Related Party Transactions and Outside Related Director Information

American Campus Communities, Inc. (ACC)

4/6/2006 Proxy Information

Prior to the formation transactions consummated immediately before our IPO, most of the interests in our off-campus properties were owned by RAP Student Housing Properties, LLC (“RAPSH”), which was wholly-owned by Reckson Asset Partners, LLC (“RAP”). Reckson Strategic Venture Partners, LLC (“RSVP”) owned a 67% interest in RAP and, prior to the IPO, was our sole stockholder. Pursuant to agreement entered into in connection with the formation transactions, in 2005, we paid RAP and RSVP an aggregate of approximately $1.7 million relating to a guarantee fee and the distribution of insurance proceeds from a fire that occurred at an off-campus student housing property. Scott H. Rechler is one of our directors and is the Chief Executive Officer and President of Reckson Associates Realty Corp. (“Reckson”) and the Chief Executive Officer and sole director of FrontLine Capital Group. FrontLine is the indirect parent of RSVP. Reckson is the indirect non-controlling minority owner of RAP and the largest creditor of FrontLine. In 2002, FrontLine filed for protection from creditors under the federal bankruptcy laws. In connection with the formation transaction, we also agreed to nominate Mr. Rechler for reelection as director at the 2005 and 2006 Annual Meetings.

On December 2, 2005, we entered into a contribution and sale agreement with affiliates of Royal Properties to acquire a 13-property portfolio. The closing of the transactions contemplated by the contribution and sale agreement occurred on March 1, 2006, at which time Mr. Henneman received 543,668 Common Units valued at $23.50 per unit. These units are redeemable after March 1, 2007 into an equal number of shares of our common stock or cash, at our election. The contribution and sale agreement provides, among other things, that Michael J. Henneman, a principal of the Royal Properties entities, will be appointed to our Board of Directors at closing and that we will cause Mr. Henneman to be nominated for reelection so long as recipients of units of limited partnership interest in our operating partnership issued at closing continue to beneficially own, on an as if converted basis, units comprising at least 10% of the then outstanding fully diluted shares of our common stock. The contribution and sale agreement also provides that, in his capacity as a limited partner of our operating partnership, Mr. Henneman will enter into the First Amendment to Amended and Restated Agreement of Limited Partnership of the Operating Partnership that, among other things, sets forth the rights and preferences of such units; a Registration Rights Agreement pursuant to which we will register shares into which such units are exchangeable; and a Tax Matters Agreement that, among other things, will prevent the operating partnership from selling the properties comprising the Royal Portfolio under certain circumstances if the limited partners would recognize a taxable gain in such a disposition.