American Campus Communities (ACC) 10-Q 5 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 28, 2017
Document Information [Line Items]
Entity Registrant Name	AMERICAN CAMPUS COMMUNITIES INC
Entity Central Index Key	1,283,630
Trading Symbol	acc
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock Shares Outstanding (in shares)		134,073,866
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
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
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Investments in real estate:
Investments in real estate, net	$ 5,651,026	$ 5,538,161
Cash and cash equivalents	34,130	22,140
Restricted cash	24,386	24,817
Student contracts receivable, net	7,781	8,428
Other assets	270,643	272,367
Total assets	5,987,966	5,865,913
Liabilities:
Secured mortgage, construction and bond debt, net	683,945	688,195
Unsecured notes, net	1,189,256	1,188,737
Unsecured term loan, net	149,120	149,065
Unsecured revolving credit facility	186,000	99,300
Accounts payable and accrued expenses	48,510	76,614
Other liabilities	173,961	158,437
Total liabilities	2,430,792	2,360,348
Commitments and contingencies (Note 13)
Redeemable noncontrolling/limited partners interests	55,665	55,078
American Campus Communities, Inc. and Subsidiaries stockholders’ equity:
Common stock, $0.01 par value, 800,000,000 shares authorized, 133,643,559 and 132,225,488 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	1,336	1,322
Additional paid in capital	4,183,758	4,118,842
Common stock held in rabbi trust, 25,041 and 20,181 shares at March 31, 2017 and December 31, 2016, respectively	(1,223)	(975)
Accumulated earnings and dividends	(692,510)	(670,137)
Accumulated other comprehensive loss	(3,583)	(4,067)
Total American Campus Communities, Inc. and Subsidiaries stockholders’ equity	3,487,778	3,444,985
Total equity	3,501,509	3,450,487
Partners’ capital:
Accumulated other comprehensive loss	(3,583)	(4,067)
Total liabilities and equity	5,987,966	5,865,913
Wholly-owned properties, net
Investments in real estate:
Investments in real estate, net	5,541,499	5,427,014
Liabilities:
Secured mortgage, construction and bond debt, net	579,624	583,432
Wholly-owned properties held for sale
Investments in real estate:
Investments in real estate, net	25,381	25,350
On-campus participating properties, net
Investments in real estate:
Investments in real estate, net	84,146	85,797
Partially owned properties
American Campus Communities, Inc. and Subsidiaries stockholders’ equity:
Noncontrolling interests - partially owned properties	13,731	5,502
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Investments in real estate:
Investments in real estate, net	5,651,026	5,538,161
Cash and cash equivalents	34,130	22,140
Restricted cash	24,386	24,817
Student contracts receivable, net	7,781	8,428
Other assets	270,643	272,367
Total assets	5,987,966	5,865,913
Liabilities:
Secured mortgage, construction and bond debt, net	683,945	688,195
Unsecured notes, net	1,189,256	1,188,737
Unsecured term loan, net	149,120	149,065
Unsecured revolving credit facility	186,000	99,300
Accounts payable and accrued expenses	48,510	76,614
Other liabilities	173,961	158,437
Total liabilities	2,430,792	2,360,348
Commitments and contingencies (Note 13)
Redeemable noncontrolling/limited partners interests	55,665	55,078
American Campus Communities, Inc. and Subsidiaries stockholders’ equity:
Accumulated other comprehensive loss	(3,583)	(4,067)
Partners’ capital:
General partner - 12,222 OP units outstanding at both March 31, 2017 and December 31, 2016	80	82
Limited partner - 133,656,378 and 132,233,447 OP units outstanding at March 31, 2017 and December 31, 2016, respectively	3,491,281	3,448,970
Accumulated other comprehensive loss	(3,583)	(4,067)
Total partners’ capital	3,487,778	3,444,985
Total capital	3,501,509	3,450,487
Total liabilities and equity	5,987,966	5,865,913
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties, net
Investments in real estate:
Investments in real estate, net	5,541,499	5,427,014
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties held for sale
Investments in real estate:
Investments in real estate, net	25,381	25,350
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties, net
Investments in real estate:
Investments in real estate, net	84,146	85,797
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially owned properties
Partners’ capital:
Noncontrolling interests - partially owned properties	$ 13,731	$ 5,502

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	800,000,000	800,000,000
Common stock, shares issued (in shares)	133,643,559	132,225,488
Common stock, shares outstanding (in shares)	133,643,559	132,225,488
Common stock held in Rabbi Trust (in shares)	25,041	20,181
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
General partner, OP units outstanding (in shares)	12,222	12,222
Limited partner, OP units outstanding (in shares)	133,656,378	132,233,447

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Third-party development services	$ 456	$ 1,035
Third-party management services	2,614	2,410
Resident services	879	802
Total revenues	192,938	199,995
Operating expenses:
Third-party development and management services	4,083	3,738
General and administrative	6,734	5,309
Depreciation and amortization	52,323	53,716
Ground/facility leases	2,357	2,304
Total operating expenses	143,719	146,960
Operating income	49,219	53,035
Nonoperating income and (expenses):
Interest income	1,232	1,279
Interest expense	(14,717)	(22,627)
Amortization of deferred financing costs	(1,028)	(2,542)
Gain from disposition of real estate	0	17,409
Total nonoperating expense	(14,513)	(6,481)
Income before income taxes	34,706	46,554
Income tax provision	(257)	(345)
Net income	34,449	46,209
Net income attributable to noncontrolling interests	(399)	(622)
Net income attributable to ACC, Inc. and Subsidiaries common stockholders	34,050	45,587
Other comprehensive income (loss)
Change in fair value of interest rate swaps and other	484	(1,410)
Comprehensive income	$ 34,534	$ 44,177
Weighted-average common shares outstanding
Basic (in shares)	133,052,444	123,445,985
Diluted (in shares)	133,986,322	124,266,312
Weighted-average common units outstanding
Distributions declared per common share (in dollars per share)	$ 0.42	$ 0.40
Redeemable noncontrolling interests
Nonoperating income and (expenses):
Net income attributable to noncontrolling interests	$ (294)	$ (518)
Wholly-owned properties
Revenues:
Operating lease revenue	178,831	185,702
Operating expenses:
Wholly-owned properties and On-campus participating properties	74,957	78,851
On-campus participating properties
Revenues:
Operating lease revenue	10,158	10,046
Operating expenses:
Wholly-owned properties and On-campus participating properties	3,265	3,042
Partially owned properties
Nonoperating income and (expenses):
Net income attributable to noncontrolling interests	(105)	(104)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Revenues:
Third-party development services	456	1,035
Third-party management services	2,614	2,410
Resident services	879	802
Total revenues	192,938	199,995
Operating expenses:
Third-party development and management services	4,083	3,738
General and administrative	6,734	5,309
Depreciation and amortization	52,323	53,716
Ground/facility leases	2,357	2,304
Total operating expenses	143,719	146,960
Operating income	49,219	53,035
Nonoperating income and (expenses):
Interest income	1,232	1,279
Interest expense	(14,717)	(22,627)
Amortization of deferred financing costs	(1,028)	(2,542)
Gain from disposition of real estate	0	17,409
Total nonoperating expense	(14,513)	(6,481)
Income before income taxes	34,706	46,554
Income tax provision	(257)	(345)
Net income	34,449	46,209
Net income attributable to ACC, Inc. and Subsidiaries common stockholders	34,344	46,105
Series A preferred unit distributions	(31)	(42)
Net income attributable to common unitholders	34,313	46,063
Other comprehensive income (loss)
Change in fair value of interest rate swaps and other	484	(1,410)
Comprehensive income	$ 34,797	$ 44,653
Net income per share attributable to ACC, Inc. and Subsidiaries common stockholders
Basic (in dollars per share)	$ 0.25	$ 0.37
Diluted (in dollars per share)	0.25	0.36
Net income per unit attributable to common unitholders
Basic (in dollars per unit)	0.25	0.37
Diluted (in dollars per unit)	$ 0.25	$ 0.36
Weighted-average common units outstanding
Basic (in units)	134,081,575	124,756,031
Diluted (in units)	135,015,453	125,576,358
Distributions declared per common unit (in dollars per unit)	$ 0.42	$ 0.40
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties
Revenues:
Operating lease revenue	$ 178,831	$ 185,702
Operating expenses:
Wholly-owned properties and On-campus participating properties	74,957	78,851
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties
Revenues:
Operating lease revenue	10,158	10,046
Operating expenses:
Wholly-owned properties and On-campus participating properties	3,265	3,042
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially owned properties
Nonoperating income and (expenses):
Net income attributable to noncontrolling interests	$ (105)	$ (104)

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY/ CAPITAL - 3 months ended Mar. 31, 2017 - USD ($) $ in Thousands	Total	Partially owned properties	Common shares	Additional Paid in Capital	Common Stock Held in Rabbi Trust	Accumulated Earnings and Dividends	Accumulated Other Comprehensive Loss	Noncontrolling Interests - Partially Owned PropertiesPartially owned properties	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.Noncontrolling Interests - Partially Owned PropertiesPartially owned properties	General PartnerAMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.	Limited PartnerAMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Equity, December 31, 2016 (in shares) at Dec. 31, 2016			132,225,488		20,181
Equity, December 31, 2016 at Dec. 31, 2016	$ 3,450,487		$ 1,322	$ 4,118,842	$ (975)	$ (670,137)	$ (4,067)	$ 5,502
Capital, December 31, 2016 (in units) at Dec. 31, 2016												12,222	132,233,447
Capital, December 31, 2016 at Dec. 31, 2016									$ 3,450,487	$ (4,067)	$ 5,502	$ 82	$ 3,448,970
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustments to reflect redeemable limited partners' / noncontrolling interests at fair value	2,243			2,243					2,243				2,243
Amortization of restricted stock awards	4,256			4,256					4,256				$ 4,256
Vesting of restricted stock awards and restricted stock units (in shares)			141,350		4,860								146,210
Vesting of restricted stock awards	(4,283)		$ 1	(4,036)	$ (248)				(4,283)				$ (4,283)
Distributions to common and restricted stockholders	(56,423)					(56,423)
Distributions									(56,423)			(5)	$ (56,418)
Distributions to noncontrolling interests - partially owned properties	(34)							(34)	(34)		(34)
Issuance of units in exchange for contributions of equity offering proceeds (in shares)													1,276,721
Issuance of units in exchange for contributions of equity offering proceeds									62,466				$ 62,466
Net proceeds from sale of common stock (in shares)			1,276,721
Net proceeds from sale of common stock	62,466		$ 13	62,453
Change in fair value of interest rate swaps and other	382						382		382	382
Amortization of interest rate swap terminations	102						102		102	102
Contributions by noncontrolling interest	8,158	$ 9,400						8,158	8,158		8,158
Net income	34,155					34,050		105	34,155		105	$ 3	$ 34,047
Equity, March 31, 2017 (in shares) at Mar. 31, 2017			133,643,559		25,041
Equity, March 31, 2017 at Mar. 31, 2017	$ 3,501,509		$ 1,336	$ 4,183,758	$ (1,223)	$ (692,510)	$ (3,583)	$ 13,731
Capital, March 31, 2017 (in units) at Mar. 31, 2017												12,222	133,656,378
Capital as of March 31, 2017 at Mar. 31, 2017									$ 3,501,509	$ (3,583)	$ 13,731	$ 80	$ 3,491,281

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating activities
Net income	$ 34,449	$ 46,209
Adjustments to reconcile net income to net cash provided by operating activities:
Gains from disposition of real estate	0	(17,409)
Depreciation and amortization	52,323	53,716
Amortization of deferred financing costs and debt premiums/discounts	(901)	(615)
Share-based compensation	4,256	2,651
Income tax provision	257	345
Amortization of interest rate swap terminations and other	102	103
Changes in operating assets and liabilities:
Restricted cash	1,015	(3,904)
Student contracts receivable, net	647	11,376
Other assets	(2,535)	(1,669)
Accounts payable and accrued expenses	(28,365)	(23,156)
Other liabilities	5,731	(3,580)
Net cash provided by operating activities	66,979	64,067
Investing activities
Proceeds from disposition of properties	0	72,613
Cash paid for land acquisitions	(12,225)	0
Decrease in escrow deposits for real estate investments	(17)	(1,520)
Change in restricted cash related to capital reserves	189	(447)
Purchase of corporate furniture, fixtures and equipment	(2,480)	(1,771)
Net cash used in investing activities	(143,396)	(17,692)
Financing activities
Proceeds from sale of common stock	63,453	740,025
Offering costs	(795)	(31,680)
Pay-off of mortgage and construction loans	0	(4,390)
Pay-off of unsecured term loans	0	(400,000)
Proceeds from unsecured term loan	0	150,000
Proceeds from revolving credit facility	191,800	67,700
Paydowns of revolving credit facility	(105,100)	(136,600)
Scheduled principal payments on debt	(3,323)	(3,917)
Debt issuance and assumption costs	(4,582)	(744)
Contributions by noncontrolling interest	8,158	0
Taxes paid on net-share settlements	(4,283)	(2,977)
Distributions to common and restricted stockholders	(56,423)	(52,513)
Distributions to noncontrolling interests	(498)	(665)
Net cash provided by financing activities	88,407	324,239
Net change in cash and cash equivalents	11,990	370,614
Cash and cash equivalents at beginning of period	22,140	16,659
Cash and cash equivalents at end of period	34,130	387,273
Supplemental disclosure of non-cash investing and financing activities
Conversion of common and preferred operating partnership units to common stock	0	163
Non-cash contribution from noncontrolling interest	3,000	0
Non-cash consideration exchanged in purchase of land parcel	(2,014)	0
Change in accrued construction in progress	10,170	12,707
Change in fair value of derivative instruments, net	382	(1,513)
Change in fair value of redeemable noncontrolling interests	2,243	(6,833)
Supplemental disclosure of cash flow information
Cash paid for interest, net of amounts capitalized	14,443	30,668
Wholly-owned properties
Investing activities
Capital expenditures for wholly-owned properties/on-campus participating properties	(12,602)	(9,263)
Investments in wholly-owned properties under development	(116,052)	(76,649)
On-campus participating properties
Investing activities
Capital expenditures for wholly-owned properties/on-campus participating properties	(209)	(655)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Operating activities
Net income	34,449	46,209
Adjustments to reconcile net income to net cash provided by operating activities:
Gains from disposition of real estate	0	(17,409)
Depreciation and amortization	52,323	53,716
Amortization of deferred financing costs and debt premiums/discounts	(901)	(615)
Share-based compensation	4,256	2,651
Income tax provision	257	345
Amortization of interest rate swap terminations and other	102	103
Changes in operating assets and liabilities:
Restricted cash	1,015	(3,904)
Student contracts receivable, net	647	11,376
Other assets	(2,535)	(1,669)
Accounts payable and accrued expenses	(28,365)	(23,156)
Other liabilities	5,731	(3,580)
Net cash provided by operating activities	66,979	64,067
Investing activities
Proceeds from disposition of properties	0	72,613
Cash paid for land acquisitions	(12,225)	0
Decrease in escrow deposits for real estate investments	(17)	(1,520)
Change in restricted cash related to capital reserves	189	(447)
Purchase of corporate furniture, fixtures and equipment	(2,480)	(1,771)
Net cash used in investing activities	(143,396)	(17,692)
Financing activities
Proceeds from issuance of common units in exchange for contributions, net	62,658	708,345
Pay-off of mortgage and construction loans	0	(4,390)
Pay-off of unsecured term loans	0	(400,000)
Proceeds from unsecured term loan	0	150,000
Proceeds from revolving credit facility	191,800	67,700
Paydowns of revolving credit facility	(105,100)	(136,600)
Scheduled principal payments on debt	(3,323)	(3,917)
Debt issuance and assumption costs	(4,582)	(744)
Contributions by noncontrolling interest	8,158	0
Taxes paid on net-share settlements	(4,283)	(2,977)
Net cash provided by financing activities	88,407	324,239
Net change in cash and cash equivalents	11,990	370,614
Cash and cash equivalents at beginning of period	22,140	16,659
Cash and cash equivalents at end of period	34,130	387,273
Supplemental disclosure of non-cash investing and financing activities
Conversion of common and preferred operating partnership units to common stock	0	163
Non-cash contribution from noncontrolling interest	3,000	0
Change in accrued construction in progress	10,170	12,707
Change in fair value of derivative instruments, net	382	(1,513)
Change in fair value of redeemable noncontrolling interests	2,243	(6,833)
Supplemental disclosure of cash flow information
Cash paid for interest, net of amounts capitalized	14,443	30,668
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Common and preferred units
Financing activities
Distributions paid	(56,419)	(52,685)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Unvested restricted awards
Financing activities
Distributions paid	(468)	(393)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially owned properties
Financing activities
Distributions paid	(34)	(100)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties
Investing activities
Capital expenditures for wholly-owned properties/on-campus participating properties	(12,602)	(9,263)
Investments in wholly-owned properties under development	(116,052)	(76,649)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties
Investing activities
Capital expenditures for wholly-owned properties/on-campus participating properties	$ (209)	$ (655)

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 , 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 March 31, 2017 , ACC owned an approximate 99.2% 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” means 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 March 31, 2017 , the Company’s property portfolio contained 157 properties with approximately 97,500 beds. The Company’s property portfolio consisted of 122 owned off-campus student housing properties that are in close proximity to colleges and universities, 30 American Campus Equity (“ACE®”) properties operated under ground/facility leases with 14 university systems and five on-campus participating properties operated under ground/facility leases with the related university systems. Of the 157 properties, 17 were under development as of March 31, 2017 , and when completed will consist of a total of approximately 13,100 beds. The Company’s 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”), the Company also provides construction management and development services, primarily for student housing properties owned by colleges and universities, charitable foundations, and others. As of March 31, 2017 , also through one of ACC’s TRSs, the Company provided third-party management and leasing services for 37 properties that represented approximately 29,700 beds. 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 March 31, 2017 , the Company’s total owned and third-party managed portfolio included 194 properties with approximately 127,200 beds.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
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 the Company 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. The Company’s 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. Principles of Consolidation The Company’s consolidated financial statements include its accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which it has control. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities (“VIEs”), which requires the consolidation of VIEs in which the Company is considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation using the voting interest model. Recently Issued Accounting Pronouncements In February 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2017-05 (“ASU 2017-05”), “Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20), Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets.” The purpose of this ASU is to eliminate the diversity in practice in accounting for derecogntiion of a nonfinancial asset and in-substance nonfinancial assets (only when the asset or asset group does not meet the definition of a business or the transaction is not a sale to a customer). The guidance is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption for the fiscal years beginning after December 15, 2016 is permitted. This ASU is required to be adopted in conjunction with the Company’s adoption of ASU 2014-09, the new revenue recognition standard, which will be adopted as of January 1, 2018. Upon adoption of this ASU, application must be performed on a retrospective basis for each period presented in the Company’s financial statements or a retrospective basis with a cumulative-effect adjustment to retained earnings at the beginning of the fiscal year of adoption. The Company is currently assessing whether ASU 2017-05 will have a material effect on its consolidated financial statements and related disclosures. 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 plans to adopt ASU 2016-02 as of January 1, 2019. While the Company is still evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures, it expects to recognize right-of-use assets and related lease liabilities on its consolidated balance sheets related to ground leases under which it is the lessee. 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. Subsequent to the issuance of ASU 2014-09, the FASB has issued multiple Accounting Standards Updates clarifying multiple aspects of the new revenue recognition standard, which include the deferral of the effective date by one year. ASU 2014-09, as amended by subsequent Accounting Standards Updates, 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 retrospective approach upon adoption. The Company plans to adopt the new revenue standard as of January 1, 2018 and is currently evaluating each of its revenue streams to identify any differences in the timing, measurement or presentation of revenue recognition under the new standard, as well as evaluating methods of adoption. The Company does not expect the adoption of this standard to have a significant impact on its consolidated financial statements, as a substantial portion of its revenue consists of rental income from leasing arrangements, which is specifically excluded from ASU 2014-09, and will be evaluated with the adoption of the lease accounting standard, ASU 2016-02, discussed above. Additionally, the Company currently does not anticipate a material impact to its consolidated financial statements for property dispositions given the simplicity of the Company’s historical disposition transactions. The Company anticipates the primary effects of the new standard will be associated with the Company’s non-leasing revenue streams, which represent less than 5% of consolidated total revenues. In addition, the Company does not expect the following accounting pronouncements to have a material effect on its consolidated financial statements: • ASU 2016-18, “Statement of Cash Flows: Restricted Cash.” • ASU 2016-15, “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments.” • ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” Recently Adopted Accounting Pronouncements On January 1, 2017, the Company adopted Accounting Standards Update 2017-01 (“ASU 2017-01”), “Business Combinations: Clarifying the Definition of a Business.” The amendments in this guidance clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The guidance is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years; early adoption is permitted. ASU 2017-01 will be applied prospectively to any transactions occurring subsequent to January 1, 2017. Under the new standard, the Company expects that most property acquisitions will be accounted for as asset acquisitions, and as a result, most transaction costs will be capitalized rather than expensed. The impact on the Company’s consolidated financial statements will depend on the size and volume of future acquisition activity. In addition, on January 1, 2017, the Company adopted the following accounting pronouncements which did not have a material effect on the Company’s consolidated financial statements: • ASU 2017-03, “Accounting Changes and Error Corrections (Topic 250) and Investments — Equity Method and Joint Ventures (Topic 323): Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings (SEC Update).” • ASU 2016-05, “Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships.” Interim Financial Statements The accompanying interim financial statements are unaudited, but have been prepared in accordance with GAAP for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements of the Company for these interim periods have been included. Because of the seasonal nature of the Company’s operations, the results of operations and cash flows for any interim period are not necessarily indicative of results for other interim periods or for the full year. These financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . 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 $4.4 million and $2.1 million was capitalized during the three months ended March 31, 2017 and 2016 , 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 impairment indicators of the carrying values of its investments in real estate as of March 31, 2017 . The Company evaluates each acquisition to determine if the integrated set of assets and activities acquired meet the definition of a business under ASU 2017-01. If either of the following criteria is met, the integrated set of assets and activities acquired would not qualify as a business: • Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or • The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e. revenue generated before and after the transaction). Property acquisitions deemed to qualify as a business are accounted for as business combinations, and the related acquisition costs are expensed as incurred. The Company allocates the purchase price of properties acquired in business combinations to net tangible and identified intangible assets based on their 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, the Company’s own analysis of recently acquired and existing comparable properties in the Company’s 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 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 a replacement cost approach that relies upon assumptions that the Company believes 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. The Company has determined these estimates are primarily based upon unobservable inputs and therefore are considered to be Level 3 inputs within the fair value hierarchy. Acquisitions of properties that do not meet the definition of a business are accounted for as asset acquisitions. The accounting model for asset acquisitions is similar to the accounting model for business combinations except that the acquisition consideration (including transaction costs) is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. The relative fair values used to allocate the cost of an asset acquisition are determined using the same methodologies and assumptions as those utilized to determine fair value in a business combination. 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 (see Note 4 ). Pre-development Expenditures 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 March 31, 2017 , the Company has deferred approximately $7.5 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. Earnings per Share – Company Basic earnings per share is computed using net income attributable to common stockholders 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 three months ended March 31, 2017 and 2016 , but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. Three Months Ended March 31, 2017 2016 Common OP Units (Note 9) 1,029,131 1,310,046 Preferred OP Units (Note 9) 77,513 103,590 Total potentially dilutive securities 1,106,644 1,413,636 The following is a summary of the elements used in calculating basic and diluted earnings per share: Three Months Ended March 31, 2017 2016 Numerator – basic and diluted earnings per share: Net income $ 34,449 $ 46,209 Net income attributable to noncontrolling interests (399 ) (622 ) Net income attributable to common stockholders 34,050 45,587 Amount allocated to participating securities (468 ) (393 ) Net income attributable to common stockholders $ 33,582 $ 45,194 Denominator: Basic weighted average common shares outstanding 133,052,444 123,445,985 Unvested Restricted Stock Awards (Note 10) 933,878 820,327 Diluted weighted average common shares outstanding 133,986,322 124,266,312 Earnings per share: Net income attributable to common stockholders - basic $ 0.25 $ 0.37 Net income attributable to common stockholders - diluted $ 0.25 $ 0.36 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: Three Months Ended March 31, 2017 2016 Numerator – basic and diluted earnings per unit: Net income $ 34,449 $ 46,209 Net income attributable to noncontrolling interests – partially owned properties (105 ) (104 ) Series A preferred unit distributions (31 ) (42 ) Amount allocated to participating securities (468 ) (393 ) Net income attributable to common unitholders $ 33,845 $ 45,670 Denominator: Basic weighted average common units outstanding 134,081,575 124,756,031 Unvested Restricted Stock Awards (Note 10) 933,878 820,327 Diluted weighted average common units outstanding 135,015,453 125,576,358 Earnings per unit: Net income attributable to common unitholders - basic $ 0.25 $ 0.37 Net income attributable to common unitholders - diluted $ 0.25 $ 0.36

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Acquisitions	Acquisitions During the three months ended March 31, 2017 , the Company purchased three land parcels for a total purchase price of approximately $17.3 million . Total cash consideration was approximately $12.2 million . The difference between the contracted purchase price and the cash consideration represents a non-cash contribution from a noncontrolling interest and the forgiveness of a loan receivable.

Property Dispositions

Property Dispositions	3 Months Ended
	Mar. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Property Dispositions	Property Dispositions The following wholly-owned property was classified as held for sale on the accompanying consolidated balance sheet as of March 31, 2017 : Property Location Primary University Served Beds The Province - Dayton Dayton, OH Wright State University 657 The property is included in the Company’s wholly-owned property segment. Concurrent with the classification of this property as held for sale in December 2016 , the Company reduced the property’s carrying amount to its estimated fair value less estimated selling costs, and ceased depreciation. During the three months ended March 31, 2016 , the Company sold two wholly-owned properties containing 1,324 beds for a total sales price of approximately $73.8 million , resulting in net proceeds of approximately $72.6 million . The combined net gain on these dispositions totaled approximately $17.4 million .

Investments in Wholly-Owned Pro

Investments in Wholly-Owned Properties	3 Months Ended
	Mar. 31, 2017
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: March 31, 2017 December 31, 2016 Land (1) $ 585,498 $ 568,266 Buildings and improvements 5,069,126 5,065,137 Furniture, fixtures and equipment 303,886 303,240 Construction in progress 490,527 349,498 6,449,037 6,286,141 Accumulated depreciation (907,538 ) (859,127 ) Wholly-owned properties, net (2) $ 5,541,499 $ 5,427,014 (1) The land balance above includes undeveloped land parcels with book values of approximately $48.5 million and $38.5 million as of March 31, 2017 and December 31, 2016 , respectively. It also includes land totaling approximately $66.3 million and $61.2 million as of March 31, 2017 and December 31, 2016 , respectively, related to properties under development. (2) Excludes the net book value of one property classified as held for sale in the accompanying consolidated balance sheets (see Note 4 ).

On-Campus Participating Propert

On-Campus Participating Properties	3 Months Ended
	Mar. 31, 2017
On-campus participating properties
Real Estate Properties [Line Items]
On-Campus Participating Properties	On-Campus Participating Properties On-campus participating properties are as follows: Historical Cost Lessor/University Lease Commencement Required Debt March 31, 2017 December 31, 2016 Texas A&M University System / Prairie View A&M University (1) 2/1/1996 9/1/2023 $ 45,317 $ 45,310 Texas A&M University System / Texas A&M International 2/1/1996 9/1/2023 7,224 7,215 Texas A&M University System / Prairie View A&M University (2) 10/1/1999 8/31/2025 28,699 28,627 8/31/2028 University of Houston System / University of Houston (3) 9/27/2000 8/31/2035 38,069 37,960 West Virginia University System / West Virginia University 7/16/2013 7/16/2045 43,830 43,817 163,139 162,929 Accumulated amortization (78,993 ) (77,132 ) On-campus participating properties, net $ 84,146 $ 85,797 (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.

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt	Debt A summary of the Company’s outstanding consolidated indebtedness is as follows: March 31, 2017 December 31, 2016 Debt secured by wholly-owned properties: Mortgage loans payable: Unpaid principal balance $ 557,617 $ 559,642 Unamortized deferred financing costs (2,814 ) (3,040 ) Unamortized debt premiums 24,821 26,830 579,624 583,432 Debt secured by on-campus participating properties: Mortgage loans payable 71,188 71,662 Bonds payable 33,870 33,870 Unamortized deferred financing costs (737 ) (769 ) 104,321 104,763 Total secured mortgage, construction and bond debt 683,945 688,195 Unsecured notes, net of unamortized OID and deferred financing costs (1) 1,189,256 1,188,737 Unsecured term loans, net of unamortized deferred financing costs (2) 149,120 149,065 Unsecured revolving credit facility 186,000 99,300 Total debt, net $ 2,208,321 $ 2,125,297 (1) Includes net unamortized original issue discount (“OID”) of $1.8 million at March 31, 2017 and $1.9 million at December 31, 2016 , and net unamortized deferred financing costs of $8.9 million at March 31, 2017 and $9.3 million at December 31, 2016 . (2) Includes net unamortized deferred financing costs of $0.9 million at March 31, 2017 and $0.9 million at December 31, 2016 . Pay-off of Mortgage and Construction Debt During the three months ended March 31, 2017 , the Company did not pay off any fixed rate mortgage debt. Unsecured Notes The Company has issued the following senior unsecured notes: Date Issued Amount % of Par Value Coupon Yield Original Issue Discount Term (Years) April 2013 $ 400,000 99.659 3.750 % 3.791 % $ 1,364 10 June 2014 400,000 99.861 4.125 % 4.269 % (1) 556 10 September 2015 400,000 99.811 3.350 % 3.391 % 756 5 $ 1,200,000 $ 2,676 (1) The yield includes the effect of the amortization of interest rate swap terminations (see Note 11 ). 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 March 31, 2017 , the Company was in compliance with all such covenants. Unsecured Credit Facility As of December 31, 2016 , the Company had an aggregate unsecured credit facility totaling $650 million which was comprised of a $150 million Term Loan (“Term Loan I Facility”) and a $500 million unsecured revolving credit facility. The maturity date of the unsecured revolving credit facility was March 2018 and it could be extended for an additional 12 months to March 2019, subject to the satisfaction of certain conditions. In January 2017, the Company entered into the Fifth Amended and Restated Credit Agreement (the “Agreement”). Pursuant to the Agreement, the Company increased the size of its existing unsecured revolving credit facility to $700 million , such that, when combined with the Company’s existing $150 million Term Loan I Facility, the Company will have an aggregate unsecured credit facility of $850 million , which may be expanded by up to an additional $500 million upon the satisfaction of certain conditions. In connection with the Agreement, the maturity date of the revolving credit facility was extended from March 2018 to March 2022. The maturity date for the Term Loan I Facility remained the same at January 2021. 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. Including the current spread of 1.10% , the all-in weighted average annual rate on the Term Loan I Facility was 1.89% at March 31, 2017 . Additionally, the Company is required to pay a facility fee of 0.20% per annum on the $700 million revolving credit facility. As of March 31, 2017 , the revolving credit facility bore interest at a weighted average annual rate of 2.1% ( 0.9% + 1.00% spread + 0.20% facility fee), and availability under the revolving credit facility totaled $514.0 million . The terms of the unsecured credit facility include certain restrictions and covenants, which limit, among other items, the incurrence of additional indebtedness and liens. The facility contains customary affirmative and negative covenants and also contains financial covenants that, among other things, require the Company to maintain certain maximum leverage ratios and minimum ratios of “EBITDA” (earnings before interest, taxes, depreciation and amortization) to fixed charges. The financial covenants also include a minimum asset value requirement, a maximum secured debt ratio, and a minimum unsecured debt service coverage ratio. As of March 31, 2017 , the Company was in compliance with all such covenants.

Stockholders' Equity _ Partners

Stockholders' Equity / Partners' Capital	3 Months Ended
	Mar. 31, 2017
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 . 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 ATM Equity Program during three months ended March 31, 2017 . There was no activity under the Company’s ATM Equity Program during the three months ended March 31, 2016 : Three Months Ended March 31, 2017 Total net proceeds $ 62,658 Commissions paid to sales agents $ 795 Weighted average price per share $ 49.70 Shares of common stock sold 1,276,721 As of March 31, 2017 , the Company had approximately $360.5 million available for issuance under its ATM Equity Program. In February 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 offering generated gross proceeds of approximately $740.0 million . The aggregate proceeds to ACC, net of the underwriting discount and expenses of the offering, were approximately $707.3 million . 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 10 ), 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 shares held in the Deferred Compensation Plan are classified within stockholders’ equity in a manner similar to the manner in which treasury stock is classified. Subsequent changes in the fair value of the shares are not recognized. During the three months ended March 31, 2017 , 4,860 shares of vested restricted stock awards (“RSAs”) were deposited into the Deferred Compensation Plan. As of March 31, 2017 , 25,041 shares of ACC’s common stock were held in the Deferred Compensation Plan. Partners’ Capital – Operating Partnership In connection with the equity offering and ATM Equity Program discussed above, ACCOP issued a number of American Campus Operating Partnership Common OP Units (“Common OP Units”) to ACC equivalent to the number of common shares issued by ACC.

Noncontrolling Interests

Noncontrolling Interests	3 Months Ended
	Mar. 31, 2017
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Operating Partnership Partially-owned properties: As of March 31, 2017 , the Operating Partnership consolidates three joint ventures that own and operate University Village at Sweet Home, University Centre and Villas at Chestnut Ridge owned-off campus properties. The portion of net assets attributable to the third-party partners in these joint ventures is classified as “noncontrolling interests - partially owned properties” within capital on the accompanying consolidated balance sheets of the Operating Partnership. Accordingly, the third-party partners’ share of the income or loss of the joint ventures is reported on the consolidated statements of comprehensive income of the Operating Partnership as “net income attributable to noncontrolling interests – partially owned properties.” In December 2016, the Company entered into a pre-sale agreement to purchase The Edge at Stadium Centre . The $9.4 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 March 31, 2017 . 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, the Company classifies 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 (“Preferred OP Units”) as well as common OP 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 at period end, 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 three months ended March 31, 2017 : December 31, 2016 $ 55,078 Net income 294 Distributions (464 ) Contribution from noncontrolling interest 3,000 Adjustments to reflect redeemable limited partner units at fair value (2,243 ) March 31, 2017 $ 55,665 During the year ended December 31, 2016 , 280,915 Common OP Units and 31,846 Preferred OP Units were converted into an equal number of shares of ACC’s common stock. There were no conversions of Common or Preferred OP Units during the three months ended March 31, 2017 . As of both March 31, 2017 and December 31, 2016 , approximately 0.8% of the equity interests of the Operating Partnership were held by owners of Common OP Units and Preferred OP 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 and the noncontrolling interest in a subsidiary in which the holders have the ability to require the Company to repurchase their interest in the subsidiary, 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.

Incentive Award Plan

Incentive Award Plan	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Incentive Award Plan	Incentive Award Plan Restricted Stock Awards (“RSAs”) A summary of RSAs under the American Campus Communities, Inc. 2010 Incentive Award Plan (the “Plan”) as of March 31, 2017 and activity during the three months then ended, is presented below: Number of RSAs Nonvested balance at December 31, 2016 773,101 Granted 342,979 Vested (146,210 ) Forfeited (1) (86,691 ) Nonvested balance at March 31, 2017 883,179 (1) Includes shares withheld to satisfy tax obligations upon vesting. The fair value of RSAs is calculated based on the closing market value of ACC’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 $4.3 million and $2.7 million for the three months ended March 31, 2017 and 2016 , respectively. The amortization of restricted stock awards for the three months ended March 31, 2017 includes $1.1 million of contractual executive separation and retirement charges incurred with regards to the retirement of the Company’s Chief Financial Officer.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company is exposed to certain risks 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. 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 both the three month periods ended March 31, 2017 and 2016 . The following table summarizes the Company’s outstanding interest rate swap contracts as of March 31, 2017 : 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 $ 14,089 $ (254 ) Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month 14,234 (257 ) Park Point mortgage loan Nov 1, 2013 Oct 5, 2018 1.5450% LIBOR - 1 month 70,000 (196 ) Total $ 98,323 $ (707 ) In January 2017, the interest rate swaps on the Term Loan I Facility expired, and the remaining immaterial balance in accumulated other comprehensive income was reclassified into earnings. 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 March 31, 2017 and December 31, 2016 : Liability Derivatives Fair Value as of Description Balance Sheet March 31, 2017 December 31, 2016 Interest rate swaps contracts Other liabilities $ 707 $ 1,099 Total derivatives designated as hedging instruments $ 707 $ 1,099

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Fair Value Disclosures Financial Instruments Carried at Fair Value The following table presents information about the Company’s financial instruments measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016 , 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 March 31, 2017 December 31, 2016 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 $ — $ 707 $ — $ 707 $ — $ 1,099 $ — $ 1,099 Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) $ — $ 55,665 $ — $ 55,665 $ — $ 55,078 $ — $ 55,078 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 March 31, 2017 , 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 March 31, 2017 and December 31, 2016 , 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. The OP Unit component of redeemable limited partners in the Operating Partnership (redeemable noncontrolling interests in the Company) has a redemption feature and is marked to its 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. Financial Instruments Not Carried at Fair Value Cash and Cash Equivalents, Restricted Cash, Student Contracts 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. 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. 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 utilize Level 2 inputs 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. 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. Unsecured Revolving Credit Facility and Unsecured Term Loan : The fair value of these instruments approximates their carrying values due to the variable interest rate feature of these instruments. The table below contains the estimated fair value and related carrying amounts for the Company’s financial instruments as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Estimated Fair Value Carrying Amount Estimated Fair Value Carrying Amount Assets: Loans receivable $ 54,396 $ 59,370 $ 54,396 $ 58,539 Liabilities: Unsecured notes $ 1,228,142 $ 1,189,256 (1) $ 1,211,344 $ 1,188,737 (1) Mortgage loans payable 641,187 650,520 (2) 644,617 654,794 (2) Bonds payable 37,060 33,425 37,066 33,401 (1) Includes net unamortized OID and net unamortized deferred financing costs (see Note 7 ). (2) Includes net unamortized debt premiums and discounts and net unamortized deferred financing costs (see Note 7 ).

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments Construction Contracts: As of March 31, 2017 , the Company estimates additional costs to complete 16 wholly-owned development projects under construction to be approximately $560.4 million . The Company expects to fund this amount through a combination of net proceeds from the ATM Equity Program discussed in Note 8 , cash flows generated from operations, borrowings under our existing unsecured credit facility, accessing the unsecured bond market, and proceeds from anticipated property dispositions. Pre-sale Arrangements: In December 2016, the Company entered into a pre-sale agreement to purchase The Edge at Stadium Centre, a property which will be completed in August 2018. Total estimated development costs of approximately $42.6 million include the purchase price, elected upgrades, and capitalized transaction costs. 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 retains development risk during the construction period. 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 within five days of scheduled completion, as defined, 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. For two of its third-party development projects that are currently under construction with the same University system, the Company’s obligation to pay alternate housing costs and excess project costs are unlimited in amount. However, if the Company’s payment obligation arises from force majeure or is caused by the owner, the owner agrees to reimburse the Company from future cash flow of the project, with such reimbursement being subordinate to any financing on the property but paid prior to the University receiving any cash flow from the property. If the Company’s obligation is a result of the general contractor and/or design professionals’ negligence, the owner agrees to assign its right to recover from such party to the Company. Additionally, for these two projects, the Company’s exposure to such costs resulting from owner-caused delays, as defined, is limited to $1.5 million . As of March 31, 2017 , management did not anticipate any material deviations from schedule or budget related to third-party development projects currently in progress. For one of the Company’s wholly-owned development projects that is currently under construction, if the project is terminated by the Company prior to substantial completion, the Company has an obligation to pay the university $20.0 million less the hard costs incurred to date, which include all costs associated with labor, materials and work required in connection with the initial development and construction of the project. As of March 31, 2017 , the Company’s exposure under this guarantee is $15.7 million . However, as of March 31, 2017 , the Company has no intention of terminating the project. 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. In August 2013, the Company entered into an agreement to convey fee interest in a parcel of land, on which one of the Company’s 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. 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. 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 (except with regards to exclusivity and confidentiality), 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 material 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 non-refundable earnest money deposits associated with the contract and subject to normal closing conditions being met. 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	3 Months Ended
	Mar. 31, 2017
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. Three Months Ended March 31, 2017 2016 Wholly-Owned Properties Rental revenues and other income $ 179,710 $ 186,504 Interest income 391 265 Total revenues from external customers 180,101 186,769 Operating expenses before depreciation, amortization, ground/facility leases and allocation of corporate overhead (72,277 ) (77,998 ) Ground/facility leases (1,600 ) (1,454 ) Interest expense (318 ) (6,906 ) Operating income before depreciation, amortization, and allocation of corporate overhead $ 105,906 $ 100,411 Depreciation and amortization $ 49,657 $ 51,223 Capital expenditures $ 128,654 $ 85,912 Total segment assets at March 31, $ 5,777,544 $ 5,793,453 Three Months Ended March 31, 2017 2016 On-Campus Participating Properties Total revenues and other income $ 10,158 $ 10,046 Interest income 8 — Total revenues from external customers 10,166 10,046 Operating expenses before depreciation, amortization, ground/facility leases and allocation of corporate overhead (2,936 ) (2,758 ) Ground/facility leases (757 ) (850 ) Interest expense (1,333 ) (1,418 ) Operating income before depreciation, amortization and allocation of corporate overhead $ 5,140 $ 5,020 Depreciation and amortization $ 1,860 $ 1,823 Capital expenditures $ 209 $ 655 Total segment assets at March 31, $ 104,334 $ 107,731 Development Services Development and construction management fees $ 456 $ 1,035 Operating expenses (3,604 ) (3,595 ) Operating loss before depreciation, amortization and allocation of corporate overhead $ (3,148 ) $ (2,560 ) Total segment assets at March 31, $ 2,134 $ 2,397 Property Management Services Property management fees from external customers $ 2,614 $ 2,410 Intersegment revenues 4,938 5,951 Total revenues 7,552 8,361 Operating expenses (3,424 ) (2,984 ) Operating income before depreciation, amortization and allocation of corporate overhead $ 4,128 $ 5,377 Total segment assets at March 31, $ 8,903 $ 8,876 Reconciliations Total segment revenues and other income $ 198,275 $ 206,211 Unallocated interest income earned on investments and corporate cash 833 1,014 Elimination of intersegment revenues (4,938 ) (5,951 ) Total consolidated revenues, including interest income $ 194,170 $ 201,274 Segment operating income before depreciation, amortization and allocation of corporate overhead $ 112,026 $ 108,248 Depreciation and amortization (53,351 ) (56,258 ) Net unallocated expenses relating to corporate interest and overhead (23,969 ) (22,845 ) Gain from disposition of real estate — 17,409 Income tax provision (257 ) (345 ) Net income $ 34,449 $ 46,209 Total segment assets $ 5,892,915 $ 5,912,457 Unallocated corporate assets 95,051 455,080 Total assets at March 31, $ 5,987,966 $ 6,367,537

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions : On May 3, 2017 , the Company declared a distribution per share of $0.44 , which will be paid on May 26, 2017 to all common stockholders of record as of May 15, 2017 . At the same time, the Operating Partnership will pay an equivalent amount per unit to holders of Common OP Units, as well as the quarterly cumulative preferential distribution to holders of Preferred OP Units (see Note 9 ). Property Acquisitions : In April 2017, the Company acquired The Arlie, a 598 -bed wholly-owned property located near the University of Texas Arlington campus, for approximately $46.0 million . Property Dispositions : In April 2017, the Company sold one wholly-owned property containing 657 beds. Refer to Note 4 for additional information about this property. ATM Equity Program : Subsequent to quarter end, the company sold 0.4 million shares of common stock under its ATM Equity Program at a weighted average price of $47.97 per share for net proceeds of approximately $19.2 million .

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
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 the Company 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. The Company’s 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.
Principles of Consolidation	Principles of Consolidation The Company’s consolidated financial statements include its accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which it has control. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities (“VIEs”), which requires the consolidation of VIEs in which the Company is considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation using the voting interest model.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements In February 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2017-05 (“ASU 2017-05”), “Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20), Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets.” The purpose of this ASU is to eliminate the diversity in practice in accounting for derecogntiion of a nonfinancial asset and in-substance nonfinancial assets (only when the asset or asset group does not meet the definition of a business or the transaction is not a sale to a customer). The guidance is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption for the fiscal years beginning after December 15, 2016 is permitted. This ASU is required to be adopted in conjunction with the Company’s adoption of ASU 2014-09, the new revenue recognition standard, which will be adopted as of January 1, 2018. Upon adoption of this ASU, application must be performed on a retrospective basis for each period presented in the Company’s financial statements or a retrospective basis with a cumulative-effect adjustment to retained earnings at the beginning of the fiscal year of adoption. The Company is currently assessing whether ASU 2017-05 will have a material effect on its consolidated financial statements and related disclosures. 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 plans to adopt ASU 2016-02 as of January 1, 2019. While the Company is still evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures, it expects to recognize right-of-use assets and related lease liabilities on its consolidated balance sheets related to ground leases under which it is the lessee. 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. Subsequent to the issuance of ASU 2014-09, the FASB has issued multiple Accounting Standards Updates clarifying multiple aspects of the new revenue recognition standard, which include the deferral of the effective date by one year. ASU 2014-09, as amended by subsequent Accounting Standards Updates, 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 retrospective approach upon adoption. The Company plans to adopt the new revenue standard as of January 1, 2018 and is currently evaluating each of its revenue streams to identify any differences in the timing, measurement or presentation of revenue recognition under the new standard, as well as evaluating methods of adoption. The Company does not expect the adoption of this standard to have a significant impact on its consolidated financial statements, as a substantial portion of its revenue consists of rental income from leasing arrangements, which is specifically excluded from ASU 2014-09, and will be evaluated with the adoption of the lease accounting standard, ASU 2016-02, discussed above. Additionally, the Company currently does not anticipate a material impact to its consolidated financial statements for property dispositions given the simplicity of the Company’s historical disposition transactions. The Company anticipates the primary effects of the new standard will be associated with the Company’s non-leasing revenue streams, which represent less than 5% of consolidated total revenues. In addition, the Company does not expect the following accounting pronouncements to have a material effect on its consolidated financial statements: • ASU 2016-18, “Statement of Cash Flows: Restricted Cash.” • ASU 2016-15, “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments.” • ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” Recently Adopted Accounting Pronouncements On January 1, 2017, the Company adopted Accounting Standards Update 2017-01 (“ASU 2017-01”), “Business Combinations: Clarifying the Definition of a Business.” The amendments in this guidance clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The guidance is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years; early adoption is permitted. ASU 2017-01 will be applied prospectively to any transactions occurring subsequent to January 1, 2017. Under the new standard, the Company expects that most property acquisitions will be accounted for as asset acquisitions, and as a result, most transaction costs will be capitalized rather than expensed. The impact on the Company’s consolidated financial statements will depend on the size and volume of future acquisition activity. In addition, on January 1, 2017, the Company adopted the following accounting pronouncements which did not have a material effect on the Company’s consolidated financial statements: • ASU 2017-03, “Accounting Changes and Error Corrections (Topic 250) and Investments — Equity Method and Joint Ventures (Topic 323): Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings (SEC Update).” • ASU 2016-05, “Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships.”
Interim Financial Statements	Interim Financial Statements The accompanying interim financial statements are unaudited, but have been prepared in accordance with GAAP for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements of the Company for these interim periods have been included. Because of the seasonal nature of the Company’s operations, the results of operations and cash flows for any interim period are not necessarily indicative of results for other interim periods or for the full year.
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	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 $4.4 million and $2.1 million was capitalized during the three months ended March 31, 2017 and 2016 , 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 impairment indicators of the carrying values of its investments in real estate as of March 31, 2017 . The Company evaluates each acquisition to determine if the integrated set of assets and activities acquired meet the definition of a business under ASU 2017-01. If either of the following criteria is met, the integrated set of assets and activities acquired would not qualify as a business: • Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or • The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e. revenue generated before and after the transaction). Property acquisitions deemed to qualify as a business are accounted for as business combinations, and the related acquisition costs are expensed as incurred. The Company allocates the purchase price of properties acquired in business combinations to net tangible and identified intangible assets based on their 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, the Company’s own analysis of recently acquired and existing comparable properties in the Company’s 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 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 a replacement cost approach that relies upon assumptions that the Company believes 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. The Company has determined these estimates are primarily based upon unobservable inputs and therefore are considered to be Level 3 inputs within the fair value hierarchy. Acquisitions of properties that do not meet the definition of a business are accounted for as asset acquisitions. The accounting model for asset acquisitions is similar to the accounting model for business combinations except that the acquisition consideration (including transaction costs) is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. The relative fair values used to allocate the cost of an asset acquisition are determined using the same methodologies and assumptions as those utilized to determine fair value in a business combination. 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.
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 (see Note 4 ).
Pre-development Expenditures	Pre-development Expenditures 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.
Earnings per Share - Company/Earnings per Unit - Operating Partnership	Earnings per Share – Company Basic earnings per share is computed using net income attributable to common stockholders 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. 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.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
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 potentially dilutive securities not included in calculating diluted earnings per share	The following potentially dilutive securities were outstanding for the three months ended March 31, 2017 and 2016 , but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. Three Months Ended March 31, 2017 2016 Common OP Units (Note 9) 1,029,131 1,310,046 Preferred OP Units (Note 9) 77,513 103,590 Total potentially dilutive securities 1,106,644 1,413,636
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: Three Months Ended March 31, 2017 2016 Numerator – basic and diluted earnings per share: Net income $ 34,449 $ 46,209 Net income attributable to noncontrolling interests (399 ) (622 ) Net income attributable to common stockholders 34,050 45,587 Amount allocated to participating securities (468 ) (393 ) Net income attributable to common stockholders $ 33,582 $ 45,194 Denominator: Basic weighted average common shares outstanding 133,052,444 123,445,985 Unvested Restricted Stock Awards (Note 10) 933,878 820,327 Diluted weighted average common shares outstanding 133,986,322 124,266,312 Earnings per share: Net income attributable to common stockholders - basic $ 0.25 $ 0.37 Net income attributable to common stockholders - diluted $ 0.25 $ 0.36
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
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 unit: Three Months Ended March 31, 2017 2016 Numerator – basic and diluted earnings per unit: Net income $ 34,449 $ 46,209 Net income attributable to noncontrolling interests – partially owned properties (105 ) (104 ) Series A preferred unit distributions (31 ) (42 ) Amount allocated to participating securities (468 ) (393 ) Net income attributable to common unitholders $ 33,845 $ 45,670 Denominator: Basic weighted average common units outstanding 134,081,575 124,756,031 Unvested Restricted Stock Awards (Note 10) 933,878 820,327 Diluted weighted average common units outstanding 135,015,453 125,576,358 Earnings per unit: Net income attributable to common unitholders - basic $ 0.25 $ 0.37 Net income attributable to common unitholders - diluted $ 0.25 $ 0.36

Property Dispositions (Tables)

Property Dispositions (Tables)	3 Months Ended
	Mar. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Schedule of properties classified as held for sale	The following wholly-owned property was classified as held for sale on the accompanying consolidated balance sheet as of March 31, 2017 : Property Location Primary University Served Beds The Province - Dayton Dayton, OH Wright State University 657

Investments in Wholly-Owned P25

Investments in Wholly-Owned Properties (Tables)	3 Months Ended
	Mar. 31, 2017
Wholly-owned properties
Real Estate Properties [Line Items]
Schedule of real estate properties	Wholly-owned properties consisted of the following: March 31, 2017 December 31, 2016 Land (1) $ 585,498 $ 568,266 Buildings and improvements 5,069,126 5,065,137 Furniture, fixtures and equipment 303,886 303,240 Construction in progress 490,527 349,498 6,449,037 6,286,141 Accumulated depreciation (907,538 ) (859,127 ) Wholly-owned properties, net (2) $ 5,541,499 $ 5,427,014 (1) The land balance above includes undeveloped land parcels with book values of approximately $48.5 million and $38.5 million as of March 31, 2017 and December 31, 2016 , respectively. It also includes land totaling approximately $66.3 million and $61.2 million as of March 31, 2017 and December 31, 2016 , respectively, related to properties under development. (2) Excludes the net book value of one property classified as held for sale in the accompanying consolidated balance sheets (see Note 4 ).

On-Campus Participating Prope26

On-Campus Participating Properties (Tables)	3 Months Ended
	Mar. 31, 2017
On-campus participating properties
Real Estate Properties [Line Items]
Schedule of real estate properties	On-campus participating properties are as follows: Historical Cost Lessor/University Lease Commencement Required Debt March 31, 2017 December 31, 2016 Texas A&M University System / Prairie View A&M University (1) 2/1/1996 9/1/2023 $ 45,317 $ 45,310 Texas A&M University System / Texas A&M International 2/1/1996 9/1/2023 7,224 7,215 Texas A&M University System / Prairie View A&M University (2) 10/1/1999 8/31/2025 28,699 28,627 8/31/2028 University of Houston System / University of Houston (3) 9/27/2000 8/31/2035 38,069 37,960 West Virginia University System / West Virginia University 7/16/2013 7/16/2045 43,830 43,817 163,139 162,929 Accumulated amortization (78,993 ) (77,132 ) On-campus participating properties, net $ 84,146 $ 85,797 (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.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of summary of outstanding consolidated indebtedness, including unamortized debt premiums and discounts	A summary of the Company’s outstanding consolidated indebtedness is as follows: March 31, 2017 December 31, 2016 Debt secured by wholly-owned properties: Mortgage loans payable: Unpaid principal balance $ 557,617 $ 559,642 Unamortized deferred financing costs (2,814 ) (3,040 ) Unamortized debt premiums 24,821 26,830 579,624 583,432 Debt secured by on-campus participating properties: Mortgage loans payable 71,188 71,662 Bonds payable 33,870 33,870 Unamortized deferred financing costs (737 ) (769 ) 104,321 104,763 Total secured mortgage, construction and bond debt 683,945 688,195 Unsecured notes, net of unamortized OID and deferred financing costs (1) 1,189,256 1,188,737 Unsecured term loans, net of unamortized deferred financing costs (2) 149,120 149,065 Unsecured revolving credit facility 186,000 99,300 Total debt, net $ 2,208,321 $ 2,125,297 (1) Includes net unamortized original issue discount (“OID”) of $1.8 million at March 31, 2017 and $1.9 million at December 31, 2016 , and net unamortized deferred financing costs of $8.9 million at March 31, 2017 and $9.3 million at December 31, 2016 . (2) Includes net unamortized deferred financing costs of $0.9 million at March 31, 2017 and $0.9 million at December 31, 2016 . The Company has issued the following senior unsecured notes: Date Issued Amount % of Par Value Coupon Yield Original Issue Discount Term (Years) April 2013 $ 400,000 99.659 3.750 % 3.791 % $ 1,364 10 June 2014 400,000 99.861 4.125 % 4.269 % (1) 556 10 September 2015 400,000 99.811 3.350 % 3.391 % 756 5 $ 1,200,000 $ 2,676 (1) The yield includes the effect of the amortization of interest rate swap terminations (see Note 11 ).

Stockholders' Equity _ Partne28

Stockholders' Equity / Partners' Capital (Tables)	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity Note [Abstract]
Summary of Equity Program activity	The following table presents activity under the Company’s ATM Equity Program during three months ended March 31, 2017 . There was no activity under the Company’s ATM Equity Program during the three months ended March 31, 2016 : Three Months Ended March 31, 2017 Total net proceeds $ 62,658 Commissions paid to sales agents $ 795 Weighted average price per share $ 49.70 Shares of common stock sold 1,276,721

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	3 Months Ended
	Mar. 31, 2017
Noncontrolling Interest [Abstract]
Schedule of summarized activity of redeemable limited partners	Below is a table summarizing the activity of redeemable limited partners for the three months ended March 31, 2017 : December 31, 2016 $ 55,078 Net income 294 Distributions (464 ) Contribution from noncontrolling interest 3,000 Adjustments to reflect redeemable limited partner units at fair value (2,243 ) March 31, 2017 $ 55,665

Incentive Award Plan (Tables)

Incentive Award Plan (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of restricted stock units and awards	A summary of RSAs under the American Campus Communities, Inc. 2010 Incentive Award Plan (the “Plan”) as of March 31, 2017 and activity during the three months then ended, is presented below: Number of RSAs Nonvested balance at December 31, 2016 773,101 Granted 342,979 Vested (146,210 ) Forfeited (1) (86,691 ) Nonvested balance at March 31, 2017 883,179 (1) Includes shares withheld to satisfy tax obligations upon vesting.

Derivative Instruments and He31

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 : 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 $ 14,089 $ (254 ) Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month 14,234 (257 ) Park Point mortgage loan Nov 1, 2013 Oct 5, 2018 1.5450% LIBOR - 1 month 70,000 (196 ) Total $ 98,323 $ (707 )
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 March 31, 2017 and December 31, 2016 : Liability Derivatives Fair Value as of Description Balance Sheet March 31, 2017 December 31, 2016 Interest rate swaps contracts Other liabilities $ 707 $ 1,099 Total derivatives designated as hedging instruments $ 707 $ 1,099

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 December 31, 2016 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 $ — $ 707 $ — $ 707 $ — $ 1,099 $ — $ 1,099 Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) $ — $ 55,665 $ — $ 55,665 $ — $ 55,078 $ — $ 55,078
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 March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Estimated Fair Value Carrying Amount Estimated Fair Value Carrying Amount Assets: Loans receivable $ 54,396 $ 59,370 $ 54,396 $ 58,539 Liabilities: Unsecured notes $ 1,228,142 $ 1,189,256 (1) $ 1,211,344 $ 1,188,737 (1) Mortgage loans payable 641,187 650,520 (2) 644,617 654,794 (2) Bonds payable 37,060 33,425 37,066 33,401 (1) Includes net unamortized OID and net unamortized deferred financing costs (see Note 7 ). (2) Includes net unamortized debt premiums and discounts and net unamortized deferred financing costs (see Note 7 ).

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Schedule of segment information	Three Months Ended March 31, 2017 2016 Wholly-Owned Properties Rental revenues and other income $ 179,710 $ 186,504 Interest income 391 265 Total revenues from external customers 180,101 186,769 Operating expenses before depreciation, amortization, ground/facility leases and allocation of corporate overhead (72,277 ) (77,998 ) Ground/facility leases (1,600 ) (1,454 ) Interest expense (318 ) (6,906 ) Operating income before depreciation, amortization, and allocation of corporate overhead $ 105,906 $ 100,411 Depreciation and amortization $ 49,657 $ 51,223 Capital expenditures $ 128,654 $ 85,912 Total segment assets at March 31, $ 5,777,544 $ 5,793,453 Three Months Ended March 31, 2017 2016 On-Campus Participating Properties Total revenues and other income $ 10,158 $ 10,046 Interest income 8 — Total revenues from external customers 10,166 10,046 Operating expenses before depreciation, amortization, ground/facility leases and allocation of corporate overhead (2,936 ) (2,758 ) Ground/facility leases (757 ) (850 ) Interest expense (1,333 ) (1,418 ) Operating income before depreciation, amortization and allocation of corporate overhead $ 5,140 $ 5,020 Depreciation and amortization $ 1,860 $ 1,823 Capital expenditures $ 209 $ 655 Total segment assets at March 31, $ 104,334 $ 107,731 Development Services Development and construction management fees $ 456 $ 1,035 Operating expenses (3,604 ) (3,595 ) Operating loss before depreciation, amortization and allocation of corporate overhead $ (3,148 ) $ (2,560 ) Total segment assets at March 31, $ 2,134 $ 2,397 Property Management Services Property management fees from external customers $ 2,614 $ 2,410 Intersegment revenues 4,938 5,951 Total revenues 7,552 8,361 Operating expenses (3,424 ) (2,984 ) Operating income before depreciation, amortization and allocation of corporate overhead $ 4,128 $ 5,377 Total segment assets at March 31, $ 8,903 $ 8,876 Reconciliations Total segment revenues and other income $ 198,275 $ 206,211 Unallocated interest income earned on investments and corporate cash 833 1,014 Elimination of intersegment revenues (4,938 ) (5,951 ) Total consolidated revenues, including interest income $ 194,170 $ 201,274 Segment operating income before depreciation, amortization and allocation of corporate overhead $ 112,026 $ 108,248 Depreciation and amortization (53,351 ) (56,258 ) Net unallocated expenses relating to corporate interest and overhead (23,969 ) (22,845 ) Gain from disposition of real estate — 17,409 Income tax provision (257 ) (345 ) Net income $ 34,449 $ 46,209 Total segment assets $ 5,892,915 $ 5,912,457 Unallocated corporate assets 95,051 455,080 Total assets at March 31, $ 5,987,966 $ 6,367,537

Organization and Description 34

Organization and Description of Business - (Details)	3 Months Ended
	Mar. 31, 2017university_systemBedProperty
Real Estate Properties [Line Items]
Number of properties	157
Number of beds | Bed	97,500
Minimum
Real Estate Properties [Line Items]
Initial term of contract	1 year
Maximum
Real Estate Properties [Line Items]
Initial term of contract	5 years
Wholly-owned properties
Real Estate Properties [Line Items]
Number of properties	3
Wholly-owned properties | Off Campus Properties
Real Estate Properties [Line Items]
Number of properties	122
Wholly-owned properties | On-campus participating properties
Real Estate Properties [Line Items]
Number of properties	5
Wholly-owned properties | Under Development
Real Estate Properties [Line Items]
Number of beds | Bed	13,100
Management And Leasing Services
Real Estate Properties [Line Items]
Number of properties	37
Number of beds | Bed	29,700
Real Estate Investment
Real Estate Properties [Line Items]
Number of properties	194
Number of beds | Bed	127,200
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Real Estate Properties [Line Items]
Limited Partner ownership interest (percent)	99.20%
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Maximum
Real Estate Properties [Line Items]
General Partner ownership interest (percent) (less than)	1.00%
Owned On Campus Properties | American Campus Equity
Real Estate Properties [Line Items]
Number of housing properties	30
Number of university systems | university_system	14
Owned On Campus Properties | Under Development
Real Estate Properties [Line Items]
Number of properties under construction	17

Summary of Significant Accoun35

Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	3 Months Ended
	Mar. 31, 2017
Minimum | Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years
Minimum | Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Maximum | Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years
Maximum | Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years
On-campus participating properties | Minimum | Leasehold interest
Property, Plant and Equipment [Line Items]
Estimated useful life	25 years
On-campus participating properties | Maximum | Leasehold interest
Property, Plant and Equipment [Line Items]
Estimated useful life	34 years

Summary of Significant Accoun36

Summary of Significant Accounting Policies - Additional Information (Detail Textuals) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Accounting Policies [Abstract]
Capitalized Interest	$ 4.4	$ 2.1
Deferred pre-development costs	$ 7.5

Summary of Significant Accoun37

Summary of Significant Accounting Policies - Potentially Dilutive Securities Not Included in Calculating Diluted Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities (in shares)	1,106,644	1,413,636
Common OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities (in shares)	1,029,131	1,310,046
Preferred OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities (in shares)	77,513	103,590

Summary of Significant Accoun38

Summary of Significant Accounting Policies - Summary of Elements Used in Calculating Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Numerator – basic and diluted earnings per share:
Net income	$ 34,449	$ 46,209
Net income attributable to noncontrolling interests	(399)	(622)
Net income attributable to common stockholders	34,050	45,587
Amount allocated to participating securities	(468)	(393)
Net income attributable to common unitholders	$ 33,582	$ 45,194
Denominator:
Basic weighted average common shares outstanding (in shares)	133,052,444	123,445,985
Unvested Restricted Stock Awards (in shares)	1,106,644	1,413,636
Weighted Average Number Diluted Limited Partnership Units Outstanding Adjustment	933,878	820,327
Diluted weighted average common shares outstanding (in shares)	133,986,322	124,266,312
Earnings per share:
Net income attributable to common stockholders - basic (in dollars per share)	$ 0.25	$ 0.37
Net income attributable to common stockholders - diluted (in dollars per share)	$ 0.25	$ 0.36

Summary of Significant Accoun39

Summary of Significant Accounting Policies - Summary of Elements Used in Calculating Basic and Diluted Earnings per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Numerator – basic and diluted earnings per unit:
Net income	$ 34,449	$ 46,209
Net income attributable to noncontrolling interests – partially owned properties	(399)	(622)
Amount allocated to participating securities	(468)	(393)
Net income attributable to common unitholders	$ 33,582	$ 45,194
Denominator:
Unvested Restricted Stock Awards (in units)	933,878	820,327
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Numerator – basic and diluted earnings per unit:
Net income	$ 34,449	$ 46,209
Series A preferred unit distributions	(31)	(42)
Amount allocated to participating securities	(468)	(393)
Net income attributable to common unitholders	$ 33,845	$ 45,670
Denominator:
Basic weighted average common units outstanding (in units)	134,081,575	124,756,031
Unvested Restricted Stock Awards (in units)	933,878	820,327
Diluted weighted average common units outstanding (in units)	135,015,453	125,576,358
Earnings per unit:
Net income attributable to common unitholders - basic (in dollars per unit)	$ 0.25	$ 0.37
Net income attributable to common unitholders - diluted (in dollars per unit)	$ 0.25	$ 0.36
Partially owned properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Numerator – basic and diluted earnings per unit:
Net income attributable to noncontrolling interests – partially owned properties	$ (105)	$ (104)

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)Property
Business Acquisition [Line Items]
Number of land parcels purchased | Property	157
Wholly-owned properties
Business Acquisition [Line Items]
Number of land parcels purchased | Property	3
Total purchase price | $	$ 17.3
Total cash consideration | $	$ 12.2

Property Dispositions - Summary

Property Dispositions - Summary of Properties Classified as Held for Sale (Details)	Mar. 31, 2017Bed
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Beds	97,500
Disposal Group, Held-for-sale, Not Discontinued Operations | The Province - Dayton | Wholly-owned properties held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Beds	657

Property Dispositions - Additio

Property Dispositions - Additional Information (Detail Textuals) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)BedProperty
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposition of properties	$ 0	$ 72,613
Gain from disposition of real estate	$ 0	$ 17,409
Discontinued Operations, Disposed of by Sale | Wholly-owned properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | Property		2
Number of beds in properties sold | Bed		1,324
Sale price of disposed property		$ 73,800
Proceeds from disposition of properties		72,600
Gain from disposition of real estate		$ 17,400

Investments in Wholly-Owned P43

Investments in Wholly-Owned Properties - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Real Estate Properties [Line Items]
Wholly-owned properties, net	$ 5,651,026	$ 5,538,161
Wholly-owned properties
Real Estate Properties [Line Items]
Land	585,498	568,266
Buildings and improvements	5,069,126	5,065,137
Furniture, fixtures and equipment	303,886	303,240
Construction in progress	490,527	349,498
Real estate properties gross	6,449,037	6,286,141
Accumulated depreciation	(907,538)	(859,127)
Wholly-owned properties, net	$ 5,541,499	$ 5,427,014

Investments in Wholly-Owned P44

Investments in Wholly-Owned Properties - Summary (Detail Textuals) $ in Millions	Mar. 31, 2017USD ($)Property	Dec. 31, 2016USD ($)
Real Estate Properties [Line Items]
Undeveloped land parcels	$ 48.5	$ 38.5
Under Development
Real Estate Properties [Line Items]
Undeveloped land parcels	$ 66.3	$ 61.2
Wholly-owned properties
Real Estate Properties [Line Items]
Number of real estate properties, held for sale | Property	1

On-Campus Participating Prope45

On-Campus Participating Properties (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)phase	Dec. 31, 2016USD ($)
Real Estate Properties [Line Items]
Wholly-owned properties, net	$ 5,651,026	$ 5,538,161
On-campus participating properties
Real Estate Properties [Line Items]
Real estate properties, gross	163,139	162,929
Accumulated amortization	(78,993)	(77,132)
Wholly-owned properties, net	$ 84,146	85,797
On-campus participating properties | 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	$ 7,224	7,215
Texas A&M University System / Prairie View A&M University between 1996 and 1998 | Prairie View A and M University
Real Estate Properties [Line Items]
Number of project phases | phase	3
Texas A&M University System / Prairie View A&M University between 1996 and 1998 | On-campus participating properties | Prairie View A and M University
Real Estate Properties [Line Items]
Lease Commencement	Feb. 1, 1996
Required Debt Repayment	Sep. 1, 2023
Real estate properties, gross	$ 45,317	45,310
Texas A&M University System / Prairie View A&M University between 2000 and 2003 | Prairie View A and M University
Real Estate Properties [Line Items]
Number of project phases | phase	2
Texas A&M University System / Prairie View A&M University between 2000 and 2003 | On-campus participating properties | Prairie View A and M University
Real Estate Properties [Line Items]
Lease Commencement	Oct. 1, 1999
Real estate properties, gross	$ 28,699	28,627
University of Houston System / University of Houston | University Of Houston
Real Estate Properties [Line Items]
Number of project phases | phase	2
University of Houston System / University of Houston | On-campus participating properties | University Of Houston
Real Estate Properties [Line Items]
Lease Commencement	Sep. 27, 2000
Required Debt Repayment	Aug. 31, 2035
Real estate properties, gross	$ 38,069	37,960
West Virginia University System / West Virginia University | On-campus participating properties | West Virginia University
Real Estate Properties [Line Items]
Lease Commencement	Jul. 16, 2013
Required Debt Repayment	Jul. 16, 2045
Real estate properties, gross	$ 43,830	$ 43,817
Minimum | Texas A&M University System / Prairie View A&M University between 2000 and 2003 | On-campus participating properties | Prairie View A and M University
Real Estate Properties [Line Items]
Required Debt Repayment	Aug. 31, 2025
Maximum | Texas A&M University System / Prairie View A&M University between 2000 and 2003 | On-campus participating properties | Prairie View A and M University
Real Estate Properties [Line Items]
Required Debt Repayment	Aug. 31, 2028

Debt - Summary of Outstanding C

Debt - Summary of Outstanding Consolidated Indebtedness, Including Unamortized Debt Premiums and Discounts (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt, net	$ 683,945	$ 688,195
Unamortized deferred financing costs	149,120	149,065
Unsecured notes, net of unamortized OID and deferred financing costs	1,189,256	1,188,737
Unsecured revolving credit facility	186,000	99,300
Total debt, net	2,208,321	2,125,297
Unsecured Debt
Debt Instrument [Line Items]
Unamortized deferred financing costs	8,900	9,300
Unamortized debt discounts	1,800	1,900
Term loans
Debt Instrument [Line Items]
Unamortized deferred financing costs	900	900
Wholly-owned properties, net
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt, net	579,624	583,432
Wholly-owned properties, net | Mortgage loans payable
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt, net	557,617	559,642
Unamortized deferred financing costs	2,814	3,040
Unamortized debt premiums	24,821	26,830
On-campus participating properties, net
Debt Instrument [Line Items]
Unamortized deferred financing costs	737	769
Total debt, net	104,321	104,763
On-campus participating properties, net | Mortgage loans payable
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt, net	71,188	71,662
On-campus participating properties, net | Bonds payable
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt, net	$ 33,870	$ 33,870

Debt - Additional Information (

Debt - Additional Information (Detail Textuals) - Revolving credit facility - USD ($)	3 Months Ended
	Mar. 31, 2017	Jan. 31, 2017	Dec. 31, 2016
Unsecured Debt
Debt Instrument [Line Items]
Credit facility		$ 850,000,000	$ 500,000,000
Credit facility, additional borrowing capacity (up to)		500,000,000
Line of credit, required unused commitment fee per annum (percent)	0.20%
Current borrowing capacity of credit facility	$ 514,000,000
Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Line of credit, required unused commitment fee per annum (percent)	0.20%
Weighted average annual interest rate (percent)	2.10%
Stated percentage	0.90%
Credit Agreement | Unsecured Debt
Debt Instrument [Line Items]
Credit facility		$ 700,000,000	650,000,000
Term loan facility | Unsecured Debt
Debt Instrument [Line Items]
Credit facility			$ 150,000,000
Term Loan I Facility | Unsecured Debt
Debt Instrument [Line Items]
Basis spread on variable rate	1.10%
Interest rate during period	1.89%

Debt - Summary of Senior Unsecu

Debt - Summary of Senior Unsecured Notes (Details) - AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.	3 Months Ended
	Mar. 31, 2017USD ($)
Senior notes
Debt Instrument [Line Items]
Amount	$ 1,200,000,000
Original Issue Discount	2,676,000
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
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)	4.269%
Original Issue Discount	$ 556,000
Term	10 years
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

Stockholders' Equity _ Partne49

Stockholders' Equity / Partners' Capital - (Detail Textuals) - USD ($)	1 Months Ended	3 Months Ended
	Feb. 29, 2016	Mar. 31, 2017	Mar. 31, 2016	Jun. 30, 2015
Schedule of Equity Method Investments [Line Items]
ATM equity program, aggregate offering price authorized (up to $500 million)		$ 360,500,000
Proceeds from sale of common stock		$ 63,453,000	$ 740,025,000
Number of shares in deferred compensation plan (in shares)		25,041
ATM Equity Program
Schedule of Equity Method Investments [Line Items]
ATM equity program, aggregate offering price authorized (up to $500 million)				$ 500,000,000
Common shares
Schedule of Equity Method Investments [Line Items]
Net proceeds from sale of common stock (in shares)	17,940,000	1,276,721
Shares issued as a result of ACC equity offering (in dollars per share)	$ 41.25
Proceeds from sale of common stock	$ 740,000,000
Proceeds from issuance of common stock, net of discounts and expenses	$ 707,300,000
Restricted Stock Awards
Schedule of Equity Method Investments [Line Items]
Number of shares deposited into deferred compensation plan (in shares)		4,860
Over-Allotment Option | Common shares
Schedule of Equity Method Investments [Line Items]
Net proceeds from sale of common stock (in shares)	2,340,000

Stockholders' Equity _ Partne50

Stockholders' Equity / Partners' Capital - Summary of Equity Program Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Class of Stock [Line Items]
Total net proceeds	$ 63,453	$ 740,025
ATM Equity Program
Class of Stock [Line Items]
Total net proceeds	62,658
Commissions paid to sales agents	$ 795
Weighted average price per share (in dollars per share)	$ 49.70
Shares of common stock sold (in shares)	1,276,721

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Detail Textuals) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017USD ($)Entity	Dec. 31, 2016shares
Noncontrolling Interest [Line Items]
Contributions by noncontrolling interest	$ 8,158
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Noncontrolling Interest [Line Items]
Number of third-party joint venture partners (entities) | Entity	3
Contributions by noncontrolling interest	$ 8,158
Equity interests held by owners of common units and preferred units (percent)	0.80%	0.80%
Common OP Unit
Noncontrolling Interest [Line Items]
Conversion of operating partnership units to common stock (in shares) | shares		280,915
Preferred OP Unit
Noncontrolling Interest [Line Items]
Conversion of operating partnership units to common stock (in shares) | shares		31,846
Partially owned properties
Noncontrolling Interest [Line Items]
Contributions by noncontrolling interest	$ 9,400

Noncontrolling Interests - Summ

Noncontrolling Interests - Summarized Activity of Redeemable Limited Partners (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 55,078
Distributions	(34)
Contribution from noncontrolling interest	8,158
Adjustments to reflect redeemable limited partner units at fair value	2,243
Ending balance	55,665
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	55,078
Distributions	(34)
Contribution from noncontrolling interest	8,158
Adjustments to reflect redeemable limited partner units at fair value	2,243
Ending balance	55,665
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Redeemable noncontrolling interests
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	55,078
Net income	294
Distributions	(464)
Contribution from noncontrolling interest	3,000
Adjustments to reflect redeemable limited partner units at fair value	(2,243)
Ending balance	$ 55,665

Incentive Award Plan - Summary

Incentive Award Plan - Summary of Restricted Stock Awards (Details) - Restricted Stock Awards	3 Months Ended
	Mar. 31, 2017shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (shares)	773,101
Granted (shares)	342,979
Vested (shares)	(146,210)
Forfeited (shares)	(86,691)
Ending balance (shares)	883,179

Incentive Award Plan - Addition

Incentive Award Plan - Additional Information (Detail Textuals) - Restricted Stock Awards - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 4.3	$ 2.7
Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 1.1

Derivative Instruments and He55

Derivative Instruments and Hedging Activities - Summary of Outstanding Interest Rate Swap Contracts (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Derivative [Line Items]
Current Notional Amount	$ 98,323
Fair Value	$ (707)
Interest Rate Swap One - 2.2750 Fixed Rate
Derivative [Line Items]
Effective Date	Feb. 18, 2014
Maturity Date	Feb. 15, 2021
Pay Fixed Rate (percent)	2.275%
Receive Floating Rate Index	LIBOR - 1 month
Current Notional Amount	$ 14,089
Fair Value	$ (254)
Interest Rate Swap Two - 2.2750 Fixed Rate
Derivative [Line Items]
Effective Date	Feb. 18, 2014
Maturity Date	Feb. 15, 2021
Pay Fixed Rate (percent)	2.275%
Receive Floating Rate Index	LIBOR - 1 month
Current Notional Amount	$ 14,234
Fair Value	$ (257)
Interest Rate Swap - 1.545% Fixed Rate
Derivative [Line Items]
Effective Date	Nov. 1, 2013
Maturity Date	Oct. 5, 2018
Pay Fixed Rate (percent)	1.545%
Receive Floating Rate Index	LIBOR - 1 month
Current Notional Amount	$ 70,000
Fair Value	$ (196)

Derivative Instruments and He56

Derivative Instruments and Hedging Activities - Additional Information (Detail Textuals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2017
Derivative [Line Items]
Notional amount		$ 98,323
Forward starting swap contracts
Derivative [Line Items]
Amortization of interest rate swap terminations	$ 100

Derivative Instruments and He57

Derivative Instruments and Hedging Activities - Fair Value of Derivative Financial Instruments and Classification on Consolidated Balance Sheet (Details) - Designated as hedging instrument - Other liabilities - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Total derivatives liabilities designated as hedging instruments	$ 707	$ 1,099
Interest rate swaps contracts
Derivatives, Fair Value [Line Items]
Total derivatives liabilities designated as hedging instruments	$ 707	$ 1,099

Fair Value Disclosures - Financ

Fair Value Disclosures - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Liabilities:
Derivative financial instruments	$ 707	$ 1,099
Mezzanine:
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership)	55,665	55,078
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Liabilities:
Derivative financial instruments	0	0
Mezzanine:
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership)	0	0
Significant Other Observable Inputs (Level 2)
Liabilities:
Derivative financial instruments	707	1,099
Mezzanine:
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership)	55,665	55,078
Significant Unobservable Inputs (Level 3)
Liabilities:
Derivative financial instruments	0	0
Mezzanine:
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership)	$ 0	$ 0

Fair Value Disclosures - Estima

Fair Value Disclosures - Estimated Fair Value and Related Carrying Amounts of Mortgage Loans and Bonds Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Estimated Fair Value
Assets:
Loans receivable	$ 54,396	$ 54,396
Liabilities:
Unsecured notes	1,228,142	1,211,344
Mortgage loans payable	641,187	644,617
Bonds payable	37,060	37,066
Carrying Amount
Assets:
Loans receivable	59,370	58,539
Liabilities:
Unsecured notes	1,189,256	1,188,737
Mortgage loans payable	650,520	654,794
Bonds payable	$ 33,425	$ 33,401

Commitments and Contingencies -

Commitments and Contingencies - (Detail Textuals)	1 Months Ended		3 Months Ended
	Dec. 31, 2016USD ($)	Aug. 31, 2013USD ($)extension	Mar. 31, 2017USD ($)PropertyProject
Loss Contingencies [Line Items]
Number of properties, under development | Property			16
Amount of obligation less costs incurred			$ 20,000,000
Maximum exposure, undiscounted			$ 15,700,000
Alternate Housing Guarantees
Loss Contingencies [Line Items]
Guarantee expiration period			5 days
Project Cost Guarantees
Loss Contingencies [Line Items]
Guarantee expiration period			1 year
Third-Party Development Projects
Loss Contingencies [Line Items]
Number of third-party development projects | Project			2
Commitment under third-party development project			$ 1,500,000
The Edge at Stadium Center
Loss Contingencies [Line Items]
Estimated development costs	$ 42,600,000
Drexel University Property
Loss Contingencies [Line Items]
Lease term		40 years
Number of lease renewal options | extension		3
Lease extension period		10 years
Commitment to pay real estate transfer taxes, amount (not more than)		$ 1,800,000
Real estate transfer taxes paid upon conveyance of land		600,000
Maximum | Drexel University Property
Loss Contingencies [Line Items]
Commitment to pay real estate transfer taxes, amount (not more than)		$ 2,400,000
Construction contracts
Loss Contingencies [Line Items]
Other commitment			$ 560,400,000

Segments - Additional Informati

Segments - Additional Information (Detail Textuals)	3 Months Ended
	Mar. 31, 2017Segment
Segment Reporting [Abstract]
Identified reportable segments (segments)	4

Segments - Summary (Details)

Segments - Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Segment Reporting Information [Line Items]
Total revenues	$ 192,938	$ 199,995
Interest expense	(14,717)	(22,627)
Depreciation and amortization	(53,351)	(56,258)
Operating expenses	(143,719)	(146,960)
Property management fees from external customers	2,614	2,410
Total consolidated revenues, including interest income	194,170	201,274
Segment operating income before depreciation, amortization and allocation of corporate overhead	49,219	53,035
Gain from disposition of real estate	0	17,409
Income tax provision	(257)	(345)
Net income	34,449	46,209
Total assets	5,987,966		$ 5,865,913
Operating segments
Segment Reporting Information [Line Items]
Total revenues	198,275	206,211
Total segment assets	5,892,915	5,912,457
Segment operating income before depreciation, amortization and allocation of corporate overhead	112,026	108,248
Net income	34,449	46,209
Unallocated corporate assets	95,051	455,080
Total assets	5,987,966	6,367,537
Operating segments | Wholly-owned properties
Segment Reporting Information [Line Items]
Total revenues and other income	179,710	186,504
Interest income	391	265
Total revenues	180,101	186,769
Operating expenses before depreciation, amortization, ground/facility leases and allocation of corporate overhead	(72,277)	(77,998)
Ground/facility leases	(1,600)	(1,454)
Interest expense	(318)	(6,906)
Operating income before depreciation, amortization and allocation of corporate overhead	105,906	100,411
Depreciation and amortization	(49,657)	(51,223)
Capital expenditures	128,654	85,912
Total segment assets	5,777,544	5,793,453
Operating segments | On-campus participating properties
Segment Reporting Information [Line Items]
Total revenues and other income	10,158	10,046
Interest income	8	0
Total revenues	10,166	10,046
Operating expenses before depreciation, amortization, ground/facility leases and allocation of corporate overhead	(2,936)	(2,758)
Ground/facility leases	(757)	(850)
Interest expense	(1,333)	(1,418)
Operating income before depreciation, amortization and allocation of corporate overhead	5,140	5,020
Depreciation and amortization	(1,860)	(1,823)
Capital expenditures	209	655
Total segment assets	104,334	107,731
Operating segments | Development Services
Segment Reporting Information [Line Items]
Operating income before depreciation, amortization and allocation of corporate overhead	(3,148)	(2,560)
Total segment assets	2,134	2,397
Development and construction management fees	456	1,035
Operating expenses	(3,604)	(3,595)
Operating segments | Property Management Services
Segment Reporting Information [Line Items]
Total revenues	7,552	8,361
Operating income before depreciation, amortization and allocation of corporate overhead	4,128	5,377
Total segment assets	8,903	8,876
Operating expenses	(3,424)	(2,984)
Property management fees from external customers	2,614	2,410
Intersegment revenues	4,938	5,951
Unallocated
Segment Reporting Information [Line Items]
Total revenues	833	1,014
Operating expenses	(23,969)	(22,845)
Elimination of intersegment revenues
Segment Reporting Information [Line Items]
Total revenues	$ (4,938)	$ (5,951)

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) $ / shares in Units, $ in Thousands	May 03, 2017$ / shares	May 04, 2017USD ($)$ / sharesshares	Apr. 30, 2017USD ($)BedProperty	Feb. 29, 2016USD ($)$ / sharesshares	Mar. 31, 2017USD ($)Bedshares	Mar. 31, 2016USD ($)BedProperty
Subsequent Event [Line Items]
Number of beds | Bed					97,500
Proceeds from sale of common stock					$ 63,453	$ 740,025
Subsequent Event | Dividend Declared
Subsequent Event [Line Items]
Distributions declared per common unit (in dollars per unit) | $ / shares	$ 0.44
Wholly-owned properties
Subsequent Event [Line Items]
Total purchase price					$ 17,300
Wholly-owned properties | The Arlie | Subsequent Event
Subsequent Event [Line Items]
Number of beds | Bed			598
Total purchase price			$ 46,000
Wholly-owned properties | Discontinued Operations, Disposed of by Sale
Subsequent Event [Line Items]
Number of properties sold | Property						2
Number of beds in properties sold | Bed						1,324
Wholly-owned properties | Discontinued Operations, Disposed of by Sale | Subsequent Event
Subsequent Event [Line Items]
Number of properties sold | Property			1
Number of beds in properties sold | Bed			657
Common shares
Subsequent Event [Line Items]
Net proceeds from sale of common stock (in shares) | shares				17,940,000	1,276,721
Shares issued as a result of ACC equity offering (in dollars per share) | $ / shares				$ 41.25
Proceeds from sale of common stock				$ 740,000
Common shares | Subsequent Event
Subsequent Event [Line Items]
Net proceeds from sale of common stock (in shares) | shares		400,000
Shares issued as a result of ACC equity offering (in dollars per share) | $ / shares		$ 47.97
Proceeds from sale of common stock		$ 19,200