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):  October 25, 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):

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

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

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

o   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 October 25, 2011, American Campus Communities, Inc. (the “Company”) issued a press release (the “Earnings Release”) announcing, among other things, earnings for the quarter ended September 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 October 25, 2011, the Company disclosed a supplemental analyst package in connection with its earnings conference call for the quarter ended September 30, 2011 which took place on October 26, 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: October 26, 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 October 25, 2011
EX-99.2	Supplemental Analyst Package –Third Quarter 2011

EX-99.1

Exhibit 99.1

MEDIA RELEASE  

American Campus Communities, Inc. Reports Third Quarter 2011 Financial Results

AUSTIN, Texas--(BUSINESS WIRE)—October 25, 2011--American Campus Communities, Inc. (NYSE:ACC) today announced the following financial results for the quarter ended September 30, 2011.

Highlights

§   Achieved quarterly FFOM of $24.0 million or $0.34 per fully diluted share compared to $20.7 million or $0.34 per fully diluted share for the third quarter prior year.

§   Increased net operating income ("NOI") for same store wholly-owned portfolio by 4.8 percent over the third quarter 2010.

§   Achieved occupancy at the same store wholly-owned portfolio of 98.5 percent as of September 30, 2011 compared to 98.3 percent for the same date prior year, with a rental rate increase of 3.0 percent.

§   Completed construction and opened four owned properties containing 2,480 beds and totaling $109.6 million in development costs with a weighted average occupancy of 98.7 percent.

§   Commenced construction on two owned on-campus American Campus Equity (ACE) projects at Arizona State University totaling $36.5 million and containing 765 beds.

§   Acquired Eagles Trail, a 792-bed off-campus community serving students attending the University of Southern Mississippi in Hattiesburg, for a purchase price of $20 million.

§   Executed a presale agreement via the company’s mezzanine investment program to acquire University Edge, a 608-bed off-campus community opening in August 2012 that will serve students attending Kent State University in Ohio, for a purchase price of $30 million.

§   Entered into an option to purchase The Retreat, a 780-bed off-campus cottage community opening in August 2012 that will serve students attending Texas State University in San Marcos, TX, for $52 million.

§   Completed construction and opened two third-party communities at Cleveland State University and Edinboro University in Pennsylvania.

§   Entered into a third-party predevelopment agreement with Southern Oregon University in Ashland to build an on-campus student housing community containing 702 beds.

§   On September 16th, the company was added to the S&P MidCap 400 index.

§   Achieved an investment grade rating of Baa3 with a stable outlook from Moody’s Investors Service.

Third Quarter 2011 Operating Results

Revenue for the 2011 third quarter totaled $97.3 million, up 13.5 percent from $85.7 million in the third quarter 2010. Operating income for the quarter decreased $0.2 million or 1.2 percent over the prior year third quarter primarily due to construction savings earned on a third-party development project completed during the third quarter prior year, which was offset by the acquisition of 16 properties during the second half of 2010, the opening of four owned properties in August 2011, and increased occupancy and rental rates for the 2011-12 academic year. Net income for the 2011 third quarter totaled $1.6 million, or $0.02 per fully diluted share, compared with net income of $3.9 million, or $0.06 per fully diluted share, for the same quarter in 2010. The decrease in net income as compared to the prior year quarter is primarily due to a non-cash gain of $3.9 million recognized during the third quarter 2010 related to the purchase of 11 properties from a joint venture in which the company previously held a 10 percent interest. This decrease was offset by 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 third quarter totaled $23.7 million, or $0.33 per fully diluted share, as compared to $23.6 million, or $0.39 per fully diluted share for the same quarter in 2010. FFOM for the 2011 third quarter was $24.0 million, or $0.34 per fully diluted share as compared to $20.7 million, or $0.34 per fully diluted share for the same quarter in 2010. A reconciliation of FFO and FFOM to net income is shown in Table 3.

NOI for same store wholly-owned properties was $32.4 million in the quarter, up 4.8 percent from $30.9 million in the 2010 third quarter. Same store wholly-owned property revenues increased by 3.7 percent over the 2010 third quarter due to an increase in occupancy and average rental rates for the 2011-2012 academic year. Same store wholly-owned property operating expenses increased by 2.8 percent over the prior year quarter, primarily a result of increases in property taxes and other inflationary increases.  NOI for the total wholly-owned portfolio increased 18.8 percent to $39.1 million for the quarter from $32.9 million in the comparable period of 2010.

“Our Fall 2011 same store lease-up results at 98.5 percent occupancy with 3.0 percent rental rate growth have set the stage for us to achieve the high end of our 2011 guidance range and meaningful net asset value creation in 2012,” said Bill Bayless, American Campus CEO. "This, combined with our robust external growth, strong industry fundamentals, and proven resiliency in an uncertain economy make ACC’s best-in-class story more compelling than ever.”

Portfolio Update

During the quarter, the company completed construction and opened four owned assets. Lobo Village, an 864-bed ACE project on the University of New Mexico campus, opened 99.5 percent occupied. Villas at Babcock, a 792-bed owned off-campus community serving students attending the University of Texas – San Antonio, opened 99.5 percent occupied. Villas on Sycamore, the 680-bed off-campus community serving students attending Sam Houston State University, opened 96.5 percent occupied and University Village Northwest, the company’s 144-bed ACE project at Prairie View A&M University opened 100 percent occupied.

The company commenced construction on two owned ACE projects at Arizona State University. Casa de Oro, containing 365 beds with an estimated project cost of $14.6 million, is a residence hall on ASU’s West Campus that will serve first-year students and primarily includes shared accommodations of one-bedroom and two-bedroom suite-style units. The Villas at Vista del Sol, containing 400 beds with an estimated project cost of $21.9 million, is a continuation of the company’s first phase on the ASU campus, Vista del Sol, and will feature apartment and townhome-style units. Both projects are expected to open for occupancy in August 2012.

During the quarter, the company acquired Eagles Trail, an underperforming 792-bed off-campus community serving students attending the University of Southern Mississippi in Hattiesburg, for a purchase price of $20 million. The community is located 1.3 miles from campus and features private bedroom and bathroom accommodations and a community center that includes a computer center, study lounge, fitness center, resort-style swimming pool with sun deck, basketball court and sand volleyball court.

In July, the company entered into a presale agreement to purchase University Edge, a 608-bed off-campus community opening in August 2012 that will serve students attending Kent State University in Ohio, for a purchase price of $30 million. As part of the presale agreement, ACC has deployed $4.5 million in mezzanine financing. The project is adjacent and pedestrian to the KSU campus and will feature private bedroom and bathroom accommodations. Additionally, a 4,000-square-foot community center within one of the three residential buildings will include a fitness center, game lounge, student lounge, wireless internet café as well as office and leasing space. American Campus is currently providing marketing and leasing services for the community.

In August, the company entered into an option to purchase The Retreat, a 780-bed cottage community opening in August 2012 that will serve students attending Texas State University in San Marcos, TX, for $52 million. American Campus has provided $3.1 million in mezzanine financing as part of the agreement. The community, located less than one-half mile from core campus, will feature 187 cottages with private bedroom and bathroom accommodations.  The full amenity package includes a clubhouse with a resort-style pool, fitness center, game room, study rooms, computer lounges and a movie theater.

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During the quarter, American Campus acquired University Shoppes in Orlando as a redevelopment opportunity for a mixed-use development with purpose-built student housing and retail. The shopping center currently sits on a 14-acre site located opposite the main entrance to the University of Central Florida.

At-The-Market (ATM) Share Offering Program

For the quarter ended September 30, 2011, the company sold 1,323,378 shares of common stock under the ATM program at a weighted average price of $37.78 per share for net proceeds of approximately $49.3 million. The proceeds raised under the program were used to partially fund the company’s acquisition and development activity.

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 third quarter results and the 2011 outlook on Wednesday, October 26, 2011 at 11 a.m. EDT (10:00 a.m. CDT). To participate by telephone, call 866.383.8119 passcode 36498936 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 November 2, 2011 by dialing 888-286-8010 or 617-801-6888 passcode 58949397. 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.

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 the largest owner and manager 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 112 student housing properties containing approximately 69,200 beds. Including its owned, joint venture and third-party managed properties, ACC's total managed portfolio consists of 146 properties with approximately 94,000 beds. Visit www.americancampus.com or www.studenthousing.com.

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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

($ in thousands)

	September 30, 2011			December 31, 2010
Assets	(unaudited)
Investments in real estate:
Wholly-owned properties, net	$	2,513,546		$	2,433,844
On-campus participating properties, net		60,525			62,486
Investments in real estate, net		2,574,071			2,496,330
Cash and cash equivalents		28,499			113,507
Restricted cash		24,168			26,764
Student contracts receivable, net		7,296			5,736
Other assets		71,441			51,147
Total assets	$	2,705,475		$	2,693,484
Liabilities and equity
Liabilities:
Secured mortgage, construction and bond debt	$	887,158		$	1,144,103
Unsecured term loan		200,000			-
Senior secured term loan		-			100,000
Unsecured revolving credit facility		34,000			-
Secured agency facility		116,000			101,000
Accounts payable and accrued expenses		37,307			34,771
Other liabilities		77,006			61,011
Total liabilities		1,351,471			1,440,885
Redeemable noncontrolling interests		37,715			34,704
Equity:
American Campus Communities, Inc. and Subsidiaries stockholders’ equity:
Common stock		706			667
Additional paid in capital		1,594,373			1,468,179
Accumulated earnings and dividends		(278,322	)		(249,381	)
Accumulated other comprehensive loss		(4,108	)		(5,503	)
Total American Campus Communities, Inc. and Subsidiaries stockholder’s equity		1,312,649			1,213,962
Noncontrolling interests		3,640			3,933
Total equit		1,316,289			1,217,895
Total liabilities and equity	$	2,705,475		$	2,693,484

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Table 2

American Campus Communities, Inc. and Subsidiaries

Consolidated Statements of Operations

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Revenues
Wholly-owned properties	$	88,496		$	72,314		$	258,177		$	206,489
On-campus participating properties		5,011			4,654			17,115			16,107
Third-party development services		1,568			6,056			6,150			8,258
Third-party management services		1,794			2,274			5,427			6,609
Resident services		407			437			1,022			931
Total revenues		97,276			85,735			287,891			238,394
Operating expenses
Wholly-owned properties		49,852			39,893			126,009			100,976
On-campus participating properties		2,870			2,857			7,495			7,876
Third-party development and management services		2,488			2,754			7,801			8,649
General and administrative		2,880			3,716	1		8,931			9,085	1
Depreciation and amortization		22,205			19,260			65,547			53,118
Ground/facility leases		810			888			2,624			2,212
Total operating expenses		81,105			69,368			218,407			181,916
Operating income		16,171			16,367			69,484			56,478
Nonoperating income and (expenses)
Interest income		166			42			375			75
Interest expense		(13,203	)		(15,242	)		(39,394	)		(44,993	)
Amortization of deferred financing costs		(1,226	)		(1,238	)		(3,785	)		(3,246	)
Loss from unconsolidated joint ventures		(42	)		(9	)		(67	)		(2,134	)
Other nonoperating income		-			3,901			-			3,901
Total nonoperating expenses		(14,305	)		(12,546	)		(42,871	)		(46,397	)
Income before income taxes and discontinued operations		1,866			3,821			26,613			10,081
Income tax provision		(88	)		(143	)		(373	)		(428	)
Income from continuing operations		1,778			3,678			26,240			9,653
Discontinued operations
Income (loss) attributable to discontinued operations		14			408			1,039			(2,980	)
Gain (loss) from disposition of real estate		-			-			14,574			(3,705	)
Total discontinued operations		14			408			15,613			(6,685	)
Net income		1,792			4,086			41,853			2,968
Net income attributable to noncontrolling interests		(151	)		(181	)		(1,059	)		(484	)
Net income attributable to American   Campus Communities, Inc. and Subsidiaries	$	1,641		$	3,905		$	40,794		$	2,484
Net income per share attributable to American Campus Communities, Inc. and Subsidiaries common stockholders:
Basic	$	0.02		$	0.06		$	0.58		$	0.03
Diluted	$	0.02		$	0.06		$	0.58		$	0.03
Weighted-average common shares outstanding
Basic		70,008,276			59,165,472			68,551,434			54,604,300
Diluted		70,561,514			60,794,968			69,120,438			56,295,937

1   General and administrative expenses for the three and nine months ended September 30, 2010 include $0.9 million of acquisition-related costs such as broker fees, due diligence costs and legal and accounting fees.

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Table 3

American Campus Communities, Inc. and Subsidiaries

Calculation of FFO and FFOM

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Net income attributable to American Campus Communities, Inc. and Subsidiaries	$	1,641		$	3,905		$	40,794		$	2,484
Noncontrolling interests		151			181			1,059			484
(Gain) loss from disposition of real estate		-			-			(14,574	)		3,705
Loss from unconsolidated joint ventures		42			9			67			2,134
FFO from unconsolidated joint ventures 1		(26	)		26			(19	)		(1,218	)
Real estate related depreciation and amortization		21,917			19,494			65,569			54,342
Funds from operations (“FFO”)		23,725			23,615			92,896			61,931
Elimination of operations of on-campus participating properties and unconsolidated joint venture:
Net loss (income) from on-campus participating properties		770			1,268			(576	)		558
Amortization of investment in on-campus participating properties		(1,123	)		(1,094	)		(3,330	)		(3,253	)
FFO from Hampton Roads unconsolidated joint venture 2		-			-			-			160
		23,372			23,789			88,990			59,396
Modifications to reflect operational performance of on-campus participating properties:
Our share of net cash flow 3		441			599			1,715			1,391
Management fees		215			202			770			723
Impact of on-campus participating properties		656			801			2,485			2,114
Gain on remeasurement of equity method investment 4		-			(3,901	)		-			(3,901	)
Elimination of provision for asset impairment – wholly-owned property 5		-			-			-			4,036
Elimination of provision for asset impairment – unconsolidated joint ventures 6		-			-			-			1,414
Funds from operations - modified (“FFOM”)	$	24,028		$	20,689		$	91,475		$	63,059
FFO per share - diluted	$	0.33		$	0.39		$	1.32		$	1.10
FFOM per share - diluted	$	0.34		$	0.34		$	1.30		$	1.12
Weighted average common shares outstanding - diluted		71,580,468			60,909,931			70,152,495			56,410,900

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% minority 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. Subject 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 a non-cash gain recorded to remeasure the company’s equity method investment in one of the Fidelity Joint Ventures to fair value as a result of the company purchasing Fidelity’s remaining 90% interest in the joint venture in September 2010.

5   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.

6   Represents our share of impairment charges recorded during the periods presented for properties owned through our unconsolidated Fidelity Joint Ventures.

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EX-99.2

Exhibit 99.2

SUPPLEMENTAL ANALYST PACKAGE - 3Q 2011 October 25, 2011

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 y p y p Seasonality of Operations 6 Capital Structure 7 Portfolio Overview - Summary 8 Portfolio Overview - Detail 9 Owned Development Update 12 Third-party Development Update 13 Management Services Update 14 Investor Information 15 Table of Contents

FINANCIAL HIGHLIGHTS :: $ in thousands, except share and per share data Operating Data 2011 2010 $ Change % Change 2011 2010 $ Change % Change Total revenues 97,276 $ 85,735 $ 11,541 $ 13.5% 287,891 $ 238,394 $ 49,497 $ 20.8% Operating income 16,171 16,367 (196) -1.2% 69,484 56,478 13,006 23.0% N t i tt ib t bl t 1 641 3 905 (2 264) 40 794 2 484 38 310 Nine Months Ended September 30, Three Months Ended September 30, Net income attributable to ACC 1,641 3,905 2,264) 40,794 2,484 38,310 Net income per share - basic and diluted 0.02 0.06 0.58 0.03 FFO 23,725 23,615 110 92,896 61,931 30,965 FFO per share—diluted 0.33 0.39 1.32 1.10 FFOM 24,028 20,689 3,339 91,475 63,059 28,416 FFOM per share—diluted 0.34 0.34 1.30 1.12 Operating Statistics Debt to gross asset value1 Debt to total market capitalization2 3 Interest coverage4 Net debt to EBITDA5 6.17 September 30, 2011 30.0% 3.10 December 31, 2010 36.6% 2.87 43.7% 39.4% 7.09 1. Gross asset value is the book value of the company’s total assets, calculated in accordance with generally accepted accounting principles, excluding accumulated depreciation and our on-campus participating properties. 2. Excludes debt related to our on-campus participating properties totaling $79.4 million and $81.8 million as of September 30, 2011 and December 31, 2010, respectively, as well as net unamortized premiums 6 2 9 9 of September 30 2011 and December 31 2010 respectively AMERICAN CAMPUS COMMUNITIES :: 1 debt of $6.2 million and $9.9 million as 30, 31, 2010, respectively. 3. Market capitalization is calculated based on a common share price of $37.21 and $31.76 as of September 30, 2011 and December 31, 2010, respectively, and fully diluted common shares totaling 72,422,055 and 68,476,747 as of September 30, 2011 and December 31, 2010, respectively. 4. Based on earnings before interest, taxes, depreciation, and amortization (“EBITDA”), as defined in the company’s Credit Facility Agreement, and cash interest expense of $182.4 million and $58.8 million, respectively, for the four most recently completed fiscal quarters. Excludes interest associated with our on-campus participating properties and Hampton Roads unconsolidated joint venture. Includes our share of interest expense related to debt from a joint venture in which we hold a 10% interest. 5. Net debt is calculated as total debt less cash on hand as of September 30, 2011.

CONSOLIDATED BALANCE SHEETS :: $ in thousands September 30, 2011 December 31, 2010 (unaudited) Assets Investments in real estate: Wholly-owned properties, net 2,513,546 $ 2,433,844 $ On campus participating properties net 60 525 62 486 On-properties, 60,525 62,486 Investments in real estate, net 2,574,071 2,496,330 Cash and cash equivalents 28,499 113,507 Restricted cash 24,168 26,764 Student contracts receivable, net 7,296 5,736 Other assets 71,441 51,147 Total assets 2,705,475 $ 2,693,484 $ Liabilities and equity Liabilities: Secured mortgage, construction and bond debt 887,158 $ 1,144,103 $ Unsecured term loan 200,000 - Senior secured term loan - 100,000 Unsecured revolving credit facility 34,000 - Secured agency facility 116 000 101 000 116,000 101,000 Accounts payable and accrued expenses 37,307 34,771 Other liabilities 77,006 61,011 Total liabilities 1,351,471 1,440,885 Redeemable noncontrolling interests 37,715 34,704 Equity: American Campus Communities, Inc. and Subsidiaries stockholders' equity: Common stock 706 667 Additional paid in capital 1,594,373 1,468,179 Accumulated earnings and dividends (278,322) (249,381) Accumulated other comprehensive loss (4,108) (5,503) 1,312,649 1,213,962 Noncontrolling interests 3 640 3 933 Total American Campus Communities, Inc. and Subsidiaries stockholders' equity AMERICAN CAMPUS COMMUNITIES :: 3,640 3,933 Total equity 1,316,289 1,217,895 Total liabilities and equity 2,705,475 $ 2,693,484 $ 2

CONSOLIDATED STATEMENTS OF OPERATIONS :: unaudited, $ in thousands, except share and per share data 2011 2010 $ Change 2011 2010 $ Change Revenues Wholly-owned properties $ 88,496 $ 72,314 $ 16,182 $ 258,177 $ 206,489 $ 51,688 On-campus participating properties 5,011 4,654 357 17,115 16,107 1,008 Third-party development services 1,568 6,056 (4,488) 6,150 8,258 (2,108) Third-party management services 1,794 2,274 (480) 5,427 6,609 (1,182) Resident services 407 437 (30) 1,022 931 91 Three Months Ended September 30, Nine Months Ended September 30, Total revenues 97,276 85,735 11,541 287,891 238,394 49,497 Operating expenses Wholly-owned properties 49,852 39,893 9,959 126,009 100,976 25,033 On-campus participating properties 2,870 2,857 13 7,495 7,876 (381) Third-party development and management services 2,488 2,754 (266) 7,801 8,649 (848) General and administrative 2,880 3,716 1 (836) 8,931 9,085 1 (154) Depreciation and amortization 22,205 19,260 2,945 65,547 53,118 12,429 Ground/facility leases 810 888 (78) 2,624 2,212 412 Total operating expenses 81 105 69 368 11 737 218 407 181 916 36 491 81,105 69,368 11,737 218,407 181,916 36,491 Operating income 16,171 16,367 (196) 69,484 56,478 13,006 Nonoperating income and (expenses) Interest income 166 42 124 375 75 300 Interest expense (13,203) (15,242) 2,039 (39,394) (44,993) 5,599 Amortization of deferred financing costs (1,226) (1,238) 12 (3,785) (3,246) (539) Loss from unconsolidated joint ventures (42) (9) (33) (67) (2,134) 2,067 Other nonoperating income - 3,901 (3,901) - 3,901 (3,901) Total nonoperating expenses (14,305) (12,546) (1,759) ( 42,871) ( 46,397) 3,526 p g p ) ) Income before income taxes and discontinued operations 1,866 3,821 (1,955) 26,613 10,081 16,532 Income tax provision (88) (143) 55 (373) (428) 55 Income from continuing operations 1,778 3,678 (1,900) 26,240 9,653 16,587 Discontinued operations Income (loss) attributable to discontinued operations 14 408 (394) 1,039 (2,980) 4,019 Gain (loss) from disposition of real estate - - - 14,574 (3,705) 18,279 Total discontinued operations 14 408 (394) 15,613 (6,685) 22,298 Net income 1,792 4,086 (2,294) 41,853 2,968 38,885 N t i tt ib t bl t t lli i t t (151) (181) 30 (1 059) (484) (575) Net income attributable to noncontrolling interests 1,059) Net income attributable to American Campus Communities, Inc. and Subsidiaries 1,641 $ 3,905 $ (2,264) $ 40,794 $ 2,484 $ 38,310 $ Net income per share attributable to American Campus Communities, Inc. and Subsidiaries common stockholders: Basic and diluted 0.02 $ 0.06 $ 0.58 $ 0.03 $ Weighted-average common shares outstanding AMERICAN CAMPUS COMMUNITIES :: Basic 70,008,276 59,165,472 68,551,434 54,604,300 Diluted 70,561,514 60,794,968 69,120,438 56,295,937 3

CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS :: unaudited, $ in thousands, except share and per share data 2011 2010 $ Change 2011 2010 $ Change Net income attributable to American Campus Communities, Inc. and Subsidiaries 1,641 $ 3,905 $ (2,264) $ 40,794 $ 2,484 $ 38,310 $ Noncontrolling interests 151 181 (30) 1,059 484 575 (Gain) loss from disposition of real estate - - - (14,574) 3,705 (18,279) Loss from unconsolidated joint ventures 42 9 33 67 2,134 (2,067) Three Months Ended September 30, Nine Months Ended September 30, FFO from unconsolidated joint ventures1 (26) 26 (52) (19) (1,218) 1,199 Real estate related depreciation and amortization 21,917 19,494 2,423 65,569 54,342 11,227 Funds from operations ("FFO") 23,725 23,615 110 92,896 61,931 30,965 Elimination of operations of on-campus participating properties and unconsolidated joint venture: Net loss (income) from on-campus participating properties 770 1,268 (498) (576) 558 (1,134) Amortization of investment in on-campus participating properties ( 1,123) ( 1,094) ( 29) ( 3,330) ( 3,253) ( 77) p p p gp p , ) , ) ) , ) , ) ) FFO from Hampton Roads unconsolidated joint venture2 - - - - 160 (160) 23,372 23,789 (417) 88,990 59,396 29,594 Modifications to reflect operational performance of on-campus participating properties: Our share of net cash flow3 441 599 (158) 1,715 1,391 324 Management fees 215 202 13 770 723 47 Impact of on-campus participating properties 656 801 (145) 2,485 2,114 371 Gain on remeasurement of equity method investment4 - (3,901) 3,901 - (3,901) 3,901 Elimination of provision for asset impairment - wholly-owned property5 - - - - 4,036 (4,036) Elimination of provision for asset impairment - unconsolidated joint ventures6 - - - - 1,414 (1,414) Funds from operations-modified ("FFOM") 24,028 $ 20,689 $ 3,339 $ 91,475 $ 63,059 $ 28,416 $ FFO per share - diluted 0.33 $ 0.39 $ 1.32 $ 1.10 $ FFOM per share - diluted 0.34 $ 0.34 $ 1.30 $ 1.12 $ W i htd h t t di dil t d Weighted average common shares outstanding - diluted 71,580,468 60,909,931 70,152,495 56,410,900 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 AMERICAN CAMPUS COMMUNITIES :: 4

WHOLLY-OWNED PROPERTY RESULTS OF OPERATIONS1 :: $ in thousands 2011 2010 $ Change % Change 2011 2010 $ Change % Change Wholly-owned property revenues Three Months Ended September 30, Nine Months Ended September 30, Same store properties 70,971 $ 68,430 $ 2,541 $ 3.7% 208,977 $ 200,806 $ 8,171 $ 4.1% New properties 17,932 4,321 13,611 50,222 6,614 43,608 Total revenues2 88,903 $ 72,751 $ 16,152 $ 22.2% 259,199 $ 207,420 $ 51,779 $ 25.0% Wholly-owned property operating expenses Same store properties 38,546 $ 37,489 $ 1,057 $ 2.8% 98,564 $ 96,808 $ 1,756 $ 1.8% New properties 11 306 3 2 404 8 902 27 445 3 4 168 23 277 11,306 2,404 8,902 27,445 4,168 23,277 Total operating expenses 49,852 $ 39,893 $ 9,959 $ 25.0% 126,009 $ 100,976 $ 25,033 $ 24.8% Wholly-owned property net operating income Same store properties 32,425 $ 30,941 $ 1,484 $ 4.8% 110,413 $ 103,998 $ 6,415 $ 6.2% New properties 6,626 1,917 4,709 22,777 2,446 20,331 Total net operating income 39,051 $ 32,858 $ 6,193 $ 18.8% 133,190 $ 106,444 $ 26,746 $ 25.1% AMERICAN CAMPUS COMMUNITIES :: 5 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 River Walk Townhomes, all sold in April 2011; and Campus Club-Statesboro, sold in May 2011. 2. Includes revenues that are reflected as Resident Services Revenue on the accompanying consolidated statements of operations. 3. Operating expenses for the three and nine months ended September 30, 2011 include $0.7 million of acquisition-related costs such as broker fees, due diligence costs and legal and accounting fees

SEASONALITY OF OPERATIONS1 :: $ in thousands, except for per bed amounts Th M th E d d December 31, 2010 March 31, 2011 June 30, 2011 September 30, 2011 Total/Weighted Average Same store properties2 Revenue per occupied bed Rental revenue per occupied bed per month 514 $ 513 $ 507 $ 500 $ 509 $ Other income per occupied bed per month3 30 36 40 57 41 Total revenue per occupied bed 544 $ 549 $ 547 $ 557 $ 550 $ Average number of owned beds 43,803 43,803 43,803 43,799 43,801 Three Months Ended g , , , , , Average physical occupancy for the quarter 98.6% 98.7% 93.9% 96.0.% 96.8% Total revenue 70,503 $ 71,283 $ 67,423 $ 70,271 $ 279,480 $ Property operating expenses 29,971 30,471 30,134 37,980 128,556 Net operating income 40,532 $ 40,812 $ 37,289 $ 32,291 $ 150,924 $ Operating margin 57.5% 57.3% 55.3% 46.0% 54.0% New properties4 Revenue per occupied bed p p Rental revenue per occupied bed per month 461 $ 464 $ 467 $ 469 $ 465 $ Other income per occupied bed per month3 26 32 30 50 35 Total revenue per occupied bed 487 $ 496 $ 497 $ 519 $ 500 $ Average number of owned beds 9,742 10,897 10,897 12,216 10,938 Average physical occupancy for the quarter 96.7% 97.5% 97.3% 97.9% 97.4% Total revenue 13,769 $ 15,812 $ 15,778 $ 18,632 $ 63,991 $ Property operating expenses 6,399 7,725 7,827 11,872 33,823 N t ti i 7 370 $ 8 087 $ 7 951 $ 6 760 $ 30 168 $ Net operating income 7,370 8,087 7,951 6,760 30,168 Operating margin 53.5% 51.1% 50.4% 36.3% 47.1% ALL PROPERTIES Revenue per occupied bed Rental revenue per occupied bed per month 504 $ 504 $ 499 $ 494 $ 500 $ Other income per occupied bed per month3 29 36 37 55 40 Total revenue per occupied bed 533 $ 540 $ 536 $ 549 $ 540 $ A b f d bd 53 545 54 700 54 700 56 015 54 740 Average number of owned beds 53,545 54,700 54,700 56,015 54,740 Average physical occupancy for the quarter 98.3% 98.4% 94.6% 96.4% 96.9% Total revenue 84,272 $ 87,095 $ 83,201 $ 88,903 $ 343,471 $ Property operating expenses 36,370 38,196 37,961 49,852 162,379 Net operating income 47,902 $ 48,899 $ 45,240 $ 39,051 $ 181,092 $ Operating margin 56.8% 56.1% 54.4% 43.9% 52.7% 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 2011 Club Statesboro sold in May 2011 AMERICAN CAMPUS COMMUNITIES :: 6

CAPITAL STRUCTURE AS OF SEPTEMBER 30, 2011 :: $ in thousands, except share and per share data Market Capitalization Gross Asset Value1 2,924,123 $ Total Debt2 1,153,363 $ Total Equity Market Value3 2,694,825 Total Market Capitalization 3,848,188 $ Fixed Rate Mortgage Loans Maturity Schedule $300,000 Debt to Gross Asset Value 39.4% Debt to Total Market Capitalization 30.0% Interest Coverage4 3.10 Net Debt to EBITDA5 6.17 $150,000 $200,000 $250,000 $128,405 $195,910 $163,166 $119,000 5 71% 5.40% 5.69% Principal Outstanding2 Weighted Average Interest Rate Average Term To Maturity # # Fixed Rate Mortgage Loans 803,363 $ 5.6% 3.6 Yrs # Unsecured Revolving Credit Facility 34,000 2.2% 2.6 Yrs # Unsecured Term Loan 200,000 3.0% 3.6 Yrs # $0 $50,000 $100,000 $8,083 $80,742 $96,945 $11,112 6.74% 5.71% 5.95% 5.37% 5.66% 6.43% Secured Agency Facility 116,000 2.3% 2.9 Yrs # Total/Weighted Average 1,153,363 $ 4.7% 3.5 Yrs 201 Interest rates appearing on each bar represent the weighted average interest rate of debt maturing in that year. 2011 2012 2013 2014 2015 2016 2017 2018+ 1. Gross asset value is the book value of the company’s total assets calculated in accordance with generally accepted accounting principles, excluding accumulated depreciation and our on-campus participating properties. 2. Excludes debt related to our on-campus participating properties totaling $79.4 million with a weighted average interest rate of 7.2% and average term maturity of 8.7 years. Also excludes net amortized debt premiums of $6 2 million Includes $1 8 million or the company’s 18 2 million of debt from a joint venture in which the company holds a 10% interest AMERICAN CAMPUS COMMUNITIES :: 7 6.2 million. 1.8 company s 10% share of $18.2 interest. 3. Based on share price of $37.21 and fully diluted share count of 72,422,055 as of September 30, 2011. Assumes conversion of 1,013,563 common and preferred Operating Partnership units and 551,970 unvested restricted stock awards. 4. Based on earnings before interest, taxes, depreciation, and amortization (“EBITDA”), as defined in the company’s Credit Facility Agreement, and cash interest expense of $182.4 million and $58.8 million, respectively, for the four most recently completed fiscal quarters. Excludes interest associated with our on-campus participating properties and Hampton Roads unconsolidated joint venture. Includes our share of interest expense related to debt from a joint venture in which we hold a 10% interest. 5. Net debt is calculated as total debt less cash on hand as of September 30, 2011.

PORTFOLIO OVERVIEW AS OF SEPTEMBER 30, 20111 :: summary Units Beds 2011 2010 2011/2012 2010/2011 Change Physical Occupancy at September 30, Property Type Fall 2011 Rental Rate Change Rental Revenue per Occupied Bed for Academic Year2 Same Store Wholly-owned Properties 16,422 51,620 98.5% 98.3% 3.0% 522.13 $ 506.35 $ 3.1% New Wholly-owned Properties3 1,752 6,348 96.4% 84.2% 4 5 3.5% 4 5 488.86 $ 472.61 $ n/a6 Wholly-owned Properties - Total 18,174 57,968 98.2% 98.2% 4 5 3.0% 4 5 518.62 $ 504.49 $ n/a6 On-campus Participating Properties 1,863 4,519 99.8% 99.2% 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 average rental revenue per occupied bed for the academic years presented AMERICAN CAMPUS COMMUNITIES :: 8 2. presented. 3. Includes Campus Trails, a 480-bed property that incurred business interruption due to significant property damage resulting from a fire in April 2010, 3 properties purchased from a joint venture with Fidelity in November 2010 in which we previously held a 10% interest, 2nd Avenue Centre, an 868-bed property purchased in December 2010, 4 owned development projects that completed construction and commenced operations in August 2011, and Eagles Trail, a 792-bed property purchased in September 2011. 4. Reflects the impact of lost occupancy at Campus Trails related to 72 beds that were destroyed by a fire in April 2010 and reopened for occupancy in August 2011. 5. Excludes properties that were not owned or under ACC management as of September 30, 2010. 6. The change in rental revenue per occupied bed is not meaningful due to differences in the property groupings for the periods presented.

PORTFOLIO OVERVIEW AS OF SEPTEMBER 30, 2011 :: detail – properties with rental rate growth above 3% Property Location 2011 2010 1 Brookstone Village Wilmington, NC 102.5% 102.5% 11.9% 2 Campus Walk - Wilmington Wilmington, NC 105.5% 103.4% 8.7% 3 The View Lincoln, NE 100.0% 97.1% 7.1% 4 State College Park State College, PA 99.5% 99.5% 6.8% 5-6 College Club Tallahassee Tallahassee, FL 96.1% 98.3% 6.6% 7 U i it H i ht Bi i h 99 4% 977% 64% Physical Occupancy at September 30, Rental Rate Change University Heights Birmingham, AL 99.4% 97.7% 6.4% 8 Nittany Crossing State College, PA 99.4% 99.4% 6.4% 9 Pirates Place Greenville, NC 93.2% 90.3% 5.5% 10 University Meadows Mt. Pleasant, MI 98.5% 98.9% 5.2% 11 Aztec Corner San Diego, CA 98.5% 98.2% 5.1% 12 The Centre Kalamazoo, MI 99.4% 99.0% 4.7% 13 University Mills Cedar Falls, IA 99.0% 99.0% 4.6% 14 University Crossings Philadelphia, PA 99.4% 99.4% 4.5% 15 Abbott Place East Lansing, MI 99.4% 98.9% 4.4% 16 C C Bl i t 99 1% 987% 44% Campus Corner Bloomington, IN 99.1% 98.7% 4.4% 17 Callaway Villas College Station, TX 99.9% 99.4% 4.3% 18 University Pines Statesboro, GA 99.5% 97.8% 4.2% 19 University Trails Lubbock, TX 98.2% 99.1% 4.1% 20 Hawks Landing Oxford, OH 99.0% 98.6% 4.1% 21 The Enclave Bowling Green, OH 98.5% 99.2% 4.1% 22 The Outpost San Marcos, TX 99.6% 99.6% 4.1% 23 University Village at Boulder Creek Boulder, CO 98.7% 98.7% 4.1% 24 University Crescent Baton Rouge, LA 98.4% 99.0% 4.1% 25 U i it Cl bT h T ll h 99 5% 989% 40% 25-26 University Club Townhomes Tallahassee, FL 99.5% 98.9% 4.0% 27 The Callaway House College Station, TX 103.7% 103.5% 3.9% 28 The Club Athens, GA 97.9% 97.5% 3.9% 29 University Manor Greenville, NC 93.5% 98.8% 3.9% 30 The Highlands Reno, NV 99.2% 89.8% 3.7% 31 The Village at Blacksburg Blacksburg, VA 99.6% 99.0% 3.7% 32 Royal Lexington Lexington, KY 98.4% 98.9% 3.6% 33 The Edge - Orlando Orlando, FL 99.6% 99.5% 3.6% 34-36 University Village Tallahassee, FL 99.2% 99.3% 3.5% 37 University Sacramento 104 1% 100 0% 35% Village Sacramento, CA 104.1% 100.0% 3.5% 38 Lions Crossing State College, PA 99.4% 99.4% 3.5% 39-40 Willowtree Apartments and Towers Ann Arbor, MI 96.9% 99.5% 3.4% 41 Peninsular Place Ypsilanti, MI 99.2% 98.3% 3.4% 42 Chapel View Chapel Hill, NC 97.8% 97.2% 3.4% 43 Olde Towne University Square Toledo, OH 100.2% 99.8% 3.4% 44 Burbank Commons Baton Rouge, LA 95.7% 98.3% 3.3% 45 University Pointe Lubbock, TX 95.0% 99.4% 3.3% 46 The Tower at 3rd Champaign, IL 98.9% 94.1% 3.2% 47 San Marcos 98 2% 979% 31% AMERICAN CAMPUS COMMUNITIES :: Sanctuary Lofts Marcos, TX 98.2% 97.9% 3.1% 48 South View Apartments Harrisonburg, VA 98.4% 98.9% 3.1% 49 Villas at Chestnut Ridge Amherst, NY 99.3% 99.1% 3.1% 50 Barrett Honors College (ACE) Tempe, AZ 97.4% 98.1% 3.0% 98.8% 98.5% 4.2% Subtotal - Properties With Rental Rate Growth Above 3% 9

detail – properties with rental rate growth between 0% and 2.99% and properties reducing rental rates Property Location 2011 2010 Properties With Rental Rate Growth Between 0% and 2.99%: 1 University Gables Murfreesboro, TN 98.9% 96.5% 3.0% 2 Sunnyside Commons Morgantown, WV 100.6% 101.2% 2.8% 3 Pirates Cove Greenville, NC 98.7% 98.7% 2.8% Physical Occupancy at September 30, Fall 2011 Rental Rate Change 4 Entrada Real Tucson, AZ 99.4% 99.2% 2.7% 5 University Place Charlottsville, VA 80.7% 93.9% 2.7% 6 University Club Apartments Gainesville, FL 98.7% 97.9% 2.6% 7 Lakeside Apartments Athens, GA 98.2% 97.3% 2.6% 8 Aggie Station Bryan, TX 99.3% 99.6% 2.6% 9 Chapel Ridge Chapel Hill, NC 93.6% 98.5% 2.6% 10 Newtown Crossing Lexington, KY 99.2% 98.3% 2.5% 11 The Woods at Greenland Murfreesboro, TN 97.5% 97.8% 2.5% 12-14 TheSummit Mankato, 97.8% 97.1% 2.5% 12 The Summit and Jacob Heights MN 15 Stone Gate Harrisonburg, VA 93.5% 99.4% 2.5% 16 The Village at Science Drive Orlando, FL 99.3% 99.2% 2.5% 17 University Oaks Columbia, SC 99.1% 98.9% 2.4% 18 Campus Way Tuscaloosa, AL 98.1% 98.7% 2.4% 19 CityParc at Fry Street Denton, TX 98.3% 98.8% 2.3% 20 Campus Ridge Johnson City, TN 95.5% 97.0% 2.3% 21 The Village at Alafaya Club Orlando, FL 99.3% 99.4% 2.2% 22 The Village on Sixth Avenue Huntington, WV 97.3% 97.3% 2.2% 23 NorthgateLakes Orlando 994% 99 3% 21% Northgate Lakes Orlando, FL 99.4% 99.3% 2.1% 24 Raiders Crossing Murfreesboro, TN 99.6% 99.3% 2.1% 25 GrandMarc - Seven Corners Minneapolis, MN 125.7% 125.9% 1.8% 26 The Commons Harrisonburg, VA 94.9% 97.7% 1.6% 27 University Greens Norman, OK 98.8% 90.5% 1.6% 28 The Estates Gainesville, FL 99.3% 95.3% 1.5% 29 Raiders Pass Lubbock, TX 97.5% 99.2% 1.5% 30 University Centre Newark, NJ 98.6% 97.9% 1.2% 31 University Village-Temple Philadelphia, PA 98.9% 98.9% 1.1% 32 Vi t d l S l T AZ 988% 100 0% 09% Vista del Sol (ACE) Tempe, 98.8% 100.0% 0.9% 33 University Village at Sweethome Amherst, NY 90.3% 99.3% 0.9% 34 The Outpost San Antonio, TX 100.0% 100.0% 0.8% 98.1% 98.8% 1.9% 1 Royal Village Gainesville, FL 97.1% 94.0% -0.5% 2 University Village Fresno, CA 98.0% 85.7% -1.5% Properties Reducing Rental Rates: Subtotal - Properties With Rental Rate Growth Between 0% and 2.99% AMERICAN CAMPUS COMMUNITIES :: y g 3 Blanton Common Valdosta, GA 99.0% 88.6% -2.0% 98.2% 89.3% -1.5% 98.5% 98.3% 3.0% Total - Same Store Wholly-owned Properties Subtotal - Properties Reducing Rental

PORTFOLIO OVERVIEW AS OF SEPTEMBER 30, 2011 :: detail – new wholly-owned properties Property Location 2011 2010 Physical Occupancy at September 30, Fall 2011 Rental Rate Change 1 The Edge Charlotte, NC 98.8% 98.6% 5.1% 2 University Walk Charlotte, NC 99.2% 97.9% 2.3% 3 Uptown Denton, TX 97.0% 98.9% 2.1% 98.3% 98.5% 3.3% 1 Villas at Babcock San Antonio, TX 99.5% n/a n/a 2 Lobo Village Albuquerque, NM 99.5% n/a n/a Subtotal - Properties Acquired From Joint Venture1 g q q , % 3 Villas on Sycamore Huntsville, TX 96.5% n/a n/a 4 University Village Northwest (ACE) Prairie View, TX 100.0% n/a n/a 98.7% n/a n/a 1 Eagles Trail Hattiesburg, MS 80.1% n/a n/a 2 Campus Trails2 Starkville, MS 99.0% 84.2% 4.4% 3 2nd Avenue Centre Gainesville, FL 99.4% n/a n/a 92 1% 84 2%3 4 4% 3 Subtotal - New Development Properties Subtotal Newly Acquired Properties 92.1% 84.2%4.4% 96.4% 84.2%3 3.5% 3 98.2% 98.2%3 3.0% 3 Total - New Wholly-owned Properties - Total - All Wholly-owned Properties AMERICAN CAMPUS COMMUNITIES :: 11 1. Represents properties acquired in November 2010 from a joint venture in which we previously held a 10% interest. 2. This property incurred business interruption due to significant property damage resulting from a fire in April 2010. 3. Properties not owned or under ACC management as of September 30, 2010 are excluded for purposes of calculating prior year occupancy and fall 2011 rental rate change.

OWNED DEVELOPMENT UPDATE :: $ in thousands RECENTLY COMPLETED PROJECTS Location Primary University Served Units Beds Total Project Cost Opened for Occupancy Lobo Village - ACE Albuquerque, NM University of New Mexico 216 864 42,100 $ August 2011 Villas at Babcock San Antonio, TX Univ. of Texas - San Antonio 204 792 35,500 August 2011 Villas on Sycamore Huntsville, TX Sam Houston State University 170 680 27,800 August 2011 University Village Northwest - ACE Prairie View, TX Prairie View A&M University 36 144 4,200 August 2011 109,600 $ Project PROJECTS UNDER CONSTRUCTION Location Primary University Served Units Beds Estimated Project Cost % Complete1 Scheduled to Open for Occupancy Univ. Pointe at College Station - ACE Portland, OR Portland State University 282 978 87,800 $ 43% August 2012 Casas del Rio - ACE Albuquerque, NM University of New Mexico 285 1,030 39,400 8% August 2012 The Suites - ACE Flagstaff, AZ Northern Arizona University 275 550 28,100 20% August 2012 - ACE Flagstaff, AZ Northern Arizona University 144 576 32,500 24% August 2012 Project Hilltop Townhomes U Club on Frey Kennesaw, GA Kennesaw State University 114 456 22,500 20% August 2012 Campus Edge on UTA Boulevard Arlington, TX Univ. of Texas at Arlington 128 488 24,900 13% August 2012 U Club Townhomes on Marion Pugh College Station, TX Texas A&M University 160 640 34,100 32% August 2012 Villas on Rensch Amherst, NY University at Buffalo 153 610 44,800 10% August 2012 The Village at Overton Park Lubbock, TX Texas Tech University 163 612 34,800 14% August 2012 Casa de Oro - ACE Glendale, AZ Arizona State University 109 365 14,600 0% August 2012 The Villas at Vista del Sol - ACE Tempe, AZ Arizona State University 104 400 21,900 0% August 2012 385,400 $ 2 OWNED DEVELOPMENT PIPELINE3 Location Primary University Served Approximate Targeted Beds Estimated Project Cost Targeted Completion Drexel University - ACE4 Philadelphia, PA Drexel University 850 90,000 $ August 2013 ASU - Manzanita - ACE4 Tempe, AZ Arizona State University 810 50,500 August 2013 Carbondale Development5 Carbondale, IL Southern Illinois University 650 32,100 6 TBD ASU - - ACE4 Glendale Arizona State University TBD TBD TBD Project TBD Q2 2012 Q1 2012 TBD Anticipated Commencement West Campus Phase II ACE Glendale, AZ University Shoppes5 Orlando, FL University of Central Florida TBD TBD TBD 172,600 $ TBD 1. Based on costs incurred under the general construction contract as of September 30, 2011. As of September 30, 2011, the total Construction in Progress balance is $81.7 million, representing costs incurred under the total project budget. Two ACE projects at Arizona State University, Casa de Oro and The Villas at Vista del Sol, commenced construction in October 2011 and were therefore 0% complete as of September 30, 2011 AMERICAN CAMPUS COMMUNITIES ::12 2011. 2. Includes land previously acquired totaling $28.2 million. 3. Does not include undeveloped land parcels in 4 university markets totaling $12.8 million. 4. 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. 5. 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. 6. Includes land costs of $3.0 million.

THIRD-PARTY DEVELOPMENT UPDATE :: $ in thousands 2011 2010 $ Change 2011 2010 $ Change Development services revenue 1,568 $ 6,056 $ 1 (4,488) $ 6,150 $ 8,258 $ 1 (2,108) $ % of total revenue 1.6% 7.1% 2.1% 3.5% Nine Months Ended September 30, Three Months Ended September 30, RECENTLY COMPLETED PROJECTS Project Units Beds Total Fees Completed Euc lid Commons2 Cleveland, OH Cleveland State University 163 600 2,535 $ The Highlands - Phase II Edinboro, PA Edinboro University 277 856 2,193 4,728 $ CONTRACTED PROJECTS IN PROGRESS August 2010/2011 August 2011 Location Primary University Served Project Units Beds Total Fees Fees Earned as of September 30, 2011 Fees Earned in Current Year Remaining Fees as of September 30, 2011 Scheduled Completion Cardinal Court Normal, IL Illinois State University 228 896 2,555 $ 1,582 $ 1,582 $ 973 $ August 2012 Northern Illinois University DeKalb, IL Northern Illinois University 126 1,008 4,572 2,633 2,633 1,939 August 2012 University of Wyoming Laramie, WY University of Wyoming 84 332 1,055 585 585 470 August 2012 Casa de Oro Dining Hall 3 Glendale, AZ Arizona State University n/a n/a 543 - - 543 August 2012 Location Primary University Served 8,725 $ 4,800 $ 4,800 $ 3,925 $ ON-CAMPUS AWARD PIPELINE4 Project Estimated Fees Southern Oregon University Ashland, OR Third-party 2,000 $ Princeton University Princeton, NJ University-funded TBD CUNY - Staten Island5 Staten Island, NY Third-party TBD Q3 2012 Location TBD Anticipated Commencement Anticipated Financing Structure Q1 2013 1. Third-party development services revenue for the three and nine months ended September 30, 2010 includes $4.7 million of revenue earned from the company’s participation in cost savings on the University of California – Irvine Phase III project, which completed construction and opened for occupancy in August 2010. 2. The project was completed in two phases, with Phase I completed in August 2010 and Phase II completed in August 2011. 3. The Company is earning a fee to assist the University in building a dining hall that will be located adjacent to the Casa de Oro ACE project, which commenced construction in October 2011. The dining hall will AMERICAN CAMPUS COMMUNITIES :: 13 be owned by the University and will be operated by a third-party food service operator. 4. 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. 5. 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 together to redesign and value engineer the project until such

MANAGEMENT SERVICES UPDATE :: $ in thousands 2011 2010 $ Change 2011 2010 $ Change Management services revenue 1,794 $ 2,274 $ (480) $ 5,427 $ 6,609 $ (1,182) $ % of total revenue 1.8% 2.7% 1.9% 2.8% Nine Months Ended September 30, Three Months Ended September 30, NEW/PENDING MANAGEMENT CONTRACTS Property Location Approximate Beds Stabilized Annual Fees1 CAU Suites Atlanta, GA Clark Atlanta University 598 80 $ H it C Atl t GA Cl k Atl t U i it 455 80 August 2011 A t Primary University Served Actual or Anticipated Commencement Heritage Commons Atlanta, Clark Atlanta University Euclid Commons Phase II Cleveland, OH Cleveland State University 265 38 UT Dallas Residence Hall Phase II Richardson, TX University of Texas at Dallas 400 90 UT Dallas Residence Hall Phase III2 Richardson, TX University of Texas at Dallas 400 100 Jaguar Hall Phase II Victoria, TX University of Houston - Victoria 180 30 CUNY - Staten Island2 Staten Island, NY City University of New York TBD TBD 418 $ TBD August 2012 TBD August 2011 August 2011 August 2011 DISCONTINUED MANAGEMENT CONTRACTS Approximate 2011 Fee Contribution Prior to Property Location pp Beds Termination The Inn at Auraria Denver, CO University of Colorado - Denver 439 340 $ 3 The Ridge Morgantown, WV West Virginia University 644 80 420 $ September 2011 September 2011 Primary University Served Discontinued As Of AMERICAN CAMPUS COMMUNITIES :: 14 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/or negotiation of management agreement. 3. 2011 fee contribution prior to termination includes a termination fee of $0.3 million.

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 g p q y ) /( ) @ / @ 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 A d DiZi J C i l M k (215) 665 6439 di i @j Andrew DiZio Janney Capital Markets 665-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 Robert W. Baird & Co., Inc. (703) 821-5782 pposkon@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. 12700 Hill Country Blvd., Suite T-200 Austin, Texas 78738 Tel: (512) 732-1000; Fax: (512) 732-2450 www.americancampus.com Additional Information Corporate Headquarters: American Campus Communities, Inc. AMERICAN CAMPUS COMMUNITIES :: Investor Relations: Gina Cowart VP, Investor Relations and Corporate Marketing (512) 732-1041 gcowart@americancampus.com 15

FORWARD-LOOKING STATEMENT :: In addition to historical information, this supplemental , pp 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 b dl k 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 ::