American Campus Begins Construction on First Student Housing Project since Katrina.

AUSTIN, Texas -- American Campus Communities, Inc. (NYSE:ACC), one of the nation's largest developers, owners and managers of high-quality student housing properties, announced the commencement of construction on the first student housing construction project for the University of New Orleans since Hurricane Katrina devastated the city one year ago. A groundbreaking ceremony will be held on September 8th.

The $38.5 million third-party, student housing development for UNO was unanimously approved last month by the Louisiana Joint Legislative Budget Committee which authorized the sale of bonds to finance the development. Occupancy for the 742-bed community is anticipated for the Fall 2007 semester.

"On August 29, 2005, we were ten days from beginning construction of UNO's new student housing complex when Hurricane Katrina and the subsequent flooding caused devastating damage to New Orleans and the region," said Patrick Gibbs, President and CEO, University of New Orleans Foundations. "Bringing this project back on track over the last 12 months has required extraordinary effort, creativity and determination on the part of the University, the Foundation and our developer, American Campus Communities, to overcome the damage to our infrastructure, post-disaster cost escalation, and the understandable concerns of the financial markets.

"This development will be a highly visible symbol of UNO's bright future and its leadership in rebuilding New Orleans."

The project consists of two metal-frame, four-story buildings that will include a convenience store, central laundry rooms in each building, multiple study lounges, social lounges and a multipurpose recreation room. Outside, the community features a formal community courtyard and landscaped areas for social congregation.

"In the post-Katrina environment, it took exceptional commitment and resolve from the University and the UNO Foundation to make this project a reality," said Bill Bayless, American Campus Communities chief executive officer. "It's an honor for us to work with them in bringing this much-needed housing to the students of UNO."

About American Campus Communities, Inc.

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 38 student housing communities containing approximately 22,900 beds. Including its owned properties, the company provides management and leasing services at a total of 52 properties with approximately 31,700 beds located on or near college and university campuses. Additional information is available at www.americancampuscommunities.com.