Opening of Arizona State University’s Barrett Honors College Celebrates Academia, Sustainability and Partnership

American Campus Communities Inc. (NYSE:ACC), one of the largest owners, managers and developers of high-quality student housing properties in the U.S., announced today that the grand opening ceremony for Barrett, The Honors College at Arizona State University (ASU) in Tempe, is to be held 9:30 a.m., Thursday, Oct. 15.

“Barrett Honors College represents a substantial milestone in a successful long-term partnership between American Campus and ASU,” said Bill Bayless, American Campus CEO. “The ability of ASU to provide a living learning environment of this caliber to its students is a testament to the vision and resourcefulness of ASU President Michael Crow and we are honored to support his mission.”

Speakers include ASU President Michael Crow, Dean Mark Jacobs, Craig and Barbara Barrett, Bayless, and ASU honors students. Tours of the campus begin at 10:15 a.m.

The new Barrett Honors College is funded with the company's equity through the American Campus Equity (ACE)™ program, which enables colleges and universities to preserve credit capacity to fund core academic infrastructure.

The Barrett community offers housing to 1,721 students and features a dining center, classrooms, cafe, faculty and administrative offices and activity space. Amenities include a fitness center, computer lounge and lab, amphitheater, classrooms, outside activity courts and dining hall with covered terrace, garden and special dining rooms for events.

The honors college is designed to meet Silver Certification standards on the LEED^® Green Building Rating System and features a sustainable living community, with low-consumption plumbing fixtures, enhanced energy monitoring, a green roof and organic garden offering students the opportunity to study and experience sustainable living.

“Barrett combines the caring and advocacy of a small, residential four-year college with the vast resources of a large PAC-10 research university,” says Mark Jacobs, Barrett dean. “This new campus will stand alone among honors colleges around the country for the size of the campus and the comprehensiveness of services arranged in one place for honors students.”

The Honors College at ASU was created in 1988 by an act of the Arizona Board of Regents to provide exceptional educational opportunities for outstanding students. As one of the first honors colleges in the country, it quickly rose to prominence, cited by Money magazine as one of the top eight honors programs in the United States six years later.

In the past 20 years several other honors colleges and programs have been created around the country, but no other public university has its own free-standing honors college campus with classrooms, dining, faculty and advisers on-site. Reader's Digest named Barrett to its “Best in America” list in 2005, as one of three honors colleges that offer “an Ivy League-style education minus the sticker shock.”

American Campus also developed Vista del Sol, a 1,866-bed community which opened for occupancy in August 2008, and is currently in the predevelopment phase for additional projects with ASU.

About American Campus Communities

American Campus Communities Inc. is one of the largest developers, owners and managers of high-quality student housing communities in the United States. The company is a fully integrated, self-managed and self-administered equity real estate investment trust (REIT) with expertise in the design, finance, development, construction management, and operational management of student housing properties. American Campus Communities owns 86 student housing properties containing approximately 52,800 beds. The company also owns a minority interest in 21 joint venture properties containing 12,100 beds. Including its owned, joint venture and third-party managed properties, ACC's total managed portfolio consists of 139 properties with approximately 88,600 beds. Additional information is available at www.studenthousing.com.

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which American Campus operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict.

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