American Campus Communities (ACC) 10-K 26 Feb 21 2020 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2020	Feb. 19, 2021	Jun. 30, 2020
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
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, State or Province	TX
Entity Address, Postal Zip Code	78738
Entity Address, City or Town	Austin
City Area Code	512
Local Phone Number	732-1000
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	ACC
Security Exchange Name	NYSE
Entity Well-Known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 3,534,887,720
Entity Common Stock Shares Outstanding (in shares)		137,641,145
Documents Incorporated by Reference	Part III of this report incorporates information by reference from the definitive Proxy Statement for the 2021 Annual Meeting of Stockholders.
Entity Central Index Key	0001283630
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Document Information [Line Items]
Current Fiscal Year End Date	--12-31
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 Well-Known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Central Index Key	0001357369

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investments in real estate
Investments in real estate, net	$ 6,791,025	$ 6,769,903
Cash and cash equivalents	54,017	54,650
Restricted cash	19,955	26,698
Student contracts receivable, net	11,090	13,470
Operating lease right of use assets	457,573	460,857
Other assets	197,500	234,176
Total assets	7,531,160	7,559,754
Liabilities
Secured mortgage and bond debt, net	646,827	787,426
Accounts payable and accrued expenses	85,070	88,411
Operating lease liabilities	486,631	473,070
Other liabilities	185,352	157,368
Total liabilities	4,350,056	4,116,699
Commitments and Contingencies
Redeemable noncontrolling interests	24,567	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 December 31, 2020 and December 31, 2019, respectively	1,375	1,373
Additional paid in capital	4,472,170	4,458,456
Common stock held in rabbi trust, 91,746 and 77,928 shares at December 31, 2020 and December 31, 2019, respectively	(3,951)	(3,486)
Accumulated earnings and dividends	(1,332,689)	(1,144,721)
Accumulated other comprehensive loss	(22,777)	(16,946)
Total American Campus Communities, Inc. and Subsidiaries stockholders’ equity	3,114,128	3,294,676
Noncontrolling interests – partially owned properties	42,409	43,998
Total equity	3,156,537	3,338,674
Partners’ capital
Accumulated other comprehensive loss	(22,777)	(16,946)
Total liabilities and equity/capital	$ 7,531,160	$ 7,559,754
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	800,000,000	800,000,000
Unsecured notes, net
Liabilities
Unsecured debt, net	$ 2,375,603	$ 1,985,603
Unsecured term loans, net
Liabilities
Unsecured debt, net	199,473	199,121
Unsecured revolving credit facility
Liabilities
Unsecured debt, net	371,100	425,700
Owned Properties
Investments in real estate
Investments in real estate, net	6,721,744	6,694,715
On-campus participating properties, net
Investments in real estate
Investments in real estate, net	69,281	75,188
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Investments in real estate
Investments in real estate, net	6,791,025	6,769,903
Cash and cash equivalents	54,017	54,650
Restricted cash	19,955	26,698
Student contracts receivable, net	11,090	13,470
Operating lease right of use assets	457,573	460,857
Other assets	197,500	234,176
Total assets	7,531,160	7,559,754
Liabilities
Secured mortgage and bond debt, net	646,827	787,426
Accounts payable and accrued expenses	85,070	88,411
Operating lease liabilities	486,631	473,070
Other liabilities	185,352	157,368
Total liabilities	4,350,056	4,116,699
Commitments and Contingencies
Redeemable noncontrolling interests	24,567	104,381
American Campus Communities, Inc. and Subsidiaries stockholders’ equity
Accumulated other comprehensive loss	(22,777)	(16,946)
Partners’ capital
General partner - 12,222 OP units outstanding at both December 31, 2020 and December 31, 2019	23	40
Limited partner - 137,619,869 and 137,392,530 OP units outstanding at December 31, 2020 and December 31, 2019, respectively	3,136,882	3,311,582
Accumulated other comprehensive loss	(22,777)	(16,946)
Total partners’ capital	3,114,128	3,294,676
Noncontrolling interests –  partially owned properties	42,409	43,998
Total capital	3,156,537	3,338,674
Total liabilities and equity/capital	7,531,160	7,559,754
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Unsecured notes, net
Liabilities
Unsecured debt, net	2,375,603	1,985,603
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Unsecured term loans, net
Liabilities
Unsecured debt, net	199,473	199,121
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Unsecured revolving credit facility
Liabilities
Unsecured debt, net	371,100	425,700
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Owned Properties
Investments in real estate
Investments in real estate, net	6,721,744	6,694,715
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | On-campus participating properties, net
Investments in real estate
Investments in real estate, net	$ 69,281	$ 75,188

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets	$ 7,531,160	$ 7,559,754
Liabilities	$ 4,350,056	$ 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
Common stock held in rabbi trust (in shares)	91,746	77,928
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Assets	$ 7,531,160	$ 7,559,754
Liabilities	$ 4,350,056	$ 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
Investments in real estate, net | Variable Interest Entity, Primary Beneficiary
Assets	$ 592,787	$ 788,393
Investments in real estate, net | Variable Interest Entity, Primary Beneficiary | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Assets	592,787	788,393
Cash, cash equivalents, and restricted cash | Variable Interest Entity, Primary Beneficiary
Assets	41,248	59,908
Cash, cash equivalents, and restricted cash | Variable Interest Entity, Primary Beneficiary | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Assets	41,248	59,908
Other assets | Variable Interest Entity, Primary Beneficiary
Assets	13,078	18,387
Other assets | Variable Interest Entity, Primary Beneficiary | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Assets	13,078	18,387
Secured mortgage debt, net | Variable Interest Entity, Primary Beneficiary
Liabilities	410,837	418,241
Secured mortgage debt, net | Variable Interest Entity, Primary Beneficiary | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Liabilities	410,837	418,241
Accounts payable, accrued expenses and other liabilities | Variable Interest Entity, Primary Beneficiary
Liabilities	46,645	56,976
Accounts payable, accrued expenses and other liabilities | Variable Interest Entity, Primary Beneficiary | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Liabilities	$ 46,645	$ 56,976

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Total revenues	$ 870,584	$ 943,042	$ 880,810
Operating expenses (income)
Third-party development and management services	21,700	19,915	15,459
General and administrative	36,874	31,081	34,537
Depreciation and amortization	267,703	275,046	263,203
Ground/facility leases	13,513	14,151	11,855
(Gain) loss from disposition of real estate, net	(48,525)	53	(42,314)
Provision for impairment	0	17,214	0
Other operating income	0	0	(2,648)
Total operating expenses	683,240	763,152	668,215
Operating income	187,344	179,890	212,595
Nonoperating income (expenses)
Interest income	2,939	3,686	4,834
Interest expense	(112,507)	(111,287)	(99,228)
Amortization of deferred financing costs	(5,259)	(5,012)	(5,816)
(Loss) gain from extinguishment of debt, net	(4,827)	20,992	7,867
Other nonoperating income	3,507	0	1,301
Total nonoperating expenses	(116,147)	(91,621)	(91,042)
Income before income taxes	71,197	88,269	121,553
Income tax provision	(1,349)	(1,507)	(2,429)
Net income	69,848	86,762	119,124
Net loss (income) attributable to noncontrolling interests – partially owned properties	2,955	(1,793)	(2,029)
Net income attributable to ACC, Inc. and Subsidiaries common stockholders	72,803	84,969	117,095
Other comprehensive loss
Change in fair value of interest rate swaps and other	(5,831)	(12,549)	(1,696)
Comprehensive income	$ 66,972	$ 72,420	$ 115,399
Net income per share attributable to ACC, Inc. and Subsidiaries common stockholders
Basic (in dollars per share)	$ 0.51	$ 0.61	$ 0.84
Diluted (in dollars per share)	$ 0.51	$ 0.60	$ 0.84
Weighted-average common shares outstanding:
Basic (in shares)	137,588,964	137,295,837	136,815,051
Diluted (in shares)	138,710,430	138,286,778	137,722,049
Owned Properties
Revenues
Revenues from owned properties and on-campus participating properties	$ 818,298	$ 877,565	$ 825,959
Operating expenses (income)
Operating expenses for owned properties and on-campus participating properties	378,454	390,664	373,521
On-campus participating properties, net
Revenues
Revenues from owned properties and on-campus participating properties	29,906	36,346	34,596
Operating expenses (income)
Operating expenses for owned properties and on-campus participating properties	13,521	15,028	14,602
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Revenues
Total revenues	870,584	943,042	880,810
Operating expenses (income)
Third-party development and management services	21,700	19,915	15,459
General and administrative	36,874	31,081	34,537
Depreciation and amortization	267,703	275,046	263,203
Ground/facility leases	13,513	14,151	11,855
(Gain) loss from disposition of real estate, net	(48,525)	53	(42,314)
Provision for impairment	0	17,214	0
Other operating income	0	0	(2,648)
Total operating expenses	683,240	763,152	668,215
Operating income	187,344	179,890	212,595
Nonoperating income (expenses)
Interest income	2,939	3,686	4,834
Interest expense	(112,507)	(111,287)	(99,228)
Amortization of deferred financing costs	(5,259)	(5,012)	(5,816)
(Loss) gain from extinguishment of debt, net	(4,827)	20,992	7,867
Other nonoperating income	3,507	0	1,301
Total nonoperating expenses	(116,147)	(91,621)	(91,042)
Income before income taxes	71,197	88,269	121,553
Income tax provision	(1,349)	(1,507)	(2,429)
Net income	69,848	86,762	119,124
Net income attributable to ACC, Inc. and Subsidiaries common stockholders	73,107	85,364	117,909
Series A preferred units distributions	(56)	(68)	(124)
Net income attributable to common unitholders	73,051	85,296	117,785
Other comprehensive loss
Change in fair value of interest rate swaps and other	(5,831)	(12,549)	(1,696)
Comprehensive income	$ 67,220	$ 72,747	$ 116,089
Net income per unit attributable to common unitholders
Basic (in dollars per unit)	$ 0.51	$ 0.61	$ 0.85
Diluted (in dollars per unit)	$ 0.51	$ 0.60	$ 0.84
Weighted-average common units outstanding
Basic (in units)	138,057,439	137,826,949	137,586,759
Diluted (in units)	139,178,905	138,817,890	138,493,757
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Owned Properties
Revenues
Revenues from owned properties and on-campus participating properties	$ 818,298	$ 877,565	$ 825,959
Operating expenses (income)
Operating expenses for owned properties and on-campus participating properties	378,454	390,664	373,521
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | On-campus participating properties, net
Revenues
Revenues from owned properties and on-campus participating properties	29,906	36,346	34,596
Operating expenses (income)
Operating expenses for owned properties and on-campus participating properties	13,521	15,028	14,602
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Partially owned properties
Nonoperating income (expenses)
Net loss (income) attributable to noncontrolling interests – partially owned properties	3,259	(1,398)	(1,215)
Third-party development services
Revenues
Revenues	7,543	13,051	7,281
Third-party development services | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Revenues
Revenues	7,543	13,051	7,281
Third-party management services
Revenues
Revenues	12,436	12,936	9,814
Third-party management services | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Revenues
Revenues	12,436	12,936	9,814
Resident services
Revenues
Revenues	2,401	3,144	3,160
Resident services | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Revenues
Revenues	$ 2,401	$ 3,144	$ 3,160

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY/ CAPITAL - USD ($) $ in Thousands	Total	Common Shares	Additional Paid in Capital	Common Stock Held in Rabbi Trust	Accumulated Earnings and Dividends	Accumulated Other Comprehensive (Loss) Income	Noncontrolling InterestPartially owned properties	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LPGeneral Partner	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LPLimited Partner	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LPAccumulated Other Comprehensive (Loss) Income	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LPNoncontrolling InterestPartially owned properties
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock held in rabbi trust (in shares)				63,778
Distributions to common and restricted unit holders and other, per unit								$ 1.82
Beginning Balance (in shares) at Dec. 31, 2017		136,362,728
Beginning Balance at Dec. 31, 2017	$ 3,498,958	$ 1,364	$ 4,326,910	$ (2,944)	$ (837,644)	$ (2,701)	$ 13,973
Beginning Balance (in units) at Dec. 31, 2017									12,222	136,414,284
Beginning Balance at Dec. 31, 2017								$ 3,498,958	$ 67	$ 3,487,619	$ (2,701)	$ 13,973
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustments to reflect redeemable noncontrolling interests at fair value	(66,079)		(66,079)					(66,079)		$ (66,079)
Amortization of restricted stock awards and vesting of restricted stock units (in shares/units)		27,376								27,376
Amortization of restricted stock awards and vesting of restricted stock units	12,176		12,176					12,176		$ 12,176
Vesting of restricted stock awards (in shares)		170,664								170,664
Vesting of restricted stock awards	(2,756)	$ 2	(2,758)					(2,756)		$ (2,756)
Distributions to common and restricted stockholders and other	(250,521)				(250,521)
Distributions to common and restricted unit holders and other								(250,521)	(22)	(250,499)
Contributions by noncontrolling interests - partially owned properties	212,481						212,481	212,481				212,481
Distributions to noncontrolling interests - partially owned properties	(152,325)						(152,325)	(152,325)				(152,325)
Change in ownership of consolidated subsidiary	165,043		174,515				(9,472)	165,043		$ 174,515		(9,472)
Conversion of common and preferred operating partnership units to common stock (in shares/units)		412,343								412,343
Conversion of common and preferred operating partnership units to common stock	13,332	$ 4	13,328					13,332		$ 13,332
Change in fair value of interest rate swaps and other	(1,696)					(1,696)		(1,696)			(1,696)
Termination of interest rate swaps	0
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits) (in shares)		(5,825)		5,825
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits)	0		148	$ (148)
Net income	118,188				117,095		1,093	118,188	$ 10	$ 117,085		1,093
Ending Balance (in shares) at Dec. 31, 2018		136,967,286
Ending Balance at Dec. 31, 2018	3,546,801	$ 1,370	4,458,240	$ (3,092)	(971,070)	(4,397)	65,750
Ending Balance (in units) at Dec. 31, 2018									12,222	137,024,667
Ending Balance at Dec. 31, 2018								$ 3,546,801	$ 55	$ 3,485,393	(4,397)	65,750
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock held in rabbi trust (in shares)				69,603
Distributions to common and restricted unit holders and other, per unit								$ 1.87
Adjustments to reflect redeemable noncontrolling interests at fair value	(14,350)		(14,350)					$ (14,350)		$ (14,350)
Amortization of restricted stock awards and vesting of restricted stock units (in shares/units)		18,318								18,318
Amortization of restricted stock awards and vesting of restricted stock units	13,617		13,617					13,617		$ 13,617
Vesting of restricted stock awards (in shares)		180,961								180,961
Vesting of restricted stock awards	(3,975)	$ 2	(3,977)					(3,975)		$ (3,975)
Distributions to common and restricted stockholders and other	(258,620)				(258,620)
Distributions to common and restricted unit holders and other								(258,620)	(23)	(258,597)
Contributions by noncontrolling interests - partially owned properties	924						924	924				924
Distributions to noncontrolling interests - partially owned properties	(8,425)						(8,425)	(8,425)				(8,425)
Change in ownership of consolidated subsidiary	(16,805)		(1,544)				(15,261)	(16,805)		$ (1,544)		(15,261)
Conversion of common and preferred operating partnership units to common stock (in shares/units)		168,584								168,584
Conversion of common and preferred operating partnership units to common stock	6,077	$ 1	6,076					6,077		$ 6,077
Change in fair value of interest rate swaps and other	610					610		610			610
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)		(8,325)		8,325
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits)	0		394	$ (394)
Net income	85,979				84,969		1,010	85,979	$ 8	$ 84,961		1,010
Ending Balance (in shares) at Dec. 31, 2019		137,326,824
Ending Balance at Dec. 31, 2019	$ 3,338,674	$ 1,373	4,458,456	$ (3,486)	(1,144,721)	(16,946)	43,998
Ending Balance (in units) at Dec. 31, 2019									12,222	137,392,530
Ending Balance at Dec. 31, 2019								$ 3,338,674	$ 40	$ 3,311,582	(16,946)	43,998
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock held in rabbi trust (in shares)	77,928			77,928
Distributions to common and restricted unit holders and other, per unit								$ 1.88
Adjustments to reflect redeemable noncontrolling interests at fair value	$ 2,002		2,002					$ 2,002		$ 2,002
Amortization of restricted stock awards and vesting of restricted stock units (in shares/units)		27,644								27,644
Amortization of restricted stock awards and vesting of restricted stock units	15,424		15,424					15,424		$ 15,424
Vesting of restricted stock awards (in shares)		199,695								199,695
Vesting of restricted stock awards	(4,175)	$ 2	(4,177)					(4,175)		$ (4,175)
Distributions to common and restricted stockholders and other	(260,771)				(260,771)
Distributions to common and restricted unit holders and other								(260,771)	(23)	(260,748)
Contributions by noncontrolling interests - partially owned properties	6,110						6,110	6,110				6,110
Distributions to noncontrolling interests - partially owned properties	(4,419)						(4,419)	(4,419)				(4,419)
Change in fair value of interest rate swaps and other	(5,831)					(5,831)		(5,831)			(5,831)
Termination of interest rate swaps	0
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits) (in shares)		(13,818)		13,818
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits)	0		465	$ (465)
Net income	69,523				72,803		(3,280)	69,523	$ 6	$ 72,797		(3,280)
Ending Balance (in shares) at Dec. 31, 2020		137,540,345
Ending Balance at Dec. 31, 2020	$ 3,156,537	$ 1,375	$ 4,472,170	$ (3,951)	$ (1,332,689)	$ (22,777)	$ 42,409
Ending Balance (in units) at Dec. 31, 2020									12,222	137,619,869
Ending Balance at Dec. 31, 2020								$ 3,156,537	$ 23	$ 3,136,882	$ (22,777)	$ 42,409
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock held in rabbi trust (in shares)	91,746			91,746

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating activities
Net income	$ 69,848	$ 86,762	$ 119,124
Adjustments to reconcile net income to net cash provided by operating activities:
(Gain) loss from disposition of real estate	(48,525)	53	(42,314)
Gain from insurance and litigation settlements	(1,100)	0	(1,245)
Loss (gain) from extinguishment of debt	4,827	(20,992)	(7,867)
Gain from early repayment of notes receivable	(2,136)	0	0
Provision for impairment	0	17,214	0
Depreciation and amortization	267,703	275,046	263,203
Amortization of deferred financing costs and debt premiums/discounts	1,140	538	885
Share-based compensation	15,424	13,617	12,176
Income tax provision	1,349	1,507	2,429
Amortization of interest rate swap terminations	1,705	1,133	412
Termination of interest rate swaps	0	(13,159)	0
Changes in operating assets and liabilities:
Student contracts receivable, net	2,340	(5,407)	148
Other assets	10,757	(4,445)	(9,570)
Accounts payable and accrued expenses	(5,308)	(1,532)	31,299
Other liabilities	33,093	20,044	7,941
Net cash provided by operating activities	351,117	370,379	376,621
Investing activities
Proceeds from disposition of properties	146,144	108,562	242,284
Cash paid for land acquisitions	(22,032)	(8,559)	(26,626)
Proceeds from notes receivable	45,432	5,333	0
Other investing activities	(980)	(3,370)	(1,669)
Net cash used in investing activities	(207,432)	(416,140)	(335,812)
Financing activities
Proceeds from unsecured notes	795,808	398,816	0
Pay-off of mortgage and construction loans	(124,559)	(53,818)	(186,347)
Defeasance costs related to early extinguishment of debt	(4,156)	0	(2,726)
Proceeds from revolving credit facility	1,902,600	949,000	1,095,500
Paydowns of revolving credit facility	(1,957,200)	(910,600)	(835,800)
Proceeds from construction loans	0	31,611	100,882
Proceeds from mortgage loans	0	0	330,000
Scheduled principal payments on debt	(11,852)	(11,938)	(11,704)
Debt issuance costs	(9,614)	(6,462)	(656)
Increase in ownership of consolidated subsidiary	(77,200)	(105,109)	(10,486)
Contribution by noncontrolling interests	5,414	1,174	379,391
Taxes paid on net-share settlements	(4,175)	(3,975)	(2,756)
Distributions paid to common and restricted stockholders	(260,771)	(258,620)	(250,521)
Net cash (used) provided by financing activities	(151,061)	20,592	936
Net change in cash, cash equivalents, and restricted cash	(7,376)	(25,169)	41,745
Cash, cash equivalents, and restricted cash at beginning of period	81,348	106,517	64,772
Cash, cash equivalents, and restricted cash at end of period	73,972	81,348	106,517
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Total cash, cash equivalents, and restricted cash at end of period	81,348	106,517	106,517
Supplemental disclosure of non-cash investing and financing activities
Conversion of common and preferred operating partnership units to common stock	0	6,077	13,332
Contribution of Property	696	0	8,729
Accrued development costs and capital expenditures	28,994	37,260	54,975
Change in fair value of redeemable noncontrolling interest	2,002	(14,350)	(66,079)
Change in ownership of consolidated subsidiary	0	0	(175,529)
Initial recognition of operating lease right of use assets	0	463,445	0
Initial recognition of operating lease liabilities	0	462,495	0
Non-cash extinguishment of debt, including accrued interest	0	(34,570)	0
Net assets surrendered in conjunction with extinguishment of debt	0	13,578	0
Supplemental disclosure of cash flow information
Interest paid, net of amounts capitalized	108,791	114,450	101,841
Income taxes paid	1,455	3,041	1,060
Noncontrolling Interests - Partially Owned Properties
Financing activities
Distributions paid	(5,356)	(9,487)	(153,841)
Owned Properties
Investing activities
Capital expenditures	(58,312)	(70,846)	(70,809)
Owned properties under development
Investing activities
Capital expenditures	(315,586)	(444,362)	(475,338)
On-campus participating properties, net
Investing activities
Capital expenditures	(2,098)	(2,898)	(3,654)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Operating activities
Net income	69,848	86,762	119,124
Adjustments to reconcile net income to net cash provided by operating activities:
(Gain) loss from disposition of real estate	(48,525)	53	(42,314)
Gain from insurance and litigation settlements	(1,100)	0	(1,245)
Loss (gain) from extinguishment of debt	4,827	(20,992)	(7,867)
Gain from early repayment of notes receivable	(2,136)	0	0
Provision for impairment	0	17,214	0
Depreciation and amortization	267,703	275,046	263,203
Amortization of deferred financing costs and debt premiums/discounts	1,140	538	885
Share-based compensation	15,424	13,617	12,176
Income tax provision	1,349	1,507	2,429
Amortization of interest rate swap terminations	1,705	1,133	412
Termination of interest rate swaps	0	(13,159)	0
Changes in operating assets and liabilities:
Student contracts receivable, net	2,340	(5,407)	148
Other assets	10,757	(4,445)	(9,570)
Accounts payable and accrued expenses	(5,308)	(1,532)	31,299
Other liabilities	33,093	20,044	7,941
Net cash provided by operating activities	351,117	370,379	376,621
Investing activities
Proceeds from disposition of properties	146,144	108,562	242,284
Cash paid for land acquisitions	(22,032)	(8,559)	(26,626)
Proceeds from notes receivable	45,432	5,333	0
Other investing activities	(980)	(3,370)	(1,669)
Net cash used in investing activities	(207,432)	(416,140)	(335,812)
Financing activities
Proceeds from unsecured notes	795,808	398,816	0
Pay-off of mortgage and construction loans	(124,559)	(53,818)	(186,347)
Defeasance costs related to early extinguishment of debt	(4,156)	0	(2,726)
Proceeds from revolving credit facility	1,902,600	949,000	1,095,500
Paydowns of revolving credit facility	(1,957,200)	(910,600)	(835,800)
Proceeds from construction loans	0	31,611	100,882
Proceeds from mortgage loans	0	0	330,000
Scheduled principal payments on debt	(11,852)	(11,938)	(11,704)
Debt issuance costs	(9,614)	(6,462)	(656)
Increase in ownership of consolidated subsidiary	(77,200)	(105,109)	(10,486)
Contribution by noncontrolling interests	5,414	1,174	379,391
Taxes paid on net-share settlements	(4,175)	(3,975)	(2,756)
Net cash (used) provided by financing activities	(151,061)	20,592	936
Net change in cash, cash equivalents, and restricted cash	(7,376)	(25,169)	41,745
Cash, cash equivalents, and restricted cash at beginning of period	81,348	106,517	64,772
Cash, cash equivalents, and restricted cash at end of period	73,972	81,348	106,517
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Total cash, cash equivalents, and restricted cash at end of period	81,348	81,348	106,517
Supplemental disclosure of non-cash investing and financing activities
Conversion of common and preferred operating partnership units to common stock	0	6,077	13,332
Contribution of Property	696	0	8,729
Accrued development costs and capital expenditures	28,994	37,260	54,975
Change in fair value of redeemable noncontrolling interest	2,002	(14,350)	(66,079)
Change in ownership of consolidated subsidiary	0	0	(175,529)
Initial recognition of operating lease right of use assets	0	463,445	0
Initial recognition of operating lease liabilities	0	462,495	0
Non-cash extinguishment of debt, including accrued interest	0	(34,570)	0
Net assets surrendered in conjunction with extinguishment of debt	0	13,578	0
Supplemental disclosure of cash flow information
Interest paid, net of amounts capitalized	108,791	114,450	101,841
Income taxes paid	1,455	3,041	1,060
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Common and preferred units
Financing activities
Distributions paid	(259,566)	(257,780)	(250,515)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Unvested restricted Awards
Financing activities
Distributions paid	(2,142)	(1,902)	(1,522)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Partially owned properties
Financing activities
Distributions paid	(4,419)	(8,425)	(152,325)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Owned Properties
Investing activities
Capital expenditures	(58,312)	(70,846)	(70,809)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Owned properties under development
Investing activities
Capital expenditures	(315,586)	(444,362)	(475,338)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | On-campus participating properties, net
Investing activities
Capital expenditures	(2,098)	(2,898)	(3,654)
Unsecured notes, net
Financing activities
Payoff of unsecured debt	(400,000)	0	0
Unsecured notes, net | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Financing activities
Payoff of unsecured debt	(400,000)	0	0
Term loans
Financing activities
Payoff of unsecured debt	0	0	(450,000)
Term loans | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Financing activities
Payoff of unsecured debt	$ 0	$ 0	$ (450,000)

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY/ CAPITAL (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Distributions to common and restricted stockholders and other (in dollars per share / unit)	$ 1.88	$ 1.87	$ 1.82

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 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. The general partner of ACCOP is American Campus Communities Holdings, LLC (“ACC Holdings”), an entity that is wholly-owned by ACC. As of December 31, 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 December 31, 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” mean collectively ACC, ACCOP, and those entities/subsidiaries owned or controlled by ACC and/or ACCOP. References to the “Operating Partnership” mean collectively ACCOP and those entities/subsidiaries owned or controlled by ACCOP. Unless otherwise indicated, the accompanying Notes to the Consolidated Financial Statements apply to both the Company and the Operating Partnership. As of December 31, 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, eight of 10 phases at one property were under development as of December 31, 2020, and when completed will consist of a total of approximately 8,800 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 December 31, 2020, also through one of ACC’s TRSs, the Company provided third-party management and leasing services for 40 properties that represented approximately 29,200 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 December 31, 2020, the Company’s total owned and third-party managed portfolio included 206 properties with approximately 141,100 beds.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements, presented in U.S. dollars, are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and revenue and expenses during the reporting periods. The Company’s actual results could differ from those estimates and assumptions. All material intercompany transactions among consolidated entities have been eliminated. All dollar amounts in the tables herein, except share, per share, unit and per unit amounts, are stated in thousands unless otherwise indicated. Principles of Consolidation The Company’s consolidated financial statements include its accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which it has control. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities (“VIEs”), which requires the consolidation of VIEs in which the Company is considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation using the voting interest model. Recently Issued Accounting Pronouncements and Securities and Exchange Commission (“SEC”) Rules 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 SEC adopted rules that amended the financial disclosure requirements for subsidiary issuers and guarantors of registered debt securities in Rule 3-10 of Regulation S-X. Subsequently, in November 2020, the FASB issued ASU 2020-09 which revises SEC paragraphs of the codification to reflect, as appropriate, the amended disclosure requirements mentioned above. 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. Both rules are effective on January 4, 2021, but earlier compliance is permitted. The Company is in the process of evaluating the rules and their potential effect on the consolidated financial statements and related disclosures of ACCOP. In August 2020, the FASB issued ASU 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity" which simplifies the accounting for convertible instruments and accounting for contracts in an entity’s own equity. Under the new guidance, entities will only analyze whether cash settlements are explicitly required when registered shares are unavailable. As a result, such contracts may be classified in permanent rather than mezzanine equity, which may affect the way American Campus Communities Operating Partnership Units (“OP Units") are presented on the Company's consolidated balance sheets. The update is effective for the Company beginning on January 1, 2022, but early adoption is allowed beginning January 1, 2021. The Company is in the process of evaluating the impact of adopting the new standard on its consolidated financial statements. In addition, the Company does not expect the following accounting pronouncement 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 amended the transition requirements and scope of ASU 2016-13 and clarified 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 Accounting Standards Codification 842, Leases. 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 were covered under this guidance. Based on this analysis, the Company concluded the 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 or ground lease expense, as applicable, on a straight-line basis over the remaining term of the lease. 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 than the original lease payments prior to the concession being granted. The Company 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 or ground lease expense from such leases in the period the concessions were granted. Refer to Note 14 for additional information. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Investments in Real Estate Capitalization Policy and Useful Lives Investments in real estate are recorded at historical cost. Major improvements that extend the life of an asset are capitalized and depreciated over the remaining useful life of the asset. The cost of ordinary repairs and maintenance are expensed as incurred. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings and improvements 7 - 40 years Leasehold interest - on-campus participating properties 25 - 34 years (shorter of useful life or respective lease term) Furniture, fixtures and equipment 3 - 7 years Project costs directly associated with the development and construction of an owned real estate project, which include interest, property taxes, and amortization of deferred financing costs, are capitalized as construction in progress. Upon completion of the project, costs are transferred into the applicable asset category and depreciation commences. Interest totaling approximately $12.1 million, $12.1 million, and $11.7 million was capitalized during the years ended December 31, 2020, 2019, and 2018, respectively. Impairment Assessment Management assesses whether there has been an impairment in the value of the Company’s investments in real estate whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment is recognized when estimated expected future undiscounted cash flows are less than the carrying value of the property, or when a property meets the criteria to be classified as held for sale, at which time an impairment charge is recognized for any excess of the carrying value of the property over the expected net proceeds from the disposal. The estimation of expected future net cash flows uses estimates, including capitalization rates and growth rates, which are inherently uncertain and rely on assumptions regarding current and future economics and market conditions. If such conditions change, then an adjustment to the carrying value of the Company’s long-lived assets could occur in the future period in which the conditions change. To the extent that a property is impaired, the excess of the carrying amount of the property over its estimated fair value is charged to earnings. In the case of any impairment, the valuation would be based on Level 3 inputs. As of December 31, 2020, the Company concluded the global economic disruption caused by COVID-19, which was characterized on March 11, 2020 by the World Health Organization as a pandemic, was a potential impairment indicator. For investments in real estate in which the Company concluded an indicator of impairment existed, it performed a quantitative analysis and concluded that the carrying value of each investment in real estate was recoverable from the respective estimated undiscounted future cash flows. As a result, there were no impairments of the carrying values of the Company’s investments in real estate as of December 31, 2020. During the year ended December 31, 2019, concurrent with the classification of one owned property as held for sale, the Company recorded a $3.2 million impairment charge which is included in provision for impairment within operating income on the accompanying consolidated statements of comprehensive income. Refer to Note 6 for additional information regarding the disposition. There were no impairment charges during the year ended December 31, 2018. Land Acquisitions Land acquisitions are accounted for as asset acquisitions, as substantially all of the fair value of the acquisition is concentrated in a single identifiable asset. In an asset acquisition, assets acquired are measured based on the cost of the acquisition, which is the consideration transferred to the seller and direct transaction costs related to the acquisition. Assets Held for Sale Long-lived assets to be disposed of are classified as held for sale in the period in which all of the following criteria are met: a. Management, having the authority to approve the action, commits to a plan to sell the asset. b. The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. c. An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated. d. The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year. e. The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. f. Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Concurrent with this classification, the asset is recorded at the lower of cost or fair value less estimated selling costs, and depreciation ceases. The Company did not have any properties classified as held for sale as of December 31, 2020 and 2019. Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company maintains cash balances in various banks. At times, the Company’s balances may exceed the amount insured by the FDIC. As the Company only uses money-centered financial institutions, the Company does not believe it is exposed to any significant credit risk related to its cash and cash equivalents. Restricted Cash Restricted cash consists of funds held in trusts that were established in connection with three bond issues for the Company’s on-campus participating properties. The funds are invested in low risk investments, generally consisting of government backed securities, as permitted by the indentures of trusts. Additionally, restricted cash includes escrow accounts held by lenders and resident security deposits, as required by law in certain states. Restricted cash also consists of escrow deposits made in connection with potential property acquisitions and development opportunities. These escrow deposits are invested in interest-bearing accounts at federally-insured banks. Realized and unrealized gains and losses are not material for the periods presented. Loans Receivable In 2013, as part of the settlement of a litigation matter related to a third-party management contract assumed in connection with the Company’s 2008 acquisition of GMH Communities Trust, the Company acquired a protective advance note and outstanding bond insurer claim (collectively, the “Loans Receivable”) from National Public Finance Guarantee Corporation for an aggregate of approximately $52.8 million. The Loans Receivable carried an interest rate of 5.12% and were secured by a lien on, and the cash flows from, two student housing properties in close proximity to the University of Central Florida. In October 2020, the properties were recapitalized and, as a result, the Company received full repayment of the outstanding Loans Receivable balance plus accrued interest, totaling $55.0 million. Upon repayment of the Loans Receivable, the remaining unamortized discount associated with the Loans Receivable of $2.1 million was recorded as a gain in other nonoperating income on the accompanying consolidated statements of comprehensive income. As of December 31, 2019, the Loans Receivable carried a balance, net of unamortized discount of $2.3 million, of approximately $50.6 million. Leases When the Company enters into a contract or amends an existing contract, it evaluates whether the contract meets the definition of a lease under ASC Topic 842 - Leases ("ASC 842"). To meet the definition of a lease, the contract must meet all three of the following criteria: • One party (lessor) must hold an identified asset; • The counterparty (lessee) must have the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of the contract; and • The counterparty (lessee) must have the right to direct the use of the identified asset throughout the period of the contract. As Lessee The Company classifies leases as either operating or finance leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized on a straight-line basis over the term of the lease (operating lease) or under the effective interest method (finance lease). In addition, the authoritative guidance requires lessees to recognize right-of-use ("ROU") assets and related lease liabilities for leases with a term greater than 12 months regardless of their lease classification. The Company, as lessee, has entered into 49 ground/facility and office space lease agreements, which qualify as operating leases under ASC 842. These leases include leases entered into under the ACE program with university systems and Walt Disney World ® Resort, leases with local and regional land owners for owned off-campus properties, leases for corporate office space, and leases under the on-campus participating property (“OCPP”) structure. Leases entered into under the ACE program are used for the purpose of financing, constructing, and managing student housing properties. These leases are transferable and financeable, and the lessor has title to the land and in some cases any improvements placed thereon. Leases entered into under the OCPP structure are used for the purpose of developing, constructing and operating student housing facilities on university campuses. Under the terms of these leases, title to the land and constructed facilities is held by the lessor and such lessor receives a de minimis base rent paid at inception and 50% of defined net cash flows on an annual basis through the term of the lease. Under ground/facility leases, the lessors receive annual minimum base rent, variable rent based upon the operating performance of the property, or a combination thereof. The leases have initial terms, excluding extension options, ranging from seven years to 102 years. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company records base rent expense under the straight-line method over the term of the lease, and variable rent expense is recorded when the achievement of the target is considered probable. For properties under construction, straight-line rent is capitalized during the construction period and expensed upon the commencement of operations For purposes of calculating the ROU asset and lease liability for such leases, extension options are not included in the lease term unless it is reasonably certain that the Company will exercise the option, or the lessor has the sole ability to exercise the option. As most of the Company’s leases do not contain an implicit rate, the Company uses its incremental borrowing rate to determine the present value of the lease payments, which is the interest rate that the Company estimates it would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. In determining this rate, we analyze company-specific factors, such as credit risk, lease-specific factors such as lease term, lease payments, and collateral, as well as overall economic conditions. The weighted average incremental borrowing rate was 5.36% as of December 31, 2020. As Lessor The Company classifies leases as either sales-type, direct financing, or operating leases. A lease will be treated as a sales-type lease if it is considered to transfer control of the underlying asset to the lessee. A lease will be classified as a direct-financing lease if risks and rewards are conveyed without the transfer of control. Otherwise, the lease is treated as an operating lease. The Company elected to adopt the practical expedient that allows lessors to not separate certain lease and non-lease components for common area maintenance and the related rental revenue, as it determined that the timing and pattern of transfer is the same. Operating Leases The Company’s primary business involves leasing properties to students under agreements that are classified as operating leases and 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. Refer to Note 7 for additional information on our owned real estate assets, which are the underlying assets under our operating leases. The Company expenses, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. These costs include internal leasing payroll costs, as well as certain legal expenses incurred when negotiating commercial leases. Additionally, the Company evaluates collectability of all operating lease payments in a contract at lease commencement and thereafter. The Company concludes that operating lease payments are probable of collection at lease commencement. If the operating lease payments are subsequently deemed not probable of collection, adjustments are recognized as a reduction to lease income and, subsequently, any lease revenue is only recognized when cash receipts are received. The Company also maintains an allowance for uncollectible operating lease receivables. If, after lease commencement, the assessment of collectability on operating lease payments changes, the Company will determine whether the allowance adequately contemplated this change. Any changes to the provision for uncollectible accounts are presented as a reduction to revenue in the accompanying consolidated statements of comprehensive income. Determining the probability of collection is impacted by numerous factors including tenant creditworthiness, economic conditions, and the Company's historical experience with tenants. Sales-type Leases In certain instances at ACE properties, the ground lease agreement may require the Company to construct additional facilities desired by the ground lessor and subsequently lease those facilities to the ground lessor over a specified period. These facilities will ultimately be owned, managed, and funded by the ground lessors. Such spaces include but are not limited to dining, childcare, retail, academic, and office facilities. In this type of transaction, title to the facilities transfers to the ground lessor at the end of the lease term, and lease payments are structured to effectively reimburse the Company for the cost of constructing the additional facilities plus interest. As control of the underlying asset in these agreements transfers to the ground lessor at the end of the lease term, the leases are classified as sales-type leases. At lease inception, the Company records a net investment in the lease, which is equal to the sum of the lease receivable and the unguaranteed residual asset, discounted at the rate implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered selling profit or loss. Due to the nature of these transactions, the net investment in the lease is equal to the sum of the lease receivable, discounted at the rate implicit in the lease, and therefore no selling profit or loss is recorded. The cash rent the Company receives from tenants is not entirely recorded as rental revenue, but rather a portion is recorded as interest income and a portion is recorded as a reduction to the lease receivable, based on the effective interest method at a constant rate of return over the terms of the applicable leases. The Company's net investment in sales-type leases was $18.6 million and $6.3 million as of December 31, 2020 and 2019, respectively, which is included in other assets in the accompanying consolidated balance sheets. The weighted average remaining term of these leases was 21.2 years as of December 31, 2020. The Company recorded $0.4 million, $0.4 million, and $0.2 million of interest income related to these leases for the years ended December 31, 2020, 2019, and 2018. Intangible Assets A portion of the purchase price of acquired properties is allocated to the value of in-place leases for both student and commercial tenants, which is based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued “as-if” vacant. As lease terms for student leases are typically one year or less, rates on in-place leases generally approximate market rental rates. Factors considered in the valuation of in-place leases include an estimate of the carrying costs during the expected lease-up period considering current market conditions, nature of the tenancy, and costs to execute similar leases. Carrying costs include estimates of lost rents at market rates during the expected lease-up period as well as marketing and other operating expenses. The value of in-place leases is amortized over the remaining initial term of the respective leases. The purchase price of property acquisitions is not allocated to student tenant relationships, considering the terms of the leases and the expected levels of renewals. For acquired properties subject to an in-place property tax incentive arrangement, a portion of the purchase price is allocated to the present value of expected future property tax savings over the projected incentive arrangement period. There were no new acquisitions or investments in joint ventures during the years ended December 31, 2020 and 2019, that required an allocation to in-place property tax incentive arrangements assumed. Unamortized in-place property tax incentive arrangements as of December 31, 2020 and 2019 were approximately $34.5 million and $38.6 million, respectively, and are included in other assets on the accompanying consolidated balance sheets. Amortization expense was approximately $3.4 million, $3.5 million, and $3.7 million for the years ended December 31, 2020, 2019, and 2018, respectively, and is included in owned properties operating expense in the accompanying consolidated statements of comprehensive income. As of December 31, 2020, the remaining weighted average tax incentive arrangement period was 18.1 years. During the year ended December 31, 2019, the Company recorded a $14.0 million impairment charge associated with a tax incentive arrangement that was recorded upon acquisition of an owned property in 2015 due to current facts and circumstances indicating that the originally assumed property tax savings will not materialize. This impairment charge is based on Level 3 inputs and is included in provision for impairment on the accompanying consolidated statements of comprehensive income. Deferred Financing Costs The Company defers financing costs and amortizes the costs over the terms of the related debt using the effective interest method. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to earnings. When debt modifications do not include material changes to the terms of the underlying debt agreement, unamortized costs of the original instrument are added to the costs of the modification and amortized over the life of the modified debt using the effective interest method. Deferred financing costs, net of amortization, for the Company’s revolving credit facility are included in other assets on the accompanying consolidated balance sheets. Net deferred financing costs for the Company’s revolving credit facility as of December 31, 2020, and 2019 were approximately $1.9 million and $3.5 million, respectively. Net deferred financing costs for the Company's secured mortgage and bond debt, unsecured notes, and unsecured term loans are presented as a reduction to the unpaid principal balance of the respective debt in the accompanying consolidated balance sheets. Refer to Note 9 for additional information regarding these balances. Redeemable Noncontrolling Interests The Company follows guidance issued by the FASB regarding the classification and measurement of redeemable securities. Under this guidance, securities that are redeemable for cash or other assets, at the option of the holder and not solely within the control of the issuer, must be classified outside of permanent equity as redeemable noncontrolling interests. The Company makes this determination based on terms in the applicable agreements, specifically in relation to redemption provisions. The Company initially records the redeemable noncontrolling interests at fair value. The carrying amount of the redeemable noncontrolling interest is subsequently adjusted to the redemption value (assuming the noncontrolling interest is redeemable at the balance sheet date), with the corresponding offset for changes in fair value recorded in additional paid in capital. Reductions in fair value are recorded only to the extent that the Company has previously recorded increases in fair value above the redeemable noncontrolling interests’ initial basis. As the changes in redemption value are based on fair value, there is no effect on the Company’s earnings per share. Redeemable noncontrolling interests on the accompanying consolidated balance sheets of ACC are referred to as redeemable limited partners on the accompanying consolidated balance sheets of the Operating Partnership. Refer to Note 8 for a more detailed discussion of redeemable noncontrolling interests for both ACC and the Operating Partnership. Joint Ventures The Company consolidates joint ventures when it exhibits financial or operational control, which is determined using accounting standards related to the consolidation of joint ventures and VIEs. For joint ventures that are defined as VIEs, the primary beneficiary consolidates the entity. The Company considers itself to be the primary beneficiary of a VIE when it has the power to direct the activities that most significantly impact the performance of the VIE, such as management of day-to-day operations, preparing and approving operating and capital budgets, and encumbering or selling the related properties. In instances where the Company is not the primary beneficiary, it does not consolidate the joint venture for financial reporting purposes. For joint ventures that are not defined as VIEs, where the Company is the general partner, but does not control the joint venture due to the other partners holding substantive participating rights, the Company uses the equity method of accounting. For joint ventures where the Company is a limited partner, management evaluates whether the Company holds substantive participating rights. In instances where the Company holds substantive participating rights in the joint venture, the Company consolidates the joint venture; otherwise, it uses the equity method of accounting. 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, six joint ventures that own a total of 10 operating properties and two land parcels, 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. Presale Development Projects As part of its development strategy, the Company enters into presale agreements to purchase various properties. Under the terms of these agreements, the Company is obligated to purchase the property as long as certain construction completion deadlines a

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 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 shareholders and the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings per share reflects common shares issuable from the assumed conversion of OP Units and common share awards granted. Only those items having a dilutive impact on basic earnings per share are included in diluted earnings per share. The following potentially dilutive securities were outstanding for the years ended December 31, 2020, 2019, and 2018, but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. Year Ended December 31, 2020 2019 2018 Common OP Units (Note 8) 468,475 531,112 771,708 Preferred OP Units (Note 8) 35,242 42,421 77,513 Total potentially dilutive securities 503,717 573,533 849,221 The following is a summary of the elements used in calculating basic and diluted earnings per share: Year Ended December 31, 2020 2019 2018 Numerator - basic and diluted earnings per share Net income $ 69,848 $ 86,762 $ 119,124 Net loss (income) attributable to noncontrolling interests 2,955 (1,793) (2,029) Net income attributable to ACC, Inc. and Subsidiaries common stockholders 72,803 84,969 117,095 Amount allocated to participating securities (2,142) (1,902) (1,522) Net income attributable to common stockholders $ 70,661 $ 83,067 $ 115,573 Denominator Basic weighted average common shares outstanding 137,588,964 137,295,837 136,815,051 Unvested restricted stock awards (Note 11) 1,121,466 990,941 906,998 Diluted weighted average common shares outstanding 138,710,430 138,286,778 137,722,049 Earnings per share Net income attributable to common stockholders - basic $ 0.51 $ 0.61 $ 0.84 Net income attributable to common stockholders - diluted $ 0.51 $ 0.60 $ 0.84 Earnings Per Unit – Operating Partnership Basic earnings per OP Unit is computed using net income attributable to common unitholders and the weighted average number of common units outstanding during the period. Diluted earnings per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units or resulted in the issuance of OP Units and then shared in the earnings of the Operating Partnership. The following is a summary of the elements used in calculating basic and diluted earnings per unit: Year Ended December 31, 2020 2019 2018 Numerator - basic and diluted earnings per unit Net income $ 69,848 $ 86,762 $ 119,124 Net income attributable to noncontrolling interests – partially owned properties 3,259 (1,398) (1,215) Series A preferred unit distributions (56) (68) (124) Amount allocated to participating securities (2,142) (1,902) (1,522) Net income attributable to common unitholders $ 70,909 $ 83,394 $ 116,263 Denominator Basic weighted average common units outstanding 138,057,439 137,826,949 137,586,759 Unvested restricted stock awards (Note 11) 1,121,466 990,941 906,998 Diluted weighted average common units outstanding 139,178,905 138,817,890 138,493,757 Earnings per unit Net income attributable to common unitholders - basic $ 0.51 $ 0.61 $ 0.85 Net income attributable to common unitholders - diluted $ 0.51 $ 0.60 $ 0.84

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes As mentioned in Note 2, the Company qualifies as a REIT under the Code. As a REIT, the Company is not subject to federal income tax as long as it distributes at least 90% of its taxable income to its shareholders each year. If the Company’s taxable income exceeds its distributions for the year, the REIT tax rules allow the Company to designate distributions from a subsequent tax year in order to avoid current taxation on undistributed income. No provision for federal income taxes for the REIT has been included in the accompanying consolidated financial statements as the Company expects to meet the 90% annual distribution requirement. If the Company fails to qualify as a REIT, the Company will be subject to federal income tax (including any applicable alternative minimum tax for tax years ending on or prior to December 31, 2017) on its taxable income and to federal income and excise taxes on its undistributed income. In addition, ACCOP is a flow-through entity and is not subject to federal income taxes at the entity level. Historically, the Company has incurred only state and local income, franchise, and margin taxes. The Company’s TRSs are subject to federal, state, and local income taxes. As such, deferred income taxes result from temporary differences between the carrying amounts of assets and liabilities of the TRSs for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are measured using enacted tax rates in effect in the years in which those temporary differences are expected to reverse. Significant components of the deferred tax assets and liabilities of the TRSs are as follows: December 31, 2020 2019 Deferred tax assets Fixed and intangible assets $ 1,669 $ 1,488 Net operating loss carryforwards 8,207 7,290 Prepaid and deferred income 1,060 1,115 Bad debt reserves 675 528 Leases 3,314 3,480 Accrued expenses and other 3,795 4,049 Stock compensation 3,084 2,636 Total deferred tax assets 21,804 20,586 Valuation allowance for deferred tax assets (18,578) (17,121) Deferred tax assets, net of valuation allowance 3,226 3,465 Deferred tax liability Leases (3,189) (3,413) Deferred financing costs (37) (52) Net deferred tax liabilities $ — $ — Significant components of the Company’s income tax provision are as follows: Year Ended December 31, 2020 2019 2018 Current Federal $ (103) $ (157) $ — State (1,246) (1,350) (2,429) Deferred Federal — — — State — — — Total provision $ (1,349) $ (1,507) $ (2,429) TRS earnings subject to tax consisted of a loss of approximately $5.4 million, income of approximately $10.0 million, and a loss of approximately $2.0 million for the years ended December 31, 2020, 2019, and 2018, respectively. The reconciliation of income tax for the TRSs computed at the U.S. statutory rate to income tax provision is as follows: Year Ended December 31, 2020 2019 2018 Tax benefit (provision) at U.S. statutory rates on TRS income $ 1,536 $ (789) $ 327 State income tax, net of federal income tax benefit (provision) 278 (57) 13 Effect of permanent differences and other (8) 5 (154) (Increase) decrease in valuation allowance (1,806) 841 (186) TRS income tax provision $ — $ — $ — At December 31, 2020, the TRSs had net operating loss carryforwards (“NOLs”) of approximately $33.7 million for income tax purposes that begin to expire in 2031. These NOLs may be used to offset future taxable income generated by each of the respective TRSs. Due to the various limitations to which the use of NOLs are subject, the Company has applied a valuation allowance to the NOLs given the likelihood that the NOLs will expire unused. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states’ jurisdictions as required, and as of December 31, 2020, the 2019, 2018 and 2017 calendar tax years are subject to examination by the tax authorities. The Company had no material unrecognized tax benefits for the years ended December 31, 2020, 2019, and 2018, and as of December 31, 2020, the Company does not expect to record any material unrecognized tax benefits. Because no material unrecognized tax benefits have been recorded, no related interest or penalties have been calculated. A schedule of per share distributions the Company paid and reported to its shareholders, which is unaudited, is set forth in the following table: Year Ended December 31, Tax Treatment of Distributions 2020 2019 2018 Ordinary income $ 1.1004 $ 0.6625 $ — Long-term capital gain (1) 0.3560 1.2075 1.8200 Return of capital 0.4236 — — Total per common share outstanding $ 1.8800 $ 1.8700 $ 1.8200 (1) Unrecaptured Section 1250 gains of $0.2052, $0.3827 and $0.4008 were reported for the years ended December 31, 2020, 2019 and 2018, respectively.

Acquisitions and Joint Venture

Acquisitions and Joint Venture Investments	12 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
Acquisitions and Joint Venture Investments	Acquisitions and Joint Venture Investments Joint Venture Transaction In August 2020, the Company executed an agreement to enter into a joint venture arrangement with a third-party partner to develop a property located in Nashville, TN (the “Nashville Joint Venture”). The Company’s contribution consisted of cash and pre-development expenditures totaling $5.6 million in exchange for a 50% ownership interest in the Nashville Joint Venture. Additionally, as part of the transaction, the Company financed the third-party partner’s contribution with a $5.4 million, two-year note receivable (the “Note”) at a 6.5% annual interest rate. The third-party partner contributed the proceeds from the Note as well as pre-development and transaction costs of approximately $0.7 million in exchange for a 50% ownership interest in the Nashville Joint Venture. In September 2020, the Nashville Joint Venture purchased a land parcel for $11.3 million including transaction costs. The Nashville Joint Venture was determined to be a VIE with the Company being the primary beneficiary. As such, the Nashville Joint Venture is included in the Company’s consolidated financial statements contained herein and the third-party partner’s ownership interest is accounted for as noncontrolling interest - partially owned properties. Prior to the construction of the project, the Company and its current third-party partner intend to identify an additional third-party partner who will contribute additional equity to the project, at which time the Company and its current third-party partner will become noncontrolling partners. Presale Development Projects During the year ended December 31, 2019, two properties containing 783 beds and subject to presale agreements were completed and acquired by the Company for $110.2 million. The purchase price included $8.6 million related to the purchase of the land on which one of the properties is built. Additionally, upon acquisition, the third-party developer repaid an $18.5 million mezzanine loan, including accrued interest, that the Company provided to one of the projects during the construction period. During the year ended December 31, 2018, The Edge - Stadium Centre, a 412-bed off-campus development property subject to a presale agreement, was completed and acquired by the Company for $42.6 million, including $10.0 million related to the purchase of the land on which the property is built. As presale development properties are consolidated by the Company from time of execution of the presale agreements with the developers, the closing of the transactions was accounted for as an increase in ownership of a consolidated subsidiary. Land Acquisitions In October 2020, the Company acquired a property containing a commercial building near the University of Central Florida for approximately $11.6 million including transaction costs. The land was purchased for future development of a student housing facility. The commercial building is currently leased and managed by a third party. The Company will receive the operating cash flows of the property until development commences. During the year ended December 31, 2018, the Company purchased a land parcel for a total purchase price of approximately $16.6 million.

Property Dispositions

Property Dispositions	12 Months Ended
	Dec. 31, 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. During the year ended December 31, 2019, the Company sold two owned properties containing 1,150 beds for approximately $109.5 million, resulting in net cash proceeds of approximately $108.6 million. Concurrent with the classification of one of the sold properties as held for sale, 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. The combined net loss on the dispositions was not material. During the year ended December 31, 2018, the Company sold a portfolio of three owned properties containing 1,338 beds for approximately $245.0 million, resulting in net cash proceeds of approximately $242.3 million. The combined net gain on the portfolio disposition totaled approximately $42.3 million. Joint Venture Activities During the year ended December 31, 2018, the Company executed an agreement to enter into a joint venture arrangement with Allianz Real Estate (the “ACC / Allianz Joint Venture Transaction”). The transaction included the sale of a partial ownership interest in a portfolio of seven owned properties, containing 4,611 beds, through a joint venture arrangement. The joint venture transaction involved the joint venture partner making a cash contribution of approximately $373.1 million in exchange for a 45% ownership interest. As part of the transaction, the joint venture issued $330.0 million of secured mortgage debt. The joint venture was determined to be a VIE. As the Company retained control of the properties after the joint venture transaction, it was deemed the primary beneficiary. As such, the Company’s contribution of the properties to the joint venture was recorded at net book value, and the joint venture is included in the Company’s consolidated financial statements contained herein. The joint venture partner’s ownership interest in the joint venture is accounted for as noncontrolling interest.

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 2020
Disclosure Wholly Owned Properties [Abstract]
Investments in Owned Properties	Investments in Real Estate Owned properties, both wholly-owned and those owned through investments in VIEs, consisted of the following: December 31, 2020 December 31, 2019 Land $ 664,879 $ 654,985 Buildings and improvements 6,949,781 6,749,757 Furniture, fixtures and equipment 405,843 391,208 Construction in progress 361,893 341,554 8,382,396 8,137,504 Less accumulated depreciation (1,660,652) (1,442,789) Owned properties, net $ 6,721,744 $ 6,694,715 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: December 31, 2020 December 31, 2019 Buildings and improvements $ 157,218 $ 155,941 Furniture, fixtures and equipment 14,389 13,552 Construction in progress — 6 171,607 169,499 Less accumulated depreciation (102,326) (94,311) On-campus participating properties, net $ 69,281 $ 75,188

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2020
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Interests in Consolidated Real Estate Joint Ventures Noncontrolling interests - partially owned properties: As of December 31, 2020, the Operating Partnership consolidates five joint ventures that own and operate 10 owned off-campus properties and one land parcel. 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. During the year ended December 31, 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 December 31, 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 unitholder, 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”) and 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 accompanying consolidated statements of comprehensive income of ACC. As of December 31, 2020 and 2019, respectively, 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 year ended December 31, 2020, there were no conversions of Common OP Units or Preferred OP Units to 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 years ended December 31, 2020 and 2019, which includes both the redeemable joint venture partners and OP Units discussed above: Balance, December 31, 2017 $ 132,169 Net income 936 Distributions (1,516) Conversion of OP Units into shares of ACC common stock (13,334) Contributions from noncontrolling interests 112 Adjustments to reflect redeemable noncontrolling interests at fair value 66,079 Balance, December 31, 2018 $ 184,446 Net income 783 Distributions (1,062) Conversion of OP Units into shares of ACC common stock (6,082) Contributions from noncontrolling interests 250 Purchase of noncontrolling interests (88,304) Adjustments to reflect redeemable noncontrolling interests at fair value 14,350 Balance, December 31, 2019 $ 104,381 Net income 325 Distributions (937) Purchase of noncontrolling interests (77,200) Adjustments to reflect redeemable noncontrolling interests at fair value (2,002) Balance, December 31, 2020 $ 24,567

Debt

Debt	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt A summary of the Company’s outstanding consolidated indebtedness, including unamortized debt premiums and discounts, is as follows: December 31, 2020 2019 Debt secured by owned properties Mortgage loans payable Unpaid principal balance $ 563,506 $ 693,584 Unamortized deferred financing costs (848) (1,294) Unamortized debt premiums 1,819 6,596 Unamortized debt discounts (151) (199) 564,326 698,687 Debt secured by on-campus participating properties Mortgage loans payable (1) 63,714 65,942 Bonds payable (1) 19,110 23,215 Unamortized deferred financing costs (323) (418) 82,501 88,739 Total secured mortgage and bond debt 646,827 787,426 Unsecured notes, net of unamortized OID and deferred financing costs (2) 2,375,603 1,985,603 Unsecured term loans, net of unamortized deferred financing costs (3) 199,473 199,121 Unsecured revolving credit facility 371,100 425,700 Total debt, net $ 3,593,003 $ 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 $5.8 million and $2.3 million at December 31, 2020 and 2019, respectively, and net unamortized deferred financing costs of $18.6 million and $12.1 million at December 31, 2020 and 2019, respectively. (3) Includes net unamortized deferred financing costs of $0.5 million and $0.9 million at December 31, 2020 and 2019, respectively. Mortgage Loans Payable Mortgage loans payable generally feature either monthly interest and principal payments or monthly interest-only payments with balloon payments due at maturity. For purposes of classification in the following table, variable rate mortgage loans subject to interest rate swaps are deemed to be fixed rate, due to the Company having effectively fixed the interest rate for the underlying debt instrument. Mortgage loans payable, excluding debt premiums and discounts, consisted of the following as of December 31, 2020: December 31, 2020 Principal Outstanding Weighted Weighted Number of December 31, Average Average Years Properties 2020 2019 Interest Rate to Maturity Encumbered Fixed Rate Mortgage loans payable (1) $ 625,136 $ 756,397 4.18 % 6.3 Years 16 Variable Rate Mortgage loans payable (2) 2,084 3,129 2.65 % 24.6 Years — Total $ 627,220 $ 759,526 4.17 % 6.3 years 16 (1) Fixed rate mortgage loans payable mature on various dates from 2021 through 2045 and carry interest rates ranging from 3.76% to 5.47% at December 31, 2020. (2) Represents mortgage debt at one of our on-campus participating properties not subject to an interest rate swap contract. This property is included in the number of properties encumbered by mortgage loans above. During the year ended December 31, 2020, the following transactions occurred: Mortgage Loans Payable (1) Balance, December 31, 2019 $ 759,526 Pay-off of mortgage notes payable (2) (124,559) Scheduled repayments of principal (7,747) Balance, December 31, 2020 $ 627,220 (1) Balance excludes unamortized debt premiums and discounts. (2) Represents pay-offs of mortgage notes payable secured by four properties. In October 2019, the company entered into an interest rate swap contract on $37.5 million of variable rate debt on one on campus participating property, to hedge the variable rate cash flows associated with interest payments on the LIBOR-based mortgage loan, resulting in a fixed rate for that portion of 3.76%. Refer to Note 12 for additional information. In May 2017, the lender of the non-recourse mortgage loan secured by Blanton Common, a property located near Valdosta State University containing 860 beds which was included as part of the GMH student housing transaction in 2008, sent a formal notice of default and initiated foreclosure proceedings. The property generated insufficient cash flow to cover the debt service on the mortgage, which had a balance of $27.4 million at default and a contractual maturity date of August 2017. In May 2017, the lender began receiving the net operating cash flows of the property each month in lieu of scheduled monthly mortgage payments. In June 2017, the Company recorded an impairment charge for this property of $15.3 million. In August 2017, the property transferred to receivership, and a third-party manager began managing the property on behalf of the lender. In July 2019, the Company completed the transfer of the property to the lender in settlement of the property's mortgage loan and recognized a net gain from the extinguishment of debt totaling $21.0 million. 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 12 for information related to derivatives. Bonds Payable Three of the on-campus participating properties are 100% financed with outstanding project-based taxable bonds. Under the terms of these financings, one of the Company’s special purpose subsidiaries publicly issued three series of taxable bonds and loaned the proceeds to three special purpose subsidiaries that each hold a separate leasehold interest. The bonds encumbering the leasehold interests are non-recourse, subject to customary exceptions. Although a default in payment by these special purpose subsidiaries could result in a default under one or more series of bonds, indebtedness of any of these special purpose subsidiaries is not cross-defaulted or cross-collateralized with indebtedness of the Company, the Operating Partnership, or other special purpose subsidiaries. Repayment of principal and interest on these bonds is insured by MBIA, Inc. Interest and principal are paid semi-annually and annually, respectively, through maturity. Covenants include, among other items, budgeted and actual debt service coverage ratios. As of December 31, 2020, the Company was in compliance with all such covenants. Bonds payable at December 31, 2020 consisted of the following: Mortgaged Facilities Original Principal Weighted Average Maturity Required Monthly December 31, 2020 1999 University Village-PVAMU/TAMIU $ 39,270 $ 9,380 7.76 % September 2023 $ 302 2001 University College–PVAMU 20,995 7,660 7.62 % August 2025 158 2003 University College–PVAMU 4,325 2,070 6.21 % August 2028 28 Total/weighted average rate $ 64,590 $ 19,110 7.54 % $ 488 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 $400.0 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 approximately $4.8 million in debt extinguishment costs incurred during the first quarter of 2020, which is reflected in loss from extinguishment of debt on the accompanying consolidated statements of comprehensive income. As of December 31, 2020, the Company has issued the following senior unsecured notes: Date Issued Amount % of Par Value Coupon Yield Original Issue Discount Term (Years) April 2013 $ 400,000 99.659 3.750% 3.791% $ 1,364 10 June 2014 400,000 99.861 4.125% 4.269% (1) 556 10 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 effect of the amortization of the interest rate swap terminations. The notes are fully and unconditionally guaranteed by the Company. Interest on the notes is payable semi-annually. The terms of the unsecured notes include certain financial covenants that require the Operating Partnership to limit the amount of total debt and secured debt as a percentage of total asset value, as defined. In addition, the Operating Partnership must maintain a minimum ratio of unencumbered asset value to unsecured debt, as well as a minimum interest coverage level. As of December 31, 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 December 31, 2020, the revolving credit facility bore interest at a weighted average annual rate of 1.35% (0.15% + 1.00% spread + 0.20% facility fee), and availability under the revolving credit facility totaled $628.9 million. The terms of the unsecured credit facility include certain restrictions and covenants, which limit, among other items, the incurrence of additional indebtedness and liens. The facility contains customary affirmative and negative covenants and also contains financial covenants that, among other things, require the Company to maintain certain maximum leverage ratios and minimum ratios of “EBITDA” (earnings before interest, taxes, depreciation and amortization) to fixed charges. The financial covenants also include a minimum asset value requirement, a maximum secured debt ratio, and a minimum unsecured debt service coverage ratio. As of December 31, 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 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 was 2.54% (1.44% + 1.10% spread) at December 31, 2020. Refer to Note 12 for more information related to cash flow hedges of interest rate risk. The Term Loan Facility includes certain restrictions and covenants consistent with those of the unsecured revolving credit facility discussed above. As of December 31, 2020, the Company was in compliance with all such covenants. Debt Maturities The following table summarizes the stated debt maturities and scheduled amortization payments, excluding debt premiums and discounts, for each of the five years subsequent to December 31, 2020 and thereafter: 2021 $ 107,127 2022 604,464 2023 408,800 2024 529,329 2025 3,313 Thereafter 1,964,397 $ 3,617,430 The Company's payment of principal and interest were current at December 31, 2020. Certain of the mortgage notes and bonds payable are subject to prepayment penalties.

Stockholders' Equity _ Partners

Stockholders' Equity / Partners' Capital	12 Months Ended
	Dec. 31, 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 $500.0 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 years ended December 31, 2020 and 2019. As of December 31, 2020, the Company had $500.0 million available for issuance under its ATM Equity Program. The Company has a Non-Qualified Deferred Compensation Plan (“Deferred Compensation Plan”) maintained for the benefit of certain employees and members of the Company’s Board of Directors, in which vested share awards (see Note 11), salary, and other cash amounts earned may be deposited. Deferred Compensation Plan assets are held in a rabbi trust, which is subject to the claims of the Company’s creditors in the event of bankruptcy or insolvency. The shares held in the Deferred Compensation Plan are classified within stockholders’ equity in a manner similar to the manner in which treasury stock is classified. Subsequent changes in the fair value of the shares are not recognized. During the year ended December 31, 2020, 21,537 shares and 7,719 shares of vested stock were deposited into and withdrawn from the Deferred Compensation Plan, respectively, bringing the total ACC shares held in the Deferred Compensation Plan to 91,746 as of December 31, 2020.

Incentive Award Plan

Incentive Award Plan	12 Months Ended
	Dec. 31, 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. As of December 31, 2020, 2.7 million shares were available for issuance under the Plan. Restricted Stock Awards The Company awards RSAs to its executive officers and certain employees that vest in equal annual installments over a five year period. Unvested awards are forfeited upon the termination of an individual’s employment with the Company under specified circumstances. Recipients of RSAs receive dividends, as declared by the Company’s Board of Directors, on unvested shares, provided that the recipient continues to be employed by the Company. A summary of the Company’s RSAs under the Plan for the years ended December 31, 2020 and 2019 is presented below: Number of Weighted-Average Nonvested balance at December 31, 2018 862,680 $ 42.46 Granted 387,341 44.08 Vested (266,556) 41.86 Forfeited (16,124) 42.91 Nonvested balance at December 31, 2019 967,341 $ 43.27 Granted 444,522 47.13 Vested (295,385) 43.40 Forfeited (23,882) 44.56 Nonvested balance at December 31, 2020 1,092,596 $ 44.78 The fair value of RSAs is calculated based on the closing market value of the Company’s common stock on the date of grant. The fair value of these awards is amortized to expense over the vesting periods, which amounted to approximately $14.4 million, $12.7 million, and $11.1 million for the years ended December 31, 2020, 2019, and 2018, respectively. The weighted-average grant date fair value for each RSA granted and forfeited during the year ended December 31, 2018 was $39.41 and $43.64, respectively. The total fair value of RSAs vested during the year ended December 31, 2020 was approximately $12.8 million. Additionally, as of December 31, 2020, the Company had approximately $36.3 million of total unrecognized compensation cost related to granted RSAs, which is expected to be recognized over a remaining weighted-average period of 3.3 years. Per the provisions of the Plan, an employee becomes retirement eligible when: (i) the sum of an employee’s full years of service (a minimum of 120 contiguous full months) and the employee’s age on the date of termination (a minimum of 50 years of age) equals or exceeds 70 years (hereinafter referred to as the “Rule of 70”); (ii) the employee gives at least six months prior written notice to the Company of his or her intention to retire; and (iii) the employee enters into a noncompetition agreement and a general release of all claims in a form that is reasonably satisfactory to the Company. As of December 31, 2020, 24 employees have met the Rule of 70, including the Company’s Chief Executive Officer and President. A total of 414,665 unvested RSAs are held by such employees representing future amortization expense of $13.7 million. Once the first two conditions of retirement eligibility are met, the unvested shares held by these employees will be subject to accelerated vesting. Restricted Stock Units Upon initial appointment to the Board of Directors and reelection to the Board of Directors at each Annual Meeting of Stockholders, each independent member of the Board of Directors is granted RSUs. On the Settlement Date, the Company will deliver to the recipients a number of shares of common stock or cash, as determined by the Compensation Committee of the Board of Directors, equal to the number of RSUs granted to the recipients. In addition, recipients of RSUs are entitled to dividend equivalents equal to the cash distributions paid by the Company on one share of common stock for each RSU issued, payable currently, or on the Settlement Date, as determined by the Compensation Committee of the Board of Directors. Upon reelection to the Board of Directors in 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 and cash, as determined by the Compensation Committee of the Board of Directors. A summary of ACC’s RSUs under the Plan for the years ended December 31, 2020 and 2019 and activity during the years then ended is presented below: Number of Weighted-Average Grant Date Fair Value Per RSU Outstanding at December 31, 2018 — $ — Granted 20,812 47.34 Settled in common shares (18,318) 47.37 Settled in cash (2,494) 47.11 Outstanding at December 31, 2019 — $ — Granted 30,137 34.10 Settled in common shares (27,644) 34.10 Settled in cash (2,493) 34.10 Outstanding at December 31, 2020 — $ — The Company recognized expense of approximately $1.0 million, $0.9 million, and $1.1 million for the years ended December 31, 2020, 2019, and 2018, respectively, reflecting the fair value of the RSUs issued on the date of grant. The weighted-average grant-date fair value for each RSU granted during the year ended December 31, 2018 was $39.45.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	12 Months Ended
	Dec. 31, 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 investments and borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and forward starting swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Forward starting swaps are used to protect the Company against adverse fluctuations in interest rates by reducing its exposure to variability in cash flows relating to interest payments on a forecasted issuance of debt. 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 December 31, 2020, the Company was not in default on any of its indebtedness or derivative instruments. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded outside of earnings in other comprehensive income (“OCI”) and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings within the same income statement line item as the earnings effect of the hedged transaction. The following table summarizes the Company’s outstanding interest rate swap contracts which are included in other assets and other liabilities on the accompanying consolidated balance sheets as of December 31, 2020: Hedged Debt Instrument Effective Date Maturity Date Pay Fixed Rate Receive Floating Current Notional Amount Fair Value Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month $ 12,003 $ (33) Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month 12,127 (33) Park Point mortgage loan Feb 1, 2019 Jan 16, 2024 2.7475% LIBOR - 1 month 70,000 (5,462) College Park mortgage loan Oct 16, 2019 Oct 16, 2022 1.2570% LIBOR - 1 month, with 1 day lookback 37,500 (757) Unsecured term loan Nov 4, 2019 Jun 27, 2022 1.4685% LIBOR - 1 month 100,000 (1,999) Unsecured term loan Dec 2, 2019 Jun 27, 2022 1.4203% LIBOR - 1 month 100,000 (1,927) Total $ 331,630 $ (10,211) In December 2018, the Company entered into three forward starting interest rate swap contracts with notional amounts totaling $200.0 million designated to hedge the Company's exposure to increasing interest rates related to interest payments on an anticipated issuance of unsecured notes. In connection with the issuance of unsecured notes in June 2019, the Company terminated the swap contracts resulting in payments to counterparties totaling approximately $13.2 million, which were recorded in accumulated other comprehensive loss and which will be amortized to interest expense over the term of the swap contracts based on the June 2019 issuance and expected additional issuances. The table below presents the fair value of the Company’s derivative financial instruments and their classification on the accompanying consolidated balance sheets as of December 31, 2020 and 2019: Asset Derivatives Liability Derivatives Fair Value as of Fair Value as of Description Balance Sheet Location 12/31/2020 12/31/2019 Balance Sheet Location 12/31/2020 12/31/2019 Interest rate swap contracts Other assets $ — $ 743 Other liabilities $ 10,211 $ 3,436 Total derivatives designated as hedging instruments $ — $ 743 $ 10,211 $ 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 years ended December 31, 2020, 2019, and 2018: Year Ended December 31, Description 2020 2019 2018 Change in fair value of derivatives and other recognized in Other Comprehensive Income ("OCI") $ (11,380) $ (723) $ (1,984) Swap interest accruals reclassified to interest expense 3,844 200 (124) Termination of interest rate swap payment recognized in OCI — (13,159) — Amortization of interest rate swap terminations (1) 1,705 1,133 412 Total change in OCI due to derivative financial instruments $ (5,831) $ (12,549) $ (1,696) Interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded $ 112,507 $ 111,287 $ 99,228 (1) Represents amortization from OCI into interest expense. As of December 31, 2020, the Company estimates that $6.7 million will be reclassified from other comprehensive income to interest expense over the next twelve months.

Fair Value Disclosures

Fair Value Disclosures	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Fair Value Disclosures Financial Instruments Carried at Fair Value The Company follows the authoritative guidance for financial assets and liabilities, which establishes a framework for measuring fair value and requires enhanced disclosures about fair value measurements. The authoritative guidance requires disclosure about how fair value is determined for assets and liabilities and establishes a hierarchy by which these assets and liabilities must be categorized, based on the significance of inputs. In general, fair values determined by Level 1 inputs utilize unadjusted, quoted prices in active markets for identical assets or liabilities the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability, such as interest rates and yield curves observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability and include situations where there is little, if any, market activity for the asset or liability. In instances in which the inputs used to measure fair value may fall into different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement in its entirety has been determined is based on the lowest level input significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The following table presents information about the Company’s financial instruments measured at fair value on a recurring basis as of December 31, 2020 and 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 December 31, 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 $ 10,211 (1) $ — $ 10,211 $ 3,436 (1) $ — $ 3,436 Mezzanine Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) $ 21,567 (2) $ 3,000 $ 24,567 $ 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 based on the greater of 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 noncontrolling partners' equity in the Core Joint Ventures 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 December 31, 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 December 31, 2020 and December 31, 2019, the carrying values for the following instruments represent fair values due to the variable interest rate feature of the instruments: Unsecured Revolving Credit Facility and Mortgage Loans Payable (variable rate). The table below contains the estimated fair value and related carrying amounts for the Company’s financial instruments as of December 31, 2020 and 2019. There were no Level 1 measurements for the periods presented. December 31, 2020 December 31, 2019 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Level 2 Level 3 Level 2 Level 3 Assets Loans receivable $ — $ — $ — (1) $ 50,553 $ — $ 48,307 (1) Liabilities (2) Unsecured notes $ 2,375,603 $ 2,609,373 (3) $ — $ 1,985,603 $ 2,069,817 (3) $ — Mortgage loans payable (fixed rate) $ 625,783 (4) $ 656,648 (5) $ — $ 761,296 (4) $ 766,821 (5) $ — Bonds payable $ 18,960 $ 20,720 (6) $ — $ 23,001 $ 25,110 (6) $ — Unsecured term loan (fixed rate) $ 199,473 $ 203,348 (7) $ — $ 199,121 $ 198,687 $ — (1) As described in Note 2, the loans receivable were paid off during the year ended December 31, 2020. The fair value as of December 31, 2019 was based on 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 9). (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 $2.1 million and $3.1 million as of December 31, 2020 and 2019, respectively. (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 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 (see Note 9). 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.

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	Leases As Lessee As discussed in Note 2, the Company as lessee has entered into lease agreements with university systems and other third parties for the purpose of financing, constructing, and operating student housing properties. Under the terms of the ground/facility leases, the lessor may receive annual minimum rent, variable rent based upon the operating performance of the property, or a combination thereof. In the accompanying consolidated statements of comprehensive income, rent expense for ACE properties and OCPPs is included in ground/facility lease expense, and rent expense for owned off-campus properties is included in owned properties operating expenses. Total straight-line rent expense, variable rent expense, and capitalized rent cost, were as follows: Year Ended December 31 , Description 2020 2019 2018 Straight-line rent expense $ 12,379 $ 10,009 $ 8,798 Variable rent expense (1) $ 5,761 $ 8,996 $ 7,234 Capitalized rent cost $ 15,772 $ 12,889 $ 2,296 (1) During the year ended December 31, 2020, the Company received rent concessions in the form of abatements of $1.5 million which were recorded as negative variable rent expense. Future minimum commitments over the life of all leases, which exclude variable rent payments, are as follows: December 31, 2020 2021 $ 16,749 2022 23,664 2023 28,776 2024 29,371 2025 29,404 Thereafter 1,632,009 Total minimum lease payments 1,759,973 Less imputed interest (1,273,342) Total lease liabilities (1) $ 486,631 (1) The weighted average remaining lease term of leases with a lease liability, excluding extension options, as of December 31, 2020 was 61.9 years. As Lessor As discussed in Note 2, the Company as lessor has entered into leases with both student and commercial tenants. Lease income under both student and commercial leases is included in owned property revenues in the accompanying consolidated statements of comprehensive income and is presented in the following table: Year Ended December 31 , Description 2020 2019 2018 Student lease income $ 809,112 $ 851,992 $ 794,689 Commercial lease income $ 11,793 $ 13,211 $ 13,086

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments Construction Contract: As of December 31, 2020, the Company estimates additional costs to complete one owned development project under construction to be approximately $142.5 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 order to mitigate risk due to change orders, all final development budgets also include a contingency line item. 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 $8.0 million as of December 31, 2020. As of December 31, 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 projects currently under development by the scheduled date and within budget, the project locations 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 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 approximately $614.6 million to be delivered in phases from 2020 to 2023. In May and August 2020, the Company substantially completed construction on Phases I and II, respectively, 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 dates is approximately $0.2 million per day. As of December 31, 2020, management did not anticipate any material deviations from schedule or budget related to the Disney project. 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: 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 sheets. 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: As discussed in the section Third-Party Development Services and Owned Development Project Costs in Note 2, the Company incurs pre-development expenditures 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 of December 31, 2020, the Company has deferred approximately $19.4 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, legal proceedings, and 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. In August 2020, a former employee of the Company filed a lawsuit alleging that the Company violated certain sections of the California Labor Code and related California labor laws and regulations. The employee is currently seeking recourse on his own behalf as well as other current and former employees of the Company. The Company disputes these claims and intends to defend the matter vigorously. Management, in consultation with its internal and external legal counsel, deems it reasonably possible that a material loss exposure exists. Given the uncertainty of litigation, the preliminary stage of the case, and the legal standards that must be met for, among other things, success on the merits, the Company cannot currently estimate the potential loss or range of loss that may result from this action.

Segments

Segments	12 Months Ended
	Dec. 31, 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 income before depreciation, amortization and noncontrolling interests. During the year ended December 31, 2019, the Company updated the presentation of certain items in the reconciliations section in the segment disclosures below by including additional detail in the reconciliation of segment income before depreciation and amortization to consolidated net income. Year Ended December 31, 2020 2019 2018 Owned Properties Rental revenues and other income $ 820,699 $ 880,709 $ 829,119 Interest income 459 473 1,436 Total revenues from external customers 821,158 881,182 830,555 Operating expenses before depreciation, amortization, and ground/facility lease expense (378,454) (390,664) (373,521) Ground/facility lease expense (11,505) (11,084) (8,927) Interest expense, net (1) (12,413) (16,859) (14,742) Income before depreciation and amortization $ 418,786 $ 462,575 $ 433,365 Depreciation and amortization $ (256,238) $ (261,938) $ (250,715) Capital expenditures $ 373,898 $ 515,208 $ 546,147 Total segment assets at December 31, $ 7,368,883 $ 7,346,625 $ 6,841,222 On-Campus Participating Properties Rental revenues and other income $ 29,906 $ 36,346 $ 34,596 Interest income 31 167 133 Total revenues from external customers 29,937 36,513 34,729 Operating expenses before depreciation, amortization, and ground/facility lease expense (13,521) (15,028) (14,602) Ground/facility lease expense (2,008) (3,067) (2,928) Interest expense, net (1) (4,146) (4,934) (5,098) Income before depreciation and amortization $ 10,262 $ 13,484 $ 12,101 Depreciation and amortization $ (8,015) $ (8,380) $ (7,819) Capital expenditures $ 2,098 $ 2,898 $ 3,654 Total segment assets at December 31, $ 86,523 $ 97,561 $ 93,917 Development Services Development and construction management fees $ 7,543 $ 13,051 $ 7,281 Operating expenses (9,431) (8,658) (8,031) (Loss) income before depreciation and amortization $ (1,888) $ 4,393 $ (750) Total segment assets at December 31, $ 13,887 $ 13,539 $ 10,087 Property Management Services Property management fees from external customers $ 12,436 $ 12,936 $ 9,814 Operating expenses (12,269) (11,257) (7,428) Income before depreciation and amortization $ 167 $ 1,679 $ 2,386 Total segment assets at December 31, $ 8,390 $ 8,888 $ 6,426 Reconciliations Total segment revenues and other income $ 871,074 $ 943,682 $ 882,379 Unallocated interest income earned on investments and corporate cash 2,449 3,046 3,265 Total consolidated revenues, including interest income $ 873,523 $ 946,728 $ 885,644 Segment income before depreciation and amortization $ 427,327 $ 482,131 $ 447,102 Segment depreciation and amortization (264,253) (270,318) (258,534) Corporate depreciation (3,450) (4,728) (4,669) Net unallocated expenses relating to corporate interest and overhead (130,373) (117,529) (110,660) Gain (loss) from disposition of real estate, net 48,525 (53) 42,314 Other operating and nonoperating income 3,507 — 3,949 Amortization of deferred financing costs (5,259) (5,012) (5,816) Provision for impairment — (17,214) — (Loss) gain from extinguishment of debt, net (4,827) 20,992 7,867 Income tax provision (1,349) (1,507) (2,429) Net income $ 69,848 $ 86,762 $ 119,124 Total segment assets $ 7,477,683 $ 7,466,613 $ 6,951,652 Unallocated corporate assets 53,477 93,141 87,194 Total assets at December 31, $ 7,531,160 $ 7,559,754 $ 7,038,846 (1) Net of capitalized interest and amortization of debt premiums.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions : On January 18, 2021, the Company’s Board of Directors declared a distribution per share of $0.47 which was paid on February 19, 2021 to all common stockholders of record as of January 28, 2021. At the same time, the Operating Partnership paid an equivalent amount per unit to holders of Common Units, as well as the quarterly cumulative preferential distribution to holders of Series A Preferred Units (see Note 8). Change in Debt Agreement: In February 2021, the Company refinanced $24.0 million of on-campus participating property mortgage debt that was scheduled to mature in 2021, which extended the maturity to February 2028. Additionally, in February 2021, the Company entered into an interest rate swap agreement to convert the refinanced mortgage loan to a fixed rate. Executive Officer Retirement : In February 2021, the Company announced the retirement of the Company’s President, effective August 24, 2021. As a result, $2.6 million of accelerated restricted stock award amortization expense will be recorded during the year ended December 31, 2021, representing the accelerated vesting of 80,887 unvested restricted stock awards. COVID-19 Pandemic: Given the daily evolution of the COVID-19 pandemic and the global responses to curb its spread, the Company continues to closely monitor the magnitude and duration of the economic disruption associated with the COVID-19 pandemic, especially as it relates to whether the disruption results in any potential impairments to the Company’s investments in real estate.

Schedule of Real Estate and Acc

Schedule of Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule of Real Estate and Accumulated Depreciation	Schedule of Real Estate and Accumulated Depreciation Initial Cost Total Costs Units Beds Land Buildings and Costs (1) Land Buildings and Total (2) Accumulated Depreciation Encumbrances (3) Year Built (4) Owned Properties (5) The Callaway House College Station 173 538 $ 5,081 $ 20,499 $ 8,355 $ 5,002 $ 28,933 $ 33,935 $ 15,305 $ — 1999 The Village at Science Drive 192 732 4,673 19,021 7,987 4,673 27,008 31,681 12,486 — 2000 University Village at Boulder Creek 82 309 1,035 16,393 1,196 1,035 17,589 18,624 8,285 — 2002 University Village 105 406 929 15,168 859 929 16,027 16,956 6,746 — 2004 University Village 220 749 — 41,119 2,310 — 43,429 43,429 18,408 — 2004 University Club Apartments 94 376 1,416 11,848 1,220 1,416 13,068 14,484 5,559 — 1999 City Parc at Fry Street 136 418 1,902 17,678 4,354 1,902 22,032 23,934 9,068 — 2004 Entrada Real 98 363 1,475 15,859 2,256 1,475 18,115 19,590 7,715 — 2000 University Village at Sweethome 269 828 2,473 34,448 2,685 2,473 37,133 39,606 14,666 — 2005 University Village 217 716 4,322 26,225 5,053 4,322 31,278 35,600 12,867 — 1991 Royal Village 118 448 2,386 15,153 6,168 2,363 21,344 23,707 8,242 — 1996 Royal Lexington 94 364 2,848 12,783 4,414 2,848 17,197 20,045 6,994 — 1994 Raiders Pass 264 828 3,877 32,445 5,344 3,877 37,789 41,666 14,973 — 2001 Aggie Station 156 450 1,634 18,821 3,632 1,634 22,453 24,087 8,916 — 2003 The Outpost 276 828 3,262 36,252 10,484 3,262 46,736 49,998 17,227 — 2005 Callaway Villas 236 704 3,903 31,953 643 3,903 32,596 36,499 12,064 — 2006 The Village on Sixth Avenue 248 752 2,763 22,480 9,120 2,763 31,600 34,363 12,205 — 1999 Newtown Crossing 356 942 7,013 53,597 1,228 7,013 54,825 61,838 19,068 — 2005 Olde Towne University Square 224 550 2,277 24,614 (322) 2,277 24,292 26,569 8,758 — 2005 Peninsular Place 183 478 2,306 16,559 1,263 2,306 17,822 20,128 6,406 — 2005 University Centre 234 838 — 77,378 577 — 77,955 77,955 26,861 — 2007 The Summit & Jacob Heights 258 930 2,318 36,464 2,256 2,318 38,720 41,038 12,604 — 2004 GrandMarc Seven Corners 186 440 4,491 28,807 1,379 4,491 30,186 34,677 10,037 — 2000 Aztec Corner 180 606 17,460 32,209 6,263 17,460 38,472 55,932 11,540 — 2001 The Tower at Third 188 375 1,145 19,128 12,795 1,267 31,801 33,068 12,042 — 1973 Willowtree Apartments and Tower 473 851 9,807 21,880 4,218 9,806 26,099 35,905 9,590 — 1970 University Pointe 204 682 989 27,576 3,835 989 31,411 32,400 11,259 — 2004 University Trails 240 684 1,183 25,173 3,583 1,183 28,756 29,939 10,350 — 2003 Campus Trails 156 480 1,358 11,291 7,830 1,225 19,254 20,479 5,821 — 1991 University Crossings (ACE) 260 1,016 — 50,668 41,376 — 92,044 92,044 34,047 — 2003 Vista del Sol (ACE) 613 1,866 — 135,939 6,915 — 142,854 142,854 49,195 — 2008 Villas at Chestnut Ridge 196 552 2,756 33,510 1,275 2,756 34,785 37,541 11,222 — 2008 Barrett Honors College (ACE) 604 1,721 — 131,302 22,951 — 154,253 154,253 51,879 — 2009 Sanctuary Lofts 201 485 2,960 18,180 4,923 2,959 23,104 26,063 8,560 — 2006 Initial Cost Total Costs Units Beds Land Buildings and Costs (1) Land Buildings and Total (2) Accumulated Depreciation Encumbrances (3) Year Built (4) The Edge - Charlotte 180 720 $ 3,076 $ 23,395 $ 10,187 $ 3,076 $ 33,582 $ 36,658 $ 13,116 $ — 1999 University Walk 120 480 2,016 14,599 3,805 2,016 18,404 20,420 6,710 — 2002 Uptown 180 528 3,031 21,685 4,520 3,031 26,205 29,236 8,196 — 2004 2nd Avenue Centre 274 868 4,434 27,236 4,558 4,434 31,794 36,228 11,075 — 2008 Villas at Babcock 204 792 4,642 30,901 723 4,642 31,624 36,266 12,224 — 2011 Lobo Village (ACE) 216 864 — 42,490 1,446 — 43,936 43,936 12,846 — 2011 Villas on Sycamore 170 680 3,000 24,640 975 3,000 25,615 28,615 10,335 — 2011 26 West 367 1,026 21,396 63,994 8,773 21,396 72,767 94,163 20,973 66,938 2008 Avalon Heights 210 754 4,968 24,345 15,625 4,968 39,970 44,938 12,679 — 2002 University Commons 164 480 12,559 19,010 3,510 12,559 22,520 35,079 6,641 — 2003 Casas del Rio (ACE) 283 1,028 — 40,639 3,080 — 43,719 43,719 18,268 — 2012 The Suites (ACE) 439 878 — 45,296 1,322 — 46,618 46,618 14,805 — 2013 Hilltop Townhomes (ACE) 144 576 — 31,507 935 — 32,442 32,442 11,528 — 2012 U Club on Frey 216 864 8,703 36,873 2,073 8,703 38,946 47,649 12,413 — 2013 Campus Edge on UTA Boulevard 128 488 2,661 21,233 1,554 2,663 22,785 25,448 8,145 — 2012 U Club Townhomes on Marion Pugh 160 640 6,722 26,546 2,286 6,722 28,832 35,554 10,635 — 2012 Villas on Rensch 153 610 10,231 33,852 1,701 10,231 35,553 45,784 11,876 — 2012 The Village at Overton Park 163 612 5,262 29,374 1,610 5,262 30,984 36,246 11,310 — 2012 Casa de Oro (ACE) 109 365 — 12,362 407 — 12,769 12,769 4,881 — 2012 The Villas at Vista del Sol (ACE) 104 400 — 20,421 639 — 21,060 21,060 8,145 — 2012 The Block 669 1,555 22,270 141,430 18,815 22,572 159,943 182,515 37,749 94,117 2008 University Pointe at College Station (ACE) 282 978 — 84,657 2,745 — 87,402 87,402 32,302 — 2012 309 Green 110 416 5,351 49,987 4,629 5,351 54,616 59,967 13,759 — 2008 The Retreat 187 780 5,265 46,236 4,393 5,265 50,629 55,894 13,257 — 2012 Lofts54 43 172 430 14,741 4,579 430 19,320 19,750 5,098 — 2008 Campustown Rentals 264 746 2,382 40,190 5,446 2,382 45,636 48,018 13,499 — 1982 Chauncey Square 158 386 2,522 40,013 2,189 2,522 42,202 44,724 10,822 — 2011 Texan & Vintage 124 311 5,937 11,906 16,348 5,962 28,229 34,191 6,988 18,796 2008 The Castilian 371 623 3,663 59,772 37,892 3,663 97,664 101,327 28,209 46,052 1967 Bishops Square 134 315 1,206 17,878 2,769 1,206 20,647 21,853 6,027 10,363 2002 Union 54 120 169 6,348 1,235 169 7,583 7,752 2,182 3,251 2006 922 Place 132 468 3,363 34,947 4,025 3,363 38,972 42,335 11,040 — 2009 Campustown 452 1,217 1,818 77,894 12,115 1,818 90,009 91,827 22,466 — 1997 River Mill 243 461 1,741 22,806 5,988 1,741 28,794 30,535 7,956 — 1972 The Province 219 696 2,226 48,567 2,397 2,226 50,964 53,190 13,333 25,875 2011 RAMZ Apartments on Broad 88 172 785 12,303 974 785 13,277 14,062 3,445 — 2004 The Lofts at Capital Garage 36 144 313 3,581 1,020 313 4,601 4,914 1,388 — 2000 Initial Cost Total Costs Units Beds Land Buildings and Costs (1) Land Buildings and Total (2) Accumulated Depreciation Encumbrances (3) Year Built (4) 25Twenty 249 562 $ 2,226 $ 33,429 $ 1,690 $ 2,226 $ 35,119 $ 37,345 $ 10,281 $ 24,204 2011 The Province 366 858 4,392 63,068 2,920 4,392 65,988 70,380 17,723 — 2009 The Province 336 816 3,798 70,955 3,913 3,798 74,868 78,666 20,091 — 2010 5 Twenty Four and 5 Twenty Five Angliana 376 1,060 — 60,448 7,945 5,214 63,179 68,393 17,198 — 2010 The Province 287 947 — 52,943 6,095 — 59,038 59,038 15,649 — 2009 U Pointe Kennesaw 216 795 1,482 61,654 6,974 1,482 68,628 70,110 19,533 — 2012 The Cottages of Durham 141 619 3,955 41,421 2,996 3,955 44,417 48,372 14,316 — 2012 University Edge 201 608 4,500 26,385 2,124 4,500 28,509 33,009 7,142 — 2012 The Lodges of East Lansing 364 1,049 6,472 89,231 4,544 6,472 93,775 100,247 23,553 27,297 2012 7th Street Station 82 309 9,792 16,472 660 9,792 17,132 26,924 4,778 — 2012 The Callaway House - Austin 219 753 — 61,550 1,690 — 63,240 63,240 18,635 80,726 2013 Manzanita Hall (ACE) 241 816 — 48,781 1,583 — 50,364 50,364 16,201 — 2013 University View (ACE) 96 336 — 14,683 318 — 15,001 15,001 4,717 — 2013 U Club Townhomes at Overton Park 112 448 7,775 21,483 1,054 7,775 22,537 30,312 7,111 — 2013 601 Copeland 81 283 1,457 26,699 706 1,457 27,405 28,862 7,304 — 2013 The Townhomes at Newtown Crossing 152 608 7,745 32,074 836 7,745 32,910 40,655 8,934 — 2013 Chestnut Square (ACE) 220 861 — 98,369 3,273 — 101,642 101,642 28,471 — 2013 Park Point 300 924 7,827 73,495 5,536 7,827 79,031 86,858 21,043 70,000 2008 U Centre at Fry Street 194 614 2,902 47,700 3,210 2,902 50,910 53,812 11,902 — 2012 Cardinal Towne 255 545 6,547 53,809 4,403 6,547 58,212 64,759 13,527 — 2010 Merwick Stanworth (ACE) 325 595 — 79,598 (613) — 78,985 78,985 13,492 — 2014 Plaza on University 364 1,313 23,987 85,584 5,293 23,987 90,877 114,864 23,116 — 2014 U Centre at Northgate (ACE) 196 784 — 35,663 670 — 36,333 36,333 9,629 — 2014 University Walk 177 526 4,341 29,073 1,824 4,341 30,897 35,238 6,272 — 2014 U Club on Woodward 236 944 16,350 46,982 1,093 16,349 48,076 64,425 12,957 — 2014 Park Point 66 226 — 25,725 3,864 — 29,589 29,589 5,772 10,337 2010 1200 West Marshall 136 406 4,397 33,908 2,146 4,397 36,054 40,451 7,445 — 2013 8 1/2 Canal Street 160 540 2,797 45,394 2,583 2,797 47,977 50,774 8,973 — 2011 Vistas San Marcos 255 600 586 45,761 7,725 586 53,486 54,072 13,386 — 2013 Crest at Pearl 141 343 4,395 36,268 2,094 4,491 38,266 42,757 7,574 23,372 2014 U Club Binghamton 326 1,272 15,858 92,372 3,622 15,858 95,994 111,852 14,458 — 2005 160 Ross 182 642 2,962 38,478 1,206 2,962 39,684 42,646 8,714 — 2015 The Summit at University City (ACE) 351 1,315 — 154,770 2,264 — 157,034 157,034 27,482 — 2015 2125 Franklin 192 734 8,299 55,716 729 8,299 56,445 64,744 10,833 — 2015 University Crossings 187 546 645 36,838 6,067 645 42,905 43,550 6,482 — 2014 U Club on 28th 100 398 9,725 45,788 556 9,725 46,344 56,069 7,163 — 2016 Currie Hall (ACE) 178 456 — 49,987 443 — 50,430 50,430 8,283 — 2016 Initial Cost Total Costs Units Beds Land Buildings and Costs (1) Land Buildings and Total (2) Accumulated Depreciation Encumbrances (3) Year Built (4) University Pointe (ACE) 134 531 $ — $ 44,035 $ 326 $ — $ 44,361 $ 44,361 $ 6,986 $ — 2016 Fairview House (ACE) 107 633 — 38,144 243 — 38,387 38,387 7,188 — 2016 U Club Sunnyside 134 534 7,423 41,582 698 7,423 42,280 49,703 6,682 — 2016 Stadium Centre 558 1,383 19,249 131,739 8,747 19,249 140,486 159,735 21,873 62,178 2016 U Point 54 163 1,425 17,325 2,523 1,425 19,848 21,273 3,050 — 2016 The Arlie 169 598 1,350 43,352 2,095 1,350 45,447 46,797 6,959 — 2016 TWELVE at U District 283 384 13,013 98,115 3,652 13,013 101,767 114,780 10,242 — 2014 The 515 183 513 1,611 68,953 2,326 1,611 71,279 72,890 6,993 — 2015 State 220 665 3,448 66,774 2,662 3,448 69,436 72,884 8,074 — 2013 Tooker House (ACE) 429 1,594 — 103,897 50 — 103,947 103,947 13,508 — 2017 SkyView (ACE) 163 626 — 57,578 371 — 57,949 57,949 6,763 — 2017 University Square (ACE) 143 466 — 25,635 77 — 25,712 25,712 3,375 — 2017 U Centre on Turner 182 718 14,000 55,456 168 14,001 55,623 69,624 6,789 — 2017 U Pointe on Speight 180 700 4,705 46,160 514 4,705 46,674 51,379 5,557 — 2017 21Hundred at Overton Park 296 1,204 16,767 64,057 1,047 16,767 65,104 81,871 8,195 — 2017 The Suites at Third 63 251 831 22,384 (6) 831 22,378 23,209 2,723 — 2017 Callaway House Apartments 386 915 12,651 78,220 783 12,651 79,003 91,654 9,804 — 2017 U Centre on College 127 418 — 41,607 (88) — 41,519 41,519 4,724 — 2017 The James 366 850 18,871 118,096 2,558 18,871 120,654 139,525 13,496 — 2017 Bridges 11th 184 258 — 58,825 1,632 — 60,457 60,457 5,421 — 2015 Hub U District Seattle 111 248 5,700 56,355 1,427 5,700 57,782 63,482 6,314 — 2017 David Blackwell Hall (ACE) 412 780 — 96,891 238 — 97,129 97,129 7,575 — 2018 Gladding Residence Center (ACE) 592 1,524 — 94,368 254 — 94,622 94,622 8,068 — 2018 Irvington House (ACE) 197 648 — 36,187 16 — 36,203 36,203 3,158 — 2018 Greek Leadership Village (ACE) 498 957 — 69,351 180 — 69,531 69,531 5,952 — 2018 NAU Honors College (ACE) 318 636 — 41,222 351 — 41,573 41,573 3,727 — 2018 U Club Townhomes at Oxford 132 528 5,115 39,239 35 5,115 39,274 44,389 3,480 — 2018 Hub Ann Arbor 124 310 7,050 42,865 1,594 7,050 44,459 51,509 3,677 — 2018 The Jack 198 591 5,397 56,626 768 5,397 57,394 62,791 4,757 — 2018 Campus Edge on Pierce 289 598 6,881 55,818 1,143 6,881 56,961 63,842 5,039 — 2018 191 College 127 495 5,434 55,866 — 5,434 55,866 61,300 2,623 — 2019 LightView (ACE) 214 825 — 148,922 — — 148,922 148,922 7,032 — 2019 University of Arizona Honors College (ACE) 319 1,056 — 76,214 — — 76,214 76,214 4,001 — 2019 The Flex at Stadium Centre 78 340 8,559 26,450 — 8,559 26,450 35,009 1,276 — 2019 959 Franklin 230 443 5,026 63,014 — 5,026 63,014 68,040 2,568 — 2019 Currie Hall Phase II (ACE) 95 272 — 41,829 — — 41,829 41,829 603 — 2020 Manzanita Square (ACE) 169 584 — 127,977 — — 127,977 127,977 1,680 — 2020 Initial Cost Total Costs Units Beds Land Buildings and Costs (1) Land Buildings and Total (2) Accumulated Depreciation Encumbrances (3) Year Built (4) Disney College Program Phases I-II (ACE) 408 1,627 $ — $ 105,633 $ — $ — $ 105,633 $ 105,633 $ 2,506 $ — 2020 Properties Under Development (6) Disney College Program Phases III-X (ACE) 2,206 8,813 $ — $ 359,462 $ — $ — $ 359,462 $ 359,462 $ — $ — 2021-23 Undeveloped land parcels (7) — — 77,453 2,057 — 77,453 2,057 79,510 788 — N/A Subtotal 34,422 106,648 $ 659,355 $ 7,186,908 $ 536,133 $ 664,879 $ 7,717,517 $ 8,382,396 $ 1,660,652 $ 563,506 On-Campus Participating Properties University Village & University Village Northwest at Prairie View 648 2,064 $ — $ 40,734 $ 10,510 $ — $ 51,244 $ 51,244 $ 41,285 $ 8,135 1998 University Village at Laredo 84 250 — 5,844 1,511 — 7,355 7,355 6,244 1,245 1997 University College at Prairie View 756 1,470 — 22,650 7,196 — 29,846 29,846 22,536 9,730 2001 Cullen Oaks 411 879 — 33,910 3,666 — 37,576 37,576 20,565 24,130 2003 College Park 224 567 — 43,634 1,952 — 45,586 45,586 11,696 39,584 2014 Subtotal 2,123 5,230 $ — $ 146,772 $ 24,835 $ — $ 171,607 $ 171,607 $ 102,326 $ 82,824 Total 36,545 111,878 $ 659,355 $ 7,333,680 $ 560,968 $ 664,879 $ 7,889,124 $ 8,554,003 $ 1,762,978 $ 646,330 (1) Includes write-offs of fully depreciated assets. (2) Total aggregate costs for federal income tax purposes is approximately $9.0 billion. (3) Total encumbrances exclude net unamortized debt premiums and deferred financing costs of approximately $1.7 million and $1.2 million, respectively, as of December 31, 2020. (4) For properties with multiple phases, the year built represents the weighted average year based on the number of beds delivered each year. (5) A number of our properties consist of two or more phases that are counted separately in the property portfolio numbers disclosed in Note 1. (6) Initial costs represent construction costs incurred to date associated with the development of these properties. Year built represents the scheduled completion date. (7) Buildings and improvements and furniture, fixtures and equipment and accumulated depreciation amounts are related to buildings on four land parcels that will be demolished as part of development. The changes in the Company’s investments in real estate and related accumulated depreciation for each of the years ended December 31, 2020, 2019, and 2018 are as follows: For the Year Ended December 31, 2020 2019 2018 Owned (1) On-Campus (2) Owned (1) On-Campus (2) Owned (1) On-Campus (2) Investments in Real Estate: Balance, beginning of year $ 8,137,504 $ 169,499 $ 7,813,959 $ 162,562 $ 7,485,391 $ 159,996 Acquisition of land for development 21,408 — 10,219 — 26,758 — Improvements and development expenditures 355,590 2,108 484,949 2,900 549,635 3,654 Write-off of fully depreciated or damaged assets (9,831) — (3,831) (306) (16,758) (1,088) Provision for real estate impairment — — (3,201) — — — Disposition of real estate (122,275) — (160,248) — (231,067) — Transfer of property from owned to OCPP structure — — (4,343) 4,343 — — Balance, end of year $ 8,382,396 $ 171,607 $ 8,137,504 $ 169,499 $ 7,813,959 $ 162,562 Accumulated Depreciation: Balance, beginning of year $ (1,442,789) $ (94,311) $ (1,230,562) $ (84,925) $ (1,035,027) $ (78,192) Depreciation for the year (252,222) (8,015) (255,796) (8,380) (242,123) (7,819) Write-off of fully depreciated or damaged assets 9,831 — 3,831 306 16,242 1,086 Disposition of properties 24,528 — 38,426 — 30,346 — Transfer of property from owned to OCPP structure — — 1,312 (1,312) — — Balance, end of year $ (1,660,652) $ (102,326) $ (1,442,789) $ (94,311) $ (1,230,562) $ (84,925) (1) Includes wholly-owned off-campus and on-campus properties, in addition to properties owned through investments in VIEs. (2) Includes on-campus participating properties.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements, presented in U.S. dollars, are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and revenue and expenses during the reporting periods. The Company’s actual results could differ from those estimates and assumptions. All material intercompany transactions among consolidated entities have been eliminated. All dollar amounts in the tables herein, except share, per share, unit and per unit amounts, are stated in thousands unless otherwise indicated.
Principles of Consolidation	Principles of Consolidation The Company’s consolidated financial statements include its accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which it has control. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities (“VIEs”), which requires the consolidation of VIEs in which the Company is considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation using the voting interest model.
Recently Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements and Securities and Exchange Commission (“SEC”) Rules 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 SEC adopted rules that amended the financial disclosure requirements for subsidiary issuers and guarantors of registered debt securities in Rule 3-10 of Regulation S-X. Subsequently, in November 2020, the FASB issued ASU 2020-09 which revises SEC paragraphs of the codification to reflect, as appropriate, the amended disclosure requirements mentioned above. 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. Both rules are effective on January 4, 2021, but earlier compliance is permitted. The Company is in the process of evaluating the rules and their potential effect on the consolidated financial statements and related disclosures of ACCOP. In August 2020, the FASB issued ASU 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity" which simplifies the accounting for convertible instruments and accounting for contracts in an entity’s own equity. Under the new guidance, entities will only analyze whether cash settlements are explicitly required when registered shares are unavailable. As a result, such contracts may be classified in permanent rather than mezzanine equity, which may affect the way American Campus Communities Operating Partnership Units (“OP Units") are presented on the Company's consolidated balance sheets. The update is effective for the Company beginning on January 1, 2022, but early adoption is allowed beginning January 1, 2021. The Company is in the process of evaluating the impact of adopting the new standard on its consolidated financial statements. In addition, the Company does not expect the following accounting pronouncement 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 amended the transition requirements and scope of ASU 2016-13 and clarified 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 Accounting Standards Codification 842, Leases. 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 were covered under this guidance. Based on this analysis, the Company concluded the 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 or ground lease expense, as applicable, on a straight-line basis over the remaining term of the lease. 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 than the original lease payments prior to the concession being granted. The Company 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 or ground lease expense from such leases in the period the concessions were granted. Refer to Note 14 for additional information.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Investments in Real Estate and On-Campus Properties	Investments in Real Estate Capitalization Policy and Useful Lives Investments in real estate are recorded at historical cost. Major improvements that extend the life of an asset are capitalized and depreciated over the remaining useful life of the asset. The cost of ordinary repairs and maintenance are expensed as incurred. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings and improvements 7 - 40 years Leasehold interest - on-campus participating properties 25 - 34 years (shorter of useful life or respective lease term) Furniture, fixtures and equipment 3 - 7 years Project costs directly associated with the development and construction of an owned real estate project, which include interest, property taxes, and amortization of deferred financing costs, are capitalized as construction in progress. Upon completion of the project, costs are transferred into the applicable asset category and depreciation commences. Interest totaling approximately $12.1 million, $12.1 million, and $11.7 million was capitalized during the years ended December 31, 2020, 2019, and 2018, respectively. Impairment Assessment Management assesses whether there has been an impairment in the value of the Company’s investments in real estate whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment is recognized when estimated expected future undiscounted cash flows are less than the carrying value of the property, or when a property meets the criteria to be classified as held for sale, at which time an impairment charge is recognized for any excess of the carrying value of the property over the expected net proceeds from the disposal. The estimation of expected future net cash flows uses estimates, including capitalization rates and growth rates, which are inherently uncertain and rely on assumptions regarding current and future economics and market conditions. If such conditions change, then an adjustment to the carrying value of the Company’s long-lived assets could occur in the future period in which the conditions change. To the extent that a property is impaired, the excess of the carrying amount of the property over its estimated fair value is charged to earnings. In the case of any impairment, the valuation would be based on Level 3 inputs. As of December 31, 2020, the Company concluded the global economic disruption caused by COVID-19, which was characterized on March 11, 2020 by the World Health Organization as a pandemic, was a potential impairment indicator. For investments in real estate in which the Company concluded an indicator of impairment existed, it performed a quantitative analysis and concluded that the carrying value of each investment in real estate was recoverable from the respective estimated undiscounted future cash flows. As a result, there were no impairments of the carrying values of the Company’s investments in real estate as of December 31, 2020. During the year ended December 31, 2019, concurrent with the classification of one owned property as held for sale, the Company recorded a $3.2 million impairment charge which is included in provision for impairment within operating income on the accompanying consolidated statements of comprehensive income. Refer to Note 6 for additional information regarding the disposition. There were no impairment charges during the year ended December 31, 2018. Land Acquisitions
Assets-Held for Sale	Assets Held for Sale Long-lived assets to be disposed of are classified as held for sale in the period in which all of the following criteria are met: a. Management, having the authority to approve the action, commits to a plan to sell the asset. b. The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. c. An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated. d. The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year. e. The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. f. Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Concurrent with this classification, the asset is recorded at the lower of cost or fair value less estimated selling costs, and depreciation ceases. The Company did not have any properties classified as held for sale as of December 31, 2020 and 2019.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company maintains cash balances in various banks. At times, the Company’s balances may exceed the amount insured by the FDIC. As the Company only uses money-centered financial institutions, the Company does not believe it is exposed to any significant credit risk related to its cash and cash equivalents.
Restricted Cash	Restricted Cash Restricted cash consists of funds held in trusts that were established in connection with three bond issues for the Company’s on-campus participating properties. The funds are invested in low risk investments, generally consisting of government backed securities, as permitted by the indentures of trusts. Additionally, restricted cash includes escrow accounts held by lenders and resident security deposits, as required by law in certain states. Restricted cash also consists of escrow deposits made in connection with potential property acquisitions and development opportunities. These escrow deposits are invested in interest-bearing accounts at federally-insured banks. Realized and unrealized gains and losses are not material for the periods presented.
Loans Receivable	Loans Receivable In 2013, as part of the settlement of a litigation matter related to a third-party management contract assumed in connection with the Company’s 2008 acquisition of GMH Communities Trust, the Company acquired a protective advance note and outstanding bond insurer claim (collectively, the “Loans Receivable”) from National Public Finance Guarantee Corporation for an aggregate of approximately $52.8 million. The Loans Receivable carried an interest rate of 5.12% and were secured by a lien on, and the cash flows from, two student housing properties in close proximity to the University of Central Florida. In October 2020, the properties were recapitalized and, as a result, the Company received full repayment of the outstanding Loans Receivable balance plus accrued interest, totaling $55.0 million. Upon repayment of the Loans Receivable, the remaining unamortized discount associated with the Loans Receivable of $2.1 million was recorded as a gain in other nonoperating income on the accompanying consolidated statements of comprehensive income. As of December 31, 2019, the Loans Receivable carried a balance, net of unamortized discount of $2.3 million, of approximately $50.6 million.
Leases	Leases When the Company enters into a contract or amends an existing contract, it evaluates whether the contract meets the definition of a lease under ASC Topic 842 - Leases ("ASC 842"). To meet the definition of a lease, the contract must meet all three of the following criteria: • One party (lessor) must hold an identified asset; • The counterparty (lessee) must have the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of the contract; and • The counterparty (lessee) must have the right to direct the use of the identified asset throughout the period of the contract. As Lessee The Company classifies leases as either operating or finance leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized on a straight-line basis over the term of the lease (operating lease) or under the effective interest method (finance lease). In addition, the authoritative guidance requires lessees to recognize right-of-use ("ROU") assets and related lease liabilities for leases with a term greater than 12 months regardless of their lease classification. The Company, as lessee, has entered into 49 ground/facility and office space lease agreements, which qualify as operating leases under ASC 842. These leases include leases entered into under the ACE program with university systems and Walt Disney World ® Resort, leases with local and regional land owners for owned off-campus properties, leases for corporate office space, and leases under the on-campus participating property (“OCPP”) structure. Leases entered into under the ACE program are used for the purpose of financing, constructing, and managing student housing properties. These leases are transferable and financeable, and the lessor has title to the land and in some cases any improvements placed thereon. Leases entered into under the OCPP structure are used for the purpose of developing, constructing and operating student housing facilities on university campuses. Under the terms of these leases, title to the land and constructed facilities is held by the lessor and such lessor receives a de minimis base rent paid at inception and 50% of defined net cash flows on an annual basis through the term of the lease. Under ground/facility leases, the lessors receive annual minimum base rent, variable rent based upon the operating performance of the property, or a combination thereof. The leases have initial terms, excluding extension options, ranging from seven years to 102 years. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company records base rent expense under the straight-line method over the term of the lease, and variable rent expense is recorded when the achievement of the target is considered probable. For properties under construction, straight-line rent is capitalized during the construction period and expensed upon the commencement of operations For purposes of calculating the ROU asset and lease liability for such leases, extension options are not included in the lease term unless it is reasonably certain that the Company will exercise the option, or the lessor has the sole ability to exercise the option. As most of the Company’s leases do not contain an implicit rate, the Company uses its incremental borrowing rate to determine the present value of the lease payments, which is the interest rate that the Company estimates it would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. In determining this rate, we analyze company-specific factors, such as credit risk, lease-specific factors such as lease term, lease payments, and collateral, as well as overall economic conditions. The weighted average incremental borrowing rate was 5.36% as of December 31, 2020. As Lessor The Company classifies leases as either sales-type, direct financing, or operating leases. A lease will be treated as a sales-type lease if it is considered to transfer control of the underlying asset to the lessee. A lease will be classified as a direct-financing lease if risks and rewards are conveyed without the transfer of control. Otherwise, the lease is treated as an operating lease. The Company elected to adopt the practical expedient that allows lessors to not separate certain lease and non-lease components for common area maintenance and the related rental revenue, as it determined that the timing and pattern of transfer is the same. Operating Leases The Company’s primary business involves leasing properties to students under agreements that are classified as operating leases and 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. Refer to Note 7 for additional information on our owned real estate assets, which are the underlying assets under our operating leases. The Company expenses, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. These costs include internal leasing payroll costs, as well as certain legal expenses incurred when negotiating commercial leases. Additionally, the Company evaluates collectability of all operating lease payments in a contract at lease commencement and thereafter. The Company concludes that operating lease payments are probable of collection at lease commencement. If the operating lease payments are subsequently deemed not probable of collection, adjustments are recognized as a reduction to lease income and, subsequently, any lease revenue is only recognized when cash receipts are received. The Company also maintains an allowance for uncollectible operating lease receivables. If, after lease commencement, the assessment of collectability on operating lease payments changes, the Company will determine whether the allowance adequately contemplated this change. Any changes to the provision for uncollectible accounts are presented as a reduction to revenue in the accompanying consolidated statements of comprehensive income. Determining the probability of collection is impacted by numerous factors including tenant creditworthiness, economic conditions, and the Company's historical experience with tenants. Sales-type Leases In certain instances at ACE properties, the ground lease agreement may require the Company to construct additional facilities desired by the ground lessor and subsequently lease those facilities to the ground lessor over a specified period. These facilities will ultimately be owned, managed, and funded by the ground lessors. Such spaces include but are not limited to dining, childcare, retail, academic, and office facilities. In this type of transaction, title to the facilities transfers to the ground lessor at the end of the lease term, and lease payments are structured to effectively reimburse the Company for the cost of constructing the additional facilities plus interest. As control of the underlying asset in these agreements transfers to the ground lessor at the end of the lease term, the leases are classified as sales-type leases. At lease inception, the Company records a net investment in the lease, which is equal to the sum of the lease receivable and the unguaranteed residual asset, discounted at the rate implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered selling profit or loss. Due to the nature of these transactions, the net investment in the lease is equal to the sum of the lease receivable, discounted at the rate implicit in the lease, and therefore no selling profit or loss is recorded. The cash rent the Company receives from tenants is not entirely recorded as rental revenue, but rather a portion is recorded as interest income and a portion is recorded as a reduction to the lease receivable, based on the effective interest method at a constant rate of return over the terms of the applicable leases. The Company's net investment in sales-type leases was $18.6 million and $6.3 million as of December 31, 2020 and 2019, respectively, which is included in other assets in the accompanying consolidated balance sheets. The weighted average remaining term of these leases was 21.2 years as of December 31, 2020. The Company recorded $0.4 million, $0.4 million, and $0.2 million of interest income related to these leases for the years ended December 31, 2020, 2019, and 2018.
Intangible Assets	Intangible Assets A portion of the purchase price of acquired properties is allocated to the value of in-place leases for both student and commercial tenants, which is based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued “as-if” vacant. As lease terms for student leases are typically one year or less, rates on in-place leases generally approximate market rental rates. Factors considered in the valuation of in-place leases include an estimate of the carrying costs during the expected lease-up period considering current market conditions, nature of the tenancy, and costs to execute similar leases. Carrying costs include estimates of lost rents at market rates during the expected lease-up period as well as marketing and other operating expenses. The value of in-place leases is amortized over the remaining initial term of the respective leases. The purchase price of property acquisitions is not allocated to student tenant relationships, considering the terms of the leases and the expected levels of renewals. For acquired properties subject to an in-place property tax incentive arrangement, a portion of the purchase price is allocated to the present value of expected future property tax savings over the projected incentive arrangement period. There were no new acquisitions or investments in joint ventures during the years ended December 31, 2020 and 2019, that required an allocation to in-place property tax incentive arrangements assumed. Unamortized in-place property tax incentive arrangements as of December 31, 2020 and 2019 were approximately $34.5 million and $38.6 million, respectively, and are included in other assets on the accompanying consolidated balance sheets. Amortization expense was approximately $3.4 million, $3.5 million, and $3.7 million for the years ended December 31, 2020, 2019, and 2018, respectively, and is included in owned properties operating expense in the accompanying consolidated statements of comprehensive income. As of December 31, 2020, the remaining weighted average tax incentive arrangement period was 18.1 years. During the year ended December 31, 2019, the Company recorded a $14.0 million impairment charge associated with a tax incentive arrangement that was recorded upon acquisition of an owned property in 2015 due to current facts and circumstances indicating that the originally assumed property tax savings will not materialize. This impairment charge is based on Level 3 inputs and is included in provision for impairment on the accompanying consolidated statements of comprehensive income.
Deferred Financing Costs	Deferred Financing Costs The Company defers financing costs and amortizes the costs over the terms of the related debt using the effective interest method. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to earnings. When debt modifications do not include material changes to the terms of the underlying debt agreement, unamortized costs of the original instrument are added to the costs of the modification and amortized over the life of the modified debt using the effective interest method. Deferred financing costs, net of amortization, for the Company’s revolving credit facility are included in other assets on the accompanying consolidated balance sheets. Net deferred financing costs for the Company’s revolving credit facility as of December 31, 2020, and 2019 were approximately $1.9 million and $3.5 million, respectively. Net deferred financing costs for the Company's secured mortgage and bond debt, unsecured notes, and unsecured term loans are presented as a reduction to the unpaid principal balance of the respective debt in the accompanying consolidated balance sheets. Refer to Note 9 for additional information regarding these balances.
Redeemable Noncontrolling Interests	Redeemable Noncontrolling Interests The Company follows guidance issued by the FASB regarding the classification and measurement of redeemable securities. Under this guidance, securities that are redeemable for cash or other assets, at the option of the holder and not solely within the control of the issuer, must be classified outside of permanent equity as redeemable noncontrolling interests. The Company makes this determination based on terms in the applicable agreements, specifically in relation to redemption provisions. The Company initially records the redeemable noncontrolling interests at fair value. The carrying amount of the redeemable noncontrolling interest is subsequently adjusted to the redemption value (assuming the noncontrolling interest is redeemable at the balance sheet date), with the corresponding offset for changes in fair value recorded in additional paid in capital. Reductions in fair value are recorded only to the extent that the Company has previously recorded increases in fair value above the redeemable noncontrolling interests’ initial basis. As the changes in redemption value are based on fair value, there is no effect on the Company’s earnings per share. Redeemable noncontrolling interests on the accompanying consolidated balance sheets of ACC are referred to as redeemable limited partners on the accompanying consolidated balance sheets of the Operating Partnership. Refer to Note 8 for a more detailed discussion of redeemable noncontrolling interests for both ACC and the Operating Partnership.
Joint Ventures	Joint Ventures The Company consolidates joint ventures when it exhibits financial or operational control, which is determined using accounting standards related to the consolidation of joint ventures and VIEs. For joint ventures that are defined as VIEs, the primary beneficiary consolidates the entity. The Company considers itself to be the primary beneficiary of a VIE when it has the power to direct the activities that most significantly impact the performance of the VIE, such as management of day-to-day operations, preparing and approving operating and capital budgets, and encumbering or selling the related properties. In instances where the Company is not the primary beneficiary, it does not consolidate the joint venture for financial reporting purposes. For joint ventures that are not defined as VIEs, where the Company is the general partner, but does not control the joint venture due to the other partners holding substantive participating rights, the Company uses the equity method of accounting. For joint ventures where the Company is a limited partner, management evaluates whether the Company holds substantive participating rights. In instances where the Company holds substantive participating rights in the joint venture, the Company consolidates the joint venture; otherwise, it uses the equity method of accounting.
Consolidated VIEs and Presale Development Projects	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, six joint ventures that own a total of 10 operating properties and two land parcels, 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. Presale Development Projects
Mortgage Debt - Premiums and Discounts	Mortgage Debt - Premiums and DiscountsMortgage debt premiums and discounts represent fair value adjustments to account for the difference between the stated rates and market rates of mortgage debt assumed in connection with the Company’s property acquisitions.  The mortgage debt premiums and discounts are included in secured mortgage and bond debt, net on the accompanying consolidated balance sheets and are amortized to interest expense over the term of the related mortgage loans using the effective-interest method.  The amortization of mortgage debt premiums and discounts resulted in a net decrease to interest expense of approximately $4.7 million, $4.9 million, and $5.3 million for the years ended December 31, 2020, 2019, and 2018, respectively.  As of December 31, 2020 and 2019, net unamortized mortgage debt premiums were approximately $1.7 million and $6.4 million, respectively.
Tenant Reimbursements	Tenant Reimbursements Reimbursements from tenants, consisting of amounts due from tenants for utilities, are recognized as revenue in the period the recoverable costs are incurred. Tenant reimbursements are recognized and recorded on a gross basis, as the Company is generally the primary obligor with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the supplier, and has credit risk.
Revenue	Third-Party Development Services Revenue The Company recognizes development and construction revenues over the life of the contract using a time-based measure of progress. An entire development and construction contract represents a single performance obligation comprised of a series of distinct services to be satisfied over time, and a single transaction price to be recognized over the life of the contract using a time-based measure of progress. Any variable consideration included in the transaction price is estimated using the expected value approach and is only included to the extent that a significant revenue reversal is not likely to occur. Third-Party Development Services and Owned Development Project Costs Pre-development expenditures such as architectural fees, permits and deposits associated with the pursuit of third-party and owned development projects are expensed as incurred, until such time as management believes it is probable that the contract will be executed and/or construction will commence, at which time the Company capitalizes the costs. Because the Company frequently incurs these pre-development expenditures before a financing commitment and/or required permits and authorizations have been obtained, the Company bears the risk of loss of these pre-development expenditures if financing cannot ultimately be arranged on acceptable terms or the Company is unable to successfully obtain the required permits and authorizations. As such, management evaluates the status of third-party and owned projects that have not yet commenced construction on a periodic basis and expenses any deferred costs related to projects whose current status indicates the commencement of construction is unlikely and/or the costs may not provide future value to the Company in the form of revenues. Such write-offs are included in third-party development and management services expenses (in the case of third-party development projects) or general and administrative expenses (in the case of owned development projects) on the accompanying consolidated statements of comprehensive income. Refer to Note 15 for details of the amount the Company has deferred in pre-development costs related to third-party and owned development projects that have not yet commenced construction. Third-Party Management Services Revenue Management fees are recognized when earned in accordance with each management contract. Incentive management fees are estimated using the expected value approach and are included in the transaction price only to the extent that a significant revenue reversal is not likely to occur. The Company evaluates the collectability of revenue earned from third-party management contracts and reserves any amounts deemed to be uncollectible based on the individual facts and circumstances of the projects and associated contracts.
Advertising Costs	Advertising Costs Advertising costs are expensed during the period incurred, or as the advertising takes place, depending on the nature and term of the specific advertising arrangements. Advertising expense approximated $12.9 million, $15.7 million, and $13.6 million for the years ended December 31, 2020, 2019, and 2018, respectively, and is included in owned properties operating expenses on the accompanying consolidated statements of comprehensive income
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company records all derivative financial instruments on the balance sheet at fair value. Changes in fair value are recognized either in earnings or as other comprehensive income, depending on whether the derivative has been designated as a fair value or cash flow hedge and whether it qualifies as part of a hedging relationship, the nature of the exposure being hedged, and how effective the derivative is at offsetting movements in underlying exposure. The Company discontinues hedge accounting when: (i) it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item; (ii) the derivative expires or is sold, terminated, or exercised; (iii) it is no longer probable that the forecasted transaction will occur; or (iv) management determines that designating the derivative as a hedging instrument is no longer appropriate. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company will carry the derivative at its fair value on the balance sheet, recognizing changes in the fair value in current-period earnings. The Company uses interest rate swaps to effectively convert a portion of its floating rate debt to fixed rate, thus reducing the impact of rising interest rates on interest payments. These instruments are designated as cash flow hedges and the interest differential to be paid or received is accrued as interest expense. The Company’s counter-parties are major financial institutions. See Note 12 for an expanded discussion on derivative instruments and hedging activities.
Common Stock Issuances and Costs	Common Stock Issuances and Costs Specific incremental costs directly attributable to the Company’s equity offerings are deferred and charged against the gross proceeds of the offering. As such, underwriting commissions and other common stock issuance costs are reflected as a reduction of additional paid in capital. See Note 10 for an expanded discussion on common stock issuances and costs.
Share-Based Compensation	Share-Based CompensationCompensation expense associated with share-based awards is recognized in the accompanying consolidated statements of comprehensive income based on the grant-date fair values and is adjusted as actual forfeitures occur. Compensation expense is recognized over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period.  See Note 11 for an expanded discussion of the Company’s share-based compensation awards.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted taxable income to its stockholders. As a REIT, the Company will generally not be subject to corporate level federal income tax on taxable income it currently distributes to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax for tax years ending on or prior to December 31, 2017) and may not be able to qualify as a REIT for the subsequent four taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local income and excise taxes on its income and property, and to federal income and excise taxes on its undistributed income. The Company owns various TRSs, one of which manages the Company’s non-REIT activities and each of which is subject to federal, state and local income taxes.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Schedule of accounting pronouncements	In addition, the Company does not expect the following accounting pronouncement 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
Schedule of estimated useful lives of assets	Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings and improvements 7 - 40 years Leasehold interest - on-campus participating properties 25 - 34 years (shorter of useful life or respective lease term) Furniture, fixtures and equipment 3 - 7 years

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings Per Share Disclosure [Line Items]
Schedule of potentially dilutive securities not included in calculating diluted earnings per share	The following potentially dilutive securities were outstanding for the years ended December 31, 2020, 2019, and 2018, but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. Year Ended December 31, 2020 2019 2018 Common OP Units (Note 8) 468,475 531,112 771,708 Preferred OP Units (Note 8) 35,242 42,421 77,513 Total potentially dilutive securities 503,717 573,533 849,221
Schedule of summary of elements used in calculating basic and diluted earnings per share	The following is a summary of the elements used in calculating basic and diluted earnings per share: Year Ended December 31, 2020 2019 2018 Numerator - basic and diluted earnings per share Net income $ 69,848 $ 86,762 $ 119,124 Net loss (income) attributable to noncontrolling interests 2,955 (1,793) (2,029) Net income attributable to ACC, Inc. and Subsidiaries common stockholders 72,803 84,969 117,095 Amount allocated to participating securities (2,142) (1,902) (1,522) Net income attributable to common stockholders $ 70,661 $ 83,067 $ 115,573 Denominator Basic weighted average common shares outstanding 137,588,964 137,295,837 136,815,051 Unvested restricted stock awards (Note 11) 1,121,466 990,941 906,998 Diluted weighted average common shares outstanding 138,710,430 138,286,778 137,722,049 Earnings per share Net income attributable to common stockholders - basic $ 0.51 $ 0.61 $ 0.84 Net income attributable to common stockholders - diluted $ 0.51 $ 0.60 $ 0.84
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Earnings Per Share Disclosure [Line Items]
Schedule of potentially dilutive securities not included in calculating diluted earnings per share	The following is a summary of the elements used in calculating basic and diluted earnings per unit: Year Ended December 31, 2020 2019 2018 Numerator - basic and diluted earnings per unit Net income $ 69,848 $ 86,762 $ 119,124 Net income attributable to noncontrolling interests – partially owned properties 3,259 (1,398) (1,215) Series A preferred unit distributions (56) (68) (124) Amount allocated to participating securities (2,142) (1,902) (1,522) Net income attributable to common unitholders $ 70,909 $ 83,394 $ 116,263 Denominator Basic weighted average common units outstanding 138,057,439 137,826,949 137,586,759 Unvested restricted stock awards (Note 11) 1,121,466 990,941 906,998 Diluted weighted average common units outstanding 139,178,905 138,817,890 138,493,757 Earnings per unit Net income attributable to common unitholders - basic $ 0.51 $ 0.61 $ 0.85 Net income attributable to common unitholders - diluted $ 0.51 $ 0.60 $ 0.84

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of significant components of deferred tax assets and liabilities of TRSs	December 31, 2020 2019 Deferred tax assets Fixed and intangible assets $ 1,669 $ 1,488 Net operating loss carryforwards 8,207 7,290 Prepaid and deferred income 1,060 1,115 Bad debt reserves 675 528 Leases 3,314 3,480 Accrued expenses and other 3,795 4,049 Stock compensation 3,084 2,636 Total deferred tax assets 21,804 20,586 Valuation allowance for deferred tax assets (18,578) (17,121) Deferred tax assets, net of valuation allowance 3,226 3,465 Deferred tax liability Leases (3,189) (3,413) Deferred financing costs (37) (52) Net deferred tax liabilities $ — $ —
Schedule of significant components of income tax provision	Significant components of the Company’s income tax provision are as follows: Year Ended December 31, 2020 2019 2018 Current Federal $ (103) $ (157) $ — State (1,246) (1,350) (2,429) Deferred Federal — — — State — — — Total provision $ (1,349) $ (1,507) $ (2,429)
Schedule of reconciliation of income tax attributable to continuing operations for the TRSs computed at the U.S. statutory rate to income tax provision	The reconciliation of income tax for the TRSs computed at the U.S. statutory rate to income tax provision is as follows: Year Ended December 31, 2020 2019 2018 Tax benefit (provision) at U.S. statutory rates on TRS income $ 1,536 $ (789) $ 327 State income tax, net of federal income tax benefit (provision) 278 (57) 13 Effect of permanent differences and other (8) 5 (154) (Increase) decrease in valuation allowance (1,806) 841 (186) TRS income tax provision $ — $ — $ —
Schedule of distributions to shareholders	A schedule of per share distributions the Company paid and reported to its shareholders, which is unaudited, is set forth in the following table: Year Ended December 31, Tax Treatment of Distributions 2020 2019 2018 Ordinary income $ 1.1004 $ 0.6625 $ — Long-term capital gain (1) 0.3560 1.2075 1.8200 Return of capital 0.4236 — — Total per common share outstanding $ 1.8800 $ 1.8700 $ 1.8200 (1) Unrecaptured Section 1250 gains of $0.2052, $0.3827 and $0.4008 were reported for the years ended December 31, 2020, 2019 and 2018, respectively.

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2020
Real Estate Properties [Line Items]
Schedule of real estate properties	Owned properties, both wholly-owned and those owned through investments in VIEs, consisted of the following: December 31, 2020 December 31, 2019 Land $ 664,879 $ 654,985 Buildings and improvements 6,949,781 6,749,757 Furniture, fixtures and equipment 405,843 391,208 Construction in progress 361,893 341,554 8,382,396 8,137,504 Less accumulated depreciation (1,660,652) (1,442,789) Owned properties, net $ 6,721,744 $ 6,694,715 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: December 31, 2020 December 31, 2019 Buildings and improvements $ 157,218 $ 155,941 Furniture, fixtures and equipment 14,389 13,552 Construction in progress — 6 171,607 169,499 Less accumulated depreciation (102,326) (94,311) On-campus participating properties, net $ 69,281 $ 75,188

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2020 and 2019, which includes both the redeemable joint venture partners and OP Units discussed above: Balance, December 31, 2017 $ 132,169 Net income 936 Distributions (1,516) Conversion of OP Units into shares of ACC common stock (13,334) Contributions from noncontrolling interests 112 Adjustments to reflect redeemable noncontrolling interests at fair value 66,079 Balance, December 31, 2018 $ 184,446 Net income 783 Distributions (1,062) Conversion of OP Units into shares of ACC common stock (6,082) Contributions from noncontrolling interests 250 Purchase of noncontrolling interests (88,304) Adjustments to reflect redeemable noncontrolling interests at fair value 14,350 Balance, December 31, 2019 $ 104,381 Net income 325 Distributions (937) Purchase of noncontrolling interests (77,200) Adjustments to reflect redeemable noncontrolling interests at fair value (2,002) Balance, December 31, 2020 $ 24,567

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of outstanding consolidated indebtedness and summary of senior unsecured notes	A summary of the Company’s outstanding consolidated indebtedness, including unamortized debt premiums and discounts, is as follows: December 31, 2020 2019 Debt secured by owned properties Mortgage loans payable Unpaid principal balance $ 563,506 $ 693,584 Unamortized deferred financing costs (848) (1,294) Unamortized debt premiums 1,819 6,596 Unamortized debt discounts (151) (199) 564,326 698,687 Debt secured by on-campus participating properties Mortgage loans payable (1) 63,714 65,942 Bonds payable (1) 19,110 23,215 Unamortized deferred financing costs (323) (418) 82,501 88,739 Total secured mortgage and bond debt 646,827 787,426 Unsecured notes, net of unamortized OID and deferred financing costs (2) 2,375,603 1,985,603 Unsecured term loans, net of unamortized deferred financing costs (3) 199,473 199,121 Unsecured revolving credit facility 371,100 425,700 Total debt, net $ 3,593,003 $ 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 $5.8 million and $2.3 million at December 31, 2020 and 2019, respectively, and net unamortized deferred financing costs of $18.6 million and $12.1 million at December 31, 2020 and 2019, respectively. (3) Includes net unamortized deferred financing costs of $0.5 million and $0.9 million at December 31, 2020 and 2019, respectively. As of December 31, 2020, the Company has issued the following senior unsecured notes: Date Issued Amount % of Par Value Coupon Yield Original Issue Discount Term (Years) April 2013 $ 400,000 99.659 3.750% 3.791% $ 1,364 10 June 2014 400,000 99.861 4.125% 4.269% (1) 556 10 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 effect of the amortization of the interest rate swap terminations.
Schedule of mortgage and construction loans payable	Mortgage loans payable, excluding debt premiums and discounts, consisted of the following as of December 31, 2020: December 31, 2020 Principal Outstanding Weighted Weighted Number of December 31, Average Average Years Properties 2020 2019 Interest Rate to Maturity Encumbered Fixed Rate Mortgage loans payable (1) $ 625,136 $ 756,397 4.18 % 6.3 Years 16 Variable Rate Mortgage loans payable (2) 2,084 3,129 2.65 % 24.6 Years — Total $ 627,220 $ 759,526 4.17 % 6.3 years 16 (1) Fixed rate mortgage loans payable mature on various dates from 2021 through 2045 and carry interest rates ranging from 3.76% to 5.47% at December 31, 2020. (2) Represents mortgage debt at one of our on-campus participating properties not subject to an interest rate swap contract. This property is included in the number of properties encumbered by mortgage loans above.
Schedule of debt transactions	During the year ended December 31, 2020, the following transactions occurred: Mortgage Loans Payable (1) Balance, December 31, 2019 $ 759,526 Pay-off of mortgage notes payable (2) (124,559) Scheduled repayments of principal (7,747) Balance, December 31, 2020 $ 627,220 (1) Balance excludes unamortized debt premiums and discounts. (2) Represents pay-offs of mortgage notes payable secured by four properties.
Schedule of bonds payable	Bonds payable at December 31, 2020 consisted of the following: Mortgaged Facilities Original Principal Weighted Average Maturity Required Monthly December 31, 2020 1999 University Village-PVAMU/TAMIU $ 39,270 $ 9,380 7.76 % September 2023 $ 302 2001 University College–PVAMU 20,995 7,660 7.62 % August 2025 158 2003 University College–PVAMU 4,325 2,070 6.21 % August 2028 28 Total/weighted average rate $ 64,590 $ 19,110 7.54 % $ 488
Schedule of debt maturities	The following table summarizes the stated debt maturities and scheduled amortization payments, excluding debt premiums and discounts, for each of the five years subsequent to December 31, 2020 and thereafter: 2021 $ 107,127 2022 604,464 2023 408,800 2024 529,329 2025 3,313 Thereafter 1,964,397 $ 3,617,430

Incentive Award Plan (Tables)

Incentive Award Plan (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of summary of restricted stock awards	A summary of the Company’s RSAs under the Plan for the years ended December 31, 2020 and 2019 is presented below: Number of Weighted-Average Nonvested balance at December 31, 2018 862,680 $ 42.46 Granted 387,341 44.08 Vested (266,556) 41.86 Forfeited (16,124) 42.91 Nonvested balance at December 31, 2019 967,341 $ 43.27 Granted 444,522 47.13 Vested (295,385) 43.40 Forfeited (23,882) 44.56 Nonvested balance at December 31, 2020 1,092,596 $ 44.78
Schedule of summary of restricted stock units	A summary of ACC’s RSUs under the Plan for the years ended December 31, 2020 and 2019 and activity during the years then ended is presented below: Number of Weighted-Average Grant Date Fair Value Per RSU Outstanding at December 31, 2018 — $ — Granted 20,812 47.34 Settled in common shares (18,318) 47.37 Settled in cash (2,494) 47.11 Outstanding at December 31, 2019 — $ — Granted 30,137 34.10 Settled in common shares (27,644) 34.10 Settled in cash (2,493) 34.10 Outstanding at December 31, 2020 — $ —

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 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 assets and other liabilities on the accompanying consolidated balance sheets as of December 31, 2020: Hedged Debt Instrument Effective Date Maturity Date Pay Fixed Rate Receive Floating Current Notional Amount Fair Value Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month $ 12,003 $ (33) Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month 12,127 (33) Park Point mortgage loan Feb 1, 2019 Jan 16, 2024 2.7475% LIBOR - 1 month 70,000 (5,462) College Park mortgage loan Oct 16, 2019 Oct 16, 2022 1.2570% LIBOR - 1 month, with 1 day lookback 37,500 (757) Unsecured term loan Nov 4, 2019 Jun 27, 2022 1.4685% LIBOR - 1 month 100,000 (1,999) Unsecured term loan Dec 2, 2019 Jun 27, 2022 1.4203% LIBOR - 1 month 100,000 (1,927) Total $ 331,630 $ (10,211)
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 and their classification on the accompanying consolidated balance sheets as of December 31, 2020 and 2019: Asset Derivatives Liability Derivatives Fair Value as of Fair Value as of Description Balance Sheet Location 12/31/2020 12/31/2019 Balance Sheet Location 12/31/2020 12/31/2019 Interest rate swap contracts Other assets $ — $ 743 Other liabilities $ 10,211 $ 3,436 Total derivatives designated as hedging instruments $ — $ 743 $ 10,211 $ 3,436
Derivative Instruments, Gain (Loss)	The table below presents the effect of the Company’s derivative financial instruments on the accompanying consolidated statements of comprehensive income for the years ended December 31, 2020, 2019, and 2018: Year Ended December 31, Description 2020 2019 2018 Change in fair value of derivatives and other recognized in Other Comprehensive Income ("OCI") $ (11,380) $ (723) $ (1,984) Swap interest accruals reclassified to interest expense 3,844 200 (124) Termination of interest rate swap payment recognized in OCI — (13,159) — Amortization of interest rate swap terminations (1) 1,705 1,133 412 Total change in OCI due to derivative financial instruments $ (5,831) $ (12,549) $ (1,696) Interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded $ 112,507 $ 111,287 $ 99,228 (1) Represents amortization from OCI into interest expense.

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2020 and 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 December 31, 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 $ 10,211 (1) $ — $ 10,211 $ 3,436 (1) $ — $ 3,436 Mezzanine Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) $ 21,567 (2) $ 3,000 $ 24,567 $ 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 based on the greater of 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 noncontrolling partners' equity in the Core Joint Ventures 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 financial instruments as of December 31, 2020 and 2019. There were no Level 1 measurements for the periods presented. December 31, 2020 December 31, 2019 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Level 2 Level 3 Level 2 Level 3 Assets Loans receivable $ — $ — $ — (1) $ 50,553 $ — $ 48,307 (1) Liabilities (2) Unsecured notes $ 2,375,603 $ 2,609,373 (3) $ — $ 1,985,603 $ 2,069,817 (3) $ — Mortgage loans payable (fixed rate) $ 625,783 (4) $ 656,648 (5) $ — $ 761,296 (4) $ 766,821 (5) $ — Bonds payable $ 18,960 $ 20,720 (6) $ — $ 23,001 $ 25,110 (6) $ — Unsecured term loan (fixed rate) $ 199,473 $ 203,348 (7) $ — $ 199,121 $ 198,687 $ — (1) As described in Note 2, the loans receivable were paid off during the year ended December 31, 2020. The fair value as of December 31, 2019 was based on 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 9). (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 $2.1 million and $3.1 million as of December 31, 2020 and 2019, respectively. (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 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 (see Note 9). 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.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Schedule of lease cost	Total straight-line rent expense, variable rent expense, and capitalized rent cost, were as follows: Year Ended December 31 , Description 2020 2019 2018 Straight-line rent expense $ 12,379 $ 10,009 $ 8,798 Variable rent expense (1) $ 5,761 $ 8,996 $ 7,234 Capitalized rent cost $ 15,772 $ 12,889 $ 2,296 (1) During the year ended December 31, 2020, the Company received rent concessions in the form of abatements of $1.5 million which were recorded as negative variable rent expense.
Future minimum commitments for operating leases	Future minimum commitments over the life of all leases, which exclude variable rent payments, are as follows: December 31, 2020 2021 $ 16,749 2022 23,664 2023 28,776 2024 29,371 2025 29,404 Thereafter 1,632,009 Total minimum lease payments 1,759,973 Less imputed interest (1,273,342) Total lease liabilities (1) $ 486,631 (1) The weighted average remaining lease term of leases with a lease liability, excluding extension options, as of December 31, 2020 was 61.9 years.
Schedule of operating lease income	Lease income under both student and commercial leases is included in owned property revenues in the accompanying consolidated statements of comprehensive income and is presented in the following table: Year Ended December 31 , Description 2020 2019 2018 Student lease income $ 809,112 $ 851,992 $ 794,689 Commercial lease income $ 11,793 $ 13,211 $ 13,086

Segments (Tables)

Segments (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Schedule of Segment Information	Year Ended December 31, 2020 2019 2018 Owned Properties Rental revenues and other income $ 820,699 $ 880,709 $ 829,119 Interest income 459 473 1,436 Total revenues from external customers 821,158 881,182 830,555 Operating expenses before depreciation, amortization, and ground/facility lease expense (378,454) (390,664) (373,521) Ground/facility lease expense (11,505) (11,084) (8,927) Interest expense, net (1) (12,413) (16,859) (14,742) Income before depreciation and amortization $ 418,786 $ 462,575 $ 433,365 Depreciation and amortization $ (256,238) $ (261,938) $ (250,715) Capital expenditures $ 373,898 $ 515,208 $ 546,147 Total segment assets at December 31, $ 7,368,883 $ 7,346,625 $ 6,841,222 On-Campus Participating Properties Rental revenues and other income $ 29,906 $ 36,346 $ 34,596 Interest income 31 167 133 Total revenues from external customers 29,937 36,513 34,729 Operating expenses before depreciation, amortization, and ground/facility lease expense (13,521) (15,028) (14,602) Ground/facility lease expense (2,008) (3,067) (2,928) Interest expense, net (1) (4,146) (4,934) (5,098) Income before depreciation and amortization $ 10,262 $ 13,484 $ 12,101 Depreciation and amortization $ (8,015) $ (8,380) $ (7,819) Capital expenditures $ 2,098 $ 2,898 $ 3,654 Total segment assets at December 31, $ 86,523 $ 97,561 $ 93,917 Development Services Development and construction management fees $ 7,543 $ 13,051 $ 7,281 Operating expenses (9,431) (8,658) (8,031) (Loss) income before depreciation and amortization $ (1,888) $ 4,393 $ (750) Total segment assets at December 31, $ 13,887 $ 13,539 $ 10,087 Property Management Services Property management fees from external customers $ 12,436 $ 12,936 $ 9,814 Operating expenses (12,269) (11,257) (7,428) Income before depreciation and amortization $ 167 $ 1,679 $ 2,386 Total segment assets at December 31, $ 8,390 $ 8,888 $ 6,426 Reconciliations Total segment revenues and other income $ 871,074 $ 943,682 $ 882,379 Unallocated interest income earned on investments and corporate cash 2,449 3,046 3,265 Total consolidated revenues, including interest income $ 873,523 $ 946,728 $ 885,644 Segment income before depreciation and amortization $ 427,327 $ 482,131 $ 447,102 Segment depreciation and amortization (264,253) (270,318) (258,534) Corporate depreciation (3,450) (4,728) (4,669) Net unallocated expenses relating to corporate interest and overhead (130,373) (117,529) (110,660) Gain (loss) from disposition of real estate, net 48,525 (53) 42,314 Other operating and nonoperating income 3,507 — 3,949 Amortization of deferred financing costs (5,259) (5,012) (5,816) Provision for impairment — (17,214) — (Loss) gain from extinguishment of debt, net (4,827) 20,992 7,867 Income tax provision (1,349) (1,507) (2,429) Net income $ 69,848 $ 86,762 $ 119,124 Total segment assets $ 7,477,683 $ 7,466,613 $ 6,951,652 Unallocated corporate assets 53,477 93,141 87,194 Total assets at December 31, $ 7,531,160 $ 7,559,754 $ 7,038,846 (1) Net of capitalized interest and amortization of debt premiums.

Organization and Description _2

Organization and Description of Business - Narrative (Details)	12 Months Ended
	Dec. 31, 2020propertyphasebed
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of properties	166
Number of beds | bed	111,900
Minimum
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Management and leasing services, initial term of contract	1 year
Maximum
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Management and leasing services, initial term of contract	5 years
Management and leasing services
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of properties	40
Number of beds | bed	29,200
Owned & third-party managed portfolio
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of properties	206
Number of beds | bed	141,100
Off campus properties | Owned Properties
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of properties	126
American campus equity | Owned Properties
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of properties	34
Under development | Owned Properties
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of beds | bed	8,800
Number of properties under construction	1
Number of Phases Under Construction | phase	8
Number of Total Construction Phases | phase	10
On-campus participating properties, net
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of properties	6
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | American Campus Communities, Inc.
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Limited partner ownership interest (percent)	99.60%
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | American Campus Communities Holdings, LLC
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Ownership interest (percent)	1.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)	1 Months Ended		12 Months Ended
	Oct. 31, 2020USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2020USD ($)entityagreementpropertybed	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2013USD ($)bed
Significant Accounting Policies [Line Items]
Capitalized interest			$ 12,100,000	$ 12,100,000	$ 11,700,000
Number of properties | property			166
Proceeds from loans receivable	$ 55,000,000
Unamortized discount on loans receivable	$ 2,100,000			2,300,000
Number of ground/facility and office space lease agreements | agreement			49
Weighted average incremental borrowing rate, percent			5.36%
Sales-type lease, net investment			$ 18,600,000	6,300,000
Sales-type lease term			21 years 2 months 12 days
Direct financing lease, lease income			$ 400,000	400,000	200,000
Deferred financing costs			1,900,000	3,500,000
Advertising costs			$ 12,900,000	15,700,000	13,600,000
Variable Interest Entity, Primary Beneficiary
Significant Accounting Policies [Line Items]
Number of properties | property			10
Number of third-party joint venture partners | entity			6
Number of land parcels | bed			2
G M H Acquisition
Significant Accounting Policies [Line Items]
Number of properties | bed						2
G M H Acquisition | Notes Receivable
Significant Accounting Policies [Line Items]
Payments to acquire loans receivable						$ 52,800,000
Effective interest rate (as a percent)						5.12%
In-place leases
Significant Accounting Policies [Line Items]
Lease term			1 year
Property tax abatement
Significant Accounting Policies [Line Items]
Unamortized tax abatement			$ 34,500,000	38,600,000
Amortization expense of acquired intangible assets			$ 3,400,000	3,500,000	3,700,000
Weighted average tax abatement period			18 years 1 month 6 days
Other assets
Significant Accounting Policies [Line Items]
Intangible asset impairment				14,000,000
Mortgages
Significant Accounting Policies [Line Items]
Provision for impairment		$ 15,300,000
Deferred financing costs			$ 1,200,000
Amortization of debt discounts (premiums)			(4,700,000)	(4,900,000)	(5,300,000)
Net unamortized debt premiums			$ 1,700,000	6,400,000
Minimum
Significant Accounting Policies [Line Items]
Term of lease contract (in years)			7 years
Maximum
Significant Accounting Policies [Line Items]
Term of lease contract (in years)			102 years
Reported Value Measurement
Significant Accounting Policies [Line Items]
Loans receivable			$ 0	50,553,000
On-campus participating properties, net
Significant Accounting Policies [Line Items]
Number of properties | property			6
Percentage of net cash flow receivable per agreement			50.00%
Deferred financing costs			$ 323,000	418,000
On-campus participating properties, net | Variable Interest Entity, Primary Beneficiary
Significant Accounting Policies [Line Items]
Number of properties | property			6
Owned Properties Held For Sale
Significant Accounting Policies [Line Items]
Provision for impairment				$ 3,200,000	$ 0

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	12 Months Ended
	Dec. 31, 2020
Buildings and improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful Life	7 years
Buildings and improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful Life	40 years
Leasehold interest - on-campus participating properties | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful Life	25 years
Leasehold interest - on-campus participating properties | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful Life	34 years
Furniture, fixtures and equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful Life	3 years
Furniture, fixtures and equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful Life	7 years

Earnings Per Share - Potentiall

Earnings Per Share - Potentially dilutive securities not included in calculating diluted earnings per share (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	503,717	573,533	849,221
Common OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	468,475	531,112	771,708
Preferred OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	35,242	42,421	77,513

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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator - basic and diluted earnings per share
Net income	$ 69,848	$ 86,762	$ 119,124
Net loss (income) attributable to noncontrolling interests	2,955	(1,793)	(2,029)
Net income attributable to ACC, Inc. and Subsidiaries common stockholders	72,803	84,969	117,095
Amount allocated to participating securities	(2,142)	(1,902)	(1,522)
Net income attributable to common stockholders	$ 70,661	$ 83,067	$ 115,573
Denominator
Basic weighted average common shares outstanding (shares)	137,588,964	137,295,837	136,815,051
Unvested restricted stock awards (shares)	1,121,466	990,941	906,998
Diluted weighted average common shares outstanding (shares)	138,710,430	138,286,778	137,722,049
Earnings Per Share, Basic [Abstract]
Net income (loss) attributable to common stockholders per share - basic (in dollars per share)	$ 0.51	$ 0.61	$ 0.84
Net income (loss) attributable to common stockholders per share - diluted (in dollars per share)	$ 0.51	$ 0.60	$ 0.84

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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator - basic and diluted earnings per unit
Net income	$ 69,848	$ 86,762	$ 119,124
Net loss (income) attributable to noncontrolling interests – partially owned properties	2,955	(1,793)	(2,029)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Numerator - basic and diluted earnings per unit
Net income	69,848	86,762	119,124
Series A preferred unit distributions	(56)	(68)	(124)
Amount allocated to participating securities	(2,142)	(1,902)	(1,522)
Net income attributable to common unitholders	$ 70,909	$ 83,394	$ 116,263
Denominator
Basic weighted average common units outstanding (units)	138,057,439	137,826,949	137,586,759
Unvested restricted stock awards (units)	1,121,466	990,941	906,998
Diluted weighted average common units outstanding (units)	139,178,905	138,817,890	138,493,757
Net Income (Loss), Per Outstanding Limited Partnership Unit, Basic, Net of Tax [Abstract]
Net income attributable to common unitholders - basic (in dollars per unit)	$ 0.51	$ 0.61	$ 0.85
Net income attributable to common unitholders - diluted (in dollars per unit)	$ 0.51	$ 0.60	$ 0.84
Partially owned properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Numerator - basic and diluted earnings per unit
Net loss (income) attributable to noncontrolling interests – partially owned properties	$ 3,259	$ (1,398)	$ (1,215)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes [Line Items]
Income (Loss) subject to TRS earnings tax	$ 71,197,000	$ 88,269,000	$ 121,553,000
Unrecognized tax benefits	0	0	0
TRS
Income Taxes [Line Items]
Income (Loss) subject to TRS earnings tax	(5,400,000)	$ 10,000,000	$ (2,000,000)
Net operating loss carryforwards	$ 33,700,000

Income Taxes - Components of de

Income Taxes - Components of deferred tax assets and liabilities of TRSs (Details) - TRS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets
Fixed and intangible assets	$ 1,669	$ 1,488
Net operating loss carryforwards	8,207	7,290
Prepaid and deferred income	1,060	1,115
Bad debt reserves	675	528
Leases	3,314	3,480
Accrued expenses and other	3,795	4,049
Stock compensation	3,084	2,636
Total deferred tax assets	21,804	20,586
Valuation allowance for deferred tax assets	(18,578)	(17,121)
Deferred tax assets, net of valuation allowance	3,226	3,465
Deferred tax liability
Leases	(3,189)	(3,413)
Deferred financing costs	(37)	(52)
Net deferred tax liabilities	$ 0	$ 0

Income Taxes - Components of in

Income Taxes - Components of income tax provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current
Federal	$ (103)	$ (157)	$ 0
State	(1,246)	(1,350)	(2,429)
Deferred
Federal	0	0	0
State	0	0	0
Total provision	$ (1,349)	$ (1,507)	$ (2,429)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of income tax attributable to continuing operations for TRSs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes [Line Items]
TRS income tax provision	$ 1,349	$ 1,507	$ 2,429
TRS
Income Taxes [Line Items]
Tax benefit (provision) at U.S. statutory rates on TRS income subject to tax	1,536	(789)	327
State income tax, net of federal income tax benefit (provision)	278	(57)	13
Effect of permanent differences and other	(8)	5	(154)
(Increase) decrease in valuation allowance	(1,806)	841	(186)
TRS income tax provision	$ 0	$ 0	$ 0

Income Taxes - Tax treatment of

Income Taxes - Tax treatment of distributions to shareholders (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Ordinary income	$ 1.1004	$ 0.6625	$ 0
Long-term capital gain	0.3560	1.2075	1.8200
Return of capital	0.4236	0	0
Total per common share outstanding	1.8800	1.8700	1.8200
Unrecaptured Section 1250 gains	$ 0.2052	$ 0.3827	$ 0.4008

Acquisitions and Joint Ventur_2

Acquisitions and Joint Venture Investments - Narrative (Details) $ in Millions	1 Months Ended			12 Months Ended
	Oct. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Aug. 31, 2020USD ($)	Dec. 31, 2019USD ($)propertybed	Dec. 31, 2018USD ($)	Dec. 31, 2020bed	Aug. 31, 2018bed
Business Acquisition [Line Items]
Number of beds | bed						111,900
Pre-Sale Arrangement
Business Acquisition [Line Items]
Number of properties, under development | property				2
Number of beds | bed				783
Owned Properties | Pre-Sale Arrangement
Business Acquisition [Line Items]
Pre-sale arrangement purchase price				$ 110.2
Payments to acquire land				8.6
Repayment of mortgage and construction loans				$ 18.5
The Edge - Stadium Centre | Owned Properties | Pre-Sale Arrangement
Business Acquisition [Line Items]
Asset acquisition, consideration transferred					$ 42.6
Number of beds | bed							412
Payments to acquire land					10
Land
Business Acquisition [Line Items]
Asset acquisition, consideration transferred	$ 11.6				$ 16.6
Variable Interest Entity, Primary Beneficiary | Nashville Joint Venture
Business Acquisition [Line Items]
Limited partner ownership interest (percent)			50.00%
Variable Interest Entity, Primary Beneficiary | Nashville Joint Venture
Business Acquisition [Line Items]
Asset acquisition, consideration transferred			$ 5.6
Variable Interest Entity, Primary Beneficiary | Nashville Joint Venture | Land
Business Acquisition [Line Items]
Asset acquisition, consideration transferred		$ 11.3
Variable Interest Entity, Primary Beneficiary | Nashville Joint Venture | Notes Receivable
Business Acquisition [Line Items]
Note receivable face amount			$ 5.4
Note receivable, term			2 years
Effective interest rate (as a percent)			6.50%
Variable Interest Entity, Not Primary Beneficiary | Nashville Joint Venture
Business Acquisition [Line Items]
Limited partner ownership interest (percent)			50.00%
Variable Interest Entity, Not Primary Beneficiary | Nashville Joint Venture
Business Acquisition [Line Items]
Asset acquisitions, consideration transferred, noncash			$ 0.7

Property Dispositions - Narrati

Property Dispositions - Narrative (Details)	1 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)bed	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)propertybed	Dec. 31, 2018USD ($)propertybed
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on disposition of real estate		$ 48,525,000	$ (53,000)	$ 42,314,000
Allianz Real Estate
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash contribution				$ 373,100,000
ACC/Allianz Joint Venture | Allianz Real Estate
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Minority interest (percent)				45.00%
Disposal group, not discontinued operations | College Club Townhomes
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Provision for impairment			$ 3,200,000
Disposal group, not discontinued operations | Owned Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of beds in properties sold | bed			1,150	1,338
Gross proceeds from sale of portfolio			$ 109,500,000	$ 245,000,000
Net proceeds from sale of portfolio			$ 108,600,000	242,300,000
Net gain on disposition of real estate				$ 42,300,000
Number of properties sold | property			2	3
Disposal group, not discontinued operations | Owned Properties | The Varsity
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of beds in properties sold | bed	901
Gross proceeds from sale of portfolio	$ 148,000,000
Net proceeds from sale of portfolio	146,100,000
Net gain on disposition of real estate	$ 48,500,000
Disposal group, not discontinued operations | Owned Properties | ACC/Allianz Joint Venture Transaction
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of beds in properties sold | bed				4,611
Number of properties sold | property				7
ACC/Allianz Joint Venture Transaction
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from secured debt issuance				$ 330,000,000

Investments in Real Estate - Su

Investments in Real Estate - Summary of properties (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)propertyuniversitySystem	Dec. 31, 2019USD ($)
Real Estate Properties [Line Items]
Owned properties, net	$ 6,791,025	$ 6,769,903
Number of properties | property	166
Owned Properties
Real Estate Properties [Line Items]
Land	$ 664,879	654,985
Buildings and improvements	6,949,781	6,749,757
Furniture, fixtures and equipment	405,843	391,208
Construction in progress	361,893	341,554
Real estate properties gross	8,382,396	8,137,504
Less accumulated depreciation	(1,660,652)	(1,442,789)
Owned properties, net	6,721,744	6,694,715
On-campus participating properties, net
Real Estate Properties [Line Items]
Buildings and improvements	157,218	155,941
Furniture, fixtures and equipment	14,389	13,552
Construction in progress	0	6
Real estate properties gross	171,607	169,499
Less accumulated depreciation	(102,326)	(94,311)
Owned properties, net	$ 69,281	$ 75,188
Number of properties | property	6
Number of university systems | universitySystem	3
Percentage of net cash flow receivable per agreement	50.00%

Noncontrolling Interests - Narr

Noncontrolling Interests - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)propertyentityshares	Dec. 31, 2019shares
Noncontrolling Interest [Line Items]
Number of properties	166
Common OP units
Noncontrolling Interest [Line Items]
Conversion of common units to common stock (in shares) | shares	0	126,313
Preferred OP Unit Member
Noncontrolling Interest [Line Items]
Conversion of common units to common stock (in shares) | shares	0	42,271
Partially owned properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Noncontrolling Interest [Line Items]
Number of third-party joint venture partners | entity	5
Core Transaction
Noncontrolling Interest [Line Items]
Number of properties	5
Change in fair value of redeemable noncontrolling interest | $	$ 77.2
Owned Properties [Member] | Partially owned properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Noncontrolling Interest [Line Items]
Number of properties	10
Number of land parcels	1
Operating Partnership | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Noncontrolling Interest [Line Items]
Equity interests held by owners of common units and series A preferred units/ retained by seller (percent)	0.40%	0.40%
Core Joint Ventures | Core Transaction
Noncontrolling Interest [Line Items]
Ownership percentage	100.00%

Noncontrolling Interests - Summ

Noncontrolling Interests - Summarized Activity of Redeemable Limited Partners (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Noncontrolling Interest [Roll Forward]
Beginning Balance	$ 104,381
Distributions	(4,419)	$ (8,425)	$ (152,325)
Conversion of OP Units into shares of ACC common stock		(6,077)	(13,332)
Contributions from noncontrolling interests	6,110	924	212,481
Ending Balance	24,567	104,381
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Noncontrolling Interest [Roll Forward]
Beginning Balance	104,381
Distributions	(4,419)	(8,425)	(152,325)
Conversion of OP Units into shares of ACC common stock		(6,077)	(13,332)
Contributions from noncontrolling interests	6,110	924	212,481
Ending Balance	24,567	104,381
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Redeemable noncontrolling interests
Noncontrolling Interest [Roll Forward]
Beginning Balance	104,381	184,446	132,169
Net income	(325)	(783)	(936)
Distributions	(937)	(1,062)	(1,516)
Conversion of OP Units into shares of ACC common stock		(6,082)	(13,334)
Contributions from noncontrolling interests		250	112
Purchase of noncontrolling interests	(77,200)	(88,304)
Adjustments to reflect redeemable noncontrolling interests at fair value	(2,002)	14,350	66,079
Ending Balance	$ 24,567	$ 104,381	$ 184,446

Debt - Summary of outstanding c

Debt - Summary of outstanding consolidated indebtedness (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	May 31, 2017
Debt Instrument [Line Items]
Principal Outstanding	$ 627,220	$ 759,526
Unamortized deferred financing costs	(1,900)	(3,500)
Total secured mortgage and bond debt	646,827	787,426
Total debt, net	3,593,003	3,397,850
Unsecured notes, net
Debt Instrument [Line Items]
Unsecured debt	2,375,603	1,985,603
Unsecured term loans, net
Debt Instrument [Line Items]
Unsecured debt	199,473	199,121
Unsecured revolving credit facility
Debt Instrument [Line Items]
Unsecured debt	371,100	425,700
Mortgage loans payable
Debt Instrument [Line Items]
Unamortized deferred financing costs	(1,200)
Unamortized debt premiums	1,700	6,400
Total secured mortgage and bond debt			$ 27,400
Total debt, net	627,220	759,526
Unsecured debt | Unsecured notes, net
Debt Instrument [Line Items]
Unamortized deferred financing costs	(18,600)	(12,100)
Unamortized debt discounts	(5,800)	(2,300)
Unsecured debt | Unsecured term loans, net
Debt Instrument [Line Items]
Unamortized deferred financing costs	(500)	(900)
Owned Properties
Debt Instrument [Line Items]
Total debt, net	564,326	698,687
Owned Properties | Mortgage loans payable
Debt Instrument [Line Items]
Principal Outstanding	563,506	693,584
Unamortized deferred financing costs	(848)	(1,294)
Unamortized debt discounts	(151)	(199)
Unamortized debt premiums	1,819	6,596
On-Campus Participating Properties
Debt Instrument [Line Items]
Unamortized deferred financing costs	(323)	(418)
Total debt, net	82,501	88,739
On-Campus Participating Properties | Mortgage loans payable
Debt Instrument [Line Items]
Principal Outstanding	63,714	65,942
On-Campus Participating Properties | Bonds payable
Debt Instrument [Line Items]
Principal Outstanding	$ 19,110	$ 23,215

Debt - Mortgage loans payable e

Debt - Mortgage loans payable excluding premiums and discounts (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Principal Outstanding | $	$ 627,220	$ 759,526
Weighted Average Interest Rate	4.17%
Weighted Average Years to Maturity	6 years 3 months 18 days
Number of Properties Encumbered | property	16
Mortgage loans payable | Fixed Rate
Debt Instrument [Line Items]
Principal Outstanding | $	$ 625,136	756,397
Weighted Average Interest Rate	4.18%
Weighted Average Years to Maturity	6 years 3 months 18 days
Number of Properties Encumbered | property	16
Mortgage loans payable | Variable Rate Debt
Debt Instrument [Line Items]
Principal Outstanding | $	$ 2,084	$ 3,129
Weighted Average Interest Rate	2.65%
Weighted Average Years to Maturity	24 years 7 months 6 days
Number of Properties Encumbered | property	0
Minimum | Mortgage loans payable | Fixed Rate
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.76%
Maximum | Mortgage loans payable | Fixed Rate
Debt Instrument [Line Items]
Weighted Average Interest Rate	5.47%

Debt - Mortgage loans payable t

Debt - Mortgage loans payable transactions occurred (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)property
Long Term Debt Transactions [Roll Forward]
Beginning balance	$ 3,397,850
Deductions
Ending balance	$ 3,593,003
Number of properties securing notes payable | property	4
Mortgage loans payable
Long Term Debt Transactions [Roll Forward]
Beginning balance	$ 759,526
Deductions
Pay-off of mortgage notes payable	(124,559)
Scheduled repayments of principal	(7,747)
Ending balance	$ 627,220

Debt - Narrative (Details)

Debt - Narrative (Details)

1 Months Ended

3 Months Ended

12 Months Ended

Jun. 30, 2020USD ($)

Jan. 31, 2020USD ($)

Jul. 31, 2019USD ($)

Jan. 31, 2019USD ($)

Jun. 30, 2017USD ($)

Mar. 31, 2020USD ($)

Dec. 31, 2020USD ($)bondSeriessubsidarybedproperty

Dec. 31, 2019USD ($)instrument

Dec. 31, 2018USD ($)

Oct. 31, 2019USD ($)

Feb. 28, 2019USD ($)

May 31, 2017USD ($)bed

Debt Instrument [Line Items]

Pay Fixed Rate

4.00%

Number of beds | bed

111,900

Secured mortgage and bond debt, net

$ 646,827,000

$ 787,426,000

(Loss) gain from extinguishment of debt, net

$ (4,827,000)

20,992,000

$ 7,867,000

Short-term debt, amount refinanced

$ 70,000,000

Number of properties | property

3

Percentage of financing

100.00%

Number of series of taxable bonds issued | bondSeries

3

Number of special purpose subsidiaries | subsidary

3

Proceeds from unsecured notes

$ 795,808,000

398,816,000

0

Payment for debt extinguishment

$ 4,156,000

$ 0

2,726,000

Unsecured revolving credit facility | Credit Agreement

Debt Instrument [Line Items]

Interest rate (percent)

0.15%

Annual unused commitment fee (percent)

0.20%

Weighted average interest rate of debt (percent)

1.35%

Weighted average interest rate spread (percent)

1.00%

Revolving credit facility available

$ 628,900,000

Mortgage loans payable

Debt Instrument [Line Items]

Secured mortgage and bond debt, net

$ 27,400,000

Provision for impairment

$ 15,300,000

Senior Notes - June 2020

Debt Instrument [Line Items]

Amount of senior unsecured notes

$ 400,000,000

Percentage of par value

99.142%

Interest rate (percent)

3.875%

Senior Notes - January 2020

Debt Instrument [Line Items]

Amount of senior unsecured notes

$ 400,000,000

Percentage of par value

99.81%

Interest rate (percent)

2.85%

Unsecured debt | Unsecured revolving credit facility

Debt Instrument [Line Items]

Credit facility

$ 700,000,000

$ 1,000,000,000

Additional borrowing capacity of unsecured facility (up to)

$ 200,000,000

Annual unused commitment fee (percent)

0.20%

Unsecured debt | Unsecured revolving credit facility | Term Loan II Facility

Debt Instrument [Line Items]

Interest rate (percent)

1.44%

Credit facility

$ 200,000,000

Weighted average interest rate of debt (percent)

2.54%

Weighted average interest rate spread (percent)

1.10%

Line of credit facility, accordion feature, increase limit

$ 100,000,000

Blanton Common At Valdosta State University Property Disposition

Debt Instrument [Line Items]

Number of beds | bed

860

Blanton Common | Mortgage loans payable

Debt Instrument [Line Items]

(Loss) gain from extinguishment of debt, net

$ 21,000,000

Interest Rate Swap

Debt Instrument [Line Items]

Number of instruments held | instrument

2

Interest Rate Swap | Mortgage loans payable

Debt Instrument [Line Items]

Derivative, amount of hedged item

$ 37,500,000

Pay Fixed Rate

3.76%

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP

Debt Instrument [Line Items]

Secured mortgage and bond debt, net

646,827,000

$ 787,426,000

(Loss) gain from extinguishment of debt, net

(4,827,000)

20,992,000

7,867,000

Proceeds from unsecured notes

795,808,000

398,816,000

0

Payment for debt extinguishment

$ 4,156,000

$ 0

$ 2,726,000

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior Notes - June 2020

Debt Instrument [Line Items]

Amount of senior unsecured notes

$ 400,000,000

Term (Years)

10 years

Percentage of par value

99.142%

Interest rate (percent)

3.875%

Proceeds from unsecured notes

$ 391,700,000

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior Notes - January 2020

Debt Instrument [Line Items]

Amount of senior unsecured notes

$ 400,000,000

Term (Years)

10 years

Percentage of par value

99.81%

Interest rate (percent)

2.85%

Proceeds from unsecured notes

$ 394,500,000

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior Notes - October 2020

Debt Instrument [Line Items]

(Loss) gain from extinguishment of debt, net

$ 4,800,000

Interest rate (percent)

3.35%

Pay-off of unsecured debt

$ 400,000,000

Debt - Summary of Bonds payable

Debt - Summary of Bonds payable (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal	$ 627,220,000	$ 759,526,000
Weighted Average Rate	4.17%
Bonds Payable
Debt Instrument [Line Items]
Original	$ 64,590,000
Principal	$ 19,110,000
Weighted Average Rate	7.54%
Required Monthly Debt Service	$ 488,000
Bonds Payable | Series 1999
Debt Instrument [Line Items]
Debt Instrument Mortgaged Facilities Subject To Leases	University Village-PVAMU/TAMIU
Original	$ 39,270,000
Principal	$ 9,380,000
Weighted Average Rate	7.76%
Required Monthly Debt Service	$ 302,000
Bonds Payable | Series 2001
Debt Instrument [Line Items]
Debt Instrument Mortgaged Facilities Subject To Leases	University College–PVAMU
Original	$ 20,995,000
Principal	$ 7,660,000
Weighted Average Rate	7.62%
Required Monthly Debt Service	$ 158,000
Bonds Payable | Series 2003
Debt Instrument [Line Items]
Debt Instrument Mortgaged Facilities Subject To Leases	University College–PVAMU
Original	$ 4,325,000
Principal	$ 2,070,000
Weighted Average Rate	6.21%
Required Monthly Debt Service	$ 28,000

Debt - Summary of Unsecured Not

Debt - Summary of Unsecured Notes (Details) - USD ($)	1 Months Ended		12 Months Ended
	Jun. 30, 2020	Jan. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Proceeds from unsecured notes			$ 795,808,000	$ 398,816,000	$ 0
Senior Notes - April 2013
Debt Instrument [Line Items]
Percentage of par value			99.659%
Coupon			3.75%
Yield			3.791%
Original Issue Discount			$ 1,364,000
Term (Years)			10 years
Senior Notes - June 2014
Debt Instrument [Line Items]
Amount			$ 400,000,000
Percentage of par value			99.861%
Coupon			4.125%
Yield			4.269%
Original Issue Discount			$ 556,000
Term (Years)			10 years
Senior Notes - October 2017
Debt Instrument [Line Items]
Amount			$ 400,000,000
Percentage of par value			99.912%
Coupon			3.625%
Yield			3.635%
Original Issue Discount			$ 352,000
Term (Years)			10 years
Senior Notes - June 2019
Debt Instrument [Line Items]
Amount			$ 400,000,000
Percentage of par value			99.704%
Coupon			3.30%
Yield			3.68%
Original Issue Discount			$ 1,184,000
Term (Years)			7 years
Senior Notes - January 2020
Debt Instrument [Line Items]
Amount			$ 400,000,000
Percentage of par value			99.81%
Coupon			2.85%
Yield			2.872%
Original Issue Discount			$ 760,000
Term (Years)			10 years
Senior Notes - June 2020
Debt Instrument [Line Items]
Amount			$ 400,000,000
Percentage of par value			99.142%
Coupon			3.875%
Yield			3.974%
Original Issue Discount			$ 3,432,000
Term (Years)			10 years
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Debt Instrument [Line Items]
Proceeds from unsecured notes			$ 795,808,000	$ 398,816,000	$ 0
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior notes
Debt Instrument [Line Items]
Amount			2,400,000,000
Original Issue Discount			7,648,000
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior Notes - April 2013
Debt Instrument [Line Items]
Amount			$ 400,000,000
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior Notes - January 2020
Debt Instrument [Line Items]
Amount		$ 400,000,000
Percentage of par value		99.81%
Coupon		2.85%
Proceeds from unsecured notes		$ 394,500,000
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior Notes - June 2020
Debt Instrument [Line Items]
Amount	$ 400,000,000
Percentage of par value	99.142%
Coupon	3.875%
Proceeds from unsecured notes	$ 391,700,000

Debt - Summary of Debt Maturiti

Debt - Summary of Debt Maturities (Details) - Scheduled Principal $ in Thousands	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
2021	$ 107,127
2022	604,464
2023	408,800
2024	529,329
2025	3,313
Thereafter	1,964,397
Total debt	$ 3,617,430

Stockholders' Equity _ Partne_2

Stockholders' Equity / Partners' Capital - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)shares
ATM Equity Program
Class Of Stock [Line Items]
ATM equity program, aggregate offering price authorized (up to $500 million) | $	$ 500
Deferred Compensation Plan
Class Of Stock [Line Items]
Shares held in deferred compensation plan (in shares)	91,746
Deferred Compensation Plan | Treasury Stock
Class Of Stock [Line Items]
Shares of common stock deposited into deferred compensation plan (in shares)	21,537
Number of shares withdrawn from deferred compensation plan (in shares)	7,719

Incentive Award Plan - Narrativ

Incentive Award Plan - Narrative (Details)	12 Months Ended
	Dec. 31, 2020USD ($)employee$ / sharesshares	Dec. 31, 2019USD ($)$ / shares	Dec. 31, 2018USD ($)$ / shares	Jun. 30, 2020USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Future amortization expense	$ 13,700,000
Select Employees and Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares) | shares	3,500,000
Stock-based awards, number of shares available for issuance (in shares) | shares	2,700,000
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award vesting period (in years)	5 years
Allocated share-based compensation	$ 14,400,000	$ 12,700,000	$ 11,100,000
Weighted-average grant date fair value, granted (in dollars per share) | $ / shares	$ 47.13	$ 44.08	$ 39.41
Weighted average grant date fair value, fair value (in dollars per share) | $ / shares	$ 44.56	$ 42.91	$ 43.64
Total fair value of RSAs vested	$ 12,800,000
Total unrecognized compensation cost	$ 36,300,000
Total unrecognized compensation cost, weighted-average period (in years)	3 years 3 months 18 days
Minimum age to meet retirement qualification (under Company Plan)	50 years
Minimum combination of employee service years and employee age to meet retirement qualification (under Company Plan)	70 years
Minimum notification period of intention to retire (under Company Plan)	6 months
Number of employees holding unvested awards which will vest upon retirement | employee	24
Number of unvested awards held by individual (in shares) | shares	414,665
Restricted Stock Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum number of full years of service to qualify for retirement (under Company Plan)	120 months
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation	$ 1,000,000	$ 900,000	$ 1,100,000
Weighted-average grant date fair value, granted (in dollars per share) | $ / shares	$ 34.10	$ 47.34	$ 39.45
Restricted Stock Units | Chairman of the Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted				$ 170,000
Restricted Stock Units | All other members
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted				$ 122,500

Incentive Award Plan - Summary

Incentive Award Plan - Summary of Restricted Stock Awards (Details) - Restricted Stock Awards - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of RSAs
Nonvested, beginning balance (in shares)	967,341	862,680
Granted (in shares)	444,522	387,341
Vested (in shares)	(295,385)	(266,556)
Forfeited (in shares)	(23,882)	(16,124)
Nonvested, ending balance (in shares)	1,092,596	967,341	862,680
Weighted-Average Grant Date Fair Value Per RSA
Nonvested, Weighted-Average Grant Date Fair Value, beginning balance (in dollars per share)	$ 43.27	$ 42.46
Granted, Weighted-Average Grant Date Fair Value (in dollars per share)	47.13	44.08	$ 39.41
Vested, Weighted-Average Grant Date Fair Value (in dollars per share)	43.40	41.86
Forfeited, Weighted-Average Grant Date Fair Value (in dollars per share)	44.56	42.91	43.64
Nonvested, Weighted-Average Grant Date Fair Value, ending balance (in dollars per share)	$ 44.78	$ 43.27	$ 42.46

Incentive Award Plan - Summar_2

Incentive Award Plan - Summary of Restricted Stock Units (Details) - Restricted Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, beginning balance (in shares)	0	0
Granted (in shares)	30,137	20,812
Settled in common shares (in shares)	(27,644)	(18,318)
Settled in cash (in shares)	(2,493)	(2,494)
Nonvested, ending balance (in shares)	0	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Nonvested, Weighted-Average Grant Date Fair Value, beginning balance (in dollars per share)	$ 0	$ 0
Granted, Weighted-Average Grant Date Fair Value (in dollars per share)	34.10	47.34	$ 39.45
Settled in common shares, Weighted-Average Grant Date Fair Value (in dollars per share)	34.10	47.37
Settled in cash, Weighted-Average Grant Date Fair Value (in dollars per share)	34.10	47.11
Nonvested, Weighted-Average Grant Date Fair Value, ending balance (in dollars per share)	$ 0	$ 0	$ 0

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Summary of Outstanding Interest Rate Swap Contracts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Jan. 31, 2019
Derivative [Line Items]
Pay Fixed Rate		4.00%
Current Notional Amount	$ 331,630
Fair Value	$ (10,211)
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	$ 12,003
Fair Value	$ (33)
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	$ 12,127
Fair Value	$ (33)
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	$ (5,462)
Interest Rate Swap 1.2570% Due October 2022
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	$ (757)
Interest Rate Swap 1.4685% Due June 2022
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	$ (1,999)
Interest Rate Swap 1.4203% Due June 2022
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	$ (1,927)

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	Dec. 31, 2020	Dec. 31, 2019
Other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 0	$ 743
Other liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	10,211	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	$ 10,211	$ 3,436

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities Narrative (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)contract
Derivative [Line Items]
Current Notional Amount		$ 331,630
Termination of interest rate swaps		0	$ 13,159	$ 0
Estimated reclassification from other comprehensive income to interest expense		$ 6,700
Interest Rate Swap
Derivative [Line Items]
Number of interest rate derivatives held | contract				3
Current Notional Amount				$ 200,000
Termination of interest rate swaps	$ 13,200

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Schedule of Effect of Derivative Financial Instruments On The Income Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Change in fair value of derivatives and other recognized in Other Comprehensive Income ("OCI")	$ (11,380)	$ (723)	$ (1,984)
Swap interest accruals reclassified to interest expense	3,844	200	(124)
Termination of interest rate swap payment recognized in OCI	0	(13,159)	0
Change in fair value of interest rate swaps and other	(5,831)	(12,549)	(1,696)
Interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded	112,507	111,287	99,228
Interest Expense
Derivative [Line Items]
Amortization of interest rate swap terminations	$ 1,705	$ 1,133	$ 412

Fair Value Disclosures - Financ

Fair Value Disclosures - Financial instruments measured at fair value (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets
Derivative financial instruments	$ 0	$ 743
Liabilities
Derivative financial instruments	10,211	3,436
Mezzanine
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership)	24,567	104,381
Level 2
Assets
Derivative financial instruments	0	743
Liabilities
Derivative financial instruments	10,211	3,436
Mezzanine
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership)	21,567	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 for mortgage loans and bonds payable (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)
Liabilities
Principal	$ 627,220	$ 759,526
Reported Value Measurement
Assets
Loans receivable	0	50,553
Liabilities
Unsecured notes	2,375,603	1,985,603
Mortgage loans payable (fixed rate)	625,783	761,296
Bonds payable	18,960	23,001
Unsecured Term Loans (fixed rate)	199,473	199,121
Owned Properties | Mortgage loans payable
Liabilities
Principal	$ 563,506	693,584
Owned Properties | Mortgage loans payable | Variable Rate Mortgage Loans
Liabilities
Number Of Loans | loan	1
Principal	$ 2,100	3,100
Fair Value, Inputs, Level 2 | Estimated Fair Value
Liabilities
Unsecured notes	2,609,373	2,069,817
Mortgage loans payable (fixed rate)	656,648	766,821
Bonds payable	20,720	25,110
Unsecured Term Loans (fixed rate)	203,348	198,687
Fair Value, Inputs, Level 3 | Estimated Fair Value
Assets
Loans receivable	$ 0	$ 48,307

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Student Lease Property, Resident Hardship Program
Operating Leased Assets [Line Items]
Rent Abatements	$ 14.2
Student Lease Property, University Partnerships
Operating Leased Assets [Line Items]
Rent Abatements	18.7
Commercial Tenants
Operating Leased Assets [Line Items]
Rent Abatements	2.3
On-Campus Participating Properties
Operating Leased Assets [Line Items]
Rent Abatements	$ 1.5

Leases - Schedule of lease cost

Leases - Schedule of lease cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Straight-line rent expense	$ 12,379	$ 10,009	$ 8,798
Variable rent expense	5,761	8,996	7,234
Capitalized rent cost	15,772	$ 12,889	$ 2,296
Rent concessions	$ 1,500

Leases - Future minimum commitm

Leases - Future minimum commitments over life (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2021	$ 16,749
2022	23,664
2023	28,776
2024	29,371
2025	29,404
Thereafter	1,632,009
Total minimum lease payments	1,759,973
Less imputed interest	(1,273,342)
Operating lease liabilities	$ 486,631	$ 473,070
Weighted average remaining lease term (in years)	61 years 10 months 24 days

Leases - Schedule of Lease Inco

Leases - Schedule of Lease Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Student lease income
Operating Lease Income
Revenues from owned properties and on-campus participating properties	$ 809,112	$ 851,992	$ 794,689
Commercial lease income
Operating Lease Income
Revenues from owned properties and on-campus participating properties	$ 11,793	$ 13,211	$ 13,086

Commitments and Contingencies (

Commitments and Contingencies (Details)	1 Months Ended	12 Months Ended
	Aug. 31, 2013USD ($)contract	Dec. 31, 2020USD ($)property
Commitments and Contingencies Disclosure [Line Items]
Number of properties, under development | property		1
Amount of pre-development costs deferred		$ 19,400,000
Alternate Housing Guarantees and Project Cost Guarantees
Commitments and Contingencies Disclosure [Line Items]
Project cost guarantees expiration (within years following project completion)		5 days
Project Cost Guarantees
Commitments and Contingencies Disclosure [Line Items]
Project cost guarantees expiration (within years following project completion)		1 year
Third-Party Development Projects
Commitments and Contingencies Disclosure [Line Items]
Commitment under third-party development project		$ 8,000,000
Performance guarantee
Commitments and Contingencies Disclosure [Line Items]
Project cost guarantees expiration (within years following project completion)		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
Commitments and Contingencies Disclosure [Line Items]
Lease term	40 years
Number of renewal options | contract	3
Lease extension period	10 years
Commitment to pay real estate transfer taxes, amount	$ 1,800,000
Real estate transfer taxes paid upon conveyance of land	600,000
Maximum | Drexel University Property
Commitments and Contingencies Disclosure [Line Items]
Commitment to pay real estate transfer taxes, amount	$ 2,400,000
Construction Contracts
Commitments and Contingencies Disclosure [Line Items]
Construction contacts, amount to complete projects		142,500,000
Disney College Program Phases III-X (ACE) | Performance guarantee
Commitments and Contingencies Disclosure [Line Items]
Development guarantee, damages due per bed each day of a delay		20
Guarantee, maximum exposure		$ 200,000

Segments - Narrative (Details)

Segments - Narrative (Details)	12 Months Ended
	Dec. 31, 2020segment
Segment Reporting [Abstract]
Identified reportable segments	4

Segments - Schedule of Segment

Segments - Schedule of Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total revenues	$ 870,584	$ 943,042	$ 880,810
Ground/facility lease expense	(13,513)	(14,151)	(11,855)
Interest expense, net	(112,507)	(111,287)	(99,228)
Operating expenses	(683,240)	(763,152)	(668,215)
Depreciation and amortization	(267,703)	(275,046)	(263,203)
Total consolidated revenues, including interest income	873,523	946,728	885,644
Segment income before depreciation and amortization	187,344	179,890	212,595
Gain (loss) from disposition of real estate, net	48,525	(53)	42,314
Other operating income	0	0	2,648
Provision for impairment	0	(17,214)	0
(Loss) gain from extinguishment of debt, net	(4,827)	20,992	7,867
Income tax provision	(1,349)	(1,507)	(2,429)
Net income	69,848	86,762	119,124
Total assets	7,531,160	7,559,754	7,038,846
Operating segments
Segment Reporting Information [Line Items]
Total revenues	871,074	943,682	882,379
Depreciation and amortization	(264,253)	(270,318)	(258,534)
Segment income before depreciation and amortization	427,327	482,131	447,102
Total assets	7,477,683	7,466,613	6,951,652
Operating segments | Owned Properties
Segment Reporting Information [Line Items]
Rental revenues and other income	820,699	880,709	829,119
Interest income	459	473	1,436
Total revenues	821,158	881,182	830,555
Operating expenses before depreciation, amortization, and ground/facility lease expense	(378,454)	(390,664)	(373,521)
Ground/facility lease expense	(11,505)	(11,084)	(8,927)
Interest expense, net	(12,413)	(16,859)	(14,742)
Income before depreciation and amortization	418,786	462,575	433,365
Depreciation and amortization	(256,238)	(261,938)	(250,715)
Capital expenditures	373,898	515,208	546,147
Total assets	7,368,883	7,346,625	6,841,222
Operating segments | On-Campus Participating Properties
Segment Reporting Information [Line Items]
Rental revenues and other income	29,906	36,346	34,596
Interest income	31	167	133
Total revenues	29,937	36,513	34,729
Operating expenses before depreciation, amortization, and ground/facility lease expense	(13,521)	(15,028)	(14,602)
Ground/facility lease expense	(2,008)	(3,067)	(2,928)
Interest expense, net	(4,146)	(4,934)	(5,098)
Income before depreciation and amortization	10,262	13,484	12,101
Depreciation and amortization	(8,015)	(8,380)	(7,819)
Capital expenditures	2,098	2,898	3,654
Total assets	86,523	97,561	93,917
Operating segments | Development Services
Segment Reporting Information [Line Items]
Development and construction management fees	7,543	13,051	7,281
Operating expenses	(9,431)	(8,658)	(8,031)
Income before depreciation and amortization	(1,888)	4,393	(750)
Total assets	13,887	13,539	10,087
Operating segments | Property Management Services
Segment Reporting Information [Line Items]
Total revenues	12,436	12,936	9,814
Operating expenses	(12,269)	(11,257)	(7,428)
Income before depreciation and amortization	167	1,679	2,386
Total assets	8,390	8,888	6,426
Unallocated
Segment Reporting Information [Line Items]
Total revenues	2,449	3,046	3,265
Operating expenses	(130,373)	(117,529)	(110,660)
Corporate depreciation	(3,450)	(4,728)	(4,669)
Total assets	53,477	93,141	87,194
Segment Reconciling Items
Segment Reporting Information [Line Items]
Other operating income	3,507	0	3,949
Amortization of deferred financing costs	$ (5,259)	$ (5,012)	$ (5,816)

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 18, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Feb. 26, 2021
Subsequent Event [Line Items]
Distributions to common and restricted stockholders and other (in dollars per share / unit)			$ 1.88	$ 1.87	$ 1.82
Subsequent Event
Subsequent Event [Line Items]
Distributions to common and restricted stockholders and other (in dollars per share / unit)	$ 0.47
Subsequent Event | Restricted Stock | Scenario, Forecast
Subsequent Event [Line Items]
Accelerated cost		$ 2.6
Accelerated vesting (in shares)		80,887
Subsequent Event | Mortgage loans payable
Subsequent Event [Line Items]
Debt Instrument, Amount Refinanced						$ 24

Schedule of Real Estate and A_2

Schedule of Real Estate and Accumulated Depreciation - Schedule of Real Estate Properties (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)bedunitlandParcel	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	36,545
Beds | bed	111,878
Initial Cost, Land	$ 659,355
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	7,333,680
Costs Capitalized Subsequent to Acquisition / Initial Development	560,968
Total Costs, Land	664,879
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	7,889,124
Total Costs, Total	8,554,003
Accumulated Depreciation	1,762,978
Encumbrances	646,330
Aggregate costs for federal income tax purposes	9,000,000
Unamortized deferred financing costs	1,900	$ 3,500
Mortgages
Real Estate and Accumulated Depreciation [Line Items]
Unamortized debt premiums	1,700	6,400
Unamortized deferred financing costs	$ 1,200
Owned Properties
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	34,422
Beds | bed	106,648
Initial Cost, Land	$ 659,355
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	7,186,908
Costs Capitalized Subsequent to Acquisition / Initial Development	536,133
Total Costs, Land	664,879
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	7,717,517
Total Costs, Total	8,382,396	8,137,504	$ 7,813,959	$ 7,485,391
Accumulated Depreciation	1,660,652	1,442,789	1,230,562	1,035,027
Encumbrances	$ 563,506
Owned Properties | The Callaway House College Station
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	173
Beds | bed	538
Initial Cost, Land	$ 5,081
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	20,499
Costs Capitalized Subsequent to Acquisition / Initial Development	8,355
Total Costs, Land	5,002
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	28,933
Total Costs, Total	33,935
Accumulated Depreciation	15,305
Encumbrances	$ 0
Owned Properties | The Village at Science Drive
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	192
Beds | bed	732
Initial Cost, Land	$ 4,673
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	19,021
Costs Capitalized Subsequent to Acquisition / Initial Development	7,987
Total Costs, Land	4,673
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	27,008
Total Costs, Total	31,681
Accumulated Depreciation	12,486
Encumbrances	$ 0
Owned Properties | University Village at Boulder Creek
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	82
Beds | bed	309
Initial Cost, Land	$ 1,035
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	16,393
Costs Capitalized Subsequent to Acquisition / Initial Development	1,196
Total Costs, Land	1,035
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	17,589
Total Costs, Total	18,624
Accumulated Depreciation	8,285
Encumbrances	$ 0
Owned Properties | University Village
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	105
Beds | bed	406
Initial Cost, Land	$ 929
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	15,168
Costs Capitalized Subsequent to Acquisition / Initial Development	859
Total Costs, Land	929
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	16,027
Total Costs, Total	16,956
Accumulated Depreciation	6,746
Encumbrances	$ 0
Owned Properties | University Village
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	220
Beds | bed	749
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	41,119
Costs Capitalized Subsequent to Acquisition / Initial Development	2,310
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	43,429
Total Costs, Total	43,429
Accumulated Depreciation	18,408
Encumbrances	$ 0
Owned Properties | University Club Apartments
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	94
Beds | bed	376
Initial Cost, Land	$ 1,416
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	11,848
Costs Capitalized Subsequent to Acquisition / Initial Development	1,220
Total Costs, Land	1,416
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	13,068
Total Costs, Total	14,484
Accumulated Depreciation	5,559
Encumbrances	$ 0
Owned Properties | City Parc at Fry Street
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	136
Beds | bed	418
Initial Cost, Land	$ 1,902
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	17,678
Costs Capitalized Subsequent to Acquisition / Initial Development	4,354
Total Costs, Land	1,902
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	22,032
Total Costs, Total	23,934
Accumulated Depreciation	9,068
Encumbrances	$ 0
Owned Properties | Entrada Real
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	98
Beds | bed	363
Initial Cost, Land	$ 1,475
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	15,859
Costs Capitalized Subsequent to Acquisition / Initial Development	2,256
Total Costs, Land	1,475
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	18,115
Total Costs, Total	19,590
Accumulated Depreciation	7,715
Encumbrances	$ 0
Owned Properties | University Village at Sweethome
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	269
Beds | bed	828
Initial Cost, Land	$ 2,473
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	34,448
Costs Capitalized Subsequent to Acquisition / Initial Development	2,685
Total Costs, Land	2,473
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	37,133
Total Costs, Total	39,606
Accumulated Depreciation	14,666
Encumbrances	$ 0
Owned Properties | University Village
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	217
Beds | bed	716
Initial Cost, Land	$ 4,322
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	26,225
Costs Capitalized Subsequent to Acquisition / Initial Development	5,053
Total Costs, Land	4,322
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	31,278
Total Costs, Total	35,600
Accumulated Depreciation	12,867
Encumbrances	$ 0
Owned Properties | Royal Village
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	118
Beds | bed	448
Initial Cost, Land	$ 2,386
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	15,153
Costs Capitalized Subsequent to Acquisition / Initial Development	6,168
Total Costs, Land	2,363
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	21,344
Total Costs, Total	23,707
Accumulated Depreciation	8,242
Encumbrances	$ 0
Owned Properties | Royal Lexington
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	94
Beds | bed	364
Initial Cost, Land	$ 2,848
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	12,783
Costs Capitalized Subsequent to Acquisition / Initial Development	4,414
Total Costs, Land	2,848
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	17,197
Total Costs, Total	20,045
Accumulated Depreciation	6,994
Encumbrances	$ 0
Owned Properties | Raiders Pass
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	264
Beds | bed	828
Initial Cost, Land	$ 3,877
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	32,445
Costs Capitalized Subsequent to Acquisition / Initial Development	5,344
Total Costs, Land	3,877
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	37,789
Total Costs, Total	41,666
Accumulated Depreciation	14,973
Encumbrances	$ 0
Owned Properties | Aggie Station
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	156
Beds | bed	450
Initial Cost, Land	$ 1,634
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	18,821
Costs Capitalized Subsequent to Acquisition / Initial Development	3,632
Total Costs, Land	1,634
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	22,453
Total Costs, Total	24,087
Accumulated Depreciation	8,916
Encumbrances	$ 0
Owned Properties | The Outpost
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	276
Beds | bed	828
Initial Cost, Land	$ 3,262
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	36,252
Costs Capitalized Subsequent to Acquisition / Initial Development	10,484
Total Costs, Land	3,262
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	46,736
Total Costs, Total	49,998
Accumulated Depreciation	17,227
Encumbrances	$ 0
Owned Properties | Callaway Villas
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	236
Beds | bed	704
Initial Cost, Land	$ 3,903
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	31,953
Costs Capitalized Subsequent to Acquisition / Initial Development	643
Total Costs, Land	3,903
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	32,596
Total Costs, Total	36,499
Accumulated Depreciation	12,064
Encumbrances	$ 0
Owned Properties | The Village on Sixth Avenue
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	248
Beds | bed	752
Initial Cost, Land	$ 2,763
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	22,480
Costs Capitalized Subsequent to Acquisition / Initial Development	9,120
Total Costs, Land	2,763
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	31,600
Total Costs, Total	34,363
Accumulated Depreciation	12,205
Encumbrances	$ 0
Owned Properties | Newtown Crossing
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	356
Beds | bed	942
Initial Cost, Land	$ 7,013
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	53,597
Costs Capitalized Subsequent to Acquisition / Initial Development	1,228
Total Costs, Land	7,013
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	54,825
Total Costs, Total	61,838
Accumulated Depreciation	19,068
Encumbrances	$ 0
Owned Properties | Olde Towne University Square
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	224
Beds | bed	550
Initial Cost, Land	$ 2,277
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	24,614
Costs Capitalized Subsequent to Acquisition / Initial Development	(322)
Total Costs, Land	2,277
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	24,292
Total Costs, Total	26,569
Accumulated Depreciation	8,758
Encumbrances	$ 0
Owned Properties | Peninsular Place
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	183
Beds | bed	478
Initial Cost, Land	$ 2,306
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	16,559
Costs Capitalized Subsequent to Acquisition / Initial Development	1,263
Total Costs, Land	2,306
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	17,822
Total Costs, Total	20,128
Accumulated Depreciation	6,406
Encumbrances	$ 0
Owned Properties | University Centre
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	234
Beds | bed	838
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	77,378
Costs Capitalized Subsequent to Acquisition / Initial Development	577
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	77,955
Total Costs, Total	77,955
Accumulated Depreciation	26,861
Encumbrances	$ 0
Owned Properties | The Summit & Jacob Heights
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	258
Beds | bed	930
Initial Cost, Land	$ 2,318
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	36,464
Costs Capitalized Subsequent to Acquisition / Initial Development	2,256
Total Costs, Land	2,318
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	38,720
Total Costs, Total	41,038
Accumulated Depreciation	12,604
Encumbrances	$ 0
Owned Properties | GrandMarc Seven Corners
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	186
Beds | bed	440
Initial Cost, Land	$ 4,491
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	28,807
Costs Capitalized Subsequent to Acquisition / Initial Development	1,379
Total Costs, Land	4,491
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	30,186
Total Costs, Total	34,677
Accumulated Depreciation	10,037
Encumbrances	$ 0
Owned Properties | Aztec Corner
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	180
Beds | bed	606
Initial Cost, Land	$ 17,460
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	32,209
Costs Capitalized Subsequent to Acquisition / Initial Development	6,263
Total Costs, Land	17,460
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	38,472
Total Costs, Total	55,932
Accumulated Depreciation	11,540
Encumbrances	$ 0
Owned Properties | The Tower at Third
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	188
Beds | bed	375
Initial Cost, Land	$ 1,145
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	19,128
Costs Capitalized Subsequent to Acquisition / Initial Development	12,795
Total Costs, Land	1,267
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	31,801
Total Costs, Total	33,068
Accumulated Depreciation	12,042
Encumbrances	$ 0
Owned Properties | Willowtree Apartments and Tower
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	473
Beds | bed	851
Initial Cost, Land	$ 9,807
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	21,880
Costs Capitalized Subsequent to Acquisition / Initial Development	4,218
Total Costs, Land	9,806
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	26,099
Total Costs, Total	35,905
Accumulated Depreciation	9,590
Encumbrances	$ 0
Owned Properties | University Pointe
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	204
Beds | bed	682
Initial Cost, Land	$ 989
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	27,576
Costs Capitalized Subsequent to Acquisition / Initial Development	3,835
Total Costs, Land	989
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	31,411
Total Costs, Total	32,400
Accumulated Depreciation	11,259
Encumbrances	$ 0
Owned Properties | University Trails
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	240
Beds | bed	684
Initial Cost, Land	$ 1,183
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	25,173
Costs Capitalized Subsequent to Acquisition / Initial Development	3,583
Total Costs, Land	1,183
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	28,756
Total Costs, Total	29,939
Accumulated Depreciation	10,350
Encumbrances	$ 0
Owned Properties | Campus Trails
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	156
Beds | bed	480
Initial Cost, Land	$ 1,358
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	11,291
Costs Capitalized Subsequent to Acquisition / Initial Development	7,830
Total Costs, Land	1,225
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	19,254
Total Costs, Total	20,479
Accumulated Depreciation	5,821
Encumbrances	$ 0
Owned Properties | University Crossings (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	260
Beds | bed	1,016
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	50,668
Costs Capitalized Subsequent to Acquisition / Initial Development	41,376
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	92,044
Total Costs, Total	92,044
Accumulated Depreciation	34,047
Encumbrances	$ 0
Owned Properties | Vista del Sol (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	613
Beds | bed	1,866
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	135,939
Costs Capitalized Subsequent to Acquisition / Initial Development	6,915
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	142,854
Total Costs, Total	142,854
Accumulated Depreciation	49,195
Encumbrances	$ 0
Owned Properties | Villas at Chestnut Ridge
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	196
Beds | bed	552
Initial Cost, Land	$ 2,756
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	33,510
Costs Capitalized Subsequent to Acquisition / Initial Development	1,275
Total Costs, Land	2,756
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	34,785
Total Costs, Total	37,541
Accumulated Depreciation	11,222
Encumbrances	$ 0
Owned Properties | Barrett Honors College (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	604
Beds | bed	1,721
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	131,302
Costs Capitalized Subsequent to Acquisition / Initial Development	22,951
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	154,253
Total Costs, Total	154,253
Accumulated Depreciation	51,879
Encumbrances	$ 0
Owned Properties | Sanctuary Lofts
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	201
Beds | bed	485
Initial Cost, Land	$ 2,960
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	18,180
Costs Capitalized Subsequent to Acquisition / Initial Development	4,923
Total Costs, Land	2,959
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	23,104
Total Costs, Total	26,063
Accumulated Depreciation	8,560
Encumbrances	$ 0
Owned Properties | The Edge - Charlotte
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	180
Beds | bed	720
Initial Cost, Land	$ 3,076
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	23,395
Costs Capitalized Subsequent to Acquisition / Initial Development	10,187
Total Costs, Land	3,076
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	33,582
Total Costs, Total	36,658
Accumulated Depreciation	13,116
Encumbrances	$ 0
Owned Properties | University Walk
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	120
Beds | bed	480
Initial Cost, Land	$ 2,016
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	14,599
Costs Capitalized Subsequent to Acquisition / Initial Development	3,805
Total Costs, Land	2,016
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	18,404
Total Costs, Total	20,420
Accumulated Depreciation	6,710
Encumbrances	$ 0
Owned Properties | Uptown
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	180
Beds | bed	528
Initial Cost, Land	$ 3,031
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	21,685
Costs Capitalized Subsequent to Acquisition / Initial Development	4,520
Total Costs, Land	3,031
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	26,205
Total Costs, Total	29,236
Accumulated Depreciation	8,196
Encumbrances	$ 0
Owned Properties | 2nd Avenue Centre
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	274
Beds | bed	868
Initial Cost, Land	$ 4,434
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	27,236
Costs Capitalized Subsequent to Acquisition / Initial Development	4,558
Total Costs, Land	4,434
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	31,794
Total Costs, Total	36,228
Accumulated Depreciation	11,075
Encumbrances	$ 0
Owned Properties | Villas at Babcock
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	204
Beds | bed	792
Initial Cost, Land	$ 4,642
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	30,901
Costs Capitalized Subsequent to Acquisition / Initial Development	723
Total Costs, Land	4,642
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	31,624
Total Costs, Total	36,266
Accumulated Depreciation	12,224
Encumbrances	$ 0
Owned Properties | Lobo Village (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	216
Beds | bed	864
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	42,490
Costs Capitalized Subsequent to Acquisition / Initial Development	1,446
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	43,936
Total Costs, Total	43,936
Accumulated Depreciation	12,846
Encumbrances	$ 0
Owned Properties | Villas on Sycamore
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	170
Beds | bed	680
Initial Cost, Land	$ 3,000
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	24,640
Costs Capitalized Subsequent to Acquisition / Initial Development	975
Total Costs, Land	3,000
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	25,615
Total Costs, Total	28,615
Accumulated Depreciation	10,335
Encumbrances	$ 0
Owned Properties | 26 West
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	367
Beds | bed	1,026
Initial Cost, Land	$ 21,396
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	63,994
Costs Capitalized Subsequent to Acquisition / Initial Development	8,773
Total Costs, Land	21,396
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	72,767
Total Costs, Total	94,163
Accumulated Depreciation	20,973
Encumbrances	$ 66,938
Owned Properties | Avalon Heights
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	210
Beds | bed	754
Initial Cost, Land	$ 4,968
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	24,345
Costs Capitalized Subsequent to Acquisition / Initial Development	15,625
Total Costs, Land	4,968
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	39,970
Total Costs, Total	44,938
Accumulated Depreciation	12,679
Encumbrances	$ 0
Owned Properties | University Commons
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	164
Beds | bed	480
Initial Cost, Land	$ 12,559
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	19,010
Costs Capitalized Subsequent to Acquisition / Initial Development	3,510
Total Costs, Land	12,559
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	22,520
Total Costs, Total	35,079
Accumulated Depreciation	6,641
Encumbrances	$ 0
Owned Properties | Casas del Rio (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	283
Beds | bed	1,028
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	40,639
Costs Capitalized Subsequent to Acquisition / Initial Development	3,080
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	43,719
Total Costs, Total	43,719
Accumulated Depreciation	18,268
Encumbrances	$ 0
Owned Properties | The Suites (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	439
Beds | bed	878
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	45,296
Costs Capitalized Subsequent to Acquisition / Initial Development	1,322
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	46,618
Total Costs, Total	46,618
Accumulated Depreciation	14,805
Encumbrances	$ 0
Owned Properties | Hilltop Townhomes (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	144
Beds | bed	576
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	31,507
Costs Capitalized Subsequent to Acquisition / Initial Development	935
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	32,442
Total Costs, Total	32,442
Accumulated Depreciation	11,528
Encumbrances	$ 0
Owned Properties | U Club on Frey
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	216
Beds | bed	864
Initial Cost, Land	$ 8,703
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	36,873
Costs Capitalized Subsequent to Acquisition / Initial Development	2,073
Total Costs, Land	8,703
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	38,946
Total Costs, Total	47,649
Accumulated Depreciation	12,413
Encumbrances	$ 0
Owned Properties | Campus Edge on UTA Boulevard
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	128
Beds | bed	488
Initial Cost, Land	$ 2,661
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	21,233
Costs Capitalized Subsequent to Acquisition / Initial Development	1,554
Total Costs, Land	2,663
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	22,785
Total Costs, Total	25,448
Accumulated Depreciation	8,145
Encumbrances	$ 0
Owned Properties | U Club Townhomes on Marion Pugh
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	160
Beds | bed	640
Initial Cost, Land	$ 6,722
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	26,546
Costs Capitalized Subsequent to Acquisition / Initial Development	2,286
Total Costs, Land	6,722
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	28,832
Total Costs, Total	35,554
Accumulated Depreciation	10,635
Encumbrances	$ 0
Owned Properties | Villas on Rensch
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	153
Beds | bed	610
Initial Cost, Land	$ 10,231
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	33,852
Costs Capitalized Subsequent to Acquisition / Initial Development	1,701
Total Costs, Land	10,231
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	35,553
Total Costs, Total	45,784
Accumulated Depreciation	11,876
Encumbrances	$ 0
Owned Properties | The Village at Overton Park
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	163
Beds | bed	612
Initial Cost, Land	$ 5,262
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	29,374
Costs Capitalized Subsequent to Acquisition / Initial Development	1,610
Total Costs, Land	5,262
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	30,984
Total Costs, Total	36,246
Accumulated Depreciation	11,310
Encumbrances	$ 0
Owned Properties | Casa de Oro (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	109
Beds | bed	365
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	12,362
Costs Capitalized Subsequent to Acquisition / Initial Development	407
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	12,769
Total Costs, Total	12,769
Accumulated Depreciation	4,881
Encumbrances	$ 0
Owned Properties | The Villas at Vista del Sol (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	104
Beds | bed	400
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	20,421
Costs Capitalized Subsequent to Acquisition / Initial Development	639
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	21,060
Total Costs, Total	21,060
Accumulated Depreciation	8,145
Encumbrances	$ 0
Owned Properties | The Block
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	669
Beds | bed	1,555
Initial Cost, Land	$ 22,270
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	141,430
Costs Capitalized Subsequent to Acquisition / Initial Development	18,815
Total Costs, Land	22,572
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	159,943
Total Costs, Total	182,515
Accumulated Depreciation	37,749
Encumbrances	$ 94,117
Owned Properties | University Pointe at College Station (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	282
Beds | bed	978
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	84,657
Costs Capitalized Subsequent to Acquisition / Initial Development	2,745
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	87,402
Total Costs, Total	87,402
Accumulated Depreciation	32,302
Encumbrances	$ 0
Owned Properties | 309 Green
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	110
Beds | bed	416
Initial Cost, Land	$ 5,351
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	49,987
Costs Capitalized Subsequent to Acquisition / Initial Development	4,629
Total Costs, Land	5,351
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	54,616
Total Costs, Total	59,967
Accumulated Depreciation	13,759
Encumbrances	$ 0
Owned Properties | The Retreat
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	187
Beds | bed	780
Initial Cost, Land	$ 5,265
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	46,236
Costs Capitalized Subsequent to Acquisition / Initial Development	4,393
Total Costs, Land	5,265
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	50,629
Total Costs, Total	55,894
Accumulated Depreciation	13,257
Encumbrances	$ 0
Owned Properties | Lofts54
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	43
Beds | bed	172
Initial Cost, Land	$ 430
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	14,741
Costs Capitalized Subsequent to Acquisition / Initial Development	4,579
Total Costs, Land	430
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	19,320
Total Costs, Total	19,750
Accumulated Depreciation	5,098
Encumbrances	$ 0
Owned Properties | Campustown Rentals
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	264
Beds | bed	746
Initial Cost, Land	$ 2,382
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	40,190
Costs Capitalized Subsequent to Acquisition / Initial Development	5,446
Total Costs, Land	2,382
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	45,636
Total Costs, Total	48,018
Accumulated Depreciation	13,499
Encumbrances	$ 0
Owned Properties | Chauncey Square
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	158
Beds | bed	386
Initial Cost, Land	$ 2,522
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	40,013
Costs Capitalized Subsequent to Acquisition / Initial Development	2,189
Total Costs, Land	2,522
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	42,202
Total Costs, Total	44,724
Accumulated Depreciation	10,822
Encumbrances	$ 0
Owned Properties | Texan & Vintage
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	124
Beds | bed	311
Initial Cost, Land	$ 5,937
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	11,906
Costs Capitalized Subsequent to Acquisition / Initial Development	16,348
Total Costs, Land	5,962
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	28,229
Total Costs, Total	34,191
Accumulated Depreciation	6,988
Encumbrances	$ 18,796
Owned Properties | The Castilian
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	371
Beds | bed	623
Initial Cost, Land	$ 3,663
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	59,772
Costs Capitalized Subsequent to Acquisition / Initial Development	37,892
Total Costs, Land	3,663
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	97,664
Total Costs, Total	101,327
Accumulated Depreciation	28,209
Encumbrances	$ 46,052
Owned Properties | Bishops Square
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	134
Beds | bed	315
Initial Cost, Land	$ 1,206
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	17,878
Costs Capitalized Subsequent to Acquisition / Initial Development	2,769
Total Costs, Land	1,206
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	20,647
Total Costs, Total	21,853
Accumulated Depreciation	6,027
Encumbrances	$ 10,363
Owned Properties | Union
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	54
Beds | bed	120
Initial Cost, Land	$ 169
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	6,348
Costs Capitalized Subsequent to Acquisition / Initial Development	1,235
Total Costs, Land	169
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	7,583
Total Costs, Total	7,752
Accumulated Depreciation	2,182
Encumbrances	$ 3,251
Owned Properties | 922 Place
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	132
Beds | bed	468
Initial Cost, Land	$ 3,363
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	34,947
Costs Capitalized Subsequent to Acquisition / Initial Development	4,025
Total Costs, Land	3,363
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	38,972
Total Costs, Total	42,335
Accumulated Depreciation	11,040
Encumbrances	$ 0
Owned Properties | Campustown
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	452
Beds | bed	1,217
Initial Cost, Land	$ 1,818
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	77,894
Costs Capitalized Subsequent to Acquisition / Initial Development	12,115
Total Costs, Land	1,818
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	90,009
Total Costs, Total	91,827
Accumulated Depreciation	22,466
Encumbrances	$ 0
Owned Properties | River Mill
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	243
Beds | bed	461
Initial Cost, Land	$ 1,741
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	22,806
Costs Capitalized Subsequent to Acquisition / Initial Development	5,988
Total Costs, Land	1,741
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	28,794
Total Costs, Total	30,535
Accumulated Depreciation	7,956
Encumbrances	$ 0
Owned Properties | The Province
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	219
Beds | bed	696
Initial Cost, Land	$ 2,226
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	48,567
Costs Capitalized Subsequent to Acquisition / Initial Development	2,397
Total Costs, Land	2,226
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	50,964
Total Costs, Total	53,190
Accumulated Depreciation	13,333
Encumbrances	$ 25,875
Owned Properties | RAMZ Apartments on Broad
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	88
Beds | bed	172
Initial Cost, Land	$ 785
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	12,303
Costs Capitalized Subsequent to Acquisition / Initial Development	974
Total Costs, Land	785
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	13,277
Total Costs, Total	14,062
Accumulated Depreciation	3,445
Encumbrances	$ 0
Owned Properties | The Lofts at Capital Garage
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	36
Beds | bed	144
Initial Cost, Land	$ 313
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	3,581
Costs Capitalized Subsequent to Acquisition / Initial Development	1,020
Total Costs, Land	313
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	4,601
Total Costs, Total	4,914
Accumulated Depreciation	1,388
Encumbrances	$ 0
Owned Properties | 25Twenty
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	249
Beds | bed	562
Initial Cost, Land	$ 2,226
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	33,429
Costs Capitalized Subsequent to Acquisition / Initial Development	1,690
Total Costs, Land	2,226
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	35,119
Total Costs, Total	37,345
Accumulated Depreciation	10,281
Encumbrances	$ 24,204
Owned Properties | The Province
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	366
Beds | bed	858
Initial Cost, Land	$ 4,392
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	63,068
Costs Capitalized Subsequent to Acquisition / Initial Development	2,920
Total Costs, Land	4,392
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	65,988
Total Costs, Total	70,380
Accumulated Depreciation	17,723
Encumbrances	$ 0
Owned Properties | The Province
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	336
Beds | bed	816
Initial Cost, Land	$ 3,798
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	70,955
Costs Capitalized Subsequent to Acquisition / Initial Development	3,913
Total Costs, Land	3,798
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	74,868
Total Costs, Total	78,666
Accumulated Depreciation	20,091
Encumbrances	$ 0
Owned Properties | 5 Twenty Four and 5 Twenty Five Angliana
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	376
Beds | bed	1,060
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	60,448
Costs Capitalized Subsequent to Acquisition / Initial Development	7,945
Total Costs, Land	5,214
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	63,179
Total Costs, Total	68,393
Accumulated Depreciation	17,198
Encumbrances	$ 0
Owned Properties | The Province
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	287
Beds | bed	947
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	52,943
Costs Capitalized Subsequent to Acquisition / Initial Development	6,095
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	59,038
Total Costs, Total	59,038
Accumulated Depreciation	15,649
Encumbrances	$ 0
Owned Properties | U Pointe Kennesaw
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	216
Beds | bed	795
Initial Cost, Land	$ 1,482
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	61,654
Costs Capitalized Subsequent to Acquisition / Initial Development	6,974
Total Costs, Land	1,482
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	68,628
Total Costs, Total	70,110
Accumulated Depreciation	19,533
Encumbrances	$ 0
Owned Properties | The Cottages of Durham
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	141
Beds | bed	619
Initial Cost, Land	$ 3,955
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	41,421
Costs Capitalized Subsequent to Acquisition / Initial Development	2,996
Total Costs, Land	3,955
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	44,417
Total Costs, Total	48,372
Accumulated Depreciation	14,316
Encumbrances	$ 0
Owned Properties | University Edge
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	201
Beds | bed	608
Initial Cost, Land	$ 4,500
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	26,385
Costs Capitalized Subsequent to Acquisition / Initial Development	2,124
Total Costs, Land	4,500
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	28,509
Total Costs, Total	33,009
Accumulated Depreciation	7,142
Encumbrances	$ 0
Owned Properties | The Lodges of East Lansing
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	364
Beds | bed	1,049
Initial Cost, Land	$ 6,472
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	89,231
Costs Capitalized Subsequent to Acquisition / Initial Development	4,544
Total Costs, Land	6,472
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	93,775
Total Costs, Total	100,247
Accumulated Depreciation	23,553
Encumbrances	$ 27,297
Owned Properties | 7th Street Station
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	82
Beds | bed	309
Initial Cost, Land	$ 9,792
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	16,472
Costs Capitalized Subsequent to Acquisition / Initial Development	660
Total Costs, Land	9,792
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	17,132
Total Costs, Total	26,924
Accumulated Depreciation	4,778
Encumbrances	$ 0
Owned Properties | The Callaway House - Austin
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	219
Beds | bed	753
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	61,550
Costs Capitalized Subsequent to Acquisition / Initial Development	1,690
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	63,240
Total Costs, Total	63,240
Accumulated Depreciation	18,635
Encumbrances	$ 80,726
Owned Properties | Manzanita Hall (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	241
Beds | bed	816
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	48,781
Costs Capitalized Subsequent to Acquisition / Initial Development	1,583
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	50,364
Total Costs, Total	50,364
Accumulated Depreciation	16,201
Encumbrances	$ 0
Owned Properties | University View (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	96
Beds | bed	336
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	14,683
Costs Capitalized Subsequent to Acquisition / Initial Development	318
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	15,001
Total Costs, Total	15,001
Accumulated Depreciation	4,717
Encumbrances	$ 0
Owned Properties | U Club Townhomes at Overton Park
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	112
Beds | bed	448
Initial Cost, Land	$ 7,775
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	21,483
Costs Capitalized Subsequent to Acquisition / Initial Development	1,054
Total Costs, Land	7,775
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	22,537
Total Costs, Total	30,312
Accumulated Depreciation	7,111
Encumbrances	$ 0
Owned Properties | 601 Copeland
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	81
Beds | bed	283
Initial Cost, Land	$ 1,457
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	26,699
Costs Capitalized Subsequent to Acquisition / Initial Development	706
Total Costs, Land	1,457
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	27,405
Total Costs, Total	28,862
Accumulated Depreciation	7,304
Encumbrances	$ 0
Owned Properties | The Townhomes at Newtown Crossing
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	152
Beds | bed	608
Initial Cost, Land	$ 7,745
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	32,074
Costs Capitalized Subsequent to Acquisition / Initial Development	836
Total Costs, Land	7,745
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	32,910
Total Costs, Total	40,655
Accumulated Depreciation	8,934
Encumbrances	$ 0
Owned Properties | Chestnut Square (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	220
Beds | bed	861
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	98,369
Costs Capitalized Subsequent to Acquisition / Initial Development	3,273
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	101,642
Total Costs, Total	101,642
Accumulated Depreciation	28,471
Encumbrances	$ 0
Owned Properties | Park Point
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	300
Beds | bed	924
Initial Cost, Land	$ 7,827
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	73,495
Costs Capitalized Subsequent to Acquisition / Initial Development	5,536
Total Costs, Land	7,827
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	79,031
Total Costs, Total	86,858
Accumulated Depreciation	21,043
Encumbrances	$ 70,000
Owned Properties | U Centre at Fry Street
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	194
Beds | bed	614
Initial Cost, Land	$ 2,902
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	47,700
Costs Capitalized Subsequent to Acquisition / Initial Development	3,210
Total Costs, Land	2,902
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	50,910
Total Costs, Total	53,812
Accumulated Depreciation	11,902
Encumbrances	$ 0
Owned Properties | Cardinal Towne
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	255
Beds | bed	545
Initial Cost, Land	$ 6,547
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	53,809
Costs Capitalized Subsequent to Acquisition / Initial Development	4,403
Total Costs, Land	6,547
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	58,212
Total Costs, Total	64,759
Accumulated Depreciation	13,527
Encumbrances	$ 0
Owned Properties | Merwick Stanworth (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	325
Beds | bed	595
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	79,598
Costs Capitalized Subsequent to Acquisition / Initial Development	(613)
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	78,985
Total Costs, Total	78,985
Accumulated Depreciation	13,492
Encumbrances	$ 0
Owned Properties | Plaza on University
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	364
Beds | bed	1,313
Initial Cost, Land	$ 23,987
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	85,584
Costs Capitalized Subsequent to Acquisition / Initial Development	5,293
Total Costs, Land	23,987
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	90,877
Total Costs, Total	114,864
Accumulated Depreciation	23,116
Encumbrances	$ 0
Owned Properties | U Centre at Northgate (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	196
Beds | bed	784
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	35,663
Costs Capitalized Subsequent to Acquisition / Initial Development	670
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	36,333
Total Costs, Total	36,333
Accumulated Depreciation	9,629
Encumbrances	$ 0
Owned Properties | University Walk
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	177
Beds | bed	526
Initial Cost, Land	$ 4,341
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	29,073
Costs Capitalized Subsequent to Acquisition / Initial Development	1,824
Total Costs, Land	4,341
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	30,897
Total Costs, Total	35,238
Accumulated Depreciation	6,272
Encumbrances	$ 0
Owned Properties | U Club on Woodward
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	236
Beds | bed	944
Initial Cost, Land	$ 16,350
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	46,982
Costs Capitalized Subsequent to Acquisition / Initial Development	1,093
Total Costs, Land	16,349
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	48,076
Total Costs, Total	64,425
Accumulated Depreciation	12,957
Encumbrances	$ 0
Owned Properties | Park Point
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	66
Beds | bed	226
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	25,725
Costs Capitalized Subsequent to Acquisition / Initial Development	3,864
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	29,589
Total Costs, Total	29,589
Accumulated Depreciation	5,772
Encumbrances	$ 10,337
Owned Properties | 1200 West Marshall
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	136
Beds | bed	406
Initial Cost, Land	$ 4,397
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	33,908
Costs Capitalized Subsequent to Acquisition / Initial Development	2,146
Total Costs, Land	4,397
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	36,054
Total Costs, Total	40,451
Accumulated Depreciation	7,445
Encumbrances	$ 0
Owned Properties | 8 1/2 Canal Street
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	160
Beds | bed	540
Initial Cost, Land	$ 2,797
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	45,394
Costs Capitalized Subsequent to Acquisition / Initial Development	2,583
Total Costs, Land	2,797
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	47,977
Total Costs, Total	50,774
Accumulated Depreciation	8,973
Encumbrances	$ 0
Owned Properties | Vistas San Marcos
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	255
Beds | bed	600
Initial Cost, Land	$ 586
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	45,761
Costs Capitalized Subsequent to Acquisition / Initial Development	7,725
Total Costs, Land	586
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	53,486
Total Costs, Total	54,072
Accumulated Depreciation	13,386
Encumbrances	$ 0
Owned Properties | Crest at Pearl
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	141
Beds | bed	343
Initial Cost, Land	$ 4,395
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	36,268
Costs Capitalized Subsequent to Acquisition / Initial Development	2,094
Total Costs, Land	4,491
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	38,266
Total Costs, Total	42,757
Accumulated Depreciation	7,574
Encumbrances	$ 23,372
Owned Properties | U Club Binghamton
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	326
Beds | bed	1,272
Initial Cost, Land	$ 15,858
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	92,372
Costs Capitalized Subsequent to Acquisition / Initial Development	3,622
Total Costs, Land	15,858
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	95,994
Total Costs, Total	111,852
Accumulated Depreciation	14,458
Encumbrances	$ 0
Owned Properties | 160 Ross
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	182
Beds | bed	642
Initial Cost, Land	$ 2,962
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	38,478
Costs Capitalized Subsequent to Acquisition / Initial Development	1,206
Total Costs, Land	2,962
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	39,684
Total Costs, Total	42,646
Accumulated Depreciation	8,714
Encumbrances	$ 0
Owned Properties | The Summit at University City (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	351
Beds | bed	1,315
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	154,770
Costs Capitalized Subsequent to Acquisition / Initial Development	2,264
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	157,034
Total Costs, Total	157,034
Accumulated Depreciation	27,482
Encumbrances	$ 0
Owned Properties | 2125 Franklin
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	192
Beds | bed	734
Initial Cost, Land	$ 8,299
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	55,716
Costs Capitalized Subsequent to Acquisition / Initial Development	729
Total Costs, Land	8,299
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	56,445
Total Costs, Total	64,744
Accumulated Depreciation	10,833
Encumbrances	$ 0
Owned Properties | University Crossings
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	187
Beds | bed	546
Initial Cost, Land	$ 645
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	36,838
Costs Capitalized Subsequent to Acquisition / Initial Development	6,067
Total Costs, Land	645
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	42,905
Total Costs, Total	43,550
Accumulated Depreciation	6,482
Encumbrances	$ 0
Owned Properties | U Club on 28th
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	100
Beds | bed	398
Initial Cost, Land	$ 9,725
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	45,788
Costs Capitalized Subsequent to Acquisition / Initial Development	556
Total Costs, Land	9,725
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	46,344
Total Costs, Total	56,069
Accumulated Depreciation	7,163
Encumbrances	$ 0
Owned Properties | Currie Hall (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	178
Beds | bed	456
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	49,987
Costs Capitalized Subsequent to Acquisition / Initial Development	443
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	50,430
Total Costs, Total	50,430
Accumulated Depreciation	8,283
Encumbrances	$ 0
Owned Properties | University Pointe (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	134
Beds | bed	531
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	44,035
Costs Capitalized Subsequent to Acquisition / Initial Development	326
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	44,361
Total Costs, Total	44,361
Accumulated Depreciation	6,986
Encumbrances	$ 0
Owned Properties | Fairview House (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	107
Beds | bed	633
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	38,144
Costs Capitalized Subsequent to Acquisition / Initial Development	243
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	38,387
Total Costs, Total	38,387
Accumulated Depreciation	7,188
Encumbrances	$ 0
Owned Properties | U Club Sunnyside
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	134
Beds | bed	534
Initial Cost, Land	$ 7,423
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	41,582
Costs Capitalized Subsequent to Acquisition / Initial Development	698
Total Costs, Land	7,423
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	42,280
Total Costs, Total	49,703
Accumulated Depreciation	6,682
Encumbrances	$ 0
Owned Properties | Stadium Centre
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	558
Beds | bed	1,383
Initial Cost, Land	$ 19,249
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	131,739
Costs Capitalized Subsequent to Acquisition / Initial Development	8,747
Total Costs, Land	19,249
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	140,486
Total Costs, Total	159,735
Accumulated Depreciation	21,873
Encumbrances	$ 62,178
Owned Properties | U Point
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	54
Beds | bed	163
Initial Cost, Land	$ 1,425
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	17,325
Costs Capitalized Subsequent to Acquisition / Initial Development	2,523
Total Costs, Land	1,425
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	19,848
Total Costs, Total	21,273
Accumulated Depreciation	3,050
Encumbrances	$ 0
Owned Properties | The Arlie
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	169
Beds | bed	598
Initial Cost, Land	$ 1,350
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	43,352
Costs Capitalized Subsequent to Acquisition / Initial Development	2,095
Total Costs, Land	1,350
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	45,447
Total Costs, Total	46,797
Accumulated Depreciation	6,959
Encumbrances	$ 0
Owned Properties | TWELVE at U District
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	283
Beds | bed	384
Initial Cost, Land	$ 13,013
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	98,115
Costs Capitalized Subsequent to Acquisition / Initial Development	3,652
Total Costs, Land	13,013
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	101,767
Total Costs, Total	114,780
Accumulated Depreciation	10,242
Encumbrances	$ 0
Owned Properties | The 515
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	183
Beds | bed	513
Initial Cost, Land	$ 1,611
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	68,953
Costs Capitalized Subsequent to Acquisition / Initial Development	2,326
Total Costs, Land	1,611
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	71,279
Total Costs, Total	72,890
Accumulated Depreciation	6,993
Encumbrances	$ 0
Owned Properties | State
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	220
Beds | bed	665
Initial Cost, Land	$ 3,448
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	66,774
Costs Capitalized Subsequent to Acquisition / Initial Development	2,662
Total Costs, Land	3,448
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	69,436
Total Costs, Total	72,884
Accumulated Depreciation	8,074
Encumbrances	$ 0
Owned Properties | Tooker House (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	429
Beds | bed	1,594
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	103,897
Costs Capitalized Subsequent to Acquisition / Initial Development	50
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	103,947
Total Costs, Total	103,947
Accumulated Depreciation	13,508
Encumbrances	$ 0
Owned Properties | SkyView (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	163
Beds | bed	626
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	57,578
Costs Capitalized Subsequent to Acquisition / Initial Development	371
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	57,949
Total Costs, Total	57,949
Accumulated Depreciation	6,763
Encumbrances	$ 0
Owned Properties | University Square (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	143
Beds | bed	466
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	25,635
Costs Capitalized Subsequent to Acquisition / Initial Development	77
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	25,712
Total Costs, Total	25,712
Accumulated Depreciation	3,375
Encumbrances	$ 0
Owned Properties | U Centre on Turner
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	182
Beds | bed	718
Initial Cost, Land	$ 14,000
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	55,456
Costs Capitalized Subsequent to Acquisition / Initial Development	168
Total Costs, Land	14,001
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	55,623
Total Costs, Total	69,624
Accumulated Depreciation	6,789
Encumbrances	$ 0
Owned Properties | U Pointe on Speight
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	180
Beds | bed	700
Initial Cost, Land	$ 4,705
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	46,160
Costs Capitalized Subsequent to Acquisition / Initial Development	514
Total Costs, Land	4,705
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	46,674
Total Costs, Total	51,379
Accumulated Depreciation	5,557
Encumbrances	$ 0
Owned Properties | 21Hundred at Overton Park
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	296
Beds | bed	1,204
Initial Cost, Land	$ 16,767
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	64,057
Costs Capitalized Subsequent to Acquisition / Initial Development	1,047
Total Costs, Land	16,767
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	65,104
Total Costs, Total	81,871
Accumulated Depreciation	8,195
Encumbrances	$ 0
Owned Properties | The Suites at Third
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	63
Beds | bed	251
Initial Cost, Land	$ 831
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	22,384
Costs Capitalized Subsequent to Acquisition / Initial Development	(6)
Total Costs, Land	831
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	22,378
Total Costs, Total	23,209
Accumulated Depreciation	2,723
Encumbrances	$ 0
Owned Properties | Callaway House Apartments
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	386
Beds | bed	915
Initial Cost, Land	$ 12,651
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	78,220
Costs Capitalized Subsequent to Acquisition / Initial Development	783
Total Costs, Land	12,651
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	79,003
Total Costs, Total	91,654
Accumulated Depreciation	9,804
Encumbrances	$ 0
Owned Properties | U Centre on College
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	127
Beds | bed	418
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	41,607
Costs Capitalized Subsequent to Acquisition / Initial Development	(88)
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	41,519
Total Costs, Total	41,519
Accumulated Depreciation	4,724
Encumbrances	$ 0
Owned Properties | The James
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	366
Beds | bed	850
Initial Cost, Land	$ 18,871
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	118,096
Costs Capitalized Subsequent to Acquisition / Initial Development	2,558
Total Costs, Land	18,871
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	120,654
Total Costs, Total	139,525
Accumulated Depreciation	13,496
Encumbrances	$ 0
Owned Properties | Bridges @ 11th
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	184
Beds | bed	258
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	58,825
Costs Capitalized Subsequent to Acquisition / Initial Development	1,632
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	60,457
Total Costs, Total	60,457
Accumulated Depreciation	5,421
Encumbrances	$ 0
Owned Properties | Hub U District Seattle
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	111
Beds | bed	248
Initial Cost, Land	$ 5,700
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	56,355
Costs Capitalized Subsequent to Acquisition / Initial Development	1,427
Total Costs, Land	5,700
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	57,782
Total Costs, Total	63,482
Accumulated Depreciation	6,314
Encumbrances	$ 0
Owned Properties | David Blackwell Hall (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	412
Beds | bed	780
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	96,891
Costs Capitalized Subsequent to Acquisition / Initial Development	238
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	97,129
Total Costs, Total	97,129
Accumulated Depreciation	7,575
Encumbrances	$ 0
Owned Properties | Gladding Residence Center (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	592
Beds | bed	1,524
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	94,368
Costs Capitalized Subsequent to Acquisition / Initial Development	254
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	94,622
Total Costs, Total	94,622
Accumulated Depreciation	8,068
Encumbrances	$ 0
Owned Properties | Irvington House (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	197
Beds | bed	648
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	36,187
Costs Capitalized Subsequent to Acquisition / Initial Development	16
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	36,203
Total Costs, Total	36,203
Accumulated Depreciation	3,158
Encumbrances	$ 0
Owned Properties | Greek Leadership Village (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	498
Beds | bed	957
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	69,351
Costs Capitalized Subsequent to Acquisition / Initial Development	180
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	69,531
Total Costs, Total	69,531
Accumulated Depreciation	5,952
Encumbrances	$ 0
Owned Properties | NAU Honors College (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	318
Beds | bed	636
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	41,222
Costs Capitalized Subsequent to Acquisition / Initial Development	351
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	41,573
Total Costs, Total	41,573
Accumulated Depreciation	3,727
Encumbrances	$ 0
Owned Properties | U Club Townhomes at Oxford
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	132
Beds | bed	528
Initial Cost, Land	$ 5,115
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	39,239
Costs Capitalized Subsequent to Acquisition / Initial Development	35
Total Costs, Land	5,115
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	39,274
Total Costs, Total	44,389
Accumulated Depreciation	3,480
Encumbrances	$ 0
Owned Properties | Hub Ann Arbor
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	124
Beds | bed	310
Initial Cost, Land	$ 7,050
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	42,865
Costs Capitalized Subsequent to Acquisition / Initial Development	1,594
Total Costs, Land	7,050
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	44,459
Total Costs, Total	51,509
Accumulated Depreciation	3,677
Encumbrances	$ 0
Owned Properties | The Jack
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	198
Beds | bed	591
Initial Cost, Land	$ 5,397
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	56,626
Costs Capitalized Subsequent to Acquisition / Initial Development	768
Total Costs, Land	5,397
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	57,394
Total Costs, Total	62,791
Accumulated Depreciation	4,757
Encumbrances	$ 0
Owned Properties | Campus Edge on Pierce
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	289
Beds | bed	598
Initial Cost, Land	$ 6,881
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	55,818
Costs Capitalized Subsequent to Acquisition / Initial Development	1,143
Total Costs, Land	6,881
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	56,961
Total Costs, Total	63,842
Accumulated Depreciation	5,039
Encumbrances	$ 0
Owned Properties | 191 College
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	127
Beds | bed	495
Initial Cost, Land	$ 5,434
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	55,866
Costs Capitalized Subsequent to Acquisition / Initial Development	0
Total Costs, Land	5,434
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	55,866
Total Costs, Total	61,300
Accumulated Depreciation	2,623
Encumbrances	$ 0
Owned Properties | LightView (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	214
Beds | bed	825
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	148,922
Costs Capitalized Subsequent to Acquisition / Initial Development	0
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	148,922
Total Costs, Total	148,922
Accumulated Depreciation	7,032
Encumbrances	$ 0
Owned Properties | University of Arizona Honors College (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	319
Beds | bed	1,056
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	76,214
Costs Capitalized Subsequent to Acquisition / Initial Development	0
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	76,214
Total Costs, Total	76,214
Accumulated Depreciation	4,001
Encumbrances	$ 0
Owned Properties | The Flex at Stadium Centre
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	78
Beds | bed	340
Initial Cost, Land	$ 8,559
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	26,450
Costs Capitalized Subsequent to Acquisition / Initial Development	0
Total Costs, Land	8,559
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	26,450
Total Costs, Total	35,009
Accumulated Depreciation	1,276
Encumbrances	$ 0
Owned Properties | 959 Franklin
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	230
Beds | bed	443
Initial Cost, Land	$ 5,026
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	63,014
Costs Capitalized Subsequent to Acquisition / Initial Development	0
Total Costs, Land	5,026
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	63,014
Total Costs, Total	68,040
Accumulated Depreciation	2,568
Encumbrances	$ 0
Owned Properties | Currie Hall Phase II (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	95
Beds | bed	272
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	41,829
Costs Capitalized Subsequent to Acquisition / Initial Development	0
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	41,829
Total Costs, Total	41,829
Accumulated Depreciation	603
Encumbrances	$ 0
Owned Properties | Manzanita Square (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	169
Beds | bed	584
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	127,977
Costs Capitalized Subsequent to Acquisition / Initial Development	0
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	127,977
Total Costs, Total	127,977
Accumulated Depreciation	1,680
Encumbrances	$ 0
Owned Properties | Disney college Program Phases I-II (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	408
Beds | bed	1,627
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	105,633
Costs Capitalized Subsequent to Acquisition / Initial Development	0
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	105,633
Total Costs, Total	105,633
Accumulated Depreciation	2,506
Encumbrances	$ 0
Owned Properties | Disney College Program Phases III-X (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	2,206
Beds | bed	8,813
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	359,462
Costs Capitalized Subsequent to Acquisition / Initial Development	0
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	359,462
Total Costs, Total	359,462
Accumulated Depreciation	0
Encumbrances	$ 0
Owned Properties | Undeveloped land parcels
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	0
Beds | bed	0
Initial Cost, Land	$ 77,453
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	2,057
Costs Capitalized Subsequent to Acquisition / Initial Development	0
Total Costs, Land	77,453
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	2,057
Total Costs, Total	79,510
Accumulated Depreciation	788
Encumbrances	$ 0
Number of land parcels | landParcel	4
Owned Properties | Mortgages
Real Estate and Accumulated Depreciation [Line Items]
Unamortized debt premiums	$ 1,819	6,596
Unamortized deferred financing costs	$ 848	1,294
On-campus participating properties, net
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	2,123
Beds | bed	5,230
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	146,772
Costs Capitalized Subsequent to Acquisition / Initial Development	24,835
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	171,607
Total Costs, Total	171,607	169,499	162,562	159,996
Accumulated Depreciation	102,326	94,311	$ 84,925	$ 78,192
Encumbrances	82,824
Unamortized deferred financing costs	$ 323	$ 418
On-campus participating properties, net | University Village & University Village Northwest at Prairie View
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	648
Beds | bed	2,064
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	40,734
Costs Capitalized Subsequent to Acquisition / Initial Development	10,510
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	51,244
Total Costs, Total	51,244
Accumulated Depreciation	41,285
Encumbrances	$ 8,135
On-campus participating properties, net | University Village at Laredo
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	84
Beds | bed	250
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	5,844
Costs Capitalized Subsequent to Acquisition / Initial Development	1,511
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	7,355
Total Costs, Total	7,355
Accumulated Depreciation	6,244
Encumbrances	$ 1,245
On-campus participating properties, net | University College at Prairie View
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	756
Beds | bed	1,470
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	22,650
Costs Capitalized Subsequent to Acquisition / Initial Development	7,196
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	29,846
Total Costs, Total	29,846
Accumulated Depreciation	22,536
Encumbrances	$ 9,730
On-campus participating properties, net | Cullen Oaks
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	411
Beds | bed	879
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	33,910
Costs Capitalized Subsequent to Acquisition / Initial Development	3,666
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	37,576
Total Costs, Total	37,576
Accumulated Depreciation	20,565
Encumbrances	$ 24,130
On-campus participating properties, net | College Park
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	224
Beds | bed	567
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	43,634
Costs Capitalized Subsequent to Acquisition / Initial Development	1,952
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	45,586
Total Costs, Total	45,586
Accumulated Depreciation	11,696
Encumbrances	$ 39,584

Schedule of Real Estate and A_3

Schedule of Real Estate and Accumulated Depreciation - Changes in investments in real estate and related accumulated depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments in Real Estate:
Balance, end of year	$ 8,554,003
Accumulated Depreciation:
Balance, end of year	(1,762,978)
On-campus participating properties, net
Investments in Real Estate:
Balance, beginning of year	169,499	$ 162,562	$ 159,996
Acquisition of land for development	0	0	0
Improvements and development expenditures	2,108	2,900	3,654
Write-off of fully depreciated or damaged assets	0	(306)	(1,088)
Provision for real estate impairment	0	0	0
Disposition of real estate	0	0	0
Transfer of property from owned to OCPP structure	0	4,343	0
Balance, end of year	171,607	169,499	162,562
Accumulated Depreciation:
Balance, beginning of year	(94,311)	(84,925)	(78,192)
Depreciation for the year	(8,015)	(8,380)	(7,819)
Write-off of fully depreciated or damaged assets	0	306	1,086
Disposition of properties	0	0	0
Transfer of property from owned to OCPP structure	0	(1,312)	0
Balance, end of year	(102,326)	(94,311)	(84,925)
Owned Properties
Investments in Real Estate:
Balance, beginning of year	8,137,504	7,813,959	7,485,391
Acquisition of land for development	21,408	10,219	26,758
Improvements and development expenditures	355,590	484,949	549,635
Write-off of fully depreciated or damaged assets	(9,831)	(3,831)	(16,758)
Provision for real estate impairment	0	(3,201)	0
Disposition of real estate	(122,275)	(160,248)	(231,067)
Transfer of property from owned to OCPP structure	0	(4,343)	0
Balance, end of year	8,382,396	8,137,504	7,813,959
Accumulated Depreciation:
Balance, beginning of year	(1,442,789)	(1,230,562)	(1,035,027)
Depreciation for the year	(252,222)	(255,796)	(242,123)
Write-off of fully depreciated or damaged assets	9,831	3,831	16,242
Disposition of properties	24,528	38,426	30,346
Transfer of property from owned to OCPP structure	0	1,312	0
Balance, end of year	$ (1,660,652)	$ (1,442,789)	$ (1,230,562)