American Campus Communities (ACC) 10-Q 4 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 27, 2018
Document Information [Line Items]
Entity Registrant Name	AMERICAN CAMPUS COMMUNITIES INC
Entity Central Index Key	1,283,630
Trading Symbol	acc
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock Shares Outstanding (in shares)		136,663,257
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Document Information [Line Items]
Entity Registrant Name	American Campus Communities Operating Partnership LP
Entity Central Index Key	1,357,369
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Investments in real estate:
Investments in real estate, net	$ 6,624,572	$ 6,532,168
Cash and cash equivalents	55,502	41,182
Restricted cash	28,485	23,590
Student contracts receivable, net	9,726	9,170
Other assets	288,667	291,260
Total assets	7,006,952	6,897,370
Liabilities:
Secured mortgage, construction and bond debt, net	682,295	664,020
Unsecured notes, net	1,586,501	1,585,855
Unsecured term loans, net	647,414	647,044
Unsecured revolving credit facility	218,000	127,600
Accounts payable and accrued expenses	52,932	53,741
Other liabilities	212,754	187,983
Total liabilities	3,399,896	3,266,243
Commitments and contingencies (Note 12)
Redeemable noncontrolling interests	126,999	132,169
American Campus Communities, Inc. and Subsidiaries stockholders’ equity:
Common stock, $0.01 par value, 800,000,000 shares authorized, 136,600,639 and 136,362,728 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	1,366	1,364
Additional paid in capital	4,332,471	4,326,910
Common stock held in rabbi trust, 62,618 and 63,778 shares at March 31, 2018 and December 31, 2017, respectively	(2,817)	(2,944)
Accumulated earnings and dividends	(872,281)	(837,644)
Accumulated other comprehensive loss	(2,236)	(2,701)
Total American Campus Communities, Inc. and Subsidiaries stockholders’ equity	3,456,503	3,484,985
Total equity	3,480,057	3,498,958
Partners’ capital:
Accumulated other comprehensive loss	(2,236)	(2,701)
Total liabilities and equity	7,006,952	6,897,370
Owned properties, net
Investments in real estate:
Investments in real estate, net	6,543,564	6,450,364
On-campus participating properties, net
Investments in real estate:
Investments in real estate, net	81,008	81,804
Partially owned properties
American Campus Communities, Inc. and Subsidiaries stockholders’ equity:
Noncontrolling interests - partially owned properties	23,554	13,973
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Investments in real estate:
Investments in real estate, net	6,624,572	6,532,168
Cash and cash equivalents	55,502	41,182
Restricted cash	28,485	23,590
Student contracts receivable, net	9,726	9,170
Other assets	288,667	291,260
Total assets	7,006,952	6,897,370
Liabilities:
Secured mortgage, construction and bond debt, net	682,295	664,020
Unsecured notes, net	1,586,501	1,585,855
Unsecured term loans, net	647,414	647,044
Unsecured revolving credit facility	218,000	127,600
Accounts payable and accrued expenses	52,932	53,741
Other liabilities	212,754	187,983
Total liabilities	3,399,896	3,266,243
Commitments and contingencies (Note 12)
Redeemable noncontrolling interests	126,999	132,169
American Campus Communities, Inc. and Subsidiaries stockholders’ equity:
Accumulated other comprehensive loss	(2,236)	(2,701)
Partners’ capital:
General partner - 12,222 OP units outstanding at both March 31, 2018 and December 31, 2017	64	67
Limited partner - 136,651,035 and 136,414,284 OP units outstanding at March 31, 2018 and December 31, 2017, respectively	3,458,675	3,487,619
Accumulated other comprehensive loss	(2,236)	(2,701)
Total partners’ capital	3,456,503	3,484,985
Total capital	3,480,057	3,498,958
Total liabilities and equity	7,006,952	6,897,370
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Owned properties, net
Investments in real estate:
Investments in real estate, net	6,543,564	6,450,364
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties, net
Investments in real estate:
Investments in real estate, net	81,008	81,804
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially owned properties
Partners’ capital:
Noncontrolling interests - partially owned properties	$ 23,554	$ 13,973

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	800,000,000	800,000,000
Common stock, shares issued (in shares)	136,600,639	136,362,728
Common stock, shares outstanding (in shares)	136,600,639	136,362,728
Common stock held in Rabbi Trust (in shares)	62,618	63,778
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
General partner, OP units outstanding (in shares)	12,222	12,222
Limited partner, OP units outstanding (in shares)	136,651,035	136,414,284

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues:
Third-party development services	$ 846	$ 456
Third-party management services	2,731	2,614
Resident services	857	879
Total revenues	220,409	192,938
Operating expenses:
Third-party development and management services	4,198	4,083
General and administrative	6,699	6,734
Depreciation and amortization	64,779	52,323
Ground/facility leases	2,842	2,357
Total operating expenses	170,003	143,719
Operating income	50,406	49,219
Nonoperating income and (expenses):
Interest income	1,223	1,232
Interest expense	(23,684)	(14,717)
Amortization of deferred financing costs	(1,414)	(1,028)
Total nonoperating expense	(23,875)	(14,513)
Income before income taxes	26,531	34,706
Income tax provision	(281)	(257)
Net income	26,250	34,449
Net income attributable to noncontrolling interests	(323)	(399)
Net income attributable to ACC, Inc. and Subsidiaries common stockholders	25,927	34,050
Other comprehensive income
Change in fair value of interest rate swaps and other	465	484
Comprehensive income	$ 26,392	$ 34,534
Net income per share attributable to ACC, Inc. and Subsidiaries common stockholders
Basic (in dollars per share)	$ 0.19	$ 0.25
Diluted (in dollars per share)	$ 0.18	$ 0.25
Weighted-average common shares outstanding
Basic (in shares)	136,525,557	133,052,444
Diluted (in shares)	137,499,963	133,986,322
Weighted-average common units outstanding
Distributions declared per common share (in dollars per share)	$ 0.44	$ 0.42
Owned properties
Revenues:
Operating lease revenue	$ 205,532	$ 178,831
Operating expenses:
Owned properties and On-campus participating properties	88,060	74,957
On-campus participating properties
Revenues:
Operating lease revenue	10,443	10,158
Operating expenses:
Owned properties and On-campus participating properties	3,425	3,265
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Revenues:
Third-party development services	846	456
Third-party management services	2,731	2,614
Resident services	857	879
Total revenues	220,409	192,938
Operating expenses:
Third-party development and management services	4,198	4,083
General and administrative	6,699	6,734
Depreciation and amortization	64,779	52,323
Ground/facility leases	2,842	2,357
Total operating expenses	170,003	143,719
Operating income	50,406	49,219
Nonoperating income and (expenses):
Interest income	1,223	1,232
Interest expense	(23,684)	(14,717)
Amortization of deferred financing costs	(1,414)	(1,028)
Total nonoperating expense	(23,875)	(14,513)
Income before income taxes	26,531	34,706
Income tax provision	(281)	(257)
Net income	26,250	34,449
Net income attributable to ACC, Inc. and Subsidiaries common stockholders	26,136	34,344
Series A preferred unit distributions	(31)	(31)
Net income attributable to common unitholders	26,105	34,313
Other comprehensive income
Change in fair value of interest rate swaps and other	465	484
Comprehensive income	$ 26,570	$ 34,797
Net income per share attributable to ACC, Inc. and Subsidiaries common stockholders
Basic (in dollars per share)	$ 0.19	$ 0.25
Diluted (in dollars per share)	0.18	0.25
Net income per unit attributable to common unitholders
Basic (in dollars per unit)	0.19	0.25
Diluted (in dollars per unit)	$ 0.18	$ 0.25
Weighted-average common units outstanding
Basic (in units)	137,482,493	134,081,575
Diluted (in units)	138,456,899	135,015,453
Distributions declared per common unit (in dollars per unit)	$ 0.44	$ 0.42
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Owned properties
Revenues:
Operating lease revenue	$ 205,532	$ 178,831
Operating expenses:
Owned properties and On-campus participating properties	88,060	74,957
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties
Revenues:
Operating lease revenue	10,443	10,158
Operating expenses:
Owned properties and On-campus participating properties	$ 3,425	$ 3,265

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY/ CAPITAL - 3 months ended Mar. 31, 2018 - 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.Accumulated Other Comprehensive Loss	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.Noncontrolling Interests - Partially Owned PropertiesPartially owned properties	General PartnerAMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.	Limited PartnerAMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Equity, December 31, 2017 (in shares) at Dec. 31, 2017		136,362,728		63,778
Equity, December 31, 2017 at Dec. 31, 2017	$ 3,498,958	$ 1,364	$ 4,326,910	$ (2,944)	$ (837,644)	$ (2,701)	$ 13,973
Capital, December 31, 2017 (in units) at Dec. 31, 2017											12,222	136,414,284
Capital, December 31, 2017 at Dec. 31, 2017								$ 3,498,958	$ (2,701)	$ 13,973	$ 67	$ 3,487,619
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustments to reflect redeemable limited partners' / noncontrolling interests at fair value	4,526		4,526					4,526				$ 4,526
Amortization of restricted stock awards and vesting of restricted stock units (in shares)		3,040										3,040
Amortization of restricted stock awards and vesting of restricted stock units	3,443		3,443					3,443				$ 3,443
Vesting of restricted stock awards (in shares)		165,263										165,263
Vesting of restricted stock awards	(2,757)	$ 1	(2,758)					(2,757)				$ (2,757)
Distributions to common and restricted stockholders	(60,564)				(60,564)
Distributions								(60,564)			(5)	$ (60,559)
Distributions to noncontrolling interests - partially owned properties	(47)						(47)	(47)		(47)
Conversion of common and preferred operating partnership units to common stock (in shares)		68,448										68,448
Conversion of common and preferred operating partnership units to common stock	478	$ 1	477					478				$ 478
Change in fair value of interest rate swaps and other	465					465		465	465
Contributions by noncontrolling interests	9,515						9,515	9,515		9,515
Withdrawal from deferred compensation plan, net of deposits (in shares)		1,160		(1,160)
Withdrawals from deferred compensation plan, net of deposits	0		(127)	$ 127
Net income	26,040				25,927		113	26,040		113	$ 2	$ 25,925
Equity, March 31, 2018 (in shares) at Mar. 31, 2018		136,600,639		62,618
Equity, March 31, 2018 at Mar. 31, 2018	$ 3,480,057	$ 1,366	$ 4,332,471	$ (2,817)	$ (872,281)	$ (2,236)	$ 23,554
Capital, March 31, 2018 (in units) at Mar. 31, 2018											12,222	136,651,035
Capital, March 31, 2018 at Mar. 31, 2018								$ 3,480,057	$ (2,236)	$ 23,554	$ 64	$ 3,458,675

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating activities
Net income	$ 26,250	$ 34,449
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	64,779	52,323
Amortization of deferred financing costs and debt premiums/discounts	(16)	(901)
Share-based compensation	3,443	4,256
Income tax provision	281	257
Amortization of interest rate swap terminations and other	102	102
Changes in operating assets and liabilities:
Student contracts receivable, net	(556)	647
Other assets	2,100	(2,535)
Accounts payable and accrued expenses	(1,088)	(28,365)
Other liabilities	12,845	5,731
Net cash provided by operating activities	108,140	65,964
Investing activities
Cash paid for land acquisitions	0	(12,225)
Purchase of corporate furniture, fixtures and equipment	(1,314)	(2,480)
Net cash used in investing activities	(136,710)	(143,568)
Financing activities
Proceeds from sale of common stock	0	63,453
Offering costs	0	(795)
Pay-off of mortgage and construction loans	(10,375)	0
Proceeds from revolving credit facility	234,900	191,800
Paydowns of revolving credit facility	(144,500)	(105,100)
Proceeds from construction loans	32,966	0
Scheduled principal payments on debt	(2,248)	(2,567)
Debt issuance and assumption costs	0	(4,582)
Contributions by noncontrolling interests	854	8,158
Taxes paid on net-share settlements	(2,757)	(4,283)
Distributions to common and restricted stockholders	(60,564)	(56,423)
Distributions to noncontrolling interests	(491)	(498)
Net cash provided by financing activities	47,785	89,163
Net change in cash, cash equivalents, and restricted cash	19,215	11,559
Cash, cash equivalents, and restricted cash at beginning of period	64,772	46,957
Cash, cash equivalents, and restricted cash at end of period	83,987	58,516
Reconciliation of cash, cash equivalents, and restricted cash to the Consolidated Balance Sheets
Total cash, cash equivalents, and restricted cash at end of period	64,772	46,957
Supplemental disclosure of non-cash investing and financing activities
Conversion of common and preferred operating partnership units to common stock	478	0
Non-cash contribution from noncontrolling interest	8,729	3,000
Non-cash consideration exchanged in purchase of land parcel	0	(2,014)
Change in accrued construction in progress	12,118	10,170
Change in fair value of derivative instruments, net	363	382
Change in fair value of redeemable noncontrolling interests	4,526	2,243
Supplemental disclosure of cash flow information
Cash paid for interest, net of amounts capitalized	17,911	14,443
Owned properties
Investing activities
Capital expenditures for owned properties/on-campus participating properties	(11,338)	(12,602)
Investments in owned properties under development	(122,912)	(116,052)
On-campus participating properties
Investing activities
Capital expenditures for owned properties/on-campus participating properties	(1,146)	(209)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Operating activities
Net income	26,250	34,449
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	64,779	52,323
Amortization of deferred financing costs and debt premiums/discounts	(16)	(901)
Share-based compensation	3,443	4,256
Income tax provision	281	257
Amortization of interest rate swap terminations and other	102	102
Changes in operating assets and liabilities:
Student contracts receivable, net	(556)	647
Other assets	2,100	(2,535)
Accounts payable and accrued expenses	(1,088)	(28,365)
Other liabilities	12,845	5,731
Net cash provided by operating activities	108,140	65,964
Investing activities
Cash paid for land acquisitions	0	(12,225)
Purchase of corporate furniture, fixtures and equipment	(1,314)	(2,480)
Net cash used in investing activities	(136,710)	(143,568)
Financing activities
Proceeds from issuance of common units in exchange for contributions, net	0	62,658
Pay-off of mortgage and construction loans	(10,375)	0
Proceeds from revolving credit facility	234,900	191,800
Paydowns of revolving credit facility	(144,500)	(105,100)
Proceeds from construction loans	32,966	0
Scheduled principal payments on debt	(2,248)	(2,567)
Debt issuance and assumption costs	0	(4,582)
Contributions by noncontrolling interests	854	8,158
Taxes paid on net-share settlements	(2,757)	(4,283)
Net cash provided by financing activities	47,785	89,163
Supplemental disclosure of non-cash investing and financing activities
Conversion of common and preferred operating partnership units to common stock	478	0
Non-cash contribution from noncontrolling interest	8,729	3,000
Non-cash consideration exchanged in purchase of land parcel	0	(2,014)
Change in accrued construction in progress	12,118	10,170
Change in fair value of derivative instruments, net	363	382
Change in fair value of redeemable noncontrolling interests	4,526	2,243
Supplemental disclosure of cash flow information
Cash paid for interest, net of amounts capitalized	17,911	14,443
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Common and preferred units
Financing activities
Distributions paid	(60,502)	(56,419)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Unvested restricted awards
Financing activities
Distributions paid	(506)	(468)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially owned properties
Financing activities
Distributions paid	(47)	(34)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Owned properties
Investing activities
Capital expenditures for owned properties/on-campus participating properties	(11,338)	(12,602)
Investments in owned properties under development	(122,912)	(116,052)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties
Investing activities
Capital expenditures for owned properties/on-campus participating properties	$ (1,146)	$ (209)

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business American Campus Communities, Inc. (“ACC”) is a real estate investment trust (“REIT”) that commenced operations effective with the completion of an initial public offering (“IPO”) on August 17, 2004. Through ACC’s controlling interest in American Campus Communities Operating Partnership, L.P. (“ACCOP”), ACC is one of the largest owners, managers and developers of high quality student housing properties in the United States in terms of beds owned and under management. ACC is a fully integrated, self-managed and self-administered equity REIT with expertise in the acquisition, design, financing, development, construction management, leasing and management of student housing properties. ACC’s common stock is publicly traded on the New York Stock Exchange (“NYSE”) under the ticker symbol “ACC.” The general partner of ACCOP is American Campus Communities Holdings, LLC (“ACC Holdings”), an entity that is wholly-owned by ACC. As of March 31, 2018 , ACC Holdings held an ownership interest in ACCOP of less than 1% . The limited partners of ACCOP are ACC and other limited partners consisting of current and former members of management and nonaffiliated third parties. As of March 31, 2018 , ACC owned an approximate 99.3% limited partnership interest in ACCOP. As the sole member of the general partner of ACCOP, ACC has exclusive control of ACCOP’s day-to-day management. Management operates ACC and ACCOP as one business. The management of ACC consists of the same members as the management of ACCOP. ACC consolidates ACCOP for financial reporting purposes, and ACC does not have significant assets other than its investment in ACCOP. Therefore, the assets and liabilities of ACC and ACCOP are the same on their respective financial statements. References to the “Company” means collectively ACC, ACCOP and those entities/subsidiaries owned or controlled by ACC and/or ACCOP. References to the “Operating Partnership” mean collectively ACCOP and those entities/subsidiaries owned or controlled by ACCOP. Unless otherwise indicated, the accompanying Notes to the Consolidated Financial Statements apply to both the Company and the Operating Partnership. As of March 31, 2018 , the Company’s property portfolio contained 171 properties with approximately 104,800 beds. The Company’s property portfolio consisted of 134 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 15 university systems and five on-campus participating properties operated under ground/facility leases with the related university systems. Of the 171 properties, 15 were under development as of March 31, 2018 , and when completed will consist of a total of approximately 10,100 beds. The Company’s communities contain modern housing units and are supported by a resident assistant system and other student-oriented programming, with many offering resort-style amenities. Through one of ACC’s taxable REIT subsidiaries (“TRSs”), the Company also provides construction management and development services, primarily for student housing properties owned by colleges and universities, charitable foundations, and others. As of March 31, 2018 , also through one of ACC’s TRSs, the Company provided third-party management and leasing services for 36 properties that represented approximately 29,600 beds. Third-party management and leasing services are typically provided pursuant to management contracts that have initial terms that range from one to five years . As of March 31, 2018 , the Company’s total owned and third-party managed portfolio included 207 properties with approximately 134,400 beds.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
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 Financial Accounting Standards Board (“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 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 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” January 1, 2019 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 Accounting Standards Update 2016-18 (“ASU 2016-18”), “Statement of Cash Flows: Restricted Cash” On January 1, 2018, the Company adopted ASU 2016-18. The amendments in this update require the change in restricted cash to be reported with cash and cash equivalents when reconciling between beginning and ending amounts in the statements of cash flows. The Company applied the amendments retrospectively to each period presented in our consolidated Statements of Cash Flows. Prior to the adoption of ASU 2016-18, the Company reported the change in restricted cash within operating, investing, and financing activities in its consolidated statement of cash flows. As a result of the Company’s adoption of this standard and the retrospective application, cash and cash equivalents in the consolidated statements of cash flows for the quarter ended March 31, 2017 increased by approximately $24.4 million to reflect the inclusion of the restricted cash balance at the end of the period, net cash provided by operating activities decreased by approximately $1.0 million , net cash used in investing activities increased by approximately $0.2 million , and net cash provided by financing activities increased by approximately $0.8 million . Accounting Standards Update 2014-09 (“ASU 2014-09”), “Revenue From Contracts With Customers (Topic 606)” On January 1, 2018, the Company adopted ASU 2014-09 and all related clarifying Accounting Standards Updates associated with ASU 2014-09. 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. The Company adopted the new revenue standard using the modified retrospective approach, and elected to apply the practical expedient to only assess the recognition of revenue for open contracts during the transition period. The effect of adoption did not have a material impact on the Company’s consolidated financial statements and there was no adjustment to the opening balance of retained earnings at January 1, 2018. The comparative information has not been restated and continues to be reported under the accounting standards in effect for that period. Under the new standard there was a change in the way the Company determines the unit of account for its third-party development projects. Under the previous guidance, the Company segmented 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. Under the new guidance, the entire development and construction contract represents a single performance obligation comprised of a series of distinct services to be satisfied over time, and a single transaction price to be recognized over the life of the contract using a time-based measure of progress. Any variable consideration included in the transaction price is estimated using the expected value approach and is only included to the extent that a significant revenue reversal is not likely to occur. The adoption of ASU 2014-09 resulted in differences in the timing and pattern of revenue recognition for such third-party development and construction management contracts; however, the change did not have a material impact on the Company’s consolidated financial statements. Third-party management services revenues consist of base fees earned as a result of managing all aspects of the property’s day-to-day operations, and incentive fees based on the managed property’s operating measures. There was no change in the Company’s recognition of base management fees. Incentive management fees were previously recognized when the incentive criteria had been met. Under the new guidance, incentive fees are estimated using the expected value approach and are included in the transaction price only to the extent that a significant revenue reversal is not likely to occur; however, the change did not have a material impact on the Company’s consolidated financial statements. There was no change to the Company’s revenue recognition methods for ancillary services and other non-lease related revenues as a result of the adoption of ASU 2014-09. Rental income from leasing arrangements 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. 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” On January 1, 2018, in conjunction with the adoption of ASU 2014-09, discussed above, the Company adopted ASU 2017-05. 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). The adoption of ASU 2017-05 did not have a material impact on the consolidated financial statements given the simplicity of the Company’s historical disposition transactions. Other In addition, on January 1, 2018, the Company adopted the following accounting pronouncements which did not have a material effect on the Company’s consolidated financial statements: • ASU 2017-09, “Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting” • ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” Interim Financial Statements The accompanying interim financial statements are unaudited, but have been prepared in accordance with GAAP for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements of the Company for these interim periods have been included. Because of the seasonal nature of the Company’s operations, the results of operations and cash flows for any interim period are not necessarily indicative of results for other interim periods or for the full year. These financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 . 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 $3.0 million and $4.4 million was capitalized during the three months ended March 31, 2018 and 2017 , 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 March 31, 2018 . The Company evaluates each acquisition to determine if the integrated set of assets and activities acquired meet the definition of a business. 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. The Company did not have any properties classified as held for sale as of March 31, 2018 . 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. 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. Third-Party Development Services Costs 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 March 31, 2018 , the Company has deferred approximately $7.3 million in pre-development costs related to third-party and owned development projects that have not yet commenced construction. Such costs are included in other assets on the accompanying consolidated balance sheets. Earnings per Share – Company Basic earnings per share is computed using net income attributable to common stockholders and the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings per share reflects common shares issuable from the assumed conversion of American Campus Communities Operating Partnership Units (“OP Units”) and common share awards granted. Only those items having a dilutive impact on basic earnings per share are included in diluted earnings per share. The following potentially dilutive securities were outstanding for the three months ended March 31, 2018 and 2017 , but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. Three Months Ended March 31, 2018 2017 Common OP Units (Note 8) 956,936 1,029,131 Preferred OP Units (Note 8) 77,513 77,513 Total potentially dilutive securities 1,034,449 1,106,644 The following is a summary of the elements used in calculating basic and diluted earnings per share: Three Months Ended March 31, 2018 2017 Numerator – basic and diluted earnings per share: Net income $ 26,250 $ 34,449 Net income attributable to noncontrolling interests (323 ) (399 ) Net income attributable to common stockholders 25,927 34,050 Amount allocated to participating securities (506 ) (468 ) Net income attributable to common stockholders $ 25,421 $ 33,582 Denominator: Basic weighted average common shares outstanding 136,525,557 133,052,444 Unvested restricted stock awards (Note 9) 974,406 933,878 Diluted weighted average common shares outstanding 137,499,963 133,986,322 Earnings per share: Net income attributable to common stockholders - basic $ 0.19 $ 0.25 Net income attributable to common stockholders - diluted $ 0.18 $ 0.25 Earnings per Unit – Operating Partnership Basic earnings per OP Unit is computed using net income attributable to common unitholders and the weighted average number of common units outstanding during the period. Diluted earnings per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units or resulted in the issuance of OP Units and then shared in the earnings of the Operating Partnership. The following is a summary of the elements used in calculating basic and diluted earnings per unit: Three Months Ended March 31, 2018 2017 Numerator – basic and diluted earnings per unit: Net income $ 26,250 $ 34,449 Net loss attributable to noncontrolling interests – partially owned properties (114 ) (105 ) Series A preferred unit distributions (31 ) (31 ) Amount allocated to participating securities (506 ) (468 ) Net income attributable to common unitholders $ 25,599 $ 33,845 Denominator: Basic weighted average common units outstanding 137,482,493 134,081,575 Unvested restricted stock awards (Note 9) 974,406 933,878 Diluted weighted average common units outstanding 138,456,899 135,015,453 Earnings per unit: Net income attributable to common unitholders - basic $ 0.19 $ 0.25 Net income attributable to common unitholders - diluted $ 0.18 $ 0.25

Acquisitions and Joint Venture

Acquisitions and Joint Venture Investments	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Acquisitions and Joint Venture Investments	Acquisitions and Joint Venture Investments Land Acquisitions: During the three months ended March 31, 2017 , the Company purchased two land parcels for a total purchase price of approximately $5.3 million . Total cash consideration was approximately $3.2 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 . Presale Development Projects: During the three months ended March 31, 2018 , the Company entered into two presale agreements to purchase two properties under development. The Company is obligated to purchase the properties for approximately $107.3 million , which includes the contractual purchase price and the cost of elected upgrades, as long as the developer meets certain construction completion deadlines and other closing conditions. Property Location Primary University Served Project Type Beds Scheduled Completion Stadium Centre Phase IV Tallahassee, FL Florida State University Off-campus 340 August 2019 959 Franklin (1) Eugene, OR University of Oregon Off-campus 443 September 2019 783 (1) As part of the presale agreement, the Company provided $15.6 million of mezzanine financing to the project.

Investments in Owned Properties

Investments in Owned Properties	3 Months Ended
	Mar. 31, 2018
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: March 31, 2018 December 31, 2017 Wholly-owned VIE Total Wholly-owned VIE Total Land (1) $ 586,170 $ 65,687 $ 651,857 $ 586,170 $ 60,821 $ 646,991 Buildings and improvements 5,795,147 307,363 6,102,510 5,789,439 307,088 6,096,527 Furniture, fixtures and equipment 332,105 18,250 350,355 330,669 18,159 348,828 Construction in progress 387,529 145,647 533,176 293,542 99,503 393,045 7,100,951 536,947 7,637,898 6,999,820 485,571 7,485,391 Less accumulated depreciation (1,044,786 ) (49,548 ) (1,094,334 ) (988,044 ) (46,983 ) (1,035,027 ) Owned properties, net $ 6,056,165 $ 487,399 $ 6,543,564 $ 6,011,776 $ 438,588 $ 6,450,364 (1) The land balance above includes undeveloped land parcels with book values of approximately $38.0 million as of March 31, 2018 and December 31, 2017 . It also includes land totaling approximately $34.7 million and $29.9 million as of March 31, 2018 and December 31, 2017 , respectively, related to properties under development.

On-Campus Participating Propert

On-Campus Participating Properties	3 Months Ended
	Mar. 31, 2018
On-campus participating properties
Real Estate Properties [Line Items]
On-Campus Participating Properties	On-Campus Participating Properties On-campus participating properties are as follows: Historical Cost Lessor/University Lease Commencement Required Debt March 31, 2018 December 31, 2017 Texas A&M University System / Prairie View A&M University (1) 2/1/1996 9/1/2023 $ 44,563 $ 44,364 Texas A&M University System / Texas A&M International 2/1/1996 9/1/2023 7,000 6,923 Texas A&M University System / Prairie View A&M University (2) 10/1/1999 8/31/2025 28,265 27,802 8/31/2028 University of Houston System / University of Houston (3) 9/27/2000 8/31/2035 36,084 36,062 West Virginia University System / West Virginia University 7/16/2013 7/16/2045 45,230 44,845 161,142 159,996 Accumulated amortization (80,134 ) (78,192 ) On-campus participating properties, net $ 81,008 $ 81,804 (1) Consists of three phases placed in service between 1996 and 1998. (2) Consists of two phases placed in service in 2000 and 2003. (3) Consists of two phases placed in service in 2001 and 2005.

Debt

Debt	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt	Debt A summary of the Company’s outstanding consolidated indebtedness, including unamortized debt premiums and discounts, is as follows: March 31, 2018 December 31, 2017 Debt secured by owned properties: Mortgage loans payable: Unpaid principal balance $ 484,425 $ 496,557 Unamortized deferred financing costs (1,957 ) (2,144 ) Unamortized debt premiums 17,484 19,006 499,952 513,419 Construction loans payable (1) 84,746 51,780 Unamortized deferred financing costs (1,650 ) (888 ) 583,048 564,311 Debt secured by on-campus participating properties: Mortgage loans payable (2) 69,285 69,776 Bonds payable 30,575 30,575 Unamortized deferred financing costs (613 ) (642 ) 99,247 99,709 Total secured mortgage, construction and bond debt 682,295 664,020 Unsecured notes, net of unamortized OID and deferred financing costs (3) 1,586,501 1,585,855 Unsecured term loans, net of unamortized deferred financing costs (4) 647,414 647,044 Unsecured revolving credit facility 218,000 127,600 Total debt, net $ 3,134,210 $ 3,024,519 (1) Construction loans payable relates to construction loans partially financing the development of six presale development projects. 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 March 31, 2018 and December 31, 2017 , and net unamortized deferred financing costs of $11.6 million and $12.2 million at March 31, 2018 and December 31, 2017 , respectively. (4) Includes net unamortized deferred financing costs of $2.6 million and $3.0 million at March 31, 2018 and December 31, 2017 , respectively. Mortgage and Construction Loans Payable During the three months ended March 31, 2018 , the Company paid off approximately $10.4 million of fixed rate mortgage debt secured by one owned property. During the three months ended March 31, 2017 , the Company did not pay off any fixed rate mortgage debt. 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 March 31, 2018 , 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. In June 2017, the Company recorded an impairment charge for this property of $15.3 million . 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 the effect of the amortization of interest rate swap terminations (see Note 10 ). The notes are fully and unconditionally guaranteed by the Company. Interest on the notes is payable semi-annually. The terms of the unsecured notes include certain financial covenants that require the Operating Partnership to limit the amount of total debt and secured debt as a percentage of total asset value, as defined. In addition, the Operating Partnership must maintain a minimum ratio of unencumbered asset value to unsecured debt, as well as a minimum interest coverage level. As of March 31, 2018 , 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 March 31, 2018 , the revolving credit facility bore interest at a weighted average annual rate of 3.00% ( 1.80% + 1.00% spread + 0.20% facility fee), and availability under the revolving credit facility totaled $482.0 million . The terms of the unsecured credit facility include certain restrictions and covenants, which limit, among other items, the incurrence of additional indebtedness and liens. The facility contains customary affirmative and negative covenants and also contains financial covenants that, among other things, require the Company to maintain certain maximum leverage ratios and minimum ratios of “EBITDA” (earnings before interest, taxes, depreciation and amortization) to fixed charges. The financial covenants also include a minimum asset value requirement, a maximum secured debt ratio, and a minimum unsecured debt service coverage ratio. As of March 31, 2018 , 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 2.77% ( 1.67% + 1.10% spread) at March 31, 2018 . In June 2017, the Company entered into an Unsecured Term Loan Credit Agreement (the “Term Loan II Facility”) totaling $200 million . The maturity date of the 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 Term Loan II Facility was 2.77% ( 1.67% + 1.10% spread), at March 31, 2018 . 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 2.77% ( 1.67% + 1.10% spread) at March 31, 2018 . 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 March 31, 2018 , the Company was in compliance with all such covenants.

Stockholders' Equity _ Partners

Stockholders' Equity / Partners' Capital	3 Months Ended
	Mar. 31, 2018
Stockholders' Equity Note [Abstract]
Stockholders' Equity / Partners' Capital	Stockholders’ Equity / Partners’ Capital Stockholders’ Equity - Company In June 2015, the Company established an at-the-market share offering program (the “ATM Equity Program”) through which the Company may issue and sell, from time to time, shares of common stock having an aggregate offering price of up to $500 million . Actual sales under the program will depend on a variety of factors, including, but not limited to, market conditions, the trading price of the Company’s common stock and determinations of the appropriate sources of funding for the Company. There was no activity under the Company’s ATM Equity Program during the three months ended March 31, 2018 . The following table presents activity under the Company’s ATM Equity Program during the three months ended March 31, 2017 : Three Months Ended Total net proceeds $ 62,658 Commissions paid to sales agents $ 795 Weighted average price per share $ 49.70 Shares of common stock sold 1,276,721 As of March 31, 2018 , 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 certain employees and members of the Company’s Board of Directors, in which vested share awards (see Note 9 ), salary and other cash amounts earned may be deposited. Deferred Compensation Plan assets are held in a rabbi trust, which is subject to the claims of the Company’s creditors in the event of bankruptcy or insolvency. The shares held in the Deferred Compensation Plan are classified within stockholders’ equity in a manner similar to the manner in which treasury stock is classified. Subsequent changes in the fair value of the shares are not recognized. During the three months ended March 31, 2018 , 5,971 and 7,131 shares of vested restricted stock awards (“RSAs”) were deposited into and withdrawn from the Deferred Compensation Plan, respectively. As of March 31, 2017, 62,618 shares of ACC’s common stock were held in the Deferred Compensation Plan. 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.

Noncontrolling Interests

Noncontrolling Interests	3 Months Ended
	Mar. 31, 2018
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Interests in Consolidated Real Estate Joint Ventures and Presale Arrangements Noncontrolling interests - partially owned properties: As of March 31, 2018 , the Operating Partnership consolidates three joint ventures that own and operate three owned off-campus properties. Additionally, the Company has entered into three presale agreements to purchase three in-process development properties. 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 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 Company entered into two joint ventures (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 three months ended March 31, 2018 , 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. 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 March 31, 2018 and December 31, 2017 , respectively, approximately 0.7% and 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 three months ended March 31, 2018 , 68,448 Common OP Units were converted into an equal number of shares of ACC’s common stock. 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. Below is a table summarizing the activity of redeemable noncontrolling interests (ACC) / redeemable limited partners (Operating Partnership) for the three months ended March 31, 2018 , which includes both the redeemable joint venture partners and OP Units discussed above: Balance, December 31, 2017 $ 132,169 Net income 210 Distributions, net of contributions (376 ) Conversion of OP Units into shares of ACC common stock (478 ) Adjustments to reflect OP Units at fair value (4,526 ) Balance, March 31, 2018 $ 126,999

Incentive Award Plan

Incentive Award Plan	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Incentive Award Plan	Incentive Award Plan Restricted Stock Units (“RSUs”) The Company appointed a new member to the Board of Directors in March 2018, and granted RSUs valued at $115,000 . A compensation charge of approximately $0.1 million was recorded during the three months ended March 31, 2018 related to this award. A summary of ACC’s RSUs under the American Campus Communities, Inc. 2010 Incentive Award Plan (the “Plan”) as of March 31, 2018 and activity during the three months then ended is presented below: Number of RSUs Outstanding at December 31, 2017 — Granted 3,040 Settled in common shares (3,040 ) Settled in cash — Outstanding at March 31, 2018 — Restricted Stock Awards (“RSAs”) A summary of RSAs under the Plan as of March 31, 2018 and activity during the three months then ended, is presented below: Number of RSAs Nonvested balance at December 31, 2017 810,870 Granted 352,404 Vested (1) (240,845 ) Forfeited (14,117 ) Nonvested balance at March 31, 2018 908,312 (1) Includes shares withheld to satisfy tax obligations upon vesting. The fair value of RSAs is calculated based on the closing market value of ACC’s common stock on the date of grant. The fair value of these awards is amortized to expense over the vesting periods. Amortization expense for the three months ended March 31, 2018 and 2017 amounted to approximately $3.3 million and $4.3 million , respectively.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and forward starting swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Forward starting swaps are used to protect the Company against adverse fluctuations in interest rates by reducing its exposure to variability in cash flows relating to interest payments on a forecasted issuance of debt. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in other comprehensive income (outside of earnings) and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. Ineffectiveness resulting from the derivative instruments was immaterial for both the three month periods ended March 31, 2018 and 2017 . As of March 31, 2018 , the Company had outstanding interest rate swap contracts with a notional amount of approximately $97.3 million . The fair value of such interest rate swap contracts was immaterial as of both March 31, 2018 and December 31, 2017 .

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Fair Value Disclosures Financial Instruments Carried at Fair Value The following table presents information about the Company’s financial instruments measured at fair value on a recurring basis as of March 31, 2018 and 2017 , and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability, such as interest rates and yield curves observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In instances in which the inputs used to measure fair value may fall into different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement in its entirety has been determined is based on the lowest level input significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Disclosures concerning financial instruments measured at fair value are as follows: Fair Value Measurements as of March 31, 2018 December 31, 2017 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 Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) $ — $ 39,263 $ 87,736 $ 126,999 $ — $ 44,503 $ 87,666 $ 132,169 The OP Unit component of redeemable noncontrolling interests has a redemption feature, and is marked to its redemption value when the redemption value exceeds the original issue price. 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 8 , 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 March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Estimated Fair Value Carrying Amount Estimated Fair Value Carrying Amount Assets: Loans receivable $ 54,140 $ 58,767 $ 54,140 $ 57,948 Liabilities: Unsecured notes $ 1,572,754 $ 1,586,501 (1) $ 1,620,839 $ 1,585,855 (1) Mortgage loans payable $ 553,515 $ 568,977 (2) $ 571,676 $ 582,927 (2) Bonds payable $ 32,716 $ 30,222 $ 32,552 $ 30,201 (1) Includes net unamortized OID and net unamortized deferred financing costs (see Note 6 ). (2) Includes net unamortized debt premiums and discounts and net unamortized deferred financing costs (see Note 6 ).

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments Construction Contracts: As of March 31, 2018 , excluding six 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 under construction to be approximately $286.7 million . Joint Ventures: 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: The Company has entered into three presale agreements to purchase properties which will be completed in August 2018 and Fall 2019. Total estimated development costs of approximately $149.9 million include the purchase price and elected upgrades, of which $133.0 million remains to be funded as of March 31, 2018 . The Company is obligated to purchase the properties as long as the developer meets certain construction completion deadlines and other closing conditions. The Company is responsible for leasing, management, and initial operations of the project while the third-party developer retains development risk during the construction period. See Note 8 for further discussion. 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 7 , 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 March 31, 2018 . As of March 31, 2018 , 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 March 31, 2018 , management anticipates 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	3 Months Ended
	Mar. 31, 2018
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. Three Months Ended March 31, 2018 2017 Owned Properties Rental revenues and other income $ 206,389 $ 179,710 Interest income 381 391 Total revenues from external customers 206,770 180,101 Operating expenses before depreciation, amortization, and ground/facility lease expense (88,060 ) (74,957 ) Ground/facility lease expense (2,047 ) (1,600 ) Interest expense, net (1) (1,629 ) (318 ) Operating income before depreciation and amortization $ 115,034 $ 103,226 Depreciation and amortization $ 61,808 $ 49,657 Capital expenditures $ 134,250 $ 128,654 Total segment assets at March 31, $ 6,797,472 $ 5,777,544 Three Months Ended March 31, 2018 2017 On-Campus Participating Properties Rental revenues and other income $ 10,443 $ 10,158 Interest income 21 8 Total revenues from external customers 10,464 10,166 Operating expenses before depreciation, amortization, and ground/facility lease expense (3,425 ) (3,265 ) Ground/facility lease expense (795 ) (757 ) Interest expense (1,253 ) (1,333 ) Operating income before depreciation and amortization $ 4,991 $ 4,811 Depreciation and amortization $ 1,942 $ 1,860 Capital expenditures $ 1,146 $ 209 Total segment assets at March 31, $ 101,493 $ 104,334 Development Services Development and construction management fees $ 846 $ 456 Operating expenses (2,205 ) (1,928 ) Operating loss before depreciation and amortization $ (1,359 ) $ (1,472 ) Total segment assets at March 31, $ 5,144 $ 2,134 Property Management Services Property management fees from external customers $ 2,731 $ 2,614 Operating expenses (1,993 ) (2,155 ) Operating income before depreciation and amortization $ 738 $ 459 Total segment assets at March 31, $ 7,345 $ 8,903 Reconciliations Total segment revenues and other income $ 220,811 $ 193,337 Unallocated interest income earned on investments and corporate cash 821 833 Total consolidated revenues, including interest income $ 221,632 $ 194,170 Segment operating income before depreciation and amortization $ 119,404 $ 107,024 Depreciation and amortization (66,193 ) (53,351 ) Net unallocated expenses relating to corporate interest and overhead (26,680 ) (18,967 ) Income tax provision (281 ) (257 ) Net income $ 26,250 $ 34,449 Total segment assets $ 6,911,454 $ 5,892,915 Unallocated corporate assets 95,498 95,051 Total assets at March 31, $ 7,006,952 $ 5,987,966 (1) Net of capitalized interest and amortization of debt premiums.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Properties Held for Sale : As of April 30, 2018, management has determined that all criteria for Held for Sale classification (per Accounting Standards Codification Topic 360, “Property, Plant and Equipment”) have been met for a portfolio of three wholly-owned properties. As of March 31, 2018 the portfolio had a net book value of approximately $201.3 million and outstanding mortgage debt of $37.3 million , which was paid off in April 2018. Distributions : On May 2, 2018 , the Board of Directors of the Company declared a distribution per share of $0.46 , which will be paid on May 25, 2018 to all common stockholders of record as of May 14, 2018 . At the same time, the Operating Partnership will pay an equivalent amount per unit to holders of Common OP Units, as well as the quarterly cumulative preferential distribution to holders of Preferred OP Units (see Note 8 ). Approval of the 2018 Incentive Award Plan : On May 3, 2018, the Company’s shareholders approved the 2018 Incentive Award Plan (the “2018 Plan”). The 2018 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, restricted stock units, profits interest units and other stock-based awards. The Company has reserved a total of 3.5 million shares of the Company’s common stock for issuance pursuant to the 2018 Plan, subject to certain adjustments for changes in the Company’s capital structure, as defined in the 2018 Plan.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements, presented in U.S. dollars, are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and revenue and expenses during the reporting periods. The Company’s actual results could differ from those estimates and assumptions. All material intercompany transactions among consolidated entities have been eliminated. All dollar amounts in the tables herein, except share, per share, unit and per unit amounts, are stated in thousands unless otherwise indicated.
Principles of Consolidation	Principles of Consolidation The Company’s consolidated financial statements include its accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which it has control. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities (“VIEs”), which requires the consolidation of VIEs in which the Company is considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation using the voting interest model.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“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 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 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” January 1, 2019 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 Accounting Standards Update 2016-18 (“ASU 2016-18”), “Statement of Cash Flows: Restricted Cash” On January 1, 2018, the Company adopted ASU 2016-18. The amendments in this update require the change in restricted cash to be reported with cash and cash equivalents when reconciling between beginning and ending amounts in the statements of cash flows. The Company applied the amendments retrospectively to each period presented in our consolidated Statements of Cash Flows. Prior to the adoption of ASU 2016-18, the Company reported the change in restricted cash within operating, investing, and financing activities in its consolidated statement of cash flows. As a result of the Company’s adoption of this standard and the retrospective application, cash and cash equivalents in the consolidated statements of cash flows for the quarter ended March 31, 2017 increased by approximately $24.4 million to reflect the inclusion of the restricted cash balance at the end of the period, net cash provided by operating activities decreased by approximately $1.0 million , net cash used in investing activities increased by approximately $0.2 million , and net cash provided by financing activities increased by approximately $0.8 million . Accounting Standards Update 2014-09 (“ASU 2014-09”), “Revenue From Contracts With Customers (Topic 606)” On January 1, 2018, the Company adopted ASU 2014-09 and all related clarifying Accounting Standards Updates associated with ASU 2014-09. 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. The Company adopted the new revenue standard using the modified retrospective approach, and elected to apply the practical expedient to only assess the recognition of revenue for open contracts during the transition period. The effect of adoption did not have a material impact on the Company’s consolidated financial statements and there was no adjustment to the opening balance of retained earnings at January 1, 2018. The comparative information has not been restated and continues to be reported under the accounting standards in effect for that period. Under the new standard there was a change in the way the Company determines the unit of account for its third-party development projects. Under the previous guidance, the Company segmented 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. Under the new guidance, the entire development and construction contract represents a single performance obligation comprised of a series of distinct services to be satisfied over time, and a single transaction price to be recognized over the life of the contract using a time-based measure of progress. Any variable consideration included in the transaction price is estimated using the expected value approach and is only included to the extent that a significant revenue reversal is not likely to occur. The adoption of ASU 2014-09 resulted in differences in the timing and pattern of revenue recognition for such third-party development and construction management contracts; however, the change did not have a material impact on the Company’s consolidated financial statements. Third-party management services revenues consist of base fees earned as a result of managing all aspects of the property’s day-to-day operations, and incentive fees based on the managed property’s operating measures. There was no change in the Company’s recognition of base management fees. Incentive management fees were previously recognized when the incentive criteria had been met. Under the new guidance, incentive fees are estimated using the expected value approach and are included in the transaction price only to the extent that a significant revenue reversal is not likely to occur; however, the change did not have a material impact on the Company’s consolidated financial statements. There was no change to the Company’s revenue recognition methods for ancillary services and other non-lease related revenues as a result of the adoption of ASU 2014-09. Rental income from leasing arrangements 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. 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” On January 1, 2018, in conjunction with the adoption of ASU 2014-09, discussed above, the Company adopted ASU 2017-05. 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). The adoption of ASU 2017-05 did not have a material impact on the consolidated financial statements given the simplicity of the Company’s historical disposition transactions. Other In addition, on January 1, 2018, the Company adopted the following accounting pronouncements which did not have a material effect on the Company’s consolidated financial statements: • ASU 2017-09, “Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting” • ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.”
Interim Financial Statements	Interim Financial Statements The accompanying interim financial statements are unaudited, but have been prepared in accordance with GAAP for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements of the Company for these interim periods have been included. Because of the seasonal nature of the Company’s operations, the results of operations and cash flows for any interim period are not necessarily indicative of results for other interim periods or for the full year. These financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 .
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	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. 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 $3.0 million and $4.4 million was capitalized during the three months ended March 31, 2018 and 2017 , 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 March 31, 2018 . The Company evaluates each acquisition to determine if the integrated set of assets and activities acquired meet the definition of a business. 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. The Company did not have any properties classified as held for sale as of March 31, 2018 .
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.
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.
Third-Party Development Services Costs	Third-Party Development Services Costs 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 March 31, 2018 , the Company has deferred approximately $7.3 million in pre-development costs related to third-party and owned development projects that have not yet commenced construction. Such costs are included in other assets on the accompanying consolidated balance sheets.
Earnings per Share - Company/Earnings per Unit - Operating Partnership	Earnings per Share – Company Basic earnings per share is computed using net income attributable to common stockholders and the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings per share reflects common shares issuable from the assumed conversion of American Campus Communities Operating Partnership Units (“OP Units”) and common share awards granted. Only those items having a dilutive impact on basic earnings per share are included in diluted earnings per share. Earnings per Unit – Operating Partnership Basic earnings per OP Unit is computed using net income attributable to common unitholders and the weighted average number of common units outstanding during the period. Diluted earnings per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units or resulted in the issuance of OP Units and then shared in the earnings of the Operating Partnership.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
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 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” January 1, 2019 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 potentially dilutive securities not included in calculating diluted earnings per share	The following potentially dilutive securities were outstanding for the three months ended March 31, 2018 and 2017 , but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. Three Months Ended March 31, 2018 2017 Common OP Units (Note 8) 956,936 1,029,131 Preferred OP Units (Note 8) 77,513 77,513 Total potentially dilutive securities 1,034,449 1,106,644
Schedule of summary of elements used in calculating basic earnings per share/unit	The following is a summary of the elements used in calculating basic and diluted earnings per share: Three Months Ended March 31, 2018 2017 Numerator – basic and diluted earnings per share: Net income $ 26,250 $ 34,449 Net income attributable to noncontrolling interests (323 ) (399 ) Net income attributable to common stockholders 25,927 34,050 Amount allocated to participating securities (506 ) (468 ) Net income attributable to common stockholders $ 25,421 $ 33,582 Denominator: Basic weighted average common shares outstanding 136,525,557 133,052,444 Unvested restricted stock awards (Note 9) 974,406 933,878 Diluted weighted average common shares outstanding 137,499,963 133,986,322 Earnings per share: Net income attributable to common stockholders - basic $ 0.19 $ 0.25 Net income attributable to common stockholders - diluted $ 0.18 $ 0.25
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Schedule of summary of elements used in calculating basic earnings per share/unit	The following is a summary of the elements used in calculating basic and diluted earnings per unit: Three Months Ended March 31, 2018 2017 Numerator – basic and diluted earnings per unit: Net income $ 26,250 $ 34,449 Net loss attributable to noncontrolling interests – partially owned properties (114 ) (105 ) Series A preferred unit distributions (31 ) (31 ) Amount allocated to participating securities (506 ) (468 ) Net income attributable to common unitholders $ 25,599 $ 33,845 Denominator: Basic weighted average common units outstanding 137,482,493 134,081,575 Unvested restricted stock awards (Note 9) 974,406 933,878 Diluted weighted average common units outstanding 138,456,899 135,015,453 Earnings per unit: Net income attributable to common unitholders - basic $ 0.19 $ 0.25 Net income attributable to common unitholders - diluted $ 0.18 $ 0.25

Acquisitions and Joint Ventur23

Acquisitions and Joint Venture Investments (Tables)	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Schedule of asset acquisitions, by acquisition	The Company is obligated to purchase the properties for approximately $107.3 million , which includes the contractual purchase price and the cost of elected upgrades, as long as the developer meets certain construction completion deadlines and other closing conditions. Property Location Primary University Served Project Type Beds Scheduled Completion Stadium Centre Phase IV Tallahassee, FL Florida State University Off-campus 340 August 2019 959 Franklin (1) Eugene, OR University of Oregon Off-campus 443 September 2019 783 (1) As part of the presale agreement, the Company provided $15.6 million of mezzanine financing to the project.

Investments in Owned Properti24

Investments in Owned Properties (Tables)	3 Months Ended
	Mar. 31, 2018
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: March 31, 2018 December 31, 2017 Wholly-owned VIE Total Wholly-owned VIE Total Land (1) $ 586,170 $ 65,687 $ 651,857 $ 586,170 $ 60,821 $ 646,991 Buildings and improvements 5,795,147 307,363 6,102,510 5,789,439 307,088 6,096,527 Furniture, fixtures and equipment 332,105 18,250 350,355 330,669 18,159 348,828 Construction in progress 387,529 145,647 533,176 293,542 99,503 393,045 7,100,951 536,947 7,637,898 6,999,820 485,571 7,485,391 Less accumulated depreciation (1,044,786 ) (49,548 ) (1,094,334 ) (988,044 ) (46,983 ) (1,035,027 ) Owned properties, net $ 6,056,165 $ 487,399 $ 6,543,564 $ 6,011,776 $ 438,588 $ 6,450,364 (1) The land balance above includes undeveloped land parcels with book values of approximately $38.0 million as of March 31, 2018 and December 31, 2017 . It also includes land totaling approximately $34.7 million and $29.9 million as of March 31, 2018 and December 31, 2017 , respectively, related to properties under development.

On-Campus Participating Prope25

On-Campus Participating Properties (Tables)	3 Months Ended
	Mar. 31, 2018
On-campus participating properties
Real Estate Properties [Line Items]
Schedule of real estate properties	On-campus participating properties are as follows: Historical Cost Lessor/University Lease Commencement Required Debt March 31, 2018 December 31, 2017 Texas A&M University System / Prairie View A&M University (1) 2/1/1996 9/1/2023 $ 44,563 $ 44,364 Texas A&M University System / Texas A&M International 2/1/1996 9/1/2023 7,000 6,923 Texas A&M University System / Prairie View A&M University (2) 10/1/1999 8/31/2025 28,265 27,802 8/31/2028 University of Houston System / University of Houston (3) 9/27/2000 8/31/2035 36,084 36,062 West Virginia University System / West Virginia University 7/16/2013 7/16/2045 45,230 44,845 161,142 159,996 Accumulated amortization (80,134 ) (78,192 ) On-campus participating properties, net $ 81,008 $ 81,804 (1) Consists of three phases placed in service between 1996 and 1998. (2) Consists of two phases placed in service in 2000 and 2003. (3) Consists of two phases placed in service in 2001 and 2005.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of summary of outstanding consolidated indebtedness, including unamortized debt premiums and discounts	A summary of the Company’s outstanding consolidated indebtedness, including unamortized debt premiums and discounts, is as follows: March 31, 2018 December 31, 2017 Debt secured by owned properties: Mortgage loans payable: Unpaid principal balance $ 484,425 $ 496,557 Unamortized deferred financing costs (1,957 ) (2,144 ) Unamortized debt premiums 17,484 19,006 499,952 513,419 Construction loans payable (1) 84,746 51,780 Unamortized deferred financing costs (1,650 ) (888 ) 583,048 564,311 Debt secured by on-campus participating properties: Mortgage loans payable (2) 69,285 69,776 Bonds payable 30,575 30,575 Unamortized deferred financing costs (613 ) (642 ) 99,247 99,709 Total secured mortgage, construction and bond debt 682,295 664,020 Unsecured notes, net of unamortized OID and deferred financing costs (3) 1,586,501 1,585,855 Unsecured term loans, net of unamortized deferred financing costs (4) 647,414 647,044 Unsecured revolving credit facility 218,000 127,600 Total debt, net $ 3,134,210 $ 3,024,519 (1) Construction loans payable relates to construction loans partially financing the development of six presale development projects. 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 March 31, 2018 and December 31, 2017 , and net unamortized deferred financing costs of $11.6 million and $12.2 million at March 31, 2018 and December 31, 2017 , respectively. (4) Includes net unamortized deferred financing costs of $2.6 million and $3.0 million at March 31, 2018 and December 31, 2017 , respectively. 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 the effect of the amortization of interest rate swap terminations (see Note 10 ).

Stockholders' Equity _ Partne27

Stockholders' Equity / Partners' Capital (Tables)	3 Months Ended
	Mar. 31, 2018
Stockholders' Equity Note [Abstract]
Summary of equity program activity	The following table presents activity under the Company’s ATM Equity Program during the three months ended March 31, 2017 : Three Months Ended Total net proceeds $ 62,658 Commissions paid to sales agents $ 795 Weighted average price per share $ 49.70 Shares of common stock sold 1,276,721

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	3 Months Ended
	Mar. 31, 2018
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 three months ended March 31, 2018 , which includes both the redeemable joint venture partners and OP Units discussed above: Balance, December 31, 2017 $ 132,169 Net income 210 Distributions, net of contributions (376 ) Conversion of OP Units into shares of ACC common stock (478 ) Adjustments to reflect OP Units at fair value (4,526 ) Balance, March 31, 2018 $ 126,999

Incentive Award Plan (Tables)

Incentive Award Plan (Tables)	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of restricted stock units and awards	A summary of RSAs under the Plan as of March 31, 2018 and activity during the three months then ended, is presented below: Number of RSAs Nonvested balance at December 31, 2017 810,870 Granted 352,404 Vested (1) (240,845 ) Forfeited (14,117 ) Nonvested balance at March 31, 2018 908,312 (1) Includes shares withheld to satisfy tax obligations upon vesting. A summary of ACC’s RSUs under the American Campus Communities, Inc. 2010 Incentive Award Plan (the “Plan”) as of March 31, 2018 and activity during the three months then ended is presented below: Number of RSUs Outstanding at December 31, 2017 — Granted 3,040 Settled in common shares (3,040 ) Settled in cash — Outstanding at March 31, 2018 —

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of financial instruments measured at fair value	Disclosures concerning financial instruments measured at fair value are as follows: Fair Value Measurements as of March 31, 2018 December 31, 2017 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 Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) $ — $ 39,263 $ 87,736 $ 126,999 $ — $ 44,503 $ 87,666 $ 132,169
Schedule of estimated fair value and related carrying amounts of mortgage loans and bonds payable	The table below contains the estimated fair value and related carrying amounts for the Company’s financial instruments as of March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Estimated Fair Value Carrying Amount Estimated Fair Value Carrying Amount Assets: Loans receivable $ 54,140 $ 58,767 $ 54,140 $ 57,948 Liabilities: Unsecured notes $ 1,572,754 $ 1,586,501 (1) $ 1,620,839 $ 1,585,855 (1) Mortgage loans payable $ 553,515 $ 568,977 (2) $ 571,676 $ 582,927 (2) Bonds payable $ 32,716 $ 30,222 $ 32,552 $ 30,201 (1) Includes net unamortized OID and net unamortized deferred financing costs (see Note 6 ). (2) Includes net unamortized debt premiums and discounts and net unamortized deferred financing costs (see Note 6 ).

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Schedule of segment information	Three Months Ended March 31, 2018 2017 Owned Properties Rental revenues and other income $ 206,389 $ 179,710 Interest income 381 391 Total revenues from external customers 206,770 180,101 Operating expenses before depreciation, amortization, and ground/facility lease expense (88,060 ) (74,957 ) Ground/facility lease expense (2,047 ) (1,600 ) Interest expense, net (1) (1,629 ) (318 ) Operating income before depreciation and amortization $ 115,034 $ 103,226 Depreciation and amortization $ 61,808 $ 49,657 Capital expenditures $ 134,250 $ 128,654 Total segment assets at March 31, $ 6,797,472 $ 5,777,544 Three Months Ended March 31, 2018 2017 On-Campus Participating Properties Rental revenues and other income $ 10,443 $ 10,158 Interest income 21 8 Total revenues from external customers 10,464 10,166 Operating expenses before depreciation, amortization, and ground/facility lease expense (3,425 ) (3,265 ) Ground/facility lease expense (795 ) (757 ) Interest expense (1,253 ) (1,333 ) Operating income before depreciation and amortization $ 4,991 $ 4,811 Depreciation and amortization $ 1,942 $ 1,860 Capital expenditures $ 1,146 $ 209 Total segment assets at March 31, $ 101,493 $ 104,334 Development Services Development and construction management fees $ 846 $ 456 Operating expenses (2,205 ) (1,928 ) Operating loss before depreciation and amortization $ (1,359 ) $ (1,472 ) Total segment assets at March 31, $ 5,144 $ 2,134 Property Management Services Property management fees from external customers $ 2,731 $ 2,614 Operating expenses (1,993 ) (2,155 ) Operating income before depreciation and amortization $ 738 $ 459 Total segment assets at March 31, $ 7,345 $ 8,903 Reconciliations Total segment revenues and other income $ 220,811 $ 193,337 Unallocated interest income earned on investments and corporate cash 821 833 Total consolidated revenues, including interest income $ 221,632 $ 194,170 Segment operating income before depreciation and amortization $ 119,404 $ 107,024 Depreciation and amortization (66,193 ) (53,351 ) Net unallocated expenses relating to corporate interest and overhead (26,680 ) (18,967 ) Income tax provision (281 ) (257 ) Net income $ 26,250 $ 34,449 Total segment assets $ 6,911,454 $ 5,892,915 Unallocated corporate assets 95,498 95,051 Total assets at March 31, $ 7,006,952 $ 5,987,966 (1) Net of capitalized interest and amortization of debt premiums.

Organization and Description 32

Organization and Description of Business (Details)	3 Months Ended
	Mar. 31, 2018university_systemPropertyBed
Real Estate Properties [Line Items]
Number of properties	171
Number of beds | Bed	104,800
Minimum
Real Estate Properties [Line Items]
Initial term of contract	1 year
Maximum
Real Estate Properties [Line Items]
Initial term of contract	5 years
Owned properties | Off Campus Properties
Real Estate Properties [Line Items]
Number of properties	134
Owned properties | On-campus participating properties
Real Estate Properties [Line Items]
Number of properties	5
Owned properties | Under Development
Real Estate Properties [Line Items]
Number of beds | Bed	10,100
Management And Leasing Services
Real Estate Properties [Line Items]
Number of properties	36
Number of beds | Bed	29,600
Real Estate Investment
Real Estate Properties [Line Items]
Number of properties	207
Number of beds | Bed	134,400
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Real Estate Properties [Line Items]
Limited Partner ownership interest (percent)	99.30%
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Maximum
Real Estate Properties [Line Items]
General Partner ownership interest (percent) (less than)	1.00%
Owned On Campus Properties | American Campus Equity
Real Estate Properties [Line Items]
Number of housing properties	32
Number of university systems | university_system	15
Owned On Campus Properties | Under Development
Real Estate Properties [Line Items]
Number of properties under construction	15

Summary of Significant Accoun33

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash provided by operating activities	$ (108,140)	$ (65,964)
Net cash used in investing activities	(136,710)	(143,568)
Net cash provided by financing activities	47,785	89,163
Capitalized Interest	3,000	4,400
Deferred pre-development costs	$ 7,300
Accounting Standards Update 2016-18
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net change in cash, cash equivalents, and restricted cash		24,400
Net cash provided by operating activities		1,000
Net cash used in investing activities		200
Net cash provided by financing activities		$ 800

Summary of Significant Accoun34

Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	3 Months Ended
	Mar. 31, 2018
Minimum | Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years
Minimum | Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Maximum | Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years
Maximum | Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years
On-campus participating properties | Minimum | Leasehold interest
Property, Plant and Equipment [Line Items]
Estimated useful life	25 years
On-campus participating properties | Maximum | Leasehold interest
Property, Plant and Equipment [Line Items]
Estimated useful life	34 years

Summary of Significant Accoun35

Summary of Significant Accounting Policies - Potentially Dilutive Securities Not Included in Calculating Diluted Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities (in shares)	1,034,449	1,106,644
Common OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities (in shares)	956,936	1,029,131
Preferred OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities (in shares)	77,513	77,513

Summary of Significant Accoun36

Summary of Significant Accounting Policies - Summary of Elements Used in Calculating Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Numerator – basic and diluted earnings per share:
Net income	$ 26,250	$ 34,449
Net income attributable to noncontrolling interests	(323)	(399)
Net income attributable to ACC, Inc. and Subsidiaries common stockholders	25,927	34,050
Amount allocated to participating securities	(506)	(468)
Net income attributable to common unitholders	$ 25,421	$ 33,582
Denominator:
Basic weighted average common shares outstanding (in shares)	136,525,557	133,052,444
Diluted weighted average common shares outstanding (in shares)	137,499,963	133,986,322
Earnings per share:
Net income attributable to common stockholders - basic (in dollars per share)	$ 0.19	$ 0.25
Net income attributable to common stockholders - diluted (in dollars per share)	$ 0.18	$ 0.25
Unvested Restricted Stock Awards
Denominator:
Unvested restricted stock awards (in shares) (Note 9)	974,406	933,878

Summary of Significant Accoun37

Summary of Significant Accounting Policies - Summary of Elements Used in Calculating Basic and Diluted Earnings per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Numerator – basic and diluted earnings per unit:
Net income	$ 26,250	$ 34,449
Net income attributable to noncontrolling interests	(323)	(399)
Net income attributable to common unitholders	25,421	33,582
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Numerator – basic and diluted earnings per unit:
Net income	26,250	34,449
Series A preferred unit distributions	(31)	(31)
Amount allocated to participating securities	(506)	(468)
Net income attributable to common unitholders	$ 25,599	$ 33,845
Denominator:
Basic weighted average common units outstanding (in units)	137,482,493	134,081,575
Diluted weighted average common units outstanding (in units)	138,456,899	135,015,453
Earnings per unit:
Net income attributable to common unitholders - basic (in dollars per unit)	$ 0.19	$ 0.25
Net income attributable to common unitholders - diluted (in dollars per unit)	$ 0.18	$ 0.25
Partially owned properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Numerator – basic and diluted earnings per unit:
Net income attributable to noncontrolling interests	$ (114)	$ (105)
Unvested Restricted Stock Awards | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Denominator:
Unvested restricted stock awards (in units) (Note 9)	974,406	933,878

Acquisitions and Joint Ventur38

Acquisitions and Joint Venture Investments - Narrative (Details) $ in Thousands	3 Months Ended		16 Months Ended
	Mar. 31, 2018USD ($)Propertyagreement	Mar. 31, 2017USD ($)land_parcel	Mar. 31, 2018USD ($)Propertyagreement
Business Acquisition [Line Items]
Cash paid for land acquisitions	$ 0	$ 12,225
Number of properties, under development | Property	9		9
Presale development properties
Business Acquisition [Line Items]
Number of presale agreements | agreement	2		2
Number of properties, under development | Property	2		2
Estimated development costs	$ 107,300		$ 149,900
In-process development properties
Business Acquisition [Line Items]
Number of presale agreements | agreement	3		3
Number of properties, under development | Property	3		3
Land
Business Acquisition [Line Items]
Number of land parcels | land_parcel		2
Cash paid for land acquisitions		$ 3,200
Asset acquisition, consideration transferred		5,300
Asset acquisitions, fair value		12,000
Land | In-process development properties
Business Acquisition [Line Items]
Asset acquisition, consideration transferred		$ 9,000

Acquisitions and Joint Ventur39

Acquisitions and Joint Venture Investments - Schedule of Business Aquisitions by Acquisition (Details) $ in Millions	Sep. 30, 2019Bed	Aug. 31, 2019Bed	Mar. 31, 2018USD ($)Bed
Business Acquisition [Line Items]
Number of beds			104,800
In-process development properties
Business Acquisition [Line Items]
Number of beds			783
Stadium Centre Phase IV | Scenario, Forecast | In-process development properties
Business Acquisition [Line Items]
Number of beds		340
959 Franklin | In-process development properties
Business Acquisition [Line Items]
Mezzanine financing provided to private developer | $			$ 15.6
959 Franklin | Scenario, Forecast | In-process development properties
Business Acquisition [Line Items]
Number of beds	443

Investments in Owned Properti40

Investments in Owned Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Real Estate Properties [Line Items]
Owned properties, net	$ 6,624,572	$ 6,532,168
Undeveloped land parcels	38,000	38,000
Owned properties
Real Estate Properties [Line Items]
Land	651,857	646,991
Buildings and improvements	6,102,510	6,096,527
Furniture, fixtures and equipment	350,355	348,828
Construction in progress	533,176	393,045
Real estate properties gross	7,637,898	7,485,391
Less accumulated depreciation	(1,094,334)	(1,035,027)
Owned properties, net	6,543,564	6,450,364
Wholly-owned
Real Estate Properties [Line Items]
Land	586,170	586,170
Buildings and improvements	5,795,147	5,789,439
Furniture, fixtures and equipment	332,105	330,669
Construction in progress	387,529	293,542
Real estate properties gross	7,100,951	6,999,820
Less accumulated depreciation	(1,044,786)	(988,044)
Owned properties, net	6,056,165	6,011,776
VIE
Real Estate Properties [Line Items]
Land	65,687	60,821
Buildings and improvements	307,363	307,088
Furniture, fixtures and equipment	18,250	18,159
Construction in progress	145,647	99,503
Real estate properties gross	536,947	485,571
Less accumulated depreciation	(49,548)	(46,983)
Owned properties, net	487,399	438,588
Under Development
Real Estate Properties [Line Items]
Undeveloped land parcels	$ 34,700	$ 29,900

On-Campus Participating Prope41

On-Campus Participating Properties (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)phase	Dec. 31, 2017USD ($)
Real Estate Properties [Line Items]
Owned properties, net	$ 6,624,572	$ 6,532,168
On-campus participating properties
Real Estate Properties [Line Items]
Historical Cost	161,142	159,996
Accumulated amortization	(80,134)	(78,192)
Owned properties, net	$ 81,008	81,804
On-campus participating properties | Texas A and M International
Real Estate Properties [Line Items]
Lease Commencement	Feb. 1, 1996
Required Debt Repayment	Sep. 1, 2023
Historical Cost	$ 7,000	6,923
Texas A&M University System / Prairie View A&M University between 1996 and 1998 | Prairie View A and M University
Real Estate Properties [Line Items]
Number of project phases | phase	3
Texas A&M University System / Prairie View A&M University between 1996 and 1998 | On-campus participating properties | Prairie View A and M University
Real Estate Properties [Line Items]
Lease Commencement	Feb. 1, 1996
Required Debt Repayment	Sep. 1, 2023
Historical Cost	$ 44,563	44,364
Texas A&M University System / Prairie View A&M University between 2000 and 2003 | Prairie View A and M University
Real Estate Properties [Line Items]
Number of project phases | phase	2
Texas A&M University System / Prairie View A&M University between 2000 and 2003 | On-campus participating properties | Prairie View A and M University
Real Estate Properties [Line Items]
Lease Commencement	Oct. 1, 1999
Historical Cost	$ 28,265	27,802
University of Houston System / University of Houston | University Of Houston
Real Estate Properties [Line Items]
Number of project phases | phase	2
University of Houston System / University of Houston | On-campus participating properties | University Of Houston
Real Estate Properties [Line Items]
Lease Commencement	Sep. 27, 2000
Required Debt Repayment	Aug. 31, 2035
Historical Cost	$ 36,084	36,062
West Virginia University System / West Virginia University | On-campus participating properties | West Virginia University
Real Estate Properties [Line Items]
Lease Commencement	Jul. 16, 2013
Required Debt Repayment	Jul. 16, 2045
Historical Cost	$ 45,230	$ 44,845
Minimum | Texas A&M University System / Prairie View A&M University between 2000 and 2003 | On-campus participating properties | Prairie View A and M University
Real Estate Properties [Line Items]
Required Debt Repayment	Aug. 31, 2025
Maximum | Texas A&M University System / Prairie View A&M University between 2000 and 2003 | On-campus participating properties | Prairie View A and M University
Real Estate Properties [Line Items]
Required Debt Repayment	Aug. 31, 2028

Debt - Summary of Outstanding C

Debt - Summary of Outstanding Consolidated Indebtedness, Including Unamortized Debt Premiums and Discounts (Details) $ in Thousands	Mar. 31, 2018USD ($)Property	Dec. 31, 2017USD ($)	Aug. 31, 2017USD ($)
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt, net	$ 682,295	$ 664,020
Unsecured notes, net of unamortized OID and deferred financing costs	1,586,501	1,585,855
Unsecured term loans, net of unamortized deferred financing costs	647,414	647,044
Unsecured revolving credit facility	218,000	127,600
Total debt, net	$ 3,134,210	3,024,519
Number of properties | Property	171
Mortgage loans payable
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt, net			$ 27,400
Unsecured debt
Debt Instrument [Line Items]
Unamortized deferred financing costs	$ (11,600)	(12,200)
Unamortized debt discounts	1,900	1,900
Term loans
Debt Instrument [Line Items]
Unamortized deferred financing costs	(2,600)	(3,000)
Wholly-owned properties, net
Debt Instrument [Line Items]
Total debt, net	583,048	564,311
Wholly-owned properties, net | Mortgage loans payable
Debt Instrument [Line Items]
Principal outstanding	484,425	496,557
Secured mortgage, construction and bond debt, net	499,952	513,419
Unamortized deferred financing costs	(1,957)	(2,144)
Unamortized debt premiums	$ 17,484	19,006
Number of properties | Property	1
Wholly-owned properties, net | Construction loans payable
Debt Instrument [Line Items]
Principal outstanding	$ 84,746	51,780
Unamortized deferred financing costs	(1,650)	(888)
On-campus participating properties, net
Debt Instrument [Line Items]
Unamortized deferred financing costs	(613)	(642)
Total debt, net	99,247	99,709
On-campus participating properties, net | Mortgage loans payable
Debt Instrument [Line Items]
Principal outstanding	69,285	69,776
On-campus participating properties, net | Bonds payable
Debt Instrument [Line Items]
Principal outstanding	$ 30,575	$ 30,575
In-process development properties | Construction loans payable
Debt Instrument [Line Items]
Number of properties | Property	6

Debt - Narrative (Details)

Debt - Narrative (Details)	1 Months Ended		3 Months Ended
	Sep. 30, 2017USD ($)period	Jun. 30, 2017USD ($)	Mar. 31, 2018USD ($)Property	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)	Aug. 31, 2017USD ($)	Jan. 31, 2017USD ($)
Debt Instrument [Line Items]
Repayments of secured debt			$ 2,248,000	$ 2,567,000
Number of properties | Property			171
Mortgage loans payable			$ 682,295,000		$ 664,020,000
Mortgages
Debt Instrument [Line Items]
Mortgage loans payable						$ 27,400,000
Provision for real estate impairment		$ 15,300,000
Revolving credit facility | Unsecured debt
Debt Instrument [Line Items]
Credit facility, additional borrowing capacity (up to)							$ 500,000,000
Line of credit, required unused commitment fee per annum (percent)			0.20%
Current borrowing capacity of credit facility			$ 482,000,000
Revolving credit facility | Credit Agreement
Debt Instrument [Line Items]
Line of credit, required unused commitment fee per annum (percent)			0.20%
Weighted average annual interest rate (percent)			3.00%
Basis spread on variable rate			1.00%
Stated percentage			1.80%
Revolving credit facility | Credit Agreement | Unsecured debt
Debt Instrument [Line Items]
Current borrowing capacity							500,000,000
Credit facility							$ 700,000,000
Revolving credit facility | Term Loan I Facility | Unsecured debt
Debt Instrument [Line Items]
Credit facility			$ 150,000,000
Weighted average annual interest rate (percent)			2.77%
Basis spread on variable rate			1.10%
Line of credit facility, accordion feature (up to)			$ 50,000,000
Stated percentage			1.67%
Revolving credit facility | Term Loan II Facility | Unsecured debt
Debt Instrument [Line Items]
Credit facility		$ 200,000,000
Weighted average annual interest rate (percent)			2.77%
Basis spread on variable rate			1.10%
Line of credit facility, accordion feature (up to)			$ 100,000,000
Stated percentage			1.67%
Revolving credit facility | Term Loan III Facility | Unsecured debt
Debt Instrument [Line Items]
Credit facility	$ 300,000,000
Weighted average annual interest rate (percent)			2.77%
Basis spread on variable rate			1.10%
Line of credit facility, accordion feature (up to)			$ 100,000,000
Stated percentage			1.67%
Number of maturity periods | period	2
Debt instrument, term	1 year
Owned properties | Mortgages
Debt Instrument [Line Items]
Repayments of secured debt			$ 10,400,000
Number of properties | Property			1
Mortgage loans payable			$ 499,952,000		$ 513,419,000

Debt - Summary of Senior Unsecu

Debt - Summary of Senior Unsecured Notes (Details) - AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.	3 Months Ended
	Mar. 31, 2018USD ($)
Senior notes
Debt Instrument [Line Items]
Amount	$ 1,600,000,000
Original Issue Discount	3,028,000
Senior notes - April 2013
Debt Instrument [Line Items]
Amount	$ 400,000,000
Percentage of Par Value	99.659%
Coupon (percent)	3.75%
Yield rate (percent)	3.791%
Original Issue Discount	$ 1,364,000
Term	10 years
Senior notes - June 2014
Debt Instrument [Line Items]
Amount	$ 400,000,000
Percentage of Par Value	99.861%
Coupon (percent)	4.125%
Yield rate (percent)	4.269%
Original Issue Discount	$ 556,000
Term	10 years
Senior notes - September 2015
Debt Instrument [Line Items]
Amount	$ 400,000,000
Percentage of Par Value	99.811%
Coupon (percent)	3.35%
Yield rate (percent)	3.391%
Original Issue Discount	$ 756,000
Term	5 years
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	10 years

Stockholders' Equity _ Partne45

Stockholders' Equity / Partners' Capital - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Jun. 30, 2015
Schedule of Equity Method Investments [Line Items]
ATM equity program, aggregate offering price authorized (up to $500 million)	$ 233,000,000
Number of shares in deferred compensation plan (in shares)	62,618	63,778
ATM Equity Program
Schedule of Equity Method Investments [Line Items]
ATM equity program, aggregate offering price authorized (up to $500 million)				$ 500,000,000
Treasury Stock
Schedule of Equity Method Investments [Line Items]
Number of shares deposited into deferred compensation plan (in shares)	5,971
Number of shares withdrawn from deferred compensation plan (in shares)	7,131
Number of shares in deferred compensation plan (in shares)			62,618

Stockholders' Equity _ Partne46

Stockholders' Equity / Partners' Capital - Summary of Equity Program Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Class of Stock [Line Items]
Total net proceeds	$ 0	$ 63,453
ATM Equity Program
Class of Stock [Line Items]
Total net proceeds		62,658
Commissions paid to sales agents		$ 795
Weighted average price per share (in dollars per share)		$ 49.70
Shares of common stock sold (in shares)		1,276,721

Noncontrolling Interests - Narr

Noncontrolling Interests - Narrative (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2018PropertyagreementEntityshares	Dec. 31, 2017shares
Noncontrolling Interest [Line Items]
Number of properties	171
Number of properties, under development	9
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Noncontrolling Interest [Line Items]
Equity interests held by owners of common units and preferred units (percent)	0.70%	0.80%
Common OP Unit
Noncontrolling Interest [Line Items]
Conversion of operating partnership units to common stock (in shares) | shares	68,448	22,000
In-process development properties
Noncontrolling Interest [Line Items]
Number of presale agreements | agreement	3
Number of properties, under development	3
Three Off-Campus Properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Noncontrolling Interest [Line Items]
Number of third-party joint venture partners (entities) | Entity	3
Three Off-Campus Properties | In-process development properties
Noncontrolling Interest [Line Items]
Number of properties	3

Noncontrolling Interests - Summ

Noncontrolling Interests - Summarized Activity of Redeemable Limited Partners (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 132,169
Distributions, net of contributions	(47)
Conversion of OP Units into shares of ACC common stock	(478)
Adjustments to reflect OP Units at fair value	4,526
Ending balance	126,999
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	132,169
Distributions, net of contributions	(47)
Conversion of OP Units into shares of ACC common stock	(478)
Adjustments to reflect OP Units at fair value	4,526
Ending balance	126,999
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Redeemable noncontrolling interests
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	132,169
Net income	210
Distributions, net of contributions	(376)
Conversion of OP Units into shares of ACC common stock	(478)
Adjustments to reflect OP Units at fair value	(4,526)
Ending balance	$ 126,999

Incentive Award Plan - Narrativ

Incentive Award Plan - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 3,300	$ 4,300
Newly Appointed Board Member | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock granted	115
Allocated share-based compensation expense	$ 100

Incentive Award Plan - Summary

Incentive Award Plan - Summary of Restricted Stock Units (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2018shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (shares)	0
Granted (shares)	3,040
Settled in common shares (shares)	(3,040)
Settled in cash (shares)	0
Ending balance (shares)	0

Incentive Award Plan - Summar51

Incentive Award Plan - Summary of Restricted Stock Awards (Details) - Restricted Stock Awards	3 Months Ended
	Mar. 31, 2018shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (shares)	810,870
Granted (shares)	352,404
Vested (shares)	(240,845)
Forfeited (shares)	(14,117)
Ending balance (shares)	908,312

Derivative Instruments and He52

Derivative Instruments and Hedging Activities (Details) $ in Millions	Mar. 31, 2018USD ($)
Interest rate swaps contracts
Derivative [Line Items]
Notional amount	$ 97.3

Fair Value Disclosures - Financ

Fair Value Disclosures - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Mezzanine:
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership)	$ 126,999	$ 132,169
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Mezzanine:
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership)	0	0
Significant Other Observable Inputs (Level 2)
Mezzanine:
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership)	39,263	44,503
Significant Unobservable Inputs (Level 3)
Mezzanine:
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership)	$ 87,736	$ 87,666

Fair Value Disclosures - Estima

Fair Value Disclosures - Estimated Fair Value and Related Carrying Amounts of Mortgage Loans and Bonds Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Estimated Fair Value
Assets:
Loans receivable	$ 54,140	$ 54,140
Liabilities:
Unsecured notes	1,572,754	1,620,839
Mortgage loans payable	553,515	571,676
Bonds payable	32,716	32,552
Carrying Amount
Assets:
Loans receivable	58,767	57,948
Liabilities:
Unsecured notes	1,586,501	1,585,855
Mortgage loans payable	568,977	582,927
Bonds payable	$ 30,222	$ 30,201

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	1 Months Ended	3 Months Ended		16 Months Ended
	Aug. 31, 2013USD ($)extension	Mar. 31, 2018USD ($)Propertyagreement	Sep. 30, 2017USD ($)Entity	Mar. 31, 2018USD ($)Propertyagreement
Loss Contingencies [Line Items]
Number of properties | Property		171		171
Number of properties, under development | Property		9		9
Alternate Housing Guarantees
Loss Contingencies [Line Items]
Guarantee expiration period		5 days
Project Cost Guarantees
Loss Contingencies [Line Items]
Guarantee expiration period		1 year
Third-Party Development Projects
Loss Contingencies [Line Items]
Commitment under third-party development project		$ 7,800,000		$ 7,800,000
Performance Guarantee
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure		$ 2,100,000		$ 2,100,000
Under Development
Loss Contingencies [Line Items]
Number of properties | Property		6		6
Drexel University Property
Loss Contingencies [Line Items]
Lease term	40 years
Number of lease renewal options | extension	3
Lease extension period	10 years
Commitment to pay real estate transfer taxes, amount (not more than)	$ 1,800,000
Real estate transfer taxes paid upon conveyance of land	600,000
Maximum | Drexel University Property
Loss Contingencies [Line Items]
Commitment to pay real estate transfer taxes, amount (not more than)	$ 2,400,000
Construction contracts
Loss Contingencies [Line Items]
Other commitment		$ 286,700,000		$ 286,700,000
Presale development properties
Loss Contingencies [Line Items]
Number of properties, under development | Property		2		2
Number of presale agreements | agreement		3		3
Estimated development costs		$ 107,300,000		$ 149,900,000
Estimated development costs, remaining obligation to be funded		$ 133,000,000		$ 133,000,000
Core Transaction | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Consolidated Properties
Loss Contingencies [Line Items]
Number of third-party joint venture partners (entities) | Entity			2
Period of option to purchase remaining interest in joint venture			2 years
Option to purchase remaining interest in joint venture			$ 284,600,000

Segments - Narrative (Details)

Segments - Narrative (Details)	3 Months Ended
	Mar. 31, 2018Segment
Segment Reporting [Abstract]
Identified reportable segments (segments)	4

Segments - Schedule of Segment

Segments - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total revenues	$ 220,409	$ 192,938
Ground/facility leases	(2,842)	(2,357)
Interest expense, net	(23,684)	(14,717)
Depreciation and amortization	(66,193)	(53,351)
Total segment assets	7,006,952	5,987,966	$ 6,897,370
Operating expenses	(170,003)	(143,719)
Property management fees from external customers	2,731	2,614
Total consolidated revenues, including interest income	221,632	194,170
Segment operating income before depreciation and amortization	50,406	49,219
Income tax provision	(281)	(257)
Net income	26,250	34,449
Total assets	7,006,952	5,987,966	$ 6,897,370
Operating segments
Segment Reporting Information [Line Items]
Total revenues	220,811	193,337
Total segment assets	6,911,454	5,892,915
Segment operating income before depreciation and amortization	119,404	107,024
Net income	26,250	34,449
Total assets	6,911,454	5,892,915
Operating segments | Owned properties
Segment Reporting Information [Line Items]
Rental revenues and other income	206,389	179,710
Interest income	381	391
Total revenues	206,770	180,101
Operating expenses before depreciation, amortization, and ground/facility lease expense	(88,060)	(74,957)
Ground/facility leases	(2,047)	(1,600)
Interest expense, net	(1,629)	(318)
Operating income before depreciation and amortization	115,034	103,226
Depreciation and amortization	61,808	49,657
Capital expenditures	134,250	128,654
Total segment assets	6,797,472	5,777,544
Total assets	6,797,472	5,777,544
Operating segments | On-campus participating properties
Segment Reporting Information [Line Items]
Rental revenues and other income	10,443	10,158
Interest income	21	8
Total revenues	10,464	10,166
Operating expenses before depreciation, amortization, and ground/facility lease expense	(3,425)	(3,265)
Ground/facility leases	(795)	(757)
Interest expense, net	(1,253)	(1,333)
Operating income before depreciation and amortization	4,991	4,811
Depreciation and amortization	1,942	1,860
Capital expenditures	1,146	209
Total segment assets	101,493	104,334
Total assets	101,493	104,334
Operating segments | Development services
Segment Reporting Information [Line Items]
Operating income before depreciation and amortization	(1,359)	(1,472)
Total segment assets	5,144	2,134
Development and construction management fees	846	456
Operating expenses	(2,205)	(1,928)
Total assets	5,144	2,134
Operating segments | Property management services
Segment Reporting Information [Line Items]
Operating income before depreciation and amortization	738	459
Total segment assets	7,345	8,903
Operating expenses	(1,993)	(2,155)
Property management fees from external customers	2,731	2,614
Total assets	7,345	8,903
Unallocated
Segment Reporting Information [Line Items]
Total revenues	821	833
Total segment assets	95,498	95,051
Operating expenses	(26,680)	(18,967)
Total assets	$ 95,498	$ 95,051

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, shares in Millions, $ in Millions	May 02, 2018$ / shares	May 03, 2018shares	Apr. 30, 2018Property	Mar. 31, 2018USD ($)
Subsequent Event | Select Employees and Directors | 2018 Incentive Award Plan
Subsequent Event [Line Items]
Stock granted | shares		3.5
Subsequent Event | Dividend Declared
Subsequent Event [Line Items]
Distributions declared per common unit (in dollars per unit) | $ / shares	$ 0.46
Disposal Group, Held-for-sale, Not Discontinued Operations
Subsequent Event [Line Items]
Properties held-for-sale				$ 201.3
Outstanding mortgage debt				$ 37.3
Disposal Group, Held-for-sale, Not Discontinued Operations | Subsequent Event
Subsequent Event [Line Items]
Number of properties held for sale | Property			3