American Campus Communities (ACC) 10-K3 Mar 142013 FY Annual reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Dec. 31, 2013	Feb. 19, 2014	Jun. 28, 2013
Document Information [Line Items]	'	'	'
Entity Registrant Name	'AMERICAN CAMPUS COMMUNITIES INC	'	'
Entity Central Index Key	'0001283630	'	'
Trading Symbol	'acc	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Voluntary Filers	'No	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Filer Category	'Large Accelerated Filer	'	'
Entity Well-Known Seasoned Issuer	'Yes	'	'
Entity Common Stock Shares Outstanding	'	104,782,817	'
Entity Public Float	'	'	$3,715,337,507
Document Type	'10-K	'	'
Document Period End Date	31-Dec-13	'	'
Amendment Flag	'false	'	'
Document Fiscal Year Focus	'2013	'	'
Document Fiscal Period Focus	'FY	'	'
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.	'	'	'
Document Information [Line Items]	'	'	'
Entity Registrant Name	'American Campus Communities Operating Partnership LP	'	'
Entity Central Index Key	'0001357369	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Voluntary Filers	'No	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Filer Category	'Non-accelerated Filer	'	'
Entity Well-Known Seasoned Issuer	'No	'	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Investments in real estate:	'		'
Investments in real estate, net	$5,286,872		$4,928,722
Cash and cash equivalents	38,751		21,454
Restricted cash	35,451		36,790
Student contracts receivable, net	9,238		14,122
Other assets	227,728		117,874
Total assets	5,598,040		5,118,962
Liabilities:	'		'
Secured mortgage, construction and bond debt	1,507,216		1,509,105
Unsecured notes	398,721		0
Unsecured term loans	600,000		350,000
Unsecured revolving credit facility	150,700		258,000
Secured agency facility	87,750		104,000
Accounts payable and accrued expenses	65,088		56,046
Other liabilities	110,036		107,223
Total liabilities	2,919,511		2,384,374
Commitments and contingencies (Note 17)	'		'
Redeemable noncontrolling interests	47,964		57,534
American Campus Communities, Inc. stockholders' equity:	'		'
American Campus Communities, Inc. stockholdersâ€™ equity: Common stock, $.01 par value, 800,000,000 shares authorized, 104,782,817 and 104,665,212 shares issued and outstanding at December 31, 2013 and 2012, respectively	1,043		1,043
Additional paid in capital	3,017,631		3,001,520
Accumulated earnings and dividends	-392,338		-347,521
Accumulated other comprehensive loss	-1,435		-6,661
Total American Campus Communities, Inc. stockholdersâ€™ equity	2,624,901		2,648,381
Total equity	2,630,565		2,677,054
Partners' capital:	'		'
Accumulated other comprehensive loss	-1,435		-6,661
Total liabilities and equity/capital	5,598,040		5,118,962
Wholly-owned properties, net	'		'
Investments in real estate:	'		'
Investments in real estate, net	5,199,008	[1]	4,871,376	[1]
Liabilities:	'		'
Secured mortgage, construction and bond debt	1,417,563		1,432,422
Wholly-owned property held for sale	'		'
Investments in real estate:	'		'
Investments in real estate, net	14,408		0
On-campus participating properties	'		'
Investments in real estate:	'		'
Investments in real estate, net	73,456		57,346
Liabilities:	'		'
Secured mortgage, construction and bond debt	89,653		76,683
Partially-owned properties	'		'
American Campus Communities, Inc. stockholders' equity:	'		'
Noncontrolling interests â€“ partially owned properties	5,664		28,673
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.	'		'
Investments in real estate:	'		'
Investments in real estate, net	5,286,872		4,928,722
Cash and cash equivalents	38,751		21,454
Restricted cash	35,451		36,790
Student contracts receivable, net	9,238		14,122
Other assets	227,728		117,874
Total assets	5,598,040		5,118,962
Liabilities:	'		'
Secured mortgage, construction and bond debt	1,507,216		1,509,105
Unsecured notes	398,721		0
Unsecured term loans	600,000		350,000
Unsecured revolving credit facility	150,700		258,000
Secured agency facility	87,750		104,000
Accounts payable and accrued expenses	65,088		56,046
Other liabilities	110,036		107,223
Total liabilities	2,919,511		2,384,374
Commitments and contingencies (Note 17)	'		'
Redeemable noncontrolling interests	47,964		57,534
American Campus Communities, Inc. stockholders' equity:	'		'
Accumulated other comprehensive loss	-1,435		-6,661
Partners' capital:	'		'
General partner - 12,222 OP units outstanding at both December 31, 2013 and 2012	111		116
Limited partner â€“ 104,770,595 and 104, 652, 990 OP units outstanding at December 31, 2013 and 2012, respectively	2,626,225		2,654,926
Accumulated other comprehensive loss	-1,435		-6,661
Total partners' capital	2,624,901		2,648,381
Total capital	2,630,565		2,677,054
Total liabilities and equity/capital	5,598,040		5,118,962
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. \| Wholly-owned properties, net	'		'
Investments in real estate:	'		'
Investments in real estate, net	5,199,008		4,871,376
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. \| Wholly-owned property held for sale	'		'
Investments in real estate:	'		'
Investments in real estate, net	14,408		0
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. \| On-campus participating properties	'		'
Investments in real estate:	'		'
Investments in real estate, net	73,456		57,346
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. \| Partially-owned properties	'		'
Partners' capital:	'		'
Noncontrolling interests â€“ partially owned properties	$5,664		$28,673

[1]	The balance above excludes Hawks Landing which was classified as wholly-owned property Held for Sale in the accompanying consolidated balance sheet as of December 31, 2013.

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized (shares)	800,000,000	800,000,000
Common stock, shares issued (shares)	104,782,817	104,665,212
Common stock, shares outstanding (shares)	104,782,817	104,665,212
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.	'	'
General partner, OP units outstanding (shares)	12,222	12,222
Limited partner, OP units outstanding (shares)	104,770,595	104,652,990

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Revenues:	'		'		'
Third-party development services	$2,483		$8,574		$7,497
Third-party management services	7,514		6,893		7,254
Resident services	2,614		1,605		1,353
Total revenues	657,462		465,655		361,910
Operating expenses:	'		'		'
Third-party development and management services	10,810		10,898		11,368
General and administrative	16,666		22,965		12,752
Depreciation and amortization	184,988		110,499		80,840
Ground/facility leases	5,402		4,248		3,608
Total operating expenses	525,709		359,809		272,771
Operating income	131,753		105,846		89,139
Nonoperating income and (expenses):	'		'		'
Interest income	3,005		1,756		579
Interest expense	-78,028		-54,518		-49,601
Amortization of deferred financing costs	-5,608		-4,425		-5,032
Income (loss) from unconsolidated joint ventures	0		444		-641
Other nonoperating (expense) income	-2,666		411		0
Total nonoperating expenses	-83,297		-56,332		-54,695
Income before income taxes and discontinued operations	48,456		49,514		34,444
Income tax provision	-1,020		-725		-433
Income from continuing operations	47,436		48,789		34,011
Discontinued operations:	'		'		'
Income attributable to discontinued operations	4,824		8,728		9,155
Loss from early extinguishment of debt	-332		-1,591		0
Gain from disposition of real estate	55,263		4,312		14,806
Total discontinued operations	59,755		11,449		23,961
Net income	107,191		60,238		57,972
Net income attributable to noncontrolling interests â€“ partially owned properties	-2,547		-3,602		-1,343
Net income attributable to common shareholders	104,644		56,636		56,629
Other comprehensive income (loss)	'		'		'
Change in fair value of interest rate swaps	5,226		-3,301		2,143
Comprehensive income	109,870		53,335		58,772
Income per share/unit attributable to common shareholders/unitholders - basic	'		'		'
Income from continuing operations per share/unit (in dollars per share/unit)	$0.43		$0.53		$0.47
Net income per share/unit (in dollars per share/unit)	$0.99	[1]	$0.66	[1]	$0.81
Income per share/unit attributable to common shareholders/unitholders - diluted	'		'		'
Income from continuing operations per share/unit (in dollars per share/unit)	$0.42		$0.52		$0.46
Net income per share/unit (in dollars per share/unit)	$0.98	[1]	$0.65	[1]	$0.80
Weighted-average common shares/units outstanding:	'		'		'
Basic weighted average common shares outstanding (in shares)	104,760,502		84,711,584		69,243,203
Diluted weighted average common shares outstanding (in shares)	105,382,320		85,309,451		69,807,394
Redeemable noncontrolling interests	'		'		'
Discontinued operations:	'		'		'
Net income attributable to noncontrolling interests â€“ partially owned properties	-1,359		-847		-930
Wholly-owned properties, net	'		'		'
Revenues:	'		'		'
Operating lease revenue	618,503		422,417		320,554
Operating expenses:	'		'		'
Operating expenses excluding general, administrative, depreciation and lease expense	296,794		200,126		154,023
On-campus participating properties, net	'		'		'
Revenues:	'		'		'
Operating lease revenue	26,348		26,166		25,252
Operating expenses:	'		'		'
Operating expenses excluding general, administrative, depreciation and lease expense	11,049		11,073		10,180
Partially-owned properties	'		'		'
Discontinued operations:	'		'		'
Net income attributable to noncontrolling interests â€“ partially owned properties	-1,188		-2,755		-413
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.	'		'		'
Revenues:	'		'		'
Third-party development services	2,483		8,574		7,497
Third-party management services	7,514		6,893		7,254
Resident services	2,614		1,605		1,353
Total revenues	657,462		465,655		361,910
Operating expenses:	'		'		'
Third-party development and management services	10,810		10,898		11,368
General and administrative	16,666		22,965		12,752
Depreciation and amortization	184,988		110,499		80,840
Ground/facility leases	5,402		4,248		3,608
Total operating expenses	525,709		359,809		272,771
Operating income	131,753		105,846		89,139
Nonoperating income and (expenses):	'		'		'
Interest income	3,005		1,756		579
Interest expense	-78,028		-54,518		-49,601
Amortization of deferred financing costs	-5,608		-4,425		-5,032
Income (loss) from unconsolidated joint ventures	0		444		-641
Other nonoperating (expense) income	-2,666		411		0
Total nonoperating expenses	-83,297		-56,332		-54,695
Income before income taxes and discontinued operations	48,456		49,514		34,444
Income tax provision	-1,020		-725		-433
Income from continuing operations	47,436		48,789		34,011
Discontinued operations:	'		'		'
Income attributable to discontinued operations	4,824		8,728		9,155
Loss from early extinguishment of debt	-332		-1,591		0
Gain from disposition of real estate	55,263		4,312		14,806
Total discontinued operations	59,755		11,449		23,961
Net income	107,191		60,238		57,972
Net income attributable to common shareholders	106,003		57,483		57,559
Series A preferred units distributions	-182		-183		-183
Net income available to common shareholders/unitholders	105,821		57,300		57,376
Other comprehensive income (loss)	'		'		'
Change in fair value of interest rate swaps	5,226		-3,301		2,143
Comprehensive income	111,047		53,999		59,519
Income per share/unit attributable to common shareholders/unitholders - basic	'		'		'
Income from continuing operations per share/unit (in dollars per share/unit)	$0.43		$0.53		$0.47
Net income per share/unit (in dollars per share/unit)	$0.99		$0.66		$0.81
Income per share/unit attributable to common shareholders/unitholders - diluted	'		'		'
Income from continuing operations per share/unit (in dollars per share/unit)	$0.42		$0.52		$0.46
Net income per share/unit (in dollars per share/unit)	$0.98		$0.65		$0.80
Income per share/unit attributable to common shareholders/unitholders - basic	'		'		'
Income from continuing operations per share/unit (in dollars per share/unit)	$0.43		$0.53		$0.47
Net income per share/unit (in dollars per share/unit)	$0.99	[1]	$0.66	[1]	$0.81
Income per share/unit attributable to common shareholders/unitholders - diluted	'		'		'
Income from continuing operations per share/unit (in dollars per share/unit)	$0.42		$0.52		$0.46
Net income per share/unit (in dollars per share/unit)	$0.98	[1]	$0.65	[1]	$0.80
Weighted-average common shares/units outstanding:	'		'		'
Basic (in units)	105,919,394		85,663,475		70,156,335
Diluted (in units)	106,541,212		86,261,342		70,720,526
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. \| Wholly-owned properties, net	'		'		'
Revenues:	'		'		'
Operating lease revenue	618,503		422,417		320,554
Operating expenses:	'		'		'
Operating expenses excluding general, administrative, depreciation and lease expense	296,794		200,126		154,023
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. \| On-campus participating properties, net	'		'		'
Revenues:	'		'		'
Operating lease revenue	26,348		26,166		25,252
Operating expenses:	'		'		'
Operating expenses excluding general, administrative, depreciation and lease expense	11,049		11,073		10,180
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. \| Partially-owned properties	'		'		'
Discontinued operations:	'		'		'
Net income attributable to noncontrolling interests â€“ partially owned properties	($1,188)		($2,755)		($413)

[1]	Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year.

CONSOLIDATED_STATEMENTS_OF_CHA

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY/ CAPITAL (USD $)	Total	Common Shares	Additional Paid in Capital	Accumulated Earnings and Dividends	Accumulated Other Comprehensive Loss	Noncontrolling Interests	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
In Thousands, except Share data, unless otherwise specified	Total	Common Shares	Additional Paid in Capital	Accumulated Earnings and Dividends	Accumulated Other Comprehensive Loss	Noncontrolling Interests	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.	Accumulated Other Comprehensive Loss	Noncontrolling Interests	General Partner	Limited Partner
Beginning Balance at Dec. 31, 2010	'	'	'	'	'	'	$1,217,895	($5,503)	$3,933	$132	$1,219,333
Beginning Balance at Dec. 31, 2010	1,217,895	667	1,468,179	-249,381	-5,503	3,933	'	'	'	'	'
Beginning Balance (in shares) at Dec. 31, 2010	'	66,875,663	'	'	'	'	'	'	'	'	'
Beginning Balance (in units) at Dec. 31, 2010	'	'	'	'	'	'	'	'	'	12,222	66,863,441
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'	'	'	'	'	'
Net proceeds from sale of common stock (in shares)	'	5,716,760	'	'	'	'	'	'	'	'	'
Net proceeds from sale of common stock	205,025	57	204,968	'	'	'	'	'	'	'	'
Issuance of units in exchange for contributions of equity offering proceeds (in units)	'	'	'	'	'	'	'	'	'	'	5,716,760
Issuance of units in exchange for contributions of equity offering proceeds	'	'	'	'	'	'	205,025	'	'	'	205,025
Adjustments to reflect redeemable noncontrolling interests at fair value	-9,876	'	-9,876	'	'	'	-9,876	'	'	'	-9,876
Amortization of restricted stock awards	4,252	'	4,252	'	'	'	4,252	'	'	'	4,252
Vesting of restricted stock awards and restricted stock units (in shares)	'	102,522	'	'	'	'	'	'	'	'	102,522
Vesting of restricted stock awards and restricted stock units	-1,269	'	-1,269	'	'	'	-1,269	'	'	'	-1,269
Distributions to common and restricted stockholders	-93,813	'	'	-93,813	'	'	'	'	'	'	'
Distributions	'	'	'	'	'	'	-93,813	'	'	-16	-93,797
Distributions to noncontrolling interests - partially owned properties	-335	'	'	'	'	-335	-335	'	-335	'	'
Noncontrolling interest retained by seller - property acquisition	24,908	'	'	'	'	24,908	24,908	'	24,908	'	'
Conversion of common units to common stock (in shares)	'	64,601	'	'	'	'	'	'	'	'	64,601
Conversion of common units to common stock	1,102	1	1,101	'	'	'	1,102	'	'	'	1,102
Increase in ownership of consolidated joint venture	-3,275	'	-2,939	'	'	-336	-3,275	'	-336	'	-2,939
Change in fair value of interest rate swaps	2,143	'	'	'	2,143	'	2,143	2,143	'	'	'
Net income	57,042	'	'	56,629	'	413	57,042	'	413	9	56,620
Ending Balance at Dec. 31, 2011	'	'	'	'	'	'	1,403,799	-3,360	28,583	125	1,378,451
Ending Balance at Dec. 31, 2011	1,403,799	725	1,664,416	-286,565	-3,360	28,583	'	'	'	'	'
Ending Balance (in shares) at Dec. 31, 2011	'	72,759,546	'	'	'	'	'	'	'	'	'
Ending Balance (in units) at Dec. 31, 2011	'	'	'	'	'	'	'	'	'	12,222	72,747,324
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'	'	'	'	'	'
Net proceeds from sale of common stock (in shares)	'	31,702,306	'	'	'	'	'	'	'	'	'
Net proceeds from sale of common stock	1,334,907	317	1,334,590	'	'	'	'	'	'	'	'
Issuance of units in exchange for contributions of equity offering proceeds (in units)	'	'	'	'	'	'	'	'	'	'	31,702,306
Issuance of units in exchange for contributions of equity offering proceeds	'	'	'	'	'	'	1,334,907	'	'	'	1,334,907
Adjustments to reflect redeemable noncontrolling interests at fair value	-1,958	'	-1,958	'	'	'	-1,868	'	'	'	-1,868
Amortization of restricted stock awards	5,279	'	5,279	'	'	'	5,279	'	'	'	5,279
Vesting of restricted stock awards and restricted stock units (in shares)	'	114,903	'	'	'	'	'	'	'	'	114,903
Vesting of restricted stock awards and restricted stock units	-2,023	'	-2,023	'	'	'	-2,023	'	'	'	-2,023
Distributions to common and restricted stockholders	-117,592	'	'	-117,592	'	'	'	'	'	'	'
Distributions	'	'	'	'	'	'	-117,592	'	'	-16	-117,576
Distributions to noncontrolling interests - partially owned properties	-2,665	'	'	'	'	-2,665	-2,665	'	-2,665	'	'
Conversion of common units to common stock (in shares)	'	88,457	'	'	'	'	'	'	'	'	88,457
Conversion of common units to common stock	1,217	1	1,216	'	'	'	1,217	'	'	'	1,217
Redemption of common units	'	'	'	'	'	'	-90	'	'	'	-90
Change in fair value of interest rate swaps	-3,301	'	'	'	-3,301	'	-3,301	-3,301	'	'	'
Net income	59,391	'	'	56,636	'	2,755	59,391	'	2,755	7	56,629
Ending Balance at Dec. 31, 2012	'	'	'	'	'	'	2,677,054	-6,661	28,673	116	2,654,926
Ending Balance at Dec. 31, 2012	2,677,054	1,043	3,001,520	-347,521	-6,661	28,673	'	'	'	'	'
Ending Balance (in shares) at Dec. 31, 2012	'	104,665,212	'	'	'	'	'	'	'	'	'
Ending Balance (in units) at Dec. 31, 2012	'	'	'	'	'	'	'	'	'	12,222	104,652,990
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'	'	'	'	'	'
Adjustments to reflect redeemable noncontrolling interests at fair value	12,534	'	12,534	'	'	'	12,534	'	'	'	12,534
Amortization of restricted stock awards	6,423	'	6,423	'	'	'	6,423	'	'	'	6,423
Vesting of restricted stock awards and restricted stock units (in shares)	'	116,105	'	'	'	'	'	'	'	'	116,105
Vesting of restricted stock awards and restricted stock units	-2,869	'	-2,869	'	'	'	-2,869	'	'	'	-2,869
Distributions to common and restricted stockholders	-149,461	'	'	-149,461	'	'	'	'	'	'	'
Distributions	'	'	'	'	'	'	-149,461	'	'	-17	-149,444
Distributions to noncontrolling interests - partially owned properties	-789	'	'	'	'	-789	-789	'	-789	'	'
Conversion of common units to common stock (in shares)	'	1,500	'	'	'	'	'	'	'	'	1,500
Conversion of common units to common stock	23	'	23	'	'	'	23	'	'	'	23
Increase in ownership of consolidated joint venture	-24,908	'	'	'	'	-24,908	-24,908	'	-24,908	'	'
Contributions by noncontrolling partners	1,500	'	'	'	'	1,500	1,500	'	1,500	'	'
Change in fair value of interest rate swaps	5,226	'	'	'	5,226	'	5,226	5,226	'	'	'
Net income	105,832	'	'	104,644	'	1,188	105,832	0	1,188	12	104,632
Ending Balance at Dec. 31, 2013	'	'	'	'	'	'	2,630,565	-1,435	5,664	111	2,626,225
Ending Balance at Dec. 31, 2013	$2,630,565	$1,043	$3,017,631	($392,338)	($1,435)	$5,664	'	'	'	'	'
Ending Balance (in shares) at Dec. 31, 2013	'	104,782,817	'	'	'	'	'	'	'	'	'
Ending Balance (in units) at Dec. 31, 2013	'	'	'	'	'	'	'	'	'	12,222	104,770,595

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Operating activities	'	'	'
Net income	$107,191	$60,238	$57,972
Adjustments to reconcile net income to net cash provided by operating activities:	'	'	'
Gain from disposition of real estate	-55,263	-4,312	-14,806
Loss from early extinguishment of debt	332	1,591	0
Loss on remeasurement of equity method investments	0	122	0
Depreciation and amortization	187,475	116,490	89,271
Provision for asset impairment	0	0	559
Amortization of deferred financing costs and debt premiums/discounts	-8,288	1,316	326
Share-based compensation	6,625	5,350	4,367
(Income) loss from unconsolidated joint ventures	0	-444	641
Income tax provision	1,020	725	433
Changes in operating assets and liabilities:	'	'	'
Restricted cash	3,263	-1,041	865
Student contracts receivable, net	4,621	-8,733	394
Other assets	-15,072	11,458	-17,671
Accounts payable and accrued expenses	5,036	5,362	358
Other liabilities	9,738	7,009	4,035
Net cash provided by operating activities	246,678	195,131	126,744
Investing activities	'	'	'
Proceeds from disposition of properties	180,465	42,279	80,376
Proceeds from disposition of land	2,000	1,064	0
Cash paid for property acquisitions	-234,326	-1,106,047	-236,865
Cash paid for land acquisitions	-25,649	-29,353	-8,257
Loan made to noncontrolling partner of consolidated subsidiary	0	0	-24,908
Investment in on-campus participating property under development	'	0	0
Cash paid for increased ownership in consolidated subsidiaries	0	0	-3,275
Investment in loans receivable	-52,138	0	0
Investment in mezzanine loans	-8,750	-2,000	-7,100
Proceeds from mezzanine loans	0	4,000	0
Change in restricted cash related to capital reserves	-1,461	-129	1,523
(Increase) decrease in escrow deposits	-970	405	-975
Proceeds from insurance settlement	636	0	1,907
Purchase of corporate furniture, fixtures and equipment	-2,594	-1,436	-10,239
Net cash used in investing activities	-509,999	-1,447,562	-423,584
Financing activities	'	'	'
Proceeds from unsecured notes	398,636	0	0
Proceeds from sale of common stock	0	1,391,750	208,980
Offering costs	0	-56,320	-3,602
Pay-off of mortgage and construction loans	-82,066	-137,529	-299,838
Proceeds from unsecured term loans	250,000	150,000	200,000
Pay-off of secured term loan	0	0	-100,000
Proceeds from revolving credit facilities	609,055	638,000	378,000
Paydowns of revolving credit facilities	-732,605	-665,000	-90,000
Proceeds from construction loans	15,833	75,392	24,430
Principal payments on debt	-15,323	-11,575	-9,603
Loss from early extinguishment of debt	-332	-1,591	0
Debt issuance and assumption costs	-10,507	-9,806	-6,766
Distributions to common and restricted stockholders	-149,461	-117,592	-93,813
Distributions to noncontrolling partners	-2,612	-4,111	-1,750
Redemption of common units for cash	0	-132	-306
Net cash provided by financing activities	280,618	1,251,486	205,732
Net change in cash and cash equivalents	17,297	-945	-91,108
Cash and cash equivalents at beginning of period	21,454	22,399	113,507
Cash and cash equivalents at end of period	38,751	21,454	22,399
Supplemental disclosure of non-cash investing and financing activities	'	'	'
Loans assumed in connection with property acquisitions	-107,250	-645,823	0
Issuance of common units in connection with property acquisitions	-3,451	-15,000	0
Financing of equipment through capital lease obligations	0	0	281
Change in fair value of derivative instruments, net	5,226	-3,301	2,143
Supplemental disclosure of cash flow information	'	'	'
Interest paid	100,305	66,599	63,601
Income taxes paid	668	466	420
Wholly owned properties	'	'	'
Investing activities	'	'	'
Capital expenditures for wholly-owned/on-campus participating properties under development	-68,628	-31,453	-24,568
Investments in wholly-owned properties under development	-281,490	-322,751	-189,371
On-campus participating properties	'	'	'
Investing activities	'	'	'
Capital expenditures for wholly-owned/on-campus participating properties under development	-1,618	-2,141	-1,832
Investment in on-campus participating property under development	-15,476	'	'
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.	'	'	'
Operating activities	'	'	'
Net income	107,191	60,238	57,972
Adjustments to reconcile net income to net cash provided by operating activities:	'	'	'
Gain from disposition of real estate	-55,263	-4,312	-14,806
Loss from early extinguishment of debt	332	1,591	0
Loss on remeasurement of equity method investments	0	122	0
Depreciation and amortization	187,475	116,490	89,271
Provision for asset impairment	0	0	559
Amortization of deferred financing costs and debt premiums/discounts	-8,288	1,316	326
Share-based compensation	6,625	5,350	4,367
(Income) loss from unconsolidated joint ventures	0	-444	641
Income tax provision	1,020	725	433
Changes in operating assets and liabilities:	'	'	'
Restricted cash	3,263	-1,041	865
Student contracts receivable, net	4,621	-8,733	394
Other assets	-15,072	11,458	-17,671
Accounts payable and accrued expenses	5,036	5,362	358
Other liabilities	9,738	7,009	4,035
Net cash provided by operating activities	246,678	195,131	126,744
Investing activities	'	'	'
Proceeds from disposition of properties	180,465	42,279	80,376
Proceeds from disposition of land	2,000	1,064	0
Cash paid for property acquisitions	-234,326	-1,106,047	-236,865
Cash paid for land acquisitions	-25,649	-29,353	-8,257
Loan made to noncontrolling partner of consolidated subsidiary	0	0	-24,908
Cash paid for increased ownership in consolidated subsidiaries	0	0	-3,275
Investment in loans receivable	-52,138	0	0
Investment in mezzanine loans	-8,750	-2,000	-7,100
Proceeds from mezzanine loans	0	4,000	0
Change in restricted cash related to capital reserves	-1,461	-129	1,523
(Increase) decrease in escrow deposits	-970	405	-975
Proceeds from insurance settlement	636	0	1,907
Purchase of corporate furniture, fixtures and equipment	-2,594	-1,436	-10,239
Net cash used in investing activities	-509,999	-1,447,562	-423,584
Financing activities	'	'	'
Proceeds from unsecured notes	398,636	0	0
Proceeds from issuance of common units in exchange for contributions, net	0	1,335,430	205,378
Pay-off of mortgage and construction loans	-82,066	-137,529	-299,838
Proceeds from unsecured term loans	250,000	150,000	200,000
Pay-off of secured term loan	0	0	-100,000
Proceeds from revolving credit facilities	609,055	638,000	378,000
Paydowns of revolving credit facilities	-732,605	-665,000	-90,000
Proceeds from construction loans	15,833	75,392	24,430
Principal payments on debt	-15,323	-11,575	-9,603
Loss from early extinguishment of debt	-332	-1,591	0
Debt issuance and assumption costs	-10,507	-9,806	-6,766
Redemption of common units for cash	0	-132	-306
Net cash provided by financing activities	280,618	1,251,486	205,732
Net change in cash and cash equivalents	17,297	-945	-91,108
Cash and cash equivalents at beginning of period	21,454	22,399	113,507
Cash and cash equivalents at end of period	38,751	21,454	22,399
Supplemental disclosure of non-cash investing and financing activities	'	'	'
Loans assumed in connection with property acquisitions	-107,250	-645,823	0
Issuance of common units in connection with property acquisitions	-3,451	-15,000	0
Financing of equipment through capital lease obligations	0	0	281
Change in fair value of derivative instruments, net	5,226	-3,301	2,143
Supplemental disclosure of cash flow information	'	'	'
Interest paid	100,305	66,599	63,601
Income taxes paid	668	466	420
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. \| Unvested Restricted Awards	'	'	'
Financing activities	'	'	'
Distributions paid	-927	-848	-773
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. \| Common units	'	'	'
Financing activities	'	'	'
Distributions paid	-150,175	-118,007	-94,272
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. \| Preferred units	'	'	'
Financing activities	'	'	'
Distributions paid	-182	-183	-183
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. \| Partially-owned properties	'	'	'
Financing activities	'	'	'
Distributions paid	-789	-2,665	-335
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. \| Wholly owned properties	'	'	'
Investing activities	'	'	'
Capital expenditures for wholly-owned/on-campus participating properties under development	-68,628	-31,453	-24,568
Investments in wholly-owned properties under development	-281,490	-322,751	-189,371
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. \| On-campus participating properties	'	'	'
Investing activities	'	'	'
Capital expenditures for wholly-owned/on-campus participating properties under development	-1,618	-2,141	-1,832
Investment in on-campus participating property under development	($15,476)	$0	$0

Organization_and_Description_o

Organization and Description of Business	12 Months Ended
Organization and Description of Business	Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization and Description of Business	'
	Organization and Description of Business

	American Campus Communities, Inc. (“ACC”) is a real estate investment trust (“REIT”) that commenced operations effective with the completion of an initial public offering (“IPO”) on August 17, 2004. Through ACC’s controlling interest in American Campus Communities Operating Partnership L.P. (“ACCOP”), ACC is one of the largest owners, managers and developers of high quality student housing properties in the United States in terms of beds owned and under management. ACC is a fully integrated, self-managed and self-administered equity REIT with expertise in the acquisition, design, financing, development, construction management, leasing and management of student housing properties. ACC’s common stock is publicly traded on the New York Stock Exchange (“NYSE”) under the ticker symbol “ACC.”

	The general partner of ACCOP is American Campus Communities Holdings, LLC (“ACC Holdings”), an entity that is wholly-owned by ACC. As of December 31, 2013, ACC Holdings held an ownership interest in ACCOP of less than 1%. The limited partners of ACCOP are ACC and other limited partners consisting of current and former members of management and nonaffiliated third parties. As of December 31, 2013, ACC owned an approximate 98.7% limited partnership interest in ACCOP. As the sole member of the general partner of ACCOP, ACC has exclusive control of ACCOP’s day-to-day management. Management operates ACC and ACCOP as one business. The management of ACC consists of the same members as the management of ACCOP. ACC consolidates ACCOP for financial reporting purposes, and ACC does not have significant assets other than its investment in ACCOP. Therefore, the assets and liabilities of ACC and ACCOP are the same on their respective financial statements. References to the “Company,” “we,” “us” or “our” mean collectively ACC, ACCOP and those entities/subsidiaries owned or controlled by ACC and/or ACCOP. References to the “Operating Partnership” mean collectively ACCOP and those entities/subsidiaries owned or controlled by ACCOP. Unless otherwise indicated, the accompanying Notes to the Consolidated Financial Statements apply to both the Company and the Operating Partnership.

	As of December 31, 2013, our property portfolio contained 167 properties with approximately 102,400 beds in approximately 33,400 apartment units. Our property portfolio consisted of 144 owned off-campus student housing properties that are in close proximity to colleges and universities, 18 American Campus Equity (“ACE®”) properties operated under ground/facility leases with eight university systems and five on-campus participating properties operated under ground/facility leases with the related university systems. Of the 167 properties, nine were under development as of December 31, 2013, and when completed will consist of a total of approximately 6,200 beds in approximately 1,900 units. Our communities contain modern housing units and are supported by a resident assistant system and other student-oriented programming, with many offering resort-style amenities.

	Through one of ACC’s taxable REIT subsidiaries (“TRSs”), we also provide construction management and development services, primarily for student housing properties owned by colleges and universities, charitable foundations, and others. As of December 31, 2013, also through one of ACC’s TRSs, we provided third-party management and leasing services for 36 properties that represented approximately 26,100 beds in approximately 10,600 units. Third-party management and leasing services are typically provided pursuant to management contracts that have initial terms that range from one to five years. As of December 31, 2013, our total owned and third-party managed portfolio included 203 properties with approximately 128,500 beds in approximately 44,000 units.

Summary_of_Significant_Account

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements, presented in U.S. dollars, are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and revenue and expenses during the reporting periods. Our actual results could differ from those estimates and assumptions. All material intercompany transactions among consolidated entities have been eliminated. All dollar amounts in the tables herein, except share, per share, unit and per unit amounts, are stated in thousands unless otherwise indicated. Certain prior period amounts have been reclassified to conform to the current period presentation.

Recent Accounting Pronouncements

There were no new accounting pronouncements issued or effective during the fiscal year which have had or are expected to have a material impact on the Consolidated Financial Statements.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Investments in Real Estate

Investments in real estate are recorded at historical cost. Major improvements that extend the life of an asset are capitalized and depreciated over the remaining useful life of the asset. The cost of ordinary repairs and maintenance are charged to expense when incurred. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows:

Buildings and improvements

7-40 years

Leasehold interest - on-campus

25-34 years (shorter of useful life or respective lease term)

participating properties

Furniture, fixtures and equipment

3-7 years

Project costs directly associated with the development and construction of an owned real estate project, which include interest, property taxes, and amortization of deferred finance costs, are capitalized as construction in progress. Upon completion of the project, costs are transferred into the applicable asset category and depreciation commences. Interest totaling approximately $10.0 million, $9.8 million and $6.6 million was capitalized during the years ended December 31, 2013, 2012 and 2011, respectively. Amortization of deferred financing costs totaling approximately $-0-, $0.2 million and $0.3 million was capitalized as construction in progress during the years ended December 31, 2013, 2012 and 2011, respectively.

Management assesses whether there has been an impairment in the value of the Company’s investments in real estate whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment is recognized when estimated expected future undiscounted cash flows are less than the carrying value of the property. The estimation of expected future net cash flows is inherently uncertain and relies on assumptions regarding current and future economics and market conditions. If such conditions change, then an adjustment to the carrying value of the Company’s long-lived assets could occur in the future period in which the conditions change. To the extent that a property is impaired, the excess of the carrying amount of the property over its estimated fair value is charged to earnings. The Company believes that there were no impairments of the carrying values of its investments in real estate as of December 31, 2013.

The Company allocates the purchase price of acquired properties to net tangible and identified intangible assets based on relative fair values. Fair value estimates are based on information obtained from a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired and existing comparable properties in our portfolio, and other market data. Information obtained about each property as a result of due diligence, marketing and leasing activities is also considered. The value allocated to land is generally based on the actual purchase price adjusted to fair value (as necessary) if acquired separately, or market research / comparable if acquired as part of an existing operating property. The value allocated to building is based on the fair value determined on an “as-if vacant” basis, which is estimated using an income, or discounted cash flow, approach that relies upon internally determined assumptions that we believe are consistent with current market conditions for similar properties. The value allocated to furniture, fixtures, and equipment is based on an estimate of the fair value of the appliances and fixtures inside the units. We have determined these estimates to have been primarily based upon unobservable inputs and therefore are considered to be Level 3 inputs within the fair value hierarchy.

Long-Lived Assets–Held for Sale

Long-lived assets to be disposed of are classified as held for sale in the period in which all of the following criteria are met:

Management, having the authority to approve the action, commits to a plan to sell the asset.

The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets.

An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated.

The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year.

The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value.

Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

Concurrent with this classification, the asset is recorded at the lower of cost or fair value less estimated selling costs, and depreciation ceases.

Owned On-Campus Properties

Under its ACE program, the Company, as lessee, has entered into ground/facility lease agreements with eight university systems to finance, construct, and manage 18 student housing properties. Four properties were under construction as of December 31, 2013 with three scheduled to open for occupancy in fall 2014 and one in fall 2015. The terms of the leases, including extension options, range from 30 to 85 years, and the lessor has title to the land and usually any improvements placed thereon. The Company’s involvement in construction requires the lessor’s post construction ownership of the improvements to be treated as a sale with a subsequent leaseback by the Company. However, these sale-leaseback transactions do not qualify for sale-leaseback accounting because of the Company’s continuing involvement in the constructed assets. As a result of the Company’s continuing involvement, these leases are accounted for by the deposit method, in which the assets subject to the ground/facility leases are reflected at historical cost, less amortization, and the financing obligations are reflected at the terms of the underlying financing.

On-Campus Participating Properties

The Company has entered into ground and facility leases with three university systems and colleges to finance, construct, and manage five on-campus student housing facilities. Under the terms of the leases, the lessor has title to the land and any improvements placed thereon. Each lease terminates upon final repayment of the construction related financing, the amortization period of which is contractually stipulated. The Company’s involvement in construction requires the lessor’s post construction ownership of the improvements to be treated as a sale with a subsequent leaseback by the Company. The sale-leaseback transaction has been accounted for as a financing, and as a result, any fee earned during construction is deferred and recognized over the term of the lease. The resulting financing obligation is reflected at the terms of the underlying financing, i.e., interest is accrued at the contractual rates and principal reduces in accordance with the contractual principal repayment schedules.

The entities that own the on-campus participating properties are determined to be Variable Interest Entities (“VIEs”), with the Company being the primary beneficiary. As such, the Company reflects these assets subject to ground/facility leases at historical cost, less amortization. Costs are amortized, and deferred fee revenue in excess of the cost of providing the service is recognized, over the lease term.

Cash and Cash Equivalents

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company maintains cash balances in various banks. At times the Company’s balances may exceed the amount insured by the FDIC. As the Company only uses money-centered financial institutions, the Company does not believe it is exposed to any significant credit risk related to its cash and cash equivalents.

Restricted Cash

Restricted cash consists of funds held in trust and invested in low risk investments, generally consisting of government backed securities, as permitted by the indentures of trusts, which were established in connection with three bond issues. Additionally, restricted cash includes escrow accounts held by lenders and resident security deposits, as required by law in certain states. Restricted cash also consists of escrow deposits made in connection with potential property acquisitions and development opportunities. These escrow deposits are invested in interest-bearing accounts at federally-insured banks. Realized and unrealized gains and losses are not material for the periods presented.

Loans Receivable

Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan purchase discounts, and net of an allowance for loan losses when such loan is deemed to be impaired. Loan purchase discounts are amortized over the term of the loan. The Company considers a loan impaired when, based upon current information and events, it is probable that it will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. Significant judgments are required in determining whether impairment has occurred. The Company performs an impairment analysis by comparing either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable current market price or the fair value of the underlying collateral to the net carrying value of the loan, which may result in an allowance and corresponding loan loss charge. Loans receivable are included in other assets on the accompanying consolidated balance sheets.

Intangible Assets

A portion of the purchase price of acquired properties is allocated to the value of in-place leases for both student and commercial tenants, which is based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued “as-if” vacant. As lease terms for student leases are typically one year or less, rates on in-place leases generally approximate market rental rates. Factors considered in the valuation of in-place leases include an estimate of the carrying costs during the expected lease-up period considering current market conditions, nature of the tenancy, and costs to execute similar leases. Carrying costs include estimates of lost rentals at market rates during the expected lease-up period, as well as marketing and other operating expenses. The value of in-place leases is amortized over the remaining initial term of the respective leases. The purchase price of property acquisitions is not expected to be allocated to student tenant relationships, considering the terms of the leases and the expected levels of renewals.

In connection with the property acquisitions discussed in Note 5 herein, the Company capitalized approximately $3.2 million, $18.6 million and $2.6 million for the years December 31, 2013, 2012 and 2011, respectively, related to management’s estimate of the fair value of in-place leases assumed. Amortization expense was approximately $13.7 million, $6.8 million and $4.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. Accumulated amortization at December 31, 2013 and 2012 was approximately $25.5 million and $12.4 million, respectively. Intangible assets, net of amortization, are included in other assets on the accompanying consolidated balance sheets and the amortization of intangible assets is included in depreciation and amortization expense in the accompanying consolidated statements of comprehensive income. See Note 5 herein for a detailed discussion of the property acquisitions completed during 2013, 2012 and 2011.

Deferred Financing Costs

The Company defers financing costs and amortizes the costs over the terms of the related debt using the effective interest method. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to earnings. Deferred finance costs at December 31, 2013 and 2012 was approximately $37.8 million and $31.9 million, respectively, and accumulated amortization at December 31, 2013 and 2012 was approximately $14.2 million and $13.3 million, respectively. Deferred financing costs, net of amortization, are included in other assets on the accompanying consolidated balance sheets.

Joint Ventures

The Company holds interests in both consolidated and unconsolidated joint ventures. The Company consolidates joint ventures when it exhibits financial or operational control, which is determined using accounting standards related to the consolidation of joint ventures and VIEs. For joint ventures that are defined as VIEs, the primary beneficiary consolidates the entity. The Company considers itself to be the primary beneficiary of a VIE when it has the power to direct the activities that most significantly impact the performance of the VIE, such as management of day-to-day operations, preparing and approving operating and capital budgets, and encumbering or selling the related properties. In instances where the Company is not the primary beneficiary, it does not consolidate the joint venture for financial reporting purposes.

For joint ventures that are not defined as VIEs, management first considers whether the Company is the general partner or a limited partner (or the equivalent in such investments which are not structured as partnerships). The Company consolidates joint ventures where it is the general partner and the limited partners in such investments do not have rights which would preclude control and, therefore, consolidation for financial reporting purposes. For joint ventures where the Company is the general partner, but does not control the joint venture as the other partners hold substantive participating rights, the Company uses the equity method of accounting. For joint ventures where the Company is a limited partner, management considers factors such as ownership interest, voting control, authority to make decisions, and contractual and substantive participating rights of the partners to determine if the presumption that the general partner controls the entity is overcome. In instances where these factors indicate the Company controls the joint venture, the Company consolidates the joint venture; otherwise it uses the equity method of accounting.

Mortgage Debt - Premiums and Discounts

Mortgage debt premiums and discounts represent fair value adjustments to account for the difference between the stated rates and market rates of mortgage debt assumed in connection with the Company’s property acquisitions. The mortgage debt premiums and discounts are amortized to interest expense over the term of the related mortgage loans using the effective-interest method. The amortization of mortgage debt premiums and discounts resulted in a net decrease to interest expense of approximately $14.0 million, $3.2 million and $4.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013 and 2012, net unamortized mortgage debt premiums were approximately $74.6 million and $90.1 million, respectively, and net unamortized mortgage debt discounts were approximately $2.0 million and $3.5 million, respectively. Mortgage debt premiums and discounts are included in secured mortgage, construction and bond debt on the accompanying consolidated balance sheets and amortization of mortgage debt premiums and discounts is included in interest expense on the accompanying consolidated statements of comprehensive income.

Unsecured Notes - Original Issue Discount

In April 2013, the Company issued $400 million of senior unsecured notes at 99.659 percent of par value (see Note 11) and recorded an original issue discount of approximately $1.4 million. The original issue discount is amortized to interest expense over the term of the unsecured notes using the effective-interest method. The unamortized original issue discount was approximately $1.3 million as of December 31, 2013 and is included in unsecured notes on the accompanying consolidated balance sheets and amortization of the original issue discount of approximately $0.1 million for the year ended December 31, 2013 is included in interest expense on the accompanying consolidated statements of comprehensive income.

Redeemable Noncontrolling Interests (Company) / Redeemable Limited Partners (Operating Partnership)

ACC classifies Redeemable Noncontrolling Interests (referred to as Redeemable Limited Partners for ACCOP) in the mezzanine section of the accompanying consolidated balance sheets for the portion of common and preferred Operating Partnership units (“OP Units”) that the Operating Partnership is required, either by contract or securities law, to deliver registered common shares of ACC to the exchanging OP unit holder. The redeemable noncontrolling interest units / redeemable limited partner units are adjusted to the greater of carrying value or fair market value based on the common share price of ACC at the end of each respective reporting period.

Rental Revenues and Related Receivables

Students are required to execute lease contracts with payment schedules that vary from single to monthly payments. Receivables are recorded when billed, revenues and related lease incentives are recognized on a straight-line basis over the term of the contracts, and balances are considered past due when payment is not received on the contractual due date. The Company generally requires each executed contract to be accompanied by a signed parental guaranty, and in certain cases a refundable security deposit. Security deposits are refundable, net of any outstanding charges, upon expiration of the underlying contract.

As of December 31, 2012, student contracts receivable, net included approximately $6.6 million related to receivables due from Arizona State University for two owned on-campus ACE properties (Barrett Honors College and Casa de Oro). At these properties, the University is responsible for collecting student rent and remitting funds to the Company. These receivables were collected from Arizona State University subsequent to December 31, 2012.

Allowances for receivables are established when management determines that collection of such receivables are doubtful. When management has determined receivables to be uncollectible, they are removed as an asset with a corresponding reduction in the allowance for doubtful accounts.

The allowance for doubtful accounts is summarized as follows:

Balance, Beginning

Charged to

Write-Offs

Balance, End

of Period

Expense

of Period

Year ended December 31, 2011

8,621

5,740

(4,865

)

9,496

Year ended December 31, 2012

9,496

6,472

(5,366

)

10,602

Year ended December 31, 2013

10,602

9,871

(4,547

)

15,926

Third-Party Development Services Revenue and Costs

Development revenues are generally recognized based on a proportional performance method based on contract deliverables, while construction revenues are recognized using the percentage of completion method, as determined by construction costs incurred relative to total estimated construction costs. Costs associated with such projects are deferred and recognized in relation to the revenues earned on executed contracts. For projects where the Company’s fee is based on a fixed price, any cost overruns incurred during construction, as compared to the original budget, will reduce the net fee generated on those projects. Incentive fees are generally recognized when the project is complete and performance has been agreed upon by all parties, or when performance has been verified by an independent third-party. The Company also evaluates the collectability of fee income and expense reimbursements generated through the provision of development and construction management services based upon the individual facts and circumstances, including the contractual right to receive such amounts in accordance with the terms of the various projects, and reserves any amounts that are deemed to be uncollectible.

Pre-development expenditures such as architectural fees, permits and deposits associated with the pursuit of third-party and owned development projects are expensed as incurred, until such time that management believes it is probable that the contract will be executed and/or construction will commence. Because the Company frequently incurs these pre-development expenditures before a financing commitment and/or required permits and authorizations have been obtained, the Company bears the risk of loss of these pre-development expenditures if financing cannot ultimately be arranged on acceptable terms or the Company is unable to successfully obtain the required permits and authorizations. As such, management evaluates the status of third-party and owned projects that have not yet commenced construction on a periodic basis and expenses any deferred costs related to projects whose current status indicates the commencement of construction is unlikely and/or the costs may not provide future value to the Company in the form of revenues. Such write-offs are included in third-party development and management services expenses (in the case of third-party development projects) or general and administrative expenses (in the case of owned development projects) on the accompanying consolidated statements of comprehensive income. As of December 31, 2013, the Company has deferred approximately $2.3 million in pre-development costs related to third-party and owned development projects that have not yet commenced construction. Such costs are included in other assets on the accompanying consolidated balance sheets.

Third-Party Management Services Revenue

Management fees are recognized when earned in accordance with each management contract. Incentive management fees are recognized when the incentive criteria have been met.

Advertising Costs

Advertising costs are expensed during the period incurred, or as the advertising takes place, depending on the nature and term of the specific advertising arrangements. Advertising expense approximated $18.0 million, $10.8 million and $8.3 million for the years ended December 31, 2013, 2012 and 2011, respectively.

Derivative Instruments and Hedging Activities

The Company records all derivative financial instruments on the balance sheet at fair value. Changes in fair value are recognized either in earnings or as other comprehensive income, depending on whether the derivative has been designated as a fair value or cash flow hedge and whether it qualifies as part of a hedging relationship, the nature of the exposure being hedged, and how effective the derivative is at offsetting movements in underlying exposure. The Company discontinues hedge accounting when: (i) it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item; (ii) the derivative expires or is sold, terminated, or exercised; (iii) it is no longer probable that the forecasted transaction will occur; or (iv) management determines that designating the derivative as a hedging instrument is no longer appropriate. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company will carry the derivative at its fair value on the balance sheet, recognizing changes in the fair value in current-period earnings. The Company uses interest rate swaps to effectively convert a portion of its floating rate debt to fixed rate, thus reducing the impact of rising interest rates on interest payments. These instruments are designated as cash flow hedges and the interest differential to be paid or received is accrued as interest expense. The Company’s counter-parties are major financial institutions. See Note 14 for an expanded discussion on derivative instruments and hedging activities.

Common Stock Issuances and Costs

Specific incremental costs directly attributable to the Company’s equity offerings are deferred and charged against the gross proceeds of the offering. As such, underwriting commissions and other common stock issuance costs are reflected as a reduction of additional paid in capital. See Note 12 for an expanded discussion on common stock issuances and costs.

Share-Based Compensation

The Company has recognized compensation expense related to certain stock-based awards (see Note 13) over the underlying vesting periods, which amounted to approximately $6.9 million, $5.8 million and $4.6 million for the years ended December 31, 2013, 2012 and 2011, respectively.

Income Taxes

The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted taxable income to its stockholders. As a REIT, the Company will generally not be subject to corporate level federal income tax on taxable income it currently distributes to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for the subsequent four taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local income and excise taxes on its income and property, and to federal income and excise taxes on its undistributed income.

The Company owns two TRSs, one of which manages the Company’s non-REIT activities and each is subject to federal, state and local income taxes.

Other Nonoperating (Expense) Income

Other nonoperating expense of approximately $2.7 million for the year ended December 31, 2013 represents the following items: (i) $2.8 million expense relating to litigation settlement costs, in excess of amounts provided by insurance, recorded subsequent to the purchase of $52.8 million in loans receivable acquired from National Public Finance Guarantee Corporation (“National”) which facilitated the settlement of a lawsuit brought by National against us. In connection with our purchase of the loans receivable, we recorded a purchase discount of approximately $3.6 million to reflect the difference between the face value of the loans receivable and the present value of the cash flows anticipated to be received under the loans receivable, based on management's estimate of market interest rates in place as of the settlement date, offset by a (ii) $0.1 million gain recognized upon our purchase of Townhomes at Newtown Crossing in September 2013, a property previously subject to a pre-sale/mezzanine investment agreement. We included the property in our consolidated financial statements during the construction period, as a result of applying accounting guidance related to variable interest entities. The property completed construction in August 2013 and the gain recorded upon our purchase of the property primarily relates to interest income earned on our mezzanine investment during the construction period.

Other nonoperating income of $0.4 million for the year ended December 31, 2012 represents the following items: gains of approximately $0.4 million and $0.1 million, respectively, recorded in connection with the Company’s acquisition of University Edge and The Retreat, as a result of the deferred recognition of interest income earned on mezzanine financing provided to third-party developers upon closing of the purchase of these properties (see Note 5); offset by a $0.1 million loss recorded as a result of remeasuring the Company’s equity method investment in a joint venture, in which the Company previously held a 10% interest, to fair value immediately prior to the Company’s acquisition of the remaining 90% interest in University Heights (see Note 10).

Earnings_Per_Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2013
Earnings Per Share [Abstract]	'
Earnings Per Share	'
	Earnings Per Share

	Earnings per Share –Company

	Basic earnings per share is computed using net income attributable to common shareholders and the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings per share reflect common shares issuable from the assumed conversion of OP Units and common share awards granted. Only those items having a dilutive impact on basic earnings per share are included in diluted earnings per share.

	The following potentially dilutive securities were outstanding for the years ended December 31, 2013, 2012 and 2011, but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive.



			Year Ended December 31,
			2013			2012			2011
	Common OP Units (Note 9)		1,158,892			951,891			913,132

	Preferred OP Units (Note 9)		113,721			114,128			114,263

	Total potentially dilutive securities		1,272,613			1,066,019			1,027,395


	The following is a summary of the elements used in calculating basic and diluted earnings per share:


			Year Ended December 31,
			2013				2012				2011
	Numerator - basic and diluted earnings per share:
	Income from continuing operations		$	47,436			$	48,789			$	34,011

	Income from continuing operations attributable to		(1,843		)		(3,460		)		(990		)
	noncontrolling interests
	Income from continuing operations attributable to		45,593				45,329				33,021
	common shareholders
	Amount allocated to participating securities		(927		)		(848		)		(773		)
	Income from continuing operations attributable to		44,666				44,481				32,248
	common shareholders, net of amount allocated to
	participating securities

	Income from discontinued operations		59,755				11,449				23,961

	Income from discontinued operations attributable to noncontrolling interests		(704		)		(142		)		(353		)
	Income from discontinued operations attributable		59,051				11,307				23,608
	to common shareholders
	Net income attributable to common shareholders		$	103,717			$	55,788			$	55,856


	Denominator:
	Basic weighted average common shares outstanding		104,760,502				84,711,584				69,243,203

	Unvested Restricted Stock Awards (Note 13)		621,818				597,867				564,191

	Diluted weighted average common shares outstanding		105,382,320				85,309,451				69,807,394



	Earnings per share – basic:
	Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities		$	0.43			$	0.53			$	0.47

	Income from discontinued operations attributable to common shareholders		$	0.56			$	0.13			$	0.34

	Net income attributable to common shareholders		$	0.99			$	0.66			$	0.81

	Earnings per share – diluted:
	Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities		$	0.42			$	0.52			$	0.46

Income from discontinued operations attributable to common shareholders		$	0.56			$	0.13			$	0.34

Net income attributable to common shareholders		$	0.98			$	0.65			$	0.8

Distributions declared per common share		$	1.42			$	1.35			$	1.35


Earnings per Unit – Operating Partnership

Basic earnings per OP Unit is computed using net income attributable to common unitholders and the weighted average number of common units outstanding during the period. Diluted earnings per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units or resulted in the issuance of OP Units and then shared in the earnings of the Operating Partnership.

The following is a summary of the elements used in calculating basic and diluted earnings per unit:


		Year Ended December 31,
		2013				2012				2011
Numerator - basic and diluted earnings per unit:
Income from continuing operations		$	47,436			$	48,789			$	34,011

Income from continuing operations attributable to		(1,188		)		(2,755		)		(413		)
noncontrolling interests - partially owned properties
Income from continuing operations attributable to		(119		)		(168		)		(144		)
Series A preferred units
Amount allocated to participating securities		(927		)		(848		)		(773		)
Income from continuing operations attributable to		45,202				45,018				32,681
common unitholders, net of amount allocated to
participating securities

Income from discontinued operations		59,755				11,449				23,961

Income from discontinued operations attributable to Series A preferred units		(63		)		(15		)		(39		)
Income from discontinued operations attributable		59,692				11,434				23,922
to common unitholders
Net income attributable to common unitholders		$	104,894			$	56,452			$	56,603


Denominator:
Basic weighted average common units outstanding		105,919,394				85,663,475				70,156,335

Unvested Restricted Stock Awards (Note 13)		621,818				597,867				564,191

Diluted weighted average common units outstanding		106,541,212				86,261,342				70,720,526




Earnings per unit – basic:
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities		$	0.43			$	0.53			$	0.47

Income from discontinued operations attributable to common unitholders		$	0.56			$	0.13			$	0.34

Net income attributable to common unitholders		$	0.99			$	0.66			$	0.81

Earnings per unit – diluted:
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities		$	0.42			$	0.52			$	0.46

Income from discontinued operations attributable to common unitholders		$	0.56			$	0.13			$	0.34

Net income attributable to common unitholders		$	0.98			$	0.65			$	0.8

Distributions declared per common unit		$	1.42			$	1.35			$	1.35

Income_Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2013
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	Income Taxes

	As mentioned in Note 2, the Company qualifies as a REIT under the Code. As a REIT, the Company is not subject to federal income tax as long as it distributes at least 90% of its taxable income to its shareholders each year. Therefore, no provision for federal income taxes for the REIT has been included in the accompanying consolidated financial statements. If the Company fails to qualify as a REIT, the Company will be subject to federal income tax (including any applicable alternative minimum tax) on its taxable income and to federal income and excise taxes on its undistributed income.

	The Company’s TRSs are subject to federal, state, and local income taxes. As such, deferred income taxes result from temporary differences between the carrying amounts of assets and liabilities of the TRSs for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are measured using enacted tax rates in effect in the years in which those temporary differences are expected to reverse. Significant components of the deferred tax assets and liabilities of the TRSs are as follows:


			December 31,
			2013				2012
	Deferred tax assets:
	Fixed and intangible assets		$	3,461			$	3,429

	Net operating loss carryforwards		5,786				4,518

	Prepaid and deferred rent		2,437				2,598

	Bad debt reserves		716				754

	Accrued expenses and other		2,759				2,216

	Stock compensation		2,040				1,669

	Total deferred tax assets		17,199				15,184

	Valuation allowance for deferred tax assets		(16,916		)		(14,856		)
	Deferred tax assets, net of valuation allowance		283				328


	Deferred tax liability:

	Deferred financing costs		283				328


	Net deferred tax liabilities		$	—			$	—


	Significant components of the Company’s income tax provision are as follows:


			Year Ended December 31,
			2013				2012				2011
	Current:

	Federal		$	—			$	—			$	—

	State		(1,020		)		(725		)		(433		)
	Deferred:

	Federal		—				—				—

	State		—				—				—

	Total provision -- continuing		$	(1,020	)		$	(725	)		$	(433	)
	operations

	TRS earnings subject to tax consisted of losses of approximately $4.4 million, $1.1 million and $6.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. The reconciliation of income tax attributable to continuing operations for the TRSs computed at the U.S. statutory rate to income tax provision is as follows:


			Year Ended December 31,
			2013				2012				2011
	Tax benefit at U.S. statutory rates on TRS income		$	2,060			$	60			$	121
	subject to tax
	State income tax, net of federal income tax benefit		76				—				1

Effect of permanent differences and other		(76		)		(46		)		(60		)
Decrease in valuation allowance		(2,060		)		(14		)		(62		)
TRS income tax provision		$	—			$	—			$	—


At December 31, 2013, the TRSs had net operating loss carryforwards (“NOLs”) of approximately $18.8 million for income tax purposes that begin to expire in 2026. These NOLs may be used to offset future taxable income generated by each of the respective TRSs. Due to the various limitations to which the use of NOLs are subject, the Company has applied a valuation allowance to the NOLs given the likelihood that the NOLs will expire unused. Of the NOLs, approximately $3.0 million may be credited directly to additional paid in capital should subsequent tax benefits be recognized. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states’ jurisdictions as required and, as of December 31, 2013, the 2012, 2011 and 2010 calendar tax years are subject to examination by the tax authorities.

Beginning on January 1, 2007, the Company adopted accounting guidance related to uncertainty in income taxes, which clarifies the accounting and disclosure for uncertainty in tax positions and seeks to reduce the diversity of practice associated with certain aspects of the recognition and measurement related to accounting for income taxes. The Company had no material unrecognized tax benefits for the years ended December 31, 2013, 2012, or 2011, and as of December 31, 2013, the Company does not expect to record any unrecognized tax benefits. Because no unrecognized tax benefits have been recorded, no related interest or penalties have been calculated and this guidance had no impact on the Company’s consolidated financial statements.

Property_Acquisitions

Property Acquisitions	12 Months Ended
	Dec. 31, 2013
Business Combinations [Abstract]	'
Property Acquisitions	'
	Property Acquisitions

	2013 Acquisitions

	On November 22, 2013, the Company acquired Cardinal Towne, a 255-unit, 545-bed wholly-owned property located near the University of Louisville campus, for a purchase price of approximately $59.2 million, which excludes approximately $2.4 million of anticipated transaction costs, initial integration expenses and capital expenditures necessary to bring this property up to the Company’s operating standards. In connection with this acquisition, the Company assumed $37.2 million of secured debt associated with a New Markets Tax Credit (“NMTC”) structure inherited from the seller. This debt is partially offset by a loan receivable of $28.3 million that was also assumed by the Company as part of the NMTC structure.

	On November 6, 2013, the Company acquired U Centre at Fry Street, a 194-unit, 614-bed wholly-owned property located near the University of North Texas campus, for a purchase price of approximately $51.3 million, which excludes approximately $0.7 million of anticipated transaction costs, initial integration expenses and capital expenditures necessary to bring this property up to the Company’s operating standards. The Company did not assume any property-level debt as part of this transaction.

	On October 8, 2013, the Company acquired Park Point, a 300-unit, 924-bed wholly-owned property located near the Rochester Institute of Technology campus, for a purchase price of approximately $100.3 million, which excludes approximately $4.3 million of anticipated transaction costs, initial integration expenses and capital expenditures necessary to bring this property up to the Company’s operating standards. As part of this transaction, the Company assumed an existing $59.8 million variable-rate mortgage loan and borrowed an additional $10.2 million resulting in a new $70.0 million variable-rate mortgage loan. In addition, the Company assumed an interest rate swap contract from the seller which had a negative fair value of approximately $2.1 million at the acquisition date. The Company paid a counterparty lender to terminate this interest rate swap contract on the acquisition date resulting in total consideration of approximately $102.4 million.

	The Company previously provided mezzanine financing of $2.0 million to a private developer and was obligated to purchase a 152-unit, 608-bed property once construction was completed and certain closing conditions were met. The property opened for operations in August 2013, and the Company acquired Townhomes at Newtown Crossing on September 26, 2013 for a purchase price of $38.8 million, resulting in total consideration of approximately $40.1 million after taking into account certain Company elected upgrades to the property. The Company's mezzanine investment along with accrued but unpaid interest was credited to the Company at closing. As part of the transaction, the Company issued 97,143 common OP units to the seller, valued at $35.53 per unit and the Company did not assume any property-level debt. Townhomes at Newtown Crossing is located in Lexington, Kentucky near the University of Kentucky campus.

	On August 20, 2013, the Company acquired The Plaza Apartments, a 289-unit, 359-bed wholly-owned property located near the campus of Florida State University, for a purchase price of $10.4 million. The Company will operate the property until the current leases are vacated, which will be no later than July 31, 2014. Once the property is vacated, it will be demolished and developed into a 496-bed community scheduled to open for occupancy in August 2015. The Company did not assume any property-level debt as part of this transaction.

	On July 31, 2013, the Company acquired a 366-bed additional phase at an existing property, The Lodges of East Lansing, for a purchase price of $32.3 million. Concurrent with the purchase of a 19-property student housing portfolio (hereinafter referred to as the "Kayne Anderson Portfolio") on November 30, 2012, the Company entered into a purchase and sale agreement whereby the Company was obligated to purchase this additional phase as long as the developer met certain construction completion deadlines and other completion deadlines. This additional phase opened for operations in August 2013 and serves students attending Michigan State University. The Company deposited $8.3 million towards the purchase price of this additional phase on November 30, 2012 and the remaining $24.0 million was paid at closing. The Company did not assume any property-level debt as part of this transaction.

	On July 25, 2013, the Company acquired 7th Street Station, an 82-unit, 309-bed wholly-owned property located near the campus
	of Oregon State University, for a purchase price of $26.5 million, which excludes approximately $0.5 million of anticipated transaction costs, initial integration expenses and capital expenditures necessary to bring this property up to the Company’s operating standards. The Company did not assume any property-level debt as part of this transaction.

	Since their respective acquisition dates, the acquired properties discussed above contributed a combined $8.3 million of revenues for the year ended December 31, 2013. These properties had a combined net loss of $0.3 million for the year ended December 31, 2013, which includes $2.4 million of acquisition-related costs such as broker fees, due diligence costs and legal and accounting fees that are included in wholly-owned properties operating expense on the accompanying consolidated statements of comprehensive income. The following table summarizes our allocation of total consideration to the assets and liabilities acquired from the properties discussed above:


	Description		Amount (000s)
	Land		$	47,851

	Buildings		227,236

	Building improvements		16,262

	Furniture, fixtures and equipment		9,694

	In-place leases - student and retail		3,180

	Other assets and liabilities, net		17,960

	Total aggregate consideration		$	322,183

	Less: mortgage debt assumed (1)		(70,000		)
	Net assets acquired		$	252,183


	(1) Excludes $37.2 million of NMTC debt assumed in connection with the acquisition of Cardinal Towne in November 2013.
	The net difference between the mortgage debt assumed and the $28.3 million loan receivable also assumed in connection
	with the acquisition is reflected in Other assets and liabilities, net in the preceding table.

	2012 Acquisitions

	On November 30, 2012, the Company completed the acquisition of the Kayne Anderson Portfolio for an aggregate purchase price of $830.5 million, resulting in total consideration of approximately $828.0 million after taking into account certain purchase price adjustments received at closing. The Kayne Anderson Portfolio contains 11,683 beds located in various markets throughout the country. As part of the transaction, the Company assumed approximately $395.8 million of fixed-rate mortgage debt with a weighted average annual interest rate of 5.28%. The remaining consideration was paid in cash which was funded with proceeds from the Company’s October 2012 equity offering (see Note 12) and borrowings under its unsecured revolving credit facility.

	On September 14, 2012, the Company completed the acquisition of a 15-property student housing portfolio (hereinafter referred to as the “Campus Acquisitions Portfolio”) for a purchase price of $627.0 million, resulting in total consideration of approximately $623.1 million after taking into account certain purchase price adjustments received at closing. The Campus Acquisitions Portfolio contains 6,579 beds located in various markets throughout the country. As part of the transaction, the Company assumed approximately $231.1 million of fixed-rate mortgage debt with a weighted average annual interest rate of 5.61%. In addition, the Company issued 325,098 common OP Units to the seller, valued at $46.14 per unit. The remaining consideration was paid in cash which was funded with proceeds from the Company’s July 2012 equity offering (see Note 12) and borrowings under its unsecured revolving credit facility.

	Also during 2012, the Company acquired six additional properties for a combined purchase price of approximately $323.7 million. As part of these transactions, the Company assumed approximately $19.0 million in fixed-rate mortgage debt with an annual interest rate of 5.54%.

	2011 Acquisitions

	In December 2011, the Company acquired a 79.5% interest in a partnership that owns The Varsity, a property located near the campus of the University of Maryland in College Park. The seller retained a 20.5% noncontrolling interest in the property, which was funded by a note from the Company totaling $24.9 million. The note bears interest at an annual rate of 12% and is due on the earlier of the date the Company calls the note (to occur no earlier than June 28, 2013) or December 28, 2016. The note is secured by the noncontrolling partner’s membership interests in The Varsity and is included in other assets on the accompanying consolidated balance sheets. Effective July 1, 2013, the Company acquired the minority partner's interest in this property and now owns 100% of the property.

	Also during 2011, the Company acquired three additional properties and a retail shopping center which is currently being redeveloped for a combined purchase price of approximately $140.4 million. The Company did not assume any property-level debt as part of these transactions.

	The acquired property’s results of operations have been included in the accompanying consolidated statements of comprehensive income since the respective acquisition closing dates. The following pro forma information for the years ended December 31, 2013, 2012 and 2011, presents consolidated financial information for the Company as if the property acquisitions discussed above had occurred at the beginning of the earliest period presented. The unaudited pro forma information is provided for informational purposes only and is not indicative of results that would have occurred or which may occur in the future:



		Year Ended December 31,
		2013				2012		2011
Total revenues		$	678,333			$	608,691	$	541,333

Net income attributable to common shareholders		$	111,535			$	89,642	$	80,873

Net income per share attributable to common shareholders, as adjusted - basic		$	1.06			$	0.85	$	0.81

Net income per share attributable to common shareholders, as adjusted - diluted		$	1.05			$	0.84	$	0.8

Property_Dispositions_and_Disc

Property Dispositions and Discontinued Operations	12 Months Ended
Property Dispositions and Discontinued Operations	Dec. 31, 2013
Discontinued Operations and Disposal Groups [Abstract]	'
Property Dispositions and Discontinued Operations	'
	Property Dispositions and Discontinued Operations

	The following owned off-campus property was classified as Held for Sale on the accompanying consolidated balance sheet as of December 31, 2013:


	Property		Location		Primary University Served		Units		Beds
	Hawks Landing (1)		Oxford, OH		Miami University of Ohio		122		484


	(1)	Property was sold in February 2014 (see Note 20).

	Concurrent with this classification, this property was recorded at the lower of cost or fair value less estimated selling costs. The net income attributable to this property is included in discontinued operations on the accompanying consolidated statements of comprehensive income for all periods presented.

	2013 Dispositions

	In 2013, the Company sold the following six owned off-campus properties for a combined sales price of approximately $184.2 million resulting in total proceeds of approximately $180.5 million. The combined gain on these dispositions of approximately $55.3 million is included in discontinued operations on the accompanying consolidated statements of comprehensive income for the year ended December 31, 2013.


	Property	Disposition Date	Location	Primary University Served	Units	Beds
	University Mills (1)	13-Nov-13	Cedar Falls, IA	University of Northern Iowa	121	481
	Campus Ridge (2)	4-Oct-13	Johnson City, TN	East Tennessee State University	132	528
	Northgate Lakes (2)	24-Jul-13	Orlando, FL	University of Central Florida	194	710
	The Village at Blacksburg	10-Jul-13	Blacksburg, VA	Virginia Tech University	288	1,056
	State College Park	10-Jul-13	State College, PA	Penn State University	196	752
	University Pines	10-Jul-13	Statesboro, GA	Georgia Southern University	144	552


	(1)	Concurrent with this transaction, the Company paid off outstanding mortgage debt of approximately $8.1 million and incurred related defeasance costs of approximately $0.3 million. The defeasance costs are reflected as a loss from early extinguishment of debt in discontinued operations on the accompanying consolidated statements of comprehensive income for the year ended December 31, 2013.


	(2)	These properties were included in the property Collateral Pool which secures our agency facility (see Note 11). As a result, concurrent with the sale of these properties, $23.1 million of the secured agency facility's outstanding balance was paid down.

	2012 Dispositions

	In 2012, the Company sold the following three owned off-campus properties for a combined sales price of approximately $54.1 million resulting in total proceeds of approximately $42.3 million. The combined gain on these dispositions of approximately $4.3 million is included in discontinued operations on the accompanying consolidated statements of comprehensive income for the year ended December 31, 2012.


	Property		Location		Primary University Served		Units		Beds
	Brookstone Village (1)		Wilmington, NC		UNC - Wilmington		124		238
	Campus Walk (1)		Wilmington, NC		UNC - Wilmington		289		290
	Pirates Cove		Greenville, NC		East Carolina University		264		1,056


	(1)	Concurrent with this transaction, the Company paid off outstanding mortgage debt totaling approximately $10.8 million and incurred related defeasance costs of approximately $1.6 million. The defeasance costs are reflected as a loss from early extinguishment of debt in discontinued operations on the accompanying consolidated statements of comprehensive income for the year ended December 31, 2012.

	2011 Dispositions

	In 2011, the Company sold the following four owned off-campus properties for a combined sales price of approximately $82.0 million resulting in total proceeds of approximately $80.4 million. The combined gain on these dispositions of approximately $14.8 million is included in discontinued operations on the accompanying consolidated statements of comprehensive income for the year ended December 31, 2011.


	Property		Location		Primary University Served		Units		Beds
	River Walk Townhomes		Athens, GA		The University of Georgia		100		336
	River Club Apartments		Athens, GA		The University of Georgia		266		792
	Villas on Apache		Tempe, AZ		Arizona State University		111		288
	Campus Club - Statesboro		Statesboro, GA		Georgia Southern University		276		984

	The properties discussed above are included in the wholly-owned properties segment (see Note 18). Below is a summary of the results of operations for the properties discussed above through their respective disposition dates for all periods presented:



			Year Ended December 31,
			2013				2012				2011
	Total revenues		$	16,191			$	30,144			$	37,036
	Total revenues		$	16,191			$	30,144			$	37,036
Total operating expenses		(7,220		)		(12,641		)		(16,195		)
Depreciation and amortization		(2,487		)		(5,991		)		(8,431		)
Provision for asset impairment		—				—				(559		)
Provision for asset impairment		—				—				(559		)
Operating income		6,484				11,512				11,851
Operating income		6,484				11,512				11,851
Total nonoperating expenses		(1,660		)		(2,784		)		(2,696		)
Net income		$	4,824			$	8,728			$	9,155
Net income		$	4,824			$	8,728			$	9,155

Investments_in_WhollyOwned_Pro

Investments in Wholly-Owned Properties (Wholly owned properties)	12 Months Ended
	Dec. 31, 2013
Wholly owned properties	'
Real Estate Properties [Line Items]	'
Investments in Wholly-Owned Properties	'
	Investments in Wholly-Owned Properties

	Wholly-owned properties consisted of the following:



			December 31,
			2013			2012
	Land (1) (2)		$	575,944		$	550,274

	Buildings and improvements		4,759,879			4,351,239

	Furniture, fixtures and equipment (2)		267,022			227,409

	Construction in progress (2)		121,923			138,923

			5,724,768			5,267,845

	Less accumulated depreciation		(525,760		)	(396,469		)
	Wholly-owned properties, net (3)		$	5,199,008		$	4,871,376



	(1)	The land balance above includes undeveloped land parcels with book values of approximately $40.6 million and $30.7 million as of December 31, 2013 and 2012, respectively. Also includes land totaling approximately $39.4 million and $41.6 million as of December 31, 2013 and 2012, respectively, related to properties under development.


	(2)	Land, furniture, fixtures and equipment and construction in progress as of December 31, 2013 include $3.6 million, $0.5 million and $6.6 million, respectively, related to the University Walk property located in Knoxville, Tennessee, that will serve students attending the University of Tennessee. In July 2013, the Company entered into a purchase and contribution agreement with a private developer whereby the Company is obligated to purchase the property as long as the developer meets certain construction deadlines and other closing conditions. The development of the property is anticipated to be completed in August 2014. The entity is financed with an $8.8 million mezzanine loan from the Company, a $19.0 million construction loan from a third-party lender and a $1.5 million equity contribution from the developer. The Company is responsible for leasing, management, and initial operations of the project while the third-party developer is responsible for the development of the property. The entity that owns University Walk is deemed to be a variable interest entity ("VIE") and the Company is determined to be the primary beneficiary of the VIE. As such, the assets and liabilities of the entity owning the property are included in the Company's and the Operating Partnership's consolidated financial statements.


	(3)	The balance above excludes Hawks Landing which was classified as wholly-owned property Held for Sale in the accompanying consolidated balance sheet as of December 31, 2013.

OnCampus_Participating_Propert

On-Campus Participating Properties (On-campus participating properties, net)

12 Months Ended

Dec. 31, 2013

On-campus participating properties, net

Real Estate Properties [Line Items]

On-Campus Participating Properties

The Company is a party to ground/facility lease agreements (“Leases”) with three university systems (each, a “Lessor”) for the purpose of developing, constructing, and operating student housing facilities on university campuses. Under the terms of the Leases, title to the constructed facilities is held by the applicable Lessor and such Lessor receives a de minimis base rent paid at inception and 50% of defined net cash flows on an annual basis through the term of the lease. The Leases with the Texas A&M University and University of Houston systems terminate upon the earlier to occur of the final repayment of the related debt, the amortization period of which is contractually stipulated, or the end of the lease term. The Lease with West Virginia University has an initial term of 40 years with two 10-year extensions at the Company's option.

Pursuant to the Leases with the Texas A&M University and University of Houston systems, in the event the leasehold estates do not achieve Financial Break Even (defined as revenues less operating expenses, excluding management fees, less debt service), the applicable Lessor would be required to make a rental payment, also known as the Contingent Payment, sufficient to achieve Financial Break Even. The Contingent Payment provision remains in effect until such time as any financing placed on the facilities would receive an investment grade rating without the Contingent Payment provision. In the event that the Lessor is required to make a Contingent Payment, future net cash flow distributions would be first applied to repay such Contingent Payments and then to unpaid management fees prior to normal distributions. Beginning in November 1999 and December 2002, as a result of the debt financing on the facilities achieving investment grade ratings without the Contingent Payment provision, the Texas A&M University System is no longer required to make Contingent Payments under either the Prairie View A&M University Village or University College Leases. The Contingent Payment obligation continues to be in effect for the Texas A&M International University and University of Houston leases.

The Company may not sell, assign, convey or transfer its leasehold interest in the West Virginia University student housing facility. In the event the Company seeks to sell its leasehold interest in the other four facilities, the Leases provide the applicable Lessor the right of first refusal of a bona fide purchase offer and an option to purchase the lessee’s rights under the applicable Lease. Additionally, as discussed in Note 11, three of the on-campus participating properties are 100% financed with project-based taxable bonds.

In conjunction with the execution of each Lease, the Company has entered into separate agreements to manage the related facilities for a fee equal to a percentage of defined gross receipts. The terms of the management agreements are not contingent upon the continuation of the Leases.

On-campus participating properties are as follows:

Historical Cost – December 31,

Lessor/University

Lease

Required Debt

2013

2012

Commencement

Repayment

Texas A&M University System /

2/1/96

9/1/23

42,288

41,485

Prairie View A&M University (1)

Texas A&M University System /

2/1/96

9/1/23

6,767

6,651

Texas A&M International

Texas A&M University System /

10/1/99

8/31/25

26,275

25,766

Prairie View A&M University (2)

8/31/28

University of Houston System /

9/27/00

8/31/35

36,126

35,936

University of Houston (3)

West Virginia University Project / West Virginia University (4)

7/16/13

7/16/45

19,249

—

130,705

109,838

Less accumulated amortization

(57,249

)

(52,492

)

On-campus participating properties, net

73,456

57,346

(1)

Consists of three phases placed in service between 1996 and 1998.

(2)

Consists of two phases placed in service in 2000 and 2003.

(3)

Consists of two phases placed in service in 2001 and 2005.

(4)

In July 2013, construction commenced on this facility which is scheduled to be placed in service in August 2014. Due to our involvement in the construction of the facility, any fees paid to the Company/lessee for development and construction management services during the construction period are deferred and amortized to revenue over the lease term.

Noncontrolling_Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2013
Noncontrolling Interest [Abstract]	'
Noncontrolling Interests	'

	Operating Partnership

	Partially-owned properties: As of December 31, 2013, the Operating Partnership consolidates three joint ventures that own and operate University Village at Sweet Home, University Centre and Villas at Chestnut Ridge owned-off campus properties. The portion of net assets attributable to the third-party partners in these joint ventures is classified as “noncontrolling interests - partially owned properties” within capital on the accompanying consolidated balance sheets of the Operating Partnership. Accordingly, the third-party partners’ share of the income or loss of the joint ventures is reported on the consolidated statements of comprehensive income of the Operating Partnership as “net income attributable to noncontrolling interests – partially owned properties.”

	In July 2013, the Company acquired the remaining 20.5% noncontrolling interest from the third-party partner in the joint venture that owns and operates The Varsity.

	As discussed in more detail in Note 7, the Company entered into a purchase and contribution agreement with a private developer whereby the Company is obligated to purchase the property (University Walk) as long as the developer meets certain construction completion deadlines and other closing conditions. The $1.5 million equity contribution from the developer is reflected as noncontrolling interests - partially owned properties within capital on the accompanying consolidated balance sheet of the Operating Partnership as of December 31, 2013.

	OP Units: For the portion of OP Units that the Operating Partnership is required, either by contract or securities law, to deliver registered common shares of ACC to the exchanging OP unit holder, or for which the Operating Partnership has the intent or history of exchanging such units for cash, we classify the units as “redeemable limited partners” in the mezzanine section of the consolidated balance sheets of the Operating Partnership. The units classified as such include Series A preferred units as well as common units that are not held by ACC or ACC Holdings. The value of redeemable limited partners on the consolidated balance sheets of the Operating Partnership is reported at the greater of fair value or historical cost at the end of each reporting period. Changes in the value from period to period are charged to limited partner’s capital on the consolidated statement of changes in capital of the Operating Partnership.

	Below is a table summarizing the activity of redeemable limited partners for the years ended December 31, 2013 and 2012:



	Balance, December 31, 2011	$	42,529

	Net income	847

	Distributions	(1,446		)
	Redeemable limited partner units issued as consideration (see Note 5)	15,000

	Conversion of redeemable limited partner units into shares of ACC common stock	(1,222		)
	Redemption of redeemable limited partner units for cash	(132		)
	Adjustments to reflect redeemable limited partner units at fair value	1,958

	Balance, December 31, 2012	$	57,534

	Net income	1,359

	Distributions	(1,823		)
	Redeemable limited partner units issued as consideration (see Note 5)	3,451

	Conversion of redeemable limited partner units into shares of ACC common stock	(23		)
	Adjustments to reflect redeemable limited partner units at fair value	(12,534		)
	Balance, December 31, 2013	$	47,964


	During the year ended December 31, 2013, 1,500 Series A preferred units were converted into an equal number of shares of ACC’s common stock and during the year ended December 31, 2012, 88,457 common OP units were converted into an equal number of shares of ACC’s common stock. As of December 31, 2013 and 2012, approximately 1.3% and 1.2%, respectively, of the equity interests of the Operating Partnership was held by owners of common OP Units and Series A preferred units not held by ACC or ACC Holdings.

	Company

	The noncontrolling interests of the Company include the third-party equity interests in partially-owned properties, as discussed above, which are presented as a component of equity in the Company’s consolidated balance sheets. The Company’s noncontrolling interests also include the redeemable limited partners presented in the consolidated balance sheets of the Operating Partnership, which are referred to as “redeemable noncontrolling interests” in the mezzanine section of the Company’s consolidated balance sheets. Noncontrolling interests on the Company’s consolidated statements of comprehensive income include the income/loss attributable to third-party equity interests in partially-owned properties, as well as the income/loss attributable to redeemable noncontrolling interests (i.e. OP Units not held by ACC or ACC Holdings.)

Investments_in_Unconsolidated_

Investments in Unconsolidated Joint Ventures	12 Months Ended
Investments in Unconsolidated Joint Ventures	Dec. 31, 2013
Equity Method Investments and Joint Ventures [Abstract]	'
Investments in Unconsolidated Joint Ventures	'
	Investments in Unconsolidated Joint Ventures

	As of December 31, 2013, the Company owned a noncontrolling interest in one unconsolidated joint venture that is accounted for utilizing the equity method of accounting. The investment consists of a noncontrolling equity interest in a joint venture with the United States Navy that owns military housing privatization projects located on naval bases in Norfolk and Newport News, Virginia. In 2010, the Company discontinued applying the equity method in regards to its investment in this joint venture as a result of the Company’s share of losses exceeding its investment in the joint venture. Because the Company has not guaranteed any obligations of the investee and is not otherwise committed to provide further financial support to the investee, it therefore suspended recording its share of losses once the investment was reduced to zero. We also earn fees for providing management services to this joint venture, which totaled approximately $1.6 million for each of the years ended December 31, 2013, 2012 and 2011, respectively.

	In January 2012, we acquired full ownership interest in University Heights from a joint venture with Fidelity in which we previously held a 10% interest (hereinafter referred to as "Fund II"). The acquisition of the property was accounted for as a business combination achieved in stages and as a result, the Company was required to remeasure its equity method investment in University Heights to its acquisition-date fair value and recognize the resulting loss in earnings. The Company recorded a loss of approximately $0.1 million which is included in other nonoperating income on the accompanying consolidated statements of comprehensive income for the year ended December 31, 2012. As University Heights represented the only property owned by Fund II, subsequent to the acquisition we no longer have an equity method investment in Fund II.

Debt

Debt	12 Months Ended
Debt	Dec. 31, 2013
Debt Disclosure [Abstract]	'
Debt	'
	Debt

	A summary of the Company’s outstanding consolidated indebtedness, including unamortized debt premiums and discounts, is as follows:



			December 31,
			2013				2012
	Debt secured by wholly-owned properties:
	Mortgage loans payable:
	Unpaid principal balance		$	1,300,371			$	1,288,482
	Unpaid principal balance		$	1,300,371			$	1,288,482
	Unamortized debt premiums		74,575				90,091
	Unamortized debt premiums		74,575				90,091
	Unamortized debt discounts		(2,021		)		(3,506		)
			1,372,925				1,375,067
			1,372,925				1,375,067
	Construction loans payable (1)		44,638				57,355
	Construction loans payable (1)		44,638				57,355
			1,417,563				1,432,422
			1,417,563				1,432,422
	Debt secured by on-campus participating properties:
	Debt secured by on-campus participating properties:
	Mortgage loans payable		31,380				31,768
	Mortgage loans payable		31,380				31,768
	Bonds payable		42,440				44,915
	Bonds payable		42,440				44,915
	Construction loan payable		15,833				—
	Construction loan payable		15,833				—
			89,653				76,683
			89,653				76,683
	Secured mortgage, construction and bond debt		1,507,216				1,509,105
	Secured mortgage, construction and bond debt		1,507,216				1,509,105
	Secured agency facility		87,750				104,000
	Secured agency facility		87,750				104,000
	Unsecured notes, net of unamortized original issue discount		398,721				—
	Unsecured notes, net of unamortized original issue discount		398,721				—
	Unsecured revolving credit facility		150,700				258,000
	Unsecured revolving credit facility		150,700				258,000
	Unsecured term loans		600,000				350,000
	Unsecured term loans		600,000				350,000
	Total debt		$	2,744,387			$	2,221,105
	Total debt		$	2,744,387			$	2,221,105


	(1)	Construction loans payable as of December 31, 2012 includes $12.7 million related to two constructions loans that financed the development and construction of Townhomes at Newtown Crossing and The Lodges of East Lansing Phase II, VIEs the Company included in its consolidated financial statements during the construction phase. The sellers/developers paid off their respective construction loans with proceeds from the Company's purchase of the properties in the third quarter of 2013 (see Note 5).

	Mortgage and Construction Loans Payable

	Mortgage loans payable generally feature either monthly interest and principal payments or monthly interest-only payments with balloon payments due at maturity. For purposes of classification in the following table, variable rate mortgage loans subject to interest rate swaps are deemed to be fixed rate, due to the Company having effectively fixed the interest rate for the underlying debt instrument. Construction loans payable generally feature monthly payments of interest only during the term of the loan and any accrued interest and outstanding borrowings become due at maturity. Mortgage and construction loans payable, excluding debt premiums and discounts, consisted of the following as of December 31, 2013:


											As of December 31, 2013
			Principal Outstanding								Weighted			Weighted		Number of
			December 31,								Average			Average		Properties
			2013				2012				Interest Rate			Years to Maturity		Encumbered
	Fixed Rate:
	Mortgage loans payable (1)		$	1,331,751			$	1,320,250			5.31	%		4.3 years		62
	Mortgage loans payable (1)		$	1,331,751			$	1,320,250			5.31	%		4.3 years		62
	Construction loan payable (2)		15,833				—				3.85	%		31.6 years		1
	Construction loan payable (2)		15,833				—				3.85	%		31.6 years		1
	Variable Rate:
	Variable Rate:
Construction loans payable (3)		44,638				57,355				1.62	%		0.4 years		3
Construction loans payable (3)		44,638				57,355				1.62	%		0.4 years		3
Total		$	1,392,222			$	1,377,605			5.18	%		4.5 years		66
Total		$	1,392,222			$	1,377,605			5.18	%		4.5 years		66


(1)	Fixed rate mortgage loans payable mature at various dates from February 2014 through November 2041 and carry interest rates ranging from 3.05% to 7.15%.


(2)	Interest rate is fixed for the first five years and variable for the remaining term of loan.


(3)	Variable rate construction loans payable mature at various dates from May 2014 through December 2015 and carry interest rates based on LIBOR plus a spread, which translate into interest rates ranging from 1.62% to 2.94% at December 31, 2013. Includes a construction loan used to finance the development and construction of University Walk, a VIE the Company includes in its consolidated financial statements during the construction phase. This construction loan had a one thousand dollar balance at December 31, 2013.

During the twelve months ended December 31, 2013, the following transactions occurred:


		Mortgage Loans				Construction Loans
		Payable				Payable
Balance, December 31, 2012		$	1,406,835			$	57,355
Balance, December 31, 2012		$	1,406,835			$	57,355
Additions:
Additions:
Assumption of mortgage loans payable (1)		97,000				—
Assumption of mortgage loans payable (1)		97,000				—
Additional mortgage borrowing upon acquisition of property (2)		10,250				—
		10,250				—
Draws under advancing construction notes payable (3)		—				15,833
Draws under advancing construction notes payable (3)		—				15,833
Draws under advancing construction notes payable (non-cash) VIEs (4)		—				32,788
		—				32,788
Deductions:
Deductions:
Payoff of maturing mortgage notes payable (5)		(82,066		)		—
Payoff of maturing mortgage notes payable (5)		(82,066		)		—
Payoff of construction notes payable (non-cash) VIEs (4)		—				(45,505		)
Payoff of construction notes payable (non-cash) VIEs (4)		—				(45,505		)
Scheduled repayments of principal		(13,682		)		—
Scheduled repayments of principal		(13,682		)		—
Amortization of debt premiums and discounts		(14,032		)		—
Amortization of debt premiums and discounts		(14,032		)		—
Balance, December 31, 2013		$	1,404,305			$	60,471
Balance, December 31, 2013		$	1,404,305			$	60,471


(1)	In connection with the Company's purchase of Cardinal Towne in November 2013, we assumed an existing $37.2 million fixed rate mortgage loan associated with a New Markets Tax Credit ("NMTC") structure inherited from the seller. The debt is partially offset by a loan receivable of approximately $28.3 million that was also assumed by the Company as part of the NMTC structure. In connection with the Company's purchase of Park Point in October 2013, we assumed an existing $59.8 million variable rate mortgage loan.


(2)	In connection with the Company's purchase of Park Point in October 2013, we borrowed an additional $10.2 million resulting in a new $70.0 million variable rate mortgage loan (see preceding note). On the acquisition date, the Company entered into an interest rate swap contract to hedge the variable cash flows associated with interest payments on this LIBOR-based mortgage loan (see Note 14 for more details).


(3)	Represents draws from one construction loan used to finance the development and construction of an on-campus participating property located in Morgantown, West Virginia, which is scheduled to open for occupancy in August 2014.


(4)	Represents draws from two construction loans used to finance the development and construction of Townhomes at Newtown Crossing and The Lodges of East Lansing Phase II, VIEs the Company included in its consolidated financial statements during the construction phase. The sellers/developers paid off their respective construction loans with proceeds from the Company's purchase of the properties in the third quarter of 2013 (see Note 5).


(5)	The Company paid off fixed rate mortgage debt secured by the following wholly-owned properties: University Pines, University Gables, University Crossings, The Outpost San Marcos and University Mills.

Bonds Payable

Three of the on-campus participating properties are 100% financed with outstanding project-based taxable bonds. Under the terms of these financings, one of the Company’s special purpose subsidiaries publicly issued three series of taxable bonds and loaned the proceeds to three special purpose subsidiaries that each hold a separate leasehold interest. The bonds encumbering the leasehold interests are non-recourse, subject to customary exceptions. Although a default in payment by these special purpose subsidiaries could result in a default under one or more series of bonds, indebtedness of any of these special purpose subsidiaries is not cross-defaulted or cross-collateralized with indebtedness of the Company, the Operating Partnership or other special purpose subsidiaries. Repayment of principal and interest on these bonds is insured by MBIA, Inc. Interest and principal are paid semi-annually and annually, respectively, through maturity. Covenants include, among other items, budgeted and actual debt service coverage ratios. Bonds payable at December 31, 2013 consisted of the following:



								Principal				Weighted					Required
		Mortgaged Facilities						December 31,				Average			Maturity		Monthly
Series		Subject to Leases		Original				2013				Rate			Date		Debt Service
1999		University Village-PVAMU/TAMIU		$	39,270			$	24,590			7.75	%		Sep-23		$	302
1999		University Village-PVAMU/TAMIU		$	39,270			$	24,590			7.75	%		Sep-23		$	302
2001		University College–PVAMU		20,995				14,620				7.55	%		Aug-25		158
2001		University College–PVAMU		20,995				14,620				7.55	%		Aug-25		158
2003		University College–PVAMU		4,325				3,230				6.08	%		Aug-28		28
2003		University College–PVAMU		4,325				3,230				6.08	%		Aug-28		28
		Total/weighted average rate		$	64,590			$	42,440			7.55	%				$	488
		Total/weighted average rate		$	64,590			$	42,440			7.55	%				$	488

Unsecured Notes

In April 2013, the Operating Partnership issued $400 million in senior unsecured notes under its existing shelf registration. These 10-year notes were issued at 99.659 percent of par value with a coupon of 3.750 percent and a yield of 3.791 percent, and are fully and unconditionally guaranteed by the Company. Interest on the notes is payable semi-annually on April 15 and October 15 and the notes will mature on April 15, 2023. Net proceeds from the sale of the unsecured notes totaled approximately $394.4 million after deducting the underwriting discount and estimated offering expenses. The Company used $321.0 million of the offering proceeds to pay down the outstanding balance on its revolving credit facility in full. The terms of the unsecured notes include certain financial covenants that require the Operating Partnership to limit the amount of total debt and secured debt as a percentage of total asset value, as defined. In addition, the Operating Partnership must maintain a minimum ratio of unencumbered asset value to unsecured debt, as well as a minimum interest coverage level. As of December 31, 2013, the Company was in compliance with all such covenants.

Unsecured Credit Facility

On December 18, 2013, the Company entered into a Fourth Amended and Restated Credit Agreement (the “Agreement”). Pursuant to the Agreement, the Company borrowed $250 million under a new term loan facility (“Term Loan II Facility”) and increased the size of its existing unsecured revolving credit facility to $500 million, such that, when combined with the Company’s existing $350 million term loan facility (“Term Loan I Facility”), the Company has an aggregate unsecured credit facility of $1.1 billion, which may be expanded by up to an additional $500 million upon the satisfaction of certain conditions. The Company used the proceeds from the $250 million Term Loan II Facility to repay outstanding amounts on the revolving credit facility.

In addition, in connection with the Agreement, the maturity date of the revolving credit facility was extended from January 10, 2016 to March 1, 2018, and can be extended for an additional 12 months to March 1, 2019, subject to the satisfaction of certain conditions. The maturity date of the Term Loan I Facility remained the same but can be extended to January 10, 2019 through the exercise of two 12-month extension options, subject to the satisfaction of certain conditions. The maturity date of the Term Loan II Facility is March 1, 2019.
The Agreement provides for the interest rate on each loan at a variable rate, at the Company’s option, based upon a base rate or one-, two-, three- or six-month LIBOR, plus, in each case, a spread based upon the Company’s investment grade rating from either Moody’s Investor Services, Inc. or Standard & Poor’s Rating Group. As of December 31, 2013, the Term Loan II Facility bore interest at a variable rate of 1.67% per annum (0.17% + 1.50% spread). The Company has entered into multiple interest rate swap contracts with notional amounts totaling $350 million that effectively fix the interest rate to a weighted average annual rate of 0.88% on the outstanding balance of the Term Loan I Facility. Including the current spread of 1.50%, the all-in weighted average annual rate on the Term Loan I Facility was 2.38% at December 31, 2013. Refer to Note 14 for more information on the interest rate swap contracts mentioned above.
Availability under the revolving credit facility is limited to an “aggregate borrowing base amount” equal to 60% of the value of the Company’s unencumbered properties, calculated as set forth in the Credit Facility. Additionally, the Company is required to pay a facility fee of 0.25% per annum on the $500 million revolving credit facility. As of December 31, 2013, the revolving credit facility bore interest at a weighted average annual rate of 1.72% (0.17% + 1.30% spread + 0.25% facility fee), and availability under the revolving credit facility totaled $349.3 million.

The terms of the Credit Facility include certain restrictions and covenants, which limit, among other items, the incurrence of additional indebtedness, liens, and the disposition of assets. The facility contains customary affirmative and negative covenants and also contains financial covenants that, among other things, require the Company to maintain certain minimum ratios of “EBITDA” (earnings before interest, taxes, depreciation and amortization) to fixed charges and total indebtedness. The Company may not pay distributions that exceed a specified percentage of funds from operations, as adjusted, for any four consecutive quarters. The financial covenants also include consolidated net worth and leverage ratio tests. As of December 31, 2013, the Company was in compliance with all such covenants.

Secured Agency Facility

The Company has a $125 million secured revolving credit facility with a Freddie Mac lender. The facility has a five-year term and is currently secured by 8 properties referred to as the “Collateral Pool.” The facility bears interest at one- or three-month LIBOR plus a spread that varies based on the debt service ratio of the Collateral Pool. Additionally, the Company is required to pay an unused commitment fee of 1.0% per annum. As of December 31, 2013, the secured agency facility bore interest at a weighted average annual rate of 2.20%. The secured agency facility includes some, but not all, of the same financial covenants as the unsecured credit facility, described above. As of December 31, 2013, the Company was in compliance with all such covenants.

Schedule of Debt Maturities

Scheduled debt maturities (reflecting automatic extensions where applicable) for each of the five years subsequent to December 31, 2013 and thereafter, are as follows:


		Scheduled				Due at
		Principal				Maturity				Total
2014		$	15,729			$	309,158			$	324,887
2014		$	15,729			$	309,158			$	324,887
2015		13,439				213,403				226,842
2015		13,439				213,403				226,842
2016		12,541				201,896				214,437
2016		12,541				201,896				214,437
2017		12,537				467,277				479,814
2017		12,537				467,277				479,814
2018		11,873				311,904				323,777
2018		11,873				311,904				323,777
Thereafter		51,176				1,052,179				1,103,355
Thereafter		51,176				1,052,179				1,103,355
		$	117,295			$	2,555,817			$	2,673,112
		$	117,295			$	2,555,817			$	2,673,112

Payment of principal and interest were current at December 31, 2013. Certain of the mortgage notes and bonds payable are subject to prepayment penalties.

Stockholders_Equity_Partners_C

Stockholders' Equity / Partners' Capital	12 Months Ended
Stockholders' Equity / Partners' Capital	Dec. 31, 2013
Stockholders' Equity Note [Abstract]	'
Stockholders' Equity / Partners' Capital	'
	Stockholders’ Equity / Partners’ Capital

	Stockholders’ Equity – Company

	In March 2013, the Company established a new at-the-market share offering program (the “ATM Equity Program”) through which the Company may issue and sell, from time to time, shares of common stock having an aggregate offering price of up to $500 million. Actual sales under the program will depend on a variety of factors, including, but not limited to, market conditions, the trading price of the Company’s common stock and determinations of the appropriate sources of funding for the Company. The Company has not sold any shares under the ATM Equity Program and has $500 million available for issuance under this program as of December 31, 2013.

	On October 31, 2012, ACC completed an equity offering, consisting of the sale of 12,650,000 shares of ACC’s common stock at a price of $43.75 per share, including 1,650,000 shares issued as a result of the exercise of the underwriters’ overallotment option in full at closing. The offering generated gross proceeds of approximately $553.4 million. The aggregate proceeds to ACC, net of the underwriting discount and estimated expenses of the offering, were approximately $530.5 million.

	On July 16, 2012, ACC completed an equity offering, consisting of the sale of 17,250,000 shares of ACC’s common stock at a price of $44.25 per share, including 2,250,000 shares issued as a result of the exercise of the underwriters’ overallotment option in full at closing. The offering generated gross proceeds of approximately $763.3 million. The aggregate proceeds to ACC, net of the underwriting discount and expenses of the offering, were approximately $731.9 million.

	During the year ended December 31, 2012, ACC sold approximately 1.8 million shares at a weighted average price of $41.61 per share under its 2011 at-the-market share offering program (the “2011 ATM Equity Program”). Net proceeds received under this program during the year ended December 31, 2012, totaled approximately $73.9 million, after payment of approximately $1.1 million of commissions paid to sales agents. As of December 31, 2012, no further common shares were available for issuance under the 2011 ATM Equity Program.

	During the year ended December 31, 2011, ACC sold approximately 5.7 million shares at a weighted average price of $36.56 per share under its 2011 ATM Equity Program discussed above and its previous at-the-market share offering program (the “2010 ATM Equity Program”). Net proceeds received under both programs during the year ended December 31, 2011, totaled approximately $205.8 million, after payment of approximately $3.1 million of commissions paid to sales agents.

	Partners’ Capital – Operating Partnership

	In connection with the purchase of Townhomes at Newtown Crossing in September 2013, we issued 97,143 common units to the seller, valued at $35.53 per unit. See Note 5 for more details.

	In connection with our purchase of the Campus Acquisitions Portfolio in September 2012, we issued 325,098 common OP units to the seller, valued at $46.14 per unit. See Note 5 for more details.

	In connection with the July and October 2012 equity offerings and 2011 and 2010 ATM Equity Programs discussed above, ACCOP issued a number of common OP Units to ACC equivalent to the number of shares issued by ACC.

Incentive_Award_Plan

Incentive Award Plan	12 Months Ended
	Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Incentive Award Plan	'
	Incentive Award Plan

	In May 2010, the Company’s stockholders approved the American Campus Communities, Inc. 2010 Incentive Award Plan (the “Plan”). The Plan provides for the grant of various stock-based incentive awards to selected employees and directors of the Company and the Company’s affiliates. The types of awards that may be granted under the Plan include incentive stock options, nonqualified stock options, restricted stock awards (“RSAs”), restricted stock units (“RSUs”), profits interest units (“PIUs”) and other stock-based awards. The Company has reserved a total of 1.7 million shares of the Company’s common stock for issuance pursuant to the Plan, subject to certain adjustments for changes in the Company’s capital structure, as defined in the Plan. As of December 31, 2013, 1,295,625 shares were available for issuance under the Plan.

	Restricted Stock Units

	Upon initial appointment to the Board of Directors and reelection to the Board of Directors at each Annual Meeting of Stockholders, each outside member of the Board of Directors is granted RSUs. On the Settlement Date, the Company will deliver to the recipients a number of shares of common stock or cash, as determined by the Compensation Committee of the Board of Directors, equal to the number of RSUs held by the recipients. In addition, recipients of RSUs are entitled to dividend equivalents equal to the cash distributions paid by the Company on one share of common stock for each RSU issued, payable currently or on the Settlement Date, as determined by the Compensation Committee of the Board of Directors.

	Upon reelection to the Board of Directors in May 2013, all members of the Company’s Board of Directors were granted RSUs in accordance with the Plan. These RSUs were valued at $95,000 for the Chairman of the Board of Directors and at $71,500 for all other members. The number of RSUs was determined based on the fair market value of the Company’s stock on the date of grant, as defined in the Plan. All awards vested and settled immediately on the date of grant, and the Company delivered shares of common stock and cash, as determined by the Compensation Committee of the Board of Directors.

	A summary of the Company’s RSUs under the Plan for the years ended December 31, 2013 and 2012 is presented below:


		Number of		Weighted-Average
		RSUs		Grant Date Fair Value
				Per RSU
	Outstanding at December 31, 2011	—		$	—

	Granted	10,015		45.04

	Settled in common shares	(1,558	)	45.04

	Settled in cash	(8,457	)	45.04

	Outstanding at December 31, 2012	—		$	—

	Granted	10,265		44.09

	Settled in common shares	(4,572	)	44.09

	Settled in cash	(5,693	)	44.09

	Outstanding at December 31, 2013	—		$	—


	The Company recognized expense of approximately $0.5 million, $0.5 million and $0.3 million for the years ended December 31, 2013, 2012 and 2011, respectively, reflecting the fair value of the RSUs issued on the date of grant. The weighted-average grant-date fair value for each RSU granted during the year ended December 31, 2011 was $35.02.

	Restricted Stock Awards

	The Company awards RSAs to its executive officers and certain employees that generally vest in equal annual installments over a five year period. Unvested awards are forfeited upon the termination of an individual’s employment with the Company under specified circumstances. Recipients of RSAs receive dividends, as declared by the Company’s Board of Directors, on unvested shares, provided that the recipient continues to be employed by the Company. A summary of the Company’s RSAs under the Plan for the years ended December 31, 2013 and 2012 is presented below:


		Number of		Weighted-Average
		RSAs		Grant Date Fair Value
				Per RSA
	Nonvested balance at December 31, 2011	549,300		$	27.02

	Granted	220,265		41.37

	Vested	(113,345	)	26.65

	Forfeited (1)	(80,552	)	28.34

	Nonvested balance at December 31, 2012	575,668		$	32.4

	Granted	232,966		47.64

	Vested	(111,533	)	29.64

	Forfeited (1)	(94,910	)	32.15

	Nonvested balance at December 31, 2013	602,191		$	38.84


(1) Includes shares withheld to satisfy tax obligations upon vesting.

The fair value of RSA’s is calculated based on the closing market value of the Company’s common stock on the date of grant. The fair value of these awards is amortized to expense over the vesting periods, which amounted to approximately $6.4 million, $5.3 million and $4.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. The weighted-average grant date fair value for each RSA granted and forfeited during the year ended December 31, 2011 was $31.55 and $25.52, respectively.

The total fair value of RSAs vested during the year ended December 31, 2013, was approximately $8.2 million. Additionally, as of December 31, 2013, the Company had approximately $17.6 million of total unrecognized compensation cost related to these RSAs, which is expected to be recognized over a remaining weighted-average period of 3.0 years.

Under the Plan, if an employee experiences a termination of service on account of death, disability or retirement, the employee’s unvested RSAs become fully vested. As defined in the Plan, retirement means a termination of service following the date on which the sum of an employee’s full years of service (a minimum of 120 contiguous full months) and the employee’s age on the date of termination (a minimum of 50 years of age) equals or exceeds 70 years. Under the Plan’s definition of retirement, the Company’s chief executive officer will become retirement eligible in 2014.

Derivative_Instruments_and_Hed

Derivative Instruments and Hedging Activities	12 Months Ended
	Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Derivatives Instruments and Hedging Activities	'
	Derivative Instruments and Hedging Activities

	The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings.

	Cash Flow Hedges of Interest Rate Risk

	The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated Other Comprehensive Loss and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. No portion of designated hedges was ineffective during the years ended December 31, 2013, 2012 and 2011.

	As discussed in Note 11, in connection with the Company's purchase of Park Point on October 8, 2013, we assumed an existing mortgage loan which carries a variable interest rate based on one-month LIBOR plus a 1.50% spread. As part of this transaction, the Company assumed an existing interest rate swap agreement from the seller which was terminated on the acquisition date and a termination payment of approximately $2.1 million was made by the Company to the counterparty lender. Immediately following the Company's termination of the existing interest rate swap agreement, we entered into a new swap contract with a notional amount of $70.0 million, used to hedge the variable cash flows associated with interest payments on this LIBOR-based mortgage loan.

	The Company also has four interest rate swap contracts with notional amounts totaling $350 million used to hedge the variable cash flows associated with interest payments on the LIBOR-based Term Loan I Facility. In addition, the Company has an interest rate swap contract with a current notional amount of $31.4 million used to hedge the variable cash flows associated with the Cullen Oaks Phase I and Phase II loans.

	The following table summarizes the Company’s outstanding interest rate swap contracts as of December 31, 2013:


	Hedged Debt Instrument	Effective Date	Maturity Date		Pay Fixed Rate	Receive Floating		Current Notional Amount			Fair Value
						Rate Index
	Cullen Oaks mortgage loans	Feb 15, 2007	Feb 15, 2014		6.69%	LIBOR – 1 mo. plus 1.35%		$	31,380		$	(215	)

	Term Loan I Facility	Feb 2, 2012	Jan 2, 2017		0.87%	LIBOR – 1 month		125,000			(409		)

	Term Loan I Facility	Feb 2, 2012	Jan 2, 2017		0.88%	LIBOR – 1 month		100,000			(359		)

	Term Loan I Facility	Feb 2, 2012	Jan 2, 2017		0.89%	LIBOR – 1 month		62,500			(241		)

	Term Loan I Facility	Feb 2, 2012	Jan 2, 2017		0.89%	LIBOR – 1 month		62,500			(242		)

	Park Point mortgage loan	Nov 1, 2013	Oct 5, 2018		1.55%	LIBOR – 1 month		70,000			31

						Total		$	451,380		$	(1,435	)


	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2013 and 2012:


		Asset Derivatives								Liability Derivatives
			Fair Value as of								Fair Value as of
	Description	Balance Sheet Location	31-Dec-13			31-Dec-12				Balance Sheet Location	31-Dec-13			31-Dec-12

	Interest rate swap contracts	Other assets	$	31		$	—			Other liabilities	$	1,466		$	6,661

	Total derivatives designated		$	31		$	—				$	1,466		$	6,661
	as hedging instruments

Fair_Value_Disclosures

Fair Value Disclosures	12 Months Ended
	Dec. 31, 2013
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures	'
	Fair Value Disclosures

	The following table presents information about the Company’s financial instruments measured at fair value on a recurring basis as of December 31, 2013 and 2012, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability, such as interest rates and yield curves observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.

	In instances in which the inputs used to measure fair value may fall into different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement in its entirety has been determined is based on the lowest level input significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

	Disclosures concerning financial instruments measured at fair value are as follows:


			Fair Value Measurements as of
			December 31, 2013											December 31, 2012
			Quoted Prices in			Significant			Significant			Total		Quoted Prices in		Significant		Significant
			Active Markets for			Other			Unobservable					Active Markets for		Other		Unobservable
			Identical Assets and			Observable			Inputs					Identical Assets and		Observable		Inputs		Total
			Liabilities (Level 1)			Inputs (Level 2)			(Level 3)					Liabilities (Level 1)		Inputs (Level 2)		(Level 3)
	Assets:
	Derivative financial		$	—		$	31		$	—		$	31	$	—	$	—	$	—	$	—
	instruments
	Liabilities:

	Derivative financial instruments		$	—		$	1,466		$	—		$	1,466	$	—	$	6,661	$	—	$	6,661

	Mezzanine:

	Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership)		$	—		$	47,964		$	—		$	47,964	$	—	$	57,534	$	—	$	57,534


	The Company uses derivative financial instruments, specifically interest rate swaps, for nontrading purposes. The Company uses interest rate swaps to manage interest rate risk arising from previously unhedged interest payments associated with variable rate debt. Through December 31, 2013, derivative financial instruments were designated and qualified as cash flow hedges. Derivative contracts with positive net fair values inclusive of net accrued interest receipts or payments are recorded in other assets. Derivative contracts with negative net fair values, inclusive of net accrued interest payments or receipts, are recorded in other liabilities. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves.
	The Company incorporates credit valuation adjustments to appropriately reflect its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees.

	Although the Company has determined the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparty. However, as of December 31, 2013 and 2012, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivative financial instruments. As a result, the Company has determined each of its derivative valuations in its entirety is classified in Level 2 of the fair value hierarchy.

	Redeemable noncontrolling interests in the Operating Partnership have a redemption feature and are marked to their redemption value. The redemption value is based on the fair value of the Company’s common stock at the redemption date, and therefore, is calculated based on the fair value of the Company’s common stock at the balance sheet date. Since the valuation is based on observable inputs such as quoted prices for similar instruments in active markets, redeemable noncontrolling interests in the Operating Partnership are classified in Level 2 of the fair value hierarchy.

	Other Fair Value Disclosures

	Cash and Cash Equivalents, Restricted Cash, Student Contracts Receivable, Mezzanine Loans Receivable, Other Assets, Accounts Payable and Accrued Expenses and Other Liabilities: The Company estimates that the carrying amount approximates fair value, due to the short maturity of these instruments.

	Derivative Instruments: These instruments are reported on the balance sheet at fair value, which is based on calculations provided by independent, third-party financial institutions and represent the discounted future cash flows expected, based on the projected future interest rate curves over the life of the instrument.

	Secured Agency Facility, Unsecured Term Loans, Unsecured Revolving Credit Facility, and Construction Loans: The fair value of these instruments approximates carrying values due to the variable interest rate feature of these instruments.

	Loans Receivable: In April 2013, the Company acquired a protective advance note and outstanding bond insurer claim (collectively “loans receivable”). See Note 17 herein for additional details regarding this transaction. The fair value of loans receivable is based on a discounted cash flow analysis consisting of scheduled cash flows and discount rate estimates to approximate those that a willing buyer and seller might use. These financial instruments utilize Level 3 inputs.

	Unsecured Notes: In calculating the fair value of unsecured notes, interest rate and spread assumptions reflect current creditworthiness and market conditions available for the issuance of unsecured notes with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs.

	Mortgage Loans Payable: The fair value of mortgage loans payable is based on the present value of the cash flows at current market interest rates through maturity. The Company has concluded the fair value of these financial instruments are Level 2 as the majority of the inputs used to value these instruments fall within Level 2 of the fair value hierarchy.

	Bonds Payable: The fair value of bonds payable is based on quoted prices in markets that are not active due to the unique characteristics of these financial instruments, as such, the Company has concluded the inputs used to measure fair value fall within Level 2 of the fair value hierarchy.

	The table below contains the estimated fair value and related carrying amounts for the Company’s financial instruments as of December 31, 2013 and 2012:


			December 31, 2013						December 31, 2012
			Estimated Fair Value			Carrying Amount			Estimated Fair Value			Carrying Amount
	Assets:
	Loans receivable		$	49,154		$	51,192		$	—		$	—

	Liabilities:
	Unsecured notes		$	372,420		$	398,721		$	—		$	—

	Mortgage loans		$	1,382,773		$	1,404,305		$	1,437,851		$	1,406,835

Bonds payable		$	44,908		$	42,440		$	52,778		$	44,915

Lease_Commitments

Lease Commitments

12 Months Ended

Dec. 31, 2013

Leases [Abstract]

Lease Commitments

The Company as lessee has entered into ground/facility lease agreements with university systems and other third parties for the purpose of financing, constructing and operating student housing properties. Under the terms of the ground/facility leases, the lessor typically receives annual minimum rent during the earlier years and variable rent based upon the operating performance of the property during the latter years. The Company recognizes rent expense under the straight-line method over the term of the lease and any difference between the straight-line rent amount and amount payable under the lease terms is recorded as prepaid or deferred rent. As of December 31, 2013 and 2012, prepaid ground rent totaled approximately $2.3 million and $1.4 million, respectively.

A summary of the Company’s ground/facility lease agreements and related rent expense and/or capitalized rent for the year ended December 31, 2013 is summarized below:

Property

Primary University Served

Lease

Extension Option

2013 Rent

Commencement Date

Term

Expense

Capitalized

On-campus ACE properties: (1)

Barrett Honors College

Arizona State University

Oct-07

65 years

2, 10 year options

—

Vista del Sol

Arizona State University

Dec-06

65 years

2, 10 year options

1,209

—

Lobo Village

University of New Mexico

May-10

40 years

3, 10 year options

340

—

Casas del Rio

University of New Mexico

May-11

40 years

3, 10 year options

494

Hilltop Townhomes

Northern Arizona University

May-11

40 years

4, 10 year options

335

—

The Suites

Northern Arizona University

May-11

40 years

4, 10 year options

212

—

University Pointe at College

Portland State University

Dec-10

65 years

2, 10 year options

269

—

Station

University Crossings (2)

Drexel University

Aug-13

40 years

3, 10 year options

—

University Village Northwest

Prairie View A&M University

Mar-11

30 years

none

—

Off-campus properties: (1)

University Centre

Rutgers University

Aug-05

95 years

none

340

—

University Village

Temple University

Oct-03

75 years

4, 6 year options

184

—

The Province – Tampa

University of South Florida

Nov-12

45 yrs.

5, 10 year options

887

—

5 Twenty Four Angliana

University of Kentucky

Nov-12

30 yrs.

none

160

—

5 Twenty Five Angliana

University of Kentucky

Nov-12

35 yrs.

none

163

—

2013 Deliveries:

Callaway House at Austin (3)

University of Texas at Austin

Feb-11

99 years

2, 30 year options

133

149

Chestnut Square (ACE) (4)

Drexel University

Jan-12

40 years

3, 10 year options

169

University View (ACE) (3)

Prairie View A&M University

Oct-12

40 years

none

2014 / 2015 Deliveries:

U Centre at Northgate (ACE) (5)

Texas A&M University

Jul-13

40 years

2, 10 year options

—

491

The Suites Phase II (ACE) (5)

Northern Arizona University

Sep-13

40 years

4, 10 year options

—

Lancaster Project (ACE) (6)

Drexel University

Aug-13

40 years

3, 10 year options

—

236

Total

4,965

1,070

(1)

These student housing properties were operational for the entire year ended December 31, 2013.

(2)

In August 2013, the Company entered into an agreement to convey fee interest in a parcel of land, on which one of our student housing properties resides, to Drexel University (the “University”). Concurrent with the land conveyance, the Company as lessee entered into a ground lease agreement with the University as lessor for an initial term of 40 years, with three 10-year extensions, at the Company’s option. The Company is not required to make ground lease payments to the University during the lease term unless the University is able to negotiate a reduction in real estate taxes with the city of Philadelphia. In such case, the ground lease payment will equal any real estate tax savings.

(3)

Straight-lined rental amounts were capitalized during the construction period and expensed upon the commencement of operations in August 2013.

(4)

Straight-lined rental amounts were capitalized during the construction period and expensed upon the commencement of operations in September 2013.

(5)

Scheduled to open for occupancy in August 2014.

(6)

Scheduled to open for occupancy in September 2015.

The Company is a party to a lease for corporate office space beginning December 17, 2010, and expiring December 31, 2020. The terms of leases provide for a period of free rent and scheduled rental rate increases and common area maintenance charges upon expiration of the free rent period. The Company also has various operating leases for furniture, office and technology equipment, which expire through 2022.

Rental expense under the operating lease agreements (including ground/facility leases) approximated $6.5 million, $4.1 million and $3.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. There were no capital lease obligations outstanding as of December 31, 2013. Future minimum commitments over the life of all leases subsequent to December 31, 2013, are as follows:

Operating

2014

6,644

2015

6,587

2016

7,122

2017

6,970

2018

6,917

Thereafter

239,904

Total minimum lease payments

274,144

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Commitments and Contingencies

	Commitments

	Development-related guarantees: For certain of its third-party development projects, the Company commonly provides alternate housing and project cost guarantees, subject to force majeure. These guarantees are typically limited, on an aggregate basis, to the amount of the projects’ related development fees or a contractually agreed-upon maximum exposure amount. Alternate housing guarantees typically expire five days after construction is complete and generally require the Company to provide substitute living quarters and transportation for students to and from the university if the project is not complete by an agreed-upon completion date. Under project cost guarantees, the Company is responsible for the construction cost of a project in excess of an approved budget. The budget consists primarily of costs included in the general contractors’ guaranteed maximum price contract (“GMP”). In most cases, the GMP obligates the general contractor, subject to force majeure and approved change orders, to provide completion date guarantees and to cover cost overruns and liquidated damages. In addition, the GMP is typically secured with payment and performance bonds. Project cost guarantees expire upon completion of certain developer obligations, which are normally satisfied within one year after completion of the project. The Company’s estimated maximum exposure amount under the above guarantees is immaterial as of December 31, 2013.

	In the normal course of business, the Company enters into various development-related purchase commitments with parties that provide development-related goods and services. In the event that the Company was to terminate development services prior to the completion of projects under construction, the Company could potentially be committed to satisfy outstanding purchase orders with such parties. At December 31, 2013, management did not anticipate any material deviations from schedule or budget related to third-party development projects currently in progress.

	In August 2013, the Company entered into an agreement to convey fee interest in a parcel of land, on which one of our student housing properties resides, to Drexel University (the “University”). Concurrent with the land conveyance, the Company as lessee entered into a ground lease agreement with the University as lessor for an initial term of 40 years, with three 10-year extensions, at the Company’s option (see Note 16). As part of the ground lease agreement, the Company committed to spend a minimum of $22.3 million in renovation and capital improvement costs over a five year period to improve the unit finishes, expand and improve amenity space and upgrade the exterior façade and other systems. In addition, the Company also agreed to convey the building and improvements to the University at an undetermined date in the future and to pay real estate transfer taxes not to exceed $2.4 million. The Company paid approximately $0.6 million in real estate transfer taxes upon the conveyance of land to the University leaving approximately $1.8 million to be paid by the Company upon the transfer of the building and improvements to the University.

	Contingencies

	Litigation: The Company is subject to various claims, lawsuits and legal proceedings, including the matter discussed below as well as other matters that have not been fully resolved and that have arisen in the ordinary course of business. While it is not possible to ascertain the ultimate outcome of such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on the consolidated financial position or results of operations of the Company. However, the outcome of claims, lawsuits and legal proceedings brought against the Company is subject to significant uncertainty. Therefore, although management considers the likelihood of such an outcome to be remote, the ultimate results of these matters cannot be predicted with certainty.

	The Company and three of its subsidiaries were parties to a lawsuit brought by National Public Finance Guaranty Corporation, as assignee of the claims of CaPFA Capital Corp. 2000F (“CaPFA”), in May 2010 in the Orange County Florida, Complex Business Division, relating to a student housing property located near the University of Central Florida (“UCF”) in Orlando, Florida. The property was managed by a subsidiary of GMH Communities Trust (“GMH”, which subsidiary was indirectly acquired by the Company as part of the acquisition of GMH in June 2008) pursuant to a property management agreement between such subsidiary and CaPFA. The suit alleged, among other things, a breach of such management agreement, breach of contract implied in fact and breach of fiduciary obligations by the Company and such subsidiaries. The complaint sought unspecified compensatory damages, including lost profits and attorneys’ fees.

	The litigation was settled and dismissed on April 22, 2013. Pursuant to the terms of the settlement agreement, the Company acquired a protective advance note and outstanding bond insurer claim (collectively, “loans receivable”) from National Public Finance Guarantee Corporation for an aggregate of approximately $52.8 million. The loans receivable are secured by a lien on, and the cash flows from, two student housing properties in close proximity to the University of Central Florida and carry an interest rate of 5.12%. In connection with our purchase of these loans receivable, the Company recorded a purchase discount of approximately $3.6 million to reflect the difference between the face value of the loans receivable and the present value of the cash flows anticipated to be received under the loans receivable, based on management’s estimate of market interest rates in place as of the settlement date. Concurrent with recording this $3.6 million purchase discount, the Company recognized litigation settlement costs of $2.8 million in excess of amounts provided by insurance.

	Letters of Intent: In the ordinary course of the Company’s business, the Company enters into letters of intent indicating a willingness to negotiate for acquisitions, dispositions or joint ventures. Such letters of intent are non-binding, and neither party to the letter of intent is obligated to pursue negotiations unless and until a definitive contract is entered into by the parties. Even if definitive contracts are entered into, the letters of intent relating to the acquisition and disposition of real property and resulting contracts generally contemplate that such contracts will provide the acquirer with time to evaluate the property and conduct due diligence, during which periods the acquirer will have the ability to terminate the contracts without penalty or forfeiture of any deposit or earnest money. There can be no assurance that definitive contracts will be entered into with respect to any matter covered by letters of intent or that the Company will consummate any transaction contemplated by any definitive contract. Furthermore, due diligence periods for real property are frequently extended as needed. Once the due diligence period expires, the Company is then at risk under a real property acquisition contract, but only to the extent of any earnest money deposits associated with the contract.

	Environmental Matters: The Company is not aware of any environmental liability with respect to the properties that would have a material adverse effect on the Company’s business, assets or results of operations. However, there can be no assurance that such a material environmental liability does not exist. The existence of any such material environmental liability could have an adverse effect on the Company’s results of operations and cash flows.

Segments

Segments	12 Months Ended
	Dec. 31, 2013
Segment Reporting [Abstract]	'
Segments	'
	Segments

	The Company defines business segments by their distinct customer base and service provided. The Company has identified four reportable segments: Wholly-Owned Properties, On-Campus Participating Properties, Development Services, and Property Management Services. Management evaluates each segment’s performance based on operating income before depreciation, amortization, minority interests and allocation of corporate overhead. Intercompany fees are reflected at the contractually stipulated amounts.



			Year Ended December 31,
			2013				2012				2011
	Wholly-Owned Properties
	Rental revenues		$	621,117			$	424,022			$	321,907

	Interest and other income		152				40				63

	Total revenues from external customers		621,269				424,062				321,970

	Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead		(300,207		)		(200,799		)		(154,674		)
	Ground/facility leases		(2,956		)		(2,148		)		(1,329		)
	Interest expense		(45,401		)		(32,624		)		(33,912		)
	Operating income before depreciation, amortization and allocation of corporate overhead		$	272,705			$	188,491			$	132,055

	Depreciation and amortization		$	178,396			$	104,205			$	75,052

	Capital expenditures		$	350,118			$	354,204			$	213,939

	Total segment assets at December 31,		$	5,394,029			$	4,958,314			$	2,843,749


	On-Campus Participating Properties
	Rental revenues		$	26,348			$	26,166			$	25,252

	Interest and other income		16				16				15

	Total revenues from external customers		26,364				26,182				25,267

	Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead		(10,322		)		(10,367		)		(9,437		)
	Ground/facility lease		(2,446		)		(2,100		)		(2,279		)
	Interest expense		(5,463		)		(5,671		)		(5,840		)
	Operating income before depreciation, amortization and allocation of		$	8,133			$	8,044			$	7,711
	corporate overhead
	Depreciation and amortization		$	4,756			$	4,644			$	4,469

	Capital expenditures		$	17,094			$	2,141			$	1,832

	Total segment assets at December 31,		$	88,777			$	72,922			$	73,109


	Development Services
	Development and construction management fees		$	2,483			$	8,574			$	7,497

	Operating expenses		(11,172		)		(10,739		)		(9,820		)
	Operating loss before depreciation, amortization and allocation of corporate overhead		$	(8,689	)		$	(2,165	)		$	(2,323	)
	Total segment assets at December 31,		$	1,848			$	1,804			$	14,159


	Property Management Services
	Property management fees from external customers		$	7,514			$	6,893			$	7,254

	Intersegment revenues		21,396				16,349				13,867

	Total revenues		28,910				23,242				21,121

	Operating expenses		(10,349		)		(10,098		)		(9,532		)
	Operating income before depreciation, amortization and allocation of		$	18,561			$	13,144			$	11,589
corporate overhead
Total segment assets at December 31,		$	7,033			$	4,532			$	4,535


Reconciliations
Total segment revenues		$	679,026			$	482,060			$	375,855

Unallocated interest income earned on corporate cash		2,837				1,700				501

Elimination of intersegment revenues		(21,396		)		(16,349		)		(13,867		)
Total consolidated revenues, including interest income		$	660,467			$	467,411			$	362,489

Segment operating income before depreciation, amortization and allocation of corporate overhead		$	290,710			$	207,514			$	149,032

Depreciation and amortization		(190,596		)		(114,924		)		(85,872		)
Net unallocated expenses relating to corporate overhead		(48,992		)		(43,931		)		(28,075		)
Income (loss) from unconsolidated joint ventures		—				444				(641		)

Other nonoperating (expense) income		(2,666		)		411				—

Income tax provision		(1,020		)		(725		)		(433		)
Income from continuing operations		$	47,436			$	48,789			$	34,011


Total segment assets		$	5,491,687			$	5,037,572			$	2,935,552

Unallocated corporate assets		106,353				81,390				73,030

Total assets at December 31,		$	5,598,040			$	5,118,962			$	3,008,582

Quarterly_Financial_Informatio

Quarterly Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]	'
Quarterly Financial Information (Unaudited)	'
	Quarterly Financial Information (Unaudited)

	American Campus Communities, Inc.

	The information presented below represents the quarterly consolidated financial results of the Company for the years ended December 31, 2013 and 2012. The results below differ from previously disclosed quarterly results due to certain reclassifications associated with discontinued operations during the periods presented.


			2013
			1st Quarter		2nd Quarter		3rd Quarter		4th Quarter		Total
	Total revenues		$	163,163	$	153,212	$	158,393	$	182,694	$	657,462

	Net income attributable to common shareholders		$	21,590	$	8,049	$	47,176	$	27,829	$	104,644

	Net income attributable to common shareholders per share - basic		$	0.2	$	0.07	$	0.45	$	0.26	$	0.99	(1)

	Net income attributable to common shareholders per share - diluted		$	0.2	$	0.07	$	0.45	$	0.26	$	0.98	(1)




			2012
			1st Quarter		2nd Quarter		3rd Quarter		4th Quarter		Total
	Total revenues		$	104,536	$	99,719	$	112,117	$	149,283	$	465,655

	Net income attributable to common shareholders		$	20,026	$	12,328	$	627	$	23,655	$	56,636

	Net income attributable to common shareholders per share - basic		$	0.27	$	0.16	$	0	$	0.23	$	0.66	(1)

	Net income attributable to common shareholders per share - diluted		$	0.26	$	0.16	$	0	$	0.23	$	0.65	(1)


	American Campus Communities Operating Partnership, L.P.

	The information presented below represents the quarterly consolidated financial results of the Operating Partnership for the years ended December 31, 2013 and 2012. The results below differ from previously disclosed quarterly results due to certain reclassifications associated with discontinued operations during the periods presented.



			2013
			1st Quarter		2nd Quarter		3rd Quarter		4th Quarter		Total
	Total revenues		$	163,163	$	153,212	$	158,393	$	182,694	$	657,462

	Net income attributable to common unitholders		$	21,823	$	8,138	$	47,703	$	28,157	$	105,821

	Net income attributable to common unitholders per unit - basic		$	0.2	$	0.07	$	0.45	$	0.26	$	0.99	(1)

	Net income attributable to common unitholders per unit - diluted		$	0.2	$	0.07	$	0.45	$	0.26	$	0.98	(1)




			2012
			1st Quarter		2nd Quarter		3rd Quarter		4th Quarter		Total
	Total revenues		$	104,536	$	99,719	$	112,117	$	149,283	$	465,655

	Net income attributable to common unitholders		$	20,267	$	12,471	$	647	$	23,915	$	57,300

	Net income attributable to common unitholders per unit - basic		$	0.27	$	0.16	$	0	$	0.23	$	0.66	(1)

	Net income attributable to common unitholders per unit - diluted		$	0.26	$	0.16	$	0	$	0.23	$	0.65	(1)



	(1)	Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year.

Subsequent_Events

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2013
Subsequent Events [Abstract]	'
Subsequent Events	'
	Subsequent Events

	Distributions: On January 28, 2014, the Company declared a fourth quarter 2013 distribution per share of $0.36 which was paid on February 21, 2014 to all common stockholders of record as of February 10, 2014. At the same time, the Operating Partnership paid an equivalent amount per unit to holders of Common Units, as well as the quarterly cumulative preferential distribution to holders of Series A Preferred Units (see Note 9).

	Property Disposition: On February 11, 2014, the Company sold Hawks Landing for a sales price of approximately $17.3 million, including the assumption of an existing $15.6 million mortgage loan by the purchaser, resulting in net proceeds of approximately $1.2 million.

	Acquisition for Future Development: On January 10, 2014, the Company acquired the Boulder Outlook Hotel property, which is located near the University of Colorado campus, for a purchase price of approximately $9.3 million. The seller will operate the hotel until the fourth quarter 2014 or first quarter 2015, at which point the hotel will be demolished and construction on a new student housing facility will commence.

	Cullen Oaks Mortgage Loans: In February 2014, the Company renewed the Cullen Oaks Phase I and Phase II mortgage loans and extended the maturity date to February 15, 2021. The renewed loans bear interest at a rate of LIBOR plus 1.75% and require monthly payments of principal and interest. In connection with these loan renewals, the Company entered into two new interest rate swap contracts that are designated to hedge the Company's exposure to fluctuations on interest payments attributed to changes in interest rates associated with payments on the Cullen Oaks Phase I and Phase II loans. Under the terms of the interest rate swap contracts, the Company pays a fixed rate of 2.275% per annum and receives a floating rate of 1-month LIBOR.

Schedule_of_Real_Estate_and_Ac

Schedule of Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2013
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]	'
Schedule of Real Estate and Accumulated Depreciation	'
	Schedule of Real Estate and Accumulated Depreciation



									Initial Cost (1)												Total Costs
			Units			Beds			Land				Buildings and				Costs				Land				Buildings and				Total (2)				Accumulated Depreciation				Encumbrances (3)			Year Built
													Improvements				Capitalized								Improvements
													and Furniture,				Subsequent to								and Furniture,
													Fixtures and				Acquisition / Initial Development								Fixtures and
													Equipment												Equipment
	Wholly-Owned Properties
	The Callaway House		173			538			$	5,081			$	20,499			$	5,593			$	5,081			$	26,092			$	31,173			$	9,312			$	—		1999

	The Village at Alafaya Club		228			839			3,788				21,851				2,745				3,788				24,596				28,384				9,374				—			1999

	The Village at Science Drive		192			732			4,673				19,021				1,915				4,673				20,936				25,609				7,185				—			2000

	University Village at Boulder Creek		82			309			1,035				16,393				1,404				1,035				17,797				18,832				5,994				—			2002

	University Village- Fresno		105			406			929				15,553				539				929				16,092				17,021				4,920				—			2004

	University Village- Temple		220			749			—				41,119				1,349				—				42,468				42,468				11,669				—			2004

	University Village at Sweethome		269			828			2,473				34,626				1,300				2,473				35,926				38,399				9,773				—			2005

	University Club Townhomes (4)		216			736			4,665				23,103				5,080				4,665				28,183				32,848				9,220				—			2000/2002

	College Club Townhomes (5)		136			544			2,099				16,049				2,574				2,099				18,623				20,722				6,109				—			2001/2004

	University Club Apartments		94			376			1,416				11,848				1,380				1,416				13,228				14,644				3,602				—			1999

	The Estates		396			1,044			4,254				43,164				2,834				4,254				45,998				50,252				12,109				33,346			2002

	City Parc at Fry Street		136			418			1,902				17,678				1,408				1,902				19,086				20,988				5,295				10,095			2004

	Entrada Real		98			363			1,475				15,859				1,009				1,475				16,868				18,343				3,885				—			2000

	University Village- Tallahassee (6)		217			716			4,322				26,225				2,783				4,322				29,008				33,330				7,079				—			1990/91/92

	Royal Village Gainesville		118			448			2,484				15,153				1,386				2,484				16,539				19,023				4,158				—			1996

	Royal Lexington		94			364			2,848				12,783				2,893				2,848				15,676				18,524				3,721				—			1994

	The Woods at Greenland		78			276			1,050				7,286				876				1,050				8,162				9,212				2,117				—			2001

	Raiders Crossing		96			276			1,089				8,404				844				1,089				9,248				10,337				2,356				—			2002

	Raiders Pass		264			828			3,877				32,445				2,327				3,877				34,772				38,649				8,233				—			2002

	Aggie Station		156			450			1,634				18,821				1,064				1,634				19,885				21,519				4,587				—			2002

	The Outpost- San Marcos		162			486			1,987				18,973				1,478				1,987				20,451				22,438				4,611				—			2004

	The Outpost- San Antonio		276			828			3,262				36,252				1,471				3,262				37,723				40,985				8,390				21,110			2005

	Callaway Villas		236			704			3,903				32,286				703				3,903				32,989				36,892				8,076				—			2006

	The Village on Sixth Avenue		248			752			2,763				22,480				2,708				2,763				25,188				27,951				5,981				15,476			2000/2006

	Newtown Crossing		356			942			7,013				53,597				1,290				7,013				54,887				61,900				12,264				28,922			2005/2007

	Olde Towne University Square		224			550			2,277				24,614				1,052				2,277				25,666				27,943				6,290				18,725			2005

Peninsular Place		183			478			2,306				16,559				704				2,306				17,263				19,569				4,468				15,384			2005

University Centre		234			838			—				77,378				2,366				—				79,744				79,744				15,787				—			2007

Sunnyside Commons		68			161			6,933				768				400				6,933				1,168				8,101				292				—			1925/2001

Pirates Place Townhomes		144			528			1,159				9,652				1,931				1,159				11,583				12,742				2,462				5,216			1996

The Highlands		216			732			4,821				24,822				1,691				4,821				26,513				31,334				5,143				—			2004

The Summit & Jacob Heights (7)		258			930			2,318				36,464				1,122				2,318				37,586				39,904				6,303				30,623			2003

GrandMarc Seven Corners		186			440			4,491				28,807				1,480				4,491				30,287				34,778				5,111				16,709			2000

University Village- Sacramento		250			394			7,275				12,639				1,834				7,275				14,473				21,748				2,982				14,740			1979



								Initial Cost (1)												Total Costs
		Units			Beds			Land				Buildings and				Costs				Land				Buildings and				Total (2)				Accumulated Depreciation				Encumbrances (3)			Year Built
												Improvements				Capitalized								Improvements
												and Furniture,				Subsequent to								and Furniture,
												Fixtures and				Acquisition / Initial Development								Fixtures and
												Equipment												Equipment
Aztec Corner		180			606			$	17,460			$	32,209			$	863			$	17,460			$	33,072			$	50,532			$	5,374			$	27,807		1995

University Crossings		260			1,016			—				47,830				7,005				—				54,835				54,835				9,315				—			1926/2003

Campus Corner		254			796			1,591				20,928				1,680				1,591				22,608				24,199				4,244				22,266			1997

Tower at Third		188			375			1,145				19,128				9,808				1,145				28,936				30,081				5,143				14,491			1973

University Manor		168			600			1,387				14,889				2,033				1,387				16,922				18,309				3,769				13,089			2002

Lakeside Apartments		244			776			2,347				22,999				2,628				2,347				25,627				27,974				5,211				14,100			1991

The Club		120			480			1,164				11,979				1,995				1,164				13,974				15,138				3,198				—			1989

The Edge- Orlando		306			930			6,053				37,802				2,868				6,053				40,670				46,723				7,422				—			1999

University Place		144			528			2,794				15,639				1,647				2,794				17,286				20,080				3,235				—			2003

South View		240			960			3,492				41,760				3,869				3,492				45,629				49,121				8,892				18,918			1998

Stone Gate		168			672			2,929				28,164				2,151				2,929				30,315				33,244				5,783				14,264			2000

The Commons		132			528			2,173				17,786				2,007				2,173				19,793				21,966				3,965				4,476			1991

University Gables		168			648			1,309				13,148				2,276				1,309				15,424				16,733				3,740				—			2001

The Enclave		120			480			582				9,205				1,269				582				10,474				11,056				2,213				8,977			2002

Hawks Landing (8)		122			484			1,445				13,735				3,023				1,445				16,758				18,203				3,795				15,600			1994

Willowtree Apartments and Towers (9)		473			851			9,807				21,880				1,887				9,807				23,767				33,574				4,409				—			1968/1974

Abbott Place		222			654			1,833				18,313				2,280				1,833				20,593				22,426				4,500				17,850			1999

The Centre		232			700			1,804				19,395				1,471				1,804				20,866				22,670				4,204				19,875			2004

University Meadows		184			616			1,426				14,870				1,705				1,426				16,575				18,001				3,349				9,633			2001

Campus Way		194			680			1,581				21,845				2,212				1,581				24,057				25,638				4,853				15,375			1993

University Pointe		204			682			989				27,576				1,371				989				28,947				29,936				5,070				21,300			2004

University Trails		240			684			1,183				25,173				1,433				1,183				26,606				27,789				4,852				—			2003

Vista del Sol (ACE)		613			1,866			—				135,939				1,837				—				137,776				137,776				22,856				—			2008

Villas at Chestnut Ridge		196			552			2,756				33,510				433				2,756				33,943				36,699				5,766				—			2008

Barrett Honors College (ACE)		604			1,721			—				131,302				677				—				131,979				131,979				17,221				—			2009

Campus Trails		156			480			1,358				11,291				3,490				1,358				14,781				16,139				2,696				7,486			1991

Lions Crossing		204			696			4,453				32,824				1,738				4,453				34,562				39,015				3,400				—			1996

Nittany Crossing		204			684			4,337				31,920				2,391				4,337				34,311				38,648				3,346				—			1996

The View		157			590			1,499				11,004				1,220				1,499				12,224				13,723				1,387				—			2003

Chapel Ridge		180			544			4,244				30,792				897				4,244				31,689				35,933				3,003				—			2003

Chapel View		224			358			2,161				16,062				797				2,161				16,859				19,020				1,655				9,690			1986

University Oaks		181			662			2,150				17,369				866				2,150				18,235				20,385				2,002				22,150			2004

Blanton Common		276			860			3,788				29,662				1,141				3,788				30,803				34,591				3,105				28,586			2005/2007

University Heights		176			528			1,387				8,236				1,047				1,387				9,283				10,670				1,410				—			2001

Burbank Commons		134			532			2,512				20,063				2,382				2,512				22,445				24,957				2,416				14,888			1995

University Crescent		192			612			3,548				28,403				1,717				3,548				30,120				33,668				3,175				24,150			1999

University Greens		156			516			1,117				9,244				1,108				1,117				10,352				11,469				1,227				—			1999

The Edge- Charlotte		180			720			3,076				22,841				2,396				3,076				25,237				28,313				2,600				—			1999



								Initial Cost (1)												Total Costs
		Units			Beds			Land				Buildings and				Costs				Land				Buildings and				Total (2)				Accumulated Depreciation				Encumbrances (3)			Year Built
												Improvements				Capitalized								Improvements
												and Furniture,				Subsequent to								and Furniture,
												Fixtures and				Acquisition / Initial Development								Fixtures and
												Equipment												Equipment
University Walk		120			480			$	2,016			$	14,599			$	1,619			$	2,016			$	16,218			$	18,234			$	1,762			$	—		2002

Uptown Apartments		180			528			3,031				21,685				1,330				3,031				23,015				26,046				2,093				—			2004

Sanctuary Lofts		201			487			2,960				18,180				2,760				2,960				20,940				23,900				2,859				—			2006

2nd Ave Centre		274			868			4,434				27,236				2,606				4,434				29,842				34,276				3,178				—			2008

Villas at Babcock		204			792			4,642				30,901				112				4,642				31,013				35,655				3,551				—			2011

Lobo Village (ACE)		216			864			—				42,490				281				—				42,771				42,771				3,337				—			2011

Villas on Sycamore		170			680			3,000				24,640				193				3,000				24,833				27,833				2,986				—			2011

University Village Northwest (ACE)		36			144			—				4,228				16				—				4,244				4,244				422				—			2011

Eagles Trail		216			792			608				19,061				3,139				608				22,200				22,808				1,784				—			2007

26 West		367			1,026			21,396				63,994				4,096				21,396				68,090				89,486				4,293				—			2008

The Varsity		258			901			11,605				108,529				1,283				11,605				109,812				121,417				6,309				—			2011

University Heights		204			636			1,625				12,585				3,286				1,625				15,871				17,496				1,048				—			1999

Avalon Heights		210			754			4,968				24,345				3,677				4,968				28,022				32,990				1,560				—			2002

University Commons		164			480			12,559				19,010				1,937				12,559				20,947				33,506				989				18,469			2003

The Block		669			1,555			22,270				141,430				4,114				22,270				145,544				167,814				5,236				—			2007/2008

University Pointe at College Station (ACE)		282			978			—				84,657				365				—				85,022				85,022				5,447				—			2012

Casas del Rio (ACE)		283			1,028			—				40,639				252				—				40,891				40,891				3,182				—			2012

The Suites (ACE)		275			550			—				27,080				83				—				27,163				27,163				1,783				20,756			2012

Hilltop Townhomes (ACE)		144			576			—				31,507				71				—				31,578				31,578				2,076				23,881			2012

U Club on Frey		114			456			3,300				18,182				33				3,300				18,215				21,515				1,433				—			2012

Campus Edge on UTA Boulevard		128			488			2,661				21,233				40				2,661				21,273				23,934				1,371				—			2012

U Club Townhomes on Marion Pugh		160			640			6,722				26,546				128				6,722				26,674				33,396				1,843				—			2012

Villas on Rensch		153			610			10,231				33,852				69				10,231				33,921				44,152				2,053				—			2012

The Village at Overton Park		163			612			5,262				29,374				94				5,262				29,468				34,730				1,918				—			2012

Casa de Oro (ACE)		109			365			—				12,362				14				—				12,376				12,376				887				—			2012

The Villas at Vista del Sol (ACE)		104			400			—				20,421				16				—				20,437				20,437				1,471				—			2012

Icon Plaza		56			253			6,292				65,857				1,301				6,292				67,158				73,450				2,313				—			2012

Chauncey Square		158			386			2,522				40,013				875				2,522				40,888				43,410				1,587				—			2007/2012

309 Green		110			416			5,351				49,987				1,009				5,351				50,996				56,347				1,862				32,410			2008

Lofts54		43			172			430				14,741				566				430				15,307				15,737				588				11,149			2008

Campustown Rentals		280			766			2,520				40,190				3,149				2,520				43,339				45,859				1,682				23,163			1920/1987

Campustown		452			1,217			1,818				77,894				1,182				1,818				79,076				80,894				2,929				41,896			1910/2004

Garnet River Walk		170			476			1,427				28,616				695				1,427				29,311				30,738				1,318				17,465			2006

River Mill		243			461			1,741				22,806				408				1,741				23,214				24,955				958				—			1972

Landmark		173			606			3,002				118,168				251				3,002				118,419				121,421				4,244				—			2012

922 Place		132			468			3,363				34,947				1,764				3,363				36,711				40,074				1,456				32,384			2009

Vintage West Campus		62			121			2,572				11,906				245				2,572				12,151				14,723				461				8,998			2009



								Initial Cost (1)												Total Costs
		Units			Beds			Land				Buildings and				Costs				Land				Buildings and				Total (2)				Accumulated Depreciation				Encumbrances (3)			Year Built
												Improvements				Capitalized								Improvements
												and Furniture,				Subsequent to								and Furniture,
												Fixtures and				Acquisition / Initial Development								Fixtures and
												Equipment												Equipment
Texan West Campus		62			190			$	3,365			$	14,360			$	158			$	3,365			$	14,518			$	17,883			$	523			$	16,100		2005

The Castilian		371			623			3,663				59,772				4,195				3,663				63,967				67,630				2,079				28,300			1967

Bishops Square		134			315			1,206				17,878				737				1,206				18,615				19,821				797				12,019			2002

Union		54			120			169				6,348				241				169				6,589				6,758				286				3,711			2007

The Retreat		187			780			5,265				46,236				570				5,265				46,806				52,071				1,778				—			2012

West 27th Place		161			475			13,900				76,720				348				13,900				77,068				90,968				2,386				40,147			2011

The Cottages of Durham		141			619			3,955				41,421				572				3,955				41,993				45,948				1,777				—			2012

The Province - Rochester		336			816			3,798				70,955				791				3,798				71,746				75,544				2,524				36,085			2010

The Province - Greensboro		219			696			2,226				48,567				370				2,226				48,937				51,163				1,723				29,000			2011

U Point Kennesaw		216			795			1,482				61,654				2,746				1,482				64,400				65,882				2,203				—			2012

The Province - Tampa		287			947			—				52,943				1,792				—				54,735				54,735				1,917				33,447			2009

The Lofts at Capital Garage		36			144			313				3,581				292				313				3,873				4,186				142				4,563			1920/2000

RAMZ Apts on Broad		88			172			785				12,303				304				785				12,607				13,392				423				9,686			2004

5 Twenty Four & 5 Twenty Five Angliana (10)		376			1,060			—				60,448				391				—				60,839				60,839				2,205				26,733			2009/2011

The Province - Louisville		366			858			4,392				63,068				538				4,392				63,606				67,998				2,302				38,612			2009

The Province - Dayton		200			657			1,211				32,983				486				1,211				33,469				34,680				1,261				—			2009

The Lodges of East Lansing (11)		364			1,049			6,472				89,231				628				6,472				89,859				96,331				2,487				31,174			2011/2013

The Cottages of Baton Rouge		382			1,290			6,524				113,912				879				6,524				114,791				121,315				4,017				64,530			2010/2011

U Club Cottages		105			308			1,744				22,134				442				1,744				22,576				24,320				885				16,160			2011

The Cottages of Columbia		145			513			2,695				27,574				423				2,695				27,997				30,692				1,049				20,200			2008

Forest Village and Woodlake		352			704			3,125				18,041				622				3,125				18,663				21,788				700				—			1982/1983

Grindstone Canyon		201			384			1,631				21,641				451				1,631				22,092				23,723				850				14,403			2003

25Twenty		249			562			2,226				33,429				165				2,226				33,594				35,820				1,345				27,000			2011

University Edge		201			608			4,500				26,385				401				4,500				26,786				31,286				890				—			2012

Manzanita (ACE)		241			816			—				48,212				7				—				48,219				48,219				798				—			2013

The Callaway House Austin and The Penthouse at Callaway		219			753			—				61,468				46				—				61,514				61,514				928				—			2013

Chestnut Square (ACE)		220			861			—				100,489				5				—				100,494				100,494				1,101				—			2013

U Club on Woodward		112			448			6,703				21,712				11				6,703				21,723				28,426				352				—			2013

U Club Townhomes at Overton Park		112			448			7,759				21,397				13				7,759				21,410				29,169				376				—			2013

601 Copeland		81			283			1,457				26,721				5				1,457				26,726				28,183				354				—			2013

University View (ACE)		96			336			—				14,692				6				—				14,698				14,698				260				—			2013

The Townhomes at Newtown		152			608			7,745				32,307				13				7,745				32,320				40,065				297				—			2013
Crossing
7th Street Station		82			309			9,792				16,472				67				9,792				16,539				26,331				281				—			2012

The Plaza Apartments		289			359			9,647				655				11				9,647				666				10,313				247				—			1990

Park Point		300			924			7,827				73,495				132				7,827				73,627				81,454				574				70,000			2008

U Centre at Fry Street		194			614			2,902				47,700				53				2,902				47,753				50,655				241				—			2012



								Initial Cost (1)												Total Costs
		Units			Beds			Land				Buildings and				Costs				Land				Buildings and				Total (2)				Accumulated Depreciation				Encumbrances (3)			Year Built
												Improvements				Capitalized								Improvements
												and Furniture,				Subsequent to								and Furniture,
												Fixtures and				Acquisition / Initial Development								Fixtures and
												Equipment												Equipment
Cardinal Towne		255			545			$	6,547			$	53,809			$	5			$	6,547			$	53,814			$	60,361			$	238			$	37,250		2010/2011

Properties Under Development *(12)*
The Plaza on University		364			1,313			25,668				45,316				—				25,668				45,316				70,984				—				—			2014

Stanworth Commons Phase I - ACE		127			214			—				19,005				—				—				19,005				19,005				—				—			2014

U Club on Frey Phase II		102			408			5,400				8,704				—				5,400				8,704				14,104				—				—			2014

The Suites Phase II - ACE		164			328			—				3,538				—				—				3,538				3,538				—				—			2014

U Centre at Northgate - ACE		196			784			—				13,073				—				—				13,073				13,073				—				—			2014

University Walk		177			526			3,577				7,041				—				3,577				7,041				10,618				—				1			2014

Lancaster Project - ACE		351			1,316			—				17,021				—				—				17,021				17,021				—				—			2015

Eugene, OR Development		192			734			8,299				2,268				—				8,299				2,268				10,567				31				—			2015

Undeveloped land parcels		—			—			40,609				—				—				40,609				—				40,609				—				—			N/A

Subtotal		31,347			97,314			$	577,389			$	4,960,456			$	205,126			$	577,389		(13)	$	5,165,582		(13)	$	5,742,971		(13)	$	529,555		(13)	$	1,345,009


On-Campus Participating Properties

University Village – PVAMU		612			1,920			$	—			$	36,506			$	5,782			$	—			$	42,288			$	42,288			$	25,975			$	21,328		1996/97/98

University College - PVAMU		756			1,470			—				22,650				3,625				—				26,275				26,275				13,782				17,850			2000/2003

University Village - TAMIU		84			250			—				5,844				923				—				6,767				6,767				4,167				3,262			1997

Cullen Oaks Phase I and II		411			879			—				33,910				2,216				—				36,126				36,126				13,325				31,380			2001/2005

West Virginia University Project (12)		224			567			—				19,249				—				—				19,249				19,249				—				15,833			2014

Subtotal		2,087			5,086			$	—			$	118,159			$	12,546			$	—			$	130,705			$	130,705			$	57,249			$	89,653



Total		33,434			102,400			$	577,389			$	5,078,615			$	217,672			$	577,389			$	5,296,287			$	5,873,676			$	586,804			$	1,434,662



(1)	Initial cost for certain properties owned as of the date of the Companies initial public offering in August 2004 include a basis step-up recorded to bring the value of those properties to fair market value at that time.

(2)	Total aggregate costs for Federal income tax purposes is approximately $5,891.0 million.

(3)	Total encumbrances exclude net unamortized debt premiums of approximately $74.6 million and net unamortized debt discounts of approximately $2.0 million as of December 31, 2013.

(4)	For property portfolio count purposes (as described in Note 1) University Club Townhomes includes two properties: University Club Tallahassee and The Grove at University Club. For lease administration purposes these two properties are reported combined.

(5)	For property portfolio count purposes (as described in Note 1) College Club Townhomes includes two properties: College Club Tallahassee and The Greens at College Club. For lease administration purposes these two properties are reported combined.

(6)	For property portfolio count purposes (as described in Note 1) University Village - Tallahassee includes three properties: Royal Oaks, Royal Pavilion and Royal Village Tallahassee. For lease administration purposes these three properties are reported combined.

(7)	For property portfolio count purposes (as described in Note 1) The Summit and Jacob Heights includes three properties: Jacob Heights I, Jacob Heights III and The Summit. For lease administration purposes these three properties are reported combined.

(8)	Hawks Landing is classified as Held for Sale as of December 31, 2013 and was sold in February 2014 (see Note 20).

(9)	For property portfolio count purposes (as described in Note 1) Willowtree Apartments and Towers includes two properties: Willowtree Apartments and Willowtree Towers. For lease administration purposes these two properties are reported combined.

(10)	For property portfolio count purposes (as described in Note 1) 5Twenty Four & 5Twenty Five Angliana includes two properties: 5Twenty Four Angliana and 5Twenty Five Angliana. For lease administration purposes these two properties are reported combined.

(11)	Includes an additional 366-bed phase purchased in July 2013.

(12)	Initial costs represent construction costs associated with the development of these properties. Year built represents the scheduled completion date.

(13)	Total costs and accumulated depreciation reported in Note 21 include Hawks Landing which was classified as Held for Sale as of December 31, 2013. Real estate and accumulated depreciation balances reported in Note 7 exclude Hawks Landing. Therefore, exclude Hawks Landing balances reported in this schedule to reconcile reported balances between Note 21 and Note 7.

The changes in the Company’s investments in real estate and related accumulated depreciation for each of the years ended December 31, 2013, 2012 and 2011 are as follows:



		For the Year Ended December 31,
		2013								2012								2011
		Wholly-				On-Campus (3)				Wholly-				On-Campus (3)				Wholly-				On-Campus (3)
		Owned (1) (2)								Owned (1)								Owned (1)
Investments in Real Estate:
Balance, beginning of year		$	5,267,845			$	109,838			$	3,089,267			$	107,698			$	2,674,204			$	105,865

Acquisition of land for development		25,649				—				29,353				—				8,257				—

Acquisition of properties		288,191				—				1,847,366				—				269,258				—

Improvements and development expenditures		340,033				20,867				359,296				2,140				223,796				1,833

Write off of fully depreciated assets		(1,862		)		—				—				—				—				—

Provision for asset impairment		—				—				—				—				(559		)		—

Disposition of real estate		(176,885		)		—				(57,437		)		—				(85,689		)		—



Balance, end of year		$	5,742,971		(4)	$	130,705			$	5,267,845			$	109,838			$	3,089,267			$	107,698



Accumulated Depreciation:

Balance, beginning of year		$	(396,469	)		$	(52,492	)		$	(300,210	)		$	(47,848	)		$	(240,360	)		$	(43,379	)
Depreciation for the year		(162,230		)		(4,757		)		(103,306		)		(4,644		)		(79,096		)		(4,469		)
Write off of fully depreciated assets		1,862				—				—				—				—				—

Disposition of properties		27,282				—				7,047				—				19,246				—



Balance, end of year		$	(529,555	)	(4)	$	(57,249	)		$	(396,469	)		$	(52,492	)		$	(300,210	)		$	(47,848	)


(1)	Includes owned off-campus properties and owned on-campus properties.

(2)	The investments in real estate and accumulated depreciation balances include Hawks Landing which was classified as wholly-owned property Held for Sale in the accompanying consolidated balance sheets as of December 31, 2013.

(3)	Includes on-campus participating properties.

(4)	Investments in real estate and accumulated depreciation balances reported in Note 21 include Hawks Landing which was classified as Held for Sale as of December 31, 2013. Real estate and accumulated depreciation balances reported in Note 7 exclude Hawks Landing. Therefore, exclude Hawks Landing balances reported in the Schedule of Real Estate and Accumulated Depreciation to reconcile reported balances between Note 21 and Note 7.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2013

Real Estate Properties [Line Items]

Basis of Presentation

Recent Accounting Pronouncements

There were no new accounting pronouncements issued or effective during the fiscal year which have had or are expected to have a material impact on the Consolidated Financial Statements.

Use of Estimates

Investments in Real Estate and On-Campus Properties

Investments in Real Estate

Buildings and improvements

7-40 years

Leasehold interest - on-campus

25-34 years (shorter of useful life or respective lease term)

participating properties

Furniture, fixtures and equipment

3-7 years

Long-Lived Assets-Held for Sale