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

AUSTIN, Texas -- American Campus Communities, Inc. (NYSE: ACC), one of the largest owners, managers and developers of high-quality student housing properties in the U.S., today announced the pricing of a public offering of 4.0 million shares of its common stock at a price of $22.50 per share. Based on investor demand, the offering was increased in size from 3.4 million primary shares. The company also granted the underwriters an option to purchase up to an additional 575,000 shares of common stock to cover over-allotments, if any. The offering is expected to close on Tuesday, July 5, 2005.

The company intends to use the net proceeds from this offering to fund the acquisition and development of student housing properties. In the interim, it intends to use $50.2 million to repay the outstanding balance of its revolving credit facility and the remaining proceeds for working capital and general corporate purposes.

Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are serving as joint book-running managers for the offering. J.P. Morgan Securities Inc., KeyBanc Capital Markets, a division of McDonald Investments Inc., Wachovia Capital Markets, LLC and RBC Capital Markets Corporation are serving as co-managers for the offering.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission, and was declared effective on June 28, 2005. 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 final prospectus relating to the offering may be obtained by contacting Citigroup Global Markets Inc., Brooklyn Army Terminal, 140 58th Street, 8th floor, Brooklyn, New York 11220, telephone [phone], or Deutsche Bank Securities Inc., 1251 Avenue of the Americas, New York, New York 10020, facsimile [phone].

About American Campus Communities, Inc.

American Campus Communities, Inc. is one of the largest publicly traded REITs solely focused on student housing in the United States. American Campus Communities is a fully integrated, self-managed and self-administered equity REIT with expertise in the acquisition, design, finance, development, construction management, and leasing and management of student housing properties. The company owns and manages 24 high-quality student housing properties containing approximately 15,600 beds. Including its owned properties, the company manages 43 student housing properties, representing 26,900 beds. For more information about the company, please go to the company website, at www.studenthousing.com.

Forward-Looking Statements

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which express the current beliefs and expectations of management. 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. Forward-looking statements speak only as of the date on which they are made, 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.