UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington D.C., 20549

                                    Form 8-K

                                 Current Report
     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

          Date Of Report (Date Of Earliest Event Reported): 12/21/2004

                        American Campus Communities, Inc.
             ------------------------------------------------------
             (Exact Name of Registrant as Specified in its Charter)


                        Commission File Number: 001-32265


                MD                                 760753089
  (State or Other Jurisdiction Of               (I.R.S. Employer
  Incorporation or Organization)              Identification No.)

                         805 Las Cimas Parkway Suite 400
                                Austin, TX 78746
          (Address of Principal Executive Offices, Including Zip Code)

                                  512-732-1000
              (Registrant's Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17
    CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
    Act(17CFR240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
    Exchange Act(17CFR240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
    Exchange Act(17CFR240.13e-4(c)) [GRAPHIC OMITTED]

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Item 7.01.    Regulation FD Disclosure.

      On December 21, 2004, American Campus Communities, Inc. announced that
construction has begun on the second phase of Cullen Oaks on The University of
Houston campus in Houston, TX. The project will cost approximately $17 million
and is being developed by American Campus Communities under a ground lease with
The University of Houston System. Development and construction fees for the
project are expected to total approximately $1.1 million.

      The press release is furnished pursuant to Item 7.01 and shall not be
deemed "filed" for purposes of Section 18 of the Securities Act of 1934 (the
"Exchange Act"), or subject to the liabilities of that Section. The information
in this Current Report shall not be incorporated by reference in any filing
under the Securities Act of 1933 or the Exchange Act, except as shall be
expressly set forth by specific reference in such filing.


                                  Signature(s)

      Pursuant to the Requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
Undersigned hereunto duly authorized.

                                   American Campus Communities, Inc.


D                                  By:    /s/    Mark J. Hager
Date: December 21, 2004.           ----------------------------------------
                                                 Mark J. Hager
                                           Executive Vice President, Chief
                                           Financial and Accounting Officer
                                           and Treasurer


                                  Exhibit Index

 Exhibit No.    Description
 ----------     -----------
   EX-99.1      Press Release Dated December 21, 2004