----

----

x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

|  Maryland                                                                     |   |  76-0753089                        |
|------------------------------------------------------------------------------------|--------|-----------------------------------------|
|  (State or Other Jurisdiction ofIncorporation or Organization)                |   |  (IRS Employer Identification No.) |
| 805 Las Cimas Parkway, Suite 400Austin, TX(Address of Principal Executive Offices) |   | 78746(Zip Code)                         |

|   | Large accelerated filer x |                                          |     Accelerated Filer o |
|--------|---------------------------|-----------------------------------------------|---------------------------------------------|
|   |                      |                                          |                                        |
|   | Non-accelerated filer o   | (Do not check if a smaller reporting company) | Smaller reporting company o                 |

----

|                             | PAGE NO.                                                                                                                           |
|----------------------------------|------------------------------------------------------------------------------------------------------------------------------------|
|                             |                                                                                                                               |
| PART I.      |                                                                                                                               |
|                             |                                                                                                                               |   |
| Item 1.                          | Consolidated Financial Statements                                                                                                  |   |
|                             |                                                                                                                               |   |
|                             | Consolidated Balance Sheets as of September 30, 2009 (unaudited) and December 31, 2008                                             | 1 |
|                             |                                                                                                                               |   |
|                             | Consolidated Statements of Operations for the three and nine months ended September 30, 2009 and 2008 (all unaudited)    | 2 |
|                             |                                                                                                                               |   |
|                             | Consolidated Statement of Changes in Equity for the nine months ended September 30, 2009 (unaudited)                     | 3 |
|                             |                                                                                                                               |   |
|                             | Consolidated Statements of Cash Flows for the nine months ended September 30, 2009 and 2008 (all unaudited)                        | 4 |
|                             |                                                                                                                               |   |
|                             | Notes to Consolidated Financial Statements                                                                                         | 5 |
|                             |                                                                                                                               |   |
| Item 2.                          | Management’s Discussion and Analysis of Financial Condition and Results of Operations                                   | 25 |
|                             |                                                                                                                               |   |
| Item 3.                          | Quantitative and Qualitative Disclosure about Market Risk                                                                     | 44 |
|                             |                                                                                                                               |   |
| Item 4.                          | Controls and Procedures                                                                                                            | 44 |
|                             |                                                                                                                               |
| PART II.     |                                                                                                                               |
|                             |                                                                                                                               |   |
| Item 6.                          | Exhibits                                                                                                                           | 45 |
|                             |                                                                                                                               |
| SIGNATURES                       | 46                                                                                                                                 |

----

|                                                                                                                                                                                                                                                                                       |   | September 30, 2009 |              |   | December 31, 2008 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|-------------------|--------|-------------------|--------|
|                                                                                                                                                                                                                                                                                       |   | (Unaudited)        |              |   |              |   |
| Assets                                                                                                                                                                                                                                                                                     |   |               |              |   |              |   |
|                                                                                                                                                                                                                                                                                       |   |               |              |   |              |   |
| Investments in real estate:                                                                                                                                                                                                                                                                |   |               |              |   |              |   |
|   Wholly-owned properties, net                                                                                                                                                                                                                                                   |   | $                  | 2,050,352         |   |              | $      | 1,986,833 |   |
|   On-campus participating properties, net                                                                                                                                                                                                                                        |   |               | 66,677            |   |              |   | 69,302 |   |
| Investments in real estate, net                                                                                                                                                                                                                                                            |   |               | 2,117,029         |   |              |   | 2,056,135 |   |
|                                                                                                                                                                                                                                                                                       |   |               |              |   |              |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                                                                                                  |   |               | 86,753            |   |              |   | 25,600 |   |
| Restricted cash                                                                                                                                                                                                                                                                            |   |               | 29,103            |   |              |   | 32,558 |   |
| Student contracts receivable, net                                                                                                                                                                                                                                                          |   |               | 7,058             |   |              |   | 5,185 |   |
| Other assets                                                                                                                                                                                                                                                                               |   |               | 59,760            |   |              |   | 64,431 |   |
|                                                                                                                                                                                                                                                                                       |   |               |              |   |              |   |   |   |
| Total assets                                                                                                                                                                                                                                                                               |   | $                  | 2,299,703         |   |              | $      | 2,183,909 |   |
|                                                                                                                                                                                                                                                                                       |   |               |              |   |              |   |   |   |
| Liabilities and equity                                                                                                                                                                                                                                                                     |   |               |              |   |              |   |   |   |
|                                                                                                                                                                                                                                                                                       |   |               |              |   |              |   |   |   |
| Liabilities:                                                                                                                                                                                                                                                                               |   |               |              |   |              |   |   |   |
|   Secured mortgage, construction and bond debt                                                                                                                                                                                                                                   |   | $                  | 1,055,526         |   |              | $      | 1,162,221 |   |
|   Senior secured term loan                                                                                                                                                                                                                                                       |   |               | 100,000           |   |              |   | 100,000 |   |
|   Secured revolving credit facility                                                                                                                                                                                                                                              |   |               | -                 |   |              |   | 14,700 |   |
|   Secured agency facility                                                                                                                                                                                                                                                        |   |               | 94,000            |   |              |   | - |   |
|   Accounts payable and accrued expenses                                                                                                                                                                                                                                          |   |               | 31,679            |   |              |   | 35,440 |   |
|   Other liabilities                                                                                                                                                                                                                                                              |   |               | 59,880            |   |              |   | 56,052 |   |
| Total liabilities                                                                                                                                                                                                                                                                          |   |               | 1,341,085         |   |              |   | 1,368,413 |   |
|                                                                                                                                                                                                                                                                                       |   |               |              |   |              |   |   |   |
| Redeemable noncontrolling interests                                                                                                                                                                                                                                                        |   |               | 35,449            |   |              |   | 26,286 |   |
|                                                                                                                                                                                                                                                                                       |   |               |              |   |              |   |   |   |
| Equity:                                                                                                                                                                                                                                                                                    |   |               |              |   |              |   |   |   |
|   American Campus Communities, Inc. stockholders’ equity:     Common stock, $.01 par value, 800,000,000 shares authorized, 52,190,493 and 42,354,283 shares issued and outstanding at September 30, 2009 and December 31, 2008, respectively |   |               |     521 |   |              |   |     423 |   |
|      Additional paid in capital                                                                                                                                                                                                                                   |   |               | 1,093,018         |   |              |   | 901,641 |   |
|      Accumulated earnings and dividends                                                                                                                                                                                                                           |   |               | (169,477          | )      |              |   | (111,828 | ) |
|      Accumulated comprehensive loss                                                                                                                                                                                                                               |   |               | (4,815            | )      |              |   | (5,117 | ) |
|      Total American Campus Communities, Inc. stockholders’ equity                                                                                                                                                                                           |   |               | 919,247           |   |              |   | 785,119 |   |
|   Noncontrolling interests                                                                                                                                                                                                                                                       |   |               | 3,922             |   |              |   | 4,091 |   |
| Total equity                                                                                                                                                                                                                                                                               |   |               | 923,169           |   |              |   | 789,210 |   |
|                                                                                                                                                                                                                                                                                       |   |               |              |   |              |   |   |   |
| Total liabilities and equity                                                                                                                                                                                                                                                               |   | $                  | 2,299,703         |   |              | $      | 2,183,909 |   |

----

|                                                                                      |   | Three Months Ended September 30, |       |   | Nine Months Ended September 30, |   |
|-------------------------------------------------------------------------------------------|--------|----------------------------------|------------|--------|---------------------------------|--------|
|                                                                                      |   | 2009                             |       |   | 2008                            |   |   | 2009 |   |   | 2008 |   |
| Revenues:                                                                                 |   |                             |       |   |                            |   |   |   |   |   |   |   |
|   Wholly-owned properties                                                       |   | $                                | 69,735     |   |                            | $      | 60,663 |   |   | $ | 203,219 |   |   | $ | 129,638 |   |
|   On-campus participating properties                                            |   |                             | 4,433      |   |                            |   | 4,301 |   |   |   | 15,229 |   |   |   | 14,993 |   |
|   Third party development services                                              |   |                             | 1,760      |   |                            |   | 4,519 |   |   |   | 3,698 |   |   |   | 6,898 |   |
|   Third party management services                                               |   |                             | 2,229      |   |                            |   | 2,041 |   |   |   | 6,576 |   |   |   | 4,185 |   |
|   Resident services                                                             |   |                             | 288        |   |                            |   | 610 |   |   |   | 733 |   |   |   | 1,409 |   |
| Total revenues                                                                            |   |                             | 78,445     |   |                            |   | 72,134 |   |   |   | 229,455 |   |   |   | 157,123 |   |
|                                                                                      |   |                             |       |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses:                                                                       |   |                             |       |   |                            |   |   |   |   |   |   |   |   |   |   |   |
|   Wholly-owned properties                                                       |   |                             | 39,234     |   |                            |   | 38,812 |   |   |   | 103,611 |   |   |   | 69,435 |   |
|   On-campus participating properties                                            |   |                             | 2,690      |   |                            |   | 3,274 |   |   |   | 7,503 |   |   |   | 8,068 |   |
|   Third party development and management services                               |   |                             | 2,842      |   |                            |   | 3,277 |   |   |   | 8,629 |   |   |   | 7,713 |   |
|   General and administrative                                                    |   |                             | 2,667      |   |                            |   | 3,191 |   |   |   | 8,244 |   |   |   | 8,562 |   |
|   Depreciation and amortization                                                 |   |                             | 18,630     |   |                            |   | 18,148 |   |   |   | 59,132 |   |   |   | 37,291 |   |
|   Ground/facility leases                                                        |   |                             | 474        |   |                            |   | 508 |   |   |   | 1,478 |   |   |   | 1,235 |   |
| Total operating expenses                                                                  |   |                             | 66,537     |   |                            |   | 67,210 |   |   |   | 188,597 |   |   |   | 132,304 |   |
|                                                                                      |   |                             |       |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Operating income                                                                          |   |                             | 11,908     |   |                            |   | 4,924 |   |   |   | 40,858 |   |   |   | 24,819 |   |
|                                                                                      |   |                             |       |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Nonoperating income and (expenses):                                                       |   |                             |       |   |                            |   |   |   |   |   |   |   |   |   |   |   |
|   Interest income                                                               |   |                             | 21         |   |                            |   | 244 |   |   |   | 101 |   |   |   | 1,048 |   |
|   Interest expense                                                              |   |                             | (15,789    | )      |                            |   | (17,022 | ) |   |   | (47,121 | ) |   |   | (32,734 | ) |
|   Amortization of deferred financing costs                                      |   |                             | (845       | )      |                            |   | (832 | ) |   |   | (2,426 | ) |   |   | (1,591 | ) |
|   Loss from unconsolidated joint ventures                                       |   |                             | (907       | )      |                            |   | (926 | ) |   |   | (1,944 | ) |   |   | (1,181 | ) |
|   Other nonoperating income                                                     |   |                             | -          |   |                            |   | 486 |   |   |   | 402 |   |   |   | 486 |   |
| Total nonoperating expenses                                                               |   |                             | (17,520    | )      |                            |   | (18,050 | ) |   |   | (50,988 | ) |   |   | (33,972 | ) |
|                                                                                      |   |                             |       |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Loss before income taxes, redeemable noncontrolling interests and discontinued operations |   |                             | (5,612     | )      |                            |   | (13,126 | ) |   |   | (10,130 | ) |   |   | (9,153 | ) |
| Income tax provision                                                                      |   |                             | (135       | )      |                            |   | (128 | ) |   |   | (405 | ) |   |   | (261 | ) |
| Redeemable noncontrolling interests share of loss (income)                           |   |                             |  87   |   |                            |   | 307 |   |   |   | 114 |   |   |   | (12 | ) |
| Loss from continuing operations                                                           |   |                             | (5,660     | )      |                            |   | (12,947 | ) |   |   | (10,421 | ) |   |   | (9,426 | ) |
| Loss attributable to discontinued operations                                              |   |                             | -          |   |                            |   | (115 | ) |   |   | - |   |   |   | (23 | ) |
| Net loss                                                                                  |   |                             | (5,660     | )      |                            |   | (13,062 | ) |   |   | (10,421 | ) |   |   | (9,449 | ) |
| Net income attributable to noncontrolling interests                                       |   |                             | (144       | )      |                            |   | (32 | ) |   |   | (416 | ) |   |   | (186 | ) |
| Net loss attributable to common shareholders                                              |   | $                                | (5,804     | )      |                            | $      | (13,094 | ) |   | $ | (10,837 | ) |   | $ | (9,635 | ) |
|                                                                                      |   |                             |       |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Loss per share attributable to common shareholders – basic:                    |   |                             |       |   |                            |   |   |   |   |   |   |   |   |   |   |   |
|   Loss from continuing operations per share                                     |   | $                                | (0.11      | )      |                            | $      | (0.31 | ) |   | $ | (0.24 | ) |   | $ | (0.28 | ) |
|   Net loss per share                                                            |   | $                                | (0.11      | )      |                            | $      | (0.31 | ) |   | $ | (0.24 | ) |   | $ | (0.28 | ) |
| Loss per share attributable to common shareholders – diluted:                  |   |                             |       |   |                            |   |   |   |   |   |   |   |   |   |   |   |
|   Loss from continuing operations per share                                     |   | $                                | (0.11      | )      |                            | $      | (0.31 | ) |   | $ | (0.23 | ) |   | $ | (0.27 | ) |
|   Net loss per share                                                            |   | $                                | (0.11      | )      |                            | $      | (0.31 | ) |   | $ | (0.23 | ) |   | $ | (0.27 | ) |
|                                                                                      |   |                             |       |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Weighted-average common shares outstanding:                                               |   |                             |       |   |                            |   |   |   |   |   |   |   |   |   |   |   |
|   Basic                                                                         |   |                             | 52,195,869 |   |                            |   | 42,314,175 |   |   |   | 47,526,198 |   |   |   | 35,139,189 |   |
|   Diluted                                                                       |   |                             | 53,516,117 |   |                            |   | 43,577,493 |   |   |   | 48,804,267 |   |   |   | 36,549,728 |   |
|                                                                                      |   |                             |       |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Distributions declared per common share                                                   |   | $                                | 0.3375     |   |                            | $      | 0.3375 |   |   | $ | 1.0125 |   |   | $ | 1.0125 |   |

----

|                                                |   |  Common Shares |       |   | Par Value ofCommon Shares |   |   | Additional Paidin Capital |   |   | AccumulatedEarnings andDistributions |   |   | Accumulated OtherComprehensiveIncome (Loss) |     |   | NoncontrollingInterests |   |   | Total  |   |
|-----------------------------------------------------|--------|--------------------------|------------|--------|---------------------------|--------|--------|---------------------------|--------|--------|--------------------------------------|--------|--------|---------------------------------------------|----------|--------|-------------------------|--------|--------|--------|--------|
| Equity, December 31, 2008                           |   |                     | 42,354,283 |   |                      | $      | 423    |                      |   | $      | 901,641                              |   |   | $                                           | (111,828 | )      |                    | $      | (5,117 | )      |   | $ | 4,091 |   |   | $ | 789,210 |   |
| Net proceeds from sale of common stock              |   |                     | 9,775,000  |   |                      |   | 98     |                      |   |   | 198,252                              |   |   |                                        | -        |   |                    |   | -      |   |   |   | - |   |   |   | 198,350 |   |
| Amortization of restricted stock awards             |   |                     | -          |   |                      |   | -      |                      |   |   | 1,976                                |   |   |                                        | -        |   |                    |   | -      |   |   |   | - |   |   |   | 1,976 |   |
| Vesting of restricted stock awards                  |   |                     | 50,210     |   |                      |   | -      |                      |   |   | (313                                 | )      |   |                                        | -        |   |                    |   | -      |   |   |   | - |   |   |   | (313 | ) |
| Issuance of fully vested restricted stock units     |   |                     | 9,000      |   |                      |   | -      |                      |   |   | 55                                   |   |   |                                        | -        |   |                    |   | -      |   |   |   | - |   |   |   | 55 |   |
| Distributions to common and restricted stockholders |   |                     | -          |   |                      |   | -      |                      |   |   | -                                    |   |   |                                        | (46,812  | )      |                    |   | -      |   |   |   | - |   |   |   | (46,812 | ) |
| Distributions to joint venture partners             |   |                     | -          |   |                      |   | -      |                      |   |   | -                                    |   |   |                                        | -        |   |                    |   | -      |   |   |   | (585 | ) |   |   | (585 | ) |
|  Conversion of common units to common stock    |   |                     | 2,000      |   |                      |   | -      |                      |   |   | 23                                   |   |   |                                        | -        |   |                    |   | -      |   |   |   | - |   |   |   | 23 |   |
| Reclassification of noncontrolling interests        |   |                     | -          |   |                      |   | -      |                      |   |   | (8,616                               | )      |   |                                        | -        |   |                    |   | -      |   |   |   | - |   |   |   | (8,616 | ) |
| Comprehensive loss:                                 |   |                     |       |   |                      |   |   |                      |   |   |                                 |   |   |                                        |     |   |                    |   |   |   |   |   |   |   |   |   |   |   |
| Change in fair value of interest rate swaps         |   |                     | -          |   |                      |   | -      |                      |   |   | -                                    |   |   |                                        | -        |   |                    |   | 302    |   |   |   | - |   |   |   | 302 |   |
| Net loss                                            |   |                     | -          |   |                      |   | -      |                      |   |   | -                                    |   |   |                                        | (10,837  | )      |                    |   | -      |   |   |   | 416 |   |   |   | (10,421 | ) |
| Total comprehensive loss                            |   |                     | -          |   |                      |   | -      |                      |   |   | -                                    |   |   |                                        | -        |   |                    |   | -      |   |   |   | - |   |   |   | (10,119 | ) |
| Equity, September 30, 2009                          |   |                     | 52,190,493 |   |                      | $      | 521    |                      |   | $      | 1,093,018                            |   |   | $                                           | (169,477 | )      |                    | $      | (4,815 | )      |   | $ | 3,922 |   |   | $ | 923,169 |   |

----

|                                                                                                                      |   | Nine Months Ended September 30, |     |
|---------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|----------|
|                                                                                                                      |   | 2009                            |     |   | 2008 |   |
| Operating activities                                                                                                      |   |                            |     |   |   |   |
| Net loss                                                                                                                  |   | $                               | (10,421  | ) |   | $ | (9,449 | ) |
| Adjustments to reconcile net loss to net cash provided by operating activities:                                           |   |                            |     |   |   |   |   |   |
|      Redeemable noncontrolling interests share of (loss) income                                  |   |                            | (114     | ) |   |   | 12 |   |
|      Depreciation and amortization                                                               |   |                            | 59,132   |   |   |   | 37,291 |   |
|      Amortization of deferred financing costs and debt premiums/discounts                        |   |                            | 2,322    |   |   |   | 868 |   |
|  Share-based compensation                                                                                            |   |                            | 2,078    |   |   |   | 1,512 |   |
|      Loss from unconsolidated joint ventures                                                     |   |                            | 1,944    |   |   |   | 1,181 |   |
|      Amortization of gain on interest rate swap termination                                      |   |                            | -        |   |   |   | (181 | ) |
|      Income tax provision                                                                        |   |                            | 405      |   |   |   | 248 |   |
|      Changes in operating assets and liabilities:                                                |   |                            |     |   |   |   |   |   |
|               Restricted cash                       |   |                            | 3,455    |   |   |   | (2,499 | ) |
|               Student contracts receivable, net     |   |                            | (1,873   | ) |   |   | 336 |   |
|               Other assets                          |   |                            | (1,072   | ) |   |   | (8,079 | ) |
|               Accounts payable and accrued expenses |   |                            | (4,479   | ) |   |   | 1,035 |   |
|               Other liabilities                     |   |                            | 2,533    |   |   |   | 685 |   |
| Net cash provided by operating activities                                                                                 |   |                            | 53,910   |   |   |   | 22,960 |   |
| Investing activities                                                                                                      |   |                            |     |   |   |   |   |   |
|      Net proceeds from dispositions of real estate                                               |   |                            | -        |   |   |   | 4,418 |   |
|      Cash paid for company and property acquisitions                                             |   |                            | -        |   |   |   | (286,350 | ) |
|      Cash paid for land acquisitions                                                             |   |                            | (3,167   | ) |   |   | (3,226 | ) |
|      Investments in wholly-owned properties                                                      |   |                            | (99,893  | ) |   |   | (115,552 | ) |
|      Investments in unconsolidated joint ventures                                                |   |                            | (255     | ) |   |   | (10,610 | ) |
|      Investments in on-campus participating properties                                           |   |                            | (645     | ) |   |   | (637 | ) |
|      Purchase of corporate furniture, fixtures and equipment                                     |   |                            | (1,468   | ) |   |   | (1,875 | ) |
|      Distributions received from unconsolidated joint ventures                                   |   |                            | -        |   |   |   | 15 |   |
|      Net cash used in investing activities                                                       |   |                            | (105,428 | ) |   |   | (413,817 | ) |
| Financing activities                                                                                                      |   |                            |     |   |   |   |   |   |
|      Proceeds from sale of common stock                                                          |   |                            | 207,719  |   |   |   | 264,500 |   |
|      Offering costs                                                                              |   |                            | (9,369   | ) |   |   | (12,264 | ) |
|      Proceeds from sale of preferred stock                                                       |   |                            | -        |   |   |   | 131 |   |
|      Proceeds from contribution of properties to joint venture                                   |   |                            | -        |   |   |   | 74,368 |   |
|      Proceeds from senior secured term loan                                                      |   |                            | -        |   |   |   | 100,000 |   |
|      Secured revolving credit facilities, net                                                    |   |                            | 79,300   |   |   |   | (9,600 | ) |
|      Proceeds from construction loans                                                            |   |                            | 5,334    |   |   |   | 70,629 |   |
|      Pay-off of mortgage and construction loans                                                  |   |                            | (103,027 | ) |   |   | (24,225 | ) |
|      Principal payments on debt                                                                  |   |                            | (8,898   | ) |   |   | (7,569 | ) |
|      Change in construction accounts payable                                                     |   |                            | (1,931   | ) |   |   | 3,715 |   |
|      Debt issuance and assumption costs                                                          |   |                            | (7,751   | ) |   |   | (5,757 | ) |
|      Distributions to common and restricted stockholders                                         |   |                            | (46,799  | ) |   |   | (36,254 | ) |
|      Distributions to noncontrolling partners                                                    |   |                            | (1,907   | ) |   |   | (1,590 | ) |
|      Net cash provided by financing activities                                                   |   |                            | 112,671  |   |   |   | 416,084 |   |
| Net change in cash and cash equivalents                                                                                   |   |                            | 61,153   |   |   |   | 25,227 |   |
| Cash and cash equivalents at beginning of period                                                                          |   |                            | 25,600   |   |   |   | 12,073 |   |
| Cash and cash equivalents at end of period                                                                                |   | $                               | 86,753   |   |   | $ | 37,300 |   |
| Supplemental disclosure of non-cash investing and financing activities                                                    |   |                            |     |   |   |   |   |   |
|      Issuance of Common Units in connection with land acquisition                                |   | $                               | (2,005   | ) |   | $ | - |   |
|      Issuance of common stock in connection with company acquisition                             |   | $                               | -        |   |   | $ | (154,739 | ) |
|      Issuance of Common Units in connection with company acquisition                             |   | $                               | -        |   |   | $ | (199 | ) |
|      Loans assumed in connection with company and property acquisitions                          |   | $                               | -        |   |   | $ | (615,175 | ) |
|      Change in fair value of derivative instruments, net                                         |   | $                               | 302      |   |   | $ | (48 | ) |
| Supplemental disclosure of cash flow information                                                                          |   |                            |     |   |   |   |   |   |
|      Interest paid                                                                               |   | $                               | 48,350   |   |   | $ | 33,905 |   |

----

1.     Organization and Description of Business 

----

----

| Buildings and improvements                                   |   | 7-40 years                                                    |
|--------------------------------------------------------------|--------|---------------------------------------------------------------|
| Leasehold interest - on-campus participating properties |   | 25-34 years (shorter of useful life or respective lease term) |
| Furniture, fixtures and equipment                            |   | 3-7 years                                                     |

|   | a. | Management, having the authority to approve the action, commits to a plan to sell the asset. |
|--------|----|----------------------------------------------------------------------------------------------|

|   | b. | The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------|

|   | d. | The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | e. | The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. |
|--------|----|--------------------------------------------------------------------------------------------------------------------|

----

|   | f. | Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|                                                                                                                                      |   | Three Months EndedSeptember 30, |       |   | Nine Months EndedSeptember 30, |   |
|-------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|------------|--------|--------------------------------|--------|
|                                                                                                                                      |   | 2009                            |       |   | 2008                           |   |   | 2009 |   |   | 2008 |   |
| Basic earnings per share calculation:                                                                                                     |   |                            |       |   |                           |   |   |   |   |   |   |   |
|   Loss from continuing operations attributable to common shareholders                                                      |   | $                               | (5,804     | )      |                           | $      | (12,979 | ) |   | $ | (10,837 | ) |   | $ | (9,612 | ) |
|   Amount allocated to participating securities                                                                                  |   |                            | (157       | )      |                           |   | (96 | ) |   |   | (496 | ) |   |   | (303 | ) |
|   Loss from continuing operations attributable to common shareholders, net of amount allocated to participating securities |   |                            | (5,961     | )      |                           |   | (13,075 | ) |   |   | (11,333 | ) |   |   | (9,915 | ) |
|   Loss from discontinued operations attributable to common shareholders                                                    |   |                            |  -    |   |                           |   | (115 | ) |   |   |  - |   |   |   | (23 | ) |
|   Net loss attributable to common shareholders, as adjusted – basic                                                       |   | $                               | (5,961     | )      |                           | $      | (13,190 | ) |   | $ | (11,333 | ) |   | $ | (9,938 | ) |
|                                                                                                                                      |   |                            |       |   |                           |   |   |   |   |   |   |   |   |   |   |   |
|   Loss from continuing operations attributable to common shareholders, as adjusted – per share                       |   | $                               | (0.11      | )      |                           | $      | (0.31 | ) |   | $ | (0.24 | ) |   | $ | (0.28 | ) |
|   Loss from discontinued operations attributable to common shareholders – per share                                  |   |                            |  -    |   |                           |   |  - |   |   |   |  - |   |   |   |  - |   |
|   Net loss attributable to common shareholders, as adjusted – per share                                                   |   | $                               | (0.11      | )      |                           | $      | (0.31 | ) |   | $ | (0.24 | ) |   | $ | (0.28 | ) |
|                                                                                                                                      |   |                            |       |   |                           |   |   |   |   |   |   |   |   |   |   |   |
|   Basic weighted average common shares outstanding                                                                              |   |                            | 52,195,869 |   |                           |   | 42,314,175 |   |   |   | 47,526,198 |   |   |   | 35,139,189 |   |
|                                                                                                                                      |   |                            |       |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Diluted earnings per share calculation:                                                                                                   |   |                            |       |   |                           |   |   |   |   |   |   |   |   |   |   |   |
|   Loss from continuing operations attributable to common shareholders, net of amount allocated to participating securities |   | $                               | (5,961     | )      |                           | $      | (13,075 | ) |   | $ | (11,333 | ) |   | $ | (9,915 | ) |
|   Income from continuing operations attributable to Series A Preferred Units                                               |   |                            |  46   |   |                           |   |  46 |   |   |   |  138 |   |   |   |  138 |   |
|   Loss from continuing operations allocated to Common Units                                                                |   |                            | (133       | )      |                           |   | (350 | ) |   |   | (252 | ) |   |   | (125 | ) |
|   Loss from continuing operations attributable to common shareholders, as adjusted                                         |   |                            | (6,048     | )      |                           |   | (13,379 | ) |   |   | (11,447 | ) |   |   | (9,902 | ) |
|   Loss from discontinued operations attributable to common shareholders                                                    |   |                            | -          |   |                           |   | (115 | ) |   |   | - |   |   |   | (23 | ) |
|   Loss from discontinued operations allocated to Common Units                                                                   |   |                            | -          |   |                           |   | (3 | ) |   |   | - |   |   |   | (1 | ) |
|   Loss from discontinued operations attributable to common shareholders, as adjusted                                       |   |                            |  -    |   |                           |   | (118 | ) |   |   |  - |   |   |   | (24 | ) |
|   Net loss attributable to common shareholders, as adjusted                                                                     |   | $                               | (6,048     | )      |                           | $      | (13,497 | ) |   | $ | (11,447 | ) |   | $ | (9,926 | ) |
|                                                                                                                                      |   |                            |       |   |                           |   |   |   |   |   |   |   |   |   |   |   |
|   Loss from continuing operations attributable to common shareholders, as adjusted – per share                       |   | $                               | (0.11      | )      |                           | $      | (0.31 | ) |   | $ | (0.23 | ) |   | $ | (0.27 | ) |
|   Loss from discontinued operations attributable to common shareholders, as adjusted – per share                     |   |                            |  -    |   |                           |   |  - |   |   |   |  - |   |   |   |  - |   |
|   Net loss attributable to common shareholders, as adjusted –  per share                                             |   | $                               | (0.11      | )      |                           | $      | (0.31 | ) |   | $ | (0.23 | ) |   | $ | (0.27 | ) |
|                                                                                                                                      |   |                            |       |   |                           |   |   |   |   |   |   |   |   |   |   |   |
|   Basic weighted average common shares outstanding                                                                                   |   |                            | 52,195,869 |   |                           |   | 42,314,175 |   |   |   | 47,526,198 |   |   |   | 35,139,189 |   |
|   Common Units                                                                                                                  |   |                            | 1,205,285  |   |                           |   | 1,148,355 |   |   |   | 1,163,106 |   |   |   | 1,295,576 |   |
|   Series A Preferred Units                                                                                                      |   |                            | 114,963    |   |                           |   | 114,963 |   |   |   | 114,963 |   |   |   | 114,963 |   |
|   Diluted weighted average common shares outstanding (1)                                                                        |   |                            | 53,516,117 |   |                           |   | 43,577,493 |   |   |   | 48,804,267 |   |   |   | 36,549,728 |   |

|   | (1) | 465,533 and 283,174 weighted average RSAs are excluded from diluted weighted average common shares outstanding for the three months ended September 30, 2009 and 2008, respectively, and 458,785 and 277,749 weighted average RSAs are excluded from diluted weighted average common shares outstanding for the nine months ended September 30, 2009 and 2008, respectively, because they would be anti-dilutive due to the Company’s lossposition for these periods. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                               |   | Nine Months EndedSeptember 30, 2008 |    |
|------------------------------------|--------|-------------------------------------|---------|
| Total revenues                     |   | $                                   | 212,979 |   |
| Net loss                           |   | $                                   | (14,852 | ) |
| Net loss per share – basic   |   | $                                   | (0.36   | ) |
| Net loss per share – diluted |   | $                                   | (0.35   | ) |

|                              |   | September 30, 2009 |      |   | December 31, 2008 |   |
|-----------------------------------|--------|--------------------|-----------|--------|-------------------|--------|
| Land (1)                          |   | $                  | 247,824   |   |              | $      | 242,653 |   |
| Buildings and improvements        |   |               | 1,849,181 |   |              |   | 1,706,184 |   |
| Furniture, fixtures and equipment |   |               | 111,820   |   |              |   | 87,633 |   |
| Construction in progress          |   |               | -         |   |              |   | 63,715 |   |
|                              |   |               | 2,208,825 |   |              |   | 2,100,185 |   |
| Less accumulated depreciation     |   |               | (158,473  | )      |              |   | (113,352 | ) |
| Wholly-owned properties, net      |   | $                  | 2,050,352 |   |              | $      | 1,986,833 |   |

| (1) | The land balance above includes undeveloped land parcels valued at $23.4 million and $18.2 million as of September 30, 2009 and December 31, 2008, respectively. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                      |   |              |   |                                                      |   | Historical Cost    |    |
|---------------------------------------------------------------------------|--------|-------------------|--------|-----------------------------------------------------------|--------|--------------------|---------|
| Lessor/University                                                         |   | LeaseCommencement |   | Required DebtRepayment (1)                                |   | September 30, 2009 |    |   | December 31, 2008 |   |
| Texas A&M University System /Prairie View A&M University (2)      |   | 2/1/96            |   | 9/1/23                                                    |   | $                  | 38,892  |   |   | $ | 38,732 |   |
| Texas A&M University System /Texas A&M International              |   | 2/1/96            |   | 9/1/23                                                    |   |               | 6,211   |   |   |   | 6,163 |   |
| Texas A&M University System /Prairie View A&M University (3) |   | 10/1/99           |   |    8/31/25  /  8/31/28 |   |               | 24,371  |   |   |   | 24,191 |   |
| University of Houston System /University of Houston (4)                   |   | 9/27/00           |   | 8/31/35                                                   |   |               | 35,156  |   |   |   | 34,899 |   |
|                                                                      |   |              |   |                                                      |   |               | 104,630 |   |   |   | 103,985 |   |
| Less accumulated amortization                                             |   |              |   |                                                      |   |               | (37,953 | ) |   |   | (34,683 | ) |
| On-campus participating properties, net                                   |   |              |   |                                                      |   | $                  | 66,677  |   |   | $ | 69,302 |   |

|   | (1) | Represents the effective lease termination date.  The Leases terminate upon the earlier to occur of the final repayment of the related debt or the end of the contractual lease term. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Consists of three phases placed in service between 1996 and 1998. |
|--------|-----|-------------------------------------------------------------------|

|   | (3) | Consists of two phases placed in service in 2000 and 2003. |
|--------|-----|------------------------------------------------------------|

|   | (4) | Consists of two phases placed in service in 2001 and 2005. |
|--------|-----|------------------------------------------------------------|

----

----

|                                                |   | September 30, 2009 |      |   | December 31, 2008 |   |
|-----------------------------------------------------|--------|--------------------|-----------|--------|-------------------|--------|
| Debt secured by wholly-owned properties:            |   |               |      |   |              |   |
|   Mortgage loans payable                  |   | $                  | 876,160   |   |              | $      | 955,847 |   |
|   Construction loans payable              |   |               | 100,000   |   |              |   | 124,819 |   |
|                                                |   |               | 976,160   |   |              |   | 1,080,666 |   |
| Debt secured by on-campus participating properties: |   |               |      |   |              |   |   |   |
|   Mortgage loans payable                  |   |               | 32,790    |   |              |   | 32,991 |   |
|   Bonds payable                           |   |               | 51,390    |   |              |   | 53,275 |   |
|                                                |   |               | 84,180    |   |              |   | 86,266 |   |
| Senior secured term loan                            |   |               | 100,000   |   |              |   | 100,000 |   |
| Secured revolving credit facility                   |   |               | -         |   |              |   | 14,700 |   |
| Secured agency facility                             |   |               | 94,000    |   |              |   | - |   |
| Unamortized debt premiums                           |   |               | 4,174     |   |              |   | 5,682 |   |
| Unamortized debt discounts                          |   |               | (8,988    | )      |              |   | (10,393 | ) |
| Total debt                                          |   | $                  | 1,249,526 |   |              | $      | 1,276,921 |   |

----

----

|                              |   | Number ofRSUs |   |
|-----------------------------------|--------|---------------|--------|
| Outstanding at December 31, 2008  |   |          | 11,556 |   |
| Granted                           |   |          | 11,870 |   |
| Settled in common shares          |   |          | (8,594 | ) |
| Settled in cash                   |   |          | (9,456 | ) |
| Outstanding at September 30, 2009 |   |          | 5,376  |   |

----

|                                    |   | Number ofRSAs |    |
|-----------------------------------------|--------|---------------|---------|
| Nonvested balance at December 31, 2008  |   |          | 282,408 |   |
| Granted                                 |   |          | 256,650 |   |
| Vested                                  |   |          | (50,210 | ) |
| Forfeited                               |   |          | (24,089 | ) |
| Nonvested balance at September 30, 2009 |   |          | 464,759 |   |

----

|  Date Entered |  Effective Date | MaturityDate  |  Pay Fixed Rate | Receive Floating Rate Index |   | NotionalAmount |   |   | Fair Value |   |
|--------------------|----------------------|---------------|----------------------|----------------------------------|--------|----------------|--------|--------|------------|--------|
| Feb. 12, 2007      | Feb. 15, 2007        | Feb. 15, 2014 | 6.689%               | LIBOR – 1 mo. plus 1.35%   |   | $              | 33,156 |   |       | $      | (3,906 | ) |
| Feb. 23, 2009      | March 20, 2009       | Feb. 20, 2012 | 1.785%               | LIBOR – 1 month            |   |           | 50,000 |   |       |   | (445 | ) |
| Feb. 23, 2009      | March 20, 2009       | Feb. 20, 2012 | 1.800%               | LIBOR – 1 month            |   |           | 50,000 |   |       |   | (464 | ) |

|                                                     |   | Derivative Liabilities as of |   |
|----------------------------------------------------------|--------|------------------------------|--------|
|                                                     |   | September 30, 2009           |   | December 31, 2008 |   |
|                                                     |   | Balance SheetLocation        |   | Fair Value |   | Balance SheetLocation |   | Fair Value |   |
|                                                     |   |                         |   |   |   |   |   |   |   |   |   |
| Interest rate swap contracts                             |   | Other liabilities            |   | $ | 4,815 |   | Other Liabilities |   | $ | 5,117 |   |
| Total derivatives designated as hedging instruments |   |                         |   | $ | 4,815 |   |   |   | $ | 5,117 |   |

|                           |                            |                                                                      |   |                                                        |   |                                                                           |   |   |             |   |   |   |   |   |   |   |   |
|--------------------------------|---------------------------------|---------------------------------------------------------------------------|--------|-------------------------------------------------------------|--------|--------------------------------------------------------------------------------|--------|--------|------------------|--------|--------|--------|--------|--------|--------|--------|--------|
| Cash Flow HedgingRelationships |                            | Amount of Income (Loss)Recognized in OCI on Derivative(Effective Portion) |   | Location of GainReclassified fromAccumulatedOCI Into Income |   | Amount of Gain Reclassified fromAccumulated OCI Into Income(Effective Portion) |   |
|                           | Nine Months Ended September 30, |                                                                      |   | Nine Months Ended September 30,                             |   |
|                           | 2009                            |                                                                      |   | 2008                                                        |   |                                                                           | 2009   |   |             | 2008   |   |
|                           |                            |                                                                      |   |                                                        |   |                                                                           |   |   |             |   |   |   |   |   |   |   |   |
| Interest rate swap contracts   |                            | $                                                                         | 302    |                                                        |   | $                                                                              | (48    | )      | Interest expense |   | $      | -      |   |   | $      | 181    |   |
|                           |                            |                                                                      |   |                                                        |   |                                                                           |   |   |             |   |   |   |   |   |   |   |   |
| Total                          |                            | $                                                                         | 302    |                                                        |   | $                                                                              | (48    | )      |             |   | $      | -      |   |   | $      | 181    |   |

----

|                             |   | Quoted Prices inActive Markets forIdentical Assetsand Liabilities(Level 1) |   |   | Significant OtherObservable Inputs(Level 2) |   |   | SignificantUnobservableInputs (Level 3) |   |   |  Balance atSeptember 30, 2009 |   |
|----------------------------------|--------|----------------------------------------------------------------------------|--------|--------|---------------------------------------------|--------|--------|-----------------------------------------|--------|--------|------------------------------------|--------|
| Derivative financial instruments |   | $                                                                          | -      |   |                                        | $      | 4,815  |                                    |   | $      | -                                  |   |   | $ | 4,815 |   |

----

|           |   | September 30, 2009 |   |   | December 31, 2008 |   |
|----------------|--------|--------------------|--------|--------|-------------------|--------|
|           |   | Fair Value         |   |   | Carrying Amount   |   |   | Fair Value |   |   | Carrying Amount |   |
| Mortgage loans |   | $                  | 943.5  |   |              | $      | 904.1 |   |   | $ | 1,000.1 |   |   | $ | 984.1 |   |
| Bonds payable  |   |               | 51.6   |   |              |   | 51.4 |   |   |   | 52.8 |   |   |   | 53.3 |   |

----

----

|                                                                                                                                       |   | Three Months Ended September 30, |      |   | Nine Months Ended September 30, |   |
|--------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------|-----------|--------|---------------------------------|--------|
|                                                                                                                                       |   | 2009                             |      |   | 2008                            |   |   | 2009 |   |   | 2008 |   |
| Wholly-Owned Properties                                                                                                                    |   |                             |      |   |                            |   |   |   |   |   |   |   |
| Rental revenues                                                                                                                            |   | $                                | 70,023    |   |                            | $      | 61,274 |   |   | $ | 203,952 |   |   | $ | 131,047 |   |
| Interest and other income                                                                                                                  |   |                             | 10        |   |                            |   | 17 |   |   |   | 32 |   |   |   | 90 |   |
| Total revenues from external customers                                                                                                     |   |                             | 70,033    |   |                            |   | 61,291 |   |   |   | 203,984 |   |   |   | 131,137 |   |
| Operating expenses before depreciation, amortization,   ground/facility lease, and allocation of corporate overhead         |   |                             | 39,607    |   |                            |   | 38,546 |   |   |   | 104,492 |   |   |   | 68,753 |   |
| Ground/facility lease                                                                                                                      |   |                             | 251       |   |                            |   | 125 |   |   |   | 763 |   |   |   | 125 |   |
| Interest expense                                                                                                                           |   |                             | 13,496    |   |                            |   | 14,994 |   |   |   | 41,724 |   |   |   | 28,942 |   |
| Other nonoperating income                                                                                                                  |   |                             | -         |   |                            |   | 486 |   |   |   | 402 |   |   |   | 486 |   |
| Operating income before depreciation, amortization,   noncontrolling interests and allocation of corporate overhead         |   | $                                | 16,679    |   |                            | $      | 8,112 |   |   | $ | 57,407 |   |   | $ | 33,803 |   |
| Depreciation and amortization                                                                                                              |   | $                                | 17,202    |   |                            | $      | 16,709 |   |   | $ | 54,833 |   |   | $ | 33,404 |   |
| Capital expenditures                                                                                                                       |   | $                                | 31,537    |   |                            | $      | 48,788 |   |   | $ | 99,893 |   |   | $ | 118,778 |   |
| Total segment assets at September 30,                                                                                                      |   | $                                | 2,134,602 |   |                            | $      | 1,954,105 |   |   | $ | 2,134,602 |   |   | $ | 1,954,105 |   |
|                                                                                                                                       |   |                             |      |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| On-Campus Participating Properties                                                                                                         |   |                             |      |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Rental revenues                                                                                                                            |   | $                                | 4,433     |   |                            | $      | 4,301 |   |   | $ | 15,229 |   |   | $ | 14,993 |   |
| Interest and other income                                                                                                                  |   |                             | 7         |   |                            |   | 47 |   |   |   | 40 |   |   |   | 179 |   |
| Total revenues from external customers                                                                                                     |   |                             | 4,440     |   |                            |   | 4,348 |   |   |   | 15,269 |   |   |   | 15,172 |   |
| Operating expenses before depreciation, amortization,   ground/facility lease, and allocation of corporate overhead         |   |                             | 2,544     |   |                            |   | 3,091 |   |   |   | 7,085 |   |   |   | 7,533 |   |
| Ground/facility lease                                                                                                                      |   |                             | 223       |   |                            |   | 383 |   |   |   | 715 |   |   |   | 1,110 |   |
| Interest expense                                                                                                                           |   |                             | 1,535     |   |                            |   | 1,521 |   |   |   | 4,650 |   |   |   | 4,614 |   |
| Operating income (loss) before depreciation, amortization,   noncontrolling interests and allocation of corporate overhead  |   | $                                | 138       |   |                            | $      | (647 | ) |   | $ | 2,819 |   |   | $ | 1,915 |   |
| Depreciation and amortization                                                                                                              |   | $                                | 1,087     |   |                            | $      | 1,087 |   |   | $ | 3,269 |   |   | $ | 3,230 |   |
| Capital expenditures                                                                                                                       |   | $                                | 464       |   |                            | $      | 441 |   |   | $ | 645 |   |   | $ | 637 |   |
| Total segment assets at September 30,                                                                                                      |   | $                                | 78,577    |   |                            | $      | 82,615 |   |   | $ | 78,577 |   |   | $ | 82,615 |   |
|                                                                                                                                       |   |                             |      |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Development Services                                                                                                                       |   |                             |      |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Development and construction management fees from   external customers                                                      |   | $                                | 1,760     |   |                            | $      | 4,519 |   |   | $ | 3,698 |   |   | $ | 6,898 |   |
| Operating expenses                                                                                                                         |   |                             | 2,205     |   |                            |   | 2,226 |   |   |   | 6,580 |   |   |   | 6,671 |   |
| Operating (loss) income before depreciation, amortization,   noncontrolling interests and allocation of corporate overhead  |   | $                                | (445      | )      |                            | $      | 2,293 |   |   | $ | (2,882 | ) |   | $ | 227 |   |
| Total segment assets at September 30,                                                                                                      |   | $                                | 7,724     |   |                            | $      | 8,971 |   |   | $ | 7,724 |   |   | $ | 8,971 |   |
|                                                                                                                                       |   |                             |      |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Property Management Services                                                                                                               |   |                             |      |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Property management fees from external customers                                                                                           |   | $                                | 2,229     |   |                            | $      | 2,041 |   |   | $ | 6,576 |   |   | $ | 4,185 |   |
| Intersegment revenues                                                                                                                      |   |                             | 2,682     |   |                            |   | 2,421 |   |   |   | 7,929 |   |   |   | 5,006 |   |
| Total revenues                                                                                                                             |   |                             | 4,911     |   |                            |   | 4,462 |   |   |   | 14,505 |   |   |   | 9,191 |   |
| Operating expenses                                                                                                                         |   |                             | 1,816     |   |                            |   | 2,557 |   |   |   | 5,583 |   |   |   | 4,578 |   |
| Operating income before depreciation, amortization,   noncontrolling interests and allocation of corporate overhead         |   | $                                | 3,095     |   |                            | $      | 1,905 |   |   | $ | 8,922 |   |   | $ | 4,613 |   |
| Total segment assets at September 30,                                                                                                      |   | $                                | 4,715     |   |                            | $      | 4,407 |   |   | $ | 4,715 |   |   | $ | 4,407 |   |
|                                                                                                                                       |   |                             |      |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Reconciliations                                                                                                                            |   |                             |      |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Total segment revenues                                                                                                                     |   | $                                | 81,144    |   |                            | $      | 74,620 |   |   | $ | 237,456 |   |   | $ | 162,398 |   |
| Unallocated interest income earned on corporate cash                                                                                       |   |                             | 4         |   |                            |   | 179 |   |   |   | 29 |   |   |   | 779 |   |
| Elimination of intersegment revenues                                                                                                       |   |                             | (2,682    | )      |                            |   | (2,421 | ) |   |   | (7,929 | ) |   |   | (5,006 | ) |
| Total consolidated revenues, including interest income                                                                                     |   | $                                | 78,466    |   |                            | $      | 72,378 |   |   | $ | 229,556 |   |   | $ | 158,171 |   |
| Segment operating income before depreciation, amortization,   noncontrolling interests and allocation of corporate overhead |   | $                                | 19,467    |   |                            | $      | 11,663 |   |   | $ | 66,266 |   |   | $ | 40,558 |   |
| Depreciation and amortization                                                                                                              |   |                             | (19,475   | )      |                            |   | (18,980 | ) |   |   | (61,558 | ) |   |   | (38,882 | ) |
| Net unallocated expenses relating to corporate overhead                                                                                    |   |                             | (4,697    | )      |                            |   | (4,883 | ) |   |   | (12,894 | ) |   |   | (9,648 | ) |
| Loss from unconsolidated joint ventures                                                                                                    |   |                             | (907      | )      |                            |   | (926 | ) |   |   | (1,944 | ) |   |   | (1,181 | ) |
| Income tax provision                                                                                                                       |   |                             | (135      | )      |                            |   | (128 | ) |   |   | (405 | ) |   |   | (261 | ) |
| Noncontrolling interests share of loss (income)                                                                                            |   |                             | (57       | )      |                            |   | 275 |   |   |   | (302 | ) |   |   | (198 | ) |
| Loss from continuing operations attributable to   common shareholders                                                       |   | $                                | (5,804    | )      |                            | $      | (12,979 | ) |   | $ | (10,837 | ) |   | $ | (9,612 | ) |
|                                                                                                                                       |   |                             |      |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Total segment assets                                                                                                                       |   | $                                | 2,225,618 |   |                            | $      | 2,050,098 |   |   | $ | 2,225,618 |   |   | $ | 2,050,098 |   |
| Unallocated corporate assets                                                                                                               |   |                             | 74,085    |   |                            |   | 141,704 |   |   |   | 74,085 |   |   |   | 141,704 |   |
| Total assets                                                                                                                               |   | $                                | 2,299,703 |   |                            | $      | 2,191,802 |   |   | $ | 2,299,703 |   |   | $ | 2,191,802 |   |

----

----

----

----

|                                   |   |                        |   |                |   |                                              |   |   |   |   |
|----------------------------------------|--------|-----------------------------|--------|---------------------|--------|---------------------------------------------------|--------|--------|--------|--------|
| PROPERTY                               |   | YR ACQUIRED / DEVELOPED (1) |   | LOCATION            |   | PRIMARY UNIVERSITY SERVED                         |   | UNITS  |   | BEDS   |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| Wholly-Owned properties:               |   |                        |   |                |   |                                              |   |   |   |   |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 1. Villas on Apache                    |   | 1999                        |   | Tempe, AZ           |   | Arizona State University Main Campus              |   | 111    |   | 288    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 2. River Club Apartments               |   | 1999                        |   | Athens, GA          |   | The University of Georgia – Athens          |   | 266    |   | 792    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 3. River Walk Townhomes                |   | 1999                        |   | Athens, GA          |   | The University of Georgia – Athens          |   | 100    |   | 336    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 4. The Village at Blacksburg           |   | 2000                        |   | Blacksburg, VA      |   | Virginia Polytechnic Inst. & State University |   | 288    |   | 1,056  |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 5. The Callaway House                  |   | 2001                        |   | College Station, TX |   | Texas A&M University                          |   | 173    |   | 538    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 6. The Village at Alafaya Club         |   | 2000                        |   | Orlando, FL         |   | The University of Central Florida                 |   | 228    |   | 839    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 7. The Village at Science Drive        |   | 2001                        |   | Orlando, FL         |   | The University of Central Florida                 |   | 192    |   | 732    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 8. University Village at Boulder Creek |   | 2002                        |   | Boulder, CO         |   | The University of Colorado at Boulder             |   | 82     |   | 309    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 9. University Village at Fresno        |   | 2004                        |   | Fresno, CA          |   | California State University – Fresno        |   | 105    |   | 406    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 10. University Village at TU (2)       |   | 2004                        |   | Philadelphia, PA    |   | Temple University                                 |   | 220    |   | 749    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 11. University Club Tallahassee        |   | 2005                        |   | Tallahassee, FL     |   | Florida State University                          |   | 152    |   | 608    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 12. The Grove at University Club       |   | 2005                        |   | Tallahassee, FL     |   | Florida State University                          |   | 64     |   | 128    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 13. College Club Tallahassee           |   | 2005                        |   | Tallahassee, FL     |   | Florida A&M University                        |   | 96     |   | 384    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 14. The Greens at College Club         |   | 2005                        |   | Tallahassee, FL     |   | Florida A&M University                        |   | 40     |   | 160    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 15. University Club Gainesville        |   | 2005                        |   | Gainesville, FL     |   | University of Florida                             |   | 94     |   | 376    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 16. City Parc at Fry Street            |   | 2005                        |   | Denton, TX          |   | University of North Texas                         |   | 136    |   | 418    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 17. The Estates                        |   | 2005                        |   | Gainesville, FL     |   | University of Florida                             |   | 396    |   | 1,044  |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 18. University Village at Sweet Home   |   | 2005                        |   | Amherst, NY         |   | State University of New York – Buffalo      |   | 269    |   | 828    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 19. Entrada Real                       |   | 2006                        |   | Tucson, AZ          |   | University of Arizona                             |   | 98     |   | 363    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 20. Royal Oaks                         |   | 2006                        |   | Tallahassee, FL     |   | Florida State University                          |   | 82     |   | 224    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 21. Royal Pavilion                     |   | 2006                        |   | Tallahassee, FL     |   | Florida State University                          |   | 60     |   | 204    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 22. Royal Village Tallahassee          |   | 2006                        |   | Tallahassee, FL     |   | Florida State University                          |   | 75     |   | 288    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 23. Royal Village Gainesville          |   | 2006                        |   | Gainesville, FL     |   | University of Florida                             |   | 118    |   | 448    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 24. Northgate Lakes                    |   | 2006                        |   | Orlando, FL         |   | The University of Central Florida                 |   | 194    |   | 710    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 25. Royal Lexington                    |   | 2006                        |   | Lexington, KY       |   | University of Kentucky                            |   | 94     |   | 364    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 26. The Woods at Greenland             |   | 2006                        |   | Murfreesboro, TN    |   | Middle Tennessee State University                 |   | 78     |   | 276    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 27. Raider’s Crossing            |   | 2006                        |   | Murfreesboro, TN    |   | Middle Tennessee State University                 |   | 96     |   | 276    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 28. Raider’s Pass                |   | 2006                        |   | Lubbock, TX         |   | Texas Tech University                             |   | 264    |   | 828    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 29. Aggie Station                      |   | 2006                        |   | College Station, TX |   | Texas A&M University                          |   | 156    |   | 450    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 30. The Outpost San Marcos             |   | 2006                        |   | San Marcos, TX      |   | Texas State University – San Marcos         |   | 162    |   | 486    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 31. The Outpost San Antonio            |   | 2006                        |   | San Antonio, TX     |   | University of Texas – San Antonio           |   | 276    |   | 828    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 32. Callaway Villas                    |   | 2006                        |   | College Station, TX |   | Texas A&M University                          |   | 236    |   | 704    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 33. Village on Sixth                   |   | 2007                        |   | Huntington, WV      |   | Marshall University                               |   | 248    |   | 752    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 34. Newtown Crossing                   |   | 2007                        |   | Lexington, KY       |   | University of Kentucky                            |   | 356    |   | 942    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 35. Olde Towne University Square       |   | 2007                        |   | Toledo, OH          |   | University of Toledo                              |   | 224    |   | 550    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 36. Peninsular Place                   |   | 2007                        |   | Ypsilanti, MI       |   | Eastern Michigan University                       |   | 183    |   | 478    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 37. University Centre                  |   | 2007                        |   | Newark, NJ          |   | Rutgers University, NJIT, Essex CCC               |   | 234    |   | 838    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 38. Sunnyside Commons                  |   | 2008                        |   | Morgantown, WV      |   | West Virginia University                          |   | 68     |   | 161    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 39. Pirate’s Place               |   | 2008                        |   | Greenville, NC      |   | East Carolina University                          |   | 144    |   | 528    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 40. University Highlands               |   | 2008                        |   | Reno, NV            |   | University of Nevada at Reno                      |   | 216    |   | 732    |
|                                   |   |                        |   |                |   |                                              |   |   |   |   |
| 41. Jacob Heights I                    |   | 2008                        |   | Mankato, MN         |   | Minnesota State University                        |   | 42     |   | 162    |

----

| PROPERTY                                   |   | YR ACQUIRED / DEVELOPED (1) |   | LOCATION            |   | PRIMARY UNIVERSITY SERVED                      |   | UNITS  |   | BEDS         |
|--------------------------------------------|--------|-----------------------------|--------|---------------------|--------|------------------------------------------------|--------|--------|--------|--------------|
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 42. Jacob Heights III                      |   | 2008                        |   | Mankato, MN         |   | Minnesota State University                     |   | 24     |   | 96           |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 43. The Summit                             |   | 2008                        |   | Mankato, MN         |   | Minnesota State University                     |   | 192    |   | 672          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 44. GrandMarc – Seven Corners        |   | 2008                        |   | Minneapolis, MN     |   | University of Minnesota                        |   | 186    |   | 440          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 45. University Village – Sacramento  |   | 2008                        |   | Sacramento, CA      |   | California State University – Sacramento |   | 250    |   | 394          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 46. Aztec Corner                           |   | 2008                        |   | San Diego, CA       |   | San Diego State University                     |   | 180    |   | 606          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 47. University Crossings                   |   | 2008                        |   | Philadelphia, PA    |   | University of Pennsylvania / Drexel            |   | 260    |   | 1,016        |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 48. Campus Corner                          |   | 2008                        |   | Bloomington, IN     |   | Indiana University                             |   | 254    |   | 796          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 49. Tower at 3rd                           |   | 2008                        |   | Champaign, IL       |   | University of Illinois                         |   | 147    |   | 295          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 50. University Mills                       |   | 2008                        |   | Cedar Falls, IA     |   | University of Northern Iowa                    |   | 121    |   | 481          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 51. Pirates Cove                           |   | 2008                        |   | Greenville, NC      |   | East Carolina University                       |   | 264    |   | 1,056        |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 52. University Manor                       |   | 2008                        |   | Greenville, NC      |   | East Carolina University                       |   | 168    |   | 600          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 53. Brookstone Village                     |   | 2008                        |   | Wilmington, NC      |   | UNC – Wilmington                         |   | 124    |   | 238          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 54. Campus Walk – Wilmington         |   | 2008                        |   | Wilmington, NC      |   | UNC – Wilmington                         |   | 289    |   | 290          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 55. Riverside Estates                      |   | 2008                        |   | Cayce, SC           |   | University of South Carolina                   |   | 205    |   | 700          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 56. Cambridge at Southern                  |   | 2008                        |   | Statesboro, GA      |   | Georgia Southern University                    |   | 228    |   | 564          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 57. Campus Club – Statesboro         |   | 2008                        |   | Statesboro, GA      |   | Georgia Southern University                    |   | 276    |   | 984          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 58. University Pines                       |   | 2008                        |   | Statesboro, GA      |   | Georgia Southern University                    |   | 144    |   | 552          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 59. Lakeside                               |   | 2008                        |   | Athens, GA          |   | University of Georgia                          |   | 244    |   | 776          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 60. The Club                               |   | 2008                        |   | Athens, GA          |   | University of Georgia                          |   | 120    |   | 480          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 61. The Edge (formerly Pegusus Connection) |   | 2008                        |   | Orlando, FL         |   | Central Florida                                |   | 306    |   | 930          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 62. University Place                       |   | 2008                        |   | Charlottesville, VA |   | University of Virginia                         |   | 144    |   | 528          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 63. Southview                              |   | 2008                        |   | Harrisonburg, VA    |   | James Madison University                       |   | 240    |   | 960          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 64. Stonegate                              |   | 2008                        |   | Harrisonburg, VA    |   | James Madison University                       |   | 168    |   | 672          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 65. The Commons                            |   | 2008                        |   | Harrisonburg, VA    |   | James Madison University                       |   | 132    |   | 528          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 66. University Gables                      |   | 2008                        |   | Murfreesboro, TN    |   | Middle Tennessee State University              |   | 168    |   | 648          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 67. Campus Ridge                           |   | 2008                        |   | Johnson City, TN    |   | East Tennessee State University                |   | 132    |   | 528          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 68. The Enclave I                          |   | 2008                        |   | Bowling Green, OH   |   | Bowling Green State University                 |   | 120    |   | 480          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 69. Hawks Landing                          |   | 2008                        |   | Oxford, OH          |   | Miami University of Ohio                       |   | 122    |   | 484          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 70. Willow Tree Apartments                 |   | 2008                        |   | Ann Arbor, MI       |   | University of Michigan                         |   | 310    |   | 568          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 71. Willow Tree Towers                     |   | 2008                        |   | Ann Arbor, MI       |   | University of Michigan                         |   | 163    |   | 283          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 72. Abbott Place                           |   | 2008                        |   | East Lansing, MI    |   | Michigan State University                      |   | 222    |   | 654          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 73. University Centre – Kalamazoo    |   | 2008                        |   | Kalamazoo, MI       |   | Western Michigan University                    |   | 232    |   | 700          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 74. University Meadows                     |   | 2008                        |   | Mt. Pleasant, MI    |   | Central Michigan University                    |   | 184    |   | 616          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 75. Campus Way                             |   | 2008                        |   | Tuscaloosa, AL      |   | University of Alabama                          |   | 196    |   | 684          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 76. Campus Walk – Oxford             |   | 2008                        |   | Oxford, MS          |   | University of Mississippi                      |   | 108    |   | 432          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 77. Campus Trails                          |   | 2008                        |   | Starkville, MS      |   | Mississippi State University                   |   | 156    |   | 480          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 78. University Pointe                      |   | 2008                        |   | Lubbock, TX         |   | Texas Tech University                          |   | 204    |   | 682          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 79. University Trails                      |   | 2008                        |   | Lubbock, TX         |   | Texas Tech University                          |   | 240    |   | 684          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 80. Vista del Sol (3)                      |   | 2008                        |   | Tempe, AZ           |   | Arizona State University                       |   | 613    |   | 1,866        |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 81. Villas at Chestnut Ridge               |   | 2008                        |   | Amherst, NY         |   | State University of New York – Buffalo   |   | 196    |   | 552          |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| 82. Barrett Honors College (3)(4)          |   | 2009                        |   | Tempe, AZ           |   | Arizona State University                       |   | 602    |   | 1,721        |
|                                       |   |                        |   |                |   |                                           |   |   |   |         |
| Total wholly-owned properties              |   |                        |   |                |   |                                           |   | 15,350 |   |  48,299 |

----

| PROPERTY                                       |   | YEAR ACQUIRED / DEVELOPED (1) |   | LOCATION         |   | PRIMARY UNIVERSITY SERVED              |   | UNITS  |   | BEDS         |
|------------------------------------------------|--------|-------------------------------|--------|------------------|--------|----------------------------------------|--------|--------|--------|--------------|
|                                           |   |                          |   |             |   |                                   |   |   |   |         |
| On-campus participating  properties: |   |                          |   |             |   |                                   |   |   |   |         |
|                                           |   |                          |   |             |   |                                   |   |   |   |         |
|  83. University Village – PVAMU     |   | 1996 / 97 / 98                |   | Prairie View, TX |   | Prairie View A&M University        |   | 612    |   | 1,920        |
|                                           |   |                          |   |             |   |                                   |   |   |   |         |
|  84. University College – PVAMU     |   | 2000 / 2003                   |   | Prairie View, TX |   | Prairie View A&M University        |   | 756    |   | 1,470        |
|                                           |   |                          |   |             |   |                                   |   |   |   |         |
|  85. University Village – TAMIU     |   | 1997                          |   | Laredo, TX       |   | Texas A&M International University |   | 84     |   | 250          |
|                                           |   |                          |   |             |   |                                   |   |   |   |         |
|  86. Cullen Oaks – Phase I and II   |   | 2001 / 2006                   |   | Houston, TX      |   | The University of Houston              |   | 411    |   | 879          |
|                                           |   |                          |   |             |
| Total on-campus participating properties       |   | 1,863                         |   | 4,519            |
|                                           |   |                          |   |             |   |                                   |   |   |   |         |
| Total – all properties                   |   |                          |   |             |   |                                   |   | 17,213 |   |  52,818 |

| (1) | As of September 30, 2009, the average age of our wholly-owned properties was approximately 10.1 years. |
|-----|--------------------------------------------------------------------------------------------------------|

| (2) | Subject to a 75-year ground lease with Temple University. |
|-----|-----------------------------------------------------------|

| (3) | Subject to a 65-year ground/facility lease with Arizona State University. |
|-----|---------------------------------------------------------------------------|

| (4) | Construction was completed and property commenced operations in August 2009. |
|-----|------------------------------------------------------------------------------|

----

|                                                                                      |   | Three Months Ended September 30, |         |   |   |   |    |       |   |
|-------------------------------------------------------------------------------------------|--------|----------------------------------|--------------|--------|--------|--------|---------|------------|--------|
|                                                                                      |   | 2009                             |         |   | 2008   |   |    | Change ($) |   |   | Change (%) |   |
| Revenues:                                                                                 |   |                             |         |   |   |   |    |       |   |   |   |   |
|   Wholly-owned properties                                                       |   | $                                | 69,735       |   |   | $      | 60,663  |       |   | $ | 9,072 |   |   |   | 15.0 | % |
|   On-campus participating properties                                            |   |                             | 4,433        |   |   |   | 4,301   |       |   |   | 132 |   |   |   | 3.1 | % |
|   Third party development services                                              |   |                             | 1,760        |   |   |   | 4,519   |       |   |   | (2,759 | ) |   |   | (61.1 | %) |
|   Third party management services                                               |   |                             | 2,229        |   |   |   | 2,041   |       |   |   | 188 |   |   |   | 9.2 | % |
|   Resident services                                                             |   |                             | 288          |   |   |   | 610     |       |   |   | (322 | ) |   |   | (52.8 | %) |
| Total revenues                                                                            |   |                             | 78,445       |   |   |   | 72,134  |       |   |   | 6,311 |   |   |   | 8.7 | % |
|                                                                                      |   |                             |         |   |   |   |    |       |   |   |   |   |   |   |   |   |
| Operating expenses:                                                                       |   |                             |         |   |   |   |    |       |   |   |   |   |   |   |   |   |
|   Wholly-owned properties                                                       |   |                             | 39,234       |   |   |   | 38,812  |       |   |   | 422 |   |   |   | 1.1 | % |
|   On-campus participating properties                                            |   |                             | 2,690        |   |   |   | 3,274   |       |   |   | (584 | ) |   |   | (17.8 | %) |
|   Third party development and management services                               |   |                             | 2,842        |   |   |   | 3,277   |       |   |   | (435 | ) |   |   | (13.3 | %) |
|   General and administrative                                                    |   |                             | 2,667        |   |   |   | 3,191   |       |   |   | (524 | ) |   |   | (16.4 | %) |
|   Depreciation and amortization                                                 |   |                             | 18,630       |   |   |   | 18,148  |       |   |   | 482 |   |   |   | 2.7 | % |
|   Ground/facility leases                                                        |   |                             | 474          |   |   |   | 508     |       |   |   | (34 | ) |   |   | (6.7 | %) |
| Total operating expenses                                                                  |   |                             | 66,537       |   |   |   | 67,210  |       |   |   | (673 | ) |   |   | (1.0 | %) |
|                                                                                      |   |                             |         |   |   |   |    |       |   |   |   |   |   |   |   |   |
| Operating income                                                                          |   |                             | 11,908       |   |   |   | 4,924   |       |   |   | 6,984 |   |   |   | 141.8 | % |
|                                                                                      |   |                             |         |   |   |   |    |       |   |   |   |   |   |   |   |   |
| Nonoperating income and (expenses):                                                       |   |                             |         |   |   |   |    |       |   |   |   |   |   |   |   |   |
|   Interest income                                                               |   |                             | 21           |   |   |   | 244     |       |   |   | (223 | ) |   |   | (91.4 | %) |
|   Interest expense                                                              |   |                             | (15,789      | )      |   |   | (17,022 | )          |   |   | 1,233 |   |   |   | (7.2 | %) |
|   Amortization of deferred financing costs                                      |   |                             | (845         | )      |   |   | (832    | )          |   |   | (13 | ) |   |   | 1.6 | % |
|   Loss from unconsolidated joint ventures                                       |   |                             | (907         | )      |   |   | (926    | )          |   |   | 19 |   |   |   | (2.1 | %) |
|   Other nonoperating income                                                     |   |                             | -            |   |   |   | 486     |       |   |   | (486 | ) |   |   | (100.0 | %) |
| Total nonoperating expenses                                                               |   |                             | (17,520      | )      |   |   | (18,050 | )          |   |   | 530 |   |   |   | (2.9 | %) |
|                                                                                      |   |                             |         |   |   |   |    |       |   |   |   |   |   |   |   |   |
| Loss before income taxes, redeemable noncontrolling interests and discontinued operations |   |                             |  (5,612 | )      |   |   | (13,126 | )          |   |   | 7,514 |   |   |   | (57.2 | %) |
| Income tax provision                                                                      |   |                             | (135         | )      |   |   | (128    | )          |   |   | (7 | ) |   |   | 5.5 | % |
| Redeemable noncontrolling interests share of loss                                         |   |                             | 87           |   |   |   | 307     |       |   |   | (220 | ) |   |   | (71.7 | %) |
| Loss from continuing operations                                                           |   |                             | (5,660       | )      |   |   | (12,947 | )          |   |   | 7,287 |   |   |   | (56.3 | %) |
| Loss from discontinued operations                                                         |   |                             | -            |   |   |   | (115    | )          |   |   | 115 |   |   |   | (100.0 | %) |
| Net loss                                                                                  |   |                             | (5,660       | )      |   |   | (13,062 | )          |   |   | 7,402 |   |   |   | (56.7 | %) |
| Net income attributable to noncontrolling interests                                       |   |                             | (144         | )      |   |   | (32     | )          |   |   | (112 | ) |   |   | 350.0 | % |
| Net loss attributable to common shareholders                                              |   | $                                | (5,804       | )      |   | $      | (13,094 | )          |   | $ | 7,290 |   |   |   | (55.7 | %) |

----

----

----

----

|                                                                                      |   | Nine Months Ended September 30, |    |   |   |   |      |       |   |
|-------------------------------------------------------------------------------------------|--------|---------------------------------|---------|--------|--------|--------|-----------|------------|--------|
|                                                                                      |   | 2009                            |    |   | 2008   |   |      | Change ($) |   |   | Change (%) |   |
| Revenues:                                                                                 |   |                            |    |   |   |   |      |       |   |   |   |   |
|   Wholly-owned properties                                                       |   | $                               | 203,219 |   |   | $      | 129,638   |       |   | $ | 73,581 |   |   |   | 56.8 | % |
|   On-campus participating properties                                            |   |                            | 15,229  |   |   |   | 14,993    |       |   |   | 236 |   |   |   | 1.6 | % |
|   Third party development services                                              |   |                            | 3,698   |   |   |   | 6,898     |       |   |   | (3,200 | ) |   |   | (46.4 | %) |
|   Third party management services                                               |   |                            | 6,576   |   |   |   | 4,185     |       |   |   | 2,391 |   |   |   | 57.1 | % |
|   Resident services                                                             |   |                            | 733     |   |   |   | 1,409     |       |   |   | (676 | ) |   |   | (48.0 | %) |
| Total revenues                                                                            |   |                            | 229,455 |   |   |   | 157,123   |       |   |   | 72,332 |   |   |   | 46.0 | % |
|                                                                                      |   |                            |    |   |   |   |      |       |   |   |   |   |   |   |   |   |
| Operating expenses:                                                                       |   |                            |    |   |   |   |      |       |   |   |   |   |   |   |   |   |
|   Wholly-owned properties                                                       |   |                            | 103,611 |   |   |   | 69,435    |       |   |   | 34,176 |   |   |   | 49.2 | % |
|   On-campus participating properties                                            |   |                            | 7,503   |   |   |   | 8,068     |       |   |   | (565 | ) |   |   | (7.0 | %) |
|   Third party development and management services                               |   |                            | 8,629   |   |   |   | 7,713     |       |   |   | 916 |   |   |   | 11.9 | % |
|   General and administrative                                                    |   |                            | 8,244   |   |   |   | 8,562     |       |   |   | (318 | ) |   |   | (3.7 | %) |
|   Depreciation and amortization                                                 |   |                            | 59,132  |   |   |   | 37,291    |       |   |   | 21,841 |   |   |   | 58.6 | % |
|   Ground/facility leases                                                        |   |                            | 1,478   |   |   |   | 1,235     |       |   |   | 243 |   |   |   | 19.7 | % |
| Total operating expenses                                                                  |   |                            | 188,597 |   |   |   | 132,304   |       |   |   | 56,293 |   |   |   | 42.5 | % |
|                                                                                      |   |                            |    |   |   |   |      |       |   |   |   |   |   |   |   |   |
| Operating income                                                                          |   |                            | 40,858  |   |   |   | 24,819    |       |   |   | 16,039 |   |   |   | 64.6 | % |
|                                                                                      |   |                            |    |   |   |   |      |       |   |   |   |   |   |   |   |   |
| Nonoperating income and (expenses):                                                       |   |                            |    |   |   |   |      |       |   |   |   |   |   |   |   |   |
|   Interest income                                                               |   |                            | 101     |   |   |   | 1,048     |       |   |   | (947 | ) |   |   | (90.4 | %) |
|   Interest expense                                                              |   |                            | (47,121 | )      |   |   | (32,734   | )          |   |   | (14,387 | ) |   |   | 44.0 | % |
|   Amortization of deferred financing costs                                      |   |                            | (2,426  | )      |   |   | (1,591    | )          |   |   | (835 | ) |   |   | 52.5 | % |
|   Loss from unconsolidated joint ventures                                       |   |                            | (1,944  | )      |   |   | (1,181    | )          |   |   | (763 | ) |   |   | 64.6 | % |
|   Other nonoperating income                                                     |   |                            | 402     |   |   |   | 486       |       |   |   | (84 | ) |   |   | (17.3 | %) |
| Total nonoperating expenses                                                               |   |                            | (50,988 | )      |   |   | (33,972   | )          |   |   | (17,016 | ) |   |   | 50.1 | % |
|                                                                                      |   |                            |    |   |   |   |      |       |   |   |   |   |   |   |   |   |
| Loss before income taxes, redeemable noncontrolling interests and discontinued operations |   |                            | (10,130 | )      |   |   | (9,153    | )          |   |   | (977 | ) |   |   | 10.7 | % |
| Income tax provision                                                                      |   |                            | (405    | )      |   |   | (261      | )          |   |   | (144 | ) |   |   | 55.2 | % |
| Redeemable noncontrolling interests share of loss (income)                                |   |                            | 114     |   |   |   |  (12 | )          |   |   | 126 |   |   |   | (1,050.0 | %) |
| Loss from continuing operations                                                           |   |                            | (10,421 | )      |   |   | (9,426    | )          |   |   | (995 | ) |   |   | 10.6 | % |
| Loss from discontinued operations                                                         |   |                            | -       |   |   |   | (23       | )          |   |   | 23 |   |   |   | (100.0 | %) |
| Net loss                                                                                  |   |                            | (10,421 | )      |   |   | (9,449    | )          |   |   | (972 | ) |   |   | 10.3 | % |
| Net income attributable to noncontrolling interests                                       |   |                            | (416    | )      |   |   | (186      | )          |   |   | (230 | ) |   |   | 123.7 | % |
| Net loss attributable to common shareholders                                              |   | $                               | (10,837 | )      |   | $      | (9,635    | )          |   | $ | (1,202 | ) |   |   | 12.5 | % |

----

----

----

|                                                        |   | Nine Months Ended September 30, |     |
|-------------------------------------------------------------|--------|---------------------------------|----------|
|                                                        |   | 2009                            |     |   | 2008 |   |
| Property and land acquisitions                              |   | $                               | (3,167   | ) |   | $ | (289,576 | ) |
| Net proceeds from dispositions of real estate               |   |                            | -        |   |   |   | 4,418 |   |
| Investments in unconsolidated joint ventures                |   |                            | (255     | ) |   |   | (10,610 | ) |
| Capital expenditures for on-campus participating properties |   |                            | (645     | ) |   |   | (637 | ) |
| Capital expenditures for wholly-owned properties            |   |                            | (35,205  | ) |   |   | (8,727 | ) |
| Investment in wholly-owned properties under development     |   |                            | (64,688  | ) |   |   | (106,825 | ) |
| Purchase of corporate furniture, fixtures, and equipment    |   |                            | (1,468   | ) |   |   | (1,875 | ) |
| Distributions received from unconsolidated joint venture    |   |                            | -        |   |   |   | 15 |   |
| Total                                                       |   | $                               | (105,428 | ) |   | $ | (413,817 | ) |

----

|                                     |   | Three Months Ended September 30, |   |   | Nine Months Ended September 30, |   |
|------------------------------------------|--------|----------------------------------|--------|--------|---------------------------------|--------|
|                                     |   | 2009                             |   |   | 2008                            |   |   | 2009 |   |   | 2008 |   |
| Revenues                                 |   | $                                | 4,433  |   |                            | $      | 4,301 |   |   | $ | 15,229 |   |   | $ | 14,993 |   |
| Direct operating expenses (1)            |   |                             | (2,544 | )      |                            |   | (3,091 | ) |   |   | (7,085 | ) |   |   | (7,533 | ) |
| Amortization                             |   |                             | (1,087 | )      |                            |   | (1,087 | ) |   |   | (3,269 | ) |   |   | (3,230 | ) |
| Amortization of deferred financing costs |   |                             | (46    | )      |                            |   | (46 | ) |   |   | (136 | ) |   |   | (139 | ) |
| Ground/facility leases (2)               |   |                             | (223   | )      |                            |   | (383 | ) |   |   | (715 | ) |   |   | (1,110 | ) |
| Net operating income (loss)              |   |                             | 533    |   |                            |   | (306 | ) |   |   | 4,024 |   |   |   | 2,981 |   |
| Interest income                          |   |                             | 7      |   |                            |   | 47 |   |   |   | 40 |   |   |   | 179 |   |
| Interest expense (3)                     |   |                             | (1,535 | )      |                            |   | (1,521 | ) |   |   | (4,650 | ) |   |   | (4,614 | ) |
| Net loss                                 |   | $                                | (995   | )      |                            | $      | (1,780 | ) |   | $ | (586 | ) |   | $ | (1,454 | ) |

|   | (1) | Excludes property management fees of $0.2 million for both three month periods ended September 30, 2009 and 2008, and $0.7 million for both nine month periods ended September 30, 2009 and 2008.  This expense and the corresponding fee revenue have been eliminated in consolidation.  Also excludes allocation of expenses related to corporate managementand oversight. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Represents the universities’ 50% share of the properties’ net cash available for distribution after payment of operating expenses, debt service (including payment of principal) and capital expenditures. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Debt service expenditures for these properties totaled $2.1 million for both three month periods ended September 30, 2009 and 2008, and $6.3 million and $6.2 million for the nine months ended September 30, 2009 and 2008, respectively. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

Off Balance Sheet Items

|                                                            |   | Three Months Ended September 30, |       |   | Nine Months Ended September 30, |   |
|-----------------------------------------------------------------|--------|----------------------------------|------------|--------|---------------------------------|--------|
|                                                            |   | 2009                             |       |   | 2008                            |   |   | 2009 |   |   | 2008 |   |
| Net loss attributable to common shareholders                    |   | $                                | (5,804     | )      |                            | $      | (13,094 | ) |   | $ | (10,837 | ) |   | $ | (9,635 | ) |
| Noncontrolling interests                                        |   |                             | 57         |   |                            |   | (275 | ) |   |   | 302 |   |   |   | 198 |   |
| Loss from unconsolidated joint ventures                         |   |                             | 907        |   |                            |   | 926 |   |   |   | 1,944 |   |   |   | 1,181 |   |
| FFO from unconsolidated joint ventures (1)                      |   |                             | (308       | )      |                            |   | (216 | ) |   |   | (155 | ) |   |   | (355 | ) |
| Real estate related depreciation and amortization               |   |                             | 18,249     |   |                            |   | 17,771 |   |   |   | 57,981 |   |   |   | 36,562 |   |
| Funds from operations (“FFO”)                       |   | $                                | 13,101     |   |                            | $      | 5,112 |   |   | $ | 49,235 |   |   | $ | 27,951 |   |
|                                                            |   |                             |       |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| FFO per share – diluted                                   |   | $                                | 0.24       |   |                            | $      | 0.12 |   |   | $ | 1.00 |   |   | $ | 0.76 |   |
|                                                            |   |                             |       |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average common shares outstanding – Diluted |   |                             | 53,981,650 |   |                            |   | 43,860,667 |   |   |   | 49,263,052 |   |   |   | 36,827,477 |   |

| (1) | Represents our share of the FFO from three joint ventures in which we are a noncontrolling partner.  Includes the Hampton Roads Military Housing joint venture in which we have a minimal economic interest as well as our 10% noncontrolling interest in two joint ventures formed or assumed as part of the company’s acquisition of GMH. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                                           |   | Three Months Ended September 30, |       |   | Nine Months Ended September 30, |   |
|----------------------------------------------------------------------------------------------------------------|--------|----------------------------------|------------|--------|---------------------------------|--------|
|                                                                                                           |   | 2009                             |       |   | 2008                            |   |   | 2009 |   |   | 2008 |   |
| Funds from operations                                                                                          |   | $                                | 13,101     |   |                            | $      | 5,112 |   |   | $ | 49,235 |   |   | $ | 27,951 |   |
| Elimination of operations of on-campus participating properties and unconsolidated joint venture:              |   |                             |       |   |                            |   |   |   |   |   |   |   |   |   |   |   |
|    Net loss from on-campus participating  properties                                  |   |                             | 995        |   |                            |   | 1,780 |   |   |   | 586 |   |   |   | 1,454 |   |
|    Amortization of investment in on-campus participating properties                             |   |                             | (1,087     | )      |                            |   | (1,087 | ) |   |   | (3,269 | ) |   |   | (3,230 | ) |
|    FFO from Hampton Roads unconsolidated joint venture (1)                                      |   |                             | (180       | )      |                            |   | (22 | ) |   |   | - |   |   |   | 187 |   |
|                                                                                                           |   |                             | 12,829     |   |                            |   | 5,783 |   |   |   | 46,552 |   |   |   | 26,362 |   |
| Modifications to reflect operational performance of on-campus   participating properties:       |   |                             |       |   |                            |   |   |   |   |   |   |   |   |   |   |   |
|   Our share of net cash flow (2)                                                                     |   |                             | 223        |   |                            |   | 383 |   |   |   | 715 |   |   |   | 1,110 |   |
|   Management fees                                                                                    |   |                             | 210        |   |                            |   | 206 |   |   |   | 709 |   |   |   | 696 |   |
| Impact of on-campus participating properties                                                                   |   |                             | 433        |   |                            |   | 589 |   |   |   | 1,424 |   |   |   | 1,806 |   |
|                                                                                                           |   |                             |       |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Elimination of our share of impairment charges recorded for   unconsolidated joint ventures (3) |   |                             | 464        |   |                            |   | - |   |   |   | 464 |   |   |   | - |   |
|                                                                                                           |   |                             |       |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Funds from operations – modified (“FFOM”)                                                    |   | $                                | 13,726     |   |                            | $      | 6,372 |   |   | $ | 48,440 |   |   | $ | 28,168 |   |
|                                                                                                           |   |                             |       |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| FFOM per share – diluted                                                                                 |   | $                                | 0.25       |   |                            | $      | 0.15 |   |   | $ | 0.98 |   |   | $ | 0.76 |   |
|                                                                                                           |   |                             |       |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average common shares outstanding – diluted                                                     |   |                             | 53,981,650 |   |                            |   | 43,860,667 |   |   |   | 49,263,052 |   |   |   | 36,827,477 |   |

| (1) | Our share of the FFO from the Hampton Roads Military Housing unconsolidated joint venture is excluded from the calculation of FFOM, as management believes this amount does not accurately reflect the company’s participation in the economics of the transaction. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  (2) | 50% of the properties’ net cash available for distribution after payment of operating expenses, debt service (including repayment of principal) and capital expenditures. Represents amounts accrued for the interim periods. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  (3) | Represents our share of impairment charges recorded for two properties owned through our unconsolidated Fidelity Joint Ventures. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------|

----

Item 4.  Controls and Procedures

----

| ExhibitNumber |   |   Description of Document                                                                                                                       |   |
|---------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| 31.1          |   | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                  |
|          |   |                                                                                                                                                 |
| 31.2          |   | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                  |
|          |   |                                                                                                                                                 |
| 32.1          |   | Certification of Chief Executive Officer Pursuant to 18 U. S. C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|          |   |                                                                                                                                                 |
| 32.2          |   | Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.   |

----

|   | Dated: | November 6, 2009 |
|--------|--------|------------------|

|                               | AMERICAN CAMPUS COMMUNITIES, INC. |
|-----------------------------------------------------------------------|-----------------------------------|
|                                                                  |                              |   |
|                                                                  |                              |   |
|                               | By:                               | /s/ William C. Bayless, Jr. |
|                                                                  |                              |   |
|                                                                  |                              |   |
|                     |                              | William C. Bayless, Jr.President and Chief Executive Officer |
|                     |                              |   |
|                                                                  |                              |   |
|                               | By:                               | /s/ Jonathan A. Graf |
|                                                                  |                              |   |
|                                                                  |                              |   |
|                     |                              | Jonathan A. GrafExecutive Vice President,Chief Financial Officer and Treasurer |