Explanatory Note

On December 3, 2012, American Campus Communities, Inc. and American Campus Communities Operating Partnership, L.P. (collectively referred to as the "Company", "we", "our", and "us") filed a current report on Form 8-K (the "Initial Report") disclosing our November 30, 2012 acquisition of 19 student housing properties with 12,049 beds, including 366 beds at an additional phase currently under development at an existing property, for an aggregate purchase price of $862.8 million (hereinafter referred to as the "Kayne Anderson Portfolio"). Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, we hereby amend the Initial Report to provide (i) Item 9.01(a), audited statement of revenues and certain expenses for the properties acquired in this transaction, and (ii) Item 9.01(b), unaudited pro forma financial information on this acquisition and other transactions we completed through the date of this filing.

(a) Financial Statements under Rule 3-14 of Regulation S-X Report of Independent Registered Public Accounting Firm 1 Combined Statement of Revenues and Certain Expenses for the nine months ended September 30, 2012 (unaudited) and for the year ended December 31, 2011 2 Notes to Combined Statement of Revenues and Certain Expenses 3

(b) Unaudited Pro Forma Condensed Consolidated Information American Campus Communities, Inc. and Subsidiaries

      Pro Forma Condensed Consolidated Financial Statements                     5
      Pro Forma Condensed Consolidated Balance Sheet as of September 30,
  2012                                                                          6
      Pro Forma Condensed Consolidated Statement of Operations for the Year
  Ended
       December 31, 2011                                                        7
      Pro Forma Condensed Consolidated Statement of Operations for the Nine
  Months
       Ended September 30, 2012                                                 8
      Notes to Pro Forma Condensed Consolidated Financial Statements            9

  American Campus Communities Operating Partnership, L.P. and Subsidiaries
      Pro Forma Condensed Consolidated Financial Statements                     13
      Pro Forma Condensed Consolidated Balance Sheet as of September 30,
  2012                                                                          14
      Pro Forma Condensed Consolidated Statement of Operations for the Year
  Ended
       December 31, 2011                                                        15
      Pro Forma Condensed Consolidated Statement of Operations for the Nine
  Months
       Ended September 30, 2012                                                 16
      Notes to Pro Forma Condensed Consolidated Financial Statements            17

  (c) Exhibits
     The Exhibit to this Report is listed on the Exhibit Index attached
  hereto.