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):  April 24, 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 April 24, 2012, American Campus Communities, Inc. (the “Company”) issued a press release (the “Earnings Release”) announcing, among other things, earnings for the quarter ended March 31, 2012. 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 April 24, 2012, the Company disclosed a supplemental analyst package in connection with its earnings conference call for the quarter ended March 31, 2012 which took place on April 25, 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: April 25, 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 April 24, 2012
EX-99.2	Supplemental Analyst Package –First Quarter 2012

EX-99.1

Exhibit 99.1

MEDIA RELEASE  

American Campus Communities, Inc. Reports First Quarter 2012 Financial Results

AUSTIN, Texas--(BUSINESS WIRE)—April 24, 2012--American Campus Communities, Inc. (NYSE:ACC) today announced the following financial results for the quarter ended March 31, 2012.

Highlights

§ Increased quarterly FFOM by 11.0 percent to $41.4 million or $0.55 per fully diluted share compared to $37.3 million or $0.54 per fully diluted share in the first quarter prior year.

§ Increased same store wholly-owned net operating income ("NOI") by 3.8 percent over the first quarter 2011.

§ Achieved same store wholly-owned occupancy of 98.5 percent as of March 31, 2012.

§ Leased total wholly-owned portfolio for the upcoming academic year to 79.3 percent applied for and 73.5 percent leased as of April 20, 2012.

§ Acquired the remaining 90 percent interest in University Heights, a former joint venture property containing 636 off-campus beds that serve students attending the University of Tennessee in Knoxville, for a purchase price of $14.5 million.

§ Commenced construction on The Callaway House Austin, a 753-bed off-campus community serving students attending The University of Texas. The $60.1 million development is scheduled to open August 2013.

§ Commenced construction on the owned American Campus Equity (ACE) project at Drexel University containing 861 beds and retail space. The $97.6 million development is scheduled to open September 2013.

§ Executed a predevelopment agreement with West Virginia University for a $41.5 million on-campus ACE project containing 580 beds with targeted completion in August 2014.

§ Commenced construction on a third-party development project containing 454 beds on the College of Staten Island campus in the City University of New York system with estimated development fees of $2.6 million.

§ Amended and expanded combined revolver and term loan unsecured credit facility by $150 million to $800 million.

“We are pleased with our overall results for the quarter with FFOM per share, excluding third-party services, growing 6 percent over last year, ” said Bill Bayless, American Campus CEO. “Additionally, with leasing velocity on par with prior years and rental rate increases projected at 3.5 percent, we believe we are poised to create internal value while also delivering significant external growth."

First Quarter Operating Results

Revenue for the 2012 first quarter totaled $111.8 million, up 12.6 percent from $99.3 million in the first quarter 2011. Operating income for the quarter increased $1.8 million or 5.5 percent over the prior year first quarter primarily due to growth resulting from property acquisitions, recently completed development properties, and increased rental rates for the 2011-2012 academic year. Net income for the 2012 first quarter totaled $20.0 million, or $0.26 per fully diluted share, compared with net income of $17.4 million, or $0.25 per fully diluted share, for the same quarter in 2011. 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 2011 and 2012 and increased capitalized interest due to an increase in construction activity on our owned development projects.  FFO for the 2012 first quarter totaled $44.4 million, or $0.59 per fully diluted share, as compared to $39.8 million, or $0.58 per fully diluted share for the same quarter in 2011. FFOM for the 2012 first quarter was $41.4 million, or $0.55 per fully diluted share as compared to $37.3 million, or $0.54 per fully diluted share for the same quarter in 2011. A reconciliation of FFO and FFOM to net income is shown in Table 3.

Portfolio Update

As of April 20, 2012 the company’s same store wholly-owned portfolio was 79.0 percent applied for and 73.2 percent leased for the upcoming academic year compared to 84.3 percent applied for and 77.0 percent leased for the same date prior year, with a 3.5 percent current rental rate increase projected over the in-place rent. 

Developments

Owned

The company is progressing on the construction of its $593.4 million owned development pipeline with expected delivery in Fall 2012 and 2013. The developments are all core Class A assets pedestrian to campus in their respective markets and on track to meet their previously announced development yields in the range of 7.0-8.0 percent. The 11 new owned development projects scheduled to open Fall 2012 totaling $385.4 million are preleased to an average of 76.3 percent for the upcoming academic year as of April 20, 2012, with six of those assets leased above 90 percent.

Third-party

Subsequent to quarter end, the company closed on financing and commenced construction on a third-party development project containing 702 beds at Southern Oregon University in Ashland. The project is scheduled for completion in Fall 2013 and the company expects to earn $2.3 million in development fees.

Capital Markets

During the quarter, the company amended its combined revolver and term loan unsecured credit facility to expand the term loan facility by $150 million, increased the term to maturity of each of the facilities by one year, and lowered interest rate spreads to reflect current market terms.  The company also entered into multiple interest rate swap agreements totaling $350 million, which will be used to hedge exposure to fluctuations in interest payments on the 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, resulting in an all-in rate on the unsecured term loan of approximately 2.54 percent as of March 31, 2012.

At-The-Market (ATM) Share Offering Program

During the quarter, the company sold 1,802,306 shares of common stock under the ATM program at a weighted average price of $41.61 per share for net proceeds of approximately $73.9 million. There was no ATM activity subsequent to quarter end.

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 first quarter results and the 2012 outlook on Wednesday, April 25, 2012 at 11 a.m. EDT (10:00 a.m. CDT). Participants from within the U.S. may dial 866-843-0890 passcode 3811962, and participants outside the U.S. may dial 412-317-9250 passcode 3811962 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 May 3, 2012 by dialing 877-344-7529 or 412-317-0088 conference number 10011963. 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.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 and other non-cash 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 120 student housing properties containing approximately 74,900 beds. Including its owned and third-party managed properties, ACC’s total managed portfolio consists of 147 properties with approximately 97,800 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.

Table 1

American Campus Communities, Inc. and Subsidiaries

Consolidated Balance Sheets

(dollars in thousands)

	March 31, 2012			December 31, 2011
Assets	(unaudited)
Investments in real estate:
Wholly-owned properties, net	$	2,862,462		$	2,761,757
Wholly-owned property held for sale		27,310			27,300
On-campus participating properties, net		58,839			59,850
Investments in real estate, net		2,948,611			2,848,907
Cash and cash equivalents		32,592			22,399
Restricted cash		21,165			22,956
Student contracts receivable, net		3,145			5,324
Other assets		110,468			108,996
Total assets	$	3,115,981		$	3,008,582
Liabilities and equity
Liabilities:
Secured mortgage, construction and bond debt	$	871,208		$	858,530
Unsecured term loan		350,000			200,000
Unsecured revolving credit facility		150,000			273,000
Secured agency facility		116,000			116,000
Accounts payable and accrued expenses		29,633			36,884
Other liabilities		82,064			77,840
Total liabilities		1,598,905			1,562,254
Redeemable noncontrolling interests		45,327			42,529
Equity:
American Campus Communities, Inc. and Subsidiaries stockholders’ equity:
Common stock		743			725
Additional paid in capital		1,734,337			1,664,416
Accumulated earnings and dividends		(291,962	)		(286,565	)
Accumulated other comprehensive income (loss)		44			(3,360	)
Total American Campus Communities, Inc. and Subsidiaries stockholders’ equity		1,443,162			1,375,216
Noncontrolling interests		28,587			28,583
Total equity		1,471,749			1,403,799
Total liabilities and equity	$	3,115,981		$	3,008,582

Table 2

American Campus Communities, Inc. and Subsidiaries

Consolidated Statements of Operations

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

	Three Months Ended March 31,
	2012			2011
Revenues
Wholly-owned properties	$	99,590		$	85,625
On-campus participating properties		7,967			7,647
Third-party development services		2,094			3,824
Third-party management services		1,758			1,830
Resident services		343			341
Total revenues		111,752			99,267
Operating expenses
Wholly-owned properties		43,723			37,594
On-campus participating properties		2,495			1,744
Third-party development and management services		2,785			2,682
General and administrative		3,540			2,773
Depreciation and amortization		24,399			21,237
Ground/facility leases		964			1,156
Total operating expenses		77,906			67,186
Operating income		33,846			32,081
Nonoperating income and (expenses)
Interest income		516			50
Interest expense		(13,282	)		(14,013	)
Amortization of deferred financing costs		(1,001	)		(1,230	)
Income (loss) from unconsolidated joint ventures		444			(12	)
Other nonoperating loss		(122	)		-
Total nonoperating expenses		(13,445	)		(15,205	)
Income before income taxes and discontinued operations		20,401			16,876
Income tax provision		(156	)		(143	)
Income from continuing operations		20,245			16,733
Discontinued operations
Income attributable to discontinued operations		560			1,147
Total discontinued operations		560			1,147
Net income		20,805			17,880
Net income attributable to noncontrolling interests		(779	)		(467	)
Net income attributable to American Campus Communities, Inc. and Subsidiaries	$	20,026		$	17,413
Other comprehensive income
Change in fair value of interest rate swaps		3,404			745
Comprehensive income	$	23,430		$	18,158
Net income per share attributable to American Campus Communities, Inc. and Subsidiaries common stockholders
Basic	$	0.27		$	0.26
Diluted	$	0.26		$	0.25
Weighted-average common shares outstanding
Basic		74,216,854			66,956,764
Diluted		74,864,447			67,554,918

Table 3

American Campus Communities, Inc. and Subsidiaries

Calculation of FFO and FFOM

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

	Three Months Ended March 31,
	2012			2011
Net income attributable to American Campus Communities, Inc. and Subsidiaries	$	20,026		$	17,413
Noncontrolling interests1		381			467
(Income) loss from unconsolidated joint ventures		(444	)		12
FFO from unconsolidated joint ventures2		429			4
Real estate related depreciation and amortization		24,005			21,907
Funds from operations (“FFO”)		44,397			39,803
Elimination of operations of on-campus participating properties and unconsolidated joint venture:
Net income from on-campus participating properties		(2,498	)		(2,642	)
Amortization of investment in on-campus participating properties		(1,155	)		(1,098	)
		40,744			36,063
Modifications to reflect operational performance of on-campus participating properties:
Our share of net cash flow3		550			841
Management fees		362			350
Impact of on-campus participating properties		912			1,191
Elimination of gain on debt restructuring -
unconsolidated joint venture4		(424	)		-
Loss on remeasurement of equity method investment5		122			-
Funds from operations-modified ("FFOM”)	$	41,354		$	37,254
FFO per share – diluted	$	0.59		$	0.58
FFOM per share – diluted	$	0.55		$	0.54
Weighted average common shares outstanding - diluted		75,878,010			68,610,982

1. The adjustment to FFO for noncontrolling interests’ share of net income excludes $0.4 million of income attributable to the noncontrolling partner in The Varsity, a property purchased in December 2011 from a seller that retained a 20.5% noncontrolling interest in the property.

2. Represents our share of the FFO from two joint ventures in which we are or were a noncontrolling 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 a joint venture with Fidelity (“Fund II”).  In January 2012, we purchased the full ownership interest in the one remaining property owned by Fund II (University Heights). Subsequent to the acquisition, the property is now wholly-owned and is consolidated by the company.

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. Immediately prior to our purchase of University Heights from Fund II (see Note 2), Fund II negotiated a Settlement Agreement with the lender of the property’s mortgage loan whereby the lender agreed to accept a discounted amount that was less than the original principal amount of the loan as payment in full. Accordingly, Fund II recorded a gain on debt restructuring to reflect the discounted payoff. Our 10% share of such gain is reflected above as an adjustment to FFOM.

5. Represents a non-cash loss recorded to remeasure our equity method investment in Fund II to fair value as a result of our purchase of the full ownership interest in University Heights from Fund II in January 2012.

EX-99.2

Exhibit 99.2

Supplemental Analyst Package | 1Q-2012 April 24, 2012

FINANCIAL HIGHLIGHTS $ in thousands, except share and per share data 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 $79.2 million and $79.3 million as of March 31, 2012 and December 31, 2011, respectively, as well as net unamortized debt premiums of $4.8 million and $5.1 million as of March 31, 2012 and December 31, 2011, respectively. 3.Market capitalization is calculated based on a common share price of $44.72 and $41.96 as of March 31, 2012 and December 31, 2011, respectively, and fully diluted common shares totaling 76,278,758 and 74,322,409 as of March 31, 2012 and December 31, 2011, 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 $189.3 million and $57.6 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 held a 10% interest through January 2012. 5.Net debt is calculated as total debt less cash on hand.

CONSOLIDATED BALANCE SHEETS $ in thousands

AMERICAN CAMPUS COMMUNITIES CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS unaudited, $ in thousands, except share and per share data 1.The adjustment to FFO for noncontrolling interests’ share of net income excludes $0.4 million of income attributable to the noncontrolling partner in The Varsity, a property purchased in December 2011 from a seller that retained a 20.5% noncontrolling interest in the property. 2.Represents our share of the FFO from two joint ventures in which we are or were a noncontrolling 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 a joint venture with Fidelity (“Fund II”). In January 2012, we purchased the full ownership interest in the one remaining property owned by Fund II (University Heights). Subsequent to the acquisition, the property is now wholly-owned and is consolidated by the company. 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.Immediately prior to our purchase of University Heights from Fund II (see Note 2), Fund II negotiated a Settlement Agreement with the lender of the property’s mortgage loan whereby the lender agreed to accept a discounted amount that was less than the original principal amount of the loan as payment in full. Accordingly, Fund II recorded a gain on debt restructuring to reflect the discounted payoff. Our 10% share of such gain is reflected above as an adjustment to FFOM. 5.Represents a non-cash loss recorded to remeasure our equity method investment in Fund II to fair value as a result of our purchase of the full ownership interest in University Heights from Fund II in January 2012.

WHOLLY-OWNED PROPERTY RESULTS OF OPERATIONS1 $ in thousands 1.Excludes 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, which is anticipated to be sold in the second quarter of 2012 and is classified within discontinued operations on the accompanying consolidated statements of operations. Revenues for this property totaled $1.2 million and $1.1 million for the three months ended March 31, 2012 and 2011, respectively. Operating expenses for this property totaled $0.6 million for both of the three months ended March 31, 2012 and 2011. Excluding Pirates Cove from the same store property grouping has no effect on the increase in same store net operating income presented above. 3.Includes revenues that are reflected as Resident Services Revenue on the accompanying consolidated statements of operations.

AMERICAN CAMPUS COMMUNITIES SEASONALITY OF OPERATIONS1 $ in thousands, except for per bed amounts 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 second quarter of 2012. 2.For the four most recently completed fiscal quarters. 3.Includes all properties owned during the full year ended December 31, 2011. 4.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. 5.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. Also includes University Heights, which was purchased in January 2012 from a joint venture with Fidelity.

CAPITAL STRUCTURE AS OF MARCH 31, 2012 $ in thousands, except share and per share data 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 $79.2 million with a weighted average interest rate of 7.2% and average term maturity of 8.2 years. Also excludes net unamortized debt premiums of $4.8 million. 3.Based on share price of $44.72 and fully diluted share count of 76,278,758 as of March 31, 2012. Assumes conversion of 1,013,563 common and preferred Operating Partnership units and 589,998 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 $189.3 million and $57.6 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 held a 10% interest through January 2012. 5.Net debt is calculated as total debt less cash on hand as of March 31, 2012.

COMMUNITIES | PORTFOLIO OVERVIEW1 Summary 1.Includes Pirates Cove, which is classified as Held for Sale as of March 31, 2012 and is anticipated to be sold in the second quarter 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 March 31, 2012, 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) 26 West, a 1,026-bed property purchased in December 2011; (5) The Varsity, a 901-bed property purchased in December 2011; and (6) University Heights, a 636-bed property purchased from one of the Fidelity Joint Ventures in January 2012. As of March 31, 2011, the new wholly-owned property grouping includes only Campus Trails. Studio Green, a 684-bed property purchased in November 2011 where units are being vacated to prepare for the development of the property, is excluded from the new property grouping for both periods presented. 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 March 31, 2011 (see footnote 2).

2012/2013 LEASING STATUS Wholly-owned properties - summary 1.As of April 20, 2012 for the current year and April 20, 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 March 31, 2012 and is anticipated to be sold in the second quarter 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 | 2012/2013 LEASING STATUS Same store wholly-owned properties with projected rental rate growth above 3% 1.As of April 20, 2012 for the current year and April 20, 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.

CAMPUS COMMUNITIES 2012/2013 LEASING STATUS Same store wholly-owned properties with projected rental rate growth above 3% continued 1.As of April 20, 2012 for the current year and April 20, 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 | 2012/2013 LEASING STATUS Same store wholly-owned properties with projected rental rate growth between 0% and 2.99% and properties reducing rental rates 1.As of April 20, 2012 for the current year and April 20, 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.This property is classified as Held for Sale as of March 31, 2012 and is anticipated to be sold during the second quarter 2012. 6.Excludes Eagles Trail, a 792-bed property purchased in September 2011, as no prior year leasing data is available for this property.

AMERICAN CAMPUS 2012/2013 LEASING STATUS New wholly-owned properties 1.As of April 20, 2012 for current year and April 20, 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.

OWNED DEVELOPMENT UPDATE $ in thousands 1.The total construction in progress (“CIP”) balance above excludes $1.5 million related to ongoing renovation projects at operating properties, as well as the CIP balance of $8.9 million related to the University Edge property in Kent, OH that is discussed on page 15. 2.Consists of amounts incurred to purchase the land for off-campus development projects, as well as any other development-related expenditures not included in CIP such as deposits, furniture, etc. 3.Based on costs incurred under the general construction contract as of March 31, 2012. 4.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 March 31, 2012, the amounts presented above represent asbestos abatement and interior demolition costs. Redevelopment work under the general construction contract is anticipated to commence in the second quarter 2012. 5.Does not include undeveloped land parcels in 4 university markets totaling $12.8 million. 6.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. 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. 7.Estimated project costs include land and other predevelopment costs of $47.3 million incurred as of March 31, 2012 for owned development pipeline projects. 8.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. 9.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 spent to acquire the property.

AMERICAN CAMPUS COMMUNITIES | MEZZANINE INVESTMENT UPDATE $ in thousands 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 March 31, 2012, the company is including this property in its consolidated financial statements. Therefore, as of March 31, 2012, the company has included the following amounts in its consolidated balance sheet: land of $4.8 million, construction in progress of $8.9 million, furniture, fixtures, and equipment of $0.4 million, and construction loan payable of $8.3 million. 2.In March 2011, the company provided mezzanine financing of $4.0 million 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. The developer paid interest on the mezzanine investment amount on a monthly basis until March 2012, at which time the original mezzanine investment amount plus accrued but unpaid interest was repaid in full. Subsequent to the repayment of the mezzanine investment, we continue to retain our option to purchase the property, 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 THIRD-PARTY DEVELOPMENT UPDATE $ in thousands 1.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. 2.This project, which consists of a housing component and a dining hall component, closed on bond financing and commenced construction in April 2012. 3.These awards relate to speculative development projects that are subject to final determination of feasibility, execution and closing on definitive agreements, and fluctuations in the construction and financing markets. Anticipated commencement and fees are dependent upon the availability of project financing, which is affected by current capital market conditions.

AMERICAN CAMPUS COMMUNITIES MANAGEMENT SERVICES UPDATE $ in thousands 1.Stabilized annual fees are dependent upon the achievement of anticipated occupancy levels. 2.Represents a property acquired in January 2012 from a joint venture with Fidelity in which we previously held a 10% interest.

COMMUNITIES INVESTOR INFORMATION

LOOKING STATEMENTIn 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.