American Campus Communities, Inc. Announces Closing of Common Stock Offering

AUSTIN, Texas--(Business Wire)--
American Campus Communities, Inc. (NYSE:ACC), one of the nation's largest
developers, owners and managers of high-quality student housing properties,
today announced the closing of a public offering of 9,775,000 shares of its
common stock at a price of $21.25 per share, which includes 1,275,000 shares
issued as a result of the underwriters' exercise of their over-allotment option
in full at the closing. The company received approximately $198.7 million in net
proceeds from the offering after deducting the underwriting discount and
estimated expenses of the offering.

The company intends to use the net proceeds to repay debt, including the
outstanding balance of its revolving credit facility, to fund its American
Campus Equity (ACE) pipeline and opportunistic acquisitions and for general
corporate purposes.

Merrill Lynch & Co., KeyBanc Capital Markets Inc., Deutsche Bank Securities and
J.P.Morgan served as joint book-running managers for the offering. Robert W.
Baird & Co. and Wachovia Securities served as co-managers for the offering.

This press release shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of these securities in any state in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state. A copy of the
prospectus relating to the offering may be obtained by contacting Merrill Lynch
& Co., Attention: Prospectus Department, 4 World Financial Center, New York, New
York 10080, telephone: 212-449-1000; KeyBanc Capital Markets Inc., 800 Superior
Avenue, 17th Floor, Cleveland, Ohio 44114, telephone: 216-443-2370; Deutsche
Bank Securities, Attention: Prospectus Department, 100 Plaza One, Jersey City,
New Jersey 07311, telephone: 800-503-4611 or email at
prospectusrequest@list.db.com; or J.P. Morgan Securities Inc. 4 Chase Metrotech
Center, CS Level, Brooklyn, NY 11425, Attention: Prospectus Library, telephone:
718-242-8002.

About American Campus Communities

American Campus Communities, Inc. is one of the largest developers, owners and
managers of high-quality student housing communities in the United States. The
company is a fully integrated, self-managed and self-administered equity real
estate investment trust (REIT) with expertise in the design, finance,
development, construction management and operational management of student
housing properties. American Campus Communities owns 86 student housing
properties containing approximately 52,800 beds, with a minority interest in 21
joint venture properties containing approximately 12,100 beds. Including its
owned, joint venture and third-party managed properties, ACC`s total managed
portfolio consists of 138 properties with approximately 88,100 beds. Additional
information is available at www.studenthousing.com.

Forward-Looking Statements

This news release contains forward-looking statements, which express the current
beliefs and expectations of management. Except for historical information, the
matters discussed in this news release 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 principles; 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 news release, and we undertake no obligation to update publicly or revise
any forward-looking statement, whether as a result of new information, future
developments or otherwise.

American Campus Communities, Inc., Austin
Gina Cowart, 512-732-1000
Investor Relations

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