EXHIBIT 5.1
American Campus Communities, Inc.
805 Las Cimas Parkway
Suite 400
Austin,
TX 78746
Ladies and Gentlemen:
We have acted as counsel to American Campus Communities, Inc., a Maryland corporation (the
“Company”), in connection with the preparation of a Registration Statement on Form S-3 (the
“Registration Statement”) filed by
the Company with the Securities and Exchange Commission (the
“Commission”) under Rule 462(b) promulgated under the Securities Act of 1933, as amended (the
“Securities Act”), which incorporates by reference Registration Statement on Form S-3 (File No.
333-129131), filed by
the Company with the Commission under the Securities Act, relating to the
registration of up to $5,000,000 aggregate offering price of common stock, par value $.01 per share
(the
“Common Stock”).
In connection with this opinion, we have examined and are familiar with originals or copies,
certified or otherwise identified to our satisfaction, of such documents, corporate records,
certificates of public officials and other instruments as we have deemed necessary or advisable in
connection with this opinion, including, without limitation, resolutions of
the Company’s board of
directors adopted on
April 17, 2008 (the
“Resolutions”) and the proposed form of Underwriting
Agreement between
the Company and Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner & Smith
Incorporated and KeyBanc Capital Markets, Inc., as representatives of the several underwriters
named therein (the
“Underwriting Agreement”). In our examination we have assumed (without any
independent investigation) the genuineness of all signatures, the legal capacity of natural
persons, the authenticity of all documents submitted to us as originals, the conformity to original
documents of all documents submitted to us as certified or photostatic copies, the authenticity of
originals of such copies and the authenticity of telegraphic or telephonic confirmations of public
officials and others. As to facts material to our opinion, we have relied upon (without any
independent investigation) certificates or telegraphic or confirmations of public officials and
certificates, documents, statements and other information of
the Company or its representatives or
officers.
Based upon, subject to and limited by the foregoing, we are of the opinion that following (i)
the execution and delivery by
the Company of the
Underwriting Agreement, (ii) the effectiveness of
the Registration Statement, (iii) the issuance of the Shares pursuant to the terms of the
Underwriting Agreement, and (iv) the receipt by
the Company of the consideration for the Shares
authorized by the Resolutions and provided for in the
Underwriting Agreement, the Shares will be
validly issued, fully paid, and non-assessable.
We express no opinion as to the laws of any jurisdiction other than the laws of the State of
Texas, the federal laws of the United States of America and, to the extent relevant to the opinions
expressed herein, the General Corporation Law of the State of Maryland (including the Maryland
constitution and judicial decisions arising under such laws), and, accordingly, no opinion is
expressed with respect to any matter that under any document relevant to or covered by this letter
is purported to be governed by the laws of any other jurisdiction.
We undertake no, and disclaim any, obligation to advise you of any change in or any new
development that might affect any matters or opinions set forth herein.