American Campus Communities, Inc. Reports Fourth Quarter and Year End 2012 Financial Results

  American Campus Communities, Inc. Reports Fourth Quarter and Year End 2012
  Financial Results

Business Wire

AUSTIN, Texas -- February 12, 2013

American Campus Communities, Inc. (NYSE:ACC) today announced the following
financial results for the quarter and year ended December 31, 2012.

Highlights

Fourth Quarter 2012

  *Increased quarterly FFOM 55.6 percent to $57.1 million or $0.56 per fully
    diluted share compared to $36.7 million or $0.50 per fully diluted share
    in the fourth quarter prior year. Excluding $3.3 million of acquisition
    expenses, fourth quarter FFOM would have been $60.4 million or $0.59 per
    fully diluted share.
  *Increased same store wholly-owned Net Operating Income (NOI) by 2.5
    percent over the fourth quarter 2011.
  *Achieved 97.4 percent same store wholly-owned occupancy as of December 31,
    2012.
  *Awarded a second phase American Campus Equity (ACE^®) development at
    Drexel University with an estimated total development cost of $168.0
    million. The 1,316-bed community is scheduled to open for occupancy in
    Fall 2015.
  *Awarded a faculty and staff housing project by Princeton University with
    their desire for an ACE transaction structure. The 326-unit community,
    Merwick Stanworth Housing, will be delivered in two phases. Phase one is
    targeting a Summer 2014 completion and phase two is expected to be
    complete in Summer 2015.

Full Year 2012

  *Increased 2012 full year FFOM 28.8 percent to $165.0 million or $1.91 per
    fully diluted share compared to $128.1 million or $1.81 per fully diluted
    share for the full year 2011. Excluding $9.7 million of acquisition
    expenses, full year FFOM would have been $174.7 million or $2.02 per fully
    diluted share.
  *Increased same store wholly-owned Net Operating Income (NOI) by 3.4
    percent over the year ended December 31, 2011.
  *Acquired 40 off-campus properties totaling $1.8 billion containing 23,441
    beds with an average distance to campus of 0.48 miles.
  *Completed construction and opened 11 owned developments totaling $381.4
    million containing 6,703 beds, including six on-campus ACE communities
    totaling $219.9 million and five owned off-campus communities totaling
    $161.5 million. The average occupancy of the 11 new developments was 95.2
    percent as of December 31, 2012.
  *Disposed of three assets totaling $54.1 million containing 1,584 beds with
    an average age of 15.5 years and average distance to campus of 1.8 miles.
  *Completed and delivered four third-party development projects totaling
    2,236 beds at Illinois State University, Northern Illinois University,
    University of Wyoming and a dining hall at Arizona State University.
  *Commenced or continued construction on eight owned-development projects
    totaling approximately $415.3 million and containing 5,258 beds to be
    delivered in 2013 and 2014 with average distance to campus of 0.1 miles.
  *Raised approximately $1.3 billion in net proceeds from two follow-on
    equity offerings, which allowed the company to maintain a strong balance
    sheet with attractive credit ratios during a high-growth year.The
    offerings included the issuance of 29,900,000 shares of common stock at a
    weighted average issue price of $44.04 per share.

Fourth Quarter Operating Results

Revenue for the 2012 fourth quarter totaled $155.7 million, up 48.4 percent
from $104.9 million in the fourth quarter 2011 and operating income for the
quarter increased $10.2 million or 33.2 percent over the prior year fourth
quarter.The increase in revenues and operating income was primarily due to
growth resulting from property acquisitions, recently completed development
properties, and increased rental rates for the 2012-2013 academic year. Net
income for the 2012 fourth quarter totaled $23.7 million, or $0.23 per fully
diluted share, compared with net income of $15.8 million, or $0.22 per fully
diluted share, for the same quarter in 2011. The increase in net income as
compared to the prior year quarter is primarily due to the increases in
operating income discussed above and a gain recognized on the disposition of
two properties during the 2012 fourth quarter, offset by an increase in
interest expense related to loans assumed in connection with property
acquisitions.FFO for the 2012 fourth quarter totaled $58.5 million, or $0.57
per fully diluted share, as compared to $39.4 million, or $0.54 per fully
diluted share for the same quarter in 2011. FFOM for the 2012 fourth quarter
was $57.1 million, or $0.56 per fully diluted share as compared to $36.7
million, or $0.50 per fully diluted share for the same quarter in 2011.
Excluding acquisition-related costs, FFO for the 2012 fourth quarter totaled
$61.8 million or $0.60 per fully diluted share and FFOM for the 2012 fourth
quarter totaled $60.4 million or $0.59 per fully diluted share. A
reconciliation of FFO and FFOM to net income is shown in Table 3.

NOI for same store wholly-owned properties was $53.4 million in the quarter,
up 2.5 percent from $52.1 million in the 2011 fourth quarter. Same store
wholly-owned property revenues increased by 2.4 percent over the 2011 fourth
quarter due to an increase in average rental rates for the 2012-2013 academic
year.Same store wholly-owned property operating expenses increased by 2.2
percent over the prior year quarter.NOI for the total wholly-owned portfolio
increased 57.4 percent to $82.7 million for the quarter from $52.6 million in
the comparable period of 2011.

"2012 has been an exceptional year for the company with the addition of
approximately $2.2 billion in quality assets through both development and
acquisition, along with industry leading occupancy in our same store
portfolio," said Bill Bayless, American Campus CEO.“In 2013, we are now
focused on the integration of our growth assets, leasing our portfolio for the
2013-2014 academic year, and fostering new growth opportunities to facilitate
continued value creation for our shareholders."

Portfolio Update

As of February 8, 2013, the company’s same store wholly-owned portfolio was
47.7 percent applied for and 43.3 percent leased compared to 53.7 percent
applied for and 46.4 percent leased for the same date prior year, with a 2.1
percent current rental rate increase projected over the in-place rent.

Acquisitions

In November, the company acquired 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. The projected year-one cap rate is 6.0
percent nominal (inclusive of upfront capital improvements) and 5.7 percent
economic (inclusive of the assumed $200 per bed capital reserves, upfront
capital improvements, loan assumption costs, and transaction expenses).

Mezzanine Investment Program

In December, the company closed on the pre-sale acquisition of University
Edge, a 608-bed off-campus community serving students at Kent State
University. The pedestrian asset was delivered on time for Fall 2012 move-in
and is 90 percent occupied.The year one projected cap rate at that occupancy
is 6.4 percent nominal and 6.0 percent economic.

Developments

Owned

During the quarter, the company commenced construction on The Plaza on
University, a $112.3 million mixed-use development project in Orlando,
Florida. The 1,313-bed project, previously referred to as University Shoppes,
is located adjacent to the University of Central Florida and will feature
60,000 square-feet of retail space with four stories of residential units. The
community is scheduled to open for occupancy in August 2014.

Also during the quarter, the company executed a predevelopment agreement for a
$49.0 million ACE transaction at the University of Southern California Health
Sciences Campus. The community will contain approximately 460 beds with the
timing of project completion still to be determined based upon the City of Los
Angeles entitlement process.

American Campus was awarded a second phase ACE development at Drexel
University, with an estimated total development cost of $168.0 million. The
1,316-bed on-campus development at the corner of 34th Street and Lancaster
Avenue will include suite and apartment beds that will serve to meet the
University’s housing requirements. The mixed-use building will include ground
floor retail, a dining facility, and more than 20,000-square-feet of
purpose-built student amenity space. Construction commencement is anticipated
during the third quarter 2013 with occupancy expected for Fall 2015.

In addition, American Campus has entered into a letter of intent with Drexel
University to convert University Crossings, the company’s owned off-campus
community containing 1,016 beds, into an ACE transaction.

The company has also executed a predevelopment agreement with Princeton
University for the development of a faculty and staff housing project via a
proposed ACE transaction structure. Merwick Stanworth housing, consisting of
326 units (600 beds) with a phased delivery, will be developed on two
contiguous University owned sites located approximately 0.45 miles north of
Princeton University and pedestrian to Palmer Square, a vibrant retail, dining
and entertainment district in the heart of Princeton. The new community is
intended to serve and house primarily faculty and staff members in a mix of
one-, two-, and three- bedroom apartment and townhome units. Currently, 128
units are anticipated to open Summer 2014, followed by 198 units expected to
open Summer 2015.

Regarding American Campus’ planned development at West Virginia University in
Morgantown, the company and the University are now considering other
transaction structures as alternatives to ACE due to project feasibility.

Dispositions

In October, the company sold Brookstone Village and Campus Walk, a combined
528-bed community located in Wilmington, North Carolina, for a total sales
price of $26.6 million. The outstanding debt on the two properties was $10.8
million. Cap rates on the transaction are 6.6 percent nominal and 6.3 percent
economic.

2013 Outlook

The company believes that the financial results for the fiscal year ending
December 31, 2013 may be affected by, among other factors:

  *national and regional economic trends and events;
  *the timing of acquisitions and/or dispositions;
  *interest rate risk;
  *the timing of commencement and completion of construction on owned
    development projects;
  *the ability of the company to be awarded and the timing of the
    commencement of construction on third-party development projects;
  *university enrollment, funding and policy trends;
  *the ability of the company to earn third-party management revenues;
  *the amount of income recognized by the taxable REIT subsidiaries and any
    corresponding income tax expense;
  *the ability of the company to integrate acquired properties;
  *the outcome of legal proceedings arising in the normal course of business;
    and
  *the success of releasing the company’s owned properties for the 2013-2014
    academic year.

Based upon these factors, management anticipates that fiscal year 2013 FFO
will be in the range of $2.37 to $2.46 per fully diluted share and FFOM will
be in the range of $2.32 to $2.42 per fully diluted share. All guidance is
based on the current expectations and judgment of the company’s management
team.

A reconciliation of the range provided for projected net income to projected
FFO and FFOM for the fiscal year ending December 31, 2013, and assumptions
utilized, is included in Table 4.

Supplemental Information and Earnings Conference Call

Supplemental financial and operating information, as well as this release, are
available in the investor relations section of the American Campus Communities
website, www.americancampus.com. In addition, the company will host a
conference call to discuss fourth quarter and year end results and the 2013
outlook on Wednesday, February 13, 2013 at 11 a.m. EST (10:00 a.m. CST).
Participants from within the U.S. may dial 888-317-6003 passcode 2010841, and
participants outside the U.S. may dial 412-317-6061 passcode 2010841 at least
10 minutes prior to the call.

To listen to the live broadcast, go to www.americancampus.com at least 15
minutes prior to the call so that required audio software can be downloaded.
Informational slides in the form of the supplemental analyst package can be
accessed via the website. A replay of the conference call will be available
beginning one hour after the end of the call until February 22, 2013 by
dialing 877-344-7529 (domestic) or 412-317-0088 (international) conference
number 10023564. The replay also will be available for one year at
www.americancampus.com. The call will also be available as a podcast on
www.REITcafe.com and on the company’s website shortly after the call.

Non-GAAP Financial Measures

The National Association of Real Estate Investment Trusts (NAREIT) currently
defines Funds from Operations (FFO) as net income or loss attributable to
common shares computed in accordance with generally accepted accounting
principles (GAAP), excluding gains or losses from depreciable operating
property sales, plus real estate depreciation and amortization, and after
adjustments for unconsolidated partnerships and joint ventures. We present FFO
because we consider it an important supplemental measure of our operating
performance and believe it is frequently used by securities analysts,
investors and other interested parties in the evaluation of REITs, many of
which present FFO when reporting their results. We also believe it is
meaningful to present a measure we refer to as FFO-Modified, or FFOM, which
reflects certain adjustments related to the economic performance of our
on-campus participating properties, impairment charges, losses on early
extinguishment of debt related to property dispositions, and other non-cash
charges. FFO and FFOM should not be considered as alternatives to net income
or loss computed in accordance with GAAP as an indicator of our financial
performance or to cash flow from operating activities computed in accordance
with GAAP as an indicator of our liquidity, nor are these measures indicative
of funds available to fund our cash needs, including our ability to pay
dividends or make distributions.

The company defines property NOI as property revenues less direct property
operating expenses, excluding depreciation, but including allocated corporate
general and administrative expenses.

About American Campus Communities

American Campus Communities, Inc. is the largest 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 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.

                                                          
Table 1
American Campus Communities, Inc. and Subsidiaries
Consolidated Balance Sheets
(dollars in thousands)
                                                             
                                       December 31, 2012^1   December 31, 2011
Assets                                 (unaudited)
                                                             
Investments in real estate:
Wholly-owned properties, net           $   4,871,376         $   2,761,757
Wholly-owned properties held for           -                     27,300
sale
On-campus participating properties,       57,346              59,850     
net
Investments in real estate, net            4,928,722             2,848,907
                                                             
Cash and cash equivalents                  21,454                22,399
Restricted cash                            36,790                22,956
Student contracts receivable, net          7,287                 5,324
Other assets                              124,709             108,996    
                                                             
Total assets                           $   5,118,962        $   3,008,582  
                                                             
Liabilities and equity
Liabilities:
Secured mortgage, construction and     $   1,509,105         $   858,530
bond debt
Unsecured term loan                        350,000               200,000
Unsecured revolving credit facility        258,000               273,000
Secured agency facility                    104,000               116,000
Accounts payable and accrued               56,046                36,884
expenses
Other liabilities                         107,223             77,840     
Total liabilities                          2,384,374             1,562,254
                                                             
Redeemable noncontrolling interests        57,534                42,529
                                                             
Equity:
American Campus Communities, Inc.
and Subsidiaries

stockholders’ equity:
Common stock                               1,043                 725
Additional paid in capital                 3,001,520             1,664,416
Accumulated earnings and dividends         (347,521    )         (286,565   )
Accumulated other comprehensive loss      (6,661      )        (3,360     )
Total American Campus Communities,
Inc. and Subsidiaries                      2,648,381             1,375,216

stockholders’ equity
Noncontrolling interests                  28,673              28,583     
Total equity                              2,677,054           1,403,799  
                                                             
Total liabilities and equity           $   5,118,962        $   3,008,582  

    Balance sheet amounts represent preliminary purchase price allocations for
1  properties acquired as part of the Campus Acquisitions and Kayne Anderson
    portfolio acquisitions. Such allocations will be finalized upon filing of
    the company’s Form 10-K.

                                                      
Table 2
American Campus Communities, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
(dollars in thousands, except share and per share data)
                                                         
                   Three Months Ended                    Year Ended

                   December 31,                          December 31,
                    2012              2011           2012             2011       
Revenues           (unaudited)                           (unaudited)
Wholly-owned       $ 143,706            $ 93,292         $ 448,052           $ 345,411
properties
On-campus
participating        8,400                8,137            26,166              25,252
properties
Third-party
development          1,147                1,347            8,574               7,497
services
Third-party
management           1,810                1,827            6,893               7,254
services
Resident            623                331            1,605             1,353      
services
Total revenues       155,686              104,934          491,290             386,767
Operating
expenses
Wholly-owned         61,586        ^1     41,049           210,307      ^1     163,857
properties
On-campus
participating        2,767                2,685            11,073              10,180
properties
Third-party
development and      2,885                3,567            10,898              11,368
management
services
General and          7,205         ^2     3,821            22,965       ^2     12,752
administrative
Depreciation and     39,046               22,182           115,884             86,229
amortization
Ground/facility     1,387              984            4,248             3,608      
leases
Total operating     114,876            74,288         375,375           287,994    
expenses
Operating income     40,810               30,646           115,915             98,773
Nonoperating
income and
(expenses)
Interest income      402                  209              1,760               582
Interest expense     (16,986     ) ^3     (12,665    )     (56,577    ) ^3     (51,593    )
Amortization of
deferred             (1,435      )        (1,332     )     (4,482     )        (5,107     )
financing costs
(Loss) income
from                 -                    (574       )     444                 (641       )
unconsolidated
joint ventures
Other
nonoperating        397                -              411               -          
income
Total
nonoperating        (17,622     )       (14,362    )    (58,444    )       (56,759    )
expenses
Income before
income taxes and
discontinued         23,188               16,284           57,471              42,014

operations
Income tax          (232        )       (60        )    (725       )       (433       )
provision
Income from
continuing           22,956               16,224           56,746              41,581
operations
Discontinued
operations
(Loss) income
attributable to      (190        )        (337       )     771                 1,585
discontinued
operations
Loss from early
extinguishment       (1,591      )        -                (1,591     )        -
of debt
Gain from
disposition of      4,229              232            4,312             14,806     
real estate
Total
discontinued        2,448              (105       )    3,492             16,391     
operations
Net income           25,404               16,119           60,238              57,972
Net income
attributable to     (1,749      )       (284       )    (3,602     )       (1,343     )
noncontrolling
interests
Net income
attributable to
American Campus
                   $ 23,655            $ 15,835        $ 56,636           $ 56,629     
Communities,
Inc. and
Subsidiaries
Other
comprehensive
income (loss)
Change in fair
value of            890                748            (3,301     )       2,143      
interest rate
swaps
Comprehensive      $ 24,545            $ 16,583        $ 53,335           $ 58,772     
income
Net income per
share
attributable to
American

Campus
Communities,
Inc. and
Subsidiaries

common
stockholders
Basic              $ 0.23              $ 0.22          $ 0.66             $ 0.81       
Diluted            $ 0.23              $ 0.22          $ 0.65             $ 0.80       
Weighted-average
common shares
outstanding
Basic               100,517,983        71,295,963     84,711,584        69,243,203 
Diluted             102,248,249        72,746,157     85,309,451        69,807,394 

    Wholly-owned properties operating expenses for the three months and year
1  ended December 31, 2012 include $0.3 million and $1.8 million,
    respectively, of acquisition-related costs such as broker fees, due
    diligence costs and legal and accounting fees.
    General and administrative expenses for the three months and year ended
    December 31, 2012 include $2.8 million and $7.5 million, respectively, of
2   acquisition-related costs such as due diligence costs and legal and
    accounting fees related to our recent portfolio acquisitions in September
    2012 and November 2012.
    Interest expense for the three months and year ended December 31, 2012,
    respectively, includes $0.2 million and $0.4 million of
3   acquisition-related costs associated with bridge loan commitments obtained
    in connection with our recent portfolio acquisitions in September 2012 and
    November 2012.

                                                      
Table 3
American Campus Communities, Inc. and Subsidiaries
Consolidated Statements of Funds From Operations
(unaudited, dollars in thousands, except share and per share data)
                                                         
                      Three Months Ended                 Year Ended

                      December 31,                       December 31,
                       2012           2011           2012          2011       
Net income
attributable to
American Campus       $ 23,655          $ 15,835         $ 56,636         $ 56,629
Communities, Inc.
and Subsidiaries
Noncontrolling          407               284              1,205            1,343
interests^1
Gain from
disposition of real     (4,229      )     (232       )     (4,312     )     (14,806    )
estate
Loss (income) from
unconsolidated          -                 574              (444       )     641
joint ventures
FFO from
unconsolidated          -                 (557       )     429              (576       )
joint ventures^2
Real estate related
depreciation and        38,640            22,382           114,841          87,951
amortization
Elimination of
provision for asset
impairment–             -                 559              -                559

wholly-owned
properties^3
Elimination of
provision for asset
impairment–            -               546            -              546        

unconsolidated
joint ventures^4
Funds from              58,473            39,391           168,355          132,287
operations (“FFO”)
Elimination of
operations of
on-campus
participating
properties
Net income from
on-campus
participating           (2,703      )     (2,498     )     (3,238     )     (3,074     )

properties
Amortization of
investment in
on-campus              (1,163      )    (1,138     )    (4,644     )    (4,468     )
participating

properties
                        54,607            35,755           160,473          124,745
Modifications to
reflect operational
performance of

on-campus
participating
properties
Our share of net        498               564              2,065            2,190
cash flow^5
Management fees        374             374            1,188          1,144      
Impact of on-campus
participating           872               938              3,253            3,334
properties
Elimination of loss
from early              1,591             -                1,591            -
extinguishment of
debt^6
Elimination of gain
on debt
restructuring-
unconsolidated          -                 -                (424       )     -
joint venture^7
Loss on
remeasurement of       -               -              122            -          
equity method
investment^8
Funds from
operations-modified   $ 57,070         $ 36,693        $ 165,015       $ 128,079    
("FFOM”)
FFO per share –       $ 0.57           $ 0.54          $ 1.95          $ 1.87       
diluted
FFOM per share –      $ 0.56           $ 0.50          $ 1.91          $ 1.81       
diluted
Weighted average
common shares
outstanding–           102,362,377     72,860,285     86,375,470     70,834,789 

diluted
Acquisition–related   $ 3,327          $ 858           $ 9,647         $ 1,537      
costs
FFOM (excluding
acquisition-related   $ 60,397         $ 37,551        $ 174,662       $ 129,616    
costs)
FFOM per share
(excluding
acquisition-related   $ 0.59           $ 0.52          $ 2.02          $ 1.83       

costs)

    Excludes $0.4 million and $1.4 million for the three months and year ended
    December 31, 2012, respectively, of income attributable to the
    noncontrolling partner in The Varsity, a property purchased in December
    2011 from a seller that retained a 20.5% noncontrolling interest in the
1  property. Also excludes $1.0 million for both the three months and year
    ended December 31, 2012, of income attributable to the seller of
    University Edge, a property subject to a pre-sale arrangement that was
    consolidated for financial reporting purposes prior to our purchase of the
    property in December 2012.
    Represents our 10% share of FFO from a joint venture with Fidelity (“Fund
    II”) in which we were a noncontrolling partner. In January 2012, we
2   purchased the full ownership interest in the one remaining property owned
    by Fund II (University Heights). Subsequent to the acquisition, the
    property is now wholly-owned and is consolidated by the company.
3   Represents an impairment charge recorded for Pirates Cove, a property sold
    in April 2012.
4   Represents our share of impairment charges recorded for properties owned
    through our unconsolidated Fidelity Joint Ventures.
    50% of the properties’ net cash available for distribution after payment
5   of operating expenses, debt service (including repayment of principal) and
    capital expenditures. Represents actual cash received for the year-to-date
    periods and amounts accrued for the interim periods.
    Represents losses associated with the early pay-off of mortgage loans for
    Brookstone Village and Campus Walk in connection with the sale of those
    properties in October 2012. Such costs are excluded from gains from
    disposition of real estate reported in accordance with GAAP. However, we
    view the losses from early extinguishment of debt associated with the
6   sales of real estate as an incremental cost of the sale transactions
    because we extinguished the debt in connection with the consummation of
    the sale transactions and we had no intent to extinguish the debt absent
    such transactions. We believe that adjusting FFO to exclude these losses
    more appropriately reflects the results of our operations exclusive of the
    impact of our disposition transactions.
    Immediately prior to our purchase of University Heights from Fund II (see
    Note 2), Fund II negotiated a Settlement Agreement with the lender of the
    property’s mortgage loan whereby the lender agreed to accept a discounted
7   amount that was less than the original principal amount of the loan as
    payment in full. Accordingly, Fund II recorded a gain on debt
    restructuring to reflect the discounted payoff. Our 10% share of such gain
    is reflected above as an adjustment to FFOM.
    Represents a non-cash loss recorded to remeasure our equity method
8   investment in Fund II to fair value as a result of our purchase of the
    full ownership interest in University Heights from Fund II in January
    2012.

                                                            
Table 4
American Campus Communities, Inc. and Subsidiaries
2013 Outlook^1
(unaudited, dollars in thousands, except share and per share data)
                                                               
                                             Low               High
Net income                                   $ 77,300          $ 87,500
Noncontrolling interests                       1,400             1,600
Depreciation and amortization                 173,800         173,800     
Funds from operations (“FFO”)                  252,500           262,900
                                                               
Elimination of operations from on-campus       (8,000      )     (8,200      )
participating properties
Modifications to reflect operational
performance of on-campus                      3,200           3,600       

participating properties
Funds from operations – modified (“FFOM”)    $ 247,700        $ 258,300     
                                                               
Weighted average common shares outstanding    106,725,000     106,725,000 
– diluted
                                                               
Net income per share – diluted               $ 0.72           $ 0.82        
                                                               
FFO per share – diluted                      $ 2.37           $ 2.46        
                                                               
FFOM per share – diluted                     $ 2.32           $ 2.42        

    Assumes: (1) the company will achieve property level net operating income
    of $352.0 million to $358.1 million (including $100.0 million of net
    property dispositions in excess of property acquisitions at the low end of
    the range, and $100.0 million of net property acquisitions in excess of
1  dispositions at the high end of the range); (2) same store property net
    operating income growth of 3.9% - 5.0%; (3) the company will initiate a
    $300 million to $400 million inaugural bond offering during the first
    quarter 2013; and (4) the company will achieve third-party revenues of
    $9.3 million to $11.8 million.

Contact:

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