American Campus Communities, Inc. Announces Sale of Common Stock

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 pricing of a public offering
of 8,000,000 shares of its common stock at a price of $28.75 per
share. The company also granted the underwriters an option to purchase
up to an additional 1,200,000 shares of common stock to cover
overallotments, if any.

Merrill Lynch & Co. and KeyBanc Capital Markets served as joint
book-running managers for the offering. Deutsche Bank Securities Inc.
and J.P. Morgan Securities Inc. served as co-lead managers for the
offering. Banc of America Securities LLC served as a co-manager 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., 4
World Financial Center, New York, NY 10080 (telephone: (866) 500-5408)
or KeyBanc Capital Markets, Superior Ave., 17th Floor, Cleveland, OH
44114 (telephone: (216) 563-3825).

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, leasing and management of student housing
properties. American Campus Communities owns and manages a portfolio
of 46 student housing communities containing approximately 29,300
beds. Including its owned properties, the company provides management
and leasing services at a total of 66 properties with approximately
45,200 beds located on or near college and university campuses.
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 related to the proposed merger with
GMH Communities Trust and related transactions (including but not
limited to (i) the occurrence of any effect, event, development or
change that could give rise to the termination of the definitive
agreements, (ii) the inability to complete the proposed transactions,
including in the case of the merger, due to the failure of GMH's
shareholders to approve the merger, (iii) the failure of any party to
satisfy the conditions to the closing of the transactions and (iv) the
failure of ACC to obtain the necessary financing arrangements set
forth in a commitment letter received in connection with the proposed
merger), 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 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.
Gina Cowart, 512-732-1000
Investor Relations

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