American Campus Communities 8K Results of Operations and Financial Condition | ACC 1 Nov 05

American Campus Communities

Supplemental Analyst Package

Third Quarter 2005 Earnings Call

November 1, 2005

	Three Months Ended September 30,													Nine Months Ended September 30,
	2005			2004					$ Change		% Change			2005		2004					$ Change		% Change
Operating Data
Total revenues	$	21,877		$	13,458				$	8,419		62.6	%	$	61,425	$	42,641				$	18,784		44.1	%
Operating income (loss)		3,661			(991	)				4,652					12,687		8,456					4,231
Net (loss) income		(596	)		(5,208	)				4,612					5,804		(4,679	)				10,483
Net (loss) income per share - basic		(0.04	)		(0.13	)	⁽¹	⁾							0.41		(0.13	)	⁽¹	⁾
Net (loss) income per share - diluted		(0.03	)		(0.12	)	⁽¹	⁾							0.41		(0.12	)	⁽¹	⁾
FFO		3,567			(2,641	)				6,208					11,829		2,448					9,381
FFO per share - basic		0.21			(0.01	)	⁽¹	⁾							0.84		(0.01	)	⁽¹	⁾
FFO per share - diluted		0.21			(0.01	)	⁽¹	⁾							0.83		(0.01	)	⁽¹	⁾
FFOM		4,285			(2,163	)				6,448					12,404		1,981					10,423
FFOM per share - basic		0.25			(0.02	)	⁽¹	⁾							0.88		(0.02	)	⁽¹	⁾
FFOM per share - diluted		0.25			(0.02	)	⁽¹	⁾							0.87		(0.02	)	⁽¹	⁾
Same store net operating income -
owned off-campus properties		3,604			3,442					162		4.7	%		13,448		11,954					1,494		12.5	%


Operating Statistics		September 30, 2005								December 31, 2004
Debt to total market capitalization⁽²⁾		32.0%								30.2%
Interest coverage⁽³⁾		2.18								2.26
Fixed charge coverage⁽³⁾		1.65								1.72


⁽¹⁾Per share amounts represent the period from August 17, 2004, the date of the Company's initial public offering, to September 30, 2004.
⁽²⁾Excludes debt related to our on-campus participating properties of $90.7 million and $77.2 million at September 30, 2005 and December 31, 2004, respectively.
⁽³⁾Represents operating performance for the four most recently completed fiscal quarters. Excludes interest and fixed charges associated with our on-campus participating properties.

	September 30, 2005			December 31, 2004
Assets
Investments in real estate:
Owned off-campus properties, net	$	409,712		$	272,450
On-campus participating properties, net		81,750			68,064
Investments in real estate, net		491,462			340,514

Cash and cash equivalents		5,879			4,050
Restricted cash		8,547			9,816
Investments in commercial paper		31,682			-
Student contracts receivable, net		2,284			2,164
Other assets		14,615			11,084

Total assets	$	554,469		$	367,628

Liabilities and stockholders’ equity
Liabilities:
Secured debt	$	291,762		$	201,014
Accounts payable and accrued expenses		8,564			5,443
Other liabilities		26,275			20,294
Total liabilities		326,601			226,751

Minority interests		2,816			2,648

Stockholders’ equity:
Common stock, $.01 par value, 800,000,000 shares authorized,
17,190,000 and 12,615,000 shares issued and outstanding
at September 30, 2005 and December 31,2004, respectively		172			126
Additional paid in capital		231,253			136,259
Accumulated (deficit) earnings and distributions		(6,777	)		1,802
Accumulated other comprehensive income		404			42
Total stockholders’ equity		225,052			138,229

Total liabilities and stockholders’ equity	$	554,469		$	367,628

	Three Months Ended September 30,											Nine Months Ended September 30,
	2005			2004					$ Change			2005			2004					$ Change
Revenues:
Owned off-campus properties	$	15,184		$	8,944				$	6,240		$	42,437		$	24,659				$	17,778
On-campus participating properties		3,637			3,328					309			12,263			11,823					440
Third party development services		2,017			537					1,480			3,994			4,738					(744	)
Third party management services		783			535					248			2,055			1,307					748
Resident services		256			114					142			676			114					562
Total revenues		21,877			13,458					8,419			61,425			42,641					18,784

Operating expenses:
Owned off-campus properties		8,386			5,254					3,132			20,395			12,457					7,938
On-campus participating properties		2,173			2,032					141			6,034			5,873					161
Third party development and management services		1,609			1,330					279			4,646			4,121					525
General and administrative		1,534			2,912					(1,378	)		4,823			3,920					903
Depreciation and amortization		4,269			2,619					1,650			12,143			7,150					4,993
Ground/facility leases		245			302					(57	)		697			664					33
Total operating expenses		18,216			14,449					3,767			48,738			34,185					14,553

Operating income (loss)		3,661			(991	)				4,652			12,687			8,456					4,231

Nonoperating income and (expenses):
Interest income		396			32					364			498			57					441
Interest expense		(4,319	)		(4,678	)				359			(12,761	)		(13,148	)				387
Amortization of deferred financing costs		(318	)		(691	)				373			(840	)		(979	)				139
Other nonoperating income		-			371					(371	)		430			371					59
Total nonoperating expenses		(4,241	)		(4,966	)				725			(12,673	)		(13,699	)				1,026

(Loss) income before income taxes, minority interests,
and discontinued operations		(580	)		(5,957	)				5,377			14			(5,243	)				5,257
-																					-
Income tax (provision) benefit		(6	)		757					(763	)		(6	)		757					(763	)
-										-
Minority interests		(10	)		86					(96	)		(85	)		130					(215	)

Loss from continuing operations		(596	)		(5,114	)				4,518			(77	)		(4,356	)				4,279

Discontinued operations:
Loss attributable to discontinued operations		-			(94	)				94			(2	)		(284	)				282
Gain (loss) from disposition of real estate		-			-					-			5,883			(39	)				5,922
Total discontinued operations		-			(94	)				94			5,881			(323	)				6,204

Net (loss) income	$	(596	)	$	(5,208	)			$	4,612		$	5,804		$	(4,679	)			$	10,483

Net (loss) income per share - basic	$	(0.04	)	$	(0.13	)	⁽¹	⁾				$	0.41		$	(0.13	)	⁽¹	⁾
Net (loss) income per share - diluted	$	(0.03	)	$	(0.12	)	⁽¹	⁾				$	0.41		$	(0.12	)	⁽¹	⁾
Weighted-average common shares outstanding:
Basic		17,005,462			12,290,256		⁽¹	⁾					14,100,631			12,290,256		⁽¹	⁾
Diluted		17,126,462			12,411,256		⁽¹	⁾					14,263,981			12,411,256		⁽¹	⁾

(1) Share and per share amounts represent the period from August 17, 2004, the date of the Company's initial public offering, through September 30, 2004.

	Three Months Ended September 30,											Nine Months Ended September 30,
	2005			2004					$ Change			2005			2004					$ Change
Net (loss) income	$	(596	)	$	(5,208	)			$	4,612		$	5,804		$	(4,679	)			$	10,483
Minority interests		10			(86	)				96			85			(130	)				215
(Gain) loss from disposition of real estate		-			-					-			(5,883	)		39					(5,922	)
Real estate related depreciation and amortization		4,153			2,653					1,500			11,823			7,218					4,605
Funds from operations ("FFO")		3,567			(2,641	)				6,208			11,829			2,448					9,381

Elimination of operations of on-campus participating properties:
Net loss from on-campus participating properties		966			968					(2	)		897			909					(12	)
Amortization of investment in on-campus participating properties		(913	)		(950	)				37			(2,675	)		(2,660	)				(15	)
		3,620			(2,623	)				6,243			10,051			697					9,354
Modifications to reflect operational performance of on-campus
participating properties:
Our share of net cash flow ⁽¹⁾		245			302					(57	)		697			698					(1	)
Management fees		167			158					9			588			586					2
On-campus participating property development fees ⁽²⁾		253			-					253			1,068			-					1,068
Impact of on-campus participating properties		665			460					205			2,353			1,284					1,069
Funds from operations – modified for operational performance
of on-campus participating properties ("FFOM")	$	4,285		$	(2,163	)			$	6,448		$	12,404		$	1,981				$	10,423

FFO per share
Basic	$	0.21		$	(0.01	)	⁽³	⁾				$	0.84		$	(0.01	)	⁽³	⁾
Diluted	$	0.21		$	(0.01	)	⁽³	⁾				$	0.83		$	(0.01	)	⁽³	⁾

FFOM per share
Basic	$	0.25		$	(0.02	)	⁽³	⁾				$	0.88		$	(0.02	)	⁽³	⁾
Diluted	$	0.25		$	(0.02	)	⁽³	⁾				$	0.87		$	(0.02	)	⁽³	⁾
Weighted average common shares outstanding
Basic		17,005,462			12,290,256		⁽³	⁾					14,100,631			12,290,256		⁽³	⁾
Diluted		17,174,663			12,411,256		⁽³	⁾					14,263,981			12,411,256		⁽³	⁾

⁽¹⁾ 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.
⁽²⁾Development and construction management fees related to the Cullen Oaks Phase II on-campus participating property, which was completed in August 2005.
⁽³⁾Share and per share amounts represent the period from August 17, 2004, the date of the Company's initial public offering, through September 30, 2004.

Total Debt⁽¹⁾	$	196,456
Total Market Value ⁽²⁾		417,266
Total Market Capitalization	$	613,722
Debt to Total Market Capitalization		32.0	%

Interest Coverage⁽³⁾		2.18

Fixed Charge Coverage ⁽³⁾		1.65
					Principal Outstanding ⁽¹⁾	Weighted Average Interest Rate		Average Term to Maturity
Fixed Rate Mortgage ⁽¹⁾				$	196,456	6.90	%	6.4 Years
Variable Rate Unsecured Revolving Credit Facility					-	-		1.9 Years
Total / Weighted Average				$	196,456	6.90	%	6.4 Years

⁽¹⁾ Excluding debt related to our on-campus participating properties totaling $90.7 million with a weighted average interest rate of 6.72% and average term to

maturity of 12.8 years. Also excludes unamortized debt premiums of $4.6 million.

⁽²⁾ Based on share price of $24.02 at September 30, 2005.

⁽³⁾ Represents operating performance for the four most recently completed fiscal quarters. Excludes interest and fixed charges associated with our on-campus

participating properties.

							Physical Occupancy at September 30,
Property	Primary University Served		Units		Beds		2005					2004
*Owned off-campus properties:*
1. Commons On Apache		Arizona State University Main Campus		111		444		100.0	%	⁽¹	⁾		100.0	%	⁽¹	⁾
2. The Village at Blacksburg		Virginia Tech University		288		1,056		99.1	%				98.6	%
3. The Village on University		Arizona State University Main Campus		288		918		98.5	%				96.6	%
4. River Club Apartments		The University of Georgia – Athens		266		794		98.6	%				92.7	%
5. River Walk Townhomes		The University of Georgia – Athens		100		340		97.9	%				98.2	%
6. The Callaway House		Texas A&M University		173		538		103.7	%				102.2	%
7. The Village at Alafaya Club		The University of Central Florida		228		840		98.7	%				95.5	%
8. The Village at Science Drive		The University of Central Florida		192		732		99.5	%				99.5	%
9. University Village at Boulder Creek		The University of Colorado at Boulder		82		309		93.2	%				86.1	%
10. University Village at Fresno		California State University – Fresno		105		406		95.8	%				99.8	%
11. University Village at TU		Temple University		220		749		98.1	%				99.6	%
Subtotal - Same Store Properties				2,053		7,126		98.8	%				97.4	%
12. University Village at Sweethome ⁽²⁾		State University of New York – Buffalo		269		828		100.0	%
13. University Club Tallahassee		Florida State University		152		608		99.2	%
14. The Grove at University Club		Florida State University		64		128		97.7	%
15. College Club Tallahassee		Florida A&M University		96		384		96.6	%
16. The Greens at College Club		Florida A&M University		40		160		98.8	%
17. University Club Gainesville		University of Florida		94		376		96.0	%
18. City Parc at Fry Street		University of North Texas		136		418		99.5	%
19. The Estates		University of Florida		396		1,044		99.1	%
20. Callaway Villas⁽³⁾		Texas A&M University		236		704		n/a
21. Village at Newark⁽⁴⁾		Rutgers University, NJIT, Essex CCC		221		812		n/a
Subtotal - New Properties				1,704		5,462		98.8	%	⁽⁵	⁾
Total owned off-campus properties				3,757		12,588		98.8	%	⁽⁵	⁾
*On-campus participating properties:*
22. University Village—PVAMU		Prairie View A&M University		612		1,920		99.1	%				99.6	%
23. University College—PVAMU		Prairie View A&M University		756		1,470		86.4	%				99.9	%
24. University Village—TAMIU		Texas A&M International University		84		252		73.8	%				70.6	%
25. Cullen Oaks - Phase I and II ⁽⁶⁾		The University of Houston		411		879		99.9	%				99.6	%
Total on-campus participating properties				1,863		4,521		93.7	%				98.0	%
Total - all properties				5,620		17,109		97.3	%	⁽⁵	⁾		97.6	%

⁽¹⁾Commons on Apache is 100% leased from August 2004 through July 2006 by Arizona State University.
⁽²⁾Construction was completed and property commenced operations in August 2005.
⁽³⁾Currently under development - scheduled to open for occupancy in August 2006.
⁽⁴⁾Currently under development - scheduled to open for occupancy in Fall 2007. Pending approval from the City of Newark's Central Planning Board, the project's capacity can be
increased to 838 beds without modifying the existing building area.
⁽⁵⁾Excludes properties that are currently under development.
⁽⁶⁾Includes an additional phase consisting of 180 units and 354 beds that was completed in August 2005. Occupancy as of September 30, 2004 does not include the additional phase.

	Three Months Ended September 30,										Nine Months Ended September 30,
	2005		2004		$ Change			% Change			2005		2004		$ Change		% Change
Property revenues
Owned off-campus properties:
Same store properties	$	8,109	$	7,982	$	127			1.6	%	$	25,231	$	23,697	$	1,534		6.5	%
New properties		7,331		1,076		6,255			581.3	%		17,882		1,076		16,806		1561.9	%
Total owned off-campus properties ⁽¹⁾		15,440		9,058		6,382			70.5	%		43,113		24,773		18,340		74.0	%

On-campus participating properties:
Same store properties		3,466		3,328		138			4.1	%		12,092		11,823		269		2.3	%
New properties		171		-		171			100.0	%		171		-		171		100.0	%
Total on-campus participating properties		3,637		3,328		309			9.3	%		12,263		11,823		440		3.7	%

Total property revenues	$	19,077	$	12,386	$	6,691			54.0	%	$	55,376	$	36,596	$	18,780		51.3	%

Property operating expenses
Owned off-campus properties:
Same store properties	$	4,505	$	4,540	$	(35	)		-0.8	%	$	11,783	$	11,743	$	40		0.3	%
New properties		3,881		714		3,167			443.6	%		8,612		714		7,898		1106.2	%
Total owned off-campus properties		8,386		5,254		3,132			59.6	%		20,395		12,457		7,938		63.7	%

On-campus participating properties:
Same store properties		2,096		2,032		64			3.1	%		5,957		5,873		84		1.4	%
New properties		77		-		77			100.0	%		77		-		77		100.0	%
Total on-campus participating properties		2,173		2,032		141			6.9	%		6,034		5,873		161		2.7	%

Total property operating expenses	$	10,559	$	7,286	$	3,273			44.9	%	$	26,429	$	18,330	$	8,099		44.2	%

Property net operating income
Owned off-campus properties:
Same store properties	$	3,604	$	3,442	$	162			4.7	%	$	13,448	$	11,954	$	1,494		12.5	%
New properties		3,450		362		3,088			853.0	%		9,270		362		8,908		2460.8	%
Total owned off-campus properties		7,054		3,804		3,250			85.4	%		22,718		12,316		10,402		84.5	%

On-campus participating properties:
Same store properties		1,370		1,296		74			5.7	%		6,135		5,950		185		3.1	%
New properties		94		-		94			100.0	%		94		-		94		100.0	%
Total on-campus participating properties		1,464		1,296		168			13.0	%		6,229		5,950		279		4.7	%

Total property net operating income	$	8,518	$	5,100	$	3,418			67.0	%	$	28,947	$	18,266	$	10,681		58.5	%

⁽¹⁾ Includes revenues earned at properties related to non-customary activities, which subsequent to our IPO are reflected as Resident Services revenue on the accompanying
consolidated statements of operations

	Three Months Ended
	December 31, 2004					March 31, 2005					June 30, 2005					September 30, 2005					Total
Owned off-campus properties - 12-month leases (9 properties):

Revenues	$	7,764		24	%	$	7,969		25	%	$	7,986		25	%	$	8,163		26	%	$	31,882	100	%
Property operating expenses and estimated management costs⁽²⁾		2,785		22	%		2,897		23	%		3,047		25	%		3,730		30	%		12,459	100	%
Subtotal	$	4,979		26	%	$	5,072		26	%	$	4,939		25	%	$	4,433		23	%	$	19,423	100	%
Occupancy at period end		97.3	%				97.5	%				97.4	%				98.3	%

Owned off-campus properties - less than 12-month leases (2 properties):

Revenues	$	2,947		28	%	$	3,048		29	%	$	2,499		23	%	$	2,116		20	%	$	10,610	100	%
Property operating expenses and estimated management costs⁽²⁾		1,247		23	%		1,257		24	%		1,259		24	%		1,542		29	%		5,305	100	%
Subtotal	$	1,700		32	%	$	1,791		34	%	$	1,240		23	%	$	574		11	%	$	5,305	100	%
Occupancy at period end		97.6	%				99.9	%				38.3	%				100.4	%

Total owned off-campus properties (11 properties):

Revenues	$	10,711		25	%	$	11,017		26	%	$	10,485		25	%	$	10,279		24	%	$	42,492	100	%
Property operating expenses and estimated management costs⁽²⁾		4,032		23	%		4,154		23	%		4,306		24	%		5,272		30	%		17,764	100	%
Subtotal	$	6,679		27	%	$	6,863		28	%	$	6,179		25	%	$	5,007		20	%	$	24,728	100	%
Occupancy at period end		97.4	%				98.0	%				85.3	%				98.8	%

On-campus participating properties - less than 12-month leases (4 properties):

Revenues and interest income	$	5,612		31	%	$	5,517		31	%	$	3,160		18	%	$	3,519		20	%	$	17,808	100	%
Property operating expenses and estimated management costs⁽²⁾		2,293		27	%		1,979		24	%		2,036		24	%		2,111		25	%		8,419	100	%
Subtotal	$	3,319		35	%	$	3,538		38	%	$	1,124		12	%	$	1,408		15	%	$	9,389	100	%
Occupancy at period end		96.9	%				93.1	%				14.1	%				93.2	%

Grand total - all properties (15 properties):
Revenues	$	16,323		27	%	$	16,534		27	%	$	13,645		23	%	$	13,798		23	%	$	60,300	100	%
Property operating expenses and estimated management costs⁽²⁾		6,325		24	%		6,133		23	%		6,342		24	%		7,383		28	%		26,183	100	%
Subtotal	$	9,998		29	%	$	10,401		31	%	$	7,303		21	%	$	6,415		19	%	$	34,117	100	%
Occupancy at period end		97.2	%				96.2	%				59.0	%				96.7	%


⁽¹⁾ For purposes of the seasonal trend analysis, the following properties are excluded: 2005 acquisitions, 2005 dispositions, and properties under construction during 2005.
Only those assets that were owned and operated during all four quarters are reflected.
⁽²⁾ Represents direct property expenses and estimated management costs for owned off-campus properties at 2.5% of revenues, whereas on-campus participating properties operating expenses
include actual management costs.

PROJECTS UNDER CONSTRUCTION

Project

Location

Primary University Served

Units

Beds

Estimated Project Costs

% Complete⁽¹⁾

Scheduled to Open for Occupancy

Callaway Villas

College Station, TX

Texas A&M University

236

704

37,475

August 2006

Village at Newark

Newark, NJ

Rutgers University, NJIT, Essex CCC

221

812

⁽²

⁾

72,935

Fall 2007

110,410

PROJECTS IN PRE-DEVELOPMENT

Project

Location

Anticipated Commencement

Targeted Units

Targeted Beds

Estimated Project Cost

Targeted Completion

Arizona State University ⁽³⁾

Tempe, AZ

Component I

Second Quarter 2006

625

1,600

110,000

August 2007

Component II

Second Quarter 2007

700

2,000

115,000

August 2008

Component III

Second Quarter 2008

575

1,500

110,000

August 2009

335,000

⁽¹⁾ As of September 30, 2005.

⁽²⁾Pending approval from the City of Newark's Central Planning Board, the project's capacity can be increased to 838 beds without modifying the existing building area.

⁽³⁾ Component developments are contingent upon the execution of a Memorandum of Understanding ("MOU"), Board of Regents approval on each Component, and execution of

all transactional documents.

	Three Months Ended Sept. 30,								Nine Months Ended Sept. 30,
	2005			2004			$ Change		2005			2004			$ Change
Development services revenue	$	2,017		$	537		$	1,480	$	3,994		$	4,738		$	(744	)
% of total revenue		9.2	%		4.0	%				6.5	%		11.1	%

RECENTLY COMPLETED PROJECTS

Completion Date

Project

Location

Primary University Served

Units

Beds

Total Fees

Cullen Oaks Phase II

Houston, TX

University of Houston

180

354

$ 1,117

August 2005

Saint Leo University Phase II

Saint Leo, FL

Saint Leo University

320

375

August 2005

$ 1,492


CONTRACTED PROJECTS IN PROGRESS
Project	Location	Primary University Served	Units	Beds	Total Fees	Fees Earned to Date ⁽¹⁾	Remaining Fees⁽¹⁾	Scheduled Completion
Vista del Campo Phase II	Irvine, CA	University of California - Irvine	545	1,564	$ 3,500	$ 1,622	$ 1,878	August 2006
West Virginia University - Evansdale ⁽²⁾	Morgantown, WV	West Virginia University	96	345	725	455	270	August 2006
Fenn Tower Renovation	Cleveland, OH	Cleveland State University	174	438	1,510	576	934	August 2006
Cardinal Village Dining Hall	Beaumont, TX	Lamar University	n/a	n/a	110	88	22	November 2005
The Inn at Auraria	Denver, CO	Auraria Higher Education System	125	439	300	188	112	August 2006
West Virginia University - Potomac State⁽³⁾	Keyser, WV	Potomac State College	107	355	700	230	470	August 2007
					$ 6,845	$ 3,159	$ 3,686

AWARDED PROJECTS

Project

Location

Anticipated Commencement

Estimated Fees

Blinn College

Brenham, TX

Fourth Quarter 2005

$ 650

West Virginia University - Downtown⁽⁴⁾

Morgantown, WV

Fourth Quarter 2005

650

University of Hawaii - Manoa

Honolulu, HI

Second or Third Quarter 2006

2,285

University of New Orleans ⁽⁵⁾

New Orleans, LA

Undetermined

1,550

Hope International University ⁽⁶⁾

Fullerton, CA

Undetermined

$ 5,135

⁽¹⁾ As of September 30, 2005

⁽²⁾ The West Virginia - Evansdale project consists of pre-development and design services which were completed in the third quarter 2005 and construction administration services which are currently

in progress. Contractual fees are shown net of costs anticipated to be incurred to complete the project.

⁽³⁾The West Virginia - Potomac State project consists of pre-development and design services which are currently in progress and construction administration services which are scheduled to commence

in the third quarter 2006. Contractual fees are shown net of costs anticipated to be incurred to complete the project.

⁽⁴⁾ We will provide pre-development, design, and construction administration services. Estimated fees are shown net of costs anticipated to be incurred to complete the project.

⁽⁵⁾ Hurricane Katrina has caused a delay in the commencement of construction for the third-party development of the University of New Orleans housing project. The University has expressed their commitment

to this project moving forward and is in the process of establishing a definitive timeline.

⁽⁶⁾ Currently in the strategic planning phase and in the process of determining project size and scope.

Three Months Ended September 30,

Nine Months Ended September 30,

2005

2004

$ Change

2005

2004

$ Change

Management services revenue

$ 783

$ 535

$ 248

$ 2,055

$ 1,307

$ 748

% of total revenue

3.6%

3.9%

3.3%

3.1%

NEW MANAGEMENT CONTRACTS

Property

Location

University

Units

Beds

Estimated Annual Fees

Anticipated Commencement

Fenn Tower

Cleveland, OH

Cleveland State University

174

438

$ 100

August 2006

The Inn at Auraria

Denver , CO

Auraria Higher Education System

125

439

145

August 2006

Vista del Campo Phase II

Irvine, CA

University of California Irvine

545

1,564

400

August 2006

$ 645

DEVELOPMENT AWARDS WITH ANTICIPATED MANAGEMENT

University

Location

Anticipated Commencement

Blinn College

Brenham, TX

August 2006

Arizona State University

Tempe, AZ

August 2007

University of Hawaii - Manoa

Honolulu, HI

August 2007

Contact Name	Title		Phone		E-mail

William C. Bayless, Jr.		Chief Executive Officer		(512) 732-1020		bbayless@studenthousing.com

Brian B. Nickel		Chief Financial Officer		(512) 732-1045		bnickel@studenthousing.com

Gina Cowart		Investor Relations		(512) 732-1041		gcowart@studenthousing.com

Corporate Headquarters
American Campus Communities, Inc.
805 Las Cimas Parkway
Suite 400
Austin, Texas 78746
Tel: (512) 732-1000
Fax: (512) 732-2450
www.americancampuscommunities.com

_{This supplemental package contains forward-looking statements, which express the current beliefs and expectations of management. Except for historical information, the matters discussed in this supplemental package are forward-looking statements and can be identified by the use of the words “anticipate,”“believe,”“expect,”“intend,”“may,”“might,”“plan,”“estimate,”“project,”“should,”“will,”“result” and similar expressions. Such statements are based on current expectations and involve a number of known and unknown risks and uncertainties that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements.}

_{Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including risks and uncertainties inherent in the national economy, the real estate industry in general, and in our specific markets; the effect of terrorism or the threat of terrorism; legislative or regulatory changes including changes to laws governing REITS; our dependence on key personnel whose continued service is not guaranteed; availability of qualified acquisition and development targets; availability of capital and financing; rising interest rates; rising insurance rates; impact of ad valorem and income taxation; changes in generally accepted accounting principals; and our continued ability to successfully lease and operate our properties. While we believe these forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be achieved. These forward-looking statements are made as of the date of this supplemental package, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.}

American Campus Communities (ACC) 8-KResults of Operations and Financial Condition