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American Campus Communities, Inc. is a fully integrated, self-managed and self-administered equity real estate investment trust (REIT). The Company specializes in the acquisition, design, financing, development, construction management, leasing and management of student housing properties. American Campus Communities conducts its business through a controlling interest in American Campus Communities Operating Partnership LP (the Operating Partnership). As of December 31, 2008, its property portfolio contained 86 student housing properties with approximately 52,800 beds and approximately 17,200 apartment units, including 40 properties containing approximately 23,500 beds and approximately 7,500 units added as a result of its acquisition of the student housing business of GMH Communities Trust (GMH) on June 11, 2008. Its property portfolio consisted of 80 owned off-campus properties, two American Campus Equity (ACETM) properties and four on-campus participating properties.