2,073) 50 Other nonoperating income1,793 - 1,793 5,694 402 5,292 Total nonoperating expenses(14,324)(17,109)2,785(61,281)(66,180) 4,899Income (loss) before income taxes and discontinued operations14,2727,8586,41425,661(447) 26,108Income tax provision(142) (135) (7) (570)(540) (30) Income (loss) from continuing operations14,1307,7236,407 25,091(987) 26,078Discontinued operations Loss attributable to discontinued operations- (290)290 (4,288)(2,115) (2,173) Loss from disposition of real estate- (9,358) 9,358 (3,705)(9,358) 5,653 Total discontinued operations- (9,648)9,648(7,993)(11,473) 3,480Net income (loss)14,130(1,925)16,05517,098(12,460) 29,558 Net income attributable to noncontrolling interests(404) (78) (326) (888)(380) (508) Net income (loss) attributable to American Campus Communities, Inc. and Subsidiaries13,726$ (2,003)$ 15,729$ 16,210$ (12,840)$ 29,050$ Net income (loss) per share attributable to American Campus Communities, Inc. and Subsidiaries common stockholders Basic0.20$ (0.04)$ 0.27$ (0.28)$ Diluted0.20$ (0.04)$ 0.26$ (0.28)$ Weighted-average common shares outstanding Basic66,817,937 52,208,834 57,682,80848,706,480 Diluted68,365,86052,671,86859,338,22748,706,480Three Months Ended December 31,Year Ended December 31,(unaudited)31GeneralandadministrativeexpensesfortheyearendedDecember31,2010include$1.0millionofacquisition-relatedcostssuchasbrokerfees,duediligencecostsandlegalandaccountingfees. Underpreviousaccountingguidance,suchcostswouldhavebeencapitalizedaspartoftheacquisition; however,undernewaccountingrequirements,thesecostsareexpensedintheperiodincurred.

AMERICAN CAMPUS COMMUNITIES :: 4 CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS ::unaudited, $ in thousands, except share and per share data20102009$ Change20102009$ ChangeNet income (loss) attributable to American Campus Communities, Inc. and Subsidiaries13,726$ (2,003)$ 15,729$ 16,210$ (12,840)$ 29,050$ Noncontrolling interests404 78 326 888 380 508 Loss from disposition of real estate- 9,358 (9,358) 3,705 9,358 (5,653) (Income) loss from unconsolidated joint ventures (111) 129 (240) 2,023 2,073 (50) FFO from unconsolidated joint ventures123 401 (378) (1,195) 246 (1,441) Real estate related depreciation and amortization21,325 17,833 3,492 75,667 75,814 (147) Funds from operations ("FFO")35,367 25,796 9,571 97,298 75,031 22,267 Elimination of operations of on-campus participating properties and unconsolidated joint venture:Net income from on-campus participating properties(2,367) (1,905) (462) (1,809) (1,319) (490) Amortization of investment in on-campus participating properties(1,092) (1,081) (11) (4,345) (4,350) 5 FFO from Hampton Roads unconsolidated joint venture2- (288) 288 160 (288) 448 31,908 22,522 9,386 91,304 69,074 22,230 Modifications to reflect operational performance of on-campus participating properties:Our share of net cash flow3449 371 78 1,710 979 731 Management fees363 333 30 1,086 1,042 44 Impact of on-campus participating properties812 704 108 2,796 2,021 775 Gain on remeasurement of equity method investments4 (197) - (197) (4,098) - (4,098) Elimination of provision for asset impairment - wholly-owned property5 - - - 4,036 - 4,036 Elimination of provision for asset impairments - unconsolidated joint ventures6 - - - 1,414 464 950 Gain on insurance settlement7(1,596) - (1,596) (1,596) - (1,596) Funds from operations-modified ("FFOM")30,927$ 23,226$ 7,701$ 93,856$ 71,559$ 22,297$ FFO per share - diluted0.52$ 0.48$ 1.64$ 1.49$ FFOM per share - diluted0.45$ 0.43$ 1.58$ 1.42$ Weighted average common shares outstanding - diluted68,480,823 53,979,151 59,453,19050,451,767Year Ended December 31,Three Months Ended December 31,

1RepresentsourshareoftheFFOfromthreejointventuresinwhichweareorwereaminoritypartner.IncludestheHamptonRoadsMilitaryHousingjointventureinwhichwehaveaminimaleconomicinterestaswellasour10%noncontrollinginterestintwojointventures(the"FidelityJointVentures")formedorassumedaspartofthecompany'sacquisitionofGMH.InSeptemberandNovember2010,wepurchasedFidelity's90%interestin14jointventureproperties.Subsequenttotheacquisition,the14propertiesarenowwholly-ownedandareconsolidatedbythecompany.

OnepropertywasnotacquiredandwillcontinuetobeownedbyoneoftheFidelityJointVentures.

2OurshareoftheFFOfromtheHamptonRoadsMilitaryHousingunconsolidatedjointventureisexcludedfromthecalculationofFFOM,

asmanagementbelievesthisamountdoesnotaccuratelyreflectthecompany'sparticipationintheeconomicsofthetransaction.350%oftheproperties'netcashavailablefordistributionafterpaymentofoperatingexpenses,debtservice(includingrepaymentofprincipal)andcapitalexpenditures.Representsactualcashreceivedfortheyear-to-dateperiodsandamountsaccruedfortheinterimperiods.4Representsnon-cashgainsrecordedtoremeasurethecompany'sequitymethodinvestmentsintheFidelityJointVenturestofairvalueasaresultofthecompanypurchaingFidelity's90%interestin14propertiespreviouslyownedthroughthejointventuresinSeptemberandNovember2010.5RepresentsanimpairmentchargerecordedduringthethreemonthsendedMarch31,2010forCampusWalk-Oxford,apropertythatwassoldinApril2010.Althoughimpairmentchargesareincludedinthecalculationofnetincome(loss)andFFO,thecompanyexcludessuchchargesfromFFOMbecauseitbelievestheinclusionofsuchchargesisinconsistentwiththetreatmentofgainsandlossesonhedispositionofrealestate,whicharenotincludedinFFO.

Additionally,thecompanybelievesthatexcludingimpairmentchargesfromFFOMmoreappropriatelypresentstheoperatingperformanceofthecompany'srealestatinvestmentsonacomparativebasis.

6RepresentsourshareofimpairmentchargesrecordedduringtheperiodspresentedforpropertiesownedthroughourunconsolidatedFidelityJointVetures.

7Representsagainoninsurancesettlementrelatedtosignificantpropertydamageresultingfromafirethatoccurredatoneofourwholly-ownedpropertiesinApril2010.

AMERICAN CAMPUS COMMUNITIES :: 5 WHOLLY-OWNED PROPERTY RESULTS OF OPERATIONS1::$ in thousands20102009$ Change% Change20102009$ Change% ChangeWholly-owned property revenuesSame store properties273,393$ 69,956$ 3,437$ 4.9%270,931$ 260,833$ 10,098$ 3.9%New properties 13,769 519 13,250 32,113 7,576 24,537 Total revenues3 87,162$ 70,475$ 16,687$ 23.7%303,044$ 268,409$ 34,635$ 12.9%Wholly-owned property operating expensesSame store properties231,232$ 29,962$ 1,270$ 4.2%129,261$ 127,874$ 1,387$ 1.1%New properties 6,380 268 6,112 13,776 2,273 11,503 Total operating expenses37,612$ 30,230$ 7,382$ 24.4%143,037$ 130,147$ 12,890$ 9.9%Wholly-owned property net operating incomeSame store properties242,161$ 39,994$ 2,167$ 5.4%141,670$ 132,959$ 8,711$ 6.6%New properties 7,389 251 7,138 18,337 5,303 13,034 Total net operating income49,550$ 40,245$ 9,305$ 23.1%160,007$ 138,262$ 21,745$ 15.7%Three Months Ended December 31,Year Ended December 31,

1Excludes the following properties, which are classified within discontinued operations on the accompanying consolidated statements of operations: Riverside Estates (sold in December 2009); Cambridge at Southern (sold in March 2010); and Campus Walk -Oxford (sold in April 2010).2The same store property grouping for the quarter excludes properties purchased during 2010as well as Campus Trails, a 480-bed property that incurred business interruption due to significant property damage resulting from a fire in April 2010. The same store property grouping for the year to date periodexcludes the above properties as well as Barrett Honors College, which completed construction and opened for occupancy in August 2009. Including Campus Trails in the same store property grouping for the quarter and year ended December 31, 2010 would not have materially changed the same store results of operations.3Includes revenues that are reflected as Resident Services Revenue on the accompanying consolidated statements of operations.

AMERICAN CAMPUS COMMUNITIES :: 6 SEASONALITY OF OPERATIONS1::$ in thousands, except for per bed amountsMarch 31, 2010June 30, 2010September 30, 2010December 31, 2010Total/Weighted AverageSame store properties2Revenue per occupied bedRental revenue per occupied bed per month490$ 485$ 480$ 499$ 489$ Other income per occupied bed per month33437523038Total revenue per occupied bed524$ 522$ 532$ 529$ 527$ Average number of owned beds44,402 44,402 44,449 444,482 44,434 Average physical occupancy for the quarter96.3%94.5%96.4%98.5%96.4%Total revenue67,160$ 65,766$ 68,427$ 69,578$ 270,931$ Property operating expenses30,36530,75937,71030,427129,261Net operating income36,795$ 35,007$ 30,717$ 39,151$ 141,670$ Operating margin54.8%53.2%44.9%56.3%52.3%New properties5Revenue per occupied bedRental revenue per occupied bed per month617$ 615$ 460$ 504$ 515$ Other income per occupied bed per month32186522435Total revenue per occupied bed638$ 701$ 512$ 528$ 550$ Average number of owned beds2,377 2,729 5,485 11,463 5,514 Average physical occupancy for the quarter94.0%52.7%85.7%96.9%88.3%Total revenue4,284$ 3,025$ 7,220$ 17,584$ 32,113$ Property operating expenses1,1111,5293,9517,18513,776Net operating income3,173$ 1,496$ 3,269$ 10,399$ 18,337$ Operating margin74.1%49.5%45.3%59.1%57.1%ALL PROPERTIES Revenue per occupied bedRental revenue per occupied bed per month496$ 489$ 478$ 500$ 491$ Other income per occupied bed per month33439522938Total revenue per occupied bed530$ 528$ 530$ 529$ 529$ Average number of owned beds46,779 47,131 49,934 55,945 49,947 Average physical occupancy for the quarter96.1%92.1%95.2%98.1%95.5%Total revenue71,444$ 68,791$ 75,647$ 87,162$ 303,044$ Property operating expenses31,47632,28841,66137,612143,037Net operating income39,968$ 36,503$ 33,986$ 49,550$ 160,007$ Operating margin55.9%53.1%44.9%56.8%52.8%Three Months Ended

1Excludes the following properties, which are classified within discontinued operations on the accompanying consolidated statements of operations: Riverside Estates (sold in December 2009); Cambridge at Southern (sold in March 2010); and Campus Walk -Oxford (sold in April 2010).

2IncludesallpropertiesownedduringthefullyearendedDecember31,2009.

3OtherincomeisallincomeotherthanNetStudentRent.Thisincludes,butisnotlimitedto,utilityincome,damages,parkingincome,summerconferencerent,applicationandadministrationfees,etc.

4AveragenumberofownedbedsforthequarterendedSeptember30,2010includestheaverageincrementalincreaserelatedtoanadditional80bedsatoneropertythatwereconvertedfromexistingretailspaceandopenedforoccupancyinFall2010.

5IncludesBarrettHonorsCollege,whichcompletedconstructionandopenedforoccupancyinAugust2009,UniversityHeights,whichwaspurchasedfromoneoftheFidelityJointVenturesinMarch2010,SanctuaryLofts,

whichwaspurchasedinJuly2010,Jefferson2ndAvenue,whichwaspurchasedinDecember2010,and14propertiespurchasedinSeptemberandNovember2010fromtwojointventureswithFidelityinwhichwepreviouslyhada10%interest.AlsoincludesCampusTrails,a480-bedpropertythatincurredbusinessinterruptionduetosignificantpropertydamageresultingfromafireinApril2010.

AMERICAN CAMPUS COMMUNITIES :: 7 CAPITAL STRUCTURE AS OF DECEMBER 31, 2010 :: $ in thousandsMarket CapitalizationTotal Debt11,253,374$ Total Equity Market Value22,174,821 Total Market Capitalization3,428,195$ Debt to Total Market Capitalization36.6%Interest Coverage32.77Principal Outstanding1Weighted Average Interest RateAverage Term To MaturityFixed Rate Mortgage Loans4952,374$ 5.7%3.7 YrsVariable Rate Construction Loan5100,000 1.5%1.0 YrsRevolving Credit Facility - -1.6 YrsSecured Agency Facility101,000 2.3%3.7 YrsSenior Secured Term Loan6100,000 3.3%0.4 YrsTotal/Weighted Average1,253,374$ 4.9%3.2 YrsFixed Rate Mortgage Loans Maturity Schedule$0$50,000$100,000$150,000$200,000$250,000$300,00020112012201320142015201620172018+$153,453$127,615$81,891$98,369$197,301$163,203$119,000$11,542

1Excludes debt related to our on-campus participating properties totaling $81.8 million with a weighted average interest rate of 7.2% and average term to maturity of 9.5 years. Also excludes net unamortized debt premiums of $9.9 million.

2Based on share price of $31.76 as of December 31, 2010. Assumes conversion of all common and preferred Operating Partnership units as well as any other securities convertible into common shares

3Represents operating performance for the four most recently completed fiscal quarters. Excludes interest associated with ouron-campus participating properties and Hampton Roads unconsolidated joint venture

4Includes $247.8 million of mortgage loans assumed in connection with the company's September and November 2010 acquisitions of the remaining 90% interest in 14 properties previously owned in joint ventures with Fidelity in whichwe previously held a 10% interest.

5In December 2010, the company exercised its option to extend the maturity of this loan through December 2011.

6This loan matures in May 2011, at which time the company hasthe option to extend the maturity through May 2012. The company currently qualifies for such an extension shouldit choose to exercise it.

7Three loans with GECC maturingin June 2011 and totaling $71 million have two one-year extension options for which the company currently expects to qualify.

AMERICAN CAMPUS COMMUNITIES :: 8 PORTFOLIO OVERVIEW AS OF DECEMBER 31, 20101 ::summaryUnitsBeds20102009Same Store Wholly-owned Properties - Total14,69446,20398.4%96.0%Properties Acquired from Joint Venture22,5848,53497.5%95.0%Other New Properties38072,36394.7%91.2%4Wholly-owned Properties - Total18,08557,10098.1%95.7%4On-campus Participating Properties 1,8634,51997.7%98.1% Physical Occupancy at December 31,Property Type

1ExcludesRiversideEstates,CambridgeatSouthern,andCampusWalk–Oxford,whichweresoldinDecember2009,March2010,andApril2010,respectively.

2Represents14propertiespurchasedfromtwojointventureswithFidelityinSeptemberandNovember2010inwhichwepreviouslyhelda10%interest.

3IncludesUniversityHeights,a528-bedpropertythatwaspurchasedfromoneoftheFidelityjointventuresinMarch2010,CampusTrails,a480-bedpropertythatincurredbusinessinterruptionduetosignificantpropertydamageresultingfromafireinApril2010,SanctuaryLofts,a487-bedpropertypurchasedinJuly2010,andJefferson2ndAvenue,a868-bedpropertypurchasedinDecember2010.

4ExcludesSanctuaryLoftsandJefferson2ndAvenue,asthesepropertieswerenotownedorunderACCManagementasofDecember31,2009.

AMERICAN CAMPUS COMMUNITIES :: 9 2011/2012 LEASING STATUS :: wholly-owned properties -summaryApplications + LeasesApplications + Leases1% of Rentable BedsApplications + Leases1% of Rentable BedsRentableBeds2Design Beds Final Fall 2010 Occupancy3Same Store Wholly-owned Properties-Total24,50954.0%22,69650.0%45,41446,20398.4%New Wholly-owned Properties47,11254.6%4,06243.3%513,02613,23396.6%5Wholly-owned Properties-Total31,62154.1%26,75848.8%558,44059,43698.1%5LeasesLeases1% of Rentable BedsLeases1% of Rentable BedsRentableBeds2Design BedsFinal Fall 2010 Occupancy3Same Store Wholly-owned Properties-Total21,67747.7%20,41445.0%45,41446,20398.4%New Wholly-owned Properties46,54750.3%3,76440.1%513,02613,23396.6%5Wholly-owned Properties-Total28,22448.3%24,17844.1%558,44059,43698.1%5Current YearPrior YearCurrent YearPrior Year

1AsofFebruary11,2011forcurrentyearandFebruary12,2010forprioryear.

2Rentablebedsexcludebedsneededforon-sitestaff.

3AsofSeptember30,2010.

4Includesthefollowingproperties:UniversityHeights,whichwaspurchasedfromoneoftheFidelityjointventuresinMarch2010;CampusTrails,

apropertythatincurredbusinessinterruptionduetosignificantpropertydamageresultingfromafireinApril2010;SanctuaryLofts,whichwaspurchasedinJuly2010,andJefferson2ndAvenue,whichwaspurchasedinDecember2010.

Alsoincludes14propertiespurchasedinSeptemberandNovember2010fromtwojointventureswithFidelityinwhichwepreviouslyhelda10%interest,aswellas3propertiescurrentlyunderconstructionandanticipatedtoopenforoccupancyinFall2011.

5PropertiesnotownedorunderACCmanagementduringtheprioryearareexcludedforpurposesofcalculatingtheprioryearpercentageofrentablebedsndfinalFall2010occupancy.

AMERICAN CAMPUS COMMUNITIES :: 10 Leases1% of Rentable BedsLeases1% of Rentable BedsRentable Beds2Design BedsFinal Fall 2010 Occupancy3Initial Rate IncreaseProjected Rate Increase41.University Meadows-Mt. Pleasant, MI58997.8%58597.2%60261698.9%4.0%4.5%2.Brookstone Village-Wilmington, NC7532.3%5523.7%232238102.5%3.1%4.5%3.University Place-Charlottesville, VA8416.8%7715.4%50052893.9%4.4%4.4%4.The Club-Athens, GA21245.4%28961.9%46748097.5%4.2%4.2%5-6.College Club Townhomes-Tallahassee, FL23143.1%12823.9%53654498.3%4.2%4.2%7.University Manor-Greenville, NC31753.4%34057.2%59460098.8%4.1%4.1%8.University Trails-Lubbock, TX37155.2%41261.3%67268499.1%4.1%4.1%9.University Pines-Statesboro, GA8515.5%8014.6%54855297.8%4.1%4.1%10.Abbott Place-East Lansing, MI44069.5%49077.4%63365498.9%4.0%4.1%11.Callaway Villas-College Station, TX21631.2%18927.3%69270499.4%4.0%4.0%12.University Mills-Cedar Falls, IA31967.0%39482.8%47648199.0%3.9%4.0%13.The Callaway House-College Station, TX41579.3%38573.6%523538103.5%3.9%3.9%14.The Outpost-San Marcos, TX44090.9%47497.9%48448699.6%3.6%3.9%15.University Village at Boulder Creek-Boulder, CO295100.0%28496.3%29530998.7%3.3%3.9%16.University Crossings-Philadelphia, PA86286.4%95295.4%9981,01699.4%3.1%3.9%17.Hawks Landing-Oxford, OH476100.0%476100.0%47648498.6%4.1%3.8%18.The Enclave-Bowling Green, OH16735.1%17236.1%47648099.2%3.8%3.8%19.The Centre-Kalamazoo, MI34449.6%26738.5%69470099.0%3.8%3.8%20.Campus Corner-Bloomington, IN58775.4%48962.8%77979698.7%2.9%3.7%21.Pirates Cove-Greenville, NC36435.0%35634.2%1,0401,05698.7%3.6%3.6%22.Aztec Corner-San Diego, CA15025.7%16528.3%58460698.2%3.6%3.6%23.The Village at Blacksburg-Blacksburg, VA97293.6%95491.9%1,0381,05699.0%3.4%3.5%24.River Walk Townhomes-Athens, GA14543.5%18856.5%33333697.6%3.3%3.5%25.The Highlands-Reno, NV10414.4%11315.7%72073289.8%3.4%3.4%26.Pirates Place-Greenville, NC19638.3%7314.3%51252890.3%3.4%3.4%27.River Club Apartments-Athens, GA22729.2%27435.2%77879296.8%3.1%3.4%28-30.University Village-Tallahassee, FL70799.6%40356.8%71071699.3%3.0%3.4%31.The Edge-Orlando, FL56962.1%32835.8%91693099.5%2.8%3.4%32-33.Willowtree Apartments and Towers-Ann Arbor, MI11113.3%617.3%83785199.5%3.3%3.3%34-35.University Club Townhomes-Tallahassee, FL25535.1%32845.1%72773698.9%3.3%3.3%36.Olde Towne University Square-Toledo, OH37068.0%32159.0%54455099.8%3.0%3.3%37.Campus Way-Tuscaloosa, AL20430.5%27641.3%66868498.1%3.2%3.2%38.University Pointe-Lubbock, TX35252.5%39458.7%67168299.4%3.1%3.1%39.Southview Apartments-Harrisonburg, VA84488.9%80284.5%94996098.9%3.1%3.1%40.University Village Sacramento-Sacramento, CA8522.1%4311.2%385394100.0%3.0%3.0%41.Villas at Chestnut Ridge-Amherst, NY21740.3%25246.8%53955299.1%3.0%3.0%42.Barrett Honors College-Tempe, AZ57533.6%51530.1%1,7111,72198.1%3.0%3.0%43.The Tower at 3rd-Champaign, IL23764.2%19552.8%36937594.1%2.9%3.0%44-46.The Summit & Jacob Heights-Mankato, MN40244.1%45950.3%91293097.1%2.3%3.0%Subtotal-Projected Rental Rate Growth Above 3%13,61153.1%13,03850.9%25,62026,07798.3%3.4%3.6%Current YearPrior Year

1As of February 11, 2011 for the current year and February 12, 2010 for prior year.

2Rentable beds excludebeds needed for on-site staff.

3As ofSeptember 30, 2010.

4Projectedrental rate increase is based on current executed leases and assumes all future leases are executed at currently marketed ratesup to targeted occupancy.2011/2012 LEASING STATUS :: same store wholly-owned properties with projected rental rate growth above 3%

AMERICAN CAMPUS COMMUNITIES :: 11 Leases1% of Rentable BedsLeases1% of Rentable BedsRentable Beds2Design BedsFinal Fall 2010 Occupancy3Initial Rate IncreaseProjected Rate Increase41.Campus Club-Statesboro, GA14014.3%19720.1%97998495.3%2.9%2.9%2.Stone Gate Apartments-Harrisonburg, VA56284.6%65798.9%66467299.4%3.0%2.8%3.Sunnyside Commons-Morgantown, WV162101.3%14892.5%160161101.2%2.9%2.8%4.Lakeside Apartments-Athens, GA34545.0%27035.2%76777697.3%2.6%2.8%5.University Gables-Murfreesboro, TN8413.3%9915.6%63364896.5%2.7%2.7%6.University Village, Temple-Philadelphia, PA15421.3%23232.0%72474998.9%2.6%2.7%7.Royal Lexington-Lexington, KY11231.1%8623.9%36036498.9%2.6%2.6%8.Entrada Real-Tucson, AZ13737.7%18651.2%36336399.2%2.6%2.6%9.Campus Walk Wilmington-Wilmington, NC7827.8%5720.3%281290103.4%1.9%2.6%10.Raiders Pass-Lubbock, TX26833.0%29536.3%81282899.2%2.5%2.5%11.Aggie Station-Bryan, TX23753.6%25557.7%44245099.6%2.5%2.5%12.Peninsular Place-Ypsilanti, MI11524.9%8718.9%46147898.3%2.4%2.5%13.The Woods at Greenland-Murfreesboro, TN7929.4%5620.8%26927697.8%2.4%2.4%14.The Commons-Harrisonburg, VA37071.7%39977.3%51652897.7%2.3%2.2%15.GrandMarc, Seven Corners-Minneapolis, MN27564.0%36584.9%430440125.9%2.2%2.2%16.Campus Ridge-Johnson City, TN11923.3%509.8%51052897.0%2.2%2.2%17.The Village at Alafaya Club-Orlando, FL23628.6%19924.1%82583999.4%2.1%2.1%18.Newtown Crossing-Lexington, KY63267.5%33035.3%93694298.3%2.0%2.1%19.The Village on Sixth Avenue-Huntington, WV16722.5%13918.8%74175297.3%2.0%2.0%20.Villas on Apache-Tempe, AZ5619.6%134.6%28528887.8%2.0%2.0%21.The Village at Science Drive-Orlando, FL31443.6%21730.1%72073299.2%2.0%2.0%22.University Village at Sweethome-Amherst, NY16019.6%18522.6%81782899.3%2.0%2.0%23.Raiders Crossing-Murfreesboro, TN7326.7%5118.7%27327699.3%1.8%1.8%24.University Club Apartments-Gainesville, FL16644.6%10127.2%37237697.9%1.7%1.7%25.Northgate Lakes-Orlando, FL33247.0%31744.9%70671099.3%1.5%1.5%26.CityParc at Fry Street-Denton, TX21352.6%13533.3%40541898.8%1.4%1.5%27.The Estates-Gainesville, FL39037.9%30229.3%1,0301,04495.3%1.4%1.4%28.University Centre-Newark, NJ31238.2%28735.2%81683897.9%0.8%1.1%29.The Outpost-San Antonio, TX19623.7%37745.5%828828100.0%0.8%0.8%30.Vista del Sol-Tempe, AZ1,32872.3%95752.1%1,8371,866100.0%1.9%0.5%Subtotal-Projected Rental Rate Growth between 0% and 2.99%7,81241.2%7,04937.2%18,96219,27298.9%2.0%1.9%Subtotal-Properties Increasing Rental Rates21,42348.1%20,08745.1%44,58245,34998.5%2.8%2.8%1.Royal Village-Gainesville, FL17940.7%21148.0%44044894.0%0.8%-0.4%2.University Village Fresno-Fresno, CA7519.1%11629.6%39240685.7%-1.8%-1.8%Subtotal-Properties Reducing Rental Rates25430.5%32739.3%83285490.0%-0.4%-1.1%Total-Same Store Wholly-owned Properties21,67747.7%20,41445.0%45,41446,20398.4%2.7%2.8%Current YearPrior Year 2011/2012 LEASING STATUS, CONTINUED :: same store wholly-owned properties with projected rental rate growth between 0% and 2.99% and properties reducing rental rates

1As of February 11, 2011 forcurrent year and February 12, 2010 for prior year.

2Rentable beds excludebeds needed for on-site staff.

3As ofSeptember 30, 2010.

4Projectedrental rate increase is based on current executed leases and assumes all future leases are executed at currently marketed ratesup to targeted occupancy.

AMERICAN CAMPUS COMMUNITIES :: 12 Leases1% of Rentable BedsLeases1% of Rentable BedsRentable Beds2Design BedsFinal Fall 2010 Occupancy3Initial Rate IncreaseProjected Rate Increase41.State College Park-State College, PA767103.8%742100.4%73975299.5%5.0%6.7%2.Nittany Crossing-State College, PA676100.7%680101.3%67168499.4%5.0%6.2%3.The View-Lincoln, NE10718.2%7913.4%58859097.1%4.0%4.0%4.University Crescent-Baton Rouge, LA28647.1%21735.7%60761299.0%3.4%3.7%5.Burbank Commons-Baton Rouge, LA10019.1%11321.6%52453298.3%3.3%3.3%6.The Edge-Charlotte, NC23733.3%12717.9%71172098.6%3.0%3.0%7.Chapel Ridge-Chapel Hill, NC27551.5%32460.7%53454498.5%2.9%2.9%8.Lions Crossing-State College, PA42562.0%48370.5%68569699.4%2.6%2.9%9.Chapel View-Chapel Hill, NC17952.6%18554.4%34035897.2%2.8%2.8%10.University Walk-Charlotte, NC9520.0%13127.5%47648097.9%2.4%2.4%11.Uptown Apartments-Denton, TX13125.3%10820.8%51852898.9%1.9%1.9%12.University Oaks-Columbia, SC34152.7%18728.9%64766298.9%1.5%1.6%13.University Greens-Norman, OK8316.3%6312.4%51051690.5%1.3%1.4%14.Blanton Common-Valdosta, GA23127.1%10312.1%85386088.6%-2.0%-2.0%Subtotal-Joint Venture Properties Acquired53,93346.8%3,54242.2%8,4038,53497.2%2.6%2.9%1.University Heights-Birmingham, AL13326.3%8516.8%50552897.7%3.0%3.0%2.Sanctuary Lofts-San Marcos, TX21545.2%n/an/a47648797.9%2.4%2.4%3.Jefferson 2nd Avenue-Gainesville, FL71483.7%n/an/a853868n/an/an/aSubtotal-Newly Acquired Properties1,06257.9%8516.8%1,8341,88397.8%2.7%2.7%1.Villas at Babcock-San Antonio, TX40451.3%n/an/a788792n/an/an/a2.Lobo Village-Albuquerque, NM57367.3%n/an/a852864n/an/an/a3.Villas on Sycamore-Huntsville, TX40960.1%n/an/a680680n/an/an/aSubtotal-New Development Properties1,38659.7%n/an/a2,3202,336n/an/an/a1.Campus Trails-Starkville, MS616635.4%13729.2%46948084.2%3.5%3.6%Subtotal-Other New Properties16635.4%13729.2%46948084.2%3.5%3.6%Total-New Wholly-owned Properties6,54750.3%3,76440.1%713,02613,23396.6%72.7%2.9%Current YearPrior Year 2011/2012 LEASING STATUS, CONTINUED :: new wholly-owned properties

1As of February 11, 2011 forcurrent year and February 12, 2010 for prior year.

2Rentable beds excludebeds needed for on-site staff.

3As ofSeptember 30, 2010.

4Projectedrental rate increase is based on current executed leases and assumes all future leases are executed at currently marketed ratesup to targeted occupancy.

5Represents properties acquiredin September and November 2010 from a joint venture with Fidelity in which we previously held a 10% interest.

6This property incurred business interruption due to significant property damage resulting from a fire in April 2010.

7Properties not owned or under ACC management during the prior year are excluded for purposes of calculating the prior year percentage of rentable beds and final Fall 2010 occupancy.

AMERICAN CAMPUS COMMUNITIES :: 13 OWNED DEVELOPMENT UPDATE :: $ in thousandsPROJECTS UNDER CONSTRUCTIONLocationPrimary University ServedUnitsBedsEstimated Project Cost% Complete1Scheduled to Open for OccupancyLobo Village - ACEAlbuquerque, NMUniversity of New Mexico21686439,200$ 41%August 2011Villas at BabcockSan Antonio, TXUniv. of Texas - San Antonio20479235,400 66%August 2011Villas on SycamoreHuntsville, TXSam Houston State University17068028,000 59%August 2011Portland State University - ACEPortland, ORPortland State University28297887,800 2%August 2012190,400$ OWNED DEVELOPMENT PIPELINE2 LocationPrimary University ServedApproximate Targeted BedsEstimated Project CostTargeted CompletionNAU Suites - ACE3Flagstaff, AZNorthern Arizona University55027,600$ August 2012NAU Townhomes - ACE3Flagstaff, AZNorthern Arizona University58033,600 August 2012Arlington Development4Arlington, TXUniv. of Texas at Arlington49023,700 August 2012Kennesaw Development4Kennesaw, GAKennesaw State University45021,500 August 2012Univ. of New Mexico Phase II - ACE3Albuquerque, NMUniversity of New Mexico1,00036,100 August 2012Amherst Development4Amherst, NYUniversity of Buffalo60042,600 August 2012College Station Development4College Station, TXTexas A&M University64033,900 August 2012ASU - West Campus Phase I - ACE3Phoenix, AZArizona State University36014,300 August 2012ASU - Ocotillo - ACE3 5Tempe, AZArizona State University40021,400 August 2012ASU - Manzanita - ACE3 5Tempe, AZArizona State University81050,500 August 2013Carbondale Development4Carbondale, ILSouthern Illinois University65032,100 TBDASU - West Campus Phase II - ACE3Phoenix, AZArizona State UniversityTBD TBDTBD337,300$ ProjectQ3 2011TBDQ2 2011Q3 2011Q2 2011Anticipated CommencementProjectTBDQ3 2011Q2 2011Q2 2011Q3 2011Q2/Q3 2012Q2 2011

1Based on costs incurred under the general construction contract as of December 31, 2010. As of December 31, 2010, the total Construction in Progress balance is $54.2 million, representing costs incurred under the total project budget.

2Doesnotincludeundevelopedlandparcelsin3universitymarketstotaling$10.6million.

3ACEawardsprovidethecompanywiththeopportunitytoexclusivelynegotiatewiththesubjectuniversities.CommencementofACEprojectsissubjecttovariouslevelsofuniversityboardapproval,finaldeterminationoffeasibility, executionandclosingondefinitiveagreements,municipalapprovalprocesses,fluctuationsintheconstructionmarket,andcurrentcapitalmarketconditions.

4Commencementofownedoff-campusdevelopmentprojectsissubjecttofinaldeterminationoffeasibility,executionandclosingondefinitiveagreements,municipalapprovalprocesses,fluctuationsintheconstructionmarket,andcurrentcapitalmarketconditions.

5PreviouslydisclosedasASUComponentIII.

AMERICAN CAMPUS COMMUNITIES :: 14 THIRD-PARTY DEVELOPMENT UPDATE :: $ in thousands20102009$ Change20102009$ ChangeDevelopment services revenue1,044$ 1,317$ (273)$ 9,302$ 5,015$ 4,287$ % of total revenue1.1%1.6%2.7%1.6%CONTRACTED PROJECTS IN PROGRESSProjectUnitsBedsTotal FeesFees Earned to Date Fees Earned in Current Year Remaining Fees1Scheduled CompletionEuclid Commons2Cleveland, OHCleveland State University1636002,535$ 2,007$ 507$ 528$ August 2010/2011Edinboro University - Phase II Edinboro, PAEdinboro University2778562,193 1,442 1,442 751 August 20114,728$ 3,449$ 1,949$ 1,279$ ON-CAMPUS AWARD PIPELINE3ProjectEstimated Fees Illinois State UniversityNormal, ILThird-party2,500$ Northern Illinois UniversityDeKalb, ILThird-party4,000 CUNY - Staten Island4Staten Island, NYThird-partyTBDPrinceton UniversityPrinceton, NJUndeterminedTBDUniv. of California, Irvine - Future Phases5Irvine, CAUndeterminedTBDUniversity of Wyoming Laramie, WYUndeterminedTBD6,500$ Year Ended December 31,Three Months Ended December 31, LocationPrimary University ServedAnticipated Financing StructureQ1 2013TBDQ1 2011TBDLocationTBDAnticipated CommencementQ1 2011

1As of December 31, 2010.

2The project will be completed in two phases, with Phase I completed in August 2010 and Phase II completed in August 2011.

3These awards relate to speculative development projects that are subject to final determination of feasibility, execution andclosing on definitive agreements, and fluctuations in the construction and financing markets. Anticipated commencement and fees are dependent upon the availability of project financing, which is affected by current capitalmarket conditions.

4Constructioncommencement for this project is subject to fluctuations in the project-based bond financing market and final construction pricing.The company has executed an Interim Services Agreement with the University whereby the University is obligated to exclusively use the company as developer for this or any other student housing projectonthe University’s campus through 2017.Should the cost of financing via project-based bonds not improve sufficiently to allow for a near-term closing, the company and University plan to continue to work together to redesign and value engineer the project until such feasibility is achieved.

5Additional phases totaling approximately 2,300 beds are included as part of the original 2007 award to the company. If the University elects to move forward on these additional phases with the company, they would be considered part of the original procurement.

AMERICAN CAMPUS COMMUNITIES :: 15 MANAGEMENT SERVICES UPDATE :: $ in thousands20102009$ Change20102009$ ChangeManagement services revenue2,061$ 2,219$ (158)$ 8,670$ 8,795$ (125)$ % of total revenue2.1%2.7%2.5%2.9%NEW/PENDING MANAGEMENT CONTRACTSPropertyLocationApproximate BedsStabilized Annual Fees1Vista LoftsDenver, COUniversity of Denver29150$ Euclid Commons Phase IICleveland, OHCleveland State University26538 UT Dallas Residence Hall Phase IIRichardson, TXUniversity of Texas at Dallas40090 CUNY - Staten Island2Staten Island, NYCity University of New YorkTBDTBD178$ DISCONTINUED MANAGEMENT CONTRACTSProperty / PropertiesLocationApproximate Beds2010 Fee Contribution Prior to Termination3-property Joint Venture Portfolio3VariousVarious1,728310$ Pegasus Landing / Pegasus PointeOrlando, FLUniversity of Central Florida3,7561,250 1,560$ August 2011TBDThree Months Ended December 31, Year Ended December 31,November 2010January 2011University / Institution ServedUniversity / Institution ServedActual or Anticipated CommencementDiscontinued As OfOct/Nov 2010August 2011

1Stabilized annual fees are dependent upon the achievement of anticipated occupancy levels.

2Management contract is contingent upon the successful closing and completion of development project and negotiation of management agreement.

3Represents properties acquired from a joint venture with Fidelity in which we previously held a 10% interest.

AMERICAN CAMPUS COMMUNITIES :: 16 Executive ManagementBill Bayless Chief Executive OfficerGreg DowellChief Operating OfficerJon GrafChief Financial OfficerResearch CoverageJeffery Spector / Jana GalanBank of America / Merrill Lynch(646) 855-1363 / (646) 855-3081jeff.spector@baml.com / jana.galan@baml.comMichael Bilerman / Eric WolfeCitigroup Equity Research (212) 816-1383 / (212) 816-5871michael.bilerman@citi.com / eric.wolfe@citi.comJohn PerryDeutsche Bank Securities, Inc.(212) 250-4912 john.perry@db.comAndrew McCulloch / Chris Van EnsGreen Street Advisors(949) 640-8780amcculloch@greenstreetadvisors.com / cvanens@greenstreetadvisors.comCarol KempleHilliard Lyons(502) 588-1839ckemple@hilliard.comSteve Sakwa / Seth LaughlinISI Group Inc.(212) 446-9462 / (212) 446-9458ssakwa@isigrp.com / slaughlin@isigrp.comAnthony Paolone / Joseph DazioJ.P. Morgan Securities(212) 622-6682 / (212) 622-6416anthony.paolone@jpmorgan.com / joseph.c.dazio@jpmorgan.comAndrew DiZioJanney Capital Markets(215) 665-6439adizio@janney.comHaendel E. St. JusteKeefe, Bruyette & Woods(212) 887-3842 hstjuste@kbw.comJordan Sadler / Karin FordKeyBanc Capital Markets(917) 368-2280 / (917) 368-2293jsadler@keybanccm.com / kford@keybanccm.comStephen C. SwettMorgan Keegan(212) 508-7585stephen.swett@morgankeegan.comPaula Poskon / Lindsey YaoRobert W. Baird & Co., Inc.(703) 821-5782 / (703) 918-7852pposkon@rwbaird.com / lyao@rwbaird.comAlexander Goldfarb / James MilamSandler O'Neill + Partners, L.P.(212) 466-7937 / (212) 466-8066agoldfarb@sandleroneill.com / jmilam@sandleroneill.comRoss Nussbaum / Dustin PizzoUBS Investment Research(212) 713-2484 / (212) 713-4847ross.nussbaum@ubs.com / dustin.pizzo@ubs.comInvestor Relations:Gina CowartVP, Investor Relations and Corporate Marketing(512) 732-1041gcowart@americancampus.com 12700 Hill Country Blvd., Suite T-200Austin, Texas 78738Tel: (512) 732-1000; Fax: (512) 732-2450www.americancampus.comAmerican Campus Communities, Inc. is followed 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 the company or its management. American Campus Communities, Inc. does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.Additional InformationCorporate Headquarters:American Campus Communities, Inc.INVESTOR INFORMATION ::

AMERICAN CAMPUS COMMUNITIES :: FORWARD-LOOKING STATEMENT :: In addition to historical information, this supplemental package contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which American Campus operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict.