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American Campus Communities (ACC) will start paying a quarterly dividend. The first dividend for the fourth quarter of 2004 is $0.1651 per share.

This dividend will be paid on November 29, 2004 to shareholders of record on November 22, 2004.

American Campus Communities, Inc. is an owner, manager and developer of 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.