American Campus Communities (ACC) 10-Q 28 Apr 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	Apr. 23, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78738
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding (in shares)		137,865,792
Entity Central Index Key	0001283630
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Investments in real estate
Investments in real estate, net	$ 6,780,974	$ 6,791,025
Cash and cash equivalents	41,111	54,017
Restricted cash	24,118	19,955
Student contracts receivable, net	13,642	11,090
Operating lease right of use assets	456,860	457,573
Other assets	202,003	197,500
Total assets	7,518,708	7,531,160
Liabilities
Secured mortgage and bond debt, net	634,406	646,827
Accounts payable and accrued expenses	58,232	85,070
Operating lease liabilities	490,582	486,631
Other liabilities	163,408	185,352
Total liabilities	4,385,215	4,350,056
Commitments and contingencies (Note 12)
Redeemable noncontrolling interests	24,754	24,567
American Campus Communities, Inc. and Subsidiaries stockholders’ equity
Common stock, $0.01 par value, 800,000,000 shares authorized, 137,763,931 and 137,540,345 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	1,378	1,375
Additional paid in capital	4,472,867	4,472,170
Common stock held in rabbi trust, 101,861 and 91,746 shares at March 31, 2021 and December 31, 2020, respectively	(4,326)	(3,951)
Accumulated earnings and dividends	(1,382,492)	(1,332,689)
Accumulated other comprehensive loss	(20,259)	(22,777)
Total American Campus Communities, Inc. and Subsidiaries stockholders’ equity	3,067,168	3,114,128
Noncontrolling interests – partially owned properties	41,571	42,409
Total equity	3,108,739	3,156,537
Total liabilities and equity	7,518,708	7,531,160
Owned properties
Investments in real estate
Investments in real estate, net	6,713,529	6,721,744
On-campus participating properties, net
Investments in real estate
Investments in real estate, net	67,445	69,281
Unsecured notes, net
Liabilities
Unsecured debt	2,376,527	2,375,603
Term loan
Liabilities
Unsecured debt	199,560	199,473
Unsecured revolving credit facility
Liabilities
Unsecured debt	$ 462,500	$ 371,100

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
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)	137,763,931	137,540,345
Common stock, shares outstanding (in shares)	137,763,931	137,540,345
Number of shares in deferred compensation plan (in shares)	101,861	91,746
Assets	$ 7,518,708	$ 7,531,160
Liabilities	4,385,215	4,350,056
Variable Interest Entity, Primary Beneficiary | Investments in real estate, net
Assets	586,217	592,787
Variable Interest Entity, Primary Beneficiary | Cash, cash equivalents, and restricted cash
Assets	31,021	41,248
Variable Interest Entity, Primary Beneficiary | Other assets
Assets	15,604	13,078
Variable Interest Entity, Primary Beneficiary | Secured mortgage debt, net
Liabilities	411,205	410,837
Variable Interest Entity, Primary Beneficiary | Accounts payable, accrued expenses, and other liabilities
Liabilities	$ 32,486	$ 46,645

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues
Total revenues	$ 232,722	$ 249,404
Operating expenses (income)
Third-party development and management services	5,387	6,207
General and administrative	12,328	10,158
Depreciation and amortization	68,117	66,169
Ground/facility leases	3,208	4,069
Gain from disposition of real estate	0	(48,525)
Total operating expenses	186,321	133,918
Operating income	46,401	115,486
Nonoperating income (expenses)
Interest income	220	851
Interest expense	(28,977)	(27,783)
Amortization of deferred financing costs	(1,319)	(1,287)
Loss from extinguishment of debt	0	(4,827)
Total nonoperating expenses	(30,076)	(33,046)
Income before income taxes	16,325	82,440
Income tax provision	(340)	(379)
Net income	15,985	82,061
Net income attributable to noncontrolling interests	(367)	(1,206)
Net income attributable to ACC, Inc. and Subsidiaries common stockholders	15,618	80,855
Other comprehensive income (loss)
Change in fair value of interest rate swaps and other	2,518	(9,801)
Comprehensive income	$ 18,136	$ 71,054
Net income per share attributable to ACC, Inc. and Subsidiaries common stockholders
Basic (in dollars per share)	$ 0.11	$ 0.58
Diluted (in dollars per share)	$ 0.11	$ 0.58
Weighted-average common shares outstanding
Basic (in shares)	137,711,965	137,477,169
Diluted (in shares)	139,008,642	138,587,513
Owned properties
Revenues
Revenues	$ 218,444	$ 232,811
Operating expenses (income)
Operating expenses	93,991	92,474
On-campus participating properties
Revenues
Revenues	8,958	10,709
Operating expenses (income)
Operating expenses	3,290	3,366
Third-party development services
Revenues
Contract with customer, revenue	1,959	2,055
Third-party management services
Revenues
Contract with customer, revenue	$ 3,361	$ 3,829

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Shares	Additional Paid in Capital	Common Shares Held in Rabbi Trust	Accumulated Earnings and Dividends	Accumulated Other Comprehensive Loss	Noncontrolling Interests – Partially Owned PropertiesNoncontrolling interests – partially owned properties
Equity, Beginning (in shares) at Dec. 31, 2019		137,326,824
Equity, Beginning at Dec. 31, 2019	$ 3,338,674	$ 1,373	$ 4,458,456	$ (3,486)	$ (1,144,721)	$ (16,946)	$ 43,998
Equity, Beginning (in shares) at Dec. 31, 2019				77,928
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustments to reflect redeemable noncontrolling interests at fair value	9,490		9,490
Amortization of restricted stock awards and vesting of restricted stock units	3,988		3,988
Vesting of restricted stock awards (in shares)		199,695
Vesting of restricted stock awards	(4,155)	$ 2	(4,157)
Distributions to common and restricted stockholders/unit holders and other	(65,242)				(65,242)
Distributions to noncontrolling interests - partially owned properties	(2,566)						(2,566)
Change in fair value of interest rate swaps and other	(9,801)					(9,801)
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits) (in shares)		(3,488)		3,488
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits)			129	$ (129)
Net income	81,750				80,855		895
Equity, Ending (in shares) at Mar. 31, 2020		137,523,031
Equity, Ending (in shares) at Mar. 31, 2020				81,416
Equity, Ending at Mar. 31, 2020	3,352,138	$ 1,375	4,467,906	$ (3,615)	(1,129,108)	(26,747)	42,327
Equity, Beginning (in shares) at Dec. 31, 2020		137,540,345
Equity, Beginning at Dec. 31, 2020	$ 3,156,537	$ 1,375	4,472,170	$ (3,951)	(1,332,689)	(22,777)	42,409
Equity, Beginning (in shares) at Dec. 31, 2020	91,746			91,746
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustments to reflect redeemable noncontrolling interests at fair value	$ (354)		(354)
Amortization of restricted stock awards and vesting of restricted stock units (in shares)		9,054
Amortization of restricted stock awards and vesting of restricted stock units	5,148		5,148
Vesting of restricted stock awards (in shares)		224,647
Vesting of restricted stock awards	(4,469)	$ 3	(4,472)
Distributions to common and restricted stockholders/unit holders and other	(65,421)				(65,421)
Distributions to noncontrolling interests - partially owned properties	(1,138)						(1,138)
Change in fair value of interest rate swaps and other	2,518					2,518
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits) (in shares)		(10,115)		10,115
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits)			375	$ (375)
Net income	$ 15,918				15,618		300
Equity, Ending (in shares) at Mar. 31, 2021		137,763,931
Equity, Ending (in shares) at Mar. 31, 2021	101,861			101,861
Equity, Ending at Mar. 31, 2021	$ 3,108,739	$ 1,378	$ 4,472,867	$ (4,326)	$ (1,382,492)	$ (20,259)	$ 41,571

CONSOLIDATED STATEMENT OF CHA_2

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Distributions to common and restricted stockholders and other (in dollars per common share)	$ 0.47	$ 0.47

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities
Net income	$ 15,985	$ 82,061
Adjustments to reconcile net income to net cash provided by operating activities:
Gain from disposition of real estate	0	(48,525)
Loss from extinguishment of debt	0	4,827
Depreciation and amortization	68,117	66,169
Amortization of deferred financing costs and debt premiums/discounts	1,107	(3)
Share-based compensation	5,148	3,988
Income tax provision	340	379
Amortization of interest rate swap terminations	426	428
Changes in operating assets and liabilities:
Student contracts receivable, net	(2,552)	1,143
Other assets	(3,479)	6,990
Accounts payable and accrued expenses	(27,178)	(36,172)
Other liabilities	(8,100)	9,499
Net cash provided by operating activities	49,814	90,784
Investing activities
Proceeds from disposition of properties	0	146,144
Other investing activities	319	(1,912)
Net cash (used in) provided by investing activities	(66,575)	48,021
Financing activities
Proceeds from unsecured notes	0	399,240
Pay-off of mortgage loans	(10,295)	(34,219)
Defeasance costs related to early extinguishment of debt	0	(4,156)
Pay-off of unsecured notes	0	(400,000)
Proceeds from revolving credit facility	205,300	1,295,700
Paydowns of revolving credit facility	(113,900)	(1,111,700)
Scheduled principal payments on debt	(1,588)	(2,040)
Debt issuance costs	(237)	(4,693)
Increase in ownership of consolidated subsidiary	0	(77,200)
Taxes paid on net-share settlements	(4,469)	(4,155)
Distributions paid to common and restricted stockholders	(65,421)	(65,242)
Distributions paid to noncontrolling interests	(1,372)	(2,800)
Net cash provided (used in) financing activities	8,018	(11,265)
Net change in cash, cash equivalents, and restricted cash	(8,743)	127,540
Cash, cash equivalents, and restricted cash at beginning of period	73,972	81,348
Cash, cash equivalents, and restricted cash at end of period	65,229	208,888
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Total cash, cash equivalents, and restricted cash at end of period	65,229	208,888
Supplemental disclosure of non-cash investing and financing activities
Accrued development costs and capital expenditures	18,131	27,056
Change in fair value of redeemable noncontrolling interest	(354)	9,490
Supplemental disclosure of cash flow information
Interest paid, net of amounts capitalized	38,437	31,959
Owned properties
Investing activities
Capital expenditures	(9,329)	(11,852)
Owned properties under development
Investing activities
Capital expenditures	$ (57,565)	$ (84,359)

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2021
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, and is one of the largest owners, managers, and developers of high quality student housing properties in the United States in terms of beds owned and under management. ACC is a fully integrated, self-managed, and self-administered equity REIT with expertise in the acquisition, design, financing, development, construction management, leasing, and management of student housing properties. ACC is structured as an umbrella partnership REIT (“UPREIT”) and contributes all net proceeds from its various equity offerings to American Campus Communities Operating Partnership LP (“ACCOP” or “the Operating Partnership”). In return for those contributions, ACC receives a number of units of the Operating Partnership (“OP Units”) equal to the number of common shares it has issued in the equity offering. Contributions of properties to the Company can be structured as tax-deferred transactions through the issuance of OP Units in the Operating Partnership. Based on the terms of ACCOP’s partnership agreement, OP Units can be exchanged for ACC’s common shares on a one-for-one basis. The Company maintains a one-for-one relationship between the OP Units of the Operating Partnership issued to ACC and American Campus Communities Holdings, LLC (“ACC Holdings”), the general partner of ACCOP, and the common shares issued to the public. As used in this report, unless stated otherwise or the context otherwise requires, references to the “ACC,” “the Company,” “we,” “us,” or “our” mean American Campus Communities, Inc., a Maryland corporation that has elected to be treated as a REIT under the Internal Revenue Code, and its consolidated subsidiaries, including ACCOP. As of March 31, 2021, 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 (“OCPPs”) operated under ground/facility leases with the related university systems. Of the 166 properties, seven of 10 phases at one property were under development as of March 31, 2021, and when completed will consist of a total of approximately 7,800 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 March 31, 2021, also through one of ACC’s TRSs, the Company provided third-party management and leasing services for 41 properties that represented approximately 30,500 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 March 31, 2021, the Company’s total owned and third-party managed portfolio included 207 properties with approximately 142,400 beds.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Use of Estimates The accompanying consolidated financial statements, presented in U.S. dollars, are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and revenue and expenses during the reporting periods. The Company’s actual results could differ from those estimates and assumptions. All material intercompany transactions among consolidated entities have been eliminated. All dollar amounts in the tables herein, except share and per share amounts, are stated in thousands unless otherwise indicated. Principles of Consolidation The Company’s consolidated financial statements include its accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which it has control. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities (“VIEs”), which requires the consolidation of VIEs in which the Company is considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation using the voting interest model. Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04 “Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. In March 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 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 equity rather than mezzanine equity, which may affect the way OP Units are presented on the Company's consolidated balance sheets. The update is effective for the Company beginning on January 1, 2022. The Company is in the process of evaluating the impact of adopting the new standard on its consolidated financial statements. Recently Adopted Accounting Pronouncements In March 2020, the U.S. Securities and Exchange Commission (“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 “Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762” which revises SEC paragraphs of the codification to reflect, as appropriate, the amended disclosure requirements mentioned above. The amended rules permit subsidiary issuers of obligations guaranteed by the parent to omit separate financial statements if the consolidated financial statements of the parent company have been filed, the subsidiary obligor is a consolidated subsidiary of the parent company, the guaranteed security is debt or debt-like, and the security is guaranteed fully and unconditionally by the parent. The amendments include requirements related to narrative and summarized financial information disclosures, as well as guidance on when the summarized financial information can be excluded by a filer. The Company adopted both rules on their effective date of January 4, 2021. Accordingly, separate consolidated financial statements of the Operating Partnership have not been presented. Furthermore, as permitted under Rule 13-01(a)(4)(vi), the Company has excluded the summarized financial information for the Operating Partnership as the assets, liabilities, and results of operations of the Company and the Operating Partnership are not materially different than the corresponding amounts presented in the consolidated financial statements of the Company, and management believes such summarized financial information would be repetitive and not provide incremental value to investors. The Company has addressed the required disclosures herein within Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations. In addition, on January 1, 2021, the Company adopted the following accounting pronouncement which did not have a material effect on the Company’s consolidated financial statements: • ASU 2019-12 “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes" Interim Financial Statements The accompanying interim financial statements are unaudited but have been prepared in accordance with GAAP for interim financial information and in conjunction with the rules and regulations of the SEC. Accordingly, they do not include all disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements of the Company for the interim period have been included. Because of the seasonal nature of the Company’s operations, the results of operations and cash flows for any interim period are not necessarily indicative of results for other interim periods or for the full year. These financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Prior Year Reclassifications The resident services revenues financial statement line item on the statements of comprehensive income has been reclassified for all periods presented to be included in the owned properties revenues financial statement line item. Restricted Cash Restricted cash consists of funds held in trust that are invested in low risk investments, generally consisting of government backed securities, as permitted by the indentures of trusts, which were established in connection with three bond issues for the Company’s OCPPs. Additionally, restricted cash includes escrow accounts held by lenders and residents’ 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. Leases As Lessee 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 leases expense, and rent expense for owned off-campus properties is included in owned properties operating expenses. During the three months ended March 31, 2021, the Company received rent concessions at one ACE property of $1.1 million related to the effects of the novel coronavirus disease pandemic (“COVID-19”). These concessions were recorded as a reduction to ground/facility leases expense, in accordance with the FASB Staff Question & Answer “Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic,” issued in 2020. As Lessor 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. Lease income under both student and commercial leases is included in owned properties revenues in the accompanying consolidated statements of comprehensive income and is presented in the following table: Three Months Ended March 31, 2021 2020 Student lease income $ 213,854 $ 231,357 Commercial lease income $ 2,945 $ 3,198 During the three months ended March 31, 2021, through its Resident Hardship Program, the Company provided $0.8 million in rent abatements to its tenants experiencing financial hardship due to COVID-19. In addition, the Company provided $1.3 million in net rent refunds to tenants at our on-campus ACE properties during the three months ended March 31, 2021, which was offset by $1.3 million of reimbursements from university partners to assist in the financial impacts of dedensification requirements. The abatements and rent refunds were recorded as reductions to owned properties revenue, in accordance with the FASB Staff Question & Answer “Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic,” issued in 2020. 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 ACCOP, 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 (“OCPP”). The VIE assets and liabilities consolidated within the Company's assets and liabilities are disclosed at the bottom of the accompanying consolidated balance sheets. Impairment of Long-Lived Assets Management assesses whether there has been an impairment in the value of the Company’s investments in real estate whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. As of March 31, 2021, 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. The Company examined a number of factors including the overall market and economic environment, economic and operating conditions of the Company’s properties, as well as the demand, creditworthiness, and performance from the properties’ tenants, and concluded that there were no impairments of the carrying values of the Company’s investments in real estate as of March 31, 2021.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is computed using net income attributable to common stockholders and the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings per share reflects common shares issuable from the assumed conversion of OP Units and common share awards granted. Only those items having a dilutive impact on basic earnings per share are included in diluted earnings per share. The following potentially dilutive securities were outstanding for the three months ended March 31, 2021 and 2020, but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. Three Months Ended 2021 2020 Common OP Units (Note 8) 468,475 468,475 Preferred OP Units (Note 8) 35,242 35,242 Total potentially dilutive securities 503,717 503,717 The following is a summary of the elements used in calculating basic and diluted earnings per share: Three Months Ended 2021 2020 Numerator – basic and diluted earnings per share Net income $ 15,985 $ 82,061 Net income attributable to noncontrolling interests (367) (1,206) Net income attributable to ACC, Inc. and Subsidiaries common stockholders 15,618 80,855 Amount allocated to participating securities (734) (662) Net income attributable to ACC, Inc. and Subsidiaries common stockholders $ 14,884 $ 80,193 Denominator Basic weighted average common shares outstanding 137,711,965 137,477,169 Unvested restricted stock awards (Note 9) 1,296,677 1,110,344 Diluted weighted average common shares outstanding 139,008,642 138,587,513 Earnings per share Net income attributable to common stockholders - basic and diluted $ 0.11 $ 0.58

Property Dispositions

Property Dispositions	3 Months Ended
	Mar. 31, 2021
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.

Investments in Real Estate

Investments in Real Estate	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Investments in Real Estate	Investments in Real Estate Owned Properties Owned properties, both wholly-owned and those owned through investments in VIEs, consisted of the following: March 31, 2021 December 31, 2020 Land $ 665,035 $ 664,879 Buildings and improvements 7,011,961 6,949,781 Furniture, fixtures, and equipment 409,793 405,843 Construction in progress 352,143 361,893 8,438,932 8,382,396 Less accumulated depreciation (1,725,403) (1,660,652) Owned properties, net $ 6,713,529 $ 6,721,744 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 $2.5 million and $3.2 million was capitalized during the three months ended March 31, 2021 and 2020, respectively. On-Campus Participating Properties (OCPPs) Our OCPP 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. OCPPs consisted of the following: March 31, 2021 December 31, 2020 Buildings and improvements $ 157,315 $ 157,218 Furniture, fixtures, and equipment 14,433 14,389 Construction in progress 65 — 171,813 171,607 Less accumulated depreciation (104,368) (102,326) On-campus participating properties, net $ 67,445 $ 69,281

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt A summary of the Company’s outstanding consolidated indebtedness, including unamortized debt premiums and discounts, is as follows: March 31, 2021 December 31, 2020 Debt secured by owned properties Mortgage loans payable Unpaid principal balance $ 552,279 $ 563,506 Unamortized deferred financing costs (776) (848) Unamortized debt premiums 1,412 1,819 Unamortized debt discounts (139) (151) 552,776 564,326 Debt secured by OCPPs Mortgage loans payable (1) 63,058 63,714 Bonds payable (1) 19,110 19,110 Unamortized deferred financing costs (538) (323) 81,630 82,501 Total secured mortgage and bond debt, net 634,406 646,827 Unsecured notes, net of unamortized OID and deferred financing costs (2) 2,376,527 2,375,603 Unsecured term loan, net of unamortized deferred financing costs (3) 199,560 199,473 Unsecured revolving credit facility 462,500 371,100 Total debt, net $ 3,672,993 $ 3,593,003 (1) The creditors of mortgage loans payable and bonds payable related to OCPPs do not have recourse to the assets of the Company. (2) Includes net unamortized original issue discount (“OID”) of $5.6 million and $5.8 million at March 31, 2021 and December 31, 2020, respectively, and net unamortized deferred financing costs of $17.9 million and $18.6 million at March 31, 2021 and December 31, 2020, respectively. (3) Includes net unamortized deferred financing costs of $0.4 million and $0.5 million at March 31, 2021 and December 31, 2020, respectively. Mortgage Loans Payable In March 2021, the Company paid off approximately $10.3 million of fixed rate mortgage debt secured by one owned property. In February 2021, the Company refinanced $24.0 million of OCPP mortgage debt that was scheduled to mature in 2021, which extended the maturity to February 2028. Additionally, in February 2021, the Company entered into two interest rate swap agreements to convert the refinanced mortgage loan to a fixed rate of 2.8%. Refer to Note 10 for information related to derivatives. In February 2020, the Company paid off approximately $34.2 million of fixed rate mortgage debt secured by one owned property. Unsecured Notes In January 2020, the Operating Partnership closed a $400 million offering of senior unsecured notes under its existing shelf registration. These 10-year notes were issued at 99.81% of par value with a coupon of 2.85% and are fully and unconditionally guaranteed by the Company. Interest on the notes is payable semi-annually on February 1 and August 1, with the first payment due and payable on August 1, 2020. The notes will mature on February 1, 2030. Net proceeds from the sale of the senior unsecured notes totaled approximately $394.5 million, after deducting the underwriting discount and offering expenses which will be amortized over the term of the unsecured notes. The Company used the proceeds to fund the early redemption of its $400 million 3.35% Senior Notes due October 2020. The prepayment resulted in a loss from early extinguishment of debt of approximately $4.8 million, which is included in the accompanying statements of comprehensive income for the three months ended March 31, 2020. The following senior unsecured notes issued by the Operating Partnership were outstanding as of March 31, 2021: Date Issued Amount % of Par Value Coupon Yield Original Issue Discount Term (Years) April 2013 $ 400,000 99.659 3.750 % 3.791 % $ 1,364 10 June 2014 400,000 99.861 4.125 % 4.269 % (1) 556 10 October 2017 400,000 99.912 3.625 % 3.635 % 352 10 June 2019 400,000 99.704 3.300 % 3.680 % (1) 1,184 7 January 2020 400,000 99.810 2.850 % 2.872 % 760 10 June 2020 400,000 99.142 3.875 % 3.974 % 3,432 10 $ 2,400,000 $ 7,648 (1) The yield includes the effect of the amortization of interest rate swap terminations (see Note 10). The notes are fully and unconditionally guaranteed by the Company. Interest on the notes is payable semi-annually. The terms of the unsecured notes include certain financial covenants that require the Operating Partnership to limit the amount of total debt and secured debt as a percentage of total asset value, as defined. In addition, the Operating Partnership must maintain a minimum ratio of unencumbered asset value to unsecured debt, as well as a minimum interest coverage level. As of March 31, 2021, the Company was in compliance with all such covenants. Unsecured Revolving Credit Facility The Company has an unsecured revolving credit facility with capacity of $1.0 billion, which 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 March 31, 2021, the revolving credit facility bore interest at a weighted average annual rate of 1.31% (0.11% + 1.00% spread + 0.20% facility fee), and availability under the revolving credit facility totaled $537.5 million. The terms of the unsecured credit facility include certain restrictions and covenants, which limit, among other items, the incurrence of additional indebtedness and liens. The facility contains customary affirmative and negative covenants and also contains financial covenants that, among other things, require the Company to maintain certain maximum leverage ratios and minimum ratios of “EBITDA” (earnings before interest, taxes, depreciation and amortization) to fixed charges. The financial covenants also include a minimum asset value requirement, a maximum secured debt ratio, and a minimum unsecured debt service coverage ratio. As of March 31, 2021, the Company was in compliance with all such covenants. Unsecured Term Loan 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. The Company is also currently party to two interest rate swap contracts to hedge the variable rate cash flows associated with the LIBOR-based interest payments on the Term Loan Facility. The weighted average annual rate on the Term Loan Facility was 2.54% (1.44% + 1.10% spread) at March 31, 2021. The terms of the Term Loan Facility include certain restrictions and covenants consistent with those of the unsecured revolving credit facility discussed above. As of March 31, 2021, the Company was in compliance with all such covenants.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity The Company has an at-the-market share offering program (the “ATM Equity Program”) through which the Company may issue and sell, from time to time, shares of common stock having an aggregate offering price of up to $500 million. Actual sales under the program will depend on a variety of factors including, but not limited to, market conditions, the trading price of the Company’s common stock, and determinations of the appropriate sources of funding for the Company. There was no activity under the Company’s ATM Equity Program during the three months ended March 31, 2021 and 2020. As of March 31, 2021, the Company had approximately $500.0 million available for issuance under its ATM Equity Program. The Company has a Non-Qualified Deferred Compensation Plan (“Deferred Compensation Plan”) for the benefit of certain employees and members of the Company’s Board of Directors in which vested share awards (see Note 9), salary, and other cash amounts earned may be deposited. Deferred Compensation Plan assets are held in a rabbi trust, which is subject to the claims of the Company’s creditors in the event of bankruptcy or insolvency. The shares held in the Deferred Compensation Plan are classified within stockholders’ equity in a manner similar to the manner in which treasury stock is classified. Subsequent changes in the fair value of the shares are not recognized. During the three months ended March 31, 2021, 15,993 and 5,878 shares of vested stock were deposited into and withdrawn from the Deferred Compensation Plan, respectively. As of March 31, 2021, 101,861 shares of ACC’s common stock were held in the Deferred Compensation Plan.

Noncontrolling Interests

Noncontrolling Interests	3 Months Ended
	Mar. 31, 2021
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Noncontrolling interests - partially owned properties: As of March 31, 2021, the Company 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 on the accompanying consolidated balance sheets. Redeemable noncontrolling interests - OP Units: Included in redeemable noncontrolling interests on the accompanying consolidated balance sheets are OP Units for which ACCOP is required, either by contract or securities law, to deliver registered shares of ACC’s common stock to the exchanging OP unitholder, or for which ACCOP has the intent or history of exchanging such units for cash. The units 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 consolidated statements of comprehensive income. Below is a table summarizing the activity of redeemable noncontrolling interests for the three months ended March 31, 2021 and 2020: Balance, December 31, 2020 $ 24,567 Net income 67 Distributions (234) Adjustments to reflect redeemable noncontrolling interests at fair value 354 Balance, March 31, 2021 $ 24,754 Balance, December 31, 2019 $ 104,381 Net income 311 Distributions (234) Purchase of noncontrolling interests (77,200) Adjustments to reflect redeemable noncontrolling interests at fair value (9,490) Balance, March 31, 2020 $ 17,768

Incentive Award Plan

Incentive Award Plan	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Incentive Award Plan	Incentive Award Plan The Company has an Incentive Award Plan (the “Plan”) that provides for the grant of various stock-based incentive awards to selected employees and directors of the Company and the Company’s affiliates. The types of awards that may be granted under the Plan include incentive stock options, nonqualified stock options, restricted stock awards (“RSAs”), restricted stock units (“RSUs”), profits interest units (“PIUs”), and other stock-based awards. The Company has reserved a total 3.5 million shares of the Company’s common stock for issuance pursuant to the Plan, subject to certain adjustments for changes in the Company’s capital structure, as defined in the Plan. Restricted Stock Awards A summary of RSAs as of March 31, 2021 and activity during the three months then ended is presented below: Number of RSAs Nonvested balance as of December 31, 2020 1,092,596 Granted 468,771 Vested (1) (334,341) Forfeited (11,352) Nonvested balance as of March 31, 2021 1,215,674 (1) Includes shares withheld to satisfy tax obligations upon vesting. The fair value of RSAs is calculated based on the closing market value of ACC’s common stock on the date of grant. The fair value of these awards is amortized to expense over the vesting periods. Amortization expense for the three months ended March 31, 2021 and 2020 was approximately $4.7 million and $4.0 million, respectively. Restricted Stock Units Upon initial appointment to the Board of Directors and reelection to the Board of Directors at each annual stockholders’ meeting, 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. In January 2021, the Company appointed three new members to the Board of Directors who were each granted RSUs valued at $122,500. A compensation charge of approximately $0.4 million was recorded related to these awards. A summary of RSUs as of March 31, 2021 and activity during the three months then ended is presented below: Number of RSUs Outstanding as of December 31, 2020 — Granted 9,054 Settled in common shares (9,054) Outstanding as of March 31, 2021 —

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives Instruments and Hedging Activities	Derivative Instruments and Hedging ActivitiesThe Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and forward starting swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Forward starting swaps are used to protect the Company against adverse fluctuations in interest rates by reducing its exposure to variability in cash flows relating to interest payments on a forecasted issuance of debt. These agreements contain provisions such that if the Company defaults on any of its indebtedness, regardless of whether the repayment of the indebtedness has been accelerated by the lender or not, then the Company could also be declared in default on its derivative obligations. As of March 31, 2021, the Company was not in default on any of its indebtedness or derivative instruments. The following table summarizes the Company’s outstanding interest rate swap contracts as of March 31, 2021, all of which have been designated as cash flow hedges and qualify for hedge accounting: Hedged Debt Instrument Effective Date Maturity Date Pay Fixed Rate Receive Floating Current Notional Amount Fair Value Park Point mortgage loan Feb 1, 2019 Jan 16, 2024 2.7475% LIBOR - 1 month $ 70,000 $ (4,655) College Park mortgage loan Oct 16, 2019 Oct 16, 2022 1.2570% LIBOR - 1 month 37,500 (636) Unsecured term loan Nov 4, 2019 Jun 27, 2022 1.4685% LIBOR - 1 month 100,000 (1,652) Unsecured term loan Dec 2, 2019 Jun 27, 2022 1.4203% LIBOR - 1 month 100,000 (1,592) Cullen Oaks mortgage loan Feb 16, 2021 Feb 15, 2028 0.7850% LIBOR - 1 month 11,821 208 Cullen Oaks mortgage loan Feb 16, 2021 Feb 15, 2028 0.7850% LIBOR - 1 month 11,943 210 Total $ 331,264 $ (8,117) The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of March 31, 2021 and December 31, 2020: Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value as of Balance Sheet Location Fair Value as of Description 3/31/2021 12/31/2020 3/31/2021 12/31/2020 Interest rate swap contracts Other assets $ 418 $ — Other liabilities $ 8,535 $ 10,211 The table below presents the effect of the Company’s derivative financial instruments on the accompanying consolidated statements of comprehensive income for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, Description 2021 2020 Change in fair value of derivatives and other recognized in other comprehensive income ("OCI") $ 786 $ (10,320) Swap interest accruals reclassified to interest expense 1,306 91 Amortization of interest rate swap terminations (1) 426 428 Total change in OCI due to derivative financial instruments $ 2,518 $ (9,801) Interest expense presented in the consolidated statements of comprehensive income in which the effects of cash flow hedges are recorded $ 28,977 $ 27,783 (1) Represents amortization from OCI into interest expense. As of March 31, 2021, the Company estimates that $6.8 million will be reclassified from OCI to interest expense over the next twelve months.

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Fair Value Disclosures There have been no significant changes in the Company’s policies and valuation techniques utilized to determine fair value from what was disclosed in the Annual Report on Form 10-K for the year ended December 31, 2020. Financial Instruments Carried at Fair Value The following table presents information about the Company’s financial instruments measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020, 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. Fair Value Measurements as of March 31, 2021 December 31, 2020 Level 2 Level 3 Total Level 2 Level 3 Total Assets Derivative financial instruments $ 418 (1) $ — $ 418 $ — $ — $ — Liabilities Derivative financial instruments $ 8,535 (1) $ — $ 8,535 $ 10,211 (1) — $ 10,211 Mezzanine Redeemable noncontrolling interests $ 21,754 (2) $ 3,000 $ 24,754 $ 21,567 (2) $ 3,000 $ 24,567 (1) Valued using discounted cash flow analyses with observable market-based inputs of interest rate curves and option volatility, as well as credit valuation adjustments to reflect nonperformance risk. (2) Represents the OP Unit component of redeemable noncontrolling interests which is reported at the greater of the fair value of the Company’s common stock or historical cost at the balance sheet date. Represents a quoted price for a similar asset in an active market. Refer to Note 8. Financial Instruments Not Carried at Fair Value As of March 31, 2021 and December 31, 2020, 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 March 31, 2021 and December 31, 2020, the carrying values for the following instruments represent fair values due the variable interest rate feature of the instruments: Unsecured revolving credit facility and one variable rate mortgage loan payable. The table below contains the estimated fair value and related carrying amounts for the Company’s other financial instruments as of March 31, 2021 and December 31, 2020. There were no Level 1 or Level 3 measurements for the periods presented. March 31, 2021 December 31, 2020 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Level 2 Level 2 Liabilities (1) Unsecured notes $ 2,376,527 $ 2,552,074 (2) $ 2,375,603 $ 2,609,373 (2) Mortgage loans payable (fixed rate) (3) $ 613,639 $ 628,166 (4) $ 625,783 $ 656,648 (4) Bonds payable $ 18,973 $ 20,601 (5) $ 18,960 $ 20,720 (5) Unsecured term loan (fixed rate) $ 199,560 $ 202,844 (6) $ 199,473 $ 203,348 (6) (1) Carrying amounts disclosed include any applicable net unamortized OID, net unamortized deferred financing costs, and net unamortized debt premiums and discounts (see Note 6). (2) 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. (3) Does not include one variable rate mortgage loan with a principal balance of $1.8 million as of March 31, 2021 and $2.1 million as of December 31, 2020, respectively. (4) Valued using the present value of the cash flows at current market interest rates through maturity that primarily fall within the Level 2 category. (5) Valued using quoted prices in markets that are not active due to the unique characteristics of these financial instruments. (6) The Company is party to two interest rate swap contracts to hedge the variable rate cash flows associated with the LIBOR-based interest payments on the Term Loan Facility (see Note 6). Valued using the present value of the cash flows at interpolated 1-month LIBOR swap rates through maturity that primarily fall within the Level 2 category.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments Construction Contracts: As of March 31, 2021, the Company estimates additional costs to complete one owned development project under construction to be approximately $101.4 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 was approximately $9.4 million as of March 31, 2021. As of March 31, 2021, 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 a $614.6 million project to be delivered in phases from 2020 to 2023. In May and August 2020 and January 2021, the Company substantially completed construction on Phases I, II, and III, 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 date is approximately $0.2 million per day. Conveyance to University: In August 2013, the Company entered into an agreement to convey fee interest in a parcel of land, on which one of the Company’s student housing properties resides (University Crossings), to Drexel University (the “University”). Concurrent with the land conveyance, the Company as lessee entered into a ground lease agreement with the University as lessor for an initial term of 40 years, with three 10-year extensions, at the Company’s option. The Company also agreed to convey the building and improvements to the University at an undetermined date in the future and to pay real estate transfer taxes not to exceed $2.4 million. The Company paid approximately $0.6 million in real estate transfer taxes upon the conveyance of land to the University, leaving approximately $1.8 million to be paid by the Company upon the transfer of the building and improvements. Other Guarantees: In June 2019, the Company entered into a purchase and sale agreement to buy a land parcel initially scheduled to close on or before June 30, 2021, with potential extensions at the Company’s option to June 1, 2022 or June 1, 2023. In connection with the execution of the agreement, the Company made an earnest money deposit of $2.1 million which is included in restricted cash on the accompanying consolidated balance 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, a commission calculated as a percentage of the sales price, and demolition costs. Pre-development expenditures: The Company incurs pre-development expenditures such as architectural fees, permits, and deposits associated with the pursuit of third-party and owned development projects. The Company bears the risk of loss of these pre-development expenditures if financing cannot be arranged or the Company is unable to obtain the required permits and authorizations for the project. As such, management periodically evaluates the status of third-party and owned projects that have not yet commenced construction and expenses any deferred costs related to projects whose current status indicates the commencement of construction is unlikely and/or the costs may not provide future value to the Company in the form of revenues. As of March 31, 2021, the Company has deferred approximately $21.4 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 and legal proceedings, as well as other matters that have not been fully resolved and that have arisen in the ordinary course of business. While it is not possible to ascertain the ultimate outcome of such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on the consolidated financial position or results of operations of the Company. However, the outcome of claims, lawsuits, and legal proceedings brought against the Company is subject to significant uncertainty. Therefore, although management considers the likelihood of such an outcome to be remote, the ultimate results of these matters cannot be predicted with certainty. In August 2020, former employees of the Company filed lawsuits alleging that the Company violated certain sections of the California Labor Code and related California labor laws and regulations. The employees are currently seeking recourse on behalf of an alleged class of certain current and former California-based employees of the Company. The Company denies these claims and is defending the matters vigorously. As of March 31, 2021, management, in consultation with its internal and external legal counsel, deemed it probable that a material loss exposure exists in relation to these matters. As such, the Company recorded litigation expense of $1.2 million based on legal counsel’s current estimate of potential exposure, which is reflected in general and administrative expenses in the accompanying consolidated statements of comprehensive income.

Segments

Segments	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segments	Segments The Company defines business segments by their distinct customer base and service provided. The Company has identified four reportable segments: Owned Properties, On-Campus Participating Properties, Development Services, and Property Management Services. Management evaluates each segment’s performance based on operating income before depreciation, amortization, and minority interests. Three Months Ended 2021 2020 Owned Properties Rental revenues and other income $ 218,444 $ 232,811 Interest income 127 117 Total revenues from external customers 218,571 232,928 Operating expenses before depreciation, amortization, and ground/facility lease expense (93,991) (92,474) Ground/facility lease expense (3,069) (3,209) Interest expense, net (1) (2,960) (3,046) Operating income before depreciation and amortization $ 118,551 $ 134,199 Depreciation and amortization $ (65,326) $ (63,243) Capital expenditures $ 66,894 $ 96,211 On-Campus Participating Properties Rental revenues and other income $ 8,958 $ 10,709 Interest income 5 19 Total revenues from external customers 8,963 10,728 Operating expenses before depreciation, amortization, and ground/facility lease expense (3,290) (3,366) Ground/facility lease expense (139) (860) Interest expense, net (1) (918) (1,142) Operating income before depreciation and amortization $ 4,616 $ 5,360 Depreciation and amortization $ (2,042) $ (2,037) Capital expenditures $ 206 $ 565 Development Services Development and construction management fees $ 1,959 $ 2,055 Operating expenses (2,235) (2,525) Operating loss before depreciation and amortization $ (276) $ (470) Property Management Services Property management fees from external customers $ 3,361 $ 3,829 Operating expenses (3,152) (3,682) Operating income before depreciation and amortization $ 209 $ 147 Reconciliations Total segment revenues and other income $ 232,854 $ 249,540 Unallocated interest income earned on investments and corporate cash 88 715 Total consolidated revenues, including interest income $ 232,942 $ 250,255 Segment income before depreciation and amortization $ 123,100 $ 139,236 Segment depreciation and amortization (67,368) (65,280) Corporate depreciation (749) (889) Net unallocated expenses relating to corporate interest and overhead (37,339) (33,038) Gain from disposition of real estate — 48,525 Amortization of deferred financing costs (1,319) (1,287) Loss from extinguishment of debt — (4,827) Income tax provision (340) (379) Net income $ 15,985 $ 82,061 (1) Net of capitalized interest and amortization of debt premiums and discounts.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions : On April 28, 2021, the Board of Directors of the Company declared a distribution per share of $0.47, which will be paid on May 21, 2021 to all common stockholders of record as of May 10, 2021. At the same time, the Operating Partnership will pay an equivalent amount per unit to holders of Common OP Units, as well as the quarterly cumulative preferential distribution to holders of Preferred OP Units.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and use of Estimates	Basis of Presentation and Use of EstimatesThe 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 and per share amounts, are stated in thousands unless otherwise indicated.
Principles of Consolidation	Principles of Consolidation The Company’s consolidated financial statements include its accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which it has control. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities (“VIEs”), which requires the consolidation of VIEs in which the Company is considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation using the voting interest model.
Recently Issued Accounting Pronouncements and Recently Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04 “Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. In March 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 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 equity rather than mezzanine equity, which may affect the way OP Units are presented on the Company's consolidated balance sheets. The update is effective for the Company beginning on January 1, 2022. The Company is in the process of evaluating the impact of adopting the new standard on its consolidated financial statements. Recently Adopted Accounting Pronouncements In March 2020, the U.S. Securities and Exchange Commission (“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 “Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762” which revises SEC paragraphs of the codification to reflect, as appropriate, the amended disclosure requirements mentioned above. The amended rules permit subsidiary issuers of obligations guaranteed by the parent to omit separate financial statements if the consolidated financial statements of the parent company have been filed, the subsidiary obligor is a consolidated subsidiary of the parent company, the guaranteed security is debt or debt-like, and the security is guaranteed fully and unconditionally by the parent. The amendments include requirements related to narrative and summarized financial information disclosures, as well as guidance on when the summarized financial information can be excluded by a filer. The Company adopted both rules on their effective date of January 4, 2021. Accordingly, separate consolidated financial statements of the Operating Partnership have not been presented. Furthermore, as permitted under Rule 13-01(a)(4)(vi), the Company has excluded the summarized financial information for the Operating Partnership as the assets, liabilities, and results of operations of the Company and the Operating Partnership are not materially different than the corresponding amounts presented in the consolidated financial statements of the Company, and management believes such summarized financial information would be repetitive and not provide incremental value to investors. The Company has addressed the required disclosures herein within Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations. In addition, on January 1, 2021, the Company adopted the following accounting pronouncement which did not have a material effect on the Company’s consolidated financial statements: • ASU 2019-12 “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes"
Interim Financial Statements	Interim Financial Statements The accompanying interim financial statements are unaudited but have been prepared in accordance with GAAP for interim financial information and in conjunction with the rules and regulations of the SEC. Accordingly, they do not include all disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements of the Company for the interim period have been included. Because of the seasonal nature of the Company’s operations, the results of operations and cash flows for any interim period are not necessarily indicative of results for other interim periods or for the full year. These financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Prior Year Reclassifications The resident services revenues financial statement line item on the statements of comprehensive income has been reclassified for all periods presented to be included in the owned properties revenues financial statement line item.
Restricted Cash	Restricted Cash Restricted cash consists of funds held in trust that are invested in low risk investments, generally consisting of government backed securities, as permitted by the indentures of trusts, which were established in connection with three bond issues for the Company’s OCPPs. Additionally, restricted cash includes escrow accounts held by lenders and residents’ 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.
Leases	Leases As Lessee 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 leases expense, and rent expense for owned off-campus properties is included in owned properties operating expenses. During the three months ended March 31, 2021, the Company received rent concessions at one ACE property of $1.1 million related to the effects of the novel coronavirus disease pandemic (“COVID-19”). These concessions were recorded as a reduction to ground/facility leases expense, in accordance with the FASB Staff Question & Answer “Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic,” issued in 2020. As Lessor 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.
Consolidated VIEs	Consolidated VIEsThe 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 ACCOP, 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 (“OCPP”).  The VIE assets and liabilities consolidated within the Company's assets and liabilities are disclosed at the bottom of the accompanying consolidated balance sheets.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Management assesses whether there has been an impairment in the value of the Company’s investments in real estate whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. As of March 31, 2021, 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. The Company examined a number of factors including the overall market and economic environment, economic and operating conditions of the Company’s properties, as well as the demand, creditworthiness, and performance from the properties’ tenants, and concluded that there were no impairments of the carrying values of the Company’s investments in real estate as of March 31, 2021.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Schedule of lease income	is presented in the following table: Three Months Ended March 31, 2021 2020 Student lease income $ 213,854 $ 231,357 Commercial lease income $ 2,945 $ 3,198

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of potentially dilutive securities not included in calculating diluted earnings per share	The following potentially dilutive securities were outstanding for the three months ended March 31, 2021 and 2020, but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. Three Months Ended 2021 2020 Common OP Units (Note 8) 468,475 468,475 Preferred OP Units (Note 8) 35,242 35,242 Total potentially dilutive securities 503,717 503,717
Schedule of summary of elements used in calculating basic and diluted earnings per share	The following is a summary of the elements used in calculating basic and diluted earnings per share: Three Months Ended 2021 2020 Numerator – basic and diluted earnings per share Net income $ 15,985 $ 82,061 Net income attributable to noncontrolling interests (367) (1,206) Net income attributable to ACC, Inc. and Subsidiaries common stockholders 15,618 80,855 Amount allocated to participating securities (734) (662) Net income attributable to ACC, Inc. and Subsidiaries common stockholders $ 14,884 $ 80,193 Denominator Basic weighted average common shares outstanding 137,711,965 137,477,169 Unvested restricted stock awards (Note 9) 1,296,677 1,110,344 Diluted weighted average common shares outstanding 139,008,642 138,587,513 Earnings per share Net income attributable to common stockholders - basic and diluted $ 0.11 $ 0.58

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Schedule of real estate properties	Owned properties, both wholly-owned and those owned through investments in VIEs, consisted of the following: March 31, 2021 December 31, 2020 Land $ 665,035 $ 664,879 Buildings and improvements 7,011,961 6,949,781 Furniture, fixtures, and equipment 409,793 405,843 Construction in progress 352,143 361,893 8,438,932 8,382,396 Less accumulated depreciation (1,725,403) (1,660,652) Owned properties, net $ 6,713,529 $ 6,721,744 OCPPs consisted of the following: March 31, 2021 December 31, 2020 Buildings and improvements $ 157,315 $ 157,218 Furniture, fixtures, and equipment 14,433 14,389 Construction in progress 65 — 171,813 171,607 Less accumulated depreciation (104,368) (102,326) On-campus participating properties, net $ 67,445 $ 69,281

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of summary of outstanding consolidated indebtedness, including unamortized debt premiums and discounts	A summary of the Company’s outstanding consolidated indebtedness, including unamortized debt premiums and discounts, is as follows: March 31, 2021 December 31, 2020 Debt secured by owned properties Mortgage loans payable Unpaid principal balance $ 552,279 $ 563,506 Unamortized deferred financing costs (776) (848) Unamortized debt premiums 1,412 1,819 Unamortized debt discounts (139) (151) 552,776 564,326 Debt secured by OCPPs Mortgage loans payable (1) 63,058 63,714 Bonds payable (1) 19,110 19,110 Unamortized deferred financing costs (538) (323) 81,630 82,501 Total secured mortgage and bond debt, net 634,406 646,827 Unsecured notes, net of unamortized OID and deferred financing costs (2) 2,376,527 2,375,603 Unsecured term loan, net of unamortized deferred financing costs (3) 199,560 199,473 Unsecured revolving credit facility 462,500 371,100 Total debt, net $ 3,672,993 $ 3,593,003 (1) The creditors of mortgage loans payable and bonds payable related to OCPPs do not have recourse to the assets of the Company. (2) Includes net unamortized original issue discount (“OID”) of $5.6 million and $5.8 million at March 31, 2021 and December 31, 2020, respectively, and net unamortized deferred financing costs of $17.9 million and $18.6 million at March 31, 2021 and December 31, 2020, respectively. (3) Includes net unamortized deferred financing costs of $0.4 million and $0.5 million at March 31, 2021 and December 31, 2020, respectively. The following senior unsecured notes issued by the Operating Partnership were outstanding as of March 31, 2021: Date Issued Amount % of Par Value Coupon Yield Original Issue Discount Term (Years) April 2013 $ 400,000 99.659 3.750 % 3.791 % $ 1,364 10 June 2014 400,000 99.861 4.125 % 4.269 % (1) 556 10 October 2017 400,000 99.912 3.625 % 3.635 % 352 10 June 2019 400,000 99.704 3.300 % 3.680 % (1) 1,184 7 January 2020 400,000 99.810 2.850 % 2.872 % 760 10 June 2020 400,000 99.142 3.875 % 3.974 % 3,432 10 $ 2,400,000 $ 7,648 (1) The yield includes the effect of the amortization of interest rate swap terminations (see Note 10).

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	3 Months Ended
	Mar. 31, 2021
Noncontrolling Interest [Abstract]
Schedule of summarized activity of redeemable limited partners	Below is a table summarizing the activity of redeemable noncontrolling interests for the three months ended March 31, 2021 and 2020: Balance, December 31, 2020 $ 24,567 Net income 67 Distributions (234) Adjustments to reflect redeemable noncontrolling interests at fair value 354 Balance, March 31, 2021 $ 24,754 Balance, December 31, 2019 $ 104,381 Net income 311 Distributions (234) Purchase of noncontrolling interests (77,200) Adjustments to reflect redeemable noncontrolling interests at fair value (9,490) Balance, March 31, 2020 $ 17,768

Incentive Award Plan (Tables)

Incentive Award Plan (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Summary of restricted stock units and awards	A summary of RSAs as of March 31, 2021 and activity during the three months then ended is presented below: Number of RSAs Nonvested balance as of December 31, 2020 1,092,596 Granted 468,771 Vested (1) (334,341) Forfeited (11,352) Nonvested balance as of March 31, 2021 1,215,674 (1) Includes shares withheld to satisfy tax obligations upon vesting. A summary of RSUs as of March 31, 2021 and activity during the three months then ended is presented below: Number of RSUs Outstanding as of December 31, 2020 — Granted 9,054 Settled in common shares (9,054) Outstanding as of March 31, 2021 —

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of summary of outstanding interest rate swap contracts	The following table summarizes the Company’s outstanding interest rate swap contracts as of March 31, 2021, all of which have been designated as cash flow hedges and qualify for hedge accounting: Hedged Debt Instrument Effective Date Maturity Date Pay Fixed Rate Receive Floating Current Notional Amount Fair Value Park Point mortgage loan Feb 1, 2019 Jan 16, 2024 2.7475% LIBOR - 1 month $ 70,000 $ (4,655) College Park mortgage loan Oct 16, 2019 Oct 16, 2022 1.2570% LIBOR - 1 month 37,500 (636) Unsecured term loan Nov 4, 2019 Jun 27, 2022 1.4685% LIBOR - 1 month 100,000 (1,652) Unsecured term loan Dec 2, 2019 Jun 27, 2022 1.4203% LIBOR - 1 month 100,000 (1,592) Cullen Oaks mortgage loan Feb 16, 2021 Feb 15, 2028 0.7850% LIBOR - 1 month 11,821 208 Cullen Oaks mortgage loan Feb 16, 2021 Feb 15, 2028 0.7850% LIBOR - 1 month 11,943 210 Total $ 331,264 $ (8,117)
Schedule of fair value of derivative financial instruments and classification on consolidated balance sheet	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of March 31, 2021 and December 31, 2020: Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value as of Balance Sheet Location Fair Value as of Description 3/31/2021 12/31/2020 3/31/2021 12/31/2020 Interest rate swap contracts Other assets $ 418 $ — Other liabilities $ 8,535 $ 10,211
Schedule of effect of derivative financial instruments on the income statement	The table below presents the effect of the Company’s derivative financial instruments on the accompanying consolidated statements of comprehensive income for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, Description 2021 2020 Change in fair value of derivatives and other recognized in other comprehensive income ("OCI") $ 786 $ (10,320) Swap interest accruals reclassified to interest expense 1,306 91 Amortization of interest rate swap terminations (1) 426 428 Total change in OCI due to derivative financial instruments $ 2,518 $ (9,801) Interest expense presented in the consolidated statements of comprehensive income in which the effects of cash flow hedges are recorded $ 28,977 $ 27,783 (1) Represents amortization from OCI into interest expense.

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020, 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. Fair Value Measurements as of March 31, 2021 December 31, 2020 Level 2 Level 3 Total Level 2 Level 3 Total Assets Derivative financial instruments $ 418 (1) $ — $ 418 $ — $ — $ — Liabilities Derivative financial instruments $ 8,535 (1) $ — $ 8,535 $ 10,211 (1) — $ 10,211 Mezzanine Redeemable noncontrolling interests $ 21,754 (2) $ 3,000 $ 24,754 $ 21,567 (2) $ 3,000 $ 24,567 (1) Valued using discounted cash flow analyses with observable market-based inputs of interest rate curves and option volatility, as well as credit valuation adjustments to reflect nonperformance risk. (2) Represents the OP Unit component of redeemable noncontrolling interests which is reported at the greater of the fair value of the Company’s common stock or historical cost at the balance sheet date. Represents a quoted price for a similar asset in an active market. Refer to Note 8.
Schedule of estimated fair value and related carrying amounts of mortgage loans and bonds payable	The table below contains the estimated fair value and related carrying amounts for the Company’s other financial instruments as of March 31, 2021 and December 31, 2020. There were no Level 1 or Level 3 measurements for the periods presented. March 31, 2021 December 31, 2020 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Level 2 Level 2 Liabilities (1) Unsecured notes $ 2,376,527 $ 2,552,074 (2) $ 2,375,603 $ 2,609,373 (2) Mortgage loans payable (fixed rate) (3) $ 613,639 $ 628,166 (4) $ 625,783 $ 656,648 (4) Bonds payable $ 18,973 $ 20,601 (5) $ 18,960 $ 20,720 (5) Unsecured term loan (fixed rate) $ 199,560 $ 202,844 (6) $ 199,473 $ 203,348 (6) (1) Carrying amounts disclosed include any applicable net unamortized OID, net unamortized deferred financing costs, and net unamortized debt premiums and discounts (see Note 6). (2) 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. (3) Does not include one variable rate mortgage loan with a principal balance of $1.8 million as of March 31, 2021 and $2.1 million as of December 31, 2020, respectively. (4) Valued using the present value of the cash flows at current market interest rates through maturity that primarily fall within the Level 2 category. (5) Valued using quoted prices in markets that are not active due to the unique characteristics of these financial instruments. (6) The Company is party to two interest rate swap contracts to hedge the variable rate cash flows associated with the LIBOR-based interest payments on the Term Loan Facility (see Note 6). Valued using the present value of the cash flows at interpolated 1-month LIBOR swap rates through maturity that primarily fall within the Level 2 category.

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of segment information	The Company defines business segments by their distinct customer base and service provided. The Company has identified four reportable segments: Owned Properties, On-Campus Participating Properties, Development Services, and Property Management Services. Management evaluates each segment’s performance based on operating income before depreciation, amortization, and minority interests. Three Months Ended 2021 2020 Owned Properties Rental revenues and other income $ 218,444 $ 232,811 Interest income 127 117 Total revenues from external customers 218,571 232,928 Operating expenses before depreciation, amortization, and ground/facility lease expense (93,991) (92,474) Ground/facility lease expense (3,069) (3,209) Interest expense, net (1) (2,960) (3,046) Operating income before depreciation and amortization $ 118,551 $ 134,199 Depreciation and amortization $ (65,326) $ (63,243) Capital expenditures $ 66,894 $ 96,211 On-Campus Participating Properties Rental revenues and other income $ 8,958 $ 10,709 Interest income 5 19 Total revenues from external customers 8,963 10,728 Operating expenses before depreciation, amortization, and ground/facility lease expense (3,290) (3,366) Ground/facility lease expense (139) (860) Interest expense, net (1) (918) (1,142) Operating income before depreciation and amortization $ 4,616 $ 5,360 Depreciation and amortization $ (2,042) $ (2,037) Capital expenditures $ 206 $ 565 Development Services Development and construction management fees $ 1,959 $ 2,055 Operating expenses (2,235) (2,525) Operating loss before depreciation and amortization $ (276) $ (470) Property Management Services Property management fees from external customers $ 3,361 $ 3,829 Operating expenses (3,152) (3,682) Operating income before depreciation and amortization $ 209 $ 147 Reconciliations Total segment revenues and other income $ 232,854 $ 249,540 Unallocated interest income earned on investments and corporate cash 88 715 Total consolidated revenues, including interest income $ 232,942 $ 250,255 Segment income before depreciation and amortization $ 123,100 $ 139,236 Segment depreciation and amortization (67,368) (65,280) Corporate depreciation (749) (889) Net unallocated expenses relating to corporate interest and overhead (37,339) (33,038) Gain from disposition of real estate — 48,525 Amortization of deferred financing costs (1,319) (1,287) Loss from extinguishment of debt — (4,827) Income tax provision (340) (379) Net income $ 15,985 $ 82,061 (1) Net of capitalized interest and amortization of debt premiums and discounts.

Organization and Description _2

Organization and Description of Business (Details)	3 Months Ended
	Mar. 31, 2021bedpropertyphase
Real Estate Properties [Line Items]
Number of properties	166
Number of beds | bed	111,900
Minimum
Real Estate Properties [Line Items]
Management and Leasing Services, initial term of contract	1 year
Maximum
Real Estate Properties [Line Items]
Management and Leasing Services, initial term of contract	5 years
Management And Leasing Services
Real Estate Properties [Line Items]
Number of properties	41
Number of beds | bed	30,500
Owned and Third-Party Managed Portfolio
Real Estate Properties [Line Items]
Number of properties	207
Number of beds | bed	142,400
Off Campus Properties | Owned properties
Real Estate Properties [Line Items]
Number of properties	126
American Campus Equity | Owned properties
Real Estate Properties [Line Items]
Number of properties	34
On-campus participating properties
Real Estate Properties [Line Items]
Number of properties	6
Under Development | Owned properties
Real Estate Properties [Line Items]
Number of beds | bed	7,800
Number of phases under construction | phase	7
Number of total construction phases | phase	10
Number of properties under development	1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)propertylandParceljointVenture	Mar. 31, 2020USD ($)
Significant Accounting Policies [Line Items]
Rent concessions	$ 1,100
Number of properties | property	166
Variable Interest Entity, Primary Beneficiary
Significant Accounting Policies [Line Items]
Number of third-party joint venture partners (entities) | jointVenture	6
Number of properties | property	10
Number of land parcels | landParcel	2
On-campus participating properties
Significant Accounting Policies [Line Items]
Lease income	$ 8,958	$ 10,709
Number of properties | property	6
On-campus participating properties | Variable Interest Entity, Primary Beneficiary
Significant Accounting Policies [Line Items]
Number of properties | property	6
Ace Properties
Significant Accounting Policies [Line Items]
Net rent refunds	$ 1,300
Net rent reimbursements	1,300
Student Lease Property
Significant Accounting Policies [Line Items]
Lease income	213,854	231,357
Commercial Lease Property
Significant Accounting Policies [Line Items]
Lease income	2,945	$ 3,198
Student Lease Property, Resident Hardship Program
Significant Accounting Policies [Line Items]
Rent abatements	$ 800

Earnings Per Share - Potentiall

Earnings Per Share - Potentially Dilutive Securities Not Included in Calculating Diluted Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities (in shares)	503,717	503,717
Common OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities (in shares)	468,475	468,475
Preferred OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities (in shares)	35,242	35,242

Earnings Per Share - Summary of

Earnings Per Share - Summary of Elements Used in Calculating Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator – basic and diluted earnings per share:
Net income	$ 15,985	$ 82,061
Net income attributable to noncontrolling interests	(367)	(1,206)
Net income attributable to ACC, Inc. and Subsidiaries common stockholders	15,618	80,855
Amount allocated to participating securities	(734)	(662)
Net (loss) income	$ 14,884	$ 80,193
Denominator:
Basic weighted average common shares outstanding (in shares)	137,711,965	137,477,169
Diluted weighted average common shares outstanding (in shares)	139,008,642	138,587,513
Earnings per share:
Net (loss) income attributable to common stockholders - basic (in dollars per share)	$ 0.11	$ 0.58
Net (loss) income attributable to common stockholders - diluted (in dollars per share)	$ 0.11	$ 0.58
Unvested restricted stock awards
Denominator:
Unvested restricted stock awards (in shares)	1,296,677	1,110,344

Property Dispositions (Details)

Property Dispositions (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2020USD ($)bed	Mar. 31, 2021USD ($)bed	Mar. 31, 2020USD ($)bed
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of beds | bed		111,900
Gain (loss) from disposition of real estate		$ 0	$ 48,525
The Varsity | Owned properties | Disposal Group, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of beds | bed	901		901
Purchase price of property	$ 148,000		$ 148,000
Net proceeds	146,100
Gain (loss) from disposition of real estate	$ 48,500

Investments in Real Estate (Det

Investments in Real Estate (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)propertyuniversitySystem	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Real Estate Properties [Line Items]
Properties, net	$ 6,780,974		$ 6,791,025
Interest costs capitalized	$ 2,500	$ 3,200
Number of properties | property	166
Owned properties
Real Estate Properties [Line Items]
Land	$ 665,035		664,879
Buildings and improvements	7,011,961		6,949,781
Furniture, fixtures and equipment	409,793		405,843
Construction in progress	352,143		361,893
Real estate properties gross	8,438,932		8,382,396
Less accumulated depreciation	(1,725,403)		(1,660,652)
Properties, net	6,713,529		6,721,744
On-campus participating properties
Real Estate Properties [Line Items]
Buildings and improvements	157,315		157,218
Furniture, fixtures and equipment	14,433		14,389
Construction in progress	65		0
Real estate properties gross	171,813		171,607
Less accumulated depreciation	(104,368)		(102,326)
Properties, net	$ 67,445		$ 69,281
Number of properties | property	6
Number of systems | universitySystem	3
Lessor, percentage of net cash flow receivable per agreement	50.00%

Debt - Summary of Outstanding C

Debt - Summary of Outstanding Consolidated Indebtedness, Including Unamortized Debt Premiums and Discounts (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Secured mortgage and bond debt, net	$ 634,406	$ 646,827
Total debt, net	3,672,993	3,593,003
Owned properties, net | Mortgage loans payable
Debt Instrument [Line Items]
Principal outstanding	552,279	563,506
Unamortized deferred financing costs	(776)	(848)
Unamortized debt premiums	1,412	1,819
Unamortized original issue discount	(139)	(151)
Secured mortgage and bond debt, net	552,776	564,326
On-campus participating properties, net
Debt Instrument [Line Items]
Unamortized deferred financing costs	(538)	(323)
Total debt, net	81,630	82,501
On-campus participating properties, net | Mortgage loans payable
Debt Instrument [Line Items]
Principal outstanding	63,058	63,714
On-campus participating properties, net | Bonds payable
Debt Instrument [Line Items]
Principal outstanding	19,110	19,110
Unsecured notes, net
Debt Instrument [Line Items]
Unsecured debt	2,376,527	2,375,603
Unsecured notes, net | Unsecured debt
Debt Instrument [Line Items]
Unamortized deferred financing costs	(17,900)	(18,600)
Unamortized original issue discount	(5,600)	(5,800)
Term loan
Debt Instrument [Line Items]
Unsecured debt	199,560	199,473
Term loan | Term loan
Debt Instrument [Line Items]
Unamortized deferred financing costs	(400)	(500)
Unsecured revolving credit facility
Debt Instrument [Line Items]
Unsecured debt	$ 462,500	$ 371,100

Debt - Narrative (Details)

Debt - Narrative (Details)	1 Months Ended			3 Months Ended
	Mar. 31, 2021USD ($)property	Feb. 29, 2020USD ($)property	Jan. 31, 2020USD ($)	Mar. 31, 2021USD ($)property	Mar. 31, 2020USD ($)	Feb. 28, 2021USD ($)instrument
Debt Instrument [Line Items]
Pay-off of mortgage loans				$ 10,295,000	$ 34,219,000
Number of properties | property	166			166
Proceeds from unsecured notes				$ 0	399,240,000
Repayments of unsecured debt				0	400,000,000
Loss from extinguishment of debt				$ 0	$ 4,827,000
Interest Rate Swap [Member]
Debt Instrument [Line Items]
Number of derivative instruments | instrument						2
Credit Agreement | Unsecured revolving credit facility
Debt Instrument [Line Items]
Stated percentage	0.11%			0.11%
Line of credit, required unused commitment fee per annum (percent)				0.20%
Weighted average annual interest rate (percent)	1.31%			1.31%
Basis spread on variable rate				1.00%
Current borrowing capacity of credit facility	$ 537,500,000			$ 537,500,000
Mortgage loans payable
Debt Instrument [Line Items]
Pay-off of mortgage loans	$ 10,300,000	$ 34,200,000
Number of properties | property	1	1		1
Amount refinanced						$ 24,000,000
Stated percentage						2.80%
Senior Notes - January 2020
Debt Instrument [Line Items]
Amount	$ 400,000,000			$ 400,000,000
% of Par Value				99.81%
Stated percentage	2.85%			2.85%
Unsecured debt | Unsecured revolving credit facility
Debt Instrument [Line Items]
Credit facility	$ 1,000,000,000			$ 1,000,000,000
Credit facility, additional borrowing capacity (up to)	200,000,000			$ 200,000,000
Line of credit, required unused commitment fee per annum (percent)				0.20%
Unsecured debt | Term loan
Debt Instrument [Line Items]
Amount	$ 200,000,000			$ 200,000,000
Stated percentage	1.44%			1.44%
Weighted average annual interest rate (percent)	2.54%			2.54%
Basis spread on variable rate				1.10%
Line of credit facility, accordion feature, increase limit	$ 100,000,000			$ 100,000,000
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior Notes - January 2020
Debt Instrument [Line Items]
Amount			$ 400,000,000
Term (Years)			10 years
% of Par Value			99.81%
Stated percentage			2.85%
Proceeds from unsecured notes			$ 394,500,000
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior notes - October 2020
Debt Instrument [Line Items]
Stated percentage			3.35%
Repayments of unsecured debt			$ 400,000,000
Loss from extinguishment of debt			$ 4,800,000

Debt - Summary of Senior Unsecu

Debt - Summary of Senior Unsecured Notes (Details)	3 Months Ended
	Mar. 31, 2021USD ($)
Unsecured notes, net
Debt Instrument [Line Items]
Amount	$ 2,400,000,000
Original Issue Discount	7,648,000
Senior notes - April 2013
Debt Instrument [Line Items]
Amount	$ 400,000,000
% of Par Value	99.659%
Coupon (percent)	3.75%
Yield (percent)	3.791%
Original Issue Discount	$ 1,364,000
Terms (Years)	10 years
Senior notes - June 2014
Debt Instrument [Line Items]
Amount	$ 400,000,000
% of Par Value	99.861%
Coupon (percent)	4.125%
Yield (percent)	4.269%
Original Issue Discount	$ 556,000
Terms (Years)	10 years
Senior notes - October 2017
Debt Instrument [Line Items]
Amount	$ 400,000,000
% of Par Value	99.912%
Coupon (percent)	3.625%
Yield (percent)	3.635%
Original Issue Discount	$ 352,000
Terms (Years)	10 years
Senior Notes - June 2019
Debt Instrument [Line Items]
Amount	$ 400,000,000
% of Par Value	99.704%
Coupon (percent)	3.30%
Yield (percent)	3.68%
Original Issue Discount	$ 1,184,000
Terms (Years)	7 years
Senior Notes - January 2020
Debt Instrument [Line Items]
Amount	$ 400,000,000
% of Par Value	99.81%
Coupon (percent)	2.85%
Yield (percent)	2.872%
Original Issue Discount	$ 760,000
Terms (Years)	10 years
Senior Notes - June 2020
Debt Instrument [Line Items]
Amount	$ 400,000,000
% of Par Value	99.142%
Coupon (percent)	3.875%
Yield (percent)	3.974%
Original Issue Discount	$ 3,432,000
Terms (Years)	10 years

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Sale of Stock [Line Items]
Number of shares in deferred compensation plan (in shares)	101,861	91,746
Non-Qualified Deferred Compensation Plan | Treasury Stock
Sale of Stock [Line Items]
Number of shares deposited into the deferred compensation plan (in shares)	15,993
Number of shares withdrawn from deferred compensation plan (in shares)	5,878
ATM Equity Program
Sale of Stock [Line Items]
ATM equity program, aggregate offering price authorized (up to $500 million)	$ 500,000,000

Noncontrolling Interests - Narr

Noncontrolling Interests - Narrative (Details)	3 Months Ended
	Mar. 31, 2021propertyentitylandParcel
Noncontrolling Interest [Line Items]
Number of properties	166
Noncontrolling interests – partially owned properties
Noncontrolling Interest [Line Items]
Number of third-party joint venture partners (entities) | entity	5
Number of properties	10
Number of land parcels | landParcel	1

Noncontrolling Interests - Summ

Noncontrolling Interests - Summarized Activity of Redeemable Limited Partners (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 24,567
Distributions	(1,138)	$ (2,566)
Ending balance	24,754
Redeemable noncontrolling interests
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	24,567	104,381
Net income	67	311
Distributions	(234)	(234)
Purchase of noncontrolling interests		(77,200)
Adjustments to reflect redeemable noncontrolling interests at fair value	354	(9,490)
Ending balance	$ 24,754	$ 17,768

Incentive Award Plan - Narrativ

Incentive Award Plan - Narrative (Details)	1 Months Ended	3 Months Ended
	Jan. 31, 2021USD ($)member	Mar. 31, 2021USD ($)shares	Mar. 31, 2020USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of members added to board of directors | member	3
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense		$ 4,700,000	$ 4,000,000
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 400,000
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
Director | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of shares granted	$ 122,500

Incentive Award Plan - Summary

Incentive Award Plan - Summary of Restricted Stock Units and Restricted Stock Awards (Details)	3 Months Ended
	Mar. 31, 2021shares
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (shares)	1,092,596
Granted (shares)	468,771
Vested (shares)	(334,341)
Forfeited (shares)	(11,352)
Ending balance (shares)	1,215,674
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (shares)	0
Granted (shares)	9,054
Settled in common shares (shares)	(9,054)
Ending balance (shares)	0

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Summary of Outstanding Interest Rate Swap Contracts (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Derivative [Line Items]
Current Notional Amount	$ 331,264
Fair Value	$ (8,117)
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	$ (4,655)
Interest Rate Swap - 1.2570% Fixed Rate
Derivative [Line Items]
Effective Date	Oct. 16, 2019
Maturity Date	Oct. 16, 2022
Pay Fixed Rate	1.257%
Receive Floating Rate Index	LIBOR - 1 month
Current Notional Amount	$ 37,500
Fair Value	$ (636)
Interest Rate Swap - 1.4685% Fixed Rate
Derivative [Line Items]
Effective Date	Nov. 4, 2019
Maturity Date	Jun. 27, 2022
Pay Fixed Rate	1.4685%
Receive Floating Rate Index	LIBOR - 1 month
Current Notional Amount	$ 100,000
Fair Value	$ (1,652)
Interest Rate Swap - 1.4203% Fixed Rate
Derivative [Line Items]
Effective Date	Dec. 2, 2019
Maturity Date	Jun. 27, 2022
Pay Fixed Rate	1.4203%
Receive Floating Rate Index	LIBOR - 1 month
Current Notional Amount	$ 100,000
Fair Value	$ (1,592)
Interest Rate Swap - 0.7850% Fixed Rate
Derivative [Line Items]
Effective Date	Feb. 16, 2021
Maturity Date	Feb. 15, 2028
Pay Fixed Rate	0.785%
Receive Floating Rate Index	LIBOR - 1 month
Current Notional Amount	$ 11,821
Fair Value	$ 208
Interest Rate Swap - 0.7850% Fixed Rate
Derivative [Line Items]
Effective Date	Feb. 16, 2021
Maturity Date	Feb. 15, 2028
Pay Fixed Rate	0.785%
Receive Floating Rate Index	LIBOR - 1 month
Current Notional Amount	$ 11,943
Fair Value	$ 210

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 - Interest rate swap contracts - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 418	$ 0
Other liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 8,535	$ 10,211

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Schedule of Effect of Derivative Financial Instruments On The Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative [Line Items]
Change in fair value of derivatives and other recognized in other comprehensive income ("OCI")	$ 786	$ (10,320)
Swap interest accruals reclassified to interest expense	1,306	91
Change in fair value of interest rate swaps and other	2,518	(9,801)
Interest expense presented in the consolidated statements of comprehensive income in which the effects of cash flow hedges are recorded	28,977	27,783
Interest Expense
Derivative [Line Items]
Amortization of interest rate swap terminations	$ 426	$ 428

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Estimated reclassification from other comprehensive income to interest expense	$ 6.8

Fair Value Disclosures - Financ

Fair Value Disclosures - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Derivative financial instruments	$ 418	$ 0
Liabilities
Derivative financial instruments	8,535	10,211
Mezzanine
Redeemable noncontrolling interests	24,754	24,567
Level 2
Assets
Derivative financial instruments	418	0
Liabilities
Derivative financial instruments	8,535	10,211
Mezzanine
Redeemable noncontrolling interests	21,754	21,567
Level 3
Assets
Derivative financial instruments	0	0
Liabilities
Derivative financial instruments	0	0
Mezzanine
Redeemable noncontrolling interests	$ 3,000	$ 3,000

Fair Value Disclosures - Estima

Fair Value Disclosures - Estimated Fair Value and Related Carrying Amounts of Mortgage Loans and Bonds Payable (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)contract
Liabilities:
Number of interest rate swap contracts | contract		2
Carrying Amount
Liabilities:
Unsecured notes	$ 2,376,527	$ 2,375,603
Mortgage loans payable (fixed rate)	613,639	625,783
Bonds payable	18,973	18,960
Unsecured term loan (fixed rate)	199,560	199,473
Owned properties | Mortgage loans payable
Liabilities:
Principal outstanding	$ 552,279	563,506
Owned properties | Mortgage loans payable | Variable rate mortgage loans
Liabilities:
Number of mortgage loans | loan	1
Principal outstanding	$ 1,800	2,100
Level 2 | Estimated Fair Value
Liabilities:
Unsecured notes	2,552,074	2,609,373
Mortgage loans payable (fixed rate)	628,166	656,648
Bonds payable	20,601	20,720
Unsecured term loan (fixed rate)	$ 202,844	$ 203,348

Commitments and Contingencies (

Commitments and Contingencies (Details)	1 Months Ended	3 Months Ended
	Aug. 31, 2013USD ($)extension	Mar. 31, 2021USD ($)property
Loss Contingencies [Line Items]
Number of properties, under development | property		1
Deferred pre-development costs		$ 21,400,000
Litigation expense		$ 1,200,000
Drexel University Property
Loss Contingencies [Line Items]
Lease term	40 years
Number of lease renewal options | extension	3
Lease extension period	10 years
Commitment to pay real estate transfer taxes, amount (not more than)	$ 1,800,000
Real estate transfer taxes paid upon conveyance of land	600,000
Drexel University Property | Maximum
Loss Contingencies [Line Items]
Commitment to pay real estate transfer taxes, amount (not more than)	$ 2,400,000
Alternate Housing Guarantees
Loss Contingencies [Line Items]
Guarantee expiration period		5 days
Project Cost Guarantees
Loss Contingencies [Line Items]
Guarantee expiration period		1 year
Third-Party Development Projects
Loss Contingencies [Line Items]
Commitment under third-party development project		$ 9,400,000
Performance Guarantee
Loss Contingencies [Line Items]
Guarantee expiration period		60 days
Amount guaranteed for completion of project		$ 614,600,000
Earnest money deposits		2,100,000
Purchase and sale agreement upon exercise of option		28,700,000
Performance Guarantee | Disney College Program Phases I-X (ACE)
Loss Contingencies [Line Items]
Development guarantee, damages due per bed each day of a delay		20
Guarantor obligations, maximum exposure		200,000
Construction Contracts
Loss Contingencies [Line Items]
Development projects under construction		$ 101,400,000

Segments - Narrative (Details)

Segments - Narrative (Details)	3 Months Ended
	Mar. 31, 2021segment
Segment Reporting [Abstract]
Identified reportable segments (segments)	4

Segments - Schedule of Segment

Segments - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Total revenues	$ 232,722	$ 249,404
Ground/facility lease expense	(3,208)	(4,069)
Interest expense, net	(28,977)	(27,783)
Operating expenses	(186,321)	(133,918)
Depreciation and amortization	(68,117)	(66,169)
Total consolidated revenues, including interest income	232,942	250,255
Segment income before depreciation and amortization	46,401	115,486
Gain from disposition of real estate	0	48,525
Loss from extinguishment of debt	0	(4,827)
Income tax provision	(340)	(379)
Net income	15,985	82,061
Operating segments
Segment Reporting Information [Line Items]
Total revenues	232,854	249,540
Depreciation and amortization	(67,368)	(65,280)
Segment income before depreciation and amortization	123,100	139,236
Net income	15,985	82,061
Operating segments | Owned properties
Segment Reporting Information [Line Items]
Rental revenues and other income	218,444	232,811
Interest income	127	117
Total revenues	218,571	232,928
Operating expenses before depreciation, amortization, and ground/facility lease expense	(93,991)	(92,474)
Ground/facility lease expense	(3,069)	(3,209)
Interest expense, net	(2,960)	(3,046)
Operating loss before depreciation and amortization	118,551	134,199
Depreciation and amortization	(65,326)	(63,243)
Capital expenditures	66,894	96,211
Operating segments | On-campus participating properties
Segment Reporting Information [Line Items]
Rental revenues and other income	8,958	10,709
Interest income	5	19
Total revenues	8,963	10,728
Operating expenses before depreciation, amortization, and ground/facility lease expense	(3,290)	(3,366)
Ground/facility lease expense	(139)	(860)
Interest expense, net	(918)	(1,142)
Operating loss before depreciation and amortization	4,616	5,360
Depreciation and amortization	(2,042)	(2,037)
Capital expenditures	206	565
Operating segments | Development Services
Segment Reporting Information [Line Items]
Development and construction management fees	1,959	2,055
Operating expenses	(2,235)	(2,525)
Operating loss before depreciation and amortization	(276)	(470)
Operating segments | Property Management Services
Segment Reporting Information [Line Items]
Total revenues	3,361	3,829
Operating expenses	(3,152)	(3,682)
Operating loss before depreciation and amortization	209	147
Unallocated
Segment Reporting Information [Line Items]
Total revenues	88	715
Operating expenses	(37,339)	(33,038)
Corporate depreciation	(749)	(889)
Segment reconciling items
Segment Reporting Information [Line Items]
Amortization of deferred financing costs	$ (1,319)	$ (1,287)

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Apr. 28, 2021	Mar. 31, 2021	Mar. 31, 2020
Subsequent Event [Line Items]
Distributions to common and restricted stockholders and other (in dollars per common share)		$ 0.47	$ 0.47
Dividend declared | Subsequent event
Subsequent Event [Line Items]
Distributions to common and restricted stockholders and other (in dollars per common share)	$ 0.47