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|  Maryland (American Campus Communities, Inc.)Maryland (American Campus Communities OperatingPartnership, L.P.) |   |  76-0753089 (American Campus Communities, Inc.)56-2473181 (American Campus Communities OperatingPartnership, L.P.) |
|---------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------|
|  (State or Other Jurisdiction ofIncorporation or Organization)                                                 |   |  (IRS Employer Identification No.)                                                                                 |
|                                                                                                                |   |                                                                                                                    |
| 12700 Hill Country Blvd., Suite T-200Austin, TX(Address of Principal Executive Offices)                             |   | 78738(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 |

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

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|   | ● | enhances investors’ understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business; |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | creates time and cost efficiencies through the preparation of one combined report instead of two separate reports. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------|

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|                            |                                                                                                                                                                                          | PAGE NO. |
|---------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|
|                            |                                                                                                                                                                                          |     |
| PART I.     |                                                                                                                                                                                          |     |
|                            |                                                                                                                                                                                          |     |   |
| Item 1.                         | Consolidated Financial Statements of American Campus Communities, Inc. and Subsidiaries:                                                                                                 |     |   |
|                            |                                                                                                                                                                                          |     |   |
|                            | Consolidated Balance Sheets as of March 31, 2012 (unaudited) and December 31, 2011                                                                                                            |     | 1 |
|                            |                                                                                                                                                                                          |     |   |
|                            | Consolidated Statements of Operations for the three months ended March 31, 2012 and 2011 (all unaudited)                                                                       |     | 2 |
|                            |                                                                                                                                                                                          |     |   |
|                            | Consolidated Statement of Changes in Equity for the three months ended March 31, 2012 (unaudited)                                                                                   |     | 3 |
|                            |                                                                                                                                                                                          |     |   |
|                            | Consolidated Statements of Cash Flows for the three months ended March 31, 2012 and 2011 (all unaudited)                                                                                      |     | 4 |
|                            |                                                                                                                                                                                          |     |   |
|                            | Consolidated Financial Statements of American Campus Communities Operating Partnership, L.P. and Subsidiaries:                                                                      |     |   |
|                            |                                                                                                                                                                                          |     |   |
|                            | Consolidated Balance Sheets as of March 31, 2012 (unaudited) and December 31, 2011                                                                                                            |     | 5 |
|                            |                                                                                                                                                                                          |     |   |
|                            | Consolidated Statements of Operations for the three months ended March 31, 2012 and 2011 (all unaudited)                                                                       |     | 6 |
|                            |                                                                                                                                                                                          |     |   |
|                            | Consolidated Statement of Changes in Capital for the three months ended March 31, 2012 (unaudited)                                                                                  |     | 7 |
|                            |                                                                                                                                                                                          |     |   |
|                            | Consolidated Statements of Cash Flows for the three months ended March 31, 2012 and 2011 (all unaudited)                                                                                      |     | 8 |
|                            |                                                                                                                                                                                          |     |   |
|                            | Notes to Consolidated Financial Statements of American Campus Communities, Inc. and Subsidiaries and American Campus Communities  Operating Partnership, L.P. and Subsidiaries |     | 9 |
|                            |                                                                                                                                                                                          |     |   |
| Item 2.                         | Management’s Discussion and Analysis of Financial Condition and Results of Operations                                                                                              |     | 27 |
|                            |                                                                                                                                                                                          |     |   |
| Item 3.                         | Quantitative and Qualitative Disclosure about Market Risk                                                                                                                                |     | 40 |
|                            |                                                                                                                                                                                          |     |   |
| Item 4.                         | Controls and Procedures                                                                                                                                                                       |     | 40 |
|                            |                                                                                                                                                                                          |     |
| PART II.                        |                                                                                                                                                                                          |     |
|                            |                                                                                                                                                                                          |     |   |
| Item 6.                         | Exhibits                                                                                                                                                                                      |     | 41 |
|                            |                                                                                                                                                                                          |     |
| SIGNATURES                      |                                                                                                                                                                                          | 42       |
|                            |                                                                                                                                                                                          |     |

----

AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

|                                                                                                                                                                                                                                                                                  |   | March 31, 2012 |      |   | December 31, 2011 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|-----------|--------|-------------------|--------|
|                                                                                                                                                                                                                                                                                  |   | (Unaudited)    |      |   |              |   |
| Assets                                                                                                                                                                                                                                                                                |   |           |      |   |              |   |
|                                                                                                                                                                                                                                                                                  |   |           |      |   |              |   |
| Investments in real estate:                                                                                                                                                                                                                                                           |   |           |      |   |              |   |
|   Wholly-owned properties, net                                                                                                                                                                                                                                              |   | $              | 2,862,462 |   |              | $      | 2,761,757 |   |
|   Wholly-owned property held for sale                                                                                                                                                                                                                                       |   |           | 27,310    |   |              |   | 27,300 |   |
|   On-campus participating properties, net                                                                                                                                                                                                                                   |   |           | 58,839    |   |              |   | 59,850 |   |
| Investments in real estate, net                                                                                                                                                                                                                                                       |   |           | 2,948,611 |   |              |   | 2,848,907 |   |
|                                                                                                                                                                                                                                                                                  |   |           |      |   |              |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                                                                                             |   |           | 32,592    |   |              |   | 22,399 |   |
| Restricted cash                                                                                                                                                                                                                                                                       |   |           | 21,165    |   |              |   | 22,956 |   |
| Student contracts receivable, net                                                                                                                                                                                                                                                     |   |           | 3,145     |   |              |   | 5,324 |   |
| Other assets                                                                                                                                                                                                                                                                          |   |           | 110,468   |   |              |   | 108,996 |   |
|                                                                                                                                                                                                                                                                                  |   |           |      |   |              |   |   |   |
| Total assets                                                                                                                                                                                                                                                                          |   | $              | 3,115,981 |   |              | $      | 3,008,582 |   |
|                                                                                                                                                                                                                                                                                  |   |           |      |   |              |   |   |   |
| Liabilities and equity                                                                                                                                                                                                                                                                |   |           |      |   |              |   |   |   |
|                                                                                                                                                                                                                                                                                  |   |           |      |   |              |   |   |   |
| Liabilities:                                                                                                                                                                                                                                                                          |   |           |      |   |              |   |   |   |
|   Secured mortgage, construction and bond debt                                                                                                                                                                                                                              |   | $              | 871,208   |   |              | $      | 858,530 |   |
|   Unsecured term loan                                                                                                                                                                                                                                                       |   |           | 350,000   |   |              |   | 200,000 |   |
|   Unsecured revolving credit facility                                                                                                                                                                                                                                       |   |           | 150,000   |   |              |   | 273,000 |   |
|   Secured agency facility                                                                                                                                                                                                                                                   |   |           | 116,000   |   |              |   | 116,000 |   |
|   Accounts payable and accrued expenses                                                                                                                                                                                                                                     |   |           | 29,633    |   |              |   | 36,884 |   |
|   Other liabilities                                                                                                                                                                                                                                                         |   |           | 82,064    |   |              |   | 77,840 |   |
| Total liabilities                                                                                                                                                                                                                                                                     |   |           | 1,598,905 |   |              |   | 1,562,254 |   |
|                                                                                                                                                                                                                                                                                  |   |           |      |   |              |   |   |   |
| Commitments and contingencies (Note 14)                                                                                                                                                                                                                                               |   |           |      |   |              |   |   |   |
|                                                                                                                                                                                                                                                                                  |   |           |      |   |              |   |   |   |
| Redeemable noncontrolling interests                                                                                                                                                                                                                                                   |   |           | 45,327    |   |              |   | 42,529 |   |
|                                                                                                                                                                                                                                                                                  |   |           |      |   |              |   |   |   |
| Equity:                                                                                                                                                                                                                                                                               |   |           |      |   |              |   |   |   |
|   American Campus Communities, Inc. stockholders’ equity:    Common stock, $.01 par value, 800,000,000 shares authorized, 74,675,197 and 72,759,546 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively |   |           | 743       |   |              |   | 725 |   |
|     Additional paid in capital                                                                                                                                                                                                                                    |   |           | 1,734,337 |   |              |   | 1,664,416 |   |
|     Accumulated earnings and dividends                                                                                                                                                                                                                            |   |           | (291,962  | )      |              |   | (286,565 | ) |
|     Accumulated other comprehensive income (loss)                                                                                                                                                                                                                 |   |           | 44        |   |              |   | (3,360 | ) |
|     Total American Campus Communities, Inc. stockholders’ equity                                                                                                                                                                                            |   |           | 1,443,162 |   |              |   | 1,375,216 |   |
|   Noncontrolling interests - partially owned properties                                                                                                                                                                                                                     |   |           | 28,587    |   |              |   | 28,583 |   |
| Total equity                                                                                                                                                                                                                                                                          |   |           | 1,471,749 |   |              |   | 1,403,799 |   |
|                                                                                                                                                                                                                                                                                  |   |           |      |   |              |   |   |   |
| Total liabilities and equity                                                                                                                                                                                                                                                          |   | $              | 3,115,981 |   |              | $      | 3,008,582 |   |

----

CONSOLIDATED STATEMENTS OF OPERATIONS

|                                                                |   | Three Months Ended March 31, |       |
|---------------------------------------------------------------------|--------|------------------------------|------------|
|                                                                |   | 2012                         |       |   | 2011 |   |
| Revenues                                                            |   |                         |       |   |   |   |
|   Wholly-owned properties                                 |   | $                            | 99,590     |   |   | $ | 85,625 |   |
|   On-campus participating properties                      |   |                         | 7,967      |   |   |   | 7,647 |   |
|   Third-party development services                        |   |                         | 2,094      |   |   |   | 3,824 |   |
|   Third-party management services                         |   |                         | 1,758      |   |   |   | 1,830 |   |
|   Resident services                                       |   |                         | 343        |   |   |   | 341 |   |
| Total revenues                                                      |   |                         | 111,752    |   |   |   | 99,267 |   |
|                                                                |   |                         |       |   |   |   |   |   |
| Operating expenses                                                  |   |                         |       |   |   |   |   |   |
|   Wholly-owned properties                                 |   |                         | 43,723     |   |   |   | 37,594 |   |
|   On-campus participating properties                      |   |                         | 2,495      |   |   |   | 1,744 |   |
|   Third-party development and management services         |   |                         | 2,785      |   |   |   | 2,682 |   |
|   General and administrative                              |   |                         | 3,540      |   |   |   | 2,773 |   |
|   Depreciation and amortization                           |   |                         | 24,399     |   |   |   | 21,237 |   |
|   Ground/facility leases                                  |   |                         | 964        |   |   |   | 1,156 |   |
| Total operating expenses                                            |   |                         | 77,906     |   |   |   | 67,186 |   |
|                                                                |   |                         |       |   |   |   |   |   |
| Operating income                                                    |   |                         | 33,846     |   |   |   | 32,081 |   |
|                                                                |   |                         |       |   |   |   |   |   |
| Nonoperating income and (expenses)                                  |   |                         |       |   |   |   |   |   |
|   Interest income                                         |   |                         | 516        |   |   |   | 50 |   |
|   Interest expense                                        |   |                         | (13,282    | ) |   |   | (14,013 | ) |
|   Amortization of deferred financing costs                |   |                         | (1,001     | ) |   |   | (1,230 | ) |
|   Income (loss) from unconsolidated joint ventures        |   |                         | 444        |   |   |   | (12 | ) |
|   Other nonoperating loss                                 |   |                         | (122       | ) |   |   | - |   |
| Total nonoperating expenses                                         |   |                         | (13,445    | ) |   |   | (15,205 | ) |
|                                                                |   |                         |       |   |   |   |   |   |
| Income before income taxes and discontinued operations              |   |                         | 20,401     |   |   |   | 16,876 |   |
| Income tax provision                                                |   |                         | (156       | ) |   |   | (143 | ) |
| Income from continuing operations                                   |   |                         | 20,245     |   |   |   | 16,733 |   |
|                                                                |   |                         |       |   |   |   |   |   |
| Income attributable to discontinued operations                      |   |                         | 560        |   |   |   | 1,147 |   |
|                                                                |   |                         |       |   |   |   |   |   |
| Net income                                                          |   |                         | 20,805     |   |   |   | 17,880 |   |
| Net income attributable to noncontrolling interests                 |   |                         |       |   |   |   |   |   |
|   Redeemable noncontrolling interests                     |   |                         | (287       | ) |   |   | (287 | ) |
|   Partially owned properties                              |   |                         | (492       | ) |   |   | (180 | ) |
| Net income attributable to noncontrolling interests                 |   |                         | (779       | ) |   |   | (467 | ) |
| Net income attributable to common shareholders                      |   | $                            | 20,026     |   |   | $ | 17,413 |   |
|                                                                |   |                         |       |   |   |   |   |   |
| Other comprehensive income                                          |   |                         |       |   |   |   |   |   |
|   Change in fair value of interest rate swaps             |   |                         | 3,404      |   |   |   | 745 |   |
| Comprehensive income                                                |   | $                            | 23,430     |   |   | $ | 18,158 |   |
| Income per share attributable to common shareholders - basic   |   |                         |       |   |   |   |   |   |
|     Income from continuing operations per share |   | $                            | 0.26       |   |   | $ | 0.24 |   |
|     Net income per share                        |   | $                            | 0.27       |   |   | $ | 0.26 |   |
| Income per share attributable to common shareholders - diluted |   |                         |       |   |   |   |   |   |
|     Income from continuing operations per share |   | $                            | 0.25       |   |   | $ | 0.24 |   |
|     Net income per share                        |   | $                            | 0.26       |   |   | $ | 0.25 |   |
| Weighted-average common shares outstanding                          |   |                         |       |   |   |   |   |   |
|   Basic                                                   |   |                         | 74,216,854 |   |   |   | 66,956,764 |   |
|   Diluted                                                 |   |                         | 74,864,447 |   |   |   | 67,554,918 |   |
|                                                                |   |                         |       |   |   |   |   |   |
| Distributions declared per common share                             |   | $                            | 0.3375     |   |   | $ | 0.3375 |   |

----

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

|                                                                     |   | CommonShares |       |   | Par Value ofCommonShares |   |   | Additional Paidin Capital |   |   | AccumulatedEarnings andDividends |   |   | AccumulatedOtherComprehensive(Loss) Income |     |   | NoncontrollingInterests |   |   | Total  |   |
|--------------------------------------------------------------------------|--------|--------------|------------|--------|--------------------------|--------|--------|---------------------------|--------|--------|----------------------------------|--------|--------|--------------------------------------------|----------|--------|-------------------------|--------|--------|--------|--------|
| Equity, December 31, 2011                                                |   |         | 72,759,546 |   |                     | $      | 725    |                      |   | $      | 1,664,416                        |   |   | $                                          | (286,565 | )      |                    | $      | (3,360 | )      |   | $ | 28,583 |   |   | $ | 1,403,799 |   |
| Net proceeds from sale of common stock                                   |   |         | 1,802,306  |   |                     |   | 18     |                      |   |   | 73,640                           |   |   |                                       | -        |   |                    |   | -      |   |   |   | - |   |   |   | 73,658 |   |
| Adjustments to reflect redeemable noncontrolling interests at fair value |   |         | -          |   |                     |   | -      |                      |   |   | (2,860                           | )      |   |                                       | -        |   |                    |   | -      |   |   |   | - |   |   |   | (2,860 | ) |
| Amortization of restricted stock awards                                  |   |         | -          |   |                     |   | -      |                      |   |   | 1,297                            |   |   |                                       | -        |   |                    |   | -      |   |   |   | - |   |   |   | 1,297 |   |
| Vesting of restricted stock awards                                       |   |         | 113,345    |   |                     |   | -      |                      |   |   | (2,156                           | )      |   |                                       | -        |   |                    |   | -      |   |   |   | - |   |   |   | (2,156 | ) |
| Distributions to common and restricted stockholders                      |   |         | -          |   |                     |   | -      |                      |   |   | -                                |   |   |                                       | (25,423  | )      |                    |   | -      |   |   |   | - |   |   |   | (25,423 | ) |
| Distributions to joint venture partners                                  |   |         | -          |   |                     |   | -      |                      |   |   | -                                |   |   |                                       | -        |   |                    |   | -      |   |   |   | (488 | ) |   |   | (488 | ) |
| Change in fair value of interest rate swaps                              |   |         | -          |   |                     |   | -      |                      |   |   | -                                |   |   |                                       | -        |   |                    |   | 3,404  |   |   |   | - |   |   |   | 3,404 |   |
| Net income                                                               |   |         | -          |   |                     |   | -      |                      |   |   | -                                |   |   |                                       | 20,026   |   |                    |   | -      |   |   |   | 492 |   |   |   | 20,518 |   |
| Equity, March 31, 2012                                                   |   |         | 74,675,197 |   |                     | $      | 743    |                      |   | $      | 1,734,337                        |   |   | $                                          | (291,962 | )      |                    | $      | 44     |   |   | $ | 28,587 |   |   | $ | 1,471,749 |   |

----

CONSOLIDATED STATEMENTS OF CASH FLOWS

|                                                                                                                      |   | Three Months Ended March 31, |     |
|---------------------------------------------------------------------------------------------------------------------------|--------|------------------------------|----------|
|                                                                                                                      |   | 2012                         |     |   | 2011 |   |
| Operating activities                                                                                                      |   |                         |     |   |   |   |
| Net income                                                                                                                |   | $                            | 20,805   |   |   | $ | 17,880 |   |
| Adjustments to reconcile net income to net cash provided by operating activities:                                         |   |                         |     |   |   |   |   |   |
|      Loss on remeasurement of equity method investment                                           |   |                         | 122      |   |   |   | - |   |
|      Depreciation and amortization                                                               |   |                         | 24,399   |   |   |   | 22,272 |   |
|      Amortization of deferred financing costs and debt premiums/discounts                        |   |                         | 706      |   |   |   | (307 | ) |
|      Share-based compensation                                                                    |   |                         | 1,297    |   |   |   | 987 |   |
|      (Income) loss from unconsolidated joint ventures                                            |   |                         | (444     | ) |   |   | 12 |   |
|      Income tax provision                                                                        |   |                         | 156      |   |   |   | 143 |   |
|      Changes in operating assets and liabilities:                                                |   |                         |     |   |   |   |   |   |
|               Restricted cash                       |   |                         | 3,298    |   |   |   | (1,778 | ) |
|               Student contracts receivable, net     |   |                         | 2,250    |   |   |   | 1,597 |   |
|               Other assets                          |   |                         | 5,979    |   |   |   | (3,254 | ) |
|               Accounts payable and accrued expenses |   |                         | (9,800   | ) |   |   | (10,419 | ) |
|                Other liabilities                    |   |                         | 788      |   |   |   | 453 |   |
| Net cash provided by operating activities                                                                                 |   |                         | 49,556   |   |   |   | 27,586 |   |
|                                                                                                                      |   |                         |     |   |   |   |   |   |
| Investing activities                                                                                                      |   |                         |     |   |   |   |   |   |
|      Cash paid for property acquisitions                                                         |   |                         | (14,319  | ) |   |   | - |   |
|      Cash paid for land acquisitions                                                             |   |                         | (7,770   | ) |   |   | (458 | ) |
|      Capital expenditures for wholly-owned properties                                            |   |                         | (2,977   | ) |   |   | (3,001 | ) |
|      Investments in wholly-owned properties under development                                    |   |                         | (93,217  | ) |   |   | (34,439 | ) |
|      Capital expenditures for on-campus participating properties                                 |   |                         | (145     | ) |   |   | (278 | ) |
|      Cash paid for increased ownership in consolidated subsidiaries                              |   |                         | -        |   |   |   | (3,150 | ) |
|      Investment loan receivable                                                                  |   |                         | (7,211   | ) |   |   | - |   |
|      Repayment of mezzanine loan                                                                 |   |                         | 4,000    |   |   |   | - |   |
|      Change in restricted cash related to capital reserves                                       |   |                         | (931     | ) |   |   | 267 |   |
|      Proceeds from insurance settlement                                                          |   |                         | -        |   |   |   | 526 |   |
|      Purchase of corporate furniture, fixtures and equipment                                     |   |                         | (579     | ) |   |   | (119 | ) |
| Net cash used in investing activities                                                                                     |   |                         | (123,149 | ) |   |   | (40,652 | ) |
|                                                                                                                      |   |                         |     |   |   |   |   |   |
| Financing activities                                                                                                      |   |                         |     |   |   |   |   |   |
|      Proceeds from sale of common stock                                                          |   |                         | 75,000   |   |   |   | 11,391 |   |
|      Offering costs                                                                              |   |                         | (1,196   | ) |   |   | (179 | ) |
|      Pay-off of mortgage loans                                                                   |   |                         | (16,180  | ) |   |   | (54,527 | ) |
|      Proceeds from unsecured term loan                                                           |   |                         | 150,000  |   |   |   | - |   |
|      Proceeds from credit facilities                                                             |   |                         | 64,000   |   |   |   | - |   |
|      Paydowns of credit facilities                                                               |   |                         | (187,000 | ) |   |   | - |   |
|      Proceeds from construction loans                                                            |   |                         | 31,243   |   |   |   | - |   |
|      Principal payments on debt                                                                  |   |                         | (2,666   | ) |   |   | (1,911 | ) |
|      Change in construction accounts payable                                                     |   |                         | 14       |   |   |   | - |   |
|      Debt issuance and assumption costs                                                          |   |                         | (3,169   | ) |   |   | - |   |
|      Distributions to common and restricted stockholders                                         |   |                         | (25,423  | ) |   |   | (22,820 | ) |
|      Distributions to noncontrolling partners                                                    |   |                         | (837     | ) |   |   | (473 | ) |
| Net cash provided by (used in) financing activities                                                                       |   |                         | 83,786   |   |   |   | (68,519 | ) |
|                                                                                                                      |   |                         |     |   |   |   |   |   |
| Net change in cash and cash equivalents                                                                                   |   |                         | 10,193   |   |   |   | (81,585 | ) |
| Cash and cash equivalents at beginning of period                                                                          |   |                         | 22,399   |   |   |   | 113,507 |   |
| Cash and cash equivalents at end of period                                                                                |   | $                            | 32,592   |   |   | $ | 31,922 |   |
|                                                                                                                      |   |                         |     |   |   |   |   |   |
| Supplemental disclosure of non-cash investing and financing activities                                                    |   |                         |     |   |   |   |   |   |
|   Change in fair value of derivative instruments, net                                                           |   | $                            | 3,404    |   |   | $ | 745 |   |
|                                                                                                                      |   |                         |     |   |   |   |   |   |
| Supplemental disclosure of cash flow information                                                                          |   |                         |     |   |   |   |   |   |
|   Interest paid                                                                                                 |   | $                            | 16,226   |   |   | $ | 16,496 |   |

----

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

|                                                                                                                                                              |   | March 31, 2012 |      |   | December 31, 2011 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|-----------|--------|-------------------|--------|
|                                                                                                                                                              |   | (Unaudited)    |      |   |              |   |
| Assets                                                                                                                                                            |   |           |      |   |              |   |
|                                                                                                                                                              |   |           |      |   |              |   |
| Investments in real estate:                                                                                                                                       |   |           |      |   |              |   |
|   Wholly-owned properties, net                                                                                                                          |   | $              | 2,862,462 |   |              | $      | 2,761,757 |   |
|   Wholly-owned property held for sale                                                                                                                   |   |           | 27,310    |   |              |   | 27,300 |   |
|   On-campus participating properties, net                                                                                                               |   |           | 58,839    |   |              |   | 59,850 |   |
| Investments in real estate, net                                                                                                                                   |   |           | 2,948,611 |   |              |   | 2,848,907 |   |
|                                                                                                                                                              |   |           |      |   |              |   |   |   |
| Cash and cash equivalents                                                                                                                                         |   |           | 32,592    |   |              |   | 22,399 |   |
| Restricted cash                                                                                                                                                   |   |           | 21,165    |   |              |   | 22,956 |   |
| Student contracts receivable, net                                                                                                                                 |   |           | 3,145     |   |              |   | 5,324 |   |
| Other assets                                                                                                                                                      |   |           | 110,468   |   |              |   | 108,996 |   |
|                                                                                                                                                              |   |           |      |   |              |   |   |   |
| Total assets                                                                                                                                                      |   | $              | 3,115,981 |   |              | $      | 3,008,582 |   |
|                                                                                                                                                              |   |           |      |   |              |   |   |   |
| Liabilities and capital                                                                                                                                           |   |           |      |   |              |   |   |   |
|                                                                                                                                                              |   |           |      |   |              |   |   |   |
| Liabilities:                                                                                                                                                      |   |           |      |   |              |   |   |   |
|   Secured mortgage, construction and bond debt                                                                                                          |   | $              | 871,208   |   |              | $      | 858,530 |   |
|   Unsecured term loan                                                                                                                                   |   |           | 350,000   |   |              |   | 200,000 |   |
|   Unsecured revolving credit facility                                                                                                                   |   |           | 150,000   |   |              |   | 273,000 |   |
|   Secured agency facility                                                                                                                               |   |           | 116,000   |   |              |   | 116,000 |   |
|   Accounts payable and accrued expenses                                                                                                                 |   |           | 29,633    |   |              |   | 36,884 |   |
|   Other liabilities                                                                                                                                     |   |           | 82,064    |   |              |   | 77,840 |   |
| Total liabilities                                                                                                                                                 |   |           | 1,598,905 |   |              |   | 1,562,254 |   |
|                                                                                                                                                              |   |           |      |   |              |   |   |   |
| Commitments and contingencies (Note 14)                                                                                                                           |   |           |      |   |              |   |   |   |
|                                                                                                                                                              |   |           |      |   |              |   |   |   |
| Redeemable limited partners                                                                                                                                       |   |           | 45,327    |   |              |   | 42,529 |   |
|                                                                                                                                                              |   |           |      |   |              |   |   |   |
| Capital:                                                                                                                                                          |   |           |      |   |              |   |   |   |
|   Partners’ capital:    General partner – 12,222 OP units outstanding at both March 31, 2012 and December 31, 2011 |   |           | 124       |   |              |   | 125 |   |
|     Limited partner - 74,662,975 and 72,747,324 OP units outstanding at March 31, 2012 and December 31, 2011, respectively               |   |           | 1,442,994 |   |              |   | 1,378,451 |   |
|   Accumulated other comprehensive income (loss)                                                                                                         |   |           | 44        |   |              |   | (3,360 | ) |
|   Total partners’ capital                                                                                                                         |   |           | 1,443,162 |   |              |   | 1,375,216 |   |
|   Noncontrolling interests - partially owned properties                                                                                                 |   |           | 28,587    |   |              |   | 28,583 |   |
| Total capital                                                                                                                                                     |   |           | 1,471,749 |   |              |   | 1,403,799 |   |
|                                                                                                                                                              |   |           |      |   |              |   |   |   |
| Total liabilities and capital                                                                                                                                     |   | $              | 3,115,981 |   |              | $      | 3,008,582 |   |

----

CONSOLIDATED STATEMENTS OF OPERATIONS

|                                                                                   |   | Three Months Ended March 31, |       |
|----------------------------------------------------------------------------------------|--------|------------------------------|------------|
|                                                                                   |   | 2012                         |       |   | 2011 |   |
| Revenues                                                                               |   |                         |       |   |   |   |
|   Wholly-owned properties                                                    |   | $                            | 99,590     |   |   | $ | 85,625 |   |
|   On-campus participating properties                                         |   |                         | 7,967      |   |   |   | 7,647 |   |
|   Third-party development services                                           |   |                         | 2,094      |   |   |   | 3,824 |   |
|   Third-party management services                                            |   |                         | 1,758      |   |   |   | 1,830 |   |
|   Resident services                                                          |   |                         | 343        |   |   |   | 341 |   |
| Total revenues                                                                         |   |                         | 111,752    |   |   |   |  99,267 |   |
|                                                                                   |   |                         |       |   |   |   |   |   |
| Operating expenses                                                                     |   |                         |       |   |   |   |   |   |
|   Wholly-owned properties                                                    |   |                         | 43,723     |   |   |   | 37,594 |   |
|   On-campus participating properties                                         |   |                         | 2,495      |   |   |   | 1,744 |   |
|   Third-party development and management services                            |   |                         | 2,785      |   |   |   | 2,682 |   |
|   General and administrative                                                 |   |                         | 3,540      |   |   |   | 2,773 |   |
|   Depreciation and amortization                                              |   |                         | 24,399     |   |   |   | 21,237 |   |
|   Ground/facility leases                                                     |   |                         | 964        |   |   |   | 1,156 |   |
| Total operating expenses                                                               |   |                         | 77,906     |   |   |   | 67,186 |   |
|                                                                                   |   |                         |       |   |   |   |   |   |
| Operating income                                                                       |   |                         | 33,846     |   |   |   | 32,081 |   |
|                                                                                   |   |                         |       |   |   |   |   |   |
| Nonoperating income and (expenses)                                                     |   |                         |       |   |   |   |   |   |
|   Interest income                                                            |   |                         | 516        |   |   |   | 50 |   |
|   Interest expense                                                           |   |                         | (13,282    | ) |   |   | (14,013 | ) |
|   Amortization of deferred financing costs                                   |   |                         | (1,001     | ) |   |   | (1,230 | ) |
|   Income (loss) from unconsolidated joint ventures                           |   |                         | 444        |   |   |   | (12 | ) |
|   Other nonoperating loss                                                    |   |                         | (122       | ) |   |   | - |   |
| Total nonoperating expenses                                                            |   |                         | (13,445    | ) |   |   | (15,205 | ) |
|                                                                                   |   |                         |       |   |   |   |   |   |
| Income before income taxes and discontinued operations                                 |   |                         | 20,401     |   |   |   | 16,876 |   |
| Income tax provision                                                                   |   |                         | (156       | ) |   |   | (143 | ) |
| Income from continuing operations                                                      |   |                         | 20,245     |   |   |   | 16,733 |   |
| Income attributable to discontinued operations                                         |   |                         | 560        |   |   |   | 1,147 |   |
| Net income                                                                             |   |                         | 20,805     |   |   |   | 17,880 |   |
| Net income attributable to noncontrolling interests – partially owned properties |   |                         | (492       | ) |   |   | (180 | ) |
| Net income attributable to American Campus Communities Operating Partnership, L.P.     |   |                         | 20,313     |   |   |   | 17,700 |   |
| Series A preferred unit distributions                                                  |   |                         | (46        | ) |   |   | (46 | ) |
| Net income available to common unitholders                                             |   | $                            | 20,267     |   |   | $ | 17,654 |   |
|                                                                                   |   |                         |       |   |   |   |   |   |
| Other comprehensive income                                                             |   |                         |       |   |   |   |   |   |
|   Change in fair value of interest rate swaps                                |   |                         | 3,404      |   |   |   | 745 |   |
| Comprehensive income                                                                   |   | $                            | 23,671     |   |   | $ | 18,399 |   |
|                                                                                   |   |                         |       |   |   |   |   |   |
| Income per unit attributable to common unitholders –  basic            |   |                         |       |   |   |   |   |   |
|     Income from continuing operations per unit                     |   | $                            | 0.26       |   |   | $ | 0.24 |   |
|     Net income per unit                                            |   | $                            | 0.27       |   |   | $ | 0.26 |   |
|                                                                                   |   |                         |       |   |   |   |   |   |
| Income per unit attributable to common unitholders – diluted                     |   |                         |       |   |   |   |   |   |
|     Income from continuing operations per unit                     |   | $                            | 0.25       |   |   | $ | 0.24 |   |
|     Net income per unit                                            |   | $                            | 0.26       |   |   | $ | 0.25 |   |
|                                                                                   |   |                         |       |   |   |   |   |   |
| Weighted-average common units outstanding                                              |   |                         |       |   |   |   |   |   |
|   Basic                                                                      |   |                         | 75,116,289 |   |   |   | 67,898,152 |   |
|   Diluted                                                                    |   |                         | 75,763,882 |   |   |   | 68,496,306 |   |
|                                                                                   |   |                         |       |   |   |   |   |   |
| Distributions declared per common unit                                                 |   | $                            | 0.3375     |   |   | $ | 0.3375 |   |

----

CONSOLIDATED STATEMENT OF CHANGES IN CAPITAL

|                                                                                  |   | General Partner |   |   | Limited Partner |   |   | AccumulatedOtherComprehensive(Loss) Income |   |   | Noncontrolling Interests - PartiallyOwnedProperties |   |   |   |      |
|---------------------------------------------------------------------------------------|--------|-----------------|--------|--------|-----------------|--------|--------|--------------------------------------------|--------|--------|-----------------------------------------------------|--------|--------|--------|-----------|
|                                                                                  |   |  Units     |   |   | Amount          |   |   | Units                                      |   |   | Amount                                              |   |   |   |      |   |   | Total |   |
| Balance as of December 31, 2011                                                       |   |            | 12,222 |   |            | $      | 125    |                                       |   |   | 72,747,324                                          |   |   | $      | 1,378,451 |   |   | $ | (3,360 | ) |   | $ | 28,583 |   |   | $ | 1,403,799 |   |
| Issuance of units in exchange for contributions of equity offering proceeds      |   |            | -      |   |            |   | -      |                                       |   |   | 1,802,306                                           |   |   |   | 73,658    |   |   |   | - |   |   |   | - |   |   |   | 73,658 |   |
| Adjustments to reflect redeemable limited partners’ interest at fair value |   |            | -      |   |            |   | -      |                                       |   |   | -                                                   |   |   |   | (2,860    | ) |   |   | - |   |   |   | - |   |   |   | (2,860 | ) |
| Amortization of restricted stock awards                                               |   |            | -      |   |            |   | -      |                                       |   |   | -                                                   |   |   |   | 1,297     |   |   |   | - |   |   |   | - |   |   |   | 1,297 |   |
| Vesting of restricted stock awards                                                    |   |            | -      |   |            |   | -      |                                       |   |   | 113,345                                             |   |   |   | (2,156    | ) |   |   | - |   |   |   | - |   |   |   | (2,156 | ) |
| Distributions                                                                         |   |            | -      |   |            |   | (4     | )                                          |   |   | -                                                   |   |   |   | (25,419   | ) |   |   | - |   |   |   | - |   |   |   | (25,423 | ) |
| Distributions to joint venture partners                                               |   |            | -      |   |            |   | -      |                                       |   |   | -                                                   |   |   |   | -         |   |   |   | - |   |   |   | (488 | ) |   |   | (488 | ) |
| Change in fair value of interest rate swaps                                           |   |            | -      |   |            |   | -      |                                       |   |   | -                                                   |   |   |   | -         |   |   |   | 3,404 |   |   |   | - |   |   |   | 3,404 |   |
| Net income                                                                            |   |            | -      |   |            |   | 3      |                                       |   |   | -                                                   |   |   |   | 20,023    |   |   |   | - |   |   |   | 492 |   |   |   | 20,518 |   |
| Balance as of March 31, 2012                                                          |   |            | 12,222 |   |            | $      | 124    |                                       |   |   | 74,662,975                                          |   |   | $      | 1,442,994 |   |   | $ | 44 |   |   | $ | 28,587 |   |   | $ | 1,471,749 |   |

----

CONSOLIDATED STATEMENTS OF CASH FLOWS

|                                                                                                                      |   | Three Months Ended March 31, |     |
|---------------------------------------------------------------------------------------------------------------------------|--------|------------------------------|----------|
|                                                                                                                      |   | 2012                         |     |   | 2011 |   |
| Operating activities                                                                                                      |   |                         |     |   |   |   |
| Net income                                                                                                                |   | $                            | 20,805   |   |   | $ | 17,880 |   |
| Adjustments to reconcile net income to net cash provided by operating activities:                                         |   |                         |     |   |   |   |   |   |
|      Loss on remeasurement of equity method investment                                           |   |                         | 122      |   |   |   | - |   |
|      Depreciation and amortization                                                               |   |                         | 24,399   |   |   |   | 22,272 |   |
|      Amortization of deferred financing costs and debt premiums/discounts                        |   |                         | 706      |   |   |   | (307 | ) |
|      Share-based compensation                                                                    |   |                         | 1,297    |   |   |   | 987 |   |
|      (Income) loss from unconsolidated joint ventures                                            |   |                         | (444     | ) |   |   | 12 |   |
|      Income tax provision                                                                        |   |                         | 156      |   |   |   | 143 |   |
|      Changes in operating assets and liabilities:                                                |   |                         |     |   |   |   |   |   |
|               Restricted cash                       |   |                         | 3,298    |   |   |   | (1,778 | ) |
|               Student contracts receivable, net     |   |                         | 2,250    |   |   |   | 1,597 |   |
|               Other assets                          |   |                         | 5,979    |   |   |   | (3,254 | ) |
|               Accounts payable and accrued expenses |   |                         | (9,800   | ) |   |   | (10,419 | ) |
|               Other liabilities                     |   |                         | 788      |   |   |   | 453 |   |
| Net cash provided by operating activities                                                                                 |   |                         | 49,556   |   |   |   | 27,586 |   |
|                                                                                                                      |   |                         |     |   |   |   |   |   |
| Investing activities                                                                                                      |   |                         |     |   |   |   |   |   |
|      Cash paid for property acquisitions                                                         |   |                         | (14,319  | ) |   |   | - |   |
|      Cash paid for land acquisitions                                                             |   |                         | (7,770   | ) |   |   | (458 | ) |
|      Capital expenditures for wholly-owned properties                                            |   |                         | (2,977   | ) |   |   | (3,001 | ) |
|      Investments in wholly-owned properties under development                                    |   |                         | (93,217  | ) |   |   | (34,439 | ) |
|      Capital expenditures for on-campus participating properties                                 |   |                         | (145     | ) |   |   | (278 | ) |
|      Cash paid for increased ownership in consolidated subsidiaries                              |   |                         | -        |   |   |   | (3,150 | ) |
|      Investment loan receivable                                                             |   |                         | (7,211   | ) |   |   | - |   |
|      Repayment of mezzanine loan                                                                 |   |                         | 4,000    |   |   |   | - |   |
|      Change in restricted cash related to capital reserves                                       |   |                         | (931     | ) |   |   | 267 |   |
|      Proceeds from insurance settlement                                                          |   |                         | -        |   |   |   | 526 |   |
|      Purchase of corporate furniture, fixtures and equipment                                     |   |                         | (579     | ) |   |   | (119 | ) |
| Net cash used in investing activities                                                                                     |   |                         | (123,149 | ) |   |   | (40,652 | ) |
|                                                                                                                      |   |                         |     |   |   |   |   |   |
| Financing activities                                                                                                      |   |                         |     |   |   |   |   |   |
|      Proceeds from issuance of common units in exchange for contributions, net                   |   |                         | 73,804   |   |   |   | 11,212 |   |
|      Pay-off of mortgage loans                                                                   |   |                         | (16,180  | ) |   |   | (54,527 | ) |
|      Proceeds from unsecured term loan                                                           |   |                         | 150,000  |   |   |   | - |   |
|      Proceeds from credit facilities                                                             |   |                         | 64,000   |   |   |   | - |   |
|      Paydowns of credit facilities                                                               |   |                         | (187,000 | ) |   |   | - |   |
|      Proceeds from construction loans                                                            |   |                         | 31,243   |   |   |   | - |   |
|      Principal payments on debt                                                                  |   |                         | (2,666   | ) |   |   | (1,911 | ) |
|      Change in construction accounts payable                                                     |   |                         | 14       |   |   |   | - |   |
|      Debt issuance and assumption costs                                                          |   |                         | (3,169   | ) |   |   | - |   |
|      Distributions paid on unvested restricted stock awards                                      |   |                         | (258     | ) |   |   | (236 | ) |
|      Distribution paid on common units                                                           |   |                         | (25,468  | ) |   |   | (22,901 | ) |
|      Distributions paid on preferred units                                                       |   |                         | (46      | ) |   |   | (46 | ) |
|      Distributions paid to noncontrolling partners - partially owned properties                  |   |                         | (488     | ) |   |   | (110 | ) |
| Net cash provided by (used in) financing activities                                                                       |   |                         | 83,786   |   |   |   | (68,519 | ) |
|                                                                                                                      |   |                         |     |   |   |   |   |   |
| Net change in cash and cash equivalents                                                                                   |   |                         | 10,193   |   |   |   | (81,585 | ) |
| Cash and cash equivalents at beginning of period                                                                          |   |                         | 22,399   |   |   |   | 113,507 |   |
| Cash and cash equivalents at end of period                                                                                |   | $                            | 32,592   |   |   | $ | 31,922 |   |
|                                                                                                                      |   |                         |     |   |   |   |   |   |
| Supplemental disclosure of non-cash investing and financing activities                                                    |   |                         |     |   |   |   |   |   |
|   Change in fair value of derivative instruments, net                                                           |   | $                            | 3,404    |   |   | $ | 745 |   |
|                                                                                                                      |   |                         |     |   |   |   |   |   |
| Supplemental disclosure of cash flow information                                                                          |   |                         |     |   |   |   |   |   |
|   Interest paid                                                                                                 |   | $                            | 16,226   |   |   | $ | 16,496 |   |

----

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

| 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 Ended March 31, |      |
|---------------------------------------------------|--------|------------------------------|-----------|
|                                              |   | 2012                         |      |   | 2011 |   |
|   Common OP Units (Note 10)             |   |                         | 899,435   |   |   |   | 941,388 |   |
|   Preferred OP Units (Note 10)          |   |                         | 114,128   |   |   |   | 114,676 |   |
|   Total potentially dilutive securities |   |                         | 1,013,563 |   |   |   | 1,056,064 |   |

|                                                                                                                                        |   | Three Months Ended March 31, |       |
|---------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------|------------|
|                                                                                                                                        |   | 2012                         |       |   | 2011 |   |
| Basic earnings per share calculation:                                                                                                       |   |                         |       |   |   |   |
|   Income from continuing operations                                                                                               |   | $                            | 20,245     |   |   | $ | 16,733 |   |
|   Income from continuing operations attributable to noncontrolling interests                                                      |   |                         | (772       | ) |   |   | (449 | ) |
|   Income from continuing operations attributable to common shareholders                                                           |   |                         | 19,473     |   |   |   | 16,284 |   |
|   Amount allocated to participating securities                                                                                    |   |                         | (258       | ) |   |   | (236 | ) |
|   Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities |   |                         | 19,215     |   |   |   | 16,048 |   |
|                                                                                                                                        |   |                         |       |   |   |   |   |   |
|   Income from discontinued operations                                                                                             |   |                         | 560        |   |   |   | 1,147 |   |
|   Income from discontinued operations attributable to noncontrolling interests                                                    |   |                         | (7         | ) |   |   | (18 | ) |
|   Income from discontinued operations attributable to common shareholders                                                         |   |                         | 553        |   |   |   | 1,129 |   |
|   Net income attributable to common shareholders, as adjusted – basic                                                       |   | $                            | 19,768     |   |   | $ | 17,177 |   |
|                                                                                                                                        |   |                         |       |   |   |   |   |   |
|   Income from continuing operations attributable to common shareholders, as adjusted – per share                                 |   | $                            | 0.26       |   |   | $ | 0.24 |   |
|   Income from discontinued operations attributable to common shareholders – per share                                       |   | $                            | 0.01       |   |   | $ | 0.02 |   |
|   Net income attributable to common shareholders, as adjusted – per share                                                   |   | $                            | 0.27       |   |   | $ | 0.26 |   |
|                                                                                                                                        |   |                         |       |   |   |   |   |   |
| Basic weighted average common shares outstanding                                                                                            |   |                         | 74,216,854 |   |   |   | 66,956,764 |   |

----

|                                                                                                                                                |   | Three Months Ended March 31, |       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------|------------|
|                                                                                                                                                |   | 2012                         |       |   | 2011 |   |
| Diluted earnings per share calculation:                                                                                                             |   |                         |       |   |   |   |
|   Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities              |   | $                            | 19,215     |   |   | $ | 16,048 |   |
|   Income from discontinued operations attributable to common shareholders                                                                 |   |                         | 553        |   |   |   | 1,129 |   |
|   Net income attributable to common shareholders, as adjusted – diluted                                                                  |   | $                            | 19,768     |   |   | $ | 17,177 |   |
|                                                                                                                                                |   |                         |       |   |   |   |   |   |
|   Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities – per share |   | $                            | 0.25       |   |   | $ | 0.24 |   |
|   Income from discontinued operations attributable to common shareholders – per share                                               |   | $                            | 0.01       |   |   | $ | 0.01 |   |
|   Net income attributable to common shareholders-per share                                                                                     |   | $                            | 0.26       |   |   | $ | 0.25 |   |
|                                                                                                                                                |   |                         |       |   |   |   |   |   |
|   Basic weighted average common shares outstanding                                                                                        |   |                         | 74,216,854 |   |   |   | 66,956,764 |   |
|   Restricted Stock Awards (Note 11)                                                                                                       |   |                         | 647,593    |   |   |   | 598,154 |   |
| Diluted weighted average common shares outstanding                                                                                                  |   |                         | 74,864,447 |   |   |   | 67,554,918 |   |

|                                                                                                                                  |   | Three Months Ended March 31, |   |
|---------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------|--------|
|                                                                                                                                  |   | 2012                         |   |   | 2011 |   |
| Basic earnings per unit calculation:                                                                                                  |   |                         |   |   |   |   |
|   Income from continuing operations                                                                                         |   | $                            | 20,245 |   |   | $ | 16,733 |   |
|   Income from continuing operations attributable to noncontrolling interests – partially owned properties             |   |                         | (492   | ) |   |   | (180 | ) |
|   Income from continuing operations attributable to Series A preferred units                                                |   |                         | (45    | ) |   |   | (44 | ) |
|   Amount allocated to participating securities                                                                              |   |                         | (258   | ) |   |   | (236 | ) |
|   Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities |   |                         | 19,450 |   |   |   | 16,273 |   |
|                                                                                                                                  |   |                         |   |   |   |   |   |   |
|   Income from discontinued operations                                                                                       |   |                         | 560    |   |   |   | 1,147 |   |
|   Income from discontinued operations attributable to Series A preferred unit distributions                                 |   |                         | (1     | ) |   |   | (2 | ) |
|   Income from discontinued operations attributable to common unitholders                                                    |   |                         | 559    |   |   |   | 1,145 |   |
|   Net income attributable to common unitholders, as adjusted – basic                                                  |   | $                            | 20,009 |   |   | $ | 17,418 |   |

----

|                                                                                                      |   | Three Months Ended March 31, |       |
|-----------------------------------------------------------------------------------------------------------|--------|------------------------------|------------|
|                                                                                                      |   | 2012                         |       |   | 2011 |   |
|   Income from continuing operations attributable to common unitholders, as adjusted – per unit |   | $                            | 0.26       |   |   | $ | 0.24 |   |
|   Income from discontinued operations attributable to common unitholders – per unit       |   | $                            | 0.01       |   |   | $ | 0.02 |   |
|   Net income attributable to common unitholders, as adjusted – per unit                   |   | $                            | 0.27       |   |   | $ | 0.26 |   |
|                                                                                                      |   |                         |       |   |   |   |   |   |
| Basic weighted average common units outstanding                                                           |   |                         | 75,116,289 |   |   |   | 67,898,152 |   |

| Diluted earnings per unit calculation:                                                                                                            |   |   |       |   |   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
|   Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities             |   | $      | 19,450     |   |   | $      | 16,273 |   |
|   Income from discontinued operations attributable to common unitholders                                                                |   |   | 559        |   |   |   | 1,145 |   |
|   Net income attributable to common unitholders, as adjusted                                                                                 |   | $      | 20,009     |   |   | $      | 17,418 |   |
|                                                                                                                                              |   |   |       |   |   |   |   |   |
|   Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities – per unit |   | $      | 0.25       |   |   | $      | 0.24 |   |
|   Income from discontinued operations attributable to common unitholders – per unit                                               |   | $      | 0.01       |   |   | $      | 0.01 |   |
|   Net income attributable to common unitholders- per unit                                                                                    |   | $      | 0.26       |   |   | $      | 0.25 |   |
|                                                                                                                                              |   |   |       |   |   |   |   |   |
|   Basic weighted average common units outstanding                                                                                       |   |   | 75,116,289 |   |   |   | 67,898,152 |   |
|   Restricted Stock Awards (Note 11)                                                                                                     |   |   | 647,593    |   |   |   | 598,154 |   |
|  Diluted weighted average common units outstanding                                                                                           |   |   | 75,763,882 |   |   |   | 68,496,306 |   |

----

|                                                                            |   | Three Months Ended March 31, |    |
|---------------------------------------------------------------------------------|--------|------------------------------|---------|
|                                                                            |   | 2012                         |    |   | 2011 |   |
| Total revenues                                                                  |   | $                            | 111,858 |   |   | $ | 103,878 |   |
| Net income attributable to common shareholders                                  |   | $                            | 20,534  |   |   | $ | 18,160 |   |
| Net income per share attributable to common shareholders, as adjusted - basic   |   | $                            | 0.27    |   |   | $ | 0.27 |   |
| Net income per share attributable to common shareholders, as adjusted - diluted |   | $                            | 0.27    |   |   | $ | 0.27 |   |

|                               |   | Three Months Ended March 31, |   |
|------------------------------------|--------|------------------------------|--------|
|                               |   | 2012                         |   |   | 2011 |   |
| Total revenues                     |   | $                            | 1,153  |   |   | $ | 4,048 |   |
| Total operating expenses           |   |                         | (593   | ) |   |   | (1,866 | ) |
| Depreciation and amortization      |   |                         | -      |   |   |   | (1,035 | ) |
|    Operating income |   |                         | 560    |   |   |   | 1,147 |   |
| Total nonoperating expenses        |   |                         | -      |   |   |   | - |   |
|    Net income       |   | $                            | 560    |   |   | $ | 1,147 |   |

|                              |   | March 31, 2012 |      |   | December 31, 2011 |   |
|-----------------------------------|--------|----------------|-----------|--------|-------------------|--------|
| Land (1) (2)                      |   | $              | 389,470   |   |              | $      | 380,074 |   |
| Buildings and improvements        |   |           | 2,394,892 |   |              |   | 2,380,582 |   |
| Furniture, fixtures and equipment |   |           | 141,120   |   |              |   | 139,249 |   |
| Construction in progress (2)      |   |           | 254,926   |   |              |   | 157,900 |   |
|                              |   |           | 3,180,408 |   |              |   | 3,057,805 |   |
| Less accumulated depreciation     |   |           | (317,946  | )      |              |   | (296,048 | ) |
| Wholly-owned properties, net (3)  |   | $              | 2,862,462 |   |              | $      | 2,761,757 |   |

| (1) | The land balance above includes undeveloped land parcels with book values of approximately $23.6 million and $15.8 million as of March 31, 2012 and December 31, 2011, respectively.  Also includes land totaling approximately $28.2 million as of both March 31, 2012 and December 31, 2011, related to properties under development. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (2) | Land, furniture, fixtures and equipment, and construction in progress as of March 31, 2012 include $4.8 million, $0.4 million and $8.9 million, respectively, related to the University Edge property located in Kent, Ohio, that will serve students attending Kent State University.  In July 2011, the Company entered into a Purchase and Contribution agreement with a private developer whereby the Company is obligated to purchase the property as long as the developer meets certain construction completion deadlines.  The development of the property is anticipated to be completed in August 2012.  The entity is financed with a $4.5 million mezzanine loan from the Company and a $24.8 million construction loan from a third-party lender.  The Company is responsible for leasing, management, and initial operations of the project while the third-party developer is responsible for the development of the property.  The entity that owns the University Edge property is deemed to be a variable interest entity (“VIE”), and the Company is determined to be the primary beneficiary of the VIE.  As such, the assets and liabilities of the entity owning the property are included in the Company’s and the Operating Partnership’s consolidated financial statements. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | The balance above excludes Pirates Cove which is classified as wholly-owned property held for sale in the accompanying consolidated balance sheets as of March 31, 2012 and December 31, 2011. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                  |               |              |               |                       |               | Historical Cost |    |
|---------------------------------------------------------------------------------------|--------------------|-------------------|--------------------|----------------------------|--------------------|-----------------|---------|
| Lessor/University                                                                     |     | LeaseCommencement |     | Required DebtRepayment (1) |     | March 31, 2012  |    |     | December 31, 2011 |   |
| Texas A&M University System /  Prairie View A&M University (2)      |               | 2/1/96            |               | 9/1/23                     |               | $               | 40,339  |   |   | $ | 40,255 |   |
|                                                                                  |               |              |               |                       |               |            |    |   |   |   |   |   |
| Texas A&M University System /  Texas A&M International              |               | 2/1/96            |               | 9/1/23                     |               |            | 6,572   |   |   |   | 6,567 |   |
|                                                                                  |               |              |               |                       |               |            |    |   |   |   |   |   |
| Texas A&M University System /  Prairie View A&M University (3) |               | 10/1/99           |               | 8/31/25/8/31/28            |               |            | 25,172  |   |   |   | 25,142 |   |
|                                                                                  |               |              |               |                       |               |            |    |   |   |   |   |   |
| University of Houston System /  University of Houston (4)                   |               | 9/27/00           |               | 8/31/35                    |               |            | 35,760  |   |   |   | 35,734 |   |
|                                                                                  |               |              |               |                       |               |            | 107,843 |   |   |   | 107,698 |   |
| Less accumulated amortization                                                         |               |              |               |                       |               |            | (49,004 | ) |   |   | (47,848 | ) |
| On-campus participating properties, net                                               |               |              |               |                       |               | $               | 58,839  |   |   | $ | 59,850 |   |

| (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. |
|-----|------------------------------------------------------------|

----

|                                                |   | March 31, 2012 |      |   | December 31, 2011 |   |
|-----------------------------------------------------|--------|----------------|-----------|--------|-------------------|--------|
| Debt secured by wholly-owned properties:            |   |           |      |   |              |   |
|   Mortgage loans payable                  |   | $              | 726,540   |   |              | $      | 744,724 |   |
|   Construction loans payable (1)          |   |           | 60,593    |   |              |   | 29,350 |   |
|                                                |   |           | 787,133   |   |              |   | 774,074 |   |
| Debt secured by on-campus participating properties: |   |           |      |   |              |   |   |   |
|   Mortgage loan payable                   |   |           | 32,010    |   |              |   | 32,097 |   |
|   Bonds payable                           |   |           | 47,220    |   |              |   | 47,220 |   |
|                                                |   |           | 79,230    |   |              |   | 79,317 |   |
|                                                |   |           |      |   |              |   |   |   |
| Unsecured revolving credit facility                 |   |           | 150,000   |   |              |   | 273,000 |   |
| Unsecured term loan                                 |   |           | 350,000   |   |              |   | 200,000 |   |
| Secured agency facility                             |   |           | 116,000   |   |              |   | 116,000 |   |
| Unamortized debt premiums                           |   |           | 9,629     |   |              |   | 10,298 |   |
| Unamortized debt discounts                          |   |           | (4,784    | )      |              |   | (5,159 | ) |
| Total debt                                          |   | $              | 1,487,208 |   |              | $      | 1,447,530 |   |

| (1) | Construction loans payable includes $8.3 million and $4.9 million as of March 31, 2012 and December 31, 2011, respectively, related to a construction loan for the University Edge development property, a VIE that the Company is including in its consolidated financial statements (see Note 5).  The creditor of this construction loan does not have recourse to the assets of the Company. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| Balance, December 31, 2011                                            |   | $      | 42,529       |   |
|-----------------------------------------------------------------------|--------|--------|--------------|--------|
| Net income                                                            |   |   | 287          |   |
| Distributions                                                         |   |   | (349         | )      |
| Adjustments to reflect redeemable limited partner units at fair value |   |   | 2,860        |   |
| Balance, March 31, 2012                                               |   | $      |  45,327 |   |

----

|                                   |   | Number ofRSAs |     |
|----------------------------------------|--------|---------------|----------|
| Nonvested balance at December 31, 2011 |   |          | 549,300  |   |
| Granted                                |   |          | 215,851  |   |
| Vested                                 |   |          | (113,345 | ) |
| Forfeited                              |   |          | (61,808  | ) |
| Nonvested balance at March 31, 2012    |   |          | 589,998  |   |

----

|  Date Entered |  Effective Date | MaturityDate  |   | Pay Fixed Rate |   | Receive FloatingRate Index |                           | NotionalAmount |   |    | Fair Value |   |
|--------------------|----------------------|---------------|--------|----------------|--------|----------------------------|--------------------------------|----------------|--------|---------|------------|--------|
| Feb. 12, 2007      | Feb. 15, 2007        | Feb. 15, 2014 |   |           | 6.689  | %                | LIBOR – 1 mo. plus 1.35% |           | $      | 33,156  |       |   | $ | (2,879 | ) |
| Feb. 2, 2012       | Feb. 2, 2012         | Jan. 2, 2017  |   |           | 0.8695 | %                          | LIBOR – 1 month          |           |   | 125,000 |       |   |   | 1,161 |   |
| Feb. 2, 2012       | Feb. 2, 2012         | Jan. 2, 2017  |   |           | 0.88   | %                          | LIBOR – 1 month          |           |   | 100,000 |       |   |   | 875 |   |
| Feb. 2, 2012       | Feb. 2, 2012         | Jan. 2, 2017  |   |           | 0.8875 | %                          | LIBOR – 1 month          |           |   | 62,500  |       |   |   | 422 |   |
| Feb. 2, 2012       | Feb. 2, 2012         | Jan. 2, 2017  |   |           | 0.889  | %                          | LIBOR – 1 month          |           |   | 62,500  |       |   |   | 465 |   |

|                          |   | Fair Values of Derivative Financial Instruments |   |
|-------------------------------|--------|-------------------------------------------------|--------|
|                          |   | Asset Derivatives                               |   | Liability Derivatives |   |
|                          |   | March 31, 2012                                  |   | December 31, 2011 |   | March 31, 2012 |   | December 31, 2011 |   |
|  Description             |   | Balance SheetLocation                           |   | FairValue |   | Balance SheetLocation |   | FairValue |   | Balance SheetLocation |   | FairValue |   | Balance SheetLocation |   | FairValue |   |
| Interest rate swaps contracts |   | Other assets                                    |   | $ |  2,923 |   | Other assets |   | $ |  - |   |  Other liabilities |   | $ |  2,879 |   |  Other liabilities |   | $ | 3,360 |   |

|                                       |   | Amount of Income Recognizedin OCI on Derivatives(Effective Portion) |   |
|--------------------------------------------|--------|---------------------------------------------------------------------|--------|
|   Cash Flow HedgingRelationships |   | Three Months EndedMarch 31,                                         |   |
|                                       | 2011   |                                                                |   | 2011 |   |
|  Interest rate swap contracts         |   | $                                                                   | 3,404  |   |   | $ | 745 |   |
|  Total                                |   | $                                                                   | 3,404  |   |   | $ | 745 |   |

----

| Fair Value Measurements as of                                       |   |
|---------------------------------------------------------------------|--------|
|                                                                |   | March 31, 2012 |   |   | December 31, 2011 |   |
|                                                                |   | Quoted Prices inActive Markets forIdentical Assets andLiabilities (Level 1) |   |   | SignificantOtherObservableInputs (Level 2) |   |   | SignificantUnobservableInputs(Level 3) |   |   | Total |   |   | Quoted Prices inActive Markets forIdentical Assets andLiabilities (Level 1) |   |   | SignificantOtherObservableInputs (Level 2) |   |   | SignificantUnobservableInputs(Level 3) |   |   |   Total |   |
| Assets:                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Derivative financial    instruments |   | $ | - |   |   | $ | 2,923 |   |   | $ | - |   |   | $ | 2,923 |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |
| Liabilities:                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Derivative financial    instruments |   | $ | - |   |   | $ | 2,879 |   |   | $ | - |   |   | $ | 2,879 |   |   | $ | - |   |   | $ | 3,360 |   |   | $ | - |   |   | $ | 3,360 |   |

----

|           |   | March 31, 2012 |    |   |            | December 31, 2011 |    |
|----------------|--------|----------------|---------|--------|-----------------|-------------------|---------|
|           |   | Fair Value     |    |   | Carrying Amount |              |    |   | Fair Value |   |   | Carrying Amount |   |
| Mortgage loans |   | $              | 814,652 |   |            | $                 | 763,395 |   |   |   | $ | 840,985 |   |   | $ | 781,960 |   |
| Bonds payable  |   |           | 53,652  |   |            |              | 47,220  |   |   |   |   | 53,711 |   |   |   | 47,220 |   |

| 14.  Commitments and Contingencies |
|----------------------------------------------|

----

----

|                                                                                                              |   | Three Months Ended March 31, |      |
|-------------------------------------------------------------------------------------------------------------------|--------|------------------------------|-----------|
|                                                                                                              |   | 2012                         |      |   | 2011 |   |
| Wholly-Owned Properties                                                                                           |   |                         |      |   |   |   |
| Rental revenues                                                                                                   |   | $                            | 99,933    |   |   | $ | 85,966 |   |
| Interest and other income                                                                                         |   |                         | 14        |   |   |   | 10 |   |
| Total revenues from external customers                                                                            |   |                         | 99,947    |   |   |   | 85,976 |   |
| Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead |   |                         | (43,705   | ) |   |   | (37,878 | ) |
| Ground/facility leases                                                                                            |   |                         | (414      | ) |   |   | (315 | ) |
| Interest expense                                                                                                  |   |                         | (7,905    | ) |   |   | (10,897 | ) |
| Operating income before depreciation, amortization and allocation of corporate overhead                           |   | $                            | 47,923    |   |   | $ | 36,886 |   |
| Depreciation and amortization                                                                                     |   | $                            | 22,888    |   |   | $ | 19,814 |   |
| Capital expenditures                                                                                              |   | $                            | 96,194    |   |   | $ | 34,694 |   |
| Total segment assets at March 31,                                                                                 |   | $                            | 2,946,885 |   |   | $ | 2,502,172 |   |
|  On-Campus Participating Properties                                                                          |   |                         |      |   |   |   |   |   |
| Rental revenues                                                                                                   |   | $                            | 7,967     |   |   | $ | 7,647 |   |
| Interest and other income                                                                                         |   |                         | 4         |   |   |   | 7 |   |
| Total revenues from external customers                                                                            |   |                         | 7,971     |   |   |   | 7,654 |   |
| Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead |   |                         | (2,295    | ) |   |   | (1,562 | ) |
| Ground/facility lease                                                                                             |   |                         | (550      | ) |   |   | (841 | ) |
| Interest expense                                                                                                  |   |                         | (1,432    | ) |   |   | (1,469 | ) |
| Operating income before depreciation, amortization and allocation of corporate overhead                           |   | $                            | 3,694     |   |   | $ | 3,782 |   |
| Depreciation and amortization                                                                                     |   | $                            | 1,155     |   |   | $ | 1,098 |   |
| Capital expenditures                                                                                              |   | $                            | 145       |   |   | $ | 278 |   |
| Total segment assets at March 31,                                                                                 |   | $                            | 75,042    |   |   | $ | 77,388 |   |
|  Development Services                                                                                        |   |                         |      |   |   |   |   |   |
| Development and construction management fees                                                                      |   | $                            | 2,094     |   |   | $ | 3,824 |   |
| Operating expenses                                                                                                |   |                         | (2,739    | ) |   |   | (2,341 | ) |
| Operating (loss) income before depreciation, amortization and allocation of corporate overhead                    |   | $                            | (645      | ) |   | $ | 1,483 |   |
| Total segment assets at March 31,                                                                                 |   | $                            | 12,068    |   |   | $ | 8,455 |   |
|  Property Management Services                                                                                |   |                         |      |   |   |   |   |   |
| Property management fees from external customers                                                                  |   | $                            | 1,758     |   |   | $ | 1,830 |   |
| Intersegment revenues                                                                                             |   |                         | 3,883     |   |   |   | 3,548 |   |
| Total revenues                                                                                                    |   |                         | 5,641     |   |   |   | 5,378 |   |
| Operating expenses                                                                                                |   |                         | (2,714    | ) |   |   | (2,253 | ) |
| Operating income before depreciation, amortization and allocation of corporate overhead                           |   | $                            | 2,927     |   |   | $ | 3,125 |   |
| Total segment assets at March 31,                                                                                 |   | $                            | 3,813     |   |   | $ | 3,681 |   |
|  Reconciliations                                                                                             |   |                         |      |   |   |   |   |   |
| Total segment revenues                                                                                            |   | $                            | 115,653   |   |   | $ | 102,832 |   |
| Unallocated interest income earned on corporate cash                                                              |   |                         | 498       |   |   |   | 33 |   |
| Elimination of intersegment revenues                                                                              |   |                         | (3,883    | ) |   |   | (3,548 | ) |
| Total consolidated revenues, including interest income                                                            |   | $                            | 112,268   |   |   | $ | 99,317 |   |
| Segment operating income before depreciation, amortization and allocation of corporate overhead                   |   | $                            | 53,899    |   |   | $ | 45,276 |   |
| Depreciation and amortization                                                                                     |   |                         | (25,400   | ) |   |   | (22,467 | ) |
| Net unallocated expenses relating to corporate overhead                                                           |   |                         | (8,420    | ) |   |   | (5,921 | ) |
| Income (loss) from unconsolidated joint ventures                                                                  |   |                         | 444       |   |   |   | (12 | ) |
| Loss on fair value remeasurement of equity method investment                                                      |   |                         | (122      | ) |   |   | - |   |
| Income tax provision                                                                                              |   |                         | (156      | ) |   |   | (143 | ) |
| Income from continuing operations                                                                                 |   | $                            | 20,245    |   |   | $ | 16,733 |   |
|                                                                                                              |   |                         |      |   |   |   |   |   |
| Total segment assets                                                                                              |   | $                            | 3,037,808 |   |   | $ | 2,591,696 |   |
| Unallocated corporate assets                                                                                      |   |                         | 78,173    |   |   |   | 37,656 |   |
| Total assets at March 31,                                                                                         |   | $                            | 3,115,981 |   |   | $ | 2,629,352 |   |

----

----

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

----

| Property portfolio:                           |   | Properties |   |   | Units  |   |   | Beds   |   |
|-----------------------------------------------|--------|------------|--------|--------|--------|--------|--------|--------|--------|
| Wholly-owned operating properties:            |   |       |   |   |   |   |   |   |   |
|   Off-campus properties (1)         |   |       | 98     |   |   |   | 17,904 |   |   |   | 56,620 |   |
|   On-campus ACE                     |   |       | 4      |   |   |   | 1,469  |   |   |   | 4,595 |   |
| Subtotal – operating properties         |   |       | 102    |   |   |   | 19,373 |   |   |   | 61,215 |   |
|                                          |   |       |   |   |   |   |   |   |   |   |   |   |
| Wholly-owned properties under development:    |   |       |   |   |   |   |   |   |   |   |   |   |
|   Off-campus properties             |   |       | 6      |   |   |   | 937    |   |   |   | 3,559 |   |
|   On-campus ACE                     |   |       | 8      |   |   |   | 1,658  |   |   |   | 5,574 |   |
| Subtotal – properties under development |   |       | 14     |   |   |   | 2,595  |   |   |   | 9,133 |   |
|                                          |   |       |   |   |   |   |   |   |   |   |   |   |
| Total wholly-owned properties                 |   |       | 116    |   |   |   | 21,968 |   |   |   | 70,348 |   |
|                                          |   |       |   |   |   |   |   |   |   |   |   |   |
| On-campus participating properties            |   |       | 4      |   |   |   | 1,863  |   |   |   | 4,519 |   |
|                                          |   |       |   |   |   |   |   |   |   |   |   |   |
| Total owned property portfolio                |   |       | 120    |   |   |   | 23,831 |   |   |   | 74,867 |   |
|                                          |   |       |   |   |   |   |   |   |   |   |   |   |
| Managed properties                            |   |       | 27     |   |   |   | 9,125  |   |   |   | 22,914 |   |
|                                          |   |       |   |   |   |   |   |   |   |   |   |   |
| Total property portfolio                      |   |       | 147    |   |   |   | 32,956 |   |   |   | 97,781 |   |

|   | (1) | Includes one property which contains a retail shopping center that we plan to redevelop into a mixed-use community including both student housing and retail. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Project                                         |   | Project Type |   | Location            |   | Primary University Served                    |   | Units  |   |   | Beds    |   |   | EstimatedProjectCost |          |   | Total CostsIncurred |   | Scheduled toOpen forOccupancy |
|-------------------------------------------------|--------|--------------|--------|---------------------|--------|----------------------------------------------|--------|--------|--------|--------|---------|--------|--------|----------------------|---------------|--------|---------------------|--------|-------------------------------|
| University Pointe at  College Station |   | ACE          |   | Portland, OR        |   | Portland State  University         |   |   | 282    |   |    |   | 978    |                 |          | $      | 87,800              |   |                          | $ | 66,701 |   | September 2012 |
|                                            |   |         |   |                |   |                                         |   |   |   |   |    |   |   |                 |          |   |                |   |                          |   |   |   |   |
| Casas del Rio                                   |   | ACE          |   | Albuquerque, NM     |   | University of New  Mexico          |   |   | 283    |   |    |   | 1,028  |                 |          |   | 39,400              |   |                          |   | 18,895 |   | August 2012 |
|                                            |   |         |   |                |   |                                         |   |   |   |   |    |   |   |                 |          |   |                |   |                          |   |   |   |   |
| The Suites                                      |   | ACE          |   | Flagstaff, AZ       |   | Northern Arizona  University       |   |   | 275    |   |    |   | 550    |                 |          |   | 28,100              |   |                          |   | 15,997 |   | August 2012 |
|                                            |   |         |   |                |   |                                         |   |   |   |   |    |   |   |                 |          |   |                |   |                          |   |   |   |   |
| Hilltop Townhomes                               |   | ACE          |   | Flagstaff, AZ       |   | Northern Arizona  University       |   |   | 144    |   |    |   | 576    |                 |          |   | 32,500              |   |                          |   | 19,979 |   | August 2012 |
|                                            |   |         |   |                |   |                                         |   |   |   |   |    |   |   |                 |          |   |                |   |                          |   |   |   |   |
| U Club on Frey                                  |   | Off-Campus   |   | Kennesaw, GA        |   | Kennesaw State  University         |   |   | 114    |   |    |   | 456    |                 |          |   | 22,500              |   |                          |   | 16,835 |   | August 2012 |
|                                            |   |         |   |                |   |                                         |   |   |   |   |    |   |   |                 |          |   |                |   |                          |   |   |   |   |
| Campus Edge on UTA  Boulevard         |   | Off-Campus   |   | Arlington, TX       |   | Univ. of Texas at  Arlington       |   |   | 128    |   |    |   | 488    |                 |          |   | 24,900              |   |                          |   | 14,410 |   | August 2012 |
|                                            |   |         |   |                |   |                                         |   |   |   |   |    |   |   |                 |          |   |                |   |                          |   |   |   |   |
| U Club Townhomes on  Marion Pugh      |   | Off-Campus   |   | College Station, TX |   | Texas A&M  University          |   |   | 160    |   |    |   | 640    |                 |          |   | 34,100              |   |                          |   | 29,274 |   | August 2012 |
|                                            |   |         |   |                |   |                                         |   |   |   |   |    |   |   |                 |          |   |                |   |                          |   |   |   |   |
| Villas on Rensch                                |   | Off-Campus   |   | Amherst, NY         |   | University at  Buffalo             |   |   | 153    |   |    |   | 610    |                 |          |   | 44,800              |   |                          |   | 34,400 |   | August 2012 |
|                                            |   |         |   |                |   |                                         |   |   |   |   |    |   |   |                 |          |   |                |   |                          |   |   |   |   |
| The Village at Overton   Park    |   | Off-Campus   |   | Lubbock, TX         |   | Texas Tech  University             |   |   | 163    |   |    |   | 612    |                 |          |   | 34,800              |   |                          |   | 22,550 |   | August 2012 |
|                                            |   |         |   |                |   |                                         |   |   |   |   |    |   |   |                 |          |   |                |   |                          |   |   |   |   |
| Casa de Oro                                     |   | ACE          |   | Glendale, AZ        |   | Arizona State  University          |   |   | 109    |   |    |   | 365    |                 |          |   | 14,600              |   |                          |   | 5,989 |   | August 2012 |
|                                            |   |         |   |                |   |                                         |   |   |   |   |    |   |   |                 |          |   |                |   |                          |   |   |   |   |
| The Villas at Vista del Sol                     |   | ACE          |   | Tempe, AZ           |   | Arizona State  University          |   |   | 104    |   |    |   | 400    |                 |          |   | 21,900              |   |                          |   | 12,136 |   | August 2012 |
| SUBTOTAL – 2012 DELIVERIES                |   |         | 1,915  |                |   |                                         | 6,703  |   |   |   | 385,400 |   |   |                 | 257,166  |   |                |
| Manzanita Hall                                  |   | ACE          |   | Tempe, AZ           |   | Arizona State  University          |   |   | 241    |   |    |   | 816    |                 |          |   | 50,300              |   |                          |   | 4,639 |   | August 2013 |
|                                            |   |         |   |                |   |                                         |   |   |   |   |    |   |   |                 |          |   |                |   |                          |   |   |   |   |
| The Callaway House                              |   | Off-Campus   |   | Austin, TX          |   | The University of  Texas at Austin |   |   | 219    |   |    |   | 753    |                 |          |   | 60,100              |   |                          |   | 5,300 |   | August 2013 |
|                                            |   |         |   |                |   |                                         |   |   |   |   |    |   |   |                 |          |   |                |   |                          |   |   |   |   |
| Drexel University                               |   | ACE          |   | Philadelphia, PA    |   | Drexel University                            |   |   | 220    |   |    |   | 861    |                 |          |   | 97,600              |   |                          |   | 10,208 |   | September 2013 |
|  SUBTOTAL – 2013 DELIVERIES          |   |         | 680    |                |   |                                         | 2,430  |   |   | $      | 208,000 |   |   | $                    | 20,147        |   |                |
|  TOTAL – ALL PROJECTS                |   |         | 2,595  |                |   |                                         | 9,133  |   |   | $      | 593,400 |   |   | $                    | 277,313       |   |                |

----

----

|                                                         |   | Three Months Ended March 31, |    |   |   |   |    |       |   |
|--------------------------------------------------------------|--------|------------------------------|---------|--------|--------|--------|---------|------------|--------|
|                                                         |   | 2012                         |    |   | 2011   |   |    | Change ($) |   |   | Change (%) |   |
| Revenues                                                     |   |                         |    |   |   |   |    |       |   |   |   |   |
|   Wholly-owned properties                          |   | $                            | 99,590  |   |   | $      | 85,625  |       |   | $ | 13,965 |   |   |   | 16.3 | % |
|   On-campus participating properties               |   |                         | 7,967   |   |   |   | 7,647   |       |   |   | 320 |   |   |   | 4.2 | % |
|   Third-party development services                 |   |                         | 2,094   |   |   |   | 3,824   |       |   |   | (1,730 | ) |   |   | (45.2 | )% |
|   Third-party management services                  |   |                         | 1,758   |   |   |   | 1,830   |       |   |   | (72 | ) |   |   | (3.9 | )% |
|   Resident services                                |   |                         | 343     |   |   |   | 341     |       |   |   | 2 |   |   |   | 0.6 | % |
| Total revenues                                               |   |                         | 111,752 |   |   |   | 99,267  |       |   |   | 12,485 |   |   |   | 12.6 | % |
|                                                         |   |                         |    |   |   |   |    |       |   |   |   |   |   |   |   |   |
| Operating expenses                                           |   |                         |    |   |   |   |    |       |   |   |   |   |   |   |   |   |
|   Wholly-owned properties                          |   |                         | 43,723  |   |   |   | 37,594  |       |   |   | 6,129 |   |   |   | 16.3 | % |
|   On-campus participating properties               |   |                         | 2,495   |   |   |   | 1,744   |       |   |   | 751 |   |   |   | 43.1 | % |
|   Third-party development and management services  |   |                         | 2,785   |   |   |   | 2,682   |       |   |   | 103 |   |   |   | 3.8 | % |
|   General and administrative                       |   |                         | 3,540   |   |   |   | 2,773   |       |   |   | 767 |   |   |   | 27.7 | % |
|   Depreciation and amortization                    |   |                         | 24,399  |   |   |   | 21,237  |       |   |   | 3,162 |   |   |   | 14.9 | % |
|   Ground/facility leases                           |   |                         | 964     |   |   |   | 1,156   |       |   |   | (192 | ) |   |   | (16.6 | )% |
| Total operating expenses                                     |   |                         | 77,906  |   |   |   | 67,186  |       |   |   | 10,720 |   |   |   | 16.0 | % |
|                                                         |   |                         |    |   |   |   |    |       |   |   |   |   |   |   |   |   |
| Operating income                                             |   |                         | 33,846  |   |   |   | 32,081  |       |   |   | 1,765 |   |   |   | 5.5 | % |
|                                                         |   |                         |    |   |   |   |    |       |   |   |   |   |   |   |   |   |
| Nonoperating income and (expenses)                           |   |                         |    |   |   |   |    |       |   |   |   |   |   |   |   |   |
|   Interest income                                  |   |                         | 516     |   |   |   | 50      |       |   |   | 466 |   |   |   | 932.0 | % |
|   Interest expense                                 |   |                         | (13,282 | )      |   |   | (14,013 | )          |   |   | 731 |   |   |   | (5.2 | )% |
|   Amortization of deferred financing costs         |   |                         | (1,001  | )      |   |   | (1,230  | )          |   |   | 229 |   |   |   | (18.6 | )% |
|   Income (loss) from unconsolidated joint ventures |   |                         | 444     |   |   |   | (12     | )          |   |   | 456 |   |   |   | (3,800.0 | )% |
|   Other nonoperating loss                          |   |                         | (122    | )      |   |   | -       |       |   |   | (122 | ) |   |   | 100.0 | % |
| Total nonoperating expenses                                  |   |                         | (13,445 | )      |   |   | (15,205 | )          |   |   | 1,760 |   |   |   | (11.6 | )% |
|                                                         |   |                         |    |   |   |   |    |       |   |   |   |   |   |   |   |   |
| Income before income taxes and discontinued operations       |   |                         | 20,401  |   |   |   | 16,876  |       |   |   | 3,525 |   |   |   | 20.9 | % |
| Income tax provision                                         |   |                         | (156    | )      |   |   | (143    | )          |   |   | (13 | ) |   |   | 9.1 | % |
| Income from continuing operations                            |   |                         | 20,245  |   |   |   | 16,733  |       |   |   | 3,512 |   |   |   | 21.0 | % |
|                                                         |   |                         |    |   |   |   |    |       |   |   |   |   |   |   |   |   |
| Income attributable to discontinued operations               |   |                         | 560     |   |   |   | 1,147   |       |   |   | (587 | ) |   |   | (51.2 | )% |
|                                                         |   |                         |    |   |   |   |    |       |   |   |   |   |   |   |   |   |
| Net income                                                   |   |                         | 20,805  |   |   |   | 17,880  |       |   |   | 2,925 |   |   |   | 16.4 | % |
| Net income attributable to noncontrolling interests          |   |                         |    |   |   |   |    |       |   |   |   |   |   |   |   |   |
|   Redeemable noncontrolling interests              |   |                         | (287    | )      |   |   | (287    | )          |   |   | - |   |   |   | 0.0 | % |
|   Partially owned properties                       |   |                         | (492    | )      |   |   | (180    | )          |   |   | (312 | ) |   |   | 173.3 | % |
| Net income attributable to noncontrolling interests          |   |                         | (779    | )      |   |   | (467    | )          |   |   | (312 | ) |   |   | 66.8 | % |
| Net income attributable to common shareholders               |   | $                            | 20,026  |   |   | $      | 17,413  |       |   | $ | 2,613 |   |   |   | 15.0 | % |

----

|                 |   | Same Store Properties       |   |   | New Properties (1)          |   |   | Total –All Properties (1)   |   |
|----------------------|--------|-----------------------------|--------|--------|-----------------------------|--------|--------|-----------------------------------|--------|
|                 |   | Three Months EndedMarch 31, |   |   | Three Months EndedMarch 31, |   |   | Three Months Ended March 31, |   |
|                 |   | 2012                        |   |   | 2011                        |   |   | 2012                              |   |   | 2011 |   |   | 2012 |   |   | 2011 |   |
| Number of properties |   |                        | 90     |   |                        |   | 90     |                              |   |   | 11 |   |   |   | 1 |   |   |   | 101 |   |   |   | 91 |   |
| Number of beds       |   |                        | 53,160 |   |                        |   | 53,160 |                              |   |   | 6,999 |   |   |   | 480 |   |   |   | 60,159 |   |   |   | 53,640 |   |
|                 |   |                        |   |   |                        |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues (2)         |   | $                           | 87,879 |   |                        | $      | 85,407 |                              |   | $ | 12,054 |   |   | $ | 559 |   |   | $ | 99,933 |   |   | $ | 85,966 |   |
| Operating expenses   |   |                        | 37,986 |   |                        |   | 37,332 |                              |   |   | 5,737 |   |   |   | 262 |   |   |   | 43,723 |   |   |   | 37,594 |   |
|                 |   |                        |   |   |                        |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| (1) | Does not include 14 properties currently under construction and scheduled to open for occupancy in 2012 and 2013. |
|-----|-------------------------------------------------------------------------------------------------------------------|

| (2) | Includes revenues which are reflected as resident services revenue on the accompanying consolidated statements of operations. |
|-----|-------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

|   |    Secured Agency Facility |
|--------|-------------------------------------------|

|   | Distributions |
|--------|---------------|

----

|   | Wholly-Owned Properties |
|--------|-------------------------|

----

|   | On-Campus Participating Properties |
|--------|------------------------------------|

----

|                                                                                     |   | Three Months Ended March 31, |       |
|------------------------------------------------------------------------------------------|--------|------------------------------|------------|
|                                                                                     |   | 2012                         |       |   | 2011 |   |
| Net income attributable to American Campus Communities, Inc. and Subsidiaries            |   | $                            | 20,026     |   |   | $ | 17,413 |   |
| Noncontrolling interests (1)                                                             |   |                         | 381        |   |   |   | 467 |   |
| (Income) loss from unconsolidated joint ventures                                         |   |                         | (444       | ) |   |   | 12 |   |
| FFO from unconsolidated joint ventures (2)                                               |   |                         | 429        |   |   |   | 4 |   |
| Real estate related depreciation and amortization                                        |   |                         | 24,005     |   |   |   | 21,907 |   |
| Funds from operations (“FFO”)                                                |   |                         | 44,397     |   |   |   | 39,803 |   |
|                                                                                     |   |                         |       |   |   |   |   |   |
| Elimination of operations of on-campus participating properties:                         |   |                         |       |   |   |   |   |   |
|     Net income from on-campus participating properties               |   |                         | (2,498     | ) |   |   | (2,642 | ) |
|     Amortization of investment in on-campus participating properties |   |                         | (1,155     | ) |   |   | (1,098 | ) |
|                                                                                     |   |                         | 40,744     |   |   |   | 36,063 |   |
| Modifications to reflect operational performance of on-campus participating properties:  |   |                         |       |   |   |   |   |   |
|     Our share of net cash flow (3)                                   |   |                         | 550        |   |   |   | 841 |   |
|     Management fees                                                  |   |                         | 362        |   |   |   | 350 |   |
| Impact of on-campus participating properties                                             |   |                         | 912        |   |   |   | 1,191 |   |
| Elimination of gain on debt restructuring - unconsolidated joint venture (4)             |   |                         | (424       | ) |   |   | - |   |
| Loss on remeasurement of equity method investment (5)                                    |   |                         | 122        |   |   |   | - |   |
| Funds from operations – modified (“FFOM”)                              |   | $                            | 41,354     |   |   | $ | 37,254 |   |
|                                                                                     |   |                         |       |   |   |   |   |   |
| FFO per share – diluted                                                            |   | $                            | 0.59       |   |   | $ | 0.58 |   |
|                                                                                     |   |                         |       |   |   |   |   |   |
| FFOM per share – diluted                                                           |   | $                            | 0.55       |   |   | $ | 0.54 |   |
|                                                                                     |   |                         |       |   |   |   |   |   |
| Weighted average common shares outstanding - diluted                                     |   |                         | 75,878,010 |   |   |   | 68,610,982 |   |

| (1) | The adjustment to FFO for noncontrolling interests’ share of net income excludes $0.4 million of income attributable to the noncontrolling partner in The Varsity, a property purchased in December 2011 from a seller that retained a 20.5% noncontrolling interest in the property. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Represents our share of the FFO from two joint ventures in which we are or were 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 Fund II.  In January 2012, we purchased the full ownership interest in the one remaining property owned by Fund II (University Heights).  Subsequent to the acquisition, the property is now wholly-owned and is consolidated by us.  |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | 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. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (4) | Immediately prior to our purchase of University Heights from Fund II, Fund II negotiated a Settlement Agreement with the lender of the property’s mortgage loan whereby the lender agreed to accept a discounted amount that was less than the original principal amount of the loan as payment in full.  Accordingly, Fund II recorded a gain on debt restructuring to reflect the discounted payoff.  Our 10% share of such gain is reflected above as an adjustment to FFOM. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Represents a non-cash loss recorded to remeasure our equity method investment in Fund II to fair value as a result of our purchase of the full ownership interest in University Heights from Fund II in January 2012. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

Item 4.  Controls and Procedures

|   | (a) | Evaluation of Disclosure Controls and Procedures |
|--------|-----|--------------------------------------------------|

|   | (b) | Changes in Internal Control Over Financial Reporting |
|--------|-----|------------------------------------------------------|

|   | (a) | Evaluation of Disclosure Controls and Procedures |
|--------|-----|--------------------------------------------------|

|   | (b) | Changes in Internal Control Over Financial Reporting |
|--------|-----|------------------------------------------------------|

----

PART II OTHER INFORMATION

Item 6.  Exhibits

|          |   |                                                                                                                                                                                                           |
|---------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ExhibitNumber |   | Description of Document                                                                                                                                                                                        |
| 31.1          |   | American Campus Communities, Inc. - Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                        |
|          |   |                                                                                                                                                                                                           |
| 31.2          |   | American Campus Communities, Inc. - Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                        |
|          |   |                                                                                                                                                                                                           |
| 31.3          |   | American Campus Communities Operating Partnership, L.P. - Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                  |
|          |   |                                                                                                                                                                                                           |
| 31.4          |   | American Campus Communities Operating Partnership, L.P. - Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                  |
|          |   |                                                                                                                                                                                                           |
| 32.1          |   | American Campus Communities, Inc. - 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          |   | American Campus Communities, Inc. - 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.                         |
|          |   |                                                                                                                                                                                                           |
| 32.3          |   | American Campus Communities Operating Partnership, L.P. - 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. |
|          |   |                                                                                                                                                                                                           |
| 32.4          |   | American Campus Communities Operating Partnership, L.P. - 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.   |
|          |   |                                                                                                                                                                                                           |
| 101.INS       |   | XBRL Instance Document                                                                                                                                                                                         |
|          |   |                                                                                                                                                                                                           |
| 101.SCH       |   | XBRL Taxonomy Extension Schema Document                                                                                                                                                                        |
|          |   |                                                                                                                                                                                                           |
| 101.CAL       |   | XBRL Taxonomy Extension Calculation Linkbase Document                                                                                                                                                          |
|          |   |                                                                                                                                                                                                           |
| 101.DEF       |   | XBRL Taxonomy Extension Definition Linkbase Document                                                                                                                                                           |
|          |   |                                                                                                                                                                                                           |
| 101.LAB       |   | XBRL Taxonomy Extension Label Linkbase Document                                                                                                                                                                |
|          |   |                                                                                                                                                                                                           |
| 101.PRE       |   | XBRL Taxonomy Extension Presentation Linkbase Document                                                                                                                                                         |

----

| Dated: | May 10, 2012 |
|--------|--------------|

|                               | 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, Treasurer and Secretary |

| Dated: | May 10, 2012 |
|--------|--------------|

|                 | AMERICAN CAMPUS COMMUNITIESOPERATING PARTNERSHIP LP |
|---------------------------------------------------------|-----------------------------------------------------|
|                                                    |                                                |
|                                                    | By:                                            | American Campus Communities Holdings,LLC, its general partner |
|                                                    |                                                |   |
|                                                    |                                                | By: American Campus Communities, Inc., its sole member |
|                               | 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, Treasurer and Secretary |