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|   | BORROWER:                                                                                         |                                                                                                             |                                                                                    |
|--------|---------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------|
|   |                                                                                              |                                                                                                             |                                                                                    |   |   |
|   | AMERICAN      CAMPUS COMMUNITIESOPERATING PARTNERSHIP LP,      aMaryland      limited partnership |                                                                                                             |
|   |                                                                                              |                                                                                                             |                                                                                    |
|   | By:                                                                                               | AMERICAN      CAMPUS COMMUNITIESHOLDINGS      LLC, a Maryland limitedliability      company, its general partner |                                                                                    |
|   |                                                                                              |                                                                                                             |                                                                                    |   |   |
|   |                                                                                              | By:                                                                                                              | AMERICAN      CAMPUSCOMMUNITIES,      INC., a Marylandcorporation,      its sole member |   |
|   |                                                                                              |                                                                                                             |                                                                                    |   |   |
|   |                                                                                              |                                                                                                             | By:                                                                                     |   |   |
|   |                                                                                              |                                                                                                             | Name:                                                                                   |   |   |
|   |                                                                                              |                                                                                                             | Title:                                                                                  |   |   |

----

|   | GUARANTORS:                                                                                                                                           |   |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|   |                                                                                                                                                  |   |   |
|   | AMERICAN CAMPUS COMMUNITIES,      INC.,a      Maryland corporation                                                                                    |
|   |                                                                                                                                                  |   |   |
|   | By:                                                                                                                                                   |   |   |
|   | Name:                                                                                                                                                 |   |   |
|   | Title:                                                                                                                                                |   |   |
|   |                                                                                                                                                  |   |   |
|   | ACC (AGGIE STATION) GP      LLC, a Delawarelimited      liability company                                                                             |
|   |                                                                                                                                                  |   |   |
|   | By:                                                                                                                                                   |   |   |
|   | Name:                                                                                                                                                 |   |   |
|   | Title:                                                                                                                                                |   |   |
|   |                                                                                                                                                  |   |   |
|   | ACC OP (CITYPARC) GP      LLC, a Delawarelimited      liability company                                                                               |
|   |                                                                                                                                                  |   |   |
|   | By:                                                                                                                                                   |   |   |
|   | Name:                                                                                                                                                 |   |   |
|   | Title:                                                                                                                                                |   |   |
|   |                                                                                                                                                  |   |   |
|   | ACC (OUTPOST SAN ANTONIO) GP      LLC, aDelaware      limited liability company                                                                       |
|   |                                                                                                                                                  |   |   |
|   | By:                                                                                                                                                   |   |   |
|   | Name:                                                                                                                                                 |   |   |
|   | Title:                                                                                                                                                |   |   |
|   |                                                                                                                                                  |   |   |
|   | ACC COMMUNITIES, INC., a      Delawarecorporation,      successor-by-merger to GMHCommunities      Trust, a Maryland real estateinvestment      trust |
|   |                                                                                                                                                  |   |   |
|   | By:                                                                                                                                                   |   |   |
|   | Name:                                                                                                                                                 |   |   |
|   | Title:                                                                                                                                                |   |   |

----

|   |   | GMH COMMUNITIES, GP      TRUST, a Delawarestatutory      trust                                      |                                                                                          |
|--------|--------|-----------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------|
|   |   |                                                                                                |                                                                                          |   |   |
|   |   | By:                                                                                                 |                                                                                          |   |
|   |   | Name:                                                                                               |                                                                                          |   |
|   |   | Title:                                                                                              |                                                                                          |   |
|   |   |                                                                                                |                                                                                          |   |   |
|   |   | WOODHAVEN      CIRCLE ASSOCIATESINTERMEDIATE II, LLC, a      Delaware limitedliability      company |                                                                                          |
|   |   |                                                                                                |                                                                                          |   |   |
|   |   | By:                                                                                                 | College      Park Investments, LLC, a Delawarelimited      liability company its sole member  |   |
|   |   |                                                                                                |                                                                                          |   |
|   |   |                                                                                                | By:                                                                                           |   |   |
|   |   |                                                                                                | Name:                                                                                         |   |   |
|   |   |                                                                                                | Title:                                                                                        |   |   |
|   |   |                                                                                                |                                                                                          |   |   |
|   |   | GMH COMMUNITIES, LP, a      Delaware limitedpartnership                                             |                                                                                          |
|   |   |                                                                                                |                                                                                          |   |   |
|   |   | By:                                                                                                 | GMH      Communities GP Trust, a Delawarestatutory      trust, its general partner            |   |
|   |   |                                                                                                |                                                                                          |   |   |
|   |   |                                                                                                | By:                                                                                           |   |   |
|   |   |                                                                                                | Name:                                                                                         |   |   |
|   |   |                                                                                                | Title:                                                                                        |   |   |
|   |   |                                                                                                |                                                                                          |   |   |
|   |   | COLLEGE PARK INVESTMENTS      LLC, aDelaware      limited liability company                         |                                                                                          |
|   |   |                                                                                                |                                                                                          |   |   |
|   |   | By:                                                                                                 |                                                                                          |   |
|   |   | Name:                                                                                               |                                                                                          |   |
|   |   | Title:                                                                                              |                                                                                          |   |
|   |   |                                                                                                |                                                                                          |   |   |
|   |   | RENO ASSOCIATES INTERMEDIATE,      LLC, a Delaware limited liability company                        |                                                                                          |
|   |   |                                                                                                |                                                                                          |   |   |
|   |   | By:                                                                                                 | College      Park Investments LLC, a Delaware limited liability company, its sole      member |   |
|   |   |                                                                                                |                                                                                          |   |   |
|   |   |                                                                                                | By:                                                                                           |   |   |
|   |   |                                                                                                | Name:                                                                                         |   |   |
|   |   |                                                                                                | Title:                                                                                        |   |   |

----

|   |                                                                                   |                                                                                                               |   |   |   |
|--------|----------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------|--------|--------|--------|
|   | ACC      OP-ROYAL TUCSON ENTRADA REAL1, LLC, a Delaware      limited liability company |                                                                                                               |
|   |                                                                                   |                                                                                                               |   |   |   |
|   | By:                                                                                    | ACC      OP Royal Tucson Entrada Real 3,LLC,      a Delaware limited liability company,its      sole member        |   |
|   |                                                                                   |                                                                                                               |   |   |   |
|   | By:                                                                                    | American      Campus Communities OperatingPartnership      LP, a Maryland limitedpartnership,      its sole member |   |
|   |                                                                                   |                                                                                                               |   |   |   |
|   | By:                                                                                    | American      Campus Communities HoldingsLLC,      a Maryland limited liability company,its      general partner   |   |
|   |                                                                                   |                                                                                                               |   |   |   |
|   | By:                                                                                    | American      Campus Communities, Inc., aMaryland      corporation, its sole member                                |   |
|   |                                                                                   |                                                                                                               |   |   |   |
|   |                                                                                   | By:                                                                                                                |   |   |
|   |                                                                                   | Name:                                                                                                              |   |   |
|   |                                                                                   | Title:                                                                                                             |   |   |
|   |                                                                                   |                                                                                                               |   |   |   |
|   | ACC      OP-ROYAL TUCSON ENTRADA REAL3, LLC, a Delaware      limited liability company |                                                                                                               |
|   |                                                                                   |                                                                                                               |   |   |   |
|   | By:                                                                                    | American      Campus Communities OperatingPartnership LP, a Maryland limited      partnership, itssole member      |   |
|   |                                                                                   |                                                                                                               |   |   |   |
|   | By:                                                                                    | American      Campus Communities Holdings LLC, aMaryland limited liability company,      its generalpartner        |   |
|   |                                                                                   |                                                                                                               |   |   |   |
|   | By:                                                                                    | American      Campus Communities, Inc., a Maryland corporation, its sole      member                               |   |
|   |                                                                                   |                                                                                                               |   |   |   |
|   |                                                                                   | By:                                                                                                                |   |   |
|   |                                                                                   | Name:                                                                                                              |   |   |
|   |                                                                                   | Title:                                                                                                             |   |   |

----

|   |                                                                                      |                                                                                                       |   |   |
|--------|-------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------|--------|--------|
|   | RAP STUDENT HOUSING PROPERTIES      LLC,a      Delaware limited liability company         |
|   |                                                                                      |                                                                                                       |
|   | By:                                                                                       |                                                                                                       |   |
|   | Name:                                                                                     |                                                                                                       |   |
|   | Title:                                                                                    |                                                                                                       |   |
|   |                                                                                      |                                                                                                       |
|   | RFG      CAPITAL MANAGEMENT PARTNERS,L.P., a Delaware limited      partnership            |
|   |                                                                                      |                                                                                                       |
|   | By:                                                                                       | RAP      Student Housing Properties LLC, aDelaware      limited liability company, itsgeneral      partner |
|   |                                                                                      |                                                                                                       |   |   |
|   |                                                                                      | By:                                                                                                        |   |   |
|   |                                                                                      | Name:                                                                                                      |   |   |
|   |                                                                                      | Title:                                                                                                     |   |   |
|   |                                                                                      |                                                                                                       |   |   |
|   | RFG-CMP      THE VILLAGE ATBLACKSBURG, LLC, a      Delaware limitedliability      company |
|   |                                                                                      |                                                                                                       |   |   |
|   | By:                                                                                       | RFG      Capital Management Partners, L.P., aDelaware      limited partnership, its solemember             |
|   |                                                                                      |                                                                                                       |   |   |
|   | By:                                                                                       | RAP      Student Housing Properties LLC, aDelaware      limited liability company, itsgeneral      partner |
|   |                                                                                      |                                                                                                       |   |   |
|   |                                                                                      | By:                                                                                                        |   |   |
|   |                                                                                      | Name:                                                                                                      |   |   |
|   |                                                                                      | Title:                                                                                                     |   |   |

----

|   |                                                                                                                              |   |   |
|--------|-----------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|   | LENDERS:                                                                                                                          |   |
|   |                                                                                                                              |   |
|   | KEYBANK NATIONAL      ASSOCIATION,individually      as a Lender and as Administrative Agent,Swing      Line Bank and Issuing Bank |   |
|   |                                                                                                                              |   |
|   | By:                                                                                                                               |   |   |
|   | Name:                                                                                                                             |   |   |
|   | Title:                                                                                                                            |   |   |
|   |                                                                                                                              |   |
|   | BANK      OF AMERICA, N.A.                                                                                                        |   |
|   |                                                                                                                              |   |
|   | By:                                                                                                                               |   |   |
|   | Name:                                                                                                                             |   |   |
|   | Title:                                                                                                                            |   |   |
|   |                                                                                                                              |   |
|   | By:                                                                                                                               |   |   |
|   | Name:                                                                                                                             |   |   |
|   | Title:                                                                                                                            |   |   |
|   |                                                                                                                              |   |
|   | MERRILL      LYNCH BANK USA                                                                                                       |   |
|   |                                                                                                                              |   |
|   | By:                                                                                                                               |   |   |
|   | Name:                                                                                                                             |   |   |
|   | Title:                                                                                                                            |   |   |
|   |                                                                                                                              |   |
|   | RBS      CITIZENS, N.A., D/B/A CHARTER ONEBANK                                                                                    |   |
|   |                                                                                                                              |   |
|   | By:                                                                                                                               |   |   |
|   | Name:                                                                                                                             |   |   |
|   | Title:                                                                                                                            |   |   |

----

|        |                                    |   |
|--------|-----------------------------------------|--------|
|   | AIB      DEBT MANAGEMENT, LIMITED  |   |
|   |                                    |   |
|   | By:                                     |   |   |
|   | Name:                                   |   |   |
|   | Title:                                  |   |   |