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):  February 14, 2012

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 February 14, 2012, American Campus Communities, Inc. (the “Company”) issued a press release (the “Earnings Release”) announcing, among other things, earnings for the quarter ended December 31, 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 February 14, 2012, the Company disclosed a supplemental analyst package in connection with its earnings conference call for the quarter ended December 31, 2011 which took place on February 15, 2012. 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: February 15, 2012	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 February 14, 2012
EX-99.2	Supplemental Analyst Package –Fourth Quarter 2011

EX-99.1

MEDIA RELEASE  

American Campus Communities, Inc. Reports Fourth Quarter

and Year End 2011 Financial Results

AUSTIN, Texas--(BUSINESS WIRE)—February 14, 2012--American Campus Communities, Inc. (NYSE:ACC) today announced the following financial results for the quarter and year ended December 31, 2011.

Highlights

§ Increased quarterly FFOM 18.6 percent to $36.7 million or $0.50 per fully diluted share compared to $30.9 million or $0.45 per fully diluted share in the fourth quarter prior year.  Increased 2011 full year FFOM 36.5 percent to $128.1 million or $1.81 per fully diluted share compared to $93.9 million or $1.58 per fully diluted share for the full year 2010.

§ Increased same store wholly-owned net operating income ("NOI") by 4.2 percent over the fourth quarter 2010 and 5.1 percent over the year ended December 31, 2010.

§ Increased same store wholly-owned occupancy to 98.4 percent as of December 31, 2011 compared to 98.3 percent for same date prior year.

§ Acquired two off-campus properties totaling $93.0 million with 1,710 beds and serving students attending The University of Texas at Austin and Florida State University in Tallahassee.

§ Acquired a 79.5 percent interest in the existing entity that owns The Varsity, based upon a total value of $121.5 million, containing 901 beds and serving students attending the University of Maryland in College Park.

§ Commenced redevelopment on Manzanita Hall, a $50.3 million American Campus Equity (ACE®) project, containing 816 beds at Arizona State University.

§ In 2011, completed construction and opened four new owned properties totaling $109.6 million with approximately 2,480 beds and average occupancy of 98.7 percent.

§ During the year, acquired four properties containing approximately 3,400 beds with an averagedistance to campus of 0.4 miles, and a retail center for future development totaling $261.6 million.

§ In 2011, commenced or continued construction on 11 owned-development projects totaling approximately $385.4 million and containing 6,703 beds to be delivered in 2012 with average distance to campus of 0.1 miles.

Fourth Quarter Operating Results

Revenue for the 2011 fourth quarter totaled $105.9 million, up 12.5 percent from $94.1 million in the fourth quarter 2010. Operating income for the quarter increased $3.5 million or 12.6 percent over the prior year fourth quarter, primarily due to growth resulting from property acquisitions and recently completed development properties, as well as increased occupancy and rental rates for the 2011-2012 academic year. Net income for the 2011 fourth quarter totaled $15.8 million, or $0.22 per fully diluted share, compared with net income of $13.7 million, or $0.20 per fully diluted share, for the same quarter in 2010. The increase in net income as compared to the prior year quarter is primarily due to the increases in operating income discussed above, as well as 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.  This increase in net income was offset by a gain on insurance settlement recognized in the fourth quarter 2010, and an impairment charge totaling $0.6 million taken in the fourth quarter 2011 related to a property that is anticipated to be sold in the first half of 2012 and is classified in discontinued operations.  FFO for the 2011 fourth quarter totaled $39.4 million, or $0.54 per fully diluted share, as compared to $35.4 million, or $0.52 per fully diluted share for the same quarter in 2010. FFOM for the 2011 fourth quarter was $36.7 million, or $0.50 per fully diluted share as compared to $30.9 million, or $0.45 per fully diluted share for the same quarter in 2010. A reconciliation of FFO and FFOM to net income is shown in Table 3.

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NOI for same store wholly-owned properties was $48.3 million in the quarter, up 4.2 percent from $46.4 million in the 2010 fourth quarter. Same store wholly-owned property revenues increased by 3.3 percent over the 2010 fourth 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 2.2 percent over the prior year quarter. NOI for the total wholly-owned portfolio increased 11.9 percent to $53.6 million for the quarter from $47.9 million in the comparable period of 2010.

“Our fourth quarter operational performance, financial results and investment activity exceeded our expectations, capping off a year of solid value creation with FFOM per share increasing 15 percent,” said Bill Bayless, American Campus CEO. “In Fall 2011 we added more than $370 million in assets via our development and acquisition efforts and cemented a development and presale pipeline of an additional $682 million for Fall 2012-2013 deliveries. This brings our expected growth for the two year period of Fall 2011 to 2013 to more than $1.0 billion and approximately 16,460 beds with 23 of these 25 properties being core class A assets pedestrian to their respective universities.”

Portfolio Update

As of February 10, 2012, the company’s same store wholly-owned portfolio was 53.7 percent applied for and 47.6 percent leased compared to 54.0 percent applied for and 48.2 percent leased for the same date prior year, with a 3.5 percent current rental rate increase projected over the in-place rent. 

Acquisitions

On November 4, Studio Green, located across the street from Florida State University in Tallahassee, was acquired for $6.8 million as a development opportunity. The company plans to invest an additional $21.7 million to demolish the existing structure and develop a new 448-bed townhome community with an 8,400-square-foot community center and resort-style pool. Construction is scheduled to commence in Summer 2012 with targeted completion in August 2013.

On December 7, the company acquired Jefferson 26, renamed 26 West, for $86.2 million. The 1,026-bed off-campus community is located one block from The University of Texas at Austin in the West Campus submarket. Including $2.8 million in amenity enhancements and capital improvements, the property is expected to produce a 6.2 percent nominal yield and 5.9 percent economic yield during the first year.

On December 28, American Campus acquired a 79.5 percent interest in the existing entity that owns The Varsity, based upon a total value of $121.5 million, and has full operational control of the property. The 901-bed community, located immediately adjacent to the University of Maryland campus, opened in August 2011 with 91 percent occupancy and includes 23,000-square feet of fully leased student-oriented retail. Based on the total value of the asset and including retail operations, the property is expected to produce a 6.2 percent nominal yield and 6.0 percent economic yield during the first year.

Subsequent to year-end, the company acquired the remaining 90 percent ownership interest in University Heights, a former joint venture asset, for a purchase price of $14.5 million. The 636-bed off-campus community serves students attending the University of Tennessee in Knoxville.

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Developments

Owned

During the quarter, the company commenced demolition and abatement for the redevelopment of Manzanita Hall, an 816-bed iconic high-rise at Arizona State University. Full construction on the $50.3 million ACE project is scheduled to commence in the second quarter of 2012 with completion anticipated in August 2013.

In January, the company commenced construction on The Callaway House Austin, a 753-bed off-campus community serving students attending The University of Texas.  The $60.1 million modern full service residence hall is located on a 1.2-acre site one block from the core of campus within the West Campus area.

Subsequent to year end, the company commenced construction on the owned American Campus Equity (ACE) project at Drexel University. The $97.6 million urban high-rise community will contain 861 beds and is adjacent to the student center, dining and performing arts building. The mixed-use community will include 25,000-square-feet of retail space and feature a 14,800-square-foot community center. The project is scheduled to open for occupancy in Fall 2013.

In February, the company executed a predevelopment agreement with West Virginia University for a $41.5 million on-campus ACE project containing 580 beds with targeted August 2014 completion.

Also subsequent to year end, the company purchased an 8.0-acre site located approximately 0.25 miles from Texas Tech University in Lubbock and obtained zoning approvals to develop the Townhomes at Overton Park. The $29.0 million townhome community will include 448 beds and a 7,750-square-foot community center. Construction is scheduled to commence in July 2012 with completion in Fall 2013.

Third-party

During the quarter, the company commenced construction on the third-party Casa de Oro dining hall on the Arizona State University - West campus with scheduled completion in August 2012.

Capital Markets

Subsequent to quarter end, the company amended and expanded its combined revolver and term loan unsecured credit facility.  The amendment included expanding the term loan facility by $150 million, increasing the maturity date of the facilities each by one year from the date of the amendment, and lowering the interest rate spreads to reflect current market terms. The revolving credit facility will now mature in January 2016 with an option to extend the maturity date by one year to January 2017. The term loan facility will mature in January 2017. The amended facility has an accordion feature that allows American Campus to expand either loan by up to an additional $100 million combined.  Borrowing rates under the amended facility will float at a margin over LIBOR based on a grid tied to the company’s credit rating.  Based on American Campus’ current Baa3/BBB- rating, the all-in LIBOR margin at closing was 175 basis points on the revolving credit facility and 165 basis points on the term loan facility.

On February 2, 2012, the company entered into multiple interest rate swap agreements totaling $350 million effective February 2, 2012 through January 2, 2017. The counter-parties are major financial institutions and the swaps will be used to hedge the company’s exposure to fluctuations in interest payments on its LIBOR-based unsecured term loan. Under the terms of the interest rate swap agreements, the company will pay an average fixed rate of 0.8792 percent plus a spread based upon the company’s credit rating and receives a floating rate of LIBOR.

At-The-Market (ATM) Share Offering Program

During the quarter, the company sold 1,903,024 shares of common stock under the ATM program at a weighted average price of $39.54 per share for net proceeds of approximately $74.1 million. For the full year, the company sold 5,716,760 shares of common stock at a weighted average price of $36.56 per share for net proceeds of approximately $205.8 million. Subsequent to quarter end, ACC sold an additional 1,802,306 shares of common stock at a weighted average price of $41.61 per share for net proceeds of approximately $73.9 million. The proceeds raised under the program are being used to match fund the company's development activity.

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2012 Outlook

The company believes that the financial results for the fiscal year ending December 31, 2012 may be affected by, among other factors:

§ national and regional economic trends and events;

§ the timing of dispositions;

§ interest rate risk;

§ the timing of starts and completion of owned development projects;

§ the ability of the company to be awarded and the timing of the commencement of construction of third-party development projects;

§ university enrollment, funding and policy trends;

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

§ the amount of income recognized by the taxable REIT subsidiaries and any corresponding income tax expense;

§ the ability of the company to integrate acquired properties; and

§ the success of releasing the company’s owned properties for the 2012-2013 academic year.

Based upon these factors, management anticipates that fiscal year 2012 FFO will be in the range of $1.99 to $2.10 per fully diluted share and FFOM will be in the range of $1.94 to $2.05 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 fiscal year ending December 31, 2012, 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 fourth quarter and year end results and the 2012 outlook on Wednesday, February 15, 2012 at 11 a.m. EST (10:00 a.m. CST). To participate by telephone, call 866-843-0890 at least five minutes prior to the call.

To listen to the live broadcast, go to www.americancampus.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 one hour after the end of the call until February 23, 2012 by dialing 877-344-7529 or 412-317-0088 conference number 10008510. The replay also will be available for one year at www.americancampus.com. The call will also be available as a podcast on www.REITcafe.com and on the company’s website shortly after the call.

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 120 student housing properties containing approximately 74,900 beds. Including its owned and third-party managed properties, ACC’s total managed portfolio consists of 149 properties with approximately 98,400 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)

	December 31, 2011			December 31, 2010
Assets	(unaudited)
Investments in real estate:
Wholly-owned properties, net	$	2,761,757		$	2,433,844
Wholly-owned property held for sale		27,300			-
On-campus participating properties, net		59,850			62,486
Investments in real estate, net		2,848,907			2,496,330
Cash and cash equivalents		22,399			113,507
Restricted cash		22,956			26,764
Student contracts receivable, net		5,324			5,736
Other assets		108,996			51,147
Total assets	$	3,008,582		$	2,693,484
Liabilities and equity
Liabilities:
Secured mortgage, construction and bond debt	$	858,530		$	1,144,103
Unsecured term loan		200,000			-
Senior secured term loan		-			100,000
Unsecured revolving credit facility		273,000			-
Secured agency facility		116,000			101,000
Accounts payable and accrued expenses		36,884			34,771
Other liabilities		77,840			61,011
Total liabilities		1,562,254			1,440,885
Redeemable noncontrolling interests		42,529			34,704
Equity:
American Campus Communities, Inc. and Subsidiaries     stockholders’ equity:
Common stock		725			667
Additional paid in capital		1,664,416			1,468,179
Accumulated earnings and dividends		(286,565	)		(249,381	)
Accumulated other comprehensive loss		(3,360	)		(5,503	)
Total American Campus Communities, Inc. and Subsidiaries     stockholders’ equity		1,375,216			1,213,962
Noncontrolling interests		28,583			3,933
Total equity		1,403,799			1,217,895
Total liabilities and equity	$	3,008,582		$	2,693,484

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Table 2

American Campus Communities, Inc. and Subsidiaries

Consolidated Statements of Operations

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

	Three Months Ended December 31,						Year Ended December 31,
	2011			2010			2011			2010
Revenues:	(unaudited)						(unaudited)
Wholly-owned properties	$	94,208		$	82,785		$	348,961		$	286,032
On-campus participating properties		8,137			7,868			25,252			23,975
Third-party development services		1,347			1,044			7,497			9,302
Third-party management services		1,827			2,061			7,254			8,670
Resident services		331			366			1,353			1,297
Total revenues		105,850			94,124			390,317			329,276
Operating expenses:
Wholly-owned properties		41,499			35,773			165,547			134,849
On-campus participating properties		2,685			2,616			10,180			10,492
Third-party development and management services		3,567			4,132			11,368			12,781
General and administrative		3,821			2,476			12,752			11,561
Depreciation and amortization		22,370			20,938			86,969			73,125
Ground/facility leases		984			732			3,608			2,944
Total operating expenses		74,926			66,667			290,424			245,752
Operating income		30,924			27,457			99,893			83,524
Nonoperating income and (expenses):
Interest income		209			112			584			187
Interest expense		(12,820	)		(15,150	)		(52,214	)		(60,144	)
Amortization of deferred financing costs		(1,335	)		(1,190	)		(5,120	)		(4,436	)
(Loss) income from unconsolidated joint ventures		(574	)		111			(641	)		(2,023	)
Other nonoperating income		-			1,793			-			5,694
Total nonoperating expenses		(14,520	)		(14,324	)		(57,391	)		(60,722	)
Income before income taxes and discontinued operations		16,404			13,133			42,502			22,802
Income tax provision		(60	)		(142	)		(433	)		(570	)
Income from continuing operations		16,344			12,991			42,069			22,232
Discontinued operations:
(Loss) income attributable to discontinued operations		(457	)		1,139			1,097			(1,429	)
Gain (loss) from disposition of real estate		232			-			14,806			(3,705	)
Total discontinued operations		(225	)		1,139			15,903			(5,134	)
Net income		16,119			14,130			57,972			17,098
Net income attributable to noncontrolling interests		(284	)		(404	)		(1,343	)		(888	)
Net income attributable to American Campus   Communities, Inc. and Subsidiaries	$	15,835		$	13,726		$	56,629		$	16,210
Net income per share attributable to American   Campus Communities Inc. and Subsidiaries   common stockholders:
Basic	$	0.22		$	0.20		$	0.81		$	0.27
Diluted	$	0.22		$	0.20		$	0.80		$	0.26
Weighted average common shares outstanding:
Basic		71,295,963			66,817,937			69,243,203			57,682,808
Diluted		72,746,157			68,365,860			69,807,394			59,338,227

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Table 3

American Campus Communities, Inc. and Subsidiaries

Calculation of FFO and FFOM

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

	Three Months Ended December 31,						Year Ended December 31,
	2011			2010			2011			2010
Net income attributable to American Campus   Communities, Inc. and Subsidiaries	$	15,835		$	13,726		$	56,629		$	16,210
Noncontrolling interests		284			404			1,343			888
(Gain) loss from disposition of real estate		(232	)		-			(14,806	)		3,705
Loss (income) from unconsolidated joint ventures		574			(111	)		641			2,023
FFO from unconsolidated joint ventures1		(557	)		23			(576	)		(1,195	)
Real estate related depreciation and amortization		22,382			21,325			87,951			75,667
Elimination of provision for asset impairment –   wholly owned properties2 3		559			-			559			4,036
Elimination of provision for asset impairment –   unconsolidated joint ventures2 4		546			-			546			1,414
Funds from operations (“FFO”)		39,391			35,367			132,287			102,748
Elimination of operations of on-campus participating   properties and unconsolidated joint venture:
Net income from on-campus participating properties		(2,498	)		(2,367	)		(3,074	)		(1,809	)
Amortization of investment in on-campus participating       properties		(1,138	)		(1,092	)		(4,468	)		(4,345	)
FFO from Hampton Roads unconsolidated joint venture5		-			-			-			160
		35,755			31,908			124,745			96,754
Modifications to reflect operational performance of on   campus participating properties:
Our share of net cash flow6		564			449			2,190			1,710
Management fees		374			363			1,144			1,086
Impact of on-campus participating properties		938			812			3,334			2,796
Gain on remeasurement of equity method investments7		-			(197	)		-			(4,098	)
Gain on insurance settlement8		-			(1,596	)		-			(1,596	)
Funds from operations-modified ("FFOM”)	$	36,693		$	30,927		$	128,079		$	93,856
FFO per share – diluted	$	0.54		$	0.52		$	1.87		$	1.73
FFOM per share – diluted	$	0.50		$	0.45		$	1.81		$	1.58
Weighted average common shares outstanding – diluted		72,860,285			68,480,823			70,834,789			59,453,190

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.	In October 2011, the National Association of Real Estate Investment Trusts (“NAREIT”) issued guidance directing member companies to exclude impairment write-downs of depreciable real estate from the calculation of FFO.  Previously, the company had included such charges in the calculation of FFO, but had excluded these charges when calculating FFOM.  In order to conform to the current NAREIT guidance, the company has revised its calculation of FFO for all periods presented to exclude such impairment charges.  This change in presentation has no effect on FFOM for any of the periods presented, as the company previously excluded such charges from FFOM.
3.	For the three months and year ended December 31, 2011, represents an impairment charge recorded for Pirates Cove, a property that is classified as Held for Sale as of December 31, 2011 and is included in discontinued operations for all periods presented.  For the year ended December 31, 2010, represents an impairment charge recorded for Campus Walk – Oxford, a property that was sold in April 2010.
4.	Represents our share of impairment charges recorded during the periods presented for properties owned through our unconsolidated Fidelity Joint Ventures.
5.	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.
6.	50% of the properties’ net cash available for distribution after payment of operating expenses, debt service (including repayment of principal) and capital expenditures. Represents actual cash received for the year-to-date periods and amounts accrued for the interim periods.
7.	Represents non-cash gains recorded to remeasure the company’s equity method investments in the Fidelity Joint Ventures to fair value as a result of the company purchasing Fidelity’s remaining 90% interest in 14 joint venture properties in September and November 2010.
8.	Represents a gain on insurance settlement related to significant property damage resulting from a fire that occurred at one of our wholly-owned properties in April 2010.

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Table 4

American Campus Communities, Inc. and Subsidiaries

2012 Outlook1

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

	Low			High
Net income	$	50,800		$	58,500
Noncontrolling interests		1,200			1,400
Depreciation and amortization		100,400			102,100
Funds from operations (“FFO”)		152,400			162,000
Elimination of operations from on-campus participating properties		(7,000	)		(7,200	)
Modifications to reflect operational performance of on-campus   participating properties		2,800			3,200
Funds from operations – modified (“FFOM”)	$	148,200		$	158,000
Weighted average common shares outstanding – diluted		76,500,000			77,250,000
Net income per share – diluted	$	0.66		$	0.76
FFO per share – diluted	$	1.99		$	2.10
FFOM per share – diluted	$	1.94		$	2.05

1 Assumes: (1) the company will achieve property level net operating income net of dispositions of $219.9 million to $228.8 million; (2) property dispositions of $68 million to $110 million; (3) property acquisitions and/or exercise of our purchase options under our mezzanine structures of $98 million to $119 million; (4) the company will generate third-party development and management services revenues from $13.5 million to $14.8 million; and (5) the issuance of an unsecured bond offering during the second or third quarter of 2012.

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EX-99.2

Exhibit 99.2

SUPPLEMENTAL ANALYST PACKAGE - 4Q 2011 February 14, 2012

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 2012/ 2013 Leasing Status - Summary 9 2012/ 2013 Leasing Status - By Property 10 Owned Development Update 14 Mezzanine Investment Update 15 Third-party Development Update 16 Management Services Update 17 Investor Information 18 AMERICAN CAMPUS COMMUNITIES ::

FINANCIAL HIGHLIGHTS :: $ in thousands, except share and per share data Operating Data Three Months Ended December 31, Year Ended December 31, 2011 2010 $ Change % Change 2011 2010 $ Change % Change Total revenues 105,850 $ 94,124 $ 11,726 $ 12.5% 390,317 $ 329,276 $ 61,041 $ 18.5% Operating income 30,924 27,457 3,467 12.6% 99,893 83,524 16,369 19.6% Net income attributable to ACC 15,835 13,726 2,109 56,629 16,210 40,419 Net income per share - basic 0.22 0.20 0.81 0.27 Net income per share - diluted 0.22 0.20 0.80 0.26 FFO 39,391 35,367 4,024 132,287 102,748 29,539 FFO per share—diluted 0.54 0.52 1.87 1.73 FFOM 36,693 30,927 5,766 128,079 93,856 34,223 FFOM per share—diluted 0.50 0.45 1.81 1.58 Operating Statistics December 31, 2011 December 31, 2010 Debt to gross asset value1 42.0% 43.7% Debt to total market capitalization2 3 30.4% 36.6% Interest coverage4 3.21 2.87 Net debt to EBITDA5 7.23 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 $79.3 million and $81.8 million as of December 31, 2011 and December 31, 2010, respectively, as well as net unamortized debt premiums of $5.1 million and $9.9 million as of December 31,2011 and 2010, respectively. 3. Market capitalization is calculated based on a common share price of $41.96 and $31.76 as of December 31, 2011 and December 31, 2010, respectively, and fully diluted common shares totaling 74,322,409 and 68,476,747 as of December 31, 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 $185.8 million and $57.9 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. AMERICAN CAMPUS COMMUNITIES:: 1

CONSOLIDATED BALANCE SHEETS :: $ in thousands December 31, 2011 December 31, 2010 (unaudited) Assets Investments in real estate: Wholly-owned properties, net $ 2,761,757 $ 2,433,844 Wholly-owned property held for sale 27,300 - On-campus participating properties, net 59,850 62,486 Investments in real estate, net 2,848,907 2,496,330 Cash and cash equivalents 22,399 113,507 Restricted cash 22,956 26,764 Student contracts receivable, net 5,324 5,736 Other assets 108,996 51,147 Total assets $ 3,008,582 $ 2,693,484 Liabilities and equity Liabilities: Secured mortgage, construction and bond debt $ 858,530 $ 1,144,103 Unsecured term loan 200,000 - Senior secured term loan - 100,000 Unsecured revolving credit facility 273,000 - Secured agency facility 116,000 101,000 Accounts payable and accrued expenses 36,884 34,771 Other liabilities 77,840 61,011 Total liabilities 1,562,254 1,440,885 Redeemable noncontrolling interests 42,529 34,704 Equity: American Campus Communities, Inc. and Subsidiaries stockholders' equity: Common stock 725 667 Additional paid in capital 1,664,416 1,468,179 Accumulated earnings and dividends (286,565) (249,381) Accumulated other comprehensive loss (3,360) (5,503) Total American Campus Communities, Inc. and Subsidiaries stockholders' equity 1,375,216 1,213,962 Noncontrolling interests 28,583 3,933 Total equity 1,403,799 1,217,895 Total liabilities and equity $ 3,008,582 $ 2,693,484 AMERICAN CAMPUS COMMUNITIES :: 2

CONSOLIDATED STATEMENTS OF OPERATIONS :: $ in thousands, except share and per share data Three Months Ended December 31, Year Ended December 31, 2011 2010 $ Change 2011 2010 $ Change (unaudited) (unaudited) Revenues Wholly-owned properties $ 94,208 82,785 $ $ 11,423 $ 348,961 286,032 $ $ 62,929 On-campus participating properties 8,137 7,868 269 25,252 23,975 1,277 Third-party development services 1,347 1,044 303 7,497 9,302 (1,805) Third-party management services 1,827 2,061 (234) 7,254 8,670 (1,416) Resident services 331 366 (35) 1,353 1,297 56 Total revenues 105,850 94,124 11,726 390,317 329,276 61,041 Operating expenses Wholly-owned properties 41,499 35,773 5,726 165,547 134,849 30,698 On-campus participating properties 2,685 2,616 69 10,180 10,492 (312) Third-party development and management services 3,567 4,132 (565) 11,368 12,781 (1,413) General and administrative 3,821 2,476 1,345 12,752 11,561 1,191 Depreciation and amortization 22,370 20,938 1,432 86,969 73,125 13,844 Ground/facility leases 984 732 252 3,608 2,944 664 Total operating expenses 74,926 66,667 8,259 290,424 245,752 44,672 Operating income 30,924 27,457 3,467 99,893 83,524 16,369 Nonoperating income and (expenses) Interest income 209 112 97 584 187 397 Interest expense (12,820) (15,150) 2,330 (52,214) (60,144) 7,930 Amortization of deferred financing costs (1,335) (1,190) (145) (5,120) (4,436) (684) (Loss) income from unconsolidated joint ventures (574) 111 (685) (641) (2,023) 1,382 Other nonoperating income - 1,793 (1,793) - 5,694 (5,694) Total nonoperating expenses (14,520) (14,324) (196) (57,391) 60,722) 3,331 Income before income taxes and discontinued operations 16,404 13,133 3,271 42,502 22,802 19,700 Income tax provision (60) (142) 82 (433) (570) 137 Income from continuing operations 16,344 12,991 3,353 42,069 22,232 19,837 Discontinued operations (Loss) income attributable to discontinued operations (457) 1,139 (1,596) 1,097 (1,429) 2,526 Gain (loss) from disposition of real estate 232 - 232 14,806 (3,705) 18,511 Total discontinued operations (225) 1,139 (1,364) 15,903 (5,134) 21,037 Net income 16,119 14,130 1,989 57,972 17,098 40,874 Net income attributable to noncontrolling interests (284) (404) 120 (1,343) (888) (455) Net income attributable to American Campus Communities, Inc. and Subsidiaries $ 15,835 $ 13,726 $ 2,109 $ 56,629 $ 16,210 $ 40,419 Net income per share attributable to American Campus Communities, Inc. and Subsidiaries common stockholders: Basic $ 0.22 $ 0.20 $ 0.81 $ 0.27 Diluted $ 0.22 $ 0.20 $ 0.80 $ 0.26 Weighted-average common shares outstanding: Basic 71,295,963 66,817,937 69,243,203 57,682,808 Diluted 72,746,157 68,365,860 69,807,394 59,338,227 AMERICAN CAMPUS COMMUNITIES:: 3

CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS :: unaudited, $ in thousands, except share and per share data Three Months Ended December 31, Year Ended December 31, 2011 2010 $ Change 2011 2010 $ Change Net income attributable to American Campus Communities, Inc. and Subsidiaries $ 15,835 $ 13,726 $ 2,109 $ 56,629 $ 16,210 $ 40,419 Noncontrolling interests 284 404 (120) 1,343 888 455 (Gain) loss from disposition of real estate (232) - (232) (14,806) 3,705 (18,511) Loss (income) from unconsolidated joint ventures 574 (111) 685 641 2,023 (1,382) FFO from unconsolidated joint ventures1 (557) 23 (580) (576) (1,195) 619 Real estate related depreciation and amortization 22,382 21,325 1,057 87,951 75,667 12,284 Elimination of provision for asset impairment - wholly-owned properties2 559 - 559 559 4,036 (3,477) Elimination of provision for asset impairment - unconsolidated joint ventures2 4 546 - 546 546 1,414 (868) Funds from operations ("FFO") 39,391 35,367 4,024 132,287 102,748 29,539 Elimination of operations of on-campus participating properties and unconsolidated joint venture: Net income from on-campus participating properties (2,498) (2,367) (131) (3,074) (1,809) (1,265) Amortization of investment in on-campus participating properties (1,138) (1,092) (46) (4,468) (4,345) (123) FFO from Hampton Roads unconsolidated joint venture5 - - - - 160 (160) 35,755 31,908 3,847 124,745 96,754 27,991 Modifications to reflect operational performance of on-campus participating properties: Our share of net cash flow6 564 449 115 2,190 1,710 480 Management fees 374 363 11 1,144 1,086 58 Impact of on-campus participating properties 938 812 126 3,334 2,796 538 Gain on remeasurement of equity method investments7 - (197) 197 - (4,098) 4,098 Gain on insurance settlement8 - (1,596) 1,596 - (1,596) 1,596 Funds from operations-modified ("FFOM") $ 36,693 $ 30,927 $ 5,766 $ 128,079 $ 93,856 $ 34,223 FFO per share - diluted $ 0.54 $ 0.52 $ 1.87 $ 1.73 FFOM per share - diluted $ 0.50 $ 0.45 $ 1.81 $ 1.58 Weighted average common shares outstanding - diluted 72,860,285 68,480,823 70,834,789 59,453,190 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. In October 2011, the National Association of Real Estate Investment Trusts (“NAREIT”) issued guidance directing member companies to exclude impairment write-downs of depreciable real estate from the calculation of FFO. Previously, the company had included such charges in the calculation of FFO, but had excluded these charges when calculating FFOM. In order to conform to the current NAREIT guidance, the company has revised its calculation of FFO for all periods presented to exclude such impairment charges. This change in presentation has no effect on FFOM for any of the periods presented, as the company previously excluded such charges from FFOM. 3. For the three months and year ended December 31, 2011, represents an impairment charge recorded for Pirates Cove, a property that is classified as Held for Sale as of December 31, 2011 and is included in discontinued operations for all periods presented. For the year ended December 31, 2010, represents an impairment charge recorded for Campus Walk – Oxford, a property that was sold in April 2010. 4. Represents our share of impairment charges recorded during the periods presented for properties owned through our unconsolidated Fidelity Joint Ventures. 5. 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. 6. 50% of the properties’ net cash available for distribution after payment of operating expenses, debt service (including repayment of principal) and capital expenditures. Represents actual cash received for the year-to-date periods and amounts accrued for the interim periods. 7. Represents non-cash gains recorded to remeasure the company’s equity method investments in the Fidelity Joint Ventures to fair value as a result of the company purchasing Fidelity’s remaining 90% interest in 14 joint venture properties in September and November 2010. 8. Represents a gain on insurance settlement related to significant property damage resulting from a fire that occurred at one of our wholly-owned properties in April 2010. AMERICAN CAMPUS COMMUNITIES :: 4

WHOLLY-OWNED PROPERTY RESULTS OF OPERATIONS1 :: $ in thousands Three Months Ended December 31, Year Ended December 31, 2011 2010 $ Change % Change 2011 2010 $ Change % Change Wholly-owned property revenues Same store properties2 $ 84,369 $ 81,669 $ 2,700 $ 3.3% 281,618 $ 271,309 $ 10,309 3.8% New properties 11,330 2,603 8,727 73,280 20,383 52,897 Total revenues3 $ 95,699 84,272 11,427 13.6% 354,898 291,692 63,206 21.7% Wholly-owned property operating expenses Same store properties2 $ 36,032 $ 35,272 $ 760 $ 2.2% 129,714 $ 126,816 $ 2,898 2.3% New properties 6,047 4 1,096 4,951 38,374 4 10,528 27,846 Total operating expenses $ 42,079 $ 36,368 $ 5,711 $ 15.7% 168,088 $ 137,344 $ 30,744 22.4% Wholly-owned property net operating income Same store properties2 $ 48,337 $ 46,397 $ 1,940 $ 4.2% 151,904 $ 144,493 $ 7,411 5.1% New properties 5,283 1,507 3,776 34,906 9,855 25,051 Total net operating income $ 53,620 $ 47,904 $ 5,716 $ 11.9% 186,810 $ 154,348 $ 32,462 21.0% 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 Pirates Cove, classified operations. Revenues for this property totaled $1.2 million and $1.1 million for the three months ended December 31, 2011 and 2010, respectively. Operating expenses for this property totaled $0.6 million for both of the three month periods ended December 31, 2011 and 2010. Excluding Pirates Cove, net operating income for same store properties would have increased 4.1% over the fourth quarter 2010. 3. Includes revenues that are reflected as Resident Services Revenue on the accompanying consolidated statements of operations. 4. Operating expenses for the three months and year ended December 31, 2011 include $0.8 million and $1.5 million, respectively, of acquisition-related costs such as broker fees, due diligence costs and legal and accounting fees. AMERICAN CAMPUS COMMUNITIES :: 5

SEASONALITY OF OPERATIONS1 :: $ in thousands, except for per bed amounts Three Months Ended March 31, 2011 June 30, 2011 September 30, 2011 December 31, 2011 Total/Weighted Average Same store properties2 Revenue per occupied bed Rental revenue per occupied bed per month $ 513 $ 507 $ 500 $ 529 $ 513 Other income per occupied bed per month3 36 40 57 32 41 Total revenue per occupied bed $ 549 $ 547 $ 557 $ 561 $ 554 Average number of owned beds 43,803 43,803 43,799 43,799 43,800 Average physical occupancy for the quarter 98.7% 93.9% 96.0.% 98.5% 96.8% Total revenue $ 71,283 $ 67,423 $ 70,271 $ 72,641 $ 281,618 Property operating expenses 30,471 30,134 37,980 31,129 129,714 Net operating income $ 40,812 $ 37,289 $ 32,291 $ 41,512 $ 151,904 Operating margin 57.3% 55.3% 46.0% 57.1% 53.9% New properties4 Revenue per occupied bed Rental revenue per occupied bed per month $ 464 $ 467 $ 469 $ 497 $ 476 Other income per occupied bed per month3 32 30 50 35 37 Total revenue per occupied bed $ 496 $ 497 $ 519 $ 532 $ 513 Average number of owned beds 10,897 10,897 12,216 14,917 12,232 Average physical occupancy for the quarter 97.5% 97.3% 97.9% 96.9% 97.4% Total revenue $ 15,812 $ 15,778 $ 18,632 $ 23,058 $ 73,280 Property operating expenses 7,725 7,827 11,872 10,950 38,374 Net operating income $ 8,087 $ 7,951 $ 6,760 $ 12,108 $ 34,906 Operating margin 51.1% 50.4% 36.3% 52.5% 47.6% ALL PROPERTIES Revenue per occupied bed Rental revenue per occupied bed per month $ 504 $ 499 $ 494 $ 521 $ 505 Other income per occupied bed per month3 36 37 55 33 40 Total revenue per occupied bed $ 540 $ 536 $ 549 $ 554 $ 545 Average number of owned beds 54,700 54,700 56,015 58,716 56,033 Average physical occupancy for the quarter 98.4% 94.6% 96.4% 98.1% 96.9% Total revenue $ 87,095 $ 83,201 $ 88,903 $ 95,699 $ 354,898 Property operating expenses 38,196 37,961 49,852 42,079 168,088 Net operating income $ 48,899 $ 45,240 $ 39,051 $ 53,620 $ 186,810 Operating margin 56.1% 54.4% 43.9% 56.0% 52.6% 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. Includes Pirates Cove, which is classified within discontinued operations and is anticipated to be sold in the first half of 2012. 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, income from retail tenants, etc. 4. Includes the following properties acquired in 2010: University Heights, Sanctuary Lofts, 2nd Avenue Centre, and 14 properties purchased in September and November 2010 from two joint ventures with Fidelity in which we previously had a 10% interest. Includes the following properties opened or acquired in 2011: Villas at Babcock, Villas on Sycamore, Lobo Village, University Village Northwest, Eagles Trail, Studio Green, 26 West, The Varsity and University Shoppes at Orlando. 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 reopened for occupancy in August 2011. AMERICAN CAMPUS COMMUNITIES :: 6

CAPITAL STRUCTURE AS OF DECEMBER 31, 2011 :: $ in thousands, except share and per share data Market Capitalization Gross Asset Value1 $ 3,248,942 Total Debt2 $ 1,364,890 Total Equity Market Value3 3,118,568 Total Market Capitalization $ 4,483,458 Fixed Rate Mortgage Loans Maturity Schedule $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 2012 2013 2014 2015 2016 2017 2018+ $81,285 $80,338 $96,446 $195,428 $163,079 $119,000 $10,964 5.58% 5.99% 5.19% 5.20% 5.81% 5.78% 6.43% Interest rates appearing on each bar represent the weighted average interest rate of debt maturing in that year. Debt to Gross Asset Value 42.0% Debt to Total Market Capitalization 30.4% Interest Coverage4 3.21 Net Debt to EBITDA5 7.23 Principal Outstanding2 Weighted Average Interest Rate Average Term To Maturity Fixed Rate Mortgage Loans 746,540 $ 5.6% 3.5 Yrs Variable Rate Construction Loans 29,350 2.9% 2.0 Yrs Unsecured Revolving Credit Facility 273,000 2.2% 2.4 Yrs Unsecured Term Loan 200,000 2.9% 3.4 Yrs Secured Agency Facility 116,000 2.5% 2.7 Yrs Total/Weighted Average 1,364,890 $ 4.2% 3.2 Yrs 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 $79.3 million with a weighted average interest rate of 7.2% and average term maturity of 8.4 years. Also excludes net unamortized premiums $5.1 million. Includes $1.8 million or the company’s 10% share of $18.2 million of debt from a joint venture in which the company holds a 10% interest. 3. Based on share price of $41.96 and fully diluted share count of 74,322,409 as of December 31, 2011. Assumes conversion of 1,013,563 common and preferred Operating Partnership units and 549,300 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 $185.8 million and $57.9 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 December 31, 2011. AMERICAN CAMPUS COMMUNITIES :: 7

PORTFOLIO OVERVIEW AS OF DECEMBER 31, 20111 :: summary Physical Occupancy at December 31, Property Type Units Beds 2011 2010 Same Store Wholly-owned Properties - Total 17,176 54,216 98.4% 98.3% New Wholly-owned Properties2 1,993 6,363 92.2% 84.2% 3 4 Wholly-owned Properties - Total 19,169 60,579 97.7% 98.2% 3 4 On-campus Participating Properties 1,863 4,519 98.2% 97.7% 1. Includes Pirates Cove, which is classified as Held for Sale as of December 31, 2011 and is anticipated to be sold in the first half of 2012. 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. As of December 31, 2011, the new wholly-owned property grouping includes the following properties: (1) Campus Trails, a 480-bed property that incurred business interruption due to significant property damage resulting from a fire in April 2010, (2) 4 owned development properties that completed construction and opened for occupancy in August 2011, (3) Eagles Trail, a 792-bed property purchased in September 2011, (4) Studio Green, a 684-bed property purchased in November 2011 where units are being vacated to prepare for the development of the property, (5) 26 West, a 1,026-bed property purchased in December 2011, and (6) The Varsity, a 901-bed property purchased in December 2011. As of December 31, 2010, the new wholly-owned property grouping includes only Campus Trails. 3. 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. 4. Excludes properties that were not owned or under ACC management as of December 31, 2010 (see footnote 2). AMERICAN CAMPUS COMMUNITIES :: 8

2012/2013 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 2011 Occupancy3 Same Store Wholly-owned Properties4 30,870 53.7% 30,612 54.0% 5 57,490 57,968 98.2% New Wholly-owned Properties6 5,221 56.9% 93 14.8% 7 9,179 9,266 90.4% 7 Wholly-owned Properties-Total 36,091 54.1% 30,705 53.6% 7 66,669 67,234 98.1% 7 Current Year Prior Year Leases Leases1 % of Rentable Beds Leases1 % of Rentable Beds Rentable Beds2 Design Beds Final Fall 2011 Occupancy3 Initial Rate Increase Projected Rate Increase8 Same Store Wholly-owned Properties4 27,355 47.6% 27,335 48.2% 5 57,490 57,968 98.2% 5 3.5% 3.5% New Wholly-owned Properties6 4,435 48.3% 68 10.8% 7 9,179 9,266 90.4% 7 n/a n/a Wholly-owned Properties-Total 31,790 47.7% 27,403 47.8% 7 66,669 67,234 98.1% 7 3.5% 3.5% 1. As of February 10, 2012 for the current year and February 10, 2011 for prior year. 2. Rentable beds exclude beds needed for on-site staff. 3. As of September 30, 2011. 4. Includes Pirates Cove, which is classified as Held for Sale as of December 31, and is anticipated to be sold in the first half of 2012. 5. Excludes Eagles Trail, a 792-bed property purchased in September 2011, as no prior year leasing data is available for this property. 6. Includes 11 properties currently under construction that are anticipated to open for occupancy in August 2012. Also includes The Varsity and 26 West, purchased in December 2011, and University Heights, purchased from one of the Fidelity joint ventures in January 2012. Excludes Studio Green, a 484-bed property purchased in November 2011 with the intent to redevelop the property commencing in the second or third quarter 2012. 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 2011 occupancy. 8. Projected rate increase is based on current executed leases and assumes all future leases will be executed at currently marketed rates up to targeted occupancy. AMERICAN CAMPUS COMMUNITIES :: 9

2012/2013 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 2011 Occupancy3  Initial Rate Increase Projected Rate Increase4 1. Royal Lexington-Lexington, KY 109 29.9% 109 29.9% 364 364 98.4% 15.1% 15.1% 2. 2nd Avenue Centre-Gainesville, FL 812 93.8% 713 82.3% 866 868 99.4% 9.9% 9.9% 3. Aztec Corner-San Diego, CA 266 45.0% 144 24.4% 591 606 98.5% 5.9% 5.9% 4. Campus Corner-Bloomington, IN 568 72.3% 581 73.9% 786 796 99.1% 5.3% 5.9% 5. University Crossings-Philadelphia, PA 931 92.8% 859 85.6% 1,003 1,016 99.4% 5.1% 5.8% 6. Nittany Crossing-State College, PA 618 91.7% 675 100.1% 674 684 99.4% 5.3% 5.7% 7. State College Park-State College, PA 629 84.7% 765 103.0% 743 752 99.5% 4.6% 5.1% 8. Campus Trails-Starkville, MS 361 76.3% 164 34.7% 473 480 99.0% 4.4% 4.9% 9. University Meadows-Mt. Pleasant, MI 563 91.4% 589 95.6% 616 616 98.5% 4.2% 4.9% 10. Hawks Landing-Oxford, OH 456 95.0% 476 99.2% 480 484 99.0% 5.2% 4.8% 11. Brookstone Village-Wilmington, NC 70 29.5% 74 31.2% 237 238 102.5% 4.7% 4.7% 12. The Edge-Orlando, FL 455 49.5% 562 61.2% 919 99.6% 4.5% 4.5% 13. University Greens-Norman, OK 267 51.7% 83 16.1% 516 516 98.8% 4.0% 4.5% 14. The Club-Athens, GA 349 73.5% 212 44.6% 475 480 97.9% 4.0% 4.4% 15. University Village at Boulder Creek-Boulder, CO 295 98.7% 294 98.3% 299 309 98.7% 4.2% 4.4% 16. The Village at Blacksburg-Blacksburg, VA 848 80.3% 965 91.4% 1,056 1,056 99.6% 4.3% 4.3% 17. Sunnyside Commons-Morgantown, WV 162 100.6% 162 100.6% 161 161 100.6% 3.9% 4.2% 18. Villas on Sycamore-Huntsville, TX 268 39.4% 404 59.4% 680 680 96.5% 4.6% 4.2% 19. The Centre-Kalamazoo, MI 249 35.7% 338 48.4% 698 700 99.4% 4.1% 4.2% 20. The Callaway House-College Station, TX 398 75.5% 400 75.9% 527 538 103.7% 4.2% 4.2% 21-23. University Village-Tallahassee, FL 708 98.9% 702 98.0% 716 716 99.2% 3.6% 4.1% 24-25. College Club Townhomes-Tallahassee, FL 240 44.4% 228 42.2% 540 544 96.1% 4.1% 4.1% 26. Villas at Babcock-San Antonio, TX 201 25.4% 402 50.8% 792 792 99.5% 4.1% 4.1% 27. The Enclave-Bowling Green, OH 164 34.2% 166 34.6% 480 480 98.5% 4.1% 4.1% 28. Abbott Place-East Lansing, MI 393 60.5% 440 67.7% 650 654 99.4% 4.2% 4.1% 29. University Mills-Cedar Falls, IA 273 56.8% 318 66.1% 481 481 99.0% 4.0% 4.0% 30. Barrett Honors College (ACE)-Tempe, AZ 559 32.6% 568 33.1% 1,715 1,721 97.4% 4.0% 4.0% 31. University Walk-Charlotte, NC 128 26.7% 95 19.8% 480 480 99.2% 4.0% 4.0% y , 32. Lobo Village (ACE)-Albuquerque, NM 557 65.1% 572 66.8% 856 864 99.5% 4.0% 4.0% 33. Newtown Crossing-Lexington, KY 667 70.9% 609 64.7% 941 942 99.2% 3.6% 4.0% 34. Lions Crossing-State College, PA 367 53.2% 415 60.1% 690 696 99.4% 4.0% 4.0% 35. The View-Lincoln, NE 156 26.5% 102 17.3% 588 590 100.0% 4.0% 4.0% 36. Univ. Village Northwest at Prairie View-Prairie View, TX 0 0.0% 0 0.0% 142 144 100.0% 3.9% 3.9% 37. The Edge-Charlotte, NC 250 34.7% 235 32.6% 720 720 98.8% 3.9% 3.9% 38. Sanctuary Lofts-San Marcos, TX 253 52.5% 214 44.4% 482 487 98.2% 3.9% 3.9% 39. University Crescent-Baton Rouge, LA 282 46.1% 281 45.9% 612 612 98.4% 3.8% 3.8% 1. As of February 10, 2012 for the current year and February 10, 2011 for prior year. 2. Rentable beds exclude beds needed for on-site staff. 3. As of September 30, 2011. 4. Projected rate increase is based on current executed leases and assumes all future leases will be executed at currently marketed rates up to targeted occupancy. AMERICAN CAMPUS COMMUNITIES :: 10

2012/2013 LEASING STATUS :: same store wholly-owned properties with projected rental rate growth above 3% continued Current Year Prior Year Leases1 % of Rentable Beds Leases1 % of Rentable Beds Rentable Beds2 Design Beds Final Fall 2011 Occupancy3 Initial Rate Increase Projected Rate Increase4 40. Northgate Lakes-Orlando, FL 216 30.4% 329 46.3% 710 710 99.4% 3.8% 3.8% 41. University Heights-Birmingham, AL 153 29.8% 131 25.5% 513 528 99.4% 3.8% 3.8% 42. University Oaks-Columbia, SC 454 69.5% 336 51.5% 653 662 99.1% 3.4% 3.7% 43. University Gables-Murfreesboro, TN 87 13.6% 82 12.8% 641 648 98.9% 3.7% 3.7% 44-45. Willowtree Apartments and Towers-Ann Arbor, MI 306 36.3% 111 13.2% 843 851 96.9% 3.7% 3.7% 46-48. The Summit & Jacob Heights-Mankato, MN 562 60.8% 401 43.4% 925 930 97.8% 3.2% 3.7% 49. Vista del Sol (ACE)-Tempe, AZ 973 53.1% 1,312 71.6% 1,832 1,866 98.8% 3.7% 3.7% 50. University Trails-Lubbock, TX 270 40.1% 368 54.6% 674 684 98.2% 3.7% 3.7% 51. The Outpost-San Marcos, TX 349 71.8% 440 90.5% 486 486 99.6% 3.6% 3.6% 52. The Village on Sixth Avenue-Huntington, WV 108 14.4% 165 22.0% 749 752 97.3% 3.6% 3.6% 53. The Highlands-Reno, NV 181 25.1% 105 14.6% 720 732 99.2% 3.6% 3.6% 54. Lakeside Apartments-Athens, GA 328 42.3% 339 43.7% 776 776 98.2% 3.5% 3.5% 55. Campus Walk Wilmington-Wilmington, NC 87 30.3% 78 27.2% 287 290 105.5% 3.5% 3.5% 56. Blanton Common-Valdosta, GA 240 27.9% 229 26.7% 859 860 99.0% 3.5% 3.5% 57. University Place-Charlottesville, VA 98 18.7% 85 16.2% 524 528 80.7% 3.5% 3.5% 58. The Tower at 3rd-Champaign, IL 227 60.9% 235 63.0% 373 375 98.9% 3.2% 3.4% 59. University Village-Fresno, CA 114 28.6% 74 18.6% 398 406 98.0% 3.4% 3.4% 60. The Village at Science Drive-Orlando, FL 256 35.4% 309 42.7% 724 732 99.3% 3.4% 3.4% 61. Raiders Pass-Lubbock, TX 199 24.3% 264 32.3% 818 828 97.5% 3.2% 3.3% 62. University Club Apartments-Gainesville, FL 201 53.5% 162 43.1% 376 376 98.7% 3.3% 3.3% 63-64. University Club Townhomes-Tallahassee, FL 246 33.6% 249 34.0% 732 736 99.5% 3.2% 3.2% 65. The Estates-Gainesville, FL 513 49.5% 388 37.4% 1,037 1,044 99.3% 3.1% 3.2% 66. Olde Towne University Square-Toledo, OH 319 58.2% 367 67.0% 548 550 100.2% 3.2% 3.2% 67. Campus Way-Tuscaloosa, AL 201 30.0% 197 29.4% 670 680 98.1% 3.1% 3.1% 68. Campus Ridge-Johnson City, TN 166 31.8% 118 22.6% 522 528 95.5% 3.1% 3.1% 69. University Village-Sacramento, CA 120 31.0% 85 22.0% 387 394 104.1% 3.1% 3.1% 70. Callaway Villas-College Station, TX 292 42.3% 214 31.0% 691 704 99.9% 3.1% 3.1% 71. Uptown Apartments-Denton, TX 209 40.0% 130 24.9% 522 528 97.0% 3.1% 3.1% 72. Chapel View-Chapel Hill, NC 153 43.6% 179 51.0% 351 358 97.8% 3.0% 3.0% 73. Peninsular Place-Ypsilanti, MI 119 25.3% 112 23.8% 471 478 99.2% 3.0% 3.0% Subtotal-Projected Rental Rate Growth Above 3% 21,619 50.4% 21,510 50.2% 42,861 43,217 98.7% 4.1% 4.2% 1. As of February 10, 2012 for the current year and February 10, 2011 for prior year. 2. Rentable beds exclude beds needed for on-site staff. 3. As of September 30, 2011. 4. Projected rate increase is based on current executed leases and assumes all future leases will be executed at currently marketed rates up to targeted occupancy. AMERICAN CAMPUS COMMUNITIES :: 11

2012/2013 LEASING STATUS :: 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 2011 Occupancy3 Initial Rate Increase Projected Rate Increase4 1. Burbank Commons-Baton Rouge, LA 125 23.6% 100 18.9% 530 532 95.7% 2.9% 2.9% 2. Aggie Station-Bryan, TX 283 63.7% 235 52.9% 444 450 99.3% 2.9% 2.9% 3. City Parc at Fry Street-Denton, TX 123 30.0% 211 51.5% 410 418 98.3% 2.9% 2.9% 4. Royal Village-Gainesville, FL 435 97.1% 174 38.8% 448 448 97.1% 2.1% 2.8% 5. University Pines-Statesboro, GA 196 35.5% 84 15.2% 552 552 99.5% 2.8% 2.8% 6. University Manor-Greenville, NC 208 35.0% 307 51.7% 594 600 93.5% 2.7% 2.7% 7. Pirates Cove-Greenville, NC 334 31.8% 335 31.9% 1,049 1,056 98.7% 2.7% 2.7% 8. The Outpost-San Antonio, TX 162 19.6% 192 23.2% 828 828 100.0% 2.6% 2.6% 9. Entrada Real-Tucson, AZ 62 17.1% 132 36.4% 363 363 99.4% 2.5% 2.5% 10. The Village at Alafaya Club-Orlando, FL 281 33.9% 231 27.9% 829 839 99.3% 2.5% 2.5% 11. The Woods at Greenland-Murfreesboro, TN 51 18.5% 76 27.5% 276 276 97.5% 2.4% 2.4% 12. University Pointe-Lubbock, TX 280 41.5% 349 51.8% 674 682 95.0% 2.2% 2.2% 13. Raiders Crossing-Murfreesboro, TN 43 15.6% 70 25.4% 276 276 99.6% 2.2% 2.2% 14. GrandMarc-Seven Corners-Minneapolis, MN 208 48.0% 272 62.8% 433 440 125.7% 2.2% 2.2% 15. Chapel Ridge-Chapel Hill, NC 290 54.3% 269 50.4% 534 544 93.6% 2.1% 2.1% 16. Eagles Trail-Hattiesburg, MS 117 14.8% n/a n/a 788 792 80.1% 2.1% 2.1% 17. University Centre-Newark, NJ 527 63.8% 307 37.2% 826 838 98.6% 2.0% 2.0% 18. Villas at Chestnut Ridge-Amherst, NY 162 29.8% 214 39.4% 543 552 99.3% 1.9% 1.9% 19. University Village (Temple)-Philadelphia, PA 154 21.0% 153 20.9% 733 749 98.9% 1.9% 1.9% 20. Pirates Place Townhomes-Greenville, NC 152 28.8% 181 34.3% 528 528 93.2% 1.3% 1.3% 21. South View Apartments-Harrisonburg, VA 706 73.5% 842 87.7% 960 960 98.4% 1.8% 0.5% 22. University Village at Sweethome-Amherst, NY 149 18.3% 159 19.5% 815 828 90.3% 0.3% 0.3% Subtotal-Projected Rental Rate Growth between 0% and 2.99% 5,048 37.6% 4,893 38.7% 5 13,433 13,551 97.1% 2.1% 2.1% Subtotal-Properties Increasing Rental Rates 26,667 47.4% 26,403 47.6% 5 56,294 56,768 98.3% 3.6% 3.7% 1. The Commons-Harrisonburg, VA 251 47.9% 370 70.6% 524 528 94.9% 0.5% -2.1% 2. Stone Gate-Harrisonburg, VA 437 65.0% 562 83.6% 672 672 93.5% -1.4% -2.7% Subtotal-Properties Reducing Rental Rates 688 57.5% 932 77.9% 1,196 1,200 94.1% -0.6% -2.5% Total-Same Store Wholly-owned Properties 27,355 47.6% 27,335 48.2% 5 57,490 57,968 98.2% 3.5% 3.5% 1. As of February 10, 2012 for the current year and February 10, 2011 for prior year. 2. Rentable beds exclude beds needed for on-site staff. 3. As of September 30, 2011. 4. Projected rate increase is based on current executed leases and assumes all future leases will be executed at currently marketed rates up to targeted occupancy. 5. Excludes Eagles Trail, a 792-bed property purchased in September 2011, as no prior year leasing data is available for this property. AMERICAN CAMPUS COMMUNITIES :: 12

2012/2013 LEASING STATUS :: new wholly-owned properties Current Year Prior Year Leases1 % of Rentable Beds Leases1 % of Rentable Beds Rentable Beds2 Design Beds Final Fall 2011 Occupancy3 Initial Rate Increase Projected Rate Increase4 1. 26 West-Austin, TX 737 71.8% n/a n/a 1,026 1,026 n/a n/a n/a 2. University Heights-Knoxville, TN 85 13.5% 68 10.8% 628 636 90.4% n/a n/a 3. The Varsity-College Park, MD5 93 10.3% n/a n/a 900 901 n/a n/a n/a Subtotal-Newly Acquired Properties 915 35.8% 68 10.8% 6 2,554 2,563 90.4% 6 n/a n/a 1. The Villas at Vista del Sol-Tempe, AZ 396 100.5% n/a n/a 394 400 n/a n/a n/a 2. Hilltop Townhomes-Flagstaff, AZ 566 99.5% n/a n/a 569 576 n/a n/a n/a 3. U Club on Frey-Kennesaw, GA 453 99.3% n/a n/a 456 456 n/a n/a n/a 4. U Club Townhomes on Marion Pugh-College Station, TX 628 99.1% n/a n/a 634 640 n/a n/a n/a 5. The Village at Overton Park-Lubbock, TX 344 56.8% n/a n/a 606 612 n/a n/a n/a 6. The Suites-Flagstaff, AZ 284 52.9% n/a n/a 537 550 n/a n/a n/a 7. Campus Edge on UTA Boulevard-Arlington, TX 198 40.6% n/a n/a 488 488 n/a n/a n/a 8 Casas del Rio-Albuquerque, NM 349 33.9% n/a n/a 1,028 1,028 n/a n/a n/a 9. Villas on Rensch-Amherst, NY 180 29.9% n/a n/a 602 610 n/a n/a n/a 10. University Pointe at College Station-Portland, OR 122 12.7% n/a n/a 963 978 n/a n/a n/a 11. Casa de Oro-Glendale, AZ 0 0.0% n/a n/a 348 365 n/a n/a n/a Subtotal-New Development Properties 3,520 53.1% n/a n/a 6 6,625 6,703 n/a 6 n/a n/a Total New Wholly-owned Properties 4,435 48.3% 68 10.8% 6 9,179 9,266 90.4% 6 n/a n/a Total-All Wholly-owned Properties 31,790 47.7% 27,403 47.8% 6 66,669 67,234 98.1% 6 3.5% 3.5% 1. As of February 10, 2012 for current year and February 10, 2011 for prior year. 2. Rentable beds exclude beds needed for on-site staff. 3. As of September 30, 2011. 4. Projected rate increase is based on current executed leases and assumes all future leases will be executed at currently marketed rates up to targeted occupancy. 5. The company owns a 79.5% interest in this property. 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 2011 occupancy. AMERICAN CAMPUS COMMUNITIES :: 13

OWNED DEVELOPMENT UPDATE :: $ in thousands PROJECTS UNDER CONSTRUCTION Project 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 63% September 2012 Casas del Rio - ACE Albuquerque, NM University of New Mexico 283 1,028 39,400 18% August 2012 The Suites - ACE Flagstaff, AZ Northern Arizona University 275 550 28,100 41% August 2012 Hilltop Townhomes - ACE Flagstaff, AZ Northern Arizona University 144 576 32,500 44% August 2012 U Club on Frey Kennesaw, GA Kennesaw State University 114 456 22,500 50% August 2012 Campus Edge on UTA Boulevard Arlington, TX Univ. of Texas at Arlington 128 488 24,900 29% August 2012 U Club Townhomes on Marion Pugh College Station, TX Texas A&M University 160 640 34,100 70% August 2012 Villas on Rensch Amherst, NY University at Buffalo 153 610 44,800 45% August 2012 The Village at Overton Park Lubbock, TX Texas Tech University 163 612 34,800 45% August 2012 Casa de Oro - ACE Glendale, AZ Arizona State University 109 365 14,600 17% August 2012 The Villas at Vista del Sol - ACE Tempe, AZ Arizona State University 104 400 21,900 21% August 2012 Manzanita Hall - ACE2 Tempe, AZ Arizona State University 241 816 50,300 0% August 2013 The Callaway House Austin, TX The University of Texas at Austin 219 753 60,100 0% August 2013 Drexel University - ACE Philadelphia, PA Drexel University 220 861 97,600 0% September 2013 $ 593,400 3 OWNED DEVELOPMENT PIPELINE4 Project Location Primary University Served Anticipated Commencement Approximate Targeted Beds Estimated Project Cost Targeted Completion Studio Green5 6 Tallahassee, FL Florida State University Q2 / Q3 2012 448 $ 28,500 August 2013 Townhomes at Overton Park5 Lubbock, TX Texas Tech University Q3 2012 448 29,000 August 2013 Carbondale Development7 Carbondale, IL Southern Illinois University TBD 650 32,100 TBD University Shoppes5 8 Orlando, FL University of Central Florida Q1 / Q2 2013 1,313 109,300 August 2014 West Virginia University - ACE9 Morgantown, WV West Virginia University Q2 / Q3 2013 580 41,500 August 2014 $ 240,400 1. Based on costs incurred under the general construction contract as of December 31, 2011. As of December 31, 2011, the total Construction in Progress balance is $151.3 million, representing costs incurred under the total project budget. The Callaway House and the Drexel University project commenced construction in January 2012 and were therefore 0% complete as of December 31, 2011. 2. This project consists of the redevelopment of an existing student housing high-rise building into a new residence hall product, utilizing the existing building structure. Although no costs have been incurred under the general construction contract as of December 31, 2011, approximately $2.1 million has been incurred related to asbestos abatement and interior demolition. Redevelopment work under the general construction contract is anticipated to commence in the second quarter 2012. 3. Includes land previously acquired totaling $28.2 million. 4. Does not include undeveloped land parcels in 4 university markets totaling $12.8 million. 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. This property was purchased in November 2011 with the intent to demolish the existing student housing facilities. Units are currently being vacated to prepare for the development of a new townhome community. Estimated project cost includes $6.8 million spent to acquire the property. 7. Estimated project cost includes land costs of $3.0 million. 8. This property was purchased in July 2011 with the intent to demolish the existing retail center and develop a new mixed-use community. Estimated project costs include $27.2 million to acquire the property. 9. 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. AMERICAN CAMPUS COMMUNITIES :: 14

MEZZANINE INVESTMENT UPDATE :: $ in thousands Project Location Primary University Served Units Beds Mezzanine Investment Structure Purchase Price Targeted Completion University Edge Kent, OH Kent State University 201 608 $ 4,500 Pre-sale1 $ 31,100 August 2012 Oxford Commons Oxford, OH Miami University 184 456 4,000 Option2 21,350 August 2012 The Retreat San Marcos, TX Texas State University 187 780 3,100 Option3 52,000 August 2012 $11,600 $ 104,450 1. The company has provided mezzanine financing to a private developer and is obligated to purchase the property as long as certain construction completion deadlines are met. The Company is responsible for leasing, management, and initial operations of the project while the third-party developer retains the development risk. As of December 31, 2011, the company is including this property in its consolidated financial statements. Therefore, as of December 31, 2011, the company has included the following amounts in its consolidated balance sheet: land of $4.8 million, construction in progress of $5.4 million, and construction loan payable of $4.9 million. 2. The company has provided mezzanine financing to a private developer, while also retaining an option to purchase the property upon completion. The developer is responsible for leasing, management, and initial operations of the property, and is required to pay interest on the mezzanine investment on a monthly basis. Should we choose not to exercise our option to purchase the property, the developer is obligated to repay the mezzanine investment, along with all accrued but unpaid interest within 60 days of the option termination date of September 30, 2012 Should we choose to exercise our option to purchase the property, the mezzanine investment, along with all accrued but unpaid interest, will be credited to the company upon closing of the purchase of the property. Closing is subject to a 60-day due diligence period. 3. The company has provided mezzanine financing to a private developer, while also retaining an option to purchase the property upon completion. The developer is responsible for leasing, management, and initial operations of the property, and is required to pay interest on the mezzanine investment on a monthly basis. The purchase price may be reduced by up to 5%, subject to the achievement of certain rental revenue and occupancy thresholds. If the developer achieves certain rental revenue and occupancy thresholds, the company has 30 days from the day the developer provides proof of such to exercise our option. Should we choose to not exercise our option to purchase the property, the developer is obligated to repay the mezzanine investment, along with all accrued but unpaid interest, within 120 days of the option termination date (which is no later than October 15, 2013.) Should we choose to exercise our option to purchase the property, the mezzanine investment, along with all accrued but unpaid interest, will be credited to the company upon closing of the purchase of the property. Closing is subject to a 45-day due diligence period. AMERICAN CAMPUS COMMUNITIES :: 15

THIRD-PARTY DEVELOPMENT UPDATE :: $ in thousands Three Months Ended December 31, Year Ended December 31, 2011 2010 $ Change 2011 2010 $ Change Development services revenue $ 1,347 1 $ 1,044 $ 303 $ 7,497 $ 9,302 2 $ (1,805) % of total revenue 1.3% 1.1% 1.9% 2.8% CONTRACTED PROJECTS IN PROGRESS Project Location Primary University Served Units Beds Total Fees Fees Earned as of December 31, 2011 Fees Earned in Current Year Remaining Fees as of December 31, 2011 Scheduled Completion Cardinal Court Normal, IL Illinois State University 228 896 $ 2,555 $ 1,808 $ 1,808 $ 747 August 2012 Northern Illinois University DeKalb, IL Northern Illinois University 126 1,008 4,572 2,985 2,985 1,587 August 2012 University of Wyoming Laramie, WY University of Wyoming 84 332 1,055 688 688 367 August 2012 Casa de Oro Dining Hall3 Glendale, AZ Arizona State University n/a n/a 543 325 325 218 August 2012 $ 8,725 $ 5,806 $ 5,806 $ 2,919 ON-CAMPUS AWARD PIPELINE4 Project Location Anticipated Financing Structure Anticipated Commencement Estimated Fees Southern Oregon University Ashland, OR Third-party Q2 / Q3 2012 $ 2,000 CUNY - Staten Island5 Staten Island, NY Third-party Q1 / Q2 2012 2,500 Princeton University Princeton, NJ University-funded Q2 / Q3 2012 1,500 USC Health Sciences Campus Los Angeles, CA ACE TBD n/a Texas A&M University College Station, TX ACE TBD n/a $ 6,000 1. Third-party development services revenue for the three months ended December 31, 2011 includes $0.3 million of revenue earned from the company’s participation in cost savings on the Cleveland State University project, which completed construction and opened for occupancy in August 2011. 2. Third-party development services revenue for the year ended December 31, 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. 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 November 2011. The dining hall will 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 feasibility is achieved. AMERICAN CAMPUS COMMUNITIES :: 16

MANAGEMENT SERVICES UPDATE :: $ in thousands Three Months Ended December 31, Year Ended December 31, 2011 2010 $ Change 2011 2010 $ Change Management services revenue $ 1,827 $ 2,061 $ (234) $ 7,254 $ 8,670 $ (1,416) % of total revenue 1.7% 2.2% 1.9% 2.6% NEW/PENDING MANAGEMENT CONTRACTS Property Location Primary University Served Approximate Beds Stabilized Annual Fees1 Actual or Anticipated Commencement CAU Suites Atlanta, GA Clark Atlanta University 598 $ 80 August 2011 Heritage Commons 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 UT Dallas Residence Hall Phase III Richardson, TX University of Texas at Dallas 400 100 August 2012 CUNY - Staten Island2 Staten Island, NY City University of New York 454 TBD August 2013 Jaguar Hall Phase II Victoria, TX University of Houston - Victoria 180 30 TBD $ 418 DISCONTINUED MANAGEMENT CONTRACTS Property Location Primary University Served Approximate Beds 2011 Fee Contribution Prior to Termination Discontinued As Of University Heights3 Knoxville, TN University of Tennessee 636 $ 120 January 2012 Vista Lofts Denver, CO University of Colorado - Denver 291 56 February 2012 Asbury Green Denver, CO University of Colorado - Denver 354 82 February 2012 $ 258 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. Represents a property acquired in January 2012 from a joint venture with Fidelity in which we previously held a 10% interest. AMERICAN CAMPUS COMMUNITIES :: 17

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 Taylor Schimkat Keefe, Bruyette & Woods (212) 887-3885 tschimkat@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. 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 :: 18

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 ::