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

Exhibit 99.2

Supplemental Analyst Package Fourth Quarter 2005 Earnings Call March 2, 2006

Supplemental Analyst Package Fourth Quarter 2005 Earnings Call TABLE OF CONTENTS Financial Highlights......................................................1 Consolidated Balance Sheets...............................................2 Consolidated and Combined Statements of Operations........................3 Consolidated and Combined Statements of Funds from Operations.............4 Capital Structure.........................................................5 Portfolio Overview........................................................6 Property Results of Operations............................................7 Seasonal Trends by Property Type..........................................8 2006/2007 Leasing Status - Same Store Owned Off-campus Portfolio..........9 2006/2007 Leasing Status - Owned Development Projects and Acquisitions...10 Owned Development Update.................................................11 On-campus Development Update.............................................12 Management Services Update...............................................13 Investor Information.....................................................14

Supplemental Analyst Package Fourth Quarter 2005 Earnings Call FINANCIAL HIGHLIGHTS (dollars in thousands, except per share data) Three Months Ended December 31, Year Ended December 31, 2005 2004 $ Change % Change 2005 2004 $ Change % Change Operating Data Total revenues 26,049 $ 18,182 $ 7,867 $ 43.3% 87,474 $ 60,823 $ 26,651 $ 43.8% Operating income 7,884 5,949 1,935 20,571 14,405 6,166 Net income (loss) 3,858 3,340 518 9,662 (1,339) 11,001 Net income per share -basic 0.22 0.26 0.65 0.14 (1) Net income per share -diluted 0.22 0.26 0.65 0.15 (1) FFO 8,146 6,161 1,985 19,975 8,609 11,366 FFO per share - basic 0.47 0.49 1.34 0.48 (1) FFO per share - diluted 0.47 0.48 1.33 0.47 (1) FFOM 6,512 4,548 1,964 18,885 6,480 12,405 FFOM per share - basic 0.38 0.36 1.27 0.34 (1) FFOM per share - diluted 0.37 0.36 1.26 0.34 (1) Same store net operating income owned off-campus properties 6,792 6,308 484 7.7% 18,834 16,880 1,954 11.6% Operating Statistics December 31, 2005 December 31, 2004 Debt to total market capitalization (2) 31.3% 30.2% Interest coverage (3) 2.07 2.26 Fixed charge coverage (3)1.59 1.72 (1) Per share amounts represent the period from August 17, 2004,the date of the Company's initial public offering, to December 31, 2004. (2) Excludes debt related to our on-campus participating properties of $91.4 million and $77.2 million at December 31, 2005 and 2004, respectively. Also excludes unamortized debt premiums of $4.3 million and $-0- at December 31, 2005 and 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.

Supplemental Analyst Package Fourth Quarter 2005 Earnings Call CONSOLIDATED BALANCE SHEETS (dollars in thousands) Assets Investments in real estate: Owned off-campus properties, net On-campus participating properties, netInvestments in real estate, net $ December 31, 2005 (unaudited) 417,098 80,370 497,468 $ December 31, 2004 272,450 68,064 340,514 Cash and cash equivalentsRestricted cash Student contracts receivable, net Other assets 24,641 9,502 2,610 16,641 4,635 9,231 2,164 11,084 Total assets $ 550,862 $ 367,628 Liabilities and stockholders' equity Liabilities: Secured debt Accounts payable and accrued expenses Other liabilitiesTotal liabilities $ 291,646 7,983 25,155 324,784 $ 201,014 5,443 20,294 226,751 Minority interests 2,851 2,648 Stockholders' equity: Common stockAdditional paid in capitalAccumulated earnings and distributionsAccumulated other comprehensive incomeTotal stockholders' equity 172 233,388 (10,817) 484 223,227 126 138,343 (282) 42 138,229 Total liabilities and stockholders' equity $ 550,862 $ 367,628

Supplemental Analyst Package Fourth Quarter 2005 Earnings Call CONSOLIDATED & COMBINED STATEMENTS OF OPERATIONS (dollars in thousands, except share and per share data) Three Months Ended December 31, Year Ended December 31, 2005 2004 $ Change 2005 2004 $ Change (unaudited) (unaudited) Revenues : Owned off-campus properties $ 16,802 $ 10,456 $ 6,346 $ 59,239 $ 35,115 $ 24,124 On-campus participating properties 6,207 5,595 612 18,470 17,418 1,052 Third party development services 1,860 1,065 795 5,854 5,803 51 Third party management services 731 798 (67) 2,786 2,105 681 Resident services 449 268 181 1,125 382 743 Total revenues 26,049 18,182 7,867 87,474 60,823 26,651 Operating expenses: Owned off-campus properties 7,156 4,404 2,752 27,551 16,861 10,690 On-campus participating properties 2,291 2,122 169 8,325 7,995 330 Third party development and management services 2,323 1,422 901 6,969 5,543 1,426 General and administrative 1,891 1,314 577 6,714 5,234 1,480 Depreciation and amortization 4,328 2,823 1,505 16,471 9,973 6,498 Ground/facility leases 176 148 28 873 812 61 Total operating expenses 18,165 12,233 5,932 66,903 46,418 20,485 Operating income 7,884 5,949 1,935 20,571 14,405 6,166 Nonoperating income and (expenses): Interest income 327 25 302 825 82 743 Interest expense (4,607) (3,550) (1,057) (17,368) (16,698) (670) Amortization of deferredfinancing costs (336) (232) (104) (1,176) (1,211) 35 Other nonoperatingincome 849 556 293 1,279 927 352 Total nonoperating expenses (3,767) (3,201) (566) (16,440) (16,900) 460 Income (loss) before income taxes, minority interests, and discontinued operations 4,117 2,748 1,369 4,131 (2,495) 6,626 Income tax (provision) benefit (180) (29) (151) (186) 728 (914) Minority interests (79) (30) (49) (164) 100 (264) Income (loss) from continuing operations 3,858 2,689 1,169 3,781 (1,667) 5,448 Discontinued operations: Income (loss) attributabletodiscontinued operations -651 (651) (2) 367 (369) Gain (loss) fromdisposition ofreal estate ---5,883 (39) 5,922 Total discontinued operations -651 (651) 5,881 328 5,553 Net income (loss) $ 3,858 $ 3,340 $ 518 $ 9,662 $ (1,339) $ 11,001 Net income per share- basic $ 0.22 $ 0.26 $ 0.65 $ 0.14 (1) Net income per share- diluted $ 0.22 $ 0.26 $ 0.65 $ 0.15 (1) Weighted-average common shares outstanding: Basic 17,204,375 12,622,145 14,882,944 12,513,130 (1) Diluted 17,371,328 12,743,145 15,047,202 12,634,130 (1) (1) Share and per share amounts represent the period from August 17, 2004, the date of the Company's initial public offering, through December 31,2004.

Supplemental Analyst Package Fourth Quarter 2005 Earnings Call CONSOLIDATED & COMBINED STATEMENTS OF FUNDS FROM OPERATIONS (dollars in thousands, except share and per share data) Three Months Ended December 31, Year Ended December 31, 2005 2004 $ Change 2005 2004 $ Change Net income (loss) $ 3,858 $ 3,340 $ 518 $ 9,662 $ (1,339) $ 11,001 Minority interests 79 30 49 164 (100) 264 (Gain) loss from disposition of real estate ---(5,883) 39 (5,922) Real estate related depreciation and amortization 4,209 2,791 1,418 16,032 10,009 6,023 Funds from operations ("FFO" ) 8,146 6,161 1,985 19,975 8,609 11,366 Elimination of operations of on-campus participating properties: Net income fromon-campusparticipating properties (1,321) (1,179) (142) (424) (270) (154) Amortization ofinvestment inon-campus participating properties (986) (871) (115) (3,661) (3,531) (130) 5,839 4,111 1,728 15,890 4,808 11,082 Modifications to reflect operational performance of on-campus participating properties: Our share of net cash flow (1) 176 148 28 842 797 45 M anagement fees 290 274 16 878 860 18 On-campus participatingproperty development fees (2) 207 15 192 1,275 15 1,260 Impact of on-campus participatingproperties 673 437 236 2,995 1,672 1,323 Funds from operations - modified for operational performance of on-campus participating properties ("FFOM" ) $ 6,512 $ 4,548 $ 1,964 $ 18,885 $ 6,480 $ 12,405 FFO per share Basic $ 0.47 $ 0.49 $ 1.34 $ 0.48 (3) Diluted $ 0.47 $ 0.48 $ 1.33 $ 0.47 (3) FFOM per share Basic $ 0.38 $ 0.36 $ 1.27 $ 0.34 (3) Diluted $ 0.37 $ 0.36 $ 1.26 $ 0.34 (3) Weighted average common shares outstanding Basic 17,204,375 12,622,145 14,882,994 12,513,130 (3) Diluted 17,371,328 12,743,145 15,047,202 12,634,130 (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 actual cash received for the year-to-date periods and amounts accrued for the interim periods. (2) Development and construction management fees, including construction savings earned under the general construction contract, 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 December 31, 2004.

Supplemental Analyst Package Fourth Quarter 2005 Earnings Call CAPITAL STRUCTURE AS OF DECEMBER 31, 2005 (dollars in thousands) Total Debt (1) $ 195,871 Total MarketValue (2) 430,807 Total Market Capitalization $ 626,678 Debt to Total Market Capitalization 31.3% Interest Coverage (3) 2.07 Fixed Charge Coverage (3) 1.59 Weighted Principal Average Average Term to Outstanding (1) Interest Rate Maturity Fixed RateMortgage (1) $ 195,871 6.90% 6.1 Years Variable Rate Unsecured RevolvingCredit Facility --1.6 Years Total / Weighted Average $ 195,871 6.90% 6.1 Years Debt Maturity Schedule $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 $0 $0 $0 $ 23,592 $ 52,058 $ 49,401 $ 16,306 $ 4,345 $ 11,665 $ 38,504 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 (1) Excluding debtrelated to our on-campusparticipatingproperties totaling$91.4 million witha weighted averageinterest rate of 6.88% andaverage term to maturity of 12.5 years. Also excludes unamortized debt premiums of $4.3 million. (2) Based on share priceof$24.80 atDecember 31,2005. (3) Represents operatingperformance for the four most recently completed fiscal quarters. Excludes interestandfixed chargesassociated with our on-campus participating properties.

Supplemental Analyst Package Fourth Quarter 2005 Earnings Call PORTFOLIO OVERVIEW Physical Occupancy at December 31, 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 98.8% 98.6% 3. TheVillage onUniversity Arizona State University MainCampus 288 918 96.4% 95.1% 4. River Club Apartments The University of Georgia - Athens 266 794 97.0% 93.3% 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% 101.9% 7. The Village at Alafaya Club The University of Central Florida 228 840 98.9% 96.5% 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% 87.1% 10. University Village at Fresno California State University - Fresno 105 406 97.3% 99.5% 11. University Village at TU Temple University 220 749 98.8% 99.7% Subtotal - Same Store Properties 2,053 7,126 98.4% 97.4% 12. University Village at Sweethome (2) State University of New York - Buffalo 269 828 99.6% 13. University Club Tallahassee Florida State University 152 608 99.0% 14. The Grove at University Club Florida State University 64 128 98.4% 15. College Club Tallahassee Florida A&M University 96 384 97.4% 16. The Greens at College Club Florida A&M University 40 160 98.8% 17. University Club Gainesville University of Florida 94 376 94.9% 18. City Parc at Fry Street University of North Texas 136 418 98.6% 19. The Estates University of Florida 396 1,044 98.9% 20. Callaway Villas (3) Texas A&M University 236 704 n/a 21. Village atNewark (4) Rutgers University, NJIT,Essex CCC 221 812 n/a Subtotal - New Properties 1,704 5,462 98.5% (5) Total owned off-campus properties 3,757 12,588 98.5% (5) On-campus participating properties: 22. University Village--PVAMU PrairieView A&MUniversity 612 1,920 99.2% 99.2% 23. University College--PVAMU PrairieView A&MUniversity 756 1,470 85.8% 98.6% 24. University Village--TAMIU Texas A&M International University 84 252 75.4% 66.3% 25. Cullen Oaks - Phase I and II (6) The University of Houston 411 879 99.4% 98.3% Total on-campus participating properties 1,863 4,521 93.5% 96.9% Total -all properties 5,620 17,109 97.0% (5) 97.2% (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 Summer 2007. Pending approval from the City of Newark's Central PlanningBoard, the increased to838 bedswithout modifying theexistingbuilding area. (5) Excludes properties that are currently under development. (6) Includes an additional phase consistingof 180 units and 354 beds that was completed in August 2005. Occupancy as of Decmber 31, 2004 does not include the additional phase.

Supplemental Analyst Package Fourth Quarter 2005 Earnings Call PROPERTY RESULTS OF OPERATIONS (dollars in thousands) Three Months Ended December 31, Year Ended December 31, 2005 2004 $ Change % Change 2005 2004 $ Change % Change Property revenues Owned off-campus properties: Same store properties $ 11,152 $ 10,712 $ 440 4.1% $ 34,227 $ 32,263 $ 1,964 6.1% New properties 6,099 12 6,087 50725.0% 26,137 3,234 22,903 708.2% Totalowned off-campus properties (1) 17,251 10,724 6,527 60.9% 60,364 35,497 24,867 70.1% On-campus participatingproperties: Same store properties 5,750 5,595 155 2.8% $ 17,842 $ 17,418 424 2.4% New properties 457 -457 100.0% 628 -628 100.0% Total on-campus participating properties 6,207 5,595 612 10.9% 18,470 17,418 1,052 6.0% Total property revenues $ 23,458 $ 16,319 $ 7,139 43.7% $ 78,834 $ 52,915 $ 25,919 49.0% Property operating expenses Owned off-campus properties: Same store properties $ 4,360 $ 4,404 $ (44) -1.0% $ 15,393 $ 15,383 $ 10 0.1% New properties 2,796 -2,796 100.0% 12,158 1,478 10,680 722.6% Totalowned off-campus properties 7,156 4,404 2,752 62.5% 27,551 16,861 10,690 63.4% On-campus participatingproperties: Same store properties 2,110 2,122 (12) -0.6% 8,115 7,995 120 1.5% New properties 181 -181 100.0% 210 -210 100.0% Total on-campus participating properties 2,291 2,122 169 8.0% 8,325 7,995 330 4.1% Total property operating expenses $ 9,447 $ 6,526 $ 2,921 44.8% $ 35,876 $ 24,856 $ 11,020 44.3% Property net operating income Owned off-campus properties: Same store properties $ 6,792 $ 6,308 $ 484 7.7% $ 18,834 $ 16,880 $ 1,954 11.6% New properties 3,303 12 3,291 27425.0% 13,979 1,756 12,223 696.1% Total owned off-campus properties 10,095 6,320 3,775 59.7% 32,813 18,636 14,177 76.1% On-campus participatingproperties: Same store properties 3,640 3,473 167 4.8% 9,727 9,423 304 3.2% New properties 276 -276 100.0% 418 -418 100.0% Total on-campus participating properties 3,916 3,473 443 12.8% 10,145 9,423 722 7.7% Total property net operating income $ 14,011 $ 9,793 $ 4,218 43.1% $ 42,958 $ 28,059 $ 14,899 53.1% (1) Includes revenues related to non-customary activities, which subsequent to our IPO are reflected as Resident Services revenue on the accompanying consolidated statements of operations.

Supplemental Analyst Package Fourth Quarter 2005 Earnings Call SEASONAL TRENDS BY PROPERTY TYPE (1) (dollars in thousands) Three Months Ended September 30, December 31, March 31, 2005 June 30, 2005 2005 2005 Total Owned off-campus properties - 12-month leases (9 properties): Revenues $ 7,969 25% $ 7,986 25% $ 8,163 25% $ 8,064 25% $ 32,182 100% Property operating expenses and estimated management costs (2) 2,897 23% 3,047 24% 3,730 30% 2,897 23% 12,571 100% Subtotal $ 5,072 26% $ 4,939 25% $ 4,433 23% $ 5,167 26% $ 19,611 100% Average occupancy 97.6% 97.5% 97.4% 98.4% Owned off-campus properties - less than 12-month leases (2 properties): Revenues $ 3,048 28% $ 2,499 23% $ 2,116 20% $ 3,088 29% $ 10,751 100% Property operating expenses and estimated management costs (2) 1,257 24% 1,259 24% 1,542 29% 1,231 23% 5,289 100% Subtotal $ 1,791 33% $ 1,240 23% $ 574 10% $ 1,857 34% $ 5,462 100% Average occupancy (3) 99.8% 70.2% 79.3% 100.2% Total owned off-campus properties (11 properties): Revenues $ 11,017 26% $ 10,485 24% $ 10,279 24% $ 11,152 26% $ 42,933 100% Property operating expenses and estimated management costs (2) 4,154 23% 4,306 24% 5,272 30% 4,128 23% 17,860 100% Subtotal $ 6,863 27% $ 6,179 25% $ 5,007 20% $ 7,024 28% $ 25,073 100% Average occupancy (3) 98.0% 91.9% 93.7% 98.8% On-campus participating properties - less than 12-month leases (4 properties): Revenues $ 5,517 31% $ 3,160 18% $ 3,519 19% $ 5,820 32% $ 18,016 100% Property operating expenses and estimated management costs (2) 1,979 24% 2,036 24% 2,111 25% 2,198 27% 8,324 100% Subtotal $ 3,538 36% $ 1,124 12% $ 1,408 15% $ 3,622 37% $ 9,692 100% Average occupancy (3) 94.4% 39.9% 66.0% 93.1% Grand total - all properties (15 properties): Revenues $ 16,534 27% $ 13,645 22% $ 13,798 23% $ 16,972 28% $ 60,949 100% Property operating expenses and estimated management costs (2) 6,133 24% 6,342 24% 7,383 28% 6,326 24% 26,184 100% Subtotal $ 10,401 30% $ 7,303 21% $ 6,415 18% $ 10,646 31% $ 34,765 100% Average occupancy (3) 96.7% 72.7% 83.5% 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. (3) At those proeprites with less than 12-month leases average occupanices include the decrease in occupancy occuring during the summer months .

Supplemental Analyst Package Fourth Quarter 2005 Earnings Call 2006/2007 LEASING STATUS SAME STORE OWNED OFF-CAMPUS PORTFOLIO Vari ance C urre n t Apps % of Re n tabl e Re ntable Total De si gn + Le ase s (1) Be ds Prior Ye ar (2 ) B e ds % Be ds (3 ) Be ds Application s + Le ase s Commons on Apache 0 0% 444 (444) -100% 444 444 The Village at Blacksburg 1,034 99% 1,002 32 3% 1,048 1,056 The Village on University 104 11% 56 48 86% 906 918 River Club Apartments 341 44% 369 (28) -8% 776 794 River Walk Townhomes 180 54% 178 2 1% 335 340 The Callaway House 442 84% 410 32 8% 527 538 The Village at Alafaya Club 222 27% 167 55 33% 831 840 The Village at Science Drive 399 55% 340 59 17% 722 732 University Village at Boulder Creek 341 114% 60 281 468% 299 309 University Village Fresno 160 40% 216 (56) -26% 396 406 University Village at TU 290 40% 400 (110) -28% 731 749 University Village at Sweethome 644 79% 637 7 1% 813 828 University Club Tallahassee (4) 406 55% 327 79 24% 736 736 College Club Tallahassee (5) 152 28% 89 63 71% 540 544 University Club Gainesville 373 99% 51 322 631% 376 376 Appli cati on s + Le ase s Total 5,088 54% 4,746 342 7% 9,480 9,610 Le ase s Commons on Apache 0 0% 444 (444) -100% 444 444 The Village at Blacksburg 1,012 97% 976 36 4% 1,048 1,056 The Village on University 51 6% 0 51 100% 906 918 River Club Apartments 336 43% 364 (28) -8% 776 794 River Walk Townhomes 175 52% 177 (2) -1% 335 340 The Callaway House 364 69% 308 56 18% 527 538 The Village at Alafaya Club 206 25% 164 42 26% 831 840 The Village at Science Drive 369 51% 321 48 15% 722 732 University Village at Boulder Creek 281 94% 55 226 411% 299 309 University Village Fresno 142 36% 140 2 1% 396 406 University Village at TU 233 32% 302 (69) -23% 731 749 University Village at Sweethome 571 70% 551 20 4% 813 828 University Club Tallahassee (4) 359 49% 313 46 15% 736 736 College Club Tallahassee (5) 150 28% 75 75 100% 540 544 University Club Gainesville 369 98% 30 339 1130% 376 376 Le ase s Total 4,618 49% 4,220 398 9% 9,480 9,610 (1) As of February 24, 2006 (2) As of February 25, 2005 (Comparison of last Friday in February of each year) (3) Rentable Beds exclude beds needed for on-site staff and/or model units. (4) For lease administration purposes, University Club and The Grove at University Club are reported combined. (5) For lease administration purposes, College Club Tallahassee and The Greens at College Club are reported combined.

Supplemental Analyst Package Fourth Quarter 2005 Earnings Call 2006/2007 LEASING STATUS OWNED DEVELOPMENT PROJECTS AND ACQUISITIONS NEW DEVELOPMENTS Variance Current Apps % of Rentable Rentable Total Design + Leases (1) Beds Prior Year (2) Beds % Beds (3) Beds Applications + Lease s Callaway Villas Applications + Leases Total Le ase s Callaway Villas Leases Total NEW ACQUISITIONS 486 69% 486 69% 379 54% 379 54% Curre nt Apps + Le ase s (1 ) % of Rentable Beds n/a n/a n/a n/a Prior Year (2) n/a n/a 704 704 n/a n/a 704 704 n/a n/a 704 704 n/a n/a 704 704 Variance % Rentable Beds (3) Total De sign Beds Variance Applications + Leases City Parc at Fry Street 169 41% n/a n/a n/a 411 418 The Estates 696 67% n/a n/a n/a 1,037 1,044 Applications + Leases Total 865 60% n/a n/a n/a 1,448 1,462 Leases City Parc at Fry Street 161 39% n/a n/a n/a 411 418 The Estates 661 64% n/a n/a n/a 1,037 1,044 Leases Total 822 57% n/a n/a n/a 1,448 1,462 (1) As of February 24, 2006 (2) Prior year data is not applicable as property was not under construction or owned by American Campus Communities in prior year. (3) Rentable Beds exclude beds needed for on-site staff and/or model units.

Supplemental Analyst Package Fourth Quarter 2005 Earnings Call OWNED DEVELOPMENT UPDATE (dollars in thousands) PROJECTS UNDER CONSTRUCTION Scheduled to Project Location Primary University Served Units Beds Estimated Project Costs % Complete (1) Open for Occupancy Callaway Villas College Station, TX Texas A&M University 236 704 $ 37,475 31% August 2006 Village at Newark Newark, NJ Rutgers University, NJIT, Essex CCC 221 812 (2) 72,935 9% Summer 2007 $ 110,410 PROJECTS IN PRE-DEVELOPMENT Estimated Targeted Project Location Anticipated Commencement Targeted Units Targeted Beds Project Cost Completion Arizona State University (3) Tempe, AZ Component I (4) Component II (5) December 2006 December 2006 636 537 1,650 1,700 $ 125,000 110,000 August 2008 August 2008 Component III First Quarter 2008 575 1,500 110,000 August 2009 $ 345,000 (1) Based on costs incurred under general construction contract as of December 31, 2005. (2) Pending approval from the City of Newark's Central Planning Board, the project's capacity can be increased to 838 beds withoutmodifying the existing building area. (3) Component developments are contingent upon Board of Regents approval on each component and execution of all transactional documents, including a ground lease agreement with Arizona State University for each component. (4) Includes parking structure and retail space. (5) Includes the new Barrett Honors College.

Supplemental Analyst Package Fourth Quarter 2005 Earnings Call ON-CAMPUS DEVELOPMENT UPDATE (dollars in thousands) Three Months Ended Dec 31, Year Ended Dec. 31, 2005 2004 $ Change 2005 2004 $ Change Development services revenue $ 1,860 $ 1,065 $ 795 $ 5,854 $ 5,803 $ 51 % of total revenue 7.1% 5.9% 6.7% 9.5% RECENTLY COMPLETED PROJECTS Completion Project Location Primary University Served Units Beds Total Fees Date Cardinal Village Dining Hall Beaumont, TX Lamar University n/a n/a $ 110 November 2005 CONTRACTED PROJECTS IN PROGRESS Fees Earned to Remaining Scheduled Project Location Primary University Served Units Beds Total Fees Date (1) Fees (1) Completion Vista del Campo Phase II Irvine, CA University of California - Irvine 545 1,564 $ 3,500 $ 2,167 $ 1,333 August 2006 West Virginia University - Evansdale (2) Morgantown, WV West Virginia University 96 345 725 524 201 August 2006 Fenn Tower Renovation Cleveland, OH Cleveland State University 174 438 1,510 912 598 August 2006 The Inn at Auraria (3) Denver, CO Auraria Higher Education System 125 439 300 213 87 August 2006 West Virginia University - Potomac State ( Keyser, WV Potomac State College 107 355 700 348 352 August 2007 West Virginia University - Downtown (5) Morgantown, WV West Virginia University 89 323 350 270 80 August 2008 $ 7,085 $ 4,434 $ 2,651 AWARDED PROJECTS Estimated Project Location Anticipated Commencement Fees University of Hawaii -Manoa (6) Honolulu, HI First Quarter 2007 $ 3,140 University of New Orleans (7) New Orleans, LA Summer 2006 1,550 Hope International University (8) Fullerton, CA Undetermined - ArizonaState University - DPS (9) Tempe, AZ Second Quarter 2006 300 Blinn College Brenham, TX Undetermined $ 4,990 (1) As of December 31, 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 Inn at Auraria project consists of pre-development, initial operations and marketing services. (4) The WestVirginia -Potomac State projectconsists of pre-development and design services which are currently in progress andconstructionadministration services which are scheduled to commence in the second quarter 2006. Contractual fees are shown net of costs anticipated to be incurred to complete the project. (5) The WestVirginia -Downtown projectconsists of pre-development and design services which are currently in progress. Contractual fees are shown net ofcosts anticipated to be incurred to complete the project (6) The University of Hawaii-Manoa project consists of pre-development, development and construction management services. We are currently working with the University under a signed services agreement. (7) Hurricane Katrina has caused a delay in the commencement ofconstructionfor this project. The Universityhas expressed their commitment to this project moving forward, with a target opening of August 2007. (8) Currently in the strategic planning phase and in the process of determining project size and scope. (9) We will provide development services for the relocation of a DPS station in order to utilize the site for on-campus student housing.

Supplemental Analyst Package Fourth Quarter 2005 Earnings Call MANAGEMENT SERVICES UPDATE (dollars in thousands) Management services revenue % of total revenue 2005 2004 $ Change 731 $ 798 $ (67) $ 2.8% 4.4% Three Months Ended December 31, 2005 2004 $ Change 2,786 $ 2,105 $ 681 $ 3.2% 3.5% YTD Ended December 31, NEW MANAGEMENT CONTRACTS Property Location Fenn Tower Cleveland, OH Cleveland State University University Units 174 Beds 438 Estimated Annual Fees 100 $ Anticipated Commencement 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 Anticipated University Location Commencement Universityof Hawaii- Manoa Honolulu, HI August2008

Supplemental Analyst Package Fourth Quarter 2005 Earnings Call INVESTOR INFORMATION Executive Management William C. Bayless, Jr. Brian B. Nickel James C. Hopke Greg A. Dowell Chief Investment Officer Chief of Operations Chief Executive Officer Chief Financial Officer Research Coverage * Anthony Paolone / Joseph Dazio, J.P. Morgan Securities, Inc. (212) 622-6682 / (212) 622-6416 anthony.paolone@jpmorgan.com / joseph.c.dazio@jpmorgan.com David Rodgers, KeyBanc Capital Markets (216) 263-4785 drodgers@keybanccm.com John Stewart, Citigroup Equity Research (212) 816-1685 john.j.stewart@citigroup.com Stephen Swett, Wachovia Securities, LLC (212) 909-0954 stephen.swett@wachovia.com Louis Taylor / Christeen Kim, Deutsche Bank - North America (212) 250-4912 / (212) 250-6771 louis.taylor@db.com / christeen.kim@db.com * American Campus Communities,Inc.is followed bythe analysts listed above. Please notethat any opinions, estimates or forecasts regarding American Campus Communities, Inc.'s performance made by such analysts are theirs alone and do notrepresentthe opinions,forecasts or predictions ofAmerican Campus Communities, Inc. or its management. American Campus Communities,Inc.does not by its referenceabove or distributionimply its endorsement of or concurrencewith such information,conclusions or recommendations. Additional Information Corporate Headquarters: Investor Relations: American Campus Communities, Inc. Gina Cowart 805 Las Cimas Parkway (512) 732-1041 Suite 400 gcowart@studenthousing.com Austin, Texas 78746

Supplemental Analyst Package Fourth Quarter 2005 Earnings Call FORWARD LOOKING STATEMENTS 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.