8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C., 20549

Form 8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date Of Report (Date Of Earliest Event Reported):  July 26, 2011

American Campus Communities, Inc.

(Exact Name of Registrant as Specified in its Charter)

Commission File Number:  001-32265

MD	760753089
(State or Other Jurisdiction Of	(I.R.S. Employer
Incorporation or Organization)	Identification No.)

12700 Hill Country Blvd., Suite T-200

Austin, Texas 78738

(Address of Principal Executive Offices, Including Zip Code)

512-732-1000

(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[  ]   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act(17CFR240.14a-12)

[  ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17CFR240.14d-2(b))

[  ]   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17CFR240.13e-4(c))

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

     On July 26, 2011, American Campus Communities, Inc. (the “Company”) issued a press release (the “Earnings Release”) announcing, among other things, earnings for the quarter ended June 30, 2011. The text of the Earnings Release is included as Exhibit 99.1 to this Current Report.

     The Earnings Release is furnished pursuant to Item 2.02 and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

ITEM 7.01 REGULATION FD DISCLOSURE

    On July 26, 2011, the Company disclosed a supplemental analyst package in connection with its earnings conference call for the quarter ended June 30, 2011 which took place on July 27, 2011. A copy of the supplemental analyst package is attached hereto as Exhibit 99.2.

     The supplemental analyst package is furnished pursuant to Item 7.01 and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

            The list of exhibits is incorporated herein by reference to the Exhibit Index.

Signature(s)

Pursuant to the Requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

		American Campus Communities, Inc.
Date: July 27, 2011	By:	/s/ Jonathan A. Graf
		Jonathan A. Graf
		Executive Vice President, Chief Financial Officer,
		Secretary and Treasurer

Exhibit Index

Exhibit No.	Description
EX-99.1	Earnings Release Dated July 26, 2011
EX-99.2	Supplemental Analyst Package – Second Quarter 2011

EX-99.1

Exhibit 99.1

MEDIA RELEASE  

American Campus Communities, Inc. Reports

Second Quarter Financial Results and Raises 2011 Guidance

AUSTIN, Texas--(BUSINESS WIRE)—July 26, 2011--American Campus Communities, Inc. (NYSE:ACC) today announced the following financial results for the quarter ended June 30, 2011.

Highlights

■ Increased quarterly FFOM per share by 13 percent to $0.43 per fully diluted share or $30.2 million, compared to $0.38 per fully diluted share or $20.3 million for the second quarter prior year.

■ Increased net operating income ("NOI") for same store wholly-owned portfolio by 7.3 percent over the second quarter 2010.

■ Achieved occupancy at the same store wholly-owned portfolio of 91.0 percent as of June 30, 2011 compared to 89.6 percent for the same date prior year.

■ Preleased the same store wholly-owned portfolio for the upcoming academic year to 95.2 percent as of July 22, 2011 with an average rental rate increase of 2.9 percent.  This compares to 94.9 percent preleased for the same date prior year.

■ Preleased the total wholly-owned portfolio for the upcoming academic year to 95.4 percent as of July 22, 2011 with an average rental rate increase of 3.0 percent.

■ Selected by Drexel University to develop an owned American Campus Equity (ACE®) project. The mixed-use development, which will contain approximately 850 beds, 26,600-square-feet of retail space, and a 265-space commercial parking garage, has an estimated development cost of approximately $90 million.

■ Commenced construction on eight owned projects scheduled for completion in August 2012 containing nearly 5,000 beds and representing approximately $261.1 million in development, bringing Fall 2012 expected deliveries to 6,700 beds and $384.6 million.

■ Completed the disposition of Campus Club, an off-campus community serving students attending Georgia Southern University, for a sales price of approximately $34.5 million.

■ Closed on financing and commenced construction on a third-party development at the University of Wyoming containing 332 beds.

■ Closed on a combined $650 million credit facility, consisting of a $450 million unsecured revolving credit facility and a $200 million unsecured term loan.

Second Quarter 2011 Operating Results

Revenue for the 2011 second quarter totaled $90.2 million, up 22.1 percent from $73.9 million in the second quarter 2010. Operating income for the quarter increased $3.9 million or 22.6 percent over the prior year second quarter primarily due to the acquisition of 17 properties during 2010 and increased occupancy and rental rates for the 2010-2011 academic year.  These increases were offset by a decrease in third-party development services revenue during the quarter, a result of the closing of financing and commencement of construction of a third-party development project during the prior year second quarter.  Net income for the 2011 second quarter totaled $21.7 million, or $0.31 per fully diluted share, compared with net income of $0.8 million, or $0.01 per fully diluted share, for the same quarter in 2010. This change was primarily a result of the increase in operating income discussed above, gains totaling $14.6 million recognized on the disposition of four properties during the 2011 second quarter, and a decrease in interest expense resulting from loans paid off in 2010 and 2011 and increased capitalized interest due to an increase in construction activity on our owned development projects.  FFO for the 2011 second quarter totaled $29.4 million, or $0.42 per fully diluted share, as compared to $18.7 million, or $0.35 per fully diluted share for the same quarter in 2010. FFOM for the 2011 second quarter was $30.2 million, or $0.43 per fully diluted share as compared to $20.3 million, or $0.38 per fully diluted share for the same quarter in 2010. A reconciliation of FFO and FFOM to net income is shown on Table 3.

NOI for same store wholly-owned properties was $37.5 million in the quarter, up 7.3 percent from $34.9 million in the 2010 second quarter. Same store wholly-owned property revenues increased by 3.8 percent over the 2010 second quarter due to an increase in occupancy and average rental rates for the 2010-2011 academic year. In total, same store wholly-owned operating expenses remained relatively flat, with a 0.1 percent decrease as compared to the prior year's quarter.  Same store wholly-owned operating expenses for the quarter were affected by a decrease to property tax expense of $0.6 million related to the successful resolution of property tax appeals for certain properties for tax years 2009 through 2011.  This decrease was offset by other general inflationary operating expense increases.  Excluding these property tax adjustments related to prior periods, NOI for same store wholly-owned properties would have increased 5.6 percent over the second quarter of 2010.  NOI for the total wholly-owned portfolio increased 28.8 percent to $45.2 million for the quarter from $35.1 million in the comparable period of 2010.

“This has been a great quarter both operationally and in the implementation of our growth plan,” said Bill Bayless, American Campus CEO. “Same store NOI benefitted from our asset management efforts to favorably resolve property tax appeals, and preleasing is on track for a strong start to the next academic year. Moreover, our 2011 and 2012 combined deliveries, all high-quality developments located pedestrian to or on campus in submarkets with barriers to entry, represent nearly $500 million in growth and should add significant value to our portfolio.”

Portfolio Update

During the quarter, American Campus was selected by Drexel University to develop an owned on-campus ACE project. The proposed 850-bed community is currently in predevelopment negotiations and is expected to cost approximately $90 million.  The urban, high-rise mixed-use development will contain residential, retail and university auxiliary spaces with a commercial parking garage and is scheduled for completion in August 2013.

In May, the company sold Campus Club in Statesboro, a 984-bed unencumbered owned off-campus property serving students attending Georgia Southern University, for a sales price of approximately $34.5 million resulting in net proceeds of approximately $34.1 million. 

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As of June 30, 2011, construction on Lobo Village, the on-campus ACE project at the University of New Mexico was 95 percent complete and 99.5 percent leased for the upcoming academic year.  Construction on both the Villas at Babcock, the off-campus community serving students attending the University of Texas – San Antonio, and Villas on Sycamore, the off-campus community serving students attending Sam Houston State University, was 99 percent complete and the communities are 100 percent and 99.6 percent leased, respectively, for the upcoming school year.  Additionally, University Village Northwest, the ACE project at Prairie View A&M University, was 84 percent complete and 100 percent leased for the 2011-2012 academic year.

During the quarter and subsequent to quarter-end, the company commenced construction on the following eight owned development projects scheduled to open for occupancy in August 2012:

■ University of New Mexico Phase II (ACE) containing 1,027 beds with project cost of approximately $39.4 million

■ The Suites at Northern Arizona University (ACE) containing 550 beds with project cost of $28.1 million

■ Hilltop Townhomes at Northern Arizona University (ACE) containing 576 beds with project cost of approximately $32.5 million

■ U Club on Frey, an off-campus development serving students attending Kennesaw State University, GA, containing 456 beds with project cost of approximately $22.5 million

■ Campus Edge on UTA Boulevard, an off-campus development serving students attending the University of Texas at Arlington, containing 488 beds with project cost of $24.9 million

■ U Club Townhomes on Marion Pugh, an off-campus development serving students attending  Texas A&M University, containing 640 beds with project cost of $34.1 million

■ Villas on Rensch, an off-campus development serving students attending the University at Buffalo, containing 610 beds with project cost of $44.8 million

■ The Village at Overton Park, an off-campus development serving students attending Texas Tech University, containing 612 beds with project cost of $34.8 million.

Also subsequent to the end of the quarter, the company commenced construction on a third-party development project at the University of Wyoming containing 332 beds and scheduled to open for occupancy in August 2012.  Total development fees are estimated to be approximately $1.1 million.

Capital Markets Activity

On May 20, the company closed on a combined $650 million credit facility, consisting of a $450 million unsecured revolving credit facility and a $200 million unsecured term loan. The initial term of the revolving credit facility is three years and the term loan has an initial term of four years. Both facilities may be extended at the company's option for an additional one year period. The revolving credit facility also contains an accordion feature, which allows American Campus to increase the size of the facility by an additional $150 million. Proceeds from the term loan were used to repay the $100 million construction loan on the company's on-campus Vista del Sol project at Arizona State University and the $100 million existing secured term loan.

During the quarter, the company sold 2,131,858 shares of common stock under the ATM program at a weighted average price of $33.93 per share for net proceeds of approximately $71.2 million. The proceeds raised under the program are being used to match fund the company's development activity.

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2011 Outlook

The company is increasing its 2011 outlook primarily to reflect anticipated results of the lease-up efforts for the 2011-2012 academic year, updated expectations for third-party development services revenue, and the impact of our capital markets activity during the year. The company believes the financial results for the year ending December 31, 2011 may be affected by, among other factors:

● national and regional economic trends and events;

● the successful lease-up and rental rate growth at the company's owned properties for the 2011-2012 academic year;

● any additional capital markets activity occurring throughout the remainder of the year;

● the timing of the commencement of construction of ACE and third-party development projects;

● university enrollment, funding and policy trends;

● the ability of the company to earn third-party development and management revenues; and

● the amount of income recognized by the taxable REIT subsidiaries and any corresponding income tax expense.

Based upon these assumptions, management anticipates that fiscal year 2011 FFO will be in the range of $1.77 to $1.82 per fully diluted share and that FFOM will be in the range of $1.71 to $1.78 per fully diluted share. All guidance is based on the current expectations and judgment of the company's management team. A reconciliation of the range provided for projected net income to projected FFO and FFOM for the year ending December 31, 2011 and assumptions utilized is included in Table 4.

Supplemental Information and Earnings Conference Call

Supplemental financial and operating information, as well as this release, are available in the investor relations section of the American Campus Communities website, www.americancampus.com.  In addition, the company will host a conference call to discuss second quarter results and the 2011 outlook on Wednesday July 27, 2011 at 11 a.m. EDT (10:00 a.m. CDT). To participate by telephone, call 866-783-2144 passcode 50629811 at least five minutes prior to the call.

To listen to the live broadcast, go to www.americancampus.com or www.earnings.com at least 15 minutes prior to the call so that required audio software can be downloaded. Informational slides in the form of the supplemental analyst package can be accessed via the website.  A replay of the conference call will be available beginning two hours after the end of the call until August 3, 2011 by dialing 888-286-8010 or 617-801-6888 passcode 33892698. The replay also will be available for 30 days at www.americancampus.com and at www.earnings.com.  The call will also be available as a podcast on www.reitcafe.comwww.REITcafe.com and on the company’s website shortly after the call.

Non-GAAP Financial Measures

The National Association of Real Estate Investment Trusts ("NAREIT") currently defines Funds from Operations ("FFO") as net income or loss attributable to common shares computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains or losses from depreciable operating property sales, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. We present FFO because we consider it an important supplemental measure of our operating performance and believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. We also believe it is meaningful to present a measure we refer to as FFO-Modified, or FFOM, which reflects certain adjustments related to the economic performance of our on-campus participating properties and excludes impairment charges. FFO and FFOM should not be considered as alternatives to net income or loss computed in accordance with GAAP as an indicator of our financial performance or to cash flow from operating activities computed in accordance with GAAP as an indicator of our liquidity, nor are these measures indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions.

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The company defines property NOI as property revenues less direct property operating expenses, excluding depreciation, but including allocated corporate general and administrative expenses.

About American Campus Communities

American Campus Communities, Inc. is one of the largest developers, owners and managers of high-quality student housing communities in the United States. The company is a fully integrated, self-managed and self-administered equity real estate investment trust (REIT) with expertise in the design, finance, development, construction management, and operational management of student housing properties. American Campus Communities owns 109 student housing properties containing approximately 67,600 beds. Including its owned, joint venture and third-party managed properties, ACC's total managed portfolio consists of 142 properties with approximately 92,400 beds.Visit www.americancampus.com or www.studenthousing.com.

Forward-Looking Statements

In addition to historical information, this press release 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.

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Table 1

American Campus Communities, Inc. and Subsidiaries

Consolidated Balance Sheets

(dollars in thousands)

	June 30, 2011			December 31, 2010
Assets	(unaudited)
Investments in real estate:
Wholly-owned properties, net	$	2,418,995		$	2,433,844
On-campus participating properties, net		61,186			62,486
Investments in real estate, net		2,480,181			2,496,330
Cash and cash equivalents		48,263			113,507
Restricted cash		26,798			26,764
Student contracts receivable, net		3,616			5,736
Other assets		62,232			51,147
Total assets	$	2,621,090		$	2,693,484
Liabilities and equity
Liabilities:
Secured mortgage, construction and bond debt	$	911,508		$	1,144,103
Unsecured term loan		200,000			-
Senior secured term loan		-			100,000
Secured agency facility		96,000			101,000
Accounts payable and accrued expenses		30,369			34,771
Other liabilities		57,167			61,011
Total liabilities		1,295,044			1,440,885
Redeemable noncontrolling interests		36,280			34,704
Equity:
American Campus Communities, Inc. and Subsidiaries      stockholders’ equity:
Common stock		693			667
Additional paid in capital		1,546,320			1,468,179
Accumulated earnings and dividends		(256,308	)		(249,381	)
Accumulated other comprehensive loss		(4,576	)		(5,503	)
Total American Campus Communities, Inc. and Subsidiaries   stockholder’s equity		1,286,129			1,213,962
Noncontrolling interests		3,637			3,933
Total equity		1,289,766			1,217,895
Total liabilities and equity	$	2,621,090		$	2,693,484

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Table 2

American Campus Communities, Inc. and Subsidiaries

Consolidated Statements of Operations

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Revenues:
Wholly-owned properties	$	82,927		$	65,775		$	169,681		$	134,175
On-campus participating properties		4,457			4,142			12,104			11,453
Third-party development services		758			1,628			4,582			2,202
Third-party management services		1,803			2,121			3,633			4,335
Resident services		274			242			615			494
Total revenues		90,219			73,908			190,615			152,659
Operating expenses:
Wholly-owned properties		37,961			30,901			76,157			61,083
On-campus participating properties		2,881			2,620			4,625			5,019
Third-party development and management services		2,631			2,796			5,313			5,895
General and administrative		3,278			2,616			6,051			5,369
Depreciation and amortization		21,791			17,082			43,342			33,858
Ground/facility leases		658			753			1,814			1,324
Total operating expenses		69,200			56,768			137,302			112,548
Operating income		21,019			17,140			53,313			40,111
Nonoperating income and (expenses):
Interest income		159			16			209			33
Interest expense		(12,178	)		(14,961	)		(26,191	)		(29,751	)
Amortization of deferred financing costs		(1,329	)		(997	)		(2,559	)		(2,008	)
Loss from unconsolidated joint ventures		(13	)		(711	)		(25	)		(2,125	)
Total nonoperating expenses		(13,361	)		(16,653	)		(28,566	)		(33,851	)
Income before income taxes and discontinued   operations		7,658			487			24,747			6,260
Income tax provision		(142	)		(142	)		(285	)		(285	)
Income from continuing operations		7,516			345			24,462			5,975
Discontinued operations:
Income (loss) attributable to discontinued     operations		91			651			1,025			(3,388	)
Gain (loss) from disposition of real estate		14,574			(59	)		14,574			(3,705	)
Total discontinued operations		14,665			592			15,599			(7,093	)
Net income (loss)		22,181			937			40,061			(1,118	)
Net income attributable to noncontrolling interests		(441	)		(169	)		(908	)		(303	)
Net income (loss) attributable to American   Campus Communities, Inc. and Subsidiaries	$	21,740		$	768		$	39,153		$	(1,421	)
Net income (loss) per share attributable to   American Campus Communities, Inc. and   Subsidiaries common stockholders – basic and   diluted	$	0.31		$	0.01		$	0.57		$	(0.03	)
Weighted-average common shares   outstanding:
Basic		68,655,732			52,335,642			67,810,944			52,285,919
Diluted		69,211,856			52,853,003			68,387,966			52,829,613

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Table 3

American Campus Communities, Inc. and Subsidiaries

Consolidated Statements of Funds From Operations

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Net income (loss) attributable to American Campus   Communities, Inc. and Subsidiaries	$	21,740		$	768		$	39,153		$	(1,421	)
Noncontrolling interests		441			169			908			303
(Gain) loss from disposition of real estate		(14,574	)		59			(14,574	)		3,705
Loss from unconsolidated joint ventures		13			711			25			2,125
FFO from unconsolidated joint ventures (1)		3			(437	)		7			(1,244	)
Real estate related depreciation and amortization		21,745			17,410			43,652			34,848
Funds from operations (“FFO”)		29,368			18,680			69,171			38,316
Elimination of operations of on-campus participating   properties and unconsolidated joint venture:
Net loss (income) from on-campus participating     properties		1,296			1,435			(1,346	)		(710	)
Amortization of investment in on-campus participating     properties		(1,109	)		(1,080	)		(2,207	)		(2,159	)
FFO from Hampton Roads unconsolidated joint venture (2)		-			-			-			160
		29,555			19,035			65,618			35,607
Modifications to reflect operational performance of on-campus   participating properties:
Our share of net cash flow (3)		433			486			1,274			792
Management fees		205			188			555			521
Impact of on-campus participating properties		638			674			1,829			1,313
Elimination of provision for asset impairment – wholly-owned   property (4)		-			-			-			4,036
Elimination of provision for asset impairment –   unconsolidated joint ventures (5)		-			632			-			1,414
Funds from operations - modified (“FFOM”)	$	30,193		$	20,341		$	67,447		$	42,370
FFO per share - diluted	$	0.42		$	0.35		$	1.00		$	0.71
FFOM per share - diluted	$	0.43		$	0.38		$	0.97		$	0.78
Weighted average common shares outstanding - diluted		70,233,419			54,139,051			69,426,684			54,124,104

(1)   Represents our share of the FFO from three joint ventures in which we are or were a minority partner.  Includes the Hampton Roads Military Housing joint venture in which we have a minimal economic interest as well as our 10% noncontrolling interest in two joint ventures (the "Fidelity Joint Ventures") formed or assumed as part of the company's acquisition of GMH. In September and November 2010, we purchased Fidelity’s 90% interest in 14 joint venture properties. Subsequent to the acquisition, the 14 properties are now wholly-owned and are consolidated by the company. One property was not acquired and will continue to be owned by one of the Fidelity Joint Ventures.

(2)   Our share of the FFO from the Hampton Roads Military Housing unconsolidated joint venture is excluded from the calculation of FFOM, as management believes this amount does not accurately reflect the company's participation in the economics of the transaction.

(3)   50% of the properties’ net cash available for distribution after payment of operating expenses, debt service (including repayment principal) and capital expenditures. Represents amounts accrued for the interim periods.

(4)   Represents an impairment charge recorded during the three months ended March 31, 2010 for Campus Walk - Oxford, a property that was sold in April 2010. Although impairment charges are included in the calculation of net income (loss) and FFO, the company excludes such charges from FFOM because it believes the inclusion of such charges is inconsistent with the treatment of gains and losses on the disposition of real estate, which are not included in FFO.  Additionally, the company believes that excluding impairment charges from FFOM more appropriately presents the operating performance of the company's real estate investments on a comparative basis.

(5)   Represents our share of impairment charges recorded during the three and six months ended June 30, 2010 for three properties owned through our unconsolidated Fidelity Joint Ventures.

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Table 4

American Campus Communities, Inc. and Subsidiaries

2011 Outlook1

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

	Low			High
Net income	$	53,200		$	57,300
Noncontrolling interests		1,200			1,300
Gain from disposition of real estate		(14,600	)		(14,600	)
Depreciation and amortization		85,200			85,200
Funds from operations (“FFO”)		125,000			129,200
Elimination of operations from on-campus participating properties		(6,700	)		(6,900	)
Modifications to reflect operational performance of on-campus   participating properties		3,000			3,400
Funds from operations – modified (“FFOM”)	$	121,300		$	125,700
Weighted average common shares outstanding – diluted		70,800,000			70,800,000
Net income per share – diluted	$	0.75		$	0.81
FFO per share – diluted	$	1.77		$	1.82
FFOM per share – diluted	$	1.71		$	1.78

1 Assumes: (1) the company will achieve property level net operating income of $186.0 million to $187.9 million, which includes $2.1 million in net operating income from four properties sold during 2011; (2) no property acquisitions; (3) the company will generate third-party development and management services revenues from $13.2 million to $15.1 million; and (4) no additional capital markets activity other than utilizing the remaining $50 million available under the company’s ATM equity program.

CONTACT: American Campus Communities, Inc., Austin

Gina Cowart, 512-732-1000

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EX-99.2

Exhibit 99.2

SUPPLEMENTAL ANALYST PACKAGE - 2Q 2011 July 26, 2011

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 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 AMERICAN CAMPUS COMMUNITIES ::

FINANCIAL HIGHLIGHTS :: $ in thousands, except share and per share data Operating Data Three Months Ended June 30, Six Months Ended June 30, 2011 2010 $ Change % Change 2011 2010 $ Change % Change Total revenues $ 90,219 $ 73,908 $ 16,311 $ 22.1% $ 190,615 $ 152,659 $ 37,956 $ 24.9% Operating income 21,019 17,140 3,879 22.6% 53,313 40,111 13,202 32.9% Net income (loss) attributable to ACC 21,740 768 20,972 39,153 (1,421) 40,574 Net income (loss) per share – basic and diluted 0.31 0.01 0.57 (0.03) FFO 29,368 18,680 10,688 69,171 38,316 30,855 FFO per share—diluted 0.42 0.35 1.00 0.71 FFOM 30,193 20,341 9,852 67,447 42,370 25,077 FFOM per share—diluted 0.43 0.38 0.97 0.78 Operating Statistics June 30, 2011 December 31, 2010 Debt to total market capitalization1 2 Interest coverage3 30.7% 36.6% 3.25 2.77 1 Excludes debt related to our on-campus participating properties of $81.6 million and $81.8 million as of June 30, 2011 and December 31, 2010, respectively, as well as net unamortized debt premiums of $7.0 million and $9.9 million as of June 30, 2011 and December 31, 2010, respectively. 2 Market capitalization is calculated based on a common share price of $35.52 and $31.76 as of June 30, 2011 and December 31, 2010, respectively, and fully diluted common shares totaling 71,108,548 and 68,476,747 as of June 30, 2011 and December 31, 2010, respectively. 3 Represents operating performance for the four most recently completed fiscal quarters. Excluded interest associated with on-campus participating properties and the Hampton Roads unconsolidated joint ventures. AMERICAN CAMPUS COMMUNITIES :: 1

CONSOLIDATED BALANCE SHEETS :: $ in thousands June 30, 2011 December 31, 2010 (unaudited) Assets Investments in real estate: Wholly-owned properties, net $ 2,418,995 $ 2,433,844 On-campus participating properties, net 61,186 62,486 Investments in real estate, net 2,480,181 2,496,330 Cash and cash equivalents 48,263 113,507 Restricted cash 26,798 26,764 Student contracts receivable, net 3,616 5,736 Other assets 62,232 51,147 Total assets $ 2,621,090 $ 2,693,484 Liabilities and equity Liabilities: Secured mortgage, construction and bond debt $ 911,508 $ 1,144,103 Unsecured term loan 200,000 - Senior secured term loan - 100,000 Secured agency facility 96,000 101,000 Accounts payable and accrued expenses 30,369 34,771 Other liabilities 57,167 61,011 Total liabilities 1,295,044 1,440,885 Redeemable noncontrolling interests 36,280 34,704 Equity: American Campus Communities, Inc. and Subsidiaries stockholders' equity: Common stock 693 667 Additional paid in capital 1,546,320 1,468,179 Accumulated earnings and dividends (256,308) (249,381) Accumulated other comprehensive loss (4,576) (5,503) Total American Campus Communities, Inc. and  Subsidiaries stockholders equity 1,286,129 1,213,962 Noncontrolling interests 3,637 3,933 Total equity 1,289,766 1,217,895 Total liabilities and equity $ 2,621,090 $ 2,693,484 AMERICAN CAMPUS COMMUNITIES :: 2

CONSOLIDATED STATEMENTS OF OPERATIONS :: unaudited, $ in thousands, except share and per share data Three Months Ended June 30, Six Months Ended June 30, 2011 2010 $ Change 2011 2010 $ Change Revenues Wholly-owned properties $ 82,927 $ 65,775 $ 17,152 $ 169,681 $ 134,175 $ 35,506 On-campus participating properties 4,457 4,142 315 12,104 11,453 651 Third-party development services 758 1,628 (870) 4,582 2,202 2,380 Third-party management services 1,803 2,121 (318) 3,633 4,335 (702) Resident services 274 242 32 615 494 121 Total revenues 90,219 73,908 16,311 190,615 152,659 37,956 Operating expenses Wholly-owned properties 37,961 30,901 7,060 76,157 61,083 15,074 On-campus participating properties 2,881 2,620 261 4,625 5,019 (394) Third-party development and management services 2,631 2,796 (165) 5,313 5,895 (582) General and administrative 3,278 2,616 662 6,051 5,369 682 Depreciation and amortization 21,791 17,082 4,709 43,342 33,858 9,484 Ground/facility leases 658 753 (95) 1,814 1,324 490 Total operating expenses 69,200 56,768 12,432 137,302 112,548 24,754 Operating income 21,019 17,140 3,879 53,313 40,111 13,202 Nonoperating income and (expenses) Interest income 159 16 143 209 33 176 Interest expense (12,178) (14,961) 2,783 (26,191) (29,751) 3,560 Amortization of deferred financing costs (1,329) (997) (332) (2,559) (2,008) (551) Loss from unconsolidated joint ventures (13) (711) 698 (25) (2,125) 2,100 Total nonoperating expenses (13,361) (16,653) 3,292 (28,566) (33,851) 5,285 Income before income taxes and discontinued operations 7,658 487 7,171 24,747 6,260 18,487 Income tax provision (142) (142) - (285) (285) - Income from continuing operations 7,516 345 7,171 24,462 5,975 18,487 Discontinued operations Income (loss) attributable to discontinued operations 91 651 (560) 1,025 (3,388) 4,413 Gain (loss) from disposition of real estate 14,574 (59) 14,633 14,574 (3,705) 18,279 Total discontinued operations 14,665 592 14,073 15,599 (7,093) 22,692 Net income (loss) 22,181 937 21,244 40,061 (1,118) 41,179 Net income attributable to noncontrolling interests (441) (169) (272) (908) (303) (605) Net income (loss) attributable to American Campus Communities, Inc. and Subsidiaries $ 21,740 $ 768 $ 20,972 $ 39,153 $ (1,421) $ 40,574 Net income (loss) per share attributable to American Campus Communities, Inc. and Subsidiaries common stockholders – basic and diluted $ 0.31 $ 0.01 $ 0.57 $ (0.03) Weighted-average common shares outstanding Basic 68,655,732 52,335,642 67,810,944 52,285,919 Diluted 69,211,856 52,853,003 68,387,966 52,829,613 AMERICAN CAMPUS COMMUNITIES :: 3

CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS :: unaudited, $ in thousands, except share and per share data Three Months Ended June 30, Six Months Ended June 30, 2011 2010 $ Change 2011 2010 $ Change Net income (loss) attributable to American Campus Communities, Inc. and Subsidiaries $ 21,740 $ 768 $ 20,972 $ 39,153 $ (1,421) $ 40,574 Noncontrolling interests 441 169 272 908 303 605 (Gain) loss from disposition of real estate (14,574) 59 (14,633) (14,574) 3,705 (18,279) Loss from unconsolidated joint ventures 13 711 (698) 25 2,125 (2,100) FFO from unconsolidated joint ventures1 3 (437) 440 7 (1,244) 1,251 Real estate related depreciation and amortization 21,745 17,410 4,335 43,652 34,848 8,804 Funds from operations ("FFO") 29,368 18,680 10,688 69,171 38,316 30,855 Elimination of operations of on-campus participating properties and unconsolidated joint venture: Net loss ( income) from on-campus participating properties 1,296 1,435 (139) (1,346) (710) (636) Amortization of investment in on-campus participating properties (1,109) (1,080) (29) (2,207) (2,159) (48) FFO from Hampton Roads unconsolidated joint venture2 - - - - 160 (160) 29,555 19,035 10,520 65,618 35,607 30,011 Modifications to reflect operational performance of on-campus participating properties: Our share of net cash flow3 433 486 (53) 1,274 792 482 Management fees 205 188 17 555 521 34 Impact of on-campus participating properties 638 674 (36) 1,829 1,313 516 Elimination of provision for asset impairment - wholly-owned property4 - - - - 4,036 (4,036) Elimination of provision for asset impairment - unconsolidated joint ventures5 - 632 (632) - 1,414 (1,414) Funds from operations-modified ("FFOM") $ 30,193 $ 20,341 $ 9,852 $ 67,447 $ 42,370 $ 25,077 FFO per share - diluted $ 0.42 $ 0.35 $ 1.00 $ 0.71 FFOM per share - diluted $ 0.43 $ 0.38 $ 0.97 $ 0.78 Weighted average common shares outstanding - diluted 70,233,419 54,139,051 69,426,684 54,124,104 1 Represents our share of the FFO from three joint ventures in which we are or were a minority partner. Includes the Hampton Roads Military Housing joint venture in which we have a minimal economic interest as well as our 10% noncontrolling interest in two joint ventures (the “Fidelity Joint Ventures”) formed or assumed as part of the company’s acquisition of GMH. In September and November 2010, we purchased Fidelity’s 90% interest in 14 joint venture properties. Subsequent to the acquisition, the 14 properties are now wholly-owned and are consolidated by the company. One property was not acquired and will continue to be owned by one of the Fidelity Joint Ventures. 2 Our share of the FFO from the Hampton Roads Military Housing unconsolidated joint venture is excluded from the calculation of FFOM, as management believes this amount does not accurately reflect the company’s participation in the economics of the transaction. 3 50% of the properties’ net cash available for distribution after payment of operating expenses, debt service (including repayment of principal) and capital expenditures. Represents amounts accrued for the interim periods. 4 Represents an impairment charge recorded during the three months ended March 31, 2010 for Campus Walk – Oxford, a property that was sold in April 2010. Although impairment charges are included in the calculation of net income (loss) and FFO, the company excludes such charges from FFOM because it believes the inclusion of such charges is inconsistent with the treatment of gains and losses on the disposition of real estate, which are not included in FFO. Additionally, the company believes that excluding impairment charges from FFOM more appropriately presents the operating performance of the company’s real estate investments on a comparative basis. 5 Represents our share of impairment charges recorded during the three and six months ended June 30, 2010 for three properties owned through our unconsolidated Fidelity Joint Ventures. AMERICAN CAMPUS COMMUNITIES :: 4

WHOLLY-OWNED PROPERTY RESULTS OF OPERATIONS1 :: $ in thousands Three Months Ended June 30, Six Months Ended June 30, 2011 2010 $ Change % Change 2011 2010 $ Change % Change Wholly-owned property revenues Same store properties $ 68,081 $ 65,565 $ 2,516  3.8% 138,706 $ 132,992 $ 5,714 $ 4.3% New properties 15,120 452 14,668 31,590 1,677 29,913 Total revenues2 $ 83,201 $ 66,017 $ 17,184 $ 26.0% 170,296 $ 134,669 $ 35,627 $ 26.5% Wholly-owned property operating expenses Same store properties $ 30,599 $ 30,630 $ (31)  -0.10% 60,605 $ 59,921 $ 684 $ 1.1% New properties 7,362 271 7,091 15,552 1,162 14,390 Total operating expenses $ 37,961 $ 30,901 $ 7,060 22.8% $ 76,157 $ 61,083 $ 15,074 24.7% Wholly-owned property net operating income Same store properties $ 37,482 $ 34,935 $ 2,547  7.3% 3 78,101 $ 73,071 $ 5,030 $ 6.9% 3 New properties 7,758 181 7,577 16,038 515 15,523 Total net operating income $ 45,240 $ 35,116 $ 10,124  28.8% 94,139 $ 73,586 $ 20,553 $ 27.9% 1 Excludes the following properties, which are classified within discontinued operations on the accompanying consolidated statements of operations: Cambridge at Southern, sold in March 2010; Campus Walk-Oxford, sold in April 2010; Villas on Apache River Club Apartments and Walk Townhomes and Club-Statesboro sold in May 2011 Apache, Apartments, River Townhomes, all sold in April 2011; Campus Club Statesboro, 2011. 2 Includes revenues that are reflected as Resident Services Revenue on the accompanying consolidated statements of operations. 3 During the three months ended June 30, 2011, the Company successfully reached resolution on property tax appeals for certain of its properties located in one state for tax years ranging from 2009-2011. This resulted in reductions to property tax expense of $0.6 million recorded during the three months ended June 30, 2011, which related to prior periods. Excluding these prior period adjustments, net operating income for same store properties would have increased by 5.6% and 6.2% for the three and six months ended June 30, 2011, respectively. AMERICAN CAMPUS COMMUNITIES :: 5

SEASONALITY OF OPERATIONS1 :: $ in thousands, except for per bed amounts Three Months Ended September 30, 2010 December 31, 2010 March 31, 2011 June 30, 2011 Total/Weighted Average Same store properties2 Revenue per occupied bed Rental revenue per occupied bed per month $ 487 $ 514 $ 513 $ 507 $ 505 Other income per occupied bed per month3 55 30 36 40 40 Total revenue per occupied bed $ 542 $ 544 $ 549 $ 547 $ 545 Average number of owned beds 43,770 43,803 43,803 43,803 43,795 Average physical occupancy for the quarter 95.4% 98.6% 98.7% 93.9% 96.6% Total revenue $ 67,814 $ 70,503 $ 71,283 $ 67,423 $ 277,023 Property operating expenses 36,904 29,971 30,471 30,134 127,480 Net operating income $ 30,910 $ 40,532 $ 40,812 $ 37,289 $ 149,543 Operating margin 45.6% 57.5% 57.3% 55.3% 54.0% New properties4 Revenue per occupied bed Rental revenue per occupied bed per month $ 429 $ 461 $ 464 $ 467 $ 460 Other income per occupied bed per month3 33 26 32 30 30 Total revenue per occupied bed $ 462 $ 487 $ 496 $ 497 $ 490 Average number of owned beds 3,764 9,742 10,897 10,897 8,825 Average physical occupancy for the quarter 94.6% 96.7% 97.5% 97.3% 96.9% Total revenue $ 4,937 $ 13,769 $ 15,812 $ 15,778 $ 50,296 Property operating expenses 2,990 6,399 7,725 7,827 24,941 Net operating income $ 1,947 $ 7,370 $ 8,087 $ 7,951 $ 25,355 Operating margin 39.4% 53.5% 51.1% 50.4% 50.4% ALL PROPERTIES Revenue per occupied bed Rental revenue per occupied bed per month $ 482 $ 504 $ 504 $ 499 $ 498 Other income per occupied bed per month3 53 29 36 37 38 Total revenue per occupied bed $ 535 $ 533 $ 540 $ 536 $ 536 Average number of owned beds 47,533 53,545 54,700 54,700 52,620 Average physical occupancy for the quarter 95.3% 98.3% 98.4% 94.6% 96.7% Total revenue $ 72,751 $ 84,272 $ 87,095 $ 83,201 $ 327,319 Property operating expenses 39,894 36,370 38,196 37,961 152,421 Net operating income $ 32,857 $ 47,902 $ 48,899 $ 45,240 $ 174,898 Operating margin 45.2% 56.8% 56.1% 54.4% 53.4% 1 Excludes the following properties, which are classified within discontinued operations on the accompanying consolidated statements of operations: Villas on Apache, River Club Apartments, and River Walk Townhomes, all sold in April 2011, and Campus Club-Statesboro, sold in May 2011. 2 Includes all properties owned during the full year ended December 31, 2010. 3 Other income is all income other than Net Student Rent. This includes, but is not limited to, utility income, damages, parking income, summer conference rent, application and administration fees, etc. 4 Includes University Heights, which was purchased from one of the Fidelity Joint Ventures in March 2010, Sanctuary Lofts, which was purchased in July 2010, 2nd Avenue Centre which was purchased in December 2010, and 14 properties purchased in September and November 2010 from two joint ventures with Fidelity in which we previously had a 10% interest. Also includes Campus Trails, a 480-bed property that incurred business interruption due to significant property damage resulting from a fire in April 2010. The 72 beds damaged by the fire are anticipated to reopen for occupancy in August 2011. AMERICAN CAMPUS COMMUNITIES :: 6

CAPITAL STRUCTURE AS OF JUNE 30, 2011 :: $ in thousands, except share and per share data Market Capitalization Fixed Rate Mortgage Loans Maturity Schedule Total Debt1 $ 1,118,920 Total Equity Market Value2 2,525,776 Total Market Capitalization $ 3,644,696 Debt to Total Market Capitalization 30.7% Interest Coverage3 3.25 Principal Outstanding1 Weighted Average Interest Rate Average Term To Maturity $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 $27,617 $126,929 $81,127 $97,426 $196,369 $163,194 $119,000 $11,258 2011 2012 2013 2014 2015 2016 2017 2018+ 6.99% 5.55% 5.99% 5.19% 5.20% 5.81% 5.78% 6.43% Fixed Rate Mortgage Loans $ 822,920 $ 5.6% 3.7 Yrs Revolving Credit Facility4 - - 2.9 Yrs Unsecured Term Loan4 200,000 3.0% 3.9 Yrs Secured Agency Facility 96,000 2.2% 3.2 Yrs Total/Weighted Average $ 1,118,920  4.8% 3.7 Yrs Interest rates appearing on each bar represent the weighted average interest rate of debt maturing in that year. 1 Excludes debt related to our on-campus participating properties totaling $81.6 million with a weighted average interest rate of 7.2% and average term maturity of 9.0 years. Also excludes net amortized debt premiums of $7.0 million. 2 Based on share price of $35.52 and fully diluted share count of 71,108,548 as of June 30, 2011. Assumes conversion of 1,021,563 common and preferred Operating Partnership units and 553,841 unvested restricted stock awards. 3 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. 4 In May 2011, the Company’s $225 million senior secured revolving credit facility was increased in size to a $450 million unsecured facility and the maturity date of the amended facility was extended to May 20, 2014. Also in connection with this transaction, the company’s $100 million senior secured term loan was repaid in its entirely and replaced with a new $200 million unsecured term loan with a maturity date of May 20, 2015. AMERICAN CAMPUS COMMUNITIES :: 7

PORTFOLIO OVERVIEW AS OF JUNE 30, 20111 :: summary Property Type Units Beds 2011 2010 Physical Occupancy at Same Store Wholly-owned Properties - Total 14,117 44,331 91.0% 89.6% Properties Acquired from Joint Venture2 2,584 8,534 97.5% 95.1% Other New Properties3 631 1,835 93.5% 4 83.8% 4 5 Wholly-owned Properties – Total 17,332 54,700 92.1% 4 90.4% 4 5 On-campus Participating Properties6 1,863 4,519 22.3% 18.9% 1 Excludes Villas on Apache, River Club Apartments and River Walk Townhomes, which were sold in April 2011, and Campus Club-Statesboro, which was sold in May 2011. 2 Represents 14 properties purchased from two joint ventures with Fidelity in September and November 2010 in which we previously held at 10% interest. 3 Includes Campus Trails, a 480-bed property that incurred business interruption due to significant property damage resulting from a fire in April 2010, Sanctuary Lofts, a 487-bed property purchased in July 2010, and 2nd Avenue Centre, an 868-bed property purchased in December 2010. 4 Reflects the impact of lost occupancy at Campus Trails related to 72 beds that were destroyed by a fire in April 2010 and are scheduled to reopen for occupancy in August 2011. 5 Excludes Sanctuary Lofts and 2nd Avenue Centre, as these properties were not owned or under ACC management as of June 30, 2010. 6 Occupancy at our on-campus participating properties is low during the summer months due to the expiration of the nine-month leases concurrent with the end of the spring semester. AMERICAN CAMPUS COMMUNITIES :: 8

2011/2012 LEASING STATUS :: wholly-owned properties - summary Current Year Prior Year Applications + Leases Applications + Leases1 % of Rentable Beds Applications + Leases1 % of Rentable Beds Rentable Beds2 Design Beds Final Fall 2010 Occupancy3 Same Store Wholly-owned Properties4 43,701 100.7% 42,768 98.5% 43,408 43,799 98.6% New Wholly-owned Properties5 13,695 103.1% 9,653 97.0% 6 13,278 13,377 96.6% 6 Wholly-owned Properties-Total 57,396 101.3% 52,421 98.2% 6 56,686 57,176 98.2% 6 Current Year Prior Year Leases Leases1 % of Rentable Beds Leases1 % of Rentable Beds Rentable Beds2 Design Beds Final Fall 2010 Occupancy3 Initial Rate Increase Projected Rate Increase7 Same Store Wholly-owned Properties4 41,316 95.2% 41,213 94.9% 43,408 43,799 98.6% 2.7% 2.9% New Wholly-owned Properties5 12,789 96.3% 9,213 92.6% 6 13,278 13,377 96.6% 6 2.7% 3.5% Wholly-owned Properties-Total 54,105 95.4% 50,426 94.5% 6 56,686 57,176 98.2% 6 2.7% 3.0% 1 As of July 22, 2011 for current year and July 22, 2010 for prior year. 2 Rentable beds exclude beds needed for on-site staff. 3 As of September 30, 2010. 4 Excludes Villas on Apache, River Club Apartments, and River Walk Townhomes, which were sold in April 2011 and Campus Club-Statesboro which was sold in May 2011. 5 Includes the following properties: University Heights, which was purchased from one of the Fidelity joint ventures in March 2010; Campus Trails, a property that incurred business interruption due to significant property damage resulting from a fire in April 2010; Sanctuary Lofts, which was purchased in July 2010, and 2nd Avenue Centre, which was purchased in December 2010. Also includes 14 properties purchased in September and November 2010 from two joint ventures with Fidelity in which we previously held a 10% interest, as well as 4 properties currently under construction and anticipated to open for occupancy in Fall 2011. 6 Properties 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. Properties excluded are 2nd Avenue Centre, purchased in December 2010, and 4 properties currently under construction and anticipated to open for occupancy in Fall 2011. 7 Projected rate increase is based on current executed leases and assumes all future leases are executed at currently marketed rates up to targeted occupancy. AMERICAN CAMPUS COMMUNITIES :: 9

2011/2012 LEASING STATUS :: same store wholly-owned properties with projected rental rate growth above 3% Current Year Prior Year Leases1 % of Rentable Beds Leases1 % of Rentable Beds Rentable Beds2 Design Beds Final Fall 2010 Occupancy3 Initial Rate Increase Projected Rate Increase 4 1. Brookstone Village-Wilmington, NC 244 103.0% 228 96.2% 237 238 102.5% 3.1% 10.5% 2. Campus Walk Wilmington-Wilmington, NC 296 103.1% 236 82.2% 287 290 103.4% 1.9% 6.8% 3- 4. College Club Townhomes-Tallahassee, FL 531 98.3% 535 99.1% 540 544 98.3% 4.2% 6.2% 5. Pirates Place Townhomes-Greenville, NC 477 90.3% 409 77.5% 528 528 90.3% 3.4% 5.3% 6 University Meadows- Mt. Pleasant, MI 612 99.4% 601 97.6% 616 616 98.9% 4.0% 4.9% 7. Aztec Corner-San Diego, CA 582 98.5% 581 98.3% 591 606 98.2% 3.6% 4.9% 8. The Centre-Kalamazoo, MI 694 99.4% 695 99.6% 698 700 99.0% 3.8% 4.7% 9. University Mills-Cedar Falls, IA 476 99.0% 476 99.0% 481 481 99.0% 3.9% 4.6% 10. Callaway Villas- College Station, TX 689 99.7% 683 98.8% 691 704 99.4% 4.0% 4.4% 11. Abbott Place-East Lansing, MI 646 99.4% 635 97.7% 650 654 98.9% 4.0% 4.4% 12. Campus Corner-Bloomington, IN 780 99.2% 779 99.1% 786 796 98.7% 2.9% 4.3% 13. University Pines-Statesboro, GA 506 91.7% 421 76.3% 552 552 97.8% 4.1% 4.3% 14. The Club- Athens, GA 465 97.9% 467 98.3% 475 480 97.5% 4.2% 4.3% 15. University Crossings-Philadelphia, PA 995 99.0% 1,001 99.6% 1,005 1,016 99.4% 3.1% 4.1% 16. University Trails- Lubbock, TX 645 95.7% 672 99.7% 674 684 99.1% 4.1% 4.1% 17. Hawks Landing-Oxford, OH 476 99.2% 476 99.2% 480 484 98.6% 4.1% 4.1% 18. The Enclave-Bowling Green, OH 477 99.4% 469 97.7% 480 480 99.2% 3.8% 4.1% 19. University Manor-Greenville, NC 552 92.9% 588 99.0% 594 600 98.8% 4.1% 4.0% 20. University Village at Boulder Creek- Boulder, CO 295 98.7% 296 99.0% 299 309 98.7% 3.3% 4.0% 21. The Outpost-San Marcos, TX 485 99.8% 484 99.6% 486 486 99.6% 3.6% 4.0% 22. The Callaway House-College Station, TX 547 103.8% 546 103.6% 527 538 103.5% 3.9% 3.8% 23. The Highlands-Reno, NV 670 93.1% 610 84.7% 720 732 89.8% 3.4% 3.7% 24. Royal Lexington- Lexington, KY 361 99.2% 359 98.6% 364 364 98.9% 2.6% 3.6% 25. The Village at Blacksburg-Blacksburg, VA 1,053 99.7% 1,038 98.3% 1,056 1,056 99.0% 3.4% 3.6% 26- 28. University Village- Tallahassee, FL 710 99.2% 710 99.2% 716 716 99.3% 3.0% 3.5% 29. University Village- Sacramento, CA 376 97.2% 358 92.5% 387 394 100.0% 3.0% 3.4% 30. The Edge-Orlando, FL 915 99.7% 916 99.8% 918 930 99.5% 2.8% 3.4% 31- 32. Willowtree Apartments and Towers-Ann Arbor, MI 837 99.5% 837 99.5% 841 851 99.5% 3.3% 3.4% 33. Olde Towne University Square- Toledo, OH 547 100.0% 548 100.2% 547 550 99.8% 3.0% 3.4% 34- 35. University Club Townhomes- Tallahassee, FL 728 99.5% 713 97.4% 732 736 98.9% 3.3% 3.3% 36. University Pointe- Lubbock, TX 642 95.3% 669 99.3% 674 682 99.4% 3.1% 3.3% 37. Campus Way-Tuscaloosa, AL 588 88.3% 661 99.2% 666 680 98.1% 3.2% 3.2% 38. Peninsular Place-Ypsilanti, MI 399 84.7% 356 75.6% 471 478 98.3% 2.4% 3.2% 39. The Tower at 3rd-Champaign, IL 369 98.9% 316 84.7% 373 375 94.1% 2.9% 3.2% 40. South View Apartments-Harrisonburg, VA 942 98.1% 941 98.0% 960 960 98.9% 3.1% 3.1% 41. Villas at Chestnut Ridge-Amherst, NY 536 99.1% 539 99.6% 541 552 99.1% 3.0% 3.1% 42. Barrett Honors College- Tempe, AZ 1,654 96.4% 1,668 97.3% 1,715 1,721 98.1% 3.0% 3.0% Subtotal- Projected Rental Rate Growth Above 3% 22,797 97.6% 22,517 96.4% 23,358 23,563 98.5% 3.4% 3.9% 1 As of July 22, 2011 for the current year and July 22, 2010 for prior year. 2 Rentable beds exclude beds needed for on-site staff. 3 As of September 30, 2010. 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. AMERICAN CAMPUS COMMUNITIES :: 10

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 Current Year Prior Year Leases1 % of Rentable Beds Leases1 % of Rentable Beds Rentable Beds2 Design Beds Final Fall 2010 Occupancy3 Initial Rate Increase Projected Rate Increase4 1. Pirates Cove-Greenville, NC 984 93.9% 1,040 99.2% 1,048 1,056 98.7% 3.6% 2.9% 2. University Place-Charlottesville, VA 332 64.2% 400 77.4% 517 528 93.9% 4.4% 2.9% 3. Lakeside Apartments-Athens, GA 732 94.3% 756 97.4% 776 776 97.3% 2.6% 2.8% 4. Sunnyside Commons-Morgantown, WV 164 101.9% 163 101.2% 161 161 101.2% 2.9% 2.8% 5. University Gables-Murfreesboro, TN 526 81.9% 512 79.8% 642 648 96.5% 2.7% 2.8% 6. Entrada Real-Tucson, AZ 362 99.7% 361 99.4% 363 363 99.2% 2.6% 2.7% 7. University Club Apartments-Gainesville, FL 359 95.5% 316 84.0% 376 376 97.9% 1.7% 2.6% 8. Aggie Station-Bryan, TX 442 99.5% 442 99.5% 444 450 99.6% 2.5% 2.6% 9. Newtown Crossing-Lexington, KY 936 99.5% 909 96.6% 941 942 98.3% 2.0% 2.5% 10. The Woods at Greenland-Murfreesboro, TN 232 84.1% 223 80.8% 276 276 97.8% 2.4% 2.4% 11-13. The Summit & Jacob Heights-Mankato, MN 851 92.0% 870 94.1% 925 930 97.1% 2.3% 2.4% 14. The Village at Science Drive-Orlando, FL 719 99.3% 616 85.1% 724 732 99.2% 2.0% 2.4% 15. The Village at Alafaya Club-Orlando FL 748 90.2% 768 92.6% 829 839 99.4% 2.1% 2.2% 16. Stone Gate-Harrisonburg, VA 609 90.6% 663 98.7% 672 672 99.4% 3.0% 2.2% 17. The Village on Sixth Avenue-Huntington, WV 689 92.0% 690 92.1% 749 752 97.3% 2.0% 2.2% 18. Campus Ridge-Johnson City, TN 446 85.4% 437 83.7% 522 528 97.0% 2.2% 2.1% 19. Raiders Crossing-Murfreesboro, TN 237 85.9% 264 95.7% 276 276 99.3% 1.8% 2.0% 20. Northgate Lakes-Orlando, FL 706 99.4% 683 96.2% 710 710 99.3% 1.5% 1.9% 21. City Parc at Fry Street-Denton, TX 407 99.3% 405 98.8% 410 418 98.8% 1.4% 1.8% 22. GrandMarc-Seven Corners-Minneapolis, MN 477 110.4% 553 128.0% 432 440 125.9% 2.2% 1.7% 23. Raiders Pass-Lubbock, TX 716 87.7% 813 99.6% 816 828 99.2% 2.5% 1.7% 24. The Commons-Harrisonburg, VA 483 92.2% 513 97.9% 524 528 97.7% 2.3% 1.6% 25. The Estates-Gainesville, FL 1,018 98.2% 889 85.7% 1,037 1,044 95.3% 1.4% 1.4% 26. University Village at Sweethome-Amherst, NY 535 65.6% 624 76.5% 816 828 99.3% 2.0% 1.3% 27. University Village-Philadelphia, PA 667 91.0% 721 98.4% 733 749 98.9% 2.6% 1.2% 28. University Centre-Newark, NJ 762 92.3% 784 94.9% 826 838 97.9% 0.8% 1.1% 29. Vista del Sol-Tempe, AZ 1,812 98.9% 1,827 99.7% 1,833 1,866 100.0% 1.9% 0.9% 30. The Outpost-San Antonio, TX 765 92.4% 804 97.1% 828 828 100.0% 0.8% 0.8% Subtotal-Projected Rental Rate Growth between 0% and 2.99% 17,716 92.2% 18,046 94.0% 19,206 19,382 99.0% 2.1% 1.8% Subtotal-Properties Increasing Rental Rates 40,513 95.2% 40,563 95.3% 42,564 42,945 98.7% 2.8% 2.9% 1. Royal Village-Gainesville, FL 415 92.6% 360 80.4% 448 448 94.0% 0.8% -0.5% 2. University Village-Fresno, CA 388 98.0% 290 73.2% 396 406 85.7% -1.8% -1.4% Subtotal-Properties Reducing Rental Rates 803 95.1% 650 77.0% 844 854 90.0% -0.4% -0.9% Total-Same Store Wholly-owned Properties 41,316 95.2% 41,213 94.9% 43,408 43,799 98.6% 2.7% 2.9% 1 As of July 22, 2011 for current year and July 22, 2010 for prior year. 2 Rentable beds exclude beds needed for on-site staff. 3 As of September 30, 2010. 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. AMERICAN CAMPUS COMMUNITIES :: 11

2011/2012 LEASING STATUS, CONTINUED :: new wholly-owned properties Current Year Prior Year Leases1 % of Rentable Beds Leases1 % of Rentable Beds Rentable Beds2 Design Beds Final Fall 2010 Occupancy3 Initial Rate Increase Projected Rate Increase4 1. The View-Lincoln, NE 588 100.0% 559 95.1% 588 590 97.1% 4.0% 7.0% 2. State College Park-State College, PA 748 100.7% 748 100.7% 743 752 99.5% 5.0% 6.8% 3. Nittany Crossing-State College, PA 677 100.3% 674 99.9% 675 684 99.4% 5.0% 6.5% 4. The Edge-Charlotte, NC 708 98.3% 706 98.1% 720 720 98.6% 3.0% 5.0% 5. University Crescent-Baton Rouge, LA 607 99.2% 606 99.0% 612 612 99.0% 3.4% 4.0% 6. Lions Crossing-State College, PA 684 99.3% 696 101.0% 689 696 99.4% 2.6% 3.5% 7. Burbank Commons - Baton Rouge, LA 457 86.2% 524 98.9% 530 532 98.3% 3.3% 3.5% 8. Chapel View-Chapel Hill, NC 346 98.6% 340 96.9% 351 358 97.2% 2.8% 3.3% 9. Chapel Ridge-Chapel Hill, NC 474 87.5% 528 97.4% 542 544 98.5% 2.9% 2.6% 10. University Walk-Charlotte, NC 414 86.3% 458 95.4% 480 480 97.9% 2.4% 2.4% 11. University Oaks-Columbia, SC 648 99.1% 646 98.8% 654 662 98.9% 1.5% 2.2% 12. Uptown Apartments-Denton, TX 495 94.8% 517 99.0% 522 528 98.9% 1.9% 2.1% 13. University Greens-Norman, OK 509 98.6% 422 81.8% 516 516 90.5% 1.3% 1.6% 14. Blanton Common-Valdosta, GA 683 79.4% 478 55.6% 860 860 88.6% -2.0% -1.9% Subtotal-Joint Venture Properties Acquired5 8,038 94.8% 7,902 93.2% 8,482 8,534 97.2% 2.6% 3.4% 1. University Heights-Birmingham, AL 497 96.7% 450 87.5% 514 528 97.7% 3.0% 6.3% 2. Sanctuary Lofts-San Marcos, TX 473 98.1% 464 96.3% 482 487 97.9% 2.4% 2.7% 3. 2nd Avenue Centre-Gainesville, FL 857 99.1% n/a n/a 865 868 n/a n/a n/a Subtotal-Newly Acquired Properties 1,827 98.2% 914 91.8% 7 1,861 1,883 97.8% 7 2.7% 4.2% 1. Villas at Babcock-San Antonio, TX 788 100.0% n/a n/a 788 792 n/a n/a n/a 2. Lobo Village-Albuquerque, NM 848 99.5% n/a n/a 852 864 n/a n/a n/a 3. Villas on Sycamore-Huntsville, TX 677 99.6% n/a n/a 680 680 n/a n/a n/a 4. University Village Northwest at Prairie View 142 100.0% n/a n/a 142 144 n/a n/a n/a Subtotal-New Development Properties 2,455 99.7% n/a n/a 2,462 2,480 n/a n/a n/a 1. Campus Trails-Starkville, MS6 469 99.2% 397 83.9% 473 480 84.2% 3.5% 3.6% Subtotal-Other New Properties 469 99.2% 397 83.9% 473 480 84.2% 3.5% 3.6% Total-New Wholly-owned Properties 12,789 96.3% 9,213 92.6% 7 13,278 13,377 96.6% 7 2.7% 3.5% 1 As of July 22, 2011 for current year and July 22, 2010 for prior year. 2 Rentable beds exclude beds needed for on-site staff. 3 As of September 30, 2010. 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. 5 Represents properties acquired in September and November 2010 from joint ventures with Fidelity in which we previously held a 10% interest. 6 This property incurred business interruption due to significant property damage resulting from a fire in April 2010. 7 Properties 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. Properties excluded are 2nd Avenue Centre, purchased in December 2010, and 4 properties currently under construction and anticipated to open for occupancy in Fall 2011. AMERICAN CAMPUS COMMUNITIES :: 12

OWNED DEVELOPMENT UPDATE :: $ in thousands PROJECTS UNDER CONSTRUCTION Project Location Primary University Served Units Beds Estimated Project Cost % Complete1 Scheduled to Open for Occupancy Lobo Village - ACE Albuquerque, NM University of New Mexico 216 864 39,200 $ 95% August 2011 Villas at Babcock San Antonio, TX Univ. of Texas - San Antonio 204 792 35,400 99% August 2011 Villas on Sycamore Huntsville, TX Sam Houston State University 170 680 28,000 99% August 2011 University Village Northwest - ACE Prairie View, TX Prairie View A&M University 36 144 5,100 84% August 2011 Univ. Pointe at College Station - ACE Portland, OR Portland State University 282 978 87,800 24% August 2012 Univ. of New Mexico Phase II - ACE Albuquerque, NM University of New Mexico 282 1,027 39,400 24% August 2012 The Suites - ACE Flagstaff, AZ Northern Arizona University 275 550 28,100 4% August 2012 Hilltop Townhomes - ACE Flagstaff, AZ Northern Arizona University 144 576 32,500 4% August 2012 U Club on Frey Kennesaw, GA Kennesaw State University 114 456 22,500 1% August 2012 Campus Edge on UTA Boulevard Arlington, TX Univ. of Texas at Arlington 128 488 24,900 1% August 2012 U Club Townhomes on Marion Pugh College Station, TX Texas A&M University 160 640 34,100 5% August 2012 Villas on Rensch Amherst, NY University at Buffalo 153 610 44,800 0% August 2012 The Village at Overton Park Lubbock, TX Texas Tech University 163 612 34,800 0% August 2012 $ 456,600 OWNED DEVELOPMENT PIPELINE2 Project Location Primary University Served Anticipated Commencement Approximate Targeted Beds Estimated Project Cost Targeted Completion ASU - West Campus Phase I - ACE3 Glendale, AZ Arizona State University Q3 2011 360 14,300 $ August 2012 ASU Ocotillo ACE 3 Tempe, AZ Arizona State University Q3 2011 400 21 400 August 2012 ASU - Manzanita - ACE3 Tempe, AZ Arizona State University Q3 2012 810 50,500 August 2013 Drexel University - ACE3 Philadelphia, PA Drexel University Q1 2012 850 90,000 August 2013 Carbondale Development4 Carbondale, IL Southern Illinois University TBD 650 32,100 5 TBD ASU - West Campus Phase II - ACE3 Glendale, AZ Arizona State University TBD TBD TBD TBD $ 208,300 1 Based on costs incurred under the general construction contract as of June 30, 2011. As of June 30, 2011, the total Construction in Progress balance is $126.9 million, representing costs incurred under the total project budget. Villas on Rensch and The Village at Overton Park commenced construction in July 2011 and were therefore 0% complete as of June 30, 2011. 2 Does not include undeveloped land parcels in 4 university markets totaling $12.8 million. 3 ACE awards provide the company with the opportunity to exclusively negotiate with the subject universities. Commencement of ACE projects is subject to various levels of university board approval, final determination of feasibility, execution and closing on definitive agreements, municipal approval processes, fluctuations in the construction market, and current capital market conditions. 4 Commencement of owned off-campus development projects 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. 5 Includes land costs of $3.0 million. AMERICAN CAMPUS COMMUNITIES :: 13

THIRD-PARTY DEVELOPMENT UPDATE :: $ in thousands Three Months Ended June 30, Six Months Ended June 30, 2011 2010 $ Change 2011 2010 $ Change Development services revenue $ 758 $ 1,628 $ (870) $ 4,582 $ 2,202 $ 2,380 % of total revenue 0.8% 2.2% 2.4% 1.4% CONTRACTED PROJECTS IN PROGRESS Project Location Primary University Served Units Beds Total Fees Fees Earned as of June 30, 2011 Fees Earned in Current Year Remaining Fees as of June 30, 2011 Scheduled Completion Euclid Commons1 Cleveland, OH Cleveland State University 163 600 $ 2,535 $ 2,338 $ 332 $ 197 August 2010/2011 The Highlands - Phase II Edinboro, PA Edinboro University 277 856 2,193 1,871 429 322 August 2011 Cardinal Court Normal, IL Illinois State University 228 896 2,555 1,376 1,376 1,179 August 2012 Northern Illinois University DeKalb, IL Northern Illinois University 126 1,008 4,572 2,374 2,374 2,198 August 2012 University of Wyoming2 Laramie, WY University of Wyoming 84 332 1,055 - - 1,055 August 2012 $ 12,910 $ 7,959 $ 4,511 $ 4,951 ON-CAMPUS AWARD PIPELINE3 Project Location Anticipated Financing Structure Anticipated Commencement Estimated Fees Princeton University Princeton, NJ University-funded Q1 2013 TBD CUNY Island4 Staten Island NY Third-party TBD TBD Univ. of California, Irvine - Future Phases5 Irvine, CA Undetermined TBD TBD 1 The project will be completed in two phases, with Phase I completed in August 2010 and Phase II completed in August 2011. 2 This project closed on third party financing and commenced construction in July 2011. 3 These awards 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 and fees are dependent upon the availability of project financing, which is affected by current capital market conditions. 4 Construction commencement 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 project on the 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 and value engineer the project until such feasibility is achieved. 5 Additional 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 :: 14

MANAGEMENT SERVICES UPDATE :: $ in thousands Three Months Ended June 30, Six Months Ended June 30, 2011 2010 $ Change 2011 2010 $ Change Management services revenue $ 1,803 $ 2,121 $ (318) $ 3,633 $ 4,335 $ (702) % of total revenue 2.0% 2.9% 1.9% 2.8% NEW/PENDING MANAGEMENT CONTRACTS Property Location University / Institution Served Approximate Beds Stabilized Annual Fees1 Actual or Anticipated Commencement Jaguar Hall Phase II Victoria, TX University of Houston - Victoria 180 $ 30 July 2011 CAU Suites2 Atlanta, GA Clark Atlanta University 598 80 August 2011 Heritage Commons2 Atlanta, GA Clark Atlanta University 455 80 August 2011 Euclid Commons Phase II Cleveland, OH Cleveland State University 265 38 August 2011 UT Dallas Residence Hall Phase II Richardson, TX University of Texas at Dallas 400 90 August 2011 CUNY - Staten Island2 Staten Island, NY City University of New York TBD TBD TBD $ 318 DISCONTINUED MANAGEMENT CONTRACTS Property Location University / Institution Served Approximate Beds 2011 Fee Contribution Prior to Termination Discontinued As Of Bayside Village Portland, ME University of Maine $ 400 30 April 2011 University View Waterloo, Ontario Sir Wilfred Laurier University 219 29 July 2011 $59 1 Stabilized annual fees are dependent upon the achievement of anticipated occupancy levels. 2 Management contract is contingent upon the successful closing and completion of development project and negotiation of management agreement. AMERICAN CAMPUS COMMUNITIES :: 15

INVESTOR INFORMATION :: Executive Management Bill Bayless Chief Executive Officer Greg Dowell Chief Operating Officer Jon Graf Chief Financial Officer Research Coverage Jeffery Spector / Jana Galan Bank of America / Merrill Lynch (646) 855-1363 / (646) 855-3081 jeff.spector@baml.com / jana.galan@baml.com Michael Bilerman / Eric Wolfe Citigroup Equity Research (212) 816-1383 / (212) 816-5871 michael.bilerman@citi.com / eric.wolfe@citi.com John Perry Deutsche Bank Securities, Inc. (212) 250-4912 john.perry@db.com Andrew McCulloch / Chris Van Ens Green Street Advisors (949) 640-8780 amcculloch@greenstreetadvisors.com / cvanens@greenstreetadvisors.com Carol Kemple Hilliard Lyons (502) 588-1839 ckemple@hilliard.com Steve Sakwa / Seth Laughlin ISI Group Inc. (212) 446-9462 / (212) 446-9458 ssakwa@isigrp.com / slaughlin@isigrp.com Anthony Paolone / Joseph Dazio J.P. Morgan Securities (212) 622-6682 / (212) 622-6416 anthony.paolone@jpmorgan.com / joseph.c.dazio@jpmorgan.com Andrew DiZio Janney Capital Markets (215) 665-6439 adizio@janney.com Haendel E. St. Juste Keefe, Bruyette & Woods (212) 887-3842 hstjuste@kbw.com Jordan Sadler / Karin Ford KeyBanc Capital Markets (917) 368-2280 / (917) 368-2293 jsadler@keybanccm.com / kford@keybanccm.com Stephen C. Swett Morgan Keegan (212) 508-7585 stephen.swett@morgankeegan.com Paula Poskon / Lindsey Yao Robert W. Baird & Co., Inc. (703) 821-5782 / (703) 918-7852 pposkon@rwbaird.com / lyao@rwbaird.com Alexander Goldfarb / James Milam Sandler O'Neill + Partners, L.P. (212) 466-7937 / (212) 466-8066 agoldfarb@sandleroneill.com / jmilam@sandleroneill.com Ross Nussbaum UBS Investment Research (212) 713-2484 ross.nussbaum@ubs.com American 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 Information Corporate Headquarters: American Campus Communities, Inc. 12700 Hill Country Blvd., Suite T-200 Austin, Texas 78738 Tel: (512) 732-1000; Fax: (512) 732-2450 www.americancampus.com Investor Relations: Gina Cowart VP, Investor Relations and Corporate Marketing (512) 732-1041 gcowart@americancampus.com AMERICAN CAMPUS COMMUNITIES :: 16

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. AMERICAN CAMPUS COMMUNITIES ::