American Campus Communities (ACC) 10-Q 31 Jul 20 2020 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2020	Jul. 24, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-32265
Entity Registrant Name	AMERICAN CAMPUS COMMUNITIES, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	76-0753089
Entity Address, Address Line One	12700 Hill Country Blvd.,
Entity Address, Address Line Two	Suite T-200
Entity Address, Postal Zip Code	78738
Entity Address, City or Town	Austin,
Entity Address, State or Province	TX
City Area Code	512
Local Phone Number	732-1000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common stock, par value $.01 per share
Trading Symbol	ACC
Security Exchange Name	NYSE
Entity Common Stock Shares Outstanding (in shares)		137,632,091
Entity Central Index Key	0001283630
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Document Information [Line Items]
Entity File Number	333-181102-01
Entity Registrant Name	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	56-2473181
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001357369
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Investments in real estate:
Investments in real estate, net	$ 6,732,212	$ 6,769,903
Cash and cash equivalents	31,011	54,650
Restricted cash	29,959	26,698
Student contracts receivable, net	9,194	13,470
Operating lease right of use assets	459,110	460,857
Other assets	253,024	234,176
Total assets	7,514,510	7,559,754
Liabilities:
Secured mortgage, construction and bond debt, net	747,086	787,426
Accounts payable and accrued expenses	72,335	88,411
Operating lease liabilities	482,492	473,070
Other liabilities	161,091	157,368
Total liabilities	4,222,568	4,116,699
Commitments and contingencies (Note 12)
Redeemable noncontrolling interests	20,912	104,381
American Campus Communities, Inc. and Subsidiaries stockholders’ equity:
Common stock, $0.01 par value, 800,000,000 shares authorized, 137,540,345 and 137,326,824 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively	1,375	1,373
Additional paid in capital	4,469,251	4,458,456
Common stock held in rabbi trust, 91,746 and 77,928 shares at June 30, 2020 and December 31, 2019, respectively	(3,951)	(3,486)
Accumulated earnings and dividends	(1,207,645)	(1,144,721)
Accumulated other comprehensive loss	(26,465)	(16,946)
Total American Campus Communities, Inc. and Subsidiaries stockholders’ equity	3,232,565	3,294,676
Noncontrolling interests – partially owned properties	38,465	43,998
Total equity	3,271,030	3,338,674
Partners’ capital:
Accumulated other comprehensive loss	(26,465)	(16,946)
Total liabilities and equity / capital	7,514,510	7,559,754
Owned properties
Investments in real estate:
Investments in real estate, net	6,659,939	6,694,715
On-campus participating properties, net
Investments in real estate:
Investments in real estate, net	72,273	75,188
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Investments in real estate:
Investments in real estate, net	6,732,212	6,769,903
Cash and cash equivalents	31,011	54,650
Restricted cash	29,959	26,698
Student contracts receivable, net	9,194	13,470
Operating lease right of use assets	459,110	460,857
Other assets	253,024	234,176
Total assets	7,514,510	7,559,754
Liabilities:
Secured mortgage, construction and bond debt, net	747,086	787,426
Accounts payable and accrued expenses	72,335	88,411
Operating lease liabilities	482,492	473,070
Other liabilities	161,091	157,368
Total liabilities	4,222,568	4,116,699
Commitments and contingencies (Note 12)
Redeemable noncontrolling interests	20,912	104,381
American Campus Communities, Inc. and Subsidiaries stockholders’ equity:
Accumulated other comprehensive loss	(26,465)	(16,946)
Partners’ capital:
General partner - 12,222 OP units outstanding at both June 30, 2020 and December 31, 2019	35	40
Limited partner - 137,619,869 and 137,392,530 OP units outstanding at June 30, 2020 and December 31, 2019, respectively	3,258,995	3,311,582
Accumulated other comprehensive loss	(26,465)	(16,946)
Total partners’ capital	3,232,565	3,294,676
Noncontrolling interests - partially owned properties	38,465	43,998
Total capital	3,271,030	3,338,674
Total liabilities and equity / capital	7,514,510	7,559,754
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Owned properties
Investments in real estate:
Investments in real estate, net	6,659,939	6,694,715
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | On-campus participating properties, net
Investments in real estate:
Investments in real estate, net	72,273	75,188
Unsecured notes, net
Liabilities:
Unsecured debt	2,373,767	1,985,603
Unsecured notes, net | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Liabilities:
Unsecured debt	2,373,767	1,985,603
Unsecured term loans, net
Liabilities:
Unsecured debt	199,297	199,121
Unsecured term loans, net | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Liabilities:
Unsecured debt	199,297	199,121
Unsecured revolving credit facility
Liabilities:
Unsecured debt	186,500	425,700
Unsecured revolving credit facility | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Liabilities:
Unsecured debt	$ 186,500	$ 425,700

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Consolidated variable interest entities' assets	$ 7,514,510	$ 7,559,754
Consolidated variable interest entities' liabilities	$ 4,222,568	$ 4,116,699
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)	137,540,345	137,326,824
Common stock, shares outstanding (in shares)	137,540,345	137,326,824
Number of shares in deferred compensation plan (in shares)	91,746	77,928
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Consolidated variable interest entities' assets	$ 7,514,510	$ 7,559,754
Consolidated variable interest entities' liabilities	$ 4,222,568	$ 4,116,699
General partner, OP units outstanding (in units)	12,222	12,222
Limited partner, OP units outstanding (in units)	137,619,869	137,392,530
Variable Interest Entity, Primary Beneficiary | Investments in real estate, net
Consolidated variable interest entities' assets	$ 591,263	$ 788,393
Variable Interest Entity, Primary Beneficiary | Investments in real estate, net | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Consolidated variable interest entities' assets	591,263	788,393
Variable Interest Entity, Primary Beneficiary | Cash, cash equivalents and restricted cash
Consolidated variable interest entities' assets	36,988	59,908
Variable Interest Entity, Primary Beneficiary | Cash, cash equivalents and restricted cash | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Consolidated variable interest entities' assets	36,988	59,908
Variable Interest Entity, Primary Beneficiary | Other assets
Consolidated variable interest entities' assets	14,818	18,387
Variable Interest Entity, Primary Beneficiary | Other assets | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Consolidated variable interest entities' assets	14,818	18,387
Variable Interest Entity, Primary Beneficiary | Secured mortgage and construction debt, net
Consolidated variable interest entities' liabilities	417,248	418,241
Variable Interest Entity, Primary Beneficiary | Secured mortgage and construction debt, net | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Consolidated variable interest entities' liabilities	417,248	418,241
Variable Interest Entity, Primary Beneficiary | Accounts payable, accrued expenses and other liabilities
Consolidated variable interest entities' liabilities	40,071	56,976
Variable Interest Entity, Primary Beneficiary | Accounts payable, accrued expenses and other liabilities | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Consolidated variable interest entities' liabilities	$ 40,071	$ 56,976

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Total revenues	$ 185,547	$ 217,371	$ 434,951	$ 459,502
Operating expenses (income):
Third-party development and management services	4,977	4,513	11,184	8,699
General and administrative	9,767	8,115	19,925	15,430
Depreciation and amortization	66,441	68,815	132,610	137,570
Ground/facility leases	2,893	3,236	6,962	6,785
Loss (gain) from disposition of real estate	0	282	(48,525)	282
Provision for impairment	0	0	0	3,201
Total operating expenses	173,035	179,530	306,953	362,662
Operating income	12,512	37,841	127,998	96,840
Nonoperating income (expenses):
Interest income	870	969	1,721	1,895
Interest expense	(27,168)	(27,068)	(54,951)	(54,129)
Amortization of deferred financing costs	(1,255)	(1,218)	(2,542)	(2,350)
Loss from early extinguishment of debt	0	0	(4,827)	0
Total nonoperating expenses	(27,553)	(27,317)	(60,599)	(54,584)
(Loss) income before income taxes	(15,041)	10,524	67,399	42,256
Income tax provision	(381)	(314)	(760)	(678)
Net (loss) income	(15,422)	10,210	66,639	41,578
Net loss (income) attributable to noncontrolling interests	2,078	176	872	(1,552)
Net (loss) income attributable to ACC, Inc. and Subsidiaries common stockholders	(13,344)	10,386	67,511	40,026
Other comprehensive income (loss)
Change in fair value of interest rate swaps and other	282	(8,593)	(9,519)	(14,387)
Comprehensive (loss) income	$ (13,062)	$ 1,793	$ 57,992	$ 25,639
Net (loss) income per share attributable to ACC, Inc. and Subsidiaries common shareholders
Basic and diluted (in dollars per share)	$ (0.10)	$ 0.07	$ 0.48	$ 0.28
Weighted-average common shares outstanding:
Basic (in shares)	137,613,560	137,268,696	137,545,365	137,185,576
Diluted (in shares)	137,613,560	138,243,388	138,652,106	138,198,134
Owned properties
Revenues:
Revenues	$ 177,186	$ 203,156	$ 409,277	$ 427,575
Operating expenses (income):
Operating expenses	85,749	90,763	178,223	182,932
On-campus participating properties
Revenues:
Revenues	4,101	6,396	14,810	17,844
Operating expenses (income):
Operating expenses	3,208	3,806	6,574	7,763
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Revenues:
Total revenues	185,547	217,371	434,951	459,502
Operating expenses (income):
Third-party development and management services	4,977	4,513	11,184	8,699
General and administrative	9,767	8,115	19,925	15,430
Depreciation and amortization	66,441	68,815	132,610	137,570
Ground/facility leases	2,893	3,236	6,962	6,785
Loss (gain) from disposition of real estate	0	282	(48,525)	282
Provision for impairment	0	0	0	3,201
Total operating expenses	173,035	179,530	306,953	362,662
Operating income	12,512	37,841	127,998	96,840
Nonoperating income (expenses):
Interest income	870	969	1,721	1,895
Interest expense	(27,168)	(27,068)	(54,951)	(54,129)
Amortization of deferred financing costs	(1,255)	(1,218)	(2,542)	(2,350)
Loss from early extinguishment of debt	0	0	(4,827)	0
Total nonoperating expenses	(27,553)	(27,317)	(60,599)	(54,584)
(Loss) income before income taxes	(15,041)	10,524	67,399	42,256
Income tax provision	(381)	(314)	(760)	(678)
Net (loss) income	(15,422)	10,210	66,639	41,578
Net (loss) income attributable to ACC, Inc. and Subsidiaries common stockholders	(13,376)	10,440	67,769	40,240
Series A preferred unit distributions	(14)	(9)	(28)	(40)
Net (loss) income attributable to common unitholders	(13,390)	10,431	67,741	40,200
Other comprehensive income (loss)
Change in fair value of interest rate swaps and other	282	(8,593)	(9,519)	(14,387)
Comprehensive (loss) income	$ (13,108)	$ 1,838	$ 58,222	$ 25,813
Net (loss) income per share attributable to ACC, Inc. and Subsidiaries common shareholders
Basic and diluted (in dollars per share)			$ 0.48	$ 0.28
Net (loss) income per unit attributable to common unitholders
Basic and diluted (in dollars per share)	$ (0.10)	$ 0.07	$ 0.48	$ 0.28
Weighted-average common units outstanding
Basic (in units)	138,082,035	137,863,484	138,013,840	137,780,364
Diluted (in units)	138,082,035	138,838,176	139,120,581	138,792,922
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Owned properties
Revenues:
Revenues	$ 177,186	$ 203,156	$ 409,277	$ 427,575
Operating expenses (income):
Operating expenses	85,749	90,763	178,223	182,932
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | On-campus participating properties
Revenues:
Revenues	4,101	6,396	14,810	17,844
Operating expenses (income):
Operating expenses	3,208	3,806	6,574	7,763
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Noncontrolling interests – partially owned properties
Nonoperating income (expenses):
Net loss (income) attributable to noncontrolling interests	2,046	230	1,130	(1,338)
Third-party development services
Revenues:
Contract with customer, revenue	1,290	3,607	3,345	6,778
Third-party development services | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Revenues:
Contract with customer, revenue	1,290	3,607	3,345	6,778
Third-party management services
Revenues:
Contract with customer, revenue	2,668	3,465	6,497	5,776
Third-party management services | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Revenues:
Contract with customer, revenue	2,668	3,465	6,497	5,776
Resident services
Revenues:
Contract with customer, revenue	302	747	1,022	1,529
Resident services | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Revenues:
Contract with customer, revenue	$ 302	$ 747	$ 1,022	$ 1,529

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Shares	Additional Paid in Capital	Common Shares Held in Rabbi Trust	Accumulated Earnings and Dividends	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interests – Partially Owned PropertiesNoncontrolling interests – partially owned properties	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LPAccumulated Other Comprehensive (Loss) Income	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LPNoncontrolling Interests – Partially Owned PropertiesNoncontrolling interests – partially owned properties	General PartnerAMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP	Limited PartnerAMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Equity, Beginning (in shares) at Dec. 31, 2018		136,967,286
Equity, Beginning at Dec. 31, 2018	$ 3,546,801	$ 1,370	$ 4,458,240	$ (3,092)	$ (971,070)	$ (4,397)	$ 65,750
Capital, Beginning (in units) at Dec. 31, 2018											12,222	137,024,667
Capital, Beginning at Dec. 31, 2018								$ 3,546,801	$ (4,397)	$ 65,750	$ 55	$ 3,485,393
Equity, Beginning (in shares) at Dec. 31, 2018				69,603
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustments to reflect redeemable noncontrolling interests at fair value	(2,547)		(2,547)					(2,547)				(2,547)
Amortization of restricted stock awards and vesting of restricted stock units	3,765		3,765					3,765				$ 3,765
Vesting of restricted stock awards (in shares)		180,961										180,961
Vesting of restricted stock awards	(3,831)		(3,831)					(3,831)				$ (3,831)
Distributions to common and restricted unit holders and other								(63,611)			(6)	$ (63,605)
Distributions to common and restricted stockholders/unit holders and other	(63,611)				(63,611)
Contributions by noncontrolling interests - partially owned properties	625						625	625		625
Distributions to noncontrolling interests - partially owned properties	(3,661)						(3,661)	(3,661)		(3,661)
Conversion of common and preferred operating partnership units to common stock (in shares)		42,271										42,271
Conversion of common and preferred operating partnership units to common stock	251		251					251				$ 251
Change in fair value of interest rate swaps and other	(5,794)					(5,794)		(5,794)	(5,794)
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits) (in shares)		(1,829)		1,829
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits)			70	$ (70)
Net income	31,109				29,640		1,469	31,109		1,469	$ 3	$ 29,637
Equity, Ending (in shares) at Mar. 31, 2019		137,188,689
Equity, Ending (in shares) at Mar. 31, 2019				71,432
Equity, Ending at Mar. 31, 2019	3,503,107	$ 1,370	4,455,948	$ (3,162)	(1,005,041)	(10,191)	64,183
Capital, Ending (in units) at Mar. 31, 2019											12,222	137,247,899
Capital, Ending at Mar. 31, 2019								3,503,107	(10,191)	64,183	$ 52	$ 3,449,063
Equity, Beginning (in shares) at Dec. 31, 2018		136,967,286
Equity, Beginning at Dec. 31, 2018	3,546,801	$ 1,370	4,458,240	$ (3,092)	(971,070)	(4,397)	65,750
Capital, Beginning (in units) at Dec. 31, 2018											12,222	137,024,667
Capital, Beginning at Dec. 31, 2018								3,546,801	(4,397)	65,750	$ 55	$ 3,485,393
Equity, Beginning (in shares) at Dec. 31, 2018				69,603
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Termination of interest rate swaps	(13,159)
Equity, Ending (in shares) at Jun. 30, 2019		137,200,511
Equity, Ending (in shares) at Jun. 30, 2019				75,535
Equity, Ending at Jun. 30, 2019	3,440,885	$ 1,372	4,460,412	$ (3,368)	(1,059,633)	(18,784)	60,886
Capital, Ending (in units) at Jun. 30, 2019											12,222	137,263,824
Capital, Ending at Jun. 30, 2019								3,440,885	(18,784)	60,886	$ 48	$ 3,398,735
Equity, Beginning (in shares) at Dec. 31, 2018		136,967,286
Equity, Beginning at Dec. 31, 2018	$ 3,546,801	$ 1,370	4,458,240	$ (3,092)	(971,070)	(4,397)	65,750
Capital, Beginning (in units) at Dec. 31, 2018											12,222	137,024,667
Capital, Beginning at Dec. 31, 2018								3,546,801	(4,397)	65,750	$ 55	$ 3,485,393
Equity, Beginning (in shares) at Dec. 31, 2018				69,603
Equity, Ending (in shares) at Dec. 31, 2019		137,326,824
Equity, Ending (in shares) at Dec. 31, 2019	77,928			77,928
Equity, Ending at Dec. 31, 2019	$ 3,338,674	$ 1,373	4,458,456	$ (3,486)	(1,144,721)	(16,946)	43,998
Capital, Ending (in units) at Dec. 31, 2019											12,222	137,392,530
Capital, Ending at Dec. 31, 2019								3,338,674	(16,946)	43,998	$ 40	$ 3,311,582
Equity, Beginning (in shares) at Mar. 31, 2019		137,188,689
Equity, Beginning at Mar. 31, 2019	3,503,107	$ 1,370	4,455,948	$ (3,162)	(1,005,041)	(10,191)	64,183
Capital, Beginning (in units) at Mar. 31, 2019											12,222	137,247,899
Capital, Beginning at Mar. 31, 2019								3,503,107	(10,191)	64,183	$ 52	$ 3,449,063
Equity, Beginning (in shares) at Mar. 31, 2019				71,432
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustments to reflect redeemable noncontrolling interests at fair value	660		660					660				$ 660
Amortization of restricted stock awards and vesting of restricted stock units (in units)		15,925										15,925
Amortization of restricted stock awards and vesting of restricted stock units	3,744		3,744					3,744				$ 3,744
Vesting of restricted stock awards	(144)	$ 2	(146)					(144)				(144)
Distributions to common and restricted unit holders and other								(64,978)			(5)	(64,973)
Distributions to common and restricted stockholders/unit holders and other	(64,978)				(64,978)
Contributions by noncontrolling interests - partially owned properties	79						79	79		79
Distributions to noncontrolling interests - partially owned properties	(3,037)						(3,037)	(3,037)		(3,037)
Change in fair value of interest rate swaps and other	4,566					4,566		4,566	4,566
Termination of interest rate swaps	(13,159)					(13,159)		(13,159)	(13,159)
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits) (in shares)		(4,103)		4,103
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits)			206	$ (206)
Net income	10,047				10,386		(339)	10,047		(339)	$ 1	$ 10,385
Equity, Ending (in shares) at Jun. 30, 2019		137,200,511
Equity, Ending (in shares) at Jun. 30, 2019				75,535
Equity, Ending at Jun. 30, 2019	3,440,885	$ 1,372	4,460,412	$ (3,368)	(1,059,633)	(18,784)	60,886
Capital, Ending (in units) at Jun. 30, 2019											12,222	137,263,824
Capital, Ending at Jun. 30, 2019								3,440,885	(18,784)	60,886	$ 48	$ 3,398,735
Equity, Beginning (in shares) at Dec. 31, 2019		137,326,824
Equity, Beginning at Dec. 31, 2019	$ 3,338,674	$ 1,373	4,458,456	$ (3,486)	(1,144,721)	(16,946)	43,998
Capital, Beginning (in units) at Dec. 31, 2019											12,222	137,392,530
Capital, Beginning at Dec. 31, 2019								3,338,674	(16,946)	43,998	$ 40	$ 3,311,582
Equity, Beginning (in shares) at Dec. 31, 2019	77,928			77,928
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustments to reflect redeemable noncontrolling interests at fair value	$ 9,490		9,490					9,490				9,490
Amortization of restricted stock awards and vesting of restricted stock units	3,988		3,988					3,988				$ 3,988
Vesting of restricted stock awards (in shares)		199,695										199,695
Vesting of restricted stock awards	(4,155)	$ 2	(4,157)					(4,155)				$ (4,155)
Distributions to common and restricted unit holders and other								(65,242)			(6)	(65,236)
Distributions to common and restricted stockholders/unit holders and other	(65,242)				(65,242)
Distributions to noncontrolling interests - partially owned properties	(2,566)						(2,566)	(2,566)		(2,566)
Change in fair value of interest rate swaps and other	(9,801)					(9,801)		(9,801)	(9,801)
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits) (in shares)		(3,488)		3,488
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits)			129	$ (129)
Net income	81,750				80,855		895	81,750		895	$ 7	$ 80,848
Equity, Ending (in shares) at Mar. 31, 2020		137,523,031
Equity, Ending (in shares) at Mar. 31, 2020				81,416
Equity, Ending at Mar. 31, 2020	3,352,138	$ 1,375	4,467,906	$ (3,615)	(1,129,108)	(26,747)	42,327
Capital, Ending (in units) at Mar. 31, 2020											12,222	137,592,225
Capital, Ending at Mar. 31, 2020								3,352,138	(26,747)	42,327	$ 41	$ 3,336,517
Equity, Beginning (in shares) at Dec. 31, 2019		137,326,824
Equity, Beginning at Dec. 31, 2019	$ 3,338,674	$ 1,373	4,458,456	$ (3,486)	(1,144,721)	(16,946)	43,998
Capital, Beginning (in units) at Dec. 31, 2019											12,222	137,392,530
Capital, Beginning at Dec. 31, 2019								3,338,674	(16,946)	43,998	$ 40	$ 3,311,582
Equity, Beginning (in shares) at Dec. 31, 2019	77,928			77,928
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Termination of interest rate swaps	$ 0
Equity, Ending (in shares) at Jun. 30, 2020		137,540,345
Equity, Ending (in shares) at Jun. 30, 2020	91,746			91,746
Equity, Ending at Jun. 30, 2020	$ 3,271,030	$ 1,375	4,469,251	$ (3,951)	(1,207,645)	(26,465)	38,465
Capital, Ending (in units) at Jun. 30, 2020											12,222	137,619,869
Capital, Ending at Jun. 30, 2020								3,271,030	(26,465)	38,465	$ 35	$ 3,258,995
Equity, Beginning (in shares) at Mar. 31, 2020		137,523,031
Equity, Beginning at Mar. 31, 2020	3,352,138	$ 1,375	4,467,906	$ (3,615)	(1,129,108)	(26,747)	42,327
Capital, Beginning (in units) at Mar. 31, 2020											12,222	137,592,225
Capital, Beginning at Mar. 31, 2020								3,352,138	(26,747)	42,327	$ 41	$ 3,336,517
Equity, Beginning (in shares) at Mar. 31, 2020				81,416
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustments to reflect redeemable noncontrolling interests at fair value	(3,410)		(3,410)					(3,410)				$ (3,410)
Amortization of restricted stock awards and vesting of restricted stock units (in units)		27,644										27,644
Amortization of restricted stock awards and vesting of restricted stock units	4,439		4,439					4,439				$ 4,439
Vesting of restricted stock awards	(20)		(20)					(20)				(20)
Distributions to common and restricted unit holders and other								(65,193)			(5)	(65,188)
Distributions to common and restricted stockholders/unit holders and other	(65,193)				(65,193)
Distributions to noncontrolling interests - partially owned properties	(1,816)						(1,816)	(1,816)		(1,816)
Change in fair value of interest rate swaps and other	282					282		282	282
Termination of interest rate swaps	0
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits) (in shares)		(10,330)		10,330
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits)			336	$ (336)
Net income	$ (15,390)				(13,344)		(2,046)	(15,390)		(2,046)	$ (1)	$ (13,343)
Equity, Ending (in shares) at Jun. 30, 2020		137,540,345
Equity, Ending (in shares) at Jun. 30, 2020	91,746			91,746
Equity, Ending at Jun. 30, 2020	$ 3,271,030	$ 1,375	$ 4,469,251	$ (3,951)	$ (1,207,645)	$ (26,465)	$ 38,465
Capital, Ending (in units) at Jun. 30, 2020											12,222	137,619,869
Capital, Ending at Jun. 30, 2020								$ 3,271,030	$ (26,465)	$ 38,465	$ 35	$ 3,258,995

CONSOLIDATED STATEMENT OF CHA_2

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019
Distributions to common and restricted stockholders and other (in dollars per common share)	$ 0.47	$ 0.47	$ 0.47	$ 0.46
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Distributions to common and restricted unit holders and other (in dollars per common unit)	$ 0.47	$ 0.47	$ 0.47	$ 0.46

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating activities
Net income	$ 66,639	$ 41,578
Adjustments to reconcile net income to net cash provided by operating activities:
(Gain) loss from disposition of real estate	(48,525)	282
Loss from early extinguishment of debt	4,827	0
Provision for impairment	0	3,201
Depreciation and amortization	132,610	137,570
Amortization of deferred financing costs and debt premiums/discounts	379	53
Share-based compensation	8,427	7,509
Income tax provision	760	678
Amortization of interest rate swap terminations and other	855	268
Termination of interest rate swaps	0	(13,159)
Changes in operating assets and liabilities:
Student contracts receivable, net	4,236	(970)
Other assets	(3,988)	(4,723)
Accounts payable and accrued expenses	(17,304)	(22,416)
Other liabilities	(5,781)	(1,492)
Net cash provided by operating activities	143,135	148,379
Investing activities
Proceeds from disposition of properties and land parcels	146,144	8,854
Other investing activities	(14,635)	(2,342)
Net cash used in investing activities	(51,489)	(239,607)
Financing activities
Proceeds from unsecured notes	795,808	398,816
Pay-off of mortgage and construction loans	(34,219)	0
Costs paid related to early extinguishment of debt	(4,156)	0
Pay-off of unsecured notes	(400,000)	0
Proceeds from revolving credit facility	1,456,700	390,200
Paydowns of revolving credit facility	(1,695,900)	(591,900)
Proceeds from construction loans	0	26,051
Scheduled principal payments on debt	(3,983)	(4,017)
Debt issuance costs	(9,614)	(6,562)
Increase in ownership of consolidated subsidiary	(77,200)	0
Contribution by noncontrolling interests	0	704
Taxes paid on net-share settlements	(4,175)	(3,975)
Distribution paid	(130,435)	(128,589)
Distributions paid to noncontrolling interests	(4,850)	(7,291)
Net cash (used in) provided by financing activities	(112,024)	73,437
Net change in cash, cash equivalents, and restricted cash	(20,378)	(17,791)
Cash, cash equivalents, and restricted cash at beginning of period	81,348	106,517
Cash, cash equivalents, and restricted cash at end of period	60,970	88,726
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Total cash, cash equivalents, and restricted cash at end of period	60,970	88,726
Supplemental disclosure of non-cash investing and financing activities
Conversion of common and preferred operating partnership units to common stock	0	251
Accrued development costs and capital expenditures	32,880	39,646
Change in fair value of derivative instruments, net	(10,374)	(1,496)
Change in fair value of redeemable noncontrolling interest	6,080	(1,887)
Initial recognition of operating lease right of use assets	0	280,687
Initial recognition of operating lease liabilities	0	279,982
Supplemental disclosure of cash flow information
Interest paid	56,362	54,186
Owned properties
Investing activities
Capital expenditures	(25,075)	(24,427)
Owned properties under development
Investing activities
Capital expenditures	(156,757)	(220,925)
On-campus participating properties
Investing activities
Capital expenditures	(1,166)	(767)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Operating activities
Net income	66,639	41,578
Adjustments to reconcile net income to net cash provided by operating activities:
(Gain) loss from disposition of real estate	(48,525)	282
Loss from early extinguishment of debt	4,827	0
Provision for impairment	0	3,201
Depreciation and amortization	132,610	137,570
Amortization of deferred financing costs and debt premiums/discounts	379	53
Share-based compensation	8,427	7,509
Income tax provision	760	678
Amortization of interest rate swap terminations and other	855	268
Termination of interest rate swaps	0	(13,159)
Changes in operating assets and liabilities:
Student contracts receivable, net	4,236	(970)
Other assets	(3,988)	(4,723)
Accounts payable and accrued expenses	(17,304)	(22,416)
Other liabilities	(5,781)	(1,492)
Net cash provided by operating activities	143,135	148,379
Investing activities
Proceeds from disposition of properties and land parcels	146,144	8,854
Other investing activities	(14,635)	(2,342)
Net cash used in investing activities	(51,489)	(239,607)
Financing activities
Proceeds from unsecured notes	795,808	398,816
Pay-off of mortgage and construction loans	(34,219)	0
Costs paid related to early extinguishment of debt	(4,156)	0
Pay-off of unsecured notes	(400,000)	0
Proceeds from revolving credit facility	1,456,700	390,200
Paydowns of revolving credit facility	(1,695,900)	(591,900)
Proceeds from construction loans	0	26,051
Scheduled principal payments on debt	(3,983)	(4,017)
Debt issuance costs	(9,614)	(6,562)
Increase in ownership of consolidated subsidiary	(77,200)	0
Contribution by noncontrolling interests	0	704
Taxes paid on net-share settlements	(4,175)	(3,975)
Net cash (used in) provided by financing activities	(112,024)	73,437
Net change in cash, cash equivalents, and restricted cash	(20,378)	(17,791)
Cash, cash equivalents, and restricted cash at beginning of period	81,348	106,517
Cash, cash equivalents, and restricted cash at end of period	60,970	88,726
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Total cash, cash equivalents, and restricted cash at end of period	60,970	88,726
Supplemental disclosure of non-cash investing and financing activities
Conversion of common and preferred operating partnership units to common stock	0	251
Accrued development costs and capital expenditures	32,880	39,646
Change in fair value of derivative instruments, net	(10,374)	(1,496)
Change in fair value of redeemable noncontrolling interest	6,080	(1,887)
Initial recognition of operating lease right of use assets	0	280,687
Initial recognition of operating lease liabilities	0	279,982
Supplemental disclosure of cash flow information
Interest paid	56,362	54,186
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Common and preferred units
Financing activities
Distribution paid	(129,722)	(128,151)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Unvested restricted awards
Financing activities
Distribution paid	(1,181)	(1,031)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Noncontrolling interests – partially owned properties
Financing activities
Distributions paid to noncontrolling interests	(4,382)	(6,698)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Owned properties
Investing activities
Capital expenditures	(25,075)	(24,427)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Owned properties under development
Investing activities
Capital expenditures	(156,757)	(220,925)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | On-campus participating properties
Investing activities
Capital expenditures	$ (1,166)	$ (767)

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2020
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 LP (“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 June 30, 2020 , 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 June 30, 2020 , ACC owned an approximate 99.6% 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 June 30, 2020 , the Company’s property portfolio contained 166 properties with approximately 111,900 beds. The Company’s property portfolio consisted of 126 owned off-campus student housing properties that are in close proximity to colleges and universities, 34 American Campus Equity (“ACE ® ”) properties operated under ground/facility leases, and six on-campus participating properties operated under ground/facility leases with the related university systems. Of the 166 properties, three were under development as of June 30, 2020 , and when completed will consist of a total of approximately 10,500 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 June 30, 2020 , also through one of ACC’s TRSs, the Company provided third-party management and leasing services for 35 properties that represented approximately 26,100 beds. Third-party management and leasing services are typically provided pursuant to management contracts that have initial terms that range from one year to five years . As of June 30, 2020 , the Company’s total owned and third-party managed portfolio included 201 properties with approximately 138,000 beds.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and use of Estimates 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 March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, “Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In March 2020, the Securities and Exchange Commission (“SEC”) adopted final rules that amend the financial disclosure requirements for subsidiary issuers and guarantors of registered debt securities in Rule 3-10 of Regulation S-X. Under the amended rules, parent companies can provide alternative disclosures in lieu of separate audited financial statements of subsidiary issuers and guarantors that meet certain circumstances. The rule is effective on January 4, 2021, but earlier compliance is permitted. The Company is in the process of evaluating the rule and its potential effect on the consolidated financial statements of both ACC and ACCOP. In addition, the Company does not expect the following accounting pronouncements issued by the FASB to have a material effect on its consolidated financial statements: Accounting Standards Update Effective Date ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes" January 1, 2021 Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” The standard requires entities to estimate a lifetime expected credit loss for most financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and to present the net amount of the financial instrument expected to be collected. In November 2018, the FASB issued ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses,” which amends the transition requirements and scope of ASU 2016-13 and clarifies that receivables arising from operating leases are not within the scope of the credit losses standard, but rather, should be accounted for in accordance with the leases standard. The Company adopted ASU 2016-13 on January 1, 2020. The Company notes that a majority of its financial instruments result from operating leasing transactions, which as mentioned above, are not within the scope of the new standard. However, the Company did perform both a quantitative and qualitative analysis on the financial assets that are covered under this guidance, including its loans receivable. Based on this analysis, which included analyzing historical performance, occupancy rates, projected future performance, and macroeconomic trends, the Company concluded this new standard did not have a material impact on the consolidated financial statements. In addition, on January 1, 2020 , the Company adopted the following accounting pronouncements which did not have a material effect on the Company’s consolidated financial statements: • ASU 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract” • ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” In April 2020, the FASB issued a Staff Question & Answer (“Q&A”) which was intended to reduce the challenges of evaluating the enforceable rights and obligations of leases for concessions granted to lessees in response to the novel coronavirus disease (“COVID-19”), which was characterized on March 11, 2020 by the World Health Organization as a pandemic. Prior to this guidance, the Company was required to determine, on a lease by lease basis, if a lease concession should be accounted for as a lease modification, potentially resulting in any lease concessions granted being recorded as a reduction to revenue on a straight-line basis over the remaining terms of the leases. The Q&A allows both lessors and lessees to bypass this analysis and elect not to evaluate whether concessions provided in response to the COVID-19 pandemic are lease modifications. This relief is subject to certain conditions being met, including ensuring the total remaining lease payments are substantially the same or less as compared to the original lease payments prior to the concession being granted. The Company, as lessor, has elected to apply such relief and will therefore not evaluate if lease concessions that were granted in response to the COVID-19 pandemic meet the definition of a lease modification. Accordingly, the Company accounted for qualifying rent concessions as negative variable lease payments, which reduced revenue from such leases in the period the concessions were granted. The Company, as a lessee, has not received any concessions under its ground or other lease agreements resulting from the COVID-19 pandemic. 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 SEC. 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, 2019 . 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. Leasing Revenue The Company’s primary business involves leasing properties to students under agreements that are classified as operating leases, and which have terms of 12 months or less. These student leases do not provide for variable rent payments. The Company is also a lessor under commercial leases at certain owned properties, some of which provide for variable lease payments based upon tenant performance such as a percentage of sales. The Company recognizes the base lease payments provided for under the leases on a straight-line basis over the lease term, and variable payments are recognized in the period in which the changes in facts and circumstances on which the variable payments are based occur. Lease income under both student and commercial leases is included in owned property revenues in the accompanying consolidated statements of comprehensive income. Lease income under student leases totaled $176.9 million and $194.3 million for the three months ended June 30, 2020 and 2019 , respectively, and $408.3 million and $416.0 million for the six months ended June 30, 2020 and 2019 , respectively. During the three months ended June 30, 2020, through its Resident Hardship Program, the Company provided $8.6 million in rent abatements to its tenants experiencing financial hardship due to COVID-19 and an additional $15.1 million in rent abatements through its University Partnerships. As discussed above, these abatements were recorded as a reduction to Owned Properties Revenue. Also during the three months ended June 30, 2020, an additional $ 1.5 million in rent abatements were granted to tenants at the Company’s on-campus participating properties, which are reflected as a reduction to On-campus Participating Properties Revenue. The Company also waived all late fees and online payment fees and suspended financial related evictions. Lease income under commercial leases totaled $2.9 million and $3.2 million for the three months ended June 30, 2020 and 2019 , respectively, and $6.1 million and $6.6 million for the six months ended June 30, 2020 and 2019 , respectively. Consolidated VIEs The Company has investments in various entities that qualify as VIEs for accounting purposes and for which the Company is the primary beneficiary and therefore includes the entities in its consolidated financial statements. These VIEs include the Operating Partnership, five joint ventures that own a total of 10 operating properties and a land parcel, and six properties owned under the on-campus participating property structure. The VIE assets and liabilities consolidated within the Company's assets and liabilities are disclosed at the bottom of the accompanying consolidated balance sheets. Impairment of Long-Lived Assets 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. As of June 30, 2020 , the Company has continued to assess whether the global economic disruption caused by the novel coronavirus disease (“COVID-19”), which was characterized on March 11, 2020 by the World Health Organization as a pandemic, was an impairment indicator. The Company examined a number of factors including the overall market and economic environment, economic and operating conditions of the Company’s properties, as well as the demand, creditworthiness, and performance from the properties’ tenants, and concluded that there were no impairments of the carrying values of the Company’s investments in real estate as of June 30, 2020 .

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Earnings Per Share – Company Basic earnings per share is computed using net income attributable to common 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 and six months ended June 30, 2020 and 2019 , 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 Six Months Ended 2020 2019 2020 2019 Common OP Units (Note 8) 468,475 594,788 468,475 594,788 Preferred OP Units (Note 8) 35,242 35,242 35,242 49,722 Unvested restricted stock awards (Note 9) 1,103,137 — — — Total potentially dilutive securities 1,606,854 630,030 503,717 644,510 The following is a summary of the elements used in calculating basic and diluted earnings per share: Three Months Ended Six Months Ended 2020 2019 2020 2019 Numerator – basic and diluted earnings per share: Net (loss) income $ (15,422 ) $ 10,210 $ 66,639 $ 41,578 Net loss (income) attributable to noncontrolling interests 2,078 176 872 (1,552 ) Net (loss) income attributable to ACC, Inc. and Subsidiaries common stockholders (13,344 ) 10,386 67,511 40,026 Amount allocated to participating securities (519 ) (458 ) (1,181 ) (1,031 ) Net (loss) income attributable to ACC, Inc. and Subsidiaries common stockholders $ (13,863 ) $ 9,928 $ 66,330 $ 38,995 Denominator: Basic weighted average common shares outstanding 137,613,560 137,268,696 137,545,365 137,185,576 Unvested restricted stock awards (Note 9) — 974,692 1,106,741 1,012,558 Diluted weighted average common shares outstanding 137,613,560 138,243,388 138,652,106 138,198,134 Earnings per share: Net (loss) income attributable to common stockholders - basic and diluted $ (0.10 ) $ 0.07 $ 0.48 $ 0.28 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 Six Months Ended 2020 2019 2020 2019 Numerator – basic and diluted earnings per unit: Net (loss) income $ (15,422 ) $ 10,210 $ 66,639 $ 41,578 Net loss (income) attributable to noncontrolling interests – partially owned properties 2,046 230 1,130 (1,338 ) Series A preferred unit distributions (14 ) (9 ) (28 ) (40 ) Amount allocated to participating securities (519 ) (458 ) (1,181 ) (1,031 ) Net (loss) income attributable to common unitholders $ (13,909 ) $ 9,973 $ 66,560 $ 39,169 Denominator: Basic weighted average common units outstanding 138,082,035 137,863,484 138,013,840 137,780,364 Unvested restricted stock awards (Note 9) — 974,692 1,106,741 1,012,558 Diluted weighted average common units outstanding 138,082,035 138,838,176 139,120,581 138,792,922 Earnings per unit: Net (loss) income attributable to common unitholders - basic and diluted $ (0.10 ) $ 0.07 $ 0.48 $ 0.28

Property Dispositions

Property Dispositions	6 Months Ended
	Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Property Dispositions	Property Dispositions Property Dispositions In March 2020, the Company sold The Varsity, an owned property located near University of Maryland in College Park, Maryland, containing 901 beds for $148.0 million , resulting in net cash proceeds of approximately $146.1 million . The net gain on this disposition totaled approximately $48.5 million . In May 2019, the Company sold College Club Townhomes, an owned property located near Florida A&M University in Tallahassee, Florida, containing 544 beds for $9.5 million , resulting in net proceeds of approximately $8.9 million . The net loss on this disposition totaled approximately $0.3 million . Concurrent with the classification of this property as held for sale in March 2019, the Company reduced the property’s carrying amount to its estimated fair value less estimated selling costs and recorded an impairment charge of $3.2 million .

Investments in Real Estate

Investments in Real Estate	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Investments in Real Estate	Investments in Real Estate Owned Properties Owned properties, both wholly-owned and those owned through investments in VIEs, consisted of the following: June 30, 2020 December 31, 2019 Land $ 643,401 $ 654,985 Buildings and improvements 6,705,075 6,749,757 Furniture, fixtures and equipment 397,746 391,208 Construction in progress 456,192 341,554 8,202,414 8,137,504 Less accumulated depreciation (1,542,475 ) (1,442,789 ) Owned properties, net $ 6,659,939 $ 6,694,715 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 $3.4 million and $3.7 million was capitalized during the three months ended June 30, 2020 and 2019 , respectively, and interest totaling approximately $6.6 million and $6.4 million was capitalized during the six months ended six months ended June 30, 2020 and 2019 , respectively. On-Campus Participating Properties Our on-campus participating properties segment includes six on-campus properties that are operated under long-term ground/facility leases with three university systems. Under our ground/facility leases, we receive an annual distribution representing 50% of these properties’ net cash flows, as defined in the ground/facility lease agreements. We also manage these properties under long-term management agreements and are paid management fees equal to a percentage of defined gross receipts. On-campus participating properties consisted of the following: June 30, 2020 December 31, 2019 Buildings and improvements $ 156,568 $ 155,941 Furniture, fixtures and equipment 14,098 13,552 Construction in progress — 6 170,666 169,499 Less accumulated depreciation (98,393 ) (94,311 ) On-campus participating properties, net $ 72,273 $ 75,188

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt A summary of the Company’s outstanding consolidated indebtedness, including unamortized debt premiums and discounts, is as follows: June 30, 2020 December 31, 2019 Debt secured by owned properties: Mortgage loans payable: Unpaid principal balance $ 656,453 $ 693,584 Unamortized deferred financing costs (1,069 ) (1,294 ) Unamortized debt premiums 4,161 6,596 Unamortized debt discounts (175 ) (199 ) 659,370 698,687 Debt secured by on-campus participating properties: Mortgage loans payable (1) 64,872 65,942 Bonds payable (1) 23,215 23,215 Unamortized deferred financing costs (371 ) (418 ) 87,716 88,739 Total secured mortgage, construction and bond debt 747,086 787,426 Unsecured notes, net of unamortized OID and deferred financing costs (2) 2,373,767 1,985,603 Unsecured term loans, net of unamortized deferred financing costs (3) 199,297 199,121 Unsecured revolving credit facility 186,500 425,700 Total debt, net $ 3,506,650 $ 3,397,850 (1) The creditors of mortgage loans payable and bonds payable related to on-campus participating properties do not have recourse to the assets of the Company. (2) Includes net unamortized original issue discount (“OID”) of $6.1 million and $2.3 million at June 30, 2020 and December 31, 2019 , respectively, and net unamortized deferred financing costs of $20.1 million and $12.1 million at June 30, 2020 and December 31, 2019 , respectively. (3) Includes net unamortized deferred financing costs of $0.7 million and $0.9 million at June 30, 2020 and December 31, 2019 , respectively. Mortgage Loans Payable In February 2020, the Company paid off approximately $34.2 million of fixed rate mortgage debt secured by one owned property. In January 2019, the Company refinanced $70.0 million of variable rate debt on one wholly-owned property, extending the maturity to January 2024. The Company entered into an interest rate swap contract to hedge the variable rate cash flows associated with interest payments on this LIBOR-based mortgage loan, resulting in a fixed rate of 4.00% . Refer to Note 10 for information related to derivatives. Unsecured Notes In June 2020, the Operating Partnership closed a $400.0 million offering of senior unsecured notes under its existing shelf registration. These 10 -year notes were issued at 99.142% of par value with a coupon of 3.875% and are fully and unconditionally guaranteed by the Company. Interest on the notes is payable semi-annually on January 30 and July 30, with the first payment due and payable on January 30, 2021. The notes will mature on January 30, 2031. Net proceeds from the sale of the senior unsecured notes totaled approximately $391.7 million , after deducting the underwriting discount and offering expenses which will be amortized over the term of the unsecured notes. The Company used the proceeds to repay borrowings under its revolving credit facility. In January 2020, the Operating Partnership closed a $400 million offering of senior unsecured notes under its existing shelf registration. These 10 -year notes were issued at 99.81% of par value with a coupon of 2.85% and are fully and unconditionally guaranteed by the Company. Interest on the notes is payable semi-annually on February 1 and August 1, with the first payment due and payable on August 1, 2020. The notes will mature on February 1, 2030. Net proceeds from the sale of the senior unsecured notes totaled approximately $394.5 million , after deducting the underwriting discount and offering expenses which will be amortized over the term of the unsecured notes. The Company used the proceeds to fund the early redemption of its $400 million 3.35% Senior Notes due October 2020. The prepayment resulted in a loss from early extinguishment of debt of approximately $4.8 million , which is included in the accompanying statements of comprehensive income. The following senior unsecured notes issued by the Company are outstanding as of June 30, 2020 : 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 October 2017 400,000 99.912 3.625 % 3.635 % 352 10 June 2019 400,000 99.704 3.300 % 3.680 % (1) 1,184 7 January 2020 400,000 99.810 2.850 % 2.872 % 760 10 June 2020 400,000 99.142 3.875 % 3.974 % 3,432 10 $ 2,400,000 $ 7,648 (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 June 30, 2020 , the Company was in compliance with all such covenants. Unsecured Revolving Credit Facility In February 2019, the Company exercised the option under the existing credit agreement to increase the capacity of the unsecured revolving credit facility from $700 million to $1.0 billion . It may be expanded by up to an additional $200 million upon the satisfaction of certain conditions. The maturity date of the revolving credit facility is 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 $1.0 billion revolving credit facility. As of June 30, 2020 , the revolving credit facility bore interest at a weighted average annual rate of 1.38% ( 0.18% + 1.00% spread + 0.20% facility fee), and availability under the revolving credit facility totaled $813.5 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 June 30, 2020 , the Company was in compliance with all such covenants. Unsecured Term Loans The Company is currently party to an Unsecured Term Loan Credit Agreement (the “Term Loan Facility”) totaling $200 million which matures in 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. In November and December 2019, the Company entered into two interest rate swap contracts to hedge the variable rate cash flows associated with the LIBOR-based interest payments on the Term Loan Facility. The weighted average annual rate on the Term Loan Facility was 2.54% ( 1.44% + 1.10% spread) at June 30, 2020 . The terms of the Term Loan Facility include certain restrictions and covenants consistent with those of the unsecured revolving credit facility discussed above. As of June 30, 2020 , the Company was in compliance with all such covenants.

Stockholders' Equity _ Partners

Stockholders' Equity / Partners' Capital	6 Months Ended
	Jun. 30, 2020
Stockholders' Equity Note [Abstract]
Stockholders' Equity / Partners' Capital	Stockholders’ Equity / Partners’ Capital Stockholders’ Equity - Company The Company has 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 six months ended June 30, 2020 and 2019 . As of June 30, 2020 , the Company had approximately $500.0 million available for issuance under its ATM Equity Program. The Company has a Non-Qualified Deferred Compensation Plan (“Deferred Compensation Plan”) 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 six months ended June 30, 2020 , 21,537 and 7,719 shares of vested stock were deposited into and withdrawn from the Deferred Compensation Plan, respectively. As of June 30, 2020 , 91,746 shares of ACC’s common stock were held in the Deferred Compensation Plan.

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
	Jun. 30, 2020
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Interests in Consolidated Real Estate Joint Ventures Noncontrolling interests - partially owned properties: As of June 30, 2020 , the Operating Partnership consolidates four joint ventures that own and operate ten owned off-campus 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) : The noncontrolling interest holder in the Core Spaces / DRW Real Estate Investment joint ventures (the “Core Joint Ventures”), which were formed in 2017, had the option to redeem its noncontrolling interest in the entities through the exercise of put options. As the exercise of the options was outside of the Company’s control, the portion of net assets attributable to the third-party partner was classified as “redeemable noncontrolling interests” and “redeemable limited partners” in the mezzanine section of the December 31, 2019 consolidated balance sheets of ACC and the Operating Partnership, respectively. The redemption price was based on the fair value of the properties at the time of option exercise. These redeemable noncontrolling interests were marked to their redemption value at each balance sheet date. As the change in redemption value was based on fair value, there was no effect on the Company’s earnings per share. In January and February 2020, the noncontrolling interest holder exercised its option to redeem its remaining ownership interest in the Core Joint Ventures, which reduced the redeemable noncontrolling interest by $77.2 million . As of June 30, 2020 , the Company had 100% ownership interest in all five properties initially held by the Core Joint Ventures. 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 OP Units 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 June 30, 2020 and December 31, 2019 , approximately 0.4% 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 six months ended June 30, 2020 , no Common or Preferred OP Units were converted into an equal number of shares of ACC’s common stock. During the year ended December 31, 2019 , 126,313 Common OP Units and 42,271 Preferred OP Units were converted into an equal number of shares of ACC’s common stock. Below is a table summarizing the activity of redeemable noncontrolling interests (ACC) / redeemable limited partners (Operating Partnership) for the three months ended March 31, 2020 and 2019 and June 30, 2020 and 2019 , which includes both the redeemable joint venture partners and OP Units discussed above: Balance, December 31, 2019 $ 104,381 Net income 311 Distributions (234 ) Purchase of noncontrolling interests (77,200 ) Adjustments to reflect redeemable noncontrolling interests at fair value (9,490 ) Balance, March 31, 2020 $ 17,768 Net loss (32 ) Distributions (234 ) Adjustments to reflect redeemable noncontrolling interests at fair value 3,410 Balance, June 30, 2020 $ 20,912 Balance, December 31, 2018 $ 184,446 Net income 259 Distributions (305 ) Conversion of OP Units into shares of ACC common stock (252 ) Adjustments to reflect redeemable noncontrolling interests at fair value 2,547 Balance, March 31, 2019 $ 186,695 Net income 163 Distributions (288 ) Adjustments to reflect redeemable noncontrolling interests at fair value (660 ) Balance, June 30, 2019 $ 185,910

Incentive Award Plan

Incentive Award Plan	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Incentive Award Plan	Incentive Award Plan The Company has an Incentive Award Plan (the “Plan”) that provides for the grant of various stock-based incentive awards to selected employees and directors of the Company and the Company’s affiliates. The types of awards that may be granted under the Plan include incentive stock options, nonqualified stock options, restricted stock awards (“RSAs”), restricted stock units (“RSUs”), profits interest units (“PIUs”) and other stock-based awards. The Company has reserved a total 3.5 million shares of the Company’s common stock for issuance pursuant to the Plan, subject to certain adjustments for changes in the Company’s capital structure, as defined in the Plan. Restricted Stock Units (”RSUs”) Upon reelection to the Board of Directors in June 2020, all members of the Company’s Board of Directors were granted RSUs in accordance with the Plan. These RSUs were valued at $170,000 for the Chairman of the Board of Directors and at $122,500 for all other members. The number of RSUs was determined based on the fair market value of the Company’s stock on the date of grant, as defined in the Plan. All awards vested and settled immediately on the date of grant, and the Company delivered shares of common stock, as determined by the Compensation Committee of the Board of Directors. A compensation charge of approximately $1.0 million was recorded during the three months ended June 30, 2020 related to these awards. A summary of RSUs as of June 30, 2020 and activity during the six months then ended is presented below: Number of RSUs Outstanding at December 31, 2019 — Granted 30,137 Settled in common shares (27,644 ) Settled in cash (2,493 ) Outstanding at June 30, 2020 — Restricted Stock Awards A summary of RSAs as of June 30, 2020 and activity during the six months then ended is presented below: Number of RSAs Nonvested balance at December 31, 2019 967,341 Granted 443,998 Vested (1) (295,385 ) Forfeited (15,220 ) Nonvested balance at June 30, 2020 1,100,734 (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 June 30, 2020 and 2019 was approximately $3.5 million and $2.9 million respectively, and $7.5 million and $6.7 million for the six months ended June 30, 2020 and 2019.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2020
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 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. These agreements contain provisions such that if the Company defaults on any of its indebtedness, regardless of whether the repayment of the indebtedness has been accelerated by the lender or not, then the Company could also be declared in default on its derivative obligations. As of June 30, 2020 , the Company was not in default on any of its indebtedness or derivative instruments. The following table summarizes the Company’s outstanding interest rate swap contracts which are included in other liabilities on the accompanying consolidated balance sheets as of June 30, 2020 : Hedged Debt Instrument Effective Date Maturity Date Pay Fixed Rate Receive Floating Rate Index Current Notional Amount Fair Value Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month $ 12,300 $ (163 ) Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month 12,426 (165 ) Park Point mortgage loan Feb 1, 2019 Jan 16, 2024 2.7475% LIBOR - 1 month 70,000 (6,454 ) College Park mortgage loan Oct 16, 2019 Oct 16, 2022 1.2570% LIBOR - 1 month, with 1 day lookback 37,500 (983 ) Unsecured term loan Nov 4, 2019 Jun 27, 2022 1.4685% LIBOR - 1 month 100,000 (2,695 ) Unsecured term loan Dec 2, 2019 Jun 27, 2022 1.4203% LIBOR - 1 month 100,000 (2,598 ) Total $ 332,226 $ (13,058 ) The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of June 30, 2020 and December 31, 2019 : Asset Derivatives Liability Derivatives Fair Value as of Fair Value as of Description Balance Sheet Location 6/30/2020 12/31/2019 Balance Sheet Location 6/30/2020 12/31/2019 Interest rate swap contracts Other assets $ — $ 743 Other liabilities $ 13,058 $ 3,436 Total derivatives designated $ — $ 743 $ 13,058 $ 3,436 The table below presents the effect of the Company’s derivative financial instruments on the accompanying consolidated statements of comprehensive income for the three and six months ended June 30, 2020 and 2019 . Three Months Ended June 30, Six Months Ended June 30, Description 2020 2019 2020 2019 Change in fair value of derivatives and other recognized in Other Comprehensive Income ("OCI") $ (1,187 ) $ 4,368 $ (11,507 ) $ (1,537 ) Swap interest accruals reclassified to interest expense 1,042 32 1,133 41 Termination of interest rate swap payment recognized in OCI — (13,159 ) — (13,159 ) Amortization of interest rate swap terminations (1) 427 166 855 268 Total change in OCI due to derivative financial instruments $ 282 $ (8,593 ) $ (9,519 ) $ (14,387 ) Interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded $ 27,168 $ 27,068 $ 54,951 $ 54,129 (1) Represents amortization from OCI into interest expense.

Fair Value Disclosures

Fair Value Disclosures	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Fair Value Disclosures There have been no significant changes in the Company’s policies and valuation techniques utilized to determine fair value from what was disclosed in the Annual Report on Form 10-K for the year ended December 31, 2019 . 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 June 30, 2020 and December 31, 2019 , and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. There were no Level 1 measurements for the periods presented, and the Company had no transfers between Levels 1, 2 or 3 during the periods presented. Refer to Note 8 for a discussion of the Level 3 activity during the period related to the redeemable noncontrolling interests in partially owned properties. Fair Value Measurements as of June 30, 2020 December 31, 2019 Level 2 Level 3 Total Level 2 Level 3 Total Assets: Derivative financial instruments $ — $ — $ — $ 743 (1) $ — $ 743 Liabilities: Derivative financial instruments $ 13,058 (1) $ — $ 13,058 $ 3,436 (1) — $ 3,436 Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) $ 17,912 (2) $ 3,000 $ 20,912 $ 23,690 (2) $ 80,691 (3) $ 104,381 (1) Valued using discounted cash flow analyses with observable market-based inputs of interest rate curves and option volatility, as well as credit valuation adjustments to reflect nonperformance risk. (2) Represents the OP Unit component of redeemable noncontrolling interests which is reported at the greater of the fair value of the Company’s common stock or historical cost at the balance sheet date. Represents a quoted price for a similar asset in an active market. Refer to Note 8 . (3) Represents the Core Joint Ventures component of redeemable noncontrolling interests which is valued using primarily unobservable inputs, 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. Refer to Note 8 . Financial Instruments Not Carried at Fair Value As of June 30, 2020 and December 31, 2019 , the carrying values for the following instruments represent fair values due to the short maturity of the instruments: Cash and Cash Equivalents, Restricted Cash, Student Contracts Receivable, certain items in Other Assets (including receivables, deposits, and prepaid expenses), Accounts Payable, Accrued Expenses, and Other Liabilities. As of June 30, 2020 and December 31, 2019 , the carrying values for the following instruments represent fair values due the variable interest rate feature of the instruments: Unsecured Revolving Credit Facility and Mortgage Loan Payable (variable rate). The table below contains the estimated fair value and related carrying amounts for the Company’s other financial instruments as of June 30, 2020 and December 31, 2019 . There were no Level 1 measurements for the periods presented. June 30, 2020 December 31, 2019 Estimated Fair Value Estimated Fair Value Carrying Amount Level 2 Level 3 Carrying Level 2 Level 3 Assets Loans receivable $ 51,984 $ — $ 48,307 (1) $ 50,553 $ — $ 48,307 (1) Liabilities (2) Unsecured notes $ 2,373,767 $ 2,431,498 (3) $ — $ 1,985,603 $ 2,069,817 (3) $ — Mortgage loans payable (fixed rate) $ 721,407 (4) $ 770,468 (5) $ — $ 761,296 (4) $ 766,821 (5) $ — Bonds payable $ 23,033 $ 25,375 (6) $ — $ 23,001 $ 25,110 (6) $ — Unsecured term loan (fixed rate) $ 199,297 $ 204,446 (7) $ — $ 199,121 $ 198,687 (7) $ — (1) Valued using a discounted cash flow analysis with inputs of scheduled cash flows and discount rates that a willing buyer and seller might use. (2) Carrying amounts disclosed include any applicable net unamortized OID, net unamortized deferred financing costs, and net unamortized debt premiums and discounts (see Note 6 ). (3) Valued using interest rate and spread assumptions that reflect current creditworthiness and market conditions available for the issuance of unsecured notes with similar terms and remaining maturities. (4) Does not include one variable rate mortgage loan with a principal balance of $2.6 million as of June 30, 2020 and $3.1 million as of December 31, 2019. (5) Valued using the present value of the cash flows at current market interest rates through maturity that primarily fall within the Level 2 category. (6) Valued using quoted prices in markets that are not active due to the unique characteristics of these financial instruments. (7) In 2019, the Company entered into two interest rate swap contracts to hedge the variable rate cash flows associated with the LIBOR-based interest payments on the Term Loan Facility (see Note 6 ). Valued using the present value of the cash flows at interpolated 1-month LIBOR swap rates through maturity that primarily fall within the Level 2 category.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments Construction Contracts: As of June 30, 2020 , the Company estimates additional costs to complete three owned development projects under construction to be approximately $278.9 million . Contingencies 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 $8.8 million as of June 30, 2020 . As of June 30, 2020 , management does not anticipate any material deviations from schedule or budget related to third-party development projects currently in progress. Although the company currently anticipates completing these projects on time and within budget, the project locations were subject to and could be subject to restrictions on physical movement imposed by governmental entities in response to the COVID-19 pandemic. Some of these orders may adversely affect the timely completion and final project costs of some or all of our projects under development if, for example, we are required to temporarily cease construction entirely, experience delays in obtaining governmental permits and authorizations, or experience disruption in the supply of materials or labor; however, the Company anticipates that deviations from schedule or budget related due to the effects of the COVID-19 pandemic will qualify as force majeure events. As a part of the development agreement with Walt Disney World ® Resort, the Company has guaranteed the completion of construction of a $614.6 million project to be delivered in phases from 2020 to 2023. In May 2020, the Company substantially completed construction on Phase I of the project within the targeted delivery timeline. In addition, the Company is subject to a development guarantee in the event that the substantial completion of a project phase is delayed beyond its respective targeted delivery date, except in circumstances resulting in unavoidable delays. The agreement dictates that the Company shall pay damages of $20 per bed for each day of delay for any Disney College Internship Program participant who was either scheduled to live in the delayed phase as well as any participant who was not able to participate in the program due to the lack of available housing and would have otherwise been housed in the delayed phase. Under the agreement, the maximum exposure related to the Disney project assuming all remaining beds are not delivered on their respective delivery date is approximately $0.2 million per day. 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 June 2019, the Company entered into a purchase and sale agreement to buy a land parcel initially scheduled to close on or before June 30, 2021, with potential extensions at the Company’s option to June 1, 2022 or June 1, 2023. In connection with the execution of the agreement, the Company made an earnest money deposit of $2.1 million which is included in restricted cash on the accompanying consolidated balance sheet. As a part of the agreement, within 60 days of certain conditions not being met, the seller of the property can either terminate the agreement or exercise an option to require the Company to purchase the undeveloped land, with the Company retaining all rights to fully own, develop, and utilize the land. If the option is exercised, the Company must pay the agreed upon purchase price of $28.7 million and a commission calculated as a percentage of the sales price, and also reimburse the seller for demolition costs. Pre-development expenditures: The Company incurs pre-development expenditures such as architectural fees, permits, and deposits associated with the pursuit of third-party and owned development projects. The Company bears the risk of loss of these pre-development expenditures if financing cannot be arranged or the Company is unable to obtain the required permits and authorizations for the project. As such, management periodically evaluates the status of third-party and owned projects that have not yet commenced construction 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. As of June 30, 2020 , the Company has deferred approximately $13.0 million in pre-development costs related to third-party and owned development projects that have not yet commenced construction. Such costs are net of any contractual arrangements through which the Company could be reimbursed by another party. Such costs are included in other assets on the accompanying consolidated balance sheets. 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. Litigation Settlement: Although the Company denied any wrongdoing in this matter and believes it has valid defenses to the claims asserted, in March 2020, the Company entered into a memorandum of settlement to resolve an alleged collective action pursuant to which the Company agreed to pay an aggregate of $1.5 million to the plaintiffs, which memorandum is subject to court approval. During the quarter ended December 31, 2019, when the settlement became probable and reasonably estimable, the Company recorded litigation expense of $0.4 million based on legal counsel’s estimate of the settlement amount which was not yet determined. During the first quarter 2020, the Company recorded an additional $1.1 million

Segments

Segments	6 Months Ended
	Jun. 30, 2020
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, 2019, the Company updated the presentation of certain items in the reconciliations section in the segment disclosures by including additional detail in the reconciliation of segment income before depreciation and amortization to consolidated net income. These updates were also made in the tables below. Three Months Ended Six Months Ended 2020 2019 2020 2019 Owned Properties Rental revenues and other income $ 177,488 $ 203,903 $ 410,299 $ 429,104 Interest income 115 119 232 238 Total revenues from external customers 177,603 204,022 410,531 429,342 Operating expenses before depreciation, amortization, and ground/facility lease expense (85,749 ) (90,763 ) (178,223 ) (182,932 ) Ground/facility lease expense (2,639 ) (2,408 ) (5,848 ) (5,075 ) Interest expense, net (1) (3,057 ) (4,014 ) (6,103 ) (8,777 ) Operating income before depreciation and amortization $ 86,158 $ 106,837 $ 220,357 $ 232,558 Depreciation and amortization $ 63,511 $ 65,628 $ 126,754 $ 131,132 Capital expenditures $ 85,621 $ 129,833 $ 181,832 $ 245,352 On-Campus Participating Properties Rental revenues and other income $ 4,101 $ 6,396 $ 14,810 $ 17,844 Interest income 7 70 26 111 Total revenues from external customers 4,108 6,466 14,836 17,955 Operating expenses before depreciation, amortization, and ground/facility lease expense (3,208 ) (3,806 ) (6,574 ) (7,763 ) Ground/facility lease expense (254 ) (828 ) (1,114 ) (1,710 ) Interest expense, net (1) (1,173 ) (1,311 ) (2,315 ) (2,614 ) Operating (loss) income before depreciation and amortization $ (527 ) $ 521 $ 4,833 $ 5,868 Depreciation and amortization $ 2,045 $ 2,016 $ 4,082 $ 4,045 Capital expenditures $ 601 $ 537 $ 1,166 $ 767 Development Services Development and construction management fees $ 1,290 $ 3,607 $ 3,345 $ 6,778 Operating expenses (2,080 ) (1,985 ) (4,605 ) (4,285 ) Operating (loss) income before depreciation and amortization $ (790 ) $ 1,622 $ (1,260 ) $ 2,493 Property Management Services Property management fees from external customers $ 2,668 $ 3,465 $ 6,497 $ 5,776 Operating expenses (2,897 ) (2,528 ) (6,579 ) (4,414 ) Operating (loss) income before depreciation and amortization $ (229 ) $ 937 $ (82 ) $ 1,362 Reconciliations Total segment revenues and other income $ 185,669 $ 217,560 $ 435,209 $ 459,851 Unallocated interest income earned on investments and corporate cash 748 780 1,463 1,546 Total consolidated revenues, including interest income $ 186,417 $ 218,340 $ 436,672 $ 461,397 Segment income before depreciation and amortization $ 84,612 $ 109,917 $ 223,848 $ 242,281 Segment depreciation and amortization (65,556 ) (67,644 ) (130,836 ) (135,177 ) Corporate depreciation (885 ) (1,171 ) (1,774 ) (2,393 ) Net unallocated expenses relating to corporate interest and overhead (31,957 ) (29,078 ) (64,995 ) (56,622 ) (Loss) gain from disposition of real estate — (282 ) 48,525 (282 ) Amortization of deferred financing costs (1,255 ) (1,218 ) (2,542 ) (2,350 ) Provision for impairment — — — (3,201 ) Loss from early extinguishment of debt — — (4,827 ) — Income tax provision (381 ) (314 ) (760 ) (678 ) Net (loss) income $ (15,422 ) $ 10,210 $ 66,639 $ 41,578 (1) Net of capitalized interest and amortization of debt premiums and discounts.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions : On July 29, 2020 , the Board of Directors of the Company declared a distribution per share of $0.47 , which will be paid on August 21, 2020 to all common stockholders of record as of August 10, 2020 . 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 ). COVID-19 Pandemic: COVID-19, which was characterized on March 11, 2020 by the World Health Organization as a pandemic, has currently resulted in a widespread health crisis, which has adversely affected international, national and local economies and financial markets generally, and continues to have an unprecedented effect on many businesses, including the student housing industry. Given the daily evolution of the COVID-19 pandemic and the global responses to curb its spread, the Company is not able to estimate the resulting effects on its results of operations, cash flows, financial condition, or liquidity for the year ending December 31, 2020, or for future years. The Company will continue to closely monitor the magnitude and duration of the economic disruption associated with the COVID-19 pandemic, especially as it relates to whether future evolving facts and circumstances indicate if an impairment indicator has occurred with respect to the Company’s investments in real estate.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation and use of Estimates	Basis of Presentation and use of Estimates 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 Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, “Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In March 2020, the Securities and Exchange Commission (“SEC”) adopted final rules that amend the financial disclosure requirements for subsidiary issuers and guarantors of registered debt securities in Rule 3-10 of Regulation S-X. Under the amended rules, parent companies can provide alternative disclosures in lieu of separate audited financial statements of subsidiary issuers and guarantors that meet certain circumstances. The rule is effective on January 4, 2021, but earlier compliance is permitted. The Company is in the process of evaluating the rule and its potential effect on the consolidated financial statements of both ACC and ACCOP. In addition, the Company does not expect the following accounting pronouncements issued by the FASB to have a material effect on its consolidated financial statements: Accounting Standards Update Effective Date ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes" January 1, 2021 Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” The standard requires entities to estimate a lifetime expected credit loss for most financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and to present the net amount of the financial instrument expected to be collected. In November 2018, the FASB issued ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses,” which amends the transition requirements and scope of ASU 2016-13 and clarifies that receivables arising from operating leases are not within the scope of the credit losses standard, but rather, should be accounted for in accordance with the leases standard. The Company adopted ASU 2016-13 on January 1, 2020. The Company notes that a majority of its financial instruments result from operating leasing transactions, which as mentioned above, are not within the scope of the new standard. However, the Company did perform both a quantitative and qualitative analysis on the financial assets that are covered under this guidance, including its loans receivable. Based on this analysis, which included analyzing historical performance, occupancy rates, projected future performance, and macroeconomic trends, the Company concluded this new standard did not have a material impact on the consolidated financial statements. In addition, on January 1, 2020 , the Company adopted the following accounting pronouncements which did not have a material effect on the Company’s consolidated financial statements: • ASU 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract” • ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” In April 2020, the FASB issued a Staff Question & Answer (“Q&A”) which was intended to reduce the challenges of evaluating the enforceable rights and obligations of leases for concessions granted to lessees in response to the novel coronavirus disease (“COVID-19”), which was characterized on March 11, 2020 by the World Health Organization as a pandemic. Prior to this guidance, the Company was required to determine, on a lease by lease basis, if a lease concession should be accounted for as a lease modification, potentially resulting in any lease concessions granted being recorded as a reduction to revenue on a straight-line basis over the remaining terms of the leases. The Q&A allows both lessors and lessees to bypass this analysis and elect not to evaluate whether concessions provided in response to the COVID-19 pandemic are lease modifications. This relief is subject to certain conditions being met, including ensuring the total remaining lease payments are substantially the same or less as compared to the original lease payments prior to the concession being granted. The Company, as lessor, has elected to apply such relief and will therefore not evaluate if lease concessions that were granted in response to the COVID-19 pandemic meet the definition of a lease modification. Accordingly, the Company accounted for qualifying rent concessions as negative variable lease payments, which reduced revenue from such leases in the period the concessions were granted. The Company, as a lessee, has not received any concessions under its ground or other lease agreements resulting from the COVID-19 pandemic.
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 SEC. 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, 2019 .
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.
Leasing Revenue	Leasing Revenue
Consolidated VIEs	Consolidated VIEs The Company has investments in various entities that qualify as VIEs for accounting purposes and for which the Company is the primary beneficiary and therefore includes the entities in its consolidated financial statements. These VIEs include the Operating Partnership, five joint ventures that own a total of 10 operating properties and a land parcel, and six
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets 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. As of June 30, 2020 , the Company has continued to assess whether the global economic disruption caused by the novel coronavirus disease (“COVID-19”), which was characterized on March 11, 2020 by the World Health Organization as a pandemic, was an impairment indicator. The Company examined a number of factors including the overall market and economic environment, economic and operating conditions of the Company’s properties, as well as the demand, creditworthiness, and performance from the properties’ tenants, and concluded that there were no impairments of the carrying values of the Company’s investments in real estate as of June 30, 2020 .

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Schedule of accounting pronouncements	In addition, the Company does not expect the following accounting pronouncements issued by the FASB to have a material effect on its consolidated financial statements: Accounting Standards Update Effective Date ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes" January 1, 2021

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Schedule of potentially dilutive securities not included in calculating diluted earnings per share	The following is a summary of the elements used in calculating basic and diluted earnings per unit: Three Months Ended Six Months Ended 2020 2019 2020 2019 Numerator – basic and diluted earnings per unit: Net (loss) income $ (15,422 ) $ 10,210 $ 66,639 $ 41,578 Net loss (income) attributable to noncontrolling interests – partially owned properties 2,046 230 1,130 (1,338 ) Series A preferred unit distributions (14 ) (9 ) (28 ) (40 ) Amount allocated to participating securities (519 ) (458 ) (1,181 ) (1,031 ) Net (loss) income attributable to common unitholders $ (13,909 ) $ 9,973 $ 66,560 $ 39,169 Denominator: Basic weighted average common units outstanding 138,082,035 137,863,484 138,013,840 137,780,364 Unvested restricted stock awards (Note 9) — 974,692 1,106,741 1,012,558 Diluted weighted average common units outstanding 138,082,035 138,838,176 139,120,581 138,792,922 Earnings per unit: Net (loss) income attributable to common unitholders - basic and diluted $ (0.10 ) $ 0.07 $ 0.48 $ 0.28 The following potentially dilutive securities were outstanding for the three and six months ended June 30, 2020 and 2019 , 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 Six Months Ended 2020 2019 2020 2019 Common OP Units (Note 8) 468,475 594,788 468,475 594,788 Preferred OP Units (Note 8) 35,242 35,242 35,242 49,722 Unvested restricted stock awards (Note 9) 1,103,137 — — — Total potentially dilutive securities 1,606,854 630,030 503,717 644,510
Schedule of summary of elements used in calculating basic and diluted earnings per share	The following is a summary of the elements used in calculating basic and diluted earnings per share: Three Months Ended Six Months Ended 2020 2019 2020 2019 Numerator – basic and diluted earnings per share: Net (loss) income $ (15,422 ) $ 10,210 $ 66,639 $ 41,578 Net loss (income) attributable to noncontrolling interests 2,078 176 872 (1,552 ) Net (loss) income attributable to ACC, Inc. and Subsidiaries common stockholders (13,344 ) 10,386 67,511 40,026 Amount allocated to participating securities (519 ) (458 ) (1,181 ) (1,031 ) Net (loss) income attributable to ACC, Inc. and Subsidiaries common stockholders $ (13,863 ) $ 9,928 $ 66,330 $ 38,995 Denominator: Basic weighted average common shares outstanding 137,613,560 137,268,696 137,545,365 137,185,576 Unvested restricted stock awards (Note 9) — 974,692 1,106,741 1,012,558 Diluted weighted average common shares outstanding 137,613,560 138,243,388 138,652,106 138,198,134 Earnings per share: Net (loss) income attributable to common stockholders - basic and diluted $ (0.10 ) $ 0.07 $ 0.48 $ 0.28

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Schedule of real estate properties	On-campus participating properties consisted of the following: June 30, 2020 December 31, 2019 Buildings and improvements $ 156,568 $ 155,941 Furniture, fixtures and equipment 14,098 13,552 Construction in progress — 6 170,666 169,499 Less accumulated depreciation (98,393 ) (94,311 ) On-campus participating properties, net $ 72,273 $ 75,188 Owned properties, both wholly-owned and those owned through investments in VIEs, consisted of the following: June 30, 2020 December 31, 2019 Land $ 643,401 $ 654,985 Buildings and improvements 6,705,075 6,749,757 Furniture, fixtures and equipment 397,746 391,208 Construction in progress 456,192 341,554 8,202,414 8,137,504 Less accumulated depreciation (1,542,475 ) (1,442,789 ) Owned properties, net $ 6,659,939 $ 6,694,715

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2020
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: June 30, 2020 December 31, 2019 Debt secured by owned properties: Mortgage loans payable: Unpaid principal balance $ 656,453 $ 693,584 Unamortized deferred financing costs (1,069 ) (1,294 ) Unamortized debt premiums 4,161 6,596 Unamortized debt discounts (175 ) (199 ) 659,370 698,687 Debt secured by on-campus participating properties: Mortgage loans payable (1) 64,872 65,942 Bonds payable (1) 23,215 23,215 Unamortized deferred financing costs (371 ) (418 ) 87,716 88,739 Total secured mortgage, construction and bond debt 747,086 787,426 Unsecured notes, net of unamortized OID and deferred financing costs (2) 2,373,767 1,985,603 Unsecured term loans, net of unamortized deferred financing costs (3) 199,297 199,121 Unsecured revolving credit facility 186,500 425,700 Total debt, net $ 3,506,650 $ 3,397,850 (1) The creditors of mortgage loans payable and bonds payable related to on-campus participating properties do not have recourse to the assets of the Company. (2) Includes net unamortized original issue discount (“OID”) of $6.1 million and $2.3 million at June 30, 2020 and December 31, 2019 , respectively, and net unamortized deferred financing costs of $20.1 million and $12.1 million at June 30, 2020 and December 31, 2019 , respectively. (3) Includes net unamortized deferred financing costs of $0.7 million and $0.9 million at June 30, 2020 and December 31, 2019 , respectively. The following senior unsecured notes issued by the Company are outstanding as of June 30, 2020 : 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 October 2017 400,000 99.912 3.625 % 3.635 % 352 10 June 2019 400,000 99.704 3.300 % 3.680 % (1) 1,184 7 January 2020 400,000 99.810 2.850 % 2.872 % 760 10 June 2020 400,000 99.142 3.875 % 3.974 % 3,432 10 $ 2,400,000 $ 7,648 (1) The yield includes the effect of the amortization of interest rate swap terminations (see Note 10 ).

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020 and 2019 and June 30, 2020 and 2019 , which includes both the redeemable joint venture partners and OP Units discussed above: Balance, December 31, 2019 $ 104,381 Net income 311 Distributions (234 ) Purchase of noncontrolling interests (77,200 ) Adjustments to reflect redeemable noncontrolling interests at fair value (9,490 ) Balance, March 31, 2020 $ 17,768 Net loss (32 ) Distributions (234 ) Adjustments to reflect redeemable noncontrolling interests at fair value 3,410 Balance, June 30, 2020 $ 20,912 Balance, December 31, 2018 $ 184,446 Net income 259 Distributions (305 ) Conversion of OP Units into shares of ACC common stock (252 ) Adjustments to reflect redeemable noncontrolling interests at fair value 2,547 Balance, March 31, 2019 $ 186,695 Net income 163 Distributions (288 ) Adjustments to reflect redeemable noncontrolling interests at fair value (660 ) Balance, June 30, 2019 $ 185,910

Incentive Award Plan (Tables)

Incentive Award Plan (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Summary of restricted stock units and awards	A summary of RSAs as of June 30, 2020 and activity during the six months then ended is presented below: Number of RSAs Nonvested balance at December 31, 2019 967,341 Granted 443,998 Vested (1) (295,385 ) Forfeited (15,220 ) Nonvested balance at June 30, 2020 1,100,734 (1) A summary of RSUs as of June 30, 2020 and activity during the six months then ended is presented below: Number of RSUs Outstanding at December 31, 2019 — Granted 30,137 Settled in common shares (27,644 ) Settled in cash (2,493 ) Outstanding at June 30, 2020 —

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of summary of outstanding interest rate swap contracts	The following table summarizes the Company’s outstanding interest rate swap contracts which are included in other liabilities on the accompanying consolidated balance sheets as of June 30, 2020 : Hedged Debt Instrument Effective Date Maturity Date Pay Fixed Rate Receive Floating Rate Index Current Notional Amount Fair Value Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month $ 12,300 $ (163 ) Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month 12,426 (165 ) Park Point mortgage loan Feb 1, 2019 Jan 16, 2024 2.7475% LIBOR - 1 month 70,000 (6,454 ) College Park mortgage loan Oct 16, 2019 Oct 16, 2022 1.2570% LIBOR - 1 month, with 1 day lookback 37,500 (983 ) Unsecured term loan Nov 4, 2019 Jun 27, 2022 1.4685% LIBOR - 1 month 100,000 (2,695 ) Unsecured term loan Dec 2, 2019 Jun 27, 2022 1.4203% LIBOR - 1 month 100,000 (2,598 ) Total $ 332,226 $ (13,058 )
Schedule of fair value of derivative financial instruments and classification on consolidated balance sheet	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of June 30, 2020 and December 31, 2019 : Asset Derivatives Liability Derivatives Fair Value as of Fair Value as of Description Balance Sheet Location 6/30/2020 12/31/2019 Balance Sheet Location 6/30/2020 12/31/2019 Interest rate swap contracts Other assets $ — $ 743 Other liabilities $ 13,058 $ 3,436 Total derivatives designated $ — $ 743 $ 13,058 $ 3,436
Schedule of effect of derivative financial instruments on the income statement	The table below presents the effect of the Company’s derivative financial instruments on the accompanying consolidated statements of comprehensive income for the three and six months ended June 30, 2020 and 2019 . Three Months Ended June 30, Six Months Ended June 30, Description 2020 2019 2020 2019 Change in fair value of derivatives and other recognized in Other Comprehensive Income ("OCI") $ (1,187 ) $ 4,368 $ (11,507 ) $ (1,537 ) Swap interest accruals reclassified to interest expense 1,042 32 1,133 41 Termination of interest rate swap payment recognized in OCI — (13,159 ) — (13,159 ) Amortization of interest rate swap terminations (1) 427 166 855 268 Total change in OCI due to derivative financial instruments $ 282 $ (8,593 ) $ (9,519 ) $ (14,387 ) Interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded $ 27,168 $ 27,068 $ 54,951 $ 54,129 (1) Represents amortization from OCI into interest expense.

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of financial instruments measured at fair value	The following table presents information about the Company’s financial instruments measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019 , and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. There were no Level 1 measurements for the periods presented, and the Company had no transfers between Levels 1, 2 or 3 during the periods presented. Refer to Note 8 for a discussion of the Level 3 activity during the period related to the redeemable noncontrolling interests in partially owned properties. Fair Value Measurements as of June 30, 2020 December 31, 2019 Level 2 Level 3 Total Level 2 Level 3 Total Assets: Derivative financial instruments $ — $ — $ — $ 743 (1) $ — $ 743 Liabilities: Derivative financial instruments $ 13,058 (1) $ — $ 13,058 $ 3,436 (1) — $ 3,436 Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) $ 17,912 (2) $ 3,000 $ 20,912 $ 23,690 (2) $ 80,691 (3) $ 104,381 (1) Valued using discounted cash flow analyses with observable market-based inputs of interest rate curves and option volatility, as well as credit valuation adjustments to reflect nonperformance risk. (2) Represents the OP Unit component of redeemable noncontrolling interests which is reported at the greater of the fair value of the Company’s common stock or historical cost at the balance sheet date. Represents a quoted price for a similar asset in an active market. Refer to Note 8 . (3) Represents the Core Joint Ventures component of redeemable noncontrolling interests which is valued using primarily unobservable inputs, 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. Refer to Note 8 .
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 other financial instruments as of June 30, 2020 and December 31, 2019 . There were no Level 1 measurements for the periods presented. June 30, 2020 December 31, 2019 Estimated Fair Value Estimated Fair Value Carrying Amount Level 2 Level 3 Carrying Level 2 Level 3 Assets Loans receivable $ 51,984 $ — $ 48,307 (1) $ 50,553 $ — $ 48,307 (1) Liabilities (2) Unsecured notes $ 2,373,767 $ 2,431,498 (3) $ — $ 1,985,603 $ 2,069,817 (3) $ — Mortgage loans payable (fixed rate) $ 721,407 (4) $ 770,468 (5) $ — $ 761,296 (4) $ 766,821 (5) $ — Bonds payable $ 23,033 $ 25,375 (6) $ — $ 23,001 $ 25,110 (6) $ — Unsecured term loan (fixed rate) $ 199,297 $ 204,446 (7) $ — $ 199,121 $ 198,687 (7) $ — (1) Valued using a discounted cash flow analysis with inputs of scheduled cash flows and discount rates that a willing buyer and seller might use. (2) Carrying amounts disclosed include any applicable net unamortized OID, net unamortized deferred financing costs, and net unamortized debt premiums and discounts (see Note 6 ). (3) Valued using interest rate and spread assumptions that reflect current creditworthiness and market conditions available for the issuance of unsecured notes with similar terms and remaining maturities. (4) Does not include one variable rate mortgage loan with a principal balance of $2.6 million as of June 30, 2020 and $3.1 million as of December 31, 2019. (5) Valued using the present value of the cash flows at current market interest rates through maturity that primarily fall within the Level 2 category. (6) Valued using quoted prices in markets that are not active due to the unique characteristics of these financial instruments. (7) In 2019, the Company entered into two interest rate swap contracts to hedge the variable rate cash flows associated with the LIBOR-based interest payments on the Term Loan Facility (see Note 6 ). Valued using the present value of the cash flows at interpolated 1-month LIBOR swap rates through maturity that primarily fall within the Level 2 category.

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Schedule of segment information	These updates were also made in the tables below. Three Months Ended Six Months Ended 2020 2019 2020 2019 Owned Properties Rental revenues and other income $ 177,488 $ 203,903 $ 410,299 $ 429,104 Interest income 115 119 232 238 Total revenues from external customers 177,603 204,022 410,531 429,342 Operating expenses before depreciation, amortization, and ground/facility lease expense (85,749 ) (90,763 ) (178,223 ) (182,932 ) Ground/facility lease expense (2,639 ) (2,408 ) (5,848 ) (5,075 ) Interest expense, net (1) (3,057 ) (4,014 ) (6,103 ) (8,777 ) Operating income before depreciation and amortization $ 86,158 $ 106,837 $ 220,357 $ 232,558 Depreciation and amortization $ 63,511 $ 65,628 $ 126,754 $ 131,132 Capital expenditures $ 85,621 $ 129,833 $ 181,832 $ 245,352 On-Campus Participating Properties Rental revenues and other income $ 4,101 $ 6,396 $ 14,810 $ 17,844 Interest income 7 70 26 111 Total revenues from external customers 4,108 6,466 14,836 17,955 Operating expenses before depreciation, amortization, and ground/facility lease expense (3,208 ) (3,806 ) (6,574 ) (7,763 ) Ground/facility lease expense (254 ) (828 ) (1,114 ) (1,710 ) Interest expense, net (1) (1,173 ) (1,311 ) (2,315 ) (2,614 ) Operating (loss) income before depreciation and amortization $ (527 ) $ 521 $ 4,833 $ 5,868 Depreciation and amortization $ 2,045 $ 2,016 $ 4,082 $ 4,045 Capital expenditures $ 601 $ 537 $ 1,166 $ 767 Development Services Development and construction management fees $ 1,290 $ 3,607 $ 3,345 $ 6,778 Operating expenses (2,080 ) (1,985 ) (4,605 ) (4,285 ) Operating (loss) income before depreciation and amortization $ (790 ) $ 1,622 $ (1,260 ) $ 2,493 Property Management Services Property management fees from external customers $ 2,668 $ 3,465 $ 6,497 $ 5,776 Operating expenses (2,897 ) (2,528 ) (6,579 ) (4,414 ) Operating (loss) income before depreciation and amortization $ (229 ) $ 937 $ (82 ) $ 1,362 Reconciliations Total segment revenues and other income $ 185,669 $ 217,560 $ 435,209 $ 459,851 Unallocated interest income earned on investments and corporate cash 748 780 1,463 1,546 Total consolidated revenues, including interest income $ 186,417 $ 218,340 $ 436,672 $ 461,397 Segment income before depreciation and amortization $ 84,612 $ 109,917 $ 223,848 $ 242,281 Segment depreciation and amortization (65,556 ) (67,644 ) (130,836 ) (135,177 ) Corporate depreciation (885 ) (1,171 ) (1,774 ) (2,393 ) Net unallocated expenses relating to corporate interest and overhead (31,957 ) (29,078 ) (64,995 ) (56,622 ) (Loss) gain from disposition of real estate — (282 ) 48,525 (282 ) Amortization of deferred financing costs (1,255 ) (1,218 ) (2,542 ) (2,350 ) Provision for impairment — — — (3,201 ) Loss from early extinguishment of debt — — (4,827 ) — Income tax provision (381 ) (314 ) (760 ) (678 ) Net (loss) income $ (15,422 ) $ 10,210 $ 66,639 $ 41,578 (1) Net of capitalized interest and amortization of debt premiums and discounts.

Organization and Description _2

Organization and Description of Business (Details)	6 Months Ended
	Jun. 30, 2020PropertyBed
Real Estate Properties [Line Items]
Number of properties	166
Number of beds | Bed	111,900
On-campus participating properties
Real Estate Properties [Line Items]
Number of properties	6
Owned properties
Real Estate Properties [Line Items]
Number of properties	10
Owned properties | Off Campus Properties
Real Estate Properties [Line Items]
Number of properties	126
Owned properties | American Campus Equity
Real Estate Properties [Line Items]
Number of housing properties	34
Owned properties | Under Development
Real Estate Properties [Line Items]
Number of beds | Bed	10,500
Number of properties under development	3
Management And Leasing Services
Real Estate Properties [Line Items]
Number of properties	35
Number of beds | Bed	26,100
Investments in real estate, net
Real Estate Properties [Line Items]
Number of properties	201
Number of beds | Bed	138,000
Minimum
Real Estate Properties [Line Items]
Initial term of contract	1 year
Maximum
Real Estate Properties [Line Items]
Initial term of contract	5 years
American Campus Communities Holdings, LLC | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Real Estate Properties [Line Items]
General partner ownership interest (percent) less than	1.00%
American Campus Communities, Inc. | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Real Estate Properties [Line Items]
Limited partner ownership interest (percent)	99.60%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)Joint_VentureProperty	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)Joint_VentureProperty	Jun. 30, 2019USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of third-party joint venture partners (entities) | Joint_Venture	5		5
Number of properties | Property	166		166
Six joint ventures
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of properties | Property	10		10
On-campus participating properties
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues	$ 4,101	$ 6,396	$ 14,810	$ 17,844
Rent abatements	$ 1,500
Number of properties | Property	6		6
Student Lease Property
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues	$ 176,900	194,300	$ 408,300	416,000
Student Lease Property, Resident Hardship Program
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Rent abatements	8,600
Student Lease Property, University Partnerships
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Rent abatements	15,100
Commercial Lease Property
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues	$ 2,900	$ 3,200	$ 6,100	$ 6,600

Earnings Per Share - Potentiall

Earnings Per Share - Potentially Dilutive Securities Not Included in Calculating Diluted Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities (in shares)	1,606,854	630,030	503,717	644,510
Common OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities (in shares)	468,475	594,788	468,475	594,788
Preferred OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities (in shares)	35,242	35,242	35,242	49,722
Unvested restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities (in shares)	1,103,137	0	0	0

Earnings Per Share - Summary of

Earnings Per Share - Summary of Elements Used in Calculating Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator – basic and diluted earnings per share:
Net (loss) income	$ (15,422)	$ 10,210	$ 66,639	$ 41,578
Net loss (income) attributable to noncontrolling interests – partially owned properties	2,078	176	872	(1,552)
Net (loss) income attributable to ACC, Inc. and Subsidiaries common stockholders	(13,344)	10,386	67,511	40,026
Amount allocated to participating securities	(519)	(458)	(1,181)	(1,031)
Net (loss) income	$ (13,863)	$ 9,928	$ 66,330	$ 38,995
Denominator:
Basic weighted average common shares outstanding (in shares)	137,613,560	137,268,696	137,545,365	137,185,576
Diluted weighted average common shares outstanding (in shares)	137,613,560	138,243,388	138,652,106	138,198,134
Earnings per share:
Net (loss) income attributable to common stockholders - basic and diluted (in dollars per share)	$ (0.10)	$ 0.07	$ 0.48	$ 0.28
Unvested restricted stock awards
Denominator:
Unvested restricted stock awards (in shares)	0	974,692	1,106,741	1,012,558

Earnings Per Share - Summary _2

Earnings Per Share - Summary of Elements Used in Calculating Basic and Diluted Earnings per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Line Items]
Net (loss) income	$ (15,422)	$ 10,210	$ 66,639	$ 41,578
Net loss (income) attributable to noncontrolling interests – partially owned properties	2,078	176	872	(1,552)
Net (loss) income	(13,863)	9,928	66,330	38,995
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Earnings Per Share [Line Items]
Net (loss) income	(15,422)	10,210	66,639	41,578
Series A preferred unit distributions	(14)	(9)	(28)	(40)
Amount allocated to participating securities	(519)	(458)	(1,181)	(1,031)
Net (loss) income	$ (13,909)	$ 9,973	$ 66,560	$ 39,169
Denominator:
Basic weighted average common units outstanding (in units)	138,082,035	137,863,484	138,013,840	137,780,364
Diluted weighted average common units outstanding (in units)	138,082,035	138,838,176	139,120,581	138,792,922
Earnings per unit:
Net (loss) income attributable to common unitholders - basic and diluted (in dollars per unit)	$ (0.10)	$ 0.07	$ 0.48	$ 0.28
Noncontrolling interests – partially owned properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Earnings Per Share [Line Items]
Net loss (income) attributable to noncontrolling interests – partially owned properties	$ 2,046	$ 230	$ 1,130	$ (1,338)
Unvested restricted stock awards | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Denominator:
Unvested restricted stock awards (in units)	0	974,692	1,106,741	1,012,558

Property Dispositions - Narrati

Property Dispositions - Narrative (Details) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Mar. 31, 2020USD ($)Bed	May 31, 2019USD ($)Bed	Jun. 30, 2020USD ($)Bed	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)Bed	Jun. 30, 2019USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of beds | Bed			111,900		111,900
Gain from disposition of real estate			$ 0	$ (282)	$ 48,525	$ (282)
Proceeds from disposition of properties and land parcels					146,144	8,854
Loss from disposition of real estate			0	(282)	48,525	(282)
Provision for impairment			$ 0	$ 0	$ 0	$ 3,201
The Varsity | Owned properties | Disposal Group, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of beds | Bed	901
Purchase price of property	$ 148,000
Net proceeds	146,100
Gain from disposition of real estate	$ 48,500
Wholly Owned Properties | Disposal Group, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of beds | Bed		544
Sale of property		$ 9,500
Proceeds from disposition of properties and land parcels		8,900
Loss from disposition of real estate		(300)
Provision for impairment		$ 3,200

Investments in Real Estate (Det

Investments in Real Estate (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)university_systemProperty	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)university_systemProperty	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Real Estate Properties [Line Items]
Owned properties, net	$ 6,732,212		$ 6,732,212		$ 6,769,903
Interest costs capitalized	$ 3,400	$ 3,700	$ 6,600	$ 6,400
Number of properties | Property	166		166
Owned properties
Real Estate Properties [Line Items]
Land	$ 643,401		$ 643,401		654,985
Buildings and improvements	6,705,075		6,705,075		6,749,757
Furniture, fixtures and equipment	397,746		397,746		391,208
Construction in progress	456,192		456,192		341,554
Real estate properties gross	8,202,414		8,202,414		8,137,504
Less accumulated depreciation	(1,542,475)		(1,542,475)		(1,442,789)
Owned properties, net	$ 6,659,939		$ 6,659,939		6,694,715
Number of properties | Property	10		10
On-campus participating properties
Real Estate Properties [Line Items]
Buildings and improvements	$ 156,568		$ 156,568		155,941
Furniture, fixtures and equipment	14,098		14,098		13,552
Construction in progress	0		0		6
Real estate properties gross	170,666		170,666		169,499
Less accumulated depreciation	(98,393)		(98,393)		(94,311)
Owned properties, net	$ 72,273		$ 72,273		$ 75,188
Number of properties | Property	6		6
Number of systems | university_system	3		3
Lessor, percentage of net cash flow receivable per agreement			50.00%

Debt - Summary of Outstanding C

Debt - Summary of Outstanding Consolidated Indebtedness, Including Unamortized Debt Premiums and Discounts (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt, net	$ 747,086	$ 787,426
Total debt, net	3,506,650	3,397,850
Owned properties, net | Mortgage loans payable
Debt Instrument [Line Items]
Principal outstanding	656,453	693,584
Unamortized deferred financing costs	(1,069)	(1,294)
Unamortized debt premiums	4,161	6,596
Unamortized original issue discount	(175)	(199)
Secured mortgage, construction and bond debt, net	659,370	698,687
On-campus participating properties, net
Debt Instrument [Line Items]
Unamortized deferred financing costs	(371)	(418)
Total debt, net	87,716	88,739
On-campus participating properties, net | Mortgage loans payable
Debt Instrument [Line Items]
Principal outstanding	64,872	65,942
On-campus participating properties, net | Bonds payable
Debt Instrument [Line Items]
Principal outstanding	23,215	23,215
Unsecured notes, net
Debt Instrument [Line Items]
Unsecured debt	2,373,767	1,985,603
Unsecured notes, net | Unsecured debt
Debt Instrument [Line Items]
Unamortized deferred financing costs	(20,100)	(12,100)
Unamortized original issue discount	(6,100)	(2,300)
Unsecured term loans, net
Debt Instrument [Line Items]
Unsecured debt	199,297	199,121
Unsecured term loans, net | Term loans
Debt Instrument [Line Items]
Unamortized deferred financing costs	(700)	(900)
Unsecured revolving credit facility
Debt Instrument [Line Items]
Unsecured debt	$ 186,500	$ 425,700

Debt - Narrative (Details)

Debt - Narrative (Details)	1 Months Ended				3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)Property	Feb. 29, 2020USD ($)	Jan. 31, 2020USD ($)	Jan. 31, 2019USD ($)	Jun. 30, 2020USD ($)Property	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)Property	Jun. 30, 2019USD ($)	Feb. 28, 2019USD ($)
Debt Instrument [Line Items]
Pay-off of mortgage loans							$ 34,219,000	$ 0
Number of properties | Property	166				166		166
Refinanced debt amount				$ 70,000,000
Derivative, fixed interest rate				4.00%
Proceeds from unsecured notes							$ 795,808,000	398,816,000
Repayments of unsecured debt							400,000,000	0
Loss from early extinguishment of debt			$ 4,800,000		$ 0	$ 0	$ 4,827,000	0
Credit Agreement | Unsecured revolving credit facility
Debt Instrument [Line Items]
Stated percentage	0.18%				0.18%		0.18%
Line of credit, required unused commitment fee per annum (percent)							0.20%
Weighted average annual interest rate (percent)	1.38%				1.38%		1.38%
Basis spread on variable rate							1.00%
Mortgage loans payable
Debt Instrument [Line Items]
Pay-off of mortgage loans		$ 34,200,000
Number of properties | Property	1				1		1
Unsecured debt | Unsecured revolving credit facility
Debt Instrument [Line Items]
Credit facility				$ 700,000,000					$ 1,000,000,000
Credit facility, additional borrowing capacity (up to)									$ 200,000,000
Line of credit, required unused commitment fee per annum (percent)							0.20%
Current borrowing capacity of credit facility	$ 813,500,000				$ 813,500,000		$ 813,500,000
Unsecured debt | Unsecured term loans, net
Debt Instrument [Line Items]
Amount	$ 200,000,000				$ 200,000,000		$ 200,000,000
Stated percentage	1.44%				1.44%		1.44%
Weighted average annual interest rate (percent)	2.54%				2.54%		2.54%
Basis spread on variable rate							1.10%
Line of credit facility, accordion feature, increase limit	$ 100,000,000				$ 100,000,000		$ 100,000,000
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Debt Instrument [Line Items]
Pay-off of mortgage loans							34,219,000	0
Proceeds from unsecured notes							795,808,000	398,816,000
Repayments of unsecured debt							400,000,000	0
Loss from early extinguishment of debt					0	$ 0	4,827,000	$ 0
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior Notes - June 2020
Debt Instrument [Line Items]
Amount	$ 400,000,000				$ 400,000,000		$ 400,000,000
Term (Years)	10 years
% of Par Value	99.142%						99.142%
Stated percentage	3.875%				3.875%		3.875%
Proceeds from unsecured notes	$ 391,700,000
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior Notes - January 2020
Debt Instrument [Line Items]
Amount	$ 400,000,000		$ 400,000,000		$ 400,000,000		$ 400,000,000
Term (Years)			10 years
% of Par Value			99.81%				99.81%
Stated percentage	2.85%		2.85%		2.85%		2.85%
Proceeds from unsecured notes			$ 394,500,000
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior notes - October 2020
Debt Instrument [Line Items]
Stated percentage			3.35%
Repayments of unsecured debt			$ 400,000,000

Debt - Summary of Senior Unsecu

Debt - Summary of Senior Unsecured Notes (Details) - AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP - USD ($)	1 Months Ended		6 Months Ended
	Jun. 30, 2020	Jan. 31, 2020	Jun. 30, 2020
Unsecured notes, net
Debt Instrument [Line Items]
Amount	$ 2,400,000,000		$ 2,400,000,000
Original Issue Discount			7,648,000
Senior notes - April 2013
Debt Instrument [Line Items]
Amount	$ 400,000,000		$ 400,000,000
% of Par Value			99.659%
Coupon (percent)	3.75%		3.75%
Yield (percent)	3.791%		3.791%
Original Issue Discount			$ 1,364,000
Debt Instrument, Term			10 years
Senior notes - June 2014
Debt Instrument [Line Items]
Amount	$ 400,000,000		$ 400,000,000
% of Par Value			99.861%
Coupon (percent)	4.125%		4.125%
Yield (percent)	4.269%		4.269%
Original Issue Discount			$ 556,000
Debt Instrument, Term			10 years
Senior notes - October 2017
Debt Instrument [Line Items]
Amount	$ 400,000,000		$ 400,000,000
% of Par Value			99.912%
Coupon (percent)	3.625%		3.625%
Yield (percent)	3.635%		3.635%
Original Issue Discount			$ 352,000
Debt Instrument, Term			10 years
Senior Notes - June 2019
Debt Instrument [Line Items]
Amount	$ 400,000,000		$ 400,000,000
% of Par Value			99.704%
Coupon (percent)	3.30%		3.30%
Yield (percent)	3.68%		3.68%
Original Issue Discount			$ 1,184,000
Debt Instrument, Term			7 years
Senior Notes - January 2020
Debt Instrument [Line Items]
Amount	$ 400,000,000	$ 400,000,000	$ 400,000,000
% of Par Value		99.81%	99.81%
Coupon (percent)	2.85%	2.85%	2.85%
Yield (percent)	2.872%		2.872%
Original Issue Discount			$ 760,000
Debt Instrument, Term			10 years
Senior Notes - June 2020
Debt Instrument [Line Items]
Amount	$ 400,000,000		$ 400,000,000
% of Par Value	99.142%		99.142%
Coupon (percent)	3.875%		3.875%
Yield (percent)	3.974%		3.974%
Original Issue Discount			$ 3,432,000
Debt Instrument, Term			10 years

Stockholders' Equity _ Partne_2

Stockholders' Equity / Partners' Capital (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Number of shares in deferred compensation plan (in shares)	91,746	77,928
ATM Equity Program
Schedule of Equity Method Investments [Line Items]
ATM equity program, aggregate offering price authorized (up to $500 million)	$ 500,000,000
Non-Qualified Deferred Compensation Plan | Treasury Stock
Schedule of Equity Method Investments [Line Items]
Number of shares deposited into the deferred compensation plan (in shares)	21,537
Number of shares withdrawn from deferred compensation plan (in shares)	7,719

Noncontrolling Interests - Narr

Noncontrolling Interests - Narrative (Details) $ in Millions	2 Months Ended	6 Months Ended	12 Months Ended
	Feb. 29, 2020USD ($)	Jun. 30, 2020Joint_VentureEntityPropertyshares	Dec. 31, 2019shares
Noncontrolling Interest [Line Items]
Number of third-party joint venture partners (entities) | Joint_Venture		5
Number of properties		166
Common OP Unit
Noncontrolling Interest [Line Items]
Conversion of operating partnership units to common stock (in shares) | shares		0	126,313
Preferred OP Unit
Noncontrolling Interest [Line Items]
Conversion of operating partnership units to common stock (in shares) | shares		0	42,271
Core Transaction
Noncontrolling Interest [Line Items]
Number of properties		5
Change in fair value of redeemable noncontrolling interest | $	$ 77.2
Core Transaction | Core Joint Ventures
Noncontrolling Interest [Line Items]
Ownership percentage		100.00%
In-process development properties
Noncontrolling Interest [Line Items]
Number of properties		10
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Noncontrolling Interest [Line Items]
Number of third-party joint venture partners (entities) | Entity		4
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Operating Partnership
Noncontrolling Interest [Line Items]
Equity interests held by owners of common units and preferred units (percent)		0.40%	0.40%

Noncontrolling Interests - Summ

Noncontrolling Interests - Summarized Activity of Redeemable Limited Partners (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance		$ 104,381
Distributions	$ (1,816)	(2,566)	$ (3,037)	$ (3,661)
Conversion of OP Units into shares of ACC common stock				(251)
Ending balance	20,912
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance		104,381
Distributions	(1,816)	(2,566)	(3,037)	(3,661)
Conversion of OP Units into shares of ACC common stock				(251)
Ending balance	20,912
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Redeemable noncontrolling interests
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	17,768	104,381	186,695	184,446
Net loss	(32)	311	163	259
Distributions	(234)	(234)	(288)	(305)
Purchase of noncontrolling interests		(77,200)
Adjustments to reflect redeemable noncontrolling interests at fair value	3,410	(9,490)	(660)	2,547
Ending balance	$ 20,912	$ 17,768	$ 185,910	186,695
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Common and preferred units
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of OP Units into shares of ACC common stock				$ (252)

Incentive Award Plan - Narrativ

Incentive Award Plan - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 1,000,000
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 3,500,000	$ 2,900,000	$ 7,500,000	$ 6,700,000
Select Employees and Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares)	3,500,000		3,500,000
Board of Directors Chairman | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	$ 170,000		$ 170,000
Director | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	$ 122,500		$ 122,500

Incentive Award Plan - Summary

Incentive Award Plan - Summary of Restricted Stock Units and Restricted Stock Awards (Details)	6 Months Ended
	Jun. 30, 2020shares
Restricted stock units
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)	30,137
Settled in cash (shares)	(27,644)
Settled in common shares (shares)	(2,493)
Ending balance (shares)	0
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (shares)	967,341
Granted (shares)	443,998
Vested (shares)	(295,385)
Forfeited (shares)	(15,220)
Ending balance (shares)	1,100,734

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Summary of Outstanding Interest Rate Swap Contracts (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jan. 31, 2019
Derivative [Line Items]
Pay Fixed Rate		4.00%
Current Notional Amount	$ 332,226
Fair Value	$ (13,058)
Interest Rate Swap - 2.275% Fixed Rate
Derivative [Line Items]
Effective Date	Feb. 18, 2014
Maturity Date	Feb. 15, 2021
Pay Fixed Rate	2.275%
Receive Floating Rate Index	LIBOR - 1 month
Current Notional Amount	$ 12,300
Fair Value	$ (163)
Interest Rate Swap - 2.275% Fixed Rate
Derivative [Line Items]
Effective Date	Feb. 18, 2014
Maturity Date	Feb. 15, 2021
Pay Fixed Rate	2.275%
Receive Floating Rate Index	LIBOR - 1 month
Current Notional Amount	$ 12,426
Fair Value	$ (165)
Interest Rate Swap - 2.7475% Fixed Rate
Derivative [Line Items]
Effective Date	Feb. 1, 2019
Maturity Date	Jan. 16, 2024
Pay Fixed Rate	2.7475%
Receive Floating Rate Index	LIBOR - 1 month
Current Notional Amount	$ 70,000
Fair Value	$ (6,454)
Interest Rate Swap - 2.802% Fixed Rate
Derivative [Line Items]
Effective Date	Oct. 16, 2019
Maturity Date	Oct. 16, 2022
Pay Fixed Rate	1.257%
Receive Floating Rate Index	LIBOR - 1 month, with 1 day lookback
Current Notional Amount	$ 37,500
Fair Value	$ (983)
Interest Rate Swap - 1.4685% Fixed Rate
Derivative [Line Items]
Effective Date	Nov. 4, 2019
Maturity Date	Jun. 27, 2022
Pay Fixed Rate	1.4685%
Receive Floating Rate Index	LIBOR - 1 month
Current Notional Amount	$ 100,000
Fair Value	$ (2,695)
Interest Rate Swap - 1.4203% Fixed Rate
Derivative [Line Items]
Effective Date	Dec. 2, 2019
Maturity Date	Jun. 27, 2022
Pay Fixed Rate	1.4203%
Receive Floating Rate Index	LIBOR - 1 month
Current Notional Amount	$ 100,000
Fair Value	$ (2,598)

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Fair Value of Derivative Financial Instruments and Classification on Consolidated Balance Sheet (Details) - Designated as hedging instrument - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 0	$ 743
Other liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	13,058	3,436
Interest rate swap contracts | Other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	0	743
Interest rate swap contracts | Other liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 13,058	$ 3,436

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Schedule of Effect of Derivative Financial Instruments On The Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative [Line Items]
Change in fair value of derivatives and other recognized in Other Comprehensive Income (OCI)	$ (1,187)	$ 4,368	$ (11,507)	$ (1,537)
Swap interest accruals reclassified to interest expense	1,042	32	1,133	41
Termination of interest rate swap payment recognized in OCI	0	(13,159)	0	(13,159)
Change in fair value of interest rate swaps and other	282	(8,593)	(9,519)	(14,387)
Interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded	27,168	27,068	54,951	54,129
Interest Expense
Derivative [Line Items]
Amortization of interest rate swap terminations	$ 427	$ 166	$ 855	$ 268

Fair Value Disclosures - Financ

Fair Value Disclosures - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets
Derivative financial instruments	$ 0	$ 743
Liabilities:
Derivative financial instruments	13,058	3,436
Mezzanine:
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership)	20,912	104,381
Level 2
Assets
Derivative financial instruments	0	743
Liabilities:
Derivative financial instruments	13,058	3,436
Mezzanine:
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership)	17,912	23,690
Level 3
Assets
Derivative financial instruments	0	0
Liabilities:
Derivative financial instruments	0	0
Mezzanine:
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership)	$ 3,000	$ 80,691

Fair Value Disclosures - Estima

Fair Value Disclosures - Estimated Fair Value and Related Carrying Amounts of Mortgage Loans and Bonds Payable (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)Loan	Dec. 31, 2019USD ($)Contract
Liabilities:
Number of interest rate swap contracts | Contract		2
Carrying Amount
Assets
Loans receivable	$ 51,984	$ 50,553
Liabilities:
Unsecured notes	2,373,767	1,985,603
Mortgage loans payable (fixed rate)	721,407	761,296
Bonds payable	23,033	23,001
Unsecured term loan (fixed rate)	199,297	199,121
Owned properties | Mortgage loans payable
Liabilities:
Principal outstanding	$ 656,453	693,584
Owned properties | Mortgage loans payable | Variable rate mortgage loans
Liabilities:
Number of mortgage loans | Loan	1
Principal outstanding	$ 2,600	3,100
Level 2 | Estimated Fair Value
Assets
Loans receivable	0	0
Liabilities:
Unsecured notes	2,431,498	2,069,817
Mortgage loans payable (fixed rate)	770,468	766,821
Bonds payable	25,375	25,110
Unsecured term loan (fixed rate)	204,446	198,687
Level 3 | Estimated Fair Value
Assets
Loans receivable	48,307	48,307
Liabilities:
Mortgage loans payable (fixed rate)	0	0
Bonds payable	0	0
Unsecured term loan (fixed rate)	$ 0	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details)	1 Months Ended			3 Months Ended		6 Months Ended
	Mar. 31, 2020USD ($)	Jun. 30, 2019USD ($)	Aug. 31, 2013USD ($)extension	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jun. 30, 2020USD ($)Property
Loss Contingencies [Line Items]
Number of properties, under development | Property						3
Deferred pre-development costs						$ 13,000,000
Litigation settlement	$ 1,500,000
Litigation expense				$ 1,100,000	$ 400,000
Alternate Housing Guarantees
Loss Contingencies [Line Items]
Guarantee expiration period						5 days
Project Cost Guarantees
Loss Contingencies [Line Items]
Guarantee expiration period						1 year
Third-Party Development Projects
Loss Contingencies [Line Items]
Commitment under third-party development project						$ 8,800,000
Performance Guarantee
Loss Contingencies [Line Items]
Guarantee expiration period		60 days
Estimate of possible loss						614,600,000
Earnest money deposits		$ 2,100,000
Purchase and sale agreement upon exercise of option		$ 28,700,000
Drexel University Property
Loss Contingencies [Line Items]
Lease term			40 years
Number of lease renewal options | extension			3
Lease extension period			10 years
Commitment to pay real estate transfer taxes, amount (not more than)			$ 1,800,000
Real estate transfer taxes paid upon conveyance of land			600,000
Drexel University Property | Maximum
Loss Contingencies [Line Items]
Commitment to pay real estate transfer taxes, amount (not more than)			$ 2,400,000
Disney College Program Phases I-V (ACE) | Performance Guarantee
Loss Contingencies [Line Items]
Development guarantee, damages due per bed each day of a delay						20
Guarantor obligations, maximum exposure						200,000
Construction Contracts
Loss Contingencies [Line Items]
Development projects under construction						$ 278,900,000

Segments - Narrative (Details)

Segments - Narrative (Details)	6 Months Ended
	Jun. 30, 2020Segment
Segment Reporting [Abstract]
Identified reportable segments (segments)	4

Segments - Schedule of Segment

Segments - Schedule of Segment Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 31, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Total revenues		$ 185,547	$ 217,371	$ 434,951	$ 459,502
Ground/facility lease expense		(2,893)	(3,236)	(6,962)	(6,785)
Interest expense, net		(27,168)	(27,068)	(54,951)	(54,129)
Depreciation and amortization		(66,441)	(68,815)	(132,610)	(137,570)
Operating expenses		(173,035)	(179,530)	(306,953)	(362,662)
Total consolidated revenues, including interest income		186,417	218,340	436,672	461,397
Segment income before depreciation and amortization		12,512	37,841	127,998	96,840
(Loss) gain from disposition of real estate		0	(282)	48,525	(282)
Provision for impairment		0	0	0	(3,201)
Loss from early extinguishment of debt	$ (4,800)	0	0	(4,827)	0
Income tax provision		(381)	(314)	(760)	(678)
Net (loss) income		(15,422)	10,210	66,639	41,578
Operating segments
Segment Reporting Information [Line Items]
Total revenues		185,669	217,560	435,209	459,851
Depreciation and amortization		(65,556)	(67,644)	(130,836)	(135,177)
Segment income before depreciation and amortization		84,612	109,917	223,848	242,281
Net (loss) income		(15,422)	10,210	66,639	41,578
Operating segments | Owned properties
Segment Reporting Information [Line Items]
Rental revenues and other income		177,488	203,903	410,299	429,104
Interest income		115	119	232	238
Total revenues		177,603	204,022	410,531	429,342
Operating expenses before depreciation, amortization, and ground/facility lease expense		(85,749)	(90,763)	(178,223)	(182,932)
Ground/facility lease expense		(2,639)	(2,408)	(5,848)	(5,075)
Interest expense, net		(3,057)	(4,014)	(6,103)	(8,777)
Operating (loss) income before depreciation and amortization		86,158	106,837	220,357	232,558
Depreciation and amortization		(63,511)	(65,628)	(126,754)	(131,132)
Capital expenditures		85,621	129,833	181,832	245,352
Operating segments | On-campus participating properties
Segment Reporting Information [Line Items]
Rental revenues and other income		4,101	6,396	14,810	17,844
Interest income		7	70	26	111
Total revenues		4,108	6,466	14,836	17,955
Operating expenses before depreciation, amortization, and ground/facility lease expense		(3,208)	(3,806)	(6,574)	(7,763)
Ground/facility lease expense		(254)	(828)	(1,114)	(1,710)
Interest expense, net		(1,173)	(1,311)	(2,315)	(2,614)
Operating (loss) income before depreciation and amortization		(527)	521	4,833	5,868
Depreciation and amortization		(2,045)	(2,016)	(4,082)	(4,045)
Capital expenditures		601	537	1,166	767
Operating segments | Development Services
Segment Reporting Information [Line Items]
Operating (loss) income before depreciation and amortization		(790)	1,622	(1,260)	2,493
Development and construction management fees		1,290	3,607	3,345	6,778
Operating expenses		(2,080)	(1,985)	(4,605)	(4,285)
Operating segments | Property Management Services
Segment Reporting Information [Line Items]
Operating (loss) income before depreciation and amortization		(229)	937	(82)	1,362
Operating expenses		(2,897)	(2,528)	(6,579)	(4,414)
Unallocated
Segment Reporting Information [Line Items]
Total revenues		748	780	1,463	1,546
Corporate depreciation		(885)	(1,171)	(1,774)	(2,393)
Operating expenses		(31,957)	(29,078)	(64,995)	(56,622)
Segment reconciling items
Segment Reporting Information [Line Items]
Amortization of deferred financing costs		(1,255)	(1,218)	(2,542)	(2,350)
Property management fees from external customers | Operating segments | Property Management Services
Segment Reporting Information [Line Items]
Total revenues		$ 2,668	$ 3,465	$ 6,497	$ 5,776

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Jul. 29, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019
Subsequent Event [Line Items]
Distributions to common and restricted stockholders and other (in dollars per common share)		$ 0.47	$ 0.47	$ 0.47	$ 0.46
Dividend declared | Subsequent event
Subsequent Event [Line Items]
Distributions to common and restricted stockholders and other (in dollars per common share)	$ 0.47
Distributions to common and restricted unit holders and other (in dollars per common unit)	$ 0.47