American Campus Communities Announces Opening of Three Development Properties.

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 completion of construction, and opening of three company owned, off-campus student properties: University Village at Fresno, University Village at San Bernardino and University Village at TU.

These properties were completed on time and within budget. Opening in conjunction with the commencement of the 2004-2005 academic year at their respective universities, all three were in excess of 98 percent pre-leased upon opening for occupancy.

University Village at Fresno, which serves students at California State University, Fresno, is a 406-bed property that opened August 20th. University Village at TU, which serves students of Temple University, is a 749-bed property that opened August 16th; University Village at San Bernardino, which serves students at California State University, San Bernardino, is a 480-bed property that opened for occupancy on September 15th.

About American Campus Communities, Inc.

American Campus Communities, Inc. is the only publicly traded REIT 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 16 high-quality student housing properties, containing approximately 3,900 apartment units and 11,800 beds. In conjunction with the properties owned, the company manages 32 student housing properties, representing 22,300 beds. For more information 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.