American Campus Communities Acquires Royal Properties Portfolio

American Campus Communities Inc. Acquires Royal Properties Portfolio

News Release: 03/02/2006 www.americancampuscommunities.com

AUSTIN, Texas—(BUSINESS WIRE)—March 2, 2006—American Campus Communities Inc. (NYSE:ACC) today announced that it has completed the previously announced acquisition of the Royal Properties student housing portfolio, consisting of 13 properties, containing 5,710 beds, and located in 10 markets.

The 13 communities average approximately five years in age with infill locations in established submarkets with barriers to entry, and have an average distance of 0.5 miles to campus. The acquisition value of $244.3 million excludes $9.8 million of anticipated closing costs, initial integration expenses, and capital expenditures necessary to bring the properties up to company operating standards. As part of the transaction, the company is assuming $123.6 million in fixed-rate mortgage debt with a weighted average interest rate of 5.95 percent and an average remaining term to maturity of 6.3 years. In addition, the company is issuing Royal partners 2,200,000 Operating Partnership units (exchangeable after one year into an equal number of shares of the company’s common stock) comprised of approximately 2.1 million common units valued at $23.50 per unit and 100,000 preferred units valued at $26.75 per unit. Furthermore, Michael J. Henneman, chairman of Royal Properties, has joined ACC’s board of directors.

“These assets have rental rates at a very attractive price point and have yielded strong historical growth due to their excellent location in major university markets,” said Bill Bayless, ACC CEO. “This portfolio meets our stringent investment criteria and fits well with our existing portfolio.” Merrill Lynch & Co. served as ACC’s financial advisor, and Locke Liddell & Sapp LLP served as ACC’s legal advisor in the transaction. A supplemental package will be made available on ACC′s website and will be discussed on today’s previously announced earnings call.

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 38 student housing communities containing approximately 22,800 beds. Including its owned properties, the company provides management and leasing services at a total of 53 properties with more than 31,800 beds located on or near college and university campuses. Additional information is available at www.americancampuscommunities.com.

CONTACT: American Campus Communities Inc., Austin Brian Nickel, 512-732-1000  SOURCE: American Campus Communities Inc.