AUSTIN, TX (REIT Media) April 17, 2008 - American Campus Communities, Inc. (NYSE:ACC), one of the nation’s largest developers, owners and managers of high-quality student housing properties, today announced the pricing of a public offering of 8,000,000 shares of its common stock at a price of $28.75 per share. The company also granted the underwriters an option to purchase up to an additional 1,200,000 shares of common stock to cover overallotments, if any.

Merrill Lynch & Co. and KeyBanc Capital Markets served as joint book-running managers for the offering. Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc. served as co-lead managers for the offering. Banc of America Securities LLC served as a co-manager for the offering.

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 prospectus relating to the offering may be obtained by contacting Merrill Lynch & Co., 4 World Financial Center, New York, NY 10080 (telephone: (866) 500-5408) or KeyBanc Capital Markets, Superior Ave., 17th Floor, Cleveland, OH 44114 (telephone: (216) 563-3825).

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 46 student housing communities containing approximately 29,300 beds. Including its owned properties, the company provides management and leasing services at a total of 66 properties with approximately 45,200 beds located on or near college and university campuses. Additional information is available at www.studenthousing.com.

Forward-Looking Statements

This news release contains forward-looking statements, which express the current beliefs and expectations of management. Except for historical information, the matters discussed in this news release are forward-looking statements and can be identified by the use of the words "anticipate," "believe," "expect," "intend," "may," "might," "plan," "estimate," "project," "should," "will," "result" and similar expressions. 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.

Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including risks and uncertainties related to the proposed merger with GMH Communities Trust and related transactions (including but not limited to (i) the occurrence of any effect, event, development or change that could give rise to the termination of the definitive agreements, (ii) the inability to complete the proposed transactions, including in the case of the merger, due to the failure of GMH’s shareholders to approve the merger, (iii) the failure of any party to satisfy the conditions to the closing of the transactions and (iv) the failure of ACC to obtain the necessary financing arrangements set forth in a commitment letter received in connection with the proposed merger), inherent in the national economy, the real estate industry in general, and in our specific markets; the effect of terrorism or the threat of terrorism; legislative or regulatory changes including changes to laws governing REITs; our dependence on key personnel whose continued service is not guaranteed; availability of qualified acquisition and development targets; availability of capital and financing; rising interest rates; rising insurance rates; impact of ad valorem and income taxation; changes in generally accepted accounting principals; and our continued ability to successfully lease and operate our properties. While we believe these forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be achieved. These forward-looking statements are made as of the date of this news release, 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.

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