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American Campus Acquires $862.8 Million Kayne Anderson Portfolio

  American Campus Acquires $862.8 Million Kayne Anderson Portfolio

Business Wire

AUSTIN, Texas -- December 03, 2012

American Campus Communities, Inc. (NYSE:ACC), the largest owner, manager and
developer of high-quality student housing properties in the U.S., today
announced the November 30, 2012 completion of the previously announced
acquisition of 19 select student housing properties with 12,049 beds,
including 366 beds at an additional phase currently under development at an
existing property, from affiliates of Kayne Anderson Capital Advisors, L.P.
The aggregate purchase price of $862.8 million includes the assumption of
approximately $395.8 million of outstanding mortgage debt. The acquisition of
the phase under development, which is expected to close during the third
quarter of 2013, is subject to certain closing conditions, including
satisfactory completion of such phase.

“These assets represent an exceptional opportunity to increase our asset base
with high-quality properties and locations in Tier 1 university markets,” said
Bill Bayless, American Campus CEO. “Furthermore, we expect to create
significant value through improved operations and efficiencies with our proven
operating platform. We would like to thank the Kayne Anderson team for their
diligent and collaborative work with the ACC team to close the transaction in
such a short time frame and earlier than expected.”

For more details on the 19 select property portfolio, please see the
transaction announcement press release on the company website titled: American
Campus Communities to Acquire $862.8 Million in High-Quality Assets

Locke Lord LLP served as legal counsel to American Campus.

About American Campus Communities

American Campus Communities, Inc. is the largest developer, owner and manager
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, and operational management of student housing
properties. American Campus Communities owns 160 student housing properties
containing approximately 98,800 beds. Including its owned and third-party
managed properties, ACC’s total managed portfolio consists of 187 properties
with approximately 121,300 beds. Visit www.americancampus.com or
www.studenthousing.com.

Forward-Looking Statements

In addition to historical information, this press release contains
forward-looking statements under the federal securities law. These statements
are based on current expectations, estimates and projections about the
industry and markets in which American Campus Communities operates,
management's beliefs, and assumptions made by management. Forward-looking
statements are not guarantees of future performance and involve certain risks
and uncertainties, which are difficult to predict.

Contact:

American Campus Communities, Inc., Austin
Gina Cowart, 512-732-1000
Investor Relations
 
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