X0303 4 2010-05-06 0 0001283630 AMERICAN CAMPUS COMMUNITIES INC ACC 0001094734 LOWENTHAL EDWARD 13 ACKERMAN ROAD SADDLE RIVER NJ 07458 1 0 0 0 Common Stock 2010-05-06 4 M 0 420 A 19920 D Common Stock 2010-05-06 4 M 0 500 A 20420 D Common Stock 3000 I See footnote Restricted Stock Units 2010-05-06 4 M 0 840 D Common Stock, par value $.01 per share 840 0 D Restricted Stock Units 2010-05-06 4 A 0 1550 A Common Stock, par value $.01 per share 1550 1550 D Restricted Stock Units 2010-05-06 4 M 0 1550 D Common Stock, par value $.01 per share 1550 0 D Restricted stock units were fully vested on the date of grant (5/3/2007) and shares of common stock underlying the restricted stock units were partially settled by delivery of shares and partially settled in cash in lieu of the delivery of shares of common stock. Restricted stock units were fully vested on the date of grant (5/06/2010) and shares of common stock underlying the restricted stock units were partially settled on the date of grant by delivery of shares and partially settled in cash in lieu of the delivery of shares of common stock. Held by ELIL Family Holdings LLC ("ELIL"), an entity controlled by the reporting person. By reason of the provisions of Rule 16a-1 of the Securities Exchange Act 1934, as amended, the reporting person may be deemed to be the beneficial owner of all of the American Campus Communities, Inc. common stock owned by ELIL, although he disclaims beneficial ownership of those shares, except to the extent of any indirect pecuniary interest therein. /s/ Jonathan A. Graf 2010-05-10