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

Exhibit 99.2

Supplemental Analyst Package First Quarter 2006 Earnings Call May 3, 2006

Table of Contents Financial Highlights ________________________________________________________________________________________ 1 Consolidated Balance Sheets _______________________________________________________________________________ 2 Consolidated Statements of Operations _______________________________________________________________________ 3 Consolidated Statements of Funds from Operations ____________________________________________________________ 4 Capital Structure __________________________________________________________________________________________ 5 Portfolio Overview _________________________________________________________________________________________ 6 Property Results of Operations ______________________________________________________________________________ 8 2006/2007 Leasing Status - Same Store Owned Off-Campus Portfolio ______________________________________________ 9 2006/2007 Leasing Status - Owned Development Projects and Acquisitions _________________________________________ 11 First Quarter 2006 Acquisitions ______________________________________________________________________________ 13 Owned Development Update ________________________________________________________________________________ 14 On-Campus Development Update ____________________________________________________________________________ 15 Management Services Update _______________________________________________________________________________ 16 Investor Information _______________________________________________________________________________________ 17

Financial Highlights (dollars in thousands, except per share data) Three Months Ended March 31, 2006 2005 $ Change % Change Operating Data Total revenues 28,089 $ 19,541 $ 8,548 $ 43.7% Operating income 9,298 6,066 3,232 Net income 3,664 8,192 (1) (4,528) Net income per share - basic and diluted 0.21 0.65 (1) FFO 8,947 5,722 3,225 FFO per share - diluted 0.49 0.45 FFOM 7,030 4,238 2,792 FFOM per share - diluted 0.39 0.33 Same store net operating income owned off-campus properties 7,059 6,695 364 5.4% Operating Statistics March 31, 2006 December 31, 2005 Debt to total market capitalization (2) 43.5% 31.3% Interest coverage (3)2.11 2.07 (1) Net income for the three months ended March 31, 2005 includes a gain on disposition of real estateof approximately $5.9 million or $0.46 per fully diluted share. (2) Excludes debt related to our on-campusparticipating properties of $91.4 million at both March 31, 2006and December 31, 2005. Also excludes unamortized debt premiums of $7.1 million and $4.3 million at March 31, 2006 and December 31, 2005, respectively. (3) Represents operating performance for the four most recently completed fiscal quarters. Excludes interest associated with our on-campus participating properties.

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 $ March 31, 2006 (unaudited) 676,890 79,387 756,277 $ December 31, 2005 417,098 80,370 497,468 Cash and cash equivalentsRestricted cashStudent contracts receivable, netOther assets 11,025 12,609 1,904 20,101 24,641 9,502 2,610 16,641 Total assets $ 801,916 $ 550,862 Liabilities and stockholders' equity Liabilities: Secured debt Unsecured revolving credit facility Accounts payable and accrued expensesOther liabilitiesTotal liabilities $ 422,597 67,000 9,807 26,294 525,698 $ 291,646 7,983 25,155 324,784 Minority interests 35,011 2,851 Stockholders' equity: Common stockAdditional paid in capitalAccumulated earnings and distributions Accumulated other comprehensive incomeTotal stockholders' equity 172 253,432(12,999) 602 241,207172 233,388 (10,817) 484 223,227 Total liabilities and stockholders' equity $ 801,916 $ 550,862

Consolidated Statements of Operations(dollars in thousands, except share and per share data) 2006 2005 $ Change Revenues: Owned off-campus properties 19,487 $ 12,489 $ 6,998 $ On-campus participating properties 5,982 5,493 489 Third party development services 1,638 645 993 Third party management services 662 710 (48) Resident services 320 204 116 Total revenues 28,089 19,541 8,548 Operating expenses: Owned off-campus properties 8,149 5,136 3,013 On-campus participating properties 1,950 1,875 75 Third party development and management services 1,638 1,464 174 General and administrative 1,587 1,364 223 Depreciation and amortization 5,275 3,424 1,851 Ground/facility leases 192 212 (20) Total operating expenses 18,791 13,475 5,316 Operating income 9,298 6,066 3,232 Nonoperating income and (expenses): Interest income 185 58 127 Interest expense (5,336) (3,808) (1,528) Amortization of deferred financing costs (355) (246) (109) Other nonoperating income -430 (430) Total nonoperating expenses (5,506) (3,566) (1,940) Income before income taxes, minority interests, and discontinued operations 3,792 2,500 1,292 Income tax provision benefit -(102) 102 Minority interests (128) (87) (41) Income from continuing operations 3,664 2,311 1,353 Discontinued operations: Loss attributable to discontinued operations -(2) 2 Gain from disposition of real estate -5,883 (5,883) Total discontinued operations -5,881 (5,881) Net income 3,664 $ 8,192 $ (4,528) $ Net income per share - basic 0.21 $ 0.65 $ Net income per share - diluted 0.21 $ 0.65 $ Weighted-average common shares outstanding: Basic 17,209,779 12,622,145 Diluted 18,176,189 12,769,939 Three Months Ended March 31, (unaudited) 3

Consolidated Statements of Funds from Operations (dollars in thousands, except share and per share data) Three Months Ended March 31, 2006 2005 $ Change Net income $ 3,664 $ 8,192 $ (4,528) Minority interests 128 87 41 Gain from disposition of real estate -(5,883) 5,883 Real estate related depreciation and amortization 5,155 3,326 1,829 Funds from operations ("FFO") 8,947 5,722 3,225 Elimination of operations of on-campus participating properties: Net income from on-campus participating properties (1,355) (1,310) (45) Amortization of investment in on-campus participating properties (1,032) (879) (153) 6,560 3,533 3,027 Modifications to reflect operational performance of on-campus participating properties: Our share of net cash flow (1) 192 212 (20) Management fees 278 263 15 On-campus participating property development fees (2) -230 (230) Impact of on-campus participating properties 470 705 (235) Funds from operations - modified for operational performance of on-campus participating properties ("FFOM") $ 7,030 $ 4,238 $ 2,792 FFO per share - diluted $ 0.49 $ 0.45 FFOM per share - diluted $ 0.39 $ 0.33 Weighted average common shares outstanding -diluted 18,176,189 12,769,939 (1) 50% of the properties'netcashavailable fordistribution after payment of operating expenses,debt service (including repayment of principal)and capitalexpenditures.Represents amounts accrued for the interim periods. (2) Developmentand construction management fees, including construction savings earned under the general construction contract, related to the Cullen Oaks Phase II on-campusparticipating property completed in August 2005.

Capital Structure as of March 31, 2006(dollars in thousands) Total Debt (1) Total Equity Market Value (2) Total Market Capitalization Debt to Total Market Capitalization Interest Coverage (3) $ $ 391,178 508,935 900,113 43.5% 2.11 Fixed Rate Mortgage Variable Rate Construction Loan Variable Rate Unsecured Revolving Credit Facility Total / Weighted Average Principal Outstanding (1) 318,491 $ 5,687 67,000 391,178 $ Weighted Average Interest Rate 6.53% 6.69% 6.28% 6.49% Average Term to Maturity 6.0 Years 2.3 Years 1.4 Years 5.2 Years Fixed Rate Debt Maturity Schedule $80,000 $70,152 $70,000 $18,070 $54,820 $51,907 $60,000 $49,236 $50,000 $35,942 $38,364 $40,000 $30,000 $20,000 $10,000 $0 $0$0 $0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 (1) Excluding debt related to ouron-campusparticipating properties totaling $91.4 million with a weighted average interest rate of6.94% and average term to maturity of 12.3 years.Also excludes unamortized debt premiums of $7.1 million. (2) Based on share price of $25.91 at March 31,2006. Assumes conversion of all common and preferred Operating Partnership units as well as any other securitiesconvertible intocommon shares. (3) Represents operating performance for the four most recently completed fiscal quarters. Excludes interest associated with our on-campus participating properties.

Portfolio Overview as of March 31, 2006 Same Store Owned Off-Campus Portfolio Physical Occupancy at March 31, Property Primary University Served Units Beds 2006 2005 Owned off-campus properties 1. Commons On Apache Arizona State University Main Campus 111 444 100.0% (1) 100.0% 2. The Village at Blacksburg Virginia Tech University 288 1,056 98.7% 98.6% 3. The Village on University Arizona State University Main Campus 288 918 99.5% 99.1% 4. River Club Apartments The University of Georgia - Athens 266 794 98.0% 95.5% 5. River Walk Townhomes The University of Georgia - Athens 100 340 97.6% 97.1% 6. The Callaway House Texas A&M University 173 538 103.5% 101.3% 7. The Village at Alafaya Club The University of Central Florida 228 840 99.4% 97.4% 8. The Village at Science Drive The University of Central Florida 192 732 98.8% 99.3% 9. University Village at Boulder Creek The University of Colorado at Boulder 82 309 95.5% 87.7% 10. University Village at Fresno California State University - Fresno 105 406 99.5% 98.8% 11. University Village at TU Temple University 220 749 98.8% 98.8% 12. University Club Tallahassee Florida State University 152 608 98.5% 93.4% 13. The Grove at University Club Florida State University 64 128 96.9% 98.4% 14. College Club Tallahassee Florida A&M University 96 384 98.4% 92.4% 15. The Greens at College Club Florida A&M University 40 160 98.1% 96.9% 16. University Club Gainesville University of Florida 94 376 97.6% 98.9% 17. City Parc at Fry Street University of North Texas 136 418 98.6% 94.7% 18. The Estates University of Florida 396 1,044 98.9% 95.6% Subtotal - Same Store Owned Off-Campus Properties 3,031 10,244 98.9% 97.2% (1) Commons on Apache is 100% leased from August 2004 through July 2006 by Arizona State University.

Portfolio Overview as of March 31, 2006 New Properties & On-Campus Participating Properties Primary University Served Units Beds 2006 (1) 2005 19. University Village at Sweethome (2) State University of New York -Buffalo 269 828 100.0% 20. Entrada Real University of Arizona 98 363 98.3% 21. Royal Oaks Florida State University 82 224 100.0% 22. Royal Pavillion Florida State University 60 204 99.5% 23. Royal Village Tallahassee Florida State University 75 288 97.9% 24. Royal Village Gainesville University of Florida 118 448 95.8% 25. Northgate Lakes The University of Central Florida 194 710 99.4% 26. Royal Lexington The University of Kentucky 94 364 96.2% 27. The Woods at Greenland Middle Tennessee State University 78 276 88.4% 28. Raiders Crossing Middle Tennessee State University 96 276 90.9% 29. Raiders Pass Texas Tech University 264 828 78.1% 30. Aggie Station Texas A&M University 156 450 97.3% 31. The Outpost San Marcos Texas State University - San Marcos 162 486 98.8% 32. The Outpost San Antonio University of Texas - San Antonio 276 828 99.8% 33. Callaway Villas (3) Texas A&M University 236 704 n/a 34. Village at Newark (4) Rutgers University, NJIT, Essex CCC 221 812 n/a 2,479 8,089 95.3% 5,510 18,333 97.5% 35. University Village--PVAMU Prairie View A&M University 612 1,920 93.7% 93.0% 36. University College--PVAMU Prairie View A&M University 756 1,470 78.5% 95.0% 37. University Village--TAMIU Texas A&M International University 84 252 77.8% 70.2% 38. Cullen Oaks - Phase I and II (5) The University of Houston 411 879 98.2% 99.6% Subtotal - On-Campus Participating Properties 1,863 4,521 88.7% 93.1% 7,373 22,854 95.6% 96.0% (5) Includes an additional phase consisting of 180 units and 354 beds that was completed in August 2005. Occupancy as of March 31, 2005 does not include the additional phase. ( 4) Currently under development -scheduled to open for occupancy in Summer 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. (1) Excludes properties that are currently under development. (3) Currently under development -scheduled to open for occupancy in August 2006. Physical Occupancy at March 31, (2) Construction was completed and property commenced operations in August 2005. Property Owned Off-Campus Properties Subtotal - New Owned Off-Campus Properties Total - Owned Off-Campus Properties Total - All Properties On-campus participating properties 7

Property Results of Operations (dollars in thousands) Three Months Ended March 31, % 2006 2005 $ Change Change Property revenues Owned off-campus properties: Same store properties $ 11,371 $ 11,018 $ 353 3.2% New properties 8,436 1,675 6,761 403.6% Total owned off-campus properties (1) 19,807 12,693 7,114 56.0% On-campus participating properties: Same store properties 5,344 5,493 (149) -2.7% New properties 638 -638 100.0% Total on-campus participating properties 5,982 5,493 489 8.9% Total property revenues $ 25,789 $ 18,186 $ 7,603 41.8% Property operating expenses Owned off-campus properties: Same store properties $ 4,312 $ 4,323 $ (11) -0.3% New properties 3,837 813 3,024 372.0% Total owned off-campus properties 8,149 5,136 3,013 58.7% On-campus participating properties: Same store properties 1,765 1,875 (110) -5.9% New properties 185 -185 100.0% Total on-campus participating properties 1,950 1,875 75 4.0% Total property operating expenses $ 10,099 $ 7,011 $ 3,088 44.0% Property net operating income Owned off-campus properties: Same store properties $ 7,059 $ 6,695 $ 364 5.4% New properties 4,599 862 3,737 433.5% Total owned off-campus properties 11,658 7,557 4,101 54.3% On-campus participating properties: Same store properties 3,579 3,618 (39) -1.1% New properties 453 -453 100.0% Total on-campus participating properties 4,032 3,618 414 11.4% Total property net operating income $ 15,690 $ 11,175 $ 4,515 40.4% (1) Includes revenues which are reflected as Resident Services Revenue on the accompanying consolidated statements of operations.

2006/2007 Leasing StatusSame Store Owned Off-Campus Portfolio Variance Current Apps + % of Rentable Rentable Total Design Leases (1) Beds Prior Year (2) Beds % Beds (3) Beds Applications + Leases University Village at Boulder Creek 324 108% 157 167 106% 299 309 University Village at Sweethome 829 102% 841 (12) -1% 813 828 The Village at Blacksburg 1,039 99% 1,033 6 1% 1,048 1,056 University Club Gainesville 372 99% 232 140 60% 376 376 The Village at Science Drive 714 99% 701 13 2% 722 732 The Callaway House 517 98% 659 (142) -22% 527 538 The Village at Alafaya Club 808 97% 485 323 67% 831 840 City Parc at Fry Street 395 96% 167 228 137% 411 418 University Club Tallahassee (4) 705 96% 671 34 5% 736 736 The Estates 989 95% 869 120 14% 1,037 1,044 River Walk Townhomes 312 93% 271 41 15% 335 340 University Village at TU 665 91% 730 (65) -9% 731 749 River Club Apartments 631 81% 686 (55) -8% 776 794 The Village on University 653 72% 375 278 74% 906 918 College Club Tallahassee (5) 323 60% 321 2 1% 540 544 University Village Fresno 219 55% 296 (77) -26% 396 406 Commons on Apache 33 7% 444 (411) -93% 444 444 Applications + Leases Total 9,528 87% 8,938 590 7% 10,928 11,072 (1) As of April 28, 2006. (2) As of April 29, 2005 (Comparison of lastFriday in April of eachyear). (3) Rentable Beds exclude beds needed for on-site staff and/or model units. (4) Forlease administration purposes,University Club Tallahassee and The Grove at University Club are reported combined. (5) Forlease administration purposes,College Club Tallahassee and The Greens at College Club are reported combined.

2006/2007 Leasing StatusSame Store Owned Off-Campus Portfolio (continued) Variance % of Rentable Rentable Total Design Leases (1) Beds Prior Year (2) Beds % Beds (3) Beds Leases University Village at Boulder Creek 292 98% 147 145 99% 299 309 University Village at Sweethome 762 94% 822 (60) -7% 813 828 The Village at Blacksburg 1,035 99% 1,021 14 1% 1,048 1,056 University Club Gainesville 371 99% 207 164 79% 376 376 The Village at Science Drive 677 94% 631 46 7% 722 732 The Callaway House 474 90% 547 (73) -13% 527 538 The Village at Alafaya Club 703 85% 453 250 55% 831 840 City Parc at Fry Street 391 95% 159 232 146% 411 418 University Club Tallahassee (4) 661 90% 641 20 3% 736 736 The Estates 969 93% 869 100 12% 1,037 1,044 River Walk Townhomes 305 91% 265 40 15% 335 340 University Village at TU 600 82% 693 (93) -13% 731 749 River Club Apartments 605 78% 660 (55) -8% 776 794 The Village on University 428 47% 289 139 48% 906 918 College Club Tallahassee (5) 311 58% 314 (3) -1% 540 544 University Village Fresno 196 49% 266 (70) -26% 396 406 Commons on Apache 14 3% 444 (430) -97% 444 444 Leases Total 8,794 80% 8,428 366 4% 10,928 11,072 (1) As of April 28, 2006. (2) As of April 29, 2005 (Comparison of last Fridayin April of each year). (3) Rentable Beds exclude beds needed for on-site staff and/or model units. (4) Forlease administration purposes, University Club Tallahassee and The Grove at University Club are reported combined. (5) Forlease administration purposes, College Club Tallahassee and The Greens at College Club are reported combined.

2006/2007 Leasing Status Owned Development Projects and Acquisitions NEW DEVELOPMENTS Variance Current Apps + Rentable Leases (1) % of Rentable Beds Prior Year (2) Beds % Beds (3) Total Design Beds Applications + Leases Callaway Villas 562 81% n/a n/a n/a 691 704 Applications + Leases Total 562 81% n/a n/a n/a 691 704 NEW ACQUISITIONS VarianceCurrent Apps + Rentable Leases (1) % of Rentable Beds Prior Year (2) Beds % Beds (3) Total Design Beds Applications + Leases The Outpost San Antonio 828 101% n/a n/a n/a 820 828 Northgate Lakes 706 99% n/a n/a n/a 710 710 Royal Village Gainesville 433 98% n/a n/a n/a 441 448 Entrada Real 290 81% n/a n/a n/a 359 363 Royal Tallahassee (4) 536 76% n/a n/a n/a 708 716 The Outpost San Marcos 345 72% n/a n/a n/a 479 486 Aggie Station 309 70% n/a n/a n/a 444 450 Royal Lexington 235 65% n/a n/a n/a 360 364 Raiders Crossing 150 56% n/a n/a n/a 270 276 The Woods at Greenland 146 54% n/a n/a n/a 271 276 Raiders Pass 318 39% n/a n/a n/a 820 828 Applications + Leases Total 4,296 76% n/a n/a n/a 5,682 5,745 Total Owned Off-campus Portfolio 14,386 83% n/a n/a n/a 17,301 17,521 ( 1) As of April 28, 2006. (2) Prioryear data is notapplicable aspropertywasnot under construction or owned byAmerican Campus Communitiesin prioryear. (3) RentableBeds exclude beds neededfor on-site staffand/ormodel units. (4) Forleaseadministration purposes, thethree properties acquired inTallahassee, Royal Oaks, Royal Pavilion and Royal Village are reported combined.

2006/2007 Leasing StatusOwned Development Projects and Acquisitions (continued) NEW DEVELOPMENTS Variance Rentable Leases (1) % of Rentable Beds Prior Year (2) Beds % Beds (3) Total Design Beds Leases Callaway Villas 499 72% n/a n/a n/a 691 704 Leases Total 499 72% n/a n/a n/a 691 704 NEW ACQUISITIONS Variance Rentable Leases (1) % of Rentable Beds Prior Year (2) Beds % Beds (3) Total Design Beds Leases The Outpost San Antonio 828 101% n/a n/a n/a 820 828 Northgate Lakes 706 99% n/a n/a n/a 710 710 Royal Village Gainesville 433 98% n/a n/a n/a 441 448 Entrada Real 290 81% n/a n/a n/a 359 363 Royal Tallahassee (4) 519 73% n/a n/a n/a 708 716 The Outpost San Marcos 344 72% n/a n/a n/a 479 486 Aggie Station 297 67% n/a n/a n/a 444 450 Royal Lexington 231 64% n/a n/a n/a 360 364 Raiders Crossing 149 55% n/a n/a n/a 270 276 The Woods at Greenland 144 53% n/a n/a n/a 271 276 Raiders Pass 302 37% n/a n/a n/a 820 828 Leases Total 4,243 75% n/a n/a n/a 5,682 5,745 Total Owned Off-Campus Portfolio 13,536 78% n/a n/a n/a 17,301 17,521 (1) As of April 28, 2006. (2) Prior year data isnot applicable as propertywas not under construction or owned by AmericanCampus Communities in prioryear. (3) Rentable Beds exclude bedsneeded for on-site staff and/ormodel units. (4) Forlease administration purposes, the three propertiesacquired in Tallahassee, Royal Oaks, Royal Pavilionand Royal Villageare reported combined.

First Quarter 2006: Acquisitions - Royal Portfolio Acquisition Date: March 1, 2006 (dollars in thousands) Contract Total Going- Property University Served Age (Yrs) Units Beds Purchase Price Debt Assumed (1) In Costs (2) Entrada Real University of Arizona 5.0 98 363 $ 9,800 Royal Oaks Florida State University 15.0 82 224 3,000 Royal Pavilion Florida State University 14.0 60 204 2,500 Royal Village Tallahassee Florida State University 13.0 75 288 3,400 Royal Village Gainesville University of Florida 9.0 118 448 6,200 Northgate Lakes The University of Central Florida 7.0 194 710 11,400 Royal Lexington The University of Kentucky 11.0 94 364 4,900 The Woods at Greenland Middle Tennessee State University 4.0 78 276 6,200 Raiders Crossing Middle Tennessee State University 3.0 96 276 6,600 Raiders Pass Texas Tech University 2.5 264 828 19,700 Aggie Station Texas A&M University 2.0 156 450 11,700 The Outpost San Marcos Texas State University - San Marcos 1.0 162 486 13,800 The Outpost San Antonio University of Texas - San Antonio 0.0 276 828 24,400 Total - 13 properties 5.3 1,753 5,745 $ 244,250 $ 123,600 $ 253,650 (1) Represents debt balance on acquisition date. Excludes debt premiums of $2.9 million recorded to reflect the market value of debt assumed. (2) Includes transaction costs of approximately $4.6 million as well as $4.3 million ofanticipated capital expendituresand $0.5 millionof estimated initial integration expenses necessary to bringthe properties up toour operating standards.

Owned Development Update (dollars in thousands) PROJECTS UNDER CONSTRUCTION Scheduled to Estimated Open for Project Location Primary University Served Units Beds Project Costs % Complete (1) Occupancy Callaway Villas College Station, TX Texas A&M University 236 704 $ 37,475 57% August 2006 Village at Newark Newark, NJ Rutgers University, NJIT, Essex CCC 221 812 (2) 72,935 23% 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) December 2006 637 1,703 $ 125,000 August 2008 Component II (5) December 2006 511 1,700 110,000 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 March 31, 2006. (2) Pending approvalfrom the Cityof Newark's CentralPlanning Board, the project's capacity can be increased to 838 beds without modifying the existing building area. (3) Component developmentsare contingent upon Board of Regentsapproval on each component and execution of all transactional documents, including a ground lease agreement withArizona State Universityfor each component. (4) Includesparking structure and retailspace. (5) Includes the new Barrett HonorsCollege.

On-Campus Development Update (dollars in thousands) Three Months Ended March 31, 2006 2005 $ Change Development services revenue $ 1,638 $ 645 $ 993 % of total revenue 5.8% 3.3% CONTRACTED PROJECTS IN PROGRESS Fees Earned Remaining Scheduled Project Location Primary UniversityServed Units Beds Total Fees to Date (1) Fees (1) Completion Vista del Campo Phase II Irvine, CA University of California - Irvine 545 1,564 $ 3,500 $ 2,824 $ 676 August 2006 West Virginia University - Evansdale (2) Morgantown, WV West Virginia University 96 345 725 505 220 August 2006 Fenn Tower Renovation Cleveland, OH Cleveland State University 174 438 1,510 1,205 305 August 2006 The Inn at Auraria (3) Denver, CO Auraria Higher Education System 125 439 315 251 64 August 2006 West Virginia University - Potomac State (4) Keyser, WV Potomac State College 107 355 700 380 320 August 2007 West Virginia University - Downtown (5) Morgantown, WV West Virginia University 89 323 350 286 64 August 2008 University of Hawaii - Manoa (6) Honolulu, HI University of Hawaii n/a n/a 2,094 362 1,732 July 2008 $ 9,194 $ 5,813 $ 3,381 AWARDED PROJECTS Estimated Project Location Anticipated Commencement Fees University of Hawaii - Manoa (6) Honolulu, HI First Quarter 2007 $ 1,047 University of New Orleans (7) New Orleans, LA Summer 20061,550 Arizona State University -DPS (8) Tempe, AZ Second Quarter 2006 300 Hope International University (9) Fullerton, CA n/a $2,897 (1) As of March 31, 2006 (2) The West Virginia - Evansdale projectconsists of pre-development and design serviceswhich werecompleted in the third quarter 2005 and construction administration serviceswhich are currently inprogress. Contractual feesareshown net ofcosts anticipated to be incurred to complete the project. (3) The Inn atAuraria projectconsists of pre-development,initial operations, accounting andmarketing services. (4) The West Virginia - Potomac State projectconsists of pre-developmentand design services which are currentlyin progress and construction administration serviceswhich are scheduled to commence inthe second quarter2006. Contractual fees are shown net of costs anticipated to be incurred to complete the project. (5) The West Virginia - Downtown projectconsists of pre-development and design serviceswhich are currently in progress. Contractualfees are shown net of costs anticipated to be incurred to complete the project. There isa construction phase tothis project that has been put on hold pending investigation of alternative financing. (6) The University ofHawaii-Manoa project consistsofpre-development servicesthat are currently inprogressand additional construction administration /development services thatare anticipated to commence in the firstquarter 2007. Weare currently working with the University undera signed services agreement. (7) Hurricane Katrina has caused a delay inthe commencement of construction for this project. The Universityisin the processof obtaining necessaryapprovals for the financing and commencementof construction during the summerof 2006. (8) Wewill provide development services for the relocation ofa DPS station inorder to utilizethe site for on-campus student housing. (9) This awarded projectwas discontinued inthe firstquarter 2006 as the Universitycontinues tocontemplate moving the campus.

Management Services Update (dollars in thousands) Management services revenue % of total revenue 2006 2005 $ Change 662 $ 710 $ (48) $ 2.4% 3.6% Three Months Ended March 31, NEW MANAGEMENT CONTRACTS Property Location Morgan View Baltimore, MD SAIT (1) Calgary, AB Fenn Tower Cleveland, OH The Inn at Auraria Denver, CO Vista del Campo Phase II Irvine, CA Cleveland State University University Served Auraria Higher Education System University of California Irvine Morgan State University Southern Alberta Institute of Technology Units 218 125 174 125 545 Beds 792 459 438 439 1,564 Estimated Annual Fees 200 $ 100 100 145 400 945$ Anticipated Commencement April 2006 May 2006 August 2006 August 2006 August 2006 DISCONTINUED MANAGEMENT CONTRACTS Property Bear Creek at Williams Village The Village at Riverside Dobie Center Location Boulder, CO Austin, TX Austin, TX The University of Texas The University of Texas University Served The University of Colorado Units 342 156 383 Beds 994 408 975 2005 Fees 213 $ 64 211 488$ Discontinued As Of January 2006 April 2006 June 2006 (1) Mobilization has occurred and we anticipate obtaining a signed management agreement in early May.

Investor Information Executive Management William C. Bayless, Jr. Brian B. Nickel James C. Hopke Greg A. Dowell Research Coverage Additional Information Chief Executive Officer Chief Financial Officer American Campus Communities, Inc. is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding American Campus Communities, Inc.'s performance made by such analysts are theirs alone and do not represent the opinions, forecasts or predictions of American Campus Communities, Inc. or its management. American Campus Communities, Inc. does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations. Gina Cowart Chief Investment Officer Chief of Operations Jonathan Litt / John Stewart, Citigroup Equity Research (212) 816-0231 / (212) 816-1685 jonathan.litt@citgroup.com / john.j.stewart@citigroup.com Craig Leupold, Green Street Advisors (949) 940-8780 cleupold@greenstreetadvisors.com Steve Sakwa / Bill Acheson, Merrill Lynch (212) 449-0335 / (212) 449-1920 steve_sakwa@ml.com / william_acheson@ml.com Louis Taylor / Christeen Kim, Deutsche Bank - North America (212) 250-4912 / (212) 250-6771 louis.taylor@db.com / christeen.kim@db.com Anthony Paolone / Joseph Dazio, J.P. Morgan Securities (212) 622-6682 / (212) 622-6416 anthony.paolone@jpmorgan.com / joseph.c.dazio@jpmorgan.com Stephen Swett, Wachovia Securities, LLC (212) 909-0954 stephen.swett@wachovia.com Tel: (512) 732-1000 Fax: (512) 732-2450 www.americancampuscommunities.com Corporate Headquarters: American Campus Communities, Inc. 805 Las Cimas Parkway Suite 400 Investor Relations: (512) 732-1041 Austin, Texas 78746 VP, Investor Relations and Corporate Marketing gcowart@studenthousing.com 17

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.