Exhibit 99.1

             Report of Independent Registered Public Accounting Firm

Board of Directors and Stockholders
American Campus Communities, Inc.

We have audited the  statement of revenues and certain  expenses of the Exchange
at Gainesville (the "Property"),  located in Gainesville,  Florida, for the year
ended December 31, 2004. The financial  statement is the  responsibility  of the
Property's  management.  Our  responsibility  is to  express  an opinion on this
financial statement based on our audit.

We conducted  our audit in accordance  with the standards of the Public  Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statement  is free of material  misstatement.  We were not engaged to perform an
audit of the Property's  internal  control over financial  reporting.  Our audit
included  consideration of internal control over financial  reporting as a basis
for designing audit  procedures that are appropriate in the  circumstances,  but
not for the  purpose  of  expressing  an  opinion  on the  effectiveness  of the
Company's internal control over financial reporting.  Accordingly, we express no
such  opinion.  An audit also  includes  examining,  on a test  basis,  evidence
supporting the amounts and disclosures in the financial statement, assessing the
accounting  principles  used and significant  estimates made by management,  and
evaluating the overall  financial  statement  presentation.  We believe that our
audit provides a reasonable basis for our opinion.

The accompanying statement of revenues and certain expenses was prepared for the
purpose of complying  with Rule 3-14 of  Regulation  S-X of the  Securities  and
Exchange  Commission for inclusion in Form 8-K/A of American Campus Communities,
Inc.  and is not  intended  to be a  complete  presentation  of the  Properties'
revenues and expenses.

In our opinion,  the financial  statement  referred to above presents fairly, in
all material  respects,  the  revenues  and certain  expenses of the Exchange at
Gainesville  as  described  in Note 1 for the year ended  December  31,  2004 in
conformity with United States generally accepted accounting principles.


                                                          /s/ Ernst & Young, LLP
Austin, TX
May 20, 2005