American Campus Communities (ACC) 10-K 1 Mar 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Feb. 23, 2018	Jun. 30, 2017
Document Information [Line Items]
Entity Registrant Name	AMERICAN CAMPUS COMMUNITIES INC
Entity Central Index Key	1,283,630
Trading Symbol	acc
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Well-Known Seasoned Issuer	Yes
Entity Common Stock Shares Outstanding (in shares)		136,494,954
Entity Public Float			$ 5,450,514,562
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Document Information [Line Items]
Entity Registrant Name	American Campus Communities Operating Partnership LP
Entity Central Index Key	1,357,369
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Well-Known Seasoned Issuer	No

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Investments in real estate:
Investments in real estate, net	$ 6,532,168	$ 5,538,161
Cash and cash equivalents	41,182	22,140
Restricted cash	23,590	24,817
Student contracts receivable, net	9,170	8,428
Other assets	291,260	272,367
Total assets	6,897,370	5,865,913
Liabilities:
Secured mortgage, construction and bond debt, net	664,020	688,195
Unsecured notes, net	1,585,855	1,188,737
Unsecured term loans, net	647,044	149,065
Unsecured revolving credit facility	127,600	99,300
Accounts payable and accrued expenses	53,741	76,614
Other liabilities	187,983	158,437
Total liabilities	3,266,243	2,360,348
Commitments and contingencies
Redeemable noncontrolling interests	132,169	55,078
American Campus Communities, Inc. and Subsidiaries stockholders’ equity:
Common stock, $0.01 par value, 800,000,000 shares authorized, 136,362,728 and 132,225,488 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively	1,364	1,322
Additional paid in capital	4,326,910	4,118,842
Common stock held in rabbi trust, 63,778 and 20,181 shares at December 31, 2017 and December 31, 2016, respectively	(2,944)	(975)
Accumulated earnings and dividends	(837,644)	(670,137)
Accumulated other comprehensive loss	(2,701)	(4,067)
Total American Campus Communities, Inc. and Subsidiaries stockholders’ equity	3,484,985	3,444,985
Total equity	3,498,958	3,450,487
Partners’ capital:
Accumulated other comprehensive loss	(2,701)	(4,067)
Total liabilities and equity/capital	6,897,370	5,865,913
Owned properties, net
Investments in real estate:
Investments in real estate, net	6,450,364	5,427,014
Liabilities:
Secured mortgage, construction and bond debt, net	564,311	583,432
Owned properties held for sale
Investments in real estate:
Investments in real estate, net	0	25,350
On-campus participating properties
Investments in real estate:
Investments in real estate, net	81,804	85,797
Liabilities:
Secured mortgage, construction and bond debt, net	99,709	104,763
Partially-owned properties
American Campus Communities, Inc. and Subsidiaries stockholders’ equity:
Noncontrolling interests – partially owned properties	13,973	5,502
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Investments in real estate:
Investments in real estate, net	6,532,168	5,538,161
Cash and cash equivalents	41,182	22,140
Restricted cash	23,590	24,817
Student contracts receivable, net	9,170	8,428
Other assets	291,260	272,367
Total assets	6,897,370	5,865,913
Liabilities:
Secured mortgage, construction and bond debt, net	664,020	688,195
Unsecured notes, net	1,585,855	1,188,737
Unsecured term loans, net	647,044	149,065
Unsecured revolving credit facility	127,600	99,300
Accounts payable and accrued expenses	53,741	76,614
Other liabilities	187,983	158,437
Total liabilities	3,266,243	2,360,348
Commitments and contingencies
Redeemable noncontrolling interests	132,169	55,078
American Campus Communities, Inc. and Subsidiaries stockholders’ equity:
Accumulated other comprehensive loss	(2,701)	(4,067)
Partners’ capital:
General partner - 12,222 OP units outstanding at both December 31, 2017 and December 31, 2016	67	82
Limited partner - 136,414,284 and 132,233,447 OP units outstanding at December 31, 2017 and December 31, 2016, respectively	3,487,619	3,448,970
Accumulated other comprehensive loss	(2,701)	(4,067)
Total partners’ capital	3,484,985	3,444,985
Total capital	3,498,958	3,450,487
Total liabilities and equity/capital	6,897,370	5,865,913
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Owned properties, net
Investments in real estate:
Investments in real estate, net	6,450,364	5,427,014
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Owned properties held for sale
Investments in real estate:
Investments in real estate, net	0	25,350
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties
Investments in real estate:
Investments in real estate, net	81,804	85,797
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially-owned properties
Partners’ capital:
Noncontrolling interests – partially owned properties	$ 13,973	$ 5,502

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	800,000,000	800,000,000
Common stock, shares issued (shares)	136,362,728	132,225,488
Common stock, shares outstanding (shares)	136,362,728	132,225,488
Treasury stock, shares	63,778	20,181
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
General partner, OP units outstanding (shares)	12,222	12,222
Limited partner, OP units outstanding (shares)	136,414,284	132,233,447

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Third-party development services	$ 10,761	$ 4,606	$ 4,964
Third-party management services	9,832	9,724	8,813
Resident services	3,199	3,206	3,109
Total revenues	796,447	786,361	753,381
Operating expenses:
Third-party development and management services	15,225	14,533	14,346
General and administrative	31,386	22,493	20,838
Depreciation and amortization	234,955	211,387	208,788
Ground/facility leases	10,213	9,167	8,232
Provision for real estate impairment	15,317	4,895	0
Total operating expenses	653,909	613,218	596,477
Operating income	142,538	173,143	156,904
Nonoperating income and (expenses):
Interest income	4,945	5,481	4,421
Interest expense	(71,122)	(78,687)	(87,789)
Amortization of deferred financing costs	(4,619)	(6,520)	(5,550)
(Loss) gain from disposition of real estate	(632)	21,197	52,699
Loss from early extinguishment of debt	0	(12,841)	(1,770)
Other nonoperating income	0	0	388
Total nonoperating expenses	(71,428)	(71,370)	(37,601)
Income before income taxes	71,110	101,773	119,303
Income tax provision	(989)	(1,150)	(1,242)
Net income	70,121	100,623	118,061
Net income attributable to noncontrolling interests – partially owned properties	(1,083)	(1,562)	(2,070)
Net income (loss) attributable to ACC, Inc. and Subsidiaries common stockholders	69,038	99,061	115,991
Net income attributable to common unitholders	67,502	97,723	114,905
Other comprehensive income
Change in fair value of interest rate swaps and other	1,366	1,763	464
Comprehensive income	$ 70,404	$ 100,824	$ 116,455
Net income per share attributable to ACC, Inc. and Subsidiaries common stockholders
Basic (in dollars per share)	$ 0.50	$ 0.76
Diluted (in dollars per share)	$ 0.50	$ 0.75
Weighted-average common shares outstanding:
Basic (in shares)	135,141,423	129,228,748	111,987,361
Diluted (in shares)	136,002,385	130,018,729	114,032,222
Weighted-average common units outstanding:
Distributions declared per common share (in dollars per share)	$ 1.74	$ 1.66	$ 1.58
Owned Properties
Revenues:
Operating lease revenue	$ 738,710	$ 735,392	$ 704,909
Operating expenses:
Operating expenses excluding general, administrative, depreciation and lease expense	332,429	337,296	331,836
On-campus participating properties
Revenues:
Operating lease revenue	33,945	33,433	31,586
Operating expenses:
Operating expenses excluding general, administrative, depreciation and lease expense	14,384	13,447	12,437
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Revenues:
Third-party development services	10,761	4,606	4,964
Third-party management services	9,832	9,724	8,813
Resident services	3,199	3,206	3,109
Total revenues	796,447	786,361	753,381
Operating expenses:
Third-party development and management services	15,225	14,533	14,346
General and administrative	31,386	22,493	20,838
Depreciation and amortization	234,955	211,387	208,788
Ground/facility leases	10,213	9,167	8,232
Provision for real estate impairment	15,317	4,895	0
Total operating expenses	653,909	613,218	596,477
Operating income	142,538	173,143	156,904
Nonoperating income and (expenses):
Interest income	4,945	5,481	4,421
Interest expense	(71,122)	(78,687)	(87,789)
Amortization of deferred financing costs	(4,619)	(6,520)	(5,550)
(Loss) gain from disposition of real estate	(632)	21,197	52,699
Loss from early extinguishment of debt	0	(12,841)	(1,770)
Other nonoperating income	0	0	388
Total nonoperating expenses	(71,428)	(71,370)	(37,601)
Income before income taxes	71,110	101,773	119,303
Income tax provision	(989)	(1,150)	(1,242)
Net income	70,121	100,623	118,061
Net income attributable to noncontrolling interests – partially owned properties	(435)	(456)
Net income (loss) attributable to ACC, Inc. and Subsidiaries common stockholders	69,686	100,167	117,449
Series A preferred units distributions	(124)	(146)	(176)
Net income attributable to common unitholders	69,562	100,021	117,273
Other comprehensive income
Change in fair value of interest rate swaps and other	1,366	1,763	464
Comprehensive income	$ 70,928	$ 101,784	$ 117,737
Net income per share attributable to ACC, Inc. and Subsidiaries common stockholders
Basic (in dollars per share)	$ 0.50	$ 0.76	$ 1.03
Diluted (in dollars per share)	0.50	0.75	1.02
Net income per unit attributable to common unitholders
Basic (in dollars per unit)	0.50	0.76	1.03
Diluted (in dollars per unit)	$ 0.50	$ 0.75	$ 1.02
Weighted-average common units outstanding:
Basic (in units)	136,160,609	130,460,248	113,351,242
Diluted (in units)	137,021,571	131,250,229	114,032,222
Distributions declared per Common Unit (in dollars per unit)	$ 1.74	$ 1.66	$ 1.58000
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Owned Properties
Revenues:
Operating lease revenue	$ 738,710	$ 735,392	$ 704,909
Operating expenses:
Operating expenses excluding general, administrative, depreciation and lease expense	332,429	337,296	331,836
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties
Revenues:
Operating lease revenue	33,945	33,433	31,586
Operating expenses:
Operating expenses excluding general, administrative, depreciation and lease expense	14,384	13,447	12,437
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially-owned properties
Nonoperating income and (expenses):
Net income attributable to noncontrolling interests – partially owned properties	$ (435)	$ (456)	$ (612)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY/ CAPITAL - USD ($) $ in Thousands	Total	Common Shares	Additional Paid in Capital	Common Shares 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.General Partner	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.Limited Partner	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
Beginning Balance (in shares) at Dec. 31, 2014		107,175,236		0
Beginning Balance at Dec. 31, 2014	$ 2,615,283	$ 1,072	$ 3,102,540	$ 0	$ (487,986)	$ (6,072)	$ 5,729
Beginning Balance (in units) at Dec. 31, 2014									12,222	107,163,014
Beginning Balance at Dec. 31, 2014								$ 2,615,283	$ 100	$ 2,615,526	$ (6,072)	$ 5,729
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustments to reflect redeemable noncontrolling interests at fair value	4,462		4,462					4,462		4,462
Amortization of restricted stock awards	7,505		7,505					7,505		$ 7,505
Vesting of restricted stock awards and restricted stock units (in shares)		122,502		10,155						132,657
Vesting of restricted stock awards and restricted stock units	(2,145)	$ 1	(1,743)	$ (403)				(2,145)		$ (2,145)
Distributions to common and restricted stockholders	(178,506)				(178,506)
Distributions								(178,506)	(19)	(178,487)
Distributions to noncontrolling interests - partially owned properties	(635)						(635)	(635)				(635)
Increase in ownership of consolidated subsidiary	(1,065)		435				(1,500)	(1,065)		$ 435		(1,500)
Contributions by noncontrolling interests	7,255						7,255	7,255				7,255
Conversion of common and preferred operating partnership units to common stock (in shares/units)		119,474								119,474
Conversion of common and preferred operating partnership units to common stock	3,036	$ 2	3,034					3,036		$ 3,036
Redemption of common units for cash	(3,061)		(3,061)					(3,061)		$ (3,061)
Sale of common stock (in shares)		4,933,665
Net proceeds from sale of common stock	212,683	$ 49	212,634
Issuance of units in exchange for contributions of equity offering proceeds (in units)										4,933,665
Issuance of units in exchange for contributions of equity offering proceeds								212,683		$ 212,683
Change in fair value of interest rate swaps and other	(170)					(170)		(170)		0	(170)
Amortization of interest rate swap terminations	412					412		412			412
Net income	116,603				115,991		612	116,603	$ 12	$ 115,979		612
Ending Balance (in shares) at Dec. 31, 2015		112,350,877		10,155
Ending Balance at Dec. 31, 2015	2,781,657	$ 1,124	3,325,806	$ (403)	(550,501)	(5,830)	11,461
Ending Balance (in units) at Dec. 31, 2015									12,222	112,348,810
Ending Balance at Dec. 31, 2015								2,781,657	$ 93	$ 2,775,933	(5,830)	11,461
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustments to reflect redeemable noncontrolling interests at fair value	(7,937)		(7,937)					(7,937)		(7,937)
Amortization of restricted stock awards	9,316		9,316					9,316		$ 9,316
Vesting of restricted stock awards and restricted stock units (in shares)		132,850		10,026						142,876
Vesting of restricted stock awards and restricted stock units	(2,250)	$ 1	(1,679)	$ (572)				(2,250)		$ (2,250)
Distributions to common and restricted stockholders	(218,697)				(218,697)
Distributions								(218,697)	(20)	$ (218,677)
Distributions to noncontrolling interests - partially owned properties	(376)						(376)	(376)				(376)
Increase in ownership of consolidated subsidiary	(7,311)						(7,311)	(7,311)				(7,311)
Contributions by noncontrolling interests	1,272						1,272	1,272				1,272
Conversion of common and preferred operating partnership units to common stock (in shares/units)		312,761								312,761
Conversion of common and preferred operating partnership units to common stock	11,292	$ 3	11,289					11,292		$ 11,292
Sale of common stock (in shares)		19,429,000
Net proceeds from sale of common stock	782,241	$ 194	782,047
Issuance of units in exchange for contributions of equity offering proceeds (in units)										19,429,000
Issuance of units in exchange for contributions of equity offering proceeds								782,241		$ 782,241
Change in fair value of interest rate swaps and other	1,350					1,350		1,350			1,350
Amortization of interest rate swap terminations	413					413		413			413
Net income	99,517				99,061		456	99,517	$ 9	$ 99,052		456
Ending Balance (in shares) at Dec. 31, 2016		132,225,488		20,181
Ending Balance at Dec. 31, 2016	3,450,487	$ 1,322	4,118,842	$ (975)	(670,137)	(4,067)	5,502
Ending Balance (in units) at Dec. 31, 2016									12,222	132,233,447
Ending Balance at Dec. 31, 2016								3,450,487	$ 82	$ 3,448,970	(4,067)	5,502
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustments to reflect redeemable noncontrolling interests at fair value	9,172		9,172					9,172		9,172
Amortization of restricted stock awards	13,094		13,094					13,094		$ 13,094
Vesting of restricted stock awards and restricted stock units (in shares)		165,884		43,597						209,481
Vesting of restricted stock awards and restricted stock units	(4,160)	$ 2	(2,193)	$ (1,969)				(4,160)		$ (4,160)
Distributions to common and restricted stockholders	(236,545)				(236,545)
Distributions								(236,545)	(21)	$ (236,524)
Distributions to noncontrolling interests - partially owned properties	(212)						(212)	(212)				(212)
Contributions by noncontrolling interests	8,254						8,254	8,254				8,254
Conversion of common and preferred operating partnership units to common stock (in shares/units)		22,000								22,000
Conversion of common and preferred operating partnership units to common stock	154		154					154		$ 154
Sale of common stock (in shares)		3,949,356
Net proceeds from sale of common stock	187,881	$ 40	187,841
Issuance of units in exchange for contributions of equity offering proceeds (in units)										3,949,356
Issuance of units in exchange for contributions of equity offering proceeds								187,881		$ 187,881
Change in fair value of interest rate swaps and other	954					954		954			954
Amortization of interest rate swap terminations	412					412		412			412
Net income	69,467				69,038		429	69,467	$ 6	$ 69,032		429
Ending Balance (in shares) at Dec. 31, 2017		136,362,728		63,778
Ending Balance at Dec. 31, 2017	$ 3,498,958	$ 1,364	$ 4,326,910	$ (2,944)	$ (837,644)	$ (2,701)	$ 13,973
Ending Balance (in units) at Dec. 31, 2017									12,222	136,414,284
Ending Balance at Dec. 31, 2017								$ 3,498,958	$ 67	$ 3,487,619	$ (2,701)	$ 13,973

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating activities
Net income	$ 70,121	$ 100,623	$ 118,061
Adjustments to reconcile net income to net cash provided by operating activities:
Loss (gain) from disposition of real estate	632	(21,197)	(52,699)
Gain from insurance settlement	0	0	(388)
Loss from early extinguishment of debt	0	12,841	1,770
Provision for real estate impairment	15,317	4,895	0
Depreciation and amortization	234,955	211,387	208,788
Amortization of deferred financing costs and debt premiums/discounts	(2,871)	(5,145)	(6,280)
Share-based compensation	13,854	10,043	8,161
Income tax provision	989	1,150	1,242
Amortization of interest rate swap terminations and other	412	613	412
Changes in operating assets and liabilities:
Restricted cash	1,277	2,032	1,656
Student contracts receivable, net	(414)	8,709	(9,397)
Other assets	2,502	(15,905)	(23,475)
Accounts payable and accrued expenses	(26,718)	(83)	(1,201)
Other liabilities	9,898	(1,874)	17,136
Net cash provided by operating activities	319,954	308,089	263,786
Investing activities
Proceeds from disposition of properties and land parcels	24,462	571,424	427,304
Cash paid for acquisition of operating and under-development properties	(366,655)	(102,804)	(291,352)
Cash paid for land acquisitions	(8,886)	(856)	(49,927)
Investment in direct financing lease, net	(746)	(6,650)	0
Investment in loans receivable	0	0	(5,176)
Proceeds from loans receivable	0	0	7,483
Change in escrow deposits for real estate investments	(27)	4,991	(7,033)
Change in restricted cash related to capital reserves	0	1,918	2,955
Proceeds from insurance settlement	0	0	388
Increase in ownership of consolidated subsidiary	0	(7,254)	(1,065)
Purchase of corporate furniture, fixtures and equipment	(4,862)	(3,655)	(3,621)
Net cash used in investing activities	(977,799)	(31,556)	(239,455)
Financing activities
Proceeds from unsecured notes	399,648	0	399,244
Proceeds from sale of common stock	190,912	816,065	216,666
Offering costs	(2,374)	(32,923)	(3,250)
Pay-off of mortgage and construction loans	(147,960)	(374,971)	(263,361)
Pay-off of unsecured term loans	0	(600,000)	0
Proceeds from unsecured term loans	500,000	150,000	0
Proceeds from revolving credit facility	1,164,700	376,000	720,200
Paydowns of revolving credit facility	(1,136,400)	(345,600)	(893,800)
Proceeds from construction loans	40,170	4,454	258
Scheduled principal payments on debt	(12,842)	(15,120)	(14,450)
Defeasance costs of early extinguishment of debt	0	(23,827)	(1,770)
Debt issuance and assumption costs	(12,060)	(831)	(4,330)
Termination of interest rate swaps	0	(108)	0
Contributions by noncontrolling interests	11,801	0	0
Taxes paid on net-share settlements	(4,920)	(2,977)	(2,800)
Distributions to common and restricted stockholders	(236,545)	(218,697)	(178,506)
Distributions to noncontrolling interests	(77,243)	(2,517)	(2,964)
Redemption of common units for cash	0	0	(3,871)
Net cash provided by (used in) financing activities	676,887	(271,052)	(32,734)
Net change in cash and cash equivalents	19,042	5,481	(8,403)
Cash and cash equivalents at beginning of period	22,140	16,659	25,062
Cash and cash equivalents at beginning of period	41,182	22,140	16,659
Supplemental disclosure of non-cash investing and financing activities
Loans assumed in connection with property acquisitions	0	0	(69,423)
Loans associated with investment in joint ventures	(104,056)	0	0
Issuance of common units in connection with property acquisitions	0	0	(14,182)
Conversion of common and preferred operating partnership units to common stock	154	11,292	3,036
Non-cash contribution from noncontrolling interest	159,247	0	0
Non-cash consideration exchanged in purchase of land parcel	(3,071)	0	0
Change in accrued construction in progress	16,512	20,734	5,720
Change in fair value of derivative instruments, net	954	1,150	(170)
Change in fair value of redeemable noncontrolling interests	9,172	(7,937)	4,462
Supplemental disclosure of cash flow information
Cash paid for interest, net of amounts capitalized	72,407	92,502	89,336
Income taxes paid	1,053	1,094	1,078
Owned Properties
Investing activities
Capital expenditures for wholly-owned/on-campus participating properties	(82,722)	(61,587)	(96,832)
Investments in owned properties under development	(534,830)	(424,139)	(219,636)
On-campus participating properties
Investing activities
Capital expenditures for wholly-owned/on-campus participating properties	(3,533)	(2,944)	(2,943)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Operating activities
Net income	70,121	100,623	118,061
Adjustments to reconcile net income to net cash provided by operating activities:
Loss (gain) from disposition of real estate	632	(21,197)	(52,699)
Gain from insurance settlement	0	0	(388)
Loss from early extinguishment of debt	0	12,841	1,770
Provision for real estate impairment	15,317	4,895	0
Depreciation and amortization	234,955	211,387	208,788
Amortization of deferred financing costs and debt premiums/discounts	(2,871)	(5,145)	(6,280)
Share-based compensation	13,854	10,043	8,161
Income tax provision	989	1,150	1,242
Amortization of interest rate swap terminations and other	412	613	412
Changes in operating assets and liabilities:
Restricted cash	1,277	2,032	1,656
Student contracts receivable, net	(414)	8,709	(9,397)
Other assets	2,502	(15,905)	(23,475)
Accounts payable and accrued expenses	(26,718)	(83)	(1,201)
Other liabilities	9,898	(1,874)	17,136
Net cash provided by operating activities	319,954	308,089	263,786
Investing activities
Proceeds from disposition of properties and land parcels	24,462	571,424	427,304
Cash paid for acquisition of operating and under-development properties	(366,655)	(102,804)	(291,352)
Cash paid for land acquisitions	(8,886)	(856)	(49,927)
Investment in direct financing lease, net	(746)	(6,650)	0
Investment in loans receivable	0	0	(5,176)
Proceeds from loans receivable	0	0	7,483
Change in escrow deposits for real estate investments	(27)	4,991	(7,033)
Change in restricted cash related to capital reserves	0	1,918	2,955
Proceeds from insurance settlement	0	0	388
Increase in ownership of consolidated subsidiary	0	(7,254)	(1,065)
Purchase of corporate furniture, fixtures and equipment	(4,862)	(3,655)	(3,621)
Net cash used in investing activities	(977,799)	(31,556)	(239,455)
Financing activities
Proceeds from unsecured notes	399,648	0	399,244
Proceeds from issuance of common units in exchange for contributions, net	188,538	783,142	213,416
Pay-off of mortgage and construction loans	(147,960)	(374,971)	(263,361)
Pay-off of unsecured term loans	0	(600,000)	0
Proceeds from unsecured term loans	500,000	150,000	0
Proceeds from revolving credit facility	1,164,700	376,000	720,200
Paydowns of revolving credit facility	(1,136,400)	(345,600)	(893,800)
Proceeds from construction loans	40,170	4,454	258
Scheduled principal payments on debt	(12,842)	(15,120)	(14,450)
Defeasance costs of early extinguishment of debt	0	(23,827)	(1,770)
Debt issuance and assumption costs	(12,060)	(831)	(4,330)
Termination of interest rate swaps	0	(108)	0
Contributions by noncontrolling interests	11,801	0	0
Taxes paid on net-share settlements	(4,920)	(2,977)	(2,800)
Redemption of common units for cash	0	0	(3,871)
Net cash provided by (used in) financing activities	676,887	(271,052)	(32,734)
Net change in cash and cash equivalents	19,042	5,481	(8,403)
Cash and cash equivalents at beginning of period	22,140	16,659	25,062
Cash and cash equivalents at beginning of period	41,182	22,140	16,659
Supplemental disclosure of non-cash investing and financing activities
Loans assumed in connection with property acquisitions	0	0	(69,423)
Loans associated with investment in joint ventures	(104,056)	0	0
Issuance of common units in connection with property acquisitions	0	0	(14,182)
Conversion of common and preferred operating partnership units to common stock	154	11,292	3,036
Non-cash contribution from noncontrolling interest	159,247	0	0
Non-cash consideration exchanged in purchase of land parcel	(3,071)	0	0
Change in accrued construction in progress	16,512	20,734	5,720
Change in fair value of derivative instruments, net	954	1,150	(170)
Change in fair value of redeemable noncontrolling interests	9,172	(7,937)	4,462
Supplemental disclosure of cash flow information
Cash paid for interest, net of amounts capitalized	72,407	92,502	89,336
Income taxes paid	1,053	1,094	1,078
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Unvested restricted Awards
Financing activities
Distributions paid	(1,536)	(1,338)	(1,086)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Common and preferred units
Financing activities
Distributions paid	(236,905)	(219,500)	(179,749)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially-owned properties
Financing activities
Distributions paid	(75,347)	(376)	(635)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Owned Properties
Investing activities
Capital expenditures for wholly-owned/on-campus participating properties	(82,722)	(61,587)	(96,832)
Investments in owned properties under development	(534,830)	(424,139)	(219,636)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties
Investing activities
Capital expenditures for wholly-owned/on-campus participating properties	$ (3,533)	$ (2,944)	$ (2,943)

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 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 December 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 December 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 December 31, 2017 , the Company’s property portfolio contained 169 properties with approximately 104,100 beds. The Company’s property portfolio consisted of 132 owned off-campus student housing properties that are in close proximity to colleges and universities, 32 American Campus Equity (“ACE®”) properties operated under ground/facility leases with fifteen university systems and five on-campus participating properties operated under ground/facility leases with the related university systems. Of the 169 properties, thirteen were under development as of December 31, 2017 , and when completed will consist of a total of approximately 9,400 beds. Our communities contain modern housing units and are supported by a resident assistant system and other student-oriented programming, with many offering resort-style amenities. Through one of ACC’s taxable REIT subsidiaries (“TRSs”), 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 December 31, 2017 , also through one of ACC’s TRSs, the Company provided third-party management and leasing services for 37 properties that represented approximately 30,000 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 December 31, 2017 , the Company’s total owned and third-party managed portfolio included 206 properties with approximately 134,100 beds.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 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 2016, the FASB issued Accounting Standards Update 2016-02 (“ASU 2016-02”), “Leases (Topic 842): 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. Subsequent to the issuance of ASU 2016-02, the FASB issued an additional Accounting Standards Update clarifying aspects of the new lease accounting standard, which will be effective upon adoption of ASU 2016-02. 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 (Topic 606)”. 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 has completed the process of evaluating the impact of the adoption of ASU 2014-09 on its historical and existing contracts. Approximately 95% of the Company’s consolidated revenues consist of rental income from leasing arrangements, which is specifically excluded from ASU 2014-09, and is being evaluated as part of the adoption of the lease accounting standard, ASU 2016-02, discussed above. The remaining 5% of consolidated revenues subject to the new standard are associated with third-party development services, third-party management services, ancillary services and non-lease component revenues. The Company will adopt the new revenue standard effective January 1, 2018 using the modified retrospective approach, which requires us to recognize the cumulative effect of initially applying the new standard to all existing contracts not yet completed as of the effective date as an adjustment, if any, to retained earnings as of the beginning of the fiscal year of adoption. Upon adoption of the new standard there will be a change in the way the Company determines the unit of account for its third-party development projects. Under existing guidance, the Company segments revenue recognition between the development and construction phases of its contracts, recognizing each using the proportional performance method and the percentage of completion method, respectively. Upon adoption, the entire development and construction contract will represent a single performance obligation comprised of a series of distinct services to be satisfied over time, and a single transaction price will be recognized over the life of the contract using a time-based measure of progress. Any variable consideration included in the transaction price will be estimated using the expected value approach and will only be included to the extent that a significant revenue reversal is not likely to occur. Although the Company anticipates differences in the timing and pattern of revenue recognition for such third-party development and construction management contracts, the Company has concluded that the adoption of ASU 2014-09 on January 1, 2018 will not have a material impact on its consolidated financial statements. In February 2017, the 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 derecognition 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). This ASU is required to be adopted in conjunction with the Company’s adoption of ASU 2014-09, the new revenue recognition standard, which was adopted as of January 1, 2018. The adoption of ASU 2017-05 will not have a material impact on its consolidated financial statements for property dispositions given the simplicity of the Company’s historical disposition transactions. In addition, the Company does not expect the following accounting pronouncements to have a material effect on its consolidated financial statements: Accounting Standards Update Effective Date ASU 2017-09, “Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting” January 1, 2018 ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” January 1, 2018 ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” January 1, 2018 ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” January 1, 2019 ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” January 1, 2020 Recently Adopted Accounting Pronouncements On January 1, 2017, the Company early adopted Accounting Standards Update 2017-01 (“ASU 2017-01”), “Business Combinations (Topic 805): 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. ASU 2017-01 was 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, “Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships.” 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 financing 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 $15.9 million , $12.3 million and $9.6 million was capitalized during the years ended December 31, 2017 , 2016 and 2015 , respectively. Management assesses whether there has been an impairment in the value of the Company’s investments in real estate whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment is recognized when estimated expected future undiscounted cash flows are less than the carrying value of the property, or when a property meets the criteria to be classified as held for sale, at which time an impairment charge is recognized for any excess of the carrying value of the property over the expected net proceeds from the disposal. The estimation of expected future net cash flows is inherently uncertain and relies on assumptions regarding current and future economics and market conditions. If such conditions change, then an adjustment to the carrying value of the Company’s long-lived assets could occur in the future period in which the conditions change. To the extent that a property is impaired, the excess of the carrying amount of the property over its estimated fair value is charged to earnings. The Company believes that there were no impairments of the carrying values of its investments in real estate as of December 31, 2017 , other than a $15.3 million impairment charge recorded during the second quarter 2017 for one property that is in the process of being transferred to the lender in settlement of the property’s $27.4 million mortgage loan that matured in August 2017 (see Note 10 ). 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. As discussed in more detail in Note 6 , concurrent with the classification of one of the Company’s owned properties as held for sale as of December 31, 2016 , the Company reduced the property’s carrying amount to its estimated fair value less estimated selling costs which resulted in an impairment charge. The Company did not have any properties classified as held for sale as of December 31, 2017 . Owned On-Campus Properties Under its ACE program, the Company, as lessee, has entered into ground/facility lease agreements with fifteen university systems to finance, construct, and manage 32 student housing properties. Seven properties were under construction as of December 31, 2017 with five scheduled to open for occupancy in Fall 2018 and two in Fall 2019. The terms of the leases, including extension options, range from 30 to 90 years, and the lessor has title to the land and in some cases any improvements placed thereon. In these cases, the Company’s involvement in construction requires the lessor’s post construction ownership of the improvements to be treated as a sale with a subsequent leaseback by the Company. However, these sale-leaseback transactions do not qualify for sale-leaseback accounting because of the Company’s continuing involvement in the constructed assets. As a result of the Company’s continuing involvement, these leases are accounted for by the deposit method, in which the assets subject to the ground/facility leases are reflected at historical cost, less amortization, and the financing obligations are reflected at the terms of the underlying financing. On-Campus Participating Properties The Company has entered into ground and facility leases with three university systems and colleges to finance, construct, and manage five on-campus student housing facilities. Under the terms of the leases, the lessor has title to the land and any improvements placed thereon. With the exception of the Company’s lease with West Virginia University, each lease terminates upon final repayment of the construction related financing, the amortization period of which is contractually stipulated. The Company’s involvement in construction requires the lessor’s post construction ownership of the improvements to be treated as a sale with a subsequent leaseback by the Company. The sale-leaseback transaction has been accounted for as a financing, and as a result, any fee earned during construction is deferred and recognized over the term of the lease. The resulting financing obligation is reflected at the terms of the underlying financing, i.e., interest is accrued at the contractual rates and principal reduces in accordance with the contractual principal repayment schedules. The entities that own the on-campus participating properties are determined to be VIEs, with the Company being the primary beneficiary. As such, the Company consolidates these properties for financial reporting purposes. Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company maintains cash balances in various banks. At times, the Company’s balances may exceed the amount insured by the FDIC. As the Company only uses money-centered financial institutions, the Company does not believe it is exposed to any significant credit risk related to its cash and cash equivalents. Restricted Cash Restricted cash consists of funds held in trust and invested in low risk investments, generally consisting of government backed securities, as permitted by the indentures of trusts, which were established in connection with three bond issues for the Company’s on-campus participating properties. Additionally, restricted cash includes escrow accounts held by lenders and resident security deposits, as required by law in certain states. Restricted cash also consists of escrow deposits made in connection with potential property acquisitions and development opportunities. These escrow deposits are invested in interest-bearing accounts at federally-insured banks. Realized and unrealized gains and losses are not material for the periods presented. Loans Receivable Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan purchase discounts, and net of an allowance for loan losses when such loan is deemed to be impaired. Loan purchase discounts are amortized over the term of the loan. The unamortized discount on the loans receivable was $2.6 million and $2.8 million as of December 31, 2017 and 2016 , respectively. The Company considers a loan impaired when, based upon current information and events, it is probable that it will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. Management’s estimate of the collectability of principal and interest payments under the Company’s loans receivable from CaPFA Capital Corp. 2000F (“CaPFA”), which mature in December 2040 and carry a balance, net of discount, of approximately $57.9 million and $58.5 million as of December 31, 2017 and 2016 , respectively, are highly dependent on the future operating performance of the properties securing the loans. As future economic conditions and/or market conditions at the properties change, management will continue to evaluate the collectability of such amounts. The Company believes there were no impairments of the carrying value of its loans receivable as of December 31, 2017 . Loans receivable are included in other assets on the accompanying consolidated balance sheets. Intangible Assets A portion of the purchase price of acquired properties is allocated to the value of in-place leases for both student and commercial tenants, which is based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued “as-if” vacant. As lease terms for student leases are typically one year or less, rates on in-place leases generally approximate market rental rates. Factors considered in the valuation of in-place leases include an estimate of the carrying costs during the expected lease-up period considering current market conditions, nature of the tenancy, and costs to execute similar leases. Carrying costs include estimates of lost rentals at market rates during the expected lease-up period, as well as marketing and other operating expenses. The value of in-place leases is amortized over the remaining initial term of the respective leases. The purchase price of property acquisitions is not allocated to student tenant relationships, considering the terms of the leases and the expected levels of renewals. In connection with the property acquisitions and investments in joint ventures, discussed in Note 5 herein, the Company capitalized approximately $7.4 million , $0.6 million and $3.3 million for the years December 31, 2017 , 2016 and 2015 , respectively, related to management’s estimate of the fair value of in-place leases assumed. The net carrying amount of in-place leases at December 31, 2017 and 2016 was approximately $4.2 million and $1.3 million , respectively, and is included in other assets on the accompanying consolidated balance sheets. Amortization expense was approximately $4.5 million , $0.9 million and $3.7 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, and is included in depreciation and amortization expense in the accompanying consolidated statements of comprehensive income. As of December 31, 2017 , the remaining weighted average student and commercial in-place lease term was 3.0 years . See Note 5 herein for an expanded discussion of the property acquisitions completed during 2017 , 2016 and 2015 . For acquired properties subject to an in-place property tax incentive arrangement, a portion of the purchase price is allocated to the present value of expected future property tax savings over the projected incentive arrangement period. In connection with the property acquisitions discussed in Note 5 herein, the Company capitalized approximately $10.2 million , $3.6 million and $13.7 million for the years December 31, 2017 , 2016 and 2015 , respectively, related to management’s estimate of the fair value of in-place property tax incentive arrangements assumed. Unamortized in-place property tax incentive arrangements as of December 31, 2017 and 2016 were approximately $61.4 million and $55.1 million , respectively, and are included in other assets on the accompanying consolidated balance sheets. Amortization expense was approximately $3.3 million , $2.9 million and $2.8 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, and is included in owned properties operating expense in the accompanying consolidated statements of comprehensive income. As of December 31, 2017 , the remaining weighted average tax incentive arrangement period was 18.6 years . See Note 5 herein for an expanded discussion of the property acquisitions completed during 2017 , 2016 and 2015 . Deferred Financing Costs The Company defers financing costs and amortizes the costs over the terms of the related debt using the effective-interest method. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to earnings. In those instances when debt modifications do not include material changes to the terms of the underlying debt agreement, unamortized costs of the original instrument are added to the costs of the modification and amortized over the life of the modified debt using the effective interest method. Deferred financing costs, net of amortization, for the Company’s revolving credit facility are included in other assets on the accompanying consolidated balance sheets. Net deferred financing costs for the Company’s revolving credit facility at December 31, 2017 and 2016 were approximately $4.6 million and $1.4 million , respectively. Redeemable Noncontrolling Interests The Company follows guidance issued by the FASB regarding the classification and measurement of redeemable securities. Under this guidance, securities that are redeemable for cash or other assets, at the option of the holder and not solely within the control of the issuer, must be classified outside of permanent equity as redeemable noncontrolling interests. The Company makes this determination based on terms in the applicable agreements, specifically in relation to redemption provisions. The Company initially records the redeemable noncontrolling interests at fair value. The carrying amount of the redeemable noncontrolling interest is subsequently adjusted to the redemption value (assuming the noncontrolling interest is redeemable at the balance sheet date), with the corresponding offset for changes in fair value recorded in additional paid in capital. Reductions in fair value are recorded only to the extent that the Company has previously recorded increases in fair value above the redeemable noncontrolling interests’ initial basis. As the changes in redemption value are based on fair value, there is no effect on the Company’s earnings per share. Redeemable noncontrolling interests on the accompanying consolidated balance sheets of ACC are referred to as redeemable limited partners on the consolidated balance sheets of the Operating Partnership. Refer to Note 9 for a more detailed discussion of redeemable noncontrolling interests for both ACC and the Operating Partnership. Joint Ventures The Company consolidates joint ventures when it exhibits financial or operational control, which is determined using accounting standards related to the consolidation of joint ventures and VIEs. For joint ventures that are defined as VIEs, the primary beneficiary consolidates the entity. The Company considers itself to be the primary beneficiary of a VIE when it has the power to direct the activities that most significantly impact the performance of the VIE, such as management of day-to-day operations, preparing and approving operating and capital budgets, and encumbering or selling the related properties. In instances where the Company is not the primary beneficiary, it does not consolidate the joint venture for financial reporting purposes. For joint ventures that are not defined as VIEs, where the Company is the general partner, but does not control the joint venture as the other partners hold substantive participating rights, the Company uses the equity method of accounting. For joint ventures where the Company is a limited partner, management evaluates whether the Company holds substantive participating rights. In instances where the Company holds substantive participating rights in the joint venture, the Company consolidates the joint venture; otherwise it uses the equity method of accounting. Presale Development Projects As part of its development strategy, the Company enters into presale agreements to purchase various properties. Under the terms of these agreements, the Company is obligated to purchase the property as long as certain construction completion deadlines and other closing conditions are met. The Company is typically responsible for leasing, management, and initial operations of the project while the third-party developer retains development risk during the construction period. The entity that owns the property is deemed to be a VIE, and the Company is deemed to be the primary beneficiary of the VIE. As such, upon execution of the purchase and sale agreement, the Company records the assets, liabilities and noncontrolling interest of the entity owning the property at fair value. Mortgage Debt - Premiums and Discounts Mortgage debt premiums and discounts represent fair value adjustments to account for the difference between the stated rates and market rates of mortgage debt assumed in connection with the Company’s property acquisitions. The mortgage debt premiums and discounts are included in secured mortgage, construction, and bond debt on the accompanying consolidated balance sheets and are amortized to interest expense over the term of the related mortgage loans using the effective-interest method. The amortization of mortgage debt premiums and discounts resulted in a net decrease to interest expense of approximately $7.8 million , $12.0 million and $12.0 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. As of December 31, 2017 and 2016 , net unamortized mortgage debt premiums were approximately $19.0 million and $26.8 million , respectively. The Company did not have any unamortized debt discounts as of December 31, 2017 and 2016 . Unsecured Notes - Original Issue Discount The Company has completed four offerings of senior unsecured notes totaling $1.6 billion that are detailed in Note 10 herein. The total unamortized original issue discount was approximately $1.9 million as of both December 31, 2017 and 2016 , and is included in unsecured notes on the accompanying consolidated balance sheets. Amortization of the original issue discounts of approximately $0.3 million , $0.3 million , and $0.2 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively, is included in interest expense on the accompanying consolidated statements of comprehensive income. Rental Revenues and Related Receivables Students are required to execute lease contracts with payment schedules that vary from single to monthly payments. Receivables are recorded when billed, revenues and related lease incentives are recognized on a straight-line basis over the term of the contracts, and balances are considered past due when payment is not received on the contractual due date. The Company generally requires each executed contract to be accompanied by a signed parental guaranty, and in certain cases a refundable security deposit. Security deposits are refundable, net of any outstanding charges, upon expiration of the underlying contract. Allowances for receivables are established when management determines that collection of such receivables is doubtful. Management’s determination of the adequacy of the allowances is based primarily on an analysis of the aging of receivables, historical bad debts, and current economic trends. When managemen

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Earnings Per Share – Company Basic earnings per share is computed using net income attributable to common shareholders and the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings per share reflects common shares issuable from the assumed conversion of American Campus Communities Operating Partnership Units (“OP Units”) and common share awards granted. Only those items having a dilutive impact on basic earnings per share are included in diluted earnings per share. The following potentially dilutive securities were outstanding for the years ended December 31, 2017 , 2016 and 2015 , but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. Year Ended December 31, 2017 2016 2015 Common OP Units (Note 9) 1,019,186 1,231,500 — Preferred OP Units (Note 9) 77,513 90,763 109,775 Total potentially dilutive securities 1,096,699 1,322,263 109,775 The following is a summary of the elements used in calculating basic and diluted earnings per share: Year Ended December 31, 2017 2016 2015 Numerator - basic earnings per share: Net income $ 70,121 $ 100,623 $ 118,061 Net income attributable to noncontrolling interests (1,083 ) (1,562 ) (2,070 ) Net income attributable to common stockholders 69,038 99,061 115,991 Amount allocated to participating securities (1,536 ) (1,338 ) (1,086 ) Net income attributable to common stockholders - $ 67,502 $ 97,723 $ 114,905 Numerator - diluted earnings per share: Net income attributable to common stockholders - basic $ 67,502 $ 97,723 $ 114,905 Net income attributable to Common OP Units — — 1,282 Net income attributable to common stockholders - diluted $ 67,502 $ 97,723 $ 116,187 Denominator: Basic weighted average common shares outstanding 135,141,423 129,228,748 111,987,361 Unvested restricted stock awards (Note 12) 860,962 789,981 680,980 Common OP Units (Note 9) — — 1,363,881 Diluted weighted average common shares outstanding 136,002,385 130,018,729 114,032,222 Year Ended December 31, 2017 2016 2015 Earnings per share: Net income attributable to common stockholders - Basic $ 0.50 $ 0.76 $ 1.03 Net income attributable to common stockholders - diluted $ 0.50 $ 0.75 $ 1.02 Earnings Per Unit – Operating Partnership Basic earnings per OP Unit is computed using net income attributable to common unitholders and the weighted average number of common units outstanding during the period. Diluted earnings per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units or resulted in the issuance of OP Units and then shared in the earnings of the Operating Partnership. The following is a summary of the elements used in calculating basic and diluted earnings per unit: Year Ended December 31, 2017 2016 2015 Numerator - basic and diluted earnings per unit: Net income $ 70,121 $ 100,623 $ 118,061 Net income attributable to noncontrolling interests – partially owned properties (435 ) (456 ) (612 ) Series A preferred unit distributions (124 ) (146 ) (176 ) Amount allocated to participating securities (1,536 ) (1,338 ) (1,086 ) Net income attributable to common unitholders $ 68,026 $ 98,683 $ 116,187 Denominator: Basic weighted average common units outstanding 136,160,609 130,460,248 113,351,242 Unvested restricted stock awards (Note 12) 860,962 789,981 680,980 Diluted weighted average common units outstanding 137,021,571 131,250,229 114,032,222 Earnings per unit: Net income attributable to common unitholders - basic $ 0.50 $ 0.76 $ 1.03 Net income attributable to common unitholders - diluted $ 0.50 $ 0.75 $ 1.02

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes As mentioned in Note 2 , the Company qualifies as a REIT under the Code. As a REIT, the Company is not subject to federal income tax as long as it distributes at least 90% of its taxable income to its shareholders each year. Therefore, no provision for federal income taxes for the REIT has been included in the accompanying consolidated financial statements. If the Company fails to qualify as a REIT, the Company will be subject to federal income tax (including any applicable alternative minimum tax) on its taxable income and to federal income and excise taxes on its undistributed income. In addition, ACCOP is a flow-through entity and is not subject to federal income taxes at the entity level. Historically, the Company has incurred only state and local income, franchise and margin taxes. The Company’s TRSs are subject to federal, state, and local income taxes. As such, deferred income taxes result from temporary differences between the carrying amounts of assets and liabilities of the TRSs for financial reporting purposes and the amounts used for income tax purposes. On December 22, 2017, the Tax Cuts and Jobs Act was signed into law, making significant changes to the Internal Revenue Code including, but not limited to, reduction of the federal corporate income tax rate to 21% . The new rate will apply beginning on January 1, 2018, and is a significant decrease from the prior graduated rate structure, which included a 35% maximum. Deferred tax assets and liabilities are measured using enacted tax rates in effect in the years in which those temporary differences are expected to reverse. As of December 31, 2017 , we have not completed our accounting for the tax effects of enactment of the Tax Cuts and Jobs Act, however we have made a reasonable estimate of the effects on our existing deferred income tax balances below to reflect the impact of the rate reduction. We are still analyzing certain aspects of the Tax Cuts and Jobs Act and refining our calculations, which could potentially affect the measurement of these balances or potentially give rise to new deferred tax amounts. In addition, our estimates may also be affected as we gain a more thorough understanding of the new tax law. December 31, 2017 2016 Deferred tax assets: Fixed and intangible assets $ 750 $ 2,074 Net operating loss carryforwards 8,808 9,492 Prepaid and deferred income 1,459 2,417 Bad debt reserves 574 754 Accrued expenses and other 2,769 5,251 Stock compensation 2,017 2,866 Total deferred tax assets 16,377 22,854 Valuation allowance for deferred tax assets (16,293 ) (22,688 ) Deferred tax assets, net of valuation allowance 84 166 Deferred tax liability: Deferred financing costs 84 166 Net deferred tax liabilities $ — $ — Significant components of the Company’s income tax provision are as follows: Year Ended December 31, 2017 2016 2015 Current: Federal $ — $ — $ — State (989 ) (1,150 ) (1,242 ) Deferred: Federal — — — State — — — Total provision $ (989 ) $ (1,150 ) $ (1,242 ) TRS earnings subject to tax consisted of losses of approximately $8.4 million , $3.8 million and $3.3 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. The reconciliation of income tax for the TRSs computed at the U.S. statutory rate to income tax provision is as follows: Year Ended December 31, 2017 2016 2015 Tax benefit at U.S. statutory rates on TRS income subject to tax $ 1,277 $ 2,303 $ 2,019 State income tax, net of federal income tax benefit 57 85 74 Effect of permanent differences and other 207 (88 ) (77 ) Deferred tax impact of tax reform (9,206 ) — — Decrease (increase) in valuation allowance 7,665 (2,300 ) (2,016 ) TRS income tax provision $ — $ — $ — At December 31, 2017 , the TRSs had net operating loss carryforwards (“NOLs”) of approximately $38.2 million for income tax purposes that begin to expire in 2026 . These NOLs may be used to offset future taxable income generated by each of the respective TRSs. Due to the various limitations to which the use of NOLs are subject, the Company has applied a valuation allowance to the NOLs given the likelihood that the NOLs will expire unused. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states’ jurisdictions as required, and as of December 31, 2017 , the 2016 , 2015 and 2014 calendar tax years are subject to examination by the tax authorities. The Company had no material unrecognized tax benefits for the years ended December 31, 2017 , the 2016 , and 2015 , and as of December 31, 2017 , the Company does not expect to record any material unrecognized tax benefits. Because no material unrecognized tax benefits have been recorded, no related interest or penalties have been calculated. A schedule of per share distributions the Company paid and reported to its shareholders, which is unaudited, is set forth in the following table: Year Ended December 31, Tax Treatment of Distributions: 2017 2016 2015 Ordinary income $ 0.8316 $ 0.3541 $ 0.4658 Long-term capital gain (1) — 0.5145 0.5301 Return of capital 0.9084 0.7914 0.5841 Total per common share outstanding $ 1.7400 $ 1.6600 $ 1.5800 (1) Unrecaptured Sec. 1250 gains of $0.5383 and $0.5281 were reported for the years ended December 31, 2016 and 2015 , respectively. There was no unrecaptured Sec. 1250 gain reported for the year ended December 31, 2017 .

Acquisitions and Joint Venture

Acquisitions and Joint Venture Investments	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Acquisitions and Joint Venture Investments	Acquisitions and Joint Venture Investments Asset Acquisitions As described in Note 2 , the Company adopted ASU 2017-01 prospectively to any property acquisition transactions that occurred subsequent to January 1, 2017. Under the new standard, the Company expects that most property acquisitions will be accounted for as asset acquisitions rather than business combinations. Core Transaction Overview : During the third quarter of 2017, the Company executed an agreement to acquire a portfolio of seven student housing properties from affiliates of Core Spaces and DRW Real Estate Investments (the “Core Transaction”). The transaction included the purchase of 100% of the ownership interests in two operating properties, the purchase of partial ownership interests in two operating properties through a joint venture arrangement (with one property being subject to a purchase option that was exercised in October 2017, with initial funding occurring in November 2017), and the purchase of partial ownership interests in three in-process development properties through a joint venture arrangement. In total, the Core Transaction properties contain 3,776 beds and the initial investment made at closing was $306.0 million . Including the initial investment, the Company expects to invest a total of $590.6 million through a phased purchase of 100% of the ownership interest in all seven properties. Core Transaction Property Acquisitions : In August 2017, the Company purchased 100% of the ownership interests in two properties for a total purchase price of approximately $146.1 million . Total cash consideration was approximately $144.3 million . The difference between the contracted purchase price and the cash consideration is due to other assets and liabilities that were not part of the contractual purchase price, but were acquired in the transactions, as well as transaction costs capitalized as part of the acquisitions. A list of these two properties acquired as part of the Core Transaction is as follows: Property Location Primary University Served Acquisition Date Beds The 515 Eugene, OR University of Oregon August 2017 513 State Fort Collins, CO Colorado State University August 2017 665 1,178 Core Transaction Joint Ventures : As mentioned above, during the third quarter of 2017, the Company funded initial investments in two joint ventures (the “Core Joint Ventures”). The Core Joint Venture transactions involved the joint venture partner making a non-cash contribution of properties and the Company making a cash contribution to the joint ventures in exchange for its membership interests. The Core Joint Ventures were determined to be VIEs, with the Company being the primary beneficiary. As such, the Core Joint Ventures are included in the Company’s consolidated financial statements contained herein. Additionally, the partners’ ownership interests in each of the joint ventures are accounted for as redeemable noncontrolling interests. For further discussion, refer to Note 9 . The first joint venture (the “Core JV I”) holds two properties (The James and Hub U District Seattle) that completed construction and opened for operations in the third quarter 2017. The Company’s initial investment was $135.7 million for an approximate 67% interest in the joint venture, part of which was used to pay off a $92.4 million construction loan at closing. Additionally, the Company has an option to purchase the remaining ownership interests in the joint venture in the fourth quarter of 2019 under a put/call agreement with the joint venture partner for an amount to be determined by the fair market value of the properties at the date of exercise. The value of the remaining ownership interests is anticipated to approximate $68.8 million . The second joint venture (the “Core JV II”) holds three in-process development properties that are currently under construction and are scheduled to complete construction and open for operations in Fall 2018. The Company’s initial investment was $24.2 million for an approximate 58% interest in the joint venture. Upon the initial funding, the Company assumed sole operational control, while the partner retained certain limited decision making abilities, including responsibility for the development and delivery of the properties within an agreed-upon budget and completion timeline. The joint venture partner has also provided a payment guarantee for the construction loans that are partially financing the construction of the properties. Subsequent to the successful completion and delivery of the assets, which is expected to occur in September 2018, the Company anticipates increasing its investment in Core JV II by $130.6 million as a result of paying off the construction loans. Additionally, the Company has an option to purchase the remaining ownership interests in the joint venture in the third quarter of 2019 under a put/call agreement with the joint venture partner for an amount to be determined by the fair market value of the properties at the date of exercise. The value of the remaining ownership interests upon exercise of the option is anticipated to approximate $85.2 million . A list of the properties contributed to the Core Joint Ventures as part of the Core Transaction are as follows: Property Location Primary University Served Actual or Targeted Completion Date Beds Core JV I: The James Madison, WI University of Wisconsin - Madison August 2017 850 Hub U District Seattle Seattle, WA University of Washington September 2017 248 1,098 Core JV II: Hub Ann Arbor Ann Arbor, MI University of Michigan September 2018 310 Hub Flagstaff Flagstaff, AZ Northern Arizona University September 2018 591 Hub West Lafayette West Lafayette, IN Purdue University September 2018 599 1,500 2,598 Other 2017 Property Acquisitions : In addition to the two properties acquired as part of the Core Transaction discussed above, during the year ended December 31, 2017 the Company acquired three properties containing 1,240 beds for approximately $222.9 million . Total cash consideration was approximately $222.3 million . The difference between the contracted purchase price and the cash consideration is due to other assets and liabilities that were not part of the contractual purchase price, but were acquired in the transactions, as well as transaction costs capitalized as part of the acquisitions. A list of these properties is outlined below: Property Location Primary University Served Acquisition Date Beds The Arlie Arlington, TX University of Texas Arlington April 2017 598 TWELVE at U District Seattle, WA University of Washington June 2017 384 Bridges 11th Seattle, WA University of Washington October 2017 258 1,240 Land Acquisitions: During the year ended December 31, 2017 , the Company purchased five land parcels with a fair value of $12.0 million for total cash consideration of approximately $8.9 million . The difference between the fair value of the land and the cash consideration represents non-cash consideration. In addition, the Company made an initial investment of $9.0 million in a joint venture that holds a land parcel with fair value of $12.0 million . Business Combinations As discussed above, properties acquired prior to January 1, 2017 were accounted for as business combinations. 2016 Acquisition Activity : During the year ended December 31, 2016 , the Company acquired two properties containing 709 beds for a total purchase price of approximately $63.1 million , and secured two in-process development properties containing 1,333 beds for approximately $39.6 million . 2015 Acquisition Activity : During the year ended December 31, 2015 , the Company acquired eight properties containing 4,061 beds for a total purchase price of approximately $378.3 million . As part of these transactions, the Company assumed approximately $69.4 million of mortgage debt and issued 343,895 Common OP Units, valued at $41.24 per unit. The following table summarizes the fair values of the assets acquired and liabilities assumed from the 2016 property acquisitions discussed above: 2016 Assets: Land $ 14,720 Buildings and improvements 54,162 Furniture, fixtures and equipment 2,736 Construction in progress 27,806 Intangible assets 4,442 Other assets — Total assets $ 103,866 Liabilities: Other liabilities (1,062 ) Net assets $ 102,804 For the year ended December 31, 2016 , the difference between the contracted purchase price of $102.7 million reflected above and the net assets acquired of $102.8 million is due to other assets and liabilities that were not part of the contractual purchase price, but were acquired in the transactions, as well as transaction costs capitalized as part of the acquisition of two in-process development properties. The acquired properties’ results of operations have been included in the accompanying consolidated statements of comprehensive income since the respective acquisition closing dates, with the exception of properties under presale agreements, discussed below, and properties held by joint ventures, discussed above, which were consolidated prior to their acquisition dates. The following pro forma information for the years ended December 31, 2016 and 2015 , presents consolidated financial information for the Company as if the 2016 and 2015 property acquisitions had occurred at the beginning of the earliest period presented. The unaudited pro forma information is provided for informational purposes only and is not indicative of results that would have occurred or which may occur in the future: Year Ended December 31, 2016 2015 Total revenues $ 789,942 $ 769,797 Net income attributable to common shareholders $ 99,941 $ 123,101 During 2016 , the Company entered into a presale agreement to purchase The Edge - Stadium Centre, a property under development, for approximately $42.6 million , which includes the contractual purchase price and the cost of elected upgrades. The property is scheduled to be completed in August 2018. During 2015 , the Company entered into a presale agreement to purchase The Court, a property under development for $26.5 million . The closing of the transaction occurred in May 2016 and was accounted for as an increase in ownership of a consolidated subsidiary. The property opened for operations in August 2016.

Property Dispositions

Property Dispositions	12 Months Ended
	Dec. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Property Dispositions	Property Dispositions During the year ended December 31, 2017 , the Company sold The Province - Dayton, an owned property located near Wright State University in Dayton, Ohio, containing 657 beds for approximately $25.0 million , resulting in net proceeds of approximately $24.5 million . The net loss on this disposition totaled approximately $0.6 million . 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 recorded an impairment charge of $4.9 million . In 2016, the Company sold 21 properties for a total sales price of approximately $581.8 million , resulting in net proceeds of approximately $571.4 million . The net gain on these dispositions totaled approximately $21.2 million . In 2015, the Company sold 20 properties and two land parcels for a total sales price of approximately $436.9 million , resulting in net proceeds of approximately $427.3 million . The net gain on these dispositions totaled approximately $52.7 million .

Investments in Owned Properties

Investments in Owned Properties	12 Months Ended
	Dec. 31, 2017
Owned Properties
Real Estate Properties [Line Items]
Investments in Owned Properties	Investments in Owned Properties Owned properties, both wholly-owned and those owned through investments in VIEs, consisted of the following: December 31, 2017 December 31, 2016 Wholly-Owned VIE Total Wholly-Owned VIE Total Land (1) $ 586,170 $ 60,821 $ 646,991 $ 563,037 $ 5,229 $ 568,266 Buildings and improvements 5,789,439 307,088 6,096,527 4,921,473 143,664 5,065,137 Furniture, fixtures and equipment 330,669 18,159 348,828 294,113 9,128 303,241 Construction in progress 293,542 99,503 393,045 347,575 1,923 349,498 6,999,820 485,571 7,485,391 6,126,198 159,944 6,286,142 Less accumulated depreciation (988,044 ) (46,983 ) (1,035,027 ) (815,053 ) (44,075 ) (859,128 ) Owned properties, net $ 6,011,776 $ 438,588 $ 6,450,364 $ 5,311,145 $ 115,869 $ 5,427,014 (2) (1) The land balance above includes undeveloped land parcels with book values of approximately $38.0 million and $38.5 million as of December 31, 2017 and 2016 , respectively. It also includes land totaling approximately $29.9 million and $61.2 million as of December 31, 2017 and 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 sheet at December 31, 2016 .

On-Campus Participating Propert

On-Campus Participating Properties	12 Months Ended
	Dec. 31, 2017
On-Campus Participating Properties
Real Estate Properties [Line Items]
On-Campus Participating Properties	On-Campus Participating Properties The Company is a party to ground/facility lease agreements (“Leases”) with three university systems (each, a “Lessor”) for the purpose of developing, constructing, and operating student housing facilities on university campuses. Under the terms of the Leases, title to the constructed facilities is held by the applicable Lessor and such Lessor receives a de minimis base rent paid at inception and 50% of defined net cash flows on an annual basis through the term of the lease. The Leases with the Texas A&M University and University of Houston systems terminate upon the earlier to occur of the final repayment of the related debt, the amortization period of which is contractually stipulated, or the end of the lease term. The Lease with West Virginia University has an initial term of 40 years with two 10 -year extensions at the Company’s option. The Company may not sell, assign, convey or transfer its leasehold interest in the West Virginia University student housing facility. In the event the Company seeks to sell its leasehold interest in the other four facilities, the Leases provide the applicable Lessor the right of first refusal of a bona fide purchase offer and an option to purchase the lessee’s rights under the applicable Lease. Additionally, as discussed in Note 10 , three of the on-campus participating properties are 100% financed with project-based taxable bonds. In conjunction with the execution of each Lease, the Company has entered into separate agreements to manage the related facilities for a fee equal to a percentage of defined gross receipts. The terms of the management agreements are not contingent upon the continuation of the Leases. On-campus participating properties are as follows: Lease Required Debt Historical Cost – December 31, Lessor/University Commencement Repayment 2017 2016 Texas A&M University System / Prairie View A&M University (1) 2/1/1996 9/1/2023 $ 44,364 $ 45,310 Texas A&M University System / Texas A&M International 2/1/1996 9/1/2023 6,923 7,215 Texas A&M University System / Prairie View A&M University (2) 10/1/1999 8/31/2025 27,802 28,627 8/31/2028 University of Houston System / University of Houston (3) 9/27/2000 8/31/2035 36,062 37,960 West Virginia University / West Virginia University 7/16/2013 7/16/2045 44,845 43,817 159,996 162,929 Less accumulated amortization (78,192 ) (77,132 ) On-campus participating properties, net $ 81,804 $ 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.

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2017
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Interests in Consolidated Real Estate Joint Ventures and Presale Arrangements Noncontrolling interests - partially owned properties : As of December 31, 2017 , the Operating Partnership consolidates three joint ventures that own and operate three owned off-campus properties. Additionally, in December 2016, the Company entered into a presale agreement to purchase The Edge at Stadium Centre. The portion of net assets attributable to the third-party partners in these arrangements is classified as “noncontrolling interests - partially owned properties” within equity and capital on the accompanying consolidated balance sheets of ACC and the Operating Partnership, respectively. Redeemable noncontrolling interests (ACC) / redeemable limited partners (Operating Partnership) : As part of the Core Transaction discussed in detail in Note 5 , the Company entered into the Core Joint Ventures in the third quarter of 2017. The Company is consolidating these joint ventures and the noncontrolling interest holder in each of these consolidated joint ventures has the option to redeem its noncontrolling interest in the entities through the exercise of put options. The options will be exercisable in the third and fourth quarter of 2019, and the redemption price is based on the fair value of the properties at the time of option exercise. As the exercise of the options is outside of the Company’s control, the portion of net assets attributable to the third-party partner in each of the Core Joint Ventures is classified as “redeemable noncontrolling interests” and “redeemable limited partners” in the mezzanine section of the accompanying consolidated balance sheets of ACC and the Operating Partnership, respectively. During the year ended December 31, 2017 , there were no changes in the redemption value of redeemable noncontrolling interests that resulted from a change in the fair value of the net assets held by the Core Joint Ventures. For further discussion on accounting for changes in redemption value, refer to Note 2 . The third-party partners’ share of the income or loss of the joint ventures described above is calculated based on the partners’ economic interest in the joint ventures and is included in “net income attributable to noncontrolling interests” on the consolidated statements of comprehensive income of ACC, and is reported as “net income attributable to noncontrolling interests - partially owned properties” on the consolidated statements of comprehensive income of the Operating Partnership. Operating Partnership Ownership Also included in redeemable noncontrolling interests (ACC) / redeemable limited partners (Operating Partnership) are OP Units for which 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 units classified as such include Series A Preferred Units (“Preferred OP Units”) as well as Common OP Units. The value of redeemable noncontrolling interests (ACC) / redeemable limited partners (Operating Partnership) related to OP Units on the accompanying consolidated balance sheets 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. The OP Unitholders’ share of the income or loss of the Company is included in “net income attributable to noncontrolling interests” on the consolidated statements of comprehensive income of ACC. As of both December 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. During the year ended December 31, 2017 , 22,000 Common OP Units were converted into an equal number of shares of ACC’s common stock. 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. Below is a table summarizing the activity of redeemable noncontrolling interests (ACC) / redeemable limited partners (Operating Partnership) for the years ended December 31, 2017 and 2016 , which includes both the redeemable joint venture partners and OP Units discussed above: Balance, December 31, 2015 $ 59,511 Net income 1,106 Distributions (2,141 ) Conversion of redeemable limited partner units into shares of ACC common stock (11,335 ) Adjustments to reflect redeemable limited partner units at fair value 7,937 Balance, December 31, 2016 $ 55,078 Net income 654 Distributions (77,031 ) Conversion of redeemable limited partner units into shares of ACC common stock (154 ) Contributions from noncontrolling interests 162,794 Adjustments to reflect redeemable limited partner units at fair value (9,172 ) Balance, December 31, 2017 $ 132,169

Debt

Debt	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Debt	Debt A summary of the Company’s outstanding consolidated indebtedness, including unamortized debt premiums and discounts, is as follows: December 31, 2017 2016 Debt secured by owned properties: Mortgage loans payable: Unpaid principal balance $ 496,557 $ 559,642 Unamortized deferred financing costs (2,144 ) (3,040 ) Unamortized debt premiums 19,006 26,830 513,419 583,432 Construction loans payable (1) 51,780 — Unamortized deferred financing costs (888 ) — 564,311 583,432 Debt secured by on-campus participating properties: Mortgage loans payable (2) 69,776 71,662 Bonds payable 30,575 33,870 Unamortized deferred financing costs (642 ) (769 ) 99,709 104,763 Total secured mortgage, construction and bond debt 664,020 688,195 Unsecured notes, net of unamortized OID and deferred financing costs (3) 1,585,855 1,188,737 Unsecured term loans, net of unamortized deferred financing costs (4) 647,044 149,065 Unsecured revolving credit facility 127,600 99,300 Total debt, net $ 3,024,519 $ 2,125,297 (1) Construction loans payable relates to construction loans partially financing the development of four in-process development properties. These properties are owned by entities determined to be VIEs for which the Company is the primary beneficiary. The creditors of these construction loans do not have recourse to the assets of the Company. (2) Mortgage loans payable related to on-campus participating properties do not have recourse to the assets of the Company. (3) Includes net unamortized original issue discount (“OID”) of $1.9 million at both December 31, 2017 and 2016 , and net unamortized deferred financing costs of $12.2 million at December 31, 2017 and $9.3 million at December 31, 2016 . (4) Includes net unamortized deferred financing costs of $3.0 million at December 31, 2017 and $0.9 million at December 31, 2016 . Mortgage and Construction Loans Payable Mortgage loans payable generally feature either monthly interest and principal payments or monthly interest-only payments with balloon payments due at maturity. For purposes of classification in the following table, variable rate mortgage loans subject to interest rate swaps are deemed to be fixed rate, due to the Company having effectively fixed the interest rate for the underlying debt instrument. Construction loans payable generally feature monthly payments of interest only during the term of the loan and outstanding borrowings become due at maturity. Mortgage and construction loans payable, excluding debt premiums and discounts, consisted of the following as of December 31, 2017 : December 31, 2017 Principal Outstanding Weighted Weighted Number of December 31, Average Average Properties 2017 2016 Interest Rate Years to Maturity Encumbered Fixed Rate: Mortgage loans payable (1) 566,333 $ 631,304 4.64 % 5.3 Years 20 Variable Rate: Construction loans payable (2) 51,780 — 4.41 % — 0.7 Years 4 Total $ 618,113 $ 631,304 4.62 % 4.9 Years 24 (1) Fixed rate mortgage loans payable mature at various dates from June 2018 through July 2045 and carry interest rates ranging from 3.05% to 6.43% at December 31, 2017 . (2) Variable rate construction loans mature upon completion of the development projects in August and September 2018 and carry interest rates based on LIBOR plus a spread, which translate into interest rates ranging from 3.93% to 4.90% at December 31, 2017 . During the year ended December 31, 2017 , the following transactions occurred: Mortgage Loans Payable (1) Construction Loans Payable Balance, December 31, 2016 $ 631,304 $ — Additions: Construction notes payable - Core Joint Ventures (2) — 104,056 Draws under advancing construction notes payable — 40,170 Deductions: Pay-off of maturing mortgage notes payable (3) (55,514 ) — Pay-off of construction debt - Core Joint Ventures (2) — (92,446 ) Scheduled repayments of principal (9,457 ) — Balance, December 31, 2017 $ 566,333 $ 51,780 (1) Balance excludes unamortized debt premiums and discounts. (2) Includes construction debt associated with the Company’s initial investment in the Core Joint Ventures. Construction debt associated with Core JV I, totaling $92.4 million , was paid off with proceeds from the Company’s initial investment in the joint venture (see Note 5 ). (3) The Company paid off fixed rate mortgage debt nearing maturity secured by two owned properties. In May 2017, the lender of the non-recourse mortgage loan secured by Blanton Common, a property located near Valdosta State University which was inherited as part of the GMH student housing transaction in 2008, sent a formal notice of default and initiated foreclosure proceedings. The property generated insufficient cash flow to cover the debt service on the mortgage, which had a balance of $27.4 million at default and a contractual maturity date of August 2017. In May 2017, the lender began receiving the net operating cash flows of the property each month in lieu of scheduled monthly mortgage payments. In August 2017, the property transferred to receivership and a third-party manager began managing the property on behalf of the lender. As of December 31, 2017 , the Company was cooperating with the lender to allow for a consensual foreclosure process upon which the property will be surrendered to the lender in satisfaction of the mortgage loan. As discussed in Note 2 , in June 2017, the Company recorded an impairment charge for this property of $15.3 million . Bonds Payable Three of the on-campus participating properties are 100% financed with outstanding project-based taxable bonds. Under the terms of these financings, one of the Company’s special purpose subsidiaries publicly issued three series of taxable bonds and loaned the proceeds to three special purpose subsidiaries that each hold a separate leasehold interest. The bonds encumbering the leasehold interests are non-recourse, subject to customary exceptions. Although a default in payment by these special purpose subsidiaries could result in a default under one or more series of bonds, indebtedness of any of these special purpose subsidiaries is not cross-defaulted or cross-collateralized with indebtedness of the Company, the Operating Partnership or other special purpose subsidiaries. Repayment of principal and interest on these bonds is insured by MBIA, Inc. Interest and principal are paid semi-annually and annually, respectively, through maturity. Covenants include, among other items, budgeted and actual debt service coverage ratios. Bonds payable at December 31, 2017 consisted of the following: Principal Weighted Required Series Mortgaged Facilities Subject to Leases Original December 31, 2017 Average Rate Maturity Date Monthly Debt Service 1999 University Village-PVAMU/TAMIU $ 39,270 $ 16,875 7.76 % September 2023 $ 302 2001 University College–PVAMU 20,995 11,075 7.62 % August 2025 158 2003 University College–PVAMU 4,325 2,625 6.16 % August 2028 28 Total/weighted average rate $ 64,590 $ 30,575 7.57 % $ 488 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 October 2017 400,000 99.912 3.625% 3.635% 352 10 $ 1,600,000 $ 3,028 (1) The yield includes effect of the amortization of the interest rate swap terminations (see Note 13 for details). The notes are fully and unconditionally guaranteed by the Company. Interest on the notes is payable semi-annually. The terms of the unsecured notes include certain financial covenants that require the Operating Partnership to limit the amount of total debt and secured debt as a percentage of total asset value, as defined. In addition, the Operating Partnership must maintain a minimum ratio of unencumbered asset value to unsecured debt, as well as a minimum interest coverage level. As of December 31, 2017 , the Company was in compliance with all such covenants. Unsecured Revolving Credit Facility 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 unsecured revolving credit facility from $500 million to $700 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 unsecured revolving credit facility bears interest at a variable rate, at the Company’s option, based upon a base rate of 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. Additionally, the Company is required to pay a facility fee of 0.20% per annum on the $700 million revolving credit facility. As of December 31, 2017 , the revolving credit facility bore interest at a weighted average annual rate of 2.71% ( 1.51% + 1.00% spread + 0.20% facility fee), and availability under the revolving credit facility totaled $572.4 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 December 31, 2017 , the Company was in compliance with all such covenants. Unsecured Term Loans The Company has a $150 million unsecured term loan (“Term Loan I Facility”) which has an accordion feature that allows the Company to expand the amount by up to an additional $50 million , subject to the satisfaction of certain conditions. The maturity date of the Term Loan I Facility is March 2021. The weighted average annual rate on the Term Loan I Facility was 2.47% ( 1.37% + 1.10% spread) at December 31, 2017 . In June 2017, the Company entered into an Unsecured Term Loan Credit Agreement (the “New Term Loan II Facility”) totaling $200 million . The maturity date of the New Term Loan II Facility is June 2022. The agreement has an accordion feature that allows the Company to expand the amount by up to an additional $100 million , subject to the satisfaction of certain conditions. The weighted average annual rate on the New Term Loan II Facility was 2.45% ( 1.35% + 1.10% spread) at December 31, 2017 . In September 2017, the Company entered into an Unsecured Term Loan Credit Agreement (“Term Loan III Facility”) totaling $300 million . The maturity date of the Term Loan III Facility is September 2018, and can be extended for two one -year periods at the Company’s option, subject to the satisfaction of certain conditions. The agreement has an accordion feature that allows the Company to expand the amount by up to an additional $100 million , subject to the satisfaction of certain conditions. The weighted average annual rate on this term loan was 2.41% ( 1.31% + 1.10% spread) at December 31, 2017 . The terms of the term loan facilities described above include certain restrictions and covenants consistent with those of the unsecured revolving credit facility discussed above. As of December 31, 2017 , the Company was in compliance with all such covenants. Debt Maturities The following table summarizes the stated debt maturities and scheduled amortization payments, excluding debt premiums and discounts, for each of the five years subsequent to December 31, 2017 and thereafter: 2018 $ 497,523 (1) 2019 13,036 2020 455,046 2021 382,147 2022 360,038 Thereafter 1,318,498 $ 3,026,288 (1) 2018 includes $51.8 million related to construction loans used to finance the development and construction of four in-process development properties held by entities determined to be VIEs. These loans are an obligation of the third-party developers and will be paid off with proceeds from the Company’s investment in the properties, which is expected to occur upon the successful completion and delivery of the properties in August and September 2018 (see Note 5 and Note 16 ). Other than with regard to the non-recourse mortgage loan secured by Blanton Common, as discussed above, payment of principal and interest were current at December 31, 2017 . Certain of the mortgage notes and bonds payable are subject to prepayment penalties.

Stockholders' Equity _ Partners

Stockholders' Equity / Partners' Capital	12 Months Ended
	Dec. 31, 2017
Stockholders' Equity Note [Abstract]
Stockholders' Equity / Partners' Capital	Stockholders’ Equity / Partners’ Capital Stockholders’ Equity – Company 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 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: Year Ended December 31, 2017 2016 Total net proceeds $ 188,538 $ 75,090 Commissions paid to sales agents $ 2,374 $ 953 Weighted average price per share $ 48.34 $ 51.07 Shares of common stock sold 3,949,356 1,489,000 As of December 31, 2017 , the Company had approximately $233.0 million available for issuance under its ATM Equity Program. In 2015, the Company established a Non-Qualified Deferred Compensation Plan (“Deferred Compensation Plan”) maintained for the benefit of select employees and members of the Company’s Board of Directors, in which vested share awards (see Note 12 ), 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 year ended December 31, 2017 , 43,597 shares of ACC’s common stock were deposited into the Deferred Compensation Plan, bringing the total ACC shares held in the Deferred Compensation Plan to 63,778 as of December 31, 2017 . Partners’ Capital – Operating Partnership In connection with the issuance of common shares under the ATM Equity Program discussed above, ACCOP issued a number of Common OP Units to ACC equivalent to the number of common shares issued by ACC.

Incentive Award Plan

Incentive Award Plan	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Incentive Award Plan	Incentive Award Plan In May 2010, the Company’s stockholders approved the American Campus Communities, Inc. 2010 Incentive Award Plan (the “Plan”). The Plan provides for the grant of various stock-based incentive awards to selected employees and directors of the Company and the Company’s affiliates. The types of awards that may be granted under the Plan include incentive stock options, nonqualified stock options, restricted stock awards (“RSAs”), restricted stock units (“RSUs”), profits interest units (“PIUs”) and other stock-based awards. The Company has reserved a total of 1.7 million shares of the Company’s common stock for issuance pursuant to the Plan, subject to certain adjustments for changes in the Company’s capital structure, as defined in the Plan. As of December 31, 2017 , 468,022 shares were available for issuance under the Plan. Restricted Stock Units Upon initial appointment to the Board of Directors and reelection to the Board of Directors at each Annual Meeting of Stockholders, each outside member of the Board of Directors is granted RSUs. On the Settlement Date, the Company will deliver to the recipients a number of shares of common stock or cash, as determined by the Compensation Committee of the Board of Directors, equal to the number of RSUs held by the recipients. In addition, recipients of RSUs are entitled to dividend equivalents equal to the cash distributions paid by the Company on one share of common stock for each RSU issued, payable currently or on the Settlement Date, as determined by the Compensation Committee of the Board of Directors. Upon reelection to the Board of Directors in May 2017 , all members of the Company’s Board of Directors were granted RSUs in accordance with the Plan. These RSUs were valued at $150,000 for the Chairman of the Board of Directors and at $105,000 for all other members. Additionally, effective July 1, 2017, the Board of Directors’ compensation program was revised to reflect an increase in RSUs of $10,000 for all members of the Board of Directors. The number of RSUs was determined based on the fair market value of the Company’s stock on the date of grant, as defined in the Plan. All awards vested and settled immediately on the date of grant, and the Company delivered shares of common stock and cash, as determined by the Compensation Committee of the Board of Directors. A summary of ACC’s RSUs under the Plan for the years ended December 31, 2017 and 2016 and activity during the year then ended is presented below: Number of RSUs Weighted-Average Grant Date Fair Value Per RSU Outstanding at December 31, 2015 — $ — Granted 18,908 46.81 Settled in common shares (15,524 ) 46.87 Settled in cash (3,384 ) 46.55 Outstanding at December 31, 2016 — $ — Granted 18,221 46.67 Settled in common shares (16,295 ) 46.65 Settled in cash (1,926 ) 46.76 Outstanding at December 31, 2017 — $ — The Company recognized expense of approximately $0.9 million for each of the years ended December 31, 2017 , 2016 and 2015 , respectively, reflecting the fair value of the RSUs issued on the date of grant and the expense is included in general and administrative expenses on the Company’s consolidated statements of comprehensive income. The weighted-average grant-date fair value for each RSU granted during the year ended December 31, 2015 was $39.65 . Restricted Stock Awards The Company awards RSAs to its executive officers and certain employees that generally vest in equal annual installments over a five year period. Unvested awards are forfeited upon the termination of an individual’s employment with the Company under specified circumstances. Recipients of RSAs receive dividends, as declared by the Company’s Board of Directors, on unvested shares, provided that the recipient continues to be employed by the Company. A summary of the Company’s RSAs under the Plan for the years ended December 31, 2017 and 2016 is presented below: Number of RSAs Weighted-Average Grant Date Fair Value Per RSA Nonvested balance at December 31, 2015 655,925 $ 41.12 Granted 332,717 41.41 Vested (127,352 ) 40.19 Forfeited (88,189 ) 40.47 Nonvested balance at December 31, 2016 773,101 $ 41.47 Granted 344,688 48.55 Vested (193,186 ) 42.29 Forfeited (113,733 ) 42.36 Nonvested balance at December 31, 2017 810,870 $ 44.16 The fair value of RSAs is calculated based on the closing market value of the Company’s common stock on the date of grant. The fair value of these awards is amortized to expense over the vesting periods, which amounted to approximately $13.1 million , $9.3 million and $7.5 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. The amortization of restricted stock awards for the year ended December 31, 2017 includes $2.4 million of contractual executive separation and retirement charges incurred with regard to the retirement of the Company’s former Chief Financial Officer, representing the June 30, 2017 vesting of 46,976 RSAs, net of shares withheld for taxes, related to the retirement. The weighted-average grant date fair value for each RSA granted and forfeited during the year ended December 31, 2015 was $44.23 and $38.78 , respectively. The total fair value of RSAs vested during the year ended December 31, 2017 , was approximately $14.6 million . Additionally, as of December 31, 2017 , the Company had approximately $26.9 million of total unrecognized compensation cost related to these RSAs, which is expected to be recognized over a remaining weighted-average period of 3.1 years. Per the provisions of the Plan, an employee becomes retirement eligible when (i) the sum of an employee’s full years of service (a minimum of 120 contiguous full months) and the employee’s age on the date of termination (a minimum of 50 years of age) equals or exceeds 70 years (hereinafter referred to as the “Rule of 70”); (ii) the employee gives at least six months prior written notice to the Company of his or her intention to retire; and (iii) the employee enters into a noncompetition agreement and a general release of all claims in a form that is reasonably satisfactory to the Company. As of December 31, 2017 , 12 employees have met the Rule of 70, including the Company’s Chief Executive Officer and President. A total of 259,125 unvested RSAs are held by such employees. Once the other two conditions of retirement eligibility are met, the shares held by these employees will be subject to accelerated vesting.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	12 Months Ended
	Dec. 31, 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, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. Ineffectiveness resulting from the derivative instruments summarized below was immaterial for the years ended December 31, 2017 , 2016 and 2015 . The following table summarizes the Company’s outstanding interest rate swap contracts as of December 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 $ 13,698 $ (95 ) Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month 13,839 (96 ) Park Point mortgage loan Nov 1, 2013 Oct 5, 2018 1.5450% LIBOR - 1 month 70,000 87 Total $ 97,537 $ (104 ) In January 2017, the remaining 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 December 31, 2017 and 2016 : Asset Derivatives Liability Derivatives Fair Value as of Fair Value as of Description Balance Sheet Location December 31, 2017 December 31, 2016 Balance Sheet Location December 31, 2017 December 31, 2016 Interest rate swap contracts Other assets $ 87 $ — Other liabilities $ 191 $ 1,099 Total derivatives designated $ 87 $ — $ 191 $ 1,099

Fair Value Disclosures

Fair Value Disclosures	12 Months Ended
	Dec. 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 December 31, 2017 and 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 December 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 Assets: Derivative financial $ — $ 87 $ — $ 87 $ — $ — $ — $ — Liabilities: Derivative financial instruments $ — $ 191 $ — $ 191 $ — $ 1,099 $ — $ 1,099 Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) $ — $ 44,503 $ 87,666 $ 132,169 $ — $ 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 December 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 December 31, 2017 and 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 noncontrolling interests 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. As discussed in Note 2 and Note 9 , the redeemable noncontrolling interests related to the joint venture partners in the Core Transaction are marked to their redemption value at each balance sheet date. The redemption value is based on the fair value of the underlying properties held by the joint ventures. This analysis incorporates information obtained from a number of sources, including the Company’s analysis of comparable properties in the Company’s portfolio, estimations of net operating results of the properties, capitalization rates, discount rates, and other market data. 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. 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. Construction Loans Payable, Unsecured Revolving Credit Facility, and Unsecured Term Loans : 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 December 31, 2017 and 2016 : December 31, 2017 December 31, 2016 Estimated Fair Value Carrying Amount Estimated Fair Value Carrying Amount Assets: Loans receivable $ 54,140 $ 57,948 $ 54,396 $ 58,539 Liabilities: Unsecured notes $ 1,620,839 $ 1,585,855 (1) $ 1,211,344 $ 1,188,737 (1) Mortgage loans $ 571,676 $ 582,927 (2) $ 644,617 $ 654,794 (2) Bonds payable $ 32,552 $ 30,201 $ 37,066 $ 33,401 (1) Includes net unamortized OID and net unamortized deferred financing costs (see Note 10 ). (2) Includes net unamortized debt premiums and discounts and net unamortized deferred financing costs (see Note 10 ).

Lease Commitments

Lease Commitments	12 Months Ended
	Dec. 31, 2017
Leases [Abstract]
Lease Commitments	Lease Commitments As discussed in Note 2 , the Company as lessee has entered into lease agreements with university systems and other third parties for the purpose of financing, constructing and operating student housing properties. Under the terms of the ground/facility leases, the lessor may receive annual minimum rent, variable rent based upon the operating performance of the property, or a combination thereof. The Company records rent under the straight-line method over the term of the lease and any difference between the straight-line rent amount and amount payable under the lease terms is recorded as prepaid or deferred rent. Straight-lined rental amounts are capitalized during the construction period and expensed upon the commencement of operations. Owned On-Campus Properties Under its ACE program, the Company has entered into ground/facility lease agreements with fifteen university systems to finance, construct, and manage 32 student housing properties (see Note 2 for details). As of December 31, 2017 and 2016 , net prepaid ground rent totaled approximately $8.4 million and $10.5 million , respectively, and is included in other assets on the accompanying consolidated balance sheets. Under these ground/facility leases, the Company recognized rent expense of approximately $7.4 million , $6.2 million and $5.3 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, and capitalized rent of approximately $2.0 million , $0.7 million and $0.4 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Rent expense is included in ground/facility leases expense in the accompanying consolidated statements of comprehensive income. On-Campus Participating Properties The Company is a party to ground/facility lease agreements with three university systems for the purpose of developing, constructing, and operating five student housing facilities on university campuses. Under the terms of the agreements, the lessor receives 50% of defined net cash flows on an annual basis through the term of the lease (see Note 2 and Note 8 for details). Under these leases, the Company recognized rent expense of approximately $2.8 million , $3.0 million and $2.9 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Rent expense is included in ground/facility leases expense in the accompanying consolidated statements of comprehensive income. Other Leases The Company has entered into ground lease agreements with third parties for the purpose of constructing and operating certain of its owned off-campus student housing properties. As of December 31, 2017 and 2016 , net deferred ground rent totaled approximately $3.6 million and $3.2 million , respectively, and is included in other liabilities on the accompanying consolidated balance sheets. Under these ground leases, the Company recognized rent expense of approximately $2.4 million , $2.2 million and $2.2 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Rent expense is included in owned properties operating expenses in the accompanying consolidated statements of comprehensive income. In addition, the Company has entered into a lease for corporate office space beginning January 2011 , and expiring December 2020 . Additionally, the Company entered into a lease for expansion space for its corporate office beginning December 2016 and expiring March 2024 . The terms of the leases provide for a period of free rent, scheduled rental rate increases, and common area maintenance charges upon expiration of the free rent period. The Company also has various operating leases for furniture, office and technology equipment, which expire through 2023 . There were no capital lease obligations outstanding as of December 31, 2017 . Future minimum commitments over the life of all leases, which exclude variable rent payments, are as follows: Operating 2018 $ 8,568 2019 9,719 2020 10,159 2021 9,186 2022 9,186 Thereafter 372,397 Total minimum lease payments $ 419,215

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments Construction Contracts: As of December 31, 2017 , excluding four properties under construction and subject to presale arrangements which are being funded by construction loans, the Company estimates additional costs to complete nine owned development projects currently under construction or under contract to begin construction, to be approximately $376.2 million . Joint Ventures: As discussed in Note 5 , as part of the Core Transaction, the Company entered into two joint ventures during the third quarter of 2017. As part of this transaction, the Company is obligated to increase its investment in the joint ventures over a two year period, resulting in a funding commitment of approximately $284.6 million . Presale Development Projects: In December 2016, the Company entered into a presale agreement to purchase The Edge - Stadium Centre , an in-process development, for approximately $42.6 million , which includes the purchase price and elected upgrades. The Company is obligated to purchase the property upon delivery of the asset, which is expected to occur in August 2018 (see Note 5 ). The Company expects to fund the commitments mentioned above through a combination of proceeds from cash flows generated from operations, anticipated property dispositions, joint venture activity, and a combination of debt and equity transactions, which may include net proceeds from the ATM Equity Program discussed in Note 11 , borrowings under the Company’s existing unsecured credit facilities, and accessing the unsecured bond market. 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 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. These guarantees typically expire at the later of five days after completion of the project or once the Company has moved all students from the substitute living quarters into the project. 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 in certain cases secured with payment and performance bonds. Project cost guarantees expire upon completion of certain developer obligations, which are normally satisfied within one year after completion of the project. The Company’s estimated maximum exposure amount under the above guarantees is approximately $7.8 million as of December 31, 2017 . As of December 31, 2017 , management did not anticipate any material deviations from schedule or budget related to third-party development projects currently in progress. 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. Conveyance to University: 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. Other Guarantees: In 2017, as part of the purchase of an undeveloped land parcel, the Company entered into an agreement to construct a commercial retail space within a future development that will be conveyed back to the seller upon construction completion. If the construction of the retail space is not completed in accordance with the agreement, the Company is required to pay liquidated damages of $ 2.1 million . As of December 31, 2017 , management did not anticipate issues in completing construction of the retail space in accordance with the agreement. 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 regard 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	12 Months Ended
	Dec. 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: 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 and minority interests. During the year ended December 31, 2017 , the Company revised the measure of profit or loss for each segment to include the allocation of costs related to corporate management and oversight and to exclude intercompany management fee revenue. This was due to a presentation change in the information used by the Company’s chief operating decision makers to assess segment and company-wide performance and allocate resources, which was driven by the reorganization of duties within the Company’s executive management team. Prior period amounts have been reclassified to conform to the current period presentation. Year Ended December 31, 2017 2016 2015 Owned Properties Rental revenues and other income $ 741,909 $ 738,598 $ 708,018 Interest income 1,545 1,170 1,071 Total revenues from external customers 743,454 739,768 709,089 Operating expenses before depreciation, amortization, and ground/facility lease expense (332,429 ) (337,296 ) (331,836 ) Ground/facility leases (7,372 ) (6,158 ) (5,297 ) Interest expense, net (1) (3,659 ) (18,552 ) (30,147 ) Operating income before depreciation and amortization $ 399,994 $ 377,762 $ 341,809 Depreciation and amortization $ 223,939 $ 200,934 $ 198,986 Capital expenditures $ 617,552 $ 485,726 $ 316,468 Total segment assets at December 31, $ 6,691,758 $ 5,672,360 $ 5,804,068 On-Campus Participating Properties Rental revenues and other income $ 33,945 $ 33,433 $ 31,586 Interest income 65 10 2 Total revenues from external customers 34,010 33,443 31,588 Operating expenses before depreciation, amortization, and ground/facility lease expense (14,384 ) (13,447 ) (12,437 ) Ground/facility lease (2,841 ) (3,009 ) (2,935 ) Interest expense, net (1) (5,264 ) (5,539 ) (5,833 ) Operating income before depreciation and amortization $ 11,521 $ 11,448 $ 10,383 Depreciation and amortization $ 7,536 $ 7,343 $ 7,034 Capital expenditures $ 3,533 $ 2,944 $ 2,943 Total segment assets at December 31, $ 100,031 $ 103,256 $ 104,641 Development Services Development and construction management fees $ 10,761 $ 4,606 $ 4,964 Operating expenses (7,618 ) (7,530 ) (8,119 ) Operating income (loss) before depreciation and amortization $ 3,143 $ (2,924 ) $ (3,155 ) Total segment assets at December 31, $ 6,726 $ 2,601 $ 1,730 Property Management Services Property management fees from external customers $ 9,832 $ 9,724 $ 8,813 Operating expenses (7,607 ) (7,003 ) (6,227 ) Operating income before depreciation and amortization $ 2,225 $ 2,721 $ 2,586 Total segment assets at December 31, $ 7,576 $ 7,997 $ 9,432 Reconciliations Total segment revenues and other income $ 798,057 $ 787,541 $ 754,454 Unallocated interest income earned on investments and corporate cash 3,335 4,301 3,348 Total consolidated revenues, including interest income $ 801,392 $ 791,842 $ 757,802 Segment operating income before depreciation and amortization $ 416,883 $ 389,007 $ 351,623 Depreciation and amortization (239,574 ) (217,907 ) (214,338 ) Net unallocated expenses relating to corporate interest and overhead (90,250 ) (72,788 ) (69,299 ) (Loss) gain from disposition of real estate (632 ) 21,197 52,699 Provision for real estate impairment (15,317 ) (4,895 ) — Other nonoperating income — — 388 Loss from early extinguishment of debt — (12,841 ) (1,770 ) Income tax provision (989 ) (1,150 ) (1,242 ) Net income $ 70,121 $ 100,623 $ 118,061 Total segment assets $ 6,806,091 $ 5,786,214 $ 5,919,871 Unallocated corporate assets 91,279 79,699 86,377 Total assets at December 31, $ 6,897,370 $ 5,865,913 $ 6,006,248 (1) Net of capitalized interest and amortization of debt premiums.

Quarterly Financial Information

Quarterly Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information (Unaudited)	Quarterly Financial Information (Unaudited) American Campus Communities, Inc. The information presented below represents the quarterly consolidated financial results of the Company for the years ended December 31, 2017 and 2016 . 2017 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 192,938 $ 179,008 $ 196,938 $ 227,563 $ 796,447 Operating income 49,219 12,610 17,575 63,134 142,538 Net income (loss) 34,449 (2,653 ) (1,233 ) 39,558 70,121 Net income attributable to noncontrolling interests (399 ) (109 ) (79 ) (496 ) (1,083 ) Net income (loss) attributable to ACC, Inc. and Subsidiaries common stockholders $ 34,050 $ (2,762 ) $ (1,312 ) $ 39,062 $ 69,038 Net income (loss) attributable to common stockholders per share - basic $ 0.25 $ (0.02 ) $ (0.01 ) $ 0.28 $ 0.50 Net income (loss) attributable to common stockholders per share - diluted $ 0.25 $ (0.02 ) $ (0.01 ) $ 0.28 $ 0.50 2016 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 199,995 $ 185,983 $ 196,411 $ 203,972 $ 786,361 Operating income 53,035 39,106 29,278 51,724 173,143 Net income 46,209 18,765 9,845 25,804 100,623 Net income attributable to noncontrolling interests (622 ) (327 ) (201 ) (412 ) (1,562 ) Net income attributable to ACC, Inc. and Subsidiaries common stockholders $ 45,587 $ 18,438 $ 9,644 $ 25,392 $ 99,061 Net income attributable to common stockholders per share - basic $ 0.37 $ 0.14 $ 0.07 $ 0.19 $ 0.76 (1) Net income attributable to common stockholders per share - diluted $ 0.36 $ 0.14 $ 0.07 $ 0.19 $ 0.75 (1) (1) Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year. American Campus Communities Operating Partnership, L.P. The information presented below represents the quarterly consolidated financial results of the Operating Partnership for the years ended December 31, 2017 and 2016 . 2017 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 192,938 $ 179,008 $ 196,938 $ 227,563 $ 796,447 Operating income 49,219 12,610 17,575 63,134 142,538 Net income (loss) 34,449 (2,653 ) (1,233 ) 39,558 70,121 Net income attributable to noncontrolling interests (105 ) (97 ) (57 ) (176 ) (435 ) Series A preferred unit distributions (31 ) (31 ) (31 ) (31 ) (124 ) Net income (loss) available to common unitholders $ 34,313 $ (2,781 ) $ (1,321 ) $ 39,351 $ 69,562 Net income (loss) per unit attributable to common unitholders - basic $ 0.25 $ (0.02 ) $ (0.01 ) $ 0.28 $ 0.50 Net income (loss) per unit attributable to common unitholders - diluted $ 0.25 $ (0.02 ) $ (0.01 ) $ 0.28 $ 0.50 2016 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 199,995 $ 185,983 $ 196,411 $ 203,972 $ 786,361 Operating income 53,035 39,106 29,278 51,724 173,143 Net income 46,209 18,765 9,845 25,804 100,623 Net income attributable to noncontrolling interests (104 ) (104 ) (77 ) (171 ) (456 ) Series A preferred unit distributions (42 ) (37 ) (36 ) (31 ) (146 ) Net income available to common unitholders $ 46,063 $ 18,624 $ 9,732 $ 25,602 $ 100,021 Net income per unit attributable to common unitholders - basic $ 0.37 $ 0.14 $ 0.07 $ 0.19 $ 0.76 (1) Net income per unit attributable to common unitholders - diluted $ 0.36 $ 0.14 $ 0.07 $ 0.19 $ 0.75 (1) (1) Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Presale Development Projects: In January 2018, the Company entered into a presale agreement to purchase the Stadium Centre Phase IV, a 340 -bed, property under development located near Florida State University. The Company is obligated to purchase the property for approximately $36.7 million as long as certain construction completion deadlines and other closing conditions are met. Distributions : On January 23, 2018 , the Company’s Board of Directors declared a distribution per share of $0.44 which was paid on February 16, 2018 to all common stockholders of record as of February 2, 2018 . At the same time, the Operating Partnership paid an equivalent amount per unit to holders of Common Units, as well as the quarterly cumulative preferential distribution to holders of Series A Preferred Units (see Note 9 ).

Schedule of Real Estate and Acc

Schedule of Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule of Real Estate and Accumulated Depreciation	Schedule of Real Estate and Accumulated Depreciation Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs Land Buildings and Total (1) Accumulated Depreciation Encumbrances (2) Year Built (3) Owned Properties The Callaway House 173 538 $ 5,081 $ 20,499 $ 7,434 $ 5,003 $ 28,011 $ 33,014 $ 11,736 $ — 1999 The Village at Science Drive 192 732 4,673 19,021 6,696 4,673 25,717 30,390 8,860 — 2000 University Village at Boulder Creek 82 309 1,035 16,393 645 1,035 17,038 18,073 6,688 — 2002 University Village - Fresno 105 406 929 15,168 — 929 15,168 16,097 5,332 — 2004 University Village - Temple 220 749 — 41,119 940 — 42,059 42,059 14,360 — 2004 College Club Townhomes (4) 136 544 1,967 16,049 1,770 1,967 17,819 19,786 6,763 — 2002 University Club Apartments 94 376 1,416 11,848 1,057 1,416 12,905 14,321 4,480 — 1999 City Parc at Fry Street 136 418 1,902 17,678 1,196 1,902 18,874 20,776 6,305 — 2004 Entrada Real 98 363 1,475 15,859 2,027 1,475 17,886 19,361 5,728 — 2000 University Village at Sweethome 269 828 2,473 34,448 — 2,473 34,448 36,921 11,183 — 2005 University Village - Tallahassee (5) 217 716 4,322 26,225 3,796 4,322 30,021 34,343 9,435 — 1991 Royal Village Gainesville 118 448 2,386 15,153 3,509 2,363 18,685 21,048 5,223 — 1996 Royal Lexington 94 364 2,848 12,783 4,276 2,848 17,059 19,907 5,343 — 1994 Raiders Pass 264 828 3,877 32,445 2,825 3,877 35,270 39,147 10,775 — 2001 Aggie Station 156 450 1,634 18,821 2,819 1,634 21,640 23,274 6,218 — 2003 The Outpost - San Antonio 276 828 3,262 36,252 3,596 3,262 39,848 43,110 11,716 — 2005 Callaway Villas 236 704 3,903 31,953 — 3,903 31,953 35,856 9,207 — 2006 The Village on Sixth Avenue 248 752 2,763 22,480 1,606 2,763 24,086 26,849 7,001 — 1999 Newtown Crossing 356 942 7,013 53,597 1,657 7,013 55,254 62,267 17,456 — 2005 Olde Towne University Square 224 550 2,277 24,614 935 2,277 25,549 27,826 8,412 — 2005 Peninsular Place 183 478 2,306 16,559 941 2,306 17,500 19,806 6,062 — 2005 University Centre 234 838 — 77,378 3,617 — 80,995 80,995 24,175 — 2007 The Summit & Jacob Heights (5) 258 930 2,318 36,464 1,868 2,318 38,332 40,650 10,019 — 2004 GrandMarc Seven Corners 186 440 4,491 28,807 1,522 4,491 30,329 34,820 8,109 — 2000 Aztec Corner 180 606 17,460 32,209 1,728 17,460 33,937 51,397 9,120 — 2001 The Tower at Third 188 375 1,145 19,128 11,868 1,267 30,874 32,141 8,867 — 1973 Willowtree Apartments and Tower (4) 473 851 9,807 21,880 3,671 9,807 25,551 35,358 7,863 — 1970 University Pointe 204 682 989 27,576 4,155 989 31,731 32,720 8,541 — 2004 University Trails 240 684 1,183 25,173 3,284 1,183 28,457 29,640 8,166 — 2003 Campus Trails 156 480 1,358 11,291 4,827 1,358 16,118 17,476 4,716 — 1991 University Crossings (ACE) 260 1,016 — 50,668 38,616 — 89,284 89,284 22,967 — 2003 Vista del Sol (ACE) 613 1,866 — 135,939 3,924 — 139,863 139,863 38,013 — 2008 Villas at Chestnut Ridge 196 552 2,756 33,510 1,335 2,756 34,845 37,601 9,858 — 2008 Barrett Honors College (ACE) 604 1,721 — 131,302 17,485 — 148,787 148,787 39,130 — 2009 Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs Land Buildings and Total (1) Accumulated Depreciation Encumbrances (2) Year Built (3) Sanctuary Lofts 201 487 $ 2,960 $ 18,180 $ 3,738 $ 2,960 $ 21,918 $ 24,878 $ 6,680 $ — 2006 Blanton Common (6) 276 860 3,788 16,759 — 3,788 16,759 20,547 7,193 27,380 2005 The Edge- Charlotte 180 720 3,076 23,395 8,830 3,076 32,225 35,301 7,957 — 1999 University Walk 120 480 2,016 14,599 3,021 2,016 17,620 19,636 4,668 — 2002 Uptown Apartments 180 528 3,031 21,685 2,151 3,031 23,836 26,867 5,429 — 2004 2nd Ave Centre 274 868 4,434 27,236 3,804 4,434 31,040 35,474 8,151 — 2008 Villas at Babcock 204 792 4,642 30,901 47 4,642 30,948 35,590 9,487 — 2011 Lobo Village (ACE) 216 864 — 42,490 543 — 43,033 43,033 8,990 — 2011 Villas on Sycamore 170 680 3,000 24,640 263 3,000 24,903 27,903 8,064 — 2011 University Village Northwest (ACE) 36 144 — 4,228 109 — 4,337 4,337 1,149 — 2011 26 West 367 1,026 21,396 63,994 6,307 21,396 70,301 91,697 13,782 — 2008 The Varsity 258 901 11,605 108,529 2,413 11,605 110,942 122,547 18,831 — 2011 Avalon Heights 210 754 4,968 24,345 13,726 4,968 38,071 43,039 6,584 — 2002 University Commons 164 480 12,559 19,010 2,701 12,559 21,711 34,270 4,166 — 2003 Casas del Rio (ACE) 283 1,028 — 40,639 1,198 — 41,837 41,837 12,691 — 2012 The Suites (ACE) (4) 439 878 — 45,296 502 — 45,798 45,798 9,467 — 2013 Hilltop Townhomes (ACE) 144 576 — 31,507 419 — 31,926 31,926 8,042 — 2012 U Club on Frey (4) 216 864 8,703 36,873 938 8,703 37,811 46,514 7,837 — 2013 Campus Edge on UTA Boulevard 128 488 2,661 21,233 587 2,661 21,820 24,481 5,495 — 2012 U Club Townhomes on Marion Pugh 160 640 6,722 26,546 928 6,722 27,474 34,196 7,207 — 2012 Villas on Rensch 153 610 10,231 33,852 759 10,231 34,611 44,842 8,025 — 2012 The Village at Overton Park 163 612 5,262 29,374 1,009 5,262 30,383 35,645 7,663 — 2012 Casa de Oro (ACE) 109 365 — 12,362 157 — 12,519 12,519 3,424 — 2012 The Villas at Vista del Sol (ACE) 104 400 — 20,421 334 — 20,755 20,755 5,743 — 2012 The Block 669 1,555 22,270 141,430 10,248 22,350 151,598 173,948 22,736 — 2008 University Pointe at College Station (ACE) 282 978 — 84,657 2,089 — 86,746 86,746 22,279 — 2012 309 Green 110 416 5,351 49,987 3,695 5,351 53,682 59,033 8,518 30,222 2008 The Retreat 187 780 5,265 46,236 2,364 5,265 48,600 53,865 7,979 — 2012 Lofts54 43 172 430 14,741 4,254 430 18,995 19,425 2,849 10,409 2008 Campustown Rentals 264 746 2,382 40,190 3,902 2,382 44,092 46,474 8,356 — 1982 Chauncey Square 158 386 2,522 40,013 1,708 2,522 41,721 44,243 6,919 — 2011 Texan & Vintage West Campus (4) 124 311 5,937 11,906 15,449 5,937 27,355 33,292 4,296 8,381 2008 The Castilian 371 623 3,663 59,772 33,270 3,663 93,042 96,705 15,537 — 1967 Bishops Square 134 315 1,206 17,878 1,649 1,206 19,527 20,733 3,645 11,141 2002 Union 54 120 169 6,348 977 169 7,325 7,494 1,339 3,471 2006 922 Place 132 468 3,363 34,947 3,106 3,363 38,053 41,416 6,920 — 2009 Campustown 452 1,217 1,818 77,894 4,490 1,818 82,384 84,202 13,027 — 1997 Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs Land Buildings and Total (1) Accumulated Depreciation Encumbrances (2) Year Built (3) River Mill 243 461 $ 1,741 $ 22,806 $ 3,327 $ 1,741 $ 26,133 $ 27,874 $ 4,660 $ — 1972 Landmark 173 606 3,002 118,168 1,175 3,002 119,343 122,345 17,702 — 2012 Icon Plaza 56 253 6,292 65,857 3,475 6,292 69,332 75,624 10,415 — 2012 The Province - Greensboro 219 696 2,226 48,567 1,149 2,226 49,716 51,942 8,346 27,598 2011 RAMZ Apts on Broad 88 172 785 12,303 564 785 12,867 13,652 2,095 — 2004 The Lofts at Capital Garage 36 144 313 3,581 553 313 4,134 4,447 815 — 2000 25 Twenty 249 562 2,226 33,429 1,111 2,226 34,540 36,766 6,555 25,698 2011 The Province - Louisville 366 858 4,392 63,068 1,394 4,392 64,462 68,854 11,160 35,938 2009 West 27th Place 161 475 13,900 76,720 1,316 13,900 78,036 91,936 11,530 37,460 2011 The Province - Rochester 336 816 3,798 70,955 2,216 3,798 73,171 76,969 12,403 33,719 2010 5 Twenty Four & 5 Twenty Five Angliana (4) 376 1,060 — 60,448 6,941 5,214 62,175 67,389 10,879 — 2010 The Province - Tampa 287 947 — 52,943 3,279 — 56,222 56,222 9,361 31,826 2009 U Point Kennesaw 216 795 1,482 61,654 5,640 1,482 67,294 68,776 12,059 — 2012 The Cottages of Durham 141 619 3,955 41,421 2,082 3,955 43,503 47,458 8,894 — 2012 University Edge 201 608 4,500 26,385 1,213 4,500 27,598 32,098 4,392 — 2012 The Lodges of East Lansing 364 1,049 6,472 89,231 1,293 6,472 90,524 96,996 14,381 29,126 2012 7th Street Station 82 309 9,792 16,472 485 9,792 16,957 26,749 2,862 — 2012 The Callaway House Austin 219 753 — 61,550 769 — 62,319 62,319 10,973 — 2013 Manzanita (ACE) 241 816 — 48,781 350 — 49,131 49,131 9,465 — 2013 University View (ACE) 96 336 — 14,683 176 — 14,859 14,859 2,819 — 2013 U Club Townhomes at Overton Park 112 448 7,775 21,483 658 7,775 22,141 29,916 4,106 — 2013 601 Copeland 81 283 1,457 26,699 340 1,457 27,039 28,496 4,246 — 2013 The Townhomes at Newtown Crossing 152 608 7,745 32,074 453 7,745 32,527 40,272 5,175 — 2013 Chestnut Square (ACE) 220 861 — 98,369 2,274 — 100,643 100,643 16,633 — 2013 Park Point 300 924 7,827 73,495 4,848 7,827 78,343 86,170 11,962 70,000 2008 U Centre at Fry Street 194 614 2,902 47,700 1,798 2,902 49,498 52,400 6,621 — 2012 Cardinal Towne 255 545 6,547 53,809 2,730 6,547 56,539 63,086 7,359 37,250 2010 Stanworth Commons Phase I (ACE) 127 214 — 30,930 38 — 30,968 30,968 3,663 — 2014 The Plaza on University 364 1,313 23,987 85,584 3,565 23,987 89,149 113,136 11,893 — 2014 U Centre at Northgate (ACE) 196 784 — 35,663 265 — 35,928 35,928 5,047 — 2014 University Walk 177 526 4,341 29,073 717 4,341 29,790 34,131 3,050 — 2014 U Club on Woodward (4) 236 944 16,350 46,982 485 16,350 47,467 63,817 6,749 — 2014 The Standard 190 610 4,674 57,310 1,406 4,674 58,716 63,390 6,217 — 2014 Park Point 66 226 — 25,725 3,356 — 29,081 29,081 2,493 11,049 2010 1200 West Marshall 136 406 4,397 33,908 1,536 4,397 35,444 39,841 3,398 — 2013 8 1/2 Canal Street 160 540 2,797 45,394 1,557 2,797 46,951 49,748 4,059 — 2011 Vistas San Marcos 255 600 586 45,761 4,760 586 50,521 51,107 5,934 — 2013 Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs Land Buildings and Total (1) Accumulated Depreciation Encumbrances (2) Year Built (3) Crest at Pearl 141 343 $ 4,395 $ 36,268 $ 1,597 $ 4,491 $ 37,769 $ 42,260 $ 3,235 $ — 2014 U Club Binghamton 186 710 3,584 48,559 2,405 3,584 50,964 54,548 3,944 — 2005 Stadium Centre 367 710 7,424 74,932 2,698 7,424 77,630 85,054 6,502 55,969 2014 160 Ross 182 642 2,962 38,478 279 2,962 38,757 41,719 3,750 — 2015 The Summit at University City (ACE) 351 1,315 — 154,770 793 — 155,563 155,563 11,796 — 2015 2125 Franklin 192 734 8,299 55,716 264 8,299 55,980 64,279 4,629 — 2015 University Crossings - Charlotte 187 546 645 36,838 3,900 645 40,738 41,383 1,810 — 2014 The Court - Stadium Centre 80 260 1,825 25,922 58 1,825 25,980 27,805 1,155 9,921 2016 U Club on 28th 100 398 9,725 45,788 52 9,725 45,840 55,565 2,214 — 2016 Currie Hall (ACE) 178 456 — 49,987 128 — 50,115 50,115 2,624 — 2016 University Pointe (ACE) 134 531 — 44,035 86 — 44,121 44,121 2,168 — 2016 Fairview House (ACE) 107 633 — 38,144 78 — 38,222 38,222 2,258 — 2016 U Club Sunnyside 134 534 7,423 41,582 69 7,423 41,651 49,074 2,112 — 2016 Merwick Stanworth Phase II (ACE) 198 379 — 48,668 52 — 48,720 48,720 2,145 — 2016 U Point 54 163 1,425 17,325 2,259 1,425 19,584 21,009 747 — 2016 The Arlie 169 598 1,350 43,352 899 1,350 44,251 45,601 1,297 — 2016 TWELVE at U District 283 384 13,013 98,115 267 13,013 98,382 111,395 1,529 — 2014 The 515 (8) 183 513 1,611 68,953 74 1,611 69,027 70,638 800 — 2015 State (8) 220 665 3,448 66,774 1,244 3,448 68,018 71,466 875 — 2013 The James (9) 366 850 18,871 118,096 115 18,871 118,211 137,082 1,299 — 2017 Bridges 11th 184 258 — 58,825 59 — 58,884 58,884 391 — 2015 Hub U District Seattle (9) 111 248 5,700 56,355 75 5,700 56,430 62,130 316 — 2017 Tooker House (ACE) 429 1,594 — 103,897 — — 103,897 103,897 1,656 — 2017 Skyview (ACE) 163 626 — 57,578 — — 57,578 57,578 742 — 2017 University Square (ACE) 143 466 — 25,635 — — 25,635 25,635 410 — 2017 U Centre on Turner 182 718 14,000 55,456 — 14,000 55,456 69,456 822 — 2017 U Pointe on Speight 180 700 4,705 46,160 — 4,705 46,160 50,865 610 — 2017 21Hundred Overton Park 296 1,204 16,767 64,057 — 16,767 64,057 80,824 982 — 2017 The Suites at 3rd 63 251 831 22,384 — 831 22,384 23,215 330 — 2017 U Club Binghamton Phase II 140 562 12,274 43,813 — 12,274 43,813 56,087 641 — 2017 Callaway House Apartments 386 915 12,651 78,220 — 12,651 78,220 90,871 1,189 — 2017 U Centre on College 127 418 — 41,607 — — 41,607 41,607 574 — 2017 Properties Under Development (7) David Blackwell Hall (ACE) 412 781 — 59,912 — — 59,912 59,912 — — 2018 Gladding Residence Center (ACE) 592 1,524 — 73,913 — — 73,913 73,913 — — 2018 Irvington House (ACE) 197 648 — 22,919 — — 22,919 22,919 — — 2018 The Edge - Stadium Centre 111 412 — 20,040 — — 20,040 20,040 — 8,899 2018 Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs Land Buildings and Total (1) Accumulated Depreciation Encumbrances (2) Year Built (3) Greek Leadership Village (ACE) 498 957 $ — $ 30,889 $ — $ — $ 30,889 $ 30,889 $ — $ — 2018 NAU Honors College (ACE) 318 636 — 24,498 — — 24,498 24,498 — — 2018 U Club Townhomes at Oxford 132 528 5,115 20,662 — 5,115 20,662 25,777 — — 2018 Hub Ann Arbor (10) 124 310 7,050 26,498 — 7,050 26,498 33,548 — 13,971 2018 Hub Flagstaff (10) 198 591 5,397 30,330 — 5,397 30,330 35,727 — 16,997 2018 Hub West Lafayette (10) 289 599 6,881 22,661 — 6,881 22,661 29,542 — 11,912 2018 191 College 127 495 5,434 10,433 — 5,434 10,433 15,867 — — 2019 Columbus Avenue Student Apts. (ACE) 214 825 — 42,084 — — 42,084 42,084 — — 2019 University of Arizona Honors College (ACE) 319 1,056 — 4,947 — — 4,947 4,947 — — 2019 Undeveloped land parcels (11) — — 38,035 318 — 38,035 318 38,353 152 — N/A Subtotal 32,522 98,963 $ 641,580 $ 6,469,756 $ 374,055 $ 646,991 $ 6,838,400 $ 7,485,391 $ 1,035,027 $ 548,337 On-Campus Participating Properties University Village – PVAMU 612 1,920 $ — $ 36,506 $ 7,858 $ — $ 44,364 $ 44,364 $ 32,663 $ 14,636 1997 University Village - TAMIU 84 250 — 5,844 1,079 — 6,923 6,923 5,212 2,239 1997 University College - PVAMU 756 1,470 — 22,650 5,152 — 27,802 27,802 17,916 13,700 2001 Cullen Oaks Phase I and II 411 879 — 33,910 2,152 — 36,062 36,062 16,392 27,537 2003 College Park 224 567 — 43,634 1,211 — 44,845 44,845 6,009 42,239 2014 Subtotal 2,087 5,086 $ — $ 142,544 $ 17,452 $ — $ 159,996 $ 159,996 $ 78,192 $ 100,351 Total 34,609 104,049 $ 641,580 $ 6,612,300 $ 391,507 $ 646,991 $ 6,998,396 $ 7,645,387 $ 1,113,219 $ 648,688 (1) Total aggregate costs for federal income tax purposes is approximately $7.6 billion . (2) Total encumbrances exclude net unamortized debt premiums and deferred financing costs of approximately $19.0 million and $3.7 million , respectively, as of December 31, 2017 . (3) For properties with multiple phases, the year built represents the weighted average year based on the number of beds delivered each year. (4) Consists of two phases that are counted separately in the property portfolio numbers contained in Note 1 . (5) Consists of three phases that are counted separately in the property portfolio numbers contained in Note 1 . (6) This property is currently in receivership and is in the process of being transferred to the lender in settlement of the property’s $27.4 million mortgage loan that matured in August 2017. (7) Initial costs represent construction costs incurred to date associated with the development of these properties. Year built represents the scheduled completion date. (8) The Company purchased 100% of the ownership interests in two properties as part of the Core Transaction (see Note 5 ). (9) As part of the Core Transaction, the Company purchased partial ownership in two operating properties through a joint venture arrangement (Core JV I). See Note 5 . (10) As part of the Core Transaction, the Company purchased partial ownership in three in-process development properties through a joint venture arrangement (Core JV II). See Note 5 . (11) Buildings and improvements and furniture, fixtures and equipment and accumulated depreciation amounts are related to buildings on one land parcel that will be demolished as part of development. The changes in the Company’s investments in real estate and related accumulated depreciation for each of the years ended December 31, 2017 , 2016 and 2015 are as follows: For the Year Ended December 31, 2017 2016 2015 Owned (1) On-Campus (2) Owned (1) (3) On-Campus (2) Owned (1) (4) On-Campus (2) Investments in Real Estate: Balance, beginning of year $ 6,316,470 $ 162,929 $ 6,369,747 $ 159,985 $ 6,144,242 $ 157,043 Acquisition of land for development 24,049 — 6,338 — 39,583 — Acquisition of properties 618,183 — 99,426 — 361,265 — Improvements and development expenditures 621,793 3,544 522,723 2,944 306,659 2,942 Write off of fully depreciated or damaged assets (40,923 ) (6,477 ) (227 ) — (1,240 ) — Provision for real estate impairment (15,317 ) — (4,895 ) — — — Disposition of real estate (5) (38,864 ) — (676,642 ) — (480,762 ) — Balance, end of year $ 7,485,391 $ 159,996 $ 6,316,470 $ 162,929 $ 6,369,747 $ 159,985 Accumulated Depreciation: Balance, beginning of year $ (864,106 ) $ (77,132 ) $ (792,122 ) $ (69,856 ) $ (704,521 ) $ (62,915 ) Depreciation for the year (213,660 ) (7,536 ) (197,105 ) (7,276 ) (191,661 ) (6,941 ) Write off of fully depreciated or damaged assets 37,761 6,476 227 — 1,240 — Disposition of properties 4,978 — 124,894 — 102,820 — Balance, end of year $ (1,035,027 ) $ (78,192 ) $ (864,106 ) $ (77,132 ) $ (792,122 ) $ (69,856 ) (1) Includes owned off-campus properties and owned on-campus properties. (2) Includes on-campus participating properties. (3) The investments in real estate and accumulated depreciation balances include The Province-Dayton which is classified as an owned property held for sale in the accompanying consolidated balance sheets as of December 31, 2016 . (4) The investments in real estate and accumulated depreciation balances include The Edge - Orlando and University Village Sacramento which were classified as owned properties held for sale as of December 31, 2015 . (5) Includes the conveyance of land, originally purchased by the Company, to the University of Arizona. Concurrent with the land conveyance, the Company as lessee entered into a ground lease agreement with the University.

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Real Estate Properties [Line Items]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements, presented in U.S. dollars, are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires 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 2016, the FASB issued Accounting Standards Update 2016-02 (“ASU 2016-02”), “Leases (Topic 842): 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. Subsequent to the issuance of ASU 2016-02, the FASB issued an additional Accounting Standards Update clarifying aspects of the new lease accounting standard, which will be effective upon adoption of ASU 2016-02. 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 (Topic 606)”. 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 has completed the process of evaluating the impact of the adoption of ASU 2014-09 on its historical and existing contracts. Approximately 95% of the Company’s consolidated revenues consist of rental income from leasing arrangements, which is specifically excluded from ASU 2014-09, and is being evaluated as part of the adoption of the lease accounting standard, ASU 2016-02, discussed above. The remaining 5% of consolidated revenues subject to the new standard are associated with third-party development services, third-party management services, ancillary services and non-lease component revenues. The Company will adopt the new revenue standard effective January 1, 2018 using the modified retrospective approach, which requires us to recognize the cumulative effect of initially applying the new standard to all existing contracts not yet completed as of the effective date as an adjustment, if any, to retained earnings as of the beginning of the fiscal year of adoption. Upon adoption of the new standard there will be a change in the way the Company determines the unit of account for its third-party development projects. Under existing guidance, the Company segments revenue recognition between the development and construction phases of its contracts, recognizing each using the proportional performance method and the percentage of completion method, respectively. Upon adoption, the entire development and construction contract will represent a single performance obligation comprised of a series of distinct services to be satisfied over time, and a single transaction price will be recognized over the life of the contract using a time-based measure of progress. Any variable consideration included in the transaction price will be estimated using the expected value approach and will only be included to the extent that a significant revenue reversal is not likely to occur. Although the Company anticipates differences in the timing and pattern of revenue recognition for such third-party development and construction management contracts, the Company has concluded that the adoption of ASU 2014-09 on January 1, 2018 will not have a material impact on its consolidated financial statements. In February 2017, the 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 derecognition 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). This ASU is required to be adopted in conjunction with the Company’s adoption of ASU 2014-09, the new revenue recognition standard, which was adopted as of January 1, 2018. The adoption of ASU 2017-05 will not have a material impact on its consolidated financial statements for property dispositions given the simplicity of the Company’s historical disposition transactions. In addition, the Company does not expect the following accounting pronouncements to have a material effect on its consolidated financial statements: Accounting Standards Update Effective Date ASU 2017-09, “Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting” January 1, 2018 ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” January 1, 2018 ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” January 1, 2018 ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” January 1, 2019 ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” January 1, 2020 Recently Adopted Accounting Pronouncements On January 1, 2017, the Company early adopted Accounting Standards Update 2017-01 (“ASU 2017-01”), “Business Combinations (Topic 805): 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. ASU 2017-01 was 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, “Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships.”
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Investments in Real Estate and On-Campus Properties	Investments in Real Estate Investments in real estate are recorded at historical cost. Major improvements that extend the life of an asset are capitalized and depreciated over the remaining useful life of the asset. The cost of ordinary repairs and maintenance are charged to expense when incurred. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings and improvements 7-40 years Leasehold interest - on-campus participating properties 25-34 years (shorter of useful life or respective lease term) Furniture, fixtures and equipment 3-7 years Project costs directly associated with the development and construction of an owned real estate project, which include interest, property taxes, and amortization of deferred financing 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 $15.9 million , $12.3 million and $9.6 million was capitalized during the years ended December 31, 2017 , 2016 and 2015 , respectively. Management assesses whether there has been an impairment in the value of the Company’s investments in real estate whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment is recognized when estimated expected future undiscounted cash flows are less than the carrying value of the property, or when a property meets the criteria to be classified as held for sale, at which time an impairment charge is recognized for any excess of the carrying value of the property over the expected net proceeds from the disposal. The estimation of expected future net cash flows is inherently uncertain and relies on assumptions regarding current and future economics and market conditions. If such conditions change, then an adjustment to the carrying value of the Company’s long-lived assets could occur in the future period in which the conditions change. To the extent that a property is impaired, the excess of the carrying amount of the property over its estimated fair value is charged to earnings. The Company believes that there were no impairments of the carrying values of its investments in real estate as of December 31, 2017 , other than a $15.3 million impairment charge recorded during the second quarter 2017 for one property that is in the process of being transferred to the lender in settlement of the property’s $27.4 million mortgage loan that matured in August 2017 (see Note 10 ). 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–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. As discussed in more detail in Note 6 , concurrent with the classification of one of the Company’s owned properties as held for sale as of December 31, 2016 , the Company reduced the property’s carrying amount to its estimated fair value less estimated selling costs which resulted in an impairment charge. The Company did not have any properties classified as held for sale as of December 31, 2017 .
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company maintains cash balances in various banks. At times, the Company’s balances may exceed the amount insured by the FDIC. As the Company only uses money-centered financial institutions, the Company does not believe it is exposed to any significant credit risk related to its cash and cash equivalents.
Restricted Cash	Restricted Cash Restricted cash consists of funds held in trust and invested in low risk investments, generally consisting of government backed securities, as permitted by the indentures of trusts, which were established in connection with three bond issues for the Company’s on-campus participating properties. Additionally, restricted cash includes escrow accounts held by lenders and resident security deposits, as required by law in certain states. Restricted cash also consists of escrow deposits made in connection with potential property acquisitions and development opportunities. These escrow deposits are invested in interest-bearing accounts at federally-insured banks. Realized and unrealized gains and losses are not material for the periods presented.
Loans Receivable	Loans Receivable Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan purchase discounts, and net of an allowance for loan losses when such loan is deemed to be impaired. Loan purchase discounts are amortized over the term of the loan. The unamortized discount on the loans receivable was $2.6 million and $2.8 million as of December 31, 2017 and 2016 , respectively. The Company considers a loan impaired when, based upon current information and events, it is probable that it will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. Management’s estimate of the collectability of principal and interest payments under the Company’s loans receivable from CaPFA Capital Corp. 2000F (“CaPFA”), which mature in December 2040 and carry a balance, net of discount, of approximately $57.9 million and $58.5 million as of December 31, 2017 and 2016 , respectively, are highly dependent on the future operating performance of the properties securing the loans. As future economic conditions and/or market conditions at the properties change, management will continue to evaluate the collectability of such amounts. The Company believes there were no impairments of the carrying value of its loans receivable as of December 31, 2017 . Loans receivable are included in other assets on the accompanying consolidated balance sheets.
Intangible Assets	Intangible Assets A portion of the purchase price of acquired properties is allocated to the value of in-place leases for both student and commercial tenants, which is based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued “as-if” vacant. As lease terms for student leases are typically one year or less, rates on in-place leases generally approximate market rental rates. Factors considered in the valuation of in-place leases include an estimate of the carrying costs during the expected lease-up period considering current market conditions, nature of the tenancy, and costs to execute similar leases. Carrying costs include estimates of lost rentals at market rates during the expected lease-up period, as well as marketing and other operating expenses. The value of in-place leases is amortized over the remaining initial term of the respective leases. The purchase price of property acquisitions is not allocated to student tenant relationships, considering the terms of the leases and the expected levels of renewals. In connection with the property acquisitions and investments in joint ventures, discussed in Note 5 herein, the Company capitalized approximately $7.4 million , $0.6 million and $3.3 million for the years December 31, 2017 , 2016 and 2015 , respectively, related to management’s estimate of the fair value of in-place leases assumed. The net carrying amount of in-place leases at December 31, 2017 and 2016 was approximately $4.2 million and $1.3 million , respectively, and is included in other assets on the accompanying consolidated balance sheets. Amortization expense was approximately $4.5 million , $0.9 million and $3.7 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, and is included in depreciation and amortization expense in the accompanying consolidated statements of comprehensive income. As of December 31, 2017 , the remaining weighted average student and commercial in-place lease term was 3.0 years . See Note 5 herein for an expanded discussion of the property acquisitions completed during 2017 , 2016 and 2015 . For acquired properties subject to an in-place property tax incentive arrangement, a portion of the purchase price is allocated to the present value of expected future property tax savings over the projected incentive arrangement period. In connection with the property acquisitions discussed in Note 5 herein, the Company capitalized approximately $10.2 million , $3.6 million and $13.7 million for the years December 31, 2017 , 2016 and 2015 , respectively, related to management’s estimate of the fair value of in-place property tax incentive arrangements assumed. Unamortized in-place property tax incentive arrangements as of December 31, 2017 and 2016 were approximately $61.4 million and $55.1 million , respectively, and are included in other assets on the accompanying consolidated balance sheets. Amortization expense was approximately $3.3 million , $2.9 million and $2.8 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, and is included in owned properties operating expense in the accompanying consolidated statements of comprehensive income. As of December 31, 2017 , the remaining weighted average tax incentive arrangement period was 18.6 years . See Note 5 herein for an expanded discussion of the property acquisitions completed during 2017 , 2016 and 2015 .
Deferred Financing Costs	Deferred Financing Costs The Company defers financing costs and amortizes the costs over the terms of the related debt using the effective-interest method. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to earnings. In those instances when debt modifications do not include material changes to the terms of the underlying debt agreement, unamortized costs of the original instrument are added to the costs of the modification and amortized over the life of the modified debt using the effective interest method. Deferred financing costs, net of amortization, for the Company’s revolving credit facility are included in other assets on the accompanying consolidated balance sheets. Net deferred financing costs for the Company’s revolving credit facility at December 31, 2017 and 2016 were approximately $4.6 million and $1.4 million , respectively.
Redeemable Noncontrolling Interests	Redeemable Noncontrolling Interests The Company follows guidance issued by the FASB regarding the classification and measurement of redeemable securities. Under this guidance, securities that are redeemable for cash or other assets, at the option of the holder and not solely within the control of the issuer, must be classified outside of permanent equity as redeemable noncontrolling interests. The Company makes this determination based on terms in the applicable agreements, specifically in relation to redemption provisions. The Company initially records the redeemable noncontrolling interests at fair value. The carrying amount of the redeemable noncontrolling interest is subsequently adjusted to the redemption value (assuming the noncontrolling interest is redeemable at the balance sheet date), with the corresponding offset for changes in fair value recorded in additional paid in capital. Reductions in fair value are recorded only to the extent that the Company has previously recorded increases in fair value above the redeemable noncontrolling interests’ initial basis. As the changes in redemption value are based on fair value, there is no effect on the Company’s earnings per share. Redeemable noncontrolling interests on the accompanying consolidated balance sheets of ACC are referred to as redeemable limited partners on the consolidated balance sheets of the Operating Partnership. Refer to Note 9 for a more detailed discussion of redeemable noncontrolling interests for both ACC and the Operating Partnership.
Joint Ventures	Joint Ventures The Company consolidates joint ventures when it exhibits financial or operational control, which is determined using accounting standards related to the consolidation of joint ventures and VIEs. For joint ventures that are defined as VIEs, the primary beneficiary consolidates the entity. The Company considers itself to be the primary beneficiary of a VIE when it has the power to direct the activities that most significantly impact the performance of the VIE, such as management of day-to-day operations, preparing and approving operating and capital budgets, and encumbering or selling the related properties. In instances where the Company is not the primary beneficiary, it does not consolidate the joint venture for financial reporting purposes. For joint ventures that are not defined as VIEs, where the Company is the general partner, but does not control the joint venture as the other partners hold substantive participating rights, the Company uses the equity method of accounting. For joint ventures where the Company is a limited partner, management evaluates whether the Company holds substantive participating rights. In instances where the Company holds substantive participating rights in the joint venture, the Company consolidates the joint venture; otherwise it uses the equity method of accounting.
Presale Development Projects	Presale Development Projects As part of its development strategy, the Company enters into presale agreements to purchase various properties. Under the terms of these agreements, the Company is obligated to purchase the property as long as certain construction completion deadlines and other closing conditions are met. The Company is typically responsible for leasing, management, and initial operations of the project while the third-party developer retains development risk during the construction period. The entity that owns the property is deemed to be a VIE, and the Company is deemed to be the primary beneficiary of the VIE. As such, upon execution of the purchase and sale agreement, the Company records the assets, liabilities and noncontrolling interest of the entity owning the property at fair value.
Mortgage Debt - Premiums and Discounts	Mortgage Debt - Premiums and Discounts Mortgage debt premiums and discounts represent fair value adjustments to account for the difference between the stated rates and market rates of mortgage debt assumed in connection with the Company’s property acquisitions. The mortgage debt premiums and discounts are included in secured mortgage, construction, and bond debt on the accompanying consolidated balance sheets and are amortized to interest expense over the term of the related mortgage loans using the effective-interest method. The amortization of mortgage debt premiums and discounts resulted in a net decrease to interest expense of approximately $7.8 million , $12.0 million and $12.0 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. As of December 31, 2017 and 2016 , net unamortized mortgage debt premiums were approximately $19.0 million and $26.8 million , respectively. The Company did not have any unamortized debt discounts as of December 31, 2017 and 2016 .
Rental Revenues and Related Receivables	Rental Revenues and Related Receivables Students are required to execute lease contracts with payment schedules that vary from single to monthly payments. Receivables are recorded when billed, revenues and related lease incentives are recognized on a straight-line basis over the term of the contracts, and balances are considered past due when payment is not received on the contractual due date. The Company generally requires each executed contract to be accompanied by a signed parental guaranty, and in certain cases a refundable security deposit. Security deposits are refundable, net of any outstanding charges, upon expiration of the underlying contract. Allowances for receivables are established when management determines that collection of such receivables is doubtful. Management’s determination of the adequacy of the allowances is based primarily on an analysis of the aging of receivables, historical bad debts, and current economic trends. When management has determined receivables to be uncollectible, which is typically after two years , they are removed as an asset with a corresponding reduction in the allowance for doubtful accounts.
Tenant Reimbursements	Tenant Reimbursements Reimbursements from tenants, consisting of amounts due from tenants for utilities, are recognized as revenue in the period the recoverable costs are incurred. Tenant reimbursements are recognized and recorded on a gross basis, as the Company is generally the primary obligor with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the supplier, and has credit risk.
Third-Party Development Services Revenue	Third-Party Development Services Revenue Development revenues are generally recognized based on a proportional performance method based on contract deliverables, while construction revenues are recognized using the percentage of completion method, as determined by construction costs incurred relative to total estimated construction costs. For projects where the Company’s fee is based on a fixed price, any cost overruns incurred during construction, as compared to the original budget, will reduce the net fee generated on those projects. Incentive fees are recognized when the project is complete and performance has been agreed upon by all parties, or when performance has been verified by an independent third-party. The Company also evaluates the collectability of third-party fee income and expense reimbursements generated through the provision of development and construction management services based upon the individual facts and circumstances, including the contractual right to receive such amounts in accordance with the terms of the various projects, and reserves any amounts that are deemed to be uncollectible. Upon the adoption of ASU 2014-09 on January 1, 2019, there will be a change in the way the Company determines the unit of account for these projects. Although the adoption of ASU 2014-09 will have an impact on the timing and pattern of revenue recognition in relation to third-party development contracts, the Company has concluded it will not have a material effect on its consolidated financial statements. Refer to Recently Issued Accounting Pronouncements above for more details. 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, at which time the Company capitalizes the costs. Because the Company frequently incurs these pre-development expenditures before a financing commitment and/or required permits and authorizations have been obtained, the Company bears the risk of loss of these pre-development expenditures if financing cannot ultimately be arranged on acceptable terms or the Company is unable to successfully obtain the required permits and authorizations. As such, management evaluates the status of third-party and owned projects that have not yet commenced construction on a periodic basis and expenses any deferred costs related to projects whose current status indicates the commencement of construction is unlikely and/or the costs may not provide future value to the Company in the form of revenues. Such write-offs are included in third-party development and management services expenses (in the case of third-party development projects) or general and administrative expenses (in the case of owned development projects) on the accompanying consolidated statements of comprehensive income. As of December 31, 2017 , the Company has deferred approximately $4.7 million in pre-development costs related to third-party and owned development projects that have not yet commenced construction. Such costs are included in other assets on the accompanying consolidated balance sheets.
Third-Party Management Services Revenue	Third-Party Management Services Revenue Management fees are recognized when earned in accordance with each management contract. Incentive management fees are recognized when the incentive criteria have been met. The Company evaluates the collectability of revenue earned from third-party management contracts and reserves any amounts deemed to be uncollectible based on the individual facts and circumstances of the projects and associated contracts. Similar to its third-party development services revenue, the Company has concluded that the adoption of ASU 2014-09 will not have a material impact on its consolidated financial statements.
Advertising Costs	Advertising Costs Advertising costs are expensed during the period incurred, or as the advertising takes place, depending on the nature and term of the specific advertising arrangements. Advertising expense approximated $12.7 million , $12.8 million and $11.8 million for the years ended December 31, 2017 , 2016 and 2015 , respectively.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company records all derivative financial instruments on the balance sheet at fair value. Changes in fair value are recognized either in earnings or as other comprehensive income, depending on whether the derivative has been designated as a fair value or cash flow hedge and whether it qualifies as part of a hedging relationship, the nature of the exposure being hedged, and how effective the derivative is at offsetting movements in underlying exposure. The Company discontinues hedge accounting when: (i) it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item; (ii) the derivative expires or is sold, terminated, or exercised; (iii) it is no longer probable that the forecasted transaction will occur; or (iv) management determines that designating the derivative as a hedging instrument is no longer appropriate. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company will carry the derivative at its fair value on the balance sheet, recognizing changes in the fair value in current-period earnings. The Company uses interest rate swaps to effectively convert a portion of its floating rate debt to fixed rate, thus reducing the impact of rising interest rates on interest payments. These instruments are designated as cash flow hedges and the interest differential to be paid or received is accrued as interest expense. The Company’s counter-parties are major financial institutions.
Common Stock Issuances and Costs	Common Stock Issuances and Costs Specific incremental costs directly attributable to the Company’s equity offerings are deferred and charged against the gross proceeds of the offering. As such, underwriting commissions and other common stock issuance costs are reflected as a reduction of additional paid in capital.
Share-Based Compensation	Share-Based Compensation Compensation expense associated with share-based awards is recognized in the consolidated statements of comprehensive income based on the grant-date fair values net of the estimated forfeitures. Compensation expense is recognized over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. The estimated forfeitures included in compensation expense are based on historical experience and are adjusted to reflect actual forfeitures at the end of the vesting period.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted taxable income to its stockholders. As a REIT, the Company will generally not be subject to corporate level federal income tax on taxable income it currently distributes to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for the subsequent four taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local income and excise taxes on its income and property, and to federal income and excise taxes on its undistributed income. The Company owns two TRSs, one of which manages the Company’s non-REIT activities and each of which is subject to federal, state and local income taxes.
Owned on campus properties
Real Estate Properties [Line Items]
Investments in Real Estate and On-Campus Properties	Owned On-Campus Properties Under its ACE program, the Company, as lessee, has entered into ground/facility lease agreements with fifteen university systems to finance, construct, and manage 32 student housing properties. Seven properties were under construction as of December 31, 2017 with five scheduled to open for occupancy in Fall 2018 and two in Fall 2019. The terms of the leases, including extension options, range from 30 to 90 years, and the lessor has title to the land and in some cases any improvements placed thereon. In these cases, the Company’s involvement in construction requires the lessor’s post construction ownership of the improvements to be treated as a sale with a subsequent leaseback by the Company. However, these sale-leaseback transactions do not qualify for sale-leaseback accounting because of the Company’s continuing involvement in the constructed assets. As a result of the Company’s continuing involvement, these leases are accounted for by the deposit method, in which the assets subject to the ground/facility leases are reflected at historical cost, less amortization, and the financing obligations are reflected at the terms of the underlying financing.
On-campus participating properties
Real Estate Properties [Line Items]
Investments in Real Estate and On-Campus Properties	On-Campus Participating Properties The Company has entered into ground and facility leases with three university systems and colleges to finance, construct, and manage five on-campus student housing facilities. Under the terms of the leases, the lessor has title to the land and any improvements placed thereon. With the exception of the Company’s lease with West Virginia University, each lease terminates upon final repayment of the construction related financing, the amortization period of which is contractually stipulated. The Company’s involvement in construction requires the lessor’s post construction ownership of the improvements to be treated as a sale with a subsequent leaseback by the Company. The sale-leaseback transaction has been accounted for as a financing, and as a result, any fee earned during construction is deferred and recognized over the term of the lease. The resulting financing obligation is reflected at the terms of the underlying financing, i.e., interest is accrued at the contractual rates and principal reduces in accordance with the contractual principal repayment schedules. The entities that own the on-campus participating properties are determined to be VIEs, with the Company being the primary beneficiary. As such, the Company consolidates these properties for financial reporting purposes.

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Schedule of accounting pronouncements	In addition, the Company does not expect the following accounting pronouncements to have a material effect on its consolidated financial statements: Accounting Standards Update Effective Date ASU 2017-09, “Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting” January 1, 2018 ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” January 1, 2018 ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” January 1, 2018 ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” January 1, 2019 ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” January 1, 2020
Schedule of estimated useful lives of assets	Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings and improvements 7-40 years Leasehold interest - on-campus participating properties 25-34 years (shorter of useful life or respective lease term) Furniture, fixtures and equipment 3-7 years
Schedule of allowance for doubtful accounts	The allowance for doubtful accounts is summarized as follows: Balance, Beginning of Period Charged to Expense Write-Offs (1) Balance, End of Period Year ended December 31, 2015 $ 19,711 $ 10,115 $ (12,772 ) $ 17,054 Year ended December 31, 2016 $ 17,054 $ 9,195 $ (9,794 ) $ 16,455 Year ended December 31, 2017 $ 16,455 $ 6,753 $ (8,860 ) $ 14,348 (1) Write-offs include $3.1 million , $3.1 million , and $4.0 million during the years ended December 31, 2017 , 2016 , and 2015 , respectively, related to properties disposed of in prior years.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2017
Earnings Per Share Disclosure [Line Items]
Schedule of potentially dilutive securities not included in calculating diluted earnings per share	The following potentially dilutive securities were outstanding for the years ended December 31, 2017 , 2016 and 2015 , but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. Year Ended December 31, 2017 2016 2015 Common OP Units (Note 9) 1,019,186 1,231,500 — Preferred OP Units (Note 9) 77,513 90,763 109,775 Total potentially dilutive securities 1,096,699 1,322,263 109,775
Schedule of summary of elements used in calculating basic and diluted earnings per share	The following is a summary of the elements used in calculating basic and diluted earnings per share: Year Ended December 31, 2017 2016 2015 Numerator - basic earnings per share: Net income $ 70,121 $ 100,623 $ 118,061 Net income attributable to noncontrolling interests (1,083 ) (1,562 ) (2,070 ) Net income attributable to common stockholders 69,038 99,061 115,991 Amount allocated to participating securities (1,536 ) (1,338 ) (1,086 ) Net income attributable to common stockholders - $ 67,502 $ 97,723 $ 114,905 Numerator - diluted earnings per share: Net income attributable to common stockholders - basic $ 67,502 $ 97,723 $ 114,905 Net income attributable to Common OP Units — — 1,282 Net income attributable to common stockholders - diluted $ 67,502 $ 97,723 $ 116,187 Denominator: Basic weighted average common shares outstanding 135,141,423 129,228,748 111,987,361 Unvested restricted stock awards (Note 12) 860,962 789,981 680,980 Common OP Units (Note 9) — — 1,363,881 Diluted weighted average common shares outstanding 136,002,385 130,018,729 114,032,222 Year Ended December 31, 2017 2016 2015 Earnings per share: Net income attributable to common stockholders - Basic $ 0.50 $ 0.76 $ 1.03 Net income attributable to common stockholders - diluted $ 0.50 $ 0.75 $ 1.02
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Earnings Per Share Disclosure [Line Items]
Schedule of potentially dilutive securities not included in calculating diluted earnings per share	The following is a summary of the elements used in calculating basic and diluted earnings per unit: Year Ended December 31, 2017 2016 2015 Numerator - basic and diluted earnings per unit: Net income $ 70,121 $ 100,623 $ 118,061 Net income attributable to noncontrolling interests – partially owned properties (435 ) (456 ) (612 ) Series A preferred unit distributions (124 ) (146 ) (176 ) Amount allocated to participating securities (1,536 ) (1,338 ) (1,086 ) Net income attributable to common unitholders $ 68,026 $ 98,683 $ 116,187 Denominator: Basic weighted average common units outstanding 136,160,609 130,460,248 113,351,242 Unvested restricted stock awards (Note 12) 860,962 789,981 680,980 Diluted weighted average common units outstanding 137,021,571 131,250,229 114,032,222 Earnings per unit: Net income attributable to common unitholders - basic $ 0.50 $ 0.76 $ 1.03 Net income attributable to common unitholders - diluted $ 0.50 $ 0.75 $ 1.02

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Schedule of significant components of deferred tax assets and liabilities of TRSs	December 31, 2017 2016 Deferred tax assets: Fixed and intangible assets $ 750 $ 2,074 Net operating loss carryforwards 8,808 9,492 Prepaid and deferred income 1,459 2,417 Bad debt reserves 574 754 Accrued expenses and other 2,769 5,251 Stock compensation 2,017 2,866 Total deferred tax assets 16,377 22,854 Valuation allowance for deferred tax assets (16,293 ) (22,688 ) Deferred tax assets, net of valuation allowance 84 166 Deferred tax liability: Deferred financing costs 84 166 Net deferred tax liabilities $ — $ —
Schedule of significant components of income tax provision	Significant components of the Company’s income tax provision are as follows: Year Ended December 31, 2017 2016 2015 Current: Federal $ — $ — $ — State (989 ) (1,150 ) (1,242 ) Deferred: Federal — — — State — — — Total provision $ (989 ) $ (1,150 ) $ (1,242 )
Schedule of reconciliation of income tax attributable to continuing operations for the TRSs computed at the U.S. statutory rate to income tax provision	The reconciliation of income tax for the TRSs computed at the U.S. statutory rate to income tax provision is as follows: Year Ended December 31, 2017 2016 2015 Tax benefit at U.S. statutory rates on TRS income subject to tax $ 1,277 $ 2,303 $ 2,019 State income tax, net of federal income tax benefit 57 85 74 Effect of permanent differences and other 207 (88 ) (77 ) Deferred tax impact of tax reform (9,206 ) — — Decrease (increase) in valuation allowance 7,665 (2,300 ) (2,016 ) TRS income tax provision $ — $ — $ —
Schedule of distributions to shareholders	A schedule of per share distributions the Company paid and reported to its shareholders, which is unaudited, is set forth in the following table: Year Ended December 31, Tax Treatment of Distributions: 2017 2016 2015 Ordinary income $ 0.8316 $ 0.3541 $ 0.4658 Long-term capital gain (1) — 0.5145 0.5301 Return of capital 0.9084 0.7914 0.5841 Total per common share outstanding $ 1.7400 $ 1.6600 $ 1.5800 (1) Unrecaptured Sec. 1250 gains of $0.5383 and $0.5281 were reported for the years ended December 31, 2016 and 2015 , respectively. There was no unrecaptured Sec. 1250 gain reported for the year ended December 31, 2017 .

Acquisitions and Joint Ventur31

Acquisitions and Joint Venture Investments (Tables)	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Schedule of asset acquisitions	A list of the properties contributed to the Core Joint Ventures as part of the Core Transaction are as follows: Property Location Primary University Served Actual or Targeted Completion Date Beds Core JV I: The James Madison, WI University of Wisconsin - Madison August 2017 850 Hub U District Seattle Seattle, WA University of Washington September 2017 248 1,098 Core JV II: Hub Ann Arbor Ann Arbor, MI University of Michigan September 2018 310 Hub Flagstaff Flagstaff, AZ Northern Arizona University September 2018 591 Hub West Lafayette West Lafayette, IN Purdue University September 2018 599 1,500 2,598 A list of these properties is outlined below: Property Location Primary University Served Acquisition Date Beds The Arlie Arlington, TX University of Texas Arlington April 2017 598 TWELVE at U District Seattle, WA University of Washington June 2017 384 Bridges 11th Seattle, WA University of Washington October 2017 258 1,240 A list of these two properties acquired as part of the Core Transaction is as follows: Property Location Primary University Served Acquisition Date Beds The 515 Eugene, OR University of Oregon August 2017 513 State Fort Collins, CO Colorado State University August 2017 665 1,178
Schedule of recognized identified assets acquired and liabilities assumed	The following table summarizes the fair values of the assets acquired and liabilities assumed from the 2016 property acquisitions discussed above: 2016 Assets: Land $ 14,720 Buildings and improvements 54,162 Furniture, fixtures and equipment 2,736 Construction in progress 27,806 Intangible assets 4,442 Other assets — Total assets $ 103,866 Liabilities: Other liabilities (1,062 ) Net assets $ 102,804
Schedule of pro forma information	The unaudited pro forma information is provided for informational purposes only and is not indicative of results that would have occurred or which may occur in the future: Year Ended December 31, 2016 2015 Total revenues $ 789,942 $ 769,797 Net income attributable to common shareholders $ 99,941 $ 123,101

Investments in Owned Properti32

Investments in Owned Properties (Tables)	12 Months Ended
	Dec. 31, 2017
Owned Properties
Real Estate Properties [Line Items]
Schedule of real estate properties	Owned properties, both wholly-owned and those owned through investments in VIEs, consisted of the following: December 31, 2017 December 31, 2016 Wholly-Owned VIE Total Wholly-Owned VIE Total Land (1) $ 586,170 $ 60,821 $ 646,991 $ 563,037 $ 5,229 $ 568,266 Buildings and improvements 5,789,439 307,088 6,096,527 4,921,473 143,664 5,065,137 Furniture, fixtures and equipment 330,669 18,159 348,828 294,113 9,128 303,241 Construction in progress 293,542 99,503 393,045 347,575 1,923 349,498 6,999,820 485,571 7,485,391 6,126,198 159,944 6,286,142 Less accumulated depreciation (988,044 ) (46,983 ) (1,035,027 ) (815,053 ) (44,075 ) (859,128 ) Owned properties, net $ 6,011,776 $ 438,588 $ 6,450,364 $ 5,311,145 $ 115,869 $ 5,427,014 (2) (1) The land balance above includes undeveloped land parcels with book values of approximately $38.0 million and $38.5 million as of December 31, 2017 and 2016 , respectively. It also includes land totaling approximately $29.9 million and $61.2 million as of December 31, 2017 and 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 sheet at December 31, 2016 .

On-Campus Participating Prope33

On-Campus Participating Properties (Tables)	12 Months Ended
	Dec. 31, 2017
On-campus participating properties
Real Estate Properties [Line Items]
Schedule of real estate properties	On-campus participating properties are as follows: Lease Required Debt Historical Cost – December 31, Lessor/University Commencement Repayment 2017 2016 Texas A&M University System / Prairie View A&M University (1) 2/1/1996 9/1/2023 $ 44,364 $ 45,310 Texas A&M University System / Texas A&M International 2/1/1996 9/1/2023 6,923 7,215 Texas A&M University System / Prairie View A&M University (2) 10/1/1999 8/31/2025 27,802 28,627 8/31/2028 University of Houston System / University of Houston (3) 9/27/2000 8/31/2035 36,062 37,960 West Virginia University / West Virginia University 7/16/2013 7/16/2045 44,845 43,817 159,996 162,929 Less accumulated amortization (78,192 ) (77,132 ) On-campus participating properties, net $ 81,804 $ 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.

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 2017
Noncontrolling Interest [Abstract]
Schedule of summarized activity of redeemable limited partners	Below is a table summarizing the activity of redeemable noncontrolling interests (ACC) / redeemable limited partners (Operating Partnership) for the years ended December 31, 2017 and 2016 , which includes both the redeemable joint venture partners and OP Units discussed above: Balance, December 31, 2015 $ 59,511 Net income 1,106 Distributions (2,141 ) Conversion of redeemable limited partner units into shares of ACC common stock (11,335 ) Adjustments to reflect redeemable limited partner units at fair value 7,937 Balance, December 31, 2016 $ 55,078 Net income 654 Distributions (77,031 ) Conversion of redeemable limited partner units into shares of ACC common stock (154 ) Contributions from noncontrolling interests 162,794 Adjustments to reflect redeemable limited partner units at fair value (9,172 ) Balance, December 31, 2017 $ 132,169

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of outstanding consolidated indebtedness and summary of senior 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 October 2017 400,000 99.912 3.625% 3.635% 352 10 $ 1,600,000 $ 3,028 (1) The yield includes effect of the amortization of the interest rate swap terminations (see Note 13 for details). A summary of the Company’s outstanding consolidated indebtedness, including unamortized debt premiums and discounts, is as follows: December 31, 2017 2016 Debt secured by owned properties: Mortgage loans payable: Unpaid principal balance $ 496,557 $ 559,642 Unamortized deferred financing costs (2,144 ) (3,040 ) Unamortized debt premiums 19,006 26,830 513,419 583,432 Construction loans payable (1) 51,780 — Unamortized deferred financing costs (888 ) — 564,311 583,432 Debt secured by on-campus participating properties: Mortgage loans payable (2) 69,776 71,662 Bonds payable 30,575 33,870 Unamortized deferred financing costs (642 ) (769 ) 99,709 104,763 Total secured mortgage, construction and bond debt 664,020 688,195 Unsecured notes, net of unamortized OID and deferred financing costs (3) 1,585,855 1,188,737 Unsecured term loans, net of unamortized deferred financing costs (4) 647,044 149,065 Unsecured revolving credit facility 127,600 99,300 Total debt, net $ 3,024,519 $ 2,125,297 (1) Construction loans payable relates to construction loans partially financing the development of four in-process development properties. These properties are owned by entities determined to be VIEs for which the Company is the primary beneficiary. The creditors of these construction loans do not have recourse to the assets of the Company. (2) Mortgage loans payable related to on-campus participating properties do not have recourse to the assets of the Company. (3) Includes net unamortized original issue discount (“OID”) of $1.9 million at both December 31, 2017 and 2016 , and net unamortized deferred financing costs of $12.2 million at December 31, 2017 and $9.3 million at December 31, 2016 . (4) Includes net unamortized deferred financing costs of $3.0 million at December 31, 2017 and $0.9 million at December 31, 2016 .
Schedule of mortgage and construction loans payable	Mortgage and construction loans payable, excluding debt premiums and discounts, consisted of the following as of December 31, 2017 : December 31, 2017 Principal Outstanding Weighted Weighted Number of December 31, Average Average Properties 2017 2016 Interest Rate Years to Maturity Encumbered Fixed Rate: Mortgage loans payable (1) 566,333 $ 631,304 4.64 % 5.3 Years 20 Variable Rate: Construction loans payable (2) 51,780 — 4.41 % — 0.7 Years 4 Total $ 618,113 $ 631,304 4.62 % 4.9 Years 24 (1) Fixed rate mortgage loans payable mature at various dates from June 2018 through July 2045 and carry interest rates ranging from 3.05% to 6.43% at December 31, 2017 . (2) Variable rate construction loans mature upon completion of the development projects in August and September 2018 and carry interest rates based on LIBOR plus a spread, which translate into interest rates ranging from 3.93% to 4.90% at December 31, 2017 .
Schedule of debt transactions	During the year ended December 31, 2017 , the following transactions occurred: Mortgage Loans Payable (1) Construction Loans Payable Balance, December 31, 2016 $ 631,304 $ — Additions: Construction notes payable - Core Joint Ventures (2) — 104,056 Draws under advancing construction notes payable — 40,170 Deductions: Pay-off of maturing mortgage notes payable (3) (55,514 ) — Pay-off of construction debt - Core Joint Ventures (2) — (92,446 ) Scheduled repayments of principal (9,457 ) — Balance, December 31, 2017 $ 566,333 $ 51,780 (1) Balance excludes unamortized debt premiums and discounts. (2) Includes construction debt associated with the Company’s initial investment in the Core Joint Ventures. Construction debt associated with Core JV I, totaling $92.4 million , was paid off with proceeds from the Company’s initial investment in the joint venture (see Note 5 ). (3) The Company paid off fixed rate mortgage debt nearing maturity secured by two owned properties.
Schedule of bonds payable	Bonds payable at December 31, 2017 consisted of the following: Principal Weighted Required Series Mortgaged Facilities Subject to Leases Original December 31, 2017 Average Rate Maturity Date Monthly Debt Service 1999 University Village-PVAMU/TAMIU $ 39,270 $ 16,875 7.76 % September 2023 $ 302 2001 University College–PVAMU 20,995 11,075 7.62 % August 2025 158 2003 University College–PVAMU 4,325 2,625 6.16 % August 2028 28 Total/weighted average rate $ 64,590 $ 30,575 7.57 % $ 488
Schedule of debt maturities	The following table summarizes the stated debt maturities and scheduled amortization payments, excluding debt premiums and discounts, for each of the five years subsequent to December 31, 2017 and thereafter: 2018 $ 497,523 (1) 2019 13,036 2020 455,046 2021 382,147 2022 360,038 Thereafter 1,318,498 $ 3,026,288 (1) 2018 includes $51.8 million related to construction loans used to finance the development and construction of four in-process development properties held by entities determined to be VIEs. These loans are an obligation of the third-party developers and will be paid off with proceeds from the Company’s investment in the properties, which is expected to occur upon the successful completion and delivery of the properties in August and September 2018 (see Note 5 and Note 16 ).

Stockholders' Equity _ Partne36

Stockholders' Equity / Partners' Capital (Tables)	12 Months Ended
	Dec. 31, 2017
Stockholders' Equity Note [Abstract]
Summary of Equity Program Activity	The following table presents activity under the Company’s ATM Equity Program: Year Ended December 31, 2017 2016 Total net proceeds $ 188,538 $ 75,090 Commissions paid to sales agents $ 2,374 $ 953 Weighted average price per share $ 48.34 $ 51.07 Shares of common stock sold 3,949,356 1,489,000

Incentive Award Plan (Tables)

Incentive Award Plan (Tables)	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of summary of restricted stock units	A summary of ACC’s RSUs under the Plan for the years ended December 31, 2017 and 2016 and activity during the year then ended is presented below: Number of RSUs Weighted-Average Grant Date Fair Value Per RSU Outstanding at December 31, 2015 — $ — Granted 18,908 46.81 Settled in common shares (15,524 ) 46.87 Settled in cash (3,384 ) 46.55 Outstanding at December 31, 2016 — $ — Granted 18,221 46.67 Settled in common shares (16,295 ) 46.65 Settled in cash (1,926 ) 46.76 Outstanding at December 31, 2017 — $ —
Schedule of summary of restricted stock awards	A summary of the Company’s RSAs under the Plan for the years ended December 31, 2017 and 2016 is presented below: Number of RSAs Weighted-Average Grant Date Fair Value Per RSA Nonvested balance at December 31, 2015 655,925 $ 41.12 Granted 332,717 41.41 Vested (127,352 ) 40.19 Forfeited (88,189 ) 40.47 Nonvested balance at December 31, 2016 773,101 $ 41.47 Granted 344,688 48.55 Vested (193,186 ) 42.29 Forfeited (113,733 ) 42.36 Nonvested balance at December 31, 2017 810,870 $ 44.16

Derivative Instruments and He38

Derivative Instruments and Hedging Activities (Tables)	12 Months Ended
	Dec. 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 December 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 $ 13,698 $ (95 ) Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month 13,839 (96 ) Park Point mortgage loan Nov 1, 2013 Oct 5, 2018 1.5450% LIBOR - 1 month 70,000 87 Total $ 97,537 $ (104 )
Schedule of fair value of derivative financial instruments and classification on consolidated balance sheet	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2017 and 2016 : Asset Derivatives Liability Derivatives Fair Value as of Fair Value as of Description Balance Sheet Location December 31, 2017 December 31, 2016 Balance Sheet Location December 31, 2017 December 31, 2016 Interest rate swap contracts Other assets $ 87 $ — Other liabilities $ 191 $ 1,099 Total derivatives designated $ 87 $ — $ 191 $ 1,099

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	12 Months Ended
	Dec. 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 December 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 Assets: Derivative financial $ — $ 87 $ — $ 87 $ — $ — $ — $ — Liabilities: Derivative financial instruments $ — $ 191 $ — $ 191 $ — $ 1,099 $ — $ 1,099 Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) $ — $ 44,503 $ 87,666 $ 132,169 $ — $ 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 December 31, 2017 and 2016 : December 31, 2017 December 31, 2016 Estimated Fair Value Carrying Amount Estimated Fair Value Carrying Amount Assets: Loans receivable $ 54,140 $ 57,948 $ 54,396 $ 58,539 Liabilities: Unsecured notes $ 1,620,839 $ 1,585,855 (1) $ 1,211,344 $ 1,188,737 (1) Mortgage loans $ 571,676 $ 582,927 (2) $ 644,617 $ 654,794 (2) Bonds payable $ 32,552 $ 30,201 $ 37,066 $ 33,401 (1) Includes net unamortized OID and net unamortized deferred financing costs (see Note 10 ). (2) Includes net unamortized debt premiums and discounts and net unamortized deferred financing costs (see Note 10 ).

Lease Commitments (Tables)

Lease Commitments (Tables)	12 Months Ended
	Dec. 31, 2017
Leases [Abstract]
Future minimum commitments for operating leases	Future minimum commitments over the life of all leases, which exclude variable rent payments, are as follows: Operating 2018 $ 8,568 2019 9,719 2020 10,159 2021 9,186 2022 9,186 Thereafter 372,397 Total minimum lease payments $ 419,215

Segments (Tables)

Segments (Tables)	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Schedule of Segment Information	Year Ended December 31, 2017 2016 2015 Owned Properties Rental revenues and other income $ 741,909 $ 738,598 $ 708,018 Interest income 1,545 1,170 1,071 Total revenues from external customers 743,454 739,768 709,089 Operating expenses before depreciation, amortization, and ground/facility lease expense (332,429 ) (337,296 ) (331,836 ) Ground/facility leases (7,372 ) (6,158 ) (5,297 ) Interest expense, net (1) (3,659 ) (18,552 ) (30,147 ) Operating income before depreciation and amortization $ 399,994 $ 377,762 $ 341,809 Depreciation and amortization $ 223,939 $ 200,934 $ 198,986 Capital expenditures $ 617,552 $ 485,726 $ 316,468 Total segment assets at December 31, $ 6,691,758 $ 5,672,360 $ 5,804,068 On-Campus Participating Properties Rental revenues and other income $ 33,945 $ 33,433 $ 31,586 Interest income 65 10 2 Total revenues from external customers 34,010 33,443 31,588 Operating expenses before depreciation, amortization, and ground/facility lease expense (14,384 ) (13,447 ) (12,437 ) Ground/facility lease (2,841 ) (3,009 ) (2,935 ) Interest expense, net (1) (5,264 ) (5,539 ) (5,833 ) Operating income before depreciation and amortization $ 11,521 $ 11,448 $ 10,383 Depreciation and amortization $ 7,536 $ 7,343 $ 7,034 Capital expenditures $ 3,533 $ 2,944 $ 2,943 Total segment assets at December 31, $ 100,031 $ 103,256 $ 104,641 Development Services Development and construction management fees $ 10,761 $ 4,606 $ 4,964 Operating expenses (7,618 ) (7,530 ) (8,119 ) Operating income (loss) before depreciation and amortization $ 3,143 $ (2,924 ) $ (3,155 ) Total segment assets at December 31, $ 6,726 $ 2,601 $ 1,730 Property Management Services Property management fees from external customers $ 9,832 $ 9,724 $ 8,813 Operating expenses (7,607 ) (7,003 ) (6,227 ) Operating income before depreciation and amortization $ 2,225 $ 2,721 $ 2,586 Total segment assets at December 31, $ 7,576 $ 7,997 $ 9,432 Reconciliations Total segment revenues and other income $ 798,057 $ 787,541 $ 754,454 Unallocated interest income earned on investments and corporate cash 3,335 4,301 3,348 Total consolidated revenues, including interest income $ 801,392 $ 791,842 $ 757,802 Segment operating income before depreciation and amortization $ 416,883 $ 389,007 $ 351,623 Depreciation and amortization (239,574 ) (217,907 ) (214,338 ) Net unallocated expenses relating to corporate interest and overhead (90,250 ) (72,788 ) (69,299 ) (Loss) gain from disposition of real estate (632 ) 21,197 52,699 Provision for real estate impairment (15,317 ) (4,895 ) — Other nonoperating income — — 388 Loss from early extinguishment of debt — (12,841 ) (1,770 ) Income tax provision (989 ) (1,150 ) (1,242 ) Net income $ 70,121 $ 100,623 $ 118,061 Total segment assets $ 6,806,091 $ 5,786,214 $ 5,919,871 Unallocated corporate assets 91,279 79,699 86,377 Total assets at December 31, $ 6,897,370 $ 5,865,913 $ 6,006,248 (1) Net of capitalized interest and amortization of debt premiums.

Quarterly Financial Informati42

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Document Information [Line Items]
Schedule of quarterly financial information	The information presented below represents the quarterly consolidated financial results of the Company for the years ended December 31, 2017 and 2016 . 2017 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 192,938 $ 179,008 $ 196,938 $ 227,563 $ 796,447 Operating income 49,219 12,610 17,575 63,134 142,538 Net income (loss) 34,449 (2,653 ) (1,233 ) 39,558 70,121 Net income attributable to noncontrolling interests (399 ) (109 ) (79 ) (496 ) (1,083 ) Net income (loss) attributable to ACC, Inc. and Subsidiaries common stockholders $ 34,050 $ (2,762 ) $ (1,312 ) $ 39,062 $ 69,038 Net income (loss) attributable to common stockholders per share - basic $ 0.25 $ (0.02 ) $ (0.01 ) $ 0.28 $ 0.50 Net income (loss) attributable to common stockholders per share - diluted $ 0.25 $ (0.02 ) $ (0.01 ) $ 0.28 $ 0.50 2016 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 199,995 $ 185,983 $ 196,411 $ 203,972 $ 786,361 Operating income 53,035 39,106 29,278 51,724 173,143 Net income 46,209 18,765 9,845 25,804 100,623 Net income attributable to noncontrolling interests (622 ) (327 ) (201 ) (412 ) (1,562 ) Net income attributable to ACC, Inc. and Subsidiaries common stockholders $ 45,587 $ 18,438 $ 9,644 $ 25,392 $ 99,061 Net income attributable to common stockholders per share - basic $ 0.37 $ 0.14 $ 0.07 $ 0.19 $ 0.76 (1) Net income attributable to common stockholders per share - diluted $ 0.36 $ 0.14 $ 0.07 $ 0.19 $ 0.75 (1) (1) Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year.
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Document Information [Line Items]
Schedule of quarterly financial information	The information presented below represents the quarterly consolidated financial results of the Operating Partnership for the years ended December 31, 2017 and 2016 . 2017 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 192,938 $ 179,008 $ 196,938 $ 227,563 $ 796,447 Operating income 49,219 12,610 17,575 63,134 142,538 Net income (loss) 34,449 (2,653 ) (1,233 ) 39,558 70,121 Net income attributable to noncontrolling interests (105 ) (97 ) (57 ) (176 ) (435 ) Series A preferred unit distributions (31 ) (31 ) (31 ) (31 ) (124 ) Net income (loss) available to common unitholders $ 34,313 $ (2,781 ) $ (1,321 ) $ 39,351 $ 69,562 Net income (loss) per unit attributable to common unitholders - basic $ 0.25 $ (0.02 ) $ (0.01 ) $ 0.28 $ 0.50 Net income (loss) per unit attributable to common unitholders - diluted $ 0.25 $ (0.02 ) $ (0.01 ) $ 0.28 $ 0.50 2016 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 199,995 $ 185,983 $ 196,411 $ 203,972 $ 786,361 Operating income 53,035 39,106 29,278 51,724 173,143 Net income 46,209 18,765 9,845 25,804 100,623 Net income attributable to noncontrolling interests (104 ) (104 ) (77 ) (171 ) (456 ) Series A preferred unit distributions (42 ) (37 ) (36 ) (31 ) (146 ) Net income available to common unitholders $ 46,063 $ 18,624 $ 9,732 $ 25,602 $ 100,021 Net income per unit attributable to common unitholders - basic $ 0.37 $ 0.14 $ 0.07 $ 0.19 $ 0.76 (1) Net income per unit attributable to common unitholders - diluted $ 0.36 $ 0.14 $ 0.07 $ 0.19 $ 0.75 (1) (1) Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year.

Organization and Description 43

Organization and Description of Business - Narrative (Details)	12 Months Ended
	Dec. 31, 2017university_systemPropertyBed	Aug. 31, 2017Bed	Jun. 30, 2017Bed
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of properties	169
Number of beds | Bed	104,100	1,178
Minimum
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Initial terms of contract	1 year
Maximum
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Initial terms of contract	5 years
Owned Properties
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of beds | Bed			1,240
Management and leasing services
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of properties	37
Number of beds | Bed	30,000
Third-party managed portfolio
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of properties	206
Number of beds | Bed	134,100
Off campus properties | Owned Properties
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of properties	132
On-campus participating properties | Owned Properties
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of properties	5
Number of university systems | university_system	3
Under development | Owned Properties
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of beds | Bed	9,400
Owned on campus properties | American campus equity
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of student housing properties	32
Number of university systems | university_system	15
Number of properties under construction	7
Owned on campus properties | Under development
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of properties under construction	13
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Limited partner ownership interest (percent)	99.20%
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Maximum
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Ownership interest (percent)	1.00%

Summary of Significant Accoun44

Summary of Significant Accounting Policies - Narrative (Details)	1 Months Ended	3 Months Ended	12 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)university_systemofferingEntityProperty	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	May 31, 2017USD ($)
Significant Accounting Policies [Line Items]
Capitalized interest			$ 15,900,000	$ 12,300,000	$ 9,600,000
Provision for real estate impairment			15,317,000	4,895,000	0
Secured mortgage, construction and bond debt, net			$ 664,020,000	688,195,000
Number of properties | Property			169
Unamortized discount on loans receivable			$ 2,600,000	2,800,000
Impairment of loans receivable			0
Net carrying amount of in-pace leases			$ 4,200,000	1,300,000
Weighted average in-place lease term			2 years 11 months 20 days
Deferred finance costs			$ 4,600,000	1,400,000
Amount of pre-development costs deferred			4,700,000
Advertising costs			$ 12,700,000	12,800,000	11,800,000
Number of entities | Entity			2
In-place leases
Significant Accounting Policies [Line Items]
Lease term			1 year
Capitalized amount of acquired intangible assets			$ 7,400,000	600,000	3,300,000
Amortization expense of acquired intangible assets			4,500,000	900,000	3,700,000
Property tax abatement
Significant Accounting Policies [Line Items]
Capitalized amount of acquired intangible assets			10,200,000	3,600,000	13,700,000
Amortization expense of acquired intangible assets			3,300,000	2,900,000	2,800,000
Unamortized tax abatement			$ 61,400,000	55,100,000
Weighted average tax abatement period			18 years 7 months 9 days
Mortgages
Significant Accounting Policies [Line Items]
Provision for real estate impairment	$ 15,300,000	$ 15,300,000
Secured mortgage, construction and bond debt, net	$ 27,400,000	$ 27,400,000				$ 27,400,000
Amortization of debt discounts (premiums)			$ (7,800,000)	(12,000,000)	12,000,000
Net unamortized debt premiums			$ 19,000,000	26,800,000
Senior notes
Significant Accounting Policies [Line Items]
Number of debt offerings | offering			4
Amount			$ 1,600,000,000
Unsecured notes | Senior notes
Significant Accounting Policies [Line Items]
Net unamortized debt discounts			1,900,000	1,900,000
Interest expense | Senior notes
Significant Accounting Policies [Line Items]
Amortization of debt discounts (premiums)			300,000	300,000	$ 200,000
Carrying Amount
Significant Accounting Policies [Line Items]
Loans receivable			$ 57,948,000	58,539,000
Accounting Standards Update 2014-09
Significant Accounting Policies [Line Items]
Percentage of revenue, excluded from evaluation			95.00%
Percentage of revenue, included in evaluation			5.00%
Owned on campus properties | American campus equity
Significant Accounting Policies [Line Items]
Number of university systems | university_system			15
Number of student housing properties | Property			32
Number of properties under construction | Property			7
Owned on campus properties | Under development
Significant Accounting Policies [Line Items]
Number of properties under construction | Property			13
On-campus participating properties
Significant Accounting Policies [Line Items]
Number of university systems | university_system			3
Owned Properties
Significant Accounting Policies [Line Items]
Secured mortgage, construction and bond debt, net			$ 564,311,000	583,432,000
Owned Properties | Mortgages
Significant Accounting Policies [Line Items]
Secured mortgage, construction and bond debt, net			513,419,000	583,432,000
Net unamortized debt premiums			$ 19,006,000	$ 26,830,000
Owned Properties | Owned on campus properties | Under development
Significant Accounting Policies [Line Items]
Number of properties scheduled to be open for occupancy in fall 2018 | Property			5
Number of properties scheduled to be open for occupancy in fall 2019 | Property			2
Owned Properties | On-campus participating properties
Significant Accounting Policies [Line Items]
Number of university systems | university_system			3
Number of properties | Property			5
Minimum | Owned on campus properties | American campus equity
Significant Accounting Policies [Line Items]
Term of agreement			30 years
Maximum | Owned on campus properties | American campus equity
Significant Accounting Policies [Line Items]
Term of agreement			90 years

Summary of Significant Accoun45

Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	12 Months Ended
	Dec. 31, 2017
Buildings and improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful Life	7 years
Buildings and improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful Life	40 years
Furniture, fixtures and equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful Life	3 years
Furniture, fixtures and equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful Life	7 years
On-campus participating properties | Leasehold interest | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful Life	25 years
On-campus participating properties | Leasehold interest | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful Life	34 years

Summary of Significant Accoun46

Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance, Beginning of Period	$ 16,455	$ 17,054	$ 19,711
Charged to Expense	6,753	9,195	10,115
Write-Offs	(8,860)	(9,794)	(12,772)
Balance, End of Period	14,348	16,455	17,054
Write-offs related to properties disposed of in prior years	$ 3,100	$ 3,100	$ 4,000

Earnings Per Share - Potentiall

Earnings Per Share - Potentially dilutive securities not included in calculating diluted earnings per share (Details) - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	1,096,699	1,322,263	109,775
Common OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	1,019,186	1,231,500	0
Preferred OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	77,513	90,763	109,775

Earnings Per Share - Summary of

Earnings Per Share - Summary of Elements Used in Calculating Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Numerator - basic earnings per share:
Net income	$ 39,558	$ (1,233)	$ (2,653)	$ 34,449	$ 25,804	$ 9,845	$ 18,765	$ 46,209	$ 70,121	$ 100,623	$ 118,061
Net income attributable to noncontrolling interests	(496)	(79)	(109)	(399)	(412)	(201)	(327)	(622)	(1,083)	(1,562)	(2,070)
Net income (loss) attributable to ACC, Inc. and Subsidiaries common stockholders	$ 39,062	$ (1,312)	$ (2,762)	$ 34,050	$ 25,392	$ 9,644	$ 18,438	$ 45,587	69,038	99,061	115,991
Amount allocated to participating securities									(1,536)	(1,338)	(1,086)
Net income attributable to common unitholders									67,502	97,723	114,905
Numerator - diluted earnings per share:
Net income attributable to common stockholders - basic									67,502	97,723	114,905
Net income attributable to Common OP Units									0	0	1,282
Net income attributable to common stockholders - diluted									$ 67,502	$ 97,723	$ 116,187
Denominator:
Basic weighted average common shares outstanding (shares)									135,141,423	129,228,748	111,987,361
Diluted weighted average common shares outstanding (shares)									136,002,385	130,018,729	114,032,222
Earnings per share:
Net income attributable to common stockholders - Basic (in dollars per share)									$ 0.50	$ 0.76	$ 1.03
Net income attributable to common stockholders - diluted (in dollars per share)									$ 0.50	$ 0.75	$ 1.02
Unvested restricted stock awards
Denominator:
Potentially dilutive securities (shares)									860,962	789,981	680,980
Common OP units
Denominator:
Potentially dilutive securities (shares)									0	0	1,363,881

Earnings Per Share - Summary 49

Earnings Per Share - Summary of Elements Used in Calculating Basic and Diluted Earnings per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Numerator - basic and diluted earnings per unit:
Net income	$ 39,558	$ (1,233)	$ (2,653)	$ 34,449	$ 25,804	$ 9,845	$ 18,765	$ 46,209	$ 70,121	$ 100,623	$ 118,061
Net income attributable to noncontrolling interests	(496)	(79)	(109)	(399)	(412)	(201)	(327)	(622)	(1,083)	(1,562)	(2,070)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Numerator - basic and diluted earnings per unit:
Net income	39,558	(1,233)	(2,653)	34,449	25,804	9,845	18,765	46,209	70,121	100,623	118,061
Net income attributable to noncontrolling interests	(176)	(57)	(97)	(105)	(171)	(77)	(104)	(104)	(435)	(456)
Series A preferred unit distributions	$ (31)	$ (31)	$ (31)	$ (31)	$ (31)	$ (36)	$ (37)	$ (42)	(124)	(146)	(176)
Amount allocated to participating securities									(1,536)	(1,338)	(1,086)
Net income attributable to common stockholders - basic									$ 68,026	$ 98,683	$ 116,187
Denominator:
Basic weighted average common units outstanding (units)									136,160,609	130,460,248	113,351,242
Diluted weighted average common units outstanding (units)									137,021,571	131,250,229	114,032,222
Earnings per unit:
Net income attributable to common unitholders - basic (in dollars per unit)									$ 0.50	$ 0.76	$ 1.03
Net income attributable to common unitholders - diluted (in dollars per unit)									$ 0.50	$ 0.75	$ 1.02
Unvested restricted stock awards | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Denominator:
Potentially dilutive securities (shares)									860,962	789,981	680,980
Partially-owned properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Numerator - basic and diluted earnings per unit:
Net income attributable to noncontrolling interests									$ (435)	$ (456)	$ (612)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Taxes [Line Items]
Loss subject to TRS earnings tax	$ (71,110)	$ (101,773)	$ (119,303)
TRS
Income Taxes [Line Items]
Loss subject to TRS earnings tax	8,400	$ 3,800	$ 3,300
Net operating loss carryforwards	$ 38,200

Income Taxes - Components of de

Income Taxes - Components of deferred tax assets and liabilities of TRSs (Details) - TRS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets:
Fixed and intangible assets	$ 750	$ 2,074
Net operating loss carryforwards	8,808	9,492
Prepaid and deferred income	1,459	2,417
Bad debt reserves	574	754
Accrued expenses and other	2,769	5,251
Stock compensation	2,017	2,866
Total deferred tax assets	16,377	22,854
Valuation allowance for deferred tax assets	(16,293)	(22,688)
Deferred tax assets, net of valuation allowance	84	166
Deferred tax liability:
Deferred financing costs	84	166
Net deferred tax liabilities	$ 0	$ 0

Income Taxes - Components of in

Income Taxes - Components of income tax provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current:
Federal	$ 0	$ 0	$ 0
State	(989)	(1,150)	(1,242)
Deferred:
Federal	0	0	0
State	0	0	0
Total provision	$ (989)	$ (1,150)	$ (1,242)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of income tax attributable to continuing operations for TRSs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Taxes [Line Items]
TRS income tax provision	$ 989	$ 1,150	$ 1,242
TRS
Income Taxes [Line Items]
Tax benefit at U.S. statutory rates on TRS income subject to tax	1,277	2,303	2,019
State income tax, net of federal income tax benefit	57	85	74
Effect of permanent differences and other	207	(88)	(77)
Deferred tax impact of tax reform	(9,206)	0	0
Decrease (increase) in valuation allowance	7,665	(2,300)	(2,016)
TRS income tax provision	$ 0	$ 0	$ 0

Income Taxes - Tax treatment of

Income Taxes - Tax treatment of distributions to shareholders (Details) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Ordinary income (in dollars per share)	$ 0.8316	$ 0.3541	$ 0.4658
Long-term capital gain (in dollars per share)	0	0.5145	0.5301
Return of capital (in dollars per share)	0.9084	0.7914	0.5841
Total per common share outstanding (in dollars per share)	1.74	1.66	1.58
Unrecaptured Section 1250 gains (in dollars per share)	$ 0	$ 0.5383	$ 0.5281

Acquisitions and Joint Ventur55

Acquisitions and Joint Venture Investments - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended					12 Months Ended
	Aug. 31, 2017USD ($)PropertyBed	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)Property	Dec. 31, 2017Propertyland_parcelBed	Sep. 30, 2017USD ($)PropertyBed	Dec. 31, 2017USD ($)Propertyland_parcelBed	Dec. 31, 2016USD ($)PropertyBed	Dec. 31, 2015USD ($)PropertyBed$ / Unitshares	Sep. 30, 2018Bed	Jun. 30, 2017Bed
Business Acquisition [Line Items]
Number of properties | Property					169		169
Payments to acquire land							$ 8,886	$ 856	$ 49,927
Construction loan paid off at closing							$ 12,842	15,120	14,450
Number of beds | Bed	1,178				104,100		104,100
Cash paid for asset acquisitions							$ 366,655	$ 102,804	$ 291,352
Owned Properties
Business Acquisition [Line Items]
Number of beds | Bed											1,240
In-process development properties
Business Acquisition [Line Items]
Number of properties | Property						3		2
Number of beds | Bed					2,598		2,598
Amount expected to be invested						$ 590,600
Construction Loans | Owned Properties
Business Acquisition [Line Items]
Construction loan paid off at closing						$ 92,400
Scenario, Forecast | In-process development properties
Business Acquisition [Line Items]
Limited partner ownership interest (percent)				58.00%
Number of properties | Property				3
Asset acquisition, consideration transferred		$ 68,800		$ 24,200
2016 Property Acquisitions | Owned Properties
Business Acquisition [Line Items]
Number of properties | Property								2
Number of beds | Bed								709
Total purchase price								$ 63,100
2016 Property Acquisitions | In-process development properties
Business Acquisition [Line Items]
Number of properties | Property								2
Number of beds | Bed								1,333
Total purchase price								$ 39,600
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Net assets acquired								102,800
Series of Individually Immaterial Business Acquisitions | Owned Properties
Business Acquisition [Line Items]
Number of properties | Property									8
Number of beds | Bed									4,061
Total purchase price								102,700	$ 378,300
Mortgage debt									$ 69,400
Series of Individually Immaterial Business Acquisitions | Common OP units | Owned Properties
Business Acquisition [Line Items]
Equity issued as part of business acquisition (in shares) | shares									343,895
Equity issued as part of business acquisition (in dollars per share) | $ / Unit									41.24
The Edge - Stadium Centre | Owned Properties | Pre-Sale Arrangement
Business Acquisition [Line Items]
Total purchase price								$ 42,600
The Court | Owned Properties | Pre-Sale Arrangement
Business Acquisition [Line Items]
Total purchase price									$ 26,500
Core Joint Venture I | In-process development properties
Business Acquisition [Line Items]
Limited partner ownership interest (percent)						67.00%
Number of properties | Property						2
Asset acquisition, consideration transferred						$ 135,700
Number of beds | Bed					1,098		1,098
Core Joint Venture II | Scenario, Forecast | In-process development properties
Business Acquisition [Line Items]
Number of beds | Bed										1,500
Total purchase price				$ 130,600
Core Transaction
Business Acquisition [Line Items]
Number of student housing properties | Property						7
Limited partner ownership interest (percent)	100.00%				100.00%	100.00%
Number of properties | Property	2					2
Number of operating properties purchased through joint venture arrangement | Property						2
Asset acquisition, consideration transferred	$ 146,100					$ 306,000
Number of beds | Bed						3,776
Cash paid for asset acquisitions	$ 144,300
Core Transaction Subject To Purchase Option
Business Acquisition [Line Items]
Number of properties | Property						1
Series of Individually Immaterial Asset Acquisitions
Business Acquisition [Line Items]
Number of properties | Property					3		3
Asset acquisition, consideration transferred							$ 222,900
Number of beds | Bed					1,240		1,240
Cash paid for asset acquisitions							$ 222,300
Series of Individually Immaterial Asset Acquisitions | Scenario, Forecast | In-process development properties
Business Acquisition [Line Items]
Option to purchase remaining interest in joint venture			$ 85,200
Land
Business Acquisition [Line Items]
Asset acquisition, consideration transferred							$ 12,000
Number of land parcels acquired | land_parcel					5		5
Land | In-process development properties
Business Acquisition [Line Items]
Asset acquisition, consideration transferred							$ 9,000

Acquisitions and Joint Ventur56

Acquisitions and Joint Venture Investments - Schedule of Asset Acquisitions (Details) - Bed	Sep. 30, 2018	Dec. 31, 2017	Oct. 31, 2017	Sep. 30, 2017	Aug. 31, 2017	Jun. 30, 2017	Apr. 30, 2017
Property, Plant and Equipment [Line Items]
Number of beds		104,100			1,178
The 515
Property, Plant and Equipment [Line Items]
Number of beds					513
State
Property, Plant and Equipment [Line Items]
Number of beds					665
Owned Properties
Property, Plant and Equipment [Line Items]
Number of beds						1,240
Owned Properties | The Arlie
Property, Plant and Equipment [Line Items]
Number of beds							598
Owned Properties | TWELVE at U District
Property, Plant and Equipment [Line Items]
Number of beds		384
Owned Properties | Bridges @ 11th
Property, Plant and Equipment [Line Items]
Number of beds			258
In-process development properties
Property, Plant and Equipment [Line Items]
Number of beds		2,598
Core Joint Venture I | In-process development properties
Property, Plant and Equipment [Line Items]
Number of beds		1,098
Core Joint Venture I | In-process development properties | The James
Property, Plant and Equipment [Line Items]
Number of beds					850
Core Joint Venture I | In-process development properties | Hub At U District, Seattle
Property, Plant and Equipment [Line Items]
Number of beds				248
Scenario, Forecast | Core Joint Venture II | In-process development properties
Property, Plant and Equipment [Line Items]
Number of beds	1,500
Scenario, Forecast | Core Joint Venture II | In-process development properties | The Hub at Ann Arbor
Property, Plant and Equipment [Line Items]
Number of beds	310
Scenario, Forecast | Core Joint Venture II | In-process development properties | The Hub at Flagstaff
Property, Plant and Equipment [Line Items]
Number of beds	591
Scenario, Forecast | Core Joint Venture II | In-process development properties | The Hub at West Lafayette
Property, Plant and Equipment [Line Items]
Number of beds	599

Acquisitions and Joint Ventur57

Acquisitions and Joint Venture Investments - Fair Value of Assets Acquired and Liabilities Assumed (Details) - Series of Individually Immaterial Business Acquisitions $ in Thousands	Dec. 31, 2016USD ($)
Assets:
Land	$ 14,720
Buildings and improvements	54,162
Furniture, fixtures and equipment	2,736
Construction in progress	27,806
Intangible assets	4,442
Other assets	0
Total assets	103,866
Liabilities:
Other liabilities	(1,062)
Net assets	$ 102,800

Acquisitions and Joint Ventur58

Acquisitions and Joint Venture Investments - Unaudited Pro Forma Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Business Combinations [Abstract]
Total revenues	$ 789,942	$ 769,797
Net income attributable to common shareholders	$ 99,941	$ 123,101

Property Dispositions (Details)

Property Dispositions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)Bed	Dec. 31, 2016USD ($)Property	Dec. 31, 2015USD ($)Propertyland_parcel	Aug. 31, 2017Bed	Jun. 30, 2017Bed
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of beds | Bed	104,100			1,178
Total proceeds from disposition of real estate	$ 24,462	$ 571,424	$ 427,304
(Loss) gain from disposition of real estate	(632)	21,197	52,699
Provision for real estate impairment	15,317	4,895	0
Disposal group, not discontinued operations | Owned Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price of disposed property	25,000	581,800	436,900
Total proceeds from disposition of real estate	24,500	571,400	427,300
(Loss) gain from disposition of real estate	(600)	$ 21,200	$ 52,700
Provision for real estate impairment	$ 4,900
Number of properties sold | Property		21	20
Number of land parcels disposed | land_parcel			2
The Province - Dayton | Disposal group, not discontinued operations | Wholly-owned properties held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of beds | Bed	657
Owned Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of beds | Bed					1,240

Investments in Owned Properti60

Investments in Owned Properties - Summary of wholly-owned properties (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Real Estate Properties [Line Items]
Owned properties, net	$ 6,532,168	$ 5,538,161
Undeveloped land parcels	38,000	38,500
Wholly-Owned
Real Estate Properties [Line Items]
Land	586,170	563,037
Buildings and improvements	5,789,439	4,921,473
Furniture, fixtures and equipment	330,669	294,113
Construction in progress	293,542	347,575
Real estate properties gross	6,999,820	6,126,198
Less accumulated depreciation	(988,044)	(815,053)
Owned properties, net	6,011,776	5,311,145
Variable interest entity
Real Estate Properties [Line Items]
Land	60,821	5,229
Buildings and improvements	307,088	143,664
Furniture, fixtures and equipment	18,159	9,128
Construction in progress	99,503	1,923
Real estate properties gross	485,571	159,944
Less accumulated depreciation	(46,983)	(44,075)
Owned properties, net	438,588	115,869
Owned Properties
Real Estate Properties [Line Items]
Land	646,991	568,266
Buildings and improvements	6,096,527	5,065,137
Furniture, fixtures and equipment	348,828	303,241
Construction in progress	393,045	349,498
Real estate properties gross	7,485,391	6,286,142
Less accumulated depreciation	(1,035,027)	(859,128)
Owned properties, net	6,450,364	5,427,014
Under development
Real Estate Properties [Line Items]
Undeveloped land parcels	$ 29,900	$ 61,200

On-Campus Participating Prope61

On-Campus Participating Properties - Narrative (Details)	12 Months Ended
	Dec. 31, 2017Contractuniversity_systemProperty
Real Estate Properties [Line Items]
Leasehold interest in other facilities	169
Number of properties	3
Percentage of financing	100.00%
On-campus participating properties
Real Estate Properties [Line Items]
Number of university systems | university_system	3
West Virginia University | On-campus participating properties
Real Estate Properties [Line Items]
Lease term	40 years
Number of renewal options | Contract	2
Lease extension period	10 years
Owned Properties | On-campus participating properties (excluding West Virginia University)
Real Estate Properties [Line Items]
Leasehold interest in other facilities	4
Owned Properties | On-campus participating properties
Real Estate Properties [Line Items]
Number of university systems | university_system	3
Leasehold interest in other facilities	5
On-campus participating properties | Owned Properties
Real Estate Properties [Line Items]
Number of university systems | university_system	3
Percentage of future net cash flows	50.00%
Leasehold interest in other facilities	5

On-Campus Participating Prope62

On-Campus Participating Properties - Summary of On Campus Participating Properties (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)phase	Dec. 31, 2016USD ($)
Real Estate Properties [Line Items]
Owned properties, net	$ 6,532,168	$ 5,538,161
Prairie View A And M University | Phases Placed In Service Between 1996 And 1998
Real Estate Properties [Line Items]
Number of project phases | phase	3
Texas A And M International | Phases Placed In Service In 2000 And 2003
Real Estate Properties [Line Items]
Number of project phases | phase	2
University Of Houston | Phases Placed In Service in 2001 And 2005
Real Estate Properties [Line Items]
Number of project phases | phase	2
On-Campus Participating Properties
Real Estate Properties [Line Items]
Real estate properties gross	$ 159,996	162,929
Less accumulated amortization	(78,192)	(77,132)
Owned properties, net	$ 81,804	85,797
On-Campus Participating Properties | Prairie View A And M University | Phases Placed In Service Between 1996 And 1998
Real Estate Properties [Line Items]
Lease Commencement Date	Feb. 1, 1996
Lease Expiration Date	Sep. 1, 2023
Real estate properties gross	$ 44,364	45,310
On-Campus Participating Properties | Prairie View A And M University | Phases Placed In Service In 2000 And 2003
Real Estate Properties [Line Items]
Lease Commencement Date	Oct. 1, 1999
Real estate properties gross	$ 27,802	28,627
On-Campus Participating Properties | Prairie View A And M University | Phases Placed In Service In 2000 And 2003 | Minimum
Real Estate Properties [Line Items]
Lease Expiration Date	Aug. 31, 2025
On-Campus Participating Properties | Prairie View A And M University | Phases Placed In Service In 2000 And 2003 | Maximum
Real Estate Properties [Line Items]
Lease Expiration Date	Aug. 31, 2028
On-Campus Participating Properties | Texas A And M International
Real Estate Properties [Line Items]
Lease Commencement Date	Feb. 1, 1996
Lease Expiration Date	Sep. 1, 2023
Real estate properties gross	$ 6,923	7,215
On-Campus Participating Properties | University Of Houston | Phases Placed In Service in 2001 And 2005
Real Estate Properties [Line Items]
Lease Commencement Date	Sep. 27, 2000
Lease Expiration Date	Aug. 31, 2035
Real estate properties gross	$ 36,062	37,960
On-Campus Participating Properties | West Virginia University | Phases Placed in Service in 2013
Real Estate Properties [Line Items]
Lease Commencement Date	Jul. 16, 2013
Lease Expiration Date	Jul. 16, 2045
Real estate properties gross	$ 44,845	$ 43,817

Noncontrolling Interests - Narr

Noncontrolling Interests - Narrative (Details)	12 Months Ended
	Dec. 31, 2017EntityPropertyshares	Dec. 31, 2016Propertyshares	Sep. 30, 2017Property
Noncontrolling Interest [Line Items]
Number of properties	169
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Noncontrolling Interest [Line Items]
Equity interests held by owners of common units and series A preferred units/ retained by seller (percent)	0.80%	0.80%
Common OP units
Noncontrolling Interest [Line Items]
Conversion of common units to common stock (in shares) | shares	22,000	280,915
Preferred OP Unit
Noncontrolling Interest [Line Items]
Conversion of common units to common stock (in shares) | shares		31,846
University Village at Sweet Home, University Centre, and Villas at Chestnut Ridge | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Noncontrolling Interest [Line Items]
Number of third-party joint venture partners | Entity	3
In-Process Development Properties
Noncontrolling Interest [Line Items]
Number of properties		2	3
In-Process Development Properties | University Village at Sweet Home, University Centre, and Villas at Chestnut Ridge
Noncontrolling Interest [Line Items]
Number of properties	3

Noncontrolling Interests - Summ

Noncontrolling Interests - Summarized Activity of Redeemable Limited Partners (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Noncontrolling Interest [Roll Forward]
Beginning Balance	$ 55,078
Distributions	(212)	$ (376)	$ (635)
Conversion of redeemable limited partner units into shares of ACC common stock	(154)	(11,292)	(3,036)
Contributions by noncontrolling interests	8,254	1,272	7,255
Adjustments to reflect redeemable limited partner units at fair value	9,172	(7,937)	4,462
Ending Balance	132,169	55,078
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Noncontrolling Interest [Roll Forward]
Beginning Balance	55,078
Distributions	(212)	(376)	(635)
Conversion of redeemable limited partner units into shares of ACC common stock	(154)	(11,292)	(3,036)
Contributions by noncontrolling interests	8,254	1,272	7,255
Adjustments to reflect redeemable limited partner units at fair value	9,172	(7,937)	4,462
Ending Balance	132,169	55,078
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Redeemable noncontrolling interests
Noncontrolling Interest [Roll Forward]
Beginning Balance	55,078	59,511
Net income	654	1,106
Distributions	(77,031)	(2,141)
Conversion of redeemable limited partner units into shares of ACC common stock	(154)	(11,335)
Contributions by noncontrolling interests	162,794
Adjustments to reflect redeemable limited partner units at fair value	(9,172)	7,937
Ending Balance	$ 132,169	$ 55,078	$ 59,511

Debt - Summary of outstanding c

Debt - Summary of outstanding consolidated indebtedness (Details) $ in Thousands	Dec. 31, 2017USD ($)Property	Sep. 30, 2017Property	Jun. 30, 2017USD ($)	May 31, 2017USD ($)	Dec. 31, 2016USD ($)Property
Debt Instrument [Line Items]
Principal outstanding	$ 618,113				$ 631,304
Secured mortgage, construction and bond debt, net	664,020				688,195
Unsecured notes, net of unamortized OID and deferred financing costs	1,585,855				1,188,737
Unsecured term loans, net of unamortized deferred financing costs	647,044				149,065
Unsecured revolving credit facility	127,600				99,300
Long-term debt	$ 3,024,519				2,125,297
Number of properties | Property	169
Mortgage loans payable
Debt Instrument [Line Items]
Unamortized deferred financing costs	$ (3,700)
Unamortized debt premiums	19,000				26,800
Secured mortgage, construction and bond debt, net			$ 27,400	$ 27,400
Long-term debt	566,333				631,304
Construction loans payable
Debt Instrument [Line Items]
Long-term debt	51,780				0
Unsecured debt
Debt Instrument [Line Items]
Unamortized deferred financing costs	(12,200)				(9,300)
Unamortized debt discounts	1,900
Notes payable, other payables
Debt Instrument [Line Items]
Unamortized deferred financing costs	(3,000)				(900)
Owned Properties
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt, net	564,311				583,432
Owned Properties | Mortgage loans payable
Debt Instrument [Line Items]
Principal outstanding	496,557				559,642
Unamortized deferred financing costs	(2,144)				(3,040)
Unamortized debt premiums	19,006				26,830
Secured mortgage, construction and bond debt, net	513,419				583,432
Owned Properties | Construction loans payable
Debt Instrument [Line Items]
Principal outstanding	51,780				0
Unamortized deferred financing costs	(888)				0
On-Campus Participating Properties
Debt Instrument [Line Items]
Unamortized deferred financing costs	(642)				(769)
Secured mortgage, construction and bond debt, net	99,709				104,763
On-Campus Participating Properties | Mortgage loans payable
Debt Instrument [Line Items]
Principal outstanding	69,776				71,662
On-Campus Participating Properties | Bonds payable
Debt Instrument [Line Items]
Principal outstanding	$ 30,575				$ 33,870
In-process development properties
Debt Instrument [Line Items]
Number of properties | Property		3			2
In-process development properties | Construction loans payable
Debt Instrument [Line Items]
Number of properties | Property	4

Debt - Mortgage and constructio

Debt - Mortgage and construction loans payable excluding premiums and discounts (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)Property	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Principal outstanding | $	$ 618,113	$ 631,304
Weighted average interest rate	4.62%
Weighted average years to maturity	4 years 10 months 24 days
Number of properties encumbered | Property	24
Mortgage loans payable | Fixed Rate
Debt Instrument [Line Items]
Principal outstanding | $	$ 566,333	631,304
Weighted average interest rate	4.64%
Weighted average years to maturity	5 years 4 months 1 day
Number of properties encumbered | Property	20
Construction loans payable | Variable Rate Debt
Debt Instrument [Line Items]
Principal outstanding | $	$ 51,780	$ 0
Weighted average interest rate	4.41%
Weighted average years to maturity	8 months 12 days
Number of properties encumbered | Property	4
Minimum | Mortgage loans payable | Fixed Rate
Debt Instrument [Line Items]
Weighted average interest rate	3.05%
Maximum | Mortgage loans payable | Fixed Rate
Debt Instrument [Line Items]
Weighted average interest rate	6.43%
London Interbank Offered Rate (LIBOR) | Minimum | Construction loans payable | Variable Rate Debt
Debt Instrument [Line Items]
Weighted average interest rate	3.93%
London Interbank Offered Rate (LIBOR) | Maximum | Construction loans payable | Variable Rate Debt
Debt Instrument [Line Items]
Weighted average interest rate	4.90%

Debt - Mortgage and construct67

Debt - Mortgage and construction loans payable transactions occurred (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)Property	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Additions:
Draws under advancing construction notes payable	$ 40,170	$ 4,454	$ 258
Deductions:
Ending Balance	3,024,519	2,125,297
Mortgage loans payable
Deductions:
Pay-off of maturing mortgage notes payable	(55,514)
Scheduled repayments of principal	(9,457)
Ending Balance	566,333	631,304
Construction loans payable
Additions:
Construction notes payable - Core Joint Ventures	104,056
Draws under advancing construction notes payable	40,170
Deductions:
Pay-off of maturing mortgage notes payable	(92,446)
Ending Balance	$ 51,780	$ 0
Fixed Rate | Mortgage loans payable
Deductions:
Number of real estate properties, collateralized | Property	2
Core Joint Venture I | Construction loans payable
Additions:
Construction notes payable - Core Joint Ventures	$ 92,400

Debt - Additional Information (

Debt - Additional Information (Details)	1 Months Ended			3 Months Ended	12 Months Ended
	Sep. 30, 2017USD ($)period	Jun. 30, 2017USD ($)	Jan. 31, 2017USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)Subsidarybond_seriesProperty	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	May 31, 2017USD ($)
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt, net					$ 664,020,000	$ 688,195,000
Provision for real estate impairment					$ 15,317,000	$ 4,895,000	$ 0
Number of properties | Property					3
Percentage of financing					100.00%
Number of series of taxable bonds issued | bond_series					3
Number of special purpose subsidiaries | Subsidary					3
Revolving Credit Facility | Credit Agreement
Debt Instrument [Line Items]
Annual unused commitment fee (percent)					0.20%
Weighted average interest rate of debt (percent)					2.71%
Interest rate (percent)					1.51%
Weighted average interest rate spread (percent)					1.00%
Mortgage loans payable
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt, net		$ 27,400,000		$ 27,400,000				$ 27,400,000
Provision for real estate impairment		15,300,000		15,300,000
Unsecured debt | Revolving Credit Facility
Debt Instrument [Line Items]
Additional borrowing capacity of unsecured facility (up to)			$ 500,000,000
Annual unused commitment fee (percent)			0.20%
Revolving credit facility available					$ 572,400,000
Unsecured debt | Revolving Credit Facility | Credit Agreement
Debt Instrument [Line Items]
Current borrowing capacity			$ 500,000,000
Credit facility			$ 700,000,000
Unsecured debt | Revolving Credit Facility | Term Loan I Facility
Debt Instrument [Line Items]
Credit facility					$ 150,000,000
Weighted average interest rate of debt (percent)					2.47%
Interest rate (percent)					1.37%
Weighted average interest rate spread (percent)					1.10%
Line of credit facility, accordion feature, increase limit					$ 50,000,000
Unsecured debt | Revolving Credit Facility | Term Loan II Facility
Debt Instrument [Line Items]
Credit facility		$ 200,000,000		200,000,000
Weighted average interest rate of debt (percent)					2.45%
Interest rate (percent)					1.35%
Weighted average interest rate spread (percent)		1.10%
Line of credit facility, accordion feature, increase limit		$ 100,000,000		$ 100,000,000
Unsecured debt | Revolving Credit Facility | Term Loan III Facility
Debt Instrument [Line Items]
Credit facility	$ 300,000,000
Weighted average interest rate of debt (percent)					2.41%
Interest rate (percent)					1.31%
Weighted average interest rate spread (percent)	1.10%
Line of credit facility, accordion feature, increase limit	$ 100,000,000
Line of credit facility, number of maturity periods | period	2
Debt instrument term	1 year

Debt - Summary of Bonds payable

Debt - Summary of Bonds payable (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Principal outstanding	$ 618,113,000	$ 631,304,000
Weighted average rate	4.62%
Bonds Payable
Debt Instrument [Line Items]
Original	$ 64,590,000
Principal outstanding	$ 30,575,000
Weighted average rate	7.57%
Required monthly debt service	$ 488,000
Bonds Payable | Series 1999
Debt Instrument [Line Items]
Mortgaged Facilities Subject to Leases	University Village-PVAMU/TAMIU
Original	$ 39,270,000
Principal outstanding	$ 16,875,000
Weighted average rate	7.76%
Maturity Date	Sep. 1, 2023
Required monthly debt service	$ 302,000
Bonds Payable | Series 2001
Debt Instrument [Line Items]
Mortgaged Facilities Subject to Leases	University College–PVAMU
Original	$ 20,995,000
Principal outstanding	$ 11,075,000
Weighted average rate	7.62%
Maturity Date	Aug. 1, 2025
Required monthly debt service	$ 158,000
Bonds Payable | Series 2003
Debt Instrument [Line Items]
Mortgaged Facilities Subject to Leases	University College–PVAMU
Original	$ 4,325,000
Principal outstanding	$ 2,625,000
Weighted average rate	6.16%
Maturity Date	Aug. 1, 2028
Required monthly debt service	$ 28,000

Debt - Summary of Unsecured Not

Debt - Summary of Unsecured Notes (Details)	12 Months Ended
	Dec. 31, 2017USD ($)
Senior notes
Debt Instrument [Line Items]
Amount	$ 1,600,000,000
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Senior notes
Debt Instrument [Line Items]
Amount	1,600,000,000
Original Issue Discount	3,028,000
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Senior Notes - April 2013
Debt Instrument [Line Items]
Amount	$ 400,000,000
Percentage of par value	99.659%
Coupon (percent)	3.75%
Yield rate (percent)	3.791%
Original Issue Discount	$ 1,364,000
Term (Years)	10 years
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Senior Notes - June 2014
Debt Instrument [Line Items]
Amount	$ 400,000,000
Percentage of par value	99.861%
Coupon (percent)	4.125%
Yield rate (percent)	4.269%
Original Issue Discount	$ 556,000
Term (Years)	10 years
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Senior Notes - September 2015
Debt Instrument [Line Items]
Amount	$ 400,000,000
Percentage of par value	99.811%
Coupon (percent)	3.35%
Yield rate (percent)	3.391%
Original Issue Discount	$ 756,000
Term (Years)	5 years
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Senior Notes - October 2017
Debt Instrument [Line Items]
Amount	$ 400,000,000
Percentage of par value	99.912%
Coupon (percent)	3.625%
Yield rate (percent)	3.635%
Original Issue Discount	$ 352,000
Term (Years)	10 years

Debt - Summary of Debt Maturiti

Debt - Summary of Debt Maturities (Details) $ in Thousands	Dec. 31, 2017USD ($)Property	Sep. 30, 2017Property	Dec. 31, 2016USD ($)Property
Debt Instrument [Line Items]
Principal outstanding	$ 618,113		$ 631,304
Number of properties | Property	169
Scheduled Principal
Debt Instrument [Line Items]
2,018	$ 497,523
2,019	13,036
2,020	455,046
2,021	382,147
2,022	360,038
Thereafter	1,318,498
Total debt	3,026,288
In-process development properties
Debt Instrument [Line Items]
Number of properties | Property		3	2
Construction loans payable | Owned Properties
Debt Instrument [Line Items]
Principal outstanding	$ 51,780		$ 0
Construction loans payable | In-process development properties
Debt Instrument [Line Items]
Number of properties | Property	4

Stockholders' Equity _ Partne72

Stockholders' Equity / Partners' Capital - Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
	Feb. 29, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2015
Class Of Stock [Line Items]
Proceeds from sale of common stock		$ 190,912,000	$ 816,065,000	$ 216,666,000
ATM equity program, aggregate offering price authorized		$ 233,000,000
Shares held in deferred compensation plan (in shares)		63,778	20,181
Common Shares
Class Of Stock [Line Items]
Sale of common stock (in shares)	17,940,000	3,949,356	19,429,000	4,933,665
Shares issued price per share (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
At Market Atm Twenty Eleven Programs
Class Of Stock [Line Items]
ATM equity program, aggregate offering price authorized					$ 500,000,000
Common Shares Held in Rabbi Trust
Class Of Stock [Line Items]
Shares of common stock deposited into deferred compensation plan (in shares)		43,597
Over-Allotment Option | Common Shares
Class Of Stock [Line Items]
Sale of common stock (in shares)	2,340,000

Stockholders' Equity _ Partne73

Stockholders' Equity / Partners' Capital - Summary of Equity Program Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Class of Stock [Line Items]
Total net proceeds	$ 190,912	$ 816,065	$ 216,666
ATM Equity Program
Class of Stock [Line Items]
Total net proceeds	188,538	75,090
Commissions paid to sales agents	$ 2,374	$ 953
Weighted average price per share (in dollars per share)	$ 48.34	$ 51.07
Shares of common stock sold (in shares)	3,949,356	1,489,000

Incentive Award Plan - Narrativ

Incentive Award Plan - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Jul. 31, 2017USD ($)	May 31, 2017USD ($)	Dec. 31, 2017USD ($)employee$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / shares	May 31, 2010shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based awards, number of shares available for issuance (in shares) | shares			468,022
2010 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance (in shares) | shares						1,700,000
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation			$ 900	$ 900	$ 900
Weighted-average grant date fair value, granted (in dollars per share) | $ / shares			$ 46.67	$ 46.81	$ 39.65
Restricted Stock Units | Chairman of the Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based awards, stock granted during period, value	$ 10	$ 150
Restricted Stock Units | All other members
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based awards, stock granted during period, value		$ 105
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation			$ 13,100	$ 9,300	$ 7,500
Weighted-average grant date fair value, granted (in dollars per share) | $ / shares			$ 48.55	$ 41.41	$ 44.23
Restricted stock award vesting period (in years)			5 years
Number of shares vested (in shares) | shares			193,186	127,352
Weighted average grant date fair value, fair value (in dollars per share) | $ / shares			$ 42.36	$ 40.47	$ 38.78
Total fair value of RSAs vested			$ 14,600
Total unrecognized compensation cost			$ 26,900
Total unrecognized compensation cost, weighted-average period (in years)			3 years 1 month 6 days
Minimum age to meet retirement qualification (under Company Plan)			50 years
Minimum combination of employee service years and employee age to meet retirement qualification (under Company Plan)			70 years
Minimum notification period of intention to retire (under Company Plan)			6 months
Number of employees holding unvested awards which will vest upon retirement | employee			12
Number of unvested awards held by individual (in shares) | shares			259,125
Restricted Stock Awards | Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation			$ 2,400
Number of shares vested (in shares) | shares			46,976
Minimum | Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum number of full years of service to qualify for retirement (under Company Plan)			120 months

Incentive Award Plan - Summary

Incentive Award Plan - Summary of Restricted Stock Units (Details) - Restricted Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Number of RSUs
Granted (in shares)	18,221	18,908
Settled in common shares (in shares)	(16,295)	(15,524)
Settled in cash (in shares)	(1,926)	(3,384)
Weighted-Average Grant Date Fair Value Per RSU
Nonvested, Weighted-Average Grant Date Fair Value, beginning balance (in dollars per share)	$ 0	$ 0
Granted, Weighted-Average Grant Date Fair Value (in dollars per share)	46.67	46.81	$ 39.65
Settled in common shares, Weighted-Average Grant Date Fair Value (in dollars per share)	46.65	46.87
Settled in cash, Weighted-Average Grant Date Fair Value (in dollars per share)	46.76	46.55
Nonvested, Weighted-Average Grant Date Fair Value, ending balance (in dollars per share)	$ 0	$ 0	$ 0

Incentive Award Plan - Summar76

Incentive Award Plan - Summary of Restricted Stock Awards (Details) - Restricted Stock Awards - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Number of RSAs
Nonvested, beginning balance (in shares)	773,101	655,925
Granted (in shares)	344,688	332,717
Vested (in shares)	(193,186)	(127,352)
Forfeited (in shares)	(113,733)	(88,189)
Nonvested, ending balance (in shares)	810,870	773,101	655,925
Weighted-Average Grant Date Fair Value Per RSA
Nonvested, Weighted-Average Grant Date Fair Value, beginning balance (in dollars per share)	$ 41.47	$ 41.12
Granted, Weighted-Average Grant Date Fair Value (in dollars per share)	48.55	41.41	$ 44.23
Vested, Weighted-Average Grant Date Fair Value (in dollars per share)	42.29	40.19
Forfeited, Weighted-Average Grant Date Fair Value (in dollars per share)	42.36	40.47	38.78
Nonvested, Weighted-Average Grant Date Fair Value, ending balance (in dollars per share)	$ 44.16	$ 41.47	$ 41.12

Derivative Instruments and He77

Derivative Instruments and Hedging Activities - Summary of Outstanding Interest Rate Swap Contracts (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Derivative [Line Items]
Current Notional Amount	$ 97,537
Fair Value	$ (104)
Interest Rate Swap - 2.275% 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	$ 13,698
Fair Value	$ (95)
Interest Rate Swap - 2.275% 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	$ 13,839
Fair Value	$ (96)
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	$ 87

Derivative Instruments and He78

Derivative Instruments and Hedging Activities - Fair Value of Derivative Financial Instruments and Classification on Consolidated Balance Sheet (Details) - Designated as hedging instrument - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 87	$ 0
Other liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	191	1,099
Interest rate swap contracts | Other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	87	0
Interest rate swap contracts | Other liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 191	$ 1,099

Fair Value Disclosures - Financ

Fair Value Disclosures - Financial instruments measured at fair value (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets:
Derivative financial instruments	$ 87	$ 0
Liabilities:
Derivative financial instruments	191	1,099
Mezzanine:
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership)	132,169	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)
Assets:
Derivative financial instruments	87	0
Liabilities:
Derivative financial instruments	191	1,099
Mezzanine:
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership)	44,503	55,078
Significant Unobservable Inputs (Level 3)
Assets:
Derivative financial instruments	0	0
Liabilities:
Derivative financial instruments	0	0
Mezzanine:
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership)	$ 87,666	$ 0

Fair Value Disclosures - Estima

Fair Value Disclosures - Estimated fair value and related carrying amounts for mortgage loans and bonds payable (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Estimated Fair Value
Assets:
Loans receivable	$ 54,140	$ 54,396
Liabilities:
Unsecured notes	1,620,839	1,211,344
Mortgage loans	571,676	644,617
Bonds payable	32,552	37,066
Carrying Amount
Assets:
Loans receivable	57,948	58,539
Liabilities:
Unsecured notes	1,585,855	1,188,737
Mortgage loans	582,927	654,794
Bonds payable	$ 30,201	$ 33,401

Lease Commitments - Narrative (

Lease Commitments - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)university_systemProperty	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Leases Disclosure [Line Items]
Number of properties | Property	169
American campus equity | Owned on campus properties
Leases Disclosure [Line Items]
Number of university systems | university_system	15
Number of student housing properties | Property	32
Prepaid ground rent	$ 8.4	$ 10.5
Ground/facility leases	7.4	6.2	$ 5.3
Capitalized rent	$ 2	0.7	0.4
Owned Properties | On-campus participating properties
Leases Disclosure [Line Items]
Number of university systems | university_system	3
Ground/facility leases	$ 2.8	3	2.9
Number of properties | Property	5
Percentage of future net cash flows	50.00%
Owned Properties | Off campus properties
Leases Disclosure [Line Items]
Ground/facility leases	$ 2.4	2.2	$ 2.2
Number of properties | Property	132
Deferred ground rent	$ 3.6	$ 3.2

Lease Commitments - Future mini

Lease Commitments - Future minimum commitments over life (Details) $ in Thousands	Dec. 31, 2017USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,018	$ 8,568
2,019	9,719
2,020	10,159
2,021	9,186
2,022	9,186
Thereafter	372,397
Total minimum lease payments	$ 419,215

Commitments and Contingencies (

Commitments and Contingencies (Details)	1 Months Ended		3 Months Ended	12 Months Ended
	Dec. 31, 2016USD ($)	Aug. 31, 2013USD ($)Contract	Sep. 30, 2017USD ($)Property	Dec. 31, 2017USD ($)Property	Aug. 31, 2017Property
Commitments and Contingencies Disclosure [Line Items]
Number of properties | Property				169
Number of under development properties | Property				9
Alternate Housing Guarantees and Project Cost Guarantees
Commitments and Contingencies Disclosure [Line Items]
Project cost guarantees expiration (within years following project completion)				5 days
Project Cost Guarantees
Commitments and Contingencies Disclosure [Line Items]
Project cost guarantees expiration (within years following project completion)				1 year
Third-Party Development Projects
Commitments and Contingencies Disclosure [Line Items]
Guarantee obligations, maximum exposure, owner caused delays				$ 7,800,000
Other Guarantees
Commitments and Contingencies Disclosure [Line Items]
Potential liquidated damages				$ 2,100,000
Under development
Commitments and Contingencies Disclosure [Line Items]
Number of properties | Property				4
The Edge - Stadium Centre
Commitments and Contingencies Disclosure [Line Items]
Pre-sale arrangement, purchase price	$ 42,600,000
Drexel University Property
Commitments and Contingencies Disclosure [Line Items]
Lease term		40 years
Number of renewal options | Contract		3
Lease extension period		10 years
Commitment to pay real estate transfer taxes, amount		$ 1,800,000
Real estate transfer taxes paid upon conveyance of land		600,000
Maximum | Drexel University Property
Commitments and Contingencies Disclosure [Line Items]
Commitment to pay real estate transfer taxes, amount		$ 2,400,000
Construction Contracts
Commitments and Contingencies Disclosure [Line Items]
Construction contacts, amount to complete projects				$ 376,200,000
Core Transaction
Commitments and Contingencies Disclosure [Line Items]
Number of under development properties | Property					3
Number of operating properties purchased through joint venture arrangement | Property					2
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Core Transaction | Consolidated Properties
Commitments and Contingencies Disclosure [Line Items]
Number of operating properties purchased through joint venture arrangement | Property			2
Joint venture term			2 years
Business combination, option to purchase remaining interest in joint venture			$ 284,600,000

Segments - Narrative (Details)

Segments - Narrative (Details)	12 Months Ended
	Dec. 31, 2017Segment
Segment Reporting [Abstract]
Identified reportable segments	4

Segments - Schedule of Segment

Segments - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Total revenues	$ 227,563	$ 196,938	$ 179,008	$ 192,938	$ 203,972	$ 196,411	$ 185,983	$ 199,995	$ 796,447	$ 786,361	$ 753,381
Ground/facility lease									(10,213)	(9,167)	(8,232)
Interest expense, net									(71,122)	(78,687)	(87,789)
Operating expenses									(653,909)	(613,218)	(596,477)
Property management fees from external customers									9,832	9,724	8,813
Depreciation and amortization									(239,574)	(217,907)	(214,338)
Total consolidated revenues, including interest income									801,392	791,842	757,802
(Loss) gain from disposition of real estate									(632)	21,197	52,699
Provision for real estate impairment									(15,317)	(4,895)	0
Other nonoperating income									0	0	388
Loss from early extinguishment of debt									0	(12,841)	(1,770)
Income tax provision									(989)	(1,150)	(1,242)
Net income	39,558	$ (1,233)	$ (2,653)	$ 34,449	25,804	$ 9,845	$ 18,765	$ 46,209	70,121	100,623	118,061
Total assets	6,897,370				5,865,913				6,897,370	5,865,913	6,006,248
Operating segments
Segment Reporting Information [Line Items]
Total revenues									798,057	787,541	754,454
Operating income before depreciation and amortization									416,883	389,007	351,623
Net income									70,121	100,623	118,061
Total assets	6,806,091				5,786,214				6,806,091	5,786,214	5,919,871
Operating segments | Owned Properties
Segment Reporting Information [Line Items]
Rental revenues and other income									741,909	738,598	708,018
Interest income									1,545	1,170	1,071
Total revenues									743,454	739,768	709,089
Operating expenses before depreciation, amortization, and ground/facility lease expense									(332,429)	(337,296)	(331,836)
Ground/facility lease									(7,372)	(6,158)	(5,297)
Interest expense, net									(3,659)	(18,552)	(30,147)
Operating income before depreciation and amortization									399,994	377,762	341,809
Depreciation and amortization									223,939	200,934	198,986
Capital expenditures									617,552	485,726	316,468
Total assets	6,691,758				5,672,360				6,691,758	5,672,360	5,804,068
Operating segments | On-Campus Participating Properties
Segment Reporting Information [Line Items]
Rental revenues and other income									33,945	33,433	31,586
Interest income									65	10	2
Total revenues									34,010	33,443	31,588
Operating expenses before depreciation, amortization, and ground/facility lease expense									(14,384)	(13,447)	(12,437)
Ground/facility lease									(2,841)	(3,009)	(2,935)
Interest expense, net									(5,264)	(5,539)	(5,833)
Operating income before depreciation and amortization									11,521	11,448	10,383
Depreciation and amortization									7,536	7,343	7,034
Capital expenditures									3,533	2,944	2,943
Total assets	100,031				103,256				100,031	103,256	104,641
Operating segments | Development Services
Segment Reporting Information [Line Items]
Development and construction management fees									10,761	4,606	4,964
Operating expenses									(7,618)	(7,530)	(8,119)
Operating income before depreciation and amortization									3,143	(2,924)	(3,155)
Total assets	6,726				2,601				6,726	2,601	1,730
Operating segments | Property Management Services
Segment Reporting Information [Line Items]
Operating expenses									(7,607)	(7,003)	(6,227)
Property management fees from external customers									9,832	9,724	8,813
Operating income before depreciation and amortization									2,225	2,721	2,586
Total assets	7,576				7,997				7,576	7,997	9,432
Unallocated
Segment Reporting Information [Line Items]
Total revenues									3,335	4,301	3,348
Operating expenses									(90,250)	(72,788)	(69,299)
Total assets	$ 91,279				$ 79,699				$ 91,279	$ 79,699	$ 86,377

Quarterly Financial Informati86

Quarterly Financial Information (Unaudited) - Information related to quarterly consolidated financial results (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Total revenues	$ 227,563	$ 196,938	$ 179,008	$ 192,938	$ 203,972	$ 196,411	$ 185,983	$ 199,995	$ 796,447	$ 786,361	$ 753,381
Operating income	63,134	17,575	12,610	49,219	51,724	29,278	39,106	53,035	142,538	173,143	156,904
Net income (loss)	39,558	(1,233)	(2,653)	34,449	25,804	9,845	18,765	46,209	70,121	100,623	118,061
Net income attributable to noncontrolling interests	(496)	(79)	(109)	(399)	(412)	(201)	(327)	(622)	(1,083)	(1,562)	(2,070)
Net income (loss) attributable to ACC, Inc. and Subsidiaries common stockholders	$ 39,062	$ (1,312)	$ (2,762)	$ 34,050	$ 25,392	$ 9,644	$ 18,438	$ 45,587	69,038	99,061	115,991
Net income attributable to common unitholders									$ 67,502	$ 97,723	114,905
Net income (loss) attributable to common stockholders per share - basic (in dollars per share)	$ 0.28	$ (0.01)	$ (0.02)	$ 0.25	$ 0.19	$ 0.07	$ 0.14	$ 0.37	$ 0.50	$ 0.76
Net income (loss) attributable to common stockholders per share - diluted (in dollars per share)	$ 0.28	$ (0.01)	$ (0.02)	$ 0.25	$ 0.19	$ 0.07	$ 0.14	$ 0.36	$ 0.50	$ 0.75
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Total revenues	$ 227,563	$ 196,938	$ 179,008	$ 192,938	$ 203,972	$ 196,411	$ 185,983	$ 199,995	$ 796,447	$ 786,361	753,381
Operating income	63,134	17,575	12,610	49,219	51,724	29,278	39,106	53,035	142,538	173,143	156,904
Net income (loss)	39,558	(1,233)	(2,653)	34,449	25,804	9,845	18,765	46,209	70,121	100,623	118,061
Net income attributable to noncontrolling interests	(176)	(57)	(97)	(105)	(171)	(77)	(104)	(104)	(435)	(456)
Series A preferred unit distributions	(31)	(31)	(31)	(31)	(31)	(36)	(37)	(42)	(124)	(146)	(176)
Net income (loss) attributable to ACC, Inc. and Subsidiaries common stockholders									69,686	100,167	117,449
Net income attributable to common unitholders	$ 39,351	$ (1,321)	$ (2,781)	$ 34,313	$ 25,602	$ 9,732	$ 18,624	$ 46,063	$ 69,562	$ 100,021	$ 117,273
Net income (loss) attributable to common stockholders per share - basic (in dollars per share)									$ 0.50	$ 0.76	$ 1.03
Net income (loss) attributable to common stockholders per share - diluted (in dollars per share)									0.50	0.75	1.02
Net income (loss) per unit attributable to common unitholders - basic (in dollars per unit)	$ 0.28	$ (0.01)	$ (0.02)	$ 0.25	$ 0.19	$ 0.07	$ 0.14	$ 0.37	0.50	0.76
Net income (loss) per unit attributable to common unitholders - diluted (in dollars per unit)	$ 0.28	$ (0.01)	$ (0.02)	$ 0.25	$ 0.19	$ 0.07	$ 0.14	$ 0.36	$ 0.50	$ 0.75	$ 1.02

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Millions	Jan. 23, 2018$ / shares	Jan. 31, 2018USD ($)Bed	Dec. 31, 2017Bed	Aug. 31, 2017Bed
Subsequent Event [Line Items]
Number of beds			104,100	1,178
Stadium Centre Phase IV | Subsequent Event
Subsequent Event [Line Items]
Number of beds		340
Pre-sale arrangement, purchase price | $		$ 36.7
Dividend Declared | Subsequent Event
Subsequent Event [Line Items]
Distributions declared per Common Unit (in dollars per unit) | $ / shares	$ 0.44

Schedule of Real Estate and A88

Schedule of Real Estate and Accumulated Depreciation - Schedule of Real Estate Properties (Details) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Aug. 31, 2017Property	Dec. 31, 2017USD ($)PropertyphaseBedUnit	Sep. 30, 2017Property	Dec. 31, 2017USD ($)PropertyphaseBedUnit	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		34,609		34,609
Beds | Bed		104,049		104,049
Initial Cost, Land		$ 641,580		$ 641,580
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		6,612,300		6,612,300
Costs Capitalized Subsequent to Acquisition / Initial Development		391,507		391,507
Total Costs, Land		646,991		646,991
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		6,998,396		6,998,396
Total Costs, Total		7,645,387		7,645,387
Accumulated Depreciation		1,113,219		1,113,219
Encumbrances		648,688		$ 648,688
Year Built				2,017
Aggregate costs for federal income tax purposes		$ 7,600,000		$ 7,600,000
Number of properties | Property		169		169
Number of under development properties | Property		9		9
Owned Properties
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		32,522		32,522
Beds | Bed		98,963		98,963
Initial Cost, Land		$ 641,580		$ 641,580
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		6,469,756		6,469,756
Costs Capitalized Subsequent to Acquisition / Initial Development		374,055		374,055
Total Costs, Land		646,991		646,991
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		6,838,400		6,838,400
Total Costs, Total		7,485,391		7,485,391
Accumulated Depreciation		1,035,027		1,035,027	$ 864,106	$ 792,122	$ 704,521
Encumbrances		$ 548,337		$ 548,337
Owned Properties | The Callaway House
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		173		173
Beds | Bed		538		538
Initial Cost, Land		$ 5,081		$ 5,081
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		20,499		20,499
Costs Capitalized Subsequent to Acquisition / Initial Development		7,434		7,434
Total Costs, Land		5,003		5,003
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		28,011		28,011
Total Costs, Total		33,014		33,014
Accumulated Depreciation		11,736		11,736
Encumbrances		$ 0		$ 0
Year Built				1,999
Owned Properties | The Village at Science Drive
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		192		192
Beds | Bed		732		732
Initial Cost, Land		$ 4,673		$ 4,673
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		19,021		19,021
Costs Capitalized Subsequent to Acquisition / Initial Development		6,696		6,696
Total Costs, Land		4,673		4,673
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		25,717		25,717
Total Costs, Total		30,390		30,390
Accumulated Depreciation		8,860		8,860
Encumbrances		$ 0		$ 0
Year Built				2,000
Owned Properties | University Village at Boulder Creek
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		82		82
Beds | Bed		309		309
Initial Cost, Land		$ 1,035		$ 1,035
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		16,393		16,393
Costs Capitalized Subsequent to Acquisition / Initial Development		645		645
Total Costs, Land		1,035		1,035
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		17,038		17,038
Total Costs, Total		18,073		18,073
Accumulated Depreciation		6,688		6,688
Encumbrances		$ 0		$ 0
Year Built				2,002
Owned Properties | University Village - Fresno
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		105		105
Beds | Bed		406		406
Initial Cost, Land		$ 929		$ 929
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		15,168		15,168
Costs Capitalized Subsequent to Acquisition / Initial Development		0		0
Total Costs, Land		929		929
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		15,168		15,168
Total Costs, Total		16,097		16,097
Accumulated Depreciation		5,332		5,332
Encumbrances		$ 0		$ 0
Year Built				2,004
Owned Properties | University Village - Temple
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		220		220
Beds | Bed		749		749
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		41,119		41,119
Costs Capitalized Subsequent to Acquisition / Initial Development		940		940
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		42,059		42,059
Total Costs, Total		42,059		42,059
Accumulated Depreciation		14,360		14,360
Encumbrances		$ 0		$ 0
Year Built				2,004
Owned Properties | College Club Townhomes
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		136		136
Beds | Bed		544		544
Initial Cost, Land		$ 1,967		$ 1,967
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		16,049		16,049
Costs Capitalized Subsequent to Acquisition / Initial Development		1,770		1,770
Total Costs, Land		1,967		1,967
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		17,819		17,819
Total Costs, Total		19,786		19,786
Accumulated Depreciation		6,763		6,763
Encumbrances		$ 0		$ 0
Year Built				2,002
Owned Properties | University Club Apartments
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		94		94
Beds | Bed		376		376
Initial Cost, Land		$ 1,416		$ 1,416
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		11,848		11,848
Costs Capitalized Subsequent to Acquisition / Initial Development		1,057		1,057
Total Costs, Land		1,416		1,416
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		12,905		12,905
Total Costs, Total		14,321		14,321
Accumulated Depreciation		4,480		4,480
Encumbrances		$ 0		$ 0
Year Built				1,999
Owned Properties | City Parc at Fry Street
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		136		136
Beds | Bed		418		418
Initial Cost, Land		$ 1,902		$ 1,902
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		17,678		17,678
Costs Capitalized Subsequent to Acquisition / Initial Development		1,196		1,196
Total Costs, Land		1,902		1,902
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		18,874		18,874
Total Costs, Total		20,776		20,776
Accumulated Depreciation		6,305		6,305
Encumbrances		$ 0		$ 0
Year Built				2,004
Owned Properties | Entrada Real
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		98		98
Beds | Bed		363		363
Initial Cost, Land		$ 1,475		$ 1,475
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		15,859		15,859
Costs Capitalized Subsequent to Acquisition / Initial Development		2,027		2,027
Total Costs, Land		1,475		1,475
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		17,886		17,886
Total Costs, Total		19,361		19,361
Accumulated Depreciation		5,728		5,728
Encumbrances		$ 0		$ 0
Year Built				2,000
Owned Properties | University Village at Sweethome
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		269		269
Beds | Bed		828		828
Initial Cost, Land		$ 2,473		$ 2,473
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		34,448		34,448
Costs Capitalized Subsequent to Acquisition / Initial Development		0		0
Total Costs, Land		2,473		2,473
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		34,448		34,448
Total Costs, Total		36,921		36,921
Accumulated Depreciation		11,183		11,183
Encumbrances		$ 0		$ 0
Year Built				2,005
Owned Properties | University Village - Tallahassee
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		217		217
Beds | Bed		716		716
Initial Cost, Land		$ 4,322		$ 4,322
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		26,225		26,225
Costs Capitalized Subsequent to Acquisition / Initial Development		3,796		3,796
Total Costs, Land		4,322		4,322
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		30,021		30,021
Total Costs, Total		34,343		34,343
Accumulated Depreciation		9,435		9,435
Encumbrances		$ 0		$ 0
Year Built				1,991
Number of project phases | phase		3		3
Owned Properties | Royal Village Gainesville
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		118		118
Beds | Bed		448		448
Initial Cost, Land		$ 2,386		$ 2,386
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		15,153		15,153
Costs Capitalized Subsequent to Acquisition / Initial Development		3,509		3,509
Total Costs, Land		2,363		2,363
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		18,685		18,685
Total Costs, Total		21,048		21,048
Accumulated Depreciation		5,223		5,223
Encumbrances		$ 0		$ 0
Year Built				1,996
Owned Properties | Royal Lexington
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		94		94
Beds | Bed		364		364
Initial Cost, Land		$ 2,848		$ 2,848
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		12,783		12,783
Costs Capitalized Subsequent to Acquisition / Initial Development		4,276		4,276
Total Costs, Land		2,848		2,848
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		17,059		17,059
Total Costs, Total		19,907		19,907
Accumulated Depreciation		5,343		5,343
Encumbrances		$ 0		$ 0
Year Built				1,994
Owned Properties | Raiders Pass
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		264		264
Beds | Bed		828		828
Initial Cost, Land		$ 3,877		$ 3,877
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		32,445		32,445
Costs Capitalized Subsequent to Acquisition / Initial Development		2,825		2,825
Total Costs, Land		3,877		3,877
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		35,270		35,270
Total Costs, Total		39,147		39,147
Accumulated Depreciation		10,775		10,775
Encumbrances		$ 0		$ 0
Year Built				2,001
Owned Properties | Aggie Station
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		156		156
Beds | Bed		450		450
Initial Cost, Land		$ 1,634		$ 1,634
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		18,821		18,821
Costs Capitalized Subsequent to Acquisition / Initial Development		2,819		2,819
Total Costs, Land		1,634		1,634
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		21,640		21,640
Total Costs, Total		23,274		23,274
Accumulated Depreciation		6,218		6,218
Encumbrances		$ 0		$ 0
Year Built				2,003
Owned Properties | The Outpost - San Antonio
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		276		276
Beds | Bed		828		828
Initial Cost, Land		$ 3,262		$ 3,262
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		36,252		36,252
Costs Capitalized Subsequent to Acquisition / Initial Development		3,596		3,596
Total Costs, Land		3,262		3,262
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		39,848		39,848
Total Costs, Total		43,110		43,110
Accumulated Depreciation		11,716		11,716
Encumbrances		$ 0		$ 0
Year Built				2,005
Owned Properties | Callaway Villas
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		236		236
Beds | Bed		704		704
Initial Cost, Land		$ 3,903		$ 3,903
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		31,953		31,953
Costs Capitalized Subsequent to Acquisition / Initial Development		0		0
Total Costs, Land		3,903		3,903
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		31,953		31,953
Total Costs, Total		35,856		35,856
Accumulated Depreciation		9,207		9,207
Encumbrances		$ 0		$ 0
Year Built				2,006
Owned Properties | The Village on Sixth Avenue
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		248		248
Beds | Bed		752		752
Initial Cost, Land		$ 2,763		$ 2,763
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		22,480		22,480
Costs Capitalized Subsequent to Acquisition / Initial Development		1,606		1,606
Total Costs, Land		2,763		2,763
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		24,086		24,086
Total Costs, Total		26,849		26,849
Accumulated Depreciation		7,001		7,001
Encumbrances		$ 0		$ 0
Year Built				1,999
Owned Properties | Newtown Crossing
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		356		356
Beds | Bed		942		942
Initial Cost, Land		$ 7,013		$ 7,013
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		53,597		53,597
Costs Capitalized Subsequent to Acquisition / Initial Development		1,657		1,657
Total Costs, Land		7,013		7,013
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		55,254		55,254
Total Costs, Total		62,267		62,267
Accumulated Depreciation		17,456		17,456
Encumbrances		$ 0		$ 0
Year Built				2,005
Owned Properties | Olde Towne University Square
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		224		224
Beds | Bed		550		550
Initial Cost, Land		$ 2,277		$ 2,277
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		24,614		24,614
Costs Capitalized Subsequent to Acquisition / Initial Development		935		935
Total Costs, Land		2,277		2,277
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		25,549		25,549
Total Costs, Total		27,826		27,826
Accumulated Depreciation		8,412		8,412
Encumbrances		$ 0		$ 0
Year Built				2,005
Owned Properties | Peninsular Place
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		183		183
Beds | Bed		478		478
Initial Cost, Land		$ 2,306		$ 2,306
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		16,559		16,559
Costs Capitalized Subsequent to Acquisition / Initial Development		941		941
Total Costs, Land		2,306		2,306
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		17,500		17,500
Total Costs, Total		19,806		19,806
Accumulated Depreciation		6,062		6,062
Encumbrances		$ 0		$ 0
Year Built				2,005
Owned Properties | University Centre
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		234		234
Beds | Bed		838		838
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		77,378		77,378
Costs Capitalized Subsequent to Acquisition / Initial Development		3,617		3,617
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		80,995		80,995
Total Costs, Total		80,995		80,995
Accumulated Depreciation		24,175		24,175
Encumbrances		$ 0		$ 0
Year Built				2,007
Owned Properties | The Summit & Jacob Heights
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		258		258
Beds | Bed		930		930
Initial Cost, Land		$ 2,318		$ 2,318
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		36,464		36,464
Costs Capitalized Subsequent to Acquisition / Initial Development		1,868		1,868
Total Costs, Land		2,318		2,318
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		38,332		38,332
Total Costs, Total		40,650		40,650
Accumulated Depreciation		10,019		10,019
Encumbrances		$ 0		$ 0
Year Built				2,004
Owned Properties | GrandMarc Seven Corners
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		186		186
Beds | Bed		440		440
Initial Cost, Land		$ 4,491		$ 4,491
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		28,807		28,807
Costs Capitalized Subsequent to Acquisition / Initial Development		1,522		1,522
Total Costs, Land		4,491		4,491
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		30,329		30,329
Total Costs, Total		34,820		34,820
Accumulated Depreciation		8,109		8,109
Encumbrances		$ 0		$ 0
Year Built				2,000
Owned Properties | Aztec Corner
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		180		180
Beds | Bed		606		606
Initial Cost, Land		$ 17,460		$ 17,460
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		32,209		32,209
Costs Capitalized Subsequent to Acquisition / Initial Development		1,728		1,728
Total Costs, Land		17,460		17,460
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		33,937		33,937
Total Costs, Total		51,397		51,397
Accumulated Depreciation		9,120		9,120
Encumbrances		$ 0		$ 0
Year Built				2,001
Owned Properties | The Tower at Third
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		188		188
Beds | Bed		375		375
Initial Cost, Land		$ 1,145		$ 1,145
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		19,128		19,128
Costs Capitalized Subsequent to Acquisition / Initial Development		11,868		11,868
Total Costs, Land		1,267		1,267
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		30,874		30,874
Total Costs, Total		32,141		32,141
Accumulated Depreciation		8,867		8,867
Encumbrances		$ 0		$ 0
Year Built				1,973
Owned Properties | Willowtree Apartments and Tower
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		473		473
Beds | Bed		851		851
Initial Cost, Land		$ 9,807		$ 9,807
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		21,880		21,880
Costs Capitalized Subsequent to Acquisition / Initial Development		3,671		3,671
Total Costs, Land		9,807		9,807
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		25,551		25,551
Total Costs, Total		35,358		35,358
Accumulated Depreciation		7,863		7,863
Encumbrances		$ 0		$ 0
Year Built				1,970
Owned Properties | University Pointe
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		204		204
Beds | Bed		682		682
Initial Cost, Land		$ 989		$ 989
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		27,576		27,576
Costs Capitalized Subsequent to Acquisition / Initial Development		4,155		4,155
Total Costs, Land		989		989
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		31,731		31,731
Total Costs, Total		32,720		32,720
Accumulated Depreciation		8,541		8,541
Encumbrances		$ 0		$ 0
Year Built				2,004
Owned Properties | University Trails
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		240		240
Beds | Bed		684		684
Initial Cost, Land		$ 1,183		$ 1,183
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		25,173		25,173
Costs Capitalized Subsequent to Acquisition / Initial Development		3,284		3,284
Total Costs, Land		1,183		1,183
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		28,457		28,457
Total Costs, Total		29,640		29,640
Accumulated Depreciation		8,166		8,166
Encumbrances		$ 0		$ 0
Year Built				2,003
Owned Properties | Campus Trails
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		156		156
Beds | Bed		480		480
Initial Cost, Land		$ 1,358		$ 1,358
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		11,291		11,291
Costs Capitalized Subsequent to Acquisition / Initial Development		4,827		4,827
Total Costs, Land		1,358		1,358
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		16,118		16,118
Total Costs, Total		17,476		17,476
Accumulated Depreciation		4,716		4,716
Encumbrances		$ 0		$ 0
Year Built				1,991
Owned Properties | University Crossings (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		260		260
Beds | Bed		1,016		1,016
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		50,668		50,668
Costs Capitalized Subsequent to Acquisition / Initial Development		38,616		38,616
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		89,284		89,284
Total Costs, Total		89,284		89,284
Accumulated Depreciation		22,967		22,967
Encumbrances		$ 0		$ 0
Year Built				2,003
Owned Properties | Vista del Sol (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		613		613
Beds | Bed		1,866		1,866
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		135,939		135,939
Costs Capitalized Subsequent to Acquisition / Initial Development		3,924		3,924
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		139,863		139,863
Total Costs, Total		139,863		139,863
Accumulated Depreciation		38,013		38,013
Encumbrances		$ 0		$ 0
Year Built				2,008
Owned Properties | Villas at Chestnut Ridge
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		196		196
Beds | Bed		552		552
Initial Cost, Land		$ 2,756		$ 2,756
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		33,510		33,510
Costs Capitalized Subsequent to Acquisition / Initial Development		1,335		1,335
Total Costs, Land		2,756		2,756
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		34,845		34,845
Total Costs, Total		37,601		37,601
Accumulated Depreciation		9,858		9,858
Encumbrances		$ 0		$ 0
Year Built				2,008
Owned Properties | Barrett Honors College (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		604		604
Beds | Bed		1,721		1,721
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		131,302		131,302
Costs Capitalized Subsequent to Acquisition / Initial Development		17,485		17,485
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		148,787		148,787
Total Costs, Total		148,787		148,787
Accumulated Depreciation		39,130		39,130
Encumbrances		$ 0		$ 0
Year Built				2,009
Owned Properties | Sanctuary Lofts
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		201		201
Beds | Bed		487		487
Initial Cost, Land		$ 2,960		$ 2,960
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		18,180		18,180
Costs Capitalized Subsequent to Acquisition / Initial Development		3,738		3,738
Total Costs, Land		2,960		2,960
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		21,918		21,918
Total Costs, Total		24,878		24,878
Accumulated Depreciation		6,680		6,680
Encumbrances		$ 0		$ 0
Year Built				2,006
Owned Properties | Blanton Common
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		276		276
Beds | Bed		860		860
Initial Cost, Land		$ 3,788		$ 3,788
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		16,759		16,759
Costs Capitalized Subsequent to Acquisition / Initial Development		0		0
Total Costs, Land		3,788		3,788
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		16,759		16,759
Total Costs, Total		20,547		20,547
Accumulated Depreciation		7,193		7,193
Encumbrances		27,380		$ 27,380
Year Built				2,005
Mortgage loan		$ 27,400		$ 27,400
Owned Properties | The Edge- Charlotte
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		180		180
Beds | Bed		720		720
Initial Cost, Land		$ 3,076		$ 3,076
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		23,395		23,395
Costs Capitalized Subsequent to Acquisition / Initial Development		8,830		8,830
Total Costs, Land		3,076		3,076
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		32,225		32,225
Total Costs, Total		35,301		35,301
Accumulated Depreciation		7,957		7,957
Encumbrances		$ 0		$ 0
Year Built				1,999
Owned Properties | University Walk
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		120		120
Beds | Bed		480		480
Initial Cost, Land		$ 2,016		$ 2,016
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		14,599		14,599
Costs Capitalized Subsequent to Acquisition / Initial Development		3,021		3,021
Total Costs, Land		2,016		2,016
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		17,620		17,620
Total Costs, Total		19,636		19,636
Accumulated Depreciation		4,668		4,668
Encumbrances		$ 0		$ 0
Year Built				2,002
Owned Properties | Uptown Apartments
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		180		180
Beds | Bed		528		528
Initial Cost, Land		$ 3,031		$ 3,031
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		21,685		21,685
Costs Capitalized Subsequent to Acquisition / Initial Development		2,151		2,151
Total Costs, Land		3,031		3,031
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		23,836		23,836
Total Costs, Total		26,867		26,867
Accumulated Depreciation		5,429		5,429
Encumbrances		$ 0		$ 0
Year Built				2,004
Owned Properties | 2nd Ave Centre
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		274		274
Beds | Bed		868		868
Initial Cost, Land		$ 4,434		$ 4,434
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		27,236		27,236
Costs Capitalized Subsequent to Acquisition / Initial Development		3,804		3,804
Total Costs, Land		4,434		4,434
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		31,040		31,040
Total Costs, Total		35,474		35,474
Accumulated Depreciation		8,151		8,151
Encumbrances		$ 0		$ 0
Year Built				2,008
Owned Properties | Villas at Babcock
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		204		204
Beds | Bed		792		792
Initial Cost, Land		$ 4,642		$ 4,642
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		30,901		30,901
Costs Capitalized Subsequent to Acquisition / Initial Development		47		47
Total Costs, Land		4,642		4,642
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		30,948		30,948
Total Costs, Total		35,590		35,590
Accumulated Depreciation		9,487		9,487
Encumbrances		$ 0		$ 0
Year Built				2,011
Owned Properties | Lobo Village (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		216		216
Beds | Bed		864		864
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		42,490		42,490
Costs Capitalized Subsequent to Acquisition / Initial Development		543		543
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		43,033		43,033
Total Costs, Total		43,033		43,033
Accumulated Depreciation		8,990		8,990
Encumbrances		$ 0		$ 0
Year Built				2,011
Owned Properties | Villas on Sycamore
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		170		170
Beds | Bed		680		680
Initial Cost, Land		$ 3,000		$ 3,000
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		24,640		24,640
Costs Capitalized Subsequent to Acquisition / Initial Development		263		263
Total Costs, Land		3,000		3,000
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		24,903		24,903
Total Costs, Total		27,903		27,903
Accumulated Depreciation		8,064		8,064
Encumbrances		$ 0		$ 0
Year Built				2,011
Owned Properties | University Village Northwest (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		36		36
Beds | Bed		144		144
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		4,228		4,228
Costs Capitalized Subsequent to Acquisition / Initial Development		109		109
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		4,337		4,337
Total Costs, Total		4,337		4,337
Accumulated Depreciation		1,149		1,149
Encumbrances		$ 0		$ 0
Year Built				2,011
Owned Properties | 26 West
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		367		367
Beds | Bed		1,026		1,026
Initial Cost, Land		$ 21,396		$ 21,396
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		63,994		63,994
Costs Capitalized Subsequent to Acquisition / Initial Development		6,307		6,307
Total Costs, Land		21,396		21,396
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		70,301		70,301
Total Costs, Total		91,697		91,697
Accumulated Depreciation		13,782		13,782
Encumbrances		$ 0		$ 0
Year Built				2,008
Owned Properties | The Varsity
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		258		258
Beds | Bed		901		901
Initial Cost, Land		$ 11,605		$ 11,605
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		108,529		108,529
Costs Capitalized Subsequent to Acquisition / Initial Development		2,413		2,413
Total Costs, Land		11,605		11,605
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		110,942		110,942
Total Costs, Total		122,547		122,547
Accumulated Depreciation		18,831		18,831
Encumbrances		$ 0		$ 0
Year Built				2,011
Owned Properties | Avalon Heights
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		210		210
Beds | Bed		754		754
Initial Cost, Land		$ 4,968		$ 4,968
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		24,345		24,345
Costs Capitalized Subsequent to Acquisition / Initial Development		13,726		13,726
Total Costs, Land		4,968		4,968
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		38,071		38,071
Total Costs, Total		43,039		43,039
Accumulated Depreciation		6,584		6,584
Encumbrances		$ 0		$ 0
Year Built				2,002
Owned Properties | University Commons
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		164		164
Beds | Bed		480		480
Initial Cost, Land		$ 12,559		$ 12,559
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		19,010		19,010
Costs Capitalized Subsequent to Acquisition / Initial Development		2,701		2,701
Total Costs, Land		12,559		12,559
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		21,711		21,711
Total Costs, Total		34,270		34,270
Accumulated Depreciation		4,166		4,166
Encumbrances		$ 0		$ 0
Year Built				2,003
Owned Properties | Casas del Rio (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		283		283
Beds | Bed		1,028		1,028
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		40,639		40,639
Costs Capitalized Subsequent to Acquisition / Initial Development		1,198		1,198
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		41,837		41,837
Total Costs, Total		41,837		41,837
Accumulated Depreciation		12,691		12,691
Encumbrances		$ 0		$ 0
Year Built				2,012
Owned Properties | The Suites (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		439		439
Beds | Bed		878		878
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		45,296		45,296
Costs Capitalized Subsequent to Acquisition / Initial Development		502		502
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		45,798		45,798
Total Costs, Total		45,798		45,798
Accumulated Depreciation		9,467		9,467
Encumbrances		$ 0		$ 0
Year Built				2,013
Owned Properties | Hilltop Townhomes (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		144		144
Beds | Bed		576		576
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		31,507		31,507
Costs Capitalized Subsequent to Acquisition / Initial Development		419		419
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		31,926		31,926
Total Costs, Total		31,926		31,926
Accumulated Depreciation		8,042		8,042
Encumbrances		$ 0		$ 0
Year Built				2,012
Owned Properties | U Club on Frey
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		216		216
Beds | Bed		864		864
Initial Cost, Land		$ 8,703		$ 8,703
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		36,873		36,873
Costs Capitalized Subsequent to Acquisition / Initial Development		938		938
Total Costs, Land		8,703		8,703
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		37,811		37,811
Total Costs, Total		46,514		46,514
Accumulated Depreciation		7,837		7,837
Encumbrances		$ 0		$ 0
Year Built				2,013
Owned Properties | Campus Edge on UTA Boulevard
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		128		128
Beds | Bed		488		488
Initial Cost, Land		$ 2,661		$ 2,661
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		21,233		21,233
Costs Capitalized Subsequent to Acquisition / Initial Development		587		587
Total Costs, Land		2,661		2,661
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		21,820		21,820
Total Costs, Total		24,481		24,481
Accumulated Depreciation		5,495		5,495
Encumbrances		$ 0		$ 0
Year Built				2,012
Owned Properties | U Club Townhomes on Marion Pugh
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		160		160
Beds | Bed		640		640
Initial Cost, Land		$ 6,722		$ 6,722
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		26,546		26,546
Costs Capitalized Subsequent to Acquisition / Initial Development		928		928
Total Costs, Land		6,722		6,722
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		27,474		27,474
Total Costs, Total		34,196		34,196
Accumulated Depreciation		7,207		7,207
Encumbrances		$ 0		$ 0
Year Built				2,012
Owned Properties | Villas on Rensch
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		153		153
Beds | Bed		610		610
Initial Cost, Land		$ 10,231		$ 10,231
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		33,852		33,852
Costs Capitalized Subsequent to Acquisition / Initial Development		759		759
Total Costs, Land		10,231		10,231
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		34,611		34,611
Total Costs, Total		44,842		44,842
Accumulated Depreciation		8,025		8,025
Encumbrances		$ 0		$ 0
Year Built				2,012
Owned Properties | The Village at Overton Park
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		163		163
Beds | Bed		612		612
Initial Cost, Land		$ 5,262		$ 5,262
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		29,374		29,374
Costs Capitalized Subsequent to Acquisition / Initial Development		1,009		1,009
Total Costs, Land		5,262		5,262
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		30,383		30,383
Total Costs, Total		35,645		35,645
Accumulated Depreciation		7,663		7,663
Encumbrances		$ 0		$ 0
Year Built				2,012
Owned Properties | Casa de Oro (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		109		109
Beds | Bed		365		365
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		12,362		12,362
Costs Capitalized Subsequent to Acquisition / Initial Development		157		157
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		12,519		12,519
Total Costs, Total		12,519		12,519
Accumulated Depreciation		3,424		3,424
Encumbrances		$ 0		$ 0
Year Built				2,012
Owned Properties | The Villas at Vista del Sol (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		104		104
Beds | Bed		400		400
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		20,421		20,421
Costs Capitalized Subsequent to Acquisition / Initial Development		334		334
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		20,755		20,755
Total Costs, Total		20,755		20,755
Accumulated Depreciation		5,743		5,743
Encumbrances		$ 0		$ 0
Year Built				2,012
Owned Properties | The Block
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		669		669
Beds | Bed		1,555		1,555
Initial Cost, Land		$ 22,270		$ 22,270
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		141,430		141,430
Costs Capitalized Subsequent to Acquisition / Initial Development		10,248		10,248
Total Costs, Land		22,350		22,350
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		151,598		151,598
Total Costs, Total		173,948		173,948
Accumulated Depreciation		22,736		22,736
Encumbrances		$ 0		$ 0
Year Built				2,008
Owned Properties | University Pointe at College Station (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		282		282
Beds | Bed		978		978
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		84,657		84,657
Costs Capitalized Subsequent to Acquisition / Initial Development		2,089		2,089
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		86,746		86,746
Total Costs, Total		86,746		86,746
Accumulated Depreciation		22,279		22,279
Encumbrances		$ 0		$ 0
Year Built				2,012
Owned Properties | 309 Green
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		110		110
Beds | Bed		416		416
Initial Cost, Land		$ 5,351		$ 5,351
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		49,987		49,987
Costs Capitalized Subsequent to Acquisition / Initial Development		3,695		3,695
Total Costs, Land		5,351		5,351
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		53,682		53,682
Total Costs, Total		59,033		59,033
Accumulated Depreciation		8,518		8,518
Encumbrances		$ 30,222		$ 30,222
Year Built				2,008
Owned Properties | The Retreat
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		187		187
Beds | Bed		780		780
Initial Cost, Land		$ 5,265		$ 5,265
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		46,236		46,236
Costs Capitalized Subsequent to Acquisition / Initial Development		2,364		2,364
Total Costs, Land		5,265		5,265
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		48,600		48,600
Total Costs, Total		53,865		53,865
Accumulated Depreciation		7,979		7,979
Encumbrances		$ 0		$ 0
Year Built				2,012
Owned Properties | Lofts54
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		43		43
Beds | Bed		172		172
Initial Cost, Land		$ 430		$ 430
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		14,741		14,741
Costs Capitalized Subsequent to Acquisition / Initial Development		4,254		4,254
Total Costs, Land		430		430
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		18,995		18,995
Total Costs, Total		19,425		19,425
Accumulated Depreciation		2,849		2,849
Encumbrances		$ 10,409		$ 10,409
Year Built				2,008
Owned Properties | Campustown Rentals
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		264		264
Beds | Bed		746		746
Initial Cost, Land		$ 2,382		$ 2,382
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		40,190		40,190
Costs Capitalized Subsequent to Acquisition / Initial Development		3,902		3,902
Total Costs, Land		2,382		2,382
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		44,092		44,092
Total Costs, Total		46,474		46,474
Accumulated Depreciation		8,356		8,356
Encumbrances		$ 0		$ 0
Year Built				1,982
Owned Properties | Chauncey Square
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		158		158
Beds | Bed		386		386
Initial Cost, Land		$ 2,522		$ 2,522
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		40,013		40,013
Costs Capitalized Subsequent to Acquisition / Initial Development		1,708		1,708
Total Costs, Land		2,522		2,522
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		41,721		41,721
Total Costs, Total		44,243		44,243
Accumulated Depreciation		6,919		6,919
Encumbrances		$ 0		$ 0
Year Built				2,011
Owned Properties | Vintage & Texan West Campus
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		124		124
Beds | Bed		311		311
Initial Cost, Land		$ 5,937		$ 5,937
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		11,906		11,906
Costs Capitalized Subsequent to Acquisition / Initial Development		15,449		15,449
Total Costs, Land		5,937		5,937
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		27,355		27,355
Total Costs, Total		33,292		33,292
Accumulated Depreciation		4,296		4,296
Encumbrances		$ 8,381		$ 8,381
Year Built				2,008
Owned Properties | The Castilian
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		371		371
Beds | Bed		623		623
Initial Cost, Land		$ 3,663		$ 3,663
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		59,772		59,772
Costs Capitalized Subsequent to Acquisition / Initial Development		33,270		33,270
Total Costs, Land		3,663		3,663
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		93,042		93,042
Total Costs, Total		96,705		96,705
Accumulated Depreciation		15,537		15,537
Encumbrances		$ 0		$ 0
Year Built				1,967
Owned Properties | Bishops Square
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		134		134
Beds | Bed		315		315
Initial Cost, Land		$ 1,206		$ 1,206
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		17,878		17,878
Costs Capitalized Subsequent to Acquisition / Initial Development		1,649		1,649
Total Costs, Land		1,206		1,206
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		19,527		19,527
Total Costs, Total		20,733		20,733
Accumulated Depreciation		3,645		3,645
Encumbrances		$ 11,141		$ 11,141
Year Built				2,002
Owned Properties | Union
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		54		54
Beds | Bed		120		120
Initial Cost, Land		$ 169		$ 169
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		6,348		6,348
Costs Capitalized Subsequent to Acquisition / Initial Development		977		977
Total Costs, Land		169		169
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		7,325		7,325
Total Costs, Total		7,494		7,494
Accumulated Depreciation		1,339		1,339
Encumbrances		$ 3,471		$ 3,471
Year Built				2,006
Owned Properties | 922 Place
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		132		132
Beds | Bed		468		468
Initial Cost, Land		$ 3,363		$ 3,363
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		34,947		34,947
Costs Capitalized Subsequent to Acquisition / Initial Development		3,106		3,106
Total Costs, Land		3,363		3,363
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		38,053		38,053
Total Costs, Total		41,416		41,416
Accumulated Depreciation		6,920		6,920
Encumbrances		$ 0		$ 0
Year Built				2,009
Owned Properties | Campustown
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		452		452
Beds | Bed		1,217		1,217
Initial Cost, Land		$ 1,818		$ 1,818
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		77,894		77,894
Costs Capitalized Subsequent to Acquisition / Initial Development		4,490		4,490
Total Costs, Land		1,818		1,818
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		82,384		82,384
Total Costs, Total		84,202		84,202
Accumulated Depreciation		13,027		13,027
Encumbrances		$ 0		$ 0
Year Built				1,997
Owned Properties | River Mill
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		243		243
Beds | Bed		461		461
Initial Cost, Land		$ 1,741		$ 1,741
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		22,806		22,806
Costs Capitalized Subsequent to Acquisition / Initial Development		3,327		3,327
Total Costs, Land		1,741		1,741
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		26,133		26,133
Total Costs, Total		27,874		27,874
Accumulated Depreciation		4,660		4,660
Encumbrances		$ 0		$ 0
Year Built				1,972
Owned Properties | Landmark
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		173		173
Beds | Bed		606		606
Initial Cost, Land		$ 3,002		$ 3,002
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		118,168		118,168
Costs Capitalized Subsequent to Acquisition / Initial Development		1,175		1,175
Total Costs, Land		3,002		3,002
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		119,343		119,343
Total Costs, Total		122,345		122,345
Accumulated Depreciation		17,702		17,702
Encumbrances		$ 0		$ 0
Year Built				2,012
Owned Properties | Icon Plaza
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		56		56
Beds | Bed		253		253
Initial Cost, Land		$ 6,292		$ 6,292
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		65,857		65,857
Costs Capitalized Subsequent to Acquisition / Initial Development		3,475		3,475
Total Costs, Land		6,292		6,292
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		69,332		69,332
Total Costs, Total		75,624		75,624
Accumulated Depreciation		10,415		10,415
Encumbrances		$ 0		$ 0
Year Built				2,012
Owned Properties | The Province - Greensboro
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		219		219
Beds | Bed		696		696
Initial Cost, Land		$ 2,226		$ 2,226
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		48,567		48,567
Costs Capitalized Subsequent to Acquisition / Initial Development		1,149		1,149
Total Costs, Land		2,226		2,226
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		49,716		49,716
Total Costs, Total		51,942		51,942
Accumulated Depreciation		8,346		8,346
Encumbrances		$ 27,598		$ 27,598
Year Built				2,011
Owned Properties | RAMZ Apts on Broad
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		88		88
Beds | Bed		172		172
Initial Cost, Land		$ 785		$ 785
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		12,303		12,303
Costs Capitalized Subsequent to Acquisition / Initial Development		564		564
Total Costs, Land		785		785
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		12,867		12,867
Total Costs, Total		13,652		13,652
Accumulated Depreciation		2,095		2,095
Encumbrances		$ 0		$ 0
Year Built				2,004
Owned Properties | The Lofts at Capital Garage
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		36		36
Beds | Bed		144		144
Initial Cost, Land		$ 313		$ 313
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		3,581		3,581
Costs Capitalized Subsequent to Acquisition / Initial Development		553		553
Total Costs, Land		313		313
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		4,134		4,134
Total Costs, Total		4,447		4,447
Accumulated Depreciation		815		815
Encumbrances		$ 0		$ 0
Year Built				2,000
Owned Properties | 25 Twenty
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		249		249
Beds | Bed		562		562
Initial Cost, Land		$ 2,226		$ 2,226
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		33,429		33,429
Costs Capitalized Subsequent to Acquisition / Initial Development		1,111		1,111
Total Costs, Land		2,226		2,226
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		34,540		34,540
Total Costs, Total		36,766		36,766
Accumulated Depreciation		6,555		6,555
Encumbrances		$ 25,698		$ 25,698
Year Built				2,011
Owned Properties | The Province - Louisville
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		366		366
Beds | Bed		858		858
Initial Cost, Land		$ 4,392		$ 4,392
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		63,068		63,068
Costs Capitalized Subsequent to Acquisition / Initial Development		1,394		1,394
Total Costs, Land		4,392		4,392
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		64,462		64,462
Total Costs, Total		68,854		68,854
Accumulated Depreciation		11,160		11,160
Encumbrances		$ 35,938		$ 35,938
Year Built				2,009
Owned Properties | West 27th Place
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		161		161
Beds | Bed		475		475
Initial Cost, Land		$ 13,900		$ 13,900
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		76,720		76,720
Costs Capitalized Subsequent to Acquisition / Initial Development		1,316		1,316
Total Costs, Land		13,900		13,900
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		78,036		78,036
Total Costs, Total		91,936		91,936
Accumulated Depreciation		11,530		11,530
Encumbrances		$ 37,460		$ 37,460
Year Built				2,011
Owned Properties | The Province - Rochester
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		336		336
Beds | Bed		816		816
Initial Cost, Land		$ 3,798		$ 3,798
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		70,955		70,955
Costs Capitalized Subsequent to Acquisition / Initial Development		2,216		2,216
Total Costs, Land		3,798		3,798
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		73,171		73,171
Total Costs, Total		76,969		76,969
Accumulated Depreciation		12,403		12,403
Encumbrances		$ 33,719		$ 33,719
Year Built				2,010
Owned Properties | 5 Twenty Four & 5 Twenty Five Angliana
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		376		376
Beds | Bed		1,060		1,060
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		60,448		60,448
Costs Capitalized Subsequent to Acquisition / Initial Development		6,941		6,941
Total Costs, Land		5,214		5,214
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		62,175		62,175
Total Costs, Total		67,389		67,389
Accumulated Depreciation		10,879		10,879
Encumbrances		$ 0		$ 0
Year Built				2,010
Owned Properties | The Province - Tampa
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		287		287
Beds | Bed		947		947
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		52,943		52,943
Costs Capitalized Subsequent to Acquisition / Initial Development		3,279		3,279
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		56,222		56,222
Total Costs, Total		56,222		56,222
Accumulated Depreciation		9,361		9,361
Encumbrances		$ 31,826		$ 31,826
Year Built				2,009
Owned Properties | U Point Kennesaw
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		216		216
Beds | Bed		795		795
Initial Cost, Land		$ 1,482		$ 1,482
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		61,654		61,654
Costs Capitalized Subsequent to Acquisition / Initial Development		5,640		5,640
Total Costs, Land		1,482		1,482
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		67,294		67,294
Total Costs, Total		68,776		68,776
Accumulated Depreciation		12,059		12,059
Encumbrances		$ 0		$ 0
Year Built				2,012
Owned Properties | The Cottages of Durham
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		141		141
Beds | Bed		619		619
Initial Cost, Land		$ 3,955		$ 3,955
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		41,421		41,421
Costs Capitalized Subsequent to Acquisition / Initial Development		2,082		2,082
Total Costs, Land		3,955		3,955
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		43,503		43,503
Total Costs, Total		47,458		47,458
Accumulated Depreciation		8,894		8,894
Encumbrances		$ 0		$ 0
Year Built				2,012
Owned Properties | University Edge
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		201		201
Beds | Bed		608		608
Initial Cost, Land		$ 4,500		$ 4,500
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		26,385		26,385
Costs Capitalized Subsequent to Acquisition / Initial Development		1,213		1,213
Total Costs, Land		4,500		4,500
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		27,598		27,598
Total Costs, Total		32,098		32,098
Accumulated Depreciation		4,392		4,392
Encumbrances		$ 0		$ 0
Year Built				2,012
Owned Properties | The Lodges of East Lansing
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		364		364
Beds | Bed		1,049		1,049
Initial Cost, Land		$ 6,472		$ 6,472
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		89,231		89,231
Costs Capitalized Subsequent to Acquisition / Initial Development		1,293		1,293
Total Costs, Land		6,472		6,472
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		90,524		90,524
Total Costs, Total		96,996		96,996
Accumulated Depreciation		14,381		14,381
Encumbrances		$ 29,126		$ 29,126
Year Built				2,012
Owned Properties | 7th Street Station
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		82		82
Beds | Bed		309		309
Initial Cost, Land		$ 9,792		$ 9,792
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		16,472		16,472
Costs Capitalized Subsequent to Acquisition / Initial Development		485		485
Total Costs, Land		9,792		9,792
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		16,957		16,957
Total Costs, Total		26,749		26,749
Accumulated Depreciation		2,862		2,862
Encumbrances		$ 0		$ 0
Year Built				2,012
Owned Properties | The Callaway House Austin
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		219		219
Beds | Bed		753		753
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		61,550		61,550
Costs Capitalized Subsequent to Acquisition / Initial Development		769		769
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		62,319		62,319
Total Costs, Total		62,319		62,319
Accumulated Depreciation		10,973		10,973
Encumbrances		$ 0		$ 0
Year Built				2,013
Owned Properties | Manzanita (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		241		241
Beds | Bed		816		816
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		48,781		48,781
Costs Capitalized Subsequent to Acquisition / Initial Development		350		350
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		49,131		49,131
Total Costs, Total		49,131		49,131
Accumulated Depreciation		9,465		9,465
Encumbrances		$ 0		$ 0
Year Built				2,013
Owned Properties | University View (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		96		96
Beds | Bed		336		336
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		14,683		14,683
Costs Capitalized Subsequent to Acquisition / Initial Development		176		176
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		14,859		14,859
Total Costs, Total		14,859		14,859
Accumulated Depreciation		2,819		2,819
Encumbrances		$ 0		$ 0
Year Built				2,013
Owned Properties | U Club Townhomes at Overton Park
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		112		112
Beds | Bed		448		448
Initial Cost, Land		$ 7,775		$ 7,775
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		21,483		21,483
Costs Capitalized Subsequent to Acquisition / Initial Development		658		658
Total Costs, Land		7,775		7,775
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		22,141		22,141
Total Costs, Total		29,916		29,916
Accumulated Depreciation		4,106		4,106
Encumbrances		$ 0		$ 0
Year Built				2,013
Owned Properties | 601 Copeland
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		81		81
Beds | Bed		283		283
Initial Cost, Land		$ 1,457		$ 1,457
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		26,699		26,699
Costs Capitalized Subsequent to Acquisition / Initial Development		340		340
Total Costs, Land		1,457		1,457
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		27,039		27,039
Total Costs, Total		28,496		28,496
Accumulated Depreciation		4,246		4,246
Encumbrances		$ 0		$ 0
Year Built				2,013
Owned Properties | The Townhomes at Newtown Crossing
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		152		152
Beds | Bed		608		608
Initial Cost, Land		$ 7,745		$ 7,745
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		32,074		32,074
Costs Capitalized Subsequent to Acquisition / Initial Development		453		453
Total Costs, Land		7,745		7,745
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		32,527		32,527
Total Costs, Total		40,272		40,272
Accumulated Depreciation		5,175		5,175
Encumbrances		$ 0		$ 0
Year Built				2,013
Owned Properties | Chestnut Square (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		220		220
Beds | Bed		861		861
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		98,369		98,369
Costs Capitalized Subsequent to Acquisition / Initial Development		2,274		2,274
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		100,643		100,643
Total Costs, Total		100,643		100,643
Accumulated Depreciation		16,633		16,633
Encumbrances		$ 0		$ 0
Year Built				2,013
Owned Properties | Park Point
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		300		300
Beds | Bed		924		924
Initial Cost, Land		$ 7,827		$ 7,827
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		73,495		73,495
Costs Capitalized Subsequent to Acquisition / Initial Development		4,848		4,848
Total Costs, Land		7,827		7,827
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		78,343		78,343
Total Costs, Total		86,170		86,170
Accumulated Depreciation		11,962		11,962
Encumbrances		$ 70,000		$ 70,000
Year Built				2,008
Owned Properties | U Centre at Fry Street
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		194		194
Beds | Bed		614		614
Initial Cost, Land		$ 2,902		$ 2,902
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		47,700		47,700
Costs Capitalized Subsequent to Acquisition / Initial Development		1,798		1,798
Total Costs, Land		2,902		2,902
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		49,498		49,498
Total Costs, Total		52,400		52,400
Accumulated Depreciation		6,621		6,621
Encumbrances		$ 0		$ 0
Year Built				2,012
Owned Properties | Cardinal Towne
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		255		255
Beds | Bed		545		545
Initial Cost, Land		$ 6,547		$ 6,547
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		53,809		53,809
Costs Capitalized Subsequent to Acquisition / Initial Development		2,730		2,730
Total Costs, Land		6,547		6,547
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		56,539		56,539
Total Costs, Total		63,086		63,086
Accumulated Depreciation		7,359		7,359
Encumbrances		$ 37,250		$ 37,250
Year Built				2,010
Owned Properties | Stanworth Commons Phase I (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		127		127
Beds | Bed		214		214
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		30,930		30,930
Costs Capitalized Subsequent to Acquisition / Initial Development		38		38
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		30,968		30,968
Total Costs, Total		30,968		30,968
Accumulated Depreciation		3,663		3,663
Encumbrances		$ 0		$ 0
Year Built				2,014
Owned Properties | The Plaza on University
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		364		364
Beds | Bed		1,313		1,313
Initial Cost, Land		$ 23,987		$ 23,987
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		85,584		85,584
Costs Capitalized Subsequent to Acquisition / Initial Development		3,565		3,565
Total Costs, Land		23,987		23,987
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		89,149		89,149
Total Costs, Total		113,136		113,136
Accumulated Depreciation		11,893		11,893
Encumbrances		$ 0		$ 0
Year Built				2,014
Owned Properties | U Centre at Northgate (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		196		196
Beds | Bed		784		784
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		35,663		35,663
Costs Capitalized Subsequent to Acquisition / Initial Development		265		265
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		35,928		35,928
Total Costs, Total		35,928		35,928
Accumulated Depreciation		5,047		5,047
Encumbrances		$ 0		$ 0
Year Built				2,014
Owned Properties | University Walk
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		177		177
Beds | Bed		526		526
Initial Cost, Land		$ 4,341		$ 4,341
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		29,073		29,073
Costs Capitalized Subsequent to Acquisition / Initial Development		717		717
Total Costs, Land		4,341		4,341
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		29,790		29,790
Total Costs, Total		34,131		34,131
Accumulated Depreciation		3,050		3,050
Encumbrances		$ 0		$ 0
Year Built				2,014
Owned Properties | U Club on Woodward
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		236		236
Beds | Bed		944		944
Initial Cost, Land		$ 16,350		$ 16,350
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		46,982		46,982
Costs Capitalized Subsequent to Acquisition / Initial Development		485		485
Total Costs, Land		16,350		16,350
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		47,467		47,467
Total Costs, Total		63,817		63,817
Accumulated Depreciation		6,749		6,749
Encumbrances		$ 0		$ 0
Year Built				2,014
Number of project phases | phase		2		2
Owned Properties | The Standard
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		190		190
Beds | Bed		610		610
Initial Cost, Land		$ 4,674		$ 4,674
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		57,310		57,310
Costs Capitalized Subsequent to Acquisition / Initial Development		1,406		1,406
Total Costs, Land		4,674		4,674
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		58,716		58,716
Total Costs, Total		63,390		63,390
Accumulated Depreciation		6,217		6,217
Encumbrances		$ 0		$ 0
Year Built				2,014
Owned Properties | Park Point
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		66		66
Beds | Bed		226		226
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		25,725		25,725
Costs Capitalized Subsequent to Acquisition / Initial Development		3,356		3,356
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		29,081		29,081
Total Costs, Total		29,081		29,081
Accumulated Depreciation		2,493		2,493
Encumbrances		$ 11,049		$ 11,049
Year Built				2,010
Owned Properties | 1200 West Marshall
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		136		136
Beds | Bed		406		406
Initial Cost, Land		$ 4,397		$ 4,397
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		33,908		33,908
Costs Capitalized Subsequent to Acquisition / Initial Development		1,536		1,536
Total Costs, Land		4,397		4,397
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		35,444		35,444
Total Costs, Total		39,841		39,841
Accumulated Depreciation		3,398		3,398
Encumbrances		$ 0		$ 0
Year Built				2,013
Owned Properties | 8 1/2 Canal Street
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		160		160
Beds | Bed		540		540
Initial Cost, Land		$ 2,797		$ 2,797
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		45,394		45,394
Costs Capitalized Subsequent to Acquisition / Initial Development		1,557		1,557
Total Costs, Land		2,797		2,797
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		46,951		46,951
Total Costs, Total		49,748		49,748
Accumulated Depreciation		4,059		4,059
Encumbrances		$ 0		$ 0
Year Built				2,011
Owned Properties | Vistas San Marcos
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		255		255
Beds | Bed		600		600
Initial Cost, Land		$ 586		$ 586
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		45,761		45,761
Costs Capitalized Subsequent to Acquisition / Initial Development		4,760		4,760
Total Costs, Land		586		586
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		50,521		50,521
Total Costs, Total		51,107		51,107
Accumulated Depreciation		5,934		5,934
Encumbrances		$ 0		$ 0
Year Built				2,013
Owned Properties | Crest at Pearl
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		141		141
Beds | Bed		343		343
Initial Cost, Land		$ 4,395		$ 4,395
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		36,268		36,268
Costs Capitalized Subsequent to Acquisition / Initial Development		1,597		1,597
Total Costs, Land		4,491		4,491
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		37,769		37,769
Total Costs, Total		42,260		42,260
Accumulated Depreciation		3,235		3,235
Encumbrances		$ 0		$ 0
Year Built				2,014
Owned Properties | U Club Binghamton - 2005
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		186		186
Beds | Bed		710		710
Initial Cost, Land		$ 3,584		$ 3,584
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		48,559		48,559
Costs Capitalized Subsequent to Acquisition / Initial Development		2,405		2,405
Total Costs, Land		3,584		3,584
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		50,964		50,964
Total Costs, Total		54,548		54,548
Accumulated Depreciation		3,944		3,944
Encumbrances		$ 0		$ 0
Year Built				2,005
Owned Properties | Stadium Centre
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		367		367
Beds | Bed		710		710
Initial Cost, Land		$ 7,424		$ 7,424
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		74,932		74,932
Costs Capitalized Subsequent to Acquisition / Initial Development		2,698		2,698
Total Costs, Land		7,424		7,424
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		77,630		77,630
Total Costs, Total		85,054		85,054
Accumulated Depreciation		6,502		6,502
Encumbrances		$ 55,969		$ 55,969
Year Built				2,014
Owned Properties | 160 Ross
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		182		182
Beds | Bed		642		642
Initial Cost, Land		$ 2,962		$ 2,962
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		38,478		38,478
Costs Capitalized Subsequent to Acquisition / Initial Development		279		279
Total Costs, Land		2,962		2,962
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		38,757		38,757
Total Costs, Total		41,719		41,719
Accumulated Depreciation		3,750		3,750
Encumbrances		$ 0		$ 0
Year Built				2,015
Owned Properties | The Summit at University City (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		351		351
Beds | Bed		1,315		1,315
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		154,770		154,770
Costs Capitalized Subsequent to Acquisition / Initial Development		793		793
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		155,563		155,563
Total Costs, Total		155,563		155,563
Accumulated Depreciation		11,796		11,796
Encumbrances		$ 0		$ 0
Year Built				2,015
Owned Properties | 2125 Franklin
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		192		192
Beds | Bed		734		734
Initial Cost, Land		$ 8,299		$ 8,299
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		55,716		55,716
Costs Capitalized Subsequent to Acquisition / Initial Development		264		264
Total Costs, Land		8,299		8,299
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		55,980		55,980
Total Costs, Total		64,279		64,279
Accumulated Depreciation		4,629		4,629
Encumbrances		$ 0		$ 0
Year Built				2,015
Owned Properties | University Crossings - Charlotte
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		187		187
Beds | Bed		546		546
Initial Cost, Land		$ 645		$ 645
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		36,838		36,838
Costs Capitalized Subsequent to Acquisition / Initial Development		3,900		3,900
Total Costs, Land		645		645
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		40,738		40,738
Total Costs, Total		41,383		41,383
Accumulated Depreciation		1,810		1,810
Encumbrances		$ 0		$ 0
Year Built				2,014
Owned Properties | The Court - Stadium Centre
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		80		80
Beds | Bed		260		260
Initial Cost, Land		$ 1,825		$ 1,825
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		25,922		25,922
Costs Capitalized Subsequent to Acquisition / Initial Development		58		58
Total Costs, Land		1,825		1,825
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		25,980		25,980
Total Costs, Total		27,805		27,805
Accumulated Depreciation		1,155		1,155
Encumbrances		$ 9,921		$ 9,921
Year Built				2,016
Owned Properties | U Club on 28th
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		100		100
Beds | Bed		398		398
Initial Cost, Land		$ 9,725		$ 9,725
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		45,788		45,788
Costs Capitalized Subsequent to Acquisition / Initial Development		52		52
Total Costs, Land		9,725		9,725
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		45,840		45,840
Total Costs, Total		55,565		55,565
Accumulated Depreciation		2,214		2,214
Encumbrances		$ 0		$ 0
Year Built				2,016
Owned Properties | Currie Hall (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		178		178
Beds | Bed		456		456
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		49,987		49,987
Costs Capitalized Subsequent to Acquisition / Initial Development		128		128
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		50,115		50,115
Total Costs, Total		50,115		50,115
Accumulated Depreciation		2,624		2,624
Encumbrances		$ 0		$ 0
Year Built				2,016
Owned Properties | University Pointe (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		134		134
Beds | Bed		531		531
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		44,035		44,035
Costs Capitalized Subsequent to Acquisition / Initial Development		86		86
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		44,121		44,121
Total Costs, Total		44,121		44,121
Accumulated Depreciation		2,168		2,168
Encumbrances		$ 0		$ 0
Year Built				2,016
Owned Properties | Fairview House (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		107		107
Beds | Bed		633		633
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		38,144		38,144
Costs Capitalized Subsequent to Acquisition / Initial Development		78		78
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		38,222		38,222
Total Costs, Total		38,222		38,222
Accumulated Depreciation		2,258		2,258
Encumbrances		$ 0		$ 0
Year Built				2,016
Owned Properties | U Club Sunnyside
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		134		134
Beds | Bed		534		534
Initial Cost, Land		$ 7,423		$ 7,423
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		41,582		41,582
Costs Capitalized Subsequent to Acquisition / Initial Development		69		69
Total Costs, Land		7,423		7,423
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		41,651		41,651
Total Costs, Total		49,074		49,074
Accumulated Depreciation		2,112		2,112
Encumbrances		$ 0		$ 0
Year Built				2,016
Owned Properties | Merwick Stanworth Phase II (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		198		198
Beds | Bed		379		379
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		48,668		48,668
Costs Capitalized Subsequent to Acquisition / Initial Development		52		52
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		48,720		48,720
Total Costs, Total		48,720		48,720
Accumulated Depreciation		2,145		2,145
Encumbrances		$ 0		$ 0
Year Built				2,016
Owned Properties | U Point
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		54		54
Beds | Bed		163		163
Initial Cost, Land		$ 1,425		$ 1,425
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		17,325		17,325
Costs Capitalized Subsequent to Acquisition / Initial Development		2,259		2,259
Total Costs, Land		1,425		1,425
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		19,584		19,584
Total Costs, Total		21,009		21,009
Accumulated Depreciation		747		747
Encumbrances		$ 0		$ 0
Year Built				2,016
Owned Properties | The Arlie
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		169		169
Beds | Bed		598		598
Initial Cost, Land		$ 1,350		$ 1,350
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		43,352		43,352
Costs Capitalized Subsequent to Acquisition / Initial Development		899		899
Total Costs, Land		1,350		1,350
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		44,251		44,251
Total Costs, Total		45,601		45,601
Accumulated Depreciation		1,297		1,297
Encumbrances		$ 0		$ 0
Year Built				2,016
Owned Properties | TWELVE at U District
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		283		283
Beds | Bed		384		384
Initial Cost, Land		$ 13,013		$ 13,013
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		98,115		98,115
Costs Capitalized Subsequent to Acquisition / Initial Development		267		267
Total Costs, Land		13,013		13,013
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		98,382		98,382
Total Costs, Total		111,395		111,395
Accumulated Depreciation		1,529		1,529
Encumbrances		$ 0		$ 0
Year Built				2,014
Owned Properties | The 515 (8)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		183		183
Beds | Bed		513		513
Initial Cost, Land		$ 1,611		$ 1,611
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		68,953		68,953
Costs Capitalized Subsequent to Acquisition / Initial Development		74		74
Total Costs, Land		1,611		1,611
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		69,027		69,027
Total Costs, Total		70,638		70,638
Accumulated Depreciation		800		800
Encumbrances		$ 0		$ 0
Year Built				2,015
Owned Properties | State (8)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		220		220
Beds | Bed		665		665
Initial Cost, Land		$ 3,448		$ 3,448
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		66,774		66,774
Costs Capitalized Subsequent to Acquisition / Initial Development		1,244		1,244
Total Costs, Land		3,448		3,448
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		68,018		68,018
Total Costs, Total		71,466		71,466
Accumulated Depreciation		875		875
Encumbrances		$ 0		$ 0
Year Built				2,013
Owned Properties | The James (9)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		366		366
Beds | Bed		850		850
Initial Cost, Land		$ 18,871		$ 18,871
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		118,096		118,096
Costs Capitalized Subsequent to Acquisition / Initial Development		115		115
Total Costs, Land		18,871		18,871
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		118,211		118,211
Total Costs, Total		137,082		137,082
Accumulated Depreciation		1,299		1,299
Encumbrances		$ 0		$ 0
Year Built				2,017
Owned Properties | Bridges @ 11th
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		184		184
Beds | Bed		258		258
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		58,825		58,825
Costs Capitalized Subsequent to Acquisition / Initial Development		59		59
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		58,884		58,884
Total Costs, Total		58,884		58,884
Accumulated Depreciation		391		391
Encumbrances		$ 0		$ 0
Year Built				2,015
Owned Properties | Hub U District Seattle (9)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		111		111
Beds | Bed		248		248
Initial Cost, Land		$ 5,700		$ 5,700
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		56,355		56,355
Costs Capitalized Subsequent to Acquisition / Initial Development		75		75
Total Costs, Land		5,700		5,700
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		56,430		56,430
Total Costs, Total		62,130		62,130
Accumulated Depreciation		316		316
Encumbrances		$ 0		$ 0
Year Built				2,017
Owned Properties | Tooker House (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		429		429
Beds | Bed		1,594		1,594
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		103,897		103,897
Costs Capitalized Subsequent to Acquisition / Initial Development		0		0
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		103,897		103,897
Total Costs, Total		103,897		103,897
Accumulated Depreciation		1,656		1,656
Encumbrances		$ 0		$ 0
Year Built				2,017
Owned Properties | Skyview (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		163		163
Beds | Bed		626		626
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		57,578		57,578
Costs Capitalized Subsequent to Acquisition / Initial Development		0		0
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		57,578		57,578
Total Costs, Total		57,578		57,578
Accumulated Depreciation		742		742
Encumbrances		$ 0		$ 0
Year Built				2,017
Owned Properties | University Square (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		143		143
Beds | Bed		466		466
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		25,635		25,635
Costs Capitalized Subsequent to Acquisition / Initial Development		0		0
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		25,635		25,635
Total Costs, Total		25,635		25,635
Accumulated Depreciation		410		410
Encumbrances		$ 0		$ 0
Year Built				2,017
Owned Properties | U Centre on Turner
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		182		182
Beds | Bed		718		718
Initial Cost, Land		$ 14,000		$ 14,000
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		55,456		55,456
Costs Capitalized Subsequent to Acquisition / Initial Development		0		0
Total Costs, Land		14,000		14,000
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		55,456		55,456
Total Costs, Total		69,456		69,456
Accumulated Depreciation		822		822
Encumbrances		$ 0		$ 0
Year Built				2,017
Owned Properties | U Pointe on Speight
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		180		180
Beds | Bed		700		700
Initial Cost, Land		$ 4,705		$ 4,705
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		46,160		46,160
Costs Capitalized Subsequent to Acquisition / Initial Development		0		0
Total Costs, Land		4,705		4,705
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		46,160		46,160
Total Costs, Total		50,865		50,865
Accumulated Depreciation		610		610
Encumbrances		$ 0		$ 0
Year Built				2,017
Owned Properties | 21Hundred @ Overton Park
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		296		296
Beds | Bed		1,204		1,204
Initial Cost, Land		$ 16,767		$ 16,767
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		64,057		64,057
Costs Capitalized Subsequent to Acquisition / Initial Development		0		0
Total Costs, Land		16,767		16,767
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		64,057		64,057
Total Costs, Total		80,824		80,824
Accumulated Depreciation		982		982
Encumbrances		$ 0		$ 0
Year Built				2,017
Owned Properties | The Suites at 3rd
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		63		63
Beds | Bed		251		251
Initial Cost, Land		$ 831		$ 831
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		22,384		22,384
Costs Capitalized Subsequent to Acquisition / Initial Development		0		0
Total Costs, Land		831		831
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		22,384		22,384
Total Costs, Total		23,215		23,215
Accumulated Depreciation		330		330
Encumbrances		$ 0		$ 0
Year Built				2,017
Owned Properties | U Club Binghamton Phase II
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		140		140
Beds | Bed		562		562
Initial Cost, Land		$ 12,274		$ 12,274
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		43,813		43,813
Costs Capitalized Subsequent to Acquisition / Initial Development		0		0
Total Costs, Land		12,274		12,274
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		43,813		43,813
Total Costs, Total		56,087		56,087
Accumulated Depreciation		641		641
Encumbrances		$ 0		$ 0
Owned Properties | Callaway House Apartments
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		386		386
Beds | Bed		915		915
Initial Cost, Land		$ 12,651		$ 12,651
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		78,220		78,220
Costs Capitalized Subsequent to Acquisition / Initial Development		0		0
Total Costs, Land		12,651		12,651
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		78,220		78,220
Total Costs, Total		90,871		90,871
Accumulated Depreciation		1,189		1,189
Encumbrances		$ 0		$ 0
Year Built				2,017
Owned Properties | U Centre on College
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		127		127
Beds | Bed		418		418
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		41,607		41,607
Costs Capitalized Subsequent to Acquisition / Initial Development		0		0
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		41,607		41,607
Total Costs, Total		41,607		41,607
Accumulated Depreciation		574		574
Encumbrances		$ 0		$ 0
Year Built				2,017
Owned Properties | David Blackwell Hall (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		412		412
Beds | Bed		781		781
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		59,912		59,912
Costs Capitalized Subsequent to Acquisition / Initial Development		0		0
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		59,912		59,912
Total Costs, Total		59,912		59,912
Accumulated Depreciation		0		0
Encumbrances		$ 0		$ 0
Year Built				2,018
Owned Properties | Gladding Residence Center (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		592		592
Beds | Bed		1,524		1,524
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		73,913		73,913
Costs Capitalized Subsequent to Acquisition / Initial Development		0		0
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		73,913		73,913
Total Costs, Total		73,913		73,913
Accumulated Depreciation		0		0
Encumbrances		$ 0		$ 0
Year Built				2,018
Owned Properties | Irvington House (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		197		197
Beds | Bed		648		648
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		22,919		22,919
Costs Capitalized Subsequent to Acquisition / Initial Development		0		0
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		22,919		22,919
Total Costs, Total		22,919		22,919
Accumulated Depreciation		0		0
Encumbrances		$ 0		$ 0
Year Built				2,018
Owned Properties | U Club Townhomes at Oxford
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		111		111
Beds | Bed		412		412
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		20,040		20,040
Costs Capitalized Subsequent to Acquisition / Initial Development		0		0
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		20,040		20,040
Total Costs, Total		20,040		20,040
Accumulated Depreciation		0		0
Encumbrances		$ 8,899		$ 8,899
Year Built				2,018
Owned Properties | Greek Leadership Village (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		498		498
Beds | Bed		957		957
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		30,889		30,889
Costs Capitalized Subsequent to Acquisition / Initial Development		0		0
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		30,889		30,889
Total Costs, Total		30,889		30,889
Accumulated Depreciation		0		0
Encumbrances		$ 0		$ 0
Year Built				2,018
Owned Properties | NAU Honors College (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		318		318
Beds | Bed		636		636
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		24,498		24,498
Costs Capitalized Subsequent to Acquisition / Initial Development		0		0
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		24,498		24,498
Total Costs, Total		24,498		24,498
Accumulated Depreciation		0		0
Encumbrances		$ 0		$ 0
Year Built				2,018
Owned Properties | U Club Townhomes at Oxford
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		132		132
Beds | Bed		528		528
Initial Cost, Land		$ 5,115		$ 5,115
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		20,662		20,662
Costs Capitalized Subsequent to Acquisition / Initial Development		0		0
Total Costs, Land		5,115		5,115
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		20,662		20,662
Total Costs, Total		25,777		25,777
Accumulated Depreciation		0		0
Encumbrances		$ 0		$ 0
Year Built				2,018
Owned Properties | Hub Ann Arbor (10)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		124		124
Beds | Bed		310		310
Initial Cost, Land		$ 7,050		$ 7,050
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		26,498		26,498
Costs Capitalized Subsequent to Acquisition / Initial Development		0		0
Total Costs, Land		7,050		7,050
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		26,498		26,498
Total Costs, Total		33,548		33,548
Accumulated Depreciation		0		0
Encumbrances		$ 13,971		$ 13,971
Year Built				2,018
Owned Properties | Hub Flagstaff (10)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		198		198
Beds | Bed		591		591
Initial Cost, Land		$ 5,397		$ 5,397
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		30,330		30,330
Costs Capitalized Subsequent to Acquisition / Initial Development		0		0
Total Costs, Land		5,397		5,397
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		30,330		30,330
Total Costs, Total		35,727		35,727
Accumulated Depreciation		0		0
Encumbrances		$ 16,997		$ 16,997
Year Built				2,018
Owned Properties | Hub West Lafayette (10)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		289		289
Beds | Bed		599		599
Initial Cost, Land		$ 6,881		$ 6,881
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		22,661		22,661
Costs Capitalized Subsequent to Acquisition / Initial Development		0		0
Total Costs, Land		6,881		6,881
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		22,661		22,661
Total Costs, Total		29,542		29,542
Accumulated Depreciation		0		0
Encumbrances		$ 11,912		$ 11,912
Year Built				2,018
Owned Properties | 191 College
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		127		127
Beds | Bed		495		495
Initial Cost, Land		$ 5,434		$ 5,434
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		10,433		10,433
Costs Capitalized Subsequent to Acquisition / Initial Development		0		0
Total Costs, Land		5,434		5,434
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		10,433		10,433
Total Costs, Total		15,867		15,867
Accumulated Depreciation		0		0
Encumbrances		$ 0		$ 0
Year Built				2,019
Owned Properties | Columbus Avenue Student Apts. (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		214		214
Beds | Bed		825		825
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		42,084		42,084
Costs Capitalized Subsequent to Acquisition / Initial Development		0		0
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		42,084		42,084
Total Costs, Total		42,084		42,084
Accumulated Depreciation		0		0
Encumbrances		$ 0		$ 0
Year Built				2,019
Owned Properties | University of Arizona Honors College (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		319		319
Beds | Bed		1,056		1,056
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		4,947		4,947
Costs Capitalized Subsequent to Acquisition / Initial Development		0		0
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		4,947		4,947
Total Costs, Total		4,947		4,947
Accumulated Depreciation		0		0
Encumbrances		$ 0		$ 0
Year Built				2,019
Owned Properties | Undeveloped land parcels
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		0		0
Beds | Bed		0		0
Initial Cost, Land		$ 38,035		$ 38,035
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		318		318
Costs Capitalized Subsequent to Acquisition / Initial Development		0		0
Total Costs, Land		38,035		38,035
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		318		318
Total Costs, Total		38,353		38,353
Accumulated Depreciation		152		152
Encumbrances		$ 0		$ 0
On-campus participating properties
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		2,087		2,087
Beds | Bed		5,086		5,086
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		142,544		142,544
Costs Capitalized Subsequent to Acquisition / Initial Development		17,452		17,452
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		159,996		159,996
Total Costs, Total		159,996		159,996
Accumulated Depreciation		78,192		78,192	77,132	$ 69,856	$ 62,915
Encumbrances		100,351		100,351
Unamortized deferred financing costs		$ (642)		$ (642)	(769)
On-campus participating properties | University Village – PVAMU
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		612		612
Beds | Bed		1,920		1,920
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		36,506		36,506
Costs Capitalized Subsequent to Acquisition / Initial Development		7,858		7,858
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		44,364		44,364
Total Costs, Total		44,364		44,364
Accumulated Depreciation		32,663		32,663
Encumbrances		$ 14,636		$ 14,636
Year Built				1,997
On-campus participating properties | University Village - TAMIU
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		84		84
Beds | Bed		250		250
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		5,844		5,844
Costs Capitalized Subsequent to Acquisition / Initial Development		1,079		1,079
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		6,923		6,923
Total Costs, Total		6,923		6,923
Accumulated Depreciation		5,212		5,212
Encumbrances		$ 2,239		$ 2,239
Year Built				1,997
On-campus participating properties | University College - PVAMU
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		756		756
Beds | Bed		1,470		1,470
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		22,650		22,650
Costs Capitalized Subsequent to Acquisition / Initial Development		5,152		5,152
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		27,802		27,802
Total Costs, Total		27,802		27,802
Accumulated Depreciation		17,916		17,916
Encumbrances		$ 13,700		$ 13,700
Year Built				2,001
On-campus participating properties | Cullen Oaks Phase I and II
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		411		411
Beds | Bed		879		879
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		33,910		33,910
Costs Capitalized Subsequent to Acquisition / Initial Development		2,152		2,152
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		36,062		36,062
Total Costs, Total		36,062		36,062
Accumulated Depreciation		16,392		16,392
Encumbrances		$ 27,537		$ 27,537
Year Built				2,003
On-campus participating properties | College Park
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit		224		224
Beds | Bed		567		567
Initial Cost, Land		$ 0		$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment		43,634		43,634
Costs Capitalized Subsequent to Acquisition / Initial Development		1,211		1,211
Total Costs, Land		0		0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment		44,845		44,845
Total Costs, Total		44,845		44,845
Accumulated Depreciation		6,009		6,009
Encumbrances		42,239		$ 42,239
Year Built				2,014
Mortgages
Real Estate and Accumulated Depreciation [Line Items]
Unamortized debt premiums		19,000		$ 19,000	26,800
Unamortized deferred financing costs		(3,700)		(3,700)
Mortgages | Owned Properties
Real Estate and Accumulated Depreciation [Line Items]
Unamortized debt premiums		19,006		19,006	26,830
Unamortized deferred financing costs		$ (2,144)		$ (2,144)	$ (3,040)
Core Transaction
Real Estate and Accumulated Depreciation [Line Items]
Number of operating properties purchased through joint venture arrangement | Property	2
Number of under development properties | Property	3
Core Transaction
Real Estate and Accumulated Depreciation [Line Items]
Limited partner ownership interest (percent)	100.00%	100.00%	100.00%
Number of properties | Property	2		2
Number of operating properties purchased through joint venture arrangement | Property			2

Schedule of Real Estate and A89

Schedule of Real Estate and Accumulated Depreciation - Changes in investments in real estate and related accumulated depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accumulated Depreciation:
Balance, end of year	$ (1,113,219)
Owned Properties
Investments in Real Estate:
Balance, beginning of year	6,316,470	$ 6,369,747	$ 6,144,242
Acquisition of land for development	24,049	6,338	39,583
Acquisition of properties	618,183	99,426	361,265
Improvements and development expenditures	621,793	522,723	306,659
Write off of fully depreciated or damaged assets	(40,923)	(227)	(1,240)
Provision for real estate impairment	(15,317)	(4,895)	0
Disposition of real estate	(38,864)	(676,642)	(480,762)
Balance, end of year	7,485,391	6,316,470	6,369,747
Accumulated Depreciation:
Balance, beginning of year	(864,106)	(792,122)	(704,521)
Depreciation for the year	(213,660)	(197,105)	(191,661)
Write off of fully depreciated or damaged assets	37,761	227	1,240
Disposition of properties	4,978	124,894	102,820
Balance, end of year	(1,035,027)	(864,106)	(792,122)
On-campus participating properties
Investments in Real Estate:
Balance, beginning of year	162,929	159,985	157,043
Acquisition of land for development	0	0	0
Acquisition of properties	0	0	0
Improvements and development expenditures	3,544	2,944	2,942
Write off of fully depreciated or damaged assets	(6,477)	0	0
Provision for real estate impairment	0	0	0
Disposition of real estate	0	0	0
Balance, end of year	159,996	162,929	159,985
Accumulated Depreciation:
Balance, beginning of year	(77,132)	(69,856)	(62,915)
Depreciation for the year	(7,536)	(7,276)	(6,941)
Write off of fully depreciated or damaged assets	6,476	0	0
Disposition of properties	0	0	0
Balance, end of year	$ (78,192)	$ (77,132)	$ (69,856)