Item 1.01 Entry into a Material Definitive Agreement
On August 14, 2009, American Campus Communities, Inc., as Parent Guarantor (the "Company"), entered into a Second Amended and Restated Credit Agreement (the "Agreement") with American Campus Communities Operating Partnership LP, the Company's operating partnership, as Borrower; the other subsidiaries of the Company listed on the signature pages thereto, as Subsidiary Guarantors; the lenders listed on the signature pages thereto, as Initial Lenders; KeyBank National Association, as the initial issuer of letters of credit, Administrative Agent and Swingline Bank; JPMorgan Chase Bank, N.A. and Bank of America, N.A., as Co-Syndication Agents; Deutsche Bank Trust Company Americas and U.S. Bank National Association, as Co-Documentation Agents; and KeyBanc Capital Markets Inc., as Lead Arranger. Pursuant to the Agreement, the size of the Company's $160 million revolving credit facility was increased to $225 million, and may be expanded by up to an additional $75 million upon the satisfaction of certain conditions. In addition, the maturity date of the amended facility was extended to August 14, 2012, and can be extended for an additional 12 months to August 14, 2013. The amended facility is secured by seven of the Company's student housing properties. The Company and certain of its subsidiaries guarantees the Borrower's obligations under the amended facility. The Company intends to use the amended facility to, among other things, fund acquisitions, other working capital needs and future property development, such as the ACE™ (American Campus Equity) program. The description herein of the amended facility is qualified in its entirety, and the terms therein are incorporated herein, by reference to the Agreement filed as Exhibit 99.1 hereto.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of Registrant

The information contained in Item 1.01 is incorporated herein by reference.