Exhibit 99.2
Supplemental Analyst Package Fourth Quarter 2009 Earnings Call February 17, 2010
Table of Contents Financial Highlights 1 Consolidated Balance Sheets 2 Consolidated Statements of Operations 3 Consolidated Statements of Funds from Operations 4 Wholly-owned Property Results of Operations 5 Seasonality of Operations 6 Capital Structure 7 Portfolio Overview 8 2010/2011 Leasing Status - Summary 9 2010/2011 Leasing Status - By Property 10 Owned Development Update 13 Third-party Development Update 14 Management Services Update 15 Investor Information 16
Financial Highlights(dollars in thousands, except per share data)20092008$ Change% Change20092008$ Change% Change82,761$ 77,435$ 5,326$ 6.9%309,590$ 233,579$ 76,011$ 32.5%25,27015,23310,037 65,91239,97625,936 (2,003)(3,420)1,417 (12,840)(13,055)215 Net loss per share - basic and diluted(0.04)(0.08)(0.28)(0.36)25,79616,8218,975 75,03144,77230,259 FFO per share - diluted0.480.381.491.1623,22615,0088,218 71,55943,18328,376 FFOM per share - diluted0.430.341.421.12Debt to total market capitalization (1)Operating DataTotal revenuesFFOFFOMOperating incomeNet lossOperating Statistics2.352.06Interest coverage (2)(2)(1)Excludes debt related to our on-campus participating properties of $84.1 million and $86.3 million as of December 31, 2009 and December 31, 2008, respectively, as well as net unamortized debt discounts of $4.7 million at both December 31, 2009 and December 31, 2008. Also excludes our share of debt from our unconsolidated joint ventures with Fidelity totaling $33.0 million and $34.3 million as of December 31, 2009 and December 31, 2008, respectively.Represents operating performance for the four most recently completed fiscal quarters. Excludes interest associated with our on-campus participating properties and Hampton Roads unconsolidated joint venture.Year Ended December 31, 43.0%57.1%Three Months Ended December 31, December 31, 2009December 31, 20081
Consolidated Balance Sheets (dollars in thousands) 2 December 31, 2009December 31, 2008(unaudited)AssetsInvestments in real estate:Wholly-owned properties, net2,014,970$ 1,986,833$ On-campus participating properties, net65,69069,302Investments in real estate, net2,080,6602,056,135Cash and cash equivalents66,09325,600Restricted cash 29,89932,558Student contracts receivable, net5,3815,185Other assets52,94864,431Total assets2,234,981$ 2,183,909$ Liabilities and equityLiabilities:Secured mortgage, construction and bond debt1,029,455$ 1,162,221$ Senior secured term loan100,000 100,000 Secured revolving credit facility- 14,700 Secured agency facility94,000 - Accounts payable and accrued expenses26,54335,440Other liabilities45,48756,052Total liabilities1,295,4851,368,413Redeemable noncontrolling interests36,72226,286Equity:American Campus Communities, Inc. and Subsidiaries stockholders' equity:Common stock521423Additional paid in capital1,092,030901,641Accumulated earnings and distributions(189,165)(111,828)Accumulated other comprehensive loss(4,356)(5,117)899,030785,119Noncontrolling interests3,7444,091Total equity902,774789,210Total liabilities and equity2,234,981$ 2,183,909$ Total American Campus Communities, Inc. and Subsidiaries stockholders' equity
20092008$ Change20092008$ ChangeRevenues:(Unaudited)(Unaudited) Wholly-owned properties71,345$ 66,042$ 5,303$ 271,938$ 194,701$ 77,237$ On-campus participating properties7,4987,049449 22,72722,042685 Third-party development services1,3171,024293 5,0157,922(2,907) Third-party management services2,2192,393(174) 8,7956,5782,217 Resident services382927(545) 1,1152,336(1,221) Total revenues 82,76177,4355,326309,590233,57976,011Operating expenses: Wholly-owned properties30,84532,881(2,036) 132,965101,80431,161 On-campus participating properties2,6972,703(6) 10,20010,771(571) Third-party development and management services2,6213,410(789) 11,25011,123127 General and administrative2,7112,712(1) 10,95511,274(319) Depreciation and amortization17,98819,953(1,965) 76,20156,85319,348 Ground/facility leases62954386 2,1071,778329 Total operating expenses57,49162,202(4,711)243,678193,60350,075Operating income 25,27015,23310,03765,91239,97625,936Nonoperating income and (expenses): Interest income1983(64) 1201,131(1,011) Interest expense(16,350)(17,060)710 (62,747)(49,497)(13,250) Amortization of deferred financing costs(1,049)(976)(73) (3,466)(2,563)(903) Loss from unconsolidated joint ventures(129)(438)309 (2,073) (1,619)(454) Other nonoperating income- - - 402 486 (84) Total nonoperating expenses(17,509)(18,391)882(67,764)(52,062)(15,702)Income (loss) before income taxes and discontinued operations7,761(3,158)10,919(1,852)(12,086)10,234 Income tax provision(135) (127) (8) (540) (388) (152) Income (loss) from continuing operations7,626(3,285)10,911 (2,392) (12,474)10,082 Discontinued operations: Loss attributable to discontinued operations(193) (97) (96) (710) (345) (365) Loss from disposition of real estate(9,358) - (9,358) (9,358) - (9,358) Total discontinued operations(9,551) (97) (9,454) (10,068) (345) (9,723) Net loss(1,925)(3,382)1,457(12,460)(12,819)359Income attributable to noncontrolling interests(78)(38)(40) (380)(236)(144) Net loss attributable to American Campus Communities, Inc. and Subsidiaries(2,003)$ (3,420)$ 1,417$ (12,840)$ (13,055)$ 215$ Net loss per share attributable to American Campus Communities, Inc. and Subsidiaries common stockholders: Basic and diluted(0.04)$ (0.08)$ (0.28)$ (0.36)$ Weighted-average common shares outstanding: Basic and diluted52,208,83442,333,74848,706,48036,947,656 Three Months Ended December 31,Year Ended December 31, Consolidated Statements of Operations (dollars in thousands, except share and per share data) 3
Consolidated Statements of Funds from Operations(dollars in thousands, except share and per share data)20092008$ Change20092008$ ChangeNet loss attributable to American Campus Communities, Inc. and Subsidiaries(2,003)$ (3,420)$ 1,417$ (12,840)$ (13,055)$ 215$ Noncontrolling interests78 38 40 380 236 144 Loss from disposition of real estate9,358 - 9,358 9,358 - 9,358 Loss from unconsolidated joint ventures 129 438 (309) 2,073 1,619 454 FFO from unconsolidated joint ventures (1)401 (132) 533 246 (487) 733 Real estate related depreciation and amortization17,833 19,897 (2,064) 75,814 56,459 19,355 Funds from operations ("FFO")25,796 16,821 8,975 75,031 44,772 30,259 Elimination of operations of on-campus participating properties and unconsolidated joint venture:Net income from on-campus participating properties(1,905) (1,555) (350) (1,319) (101) (1,218) Amortization of investment in on-campus participating properties(1,081) (1,092) 11 (4,350) (4,322) (28) FFO from Hampton Roads unconsolidated joint venture (2)(288) 232 (520) (288) 419 (707) 22,522 14,406 8,116 69,074 40,768 28,306 Modifications to reflect operational performance of on-campus participating properties:Our share of net cash flow (3)371 292 79 979 1,409 (430) Management fees333 310 23 1,042 1,006 36 Impact of on-campus participating properties704 602 102 2,021 2,415 (394) Elimination of our share of impairment charges recorded for unconsolidated joint ventures: (4)- - - 464 - 464 Funds from operations – modified ("FFOM")23,226$ 15,008$ 8,218$ 71,559$ 43,183$ 28,376$ FFO per share - diluted0.48$ 0.38$ 1.49$ 1.16$ FFOM per share - diluted0.43$ 0.34$ 1.42$ 1.12$ Weighted average common shares outstanding - diluted53,979,151 43,860,124 50,451,767 38,595,230 (1)(2)(3)(4) Represents our share of impairment charges recorded in the third quarter 2009 for two properties owned through our unconsolidated Fidelity Joint Ventures.Year Ended December 31,Represents our share of the FFO from three joint ventures in which we are a minority partner. Includes the Hampton Roads Military Housing joint venture in which we have a minimal economic interest as well as our 10% minority interest in two joint ventures (the "Fidelity Joint Ventures") formed or assumed as part of the company's acquisition of GMH. For the three months and year ended December 31, 2009, ACC's 10% share of the FFO of the Fidelity Joint Ventures, including impairment charges recorded in the third quarter 2009, was $0.1 million and negative $42,000, respectively. For the three months and year ended December 31, 2009, ACC's 10% share of the net operating income of the Fidelity Joint Ventures was $0.7 million and $2.6 million, respectively.Our share of the FFO from the Hampton Roads Military Housing unconsolidated joint venture is excluded from the calculation of FFOM, as management believes this amount does not accurately reflect the company's participation in the economics of the transaction. 50% of the properties' net cash available for distribution after payment of operating expenses, debt service (including repayment of principal) and capital expenditures. Represents actual cash received for the year-to-date period and amounts accrued for the interim periods.Three Months Ended December 31,4
Wholly-Owned Property Results of Operations (dollars in thousands) 520092008$ Change% Change20092008$ Change% ChangeWholly-owned property revenuesSame store properties (1)68,169$ 66,969$ 1,200$ 1.8%(2)130,479$ 128,227$ 2,252$ 1.8%New properties - GMH (3)- - - 115,147 59,507 55,640New properties - other3,558 - 3,558 27,427 9,303 18,124Total revenues (4)71,727$ 66,969$ 4,758$ 7.1%273,053$ 197,037$ 76,016$ 38.6%Wholly-owned property operating expensesSame store properties (1)30,205$ 32,881$ (2,676)$ -8.1%61,240$ 60,095$ 1,145$ 1.9%(5)New properties - GMH (3)- - - 62,853 38,270 24,583New properties - other640 - 640 8,872 3,439 5,433Total operating expenses30,845$ 32,881$ (2,036)$ - -6.2%132,965$ 101,804$ 31,161$ 30.6%Wholly-owned property net operating incomeSame store properties (1)37,964$ 34,088$ 3,876$ 11.4%69,239$ 68,132$ 1,107$ 1.6%(5)New properties - GMH (3)- - - 52,294 21,237 31,057New properties - other2,918 - 2,918 18,555 5,864 12,691Total net operating income40,882$ 34,088$ 6,794$ 19.9%140,088$ 95,233$ 44,855$ 47.1%(1)(2)(3)(4)(5)Three Months Ended December 31,Year Ended December 31,Excluding hurricane charges incurred during the three months ended September 30, 2008, same store wholly-owned operating expenses would have increased by 2.6% and NOI would have increased by 1.0%.Includes revenues which are reflected as Resident Services Revenue on the accompanying consolidated statements of operations. The same store property grouping for the three months ended December 31, 2009 includes the GMH portfolio as well as properties purchased in the first quarter 2008. The same store property grouping for the year ended December 31, 2009 excludes these properties, as well as properties that completed development and opened for occupancy during the three months ended September 30, 2009 and 2008. Excludes Riverside Estates, which was sold on December 31, 2009 and is classified within discontinued operations on the accompanying consolidated statements of operations.Same store wholly-owned property revenues increased by 1.8% over the 2008 fourth quarter, primarily as a result of student rental revenue increasing 3.2% and a reduction in other revenues of approximately 16.2% related to the GMH integration and strategic product repositioning.
Seasonality of Operations (dollars in thousands, except per bed amounts) 6Operating margin56.4%51.8%45.9%58.0%New properties (legacy)Revenue per occupied bedRental revenue per occupied bed per month541$ 542$ 590$ 621$ Other income per occupied bed per month (2)5862703755Total revenue per occupied bed599$ 604$ 660$ 658$ Average number of owned beds3,1073,1073,9684,8283,752Average physical occupancy97.7%97.5%95.1%94.5%Total revenue5,454$ 5,488$ 7,476$ 9,009$ Property operating expenses1,7181,7592,5922,8038,872Net operating income3,736$ 3,729$ 4,884$ 6,206$ Operating margin68.5%67.9%65.3%68.9%New properties (GMH) (3)Revenue per occupied bedRental revenue per occupied bed per month438$ 445$ 437$ 431$ Other income per occupied bed per month (2)3229322229Total revenue per occupied bed470$ 474$ 469$ 453$ Average number of owned beds22,77122,77122,77122,77122,771Average physical occupancy88.7%87.0%90.1%95.8%Total revenue28,459$ 28,191$ 28,836$ 29,661$ Property operating expenses15,13215,41718,14314,16162,853Net operating income13,327$ 12,774$ 10,693$ 15,500$ Operating margin46.8%45.3%37.1%52.3%ALL PROPERTIES (3)Revenue per occupied bedRental revenue per occupied bed per month488$ 487$ 484$ 494$ Other income per occupied bed per month (2)3438492937Total revenue per occupied bed522$ 525$ 533$ 523$ Average number of owned beds45,87845,87846,73947,59946,523Average physical occupancy92.8%90.6%92.6%96.0%Total revenue66,686$ 65,468$ 69,172$ 71,727$ Property operating expenses31,13232,48638,50230,845132,965Net operating income35,554$ 32,982$ 30,670$ 40,882$ Operating margin53.3%50.4%44.3%57.0%(1) Includes all properties owned during the full year ended December 31, 2008.(2) 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, etc.(3) Excludes Riverside Estates, which was sold on December 31, 2009.
Capital Structure as of December 31, 2009 (dollars in thousands)
7
Portfolio Overview as of December 31, 2009 SummaryUnitsBeds20092008Same Store Wholly-owned Properties - Total14,543 45,878 96.0%92.2% Same Store Wholly-owned Properties (ACC)7,267 23,107 96.2%96.4% Same Store Wholly-owned Properties (GMH) (1)7,276 22,771 95.8%87.8%New Wholly-owned Property (2)602 1,721 95.5%N/AWholly Owned Properties - Total15,145 47,599 96.0%92.2%(3)On-campus Participating Properties1,863 4,519 98.1%94.7% Joint Venture Properties (4)3,390 11,271 90.1%89.3% (1)Reflects the sale of Riverside Estates on December 31, 2009.(2)(3)Excludes Barrett Honors College, which was under construction as of December 31, 2008.(4)Represents Barrett Honors College at Arizona State University, an American Campus Equity ("ACE™") project which completed construction and opened for occupancy in August 2009.Physical Occupancy at December 31,Property TypeIncludes 20 properties owned in two joint ventures with Fidelity, of which we own a 10% interest. Reflects the sale of Commons on Oak Tree on November 24, 2009. 8
2010/2011 Leasing Status Wholly-owned Properties -Summary 9Applications + LeasesCurrent Applications + Leases (1)% of Rentable BedsPrior Year (1)Prior Year % of Rentable BedsRentable Beds (2)Design BedsFinal Fall 2009 Occupancy (3)Total Same Store Wholly-owned Properties23,51549.9%22,66648.2%(4)47,144(4)47,679(4)95.9%(4)Legacy Properties 12,09149.2%12,59551.3%24,55624,82896.2%GMH Properties (Acquired June 2008) (5)11,42450.6%10,07144.7%(4)22,588(4)22,851(4)95.5%(4)LeasesCurrent Leases (1)% of Rentable BedsPrior Year (1)Prior Year % of Rentable BedsRentable Beds (2)Design BedsFinal Fall 2009 Occupancy (3)Total Same Store Wholly-owned Properties 21,00944.6% 21,25145.2%(4)47,144(4)47,679(4)95.9%(4) Legacy Properties 10,17541.4%11,61547.3%24,55624,82896.2%GMH Properties (Acquired June 2008) (5)10,83448.0%9,63642.8%(4)22,588(4)22,851(4)95.5%(4)(1)As of February 12, 2010 for current year and February 13, 2009 for prior year.(2)Rentable beds exclude beds needed for on-site staff.(3)As of September 30, 2009.(4)(5)Excludes Riverside Estates, which was sold on December 31, 2009.Rentable beds and design beds include an additional 80 beds at one property that are currently being converted from existing retail space and are anticipated to open in Fall 2010. These beds are excluded for purposes of calculating the prior year percentage of rentable beds and the final Fall 2009 occupancy.
Leases (1)% of Rentable BedsLeases (1)% of Rentable BedsProperties Increasing Rental Rates1.Pirates Place-Greenville, NC8015.2%5410.2%52852882.6%19.2%19.2%2.University Manor-Greenville, NC34558.1%25943.6%59460099.3%6.1%6.3%3.University Crossings-Philadelphia, PA95395.3%97997.9%1,0001,01699.1%3.9%4.7%4.The Enclave-Bowling Green, OH17736.9%21043.8%48048099.2%4.4%4.4%5.The Highlands-Reno, NV11315.7%7510.4%72073299.0%4.0%4.4%6.University Village at Boulder Creek-Boulder, CO28595.3%29297.7%29930998.7%4.1%4.3%7.University Mills-Cedar Falls, IA39582.1%29060.3%48148198.8%3.5%4.3%8.University Meadows-Mt. Pleasant, MI58696.5%48279.4%60761697.4%3.9%4.2%9.Pirates Cove-Greenville, NC41139.5%20019.2%1,0411,05695.9%4.2%4.2%10.The Callaway House-College Station, TX38673.2%44684.6%527538103.5%3.9%3.9%11.University Trails-Lubbock, TX41761.8%47069.6%67568497.4%3.7%3.9%12.Callaway Villas-College Station, TX19127.6%19928.8%69270484.1%3.8%3.8%13.Brookstone Village-Wilmington, NC5523.7%3414.7%23223899.2%3.5%3.7%14.Abbott Place-East Lansing, MI49076.6%31348.9%64065499.4%3.1%3.6%15.Campus Corner-Bloomington, IN49062.4%36846.9%78579696.5%2.3%3.6%16.The Outpost-San Antonio, TX37645.4%37545.3%82882899.9%3.6%3.5%17.The Outpost-San Marcos, TX47597.7%31264.2%48648699.2%2.9%3.5%18.The Centre-Kalamazoo, MI27038.8%28040.2%69670098.3%3.4%3.4%19.Vista del Sol-Tempe, AZ96752.7%1,71193.2%1,8361,86695.4%3.1%3.4%20.The Club-Athens, GA29361.7%12225.7%47548097.7%2.9%3.2%21.Barrett Honors College-Tempe, AZ51530.7%63137.7%1,6751,72195.1%TBD3.2%22.River Club Apartments-Athens, GA27835.5%17622.5%78279296.0%2.9%3.2%23.Villas at Chestnut Ridge-Amherst, NY25847.4%30956.8%54455299.3%3.1%3.1%24.Sunnyside Commons-Morgantown, WV14992.5%12275.8%16116198.8%3.0%3.0%25.Entrada Real-Tucson, AZ18751.5%23564.7%36336399.7%2.9%3.0%26.The Village at Blacksburg-Blacksburg, VA95691.2%97793.2%1,0481,05699.4%3.0%3.0%27.Campus Trails-Starkville, MS14530.7%13528.5%47348099.0%3.0%3.0%28.The Edge-Orlando, FL33336.2%10411.3%91993099.1%2.9%3.0%Subtotal-Projected Rental Rate Growth Above 3%10,57654.0%10,16051.9%19,58719,84797.0%3.7%3.9%(1)As of February 12, 2010 for current year and February 13, 2009 for prior year.(2)Rentable beds exclude beds needed for on-site staff.(3)As of September 30, 2009.(4)Projected rental rate increase is based on current executed leases and assumes all future leases are executed at currently marketed rates up to targeted occupancy.Initial Rate IncreaseProjected Rate Increase (4)Current YearDesign BedsFinal Fall 2009 Occupancy (3)Rentable Beds (2)Prior Year102010/2011 Leasing StatusProperties with Projected Rental Rate Growth Above 3%
2010/2011 Leasing Status, continuedProperties with Projected Rental Rate Growth Between 0% and 2.99%11Leases (1)% of Rentable BedsLeases (1)% of Rentable BedsProperties Increasing Rental Rates1.University Place-Charlottesville, VA7715.2%5410.7%50552888.8%3.0%2.9%2.Stone Gate-Harrisonburg, VA65698.4%64997.3%66767298.5%3.0%2.8%3.Campus Way-Tuscaloosa, AL27841.3%39158.1%67368499.0%2.7%2.8%4.University Centre-Newark, NJ30336.8%28434.5%82483889.7%2.2%2.7%5.City Parc at Fry Street-Denton, TX13532.9%26163.7%41041897.8%2.6%2.6%6.The Village at Science Drive-Orlando, FL21730.0%30742.5%72373299.5%2.5%2.6%7.The Village on Sixth Avenue-Huntington, WV13918.6%15020.0%74975296.5%2.6%2.6%8.University Gables-Murfreesboro, TN10015.6%9114.2%64164895.2%2.6%2.6%9.Royal Lexington-Lexington, KY8824.2%15342.0%36436495.9%2.5%2.5%10.University Village at Sweethome-Amherst, NY18823.0%18322.4%81682899.8%2.7%2.5%11.Aggie Station-Bryan, TX25757.9%23853.6%44445099.8%2.5%2.5%12.Olde Towne University Square-Toledo, OH32960.1%26949.2%54755096.5%2.6%2.4%13.Hawks Landing-Oxford, OH47698.8%21344.2%48248483.5%0.8%2.4%14.University Pointe-Lubbock, TX39458.5%33850.1%67468298.4%2.4%2.4%15-16.University Club Townhomes-Tallahassee, FL33345.4%37551.2%73373698.6%2.4%2.3%17.Campus Walk Oxford-Oxford, MS5713.4%9021.2%42443292.6%2.3%2.3%18.River Walk Townhomes-Athens, GA19357.4%9327.7%33633698.5%2.2%2.3%19.University Village (Temple)-Philadelphia, PA23231.9%27237.4%72774998.7%2.2%2.1%20-22.University Village-Tallahassee, FL40757.0%37552.5%71471699.2%2.0%2.1%23.Raider's Pass-Lubbock, TX29936.6%27333.4%81782899.0%2.1%2.1%24.Raider's Crossing-Murfreesboro, TN5118.5%10839.1%27627697.5%2.1%2.1%25.Campus Club-Statesboro, GA21321.8%29129.8%97598495.5%2.0%2.0%26.Southview-Harrisonburg, VA80284.2%85990.2%95296096.5%2.3%1.9%27-28.College Club Townhomes-Tallahassee, FL12923.9%10018.5%54054498.5%1.7%1.9%29.The Woods at Greenland-Murfreesboro, TN5720.7%9935.9%27627696.0%1.8%1.8%30.Cambridge at Southern-Statesboro, GA12923.1%15527.7%55956495.9%1.7%1.7%31.Royal Village-Gainesville, FL21347.5%35078.1%44844897.8%1.5%1.7%32.The Village at Alafaya Club-Orlando, FL20124.2%25731.0%82983998.9%1.7%1.7%33.University Pines-Statesboro, GA8214.9%11921.6%55255297.3%1.7%1.7%34.Northgate Lakes-Orlando, FL32045.1%43160.7%71071098.2%1.4%1.5%35-37.The Summit & Jacob Heights-Mankato, MN46350.1%30833.3%92593090.0%1.1%1.4%38.GrandMarc-Seven Corners-Minneapolis, MN36885.2%10825.0%432440108.2%3.0%1.4%39.Tower at 3rd-Champaign, IL19752.8%19566.6%(5)373(5)375(5)99.0%(5)1.2%1.3%40.Campus Ridge-Johnson City, TN6111.7%9217.6%52352890.2%1.2%1.2%41.Peninsular Place-Ypsilanti, MI8618.4%408.5%46847893.9%1.1%1.1%42.Newtown Crossing-Lexington, KY36038.2%43646.3%94294288.6%1.0%0.9%43-44.Willowtree Apartments and Towers-Ann Arbor, MI617.2%9711.5%84385183.9%0.7%0.7%45.University Village Fresno-Fresno, CA11729.5%18546.7%39640698.8%0.4%0.2%46.The Estates-Gainesville, FL30229.1%35233.9%1,0381,04497.1%-0.2%0.2%Subtotal-Projected Rental Rate Growth between 0% and 2.99%9,37038.5%9,64139.8%(5)24,327(5)24,574(5)95.8%(5)1.9%1.9%Subtotal-Properties Increasing Rental Rates19,94645.4%19,80145.2%(5)43,914(5)44,421(5)96.4%(5)2.7%2.8%(1)As of February 12, 2010 for current year and February 13, 2009 for prior year.(2)Rentable beds exclude beds needed for on-site staff.(3)As of September 30, 2009.(4)Projected rental rate increase is based on current executed leases and assumes all future leases are executed at currently marketed rates up to targeted occupancy.(5)Rentable beds and design beds include an additional 80 beds that are currently being converted from existing retail space and are anticipated to open in Fall 2010. These beds are excluded for purposes of calculating the prior year percentage of rentable beds and the final Fall 2009 occupancy.Initial Rate IncreaseProjected Rate Increase (4)Current YearDesign BedsFinal Fall 2009 Occupancy (3)Rentable Beds (2)Prior Year
2010/2011 Leasing Status, continuedProperties Reducing Rental RatesLeases (1)% of Rentable BedsLeases (1)% of Rentable BedsProperties Reducing Rental Rates1.The Commons-Harrisonburg, VA40076.3%35167.0%52452884.3%-0.3%-0.3%2.University Village Sacramento-Sacramento, CA4612.0%4311.3%38239487.8%-0.5%-0.5%3.Campus Walk Wilmington-Wilmington, NC5720.0%6823.9%28529084.1%-2.2%-2.2%4.University Club Apartments-Gainesville, FL10126.9%17145.5%37637693.9%-3.3%-3.0%5.Villas on Apache-Tempe, AZ155.3%144.9%28428873.3%14.6%-3.8%6.Lakeside-Athens, GA27836.0%20126.0%77377692.1%-4.4%-4.1%7.Aztec Corner-San Diego, CA16627.4%60299.3%60660699.3%TBD-16.8%Subtotal - Properties Reducing Rental Rates1,06332.9%1,45044.9%3,2303,25889.5%-0.3%-6.5%Total Same Store Portfolio21,00944.6%21,25145.2%(5)47,144(5)47,679(5)95.9%(5)2.5%2.2%(1)As of February 12, 2010 for current year and February 13, 2009 for prior year.(2)Rentable beds exclude beds needed for on-site staff.(3)As of September 30, 2009.(4)Projected rental rate increase is based on current executed leases and assumes all future leases are executed at currently marketed rates up to targeted occupancy.(5)Rentable beds and design beds include an additional 80 beds at Tower at 3rd that are currently being converted from existing retail space and are anticipated to open in Fall 2010. These beds are excluded for purposes of calculating the prior year percentage of rentable beds and final Fall 2009 occupancy.Current YearPrior YearInitial Rate IncreaseProjected Rate Increase (4)Final Fall 2009 Occupancy (3)Rentable Beds (2)Design Beds12
Owned Development Update(dollars in thousands)PROJECTS IN PRE-DEVELOPMENT (1)LocationAnticipated CommencementApproximate Targeted BedsEstimated Project CostTargeted CompletionQ2 201086042,500$ August 2011University of New Mexico Phase I - ACEAlbuquerque, NMQ2 201086442,140 August 2011University of Texas at San AntonioSan Antonio, TXQ2 201079035,000 August 2011ASU Component III - ACE (2)Tempe, AZTBD1,500110,000 TBDCarbondale Development (3)Carbondale, ILTBD65032,100 TBD261,740$ ACE AWARDS (4) ProjectLocationApproximate Targeted BedsASU - West Campus Phase IPhoenix, AZ600ASU - West Campus Phase IIPhoenix, AZTBD1401,000Portland State UniversityPortland, OR980August 2012Northern Arizona UniversityFlagstaff, AZ1,450August 2012University of New Mexico Phase IIAlbuquerque, NM600DISCONTINUED ACE AWARDS (5) ProjectLocationWashington State University Phases I & IIPullman, WA(1) Does not include 4 undeveloped land parcels in 4 university markets totaling $18.9 million as of December 31, 2009.(2) (3)(4)(5)During the fourth quarter 2009, negotiations with Washington State University regarding a potential ACE project were discontinued, as the company and the University were unable to agree on mutually acceptable business terms. As a result, the company charged approximately $130,000 of costs incurred for the potential project to expense during the fourth quarter 2009.160Estimated Project CostTBDTargeted CompletionTBDAugust 2012TBD$80,000200ACE awards provide the company with the opportunity to exclusively negotiate with the subject universities and commencement 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.Component development is contingent upon execution of all transactional documents, including a facility lease agreement with Arizona State University and Board of Regents approval.Commencement of this project 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.$84,000TBD575ProjectApproximate Targeted UnitsBoise State Univ. Phase IA - ACEBoise, ID225200August 2011TBDTBDBoise State University - Phase IIBoise State University - Phase IBBoise, ID$7,500Boise, IDTBD13
Third-Party Development Update(dollars in thousands)1420092008$ Change20092008$ ChangeDevelopment services revenue1,317$ 1,024$ 293$ 5,015$ 7,922$ (2,907)$ % of total revenue1.6%1.3%1.6%3.4%CONTRACTED PROJECTS IN PROGRESS ProjectUnitsBedsTotal Fees (1)Fees Earned to Date (2)Remaining Fees (3)Scheduled CompletionHampton Roads Military Housing 1,190 2,367 3,542$ 3,195$ 347$ March 2010University of California, Irvine - Phase III Irvine, CAUniversity of California - Irvine720 1,763 7,570 6,175 1,395 August 2010Cleveland State University (4)Cleveland, OHCleveland State University163 600 2,535 1,500 1,035 August 2010/201113,647$ 10,870$ 2,777$ AWARDED PROJECTS (5)ProjectEstimated Fees (5)CUNY - Staten IslandStaten Island, NY3,250$ Edinboro University - Phase IIEdinboro, PAQ2/Q3 20101,900 Univ. of California, Irvine - Future Phases (7)Irvine, CATBDTBD(1) (2) Contractual fees are shown net of costs incurred to complete the project.(3) As of December 31, 2009.(4) (5) (6) Commencement and fees are dependent upon the availability of project financing, which is affected by current capital market conditions.(7) LocationThe Company executed a Development Agreement with the University and commenced construction on this project during the third quarter 2009. The University obtained permanent external financing in December 2009 in the form of project-based tax exempt revenue bonds. The project will be completed in two phases, with Phase I completed in August 2010 and Phase II completed in August 2011.Q2/Q3 2010Additional phases totaling approximately 2,300 beds are included as part of the original 2007 award to the company. If the University elects to move forward on these additional phases with ACC, they would be considered part of the original procurement.Year Ended December 31, Three Months Ended December 31, LocationPrimary University/ Institution ServedThese 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 (6)Norfolk, VAUnited States NavyDoes not include incentive fees that might be earned as a result of sharing in cost savings on the project. Such fees are recognized as revenue when the project is complete and performance has been agreed upon by all parties or verified by an independent third party.
Management Services Update(dollars in thousands)20092008$ Change20092008$ ChangeManagement services revenue 2,219$ 2,393$ (174)$ 8,795$ 6,578$ 2,217$ % of total revenue 2.7%3.1%2.8%2.8%NEW/PENDING MANAGEMENT CONTRACTSPropertyApprox. BedsStabilized Annual FeesActual or Anticipated CommencementHampton Roads - New Housing Norfolk, VADepartment of the Navy2,367 500$ January 2010Bayside Village Portland, MaineSeveral Local Schools400 80 February 2010University of California, Irvine - Phase III Irvine, CAUniversity of California, Irvine1,763 830 August 2010 Cleveland State Phase II (1)Cleveland, OHCleveland State University550 80 (2)August 2010IPFW Phase 3Fort Wayne, INIndiana University-Purdue University Fort Wayne450 50 (2)August 2010CUNY - Staten Island (1)Staten Island, NYCity University of New York600 275 August 20111,815$ DISCONTINUED MANAGEMENT CONTRACTSPropertyApprox. Beds2009 Fee Contribution Prior to TerminationDiscontinuedAs OfUniversity CourtyardTallahassee, FLFlorida A&M University380 13$ February 2009Orchard Trails / Enclave II1,100 44 April 2009Scott Village / Residence Hall (3)Omaha, NE630 167 June 2009Commons on Oak Tree (4)Norman, OK254 111 November 2009The ArboretumKalamazoo, MIWestern Michigan University380 150 December 2009485$ (1) (2) (3) This management contract was assumed from GMH and its discontinuation was anticipated at the time of the merger.(4) This property was owned by one of the Fidelity Joint Ventures and the management contract was terminated in conjunction with the sale of the property in November 2009.University of Maine / Bowling Green State UniversityUniversity of Nebraska, OmahaUniversity of Oklahoma, NormanManagement contracts are contingent upon the successful closing and completion of development projects and negotiation of all management agreements.Fee amount is a net increase as this facility will replace other housing, which will be demolished or will be an incremental increase in beds.Three Months Ended December 31, LocationUniversity / Institution ServedYear Ended December 31, LocationUniversity ServedOrono, ME / Bowling Green, OH15
Investor InformationExecutive ManagementWilliam C. Bayless, Jr.Chief Executive OfficerBrian NickelChief Investment OfficerGreg A. DowellChief Operating OfficerJon GrafChief Financial OfficerResearch CoverageMichelle Ko / Andrew RyuBank of America / Merrill Lynch(212) 449-6935 / (212) 449-6237m_ko@ml.com / andrew_ryu@ml.comDavid Toti / Michael BilermanCitigroup Equity Research (212) 816-1909/ (212) 816-1383david.toti@citi.com / michael.bilerman@citi.comJohn Perry / Conor FennertyDeutsche Bank Securities, Inc.(212) 250-4912 / (212) 250-1576john.perry@db.com / conor.fennerty@db.comAndrew McCulloch / Chris Van EnsGreen Street Advisors(949) 640-8780amcculloch@greenstreetadvisors.com / cvanens@greenstreetadvisors.comSteve Sakwa / Dave BraggISI Group Inc.(212) 446-9462 / (212) 446-9458ssakwa@isigrp.com / dbragg@isigrp.comAnthony Paolone / Joseph DazioJ.P. Morgan Securities(212) 622-6682 / (212) 622-6416anthony.paolone@jpmorgan.com / joseph.c.dazio@jpmorgan.comJordan Sadler / Karin FordKeyBanc Capital Markets(917) 368-2280 / (917) 368-2293jsadler@keybanccm.com / kford@keybanccm.comMichael Levy Macquarie Research (212) 231-2626 michael.levy@macquarie.com Stephen C. SwettMorgan Keegan(212) 508-7585stephen.swett@morgankeegan.comPaula Poskon / Lindsey YaoRobert W. Baird & Co., Inc.(703) 821-5782 / (703) 918-7852pposkon@rwbaird.com / lyao@rwbaird.comAlexander Goldfarb / James MilamSandler O'Neill + Partners, L.P.(212) 466-7937 / (212) 466-8066agoldfarb@sandleroneillcom / jmilam@sandleroneillcomRoss Nussbaum / Dustin PizzoUBS Investment Research(212) 713-2484 / (212) 713-4847ross.nussbaum@ubs.com / dustin.pizzo@ubs.comInvestor Relations:Gina CowartVP, Investor Relations and Corporate Marketing(512) 732-1041805 Las Cimas Parkway, Suite 400Austin, Texas 78746Tel: (512) 732-1000; Fax: (512) 732-2450American 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.Additional InformationCorporate Headquarters:American Campus Communities, Inc.16
Forward Looking Statements In addition to historical information, this supplemental package contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which American Campus operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict.