American Campus Communities (ACC) 10-K 29 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 19, 2016	Jun. 30, 2015
Document Information [Line Items]
Entity Registrant Name	AMERICAN CAMPUS COMMUNITIES INC
Entity Central Index Key	1,283,630
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		130,301,032
Entity Public Float			$ 3,633,281,174
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
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	1,357,369
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 ($) $ in Thousands		Dec. 31, 2015	Dec. 31, 2014
Investments in real estate:
Investments in real estate, net		$ 5,667,754	$ 5,533,849
Cash and cash equivalents		16,659	25,062
Restricted cash		33,675	31,937
Student contracts receivable, net		18,475	10,145
Other assets		289,384	233,755
Total assets		6,025,947	5,834,748
Liabilities:
Secured mortgage, construction and bond debt		1,101,325	1,331,914
Unsecured notes		1,197,755	798,305
Unsecured term loans		600,000	600,000
Unsecured revolving credit facility		68,900	242,500
Accounts payable and accrued expenses		71,988	70,629
Other liabilities		144,811	121,645
Total liabilities		$ 3,184,779	$ 3,164,993
Commitments and contingencies
Redeemable noncontrolling interests		$ 59,511	$ 54,472
American Campus Communities, Inc. and Subsidiaries stockholders' equity:
American Campus Communities, Inc. and Subsidiaries stockholders’ equity: Common stock, $.01 par value, 800,000,000 shares authorized, 112,350,877 and 107,175,236 shares issued and outstanding at December 31, 2015 and 2014, respectively		1,124	1,072
Additional paid in capital		3,325,806	3,102,540
Treasury stock, at cost, 10,155 shares		(403)	0
Accumulated earnings and dividends		(550,501)	(487,986)
Accumulated other comprehensive loss		(5,830)	(6,072)
Total American Campus Communities, Inc. and Subsidiaries stockholders’ equity		2,770,196	2,609,554
Total equity		2,781,657	2,615,283
Partners' capital:
Accumulated other comprehensive loss		(5,830)	(6,072)
Total liabilities and equity/capital		6,025,947	5,834,748
Wholly owned properties
Investments in real estate:
Investments in real estate, net	[1]	5,522,271	5,308,707
Liabilities:
Secured mortgage, construction and bond debt		985,366	1,153,997
Wholly-owned properties held for sale
Investments in real estate:
Investments in real estate, net		55,354	131,014
On-campus participating properties
Investments in real estate:
Investments in real estate, net		90,129	94,128
Partially-owned properties
American Campus Communities, Inc. and Subsidiaries stockholders' equity:
Noncontrolling interests – partially owned properties		11,461	5,729
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Investments in real estate:
Investments in real estate, net		5,667,754	5,533,849
Cash and cash equivalents		16,659	25,062
Restricted cash		33,675	31,937
Student contracts receivable, net		18,475	10,145
Other assets		289,384	233,755
Total assets		6,025,947	5,834,748
Liabilities:
Secured mortgage, construction and bond debt		1,101,325	1,331,914
Unsecured notes		1,197,755	798,305
Unsecured term loans		600,000	600,000
Unsecured revolving credit facility		68,900	242,500
Accounts payable and accrued expenses		71,988	70,629
Other liabilities		144,811	121,645
Total liabilities		$ 3,184,779	$ 3,164,993
Commitments and contingencies
Redeemable noncontrolling interests		$ 59,511	$ 54,472
American Campus Communities, Inc. and Subsidiaries stockholders' equity:
Accumulated other comprehensive loss		(5,830)	(6,072)
Partners' capital:
General partner - 12,222 OP units outstanding at both December 31, 2015 and 2014		93	100
Limited partner - 112,348,810 and 107,163,014 OP units outstanding at December 31, 2015 and 2014, respectively		2,775,933	2,615,526
Accumulated other comprehensive loss		(5,830)	(6,072)
Total partners’ capital		2,770,196	2,609,554
Total capital		2,781,657	2,615,283
Total liabilities and equity/capital		6,025,947	5,834,748
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly owned properties
Investments in real estate:
Investments in real estate, net		5,522,271	5,308,707
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties held for sale
Investments in real estate:
Investments in real estate, net		55,354	131,014
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties
Investments in real estate:
Investments in real estate, net		90,129	94,128
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially-owned properties
Partners' capital:
Noncontrolling interests – partially owned properties		$ 11,461	$ 5,729
[1]	The balance above excludes the net book value of two wholly-owned properties classified as held for sale in the accompanying consolidated balance sheet as of December 31, 2015 and seven wholly-owned properties classified as held for sale in the accompanying consolidated balance sheet as of December 31, 2014 (see Note 6). The properties classified as held for sale at December 31, 2014 were sold in January 2015.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
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)	112,350,877	107,175,236
Common stock, shares outstanding (shares)	112,350,877	107,175,236
Treasury stock, shares	10,155
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
General partner, OP units outstanding (shares)	12,222	12,222
Limited partner, OP units outstanding (shares)	112,348,810	107,163,014

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Third-party development services	$ 4,964	$ 4,018	$ 2,483
Third-party management services	8,813	7,669	7,514
Resident services	3,109	3,112	2,614
Total revenues	753,381	733,915	657,462
Operating expenses:
Third-party development and management services	14,346	12,008	10,935
General and administrative	20,838	18,681	16,541
Depreciation and amortization	208,788	197,495	184,988
Ground/facility leases	8,232	7,397	5,402
Provision for real estate impairment	0	2,443	0
Total operating expenses	596,477	578,929	525,709
Operating income	156,904	154,986	131,753
Nonoperating income and (expenses):
Interest income	4,421	4,168	3,005
Interest expense	(87,789)	(90,362)	(78,028)
Amortization of deferred financing costs	(5,550)	(5,918)	(5,608)
Gain (loss) from disposition of real estate	52,699	(368)	0
Loss from early extinguishment of debt	(1,770)	0	0
Other nonoperating income (expense)	388	186	(2,666)
Total nonoperating expenses	(37,601)	(92,294)	(83,297)
Income before income taxes and discontinued operations	119,303	62,692	48,456
Income tax provision	(1,242)	(1,308)	(1,020)
Income from continuing operations	118,061	61,384	47,436
Discontinued operations:
(Loss) income attributable to discontinued operations	0	(123)	4,824
Loss from early extinguishment of debt	0	0	(332)
Gain from disposition of real estate	0	2,843	55,263
Total discontinued operations	0	2,720	59,755
Net income	118,061	64,104	107,191
Net income attributable to noncontrolling interests – partially owned properties	(2,070)	(1,265)	(2,547)
Net income attributable to ACC, Inc. and Subsidiaries common stockholders	115,991	62,839	104,644
Net income available to common shareholders/unitholders	114,905	61,763	103,717
Other comprehensive income (loss)
Change in fair value of interest rate swaps and other	464	(4,859)	5,226
Comprehensive income	$ 116,455	$ 57,980	$ 109,870
Income per share attributable to ACC, Inc. and Subsidiaries common stockholders – basic
Income from continuing operations per share (in dollars per share)	$ 1.03	$ 0.56	$ 0.43
Net income per share (in dollars per share)	1.03	0.59	0.99
Income per share attributable to ACC, Inc. and Subsidiaries common stockholders – diluted
Income from continuing operations per share (in dollars per share)	1.02	0.56	0.42
Net income per share (in dollars per share)	$ 1.02	$ 0.58	$ 0.98
Weighted-average common shares/units outstanding:
Basic (in shares)	111,987,361	105,032,155	104,760,502
Diluted (in shares)	114,032,222	105,711,420	105,382,320
Weighted-average common units outstanding:
Distributions declared per common Unit (in dollars per share)	$ 1.58	$ 1.50	$ 1.42
Redeemable noncontrolling interests
Discontinued operations:
Net income attributable to noncontrolling interests – partially owned properties	$ (1,458)	$ (913)	$ (1,359)
Wholly-owned properties, net
Revenues:
Operating lease revenue	704,909	690,582	618,503
Operating expenses:
Operating expenses excluding general, administrative, depreciation and lease expense	331,836	329,615	296,794
On-campus participating properties, net
Revenues:
Operating lease revenue	31,586	28,534	26,348
Operating expenses:
Operating expenses excluding general, administrative, depreciation and lease expense	12,437	11,290	11,049
Partially-owned properties
Discontinued operations:
Net income attributable to noncontrolling interests – partially owned properties	(612)	(352)	(1,188)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Revenues:
Third-party development services	4,964	4,018	2,483
Third-party management services	8,813	7,669	7,514
Resident services	3,109	3,112	2,614
Total revenues	753,381	733,915	657,462
Operating expenses:
Third-party development and management services	14,346	12,008	10,935
General and administrative	20,838	18,681	16,541
Depreciation and amortization	208,788	197,495	184,988
Ground/facility leases	8,232	7,397	5,402
Provision for real estate impairment	0	2,443	0
Total operating expenses	596,477	578,929	525,709
Operating income	156,904	154,986	131,753
Nonoperating income and (expenses):
Interest income	4,421	4,168	3,005
Interest expense	(87,789)	(90,362)	(78,028)
Amortization of deferred financing costs	(5,550)	(5,918)	(5,608)
Gain (loss) from disposition of real estate	52,699	(368)	0
Loss from early extinguishment of debt	(1,770)	0	0
Other nonoperating income (expense)	388	186	(2,666)
Total nonoperating expenses	(37,601)	(92,294)	(83,297)
Income before income taxes and discontinued operations	119,303	62,692	48,456
Income tax provision	(1,242)	(1,308)	(1,020)
Income from continuing operations	118,061	61,384	47,436
Discontinued operations:
(Loss) income attributable to discontinued operations	0	(123)	4,824
Loss from early extinguishment of debt	0	0	(332)
Gain from disposition of real estate	0	2,843	55,263
Total discontinued operations	0	2,720	59,755
Net income	118,061	64,104	107,191
Net income attributable to noncontrolling interests – partially owned properties	612	352
Net income attributable to ACC, Inc. and Subsidiaries common stockholders	117,449	63,752	106,003
Series A preferred units distributions	(176)	(178)	(182)
Net income available to common shareholders/unitholders	117,273	63,574	105,821
Other comprehensive income (loss)
Change in fair value of interest rate swaps and other	464	(4,859)	5,226
Comprehensive income	$ 117,737	$ 58,715	$ 111,047
Income per share attributable to ACC, Inc. and Subsidiaries common stockholders – basic
Income from continuing operations per share (in dollars per share)	$ 1.03	$ 0.56	$ 0.43
Net income per share (in dollars per share)	1.03	0.59	0.99
Income per share attributable to ACC, Inc. and Subsidiaries common stockholders – diluted
Income from continuing operations per share (in dollars per share)	1.02	0.56	0.42
Net income per share (in dollars per share)	1.02	0.58	0.98
Income per unit attributable to common unitholders – basic
Income from continuing operations per unit (in dollars per unit)	1.03	0.56	0.43
Net income per unit (in dollars per unit)	1.03	0.59	0.99
Income per unit attributable to common unitholders – diluted
Income from continuing operations per unit (in dollars per unit)	1.02	0.56	0.42
Net income per unit (in dollars per unit)	$ 1.02	$ 0.58	$ 0.98
Weighted-average common units outstanding:
Basic (in units)	113,351,242	106,245,664	105,919,394
Diluted (in units)	114,032,222	106,924,929	106,541,212
Distributions declared per Common Unit (in dollars per unit)	$ 1.58	$ 1.50	$ 1.42
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties, net
Revenues:
Operating lease revenue	$ 704,909	$ 690,582	$ 618,503
Operating expenses:
Operating expenses excluding general, administrative, depreciation and lease expense	331,836	329,615	296,794
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties, net
Revenues:
Operating lease revenue	31,586	28,534	26,348
Operating expenses:
Operating expenses excluding general, administrative, depreciation and lease expense	12,437	11,290	11,049
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially-owned properties
Discontinued operations:
Net income attributable to noncontrolling interests – partially owned properties	$ (612)	$ (352)	$ (1,188)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY/ CAPITAL - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-in Capital	Treasury Shares	Accumulated Earnings and Dividends	Accumulated Other Comprehensive Loss	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.Accumulated Other Comprehensive Loss	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.General Partner	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.Limited Partner	Partially Owned PropertiesNoncontrolling Interests	Partially Owned PropertiesAMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.Noncontrolling Interests
Beginning Balance (in shares) at Dec. 31, 2012		104,665,212		0
Beginning Balance at Dec. 31, 2012	$ 2,677,054	$ 1,043	$ 3,001,520	$ 0	$ (347,521)	$ (6,661)					$ 28,673
Beginning Balance (in units) at Dec. 31, 2012									12,222	104,652,990
Beginning Balance at Dec. 31, 2012							$ 2,677,054	$ (6,661)	$ 116	$ 2,654,926		$ 28,673
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustments to reflect redeemable noncontrolling interests at fair value	12,534		12,534				12,534			12,534
Adjustments to reflect redeemable noncontrolling interest at fair value (in shares)		0
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)
Increase in ownership of consolidated subsidiary	(24,908)						(24,908)				(24,908)	(24,908)
Contributions by noncontrolling interest partners	1,500						1,500				1,500	1,500
Conversion of common units to common stock (in shares)		1,500								1,500
Conversion of common units to common stock (in units)		1,500								1,500
Conversion of common units to common stock	23		23				23			$ 23
Change in fair value of interest rate swaps	5,226					5,226	5,226	5,226
Net income	105,832				104,644		105,832		$ 12	$ 104,632	1,188	1,188
Ending Balance (in shares) at Dec. 31, 2013		104,782,817		0
Ending Balance at Dec. 31, 2013	2,630,565	$ 1,043	3,017,631	$ 0	(392,338)	(1,435)					5,664
Ending Balance (in units) at Dec. 31, 2013									12,222	104,770,595
Ending Balance at Dec. 31, 2013							2,630,565	(1,435)	$ 111	$ 2,626,225		5,664
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustments to reflect redeemable noncontrolling interests at fair value	(8,200)		(8,200)				(8,200)			(8,200)
Amortization of restricted stock awards	6,816		6,816				6,816			$ 6,816
Vesting of restricted stock awards and restricted stock units (in shares)		133,910								133,910
Vesting of restricted stock awards and restricted stock units	(1,998)	$ 6	(2,004)				(1,998)			$ (1,998)
Distributions to common and restricted stockholders	(158,487)				(158,487)
Distributions							(158,487)		(18)	$ (158,469)
Distributions to noncontrolling interests - partially owned properties	(287)						(287)				(287)	(287)
Conversion of common units to common stock (in shares)		52,269								52,269
Conversion of common units to common stock (in units)		52,269								52,269
Conversion of common units to common stock	602	$ 1	601				602			$ 602
Issuance of units in exchange for contributions of equity offering proceeds (in units)										2,206,240
Issuance of units in exchange for contributions of equity offering proceeds							87,718			$ 87,718
Shares of common stock sold (in shares)		2,206,240
Net proceeds from sale of common stock	87,718	$ 22	87,696
Change in fair value of interest rate swaps	(4,859)					(4,859)	(4,859)	(4,859)
Amortization of interest rate swap terminations	222					222	222	222
Net income	63,191				62,839		63,191		$ 7	$ 62,832	352	352
Ending Balance (in shares) at Dec. 31, 2014		107,175,236		0
Ending Balance at Dec. 31, 2014	2,615,283	$ 1,072	3,102,540	$ 0	(487,986)	(6,072)					5,729
Ending Balance (in units) at Dec. 31, 2014									12,222	107,163,014
Ending Balance at Dec. 31, 2014							2,615,283	(6,072)	$ 100	$ 2,615,526		5,729
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustments to reflect redeemable noncontrolling interests at fair value	(4,462)		(4,462)				4,462			4,462
Amortization of restricted stock awards	7,505		7,505				7,505			$ 7,505
Vesting of restricted stock awards and restricted stock units (in shares)		122,502		10,155						132,657
Vesting of restricted stock awards and restricted stock units	(2,145)	$ 1	(1,743)	$ (403)			(2,145)			$ (2,145)
Distributions to common and restricted stockholders	(178,506)				(178,506)
Distributions							(178,506)		(19)	(178,487)
Distributions to noncontrolling interests - partially owned properties	(635)						(635)				(635)	(635)
Increase in ownership of consolidated subsidiary	(1,065)		435				(1,065)			$ 435	(1,500)	(1,500)
Contributions by noncontrolling interest partners	7,255						7,255				7,255	7,255
Conversion of common units to common stock (in shares)		119,474								119,474
Conversion of common units to common stock (in units)		119,474								119,474
Conversion of common units to common stock	3,036	$ 2	3,034				3,036			$ 3,036
Redemption of common units for cash	(3,061)		(3,061)				(3,061)			$ (3,061)
Issuance of units in exchange for contributions of equity offering proceeds (in units)										4,933,665
Issuance of units in exchange for contributions of equity offering proceeds							212,683			$ 212,683
Shares of common stock sold (in shares)		4,933,665
Net proceeds from sale of common stock	212,683	$ 49	212,634
Change in fair value of interest rate swaps	(170)					(170)	(170)	(170)
Amortization of interest rate swap terminations	412					412	412	412
Net income	116,603				115,991		116,603		$ 12	$ 115,979	612	612
Ending Balance (in shares) at Dec. 31, 2015		112,350,877		10,155
Ending Balance at Dec. 31, 2015	$ 2,781,657	$ 1,124	$ 3,325,806	$ (403)	$ (550,501)	$ (5,830)					$ 11,461
Ending Balance (in units) at Dec. 31, 2015									12,222	112,348,810
Ending Balance at Dec. 31, 2015							$ 2,781,657	$ (5,830)	$ 93	$ 2,775,933		$ 11,461

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating activities
Net income	$ 118,061	$ 64,104	$ 107,191
Adjustments to reconcile net income to net cash provided by operating activities:
Gain from disposition of real estate	(52,699)	(2,475)	(55,263)
Gain from insurance settlement	(388)	(186)	0
Loss from early extinguishment of debt	1,770	0	332
Provision for real estate impairment	0	2,443	0
Depreciation and amortization	208,788	197,542	187,475
Amortization of deferred financing costs and debt premiums/discounts	(6,280)	(6,769)	(8,288)
Share-based compensation	8,161	7,164	6,625
Income tax provision	1,242	1,308	1,020
Amortization of interest rate swap terminations	412	222	0
Changes in operating assets and liabilities:
Restricted cash	1,656	1,507	3,263
Student contracts receivable, net	(9,397)	(959)	4,621
Other assets	(23,475)	(12,632)	(15,072)
Accounts payable and accrued expenses	(4,001)	1,453	5,036
Other liabilities	17,136	7,176	9,738
Net cash provided by operating activities	260,986	259,898	246,678
Investing activities
Proceeds from disposition of properties	427,055	8,599	180,465
Proceeds from disposition of land	249	1,502	2,000
Cash paid for property acquisitions	(291,352)	(74,641)	(234,326)
Cash paid for land acquisitions	(49,927)	(3,627)	(25,649)
Investment in on-campus participating property under development	0	(27,668)	(15,476)
Investment in loans receivable	(5,176)	0	(60,888)
Proceeds from loans receivable	7,483	2,984	0
Change in restricted cash related to capital reserves	2,955	1,623	(1,461)
(Decrease) increase in escrow deposits for real estate investments	(7,033)	894	(970)
Proceeds from insurance settlement	388	758	636
Increase in ownership of consolidated subsidiary	(1,065)	0	0
Purchase of corporate furniture, fixtures and equipment	(3,621)	(3,457)	(2,594)
Net cash used in investing activities	(239,455)	(429,235)	(509,999)
Financing activities
Proceeds from unsecured notes	399,244	399,444	398,636
Proceeds from sale of common stock	216,666	89,317	0
Offering costs	(3,250)	(1,340)	0
Pay-off of mortgage and construction loans	(263,361)	(178,002)	(82,066)
Proceeds from unsecured term loans	0	0	250,000
Proceeds from revolving credit facilities	720,200	615,900	609,055
Paydowns of revolving credit facilities	(893,800)	(611,850)	(732,605)
Proceeds from construction loans	258	28,109	15,833
Scheduled principal payments on debt	(14,450)	(16,015)	(15,323)
Loss from early extinguishment of debt	(1,770)	0	(332)
Debt issuance and assumption costs	(4,330)	(5,021)	(10,507)
Termination of forward starting interest rate swaps	0	(4,122)	0
Distributions to common and restricted stockholders	(178,506)	(158,487)	(149,461)
Distributions to noncontrolling partners	(2,964)	(2,285)	(2,612)
Redemption of common units for cash	(3,871)	0	0
Net cash (used in) provided by financing activities	(29,934)	155,648	280,618
Net change in cash and cash equivalents	(8,403)	(13,689)	17,297
Cash and cash equivalents at beginning of period	25,062	38,751	21,454
Cash and cash equivalents at end of period	16,659	25,062	38,751
Supplemental disclosure of non-cash investing and financing activities
Loans assumed in connection with property acquisitions	(69,423)	0	(107,250)
Issuance of common units in connection with property acquisitions	(14,182)	0	(3,451)
Change in fair value of derivative instruments, net	(170)	(740)	5,226
Supplemental disclosure of cash flow information
Interest paid	89,336	113,251	100,305
Income taxes paid	1,078	1,066	668
Wholly owned properties
Investing activities
Capital expenditures for wholly-owned/on-campus participating properties under development	(96,832)	(77,072)	(68,628)
Investments in wholly-owned properties under development	(219,636)	(257,177)	(281,490)
On-campus participating properties
Investing activities
Capital expenditures for wholly-owned/on-campus participating properties under development	(2,943)	(1,953)	(1,618)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Operating activities
Net income	118,061	64,104	107,191
Adjustments to reconcile net income to net cash provided by operating activities:
Gain from disposition of real estate	(52,699)	(2,475)	(55,263)
Gain from insurance settlement	(388)	(186)	0
Loss from early extinguishment of debt	1,770	0	332
Provision for real estate impairment	0	2,443	0
Depreciation and amortization	208,788	197,542	187,475
Amortization of deferred financing costs and debt premiums/discounts	(6,280)	(6,769)	(8,288)
Share-based compensation	8,161	7,164	6,625
Income tax provision	1,242	1,308	1,020
Amortization of interest rate swap terminations	412	222	0
Changes in operating assets and liabilities:
Restricted cash	1,656	1,507	3,263
Student contracts receivable, net	(9,397)	(959)	4,621
Other assets	(23,475)	(12,632)	(15,072)
Accounts payable and accrued expenses	(4,001)	1,453	5,036
Other liabilities	17,136	7,176	9,738
Net cash provided by operating activities	260,986	259,898	246,678
Investing activities
Proceeds from disposition of properties	427,055	8,599	180,465
Proceeds from disposition of land	249	1,502	2,000
Cash paid for property acquisitions	(291,352)	(74,641)	(234,326)
Cash paid for land acquisitions	(49,927)	(3,627)	(25,649)
Investment in loans receivable	(5,176)	0	(60,888)
Proceeds from loans receivable	7,483	2,984	0
Change in restricted cash related to capital reserves	2,955	1,623	(1,461)
(Decrease) increase in escrow deposits for real estate investments	(7,033)	894	(970)
Proceeds from insurance settlement	388	758	636
Increase in ownership of consolidated subsidiary	(1,065)	0	0
Purchase of corporate furniture, fixtures and equipment	(3,621)	(3,457)	(2,594)
Net cash used in investing activities	(239,455)	(429,235)	(509,999)
Financing activities
Proceeds from unsecured notes	399,244	399,444	398,636
Proceeds from issuance of common units in exchange for contributions, net	213,416	87,977	0
Pay-off of mortgage and construction loans	(263,361)	(178,002)	(82,066)
Proceeds from unsecured term loans	0	0	250,000
Proceeds from revolving credit facilities	720,200	615,900	609,055
Paydowns of revolving credit facilities	(893,800)	(611,850)	(732,605)
Proceeds from construction loans	258	28,109	15,833
Scheduled principal payments on debt	(14,450)	(16,015)	(15,323)
Loss from early extinguishment of debt	(1,770)	0	(332)
Debt issuance and assumption costs	(4,330)	(5,021)	(10,507)
Termination of forward starting interest rate swaps	0	(4,122)	0
Redemption of common units for cash	(3,871)	0	0
Net cash (used in) provided by financing activities	(29,934)	155,648	280,618
Net change in cash and cash equivalents	(8,403)	(13,689)	17,297
Cash and cash equivalents at beginning of period	25,062	38,751	21,454
Cash and cash equivalents at end of period	16,659	25,062	38,751
Supplemental disclosure of non-cash investing and financing activities
Loans assumed in connection with property acquisitions	(69,423)	0	(107,250)
Issuance of common units in connection with property acquisitions	(14,182)	0	(3,451)
Change in fair value of derivative instruments, net	(170)	740	5,226
Supplemental disclosure of cash flow information
Interest paid	89,336	113,251	100,305
Income taxes paid	1,078	1,066	668
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Unvested Restricted Awards
Financing activities
Distributions paid	(1,086)	(1,076)	(927)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Common and preferred units
Financing activities
Distributions paid	(179,749)	(159,409)	(150,357)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially-owned properties
Financing activities
Distributions paid	(635)	(287)	(789)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly owned properties
Investing activities
Capital expenditures for wholly-owned/on-campus participating properties under development	(96,832)	(77,072)	(68,628)
Investments in wholly-owned properties under development	(219,636)	(257,177)	(281,490)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties
Investing activities
Capital expenditures for wholly-owned/on-campus participating properties under development	(2,943)	(1,953)	(1,618)
Investment in on-campus participating property under development	$ 0	$ (27,668)	$ (15,476)

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 2015
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, 2015 , 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, 2015 , ACC owned an approximate 98.8% 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, 2015 , our property portfolio contained 162 properties with approximately 99,400 beds in approximately 32,500 apartment units. Our property portfolio consisted of 134 owned off-campus student housing properties that are in close proximity to colleges and universities, 23 American Campus Equity (“ACE®”) properties operated under ground/facility leases with eleven university systems and five on-campus participating properties operated under ground/facility leases with the related university systems. Of the 162 properties, nine were under development as of December 31, 2015 , and when completed will consist of a total of approximately 5,500 beds in approximately 1,500 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, 2015 , also through one of ACC’s TRSs, we provided third-party management and leasing services for 39 properties that represented approximately 29,500 beds in approximately 10,900 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, 2015 , our total owned and third-party managed portfolio included 201 properties with approximately 128,900 beds in approximately 43,400 units.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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 In February 2016, the FASB issued Accounting Standards Update 2016-02 (“ASU 2016-02”), "Leases: Amendments to the FASB Accounting Standards Codification." ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The new standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The guidance is effective for public business entities for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing whether ASU 2016-02 will have a material effect on its consolidated financial statements. In September 2015, the FASB issued Accounting Standards Update 2015-16 ("ASU 2015-16"), "Simplifying the Accounting for Measurement-Period Adjustments." ASU 2015-16 eliminates the requirement that an acquirer in a business combination account for a measurement-period adjustment retrospectively. Instead, an acquirer will recognize a measurement-period adjustment during the period in which the amount of the adjustment is determined. The guidance is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. The Company plans to adopt ASU 2015-16 as of January 1, 2016 and does not expect it to have a material impact on its consolidated financial statements. In April 2015, the FASB issued Accounting Standards Update 2015-03 ("ASU 2015-03"), "Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires all costs incurred to issue debt be presented in the balance sheet as a direct deduction from the carrying value of the debt rather than being recorded as a deferred charge and presented as an asset. ASU 2015-03 is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted, and retrospective application required. In August 2015, the FASB issued Accounting Standards Update 2015-15 ("ASU 2015-15"), "Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements." ASU 2015-15 clarifies the presentation of debt issuance costs related to credit facility arrangements. For public business entities, the final guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company plans to adopt ASU 2015-03 and ASU 2015-15 as of January 1, 2016 and does not expect it to have a material impact on its consolidated financial statements. In February 2015, the FASB issued Accounting Standards Update 2015-02 ("ASU 2015-02"), "Amendments to the Consolidation Analysis.” ASU 2015-02 changes the analysis a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 modifies whether limited partnerships and similar entities are variable interest entities ("VIEs") or voting interest entities and eliminates the presumption a general partner should consolidate a limited partnership. ASU 2015-02 is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted. The Company plans to adopt ASU 2015-02 as of January 1, 2016 and does not expect it to have a material impact on its consolidated financial statements. In May 2014, the FASB issued Accounting Standards Update 2014-09 (“ASU 2014-09”), "Revenue From Contracts With Customers". ASU 2014-09 provides a single comprehensive revenue recognition model for contracts with customers (excluding certain contracts, such as lease contracts) to improve comparability within industries. ASU 2014-09 requires an entity to recognize revenue to reflect the transfer of goods or services to customers at an amount the entity expects to be paid in exchange for those goods and services and provide enhanced disclosures, all to provide more comprehensive guidance for transactions such as service revenue and contract modifications. In July 2015, the FASB issued ASU 2015-14 ("ASU 2015-14"), "Deferral of the Effective Date". This standard deferred by one year the effective date of ASU 2014-09. The new revenue recognition standard is effective for public entities for interim and annual periods beginning after December 15, 2017 and may be applied using either a full retrospective or modified approach upon adoption. The Company plans to adopt ASU 2014-09 as of January 1, 2018 and is currently evaluating the potential impact of the new standard on its 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 participating properties 25-34 years (shorter of useful life or respective lease term) 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 $9.6 million , $8.8 million and $10.0 million was capitalized during the years ended December 31, 2015 , 2014 and 2013 , 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, or when a property meets the criteria to be classified as held for sale, at which time an impairment charge is recognized for any excess of the carrying value of the property over the expected net proceeds from the disposal. 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, 2015 . 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/comparables 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. We record the acquisition of undeveloped land parcels that do not meet the accounting criteria to be accounted for as business combinations at the purchase price paid and capitalize the associated acquisition costs. 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: a. Management, having the authority to approve the action, commits to a plan to sell the asset. b. 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. c. An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated. d. 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. e. The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. f. 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. Discontinued Operations A discontinued operation represents (i) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity's operations and financial results; or (ii) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (i) a separate major line of business; (ii) a separate major geographic area of operations; (iii) a major equity method investment; or (iv) other major parts of an entity. The Company classifies disposals of real estate that do not meet the definition of a discontinued operation within income from continuing operations in the accompanying consolidated statements of comprehensive income. Owned On-Campus Properties Under its ACE program, the Company, as lessee, has entered into ground/facility lease agreements with eleven university systems to finance, construct, and manage 23 student housing properties. Five properties were under construction as of December 31, 2015 with four scheduled to open for occupancy in Fall 2016 and one in Fall 2017. The terms of the leases, including extension options, range from 30 to 100 years, and the lessor has title to the land and generally 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. With the exception of the Company's lease with West Virginia University, each lease terminates upon final repayment of the construction related financing, the amortization period of which is contractually stipulated. The Company's lease with West Virgina University has an initial term of 40 years with two 10 -year extensions at the Company's option. 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 VIEs, with the Company being the primary beneficiary. As such, the Company consolidates these properties for financial reporting purposes. 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. Management’s estimate of the collectability of principal and interest payments under the company’s loans receivable from CaPFA Capital Corp. 2000F (“CaPFA”), which mature in December 2040 and carry a balance of approximately $57.2 million as of December 31, 2015 , are highly dependent on the future operating performance of the properties securing the loans. As future economic conditions and/or market conditions at the properties change, management will continue to evaluate the collectability of such amounts. The Company believes there were no impairments of the carrying value of its loans receivable as of December 31, 2015 . 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 $3.3 million , $0.9 million and $3.2 million for the years December 31, 2015 , 2014 and 2013 , respectively, related to management’s estimate of the fair value of in-place leases assumed. Amortization expense was approximately $3.7 million , $2.4 million and $13.7 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Accumulated amortization at December 31, 2015 and 2014 was approximately $30.1 million and $27.9 million , respectively. The value of in-place leases, net of amortization, is included in other assets on the accompanying consolidated balance sheets and the amortization of in-place leases is included in depreciation and amortization expense in the accompanying consolidated statements of comprehensive income. See Note 5 herein for an expanded discussion of the property acquisitions completed during 2015 , 2014 and 2013 . For acquired properties subject to an in-place property tax incentive arrangement, a portion of the purchase price is allocated to the present value of expected future property tax savings over the projected incentive arrangement period. Unamortized in-place property tax incentive arrangements as of December 31, 2015 and 2014 were approximately $56.8 million and $36.7 million , respectively, and are included in other assets on the accompanying consolidated balance sheets. Amortization expense was approximately $2.8 million , $1.3 million and $0.6 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Amortization of in-place property tax incentive arrangements is included in wholly-owned properties operating expense in the accompanying consolidated statements of comprehensive income. As of December 31, 2015 , the remaining weighted average tax incentive arrangement period was 21.3 years . 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 financing costs at December 31, 2015 and 2014 were approximately $43.6 million and $39.5 million , respectively, and accumulated amortization at December 31, 2015 and 2014 was approximately $ 21.2 million and $16.9 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 $12.0 million , $12.9 million and $14.0 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. As of December 31, 2015 and 2014 , net unamortized mortgage debt premiums were approximately $50.8 million and $60.6 million , respectively, and net unamortized mortgage debt discounts were approximately $0.2 million and $0.9 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 The Company has completed three offerings of senior unsecured notes totaling $1.2 billion that are detailed in Note 11 herein. The total unamortized original issue discount was approximately $2.2 million and $1.7 million as of December 31, 2015 and 2014 , respectively, and is included in unsecured notes on the accompanying consolidated balance sheets. Amortization of the original issue discounts of approximately $0.2 million , $0.1 million , and $0.1 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively, is included in interest expense on the accompanying consolidated statements of comprehensive income. 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. Allowances for receivables are established when management determines that collection of such receivables are doubtful. Management's determination of the adequacy of the allowances is based primarily on an analysis of the aging of receivables, historical bad debts, and current economic trends. When management has determined receivables to be uncollectible, which is typically after two years, 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 of Period Charged to Expense Write-Offs Balance, End of Period Year ended December 31, 2013 $ 10,602 $ 9,871 $ (4,547 ) $ 15,926 Year ended December 31, 2014 $ 15,926 $ 10,894 $ (7,109 ) $ 19,711 Year ended December 31, 2015 $ 19,711 $ 10,115 $ (12,772 ) (1 ) $ 17,054 (1) Write-offs include $4.0 million related to properties previously disposed of. Tenant Reimbursements Reimbursements from tenants, consisting of amounts due from tenants for utilities, are recognized as revenue in the period the recoverable costs are incurred. Tenant reimbursements are recognized and recorded on a gross basis, as we are generally the primary obligor with respect to purchasing goods and services from third-party suppliers, have discretion in selecting the supplier, and have credit risk. 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 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 third-party 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, 2015 , the Company has deferred approximately $8.1 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. The Company evaluates the collectability of revenue earned from third-party management contracts and reserves any amounts deemed to be uncollectible based on the individual facts and circumstances of the projects and associated contracts. 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 $11.8 million , $14.2 million and $18.0 million for the years ended December 31, 2015 , 2014 and 2013 , 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 Compensation expense associated with share-based awards is recognized in our consolidated statements of comprehensive income based on the grant-date fair values. Compensation expense is recognized over the period during whi

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2015
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 reflects common shares issuable from the assumed conversion of American Campus Communities Operating Partnership Units ("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, 2015 , 2014 and 2013 , 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, 2015 2014 2013 Common OP Units (Note 9) — 1,213,509 1,158,892 Preferred OP Units (Note 9) 109,775 111,279 113,721 Total potentially dilutive securities 109,775 1,324,788 1,272,613 The following is a summary of the elements used in calculating basic and diluted earnings per share: Year Ended December 31, 2015 2014 2013 Numerator - basic earnings per share: Income from continuing operations $ 118,061 $ 61,384 $ 47,436 Income from continuing operations attributable to noncontrolling interests (2,070 ) (1,231 ) (1,843 ) Income from continuing operations attributable to common shareholders 115,991 60,153 45,593 Amount allocated to participating securities (1,086 ) (1,076 ) (927 ) Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities 114,905 59,077 44,666 Income from discontinued operations — 2,720 59,755 Income from discontinued operations attributable to noncontrolling interests — (34 ) (704 ) Income from discontinued operations attributable to common shareholders — 2,686 59,051 Net income attributable to common shareholders - basic $ 114,905 $ 61,763 $ 103,717 Numerator - diluted earnings per share: Net income attributable to common shareholders - basic $ 114,905 $ 61,763 $ 103,717 Income allocated to Common OP Units 1,282 — — Net income attributable to common shareholders - diluted $ 116,187 $ 61,763 $ 103,717 Denominator: Basic weighted average common shares outstanding 111,987,361 105,032,155 104,760,502 Unvested Restricted Stock Awards (Note 13) 680,980 679,265 621,818 Common OP Units (Note 9) 1,363,881 — — Diluted weighted average common shares outstanding 114,032,222 105,711,420 105,382,320 Earnings per share – basic: Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities $ 1.03 $ 0.56 $ 0.43 Income from discontinued operations attributable to common shareholders $ — $ 0.03 $ 0.56 Net income attributable to common shareholders $ 1.03 $ 0.59 $ 0.99 Earnings per share – diluted: Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities $ 1.02 $ 0.56 $ 0.42 Income from discontinued operations attributable to common shareholders $ — $ 0.02 $ 0.56 Net income attributable to common shareholders $ 1.02 $ 0.58 $ 0.98 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, 2015 2014 2013 Numerator - basic and diluted earnings per unit: Income from continuing operations $ 118,061 $ 61,384 $ 47,436 Income from continuing operations attributable to noncontrolling interests - partially owned properties (612 ) (352 ) (1,188 ) Income from continuing operations attributable to Series A preferred units (176 ) (175 ) (119 ) Amount allocated to participating securities (1,086 ) (1,076 ) (927 ) Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities 116,187 59,781 45,202 Income from discontinued operations — 2,720 59,755 Income from discontinued operations attributable to Series A preferred units — (3 ) (63 ) Income from discontinued operations attributable to common unitholders — 2,717 59,692 Net income attributable to common unitholders $ 116,187 $ 62,498 $ 104,894 Denominator: Basic weighted average common units outstanding 113,351,242 106,245,664 105,919,394 Unvested Restricted Stock Awards (Note 13) 680,980 679,265 621,818 Diluted weighted average common units outstanding 114,032,222 106,924,929 106,541,212 Earnings per unit – basic: Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities $ 1.03 $ 0.56 $ 0.43 Income from discontinued operations attributable to common unitholders $ — $ 0.03 $ 0.56 Net income attributable to common unitholders $ 1.03 $ 0.59 $ 0.99 Earnings per unit – diluted: Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities $ 1.02 $ 0.56 $ 0.42 Income from discontinued operations attributable to common unitholders $ — $ 0.02 $ 0.56 Net income attributable to common unitholders $ 1.02 $ 0.58 $ 0.98

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
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. In addition, ACCOP is a flow-through entity and is not subject to federal income taxes at the entity level. Historically, the Company has incurred only state and local income, franchise and margin taxes. 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, 2015 2014 Deferred tax assets: Fixed and intangible assets $ 2,663 $ 3,283 Net operating loss carryforwards 7,887 6,552 Prepaid and deferred income 2,326 2,265 Bad debt reserves 725 687 Accrued expenses and other 4,578 3,770 Stock compensation 2,454 2,099 Total deferred tax assets 20,633 18,656 Valuation allowance for deferred tax assets (20,431 ) (18,415 ) Deferred tax assets, net of valuation allowance 202 241 Deferred tax liability: Deferred financing costs 202 241 Net deferred tax liabilities $ — $ — Significant components of the Company’s income tax provision are as follows: Year Ended December 31, 2015 2014 2013 Current: Federal $ — $ — $ — State (1,242 ) (1,308 ) (1,020 ) Deferred: Federal — — — State — — — Total provision -- continuing operations $ (1,242 ) $ (1,308 ) $ (1,020 ) TRS earnings subject to tax consisted of losses of approximately $3.3 million , $3.2 million and $4.4 million for the years ended December 31, 2015 , 2014 and 2013 , 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, 2015 2014 2013 Tax benefit at U.S. statutory rates on TRS income subject to tax $ 2,019 $ 1,928 $ 2,060 State income tax, net of federal income tax benefit 74 71 76 Effect of permanent differences and other (77 ) (72 ) (76 ) Increase in valuation allowance (2,016 ) (1,927 ) (2,060 ) TRS income tax provision $ — $ — $ — At December 31, 2015 , the TRSs had net operating loss carryforwards (“NOLs”) of approximately $25.1 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 $3.5 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, 2015 , the 2014 , 2013 and 2012 calendar tax years are subject to examination by the tax authorities. The Company had no material unrecognized tax benefits for the years ended December 31, 2015 , the 2014 , and 2013 , and as of December 31, 2015 , the Company does not expect to record any material unrecognized tax benefits. Because no material unrecognized tax benefits have been recorded, no related interest or penalties have been calculated. A schedule of per share distributions the Company paid and reported to its shareholders, which is unaudited, is set forth in the following table: Year Ended December 31, Tax Treatment of Distributions: 2015 2014 2013 Ordinary income $ 0.4658 $ 0.9016 $ 0.7990 Long-term capital gain (1) 0.5301 0.0107 0.5229 Return of capital 0.5841 0.5877 0.0956 Total per common share outstanding $ 1.5800 $ 1.5000 $ 1.4175 (1) Unrecaptured Sec. 1250 gains of $0.5281 , $0.0248 and $0.2189 were reported for the years ended December 31, 2015 , the 2014 , and 2013 , respectively.

Property Acquisitions

Property Acquisitions	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Property Acquisitions	Property Acquisitions During the year ended December 31, 2015 , the Company acquired the following wholly-owned properties for approximately $378.3 million : Property Location Primary University Served Acquisition Date Units Beds Park Point (1) Syracuse, NY Syracuse University February 2015 66 226 University Walk (2) Knoxville, TN University of Tennessee February 2015 177 526 1200 West Marshall Richmond, VA Virginia Commonwealth University March 2015 136 406 8 1/2 Canal Street (3) Richmond, VA Virginia Commonwealth University March 2015 160 540 Vistas San Marcos San Marcos, TX Texas State University March 2015 255 600 Crest at Pearl Austin, TX University of Texas June 2015 141 343 UP at Metroplex Binghamton, NY Binghamton University - SUNY June 2015 186 710 Stadium Centre (4) Tallahassee, FL Florida State University July 2015 367 710 1,488 4,061 (1) As part of this transaction, the Company assumed approximately $11.6 million of fixed rate mortgage debt. (2) University Walk completed construction and opened for operations in August 2014 and was purchased by the Company in February 2015. This property was consolidated for financial reporting purposes prior to the acquisition date because the entity that owned this property was deemed to be a VIE and the Company was determined to be the primary beneficiary of the VIE. (3) As part of this transaction, the Company issued 343,895 Common OP Units to the seller, valued at $41.24 per unit. (4) As part of this transaction, the Company assumed approximately $57.8 million of fixed rate mortgage debt. Since their respective acquisition dates, the acquired properties discussed above contributed a combined $25.1 million of revenues for the year ended December 31, 2015 . These properties had a combined net loss of $1.8 million for the year ended December 31, 2015 , which includes $2.8 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. During 2014, the Company acquired one property comprised of 610 beds located near the University of Georgia and a property containing a hotel near the University of Colorado campus. The existing hotel at the University of Colorado was demolished in the fourth quarter 2014 and a new 400 -bed student housing facility is currently under construction and is scheduled to open for occupancy in August 2016. The total consideration for these two acquisitions was approximately $75.1 million . The following table summarizes the fair values of the assets acquired and liabilities assumed from the properties discussed above: 2015 2014 Assets acquired: Land $ 26,766 $ 13,469 Buildings and improvements 317,627 54,163 Furniture, fixtures and equipment 16,871 3,637 Intangible assets 16,976 874 Other assets 3,117 2,922 Total assets acquired $ 381,357 $ 75,065 Liabilities assumed: Mortgage debt $ (72,365 ) (1) $ — Other liabilities (3,457 ) — Total liabilities assumed $ (75,822 ) $ — Net assets acquired $ 305,535 $ 75,065 (1) Balance includes $3.0 million in premiums recorded to reflect mortgage debt at acquisition date fair value. The difference between the contracted purchase price of $378.3 million reflected above and the net assets acquired of $305.5 million represents mortgage debt, other assets and liabilities that were not part of the contractual purchase price, but were acquired in the transactions. Consideration paid consisted of $291.4 million in cash paid at closing and stock valued at $14.2 million . During 2013, the Company acquired six properties and an additional phase at an existing property comprised of 3,725 beds located in various markets throughout the country for approximately $322.2 million . The acquired property’s results of operations have been included in the accompanying consolidated statements of comprehensive income since the respective acquisition closing dates, with the exception of University Walk which was consolidated prior to its acquisition date. The following pro forma information for the years ended December 31, 2015 , 2014 and 2013 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, 2015 2014 2013 Total revenues $ 765,377 $ 763,073 $ 695,460 Net income attributable to common shareholders $ 122,530 $ 68,904 $ 110,861

Property Dispositions and Disco

Property Dispositions and Discontinued Operations	12 Months Ended
	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Property Dispositions and Discontinued Operations	Property Dispositions and Discontinued Operations Dispositions Subject to New Guidance for Discontinued Operations Due to a change in accounting guidance adopted in 2014, the following property dispositions along with future disposals of individual operating properties or portfolios that do not represent a strategic shift in the Company’s operations will no longer qualify as discontinued operations and will be classified within income from continuing operations on the accompanying consolidated statements of comprehensive income for all periods presented. The following two wholly-owned properties are classified as held for sale on the accompanying consolidated balance sheet as of December 31, 2015 : Property Location Primary University Served Units Beds The Edge - Orlando Orlando, FL University of Central Florida 306 930 University Village - Sacramento Sacramento, CA California State Univ. - Sacramento 250 394 As the properties sales price exceeded their net book value, no impairment was required to be recorded with respect to these dispositions. During the year ended December 31, 2015 , the Company sold the following wholly-owned properties for approximately $436.7 million , resulting in proceeds of approximately $427.1 million . The combined net gain on these dispositions of approximately $52.7 million is included in income from continuing operations on the accompanying consolidated statements of comprehensive income for the year ended December 31, 2015 . Property Location Primary University Served Disposition Date Units Beds The Highlands Reno, NV University of Nevada at Reno January 2015 216 732 The View Lincoln, NE University of Nebraska January 2015 157 590 Chapel Ridge Chapel Hill, NC University of North Carolina January 2015 180 544 Chapel View Chapel Hill, NC University of North Carolina January 2015 224 358 The Village at Alafaya Club Orlando, FL University of Central Florida January 2015 228 839 University Place Charlottesville, VA University of Virginia January 2015 144 528 University Greens Norman, OK University of Oklahoma January 2015 156 516 The Outpost San Marcos San Marcos, TX Texas State University February 2015 162 486 University Meadows Mt. Pleasant, MI Central Michigan University February 2015 184 616 Eagles Trail Hattiesburg, MS University of Southern Mississippi March 2015 216 792 Lakeside Apartments Athens, GA University of Georgia May 2015 244 776 The Club Athens, GA University of Georgia May 2015 120 480 The Estates Gainesville, FL University of Florida May 2015 396 1,044 South View Harrisonburg, VA James Madison University May 2015 240 960 Stone Gate Harrisonburg, VA James Madison University May 2015 168 672 The Commons Harrisonburg, VA James Madison University May 2015 132 528 University Heights Knoxville, TN University of Tennessee May 2015 204 636 The Woods at Greenland Murfreesboro, TN Middle Tennessee State University July 2015 78 276 Raiders Crossing Murfreesboro, TN Middle Tennessee State University July 2015 96 276 University Gables Murfreesboro, TN Middle Tennessee State University July 2015 168 648 3,713 12,297 In 2014, the Company sold one building containing 20 beds, a 480 -bed wholly-owned property and two land parcels for a combined sales price of approximately $9.9 million , resulting in net proceeds of approximately $8.8 million . Prior to the sale of the wholly-owned property, the Company recorded the property at the lower of cost or fair value less estimated selling costs, resulting in an impairment charge of approximately $2.4 million . The properties' operations along with the impairment charge and resulting loss on disposition of approximately $0.4 million are included within income from continuing operations on the accompanying consolidated statements of comprehensive income for the year ended December 31, 2014 . Dispositions Not Subject to New Guidance for Discontinued Operations As discussed above, the operations for any properties sold during 2013 along with any properties sold in 2014 that were classified as held for sale as of December 31, 2013 are not subject to the new accounting guidance for discontinued operations and have been presented in discontinued operations in the accompanying consolidated statements of comprehensive income. In 2014, the Company sold one property containing 484 beds 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 $1.3 million . The resulting gain on disposition of approximately $2.8 million is included in discontinued operations on the accompanying consolidated statements of comprehensive income for the year ended December 31, 2014 . In 2013, the Company sold six wholly-owned properties comprised of 4,079 beds 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 . The properties discussed above are included in the wholly-owned properties segment (see Note 18 ). The following is a summary of (loss) income attributable to discontinued operations for the periods presented: 2014 2013 Total revenues $ 279 $ 16,191 Total operating expenses (239 ) (7,220 ) Depreciation and amortization — (2,487 ) Operating income 40 6,484 Total nonoperating expenses (163 ) (1,660 ) Net (loss) income $ (123 ) $ 4,824

Investments in Wholly-Owned Pro

Investments in Wholly-Owned Properties	12 Months Ended
	Dec. 31, 2015
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, 2015 2014 Land (1) (2) $ 597,894 $ 571,242 Buildings and improvements 5,235,033 4,937,345 Furniture, fixtures and equipment 311,696 289,168 Construction in progress (2) 154,988 185,414 6,299,611 5,983,169 Less accumulated depreciation (777,340 ) (674,462 ) Wholly-owned properties, net (3) $ 5,522,271 $ 5,308,707 (1) The land balance above includes undeveloped land parcels with book values of approximately $66.2 million and $40.6 million as of December 31, 2015 and 2014 , respectively. It also includes land totaling approximately $33.0 million and $30.2 million as of December 31, 2015 and 2014 , respectively, related to properties under development. (2) Land and construction in progress as of December 31, 2015 includes $ 1.9 million and $12.6 million , respectively, related to The Court at Stadium Centre property located in Tallahassee, Florida that will serve students attending Florida State University. In conjunction with the purchase of Stadium Centre in July 2015, the Company entered into a pre-sale agreement to purchase this adjacent property which is anticipated to be completed in May 2016. The Company is obligated to purchase the property as long as certain construction completion deadlines and other closing conditions are met. 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 The Court at Stadium Centre is deemed to be a 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 the net book value of two wholly-owned properties classified as held for sale in the accompanying consolidated balance sheet as of December 31, 2015 and seven wholly-owned properties classified as held for sale in the accompanying consolidated balance sheet as of December 31, 2014 (see Note 6 ). The properties classified as held for sale at December 31, 2014 were sold in January 2015.

On-Campus Participating Propert

On-Campus Participating Properties	12 Months Ended
	Dec. 31, 2015
On-campus participating properties, net
Real Estate Properties [Line Items]
On-Campus Participating Properties	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. 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 Commencement Required Debt Repayment 2015 2014 Texas A&M University System / Prairie View A&M University (1) 2/1/1996 9/1/2023 $ 44,147 $ 43,036 Texas A&M University System / Texas A&M International 2/1/1996 9/1/2023 7,064 6,937 Texas A&M University System / Prairie View A&M University (2) 10/1/1999 8/31/2025 27,717 26,828 8/31/2028 University of Houston System / University of Houston (3) 9/27/2000 8/31/2035 37,381 36,606 West Virginia University / West Virginia University (4) 7/16/2013 7/16/2045 43,676 43,636 159,985 157,043 Less accumulated amortization (69,856 ) (62,915 ) On-campus participating properties, net $ 90,129 $ 94,128 (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) This property commenced operations in August 2014. Due to our involvement in the construction of the facility, fees paid to the Company/lessee for development and construction management services during the construction period were deferred and amortized to revenue over the lease term.

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2015
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Operating Partnership Partially-owned properties: As of December 31, 2015 , the Operating Partnership consolidates three joint ventures that own and operate the 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.” As discussed in more detail in Note 7 , in July 2015, the Company entered into a purchase agreement with a private developer whereby the Company is obligated to purchase a property (The Court at Stadium Centre) as long as the developer meets certain construction completion deadlines and other conditions. The $7.3 million equity contribution from the developer is reflected as noncontrolling interest - partially owned properties within capital on the accompanying consolidated balance sheets of the Operating Partnership as of December 31, 2015 . In February 2015, the Company completed the purchase of University Walk, a property previously subject to a purchase and contribution agreement with a third-party developer whereby the Company was obligated to purchase the property if the developer met certain construction completion deadlines and other closing conditions. At the time of purchase, the Company paid $1.1 million in cash consideration for the third-party developer’s $1.5 million noncontrolling interest in the property. The difference of $0.4 million , which represented the excess of the carrying amount of the noncontrolling interest over the consideration paid, is reflected as an adjustment to additional paid in capital in the accompanying consolidated statements of changes in capital. 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, which is based on the closing market value of the Company's common stock, or historical cost at the end of each reporting period. Changes in the value from period to period are charged to limited partners' 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, 2015 and 2014 : Balance, December 31, 2013 $ 47,964 Net income 913 Distributions (1,998 ) Conversion of redeemable limited partner units into shares of ACC common stock (607 ) Adjustments to reflect redeemable limited partner units at fair value 8,200 Balance, December 31, 2014 $ 54,472 Net income 1,458 Distributions (2,329 ) Redeemable limited partner units issued as consideration (see Note 5) 14,182 Conversion of redeemable limited partner units into shares of ACC common stock (3,000 ) Redemption of redeemable limited partner units for cash (810 ) Adjustments to reflect redeemable limited partner units at fair value (4,462 ) Balance, December 31, 2015 $ 59,511 During the year ended December 31, 2015 , 118,474 Common OP Units and 1,000 Series A preferred units were converted into an equal number of shares of ACC’s common stock and during the year ended December 31, 2014 , 50,000 Common OP Units and 2,269 Series A preferred units were converted into an equal number of shares of ACC’s common stock. As of both December 31, 2015 and 2014 , approximately 1.2% 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 J

Investments in Unconsolidated Joint Ventures	12 Months Ended
	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures As of December 31, 2015 , the Company owned a noncontrolling interest in one unconsolidated joint venture that is accounted for utilizing the equity method of accounting. 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 had not guaranteed any obligations of the investee and was 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. The Company also earns a fee for providing management services to this joint venture, which totaled approximately $1.9 million , $1.3 million , and $1.6 million for the years ended December 31, 2015 , 2014 and 2013 , respectively.

Debt

Debt	12 Months Ended
	Dec. 31, 2015
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, 2015 2014 Debt secured by wholly-owned properties: Mortgage loans payable: Unpaid principal balance $ 934,769 $ 1,094,306 Unamortized debt premiums 50,763 60,586 Unamortized debt discounts (166 ) (895 ) 985,366 1,153,997 Construction loans payable (1) 5,559 63,637 990,925 1,217,634 Debt secured by on-campus participating properties: Mortgage loans payable (2) 73,465 30,553 Bonds payable 36,935 39,785 Construction loan payable (2) — 43,942 110,400 114,280 Total secured mortgage, construction and bond debt 1,101,325 1,331,914 Unsecured notes, net of unamortized original issue discount 1,197,755 798,305 Unsecured revolving credit facility 68,900 242,500 Unsecured term loans 600,000 600,000 Total debt $ 2,967,980 $ 2,972,719 (1) Construction loans payable as of December 31, 2015 consist of $5.6 million related to a construction loan partially financing the development and construction of The Court at Stadium Centre, a VIE the Company is including in its consolidated financial statements (see Note 7). The creditor of this construction loan does not have recourse to the assets of the Company. Construction loans payable as of December 31, 2014 includes a construction loan for two ACE properties, the Suites and Hilltop Townhomes, that was paid off in 2015, in addition to $19.0 million related to a construction loan that partially financed the development and construction of University Walk, a VIE the Company included in its consolidated financial statements prior to acquisition (see Note 5 ). (2) A construction loan securing the on-campus participating property located at West Virginia University was classified as a construction loan as of December 31, 2014 and is now reflected as a mortgage loan as of December 31, 2015 , as the loan now requires principal and interest payments beginning in August 2015. 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, 2015 : December 31, 2015 Principal Outstanding Weighted Weighted Number of December 31, Average Average Properties 2015 2014 Interest Rate Years to Maturity Encumbered Fixed Rate: Mortgage loans payable (1) $ 1,008,234 $ 1,124,859 5.10 % 5.2 years 41 Construction loan payable 5,559 43,942 4.61 % 8.7 years 1 Variable Rate: Construction loans payable — 63,637 — % 0.0 years — Total $ 1,013,793 $ 1,232,438 5.09 % 5.3 years 42 (1) Fixed rate mortgage loans payable mature at various dates from May 2016 through July 2045 and carry interest rates ranging from 3.05% to 7.15% . A construction loan securing the on-campus participating property located at West Virginia University was classified as a construction loan as of December 31, 2014 and is now reflected as a mortgage loan as of December 31, 2015 , as the loan now requires principal and interest payments beginning in August 2015. Interest rate is fixed for the first five years and variable for the remaining term of the loan. During the twelve months ended December 31, 2015 , the following transactions occurred: Mortgage Loans Payable (1) Construction Loans Payable Balance, December 31, 2014 $ 1,184,550 $ 107,579 Additions: Assumption of mortgage loans payable (2) 69,421 — Mark-to-market premium/(discount) recorded upon debt assumption 2,942 — Mortgage loan formerly classified as construction loan (3) 44,200 (44,200 ) Draws under advancing construction notes payable (3) — 258 Draws under advancing construction notes payable (non-cash) VIEs (4) — 5,559 Deductions: Payoff of maturing mortgage notes payable (5) (218,724 ) — Payoff of construction notes payable (6) — (44,637 ) Payoff of construction loans payable (non-cash) VIEs (7) — (19,000 ) Scheduled repayments of principal (11,522 ) — Amortization of debt premiums and discounts (12,036 ) — Balance, December 31, 2015 $ 1,058,831 $ 5,559 (1) Balance includes unamortized debt premiums and discounts. (2) Represents debt assumed with the acquisitions of the following properties: Park Point Syracuse and Stadium Centre. (3) Represents construction loan used to finance the development and construction of on-campus participating property located in Morgantown, West Virginia. This loan was classified as a construction loan as of December 31, 2014, and is now reflected as a mortgage loan as of December 31, 2015. (4) Represents draws from one construction loan used to partially finance the development and construction of The Court at Stadium Centre, a VIE the Company is including in its consolidated financial statements. (5) The Company paid off fixed rate mortgage debt secured by the following wholly-owned properties: Chapel View, University Meadows, Lakeside, Campus Edge, Newtown Crossing, Olde Towne, Peninsular Place, The Estates, Southview, Stonegate, Tower at Third, University Pointe, University Village Sacramento, and Jacob Heights I. (6) The company paid off variable rate construction debt secured by the following wholly-owned properties: The Suites and Hilltop Townhomes. (7) Represents payoff of the construction loan used to finance the development of University Walk. The seller/developer paid off this construction loan with proceeds from the Company's purchase of the property in February 2015. 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, 2015 consisted of the following: Principal Weighted Required Series Mortgaged Facilities Subject to Leases Original December 31, 2015 Average Rate Maturity Date Monthly Debt Service 1999 University Village-PVAMU/TAMIU $ 39,270 $ 21,020 7.75 % September 2023 $ 302 2001 University College–PVAMU 20,995 12,970 7.59 % August 2025 158 2003 University College–PVAMU 4,325 2,945 6.11 % August 2028 28 Total/weighted average rate $ 64,590 $ 36,935 7.56 % $ 488 Unsecured Notes The Company has issued the following senior unsecured notes: Date Issued Amount % of Par Value Coupon Yield Original Issue Discount Term September 2015 (1) $ 400,000 99.811 3.350 % 3.391 % $ 756 5 June 2014 400,000 99.861 4.125 % 4.142 % 556 10 April 2013 400,000 99.659 3.750 % 3.791 % 1,364 10 $ 1,200,000 $ 2,676 (1) Net proceeds from the sale of the unsecured notes totaled approximately $394.4 million after deducting the underwriting discount and offering expenses. The underwriting discount and offering expenses were capitalized to deferred financing costs and will be amortized over the term of the unsecured notes. The Company used $356.2 million of the offering proceeds to pay down the outstanding balance on its revolving credit facility in full. The notes are fully and unconditionally guaranteed by the Company. Interest on the notes is payable semi-annually. 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, 2015 , the Company was in compliance with all such covenants. Unsecured Credit Facility The Company has an aggregate unsecured credit facility totaling $1.1 billion which is comprised of two unsecured term loans totaling $600 million and a $500 million unsecured revolving credit facility, which may be expanded by up to an additional $500 million upon the satisfaction of certain conditions. The maturity date of the unsecured revolving credit facility is 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 $350 million term loan facility ("Term Loan I Facility") is January 10, 2017 and 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 $250 million term loan ("Term Loan II Facility") is March 1, 2019. Each loan bears interest 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, 2015 , the Term Loan II Facility bore interest at a variable rate of 1.73% per annum ( 0.23% + 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 0.89% 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 2.39% at December 31, 2015 . 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 unsecured 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, 2015 , the revolving credit facility bore interest at a weighted average annual rate of 1.95% ( 0.40% + 1.30% spread + 0.25% facility fee), and availability under the revolving credit facility totaled $431.1 million as of December 31, 2015 . The terms of the unsecured 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, 2015 , the Company was in compliance with all such covenants. Debt Maturities The following table summarizes the stated debt maturities and scheduled amortization payments, excluding debt premiums and discounts, for each of the five years subsequent to December 31, 2015 and thereafter: 2016 $ 169,152 2017 482,987 2018 245,273 2019 265,916 2020 470,561 Thereafter 1,285,739 (1 ) $ 2,919,628 (1) Includes $5.6 million related to a construction loan partially financing the development and construction of The Court at Stadium Centre, a VIE the Company is including in its consolidated financial statements. Payment of principal and interest were current at December 31, 2015 . Certain of the mortgage notes and bonds payable are subject to prepayment penalties.

Stockholders' Equity _ Partners

Stockholders' Equity / Partners' Capital	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity / Partners' Capital	Stockholders’ Equity / Partners’ Capital Stockholders’ Equity – Company In June 2015, the Company established an 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 . The shares that may be sold under this program include shares of common stock of the Company with an aggregate offering price of approximately $194 million that were not sold under the company's prior ATM program that expired in May 2015. 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 following table presents activity under the Company’s current and prior ATM Equity Programs: Years Ended December 31, 2015 2014 Total net proceeds $ 213,416 $ 87,977 Commissions paid to sales agents $ 3,250 $ 1,340 Weighted average price per share $ 43.92 $ 40.48 Shares of common stock sold 4,933,665 2,206,240 As of December 31, 2015 , the Company had approximately $500 million available for issuance under its ATM Equity Program. In 2015, the Company established a Non-Qualified Deferred Compensation Plan (“Deferred Compensation Plan”) maintained for the benefit of select employees and members of the Company’s Board of Directors, in which vested share awards (see Note 13 ), salary and other cash amounts earned may be deposited. Deferred Compensation Plan assets are held in a rabbi trust, which is subject to the claims of the Company’s creditors in the event of bankruptcy or insolvency. The value of the vested share awards held in the Deferred Compensation Plan is classified within stockholders’ equity in a manner similar to the manner in which treasury stock is accounted. Subsequent changes in the fair value of the shares are not recognized. During the year ended December 31, 2015 , 10,155 vested Restricted Stock Units (“RSUs”) with a value of $0.4 million were deposited into the Deferred Compensation Plan. Partners’ Capital – Operating Partnership In connection with the ATM Equity Program discussed above, ACCOP issued a number of Common OP Units to ACC equivalent to the number of common shares issued by ACC. In connection with our purchase of 8 1/2 Canal Street during the first quarter of 2015, we issued 343,895 Common OP Units to the seller, valued at $41.24 per unit. See Note 5 for more details.

Incentive Award Plan

Incentive Award Plan	12 Months Ended
	Dec. 31, 2015
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”), 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, 2015 , 975,324 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 2015 , 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. Additionally, effective July 1, 2015, the Board of Directors' compensation program was revised to reflect an increase in RSUs of $55,000 for the Chairman of the Board of Directors and $33,500 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, 2015 and 2014 is presented below: Number of RSUs Weighted-Average Grant Date Fair Value Per RSU Outstanding at December 31, 2013 — $ — Granted 15,457 38.54 Settled in common shares (9,027 ) 38.54 Settled in cash (6,430 ) 38.54 Outstanding at December 31, 2014 — $ — Granted 22,320 39.65 Settled in common shares (16,491 ) 39.77 Settled in cash (5,829 ) 39.34 Outstanding at December 31, 2015 — $ — The Company recognized expense of approximately $0.9 million , $0.6 million and $0.5 million for the years ended December 31, 2015 , 2014 and 2013 , 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, 2013 was $44.09 . 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, 2015 and 2014 is presented below: Number of RSAs Weighted-Average Grant Date Fair Value Per RSA Nonvested balance at December 31, 2013 602,191 $ 38.84 Granted 292,526 34.52 Vested (124,883 ) 34.00 Forfeited (1) (160,320 ) 36.75 Nonvested balance at December 31, 2014 609,514 $ 38.31 Granted 286,178 44.23 Vested (116,166 ) 36.50 Forfeited (1) (123,601 ) 38.78 Nonvested balance at December 31, 2015 655,925 $ 41.12 (1) Includes shares withheld to satisfy tax obligations upon vesting. The fair value of RSAs 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 $7.5 million , $6.8 million and $6.4 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The weighted-average grant date fair value for each RSA granted and forfeited during the year ended December 31, 2013 was $ 47.64 and $ 32.15 , respectively. The total fair value of RSAs vested during the year ended December 31, 2015 , was approximately $7.7 million . Additionally, as of December 31, 2015 , the Company had approximately $20.3 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. Per the provisions of the Plan, an employee becomes retirement eligible when (i) 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 (hereinafter referred to as the “Rule of 70”); (ii) the employee gives at least six months prior written notice to the Company of his or her intention to retire; and (iii) the employee enters into a noncompetition agreement and a general release of all claims in a form that is reasonably satisfactory to the Company. As of December 31, 2015 , five employees have met the Rule of 70 and a total of 165,783 unvested RSAs are held by such employees. Once the other two conditions of retirement eligibility are met, the shares held by these employees will be subject to accelerated vesting.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	12 Months Ended
	Dec. 31, 2015
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 and forward starting 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. Forward starting swaps are used to protect the Company against adverse fluctuations in interest rates by reducing its exposure to variability in cash flows relating to interest payments on a forecasted issuance of debt. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in other comprehensive income (outside of earnings) and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. Ineffectiveness resulting from the derivative instruments summarized below was immaterial for the years ended December 31, 2015 , 2014 and 2013 . The following table summarizes the Company’s outstanding interest rate swap contracts as of December 31, 2015 : Hedged Debt Instrument Effective Date Maturity Date Pay Fixed Rate Receive Floating Rate Index Current Notional Amount Fair Value Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR – 1 month $ 14,718 $ (514 ) Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR – 1 month 14,869 (519 ) Term Loan I Facility Feb 2, 2012 Jan 2, 2017 0.8695% LIBOR – 1 month 125,000 (233 ) Term Loan I Facility Feb 2, 2012 Jan 2, 2017 0.8800% LIBOR – 1 month 100,000 (197 ) Term Loan I Facility Feb 2, 2012 Jan 2, 2017 0.8875% LIBOR – 1 month 62,500 (128 ) Term Loan I Facility Feb 2, 2012 Jan 2, 2017 0.8890% LIBOR – 1 month 62,500 (129 ) Park Point mortgage loan Nov 1, 2013 Oct 5, 2018 1.5450% LIBOR – 1 month 70,000 (734 ) Total $ 449,587 $ (2,454 ) In March 2014, the Company entered into two forward starting interest rate swap contracts with notional amounts totaling $200 million designated to hedge the Company's exposure to increasing interest rates related to interest payments on an anticipated issuance of unsecured notes. As discussed in Note 11 , in connection with the issuance of unsecured notes in June 2014, the Company terminated both swap contracts resulting in payments to both counterparties totaling approximately $4.1 million , which were recorded in accumulated other comprehensive loss and will be amortized to interest expense over the term of the unsecured notes. When including the effect of these interest rate swap terminations, the effective yield on the unsecured notes is 4.269% . During the years ended December 31, 2015 and 2014 , $0.4 million and $0.2 million was amortized from accumulated other comprehensive loss to interest expense. As of December 31, 2015 and 2014 approximately $3.5 million and $3.9 million of the $4.1 million payment remained to be amortized. 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, 2015 and 2014 : Liability Derivatives Fair Value as of Description Balance Sheet Location December 31, 2015 December 31, 2014 Interest rate swap contracts Other liabilities $ 2,454 $ 2,306 Total derivatives designated $ 2,454 $ 2,306

Fair Value Disclosures

Fair Value Disclosures	12 Months Ended
	Dec. 31, 2015
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, 2015 and 2014 , 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, 2015 December 31, 2014 Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Liabilities: Derivative financial instruments $ — $ 2,454 $ — $ 2,454 $ — $ 2,306 $ — $ 2,306 Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) $ — $ 59,511 $ — $ 59,511 $ — $ 54,472 $ — $ 54,472 The Company uses derivative financial instruments, specifically interest rate swaps and forward starting 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 and forward starting swaps to reduce exposure to variability in cash flows relating to interest payments on forecasted issuances of debt. Through December 31, 2015 , 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, 2015 and 2014 , 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 Company (redeemable limited partners 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, these instruments 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. 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: 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, 2015 and 2014 : December 31, 2015 December 31, 2014 Estimated Fair Value Carrying Amount Estimated Fair Value Carrying Amount Assets: Loans receivable $ 48,030 $ 57,175 $ 47,092 $ 54,260 Liabilities: Unsecured notes $ 1,191,520 $ 1,197,755 $ 802,943 $ 798,305 Mortgage loans $ 1,000,226 $ 1,058,831 $ 1,182,501 $ 1,184,550 Bonds payable $ 41,288 $ 36,935 $ 45,176 $ 39,785

Lease Commitments

Lease Commitments	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Lease Commitments	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 records rent 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, 2015 and 2014 , prepaid ground rent totaled approximately $5.9 million and $1.8 million , respectively, and is included in other assets on the accompanying consolidated balance sheets. Straight-lined rental amounts are capitalized during the construction period and expensed upon the commencement of operations. Under these ground/facility leases, the Company recognized rent expense of approximately $7.5 million , $6.2 million and $5.0 million for the years end December 31, 2015 , 2014 and 2013 , respectively, and capitalized rent of approximately $0.4 million , $1.4 million and $1.1 million for the years end December 31, 2015 , 2014 and 2013 , respectively. 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 discussed above totaled approximately $8.9 million , $7.8 million and $6.5 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. There were no capital lease obligations outstanding as of December 31, 2015 . Future minimum commitments over the life of all leases subsequent to December 31, 2015 are as follows: Operating 2016 $ 7,246 2017 7,091 2018 6,999 2019 6,721 2020 6,705 Thereafter 227,519 Total minimum lease payments $ 262,281

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments Construction Contracts: As of December 31, 2015 , the Company estimates additional costs to complete eight wholly-owned development projects currently under construction or under contract to begin construction, to be approximately $289.5 million . The Company expects to fund this amount through a combination of cash flows generated from operations, draws under the Company's unsecured revolving credit facility, issuance of securities under the Company's ATM Equity Program and potential debt or equity offerings under the Company's automatic shelf registration statement. Pre-sale Arrangements: In conjunction with the purchase of Stadium Centre in July 2015, the Company entered into a pre-sale agreement to purchase The Court at Stadium Centre, an adjacent property which is anticipated to be completed in May 2016 for $26.5 million (see Note 7 ). Of the $26.5 million purchase price, $6.9 million was paid in conjunction with the purchase of the adjacent property, Stadium Centre. 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 approximately $1.5 million as of December 31, 2015 . 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, 2015 , 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 (University Crossings), 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. 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 facade and other systems. As of December 31, 2015 , the Company has spent approximately $34.1 million in renovations and capital improvements and as of December 31, 2015 , the project was substantially complete. 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. In addition, in connection with certain property acquisitions, the Company has assumed the obligation to fund future infrastructure improvements located near the acquired properties. During the year ended December 31, 2015 , the Company recorded $0.6 million related to this obligation, which is contingent upon project completion within the initial budget, and is included in wholly-owned properties operating expenses on the accompanying consolidated statement of comprehensive income. Should additional obligations arise, it is likely that such payments made by the Company will be expensed at such time the local municipalities decide to move forward with the projects. Contingencies Litigation: The Company is subject to various claims, lawsuits and legal proceedings, 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. 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, 2015
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, 2015 2014 2013 Wholly-Owned Properties Rental revenues and other income $ 708,018 $ 693,694 $ 621,117 Interest income 1,071 1,079 152 Total revenues from external customers 709,089 694,773 621,269 Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead (330,932 ) (331,046 ) (300,207 ) Ground/facility leases (5,297 ) (4,196 ) (2,956 ) Interest expense (30,147 ) (42,906 ) (45,401 ) Operating income before depreciation, amortization and allocation of corporate overhead $ 342,713 $ 316,625 $ 272,705 Depreciation and amortization $ 198,986 $ 189,424 $ 178,396 Capital expenditures $ 316,468 $ 334,249 $ 350,118 Total segment assets at December 31, $ 5,809,526 $ 5,604,358 $ 5,394,029 On-Campus Participating Properties Rental revenues and other income $ 31,586 $ 28,534 $ 26,348 Interest income 2 3 16 Total revenues from external customers 31,588 28,537 26,364 Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead (11,407 ) (10,437 ) (10,322 ) Ground/facility lease (2,935 ) (3,201 ) (2,446 ) Interest expense (5,833 ) (5,131 ) (5,463 ) Operating income before depreciation, amortization and allocation of corporate overhead $ 11,413 $ 9,768 $ 8,133 Depreciation and amortization $ 7,034 $ 5,688 $ 4,756 Capital expenditures $ 2,943 $ 29,621 $ 17,094 Total segment assets at December 31, $ 105,546 $ 110,017 $ 88,777 Development Services Development and construction management fees $ 4,964 $ 4,018 $ 2,483 Operating expenses (13,732 ) (11,883 ) (11,172 ) Operating loss before depreciation, amortization and allocation of corporate overhead $ (8,768 ) $ (7,865 ) $ (8,689 ) Total segment assets at December 31, $ 1,730 $ 1,530 $ 1,848 Property Management Services Property management fees from external customers $ 8,813 $ 7,669 $ 7,514 Intersegment revenues 23,054 22,889 21,396 Total revenues 31,867 30,558 28,910 Operating expenses (11,360 ) (12,400 ) (10,349 ) Operating income before depreciation, amortization and allocation of corporate overhead $ 20,507 $ 18,158 $ 18,561 Total segment assets at December 31, $ 9,432 $ 6,513 $ 7,033 Reconciliations Total segment revenues and other income $ 777,508 $ 757,886 $ 679,026 Unallocated interest income earned on investments and corporate cash 3,348 3,086 2,837 Elimination of intersegment revenues (23,054 ) (22,889 ) (21,396 ) Total consolidated revenues, including interest income $ 757,802 $ 738,083 $ 660,467 Segment operating income before depreciation, amortization and allocation of corporate overhead $ 365,865 $ 336,686 $ 290,710 Depreciation and amortization (214,338 ) (203,413 ) (190,596 ) Net unallocated expenses relating to corporate interest and overhead (83,541 ) (67,956 ) (48,992 ) Gain (loss) from disposition of real estate 52,699 (368 ) — Provision for real estate impairment — (2,443 ) — Other nonoperating income (expense) 388 186 (2,666 ) Loss from early extinguishment of debt (1,770 ) — — Income tax provision (1,242 ) (1,308 ) (1,020 ) Income from continuing operations $ 118,061 $ 61,384 $ 47,436 Total segment assets $ 5,926,234 $ 5,722,418 $ 5,491,687 Unallocated corporate assets 99,713 112,330 106,353 Total assets at December 31, $ 6,025,947 $ 5,834,748 $ 5,598,040

Quarterly Financial Information

Quarterly Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2015
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, 2015 and 2014 . 2015 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 192,493 $ 177,874 $ 180,816 $ 202,198 $ 753,381 Operating income 50,176 34,452 18,551 53,725 156,904 Net income 71,267 15,918 2,016 28,860 118,061 Net income attributable to noncontrolling interests (1,070 ) (338 ) (161 ) (501 ) (2,070 ) Net income attributable to ACC, Inc. and Subsidiaries common stockholders $ 70,197 $ 15,580 $ 1,855 $ 28,359 $ 115,991 Net income attributable to common stockholders per share - basic $ 0.63 $ 0.14 $ 0.01 $ 0.25 $ 1.03 Net income attributable to common stockholders per share - diluted $ 0.62 $ 0.14 $ 0.01 $ 0.25 $ 1.02 2014 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 183,183 $ 171,977 $ 181,936 $ 196,819 $ 733,915 Operating income 47,995 35,433 18,854 52,704 154,986 Income (loss) from continuing operations 26,147 13,731 (5,785 ) 27,291 61,384 Discontinued operations 2,720 — — — 2,720 Net income (loss) 28,867 13,731 (5,785 ) 27,291 64,104 Net income attributable to noncontrolling interests (469 ) (293 ) (62 ) (441 ) (1,265 ) Net income (loss) attributable to ACC, Inc. and Subsidiaries common stockholders $ 28,398 $ 13,438 $ (5,847 ) $ 26,850 $ 62,839 Net income (loss) attributable to common stockholders per share - basic $ 0.27 $ 0.13 $ (0.06 ) $ 0.25 $ 0.59 Net income (loss) attributable to common stockholders per share - diluted $ 0.27 $ 0.12 $ (0.06 ) $ 0.25 $ 0.58 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, 2015 and 2014 . 2015 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 192,493 $ 177,874 $ 180,816 $ 202,198 $ 753,381 Operating income 50,176 34,452 18,551 53,725 156,904 Net income 71,267 15,918 2,016 28,860 118,061 Net income attributable to noncontrolling interests (323 ) (92 ) (92 ) (105 ) (612 ) Series A preferred unit distributions (44 ) (44 ) (44 ) (44 ) (176 ) Net income available to common unitholders $ 70,900 $ 15,782 $ 1,880 $ 28,711 $ 117,273 Net income per unit attributable to common unitholders - basic $ 0.63 $ 0.14 $ 0.01 $ 0.25 $ 1.03 Net income per unit attributable to common unitholders - diluted $ 0.63 $ 0.14 $ 0.01 $ 0.25 $ 1.02 2014 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 183,183 $ 171,977 $ 181,936 $ 196,819 $ 733,915 Operating income 47,995 35,433 18,854 52,704 154,986 Income (loss) from continuing operations 26,147 13,731 (5,785 ) 27,291 61,384 Discontinued operations 2,720 — — — 2,720 Net income (loss) 28,867 13,731 (5,785 ) 27,291 64,104 Net income attributable to noncontrolling interests (88 ) (88 ) (81 ) (95 ) (352 ) Series A preferred unit distributions (45 ) (45 ) (44 ) (44 ) (178 ) Net income (loss) available to common unitholders $ 28,734 $ 13,598 $ (5,910 ) $ 27,152 $ 63,574 Net income (loss) per unit attributable to common unitholders - basic $ 0.24 $ 0.13 $ (0.06 ) $ 0.25 $ 0.59 (1) Net income (loss) per unit attributable to common unitholders - diluted $ 0.27 $ 0.12 $ (0.06 ) $ 0.25 $ 0.58 (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
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions : On January 26, 2016, the Company declared a fourth quarter 2015 distribution per share of $0.40 which was paid on February 19, 2016 to all common stockholders of record as of February 8, 2016. 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 ). Unsecured Term Loans: On January 29, 2016 the company refinanced $150.0 million of its $350.0 million Term Loan I Facility by extending the maturity date for this $150.0 million portion from 2017 to 2021. February 2016 Equity Offering: On February 5, 2016, ACC completed an equity offering, consisting of the sale of 17,940,000 shares of ACC’s common stock at a price of $41.25 per share, including 2,340,000 shares issued as a result of the exercise of the underwriters’ overallotment option in full at closing. The aggregate proceeds to ACC, net of the underwriting discount and estimated expenses of the offering, were approximately $708.2 million . The Company used $107.0 million of the offering proceeds to pay down the outstanding balance on its revolving credit facility in full and $250.0 million to repay, in full, the Term Loan II Facility due to mature in 2019.

Schedule of Real Estate and Acc

Schedule of Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2015
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 Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs Capitalized Subsequent to Acquisition / Initial Development Land Buildings and Improvements and Furniture, Fixtures and Equipment Total (1) Accumulated Depreciation Encumbrances (2) Year Built Wholly-Owned Properties The Callaway House 173 538 $ 5,081 $ 20,499 $ 9,136 $ 5,081 $ 29,635 $ 34,716 $ 11,467 $ — 1999 The Village at Science Drive 192 732 4,673 19,021 2,600 4,673 21,621 26,294 8,592 — 2000 University Village at Boulder Creek 82 309 1,035 16,393 1,669 1,035 18,062 19,097 7,051 — 2002 University Village - Fresno 105 406 929 15,553 841 929 16,394 17,323 5,850 — 2004 University Village 220 749 — 41,119 2,601 — 43,720 43,720 14,067 — 2004 University Club Townhomes 216 736 4,665 23,103 5,815 4,665 28,918 33,583 11,091 — 2000/2002 College Club Townhomes 136 544 1,967 16,049 2,919 1,967 18,968 20,935 7,195 — 2001/2004 University Club Apartments 94 376 1,416 11,848 1,723 1,416 13,571 14,987 4,608 — 1999 City Parc at Fry Street 136 418 1,902 17,678 1,946 1,902 19,624 21,526 6,446 — 2004 Entrada Real 98 363 1,475 15,859 2,297 1,475 18,156 19,631 5,091 — 2000 University Village at Sweethome 269 828 2,473 34,626 2,076 2,473 36,702 39,175 11,841 — 2005 University Village - Tallahassee 217 716 4,322 26,225 4,091 4,322 30,316 34,638 9,082 — 1990/91/92 Royal Village Gainesville 118 448 2,386 15,153 1,747 2,386 16,900 19,286 5,168 — 1996 Royal Lexington 94 364 2,848 12,783 5,195 2,848 17,978 20,826 5,038 — 1994 Raiders Pass 264 828 3,877 32,445 3,086 3,877 35,531 39,408 10,348 — 2002 Aggie Station 156 450 1,634 18,821 1,381 1,634 20,202 21,836 5,721 — 2002 The Outpost - San Antonio 276 828 3,262 36,252 2,148 3,262 38,400 41,662 10,585 — 2005 Callaway Villas 236 704 3,903 32,286 987 3,903 33,273 37,176 9,779 — 2006 The Village on Sixth Avenue 248 752 2,763 22,480 3,130 2,763 25,610 28,373 7,592 1,252 2000/2006 Newtown Crossing 356 942 7,013 53,597 1,718 7,013 55,315 62,328 15,222 — 2005/2007 Olde Towne University Square 224 550 2,277 24,614 1,333 2,277 25,947 28,224 7,744 — 2005 Peninsular Place 183 478 2,306 16,559 1,021 2,306 17,580 19,886 5,460 — 2005 University Centre 234 838 — 77,378 3,039 — 80,417 80,417 20,168 — 2007 Pirates Place Townhomes 144 528 1,159 9,652 2,388 1,159 12,040 13,199 3,563 4,422 1996 The Summit & Jacob Heights 258 930 2,318 36,464 1,588 2,318 38,052 40,370 8,659 26,773 4/6/2003 GrandMarc Seven Corners 186 440 4,491 28,807 1,841 4,491 30,648 35,139 7,094 — 2000 University Village- Sacramento (3) 250 394 7,275 12,639 2,139 7,275 14,778 22,053 4,247 — 1979 Aztec Corner 180 606 17,460 32,209 1,476 17,460 33,685 51,145 7,461 27,026 1995 Campus Corner 254 796 1,591 20,928 2,798 1,591 23,726 25,317 6,045 22,266 1997 Tower at Third 188 375 1,145 19,128 10,313 1,748 28,838 30,586 7,340 — 1973 University Manor 168 600 1,387 14,889 2,374 1,387 17,263 18,650 5,239 — 2002 The Edge- Orlando (3) 306 930 6,053 37,802 4,227 6,053 42,029 48,082 10,534 — 1999 Willowtree Apartments and Tower 473 851 9,807 21,880 3,217 9,807 25,097 34,904 6,322 — 1968/1974 Abbott Place 222 654 1,833 18,313 2,752 1,833 21,065 22,898 6,218 17,850 1999 Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs Capitalized Subsequent to Acquisition / Initial Development Land Buildings and Improvements and Furniture, Fixtures and Equipment Total (1) Accumulated Depreciation Encumbrances (2) Year Built The Centre 232 700 $ 1,804 $ 19,395 $ 2,142 $ 1,804 $ 21,537 23,341 $ 5,839 $ 19,875 2004 Campus Way 194 680 1,431 21,845 7,919 1,431 29,764 31,195 6,986 15,375 1993 University Pointe 204 682 989 27,576 1,997 989 29,573 30,562 7,065 — 2004 University Trails 240 684 1,183 25,173 2,877 1,183 28,050 29,233 6,922 — 2003 Campus Trails 156 480 1,358 11,291 4,073 1,358 15,364 16,722 3,917 7,486 1991 Vista del Sol (ACE) 613 1,866 — 135,939 2,646 — 138,585 138,585 31,209 — 2008 Villas at Chestnut Ridge 196 552 2,756 33,510 855 2,756 34,365 37,121 7,947 — 2008 Barrett Honors College (ACE) 604 1,721 — 131,302 1,433 — 132,735 132,735 26,606 — 2009 University Heights 176 528 1,387 8,236 1,348 1,387 9,584 10,971 2,274 — 2001 Sanctuary Lofts 201 487 2,960 18,180 3,047 2,960 21,227 24,187 4,744 — 2006 Lions Crossing 204 696 4,453 32,824 2,584 4,453 35,408 39,861 5,757 — 1996 Nittany Crossing 204 684 4,337 31,920 3,059 4,337 34,979 39,316 5,738 — 1996 University Oaks 181 662 2,150 17,369 1,511 2,150 18,880 21,030 3,435 22,150 2004 Blanton Common 276 860 3,788 29,662 1,663 3,788 31,325 35,113 5,202 27,892 2005/2007 Burbank Commons 134 532 2,512 20,063 2,669 2,512 22,732 25,244 4,228 14,888 1995 University Crescent 192 612 3,548 28,403 2,235 3,548 30,638 34,186 5,412 24,150 1999 The Edge- Charlotte 180 720 3,076 23,395 2,924 3,076 26,319 29,395 4,554 — 1999 University Walk 120 480 2,016 14,599 2,181 2,016 16,780 18,796 3,098 — 2002 Uptown Apartments 180 528 3,031 21,685 1,697 3,031 23,382 26,413 3,709 — 2004 2nd Ave Centre 274 868 4,434 27,236 2,981 4,434 30,217 34,651 5,599 — 2008 Villas at Babcock 204 792 4,642 30,901 289 4,642 31,190 35,832 6,534 — 2011 Lobo Village (ACE) 216 864 — 42,490 513 — 43,003 43,003 6,176 — 2011 Villas on Sycamore 170 680 3,000 24,640 465 3,000 25,105 28,105 5,532 — 2011 University Village Northwest (ACE) 36 144 — 4,228 29 — 4,257 4,257 783 — 2011 26 West 367 1,026 21,396 63,994 5,226 21,396 69,220 90,616 8,856 — 2008 The Varsity 258 901 11,605 108,529 1,750 11,605 110,279 121,884 12,629 — 2011 Avalon Heights 210 754 4,968 24,345 4,192 4,968 28,537 33,505 3,850 — 2002 University Commons 164 480 12,559 19,010 2,318 12,559 21,328 33,887 2,557 — 2003 Casas del Rio (ACE) 283 1,028 — 40,639 517 — 41,156 41,156 7,915 — 2012 The Suites (ACE) 275 550 — 27,080 184 — 27,264 27,264 4,328 — 2012 Hilltop Townhomes (ACE) 144 576 — 31,507 215 — 31,722 31,722 5,030 — 2012 U Club on Frey 114 456 3,300 18,182 195 3,300 18,377 21,677 3,478 — 2012 Campus Edge on UTA Boulevard 128 488 2,661 21,233 366 2,661 21,599 24,260 3,387 — 2012 U Club Townhomes on Marion Pugh 160 640 6,722 26,546 635 6,722 27,181 33,903 4,482 — 2012 Villas on Rensch 153 610 10,231 33,852 354 10,231 34,206 44,437 4,988 — 2012 The Village at Overton Park 163 612 5,262 29,374 285 5,262 29,659 34,921 4,747 — 2012 Casa de Oro (ACE) 109 365 — 12,362 64 — 12,426 12,426 2,147 — 2012 The Villas at Vista del Sol (ACE) 104 400 — 20,421 154 — 20,575 20,575 3,585 — 2012 Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs Capitalized Subsequent to Acquisition / Initial Development Land Buildings and Improvements and Furniture, Fixtures and Equipment Total (1) Accumulated Depreciation Encumbrances (2) Year Built The Block 669 1,555 $ 22,270 $ 141,430 $ 8,321 $ 22,270 $ 149,751 172,021 $ 13,723 $ — 2007/2008 University Pointe at College Station (ACE) 282 978 — 84,657 852 — 85,509 85,509 13,729 — 2012 309 Green 110 416 5,351 49,987 1,931 5,351 51,918 57,269 5,138 31,373 2008 The Retreat 187 780 5,265 46,236 1,521 5,265 47,757 53,022 4,763 — 2012 Lofts54 43 172 430 14,741 825 430 15,566 15,996 1,664 10,798 2008 Campustown Rentals 264 746 2,409 40,190 3,396 2,409 43,586 45,995 4,905 — 1920-1987 Chauncey Square 158 386 2,522 40,013 1,291 2,522 41,304 43,826 4,253 — 2007/2012 Vintage & Texan West Campus 124 311 5,937 11,906 14,923 5,937 26,829 32,766 2,597 8,707 2009 The Castilian 371 623 3,663 59,772 31,645 3,663 91,417 95,080 7,357 — 1967 Bishops Square 134 315 1,206 17,878 1,037 1,206 18,915 20,121 2,175 11,600 2002 Union 54 120 169 6,348 386 169 6,734 6,903 782 3,597 2007 922 Place 132 468 3,363 34,947 2,644 3,363 37,591 40,954 4,123 31,425 2009 Campustown 452 1,217 1,818 77,894 2,616 1,818 80,510 82,328 7,828 40,799 1910-2004 River Mill 243 461 1,741 22,806 2,822 1,741 25,628 27,369 2,718 — 1972 Garnet River Walk 170 476 1,427 28,616 1,047 1,427 29,663 31,090 3,534 16,856 2006 Landmark 173 606 3,002 118,168 641 3,002 118,809 121,811 10,911 — 2012 Icon Plaza 56 253 6,292 65,857 2,913 6,292 68,770 75,062 6,291 — 2012 The Province - Greensboro 219 696 2,226 48,567 649 2,226 49,216 51,442 4,997 28,635 2011 RAMZ Apts on Broad 88 172 785 12,303 418 785 12,721 13,506 1,266 — 2004 The Lofts at Capital Garage 36 144 313 3,581 413 313 3,994 4,307 465 4,404 1920/2000 Forest Village and Woodlake 352 704 3,125 18,041 2,922 3,125 20,963 24,088 2,443 — 1982/1983 25 Twenty 249 562 2,226 33,429 479 2,226 33,908 36,134 3,907 26,585 2011 The Province - Louisville 366 858 4,392 63,068 937 4,392 64,005 68,397 6,681 37,348 2009 West 27th Place 161 475 13,900 76,720 838 13,900 77,558 91,458 6,952 38,862 2011 The Province - Rochester 336 816 3,798 70,955 1,420 3,798 72,375 76,173 7,352 34,967 2010 5 Twenty Four & 5 Twenty Five Angliana 376 1,060 — 60,448 1,054 — 61,502 61,502 6,468 25,880 2009/2011 The Province - Tampa 287 947 — 52,943 2,251 — 55,194 55,194 5,796 32,686 2009 U Point Kennesaw 216 795 1,482 61,654 3,353 1,482 65,007 66,489 7,016 — 2012 The Cottages of Columbia 145 513 2,695 27,574 1,467 2,695 29,041 31,736 3,226 19,675 2008 Grindstone Canyon 201 384 1,631 21,641 981 1,631 22,622 24,253 2,595 13,929 2003 The Cottages of Durham 141 619 3,955 41,421 1,648 3,955 43,069 47,024 5,269 — 2012 The Province - Dayton 200 657 1,211 32,983 853 1,211 33,836 35,047 3,718 — 2009 The Cottages of Baton Rouge 382 1,290 6,524 113,912 6,469 6,524 120,381 126,905 11,901 62,940 2010/2011 U Club Cottages 105 308 1,744 22,134 661 1,744 22,795 24,539 2,599 15,588 2011 University Edge 201 608 4,500 26,385 894 4,500 27,279 31,779 2,567 — 2012 The Lodges of East Lansing phase I & II 364 1,049 6,472 89,231 949 6,472 90,180 96,652 8,420 30,199 2011/2013 7th Street Station 82 309 9,792 16,472 387 9,792 16,859 26,651 1,547 — 2012 U Club on Woodward 112 448 6,703 21,654 144 6,703 21,798 28,501 2,251 — 2013 Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs Capitalized Subsequent to Acquisition / Initial Development Land Buildings and Improvements and Furniture, Fixtures and Equipment Total (1) Accumulated Depreciation Encumbrances (2) Year Built The Callaway House Austin 219 753 $ — $ 61,550 $ 215 $ — $ 61,765 $ 61,765 $ 5,922 $ — 2013 Manzanita (ACE) 241 816 — 48,781 151 — 48,932 48,932 5,107 — 2013 University View (ACE) 96 336 — 14,683 105 — 14,788 14,788 1,526 — 2013 U Club Townhomes at Overton Park 112 448 7,775 21,483 139 7,775 21,622 29,397 2,208 — 2013 601 Copeland 81 283 1,457 26,699 192 1,457 26,891 28,348 2,275 — 2013 The Townhomes at Newtown Crossing 152 608 7,745 32,074 236 7,745 32,310 40,055 2,696 — 2013 Chestnut Square (ACE) 220 861 — 98,369 1,883 — 100,252 100,252 8,764 — 2013 Park Point 300 924 7,827 73,495 3,384 7,827 76,879 84,706 5,980 70,000 2008 U Centre at Fry Street 194 614 2,902 47,700 1,108 2,902 48,808 51,710 3,331 — 2012 Cardinal Towne 255 545 6,547 53,809 1,930 6,549 55,737 62,286 3,544 37,250 2010/2011 The Standard 190 610 4,674 57,310 438 4,674 57,748 62,422 2,221 — 2014 Stanworth Commons Phase I (ACE) 127 214 — 30,930 — — 30,930 30,930 1,586 — 2014 The Plaza on University 364 1,313 23,987 85,584 1,820 23,987 87,404 111,391 4,665 — 2014 U Club on Frey Phase II 102 408 5,403 18,691 31 5,403 18,722 24,125 929 — 2014 The Suites Phase II (ACE) 164 328 — 18,216 57 — 18,273 18,273 1,025 — 2014 U Centre at Northgate (ACE ) 196 784 — 35,663 128 — 35,791 35,791 2,077 — 2014 University Walk 177 526 4,341 29,073 530 4,341 29,603 33,944 973 — 2014 Park Point 66 226 — 25,725 1,054 — 26,779 26,779 617 11,461 2010 1200 West Marshall 136 406 4,397 33,908 220 4,397 34,128 38,525 864 — 2013 8 1/2 Canal Street 160 540 2,797 45,394 212 2,797 45,606 48,403 1,079 — 2011 Vistas San Marcos 255 600 586 45,761 3,078 586 48,839 49,425 1,351 — 2013 Crest at Pearl 141 343 4,395 36,268 199 4,395 36,467 40,862 648 — 2014 U Club Binghamton 186 710 3,584 48,559 825 3,584 49,384 52,968 696 — 2005 Stadium Centre 367 710 7,424 74,932 946 7,424 75,878 83,302 1,127 57,800 2014 160 Ross 182 642 2,962 38,478 70 2,962 38,548 41,510 637 — 2015 U Club on Woodward Phase II 124 496 9,647 25,328 45 9,647 25,373 35,020 437 — 2015 The Summit at University City (ACE) 351 1,315 — 154,770 49 — 154,819 154,819 1,666 — 2015 2125 Franklin 192 734 8,299 55,716 54 8,299 55,770 64,069 578 — 2015 Properties Under Development (4) — The Court at Stadium Centre 80 260 1,877 12,576 — 1,877 12,576 14,453 — 5,559 2016 U Club on 28th 100 400 9,725 20,338 — 9,725 20,338 30,063 — — 2016 Currie Hall (ACE) 178 456 — 29,297 — — 29,297 29,297 — — 2016 University Pointe (ACE) 134 531 — 19,154 — — 19,154 19,154 — — 2016 Fairview House (ACE) 107 633 — 23,063 — — 23,063 23,063 — — 2016 U Club Sunnyside 134 536 7,423 15,309 — 7,423 15,309 22,732 — — 2016 Merwick Stanworth Phase II (ACE) 198 379 — 16,345 — — 16,345 16,345 — — 2016 Arizona State University Residence Hall (ACE) 429 1,594 — 9,001 — — 9,001 9,001 — — 2017 U Centre on Turner 182 718 14,000 3,364 — 14,000 3,364 17,364 — — 2017 Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs Capitalized Subsequent to Acquisition / Initial Development Land Buildings and Improvements and Furniture, Fixtures and Equipment Total (1) Accumulated Depreciation Encumbrances (2) Year Built Properties Under Redevelopment — University Crossings (ACE) 260 1,016 47,830 41,053 — 88,883 88,883 14,493 — 1926/2003 Undeveloped land parcels — — 66,219 — — 66,219 — 66,219 — — N/A Subtotal 30,368 94,302 $ 610,617 $ 5,423,776 $ 335,354 $ 611,222 $ 5,758,525 $ 6,369,747 $ 792,122 $ 940,328 On-Campus Participating Properties University Village – PVAMU 612 1,920 $ — $ 36,506 $ 7,641 $ — 44,147 44,147 $ 30,157 $ 18,231 1996/97/98 University College - PVAMU 756 1,470 — 22,650 5,067 — 27,717 27,717 16,443 15,915 2000/2003 University Village - TAMIU 84 250 — 5,844 1,220 — 7,064 7,064 4,863 2,789 1997 Cullen Oaks Phase I and II 411 879 — 33,910 3,471 — 37,381 37,381 15,926 29,587 2001/2005 College Park 224 567 — 43,634 42 — 43,676 43,676 2,467 43,878 2014 Subtotal 2,087 5,086 $ — $ 142,544 $ 17,441 $ — $ 159,985 $ 159,985 $ 69,856 $ 110,400 Total 32,455 99,388 $ 610,617 $ 5,566,320 $ 352,795 $ 611,222 $ 5,918,510 $ 6,529,732 $ 861,978 $ 1,050,728 (1) Total aggregate costs for Federal income tax purposes is approximately $6,492.2 million . (2) Total encumbrances exclude net unamortized debt premiums of approximately $50.8 million and net unamortized debt discounts of approximately $0.2 million as of December 31, 2015 . (3) These properties are classified as held for sale as of December 31, 2015 (see Note 6 ). (4) Initial costs represent construction costs incurred to date associated with the development of these properties. Year built represents the scheduled completion date. The changes in the Company’s investments in real estate and related accumulated depreciation for each of the years ended December 31, 2015 , 2014 and 2013 are as follows: For the Year Ended December 31, 2015 2014 2013 Wholly- (1) (2) On-Campus (3) Wholly- (1) (4) On-Campus (3) Wholly- (1) (5) On-Campus (3) Investments in Real Estate: Balance, beginning of year $ 6,144,242 $ 157,043 $ 5,742,971 $ 130,705 $ 5,267,845 $ 109,838 Acquisition of land for development 39,583 — 3,627 — 25,649 — Acquisition of properties 361,265 — 71,269 — 288,191 — Improvements and development expenditures 306,659 2,942 361,369 26,338 340,033 20,867 Write off of fully depreciated or damaged assets (1,240 ) — (1,853 ) — (1,862 ) — Provision for real estate impairment — — (2,443 ) — — — Disposition of real estate (480,762 ) — (30,698 ) — (176,885 ) — Balance, end of year $ 6,369,747 $ 159,985 $ 6,144,242 $ 157,043 $ 5,742,971 $ 130,705 Accumulated Depreciation: Balance, beginning of year $ (704,521 ) $ (62,915 ) $ (529,555 ) $ (57,249 ) $ (396,469 ) $ (52,492 ) Depreciation for the year (191,661 ) (6,941 ) (182,756 ) (5,666 ) (162,230 ) (4,757 ) Write off of fully depreciated or damaged assets 1,240 — 1,281 — 1,862 — Disposition of properties 102,820 — 6,509 — 27,282 — Balance, end of year $ (792,122 ) $ (69,856 ) $ (704,521 ) $ (62,915 ) $ (529,555 ) $ (57,249 ) (1) Includes owned off-campus properties and owned on-campus properties. (2) The investments in real estate and accumulated depreciation balances include The Edge - Orlando and University Village Sacramento which are classified as wholly-owned properties held for sale in the accompanying consolidated balance sheets as of December 31, 2015 . (3) Includes on-campus participating properties. (4) The investments in real estate and accumulated depreciation balances include The Highlands, Chapel Ridge, Chapel View, University Place, The Village at Alafaya Club, The View and University Greens, which were classified as wholly-owned properties held for sale in the accompanying consolidated balance sheets as of December 31, 2014 . (5) The investments in real estate and accumulated depreciation balances include Hawks Landing which was classified as a wholly-owned property held for sale in the accompanying consolidated balance sheets as of December 31, 2013 .

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Real Estate Properties [Line Items]
Basis of Presentation	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	Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update 2016-02 (“ASU 2016-02”), "Leases: Amendments to the FASB Accounting Standards Codification." ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The new standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The guidance is effective for public business entities for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing whether ASU 2016-02 will have a material effect on its consolidated financial statements. In September 2015, the FASB issued Accounting Standards Update 2015-16 ("ASU 2015-16"), "Simplifying the Accounting for Measurement-Period Adjustments." ASU 2015-16 eliminates the requirement that an acquirer in a business combination account for a measurement-period adjustment retrospectively. Instead, an acquirer will recognize a measurement-period adjustment during the period in which the amount of the adjustment is determined. The guidance is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. The Company plans to adopt ASU 2015-16 as of January 1, 2016 and does not expect it to have a material impact on its consolidated financial statements. In April 2015, the FASB issued Accounting Standards Update 2015-03 ("ASU 2015-03"), "Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires all costs incurred to issue debt be presented in the balance sheet as a direct deduction from the carrying value of the debt rather than being recorded as a deferred charge and presented as an asset. ASU 2015-03 is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted, and retrospective application required. In August 2015, the FASB issued Accounting Standards Update 2015-15 ("ASU 2015-15"), "Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements." ASU 2015-15 clarifies the presentation of debt issuance costs related to credit facility arrangements. For public business entities, the final guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company plans to adopt ASU 2015-03 and ASU 2015-15 as of January 1, 2016 and does not expect it to have a material impact on its consolidated financial statements. In February 2015, the FASB issued Accounting Standards Update 2015-02 ("ASU 2015-02"), "Amendments to the Consolidation Analysis.” ASU 2015-02 changes the analysis a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 modifies whether limited partnerships and similar entities are variable interest entities ("VIEs") or voting interest entities and eliminates the presumption a general partner should consolidate a limited partnership. ASU 2015-02 is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted. The Company plans to adopt ASU 2015-02 as of January 1, 2016 and does not expect it to have a material impact on its consolidated financial statements. In May 2014, the FASB issued Accounting Standards Update 2014-09 (“ASU 2014-09”), "Revenue From Contracts With Customers". ASU 2014-09 provides a single comprehensive revenue recognition model for contracts with customers (excluding certain contracts, such as lease contracts) to improve comparability within industries. ASU 2014-09 requires an entity to recognize revenue to reflect the transfer of goods or services to customers at an amount the entity expects to be paid in exchange for those goods and services and provide enhanced disclosures, all to provide more comprehensive guidance for transactions such as service revenue and contract modifications. In July 2015, the FASB issued ASU 2015-14 ("ASU 2015-14"), "Deferral of the Effective Date". This standard deferred by one year the effective date of ASU 2014-09. The new revenue recognition standard is effective for public entities for interim and annual periods beginning after December 15, 2017 and may be applied using either a full retrospective or modified approach upon adoption. The Company plans to adopt ASU 2014-09 as of January 1, 2018 and is currently evaluating the potential impact of the new standard on its consolidated financial statements.
Use of Estimates	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 and On-Campus Properties	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 participating properties 25-34 years (shorter of useful life or respective lease term) 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 $9.6 million , $8.8 million and $10.0 million was capitalized during the years ended December 31, 2015 , 2014 and 2013 , 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, or when a property meets the criteria to be classified as held for sale, at which time an impairment charge is recognized for any excess of the carrying value of the property over the expected net proceeds from the disposal. 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, 2015 . 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/comparables 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. We record the acquisition of undeveloped land parcels that do not meet the accounting criteria to be accounted for as business combinations at the purchase price paid and capitalize the associated acquisition costs.
Long-Lived Assets-Held for Sale	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: a. Management, having the authority to approve the action, commits to a plan to sell the asset. b. 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. c. An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated. d. 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. e. The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. f. 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.
Discontinued Operations	Discontinued Operations A discontinued operation represents (i) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity's operations and financial results; or (ii) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (i) a separate major line of business; (ii) a separate major geographic area of operations; (iii) a major equity method investment; or (iv) other major parts of an entity. The Company classifies disposals of real estate that do not meet the definition of a discontinued operation within income from continuing operations in the accompanying consolidated statements of comprehensive income.
Cash and Cash Equivalents	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 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.
Loans Receivable	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.
Intangible Assets	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.
Deferred Financing Costs	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.
Joint Ventures	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 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.
Unsecured Notes - Original Issue Discount	Unsecured Notes - Original Issue Discount The Company has completed three offerings of senior unsecured notes totaling $1.2 billion that are detailed in Note 11 herein. The total unamortized original issue discount was approximately $2.2 million and $1.7 million as of December 31, 2015 and 2014 , respectively, and is included in unsecured notes on the accompanying consolidated balance sheets. Amortization of the original issue discounts of approximately $0.2 million , $0.1 million , and $0.1 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively, is included in interest expense on the accompanying consolidated statements of comprehensive income.
Rental Revenues and Related Receivables	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. Allowances for receivables are established when management determines that collection of such receivables are doubtful. Management's determination of the adequacy of the allowances is based primarily on an analysis of the aging of receivables, historical bad debts, and current economic trends. When management has determined receivables to be uncollectible, which is typically after two years, they are removed as an asset with a corresponding reduction in the allowance for doubtful accounts.
Tenant Reimbursements	Tenant Reimbursements Reimbursements from tenants, consisting of amounts due from tenants for utilities, are recognized as revenue in the period the recoverable costs are incurred. Tenant reimbursements are recognized and recorded on a gross basis, as we are generally the primary obligor with respect to purchasing goods and services from third-party suppliers, have discretion in selecting the supplier, and have credit risk.
Third-Party Development Services Revenue and Costs	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 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 third-party 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.
Third-Party Management Services Revenue	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. The Company evaluates the collectability of revenue earned from third-party management contracts and reserves any amounts deemed to be uncollectible based on the individual facts and circumstances of the projects and associated contracts.
Advertising Costs	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.
Derivative Instruments and Hedging Activities	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.
Common Stock Issuances and Costs	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.
Share-Based Compensation	Share-Based Compensation Compensation expense associated with share-based awards is recognized in our consolidated statements of comprehensive income based on the grant-date fair values. Compensation expense is recognized over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period.
Income Taxes	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.
Owned On Campus Properties
Real Estate Properties [Line Items]
Investments in Real Estate and On-Campus Properties	Owned On-Campus Properties Under its ACE program, the Company, as lessee, has entered into ground/facility lease agreements with eleven university systems to finance, construct, and manage 23 student housing properties. Five properties were under construction as of December 31, 2015 with four scheduled to open for occupancy in Fall 2016 and one in Fall 2017. The terms of the leases, including extension options, range from 30 to 100 years, and the lessor has title to the land and generally 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
Real Estate Properties [Line Items]
Investments in Real Estate and On-Campus Properties	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. With the exception of the Company's lease with West Virginia University, each lease terminates upon final repayment of the construction related financing, the amortization period of which is contractually stipulated. The Company's lease with West Virgina University has an initial term of 40 years with two 10 -year extensions at the Company's option. 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 VIEs, with the Company being the primary beneficiary. As such, the Company consolidates these properties for financial reporting purposes.

Summary of Significant Accoun29

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Schedule of estimated useful lives of assets	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 participating properties 25-34 years (shorter of useful life or respective lease term) Furniture, fixtures and equipment 3-7 years
Schedule of allowance for doubtful accounts	The allowance for doubtful accounts is summarized as follows: Balance, Beginning of Period Charged to Expense Write-Offs Balance, End of Period Year ended December 31, 2013 $ 10,602 $ 9,871 $ (4,547 ) $ 15,926 Year ended December 31, 2014 $ 15,926 $ 10,894 $ (7,109 ) $ 19,711 Year ended December 31, 2015 $ 19,711 $ 10,115 $ (12,772 ) (1 ) $ 17,054 (1) Write-offs include $4.0 million related to properties previously disposed of.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share Disclosure [Line Items]
Schedule of potentially dilutive securities not included in calculating diluted earnings per share	The following potentially dilutive securities were outstanding for the years ended December 31, 2015 , 2014 and 2013 , 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, 2015 2014 2013 Common OP Units (Note 9) — 1,213,509 1,158,892 Preferred OP Units (Note 9) 109,775 111,279 113,721 Total potentially dilutive securities 109,775 1,324,788 1,272,613
Schedule of summary of elements used in calculating basic earnings per share/unit	The following is a summary of the elements used in calculating basic and diluted earnings per share: Year Ended December 31, 2015 2014 2013 Numerator - basic earnings per share: Income from continuing operations $ 118,061 $ 61,384 $ 47,436 Income from continuing operations attributable to noncontrolling interests (2,070 ) (1,231 ) (1,843 ) Income from continuing operations attributable to common shareholders 115,991 60,153 45,593 Amount allocated to participating securities (1,086 ) (1,076 ) (927 ) Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities 114,905 59,077 44,666 Income from discontinued operations — 2,720 59,755 Income from discontinued operations attributable to noncontrolling interests — (34 ) (704 ) Income from discontinued operations attributable to common shareholders — 2,686 59,051 Net income attributable to common shareholders - basic $ 114,905 $ 61,763 $ 103,717 Numerator - diluted earnings per share: Net income attributable to common shareholders - basic $ 114,905 $ 61,763 $ 103,717 Income allocated to Common OP Units 1,282 — — Net income attributable to common shareholders - diluted $ 116,187 $ 61,763 $ 103,717 Denominator: Basic weighted average common shares outstanding 111,987,361 105,032,155 104,760,502 Unvested Restricted Stock Awards (Note 13) 680,980 679,265 621,818 Common OP Units (Note 9) 1,363,881 — — Diluted weighted average common shares outstanding 114,032,222 105,711,420 105,382,320 Earnings per share – basic: Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities $ 1.03 $ 0.56 $ 0.43 Income from discontinued operations attributable to common shareholders $ — $ 0.03 $ 0.56 Net income attributable to common shareholders $ 1.03 $ 0.59 $ 0.99 Earnings per share – diluted: Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities $ 1.02 $ 0.56 $ 0.42 Income from discontinued operations attributable to common shareholders $ — $ 0.02 $ 0.56 Net income attributable to common shareholders $ 1.02 $ 0.58 $ 0.98
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Earnings Per Share Disclosure [Line Items]
Schedule of potentially dilutive securities not included in calculating diluted earnings per share	The following is a summary of the elements used in calculating basic and diluted earnings per unit: Year Ended December 31, 2015 2014 2013 Numerator - basic and diluted earnings per unit: Income from continuing operations $ 118,061 $ 61,384 $ 47,436 Income from continuing operations attributable to noncontrolling interests - partially owned properties (612 ) (352 ) (1,188 ) Income from continuing operations attributable to Series A preferred units (176 ) (175 ) (119 ) Amount allocated to participating securities (1,086 ) (1,076 ) (927 ) Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities 116,187 59,781 45,202 Income from discontinued operations — 2,720 59,755 Income from discontinued operations attributable to Series A preferred units — (3 ) (63 ) Income from discontinued operations attributable to common unitholders — 2,717 59,692 Net income attributable to common unitholders $ 116,187 $ 62,498 $ 104,894 Denominator: Basic weighted average common units outstanding 113,351,242 106,245,664 105,919,394 Unvested Restricted Stock Awards (Note 13) 680,980 679,265 621,818 Diluted weighted average common units outstanding 114,032,222 106,924,929 106,541,212 Earnings per unit – basic: Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities $ 1.03 $ 0.56 $ 0.43 Income from discontinued operations attributable to common unitholders $ — $ 0.03 $ 0.56 Net income attributable to common unitholders $ 1.03 $ 0.59 $ 0.99 Earnings per unit – diluted: Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities $ 1.02 $ 0.56 $ 0.42 Income from discontinued operations attributable to common unitholders $ — $ 0.02 $ 0.56 Net income attributable to common unitholders $ 1.02 $ 0.58 $ 0.98

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of significant components of deferred tax assets and liabilities of TRSs	Significant components of the deferred tax assets and liabilities of the TRSs are as follows: December 31, 2015 2014 Deferred tax assets: Fixed and intangible assets $ 2,663 $ 3,283 Net operating loss carryforwards 7,887 6,552 Prepaid and deferred income 2,326 2,265 Bad debt reserves 725 687 Accrued expenses and other 4,578 3,770 Stock compensation 2,454 2,099 Total deferred tax assets 20,633 18,656 Valuation allowance for deferred tax assets (20,431 ) (18,415 ) Deferred tax assets, net of valuation allowance 202 241 Deferred tax liability: Deferred financing costs 202 241 Net deferred tax liabilities $ — $ —
Schedule of significant components of income tax provision	Significant components of the Company’s income tax provision are as follows: Year Ended December 31, 2015 2014 2013 Current: Federal $ — $ — $ — State (1,242 ) (1,308 ) (1,020 ) Deferred: Federal — — — State — — — Total provision -- continuing operations $ (1,242 ) $ (1,308 ) $ (1,020 )
Schedule of reconciliation of income tax attributable to continuing operations for the TRSs computed at the U.S. statutory rate to income tax provision	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, 2015 2014 2013 Tax benefit at U.S. statutory rates on TRS income subject to tax $ 2,019 $ 1,928 $ 2,060 State income tax, net of federal income tax benefit 74 71 76 Effect of permanent differences and other (77 ) (72 ) (76 ) Increase in valuation allowance (2,016 ) (1,927 ) (2,060 ) TRS income tax provision $ — $ — $ —
Schedule of distributions to shareholders	A schedule of per share distributions the Company paid and reported to its shareholders, which is unaudited, is set forth in the following table: Year Ended December 31, Tax Treatment of Distributions: 2015 2014 2013 Ordinary income $ 0.4658 $ 0.9016 $ 0.7990 Long-term capital gain (1) 0.5301 0.0107 0.5229 Return of capital 0.5841 0.5877 0.0956 Total per common share outstanding $ 1.5800 $ 1.5000 $ 1.4175 (1) Unrecaptured Sec. 1250 gains of $0.5281 , $0.0248 and $0.2189 were reported for the years ended December 31, 2015 , the 2014 , and 2013 , respectively.

Property Acquisitions (Tables)

Property Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Schedule of business acquisitions	During the year ended December 31, 2015 , the Company acquired the following wholly-owned properties for approximately $378.3 million : Property Location Primary University Served Acquisition Date Units Beds Park Point (1) Syracuse, NY Syracuse University February 2015 66 226 University Walk (2) Knoxville, TN University of Tennessee February 2015 177 526 1200 West Marshall Richmond, VA Virginia Commonwealth University March 2015 136 406 8 1/2 Canal Street (3) Richmond, VA Virginia Commonwealth University March 2015 160 540 Vistas San Marcos San Marcos, TX Texas State University March 2015 255 600 Crest at Pearl Austin, TX University of Texas June 2015 141 343 UP at Metroplex Binghamton, NY Binghamton University - SUNY June 2015 186 710 Stadium Centre (4) Tallahassee, FL Florida State University July 2015 367 710 1,488 4,061 (1) As part of this transaction, the Company assumed approximately $11.6 million of fixed rate mortgage debt. (2) University Walk completed construction and opened for operations in August 2014 and was purchased by the Company in February 2015. This property was consolidated for financial reporting purposes prior to the acquisition date because the entity that owned this property was deemed to be a VIE and the Company was determined to be the primary beneficiary of the VIE. (3) As part of this transaction, the Company issued 343,895 Common OP Units to the seller, valued at $41.24 per unit. (4) As part of this transaction, the Company assumed approximately $57.8 million of fixed rate mortgage debt.
Schedule of d assets acquired and liabilities assumed	The following table summarizes the fair values of the assets acquired and liabilities assumed from the properties discussed above: 2015 2014 Assets acquired: Land $ 26,766 $ 13,469 Buildings and improvements 317,627 54,163 Furniture, fixtures and equipment 16,871 3,637 Intangible assets 16,976 874 Other assets 3,117 2,922 Total assets acquired $ 381,357 $ 75,065 Liabilities assumed: Mortgage debt $ (72,365 ) (1) $ — Other liabilities (3,457 ) — Total liabilities assumed $ (75,822 ) $ — Net assets acquired $ 305,535 $ 75,065 (1) Balance includes $3.0 million in premiums recorded to reflect mortgage debt at acquisition date fair value.
Schedule of pro forma information	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, 2015 2014 2013 Total revenues $ 765,377 $ 763,073 $ 695,460 Net income attributable to common shareholders $ 122,530 $ 68,904 $ 110,861

Property Dispositions and Dis33

Property Dispositions and Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Schedule of properties classified as held for sale	The following two wholly-owned properties are classified as held for sale on the accompanying consolidated balance sheet as of December 31, 2015 : Property Location Primary University Served Units Beds The Edge - Orlando Orlando, FL University of Central Florida 306 930 University Village - Sacramento Sacramento, CA California State Univ. - Sacramento 250 394
Schedule of properties sold during period	Property Location Primary University Served Disposition Date Units Beds The Highlands Reno, NV University of Nevada at Reno January 2015 216 732 The View Lincoln, NE University of Nebraska January 2015 157 590 Chapel Ridge Chapel Hill, NC University of North Carolina January 2015 180 544 Chapel View Chapel Hill, NC University of North Carolina January 2015 224 358 The Village at Alafaya Club Orlando, FL University of Central Florida January 2015 228 839 University Place Charlottesville, VA University of Virginia January 2015 144 528 University Greens Norman, OK University of Oklahoma January 2015 156 516 The Outpost San Marcos San Marcos, TX Texas State University February 2015 162 486 University Meadows Mt. Pleasant, MI Central Michigan University February 2015 184 616 Eagles Trail Hattiesburg, MS University of Southern Mississippi March 2015 216 792 Lakeside Apartments Athens, GA University of Georgia May 2015 244 776 The Club Athens, GA University of Georgia May 2015 120 480 The Estates Gainesville, FL University of Florida May 2015 396 1,044 South View Harrisonburg, VA James Madison University May 2015 240 960 Stone Gate Harrisonburg, VA James Madison University May 2015 168 672 The Commons Harrisonburg, VA James Madison University May 2015 132 528 University Heights Knoxville, TN University of Tennessee May 2015 204 636 The Woods at Greenland Murfreesboro, TN Middle Tennessee State University July 2015 78 276 Raiders Crossing Murfreesboro, TN Middle Tennessee State University July 2015 96 276 University Gables Murfreesboro, TN Middle Tennessee State University July 2015 168 648 3,713 12,297
Schedule of summary of results of disposition and discontinued operations	The following is a summary of (loss) income attributable to discontinued operations for the periods presented: 2014 2013 Total revenues $ 279 $ 16,191 Total operating expenses (239 ) (7,220 ) Depreciation and amortization — (2,487 ) Operating income 40 6,484 Total nonoperating expenses (163 ) (1,660 ) Net (loss) income $ (123 ) $ 4,824

Investments in Wholly-Owned P34

Investments in Wholly-Owned Properties (Tables)	12 Months Ended
	Dec. 31, 2015
Wholly owned properties
Real Estate Properties [Line Items]
Schedule of real estate properties	Wholly-owned properties consisted of the following: December 31, 2015 2014 Land (1) (2) $ 597,894 $ 571,242 Buildings and improvements 5,235,033 4,937,345 Furniture, fixtures and equipment 311,696 289,168 Construction in progress (2) 154,988 185,414 6,299,611 5,983,169 Less accumulated depreciation (777,340 ) (674,462 ) Wholly-owned properties, net (3) $ 5,522,271 $ 5,308,707 (1) The land balance above includes undeveloped land parcels with book values of approximately $66.2 million and $40.6 million as of December 31, 2015 and 2014 , respectively. It also includes land totaling approximately $33.0 million and $30.2 million as of December 31, 2015 and 2014 , respectively, related to properties under development. (2) Land and construction in progress as of December 31, 2015 includes $ 1.9 million and $12.6 million , respectively, related to The Court at Stadium Centre property located in Tallahassee, Florida that will serve students attending Florida State University. In conjunction with the purchase of Stadium Centre in July 2015, the Company entered into a pre-sale agreement to purchase this adjacent property which is anticipated to be completed in May 2016. The Company is obligated to purchase the property as long as certain construction completion deadlines and other closing conditions are met. 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 The Court at Stadium Centre is deemed to be a 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 the net book value of two wholly-owned properties classified as held for sale in the accompanying consolidated balance sheet as of December 31, 2015 and seven wholly-owned properties classified as held for sale in the accompanying consolidated balance sheet as of December 31, 2014 (see Note 6 ). The properties classified as held for sale at December 31, 2014 were sold in January 2015.

On-Campus Participating Prope35

On-Campus Participating Properties (Tables)	12 Months Ended
	Dec. 31, 2015
On-campus participating properties
Real Estate Properties [Line Items]
Schedule of real estate properties	On-campus participating properties are as follows: Historical Cost – December 31, Lessor/University Lease Commencement Required Debt Repayment 2015 2014 Texas A&M University System / Prairie View A&M University (1) 2/1/1996 9/1/2023 $ 44,147 $ 43,036 Texas A&M University System / Texas A&M International 2/1/1996 9/1/2023 7,064 6,937 Texas A&M University System / Prairie View A&M University (2) 10/1/1999 8/31/2025 27,717 26,828 8/31/2028 University of Houston System / University of Houston (3) 9/27/2000 8/31/2035 37,381 36,606 West Virginia University / West Virginia University (4) 7/16/2013 7/16/2045 43,676 43,636 159,985 157,043 Less accumulated amortization (69,856 ) (62,915 ) On-campus participating properties, net $ 90,129 $ 94,128 (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) This property commenced operations in August 2014. Due to our involvement in the construction of the facility, fees paid to the Company/lessee for development and construction management services during the construction period were deferred and amortized to revenue over the lease term.

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 2015
Noncontrolling Interest [Abstract]
Schedule of summarized activity of redeemable limited partners	Below is a table summarizing the activity of redeemable limited partners for the years ended December 31, 2015 and 2014 : Balance, December 31, 2013 $ 47,964 Net income 913 Distributions (1,998 ) Conversion of redeemable limited partner units into shares of ACC common stock (607 ) Adjustments to reflect redeemable limited partner units at fair value 8,200 Balance, December 31, 2014 $ 54,472 Net income 1,458 Distributions (2,329 ) Redeemable limited partner units issued as consideration (see Note 5) 14,182 Conversion of redeemable limited partner units into shares of ACC common stock (3,000 ) Redemption of redeemable limited partner units for cash (810 ) Adjustments to reflect redeemable limited partner units at fair value (4,462 ) Balance, December 31, 2015 $ 59,511

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of summary of outstanding consolidated indebtedness, including unamortized debt premiums and discounts	The Company has issued the following senior unsecured notes: Date Issued Amount % of Par Value Coupon Yield Original Issue Discount Term September 2015 (1) $ 400,000 99.811 3.350 % 3.391 % $ 756 5 June 2014 400,000 99.861 4.125 % 4.142 % 556 10 April 2013 400,000 99.659 3.750 % 3.791 % 1,364 10 $ 1,200,000 $ 2,676 (1) Net proceeds from the sale of the unsecured notes totaled approximately $394.4 million after deducting the underwriting discount and offering expenses. The underwriting discount and offering expenses were capitalized to deferred financing costs and will be amortized over the term of the unsecured notes. The Company used $356.2 million of the offering proceeds to pay down the outstanding balance on its revolving credit facility in full. A summary of the Company’s outstanding consolidated indebtedness, including unamortized debt premiums and discounts, is as follows: December 31, 2015 2014 Debt secured by wholly-owned properties: Mortgage loans payable: Unpaid principal balance $ 934,769 $ 1,094,306 Unamortized debt premiums 50,763 60,586 Unamortized debt discounts (166 ) (895 ) 985,366 1,153,997 Construction loans payable (1) 5,559 63,637 990,925 1,217,634 Debt secured by on-campus participating properties: Mortgage loans payable (2) 73,465 30,553 Bonds payable 36,935 39,785 Construction loan payable (2) — 43,942 110,400 114,280 Total secured mortgage, construction and bond debt 1,101,325 1,331,914 Unsecured notes, net of unamortized original issue discount 1,197,755 798,305 Unsecured revolving credit facility 68,900 242,500 Unsecured term loans 600,000 600,000 Total debt $ 2,967,980 $ 2,972,719 (1) Construction loans payable as of December 31, 2015 consist of $5.6 million related to a construction loan partially financing the development and construction of The Court at Stadium Centre, a VIE the Company is including in its consolidated financial statements (see Note 7). The creditor of this construction loan does not have recourse to the assets of the Company. Construction loans payable as of December 31, 2014 includes a construction loan for two ACE properties, the Suites and Hilltop Townhomes, that was paid off in 2015, in addition to $19.0 million related to a construction loan that partially financed the development and construction of University Walk, a VIE the Company included in its consolidated financial statements prior to acquisition (see Note 5 ). (2) A construction loan securing the on-campus participating property located at West Virginia University was classified as a construction loan as of December 31, 2014 and is now reflected as a mortgage loan as of December 31, 2015 , as the loan now requires principal and interest payments beginning in August 2015.
Schedule of mortgage and construction loans payable	Mortgage and construction loans payable, excluding debt premiums and discounts, consisted of the following as of December 31, 2015 : December 31, 2015 Principal Outstanding Weighted Weighted Number of December 31, Average Average Properties 2015 2014 Interest Rate Years to Maturity Encumbered Fixed Rate: Mortgage loans payable (1) $ 1,008,234 $ 1,124,859 5.10 % 5.2 years 41 Construction loan payable 5,559 43,942 4.61 % 8.7 years 1 Variable Rate: Construction loans payable — 63,637 — % 0.0 years — Total $ 1,013,793 $ 1,232,438 5.09 % 5.3 years 42 (1) Fixed rate mortgage loans payable mature at various dates from May 2016 through July 2045 and carry interest rates ranging from 3.05% to 7.15% . A construction loan securing the on-campus participating property located at West Virginia University was classified as a construction loan as of December 31, 2014 and is now reflected as a mortgage loan as of December 31, 2015 , as the loan now requires principal and interest payments beginning in August 2015. Interest rate is fixed for the first five years and variable for the remaining term of the loan.
Schedule of debt transactions	During the twelve months ended December 31, 2015 , the following transactions occurred: Mortgage Loans Payable (1) Construction Loans Payable Balance, December 31, 2014 $ 1,184,550 $ 107,579 Additions: Assumption of mortgage loans payable (2) 69,421 — Mark-to-market premium/(discount) recorded upon debt assumption 2,942 — Mortgage loan formerly classified as construction loan (3) 44,200 (44,200 ) Draws under advancing construction notes payable (3) — 258 Draws under advancing construction notes payable (non-cash) VIEs (4) — 5,559 Deductions: Payoff of maturing mortgage notes payable (5) (218,724 ) — Payoff of construction notes payable (6) — (44,637 ) Payoff of construction loans payable (non-cash) VIEs (7) — (19,000 ) Scheduled repayments of principal (11,522 ) — Amortization of debt premiums and discounts (12,036 ) — Balance, December 31, 2015 $ 1,058,831 $ 5,559 (1) Balance includes unamortized debt premiums and discounts. (2) Represents debt assumed with the acquisitions of the following properties: Park Point Syracuse and Stadium Centre. (3) Represents construction loan used to finance the development and construction of on-campus participating property located in Morgantown, West Virginia. This loan was classified as a construction loan as of December 31, 2014, and is now reflected as a mortgage loan as of December 31, 2015. (4) Represents draws from one construction loan used to partially finance the development and construction of The Court at Stadium Centre, a VIE the Company is including in its consolidated financial statements. (5) The Company paid off fixed rate mortgage debt secured by the following wholly-owned properties: Chapel View, University Meadows, Lakeside, Campus Edge, Newtown Crossing, Olde Towne, Peninsular Place, The Estates, Southview, Stonegate, Tower at Third, University Pointe, University Village Sacramento, and Jacob Heights I. (6) The company paid off variable rate construction debt secured by the following wholly-owned properties: The Suites and Hilltop Townhomes. (7) Represents payoff of the construction loan used to finance the development of University Walk. The seller/developer paid off this construction loan with proceeds from the Company's purchase of the property in February 2015.
Schedule of bonds payable	Bonds payable at December 31, 2015 consisted of the following: Principal Weighted Required Series Mortgaged Facilities Subject to Leases Original December 31, 2015 Average Rate Maturity Date Monthly Debt Service 1999 University Village-PVAMU/TAMIU $ 39,270 $ 21,020 7.75 % September 2023 $ 302 2001 University College–PVAMU 20,995 12,970 7.59 % August 2025 158 2003 University College–PVAMU 4,325 2,945 6.11 % August 2028 28 Total/weighted average rate $ 64,590 $ 36,935 7.56 % $ 488
Schedule of debt maturities	The following table summarizes the stated debt maturities and scheduled amortization payments, excluding debt premiums and discounts, for each of the five years subsequent to December 31, 2015 and thereafter: 2016 $ 169,152 2017 482,987 2018 245,273 2019 265,916 2020 470,561 Thereafter 1,285,739 (1 ) $ 2,919,628 (1) Includes $5.6 million related to a construction loan partially financing the development and construction of The Court at Stadium Centre, a VIE the Company is including in its consolidated financial statements.

Stockholders' Equity _ Partne38

Stockholders' Equity / Partners' Capital (Tables)	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Summary of Equity Program Activity	The following table presents activity under the Company’s current and prior ATM Equity Programs: Years Ended December 31, 2015 2014 Total net proceeds $ 213,416 $ 87,977 Commissions paid to sales agents $ 3,250 $ 1,340 Weighted average price per share $ 43.92 $ 40.48 Shares of common stock sold 4,933,665 2,206,240

Incentive Award Plan (Tables)

Incentive Award Plan (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of summary of restricted stock units	A summary of the Company’s RSUs under the Plan for the years ended December 31, 2015 and 2014 is presented below: Number of RSUs Weighted-Average Grant Date Fair Value Per RSU Outstanding at December 31, 2013 — $ — Granted 15,457 38.54 Settled in common shares (9,027 ) 38.54 Settled in cash (6,430 ) 38.54 Outstanding at December 31, 2014 — $ — Granted 22,320 39.65 Settled in common shares (16,491 ) 39.77 Settled in cash (5,829 ) 39.34 Outstanding at December 31, 2015 — $ —
Schedule of summary of restricted stock awards	A summary of the Company’s RSAs under the Plan for the years ended December 31, 2015 and 2014 is presented below: Number of RSAs Weighted-Average Grant Date Fair Value Per RSA Nonvested balance at December 31, 2013 602,191 $ 38.84 Granted 292,526 34.52 Vested (124,883 ) 34.00 Forfeited (1) (160,320 ) 36.75 Nonvested balance at December 31, 2014 609,514 $ 38.31 Granted 286,178 44.23 Vested (116,166 ) 36.50 Forfeited (1) (123,601 ) 38.78 Nonvested balance at December 31, 2015 655,925 $ 41.12 (1) Includes shares withheld to satisfy tax obligations upon vesting.

Derivative Instruments and He40

Derivative Instruments and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of summary of outstanding interest rate swap contracts	The following table summarizes the Company’s outstanding interest rate swap contracts as of December 31, 2015 : Hedged Debt Instrument Effective Date Maturity Date Pay Fixed Rate Receive Floating Rate Index Current Notional Amount Fair Value Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR – 1 month $ 14,718 $ (514 ) Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR – 1 month 14,869 (519 ) Term Loan I Facility Feb 2, 2012 Jan 2, 2017 0.8695% LIBOR – 1 month 125,000 (233 ) Term Loan I Facility Feb 2, 2012 Jan 2, 2017 0.8800% LIBOR – 1 month 100,000 (197 ) Term Loan I Facility Feb 2, 2012 Jan 2, 2017 0.8875% LIBOR – 1 month 62,500 (128 ) Term Loan I Facility Feb 2, 2012 Jan 2, 2017 0.8890% LIBOR – 1 month 62,500 (129 ) Park Point mortgage loan Nov 1, 2013 Oct 5, 2018 1.5450% LIBOR – 1 month 70,000 (734 ) Total $ 449,587 $ (2,454 )
Schedule of fair value of derivative financial instruments and classification on consolidated balance sheet	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, 2015 and 2014 : Liability Derivatives Fair Value as of Description Balance Sheet Location December 31, 2015 December 31, 2014 Interest rate swap contracts Other liabilities $ 2,454 $ 2,306 Total derivatives designated $ 2,454 $ 2,306

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Schedule of financial instruments measured at fair value	Disclosures concerning financial instruments measured at fair value are as follows: Fair Value Measurements as of December 31, 2015 December 31, 2014 Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Liabilities: Derivative financial instruments $ — $ 2,454 $ — $ 2,454 $ — $ 2,306 $ — $ 2,306 Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) $ — $ 59,511 $ — $ 59,511 $ — $ 54,472 $ — $ 54,472
Schedule of estimated fair value and related carrying amounts of mortgage loans and bonds payable	The table below contains the estimated fair value and related carrying amounts for the Company’s financial instruments as of December 31, 2015 and 2014 : December 31, 2015 December 31, 2014 Estimated Fair Value Carrying Amount Estimated Fair Value Carrying Amount Assets: Loans receivable $ 48,030 $ 57,175 $ 47,092 $ 54,260 Liabilities: Unsecured notes $ 1,191,520 $ 1,197,755 $ 802,943 $ 798,305 Mortgage loans $ 1,000,226 $ 1,058,831 $ 1,182,501 $ 1,184,550 Bonds payable $ 41,288 $ 36,935 $ 45,176 $ 39,785

Lease Commitments (Tables)

Lease Commitments (Tables)	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Future Minimum Commitments For Capital and Operating Lease	Future minimum commitments over the life of all leases subsequent to December 31, 2015 are as follows: Operating 2016 $ 7,246 2017 7,091 2018 6,999 2019 6,721 2020 6,705 Thereafter 227,519 Total minimum lease payments $ 262,281

Segments Segments (Tables)

Segments Segments (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Schedule of Segment Information	Year Ended December 31, 2015 2014 2013 Wholly-Owned Properties Rental revenues and other income $ 708,018 $ 693,694 $ 621,117 Interest income 1,071 1,079 152 Total revenues from external customers 709,089 694,773 621,269 Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead (330,932 ) (331,046 ) (300,207 ) Ground/facility leases (5,297 ) (4,196 ) (2,956 ) Interest expense (30,147 ) (42,906 ) (45,401 ) Operating income before depreciation, amortization and allocation of corporate overhead $ 342,713 $ 316,625 $ 272,705 Depreciation and amortization $ 198,986 $ 189,424 $ 178,396 Capital expenditures $ 316,468 $ 334,249 $ 350,118 Total segment assets at December 31, $ 5,809,526 $ 5,604,358 $ 5,394,029 On-Campus Participating Properties Rental revenues and other income $ 31,586 $ 28,534 $ 26,348 Interest income 2 3 16 Total revenues from external customers 31,588 28,537 26,364 Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead (11,407 ) (10,437 ) (10,322 ) Ground/facility lease (2,935 ) (3,201 ) (2,446 ) Interest expense (5,833 ) (5,131 ) (5,463 ) Operating income before depreciation, amortization and allocation of corporate overhead $ 11,413 $ 9,768 $ 8,133 Depreciation and amortization $ 7,034 $ 5,688 $ 4,756 Capital expenditures $ 2,943 $ 29,621 $ 17,094 Total segment assets at December 31, $ 105,546 $ 110,017 $ 88,777 Development Services Development and construction management fees $ 4,964 $ 4,018 $ 2,483 Operating expenses (13,732 ) (11,883 ) (11,172 ) Operating loss before depreciation, amortization and allocation of corporate overhead $ (8,768 ) $ (7,865 ) $ (8,689 ) Total segment assets at December 31, $ 1,730 $ 1,530 $ 1,848 Property Management Services Property management fees from external customers $ 8,813 $ 7,669 $ 7,514 Intersegment revenues 23,054 22,889 21,396 Total revenues 31,867 30,558 28,910 Operating expenses (11,360 ) (12,400 ) (10,349 ) Operating income before depreciation, amortization and allocation of corporate overhead $ 20,507 $ 18,158 $ 18,561 Total segment assets at December 31, $ 9,432 $ 6,513 $ 7,033 Reconciliations Total segment revenues and other income $ 777,508 $ 757,886 $ 679,026 Unallocated interest income earned on investments and corporate cash 3,348 3,086 2,837 Elimination of intersegment revenues (23,054 ) (22,889 ) (21,396 ) Total consolidated revenues, including interest income $ 757,802 $ 738,083 $ 660,467 Segment operating income before depreciation, amortization and allocation of corporate overhead $ 365,865 $ 336,686 $ 290,710 Depreciation and amortization (214,338 ) (203,413 ) (190,596 ) Net unallocated expenses relating to corporate interest and overhead (83,541 ) (67,956 ) (48,992 ) Gain (loss) from disposition of real estate 52,699 (368 ) — Provision for real estate impairment — (2,443 ) — Other nonoperating income (expense) 388 186 (2,666 ) Loss from early extinguishment of debt (1,770 ) — — Income tax provision (1,242 ) (1,308 ) (1,020 ) Income from continuing operations $ 118,061 $ 61,384 $ 47,436 Total segment assets $ 5,926,234 $ 5,722,418 $ 5,491,687 Unallocated corporate assets 99,713 112,330 106,353 Total assets at December 31, $ 6,025,947 $ 5,834,748 $ 5,598,040

Quarterly Financial Informati44

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Document Information [Line Items]
Schedule of quarterly financial information	The information presented below represents the quarterly consolidated financial results of the Company for the years ended December 31, 2015 and 2014 . 2015 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 192,493 $ 177,874 $ 180,816 $ 202,198 $ 753,381 Operating income 50,176 34,452 18,551 53,725 156,904 Net income 71,267 15,918 2,016 28,860 118,061 Net income attributable to noncontrolling interests (1,070 ) (338 ) (161 ) (501 ) (2,070 ) Net income attributable to ACC, Inc. and Subsidiaries common stockholders $ 70,197 $ 15,580 $ 1,855 $ 28,359 $ 115,991 Net income attributable to common stockholders per share - basic $ 0.63 $ 0.14 $ 0.01 $ 0.25 $ 1.03 Net income attributable to common stockholders per share - diluted $ 0.62 $ 0.14 $ 0.01 $ 0.25 $ 1.02 2014 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 183,183 $ 171,977 $ 181,936 $ 196,819 $ 733,915 Operating income 47,995 35,433 18,854 52,704 154,986 Income (loss) from continuing operations 26,147 13,731 (5,785 ) 27,291 61,384 Discontinued operations 2,720 — — — 2,720 Net income (loss) 28,867 13,731 (5,785 ) 27,291 64,104 Net income attributable to noncontrolling interests (469 ) (293 ) (62 ) (441 ) (1,265 ) Net income (loss) attributable to ACC, Inc. and Subsidiaries common stockholders $ 28,398 $ 13,438 $ (5,847 ) $ 26,850 $ 62,839 Net income (loss) attributable to common stockholders per share - basic $ 0.27 $ 0.13 $ (0.06 ) $ 0.25 $ 0.59 Net income (loss) attributable to common stockholders per share - diluted $ 0.27 $ 0.12 $ (0.06 ) $ 0.25 $ 0.58
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Document Information [Line Items]
Schedule of quarterly financial information	The information presented below represents the quarterly consolidated financial results of the Operating Partnership for the years ended December 31, 2015 and 2014 . 2015 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 192,493 $ 177,874 $ 180,816 $ 202,198 $ 753,381 Operating income 50,176 34,452 18,551 53,725 156,904 Net income 71,267 15,918 2,016 28,860 118,061 Net income attributable to noncontrolling interests (323 ) (92 ) (92 ) (105 ) (612 ) Series A preferred unit distributions (44 ) (44 ) (44 ) (44 ) (176 ) Net income available to common unitholders $ 70,900 $ 15,782 $ 1,880 $ 28,711 $ 117,273 Net income per unit attributable to common unitholders - basic $ 0.63 $ 0.14 $ 0.01 $ 0.25 $ 1.03 Net income per unit attributable to common unitholders - diluted $ 0.63 $ 0.14 $ 0.01 $ 0.25 $ 1.02 2014 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 183,183 $ 171,977 $ 181,936 $ 196,819 $ 733,915 Operating income 47,995 35,433 18,854 52,704 154,986 Income (loss) from continuing operations 26,147 13,731 (5,785 ) 27,291 61,384 Discontinued operations 2,720 — — — 2,720 Net income (loss) 28,867 13,731 (5,785 ) 27,291 64,104 Net income attributable to noncontrolling interests (88 ) (88 ) (81 ) (95 ) (352 ) Series A preferred unit distributions (45 ) (45 ) (44 ) (44 ) (178 ) Net income (loss) available to common unitholders $ 28,734 $ 13,598 $ (5,910 ) $ 27,152 $ 63,574 Net income (loss) per unit attributable to common unitholders - basic $ 0.24 $ 0.13 $ (0.06 ) $ 0.25 $ 0.59 (1) Net income (loss) per unit attributable to common unitholders - diluted $ 0.27 $ 0.12 $ (0.06 ) $ 0.25 $ 0.58 (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.

Organization and Description 45

Organization and Description of Business - Additional Information (Detail Textuals)	12 Months Ended
	Dec. 31, 2015UnitPropertyuniversity_systemBed	Dec. 31, 2013Bed
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of properties	162
Number of beds | Bed	99,400	4,079
Number of units | Unit	32,500
Minimum
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Initial terms of contract	1 year
Maximum
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Initial terms of contract	5 years
On-campus participating properties, net
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of properties	5
Number of university systems | university_system	3
Wholly-owned properties, net
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of beds | Bed	4,061
Number of units | Unit	1,488
Wholly-owned properties, net | Off campus properties
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of properties	134
Wholly-owned properties, net | On-campus participating properties, net
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of properties	5
Wholly-owned properties, net | Under Development
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of beds | Bed	5,500
Number of units | Unit	1,500
Management And Leasing Services
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of properties	39
Number of beds | Bed	29,500
Number of units | Unit	10,900
Third-party managed portfolio
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of properties	201
Number of beds | Bed	128,900
Number of units | Unit	43,400
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Limited partner ownership interest (percent)	98.80%
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Maximum
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
General partner ownership interest (percent)	1.20%
Owned On Campus Properties | American campus equity
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of student housing properties	23
Number of university systems | university_system	11
Number of properties under construction	5
Owned On Campus Properties | Under Development
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of properties under construction	9

Summary of Significant Accoun46

Summary of Significant Accounting Policies - Estimated useful lives of assets (Details)	12 Months Ended
	Dec. 31, 2015
Building and improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful Life	7 years
Building and improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful Life	40 years
Leasehold interest - on-campus participating properties | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful Life	25 years
Leasehold interest - on-campus participating properties | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful Life	34 years
Furniture, fixtures and equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful Life	3 years
Furniture, fixtures and equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful Life	7 years

Summary of Significant Accoun47

Summary of Significant Accounting Policies - Allowance for doubtful accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance, Beginning of Period	$ 19,711	$ 15,926	$ 10,602
Charged to Expense	10,115	10,894	9,871
Write-Offs	(12,772)	(7,109)	(4,547)
Balance, End of Period	17,054	$ 19,711	$ 15,926
Write-Offs related to property previously disposed off	$ 4,000

Summary of Significant Accoun48

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2015USD ($)Entityoffering	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Significant Accounting Policies [Line Items]
Capitalized interest	$ 9,600,000	$ 8,800,000	$ 10,000,000
Accumulated amortization	30,100,000	27,900,000
Deferred finance costs	43,600,000	39,500,000
Accumulated amortization, deferred finance costs	21,200,000	16,900,000
Deferred pre-development costs	8,100,000
Advertising costs	$ 11,800,000	14,200,000	18,000,000
Percentage of income (loss) available to common stockholders	90.00%
Number of entities | Entity	2
In-place leases assumed
Significant Accounting Policies [Line Items]
Capitalized amount of acquired intangible assets	$ 3,300,000	900,000	3,200,000
Amortization expense of acquired intangible assets	3,700,000	2,400,000	13,700,000
Property tax abatement
Significant Accounting Policies [Line Items]
Amortization expense of acquired intangible assets	2,800,000	1,300,000	600,000
Unamortized tax abatement	$ 56,800,000	36,700,000
Weighted average tax abatement period	21 years 4 months 5 days
Mortgages
Significant Accounting Policies [Line Items]
Amortization of debt discounts (premiums)	$ 12,036,000	12,900,000	14,000,000
Net unamortized debt premiums	50,800,000	60,600,000
Net unamortized debt discounts	$ 200,000	900,000
Senior notes
Significant Accounting Policies [Line Items]
Number of debt offerings | offering	3
Debt face amount	$ 1,200,000,000
Unsecured notes | Senior notes
Significant Accounting Policies [Line Items]
Net unamortized debt discounts	2,200,000	1,700,000
Interest expense | Senior notes
Significant Accounting Policies [Line Items]
Amortization of debt discounts (premiums)	200,000	100,000	$ 100,000
Carrying Amount
Significant Accounting Policies [Line Items]
Loans receivable	$ 57,200,000	$ 54,260,000

Summary of Significant Accoun49

Summary of Significant Accounting Policies - Additional Information - Owned On-Campus and Participating Properties (Details)	12 Months Ended
	Dec. 31, 2015ContractPropertyuniversity_system
Significant Accounting Policies [Line Items]
Number of properties	162
On-campus participating properties
Significant Accounting Policies [Line Items]
Number of university systems | university_system	3
American campus equity | Owned On Campus Properties
Significant Accounting Policies [Line Items]
Number of university systems | university_system	11
Number of student housing properties	23
Number of properties under construction	5
American campus equity | Owned On Campus Properties | Minimum
Significant Accounting Policies [Line Items]
Term of agreement	30 years
American campus equity | Owned On Campus Properties | Maximum
Significant Accounting Policies [Line Items]
Term of agreement	100 years
On-campus participating properties
Significant Accounting Policies [Line Items]
Number of university systems | university_system	3
Number of properties	5
Under Development | Owned On Campus Properties
Significant Accounting Policies [Line Items]
Number of properties under construction	9
Wholly-owned properties, net | On-campus participating properties
Significant Accounting Policies [Line Items]
Number of properties	5
Wholly-owned properties, net | Under Development
Significant Accounting Policies [Line Items]
Number of properties scheduled to be open for occupancy in fall 2015	4
Number of properties scheduled to be open for occupancy in fall 2016	1
West Virginia University | On-campus participating properties
Significant Accounting Policies [Line Items]
Lease term	40 years
Number of renewal options | Contract	2
Lease extension period	10 years

Earnings Per Share - Potentiall

Earnings Per Share - Potentially dilutive securities not included in calculating diluted earnings per share (Details) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	109,775	1,324,788	1,272,613
Common OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	0	1,213,509	1,158,892
Preferred OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	109,775	111,279	113,721

Earnings Per Share - Summary of

Earnings Per Share - Summary of Elements Used in Calculating Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator - basic earnings per share:
Income from continuing operations					$ 27,291	$ (5,785)	$ 13,731	$ 26,147	$ 118,061	$ 61,384	$ 47,436
Income from continuing operations attributable to noncontrolling interests									(2,070)	(1,231)	(1,843)
Income from continuing operations attributable to common shareholders									115,991	60,153	45,593
Amount allocated to participating securities									(1,086)	(1,076)	(927)
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities									114,905	59,077	44,666
Income from discontinued operations					$ 0	$ 0	$ 0	$ 2,720	0	2,720	59,755
Income from discontinued operations attributable to noncontrolling interests									0	(34)	(704)
Income from discontinued operations attributable to common shareholders									0	2,686	59,051
Numerator - diluted earnings per share:
Net income attributable to common shareholders - basic									114,905	61,763	103,717
Income allocated to Common OP Units									1,282	0	0
Net income attributable to common shareholders - diluted									$ 116,187	$ 61,763	$ 103,717
Denominator:
Basic weighted average common shares outstanding (shares)									111,987,361	105,032,155	104,760,502
Potentially dilutive securities (shares)									109,775	1,324,788	1,272,613
Diluted weighted average common shares outstanding (shares)									114,032,222	105,711,420	105,382,320
Earnings per share – basic:
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities, Basic (in dollars per share)									$ 1.03	$ 0.56	$ 0.43
Income from discontinued operations attributable to common shareholders (in dollars per share)									0	0.03	0.56
Net income per share (in dollars per share)	$ 0.25	$ 0.01	$ 0.14	$ 0.63	$ 0.25	$ (0.06)	$ 0.13	$ 0.27	1.03	0.59	0.99
Earnings per share – diluted:
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities (in dollars per share)									1.02	0.56	0.42
Income from discontinued operations attributable to common shareholders (in dollars per share)									0	0.02	0.56
Net income attributable to common shareholders (in dollars per share)	$ 0.25	$ 0.01	$ 0.14	$ 0.62	$ 0.25	$ (0.06)	$ 0.12	$ 0.27	$ 1.02	$ 0.58	$ 0.98
Unvested Restricted Stock Awards
Denominator:
Potentially dilutive securities (shares)									680,980	679,265	621,818
Common OP Units
Denominator:
Potentially dilutive securities (shares)									1,363,881	0	0

Earnings Per Share- Summary of

Earnings Per Share- Summary of Elements Used in Calculating Basic and Diluted Earnings per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator - basic and diluted earnings per unit:
Income from continuing operations					$ 27,291	$ (5,785)	$ 13,731	$ 26,147	$ 118,061	$ 61,384	$ 47,436
Income from continuing operations attributable to noncontrolling interests									(2,070)	(1,231)	(1,843)
Amount allocated to participating securities									(1,086)	(1,076)	(927)
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities									114,905	59,077	44,666
Income from discontinued operations					0	0	0	2,720	0	2,720	59,755
Income from discontinued operations attributable to common shareholders									0	2,686	59,051
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Numerator - basic and diluted earnings per unit:
Income from continuing operations					27,291	(5,785)	13,731	26,147	118,061	61,384	47,436
Income from continuing operations attributable to noncontrolling interests									(612)	(352)	(1,188)
Income from continuing operations attributable to Series A preferred units									(176)	(175)	(119)
Amount allocated to participating securities									(1,086)	(1,076)	(927)
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities									116,187	59,781	45,202
Income from discontinued operations					$ 0	$ 0	$ 0	$ 2,720	0	2,720	59,755
Income from discontinued operations attributable to Series A preferred units									0	(3)	(63)
Income from discontinued operations attributable to common shareholders									0	2,717	59,692
Net income attributable to common unitholders									$ 116,187	$ 62,498	$ 104,894
Denominator:
Basic weighted average common units outstanding (units)									113,351,242	106,245,664	105,919,394
Diluted weighted average common units (units) outstanding									114,032,222	106,924,929	106,541,212
Earnings per unit – basic:
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities (in dollars per unit)									$ 1.03	$ 0.56	$ 0.43
Income from discontinued operations attributable to common unitholders (in dollars per share)									0	0.03	0.56
Net income per unit (in dollars per unit)	$ 0.25	$ 0.01	$ 0.14	$ 0.63	$ 0.25	$ (0.06)	$ 0.13	$ 0.24	1.03	0.59	0.99
Earnings per unit – diluted:
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities (in dollars per share)									1.02	0.56	0.42
Income from discontinued operations attributable to common unitholders (in dollars per share)									0	0.02	0.56
Net income attributable to common unitholders (in dollars per share)	$ 0.25	$ 0.01	$ 0.14	$ 0.63	$ 0.25	$ (0.06)	$ 0.12	$ 0.27	$ 1.02	$ 0.58	$ 0.98
Unvested Restricted Stock Awards | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Denominator:
Unvested Restricted Stock Awards (units)									680,980	679,265	621,818

Income Taxes - Components of de

Income Taxes - Components of deferred tax assets and liabilities of TRSs (Details) - TRS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets:
Fixed and intangible assets	$ 2,663	$ 3,283
Net operating loss carryforwards	7,887	6,552
Prepaid and deferred income	2,326	2,265
Bad debt reserves	725	687
Accrued expenses and other	4,578	3,770
Stock compensation	2,454	2,099
Total deferred tax assets	20,633	18,656
Valuation allowance for deferred tax assets	(20,431)	(18,415)
Deferred tax assets, net of valuation allowance	202	241
Deferred tax liability:
Deferred financing costs	202	241
Net deferred tax liabilities	$ 0	$ 0

Income Taxes - Components of in

Income Taxes - Components of income tax provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current:
Federal	$ 0	$ 0	$ 0
State	(1,242)	(1,308)	(1,020)
Deferred:
Federal	0	0	0
State	0	0	0
TRS income tax provision	$ (1,242)	$ (1,308)	$ (1,020)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of income tax attributable to continuing operations for TRSs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Taxes [Line Items]
TRS income tax provision	$ 1,242	$ 1,308	$ 1,020
TRS
Income Taxes [Line Items]
Tax benefit at U.S. statutory rates on TRS income subject to tax	2,019	1,928	2,060
State income tax, net of federal income tax benefit	74	71	76
Effect of permanent differences and other	(77)	(72)	(76)
Increase in valuation allowance	(2,016)	(1,927)	(2,060)
TRS income tax provision	$ 0	$ 0	$ 0

Income Taxes - Tax treatment of

Income Taxes - Tax treatment of distributions to shareholders (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Ordinary income, per share (in USD per share)	$ 0.4658	$ 0.9016	$ 0.7990
Long-term capital gain, per share (in USD per share)	0.5301	0.0107	0.5229
Return of capital, per share (in USD per share)	0.5841	0.5877	0.0956
Total per common share outstanding (in USD per share)	1.58	1.5	1.4175
Unrecaptured Section 1250 gains, per share (in USD per share)	$ 0.5281	$ 0.0248	$ 0.2189

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail Textuals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Taxes [Line Items]
(Loss) subject to TRS earnings tax	$ (119,303)	$ (62,692)	$ (48,456)
TRS
Income Taxes [Line Items]
Percent of taxable income to be distributed to shareholders for tax exemption (percent)	90.00%
(Loss) subject to TRS earnings tax	$ 3,300	$ 3,200	$ 4,400
Net operating loss carryforwards	25,100
Valuation allowance credited to additional paid in capital	$ 3,500

Property Acquisitions - Acquisi

Property Acquisitions - Acquisitions (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2015$ / Unitshares	Dec. 31, 2015USD ($)UnitBed$ / Unitshares	Dec. 31, 2013Bed
Business Acquisition [Line Items]
Number of units | Unit		32,500
Number of beds | Bed		99,400	4,079
Park Point
Business Acquisition [Line Items]
Assumed debt resulting from property acquisition | $		$ 11.6
Canal, 8 1/2 | Common OP units
Business Acquisition [Line Items]
Equity issued as part of business acquisition (in shares) | shares	343,895	343,895
Equity issued as part of business acquisition (in dollars per share) | $ / Unit	41.24	41.24
Stadium Centre
Business Acquisition [Line Items]
Assumed debt resulting from property acquisition | $		$ 57.8
Wholly owned properties
Business Acquisition [Line Items]
Total purchase price | $		$ 378.3
Number of units | Unit		1,488
Number of beds | Bed		4,061
Wholly owned properties | Park Point
Business Acquisition [Line Items]
Number of units | Unit		66
Number of beds | Bed		226
Wholly owned properties | University Walk
Business Acquisition [Line Items]
Number of units | Unit		177
Number of beds | Bed		526
Wholly owned properties | West Marshall, 1200
Business Acquisition [Line Items]
Number of units | Unit		136
Number of beds | Bed		406
Wholly owned properties | Canal, 8 1/2
Business Acquisition [Line Items]
Number of units | Unit		160
Number of beds | Bed		540
Wholly owned properties | The Vistas
Business Acquisition [Line Items]
Number of units | Unit		255
Number of beds | Bed		600
Wholly owned properties | Crest at Pearl
Business Acquisition [Line Items]
Number of units | Unit		141
Number of beds | Bed		343
Wholly owned properties | UP at Metroplex
Business Acquisition [Line Items]
Number of units | Unit		186
Number of beds | Bed		710
Wholly owned properties | Stadium Centre
Business Acquisition [Line Items]
Number of units | Unit		367
Number of beds | Bed		710

Property Acquisitions - Additio

Property Acquisitions - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)PropertyBed	Dec. 31, 2013USD ($)PropertyBed	Dec. 31, 2014USD ($)PropertyBed
Business Acquisition [Line Items]
Combined revenues	$ 25,100
Combined net income	1,800
Acquisition-related costs	$ 2,800
Number of properties | Property	162
Number of beds | Bed	99,400	4,079
Property Near University of Georgia and Property Near University of Colorado
Business Acquisition [Line Items]
Total purchase price	$ 75,100
Net assets acquired	305,535		$ 75,065
Cash paid as part of business acquisition	291,400
Cash paid at closing stock value	14,200
Number of properties | Property			1
Number of beds | Bed			610
Number of Beds in New Facility | Bed			400
Series of Individually Immaterial Business Acquisitions, 2013
Business Acquisition [Line Items]
Total purchase price		$ 322,200
Number of properties | Property		6
Number of beds | Bed		3,725
Wholly owned properties
Business Acquisition [Line Items]
Total purchase price	$ 378,300
Number of beds | Bed	4,061
Wholly owned properties | Property Near University of Georgia and Property Near University of Colorado
Business Acquisition [Line Items]
Total purchase price	$ 378,300

Property Acquisitions - Summary

Property Acquisitions - Summary of Assets Acquired and Liabilities Assumed (Details) - Property Near University of Georgia and Property Near University of Colorado - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets acquired:
Land	$ 26,766	$ 13,469
Buildings and improvements	317,627	54,163
Furniture, fixtures and equipment	16,871	3,637
Intangible assets	16,976	874
Other assets	3,117	2,922
Total assets acquired	381,357	75,065
Liabilities assumed:
Mortgage debt	(72,365)	0
Other liabilities	(3,457)	0
Total liabilities assumed	(75,822)	0
Net assets acquired	305,535	$ 75,065
Secured debt	$ 3,000

Property Acquisitions - Unaudit

Property Acquisitions - Unaudited pro forma information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Combinations [Abstract]
Total revenues	$ 765	$ 763	$ 695
Net income attributable to common shareholders	$ 123	$ 69	$ 111

Property Dispositions and Dis62

Property Dispositions and Discontinued Operations - Summary of Properties Classified as Held for Sale (Details)	Dec. 31, 2015UnitBed	Dec. 31, 2013Bed
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of beds	99,400	4,079
The Edge- Orlando | Wholly-owned properties held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of units | Unit	306
Number of beds	930
University Village - Sacramento | Wholly-owned properties held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of units | Unit	250
Number of beds	394

Property Dispositions and Dis63

Property Dispositions and Discontinued Operations - Summary of Properties Sold During Period (Details)	Dec. 31, 2015UnitBed	Dec. 31, 2014Bed	Dec. 31, 2013Bed
Schedule of Properties Sold During Period [Line Items]
Number of beds	99,400		4,079
Wholly owned properties
Schedule of Properties Sold During Period [Line Items]
Number of units | Unit	3,713
Number of beds	12,297	480
The Highlands | Wholly owned properties
Schedule of Properties Sold During Period [Line Items]
Number of units | Unit	216
Number of beds	732
The View | Wholly owned properties
Schedule of Properties Sold During Period [Line Items]
Number of units | Unit	157
Number of beds	590
Chapel Ridge | Wholly owned properties
Schedule of Properties Sold During Period [Line Items]
Number of units | Unit	180
Number of beds	544
Chapel View | Wholly owned properties
Schedule of Properties Sold During Period [Line Items]
Number of units | Unit	224
Number of beds	358
The Village at Alafaya Club | Wholly owned properties
Schedule of Properties Sold During Period [Line Items]
Number of units | Unit	228
Number of beds	839
University Place | Wholly owned properties
Schedule of Properties Sold During Period [Line Items]
Number of units | Unit	144
Number of beds	528
University Greens | Wholly owned properties
Schedule of Properties Sold During Period [Line Items]
Number of units | Unit	156
Number of beds	516
The Outpost- San Marcos | Wholly owned properties
Schedule of Properties Sold During Period [Line Items]
Number of units | Unit	162
Number of beds	486
University Meadows | Wholly owned properties
Schedule of Properties Sold During Period [Line Items]
Number of units | Unit	184
Number of beds	616
Eagles Trail | Wholly owned properties
Schedule of Properties Sold During Period [Line Items]
Number of units | Unit	216
Number of beds	792
Lakeside Apartments | Wholly owned properties
Schedule of Properties Sold During Period [Line Items]
Number of units | Unit	244
Number of beds	776
The Club | Wholly owned properties
Schedule of Properties Sold During Period [Line Items]
Number of units | Unit	120
Number of beds	480
The Estates | Wholly owned properties
Schedule of Properties Sold During Period [Line Items]
Number of units | Unit	396
Number of beds	1,044
South View | Wholly owned properties
Schedule of Properties Sold During Period [Line Items]
Number of units | Unit	240
Number of beds	960
Stone Gate | Wholly owned properties
Schedule of Properties Sold During Period [Line Items]
Number of units | Unit	168
Number of beds	672
The Commons | Wholly owned properties
Schedule of Properties Sold During Period [Line Items]
Number of units | Unit	132
Number of beds	528
University Heights - Knoxville | Wholly owned properties
Schedule of Properties Sold During Period [Line Items]
Number of units | Unit	204
Number of beds	636
The Woods at Greenland | Wholly owned properties
Schedule of Properties Sold During Period [Line Items]
Number of units | Unit	78
Number of beds	276
Raiders Crossing | Wholly owned properties
Schedule of Properties Sold During Period [Line Items]
Number of units | Unit	96
Number of beds	276
University Gables | Wholly owned properties
Schedule of Properties Sold During Period [Line Items]
Number of units | Unit	168
Number of beds	648

Property Dispositions and Dis64

Property Dispositions and Discontinued Operations - Additional Information (Detail Textuals) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)Bed	Dec. 31, 2014USD ($)buildingPropertyland_parcelBed	Dec. 31, 2013USD ($)PropertyBed
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price of disposed property			$ 184,200
Total proceeds from disposition of real estate	$ 427,055	$ 8,599	180,465
Gain (loss) from disposition of real estate	$ 52,699	(368)	$ 0
Number of beds | Bed	99,400		4,079
Gain from disposition of real estate	$ 0	2,843	$ 55,263
Number of properties sold | Property			6
Wholly owned properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price of disposed property	436,700	$ 9,900
Total proceeds from disposition of real estate	427,100
Gain (loss) from disposition of real estate	$ 52,700
Number of buildings sold | building		1
Number of beds contained in buildings sold | Bed		20
Number of beds | Bed	12,297	480
Number of land parcels disposed | land_parcel		2
Net proceeds from disposition of real estate		$ 8,800
Impairment charge		2,400
Gain from disposition of real estate		(400)
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price of disposed property		17,300
Total proceeds from disposition of real estate		1,300
Gain from disposition of real estate		$ 2,800
Number of beds in properties sold | Bed		484
Assumed debt resulting from property acquisition		$ 15,600
Number of properties sold | Property		1

Property Dispositions and Dis65

Property Dispositions and Discontinued Operations - Summary of results of operations for properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Discontinued Operations and Disposal Groups [Abstract]
Total revenues		$ 279	$ 16,191
Total operating expenses		(239)	(7,220)
Depreciation and amortization		0	(2,487)
Operating income		40	6,484
Total nonoperating expenses		(163)	(1,660)
Net (loss) income	$ 0	$ (123)	$ 4,824

Investments in Wholly-Owned P66

Investments in Wholly-Owned Properties - Summary of wholly-owned properties (Details) $ in Thousands		Dec. 31, 2015USD ($)Property	Dec. 31, 2014USD ($)Property
Real Estate Properties [Line Items]
Properties, net		$ 5,667,754	$ 5,533,849
Undeveloped land parcels		66,200	40,600
Wholly owned properties
Real Estate Properties [Line Items]
Land		597,894	571,242
Buildings and improvements		5,235,033	4,937,345
Furniture, fixtures and equipment		311,696	289,168
Construction in progress		154,988	185,414
Real estate properties gross		6,299,611	5,983,169
Less accumulated depreciation		(777,340)	(674,462)
Properties, net	[1]	$ 5,522,271	$ 5,308,707
Wholly owned properties
Real Estate Properties [Line Items]
Number of properties, held for sale | Property		2	7
The Court at Stadium Centre
Real Estate Properties [Line Items]
Land		$ 1,900
Construction in progress		12,600
Under Development
Real Estate Properties [Line Items]
Land		$ 33,000	$ 30,200
[1]	The balance above excludes the net book value of two wholly-owned properties classified as held for sale in the accompanying consolidated balance sheet as of December 31, 2015 and seven wholly-owned properties classified as held for sale in the accompanying consolidated balance sheet as of December 31, 2014 (see Note 6). The properties classified as held for sale at December 31, 2014 were sold in January 2015.

On-Campus Participating Prope67

On-Campus Participating Properties- Additional Information (Detail Textuals)	12 Months Ended
	Dec. 31, 2015ContractPropertyuniversity_system
Real Estate Properties [Line Items]
Number of properties | Property	3
Percentage of financing	100.00%
On-campus participating properties, net
Real Estate Properties [Line Items]
Number of university systems | university_system	3
Percentage of future net cash flows	50.00%
West Virginia University | On-campus participating properties, net
Real Estate Properties [Line Items]
Lease term	40 years
Number of renewal options | Contract	2
Lease extension period	10 years

On-Campus Participating Prope68

On-Campus Participating Properties (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)phase	Dec. 31, 2014USD ($)
Real Estate Properties [Line Items]
Properties, net	$ 5,667,754	$ 5,533,849
Texas A And M International | Phases Placed In Service Between 1996 And 1998
Real Estate Properties [Line Items]
Number of Project Phases | phase	3
Texas A And M International | Phases Placed In Service In 2000 And 2003
Real Estate Properties [Line Items]
Number of Project Phases | phase	2
University Of Houston | Phases Placed In Service in 2001 And 2005
Real Estate Properties [Line Items]
Number of Project Phases | phase	2
On-campus participating properties, net
Real Estate Properties [Line Items]
Real estate properties gross	$ 159,985	157,043
Less accumulated amortization	(69,856)	(62,915)
Properties, net	$ 90,129	94,128
On-campus participating properties, net | Prairie View A And M University | Phases Placed In Service Between 1996 And 1998
Real Estate Properties [Line Items]
Lease Commencement	Feb. 1, 1996
Required Debt Repayment	Sep. 1, 2023
Real estate properties gross	$ 44,147	43,036
On-campus participating properties, net | Prairie View A And M University | Phases Placed In Service In 2000 And 2003
Real Estate Properties [Line Items]
Lease Commencement	Oct. 1, 1999
Real estate properties gross	$ 27,717	26,828
On-campus participating properties, net | Prairie View A And M University | Phases Placed In Service In 2000 And 2003 | Minimum
Real Estate Properties [Line Items]
Required Debt Repayment	Aug. 31, 2025
On-campus participating properties, net | Prairie View A And M University | Phases Placed In Service In 2000 And 2003 | Maximum
Real Estate Properties [Line Items]
Required Debt Repayment	Aug. 31, 2028
On-campus participating properties, net | Texas A And M International
Real Estate Properties [Line Items]
Lease Commencement	Feb. 1, 1996
Required Debt Repayment	Sep. 1, 2023
Real estate properties gross	$ 7,064	6,937
On-campus participating properties, net | University Of Houston | Phases Placed In Service in 2001 And 2005
Real Estate Properties [Line Items]
Lease Commencement	Sep. 27, 2000
Required Debt Repayment	Aug. 31, 2035
Real estate properties gross	$ 37,381	36,606
On-campus participating properties, net | West Virginia University | Place In Service in August 2014
Real Estate Properties [Line Items]
Lease Commencement	Jul. 16, 2013
Required Debt Repayment	Jul. 16, 2045
Real estate properties gross	$ 43,676	$ 43,636

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Detail Textuals) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2015USD ($)	Dec. 31, 2015USD ($)Entityshares	Dec. 31, 2014shares	Dec. 31, 2013USD ($)
Noncontrolling Interest [Line Items]
Contributions by noncontrolling interest partners		$ 7,255		$ 1,500
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Noncontrolling Interest [Line Items]
Number of third-party joint venture partners | Entity		3
Contributions by noncontrolling interest partners		$ 7,255		$ 1,500
Equity interests held by owners of common units and series A preferred units/ retained by seller (percent)		1.20%	1.20%
Common OP units
Noncontrolling Interest [Line Items]
Conversion of common units to common stock (in shares) | shares		118,474	50,000
Series A preferred units
Noncontrolling Interest [Line Items]
Conversion of common units to common stock (in shares) | shares		1,000	2,269
University Walk
Noncontrolling Interest [Line Items]
Contributions by noncontrolling interest partners	$ 1,500
Cash paid as part of business acquisition	1,100
Adjustment to additional paid in capital as part of business acquisition	$ 400

Noncontrolling Interests - Summ

Noncontrolling Interests - Summarized Activity of Redeemable Limited Partners (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Noncontrolling Interest [Roll Forward]
Balance	$ 54,472
Distributions	(635)	$ (287)	$ (789)
Conversion of redeemable limited partner units into shares of ACC common stock	(3,036)	(602)	(23)
Increase in ownership of consolidated joint venture	(1,065)		(24,908)
Adjustments to reflect redeemable limited partner units at fair value	4,462	8,200	(12,534)
Balance	59,511	54,472
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Noncontrolling Interest [Roll Forward]
Balance	54,472
Distributions	(635)	(287)	(789)
Conversion of redeemable limited partner units into shares of ACC common stock	(3,036)	(602)	(23)
Increase in ownership of consolidated joint venture	(1,065)		(24,908)
Adjustments to reflect redeemable limited partner units at fair value	(4,462)	8,200	(12,534)
Balance	59,511	54,472
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Redeemable noncontrolling interests
Noncontrolling Interest [Roll Forward]
Balance	54,472	47,964
Net income	1,458	913
Distributions	(2,329)	(1,998)
Redeemable limited partner units issued as consideration	14,182
Conversion of redeemable limited partner units into shares of ACC common stock	(3,000)	(607)
Increase in ownership of consolidated joint venture	(810)
Adjustments to reflect redeemable limited partner units at fair value	(4,462)	8,200
Balance	$ 59,511	$ 54,472	$ 47,964

Investments in Unconsolidated71

Investments in Unconsolidated Joint Ventures (Detail Textuals) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)Joint_Venture	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated joint ventures | Joint_Venture	1
Management fee earned	$ 8,813	$ 7,669	$ 7,514
Equity method investments
Schedule of Equity Method Investments [Line Items]
Management fee earned	$ 1,900	$ 1,300	$ 1,600

Debt - Summary of outstanding c

Debt - Summary of outstanding consolidated indebtedness (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2014USD ($)Property	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt	$ 1,331,914	$ 1,101,325
Unsecured notes	798,305	1,197,755
Unsecured revolving credit facility	242,500	68,900
Unsecured term loans	600,000	600,000
Long-term Debt	2,972,719	2,967,980
Mortgage loans payable
Debt Instrument [Line Items]
Unamortized debt premiums	60,600	50,800
Unamortized debt discounts	(900)	(200)
Long-term Debt	1,184,550	1,058,831
Construction loans payable
Debt Instrument [Line Items]
Long-term Debt	107,579	5,559
Wholly-owned properties, net
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt	1,153,997	985,366
Long-term Debt	1,217,634	990,925
Wholly-owned properties, net | Mortgage loans payable
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt	1,094,306	934,769
Unamortized debt premiums	60,586	50,763
Unamortized debt discounts	(895)	(166)
Wholly-owned properties, net | Construction loans payable
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt	63,637	5,559
On-campus participating properties, net
Debt Instrument [Line Items]
Long-term Debt	114,280	110,400
On-campus participating properties, net | Mortgage loans payable
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt	30,553	73,465
On-campus participating properties, net | Construction loans payable
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt	43,942	0
On-campus participating properties, net | Bonds payable
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt	39,785	36,935
The Court at Stadium Centre
Debt Instrument [Line Items]
Construction loan		$ 5,600
University Walk
Debt Instrument [Line Items]
Construction loan	$ 19,000
The Suites and Hilltop Townhomes
Debt Instrument [Line Items]
Number of properties | Property	2

Debt - Mortgage and constructio

Debt - Mortgage and construction loans payable (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)Property	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Principal outstanding	$ 1,013,793	$ 1,232,438
Weighted average interest rate	5.09%
Weighted average years to maturity	5 years 3 months
Number of properties encumbered | Property	42
Mortgage loans payable | Fixed Rate
Debt Instrument [Line Items]
Principal outstanding	$ 1,008,234	1,124,859
Weighted average interest rate	5.10%
Weighted average years to maturity	5 years 2 months
Number of properties encumbered | Property	41
Interest rate for mortgage loan	5 years
Construction loans payable | Fixed Rate
Debt Instrument [Line Items]
Principal outstanding	$ 5,559	43,942
Weighted average interest rate	4.61%
Weighted average years to maturity	8 years 8 months 12 days
Number of properties encumbered | Property	1
Construction loans payable | Variable Rate
Debt Instrument [Line Items]
Principal outstanding	$ 0	$ 63,637
Weighted average interest rate	0.00%
Weighted average years to maturity	0 years
Number of properties encumbered | Property	0
The Court at Stadium Centre
Debt Instrument [Line Items]
Construction loan	$ 5,600
Minimum | Mortgage loans payable | Fixed Rate
Debt Instrument [Line Items]
Weighted average interest rate	3.05%
Maximum | Mortgage loans payable | Fixed Rate
Debt Instrument [Line Items]
Weighted average interest rate	7.15%

Debt - Mortgage and construct74

Debt - Mortgage and construction loans payable transactions occurred (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Long Term Debt Transactions [Roll Forward]
Balance, December 31, 2014	$ 2,972,719
Additions:
Draws under advancing construction notes payable	258	$ 28,109	$ 15,833
Deductions:
Balance, December 31, 2015	2,967,980	2,972,719
Mortgage loans payable
Long Term Debt Transactions [Roll Forward]
Balance, December 31, 2014	1,184,550
Additions:
Assumption of mortgage loans payable	69,421
Mark-to-market premium/(discount) recorded upon debt assumption	2,942
Mortgage loan formerly classified as construction loan	44,200
Deductions:
Payoff of maturing mortgage notes payable	(218,724)
Scheduled repayments of principal	(11,522)
Amortization of debt premiums and discounts	(12,036)	(12,900)	$ (14,000)
Balance, December 31, 2015	1,058,831	1,184,550
Construction loans payable
Long Term Debt Transactions [Roll Forward]
Balance, December 31, 2014	107,579
Additions:
Mortgage loan formerly classified as construction loan	(44,200)
Draws under advancing construction notes payable	258
Deductions:
Payoff of construction notes payable	(44,637)
Balance, December 31, 2015	5,559	$ 107,579
The Court at Stadium Centre | Construction loans payable
Additions:
Draws under advancing construction notes payable (non-cash) VIEs	5,559
University Walk | Construction loans payable
Deductions:
Payoff of construction loans payable (non-cash) VIEs	$ (19,000)

Debt - Bonds payable (Details)

Debt - Bonds payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Principal outstanding	$ 1,013,793	$ 1,232,438
Weighted average rate	5.09%
Bonds Payable
Debt Instrument [Line Items]
Amount	$ 64,590
Principal outstanding	$ 36,935
Weighted average rate	7.56%
Required monthly debt service	$ 488
Bonds Payable | Series 1999
Debt Instrument [Line Items]
Mortgaged facilities subject to leases	University Village-PVAMU/TAMIU
Amount	$ 39,270
Principal outstanding	$ 21,020
Weighted average rate	7.75%
Maturity date	Sep. 1, 2023
Required monthly debt service	$ 302
Bonds Payable | Series 2001
Debt Instrument [Line Items]
Mortgaged facilities subject to leases	University College–PVAMU
Amount	$ 20,995
Principal outstanding	$ 12,970
Weighted average rate	7.59%
Maturity date	Aug. 1, 2025
Required monthly debt service	$ 158
Bonds Payable | Series 2003
Debt Instrument [Line Items]
Mortgaged facilities subject to leases	University College–PVAMU
Amount	$ 4,325
Principal outstanding	$ 2,945
Weighted average rate	6.11%
Maturity date	Aug. 1, 2028
Required monthly debt service	$ 28

Debt Debt - Unsecured Notes (De

Debt Debt - Unsecured Notes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Net proceeds from sale of notes	$ 399,244,000	$ 399,444,000	$ 398,636,000
Senior notes
Debt Instrument [Line Items]
Amount	1,200,000,000
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Debt Instrument [Line Items]
Net proceeds from sale of notes	399,244,000	$ 399,444,000	$ 398,636,000
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Senior notes
Debt Instrument [Line Items]
Amount	1,200,000,000
Original Issue Discount	2,676,000
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Senior Notes - September 2015
Debt Instrument [Line Items]
Amount	$ 400,000,000
Percentage of par value	99.811%
Coupon (percent)	3.35%
Yield rate (percent)	3.391%
Original Issue Discount	$ 756,000
Term	5 years
Net proceeds from sale of notes	$ 394,400,000
Offering proceeds to pay down outstanding balance	356,200,000
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Senior Notes - June 2014
Debt Instrument [Line Items]
Amount	$ 400,000,000
Percentage of par value	99.861%
Coupon (percent)	4.125%
Yield rate (percent)	4.142%
Original Issue Discount	$ 556,000
Term	10 years
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Senior Notes - April 2013
Debt Instrument [Line Items]
Amount	$ 400,000,000
Percentage of par value	99.659%
Coupon (percent)	3.75%
Yield rate (percent)	3.791%
Original Issue Discount	$ 1,364,000
Term	10 years

Debt - Additional Information (

Debt - Additional Information (Detail Textuals)	12 Months Ended
	Dec. 31, 2015USD ($)SubsidaryExtension_optionbond_seriesPropertyLoan
Debt Instrument [Line Items]
Number of properties | Property	3
Percentage of financing	100.00%
Number of series of taxable bonds issued | bond_series	3
Number of special purpose subsidiaries | Subsidary	3
Revolving Credit Facility
Debt Instrument [Line Items]
Ratio of borrowing amount to value of properties	60.00%
Term Loan I Facility
Debt Instrument [Line Items]
Number of loan extension options | Extension_option	2
Duration of loan extension options	12 years
Weighted average annual interest rate (percent)	0.89%
Variable interest rate (percent)	2.39%
Term Loan II Facility
Debt Instrument [Line Items]
Variable interest rate at period end	1.73%
Reference rate	0.23%
Weighted average interest rate spread (percent)	1.50%
Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility	$ 1,100,000,000
Additional borrowing capacity of unsecured facility	$ 500,000,000
Credit facility, additional extension period	12 months
Unsecured Revolving Credit Facility | Term Loan
Debt Instrument [Line Items]
Credit facility	$ 600,000,000
Number of unsecured loans | Loan	2
Unsecured Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility	$ 500,000,000
Variable interest rate at period end	1.95%
Reference rate	0.40%
Weighted average interest rate spread (percent)	1.30%
Annual unused commitment fee (percent)	0.25%
Revolving credit facility available	$ (431,100,000)
Unsecured Revolving Credit Facility | Term Loan I Facility
Debt Instrument [Line Items]
Credit facility	350,000,000
Unsecured Revolving Credit Facility | Term Loan II Facility
Debt Instrument [Line Items]
Secured agency facility	$ 250,000,000

Debt - Scheduled debt maturitie

Debt - Scheduled debt maturities (Details) $ in Thousands	Dec. 31, 2015USD ($)
Scheduled Principal
Debt Instrument [Line Items]
2,016	$ 169,152
2,017	482,987
2,018	245,273
2,019	265,916
2,020	470,561
Thereafter	1,285,739
Total debt	2,919,628
The Court at Stadium Centre
Debt Instrument [Line Items]
Construction loan payable	$ 5,600

Stockholders' Equity _ Partne79

Stockholders' Equity / Partners' Capital - Additional Information (Detail Textuals)	3 Months Ended	12 Months Ended
	Mar. 31, 2015$ / Unitshares	Dec. 31, 2015USD ($)$ / Unitshares	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Jun. 30, 2015USD ($)
Class Of Stock [Line Items]
ATM equity program, aggregate offering price authorized		$ 500,000,000
Vesting of restricted stock awards and restricted stock units		$ 2,145,000	$ 1,998,000	$ 2,869,000
At Market Atm Twenty Eleven Programs
Class Of Stock [Line Items]
ATM equity program, aggregate offering price authorized					$ 500,000,000
ATM equity program, common stock offering price					$ 194,000,000
Treasury Shares
Class Of Stock [Line Items]
Vesting of restricted stock awards and restricted stock units (in shares) | shares		10,155
Vesting of restricted stock awards and restricted stock units		$ 403,000
Common shares
Class Of Stock [Line Items]
Conversion of stock, shares issued (in shares) | shares		119,474
Canal, 8 1/2 | Common OP units
Class Of Stock [Line Items]
Equity issued as part of business acquisition (in shares) | shares	343,895	343,895
Equity issued as part of business acquisition (in dollars per unit) | $ / Unit	41.24	41.24

Stockholders' Equity _ Partne80

Stockholders' Equity / Partners' Capital Stockholders' Equity / Partners' Capital - Summary of Equity Program Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Class of Stock [Line Items]
Total net proceeds	$ 216,666	$ 89,317	$ 0
ATM Equity Program
Class of Stock [Line Items]
Total net proceeds	213,416	87,977
Commissions paid to sales agents	$ 3,250	$ 1,340
Weighted average price per share (in dollars per share)	$ 43.92	$ 40.48
Shares of common stock sold (in shares)	4,933,665	2,206,240

Incentive Award Plan - Addition

Incentive Award Plan - Additional Information (Detail Textuals)	Jul. 01, 2015USD ($)	May. 31, 2015USD ($)	Dec. 31, 2015USD ($)employee$ / sharesshares	Dec. 31, 2014USD ($)$ / shares	Dec. 31, 2013USD ($)$ / shares	May. 31, 2010shares
2010 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based awards, number of shares reserved for issuance | shares						1,700,000
Stock-based awards, number of shares available for issuance | shares			975,324
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation			$ 7,500,000	$ 6,800,000	$ 6,400,000
Weighted-average grant date fair value, granted (in dollars per share) | $ / shares			$ 44.23	$ 34.52	$ 47.64
Restricted stock award vesting period (in years)			5 years
Weighted-average grant date fair value, forfeited (in dollars per share) | $ / shares			$ 38.78	$ 36.75	$ 32.15
Total fair value of RSAs vested			$ 7,700,000
Total unrecognized compensation cost			$ 20,300,000
Total unrecognized compensation cost, weighted-average period (in years)			3 years
Minimum age to meet retirement qualification (under Company Plan)			50 years
Minimum combination of employee service years and employee age to meet retirement qualification (under Company Plan)			70 years
Minimum notification period of intention to retire (under Company Plan)			6 months
Number of employees holding unvested awards which will vest upon retirement | employee			5
Number of unvested awards held by individual | shares			165,783
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation			$ 900,000	$ 600,000	$ 500,000
Weighted-average grant date fair value, granted (in dollars per share) | $ / shares			$ 39.65	$ 38.54	$ 44.09
Restricted Stock Units | Chairman of the Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based awards, stock granted during period, value		$ 95,000
Increase in share based compensation net of forfeitures	$ 55,000
Restricted Stock Units | All other members
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based awards, stock granted during period, value		$ 71,500
Increase in share based compensation net of forfeitures	$ 33,500
Minimum | Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum number of full years of service to qualify for retirement (under Company Plan)			120 months

Incentive Award Plan - Summary

Incentive Award Plan - Summary of restricted stock units (Details) - Restricted Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Number of RSUs
Granted (in shares)	22,320	15,457
Settled in common shares (in shares)	(16,491)	(9,027)
Settled in cash (in shares)	(5,829)	(6,430)
Weighted-Average Grant Date Fair Value Per RSU
Nonvested, Weighted-Average Grant Date Fair Value Per RSA, beginning balance (in dollars per share)	$ 0	$ 0
Granted, Weighted-Average Grant Date Fair Value Per RSA (in dollars per share)	39.65	38.54	$ 44.09
Settled in common shares, Weighted-Average Grant Date Fair Value Per RSU (in dollars per share)	39.77	38.54
Settled in cash, Weighted-Average Grant Date Fair Value Per RSU (in dollars per share)	39.34	38.54
Nonvested, Weighted-Average Grant Date Fair Value Per RSA, ending balance (in dollars per share)	$ 0	$ 0	$ 0

Incentive Award Plan - Summar83

Incentive Award Plan - Summary of restricted stock awards (Details) - Restricted Stock Awards - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Number of RSUs
Nonvested, Number of RSAs, beginning balance (in shares)	609,514	602,191
Granted (in shares)	286,178	292,526
Vested (in shares)	(116,166)	(124,883)
Forfeited (in shares)	(123,601)	(160,320)
Nonvested, Number of RSAs, ending balance (in shares)	655,925	609,514	602,191
Weighted-Average Grant Date Fair Value Per RSA
Nonvested, Weighted-Average Grant Date Fair Value Per RSA, beginning balance (in dollars per share)	$ 38.31	$ 38.84
Granted, Weighted-Average Grant Date Fair Value Per RSA (in dollars per share)	44.23	34.52	$ 47.64
Vested, Weighted-Average Grant Date Fair Value Per RSA (in dollars per share)	36.50	34
Forfeited, Weighted-Average Grant Date Fair Value Per RSA (in dollars per share)	38.78	36.75	32.15
Nonvested, Weighted-Average Grant Date Fair Value Per RSA, ending balance (in dollars per share)	$ 41.12	$ 38.31	$ 38.84

Derivative Instruments and He84

Derivative Instruments and Hedging Activities - Summary of outstanding interest rate swap contracts (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Derivative [Line Items]
Notional amount	$ 449,587
Fair Value	$ (2,454)
Interest Rate Swap - 2.275% Fixed Rate
Derivative [Line Items]
Effective Date	Feb. 18, 2014
Maturity Date	Feb. 15, 2021
Pay Fixed Rate	2.275%
Receive Floating Rate Index	LIBOR – 1 month
Notional amount	$ 14,718
Fair Value	$ (514)
Interest Rate Swap - 2.275% Fixed Rate
Derivative [Line Items]
Effective Date	Feb. 18, 2014
Maturity Date	Feb. 15, 2021
Pay Fixed Rate	2.275%
Receive Floating Rate Index	LIBOR – 1 month
Notional amount	$ 14,869
Fair Value	$ (519)
Interest Rate Swap - 0.8695% Fixed Rate
Derivative [Line Items]
Effective Date	Feb. 2, 2012
Maturity Date	Jan. 2, 2017
Pay Fixed Rate	0.8695%
Receive Floating Rate Index	LIBOR – 1 month
Notional amount	$ 125,000
Fair Value	$ (233)
Interest Rate Swap - 0.88% Fixed Rate
Derivative [Line Items]
Effective Date	Feb. 2, 2012
Maturity Date	Jan. 2, 2017
Pay Fixed Rate	0.88%
Receive Floating Rate Index	LIBOR – 1 month
Notional amount	$ 100,000
Fair Value	$ (197)
Interest Rate Swap - 0.8875% Fixed Rate
Derivative [Line Items]
Effective Date	Feb. 2, 2012
Maturity Date	Jan. 2, 2017
Pay Fixed Rate	0.8875%
Receive Floating Rate Index	LIBOR – 1 month
Notional amount	$ 62,500
Fair Value	$ (128)
Interest Rate Swap - 0.889% Fixed Rate
Derivative [Line Items]
Effective Date	Feb. 2, 2012
Maturity Date	Jan. 2, 2017
Pay Fixed Rate	0.889%
Receive Floating Rate Index	LIBOR – 1 month
Notional amount	$ 62,500
Fair Value	$ (129)
Interest Rate Swap - 1.545% Fixed Rate
Derivative [Line Items]
Effective Date	Nov. 1, 2013
Maturity Date	Oct. 5, 2018
Pay Fixed Rate	1.545%
Receive Floating Rate Index	LIBOR – 1 month
Notional amount	$ 70,000
Fair Value	$ (734)

Derivative Instruments and He85

Derivative Instruments and Hedging Activities - Additional Information (Detail Textuals 1)	1 Months Ended	12 Months Ended
	Jun. 30, 2014USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Mar. 31, 2014USD ($)Contract
Derivative [Line Items]
Notional amount		$ 449,587,000
Payment for termination of derivative instrument		0	$ 4,122,000	$ 0
Amortization of interest rate swap terminations		412,000	222,000	0
Forward contracts
Derivative [Line Items]
Number of interest rate swap contracts | Contract					2
Payment for termination of derivative instrument	$ 4,100,000
Amortization of interest rate swap terminations		400,000	200,000
Termination payment remaining to be amortized		3,500,000	3,900,000
Forward contracts | Interest Rate Swap
Derivative [Line Items]
Notional amount					$ 200,000,000
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Derivative [Line Items]
Payment for termination of derivative instrument		0	4,122,000	0
Amortization of interest rate swap terminations		$ 412,000	$ 222,000	$ 0
Senior Notes - June 2014 | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Derivative [Line Items]
Effective interest rate after effect of derivative instruments		4.269%

Derivative Instruments and He86

Derivative Instruments and Hedging Activities - Fair value of derivative financial instruments and classification on consolidated balance sheet (Details) - Designated as hedging instrument - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Liability Derivatives, Interest rate swaps contracts	$ 2,454	$ 2,306
Interest Rate Swap Contracts | Other liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives, Interest rate swaps contracts	$ 2,454	$ 2,306

Fair Value Disclosures - Financ

Fair Value Disclosures - Financial instruments measured at fair value (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Liabilities:
Derivative Liabilities: financial instruments	$ 2,454	$ 2,306
Mezzanine:
Mezzanine Redeemable noncontrolling interests - Operating Partnership/ redeemable limited partners	59,511	54,472
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Liabilities:
Derivative Liabilities: financial instruments		0
Significant Other Observable Inputs (Level 2)
Liabilities:
Derivative Liabilities: financial instruments	2,454	2,306
Mezzanine:
Mezzanine Redeemable noncontrolling interests - Operating Partnership/ redeemable limited partners	59,511	54,472
Significant Unobservable Inputs (Level 3)
Liabilities:
Derivative Liabilities: financial instruments	0	0
Mezzanine:
Mezzanine Redeemable noncontrolling interests - Operating Partnership/ redeemable limited partners	$ 0	$ 0

Fair Value Disclosures - Estima

Fair Value Disclosures - Estimated fair value and related carrying amounts for mortgage loans and bonds payable (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Estimated Fair Value
Assets:
Loans receivable	$ 48,030	$ 47,092
Liabilities:
Unsecured notes	1,191,520	802,943
Mortgage loans	1,000,226	1,182,501
Bonds payable	41,288	45,176
Carrying Amount
Assets:
Loans receivable	57,200	54,260
Liabilities:
Unsecured notes	1,197,755	798,305
Mortgage loans	1,058,831	1,184,550
Bonds payable	$ 36,935	$ 39,785

Lease Commitments - Additional

Lease Commitments - Additional Information (Detail Textuals) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Leases Disclosure [Line Items]
Prepaid ground rent	$ 5.9	$ 1.8
Ground/facility leases	7.5	6.2	$ 5
Capitalized rent	0.4	1.4	1.1
Furniture, office and technology equipment
Leases Disclosure [Line Items]
Ground/facility leases	$ 8.9	$ 7.8	$ 6.5

Lease Commitments - Future mini

Lease Commitments - Future minimum commitments over life (Details) $ in Thousands	Dec. 31, 2015USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,016	$ 7,246
2,017	7,091
2,018	6,999
2,019	6,721
2,020	6,705
Thereafter	227,519
Total minimum lease payments	$ 262,281

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail Textuals) $ in Millions	1 Months Ended		12 Months Ended
	May. 31, 2016USD ($)	Aug. 31, 2013USD ($)Contract	Dec. 31, 2015USD ($)Property
Commitments and Contingencies Disclosure [Line Items]
Number of under development properties | Property			8
Alternate Housing Guarantees and Project Cost Guarantees
Commitments and Contingencies Disclosure [Line Items]
Estimated maximum exposure under guarantee, amount			$ 1.5
Alternate Housing Guarantees
Commitments and Contingencies Disclosure [Line Items]
Project cost guarantees expiration (within years following project completion)			5 days
Project Cost Guarantees
Commitments and Contingencies Disclosure [Line Items]
Project cost guarantees expiration (within years following project completion)			1 year
Drexel University Property
Commitments and Contingencies Disclosure [Line Items]
Lease term		40 years
Number of renewal options | Contract		3
Lease extension period		10 years
Time period company is committed to improvements		5 years
Commitment to pay real estate transfer taxes, amount		$ 1.8
Real estate transfer taxes paid upon conveyance of land		0.6
Renovation and capital improvements | Drexel University Property
Commitments and Contingencies Disclosure [Line Items]
Commitment as part of ground lease agreement, amount		22.3
Payments for capital improvements and renovations			$ 34.1
Maximum | Drexel University Property
Commitments and Contingencies Disclosure [Line Items]
Commitment to pay real estate transfer taxes, amount		$ 2.4
Construction Contracts
Commitments and Contingencies Disclosure [Line Items]
Construction contacts, amount to complete projects			289.5
Operating Expense
Commitments and Contingencies Disclosure [Line Items]
Assumed obligation for infrastructure improvements expense			$ 0.6
The Court at Stadium Centre | Forecast
Commitments and Contingencies Disclosure [Line Items]
Payments to Acquire Real Estate and Real Estate Joint Ventures	$ 26.5
Stadium Centre | Forecast
Commitments and Contingencies Disclosure [Line Items]
Payments to Acquire Real Estate and Real Estate Joint Ventures	$ 6.9

Segments - Additional Informati

Segments - Additional Information (Detail Textuals)	12 Months Ended
	Dec. 31, 2015Segment
Segment Reporting [Abstract]
Identified reportable segments	4

Segment - Summary of business s

Segment - Summary of business segments (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Property management fees from external customers									$ 8,813	$ 7,669	$ 7,514
Total revenues	$ 202,198	$ 180,816	$ 177,874	$ 192,493	$ 196,819	$ 181,936	$ 171,977	$ 183,183	753,381	733,915	657,462
Ground/facility leases									(7,500)	(6,200)	(5,000)
Operating expenses									(596,477)	(578,929)	(525,709)
Interest expense									(87,789)	(90,362)	(78,028)
Income from continuing operations					27,291	$ (5,785)	$ 13,731	$ 26,147	118,061	61,384	47,436
Total assets	6,025,947				5,834,748				6,025,947	5,834,748
Operating segments
Segment Reporting Information [Line Items]
Total revenues									777,508	757,886	679,026
Income from continuing operations									118,061	61,384	47,436
Operating segments | Wholly owned properties
Segment Reporting Information [Line Items]
Rental revenues and other income									708,018	693,694	621,117
Interest and other income									1,071	1,079	152
Total revenues									709,089	694,773	621,269
Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead									(330,932)	(331,046)	(300,207)
Ground/facility leases									(5,297)	(4,196)	(2,956)
Interest expense									(30,147)	(42,906)	(45,401)
Segment operating income (loss) before depreciation, amortization and allocation of corporate overhead									342,713	316,625	272,705
Depreciation and amortization									198,986	189,424	178,396
Capital expenditures									316,468	334,249	350,118
Total segment assets	5,809,526				5,604,358				5,809,526	5,604,358	5,394,029
Operating segments | On-campus participating properties, net
Segment Reporting Information [Line Items]
Rental revenues and other income									31,586	28,534	26,348
Interest and other income									2	3	16
Total revenues									31,588	28,537	26,364
Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead									(11,407)	(10,437)	(10,322)
Ground/facility leases									(2,935)	(3,201)	(2,446)
Interest expense									(5,833)	(5,131)	(5,463)
Segment operating income (loss) before depreciation, amortization and allocation of corporate overhead									11,413	9,768	8,133
Depreciation and amortization									7,034	5,688	4,756
Capital expenditures									2,943	29,621	17,094
Total segment assets	105,546				110,017				105,546	110,017	88,777
Operating segments | Development Services
Segment Reporting Information [Line Items]
Development and construction management fees									4,964	4,018	2,483
Operating expenses									(13,732)	(11,883)	(11,172)
Segment operating income (loss) before depreciation, amortization and allocation of corporate overhead									(8,768)	(7,865)	(8,689)
Total segment assets	1,730				1,530				1,730	1,530	1,848
Operating segments | Property Management Services
Segment Reporting Information [Line Items]
Property management fees from external customers									8,813	7,669	7,514
Intersegment revenues									23,054	22,889	21,396
Total revenues									31,867	30,558	28,910
Operating expenses									(11,360)	(12,400)	(10,349)
Segment operating income (loss) before depreciation, amortization and allocation of corporate overhead									20,507	18,158	18,561
Total segment assets	9,432				6,513				9,432	6,513	7,033
Operating segments | Reconciliations
Segment Reporting Information [Line Items]
Total segment assets	5,926,234				5,722,418				5,926,234	5,722,418	5,491,687
Unallocated corporate assets	99,713				112,330				99,713	112,330	106,353
Total assets	$ 6,025,947				$ 5,834,748				6,025,947	5,834,748	5,598,040
Unallocated interest income earned on investments and corporate cash
Segment Reporting Information [Line Items]
Total revenues									3,348	3,086	2,837
Elimination of intersegment revenues
Segment Reporting Information [Line Items]
Total revenues									(23,054)	(22,889)	(21,396)
Total consolidated revenues, including interest income
Segment Reporting Information [Line Items]
Total revenues									757,802	738,083	660,467
Segment operating income before depreciation, amortization and allocation of corporate overhead
Segment Reporting Information [Line Items]
Income from continuing operations									365,865	336,686	290,710
Depreciation and amortization
Segment Reporting Information [Line Items]
Income from continuing operations									(214,338)	(203,413)	(190,596)
Net unallocated expenses relating to corporate interest and overhead
Segment Reporting Information [Line Items]
Income from continuing operations									(83,541)	(67,956)	(48,992)
Gain (loss) from disposition of real estate
Segment Reporting Information [Line Items]
Income from continuing operations									52,699	(368)
Provision for real estate impairment
Segment Reporting Information [Line Items]
Income from continuing operations									0	(2,443)	0
Other nonoperating income (expense)
Segment Reporting Information [Line Items]
Income from continuing operations									388	186	(2,666)
Loss from early extinguishment of debt
Segment Reporting Information [Line Items]
Income from continuing operations									(1,770)	0	0
Income tax provision
Segment Reporting Information [Line Items]
Income from continuing operations									$ (1,242)	$ (1,308)	$ (1,020)

Quarterly Financial Informati94

Quarterly Financial Information (Unaudited) - Information related to quarterly consolidated financial results(Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Total segment revenues and other income	$ 202,198	$ 180,816	$ 177,874	$ 192,493	$ 196,819	$ 181,936	$ 171,977	$ 183,183	$ 753,381	$ 733,915	$ 657,462
Operating income	53,725	18,551	34,452	50,176	52,704	18,854	35,433	47,995	156,904	154,986	131,753
Net income					27,291	(5,785)	13,731	26,147	118,061	61,384	47,436
Discontinued operations					0	0	0	2,720	0	2,720	59,755
Net income	28,860	2,016	15,918	71,267	27,291	(5,785)	13,731	28,867	118,061	64,104	107,191
Net income attributable to noncontrolling interests	501	161	338	1,070	441	62	293	469	2,070	1,265	2,547
Net income attributable to ACC, Inc. and Subsidiaries common stockholders	$ 28,359	$ 1,855	$ 15,580	$ 70,197	$ 26,850	$ (5,847)	$ 13,438	$ 28,398	115,991	62,839	104,644
Net income (loss) available to common unitholders									$ 114,905	$ 61,763	$ 103,717
Net income (loss) attributable to ACC, Inc. and Subsidiaries common shareholders per share - basic (in dollars per share)	$ 0.25	$ 0.01	$ 0.14	$ 0.63	$ 0.25	$ (0.06)	$ 0.13	$ 0.27	$ 1.03	$ 0.59	$ 0.99
Net income attributable to ACC, Inc. and Subsidiaries common shareholders per share - diluted (in dollars per share)	$ 0.25	$ 0.01	$ 0.14	$ 0.62	$ 0.25	$ (0.06)	$ 0.12	$ 0.27	$ 1.02	$ 0.58	$ 0.98
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Total segment revenues and other income	$ 202,198	$ 180,816	$ 177,874	$ 192,493	$ 196,819	$ 181,936	$ 171,977	$ 183,183	$ 753,381	$ 733,915	$ 657,462
Operating income					52,704	18,854	35,433	47,995	156,904	154,986	131,753
Net income					27,291	(5,785)	13,731	26,147	118,061	61,384	47,436
Discontinued operations					0	0	0	2,720	0	2,720	59,755
Net income					27,291	(5,785)	13,731	28,867	118,061	64,104	107,191
Net income attributable to noncontrolling interests	(105)	(92)	(92)	(323)	(95)	(81)	(88)	(88)	(612)	(352)
Series A preferred unit distributions	(44)	(44)	(44)	(44)	(44)	(44)	(45)	(45)	(176)	(178)	(182)
Net income attributable to ACC, Inc. and Subsidiaries common stockholders									117,449	63,752	106,003
Net income (loss) available to common unitholders	$ 28,711	$ 1,880	$ 15,782	$ 70,900	$ 27,152	$ (5,910)	$ 13,598	$ 28,734	$ 117,273	$ 63,574	$ 105,821
Net income (loss) attributable to ACC, Inc. and Subsidiaries common shareholders per share - basic (in dollars per share)									$ 1.03	$ 0.59	$ 0.99
Net income attributable to common unitholders per unit - basic (in dollars per share/unit)	$ 0.25	$ 0.01	$ 0.14	$ 0.63	$ 0.25	$ (0.06)	$ 0.13	$ 0.24	1.03	0.59	0.99
Net income attributable to ACC, Inc. and Subsidiaries common shareholders per share - diluted (in dollars per share)									1.02	0.58	0.98
Net income attributable to common unitholders (in dollars per share)	$ 0.25	$ 0.01	$ 0.14	$ 0.63	$ 0.25	$ (0.06)	$ 0.12	$ 0.27	$ 1.02	$ 0.58	$ 0.98

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($)	Feb. 05, 2016	Jan. 29, 2016	Feb. 26, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Subsequent Event [Line Items]
Total net proceeds				$ 216,666,000	$ 89,317,000	$ 0
Subsequent Event
Subsequent Event [Line Items]
Company dividend paid (in dollars per share)			$ 0.40
Term Loan I Facility | Subsequent Event
Subsequent Event [Line Items]
Unsecured term loan amount refinanced		$ 150,000,000
Credit facility		$ 350,000,000
Unsecured Revolving Credit Facility | Subsequent Event
Subsequent Event [Line Items]
Repayments of debt relating to issuance of offering proceeds	$ 107,000,000
Term Loan II Facility | Subsequent Event
Subsequent Event [Line Items]
Repayments of debt relating to issuance of offering proceeds	$ 250,000,000
Common shares
Subsequent Event [Line Items]
Shares of common stock sold (in shares)				4,933,665	2,206,240
Common shares | Subsequent Event
Subsequent Event [Line Items]
Shares of common stock sold (in shares)	17,940,000
Price per common stock (in dollars per share)	$ 41.25
Total net proceeds	$ 708,200,000
Common shares | Over-Allotment Option | Subsequent Event
Subsequent Event [Line Items]
Shares of common stock sold (in shares)	2,340,000

Schedule of Real Estate and A96

Schedule of Real Estate and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)UnitBed	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	32,455
Beds | Bed	99,388
Initial Cost, Land	$ 610,617
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	5,566,320
Costs Capitalized Subsequent to Acquisition/Initial Development	352,795
Total Costs, Land	611,222
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	5,918,510
Total Costs, Total	6,529,732
Accumulated Depreciation	861,978
Encumbrances	1,050,728
Aggregate costs for federal income tax purposes	$ 6,492,200
Wholly owned properties
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	30,368
Beds | Bed	94,302
Initial Cost, Land	$ 610,617
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	5,423,776
Costs Capitalized Subsequent to Acquisition/Initial Development	335,354
Total Costs, Land	611,222
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	5,758,525
Total Costs, Total	6,369,747
Accumulated Depreciation	792,122	$ 704,521	$ 529,555	$ 396,469
Encumbrances	$ 940,328
Wholly owned properties | The Callaway House
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	173
Beds | Bed	538
Initial Cost, Land	$ 5,081
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	20,499
Costs Capitalized Subsequent to Acquisition/Initial Development	9,136
Total Costs, Land	5,081
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	29,635
Total Costs, Total	34,716
Accumulated Depreciation	$ 11,467
Year Built	1,999
Wholly owned properties | The Village at Science Drive
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	192
Beds | Bed	732
Initial Cost, Land	$ 4,673
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	19,021
Costs Capitalized Subsequent to Acquisition/Initial Development	2,600
Total Costs, Land	4,673
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	21,621
Total Costs, Total	26,294
Accumulated Depreciation	$ 8,592
Year Built	2,000
Wholly owned properties | University Village at Boulder Creek
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	82
Beds | Bed	309
Initial Cost, Land	$ 1,035
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	16,393
Costs Capitalized Subsequent to Acquisition/Initial Development	1,669
Total Costs, Land	1,035
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	18,062
Total Costs, Total	19,097
Accumulated Depreciation	$ 7,051
Year Built	2,002
Wholly owned properties | University Village - Fresno
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	105
Beds | Bed	406
Initial Cost, Land	$ 929
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	15,553
Costs Capitalized Subsequent to Acquisition/Initial Development	841
Total Costs, Land	929
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	16,394
Total Costs, Total	17,323
Accumulated Depreciation	$ 5,850
Year Built	2,004
Wholly owned properties | University Village
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	220
Beds | Bed	749
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	41,119
Costs Capitalized Subsequent to Acquisition/Initial Development	2,601
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	43,720
Total Costs, Total	43,720
Accumulated Depreciation	$ 14,067
Year Built	2,004
Wholly owned properties | University Club Townhomes
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	216
Beds | Bed	736
Initial Cost, Land	$ 4,665
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	23,103
Costs Capitalized Subsequent to Acquisition/Initial Development	5,815
Total Costs, Land	4,665
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	28,918
Total Costs, Total	33,583
Accumulated Depreciation	$ 11,091
Year Built	2000/2002
Wholly owned properties | College Club Townhomes
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	136
Beds | Bed	544
Initial Cost, Land	$ 1,967
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	16,049
Costs Capitalized Subsequent to Acquisition/Initial Development	2,919
Total Costs, Land	1,967
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	18,968
Total Costs, Total	20,935
Accumulated Depreciation	$ 7,195
Year Built	2001/2004
Wholly owned properties | University Club Apartments
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	94
Beds | Bed	376
Initial Cost, Land	$ 1,416
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	11,848
Costs Capitalized Subsequent to Acquisition/Initial Development	1,723
Total Costs, Land	1,416
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	13,571
Total Costs, Total	14,987
Accumulated Depreciation	$ 4,608
Year Built	1,999
Wholly owned properties | City Parc at Fry Street
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	136
Beds | Bed	418
Initial Cost, Land	$ 1,902
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	17,678
Costs Capitalized Subsequent to Acquisition/Initial Development	1,946
Total Costs, Land	1,902
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	19,624
Total Costs, Total	21,526
Accumulated Depreciation	$ 6,446
Year Built	2,004
Wholly owned properties | Entrada Real
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	98
Beds | Bed	363
Initial Cost, Land	$ 1,475
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	15,859
Costs Capitalized Subsequent to Acquisition/Initial Development	2,297
Total Costs, Land	1,475
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	18,156
Total Costs, Total	19,631
Accumulated Depreciation	$ 5,091
Year Built	2,000
Wholly owned properties | University Village at Sweethome
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	269
Beds | Bed	828
Initial Cost, Land	$ 2,473
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	34,626
Costs Capitalized Subsequent to Acquisition/Initial Development	2,076
Total Costs, Land	2,473
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	36,702
Total Costs, Total	39,175
Accumulated Depreciation	11,841
Encumbrances	$ 0
Year Built	2,005
Wholly owned properties | University Village - Tallahassee
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	217
Beds | Bed	716
Initial Cost, Land	$ 4,322
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	26,225
Costs Capitalized Subsequent to Acquisition/Initial Development	4,091
Total Costs, Land	4,322
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	30,316
Total Costs, Total	34,638
Accumulated Depreciation	9,082
Encumbrances	$ 0
Year Built	1990/91/92
Wholly owned properties | Royal Village Gainesville
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	118
Beds | Bed	448
Initial Cost, Land	$ 2,386
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	15,153
Costs Capitalized Subsequent to Acquisition/Initial Development	1,747
Total Costs, Land	2,386
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	16,900
Total Costs, Total	19,286
Accumulated Depreciation	$ 5,168
Year Built	1,996
Wholly owned properties | Royal Lexington
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	94
Beds | Bed	364
Initial Cost, Land	$ 2,848
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	12,783
Costs Capitalized Subsequent to Acquisition/Initial Development	5,195
Total Costs, Land	2,848
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	17,978
Total Costs, Total	20,826
Accumulated Depreciation	$ 5,038
Year Built	1,994
Wholly owned properties | Raiders Pass
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	264
Beds | Bed	828
Initial Cost, Land	$ 3,877
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	32,445
Costs Capitalized Subsequent to Acquisition/Initial Development	3,086
Total Costs, Land	3,877
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	35,531
Total Costs, Total	39,408
Accumulated Depreciation	$ 10,348
Year Built	2,002
Wholly owned properties | Aggie Station
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	156
Beds | Bed	450
Initial Cost, Land	$ 1,634
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	18,821
Costs Capitalized Subsequent to Acquisition/Initial Development	1,381
Total Costs, Land	1,634
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	20,202
Total Costs, Total	21,836
Accumulated Depreciation	$ 5,721
Year Built	2,002
Wholly owned properties | The Outpost - San Antonio
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	276
Beds | Bed	828
Initial Cost, Land	$ 3,262
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	36,252
Costs Capitalized Subsequent to Acquisition/Initial Development	2,148
Total Costs, Land	3,262
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	38,400
Total Costs, Total	41,662
Accumulated Depreciation	$ 10,585
Year Built	2,005
Wholly owned properties | Callaway Villas
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	236
Beds | Bed	704
Initial Cost, Land	$ 3,903
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	32,286
Costs Capitalized Subsequent to Acquisition/Initial Development	987
Total Costs, Land	3,903
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	33,273
Total Costs, Total	37,176
Accumulated Depreciation	$ 9,779
Year Built	2,006
Wholly owned properties | The Village on Sixth Avenue
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	248
Beds | Bed	752
Initial Cost, Land	$ 2,763
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	22,480
Costs Capitalized Subsequent to Acquisition/Initial Development	3,130
Total Costs, Land	2,763
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	25,610
Total Costs, Total	28,373
Accumulated Depreciation	7,592
Encumbrances	$ 1,252
Year Built	2000/2006
Wholly owned properties | Newtown Crossing
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	356
Beds | Bed	942
Initial Cost, Land	$ 7,013
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	53,597
Costs Capitalized Subsequent to Acquisition/Initial Development	1,718
Total Costs, Land	7,013
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	55,315
Total Costs, Total	62,328
Accumulated Depreciation	$ 15,222
Year Built	2005/2007
Wholly owned properties | Olde Towne University Square
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	224
Beds | Bed	550
Initial Cost, Land	$ 2,277
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	24,614
Costs Capitalized Subsequent to Acquisition/Initial Development	1,333
Total Costs, Land	2,277
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	25,947
Total Costs, Total	28,224
Accumulated Depreciation	$ 7,744
Year Built	2,005
Wholly owned properties | Peninsular Place
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	183
Beds | Bed	478
Initial Cost, Land	$ 2,306
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	16,559
Costs Capitalized Subsequent to Acquisition/Initial Development	1,021
Total Costs, Land	2,306
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	17,580
Total Costs, Total	19,886
Accumulated Depreciation	$ 5,460
Year Built	2,005
Wholly owned properties | University Centre
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	234
Beds | Bed	838
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	77,378
Costs Capitalized Subsequent to Acquisition/Initial Development	3,039
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	80,417
Total Costs, Total	80,417
Accumulated Depreciation	$ 20,168
Year Built	2,007
Wholly owned properties | Pirates Place Townhomes
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	144
Beds | Bed	528
Initial Cost, Land	$ 1,159
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	9,652
Costs Capitalized Subsequent to Acquisition/Initial Development	2,388
Total Costs, Land	1,159
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	12,040
Total Costs, Total	13,199
Accumulated Depreciation	3,563
Encumbrances	$ 4,422
Year Built	1,996
Wholly owned properties | The Summit and Jacob Heights
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	258
Beds | Bed	930
Initial Cost, Land	$ 2,318
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	36,464
Costs Capitalized Subsequent to Acquisition/Initial Development	1,588
Total Costs, Land	2,318
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	38,052
Total Costs, Total	40,370
Accumulated Depreciation	8,659
Encumbrances	$ 26,773
Year Built	4/6/2003
Wholly owned properties | GrandMarc Seven Corners
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	186
Beds | Bed	440
Initial Cost, Land	$ 4,491
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	28,807
Costs Capitalized Subsequent to Acquisition/Initial Development	1,841
Total Costs, Land	4,491
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	30,648
Total Costs, Total	35,139
Accumulated Depreciation	7,094
Encumbrances	$ 0
Year Built	2,000
Wholly owned properties | University Village- Sacramento
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	250
Beds | Bed	394
Initial Cost, Land	$ 7,275
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	12,639
Costs Capitalized Subsequent to Acquisition/Initial Development	2,139
Total Costs, Land	7,275
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	14,778
Total Costs, Total	22,053
Accumulated Depreciation	4,247
Encumbrances	$ 0
Year Built	1,979
Wholly owned properties | Aztec Corner
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	180
Beds | Bed	606
Initial Cost, Land	$ 17,460
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	32,209
Costs Capitalized Subsequent to Acquisition/Initial Development	1,476
Total Costs, Land	17,460
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	33,685
Total Costs, Total	51,145
Accumulated Depreciation	7,461
Encumbrances	$ 27,026
Year Built	1,995
Wholly owned properties | Campus Corner
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	254
Beds | Bed	796
Initial Cost, Land	$ 1,591
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	20,928
Costs Capitalized Subsequent to Acquisition/Initial Development	2,798
Total Costs, Land	1,591
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	23,726
Total Costs, Total	25,317
Accumulated Depreciation	6,045
Encumbrances	$ 22,266
Year Built	1,997
Wholly owned properties | Tower at Third
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	188
Beds | Bed	375
Initial Cost, Land	$ 1,145
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	19,128
Costs Capitalized Subsequent to Acquisition/Initial Development	10,313
Total Costs, Land	1,748
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	28,838
Total Costs, Total	30,586
Accumulated Depreciation	7,340
Encumbrances	$ 0
Year Built	1,973
Wholly owned properties | University Manor
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	168
Beds | Bed	600
Initial Cost, Land	$ 1,387
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	14,889
Costs Capitalized Subsequent to Acquisition/Initial Development	2,374
Total Costs, Land	1,387
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	17,263
Total Costs, Total	18,650
Accumulated Depreciation	$ 5,239
Year Built	2,002
Wholly owned properties | The Edge- Orlando
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	306
Beds | Bed	930
Initial Cost, Land	$ 6,053
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	37,802
Costs Capitalized Subsequent to Acquisition/Initial Development	4,227
Total Costs, Land	6,053
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	42,029
Total Costs, Total	48,082
Accumulated Depreciation	10,534
Encumbrances	$ 0
Year Built	1,999
Wholly owned properties | Willowtree Apartments and Tower
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	473
Beds | Bed	851
Initial Cost, Land	$ 9,807
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	21,880
Costs Capitalized Subsequent to Acquisition/Initial Development	3,217
Total Costs, Land	9,807
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	25,097
Total Costs, Total	34,904
Accumulated Depreciation	6,322
Encumbrances	$ 0
Year Built	1968/1974
Wholly owned properties | Abbott Place
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	222
Beds | Bed	654
Initial Cost, Land	$ 1,833
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	18,313
Costs Capitalized Subsequent to Acquisition/Initial Development	2,752
Total Costs, Land	1,833
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	21,065
Total Costs, Total	22,898
Accumulated Depreciation	6,218
Encumbrances	$ 17,850
Year Built	1,999
Wholly owned properties | The Centre
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	232
Beds | Bed	700
Initial Cost, Land	$ 1,804
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	19,395
Costs Capitalized Subsequent to Acquisition/Initial Development	2,142
Total Costs, Land	1,804
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	21,537
Total Costs, Total	23,341
Accumulated Depreciation	5,839
Encumbrances	$ 19,875
Year Built	2,004
Wholly owned properties | Campus Way
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	194
Beds | Bed	680
Initial Cost, Land	$ 1,431
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	21,845
Costs Capitalized Subsequent to Acquisition/Initial Development	7,919
Total Costs, Land	1,431
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	29,764
Total Costs, Total	31,195
Accumulated Depreciation	6,986
Encumbrances	$ 15,375
Year Built	1,993
Wholly owned properties | University Pointe
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	204
Beds | Bed	682
Initial Cost, Land	$ 989
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	27,576
Costs Capitalized Subsequent to Acquisition/Initial Development	1,997
Total Costs, Land	989
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	29,573
Total Costs, Total	30,562
Accumulated Depreciation	7,065
Encumbrances	$ 0
Year Built	2,004
Wholly owned properties | University Trails
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	240
Beds | Bed	684
Initial Cost, Land	$ 1,183
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	25,173
Costs Capitalized Subsequent to Acquisition/Initial Development	2,877
Total Costs, Land	1,183
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	28,050
Total Costs, Total	29,233
Accumulated Depreciation	6,922
Encumbrances	$ 0
Year Built	2,003
Wholly owned properties | Campus Trails
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	156
Beds | Bed	480
Initial Cost, Land	$ 1,358
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	11,291
Costs Capitalized Subsequent to Acquisition/Initial Development	4,073
Total Costs, Land	1,358
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	15,364
Total Costs, Total	16,722
Accumulated Depreciation	3,917
Encumbrances	$ 7,486
Year Built	1,991
Wholly owned properties | Vista del Sol (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	613
Beds | Bed	1,866
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	135,939
Costs Capitalized Subsequent to Acquisition/Initial Development	2,646
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	138,585
Total Costs, Total	138,585
Accumulated Depreciation	31,209
Encumbrances	$ 0
Year Built	2,008
Wholly owned properties | Villas at Chestnut Ridge
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	196
Beds | Bed	552
Initial Cost, Land	$ 2,756
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	33,510
Costs Capitalized Subsequent to Acquisition/Initial Development	855
Total Costs, Land	2,756
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	34,365
Total Costs, Total	37,121
Accumulated Depreciation	$ 7,947
Year Built	2,008
Wholly owned properties | Barrett Honors College (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	604
Beds | Bed	1,721
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	131,302
Costs Capitalized Subsequent to Acquisition/Initial Development	1,433
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	132,735
Total Costs, Total	132,735
Accumulated Depreciation	$ 26,606
Year Built	2,009
Wholly owned properties | University Heights
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	176
Beds | Bed	528
Initial Cost, Land	$ 1,387
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	8,236
Costs Capitalized Subsequent to Acquisition/Initial Development	1,348
Total Costs, Land	1,387
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	9,584
Total Costs, Total	10,971
Accumulated Depreciation	$ 2,274
Year Built	2,001
Wholly owned properties | Sanctuary Lofts
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	201
Beds | Bed	487
Initial Cost, Land	$ 2,960
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	18,180
Costs Capitalized Subsequent to Acquisition/Initial Development	3,047
Total Costs, Land	2,960
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	21,227
Total Costs, Total	24,187
Accumulated Depreciation	4,744
Encumbrances	$ 0
Year Built	2,006
Wholly owned properties | Lions Crossing
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	204
Beds | Bed	696
Initial Cost, Land	$ 4,453
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	32,824
Costs Capitalized Subsequent to Acquisition/Initial Development	2,584
Total Costs, Land	4,453
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	35,408
Total Costs, Total	39,861
Accumulated Depreciation	5,757
Encumbrances	$ 0
Year Built	1,996
Wholly owned properties | Nittany Crossing
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	204
Beds | Bed	684
Initial Cost, Land	$ 4,337
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	31,920
Costs Capitalized Subsequent to Acquisition/Initial Development	3,059
Total Costs, Land	4,337
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	34,979
Total Costs, Total	39,316
Accumulated Depreciation	5,738
Encumbrances	$ 0
Year Built	1,996
Wholly owned properties | University Oaks
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	181
Beds | Bed	662
Initial Cost, Land	$ 2,150
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	17,369
Costs Capitalized Subsequent to Acquisition/Initial Development	1,511
Total Costs, Land	2,150
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	18,880
Total Costs, Total	21,030
Accumulated Depreciation	3,435
Encumbrances	$ 22,150
Year Built	2,004
Wholly owned properties | Blanton Common
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	276
Beds | Bed	860
Initial Cost, Land	$ 3,788
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	29,662
Costs Capitalized Subsequent to Acquisition/Initial Development	1,663
Total Costs, Land	3,788
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	31,325
Total Costs, Total	35,113
Accumulated Depreciation	5,202
Encumbrances	$ 27,892
Year Built	2005/2007
Wholly owned properties | Burbank Commons
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	134
Beds | Bed	532
Initial Cost, Land	$ 2,512
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	20,063
Costs Capitalized Subsequent to Acquisition/Initial Development	2,669
Total Costs, Land	2,512
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	22,732
Total Costs, Total	25,244
Accumulated Depreciation	4,228
Encumbrances	$ 14,888
Year Built	1,995
Wholly owned properties | University Crescent
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	192
Beds | Bed	612
Initial Cost, Land	$ 3,548
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	28,403
Costs Capitalized Subsequent to Acquisition/Initial Development	2,235
Total Costs, Land	3,548
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	30,638
Total Costs, Total	34,186
Accumulated Depreciation	5,412
Encumbrances	$ 24,150
Year Built	1,999
Wholly owned properties | The Edge- Charlotte
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	180
Beds | Bed	720
Initial Cost, Land	$ 3,076
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	23,395
Costs Capitalized Subsequent to Acquisition/Initial Development	2,924
Total Costs, Land	3,076
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	26,319
Total Costs, Total	29,395
Accumulated Depreciation	4,554
Encumbrances	$ 0
Year Built	1,999
Wholly owned properties | University Walk - 2002
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	120
Beds | Bed	480
Initial Cost, Land	$ 2,016
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	14,599
Costs Capitalized Subsequent to Acquisition/Initial Development	2,181
Total Costs, Land	2,016
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	16,780
Total Costs, Total	18,796
Accumulated Depreciation	3,098
Encumbrances	$ 0
Year Built	2,002
Wholly owned properties | Park Point - 2010
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	66
Beds | Bed	226
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	25,725
Costs Capitalized Subsequent to Acquisition/Initial Development	1,054
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	26,779
Total Costs, Total	26,779
Accumulated Depreciation	617
Encumbrances	$ 11,461
Year Built	2,010
Wholly owned properties | Uptown Apartments
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	180
Beds | Bed	528
Initial Cost, Land	$ 3,031
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	21,685
Costs Capitalized Subsequent to Acquisition/Initial Development	1,697
Total Costs, Land	3,031
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	23,382
Total Costs, Total	26,413
Accumulated Depreciation	3,709
Encumbrances	$ 0
Year Built	2,004
Wholly owned properties | 2nd Ave Centre
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	274
Beds | Bed	868
Initial Cost, Land	$ 4,434
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	27,236
Costs Capitalized Subsequent to Acquisition/Initial Development	2,981
Total Costs, Land	4,434
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	30,217
Total Costs, Total	34,651
Accumulated Depreciation	5,599
Encumbrances	$ 0
Year Built	2,008
Wholly owned properties | Villas at Babcock
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	204
Beds | Bed	792
Initial Cost, Land	$ 4,642
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	30,901
Costs Capitalized Subsequent to Acquisition/Initial Development	289
Total Costs, Land	4,642
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	31,190
Total Costs, Total	35,832
Accumulated Depreciation	6,534
Encumbrances	$ 0
Year Built	2,011
Wholly owned properties | Lobo Village (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	216
Beds | Bed	864
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	42,490
Costs Capitalized Subsequent to Acquisition/Initial Development	513
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	43,003
Total Costs, Total	43,003
Accumulated Depreciation	$ 6,176
Year Built	2,011
Wholly owned properties | Villas on Sycamore
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	170
Beds | Bed	680
Initial Cost, Land	$ 3,000
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	24,640
Costs Capitalized Subsequent to Acquisition/Initial Development	465
Total Costs, Land	3,000
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	25,105
Total Costs, Total	28,105
Accumulated Depreciation	$ 5,532
Year Built	2,011
Wholly owned properties | University Village Northwest (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	36
Beds | Bed	144
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	4,228
Costs Capitalized Subsequent to Acquisition/Initial Development	29
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	4,257
Total Costs, Total	4,257
Accumulated Depreciation	$ 783
Year Built	2,011
Wholly owned properties | 26 West
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	367
Beds | Bed	1,026
Initial Cost, Land	$ 21,396
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	63,994
Costs Capitalized Subsequent to Acquisition/Initial Development	5,226
Total Costs, Land	21,396
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	69,220
Total Costs, Total	90,616
Accumulated Depreciation	$ 8,856
Year Built	2,008
Wholly owned properties | The Varsity
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	258
Beds | Bed	901
Initial Cost, Land	$ 11,605
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	108,529
Costs Capitalized Subsequent to Acquisition/Initial Development	1,750
Total Costs, Land	11,605
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	110,279
Total Costs, Total	121,884
Accumulated Depreciation	12,629
Encumbrances	$ 0
Year Built	2,011
Wholly owned properties | Avalon Heights
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	210
Beds | Bed	754
Initial Cost, Land	$ 4,968
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	24,345
Costs Capitalized Subsequent to Acquisition/Initial Development	4,192
Total Costs, Land	4,968
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	28,537
Total Costs, Total	33,505
Accumulated Depreciation	$ 3,850
Year Built	2,002
Wholly owned properties | University Commons
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	164
Beds | Bed	480
Initial Cost, Land	$ 12,559
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	19,010
Costs Capitalized Subsequent to Acquisition/Initial Development	2,318
Total Costs, Land	12,559
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	21,328
Total Costs, Total	33,887
Accumulated Depreciation	$ 2,557
Year Built	2,003
Wholly owned properties | Casas del Rio (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	283
Beds | Bed	1,028
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	40,639
Costs Capitalized Subsequent to Acquisition/Initial Development	517
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	41,156
Total Costs, Total	41,156
Accumulated Depreciation	$ 7,915
Year Built	2,012
Wholly owned properties | The Suites (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	275
Beds | Bed	550
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	27,080
Costs Capitalized Subsequent to Acquisition/Initial Development	184
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	27,264
Total Costs, Total	27,264
Accumulated Depreciation	$ 4,328
Year Built	2,012
Wholly owned properties | Hilltop Townhomes (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	144
Beds | Bed	576
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	31,507
Costs Capitalized Subsequent to Acquisition/Initial Development	215
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	31,722
Total Costs, Total	31,722
Accumulated Depreciation	5,030
Encumbrances	$ 0
Year Built	2,012
Wholly owned properties | U Club on Frey
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	114
Beds | Bed	456
Initial Cost, Land	$ 3,300
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	18,182
Costs Capitalized Subsequent to Acquisition/Initial Development	195
Total Costs, Land	3,300
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	18,377
Total Costs, Total	21,677
Accumulated Depreciation	3,478
Encumbrances	$ 0
Year Built	2,012
Wholly owned properties | Campus Edge on UTA Boulevard
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	128
Beds | Bed	488
Initial Cost, Land	$ 2,661
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	21,233
Costs Capitalized Subsequent to Acquisition/Initial Development	366
Total Costs, Land	2,661
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	21,599
Total Costs, Total	24,260
Accumulated Depreciation	3,387
Encumbrances	$ 0
Year Built	2,012
Wholly owned properties | U Club Townhomes on Marion Pugh
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	160
Beds | Bed	640
Initial Cost, Land	$ 6,722
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	26,546
Costs Capitalized Subsequent to Acquisition/Initial Development	635
Total Costs, Land	6,722
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	27,181
Total Costs, Total	33,903
Accumulated Depreciation	$ 4,482
Year Built	2,012
Wholly owned properties | Villas on Rensch
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	153
Beds | Bed	610
Initial Cost, Land	$ 10,231
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	33,852
Costs Capitalized Subsequent to Acquisition/Initial Development	354
Total Costs, Land	10,231
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	34,206
Total Costs, Total	44,437
Accumulated Depreciation	4,988
Encumbrances	$ 0
Year Built	2,012
Wholly owned properties | The Village at Overton Park
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	163
Beds | Bed	612
Initial Cost, Land	$ 5,262
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	29,374
Costs Capitalized Subsequent to Acquisition/Initial Development	285
Total Costs, Land	5,262
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	29,659
Total Costs, Total	34,921
Accumulated Depreciation	4,747
Encumbrances	$ 0
Year Built	2,012
Wholly owned properties | Casa de Oro (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	109
Beds | Bed	365
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	12,362
Costs Capitalized Subsequent to Acquisition/Initial Development	64
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	12,426
Total Costs, Total	12,426
Accumulated Depreciation	$ 2,147
Year Built	2,012
Wholly owned properties | The Villas at Vista del Sol (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	104
Beds | Bed	400
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	20,421
Costs Capitalized Subsequent to Acquisition/Initial Development	154
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	20,575
Total Costs, Total	20,575
Accumulated Depreciation	$ 3,585
Year Built	2,012
Wholly owned properties | The Block
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	669
Beds | Bed	1,555
Initial Cost, Land	$ 22,270
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	141,430
Costs Capitalized Subsequent to Acquisition/Initial Development	8,321
Total Costs, Land	22,270
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	149,751
Total Costs, Total	172,021
Accumulated Depreciation	$ 13,723
Year Built	2007/2008
Wholly owned properties | University Pointe at College Station (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	282
Beds | Bed	978
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	84,657
Costs Capitalized Subsequent to Acquisition/Initial Development	852
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	85,509
Total Costs, Total	85,509
Accumulated Depreciation	$ 13,729
Year Built	2,012
Wholly owned properties | 309 Green
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	110
Beds | Bed	416
Initial Cost, Land	$ 5,351
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	49,987
Costs Capitalized Subsequent to Acquisition/Initial Development	1,931
Total Costs, Land	5,351
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	51,918
Total Costs, Total	57,269
Accumulated Depreciation	5,138
Encumbrances	$ 31,373
Year Built	2,008
Wholly owned properties | The Retreat
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	187
Beds | Bed	780
Initial Cost, Land	$ 5,265
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	46,236
Costs Capitalized Subsequent to Acquisition/Initial Development	1,521
Total Costs, Land	5,265
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	47,757
Total Costs, Total	53,022
Accumulated Depreciation	$ 4,763
Year Built	2,012
Wholly owned properties | Lofts54
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	43
Beds | Bed	172
Initial Cost, Land	$ 430
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	14,741
Costs Capitalized Subsequent to Acquisition/Initial Development	825
Total Costs, Land	430
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	15,566
Total Costs, Total	15,996
Accumulated Depreciation	1,664
Encumbrances	$ 10,798
Year Built	2,008
Wholly owned properties | Campustown Rentals
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	264
Beds | Bed	746
Initial Cost, Land	$ 2,409
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	40,190
Costs Capitalized Subsequent to Acquisition/Initial Development	3,396
Total Costs, Land	2,409
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	43,586
Total Costs, Total	45,995
Accumulated Depreciation	$ 4,905
Year Built	1920-1987
Wholly owned properties | Chauncey Square
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	158
Beds | Bed	386
Initial Cost, Land	$ 2,522
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	40,013
Costs Capitalized Subsequent to Acquisition/Initial Development	1,291
Total Costs, Land	2,522
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	41,304
Total Costs, Total	43,826
Accumulated Depreciation	$ 4,253
Year Built	2007/2012
Wholly owned properties | Vintage and Texan West Campus
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	124
Beds | Bed	311
Initial Cost, Land	$ 5,937
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	11,906
Costs Capitalized Subsequent to Acquisition/Initial Development	14,923
Total Costs, Land	5,937
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	26,829
Total Costs, Total	32,766
Accumulated Depreciation	2,597
Encumbrances	$ 8,707
Year Built	2,009
Wholly owned properties | The Castilian
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	371
Beds | Bed	623
Initial Cost, Land	$ 3,663
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	59,772
Costs Capitalized Subsequent to Acquisition/Initial Development	31,645
Total Costs, Land	3,663
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	91,417
Total Costs, Total	95,080
Accumulated Depreciation	$ 7,357
Year Built	1,967
Wholly owned properties | Bishops Square
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	134
Beds | Bed	315
Initial Cost, Land	$ 1,206
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	17,878
Costs Capitalized Subsequent to Acquisition/Initial Development	1,037
Total Costs, Land	1,206
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	18,915
Total Costs, Total	20,121
Accumulated Depreciation	2,175
Encumbrances	$ 11,600
Year Built	2,002
Wholly owned properties | Union
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	54
Beds | Bed	120
Initial Cost, Land	$ 169
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	6,348
Costs Capitalized Subsequent to Acquisition/Initial Development	386
Total Costs, Land	169
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	6,734
Total Costs, Total	6,903
Accumulated Depreciation	782
Encumbrances	$ 3,597
Year Built	2,007
Wholly owned properties | 922 Place
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	132
Beds | Bed	468
Initial Cost, Land	$ 3,363
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	34,947
Costs Capitalized Subsequent to Acquisition/Initial Development	2,644
Total Costs, Land	3,363
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	37,591
Total Costs, Total	40,954
Accumulated Depreciation	4,123
Encumbrances	$ 31,425
Year Built	2,009
Wholly owned properties | Campustown
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	452
Beds | Bed	1,217
Initial Cost, Land	$ 1,818
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	77,894
Costs Capitalized Subsequent to Acquisition/Initial Development	2,616
Total Costs, Land	1,818
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	80,510
Total Costs, Total	82,328
Accumulated Depreciation	7,828
Encumbrances	$ 40,799
Year Built	1910-2004
Wholly owned properties | River Mill
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	243
Beds | Bed	461
Initial Cost, Land	$ 1,741
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	22,806
Costs Capitalized Subsequent to Acquisition/Initial Development	2,822
Total Costs, Land	1,741
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	25,628
Total Costs, Total	27,369
Accumulated Depreciation	2,718
Encumbrances	$ 0
Year Built	1,972
Wholly owned properties | Garnet River Walk
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	170
Beds | Bed	476
Initial Cost, Land	$ 1,427
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	28,616
Costs Capitalized Subsequent to Acquisition/Initial Development	1,047
Total Costs, Land	1,427
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	29,663
Total Costs, Total	31,090
Accumulated Depreciation	3,534
Encumbrances	$ 16,856
Year Built	2,006
Wholly owned properties | Landmark
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	173
Beds | Bed	606
Initial Cost, Land	$ 3,002
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	118,168
Costs Capitalized Subsequent to Acquisition/Initial Development	641
Total Costs, Land	3,002
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	118,809
Total Costs, Total	121,811
Accumulated Depreciation	$ 10,911
Year Built	2,012
Wholly owned properties | Icon Plaza
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	56
Beds | Bed	253
Initial Cost, Land	$ 6,292
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	65,857
Costs Capitalized Subsequent to Acquisition/Initial Development	2,913
Total Costs, Land	6,292
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	68,770
Total Costs, Total	75,062
Accumulated Depreciation	$ 6,291
Year Built	2,012
Wholly owned properties | The Province - Greensboro
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	219
Beds | Bed	696
Initial Cost, Land	$ 2,226
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	48,567
Costs Capitalized Subsequent to Acquisition/Initial Development	649
Total Costs, Land	2,226
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	49,216
Total Costs, Total	51,442
Accumulated Depreciation	4,997
Encumbrances	$ 28,635
Year Built	2,011
Wholly owned properties | RAMZ Apts on Broad
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	88
Beds | Bed	172
Initial Cost, Land	$ 785
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	12,303
Costs Capitalized Subsequent to Acquisition/Initial Development	418
Total Costs, Land	785
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	12,721
Total Costs, Total	13,506
Accumulated Depreciation	1,266
Encumbrances	$ 0
Year Built	2,004
Wholly owned properties | The Lofts at Capital Garage
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	36
Beds | Bed	144
Initial Cost, Land	$ 313
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	3,581
Costs Capitalized Subsequent to Acquisition/Initial Development	413
Total Costs, Land	313
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	3,994
Total Costs, Total	4,307
Accumulated Depreciation	465
Encumbrances	$ 4,404
Year Built	1920/2000
Wholly owned properties | Forest Village and Woodlake
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	352
Beds | Bed	704
Initial Cost, Land	$ 3,125
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	18,041
Costs Capitalized Subsequent to Acquisition/Initial Development	2,922
Total Costs, Land	3,125
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	20,963
Total Costs, Total	24,088
Accumulated Depreciation	$ 2,443
Year Built	1982/1983
Wholly owned properties | 25 Twenty
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	249
Beds | Bed	562
Initial Cost, Land	$ 2,226
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	33,429
Costs Capitalized Subsequent to Acquisition/Initial Development	479
Total Costs, Land	2,226
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	33,908
Total Costs, Total	36,134
Accumulated Depreciation	3,907
Encumbrances	$ 26,585
Year Built	2,011
Wholly owned properties | The Province - Louisville
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	366
Beds | Bed	858
Initial Cost, Land	$ 4,392
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	63,068
Costs Capitalized Subsequent to Acquisition/Initial Development	937
Total Costs, Land	4,392
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	64,005
Total Costs, Total	68,397
Accumulated Depreciation	6,681
Encumbrances	$ 37,348
Year Built	2,009
Wholly owned properties | West 27th Place
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	161
Beds | Bed	475
Initial Cost, Land	$ 13,900
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	76,720
Costs Capitalized Subsequent to Acquisition/Initial Development	838
Total Costs, Land	13,900
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	77,558
Total Costs, Total	91,458
Accumulated Depreciation	6,952
Encumbrances	$ 38,862
Year Built	2,011
Wholly owned properties | The Province - Rochester
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	336
Beds | Bed	816
Initial Cost, Land	$ 3,798
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	70,955
Costs Capitalized Subsequent to Acquisition/Initial Development	1,420
Total Costs, Land	3,798
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	72,375
Total Costs, Total	76,173
Accumulated Depreciation	7,352
Encumbrances	$ 34,967
Year Built	2,010
Wholly owned properties | 5 Twenty Four and 5 Twenty Five Angliana
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	376
Beds | Bed	1,060
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	$ 60,448
Costs Capitalized Subsequent to Acquisition/Initial Development	1,054
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	61,502
Total Costs, Total	61,502
Accumulated Depreciation	6,468
Encumbrances	$ 25,880
Year Built	2009/2011
Wholly owned properties | The Province - Tampa
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	287
Beds | Bed	947
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	52,943
Costs Capitalized Subsequent to Acquisition/Initial Development	2,251
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	55,194
Total Costs, Total	55,194
Accumulated Depreciation	5,796
Encumbrances	$ 32,686
Year Built	2,009
Wholly owned properties | U Point Kennesaw
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	216
Beds | Bed	795
Initial Cost, Land	$ 1,482
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	61,654
Costs Capitalized Subsequent to Acquisition/Initial Development	3,353
Total Costs, Land	1,482
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	65,007
Total Costs, Total	66,489
Accumulated Depreciation	$ 7,016
Year Built	2,012
Wholly owned properties | The Cottages of Columbia
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	145
Beds | Bed	513
Initial Cost, Land	$ 2,695
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	27,574
Costs Capitalized Subsequent to Acquisition/Initial Development	1,467
Total Costs, Land	2,695
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	29,041
Total Costs, Total	31,736
Accumulated Depreciation	3,226
Encumbrances	$ 19,675
Year Built	2,008
Wholly owned properties | Grindstone Canyon
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	201
Beds | Bed	384
Initial Cost, Land	$ 1,631
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	21,641
Costs Capitalized Subsequent to Acquisition/Initial Development	981
Total Costs, Land	1,631
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	22,622
Total Costs, Total	24,253
Accumulated Depreciation	2,595
Encumbrances	$ 13,929
Year Built	2,003
Wholly owned properties | The Cottages of Durham
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	141
Beds | Bed	619
Initial Cost, Land	$ 3,955
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	41,421
Costs Capitalized Subsequent to Acquisition/Initial Development	1,648
Total Costs, Land	3,955
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	43,069
Total Costs, Total	47,024
Accumulated Depreciation	5,269
Encumbrances	$ 0
Year Built	2,012
Wholly owned properties | The Province - Dayton
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	200
Beds | Bed	657
Initial Cost, Land	$ 1,211
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	32,983
Costs Capitalized Subsequent to Acquisition/Initial Development	853
Total Costs, Land	1,211
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	33,836
Total Costs, Total	35,047
Accumulated Depreciation	3,718
Encumbrances	$ 0
Year Built	2,009
Wholly owned properties | The Cottages of Baton Rouge
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	382
Beds | Bed	1,290
Initial Cost, Land	$ 6,524
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	113,912
Costs Capitalized Subsequent to Acquisition/Initial Development	6,469
Total Costs, Land	6,524
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	120,381
Total Costs, Total	126,905
Accumulated Depreciation	11,901
Encumbrances	$ 62,940
Year Built	2010/2011
Wholly owned properties | U Club Cottages
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	105
Beds | Bed	308
Initial Cost, Land	$ 1,744
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	22,134
Costs Capitalized Subsequent to Acquisition/Initial Development	661
Total Costs, Land	1,744
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	22,795
Total Costs, Total	24,539
Accumulated Depreciation	2,599
Encumbrances	$ 15,588
Year Built	2,011
Wholly owned properties | University Edge
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	201
Beds | Bed	608
Initial Cost, Land	$ 4,500
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	26,385
Costs Capitalized Subsequent to Acquisition/Initial Development	894
Total Costs, Land	4,500
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	27,279
Total Costs, Total	31,779
Accumulated Depreciation	$ 2,567
Year Built	2,012
Wholly owned properties | The Lodges of East Lansing phase I & II
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	364
Beds | Bed	1,049
Initial Cost, Land	$ 6,472
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	89,231
Costs Capitalized Subsequent to Acquisition/Initial Development	949
Total Costs, Land	6,472
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	90,180
Total Costs, Total	96,652
Accumulated Depreciation	8,420
Encumbrances	$ 30,199
Year Built	2011/2013
Wholly owned properties | 7th Street Station
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	82
Beds | Bed	309
Initial Cost, Land	$ 9,792
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	16,472
Costs Capitalized Subsequent to Acquisition/Initial Development	387
Total Costs, Land	9,792
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	16,859
Total Costs, Total	26,651
Accumulated Depreciation	1,547
Encumbrances	$ 0
Year Built	2,012
Wholly owned properties | U Club on Woodward
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	112
Beds | Bed	448
Initial Cost, Land	$ 6,703
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	21,654
Costs Capitalized Subsequent to Acquisition/Initial Development	144
Total Costs, Land	6,703
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	21,798
Total Costs, Total	28,501
Accumulated Depreciation	2,251
Encumbrances	$ 0
Year Built	2,013
Wholly owned properties | The Callaway House Austin
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	219
Beds | Bed	753
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	61,550
Costs Capitalized Subsequent to Acquisition/Initial Development	215
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	61,765
Total Costs, Total	61,765
Accumulated Depreciation	5,922
Encumbrances	$ 0
Year Built	2,013
Wholly owned properties | Manzanita (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	241
Beds | Bed	816
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	48,781
Costs Capitalized Subsequent to Acquisition/Initial Development	151
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	48,932
Total Costs, Total	48,932
Accumulated Depreciation	5,107
Encumbrances	$ 0
Year Built	2,013
Wholly owned properties | University View (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	96
Beds | Bed	336
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	14,683
Costs Capitalized Subsequent to Acquisition/Initial Development	105
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	14,788
Total Costs, Total	14,788
Accumulated Depreciation	1,526
Encumbrances	$ 0
Year Built	2,013
Wholly owned properties | U Club Townhomes at Overton Park
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	112
Beds | Bed	448
Initial Cost, Land	$ 7,775
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	21,483
Costs Capitalized Subsequent to Acquisition/Initial Development	139
Total Costs, Land	7,775
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	21,622
Total Costs, Total	29,397
Accumulated Depreciation	$ 2,208
Year Built	2,013
Wholly owned properties | 601 Copeland
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	81
Beds | Bed	283
Initial Cost, Land	$ 1,457
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	26,699
Costs Capitalized Subsequent to Acquisition/Initial Development	192
Total Costs, Land	1,457
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	26,891
Total Costs, Total	28,348
Accumulated Depreciation	2,275
Encumbrances	$ 0
Year Built	2,013
Wholly owned properties | The Townhomes at Newtown Crossing
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	152
Beds | Bed	608
Initial Cost, Land	$ 7,745
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	32,074
Costs Capitalized Subsequent to Acquisition/Initial Development	236
Total Costs, Land	7,745
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	32,310
Total Costs, Total	40,055
Accumulated Depreciation	$ 2,696
Year Built	2,013
Wholly owned properties | Chestnut Square (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	220
Beds | Bed	861
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	98,369
Costs Capitalized Subsequent to Acquisition/Initial Development	1,883
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	100,252
Total Costs, Total	100,252
Accumulated Depreciation	8,764
Encumbrances	$ 0
Year Built	2,013
Wholly owned properties | Park Point - 2008
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	300
Beds | Bed	924
Initial Cost, Land	$ 7,827
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	73,495
Costs Capitalized Subsequent to Acquisition/Initial Development	3,384
Total Costs, Land	7,827
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	76,879
Total Costs, Total	84,706
Accumulated Depreciation	5,980
Encumbrances	$ 70,000
Year Built	2,008
Wholly owned properties | U Centre at Fry Street
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	194
Beds | Bed	614
Initial Cost, Land	$ 2,902
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	47,700
Costs Capitalized Subsequent to Acquisition/Initial Development	1,108
Total Costs, Land	2,902
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	48,808
Total Costs, Total	51,710
Accumulated Depreciation	$ 3,331
Year Built	2,012
Wholly owned properties | Cardinal Towne
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	255
Beds | Bed	545
Initial Cost, Land	$ 6,547
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	53,809
Costs Capitalized Subsequent to Acquisition/Initial Development	1,930
Total Costs, Land	6,549
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	55,737
Total Costs, Total	62,286
Accumulated Depreciation	3,544
Encumbrances	$ 37,250
Year Built	2010/2011
Wholly owned properties | The Standard
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	190
Beds | Bed	610
Initial Cost, Land	$ 4,674
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	57,310
Costs Capitalized Subsequent to Acquisition/Initial Development	438
Total Costs, Land	4,674
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	57,748
Total Costs, Total	62,422
Accumulated Depreciation	2,221
Encumbrances	$ 0
Year Built	2,014
Wholly owned properties | Stanworth Commons Phase I (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	127
Beds | Bed	214
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	30,930
Costs Capitalized Subsequent to Acquisition/Initial Development	0
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	30,930
Total Costs, Total	30,930
Accumulated Depreciation	1,586
Encumbrances	$ 0
Year Built	2,014
Wholly owned properties | The Plaza on University
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	364
Beds | Bed	1,313
Initial Cost, Land	$ 23,987
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	85,584
Costs Capitalized Subsequent to Acquisition/Initial Development	1,820
Total Costs, Land	23,987
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	87,404
Total Costs, Total	111,391
Accumulated Depreciation	4,665
Encumbrances	$ 0
Year Built	2,014
Wholly owned properties | U Club on Frey Phase II
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	102
Beds | Bed	408
Initial Cost, Land	$ 5,403
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	18,691
Costs Capitalized Subsequent to Acquisition/Initial Development	31
Total Costs, Land	5,403
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	18,722
Total Costs, Total	24,125
Accumulated Depreciation	929
Encumbrances	$ 0
Year Built	2,014
Wholly owned properties | The Suites Phase II (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	164
Beds | Bed	328
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	18,216
Costs Capitalized Subsequent to Acquisition/Initial Development	57
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	18,273
Total Costs, Total	18,273
Accumulated Depreciation	$ 1,025
Year Built	2,014
Wholly owned properties | U Centre at Northgate (ACE )
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	196
Beds | Bed	784
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	35,663
Costs Capitalized Subsequent to Acquisition/Initial Development	128
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	35,791
Total Costs, Total	35,791
Accumulated Depreciation	2,077
Encumbrances	$ 0
Year Built	2,014
Wholly owned properties | University Walk - 2014
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	177
Beds | Bed	526
Initial Cost, Land	$ 4,341
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	29,073
Costs Capitalized Subsequent to Acquisition/Initial Development	530
Total Costs, Land	4,341
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	29,603
Total Costs, Total	33,944
Accumulated Depreciation	973
Encumbrances	$ 0
Year Built	2,014
Wholly owned properties | 1200 West Marshall
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	136
Beds | Bed	406
Initial Cost, Land	$ 4,397
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	33,908
Costs Capitalized Subsequent to Acquisition/Initial Development	220
Total Costs, Land	4,397
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	34,128
Total Costs, Total	38,525
Accumulated Depreciation	864
Encumbrances	$ 0
Year Built	2,013
Wholly owned properties | Canal, 8 1/2
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	160
Beds | Bed	540
Initial Cost, Land	$ 2,797
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	45,394
Costs Capitalized Subsequent to Acquisition/Initial Development	212
Total Costs, Land	2,797
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	45,606
Total Costs, Total	48,403
Accumulated Depreciation	1,079
Encumbrances	$ 0
Year Built	2,011
Wholly owned properties | Vistas San Marcos
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	255
Beds | Bed	600
Initial Cost, Land	$ 586
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	45,761
Costs Capitalized Subsequent to Acquisition/Initial Development	3,078
Total Costs, Land	586
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	48,839
Total Costs, Total	49,425
Accumulated Depreciation	1,351
Encumbrances	$ 0
Year Built	2,013
Wholly owned properties | Crest at Pearl
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	141
Beds | Bed	343
Initial Cost, Land	$ 4,395
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	36,268
Costs Capitalized Subsequent to Acquisition/Initial Development	199
Total Costs, Land	4,395
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	36,467
Total Costs, Total	40,862
Accumulated Depreciation	648
Encumbrances	$ 0
Year Built	2,014
Wholly owned properties | U Club Binghamton
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	186
Beds | Bed	710
Initial Cost, Land	$ 3,584
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	48,559
Costs Capitalized Subsequent to Acquisition/Initial Development	825
Total Costs, Land	3,584
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	49,384
Total Costs, Total	52,968
Accumulated Depreciation	$ 696
Year Built	2,005
Wholly owned properties | Stadium Centre
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	367
Beds | Bed	710
Initial Cost, Land	$ 7,424
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	74,932
Costs Capitalized Subsequent to Acquisition/Initial Development	946
Total Costs, Land	7,424
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	75,878
Total Costs, Total	83,302
Accumulated Depreciation	1,127
Encumbrances	$ 57,800
Year Built	2,014
Wholly owned properties | 160 Ross
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	182
Beds | Bed	642
Initial Cost, Land	$ 2,962
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	38,478
Costs Capitalized Subsequent to Acquisition/Initial Development	70
Total Costs, Land	2,962
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	38,548
Total Costs, Total	41,510
Accumulated Depreciation	$ 637
Year Built	2,015
Wholly owned properties | U Club on Woodward Phase II
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	124
Beds | Bed	496
Initial Cost, Land	$ 9,647
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	25,328
Costs Capitalized Subsequent to Acquisition/Initial Development	45
Total Costs, Land	9,647
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	25,373
Total Costs, Total	35,020
Accumulated Depreciation	$ 437
Year Built	2,015
Wholly owned properties | The Summit at University City (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	351
Beds | Bed	1,315
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	154,770
Costs Capitalized Subsequent to Acquisition/Initial Development	49
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	154,819
Total Costs, Total	154,819
Accumulated Depreciation	$ 1,666
Year Built	2,015
Wholly owned properties | 2125 Franklin
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	192
Beds | Bed	734
Initial Cost, Land	$ 8,299
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	55,716
Costs Capitalized Subsequent to Acquisition/Initial Development	54
Total Costs, Land	8,299
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	55,770
Total Costs, Total	64,069
Accumulated Depreciation	$ 578
Year Built	2,015
Wholly owned properties | The Court at Stadium Centre
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	80
Beds | Bed	260
Initial Cost, Land	$ 1,877
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	12,576
Costs Capitalized Subsequent to Acquisition/Initial Development	0
Total Costs, Land	1,877
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	12,576
Total Costs, Total	14,453
Accumulated Depreciation	0
Encumbrances	$ 5,559
Year Built	2,016
Wholly owned properties | U Club on 28th
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	100
Beds | Bed	400
Initial Cost, Land	$ 9,725
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	20,338
Costs Capitalized Subsequent to Acquisition/Initial Development	0
Total Costs, Land	9,725
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	20,338
Total Costs, Total	30,063
Accumulated Depreciation	0
Encumbrances	$ 0
Year Built	2,016
Wholly owned properties | Currie Hall (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	178
Beds | Bed	456
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	29,297
Costs Capitalized Subsequent to Acquisition/Initial Development	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	29,297
Total Costs, Total	29,297
Accumulated Depreciation	0
Encumbrances	$ 0
Year Built	2,016
Wholly owned properties | University Pointe (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	134
Beds | Bed	531
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	$ 19,154
Costs Capitalized Subsequent to Acquisition/Initial Development	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	19,154
Total Costs, Total	19,154
Accumulated Depreciation	0
Encumbrances	$ 0
Year Built	2,016
Wholly owned properties | Fairview House (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	107
Beds | Bed	633
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	$ 23,063
Costs Capitalized Subsequent to Acquisition/Initial Development	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	23,063
Total Costs, Total	23,063
Accumulated Depreciation	0
Encumbrances	$ 0
Year Built	2,016
Wholly owned properties | U Club Sunnyside
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	134
Beds | Bed	536
Initial Cost, Land	$ 7,423
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	15,309
Costs Capitalized Subsequent to Acquisition/Initial Development	0
Total Costs, Land	7,423
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	15,309
Total Costs, Total	22,732
Accumulated Depreciation	0
Encumbrances	$ 0
Year Built	2,016
Wholly owned properties | Merwick Stanworth Phase II (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	198
Beds | Bed	379
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	$ 16,345
Costs Capitalized Subsequent to Acquisition/Initial Development	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	16,345
Total Costs, Total	16,345
Accumulated Depreciation	0
Encumbrances	$ 0
Year Built	2,016
Wholly owned properties | Arizona State University Residence Hall (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	429
Beds | Bed	1,594
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	$ 9,001
Costs Capitalized Subsequent to Acquisition/Initial Development	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	9,001
Total Costs, Total	9,001
Accumulated Depreciation	0
Encumbrances	$ 0
Year Built	2,017
Wholly owned properties | U Centre on Turner
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	182
Beds | Bed	718
Initial Cost, Land	$ 14,000
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	3,364
Costs Capitalized Subsequent to Acquisition/Initial Development	0
Total Costs, Land	14,000
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	3,364
Total Costs, Total	17,364
Accumulated Depreciation	0
Encumbrances	$ 0
Year Built	2,017
Wholly owned properties | University Crossings (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	260
Beds | Bed	1,016
Initial Cost, Land
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	$ 47,830
Costs Capitalized Subsequent to Acquisition/Initial Development	41,053
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	88,883
Total Costs, Total	88,883
Accumulated Depreciation	14,493
Encumbrances	$ 0
Year Built	1926/2003
Wholly owned properties | Undeveloped land parcels
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	0
Beds | Bed	0
Initial Cost, Land	$ 66,219
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	0
Costs Capitalized Subsequent to Acquisition/Initial Development	0
Total Costs, Land	66,219
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	0
Total Costs, Total	66,219
Accumulated Depreciation	0
Encumbrances	$ 0
On-campus participating properties
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	2,087
Beds | Bed	5,086
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	142,544
Costs Capitalized Subsequent to Acquisition/Initial Development	17,441
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	159,985
Total Costs, Total	159,985
Accumulated Depreciation	69,856	62,915	$ 57,249	$ 52,492
Encumbrances	$ 110,400
On-campus participating properties | University Village – PVAMU
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	612
Beds | Bed	1,920
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	36,506
Costs Capitalized Subsequent to Acquisition/Initial Development	7,641
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	44,147
Total Costs, Total	44,147
Accumulated Depreciation	30,157
Encumbrances	$ 18,231
Year Built	1996/97/98
On-campus participating properties | University College - PVAMU
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	756
Beds | Bed	1,470
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	22,650
Costs Capitalized Subsequent to Acquisition/Initial Development	5,067
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	27,717
Total Costs, Total	27,717
Accumulated Depreciation	16,443
Encumbrances	$ 15,915
Year Built	2000/2003
On-campus participating properties | University Village - TAMIU
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	84
Beds | Bed	250
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	5,844
Costs Capitalized Subsequent to Acquisition/Initial Development	1,220
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	7,064
Total Costs, Total	7,064
Accumulated Depreciation	4,863
Encumbrances	$ 2,789
Year Built	1,997
On-campus participating properties | Cullen Oaks Phase I and II
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	411
Beds | Bed	879
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	33,910
Costs Capitalized Subsequent to Acquisition/Initial Development	3,471
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	37,381
Total Costs, Total	37,381
Accumulated Depreciation	15,926
Encumbrances	$ 29,587
Year Built	2001/2005
On-campus participating properties | College Park
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	224
Beds | Bed	567
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	43,634
Costs Capitalized Subsequent to Acquisition/Initial Development	42
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	43,676
Total Costs, Total	43,676
Accumulated Depreciation	2,467
Encumbrances	$ 43,878
Year Built	2,014
Mortgages
Real Estate and Accumulated Depreciation [Line Items]
Unamortized debt premiums	$ 50,800	60,600
Unamortized debt discounts	200	900
Mortgages | Wholly owned properties
Real Estate and Accumulated Depreciation [Line Items]
Unamortized debt premiums	50,763	60,586
Unamortized debt discounts	$ 166	$ 895

Schedule of Real Estate and A97

Schedule of Real Estate and Accumulated Depreciation - Changes in investments in real estate and related accumulated depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accumulated Depreciation:
Balance, end of year	$ (861,978)
Wholly owned properties
Investments in Real Estate:
Balance, beginning of year	6,144,242	$ 5,742,971	$ 5,267,845
Acquisition of land for development	39,583	3,627	25,649
Acquisition of properties	361,265	71,269	288,191
Improvements and development expenditures	306,659	361,369	340,033
Write off of fully depreciated or damaged assets	(1,240)	(1,853)	(1,862)
Provision for real estate impairment	0	(2,443)	0
Disposition of real estate	(480,762)	(30,698)	(176,885)
Balance, end of year	6,369,747	6,144,242	5,742,971
Accumulated Depreciation:
Balance, beginning of year	(704,521)	(529,555)	(396,469)
Depreciation for the year	(191,661)	(182,756)	(162,230)
Write off of fully depreciated or damaged assets	1,240	1,281	1,862
Disposition of properties	102,820	6,509	27,282
Balance, end of year	(792,122)	(704,521)	(529,555)
On-campus participating properties
Investments in Real Estate:
Balance, beginning of year	157,043	130,705	109,838
Acquisition of land for development	0	0	0
Acquisition of properties	0	0	0
Improvements and development expenditures	2,942	26,338	20,867
Write off of fully depreciated or damaged assets	0	0	0
Provision for real estate impairment	0	0	0
Disposition of real estate	0	0	0
Balance, end of year	159,985	157,043	130,705
Accumulated Depreciation:
Balance, beginning of year	(62,915)	(57,249)	(52,492)
Depreciation for the year	(6,941)	(5,666)	(4,757)
Write off of fully depreciated or damaged assets	0	0	0
Balance, end of year	$ (69,856)	$ (62,915)	$ (57,249)