AMERICAN CAMPUS COMMUNITIES :: 2011/2012 LEASING STATUS :: wholly-owned properties -summaryLeasesLeases1% of Rentable BedsLeases1% of Rentable BedsRentableBeds2Design BedsFinal Fall 2010 Occupancy3Initial IncreaseProjected Store Wholly-owned Properties50,35198.4%50,26198.2%51,16351,62098.3%New Wholly-owned Properties55,45198.7%2,09795.5%65,5245,55695.4%62.6%Wholly-owned Properties-Total55,80298.4%52,35898.1%656,68757,17698.2%62.7%Current YearPrior Year 1 AsofSeptember14,2011forcurrentyearandSeptember14,2010forprioryear. 2 Rentablebedsexcludebedsneededforon-sitestaff. 3 AsofSeptember30,2010. 4 ProjectedrateincreaseisbasedonleasesexecutedasofAugust31,2011. 5 Includesthefollowingproperties:CampusTrails,apropertythatincurredbusinessinterruptionduetosignificantpropertydamageresultingfromafireinApril2010and2ndAvenueCentre,whichwaspurchasedinDecember2010.AlsoincludesthreepropertiespurchasedinNovember2010fromajointventurewithFidelityinwhichwepreviouslyhelda10%interest,aswellasfourowneddevelopmentpropertiesthatopenedforoccupancyinFall2011.

6 PropertiesnotownedorunderACCmanagementduringtheprioryearareexcludedforpurposesofcalculatingtheprioryearpercentageofrentablebedsandfinalFall2010occupancy.