Exhibit 99.1

American Campus Communities, Inc. Reports Fourth Quarter and Year End 2012 Financial Results

AUSTIN, Texas--(BUSINESS WIRE)--February 12, 2013--American Campus Communities, Inc. (NYSE:ACC) today announced the following financial results for the quarter and year ended December 31, 2012.

Highlights

Fourth Quarter 2012

• Increased quarterly FFOM 55.6 percent to $57.1 million or $0.56 per fully diluted share compared to $36.7 million or $0.50 per fully diluted share in the fourth quarter prior year. Excluding $3.3 million of acquisition expenses, fourth quarter FFOM would have been $60.4 million or $0.59 per fully diluted share.
• Increased same store wholly-owned Net Operating Income (NOI) by 2.5 percent over the fourth quarter 2011.
• Achieved 97.4 percent same store wholly-owned occupancy as of December 31, 2012.
• Awarded a second phase American Campus Equity (ACE^®) development at Drexel University with an estimated total development cost of $168.0 million. The 1,316-bed community is scheduled to open for occupancy in Fall 2015.
• Awarded a faculty and staff housing project by Princeton University with their desire for an ACE transaction structure. The 326-unit community, Merwick Stanworth Housing, will be delivered in two phases. Phase one is targeting a Summer 2014 completion and phase two is expected to be complete in Summer 2015.

Full Year 2012

• Increased 2012 full year FFOM 28.8 percent to $165.0 million or $1.91 per fully diluted share compared to $128.1 million or $1.81 per fully diluted share for the full year 2011. Excluding $9.7 million of acquisition expenses, full year FFOM would have been $174.7 million or $2.02 per fully diluted share.
• Increased same store wholly-owned Net Operating Income (NOI) by 3.4 percent over the year ended December 31, 2011.
• Acquired 40 off-campus properties totaling $1.8 billion containing 23,441 beds with an average distance to campus of 0.48 miles.
• Completed construction and opened 11 owned developments totaling $381.4 million containing 6,703 beds, including six on-campus ACE communities totaling $219.9 million and five owned off-campus communities totaling $161.5 million. The average occupancy of the 11 new developments was 95.2 percent as of December 31, 2012.
• Disposed of three assets totaling $54.1 million containing 1,584 beds with an average age of 15.5 years and average distance to campus of 1.8 miles.
• Completed and delivered four third-party development projects totaling 2,236 beds at Illinois State University, Northern Illinois University, University of Wyoming and a dining hall at Arizona State University.
• Commenced or continued construction on eight owned-development projects totaling approximately $415.3 million and containing 5,258 beds to be delivered in 2013 and 2014 with average distance to campus of 0.1 miles.
• Raised approximately $1.3 billion in net proceeds from two follow-on equity offerings, which allowed the company to maintain a strong balance sheet with attractive credit ratios during a high-growth year. The offerings included the issuance of 29,900,000 shares of common stock at a weighted average issue price of $44.04 per share.

Fourth Quarter Operating Results

Revenue for the 2012 fourth quarter totaled $155.7 million, up 48.4 percent from $104.9 million in the fourth quarter 2011 and operating income for the quarter increased $10.2 million or 33.2 percent over the prior year fourth quarter. The increase in revenues and operating income was primarily due to growth resulting from property acquisitions, recently completed development properties, and increased rental rates for the 2012-2013 academic year. Net income for the 2012 fourth quarter totaled $23.7 million, or $0.23 per fully diluted share, compared with net income of $15.8 million, or $0.22 per fully diluted share, for the same quarter in 2011. The increase in net income as compared to the prior year quarter is primarily due to the increases in operating income discussed above and a gain recognized on the disposition of two properties during the 2012 fourth quarter, offset by an increase in interest expense related to loans assumed in connection with property acquisitions. FFO for the 2012 fourth quarter totaled $58.5 million, or $0.57 per fully diluted share, as compared to $39.4 million, or $0.54 per fully diluted share for the same quarter in 2011. FFOM for the 2012 fourth quarter was $57.1 million, or $0.56 per fully diluted share as compared to $36.7 million, or $0.50 per fully diluted share for the same quarter in 2011. Excluding acquisition-related costs, FFO for the 2012 fourth quarter totaled $61.8 million or $0.60 per fully diluted share and FFOM for the 2012 fourth quarter totaled $60.4 million or $0.59 per fully diluted share. A reconciliation of FFO and FFOM to net income is shown in Table 3.

NOI for same store wholly-owned properties was $53.4 million in the quarter, up 2.5 percent from $52.1 million in the 2011 fourth quarter. Same store wholly-owned property revenues increased by 2.4 percent over the 2011 fourth quarter due to an increase in average rental rates for the 2012-2013 academic year. Same store wholly-owned property operating expenses increased by 2.2 percent over the prior year quarter. NOI for the total wholly-owned portfolio increased 57.4 percent to $82.7 million for the quarter from $52.6 million in the comparable period of 2011.

"2012 has been an exceptional year for the company with the addition of approximately $2.2 billion in quality assets through both development and acquisition, along with industry leading occupancy in our same store portfolio," said Bill Bayless, American Campus CEO. “In 2013, we are now focused on the integration of our growth assets, leasing our portfolio for the 2013-2014 academic year, and fostering new growth opportunities to facilitate continued value creation for our shareholders."

Portfolio Update

As of February 8, 2013, the company’s same store wholly-owned portfolio was 47.7 percent applied for and 43.3 percent leased compared to 53.7 percent applied for and 46.4 percent leased for the same date prior year, with a 2.1 percent current rental rate increase projected over the in-place rent.

Acquisitions

In November, the company acquired 19 select student housing properties with 12,049 beds, including 366 beds at an additional phase currently under development at an existing property, from affiliates of Kayne Anderson Capital Advisors, L.P. The aggregate purchase price of $862.8 million includes the assumption of approximately $395.8 million of outstanding mortgage debt. The acquisition of the phase under development, which is expected to close during the third quarter of 2013, is subject to certain closing conditions, including satisfactory completion of such phase. The projected year-one cap rate is 6.0 percent nominal (inclusive of upfront capital improvements) and 5.7 percent economic (inclusive of the assumed $200 per bed capital reserves, upfront capital improvements, loan assumption costs, and transaction expenses).

Mezzanine Investment Program

In December, the company closed on the pre-sale acquisition of University Edge, a 608-bed off-campus community serving students at Kent State University. The pedestrian asset was delivered on time for Fall 2012 move-in and is 90 percent occupied. The year one projected cap rate at that occupancy is 6.4 percent nominal and 6.0 percent economic.

Developments

Owned

During the quarter, the company commenced construction on The Plaza on University, a $112.3 million mixed-use development project in Orlando, Florida. The 1,313-bed project, previously referred to as University Shoppes, is located adjacent to the University of Central Florida and will feature 60,000 square-feet of retail space with four stories of residential units. The community is scheduled to open for occupancy in August 2014.

Also during the quarter, the company executed a predevelopment agreement for a $49.0 million ACE transaction at the University of Southern California Health Sciences Campus. The community will contain approximately 460 beds with the timing of project completion still to be determined based upon the City of Los Angeles entitlement process.

American Campus was awarded a second phase ACE development at Drexel University, with an estimated total development cost of $168.0 million. The 1,316-bed on-campus development at the corner of 34th Street and Lancaster Avenue will include suite and apartment beds that will serve to meet the University’s housing requirements. The mixed-use building will include ground floor retail, a dining facility, and more than 20,000-square-feet of purpose-built student amenity space. Construction commencement is anticipated during the third quarter 2013 with occupancy expected for Fall 2015.

In addition, American Campus has entered into a letter of intent with Drexel University to convert University Crossings, the company’s owned off-campus community containing 1,016 beds, into an ACE transaction.

The company has also executed a predevelopment agreement with Princeton University for the development of a faculty and staff housing project via a proposed ACE transaction structure. Merwick Stanworth housing, consisting of 326 units (600 beds) with a phased delivery, will be developed on two contiguous University owned sites located approximately 0.45 miles north of Princeton University and pedestrian to Palmer Square, a vibrant retail, dining and entertainment district in the heart of Princeton. The new community is intended to serve and house primarily faculty and staff members in a mix of one-, two-, and three- bedroom apartment and townhome units. Currently, 128 units are anticipated to open Summer 2014, followed by 198 units expected to open Summer 2015.

Regarding American Campus’ planned development at West Virginia University in Morgantown, the company and the University are now considering other transaction structures as alternatives to ACE due to project feasibility.

Dispositions

In October, the company sold Brookstone Village and Campus Walk, a combined 528-bed community located in Wilmington, North Carolina, for a total sales price of $26.6 million. The outstanding debt on the two properties was $10.8 million. Cap rates on the transaction are 6.6 percent nominal and 6.3 percent economic.

2013 Outlook

The company believes that the financial results for the fiscal year ending December 31, 2013 may be affected by, among other factors:

• national and regional economic trends and events;
• the timing of acquisitions and/or dispositions;
• interest rate risk;
• the timing of commencement and completion of construction on owned development projects;
• the ability of the company to be awarded and the timing of the commencement of construction on third-party development projects;
• university enrollment, funding and policy trends;
• the ability of the company to earn third-party management revenues;
• the amount of income recognized by the taxable REIT subsidiaries and any corresponding income tax expense;
• the ability of the company to integrate acquired properties;
• the outcome of legal proceedings arising in the normal course of business; and
• the success of releasing the company’s owned properties for the 2013-2014 academic year.

Based upon these factors, management anticipates that fiscal year 2013 FFO will be in the range of $2.37 to $2.46 per fully diluted share and FFOM will be in the range of $2.32 to $2.42 per fully diluted share. All guidance is based on the current expectations and judgment of the company’s management team.

A reconciliation of the range provided for projected net income to projected FFO and FFOM for the fiscal year ending December 31, 2013, and assumptions utilized, is included in Table 4.

Supplemental Information and Earnings Conference Call

Supplemental financial and operating information, as well as this release, are available in the investor relations section of the American Campus Communities website, www.americancampus.com. In addition, the company will host a conference call to discuss fourth quarter and year end results and the 2013 outlook on Wednesday, February 13, 2013 at 11 a.m. EST (10:00 a.m. CST). Participants from within the U.S. may dial 888-317-6003 passcode 2010841, and participants outside the U.S. may dial 412-317-6061 passcode 2010841 at least 10 minutes prior to the call.

To listen to the live broadcast, go to www.americancampus.com at least 15 minutes prior to the call so that required audio software can be downloaded. Informational slides in the form of the supplemental analyst package can be accessed via the website. A replay of the conference call will be available beginning one hour after the end of the call until February 22, 2013 by dialing 877-344-7529 (domestic) or 412-317-0088 (international) conference number 10023564. The replay also will be available for one year at www.americancampus.com. The call will also be available as a podcast on www.REITcafe.com and on the company’s website shortly after the call.

Non-GAAP Financial Measures

The National Association of Real Estate Investment Trusts (NAREIT) currently defines Funds from Operations (FFO) as net income or loss attributable to common shares computed in accordance with generally accepted accounting principles (GAAP), excluding gains or losses from depreciable operating property sales, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. We present FFO because we consider it an important supplemental measure of our operating performance and believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. We also believe it is meaningful to present a measure we refer to as FFO-Modified, or FFOM, which reflects certain adjustments related to the economic performance of our on-campus participating properties, impairment charges, losses on early extinguishment of debt related to property dispositions, and other non-cash charges. FFO and FFOM should not be considered as alternatives to net income or loss computed in accordance with GAAP as an indicator of our financial performance or to cash flow from operating activities computed in accordance with GAAP as an indicator of our liquidity, nor are these measures indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions.

The company defines property NOI as property revenues less direct property operating expenses, excluding depreciation, but including allocated corporate general and administrative expenses.

About American Campus Communities

American Campus Communities, Inc. is the largest owner and manager 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 160 student housing properties containing approximately 98,800 beds. Including its owned and third-party managed properties, ACC’s total managed portfolio consists of 187 properties with approximately 121,300 beds. Visit www.americancampus.com or 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.

CONTACT:
American Campus Communities, Inc., Austin
Gina Cowart, 512-732-1000