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American Campus Communities, Inc. Reports Third Quarter 2012 Financial Results

Capital Markets

During the quarter, the company raised $731.9 million in net proceeds from a public offering of 17,250,000 shares of common stock at a price of $44.25 per share on July 16, 2012, which includes 2,250,000 shares issued as a result of the underwriters' exercise of their over-allotment option in full at the closing. Proceeds have been used to fund the cash portion of the Campus Acquisitions transaction, to repay the outstanding balance on the company’s revolving credit facility, and to fund future acquisition and development opportunities.

2012 Outlook

Management tightens the fiscal year 2012 FFO range to $2.04 to $2.08 and the 2012 FFOM range to $1.99 to $2.03 per fully diluted share, excluding the impact of incurred and anticipated acquisition-related expenses and debt defeasance costs related to property dispositions of approximately $8.1 million. Significant assumptions include: (1) the company will achieve property level net operating income, including dispositions and excluding acquisition-related costs, of $238.2 million to $239.6 million; (2) the company will complete its inaugural bond offering during the fourth quarter of 2012 or early 2013; (3) no additional property acquisitions or dispositions, other than what has been closed subsequent to the third quarter of 2012; and (4) an annual weighted average share count of 84.3 million.

Supplemental Information and Earnings Conference Call

Supplemental financial and operating information, as well as this release, are available in the investor relations section of the American Campus Communities website, www.americancampus.com. In addition, the company will host a conference call to discuss third quarter results and the 2012 outlook on Tuesday, October 23, 2012 at 11 a.m. EDT (10:00 a.m. CDT). Participants from within the U.S. may dial 866-843-0890 passcode 4610447, and participants outside the U.S. may dial 412-317-9250 passcode 4610447 at least 10 minutes prior to the call.

To listen to the live broadcast, go to www.americancampus.com at least 15 minutes prior to the call so that required audio software can be downloaded. Informational slides in the form of the supplemental analyst package can be accessed via the website. A replay of the conference call will be available beginning one hour after the end of the call until October 31, 2012 by dialing 877-344-7529 or 412-317-0088 conference number 10018436. The replay also will be available for one year at www.americancampus.com. The call will also be available as a podcast on www.REITcafe.com and on the company’s website shortly after the call.

Non-GAAP Financial Measures

The National Association of Real Estate Investment Trusts ("NAREIT") currently defines Funds from Operations ("FFO") as net income or loss attributable to common shares computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains or losses from depreciable operating property sales, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. We present FFO because we consider it an important supplemental measure of our operating performance and believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. We also believe it is meaningful to present a measure we refer to as FFO-Modified, or FFOM, which reflects certain adjustments related to the economic performance of our on-campus participating properties and excludes impairment and other non-cash charges. FFO and FFOM should not be considered as alternatives to net income or loss computed in accordance with GAAP as an indicator of our financial performance or to cash flow from operating activities computed in accordance with GAAP as an indicator of our liquidity, nor are these measures indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions.

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