American Campus Communities (ACC) 10-K 28 Feb 22 2021 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 18, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-32265
Entity Registrant Name	AMERICAN CAMPUS COMMUNITIES, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	76-0753089
Entity Address, Address Line One	12700 Hill Country Blvd.
Entity Address, Address Line Two	Suite T-200
Entity Address, 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 Well-Known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 4,769,265,540
Entity Common Stock Shares Outstanding (in shares)		139,156,913
Documents Incorporated by Reference	Part III of this report incorporates information by reference from the definitive Proxy Statement for the 2022 Annual Meeting of Stockholders.
Entity Central Index Key	0001283630
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Austin, Texas

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Investments in real estate
Investments in real estate, net	$ 6,742,370	$ 6,791,025
Cash and cash equivalents	120,351	54,017
Restricted cash	14,326	19,955
Student contracts receivable, net	14,187	11,090
Operating lease right of use assets	456,239	457,573
Other assets	227,113	197,500
Total assets	7,574,586	7,531,160
Liabilities
Secured mortgage and bond debt, net	535,836	646,827
Accounts payable and accrued expenses	93,067	85,070
Operating lease liabilities	496,821	486,631
Other liabilities	173,898	185,352
Total liabilities	4,273,301	4,350,056
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests	31,858	24,567
American Campus Communities, Inc. and Subsidiaries stockholders’ equity
Common stock, $0.01 par value, 800,000,000 shares authorized, 139,064,213 and 137,540,345 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively	1,391	1,375
Additional paid in capital	4,694,242	4,472,170
Common stock held in rabbi trust, 92,700 and 91,746 shares at December 31, 2021 and December 31, 2020, respectively	(3,943)	(3,951)
Accumulated earnings and dividends	(1,559,765)	(1,332,689)
Accumulated other comprehensive loss	(14,547)	(22,777)
Total American Campus Communities, Inc. and Subsidiaries stockholders’ equity	3,117,378	3,114,128
Noncontrolling interests – partially owned properties	152,049	42,409
Total equity	3,269,427	3,156,537
Total liabilities and equity	7,574,586	7,531,160
Unsecured notes, net
Liabilities
Unsecured debt, net	2,773,855	2,375,603
Unsecured term loan, net
Liabilities
Unsecured debt, net	199,824	199,473
Unsecured revolving credit facility
Liabilities
Unsecured debt, net	0	371,100
Owned properties, net
Investments in real estate
Investments in real estate, net	6,676,811	6,721,744
On-campus participating properties, net
Investments in real estate
Investments in real estate, net	$ 65,559	$ 69,281

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 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)	139,064,213	137,540,345
Common stock, shares outstanding (in shares)	139,064,213	137,540,345
Common stock held in rabbi trust (in shares)	92,700	91,746
Assets	$ 7,574,586	$ 7,531,160
Liabilities	4,273,301	4,350,056
Investments in real estate, net | Variable Interest Entity, Primary Beneficiary
Assets	819,795	592,787
Cash, cash equivalents, and restricted cash | Variable Interest Entity, Primary Beneficiary
Assets	46,234	41,248
Other assets | Variable Interest Entity, Primary Beneficiary
Assets	23,743	13,078
Secured mortgage debt, net | Variable Interest Entity, Primary Beneficiary
Liabilities	404,790	410,837
Accounts payable, accrued expenses, and other liabilities | Variable Interest Entity, Primary Beneficiary
Liabilities	$ 52,407	$ 46,645

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Total revenues	$ 942,409	$ 870,584	$ 943,042
Operating expenses (income)
Third-party development and management services	20,613	21,700	19,915
General and administrative	45,452	35,774	31,081
Depreciation and amortization	275,597	267,703	275,046
Ground/facility leases	17,673	13,513	14,151
(Gain) loss from disposition of real estate, net	0	(48,525)	53
Provision for impairment	0	0	17,214
Other operating expenses	4,533	1,100	0
Total operating expenses	785,849	683,240	763,152
Operating income	156,560	187,344	179,890
Nonoperating income (expenses)
Interest income	1,374	2,939	3,686
Interest expense	(117,793)	(112,507)	(111,287)
Amortization of deferred financing costs	(5,824)	(5,259)	(5,012)
(Loss) gain from extinguishment of debt, net	0	(4,827)	20,992
Other nonoperating income	328	3,507	0
Total nonoperating expenses	(121,915)	(116,147)	(91,621)
Income before income taxes	34,645	71,197	88,269
Income tax provision	(1,361)	(1,349)	(1,507)
Net income	33,284	69,848	86,762
Net loss (income) attributable to noncontrolling interests	2,205	2,955	(1,793)
Net income attributable to ACC, Inc. and Subsidiaries common stockholders	35,489	72,803	84,969
Other comprehensive income (loss)
Change in fair value of interest rate swaps and other	8,230	(5,831)	(12,549)
Comprehensive income	$ 43,719	$ 66,972	$ 72,420
Net income per share attributable to ACC, Inc. and Subsidiaries common stockholders
Basic (in dollars per share)	$ 0.24	$ 0.51	$ 0.61
Diluted (in dollars per share)	$ 0.24	$ 0.51	$ 0.60
Weighted-average common shares outstanding:
Basic (in shares)	138,503,705	137,588,964	137,295,837
Diluted (in shares)	139,703,635	138,710,430	138,286,778
Owned properties
Revenues
Revenues	$ 889,052	$ 820,699	$ 880,709
Operating expenses (income)
Operating expenses for owned properties and on-campus participating properties	407,648	378,454	390,664
On-campus participating properties
Revenues
Revenues	31,207	29,906	36,346
Operating expenses (income)
Operating expenses for owned properties and on-campus participating properties	14,333	13,521	15,028
Third-party development services
Revenues
Contract with customer, revenue	10,191	7,543	13,051
Third-party management services
Revenues
Contract with customer, revenue	$ 11,959	$ 12,436	$ 12,936

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Shares	Additional Paid in Capital	Common Stock Held in Rabbi Trust	Accumulated Earnings and Dividends	Accumulated Other Comprehensive (Loss) Income	Noncontrolling InterestNoncontrolling Interests - Partially Owned Properties
Beginning balance (in shares) at Dec. 31, 2018		136,967,286
Beginning balance at Dec. 31, 2018	$ 3,546,801	$ 1,370	$ 4,458,240	$ (3,092)	$ (971,070)	$ (4,397)	$ 65,750
Common stock held in rabbi trust, beginning balance (in shares) at Dec. 31, 2018				69,603
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustments to reflect redeemable noncontrolling interests at fair value	(14,350)		(14,350)
Amortization of restricted stock awards and vesting of restricted stock units (in shares/units)		18,318
Amortization of restricted stock awards and vesting of restricted stock units	13,617		13,617
Vesting of restricted stock awards (in shares)		180,961
Vesting of restricted stock awards	(3,975)	$ 2	(3,977)
Distributions to common and restricted stockholders and other	(258,620)				(258,620)
Contributions by noncontrolling interests - partially owned properties	924						924
Distributions to noncontrolling interests - partially owned properties	(8,425)						(8,425)
Change in ownership of consolidated subsidiary	(16,805)		(1,544)				(15,261)
Conversion of common and preferred operating partnership units to common stock (in shares/units)		168,584
Conversion of common and preferred operating partnership units to common stock	6,077	$ 1	6,076
Change in fair value of interest rate swaps and other	610					610
Termination of interest rate swaps	(13,159)					(13,159)
Deposits to deferred compensation plan, net of withdrawals (in shares)		(8,325)		8,325
Deposits to deferred compensation plan, net of withdrawals	0		394	$ (394)
Net income (loss)	85,979				84,969		1,010
Ending balance (in shares) at Dec. 31, 2019		137,326,824
Ending balance at Dec. 31, 2019	3,338,674	$ 1,373	4,458,456	$ (3,486)	(1,144,721)	(16,946)	43,998
Common stock held in rabbi trust, ending balance (in shares) at Dec. 31, 2019				77,928
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustments to reflect redeemable noncontrolling interests at fair value	2,002		2,002
Amortization of restricted stock awards and vesting of restricted stock units (in shares/units)		27,644
Amortization of restricted stock awards and vesting of restricted stock units	15,424		15,424
Vesting of restricted stock awards (in shares)		199,695
Vesting of restricted stock awards	(4,175)	$ 2	(4,177)
Distributions to common and restricted stockholders and other	(260,771)				(260,771)
Contributions by noncontrolling interests - partially owned properties	6,110						6,110
Distributions to noncontrolling interests - partially owned properties	(4,419)						(4,419)
Change in fair value of interest rate swaps and other	(5,831)					(5,831)
Termination of interest rate swaps	0
Deposits to deferred compensation plan, net of withdrawals (in shares)		(13,818)		13,818
Deposits to deferred compensation plan, net of withdrawals	0		465	$ (465)
Net income (loss)	69,523				72,803		(3,280)
Ending balance (in shares) at Dec. 31, 2020		137,540,345
Ending balance at Dec. 31, 2020	$ 3,156,537	$ 1,375	4,472,170	$ (3,951)	(1,332,689)	(22,777)	42,409
Common stock held in rabbi trust, ending balance (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	$ (8,051)		(8,051)
Amortization of restricted stock awards and vesting of restricted stock units (in shares/units)		33,514
Amortization of restricted stock awards and vesting of restricted stock units	19,853		19,853
Vesting of restricted stock awards (in shares)		274,708
Vesting of restricted stock awards	(5,989)	$ 4	(5,993)
Distributions to common and restricted stockholders and other	(262,565)				(262,565)
Contributions by noncontrolling interests - partially owned properties	114,385						114,385
Distributions to noncontrolling interests - partially owned properties	(2,363)						(2,363)
Change in ownership of consolidated subsidiary	157,805		157,805
Change in fair value of interest rate swaps and other	8,230					8,230
Termination of interest rate swaps	0
Net proceeds from sale of common stock (in shares)		1,216,600
Net proceeds from sale of common stock	58,478	$ 12	58,466
Deposits to deferred compensation plan, net of withdrawals (in shares)		(954)		954
Deposits to deferred compensation plan, net of withdrawals	0		(8)	$ 8
Net income (loss)	33,107				35,489		(2,382)
Ending balance (in shares) at Dec. 31, 2021		139,064,213
Ending balance at Dec. 31, 2021	$ 3,269,427	$ 1,391	$ 4,694,242	$ (3,943)	$ (1,559,765)	$ (14,547)	$ 152,049
Common stock held in rabbi trust, ending balance (in shares) at Dec. 31, 2021	92,700			92,700

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Net income	$ 33,284	$ 69,848	$ 86,762
Adjustments to reconcile net income to net cash provided by operating activities:
(Gain) loss from disposition of real estate, net	0	(48,525)	53
Gain from insurance and litigation settlements	(328)	(1,100)	0
Loss (gain) from extinguishment of debt	0	4,827	(20,992)
Gain from early repayment of notes receivable	0	(2,136)	0
Provision for impairment	0	0	17,214
Depreciation and amortization	275,597	267,703	275,046
Amortization of deferred financing costs and debt premiums/discounts	5,344	1,140	538
Share-based compensation	19,853	15,424	13,617
Income tax provision	1,361	1,349	1,507
Amortization of interest rate swap terminations	1,724	1,705	1,133
Termination of interest rate swaps	0	0	(13,159)
Changes in operating assets and liabilities:
Student contracts receivable, net	(3,097)	2,340	(5,407)
Other assets	(26,370)	10,757	(4,445)
Accounts payable and accrued expenses	6,361	(5,308)	(1,532)
Other liabilities	21,066	33,093	20,044
Net cash provided by operating activities	334,795	351,117	370,379
Investing activities
Proceeds from disposition of properties	0	146,144	108,562
Cash paid for acquisition of land parcels	(13,184)	(22,032)	(8,559)
Proceeds from notes receivable	0	45,432	5,333
Other investing activities	1,866	(3,078)	(6,268)
Net cash used in investing activities	(239,440)	(207,432)	(416,140)
Financing activities
Proceeds from unsecured notes	399,712	795,808	398,816
Proceeds from sale of common stock	59,674	0	0
Offering costs	(747)	0	0
Pay-off of unsecured notes	0	(400,000)	0
Pay-off of mortgage and construction loans	(99,819)	(124,559)	(53,818)
Defeasance costs related to early extinguishment of debt	0	(4,156)	0
Proceeds from revolving credit facility	723,600	1,902,600	949,000
Paydowns of revolving credit facility	(1,094,700)	(1,957,200)	(910,600)
Proceeds from construction loans	0	0	31,611
Scheduled principal payments on debt	(10,004)	(11,852)	(11,938)
Debt issuance costs	(12,702)	(9,614)	(6,462)
Increase in ownership of consolidated subsidiary	0	(77,200)	(105,109)
Contribution by noncontrolling interests	273,597	5,414	1,174
Transaction costs associated with change in ownership interest of consolidated subsidiary	(1,407)	0	0
Taxes paid on net-share settlements	(5,989)	(4,175)	(3,975)
Distributions paid to common and restricted stockholders	(262,565)	(260,771)	(258,620)
Distributions paid to noncontrolling interests	(3,300)	(5,356)	(9,487)
Net cash (used in) provided by financing activities	(34,650)	(151,061)	20,592
Net change in cash, cash equivalents, and restricted cash	60,705	(7,376)	(25,169)
Cash, cash equivalents, and restricted cash at beginning of period	73,972	81,348	106,517
Cash, cash equivalents, and restricted cash at end of period	134,677	73,972	81,348
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Cash and cash equivalents	120,351	54,017	54,650
Restricted cash	14,326	19,955	26,698
Total cash, cash equivalents, and restricted cash at end of period	134,677	73,972	81,348
Supplemental disclosure of non-cash investing and financing activities
Conversion of common and preferred operating partnership units to common stock	0	0	6,077
Non-cash contribution from noncontrolling interest	0	696	0
Accrued development costs and capital expenditures	13,191	28,994	37,260
Change in fair value of redeemable noncontrolling interest	(8,051)	2,002	(14,350)
Change in ownership of consolidated subsidiary	(157,805)	0	0
Initial recognition of operating lease right of use assets	1,559	0	463,445
Initial recognition of operating lease liabilities	1,559	0	462,495
Non-cash extinguishment of debt, including accrued interest	0	0	(34,570)
Net assets surrendered in conjunction with extinguishment of debt	0	0	13,578
Supplemental disclosure of cash flow information
Interest paid, net of amounts capitalized	119,188	108,791	114,450
Income taxes paid	1,200	1,455	3,041
Owned properties, net
Investing activities
Capital expenditures	(68,957)	(58,312)	(70,846)
Owned properties under development
Investing activities
Capital expenditures	$ (159,165)	$ (315,586)	$ (444,362)

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Distributions to common and restricted stockholders and other (in dollars per share)	$ 1.88	$ 1.88	$ 1.87

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 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 “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 December 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, four of 10 phases at one property were under development as of December 31, 2021, and when completed will consist of a total of approximately 4,400 beds. The Company's communities contain modern housing units and are supported by a resident assistant system and other student-oriented programming, with many offering resort-style amenities. Through one of ACC’s taxable REIT subsidiaries (“TRSs”), the Company also provides construction management and development services, primarily for student housing properties owned by colleges and universities, charitable foundations, and others. As of December 31, 2021, also through one of ACC’s TRSs, the Company provided third-party management and leasing services for 37 properties that represented approximately 29,000 beds. Third-party management and leasing services are typically provided pursuant to management contracts that have initial terms that range from one year to five years. As of December 31, 2021, the Company’s total owned and third-party managed portfolio included 203 properties with approximately 140,900 beds.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 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”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. 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. In May 2021, the Company modified its unsecured term loan credit agreement (“Term Loan”) to include LIBOR transition language and to conform the covenants and various administrative items from the agreement to those in the Company’s senior unsecured revolving credit facility agreement (the “Credit Facility”), which was also amended in May 2021. Refer to Note 8 for additional information regarding these modifications. As the changes to covenants and administrative items do not impact the contractual cash flows of the Term Loan, the LIBOR transition language qualifies for, and the Company elected to apply, the optional expedients in in ASC 848-20-15-2 through 15-11 which treat the amendment as a modification without additional analysis. 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 addition, the Company does not expect the following accounting pronouncements to have a material effect on its consolidated financial statements: Accounting Standards Update Effective Date ASU 2020-06 “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity" January 1, 2022 ASU 2021-05 “Leases (Topic 842): Lessors – Certain Leases with Variable Lease Payments” January 1, 2022 ASU 2021-08 “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” January 1, 2023 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 II, Item 7, 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" Prior Year Reclassifications Certain prior period amounts were reclassified to conform to current presentation, which include: • The resident services revenues financial statement line item on the statements of comprehensive income has been reclassified for all periods presented to the owned properties revenues financial statement line item. • Litigation settlement expenses previously reported in the general and administrative expenses line item on the statements of comprehensive income were reclassified for all applicable periods to the other operating expenses line item. Investments in Real Estate Capitalization Policy and Useful Lives Investments in real estate are recorded at historical cost. Major improvements that extend the life of an asset are capitalized and depreciated over the remaining useful life of the asset. The cost of ordinary repairs and maintenance are expensed as incurred. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings and improvements 7 - 40 years Leasehold interest - on-campus participating properties 25 - 34 years (shorter of useful life or respective lease term) Furniture, fixtures, and equipment 3 - 7 years Project costs directly associated with the development and construction of an owned real estate project, which include interest, property taxes, and amortization of deferred financing costs, are capitalized as construction in progress. Upon completion of the project, costs are transferred into the applicable asset category and depreciation commences. Interest totaling approximately $8.6 million, $12.1 million, and $12.1 million was capitalized during the years ended December 31, 2021, 2020, and 2019, respectively. Impairment Assessment Management assesses whether there has been an impairment in the value of the Company’s investments in real estate whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment is recognized when estimated expected future undiscounted cash flows are less than the carrying value of the property, or when a property meets the criteria to be classified as held for sale, at which time an impairment charge is recognized for any excess of the carrying value of the property over the expected net proceeds from the disposal. The estimation of expected future net cash flows uses estimates, including capitalization rates and growth rates, which are inherently uncertain and rely on assumptions regarding current and future economics and market conditions. If such conditions change, then an adjustment to the carrying value of the Company’s long-lived assets could occur in the future period in which the conditions change. To the extent that a property is impaired, the excess of the carrying amount of the property over its estimated fair value is charged to earnings. In the case of any impairment, the valuation would be based on Level 3 inputs. There were no impairments of the carrying values of the Company’s investments in real estate during the years ended December 31, 2021 and 2020, respectively. During the year ended December 31, 2019, concurrent with the classification of one owned property as held for sale, the Company recorded a $3.2 million impairment charge which is included in provision for impairment within operating income on the accompanying consolidated statements of comprehensive income. Refer to Note 6 for additional information regarding the disposition. Land Acquisitions Land acquisitions are accounted for as asset acquisitions, as substantially all of the fair value of the acquisition is concentrated in a single identifiable asset. In an asset acquisition, assets acquired are measured based on the cost of the acquisition, which is the consideration transferred to the seller and direct transaction costs related to the acquisition. Assets Held for Sale Long-lived assets to be disposed of are classified as held for sale in the period in which all of the following criteria are met: a. Management, having the authority to approve the action, commits to a plan to sell the asset. b. The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. c. An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated. d. The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year. e. The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. f. Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Concurrent with this classification, the asset is recorded at the lower of cost or fair value less estimated selling costs, and depreciation ceases. The Company did not have any properties classified as held for sale as of December 31, 2021 and 2020. Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company maintains cash balances in various banks. At times, the Company’s balances may exceed the amount insured by the FDIC. As the Company only uses money-centered financial institutions, the Company does not believe it is exposed to any significant credit risk related to its cash and cash equivalents. Restricted Cash Restricted cash consists of funds held in trusts that 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. Loans Receivable In 2013, as part of the settlement of a litigation matter related to a third-party management contract assumed in connection with the Company’s 2008 acquisition of GMH Communities Trust, the Company acquired a protective advance note and outstanding bond insurer claim (collectively, the “Loans Receivable”) from National Public Finance Guarantee Corporation for an aggregate of approximately $52.8 million. The Loans Receivable carried an interest rate of 5.12% and were secured by a lien on, and the cash flows from, two student housing properties in close proximity to the University of Central Florida. In October 2020, the properties were recapitalized and, as a result, the Company received full repayment of the outstanding Loans Receivable balance plus accrued interest, totaling $55.0 million. Upon repayment of the Loans Receivable, the remaining unamortized discount associated with the Loans Receivable of $2.1 million was recorded as a gain in other nonoperating income on the accompanying consolidated statements of comprehensive income. Leases When the Company enters into a contract or amends an existing contract, it evaluates whether the contract meets the definition of a lease under ASC Topic 842 - Leases ("ASC 842"). To meet the definition of a lease, the contract must meet all three of the following criteria: • One party (lessor) must hold an identified asset; • The counterparty (lessee) must have the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of the contract; and • The counterparty (lessee) must have the right to direct the use of the identified asset throughout the period of the contract. In April 2020, the FASB issued a Staff Question & Answer (“Q&A”) which was intended to reduce the challenges of evaluating the enforceable rights and obligations of leases for concessions granted to lessees in response to the novel coronavirus disease (“COVID-19”), which was characterized on March 11, 2020 by the World Health Organization as a pandemic. Prior to this guidance, the Company was required to determine, on a lease by lease basis, if a lease concession should be accounted for as a lease modification, potentially resulting in any lease concessions granted being recorded as a reduction to revenue or ground lease expense, as applicable, on a straight-line basis over the remaining term of the lease. The Q&A allows both lessors and lessees to bypass this analysis and elect not to evaluate whether concessions provided in response to the COVID-19 pandemic are lease modifications. This relief is subject to certain conditions being met, including ensuring the total remaining lease payments are substantially the same or less than the original lease payments prior to the concession being granted. The Company has elected to apply such relief and will therefore not evaluate if lease concessions that were granted in response to the COVID-19 pandemic meet the definition of a lease modification. Accordingly, the Company accounted for qualifying rent concessions as negative variable lease payments, which reduced revenue or ground lease expense from such leases in the period the concessions were granted. Refer to Note 14 for additional information. As Lessee The Company classifies leases as either operating or finance leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized on a straight-line basis over the term of the lease (operating lease) or under the effective interest method (finance lease). In addition, the authoritative guidance requires lessees to recognize right-of-use ("ROU") assets and related lease liabilities for leases with a term greater than 12 months regardless of their lease classification. The Company, as lessee, has entered into ground/facility and office space lease agreements, which qualify as operating leases under ASC 842. These leases include leases entered into under the ACE ® program with university systems and Walt Disney World ® Resort, leases with local and regional land owners for owned off-campus properties, leases for corporate office space, and leases under the on-campus participating property (“OCPP”) structure. Leases entered into under the ACE ® program are used for the purpose of financing, constructing, and managing student housing properties. These leases are transferable and financeable, and the lessor has title to the land and in some cases any improvements placed thereon. Leases entered into under the OCPP structure are used for the purpose of developing, constructing, and operating student housing facilities on university campuses. Under the terms of these leases, title to the land and constructed facilities is held by the lessor and such lessor receives a de minimis base rent paid at inception and 50% of defined net cash flows on an annual basis through the term of the lease. Under ground/facility leases, the lessors receive annual minimum base rent, variable rent based upon the operating performance of the property, or a combination thereof. The leases have initial terms, excluding extension options, ranging from seven years to 102 years. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company records base rent expense under the straight-line method over the term of the lease, and variable rent expense is recorded when the achievement of the target is considered probable. For properties under construction, straight-line rent is capitalized during the construction period and expensed upon the commencement of operations. For purposes of calculating the ROU asset and lease liability for such leases, extension options are not included in the lease term unless it is reasonably certain that the Company will exercise the option, or the lessor has the sole ability to exercise the option. As most of the Company’s leases do not contain an implicit rate, the Company uses its incremental borrowing rate to determine the present value of the lease payments, which is the interest rate that the Company estimates it would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. In determining this rate, we analyze Company-specific factors, such as credit risk, lease-specific factors such as lease term, lease payments, and collateral, as well as overall economic conditions. The weighted average incremental borrowing rate was 5.33% as of December 31, 2021. As Lessor The Company classifies leases as either sales-type, direct financing, or operating leases. A lease will be treated as a sales-type lease if it is considered to transfer control of the underlying asset to the lessee. A lease will be classified as a direct-financing lease if risks and rewards are conveyed without the transfer of control. Otherwise, the lease is treated as an operating lease. The Company elected to adopt the practical expedient that allows lessors to not separate certain lease and non-lease components for common area maintenance and the related rental revenue, as it determined that the timing and pattern of transfer is the same. Operating Leases The Company’s primary business involves leasing properties to students under agreements that are classified as operating leases and have terms of 12 months or less. These student leases do not provide for variable rent payments. The Company is also a lessor under commercial leases at certain owned properties, some of which provide for variable lease payments based upon tenant performance such as a percentage of sales. The Company recognizes the base lease payments provided for under the leases on a straight-line basis over the lease term, and variable payments are recognized in the period in which the changes in facts and circumstances, on which the variable payments are based, occur. Refer to Note 7 for additional information on our owned real estate assets, which are the underlying assets under our operating leases. The Company expenses, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. These costs include internal leasing payroll costs, as well as certain legal expenses incurred when negotiating commercial leases. Additionally, the Company evaluates collectability of all operating lease payments in a contract at lease commencement and thereafter. The Company concludes that operating lease payments are probable of collection at lease commencement. If the operating lease payments are subsequently deemed not probable of collection, adjustments are recognized as a reduction to lease income and, subsequently, any lease revenue is only recognized when cash receipts are received. The Company also maintains an allowance for uncollectible operating lease receivables. If, after lease commencement, the assessment of collectability on operating lease payments changes, the Company will determine whether the allowance adequately contemplated this change. Any changes to the provision for uncollectible accounts are presented as a reduction to revenue in the accompanying consolidated statements of comprehensive income. Determining the probability of collection is impacted by numerous factors including tenant creditworthiness, economic conditions, and the Company's historical experience with tenants. Sales-type Leases In certain instances at ACE ® properties, the ground lease agreement may require the Company to construct additional facilities desired by the ground lessor and subsequently lease those facilities to the ground lessor over a specified period. These facilities will ultimately be owned, managed, and funded by the ground lessors. Such spaces include but are not limited to dining, childcare, retail, academic, and office facilities. In this type of transaction, title to the facilities transfers to the ground lessor at the end of the lease term, and lease payments are structured to effectively reimburse the Company for the cost of constructing the additional facilities plus interest. As control of the underlying asset in these agreements transfers to the ground lessor at the end of the lease term, the leases are classified as sales-type leases. At lease inception, the Company records a net investment in the lease, which is equal to the sum of the lease receivable and the unguaranteed residual asset, discounted at the rate implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered selling profit or loss. Due to the nature of these transactions, the net investment in the lease is equal to the sum of the lease receivable, discounted at the rate implicit in the lease, and therefore no selling profit or loss is recorded. The cash rent the Company receives from tenants is not entirely recorded as rental revenue, but rather a portion is recorded as interest income and a portion is recorded as a reduction to the lease receivable, based on the effective interest method at a constant rate of return over the terms of the applicable leases. The Company's net investment in sales-type leases was $18.5 million and $18.6 million as of December 31, 2021 and 2020, respectively, which is included in other assets in the accompanying consolidated balance sheets. The weighted average remaining term of these leases was 20.4 years as of December 31, 2021. The Company recorded $1.0 million, $0.4 million, and $0.4 million of interest income related to these leases for the years ended December 31, 2021, 2020, and 2019. Intangible Assets For acquired properties subject to an in-place property tax incentive arrangement, a portion of the purchase price is allocated to the present value of expected future property tax savings over the projected incentive arrangement period. Unamortized in-place property tax incentive arrangements as of December 31, 2021 and 2020 were approximately $30.8 million and $34.5 million, respectively, and are included in other assets on the accompanying consolidated balance sheets. Amortization expense was approximately $3.1 million, $3.4 million, and $3.5 million for the years ended December 31, 2021, 2020, and 2019, respectively, and is included in owned properties operating expense in the accompanying consolidated statements of comprehensive income. As of December 31, 2021, the remaining weighted average tax incentive arrangement period was 18.2 years. During the year ended December 31, 2019, the Company recorded a $14.0 million impairment charge associated with a tax incentive arrangement that was recorded upon acquisition of an owned property in 2015 due to facts and circumstances indicating that the originally assumed property tax savings will not materialize. This impairment charge is based on Level 3 inputs and is included in provision for impairment on the accompanying consolidated statements of comprehensive income. Deferred Financing Costs The Company defers financing costs and amortizes the costs over the terms of the related debt using the effective interest method. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to earnings. When debt modifications do not include material changes to the terms of the underlying debt agreement, unamortized costs of the original instrument are added to the costs of the modification and amortized over the life of the modified debt using the effective interest method. Deferred financing costs, net of amortization, for the Company’s revolving credit facility are included in other assets on the accompanying consolidated balance sheets. Net deferred financing costs for the Company’s revolving credit facility as of December 31, 2021, and 2020 were approximately $7.3 million and $1.9 million, respectively. Net deferred financing costs for the Company's secured mortgage and bond debt, unsecured notes, and unsecured term loans are presented as a reduction to the unpaid principal balance of the respective debt in the accompanying consolidated balance sheets. Refer to Note 8 for additional information regarding these balances. Redeemable Noncontrolling Interests The Company follows guidance issued by the FASB regarding the classification and measurement of redeemable securities. Under this guidance, securities that are redeemable for cash or other assets, at the option of the holder and not solely within the control of the issuer, must be classified outside of permanent equity as redeemable noncontrolling interests. The Company makes this determination based on terms in the applicable agreements, specifically in relation to redemption provisions. The Company initially records the redeemable noncontrolling interests at fair value. The carrying amount of the redeemable noncontrolling interest is subsequently adjusted to the redemption value (assuming the noncontrolling interest is redeemable at the balance sheet date), with the corresponding offset for changes in fair value recorded in additional paid in capital. Reductions in fair value are recorded only to the extent that the Company has previously recorded increases in fair value above the redeemable noncontrolling interests’ initial basis. As the changes in redemption value are based on fair value, there is no effect on the Company’s earnings per share. Refer to Note 10 for a more detailed discussion of redeemable noncontrolling interests for both ACC and the Operating Partnership. Joint Ventures The Company consolidates joint ventures when it exhibits financial or operational control, which is determined using accounting standards related to the consolidation of joint ventures and VIEs. For joint ventures that are defined as VIEs, the primary beneficiary consolidates the entity. The Company considers itself to be the primary beneficiary of a VIE when it has the power to direct the activities that most significantly impact the performance of the VIE, such as management of day-to-day operations, preparing and approving operating and capital budgets, and encumbering or selling the related properties. In instances where the Company is not the primary beneficiary, it does not consolidate the joint venture for financial reporting purposes. For joint ventures that are not defined as VIEs, where the Company is the general partner, but does not control the joint venture due to the other partners holding substantive participating rights, the Company uses the equity method of accounting. For joint ventures where the Company is a limited partner, management evaluates whether the Company holds substantive participating rights. In instances where the Company holds substantive participating rights in the joint venture, the Company consolidates the joint venture; otherwise, it uses the equity method of accounting. Consolidated VIEs The Company has investments in various entities that qualify as VIEs for accounting purposes and for which the Company is the primary beneficiary and therefore includes the entities in its consolidated financial statements. These VIEs include ACCOP, seven joint ventures that own a total of 13 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. Presale Development Projects As part of its development strategy, the Company enters into presale agreements to purchase various properties. Under the terms of these agreements, the Company is obligated to purchase the property as long as certain construction completion deadlines and other closing conditions are met. As a part of the presale agreements, the Company has the option to elect not to purchase the asset, which would result in the Company paying a significant penalty. The Company is typically responsible for leasing, management, and initial operations of the project while the third-party developer retains development risk during the construction period. The entity that owns the property is deemed to be a VIE, and the Company is deemed to be the primary beneficiary of the VIE. As such, upon execution of the purchase and sale agreement, the Company records the assets, liabilities, and noncontrolling interest of the entity owning the property at fair value. Mortgage Debt - Premiums and Discounts Mortgage debt premiums and discounts represent fair value adjustments to account for the difference between the stated rates and market rates of mortgage debt assumed in connection with the Company’s property acquisitions. The mortgage debt premiums and discounts are included in secured mortgage and bond debt, net on the accompanying consolidated balance sheets and are amortized to interest expense over the term of the related mortgage loans using the effective-interest method. The amortization of mortgage debt premiums and discounts resulted in a net decrease to interest expense of approximately $1.2 million, $4.7 million, and $4.9 million for the years ended December 31, 2021, 2020, and 2019, respectively. As of December 31, 2021 and 2020, net unamortized mortgage debt premiums were approximately $0.4 million and $1.7 million, respectively. Tenant Reimbursements Reimbursements from tenants, consisting of amounts due from tenants for utilities, are recognized as revenue in the period the recoverable costs are incurred. Tenant reimbursements are recognized and recorded on a gross basis, as the Company is generally the primary obligor with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the supplier, and has credit risk. Third-Party Development Services Revenue The Company recognizes development and construction revenues over the life of the contract using a time-based measure of progress. An entire development and construction contract represents a single performance obligation comprised of a series of distinct services to be satisfied over time, and a single transaction price to be recognized over the life of the contract using a time-based measure of

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is computed using net income attributable to common shareholders and the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings per share reflects common shares issuable from the assumed conversion of OP Units and common share awards granted. Only those items having a dilutive impact on basic earnings per share are included in diluted earnings per share. The following potentially dilutive securities were outstanding for the years ended December 31, 2021, 2020, and 2019, but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. Year Ended December 31, 2021 2020 2019 Common OP Units (Note 10) 468,475 468,475 531,112 Preferred OP Units (Note 10) 35,242 35,242 42,421 Total potentially dilutive securities 503,717 503,717 573,533 The following is a summary of the elements used in calculating basic and diluted earnings per share: Year Ended December 31, 2021 2020 2019 Numerator - basic and diluted earnings per share Net income $ 33,284 $ 69,848 $ 86,762 Net loss (income) attributable to noncontrolling interests 2,205 2,955 (1,793) Net income attributable to ACC, Inc. and Subsidiaries common stockholders 35,489 72,803 84,969 Amount allocated to participating securities (2,285) (2,142) (1,902) Net income attributable to common stockholders $ 33,204 $ 70,661 $ 83,067 Denominator Basic weighted average common shares outstanding 138,503,705 137,588,964 137,295,837 Unvested restricted stock awards (Note 11) 1,199,930 1,121,466 990,941 Diluted weighted average common shares outstanding 139,703,635 138,710,430 138,286,778 Earnings per share Net income attributable to common stockholders - basic $ 0.24 $ 0.51 $ 0.61 Net income attributable to common stockholders - diluted $ 0.24 $ 0.51 $ 0.60

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes As mentioned in Note 2, the Company qualifies as a REIT under the Code. As a REIT, the Company is not subject to federal income tax as long as it distributes at least 90% of its taxable income to its shareholders each year. If the Company’s taxable income exceeds its distributions for the year, the REIT tax rules allow the Company to designate distributions from a subsequent tax year in order to avoid current taxation on undistributed income. No provision for federal income taxes for the REIT has been included in the accompanying consolidated financial statements as the Company expects to meet the 90% annual distribution requirement. If the Company fails to qualify as a REIT, the Company will be subject to federal income tax on its taxable income and to federal income and excise taxes on its undistributed income. In addition, ACCOP is a flow-through entity and is not subject to federal income taxes at the entity level. Historically, the Company has incurred only state and local income, franchise, and margin taxes. The Company’s TRSs are subject to federal, state, and local income taxes. As such, deferred income taxes result from temporary differences between the carrying amounts of assets and liabilities of the TRSs for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are measured using enacted tax rates in effect in the years in which those temporary differences are expected to reverse. Significant components of the deferred tax assets and liabilities of the TRSs are as follows: December 31, 2021 2020 Deferred tax assets Fixed and intangible assets $ 1,664 $ 1,669 Net operating loss carryforwards 7,952 8,207 Prepaid and deferred income 1,140 1,060 Bad debt reserves 691 675 Leases 3,089 3,314 Accrued expenses and other 5,060 3,795 Stock compensation 2,963 3,084 Total deferred tax assets 22,559 21,804 Valuation allowance for deferred tax assets (19,743) (18,578) Deferred tax assets, net of valuation allowance 2,816 3,226 Deferred tax liabilities Leases (2,793) (3,189) Deferred financing costs (23) (37) Net deferred tax liabilities $ — $ — Significant components of the Company’s income tax provision are as follows: Year Ended December 31, 2021 2020 2019 Current Federal $ (112) $ (103) $ (157) State (1,249) (1,246) (1,350) Deferred Federal — — — State — — — Total provision $ (1,361) $ (1,349) $ (1,507) TRS earnings subject to tax consisted of an income of approximately $4.4 million, a loss of approximately $5.4 million, and income of approximately $10.0 million for the years ended December 31, 2021, 2020, and 2019, respectively. The reconciliation of income tax for the TRSs computed at the U.S. statutory rate to income tax provision is as follows: Year Ended December 31, 2021 2020 2019 Tax benefit (provision) at U.S. statutory rates on TRS income $ 1,347 $ 1,536 $ (789) State income tax, net of federal income tax benefit (provision) 206 278 (57) Effect of permanent differences and other (53) (8) 5 (Increase) decrease in valuation allowance (1,500) (1,806) 841 TRS income tax provision $ — $ — $ — At December 31, 2021, the TRSs had net operating loss carryforwards (“NOLs”) of approximately $29.8 million for income tax purposes that begin to expire in 2033. These NOLs may be used to offset future taxable income generated by each of the respective TRSs. Due to the various limitations to which the use of NOLs are subject, the Company has applied a valuation allowance to the NOLs given the likelihood that the NOLs will expire unused. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states’ jurisdictions as required, and as of December 31, 2021, the 2020, 2019, and 2018 calendar tax years are subject to examination by the tax authorities. The Company had no material unrecognized tax benefits for the years ended December 31, 2021, 2020, and 2019, and as of December 31, 2021, the Company does not expect to record any material unrecognized tax benefits. Because no material unrecognized tax benefits have been recorded, no related interest or penalties have been calculated. A schedule of per share distributions the Company paid and reported to its shareholders, which is unaudited, is set forth in the following table: Year Ended December 31, Tax Treatment of Distributions 2021 2020 2019 Ordinary income $ 0.4500 $ 1.1004 $ 0.6625 Long-term capital gain (1) 1.2248 0.3560 1.2075 Return of capital 0.2052 0.4236 — Total per common share outstanding $ 1.8800 $ 1.8800 $ 1.8700 (1) Unrecaptured Section 1250 gains of $0.2560, $0.2052, and $0.3827 were reported for the years ended December 31, 2021, 2020, and 2019, respectively.

Acquisitions and Joint Venture

Acquisitions and Joint Venture Investments	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Joint Venture Investments	Acquisitions and Joint Venture Investments Land Acquisitions In November 2021, the Company acquired a land parcel near the University of Georgia for approximately $1.0 million including transaction costs. The land was purchased as part of a planned redevelopment of a current asset. In May 2021, the Company acquired a land parcel near Arizona State University for approximately $12.2 million including transaction costs. The land was purchased for the potential future development of a student housing facility. In October 2020, the Company acquired a property containing a commercial building near the University of Central Florida for approximately $11.6 million including transaction costs. The land was purchased for future development of a student housing facility. The commercial building is currently leased and managed by a third party. The Company will receive the operating cash flows of the property until development commences. Joint Venture Transactions In August 2020, the Company entered into a joint venture arrangement with a third-party partner to develop a property located in Nashville, TN (the “Nashville Joint Venture”). The Company’s contribution consisted of cash and pre-development expenditures totaling $5.6 million in exchange for a 50% ownership interest in the Nashville Joint Venture. Additionally, as part of the transaction, the Company financed the third-party partner’s contribution with a $5.4 million, two-year note receivable (the “Note”) at a 6.5% annual interest rate. The third-party partner contributed the proceeds from the Note as well as pre-development and transaction costs of approximately $0.7 million in exchange for a 50% ownership interest in the Nashville Joint Venture. In September 2020, the Nashville Joint Venture purchased a land parcel for $11.3 million including transaction costs. The Nashville Joint Venture was determined to be a VIE with the Company being the primary beneficiary. As such, the Nashville Joint Venture is included in the Company’s consolidated financial statements contained herein and the third-party partner’s ownership interest is accounted for as noncontrolling interest - partially owned properties. Presale Development Projects During the year ended December 31, 2019, two properties containing 783 beds and subject to presale agreements were completed and acquired by the Company for $110.2 million. The purchase price included $8.6 million related to the purchase of the land on which one of the properties is built. Additionally, upon acquisition, the third-party developer repaid an $18.5 million mezzanine loan, including accrued interest, that the Company provided to one of the projects during the construction period. As presale development properties are consolidated by the Company from time of execution of the presale agreements with the developers, the closing of the transactions was accounted for as an increase in ownership of a consolidated subsidiary.

Dispositions and Joint Venture

Dispositions and Joint Venture Investments	12 Months Ended
	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Dispositions and Joint Venture Investments	Dispositions and Joint Venture Investments Joint Venture Activity In December 2021, the Company executed a joint venture agreement with an affiliate of Harrison Street Real Estate Capital, LLC (“HS”) for the ownership of the Company's existing eight-property Arizona State University student housing portfolio. The transaction (the "ACC / HS Joint Venture Transaction") is structured with a two-phase closing. The first phase of the transaction closed in December 2021 and included the sale of a 45% ownership interest in three owned properties containing 4,272 beds for a sales price of approximately $271.7 million. The second phase is expected to close in late 2022 or early 2023 and will involve the sale of a 45% ownership interest in five owned properties containing 3,915 beds for a sales price of approximately $279.6 million, subject to customary closing conditions, including no material adverse changes to these properties. The joint venture was determined to be a VIE. As the Company retained control of the properties after the joint venture transaction through its 55% ownership interest, it was deemed the primary beneficiary. As such, the Company’s contribution of the properties to the joint venture was recorded at net book value, and the joint venture is included in the Company’s consolidated financial statements contained herein. The joint venture partner’s ownership interest in the joint venture is accounted for as noncontrolling interest. The difference between the book value and the sales price of the 45% ownership interest purchased by HS is reflected as Change in Ownership of Consolidated Subsidiary on the accompanying Consolidated Statements of Changes in Equity. Additionally, the book value of the 45% ownership interest purchased by HS is reflected as Contributions by Noncontrolling Interests – Partially Owned Properties on the accompanying Consolidated Statements of Changes in Equity. Property Dispositions In March 2020, the Company sold The Varsity, an owned property located near University of Maryland in College Park, Maryland, containing 901 beds for $148.0 million, resulting in net cash proceeds of approximately $146.1 million. The net gain on this disposition totaled approximately $48.5 million. During the year ended December 31, 2019, the Company sold two owned properties containing 1,150 beds for approximately $109.5 million, resulting in net cash proceeds of approximately $108.6 million. Concurrent with the classification of one of the sold properties as held for sale, the Company reduced the property’s carrying amount to its estimated fair value less estimated selling costs and recorded an impairment charge of $3.2 million. The combined net loss on the dispositions was not material.

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 2021
Disclosure Wholly Owned Properties [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: December 31, 2021 December 31, 2020 Land $ 678,254 $ 664,879 Buildings and improvements 7,241,918 6,949,781 Furniture, fixtures, and equipment 425,469 405,843 Construction in progress 242,566 361,893 8,588,207 8,382,396 Less accumulated depreciation (1,911,396) (1,660,652) Owned properties, net $ 6,676,811 $ 6,721,744 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: December 31, 2021 December 31, 2020 Buildings and improvements $ 160,275 $ 157,218 Furniture, fixtures, and equipment 14,213 14,389 Construction in progress 60 — 174,548 171,607 Less accumulated depreciation (108,989) (102,326) On-campus participating properties, net $ 65,559 $ 69,281

Debt

Debt	12 Months Ended
	Dec. 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: December 31, 2021 2020 Debt secured by owned properties Mortgage loans payable Unpaid principal balance $ 460,825 $ 563,506 Unamortized deferred financing costs (596) (848) Unamortized debt premiums 540 1,819 Unamortized debt discounts (103) (151) 460,666 564,326 Debt secured by OCPPs Mortgage loans payable (1) 60,986 63,714 Bonds payable (1) 14,695 19,110 Unamortized deferred financing costs (511) (323) 75,170 82,501 Total secured mortgage and bond debt, net 535,836 646,827 Unsecured notes, net of unamortized OID and deferred financing costs (2) 2,773,855 2,375,603 Unsecured term loan, net of unamortized deferred financing costs (3) 199,824 199,473 Unsecured revolving credit facility — 371,100 Total debt, net $ 3,509,515 $ 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 $5.3 million and $5.8 million at December 31, 2021 and 2020, respectively, and net unamortized deferred financing costs of $20.8 million and $18.6 million at December 31, 2021 and 2020, respectively. (3) Includes net unamortized deferred financing costs of $0.2 million and $0.5 million at December 31, 2021 and 2020, respectively. Mortgage Loans Payable Mortgage loans payable generally feature either monthly interest and principal payments or monthly interest-only payments with balloon payments due at maturity. For purposes of classification in the following table, variable rate mortgage loans subject to interest rate swaps are deemed to be fixed rate, due to the Company having effectively fixed the interest rate for the underlying debt instrument. Mortgage loans payable, excluding debt premiums and discounts, consisted of the following as of December 31, 2021: December 31, 2021 Principal Outstanding Weighted Weighted Number of December 31, Average Average Years Properties 2021 2020 Interest Rate to Maturity Encumbered Fixed Rate Mortgage loans payable (1) $ 520,888 $ 625,136 4.03 % 6.6 years 10 Variable Rate Mortgage loans payable (2) 923 2,084 2.61 % 23.6 years — Total $ 521,811 $ 627,220 4.03 % 6.7 years 10 (1) Fixed rate mortgage loans payable mature on various dates from 2024 through 2045 and carry interest rates ranging from 2.79% to 4.50% at December 31, 2021. (2) Represents mortgage debt at one of our on-campus participating properties not subject to an interest rate swap contract. This property is included in the number of properties encumbered by mortgage loans above. During the year ended December 31, 2021, the following transactions occurred: Mortgage Loans Payable (1) Balance, December 31, 2020 $ 627,220 Pay-off of mortgage notes payable (2) (99,819) Scheduled repayments of principal (5,590) Balance, December 31, 2021 $ 521,811 (1) Balance excludes unamortized debt premiums and discounts. (2) Represents pay-offs of mortgage notes payable secured by six properties. 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 12 for information related to derivatives. Bonds Payable Three of the on-campus participating properties are 100% financed with outstanding project-based taxable bonds. Under the terms of these financings, one of the Company’s special purpose subsidiaries publicly issued three series of taxable bonds and loaned the proceeds to three special purpose subsidiaries that each hold a separate leasehold interest. The bonds encumbering the leasehold interests are non-recourse, subject to customary exceptions. Although a default in payment by these special purpose subsidiaries could result in a default under one or more series of bonds, indebtedness of any of these special purpose subsidiaries is not cross-defaulted or cross-collateralized with indebtedness of the Company, the Operating Partnership, or other special purpose subsidiaries. Repayment of principal and interest on these bonds is insured by MBIA, Inc. Interest and principal are paid semi-annually and annually, respectively, through maturity. Covenants include, among other items, budgeted and actual debt service coverage ratios. As of December 31, 2021, the Company was in compliance with all such covenants. Bonds payable at December 31, 2021 consisted of the following: Mortgaged Facilities Original Principal Weighted Average Maturity Required Monthly December 31, 2021 1999 University Village-PVAMU/TAMIU $ 39,270 $ 6,485 7.76 % September 2023 $ 302 2001 University College–PVAMU 20,995 6,345 7.62 % August 2025 158 2003 University College–PVAMU 4,325 1,865 6.22 % August 2028 28 Total/weighted average rate $ 64,590 $ 14,695 7.50 % $ 488 Unsecured Notes In October 2021, the Operating Partnership closed a $400 million offering of senior unsecured notes under its existing shelf registration. These 7-year notes were issued at 99.928% of par value with a coupon of 2.250% and are fully and unconditionally guaranteed by the Company. Interest on the notes is payable semi-annually on January 15 and July 15, with the first payment due and payable on January 15, 2022. The notes will mature on January 15, 2029. Net proceeds from the sale of the senior unsecured notes totaled approximately $394.4 million. The Company used the proceeds to repay borrowings under its Credit Facility. As of December 31, 2021, the Operating Partnership has issued the following senior unsecured notes: Date Issued Amount % of Par Value Coupon Yield Original Issue Discount Term (Years) April 2013 $ 400,000 99.659 3.750% 3.791% $ 1,364 10 June 2014 400,000 99.861 4.125% 4.269% (1) 556 10 October 2017 400,000 99.912 3.625% 3.635% 352 10 June 2019 400,000 99.704 3.300% 3.680% (1) 1,184 7 January 2020 400,000 99.810 2.850% 2.872% 760 10 June 2020 400,000 99.142 3.875% 3.974% 3,432 10 October 2021 400,000 99.928 2.250% 2.261% 288 7 $ 2,800,000 $ 7,936 (1) The yield includes the effect of amortization of interest rate swap terminations. The notes are fully and unconditionally guaranteed by the Company. Interest on the notes is payable semi-annually. The terms of the unsecured notes include certain financial covenants that require the Operating Partnership to limit the amount of total debt and secured debt as a percentage of total asset value, as defined. In addition, the Operating Partnership must maintain a minimum ratio of unencumbered asset value to unsecured debt, as well as a minimum interest coverage level. As of December 31, 2021, the Company was in compliance with all such covenants. Unsecured Revolving Credit Facility In May 2021, the Company closed on the renewal of its existing $1.0 billion Credit Facility which was previously scheduled to mature in March 2022. The renewed agreement contains an accordion feature that allows the Company to expand the Credit Facility by up to an additional $500 million, subject to the satisfaction of certain conditions. Additionally, a component of the interest rate is based on the achievement of specified environmental, social, and governance (“ESG”) targets which include the achievement of diversity rates among the Company’s independent board members and employees and completion of certifications or renovations that meet certain sustainability standards. The Credit Facility matures in May 2025, and can be extended through two six-month extension options, subject to the satisfaction of certain conditions. The Credit Facility bears interest at a variable rate, at the Company’s option, based upon a base rate of one-, 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, subject to adjustment based upon the achievement of ESG targets described above. Additionally, the Company is required to pay a facility fee of 0.20% per annum on the $1.0 billion Credit Facility. As of December 31, 2021, the Credit Facility had a zero balance and availability under the Credit Facility totaled $1.0 billion. The terms of the Credit Facility include certain restrictions and covenants, which limit, among other items, the incurrence of additional indebtedness and liens. The facility contains customary affirmative and negative covenants and also contains financial covenants that, among other things, require the Company to maintain certain maximum leverage ratios and minimum ratios of “EBITDA” (earnings before interest, taxes, depreciation and amortization) to fixed charges. The financial covenants also include a minimum asset value requirement, a maximum secured debt ratio, and a minimum unsecured debt service coverage ratio. As of December 31, 2021, the Company was in compliance with all such covenants. Unsecured Term Loan The Company’s Term Loan totals $200 million and 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. The weighted average annual rate on the Term Loan was 2.54% (1.44% + 1.10% spread) at December 31, 2021. Refer to Note 12 for more information related to cash flow hedges of interest rate risk. The Term Loan Facility includes certain restrictions and covenants consistent with those of the unsecured revolving credit facility discussed above. As of December 31, 2021, the Company was in compliance with all such covenants. In May 2021, the Company modified the Term Loan to include LIBOR transition language and to conform the covenants and various administrative items from the agreement to those in the Company’s Credit Facility which was also amended in May 2021. Debt Maturities The following table summarizes the stated debt maturities and scheduled amortization payments, excluding debt premiums and discounts, for each of the five years subsequent to December 31, 2021 and thereafter: 2022 $ 209,723 2023 410,411 2024 530,939 2025 4,922 2026 403,207 Thereafter 1,977,304 $ 3,536,506 The Company's payment of principal and interest were current at December 31, 2021. Certain of the mortgage notes and bonds payable are subject to prepayment penalties.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity In May 2021, the Company renewed its at-the-market share offering program (the “ATM Equity Program”) through which the Company may issue and sell, from time to time, shares of common stock having an aggregate offering price of up to $500.0 million. The shares that may be sold under this program include shares of common stock of the Company with an aggregate offering price of approximately $500.0 million that were not sold under the Company's previous ATM equity program that expired in May 2021. Actual sales under the program will depend on a variety of factors, including, but not limited to, market conditions, the trading price of the Company’s common stock and determinations of the appropriate sources of funding for the Company. The following table presents activity under the Company’s ATM Equity Program during the year ended December 31, 2021. There was no activity under the Company’s ATM Equity Program during the year ended December 31, 2020. Year Ended December 31, 2021 Total net proceeds $ 58,927 Commissions paid to sales agents $ 747 Weighted average price per share $ 49.05 Shares of common stock sold 1,216,600 As of December 31, 2021, the Company had $440.3 million available for issuance under its ATM Equity Program. The Company has a Non-Qualified Deferred Compensation Plan (“Deferred Compensation Plan”) maintained for the benefit of certain employees and members of the Company’s Board of Directors, in which vested share awards (see Note 11), salary, and other cash amounts earned may be deposited. Deferred Compensation Plan assets are held in a rabbi trust, which is subject to the claims of the Company’s creditors in the event of bankruptcy or insolvency. The shares held in the Deferred Compensation Plan are classified within stockholders’ equity in a manner similar to the manner in which treasury stock is classified. Subsequent changes in the fair value of the shares are not recognized. During the year ended December 31, 2021, 28,899 shares and 27,945 shares of vested stock were deposited into and withdrawn from the Deferred Compensation Plan, respectively. As of December 31, 2021, 92,700 shares of ACC's common stock were held in the Deferred Compensation Plan.

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2021
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Noncontrolling interests - partially owned properties: As of December 31, 2021, the Company consolidates six joint ventures that own and operate 13 owned off-campus properties and one land parcel, including the ACC / HS Joint Venture Transaction discussed in Note 6. 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. Redeemable noncontrolling interests - partially owned properties: The noncontrolling interest holder in the Core Spaces / DRW Real Estate Investment joint ventures (the “Core Joint Ventures”), which were formed in 2017, had the option to redeem its noncontrolling interest in the entities through the exercise of put options. During the year ended December 31, 2020, the noncontrolling interest holder exercised its option to redeem its remaining ownership interest in the Core Joint Ventures, which reduced the redeemable noncontrolling interest by $77.2 million. As of December 31, 2021 and 2020, the Company had 100% ownership interest in all five properties initially held by the Core Joint Ventures. Below is a table summarizing the activity of redeemable noncontrolling interests for the years ended December 31, 2021, 2020, and 2019: Balance, December 31, 2018 $ 184,446 Net income 783 Distributions (1,062) Conversion of OP Units into shares of ACC common stock (6,082) Contributions from noncontrolling interests 250 Purchase of noncontrolling interests (88,304) Adjustments to reflect redeemable noncontrolling interests at fair value 14,350 Balance, December 31, 2019 $ 104,381 Net income 325 Distributions (937) Purchase of noncontrolling interests (77,200) Adjustments to reflect redeemable noncontrolling interests at fair value (2,002) Balance, December 31, 2020 $ 24,567 Net income 177 Distributions (937) Adjustments to reflect redeemable noncontrolling interests at fair value 8,051 Balance, December 31, 2021 $ 31,858

Incentive Award Plan

Incentive Award Plan	12 Months Ended
	Dec. 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. As of December 31, 2021, 2.2 million shares were available for issuance under the Plan. Restricted Stock Awards The Company awards RSAs to its executive officers and certain employees that vest in equal annual installments over a five year period. Unvested awards are forfeited upon the termination of an individual’s employment with the Company under specified circumstances. Recipients of RSAs receive dividends, as declared by the Company’s Board of Directors, on unvested shares, provided that the recipient continues to be employed by the Company. A summary of the Company’s RSAs under the Plan for the years ended December 31, 2021 and 2020 is presented below: Number of Weighted-Average Nonvested balance as of December 31, 2019 967,341 $ 43.27 Granted 444,522 47.13 Vested (1) (295,385) 43.40 Forfeited (23,882) 44.56 Nonvested balance as of December 31, 2020 1,092,596 $ 44.78 Granted 468,770 41.50 Vested (2) (415,572) 44.18 Forfeited (34,696) 43.32 Nonvested balance as of December 31, 2021 1,111,098 $ 43.67 (1) Includes 95,690 shares withheld to satisfy tax obligations upon vesting for the year ended December 31, 2020. (2) Includes 140,864 shares withheld to satisfy tax obligations upon vesting for the year ended December 31, 2021. The fair value of RSAs is calculated based on the closing market value of the Company’s common stock on the date of grant. The fair value of these awards is amortized to expense over the vesting periods, which amounted to approximately $18.4 million, $14.4 million, and $12.7 million for the years ended December 31, 2021, 2020, and 2019, respectively. The weighted-average grant date fair value for each RSA granted and forfeited during the year ended December 31, 2019 was $44.08 and $42.91, respectively. The total fair value of RSAs vested during the year ended December 31, 2021 was approximately $18.4 million. Additionally, as of December 31, 2021, the Company had approximately $35.8 million of total unrecognized compensation cost related to granted RSAs, which is expected to be recognized over a remaining weighted-average period of 3.2 years. Per the provisions of the Plan, an employee becomes retirement eligible when: (i) the sum of an employee’s full years of service (a minimum of 120 contiguous full months) and the employee’s age on the date of termination (a minimum of 50 years of age) equals or exceeds 70 years (hereinafter referred to as the “Rule of 70”); (ii) the employee gives at least six months prior written notice to the Company of his or her intention to retire; and (iii) the employee enters into a noncompetition agreement and a general release of all claims in a form that is reasonably satisfactory to the Company. As of December 31, 2021, 24 employees have met the Rule of 70, including the Company’s Chief Executive Officer. A total of 375,756 unvested RSAs are held by such employees representing future amortization expense of $12.0 million. Once the first two conditions of retirement eligibility are met, the unvested shares held by these employees will be subject to accelerated vesting. Restricted Stock Units Upon initial appointment to the Board of Directors and reelection to the Board of Directors at each Annual Meeting of Stockholders, each independent member of the Board of Directors is granted RSUs. On the Settlement Date, the Company will deliver to the recipients a number of shares of common stock or cash, as determined by the Compensation Committee of the Board of Directors, equal to the number of RSUs granted to the recipients. In addition, recipients of RSUs are entitled to dividend equivalents equal to the cash distributions paid by the Company on one share of common stock for each RSU issued, payable currently, or on the Settlement Date, as determined by the Compensation Committee of the Board of Directors. Upon reelection to the Board of Directors in April 2021, all members of the Company’s Board of Directors were granted RSUs in accordance with the Plan. These RSUs were valued at $170,000 for the Chair of the Board of Directors and at $122,500 for all other members. The number of RSUs was determined based on the fair market value of the Company’s stock on the date of grant, as defined in the Plan. All awards vested and settled immediately on the date of grant, and the Company delivered shares of common stock and cash, as determined by the Compensation Committee of the Board of Directors. In January 2021, the Company appointed three new members to the Board of Directors who were each granted RSUs valued at $122,500. A summary of ACC’s RSUs under the Plan for the years ended December 31, 2021 and 2020 and activity during the years then ended is presented below: Number of Weighted-Average Grant Date Fair Value Per RSU Outstanding as of December 31, 2019 — $ — Granted 30,137 34.10 Settled in common shares (27,644) 34.10 Settled in cash (2,493) 34.10 Outstanding as of December 31, 2020 — $ — Granted 34,626 43.83 Settled in common shares (33,514) 43.80 Settled in cash (1,112) 44.98 Outstanding as of December 31, 2021 — $ — The Company recognized expense of approximately $1.6 million, $1.0 million, and $0.9 million for the years ended December 31, 2021, 2020, and 2019, respectively, reflecting the fair value of the RSUs issued on the dates of grants disclosed above. The weighted-average grant-date fair value for each RSU granted during the year ended December 31, 2019 was $47.34.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and forward starting swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Forward starting swaps are used to protect the Company against adverse fluctuations in interest rates by reducing its exposure to variability in cash flows relating to interest payments on a forecasted issuance of debt. These agreements contain provisions such that if the Company defaults on any of its indebtedness, regardless of whether the repayment of the indebtedness has been accelerated by the lender or not, then the Company could also be declared in default on its derivative obligations. As of December 31, 2021, the Company was not in default on any of its indebtedness or derivative instruments. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded outside of earnings in other comprehensive income (“OCI”) and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings within the same income statement line item as the earnings effect of the hedged transaction. The following table summarizes the Company’s outstanding interest rate swap contracts which are included in other assets and other liabilities on the accompanying consolidated balance sheets as of December 31, 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 $ (2,716) College Park mortgage loan Oct 16, 2019 Oct 16, 2022 1.2570% LIBOR - 1 month 37,500 (264) Unsecured term loan Nov 4, 2019 Jun 27, 2022 1.4685% LIBOR - 1 month 100,000 (606) Unsecured term loan Dec 2, 2019 Jun 27, 2022 1.4203% LIBOR - 1 month 100,000 (583) Cullen Oaks mortgage loan Feb 16, 2021 Feb 15, 2028 0.7850% LIBOR - 1 month 11,223 231 Cullen Oaks mortgage loan Feb 16, 2021 Feb 15, 2028 0.7850% LIBOR - 1 month 11,339 233 Total $ 330,062 $ (3,705) In December 2018, the Company entered into three forward starting interest rate swap contracts with notional amounts totaling $200.0 million designated to hedge the Company's exposure to increasing interest rates related to interest payments on an anticipated issuance of unsecured notes. In connection with the issuance of unsecured notes in June 2019, the Company terminated the swap contracts resulting in payments to counterparties totaling approximately $13.2 million, which were recorded in accumulated other comprehensive loss and which will be amortized to interest expense over the term of the swap contracts based on the June 2019 issuance and expected additional issuances. The table below presents the fair value of the Company’s derivative financial instruments and their classification on the accompanying consolidated balance sheets as of December 31, 2021 and 2020: Asset Derivatives Liability Derivatives Fair Value as of Fair Value as of Description Balance Sheet Location 12/31/2021 12/31/2020 Balance Sheet Location 12/31/2021 12/31/2020 Interest rate swap contracts Other assets $ 464 $ — Other liabilities $ 4,169 $ 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 years ended December 31, 2021, 2020, and 2019: Year Ended December 31, Description 2021 2020 2019 Change in fair value of derivatives and other recognized in other comprehensive income ("OCI") $ 1,262 $ (11,380) $ (723) Swap interest accruals reclassified to interest expense 5,244 3,844 200 Termination of interest rate swap payment recognized in OCI — — (13,159) Amortization of interest rate swap terminations (1) 1,724 1,705 1,133 Total change in OCI due to derivative financial instruments $ 8,230 $ (5,831) $ (12,549) Interest expense presented in the consolidated statements of comprehensive income in which the effects of cash flow hedges are recorded $ 117,793 $ 112,507 $ 111,287 (1) Represents amortization from OCI into interest expense. As of December 31, 2021, the Company estimates that $4.9 million will be reclassified from OCI to interest expense over the next twelve months.

Fair Value Disclosures

Fair Value Disclosures	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Fair Value Disclosures Financial Instruments Carried at Fair Value The Company follows the authoritative guidance for financial assets and liabilities, which establishes a framework for measuring fair value and requires enhanced disclosures about fair value measurements. The authoritative guidance requires disclosure about how fair value is determined for assets and liabilities and establishes a hierarchy by which these assets and liabilities must be categorized, based on the significance of inputs. In general, fair values determined by Level 1 inputs utilize unadjusted, quoted prices in active markets for identical assets or liabilities the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability, such as interest rates and yield curves observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability and include situations where there is little, if any, market activity for the asset or liability. In instances in which the inputs used to measure fair value may fall into different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement in its entirety has been determined is based on the lowest level input significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The following table presents information about the Company’s financial instruments measured at fair value on a recurring basis as of December 31, 2021 and 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 December 31, 2021 December 31, 2020 Level 2 Level 3 Total Level 2 Level 3 Total Assets Derivative financial instruments $ 464 (1) $ — $ 464 $ — $ — $ — Liabilities Derivative financial instruments $ 4,169 (1) $ — $ 4,169 $ 10,211 (1) $ — $ 10,211 Mezzanine Redeemable noncontrolling interests $ 28,858 (2) $ 3,000 $ 31,858 $ 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 based on the greater of fair value of the Company’s common stock or historical cost at the balance sheet date. Represents a quoted price for a similar asset in an active market. Refer to Note 10. Financial Instruments Not Carried at Fair Value As of December 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 and accrued expenses, and other liabilities. As of December 31, 2021 and December 31, 2020, the carrying values for the following instruments represent fair values due to the variable interest rate feature of the instruments: the Credit Facility (which had no outstanding balance as of December 31, 2021) and one variable rate mortgage loan payable. The table below contains the estimated fair value and related carrying amounts for the Company’s financial instruments as of December 31, 2021 and 2020. There were no Level 1 or Level 3 measurements for the periods presented. December 31, 2021 December 31, 2020 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Level 2 Level 2 Liabilities (1) Unsecured notes $ 2,773,855 $ 2,917,121 (2) $ 2,375,603 $ 2,609,373 (2) Mortgage loans payable (fixed rate) (3) $ 520,316 $ 535,401 (4) $ 625,783 $ 656,648 (4) Bonds payable $ 14,597 $ 15,703 (5) $ 18,960 $ 20,720 (5) Unsecured term loan (fixed rate) $ 199,824 $ 201,042 (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 8). (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 $0.9 million and $2.1 million as of December 31, 2021 and 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 (see Note 8). Valued using the present value of the cash flows at interpolated 1-month LIBOR swap rates through maturity that primarily fall within the Level 2 category.

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Leases	Leases As Lessee As discussed in Note 2, the Company as lessee has entered into lease agreements with university systems and other third parties for the purpose of financing, constructing, and operating student housing properties. Under the terms of the ground/facility leases, the lessor may receive annual minimum rent, variable rent based upon the operating performance of the property, or a combination thereof. In the accompanying consolidated statements of comprehensive income, rent expense for ACE ® properties and OCPPs is included in ground/facility lease expense, and rent expense for owned off-campus properties is included in owned properties operating expenses. Total straight-line rent expense, variable rent expense, and capitalized rent cost, were as follows: Year Ended December 31, Description 2021 2020 2019 Straight-line rent expense $ 18,528 $ 12,379 $ 10,009 Variable rent expense (1) $ 3,895 $ 5,761 $ 8,996 Capitalized rent cost $ 10,488 $ 15,772 $ 12,889 (1) Includes impact of rent concessions received as discussed below. During the years ended December 31, 2021 and 2020, the Company received rent concessions in the form of ground rent abatements at one ACE ® property related to the effects of the novel coronavirus disease pandemic (“COVID-19”). As discussed in Note 2, 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” and are presented in the following table: Year Ended December 31 , 2021 2020 Ground rent abatements $ 7,279 $ 1,512 Future minimum commitments over the life of all leases, which exclude variable rent payments, are as follows: December 31, 2021 2022 $ 23,756 2023 28,867 2024 29,465 2025 29,500 2026 29,564 Thereafter 1,604,511 Total minimum lease payments 1,745,663 Less imputed interest (1,248,842) Total lease liabilities (1) $ 496,821 (1) The weighted average remaining lease term of leases with a lease liability, excluding extension options, as of December 31, 2021 was 61.1 years. As Lessor As discussed in Note 2, the Company as lessor has entered into leases with both student and commercial tenants. Lease income under both student and commercial leases is included in owned property revenues and on-campus participating properties revenues in the accompanying consolidated statements of comprehensive income and is presented in the following table: Year Ended December 31, Description 2021 2020 2019 Student lease income $ 861,252 $ 809,112 $ 851,992 Commercial lease income $ 12,059 $ 11,793 $ 13,211 During the years ended December 31, 2021 and 2020, the Company provided various rent abatements and rent refunds to its tenants experiencing financial hardship due to COVID-19. In addition, during the year ended December 31, 2020, the Company also waived all late fees, online payment fees, and suspended financial related evictions during the spring and summer terms, and in certain cases continued to do so through the 2020/2021 academic year. As discussed in Note 2, these abatements and rent refunds were recorded as reductions to revenues in accordance with the FASB Staff Question & Answer “Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic” and are presented in the table below: Year Ended December 31 , Description 2021 2020 Abatements through the Resident Hardship Program (1) $ 1,036 $ 14,275 Net rent refunds through ACE ® university partnerships (1) (2) $ 2,811 $ 19,691 Net rent refunds through OCPP university partnerships (3) $ — $ 1,472 Abatements provided to commercial tenants (1) $ — $ 2,262 Reimbursements from university partners (4) $ (2,527) $ (1,654) (1) Recorded as reductions to owned properties revenue. (2) Net of reimbursements received from university partners of $2.6 million and $4.4 million for the years ended December 31, 2021 and 2020, respectively. (3) Recorded as reductions to OCPP revenue. (4) Represents reimbursements received from university partners to assist in the financial impacts of dedensification requirements, recorded in owned properties revenue.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments Construction Contract: As of December 31, 2021, the Company estimates additional costs to complete one owned development project under construction to be approximately $32.7 million. Charitable Donation: In connection with the ACC / HS Joint Venture Transaction described in Note 6, the Company committed to donate $5.0 million to Arizona State University for scholarships, programs that support student success, and sustainability. Upon the closing of the first phase of the transaction on December 31, 2021, the Company recorded a $2.5 million expense, which is reflected in other operating expenses in the accompanying consolidated statements of comprehensive income. The remaining $2.5 million will be recorded upon the closing of the second phase of the transaction. 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 $14.6 million as of December 31, 2021. As of December 31, 2021, management does not anticipate any material deviations from schedule or budget related to third-party development projects currently in progress. As a part of the development agreement with Walt Disney World ® Resort, the Company has guaranteed the completion of construction of approximately $614.6 million to be delivered in phases from 2020 to 2023. As of December 31, 2021, the Company has completed construction on six phases of the 10-phase project within the targeted delivery timeline. In addition, the Company is subject to a development guarantee in the event that the substantial completion of a project phase is delayed beyond its respective targeted delivery date, except in circumstances resulting in unavoidable delays. The agreement dictates that the Company shall pay damages of $20 per bed for each day of delay for any Disney College Internship Program participant who was either scheduled to live in the delayed phase as well as any participant who was not able to participate in the program due to the lack of available housing and would have otherwise been housed in the delayed phase. Under the agreement, the maximum exposure related to the Disney project assuming all remaining beds are not delivered on their respective delivery dates is approximately $0.1 million per day. The Company anticipates completing all remaining phases within the targeted delivery timeline. 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 Guarantee: 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 February 2021, the Company provided notice in accordance with the purchase and sale agreement and elected to extend the scheduled close date to June 1, 2022. In connection with the execution of the agreement and the closing extension, the Company has made earnest money deposits totaling $2.4 million which are 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: As discussed in the section Third-Party Development Services and Owned Development Project Costs in Note 2, the Company incurs pre-development expenditures with the pursuit of third-party and owned development projects. The Company bears the risk of loss of these pre-development expenditures if financing cannot be arranged or the Company is unable to obtain the required permits and authorizations for the project. As of December 31, 2021, the Company has deferred approximately $27.2 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, and are included in other assets on the accompanying consolidated balance sheets. Litigation: The Company is subject to various claims, lawsuits, legal proceedings, and other matters that have not been fully resolved and that have arisen in the ordinary course of business. While it is not possible to ascertain the ultimate outcome of such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on the consolidated financial position or results of operations of the Company. However, the outcome of claims, lawsuits and legal proceedings brought against the Company is subject to significant uncertainty. Therefore, although management considers the likelihood of such an outcome to be remote, the ultimate results of these matters cannot be predicted with certainty. Litigation Settlement: In June 2021, the Company entered into a Joint Stipulation and Settlement Agreement to end all outstanding litigation brought by an alleged class of certain current and former California-based employees alleging violations of statutory labor laws and regulations by the Company. As of December 31, 2021, the agreement was subject to final court approval. The Company agreed to pay an aggregate of $2.0 million to the plaintiffs, plus a portion of payroll taxes on the wage portion on the plaintiffs’ payment, in consideration of the settlement when the settlement agreement is formally approved by the court. The parties agreed the settlement was intended solely as a compromise of disputed claims and was not to be understood as a concession or determination that the Company has engaged in any wrongdoing. During the year ended December 31, 2021, the Company recorded litigation expense of $2.0 million to reflect the final amount owed under the settlement agreement, which is reflected in other operating expenses in the accompanying consolidated statements of comprehensive income.

Segments

Segments	12 Months Ended
	Dec. 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 income before depreciation, amortization, and noncontrolling interests. During the year ended December 31, 2019, the Company updated the presentation of certain items in the reconciliations section in the segment disclosures below by including additional detail in the reconciliation of segment income before depreciation and amortization to consolidated net income. Year Ended December 31, 2021 2020 2019 Owned Properties Rental revenues and other income $ 889,052 $ 820,699 $ 880,709 Interest income 1,007 459 473 Total revenues from external customers 890,059 821,158 881,182 Operating expenses before depreciation, amortization, and ground/facility lease expense (407,648) (378,454) (390,664) Ground/facility lease expense (15,647) (11,505) (11,084) Interest expense, net (1) (12,201) (12,413) (16,859) Income before depreciation and amortization $ 454,563 $ 418,786 $ 462,575 Depreciation and amortization $ (264,687) $ (256,238) $ (261,938) Capital expenditures $ 228,122 $ 373,898 $ 515,208 Total segment assets at December 31, $ 7,344,318 $ 7,368,883 $ 7,346,625 On-Campus Participating Properties Rental revenues and other income $ 31,207 $ 29,906 $ 36,346 Interest income 15 31 167 Total revenues from external customers 31,222 29,937 36,513 Operating expenses before depreciation, amortization, and ground/facility lease expense (14,333) (13,521) (15,028) Ground/facility lease expense (2,026) (2,008) (3,067) Interest expense, net (1) (3,483) (4,146) (4,934) Income before depreciation and amortization $ 11,380 $ 10,262 $ 13,484 Depreciation and amortization $ (8,039) $ (8,015) $ (8,380) Capital expenditures $ 4,308 $ 2,098 $ 2,898 Total segment assets at December 31, $ 81,815 $ 86,523 $ 97,561 Development Services Development and construction management fees $ 10,191 $ 7,543 $ 13,051 Operating expenses (9,207) (9,431) (8,658) Income (loss) before depreciation and amortization $ 984 $ (1,888) $ 4,393 Total segment assets at December 31, $ 21,251 $ 13,887 $ 13,539 Property Management Services Property management fees from external customers $ 11,959 $ 12,436 $ 12,936 Operating expenses (11,406) (12,269) (11,257) Income before depreciation and amortization $ 553 $ 167 $ 1,679 Total segment assets at December 31, $ 7,374 $ 8,390 $ 8,888 Reconciliations Total segment revenues and other income $ 943,431 $ 871,074 $ 943,682 Unallocated interest income earned on investments and corporate cash 352 2,449 3,046 Total consolidated revenues, including interest income $ 943,783 $ 873,523 $ 946,728 Segment income before depreciation and amortization $ 467,480 $ 427,327 $ 482,131 Segment depreciation and amortization (272,726) (264,253) (270,318) Corporate depreciation (2,871) (3,450) (4,728) Net unallocated expenses relating to corporate interest and overhead (147,209) (129,273) (117,529) Gain (loss) from disposition of real estate, net — 48,525 (53) Net other operating (expense) and nonoperating income (4,205) 2,407 — Amortization of deferred financing costs (5,824) (5,259) (5,012) Provision for impairment — — (17,214) (Loss) gain from extinguishment of debt, net — (4,827) 20,992 Income tax provision (1,361) (1,349) (1,507) Net income $ 33,284 $ 69,848 $ 86,762 Total segment assets $ 7,454,758 $ 7,477,683 $ 7,466,613 Unallocated corporate assets 119,828 53,477 93,141 Total assets at December 31, $ 7,574,586 $ 7,531,160 $ 7,559,754 (1) Net of capitalized interest and amortization of debt premiums.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions : On January 24, 2022, the Company’s Board of Directors declared a distribution per share of $0.47 which was paid on February 25, 2022 to all common stockholders of record as of February 4, 2022. At the same time, the Operating Partnership paid an equivalent amount per unit to holders of Common Units, as well as the quarterly cumulative preferential distribution to holders of Series A Preferred Units (see Note 10).

Schedule of Real Estate and Acc

Schedule of Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule of Real Estate and Accumulated Depreciation	Schedule of Real Estate and Accumulated Depreciation Initial Cost Total Costs Units Beds Land Buildings and Costs (1) Land Buildings and Total (2) Accumulated Depreciation Encumbrances (3) Year Built (4) Owned Properties (5) The Callaway House College Station 173 538 $ 5,081 $ 20,499 $ 8,397 $ 5,002 $ 28,975 $ 33,977 $ 16,514 $ — 1999 The Village at Science Drive 192 732 4,673 19,021 8,036 4,673 27,057 31,730 13,607 — 2000 University Village at Boulder Creek 82 309 1,035 16,393 1,666 1,035 18,059 19,094 8,811 — 2002 University Village 105 406 929 15,168 970 929 16,138 17,067 7,148 — 2004 University Village 220 749 — 41,119 2,366 — 43,485 43,485 19,756 — 2004 University Club Apartments 94 376 1,416 11,848 1,720 1,416 13,568 14,984 5,887 — 1999 City Parc at Fry Street 137 420 1,902 17,678 4,407 1,902 22,085 23,987 10,002 — 2004 Entrada Real 98 363 1,475 15,859 2,250 1,475 18,109 19,584 8,234 — 2000 University Village at Sweethome 269 830 2,473 34,448 3,930 2,473 38,378 40,851 15,956 — 2005 University Village 217 716 4,322 26,225 5,940 4,322 32,165 36,487 13,938 — 1991 Royal Village 118 448 2,386 15,153 7,368 2,363 22,544 24,907 9,321 — 1996 Royal Lexington 94 364 2,848 12,783 4,351 2,848 17,134 19,982 7,414 — 1994 Raiders Pass 264 828 3,877 32,445 5,689 3,877 38,134 42,011 16,135 — 2001 Aggie Station 156 450 1,634 18,821 6,368 1,634 25,189 26,823 9,785 — 2003 The Outpost 276 828 3,262 36,252 11,148 3,262 47,400 50,662 19,135 — 2005 Callaway Villas 236 704 3,903 31,953 800 3,903 32,753 36,656 13,049 — 2006 The Village on Sixth Avenue 248 752 2,763 22,480 9,887 2,763 32,367 35,130 13,299 — 1999 Newtown Crossing 356 942 7,013 53,597 1,469 7,013 55,066 62,079 20,745 — 2005 Olde Towne University Square 224 550 2,277 24,614 (314) 2,277 24,300 26,577 9,420 — 2005 Peninsular Place 183 478 2,306 16,559 1,368 2,306 17,927 20,233 7,082 — 2005 University Centre 234 840 — 77,378 910 — 78,288 78,288 28,980 — 2007 The Summit & Jacob Heights 258 930 2,318 36,464 2,383 2,318 38,847 41,165 13,835 — 2004 GrandMarc Seven Corners 186 440 4,491 28,807 2,055 4,491 30,862 35,353 10,848 — 2000 Aztec Corner 180 606 17,460 32,209 6,347 17,460 38,556 56,016 13,119 — 2001 The Tower at Third 188 375 1,145 19,128 13,131 1,267 32,137 33,404 13,310 — 1973 Willowtree Apartments and Tower 473 851 9,807 21,880 4,634 9,806 26,515 36,321 10,487 — 1970 University Pointe 204 682 989 27,576 3,934 989 31,510 32,499 12,292 — 2004 University Trails 240 684 1,183 25,173 3,704 1,183 28,877 30,060 11,113 — 2003 Campus Trails 156 480 1,358 11,291 7,901 1,225 19,325 20,550 6,617 — 1991 University Crossings (ACE) 260 1,016 — 50,668 41,541 — 92,209 92,209 38,019 — 2003 Vista del Sol (ACE) 613 1,866 — 135,939 7,912 — 143,851 143,851 53,098 — 2008 Villas at Chestnut Ridge 196 554 2,756 33,510 1,538 2,756 35,048 37,804 12,308 — 2008 Barrett Honors College (ACE) 604 1,721 — 131,302 23,777 — 155,079 155,079 55,886 — 2009 Sanctuary Lofts 201 485 2,960 18,180 4,440 2,959 22,621 25,580 8,406 — 2006 Initial Cost Total Costs Units Beds Land Buildings and Costs (1) Land Buildings and Total (2) Accumulated Depreciation Encumbrances (3) Year Built (4) The Edge - Charlotte 180 720 $ 3,076 $ 23,395 $ 9,335 $ 3,076 $ 32,730 $ 35,806 $ 13,508 $ — 1999 University Walk 120 480 2,016 14,599 2,960 2,016 17,559 19,575 6,102 — 2002 Uptown 180 528 3,031 21,685 5,245 3,031 26,930 29,961 8,971 — 2004 2nd Avenue Centre 274 868 4,434 27,236 5,089 4,434 32,325 36,759 10,781 — 2008 Villas at Babcock 204 792 4,642 30,901 1,135 4,642 32,036 36,678 13,020 — 2011 Lobo Village (ACE) 216 864 — 42,490 3,080 — 45,570 45,570 14,121 — 2011 Villas on Sycamore 170 682 3,000 24,640 1,439 3,000 26,079 29,079 10,942 — 2011 26 West 367 1,026 21,396 63,994 9,378 21,396 73,372 94,768 23,205 66,938 2008 Avalon Heights 210 754 4,968 24,345 16,120 4,968 40,465 45,433 14,547 — 2002 University Commons 164 480 12,559 19,010 3,767 12,559 22,777 35,336 7,369 — 2003 Casas del Rio (ACE) 283 1,028 — 40,639 3,819 — 44,458 44,458 19,397 — 2012 The Suites (ACE) 439 878 — 45,296 1,530 — 46,826 46,826 16,143 — 2013 Hilltop Townhomes (ACE) 144 576 — 31,507 1,126 — 32,633 32,633 12,271 — 2012 U Club on Frey 216 866 8,703 36,873 3,643 8,703 40,516 49,219 13,605 — 2013 Campus Edge on UTA Boulevard 128 488 2,661 21,233 2,210 2,663 23,441 26,104 8,794 — 2012 U Club Townhomes on Marion Pugh 160 640 6,722 26,546 2,430 6,722 28,976 35,698 11,416 — 2012 Villas on Rensch 153 610 10,231 33,852 1,841 10,231 35,693 45,924 12,791 — 2012 The Village at Overton Park 163 612 5,262 29,374 1,824 5,262 31,198 36,460 12,103 — 2012 Casa de Oro (ACE) 109 365 — 12,362 545 — 12,907 12,907 5,176 — 2012 The Villas at Vista del Sol (ACE) 104 400 — 20,421 738 — 21,159 21,159 8,603 — 2012 The Block 669 1,555 22,270 141,430 19,972 22,572 161,100 183,672 43,193 94,117 2008 University Pointe at College Station (ACE) 282 978 — 84,657 2,943 — 87,600 87,600 34,329 — 2012 309 Green 110 416 5,351 49,987 4,912 5,351 54,899 60,250 15,352 — 2008 The Retreat 187 780 5,265 46,236 4,610 5,265 50,846 56,111 14,862 — 2012 Lofts54 43 172 430 14,741 4,862 430 19,603 20,033 5,762 — 2008 Campustown Rentals 264 746 2,382 40,190 7,263 2,382 47,453 49,835 14,975 — 1982 Chauncey Square 158 386 2,522 40,013 3,046 2,522 43,059 45,581 11,969 — 2011 Texan & Vintage 124 311 5,937 11,906 16,475 5,962 28,356 34,318 7,858 18,796 2008 The Castilian 371 623 3,663 59,772 38,013 3,663 97,785 101,448 32,437 46,052 1967 Bishops Square 134 315 1,206 17,878 3,163 1,206 21,041 22,247 6,770 — 2002 Union 54 120 169 6,348 1,257 169 7,605 7,774 2,439 — 2006 922 Place 132 468 3,363 34,947 4,193 3,363 39,140 42,503 12,156 — 2009 Campustown 452 1,216 1,818 77,894 16,509 1,818 94,403 96,221 26,035 — 1997 River Mill 243 461 1,741 22,806 6,160 1,741 28,966 30,707 9,093 — 1972 The Province 219 696 2,226 48,567 3,714 2,226 52,281 54,507 14,857 — 2011 RAMZ Apartments on Broad 88 172 785 12,303 988 785 13,291 14,076 3,803 — 2004 The Lofts at Capital Garage 36 144 313 3,581 1,089 313 4,670 4,983 1,544 — 2000 Initial Cost Total Costs Units Beds Land Buildings and Costs (1) Land Buildings and Total (2) Accumulated Depreciation Encumbrances (3) Year Built (4) 25Twenty 249 562 $ 2,226 $ 33,429 $ 3,928 $ 2,226 $ 37,357 $ 39,583 $ 11,201 $ — 2011 The Province 366 858 4,392 63,068 3,309 4,392 66,377 70,769 19,694 — 2009 The Province 336 816 3,798 70,955 4,161 3,798 75,116 78,914 22,473 — 2010 5 Twenty Four and 5 Twenty Five Angliana 376 1,060 — 60,448 8,293 5,214 63,527 68,741 18,982 — 2010 The Province 287 947 — 52,943 6,458 — 59,401 59,401 17,630 — 2009 U Pointe Kennesaw 216 797 1,482 61,654 8,441 1,482 70,095 71,577 21,513 — 2012 The Cottages of Durham 141 619 3,955 41,421 3,169 3,955 44,590 48,545 15,913 — 2012 University Edge 201 608 4,500 26,385 2,276 4,500 28,661 33,161 7,995 — 2012 The Lodges of East Lansing 364 1,049 6,472 89,231 4,882 6,472 94,113 100,585 26,458 — 2012 7th Street Station 82 309 9,792 16,472 801 9,792 17,273 27,065 5,190 — 2012 The Callaway House - Austin 219 753 — 61,550 2,258 — 63,808 63,808 20,705 80,726 2013 Manzanita Hall (ACE) 241 816 — 48,781 1,773 — 50,554 50,554 17,974 — 2013 University View (ACE) 96 336 — 14,683 472 — 15,155 15,155 5,164 — 2013 U Club Townhomes at Overton Park 112 448 7,775 21,483 1,168 7,775 22,651 30,426 7,891 — 2013 601 Copeland 81 283 1,457 26,699 853 1,457 27,552 29,009 8,170 — 2013 The Townhomes at Newtown Crossing 152 608 7,745 32,074 929 7,745 33,003 40,748 9,934 — 2013 Chestnut Square (ACE) 220 861 — 98,369 3,471 — 101,840 101,840 32,039 — 2013 Park Point 300 924 7,827 73,495 5,770 7,827 79,265 87,092 23,680 70,000 2008 U Centre at Fry Street 194 614 2,902 47,700 3,427 2,902 51,127 54,029 13,510 — 2012 Cardinal Towne 255 545 6,547 53,809 4,577 6,547 58,386 64,933 15,464 — 2010 Merwick Stanworth (ACE) 325 595 — 79,598 (539) — 79,059 79,059 15,965 — 2014 Plaza on University 364 1,313 23,987 85,584 6,038 23,987 91,622 115,609 26,651 — 2014 U Centre at Northgate (ACE) 196 784 — 35,663 810 — 36,473 36,473 10,988 — 2014 University Walk 177 526 4,341 29,073 4,165 4,341 33,238 37,579 7,370 — 2014 U Club on Woodward 236 944 16,350 46,982 1,416 16,349 48,399 64,748 14,790 — 2014 Park Point 66 226 — 25,725 4,012 — 29,737 29,737 6,878 — 2010 1200 West Marshall 136 406 4,397 33,908 2,372 4,397 36,280 40,677 8,775 — 2013 8 1/2 Canal Street 160 540 2,797 45,394 2,659 2,797 48,053 50,850 10,658 — 2011 Vistas San Marcos 255 600 586 45,761 7,923 586 53,684 54,270 15,939 — 2013 Crest at Pearl 141 343 4,395 36,268 2,149 4,491 38,321 42,812 8,986 23,372 2014 U Club Binghamton 326 1,272 15,858 92,372 3,824 15,858 96,196 112,054 17,732 — 2005 160 Ross 182 642 2,962 38,478 1,428 2,962 39,906 42,868 10,361 — 2015 The Summit at University City (ACE) 351 1,315 — 154,770 2,964 — 157,734 157,734 32,762 — 2015 2125 Franklin 192 734 8,299 55,716 970 8,299 56,686 64,985 12,890 — 2015 University Crossings 187 546 645 36,838 7,873 645 44,711 45,356 8,222 — 2014 U Club on 28th 100 398 9,725 45,788 648 9,725 46,436 56,161 8,838 — 2016 Currie Hall (ACE) 178 456 — 49,987 583 — 50,570 50,570 10,199 — 2016 Initial Cost Total Costs Units Beds Land Buildings and Costs (1) Land Buildings and Total (2) Accumulated Depreciation Encumbrances (3) Year Built (4) University Pointe (ACE) 134 531 $ — $ 44,035 $ 453 $ — $ 44,488 $ 44,488 $ 8,605 $ — 2016 Fairview House (ACE) 107 633 — 38,144 347 — 38,491 38,491 8,843 — 2016 U Club Sunnyside 134 534 7,423 41,582 752 7,423 42,334 49,757 8,243 — 2016 Stadium Centre 636 1,723 27,808 158,189 10,431 27,808 168,620 196,428 29,311 60,824 2016 U Point 54 163 1,425 17,325 2,578 1,425 19,903 21,328 3,829 — 2016 The Arlie 169 598 1,350 43,352 2,360 1,350 45,712 47,062 8,924 — 2016 TWELVE at U District 283 384 13,013 98,115 4,046 13,013 102,161 115,174 13,380 — 2014 The 515 183 513 1,611 68,953 2,667 1,611 71,620 73,231 9,165 — 2015 State 220 665 3,448 66,774 3,015 3,448 69,789 73,237 10,550 — 2013 Tooker House (ACE) 429 1,594 — 103,897 172 — 104,069 104,069 17,508 — 2017 SkyView (ACE) 163 626 — 57,578 439 — 58,017 58,017 8,789 — 2017 University Square (ACE) 143 466 — 25,635 141 — 25,776 25,776 4,372 — 2017 U Centre on Turner 182 718 14,000 55,456 303 14,001 55,758 69,759 8,805 — 2017 U Pointe on Speight 180 700 4,705 46,160 627 4,705 46,787 51,492 7,233 — 2017 21Hundred at Overton Park 296 1,204 16,767 64,057 1,169 16,767 65,226 81,993 10,641 — 2017 The Suites at Third 63 251 831 22,384 23 831 22,407 23,238 3,527 — 2017 Callaway House Apartments 386 915 12,651 78,220 892 12,651 79,112 91,763 12,718 — 2017 U Centre on College 127 418 — 41,607 (44) — 41,563 41,563 6,126 — 2017 The James 366 850 18,871 118,096 2,802 18,871 120,898 139,769 17,677 — 2017 Bridges 11th 184 258 — 58,825 1,785 — 60,610 60,610 7,176 — 2015 Hub U District Seattle 111 248 5,700 56,355 1,617 5,700 57,972 63,672 8,379 — 2017 David Blackwell Hall (ACE) 412 780 — 96,891 861 — 97,752 97,752 10,778 — 2018 Gladding Residence Center (ACE) 592 1,524 — 94,368 405 — 94,773 94,773 11,440 — 2018 Irvington House (ACE) 197 648 — 36,187 44 — 36,231 36,231 4,471 — 2018 Greek Leadership Village (ACE) 498 957 — 69,351 305 — 69,656 69,656 8,446 — 2018 NAU Honors College (ACE) 318 636 — 41,222 415 — 41,637 41,637 5,345 — 2018 U Club Townhomes at Oxford 132 528 5,115 39,239 97 5,115 39,336 44,451 4,934 — 2018 Hub Ann Arbor 124 310 7,050 42,865 1,789 7,050 44,654 51,704 5,283 — 2018 The Jack 198 591 5,397 56,626 867 5,397 57,493 62,890 6,817 — 2018 Campus Edge on Pierce 289 598 6,881 55,818 1,579 6,881 57,397 64,278 7,327 — 2018 191 College 127 495 5,434 55,844 — 5,434 55,844 61,278 4,461 — 2019 LightView (ACE) 214 825 — 148,922 1,088 — 150,010 150,010 12,227 — 2019 University of Arizona Honors College (ACE) 319 1,056 — 76,214 405 — 76,619 76,619 6,854 — 2019 959 Franklin 230 443 5,026 62,980 — 5,026 62,980 68,006 4,493 — 2019 Currie Hall Phase II (ACE) 95 272 — 41,812 — — 41,812 41,812 1,929 — 2020 Manzanita Square (ACE) 169 597 — 127,413 — — 127,413 127,413 5,653 — 2020 Disney College Program Phases I-V (ACE) 1,323 5,284 — 365,566 — — 365,566 365,566 12,086 — 2020-21 Initial Cost Total Costs Units Beds Land Buildings and Costs (1) Land Buildings and Total (2) Accumulated Depreciation Encumbrances (3) Year Built (4) Properties Under Development (6) Disney College Program Phases VI-X (ACE) (7) 1,291 5,156 $ — $ 236,237 $ — $ — $ 236,237 $ 236,237 $ — $ — 2022-23 Undeveloped land parcels (8) — — 90,828 1,968 — 90,828 1,968 92,796 1,612 — N/A Subtotal 34,423 106,674 $ 672,730 $ 7,322,890 $ 592,587 $ 678,254 $ 7,909,953 $ 8,588,207 $ 1,911,396 $ 460,825 On-Campus Participating Properties University Village & University Village Northwest at Prairie View 648 2,064 $ — $ 40,734 $ 11,529 $ — $ 52,263 $ 52,263 $ 43,162 $ 5,624 1998 University Village at Laredo 84 250 — 5,844 1,597 — 7,441 7,441 6,565 861 1997 University College at Prairie View 756 1,470 — 22,650 8,174 — 30,824 30,824 24,041 8,210 2001 Cullen Oaks 411 879 — 33,910 4,344 — 38,254 38,254 21,851 22,562 2003 College Park 224 567 — 43,634 2,132 — 45,766 45,766 13,370 38,424 2014 Subtotal 2,123 5,230 $ — $ 146,772 $ 27,776 $ — $ 174,548 $ 174,548 $ 108,989 $ 75,681 Total 36,546 111,904 $ 672,730 $ 7,469,662 $ 620,363 $ 678,254 $ 8,084,501 $ 8,762,755 $ 2,020,385 $ 536,506 (1) Includes write-offs of fully depreciated assets. (2) Total aggregate costs for federal income tax purposes is approximately $9.7 billion. (3) Total encumbrances exclude net unamortized debt premiums and deferred financing costs of approximately $0.4 million and $1.1 million, respectively, as of December 31, 2021. (4) For properties with multiple phases, the year built represents the weighted average year based on the number of beds delivered each year. (5) A number of our properties consist of two or more phases that are counted separately in the property portfolio numbers disclosed in Note 1. (6) Initial costs represent construction costs incurred to date associated with the development of these properties. Year built represents the scheduled completion date. (7) Includes 739 beds delivered as a part of Phase VI for which construction was substantially complete as of December 31, 2021, but were not occupied until January 2022. (8) Buildings and improvements and furniture, fixtures, and equipment and accumulated depreciation amounts are related to buildings on three land parcels that will be demolished as part of development. The changes in the Company’s investments in real estate and related accumulated depreciation for each of the years ended December 31, 2021, 2020, and 2019 are as follows: For the Year Ended December 31, 2021 2020 2019 Owned (1) On-Campus (2) Owned (1) On-Campus (2) Owned (1) On-Campus (2) Investments in Real Estate Balance, beginning of year $ 8,382,396 $ 171,607 $ 8,137,504 $ 169,499 $ 7,813,959 $ 162,562 Acquisition of land for development 13,223 — 21,408 — 10,219 — Improvements and development expenditures 205,718 4,317 355,590 2,108 484,949 2,900 Write-off of fully depreciated or damaged assets (13,130) (1,376) (9,831) — (3,831) (306) Provision for real estate impairment — — — — (3,201) — Disposition of real estate — — (122,275) — (160,248) — Transfer of property from owned to OCPP structure — — — — (4,343) 4,343 Balance, end of year $ 8,588,207 $ 174,548 $ 8,382,396 $ 171,607 $ 8,137,504 $ 169,499 Accumulated Depreciation Balance, beginning of year $ (1,660,652) $ (102,326) $ (1,442,789) $ (94,311) $ (1,230,562) $ (84,925) Depreciation for the year (262,975) (8,039) (252,222) (8,015) (255,796) (8,380) Write-off of fully depreciated or damaged assets 12,231 1,376 9,831 — 3,831 306 Disposition of properties — — 24,528 — 38,426 — Transfer of property from owned to OCPP structure — — — — 1,312 (1,312) Balance, end of year $ (1,911,396) $ (108,989) $ (1,660,652) $ (102,326) $ (1,442,789) $ (94,311) (1) Includes wholly-owned off-campus and on-campus properties, in addition to properties owned through investments in VIEs. (2) Represents on-campus participating properties.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Use of Estimates	Basis of Presentation and Use of Estimates The accompanying consolidated financial statements, presented in U.S. dollars, are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. 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 and 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. In May 2021, the Company modified its unsecured term loan credit agreement (“Term Loan”) to include LIBOR transition language and to conform the covenants and various administrative items from the agreement to those in the Company’s senior unsecured revolving credit facility agreement (the “Credit Facility”), which was also amended in May 2021. Refer to Note 8 for additional information regarding these modifications. As the changes to covenants and administrative items do not impact the contractual cash flows of the Term Loan, the LIBOR transition language qualifies for, and the Company elected to apply, the optional expedients in in ASC 848-20-15-2 through 15-11 which treat the amendment as a modification without additional analysis. 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 addition, the Company does not expect the following accounting pronouncements to have a material effect on its consolidated financial statements: Accounting Standards Update Effective Date ASU 2020-06 “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity" January 1, 2022 ASU 2021-05 “Leases (Topic 842): Lessors – Certain Leases with Variable Lease Payments” January 1, 2022 ASU 2021-08 “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” January 1, 2023 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 II, Item 7, 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"
Prior Year Reclassifications	Prior Year Reclassifications Certain prior period amounts were reclassified to conform to current presentation, which include: • The resident services revenues financial statement line item on the statements of comprehensive income has been reclassified for all periods presented to the owned properties revenues financial statement line item. • Litigation settlement expenses previously reported in the general and administrative expenses line item on the statements of comprehensive income were reclassified for all applicable periods to the other operating expenses line item.
Investments in Real Estate and On-Campus Properties	Investments in Real Estate Capitalization Policy and Useful Lives Investments in real estate are recorded at historical cost. Major improvements that extend the life of an asset are capitalized and depreciated over the remaining useful life of the asset. The cost of ordinary repairs and maintenance are expensed as incurred. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings and improvements 7 - 40 years Leasehold interest - on-campus participating properties 25 - 34 years (shorter of useful life or respective lease term) Furniture, fixtures, and equipment 3 - 7 years Project costs directly associated with the development and construction of an owned real estate project, which include interest, property taxes, and amortization of deferred financing costs, are capitalized as construction in progress. Upon completion of the project, costs are transferred into the applicable asset category and depreciation commences. Interest totaling approximately $8.6 million, $12.1 million, and $12.1 million was capitalized during the years ended December 31, 2021, 2020, and 2019, respectively. Impairment Assessment Management assesses whether there has been an impairment in the value of the Company’s investments in real estate whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment is recognized when estimated expected future undiscounted cash flows are less than the carrying value of the property, or when a property meets the criteria to be classified as held for sale, at which time an impairment charge is recognized for any excess of the carrying value of the property over the expected net proceeds from the disposal. The estimation of expected future net cash flows uses estimates, including capitalization rates and growth rates, which are inherently uncertain and rely on assumptions regarding current and future economics and market conditions. If such conditions change, then an adjustment to the carrying value of the Company’s long-lived assets could occur in the future period in which the conditions change. To the extent that a property is impaired, the excess of the carrying amount of the property over its estimated fair value is charged to earnings. In the case of any impairment, the valuation would be based on Level 3 inputs. There were no impairments of the carrying values of the Company’s investments in real estate during the years ended December 31, 2021 and 2020, respectively. During the year ended December 31, 2019, concurrent with the classification of one owned property as held for sale, the Company recorded a $3.2 million impairment charge which is included in provision for impairment within operating income on the accompanying consolidated statements of comprehensive income. Refer to Note 6 for additional information regarding the disposition. Land Acquisitions Land acquisitions are accounted for as asset acquisitions, as substantially all of the fair value of the acquisition is concentrated in a single identifiable asset. In an asset acquisition, assets acquired are measured based on the cost of the acquisition, which is the consideration transferred to the seller and direct transaction costs related to the acquisition.
Assets-Held for Sale	Assets Held for Sale Long-lived assets to be disposed of are classified as held for sale in the period in which all of the following criteria are met: a. Management, having the authority to approve the action, commits to a plan to sell the asset. b. The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. c. An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated. d. The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year. e. The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. f. Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Concurrent with this classification, the asset is recorded at the lower of cost or fair value less estimated selling costs, and depreciation ceases. The Company did not have any properties classified as held for sale as of December 31, 2021 and 2020.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company maintains cash balances in various banks. At times, the Company’s balances may exceed the amount insured by the FDIC. As the Company only uses money-centered financial institutions, the Company does not believe it is exposed to any significant credit risk related to its cash and cash equivalents.
Restricted Cash	Restricted Cash Restricted cash consists of funds held in trusts that 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.
Loans Receivable	Loans Receivable In 2013, as part of the settlement of a litigation matter related to a third-party management contract assumed in connection with the Company’s 2008 acquisition of GMH Communities Trust, the Company acquired a protective advance note and outstanding bond insurer claim (collectively, the “Loans Receivable”) from National Public Finance Guarantee Corporation for an aggregate of approximately $52.8 million. The Loans Receivable carried an interest rate of 5.12% and were secured by a lien on, and the cash flows from, two student housing properties in close proximity to the University of Central Florida. In October 2020, the properties were recapitalized and, as a result, the Company received full repayment of the outstanding Loans Receivable balance plus accrued interest, totaling $55.0 million. Upon repayment of the Loans Receivable, the remaining unamortized discount associated with the Loans Receivable of $2.1 million was recorded as a gain in other nonoperating income on the accompanying consolidated statements of comprehensive income.
Leases	Leases When the Company enters into a contract or amends an existing contract, it evaluates whether the contract meets the definition of a lease under ASC Topic 842 - Leases ("ASC 842"). To meet the definition of a lease, the contract must meet all three of the following criteria: • One party (lessor) must hold an identified asset; • The counterparty (lessee) must have the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of the contract; and • The counterparty (lessee) must have the right to direct the use of the identified asset throughout the period of the contract. In April 2020, the FASB issued a Staff Question & Answer (“Q&A”) which was intended to reduce the challenges of evaluating the enforceable rights and obligations of leases for concessions granted to lessees in response to the novel coronavirus disease (“COVID-19”), which was characterized on March 11, 2020 by the World Health Organization as a pandemic. Prior to this guidance, the Company was required to determine, on a lease by lease basis, if a lease concession should be accounted for as a lease modification, potentially resulting in any lease concessions granted being recorded as a reduction to revenue or ground lease expense, as applicable, on a straight-line basis over the remaining term of the lease. The Q&A allows both lessors and lessees to bypass this analysis and elect not to evaluate whether concessions provided in response to the COVID-19 pandemic are lease modifications. This relief is subject to certain conditions being met, including ensuring the total remaining lease payments are substantially the same or less than the original lease payments prior to the concession being granted. The Company has elected to apply such relief and will therefore not evaluate if lease concessions that were granted in response to the COVID-19 pandemic meet the definition of a lease modification. Accordingly, the Company accounted for qualifying rent concessions as negative variable lease payments, which reduced revenue or ground lease expense from such leases in the period the concessions were granted. Refer to Note 14 for additional information. As Lessee The Company classifies leases as either operating or finance leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized on a straight-line basis over the term of the lease (operating lease) or under the effective interest method (finance lease). In addition, the authoritative guidance requires lessees to recognize right-of-use ("ROU") assets and related lease liabilities for leases with a term greater than 12 months regardless of their lease classification. The Company, as lessee, has entered into ground/facility and office space lease agreements, which qualify as operating leases under ASC 842. These leases include leases entered into under the ACE ® program with university systems and Walt Disney World ® Resort, leases with local and regional land owners for owned off-campus properties, leases for corporate office space, and leases under the on-campus participating property (“OCPP”) structure. Leases entered into under the ACE ® program are used for the purpose of financing, constructing, and managing student housing properties. These leases are transferable and financeable, and the lessor has title to the land and in some cases any improvements placed thereon. Leases entered into under the OCPP structure are used for the purpose of developing, constructing, and operating student housing facilities on university campuses. Under the terms of these leases, title to the land and constructed facilities is held by the lessor and such lessor receives a de minimis base rent paid at inception and 50% of defined net cash flows on an annual basis through the term of the lease. Under ground/facility leases, the lessors receive annual minimum base rent, variable rent based upon the operating performance of the property, or a combination thereof. The leases have initial terms, excluding extension options, ranging from seven years to 102 years. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company records base rent expense under the straight-line method over the term of the lease, and variable rent expense is recorded when the achievement of the target is considered probable. For properties under construction, straight-line rent is capitalized during the construction period and expensed upon the commencement of operations. For purposes of calculating the ROU asset and lease liability for such leases, extension options are not included in the lease term unless it is reasonably certain that the Company will exercise the option, or the lessor has the sole ability to exercise the option. As most of the Company’s leases do not contain an implicit rate, the Company uses its incremental borrowing rate to determine the present value of the lease payments, which is the interest rate that the Company estimates it would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. In determining this rate, we analyze Company-specific factors, such as credit risk, lease-specific factors such as lease term, lease payments, and collateral, as well as overall economic conditions. The weighted average incremental borrowing rate was 5.33% as of December 31, 2021. As Lessor The Company classifies leases as either sales-type, direct financing, or operating leases. A lease will be treated as a sales-type lease if it is considered to transfer control of the underlying asset to the lessee. A lease will be classified as a direct-financing lease if risks and rewards are conveyed without the transfer of control. Otherwise, the lease is treated as an operating lease. The Company elected to adopt the practical expedient that allows lessors to not separate certain lease and non-lease components for common area maintenance and the related rental revenue, as it determined that the timing and pattern of transfer is the same. Operating Leases The Company’s primary business involves leasing properties to students under agreements that are classified as operating leases and have terms of 12 months or less. These student leases do not provide for variable rent payments. The Company is also a lessor under commercial leases at certain owned properties, some of which provide for variable lease payments based upon tenant performance such as a percentage of sales. The Company recognizes the base lease payments provided for under the leases on a straight-line basis over the lease term, and variable payments are recognized in the period in which the changes in facts and circumstances, on which the variable payments are based, occur. Refer to Note 7 for additional information on our owned real estate assets, which are the underlying assets under our operating leases. The Company expenses, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. These costs include internal leasing payroll costs, as well as certain legal expenses incurred when negotiating commercial leases. Additionally, the Company evaluates collectability of all operating lease payments in a contract at lease commencement and thereafter. The Company concludes that operating lease payments are probable of collection at lease commencement. If the operating lease payments are subsequently deemed not probable of collection, adjustments are recognized as a reduction to lease income and, subsequently, any lease revenue is only recognized when cash receipts are received. The Company also maintains an allowance for uncollectible operating lease receivables. If, after lease commencement, the assessment of collectability on operating lease payments changes, the Company will determine whether the allowance adequately contemplated this change. Any changes to the provision for uncollectible accounts are presented as a reduction to revenue in the accompanying consolidated statements of comprehensive income. Determining the probability of collection is impacted by numerous factors including tenant creditworthiness, economic conditions, and the Company's historical experience with tenants. Sales-type Leases In certain instances at ACE ® properties, the ground lease agreement may require the Company to construct additional facilities desired by the ground lessor and subsequently lease those facilities to the ground lessor over a specified period. These facilities will ultimately be owned, managed, and funded by the ground lessors. Such spaces include but are not limited to dining, childcare, retail, academic, and office facilities. In this type of transaction, title to the facilities transfers to the ground lessor at the end of the lease term, and lease payments are structured to effectively reimburse the Company for the cost of constructing the additional facilities plus interest. As control of the underlying asset in these agreements transfers to the ground lessor at the end of the lease term, the leases are classified as sales-type leases. At lease inception, the Company records a net investment in the lease, which is equal to the sum of the lease receivable and the unguaranteed residual asset, discounted at the rate implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered selling profit or loss. Due to the nature of these transactions, the net investment in the lease is equal to the sum of the lease receivable, discounted at the rate implicit in the lease, and therefore no selling profit or loss is recorded. The cash rent the Company receives from tenants is not entirely recorded as rental revenue, but rather a portion is recorded as interest income and a portion is recorded as a reduction to the lease receivable, based on the effective interest method at a constant rate of return over the terms of the applicable leases. The Company's net investment in sales-type leases was $18.5 million and $18.6 million as of December 31, 2021 and 2020, respectively, which is included in other assets in the accompanying consolidated balance sheets. The weighted average remaining term of these leases was 20.4 years as of December 31, 2021. The Company recorded $1.0 million, $0.4 million, and $0.4 million of interest income related to these leases for the years ended December 31, 2021, 2020, and 2019.
Intangible Assets	Intangible Assets For acquired properties subject to an in-place property tax incentive arrangement, a portion of the purchase price is allocated to the present value of expected future property tax savings over the projected incentive arrangement period. Unamortized in-place property tax incentive arrangements as of December 31, 2021 and 2020 were approximately $30.8 million and $34.5 million, respectively, and are included in other assets on the accompanying consolidated balance sheets. Amortization expense was approximately $3.1 million, $3.4 million, and $3.5 million for the years ended December 31, 2021, 2020, and 2019, respectively, and is included in owned properties operating expense in the accompanying consolidated statements of comprehensive income. As of December 31, 2021, the remaining weighted average tax incentive arrangement period was 18.2 years. During the year ended December 31, 2019, the Company recorded a $14.0 million impairment charge associated with a tax incentive arrangement that was recorded upon acquisition of an owned property in 2015 due to facts and circumstances indicating that the originally assumed property tax savings will not materialize. This impairment charge is based on Level 3 inputs and is included in provision for impairment on the accompanying consolidated statements of comprehensive income.
Deferred Financing Costs	Deferred Financing Costs The Company defers financing costs and amortizes the costs over the terms of the related debt using the effective interest method. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to earnings. When debt modifications do not include material changes to the terms of the underlying debt agreement, unamortized costs of the original instrument are added to the costs of the modification and amortized over the life of the modified debt using the effective interest method. Deferred financing costs, net of amortization, for the Company’s revolving credit facility are included in other assets on the accompanying consolidated balance sheets. Net deferred financing costs for the Company’s revolving credit facility as of December 31, 2021, and 2020 were approximately $7.3 million and $1.9 million, respectively. Net deferred financing costs for the Company's secured mortgage and bond debt, unsecured notes, and unsecured term loans are presented as a reduction to the unpaid principal balance of the respective debt in the accompanying consolidated balance sheets. Refer to Note 8 for additional information regarding these balances.
Redeemable Noncontrolling Interests	Redeemable Noncontrolling Interests The Company follows guidance issued by the FASB regarding the classification and measurement of redeemable securities. Under this guidance, securities that are redeemable for cash or other assets, at the option of the holder and not solely within the control of the issuer, must be classified outside of permanent equity as redeemable noncontrolling interests. The Company makes this determination based on terms in the applicable agreements, specifically in relation to redemption provisions. The Company initially records the redeemable noncontrolling interests at fair value. The carrying amount of the redeemable noncontrolling interest is subsequently adjusted to the redemption value (assuming the noncontrolling interest is redeemable at the balance sheet date), with the corresponding offset for changes in fair value recorded in additional paid in capital. Reductions in fair value are recorded only to the extent that the Company has previously recorded increases in fair value above the redeemable noncontrolling interests’ initial basis. As the changes in redemption value are based on fair value, there is no effect on the Company’s earnings per share. Refer to Note 10 for a more detailed discussion of redeemable noncontrolling interests for both ACC and the Operating Partnership.
Joint Ventures	Joint Ventures The Company consolidates joint ventures when it exhibits financial or operational control, which is determined using accounting standards related to the consolidation of joint ventures and VIEs. For joint ventures that are defined as VIEs, the primary beneficiary consolidates the entity. The Company considers itself to be the primary beneficiary of a VIE when it has the power to direct the activities that most significantly impact the performance of the VIE, such as management of day-to-day operations, preparing and approving operating and capital budgets, and encumbering or selling the related properties. In instances where the Company is not the primary beneficiary, it does not consolidate the joint venture for financial reporting purposes. For joint ventures that are not defined as VIEs, where the Company is the general partner, but does not control the joint venture due to the other partners holding substantive participating rights, the Company uses the equity method of accounting. For joint ventures where the Company is a limited partner, management evaluates whether the Company holds substantive participating rights. In instances where the Company holds substantive participating rights in the joint venture, the Company consolidates the joint venture; otherwise, it uses the equity method of accounting.
Consolidated VIEs and Presale Development Projects	Consolidated VIEs The Company has investments in various entities that qualify as VIEs for accounting purposes and for which the Company is the primary beneficiary and therefore includes the entities in its consolidated financial statements. These VIEs include ACCOP, seven joint ventures that own a total of 13 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. Presale Development Projects As part of its development strategy, the Company enters into presale agreements to purchase various properties. Under the terms of these agreements, the Company is obligated to purchase the property as long as certain construction completion deadlines and other closing conditions are met. As a part of the presale agreements, the Company has the option to elect not to purchase the asset, which would result in the Company paying a significant penalty. The Company is typically responsible for leasing, management, and initial operations of the project while the third-party developer retains development risk during the construction period. The entity that owns the property is deemed to be a VIE, and the Company is deemed to be the primary beneficiary of the VIE. As such, upon execution of the purchase and sale agreement, the Company records the assets, liabilities, and noncontrolling interest of the entity owning the property at fair value.
Mortgage Debt - Premiums and Discounts	Mortgage Debt - Premiums and DiscountsMortgage debt premiums and discounts represent fair value adjustments to account for the difference between the stated rates and market rates of mortgage debt assumed in connection with the Company’s property acquisitions.  The mortgage debt premiums and discounts are included in secured mortgage and bond debt, net on the accompanying consolidated balance sheets and are amortized to interest expense over the term of the related mortgage loans using the effective-interest method.  The amortization of mortgage debt premiums and discounts resulted in a net decrease to interest expense of approximately $1.2 million, $4.7 million, and $4.9 million for the years ended December 31, 2021, 2020, and 2019, respectively.  As of December 31, 2021 and 2020, net unamortized mortgage debt premiums were approximately $0.4 million and $1.7 million, respectively.
Tenant Reimbursements	Tenant Reimbursements Reimbursements from tenants, consisting of amounts due from tenants for utilities, are recognized as revenue in the period the recoverable costs are incurred. Tenant reimbursements are recognized and recorded on a gross basis, as the Company is generally the primary obligor with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the supplier, and has credit risk.
Revenue	Third-Party Development Services Revenue The Company recognizes development and construction revenues over the life of the contract using a time-based measure of progress. An entire development and construction contract represents a single performance obligation comprised of a series of distinct services to be satisfied over time, and a single transaction price to be recognized over the life of the contract using a time-based measure of progress. Any variable consideration included in the transaction price is estimated using the expected value approach and is only included to the extent that a significant revenue reversal is not likely to occur. Third-Party Development Services and Owned Development Project Costs Pre-development expenditures such as architectural fees, permits, and deposits associated with the pursuit of third-party and owned development projects are expensed as incurred, until such time as management believes it is probable that the contract will be executed and/or construction will commence, at which time the Company capitalizes the costs. Because the Company frequently incurs these pre-development expenditures before a financing commitment and/or required permits and authorizations have been obtained, or a risk sharing agreement is executed, the Company bears the risk of loss of these pre-development expenditures if financing cannot ultimately be arranged on acceptable terms or the Company is unable to successfully obtain the required permits and authorizations. As such, management evaluates the status of third-party and owned projects that have not yet commenced construction on a periodic basis and expenses any deferred costs related to projects whose current status indicates the commencement of construction is unlikely and/or the costs may not provide future value to the Company in the form of revenues. Such write-offs are included in third-party development and management services expenses (in the case of third-party development projects) or general and administrative expenses (in the case of owned development projects) on the accompanying consolidated statements of comprehensive income. Refer to Note 15 for details of the amount the Company has deferred in pre-development costs related to third-party and owned development projects that have not yet commenced construction. Third-Party Management Services Revenue Management fees are recognized when earned in accordance with each management contract. Incentive management fees are estimated using the expected value approach and are included in the transaction price only to the extent that a significant revenue reversal is not likely to occur. The Company evaluates the collectability of revenue earned from third-party management contracts and reserves any amounts deemed to be uncollectible based on the individual facts and circumstances of the projects and associated contracts.
Advertising Costs	Advertising Costs Advertising costs are expensed during the period incurred, or as the advertising takes place, depending on the nature and term of the specific advertising arrangements. Advertising expense approximated $15.9 million, $12.9 million, and $15.7 million for the years ended December 31, 2021, 2020, and 2019, respectively, and is included in owned properties operating expenses on the accompanying consolidated statements of comprehensive income.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company records all derivative financial instruments on the balance sheet at fair value. Changes in fair value are recognized either in earnings or as other comprehensive income, depending on whether the derivative has been designated as a fair value or cash flow hedge and whether it qualifies as part of a hedging relationship, the nature of the exposure being hedged, and how effective the derivative is at offsetting movements in underlying exposure. The Company discontinues hedge accounting when: (i) it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item; (ii) the derivative expires or is sold, terminated, or exercised; (iii) it is no longer probable that the forecasted transaction will occur; or (iv) management determines that designating the derivative as a hedging instrument is no longer appropriate. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company will carry the derivative at its fair value on the balance sheet, recognizing changes in the fair value in current-period earnings. The Company uses interest rate swaps to effectively convert a portion of its floating rate debt to fixed rate, thus reducing the impact of rising interest rates on interest payments. These instruments are designated as cash flow hedges and the interest differential to be paid or received is accrued as interest expense. The Company’s counter-parties are major financial institutions. See Note 12 for an expanded discussion on derivative instruments and hedging activities.
Common Stock Issuances and Costs	Common Stock Issuances and Costs Specific incremental costs directly attributable to the Company’s equity offerings are deferred and charged against the gross proceeds of the offering. As such, underwriting commissions and other common stock issuance costs are reflected as a reduction to additional paid in capital. See Note 9 for an expanded discussion on common stock issuances and costs.
Share-Based Compensation	Share-Based CompensationCompensation expense associated with share-based awards is recognized in the accompanying consolidated statements of comprehensive income based on the grant-date fair values and is adjusted as actual forfeitures occur. Compensation expense is recognized over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period.  See Note 11 for an expanded discussion of the Company’s share-based compensation awards.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distributes at least 90% of its adjusted taxable income to its stockholders. As a REIT, the Company will generally not be subject to corporate level federal income tax on taxable income it currently distributes to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax for tax years ending on or prior to December 31, 2017) and may not be able to qualify as a REIT for the subsequent four taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local income and excise taxes on its income and property, and to federal income and excise taxes on its undistributed income.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule of estimated useful lives of assets	Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings and improvements 7 - 40 years Leasehold interest - on-campus participating properties 25 - 34 years (shorter of useful life or respective lease term) Furniture, fixtures, and equipment 3 - 7 years

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2021, 2020, and 2019, but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. Year Ended December 31, 2021 2020 2019 Common OP Units (Note 10) 468,475 468,475 531,112 Preferred OP Units (Note 10) 35,242 35,242 42,421 Total potentially dilutive securities 503,717 503,717 573,533
Schedule of summary of elements used in calculating basic and diluted earnings per share	The following is a summary of the elements used in calculating basic and diluted earnings per share: Year Ended December 31, 2021 2020 2019 Numerator - basic and diluted earnings per share Net income $ 33,284 $ 69,848 $ 86,762 Net loss (income) attributable to noncontrolling interests 2,205 2,955 (1,793) Net income attributable to ACC, Inc. and Subsidiaries common stockholders 35,489 72,803 84,969 Amount allocated to participating securities (2,285) (2,142) (1,902) Net income attributable to common stockholders $ 33,204 $ 70,661 $ 83,067 Denominator Basic weighted average common shares outstanding 138,503,705 137,588,964 137,295,837 Unvested restricted stock awards (Note 11) 1,199,930 1,121,466 990,941 Diluted weighted average common shares outstanding 139,703,635 138,710,430 138,286,778 Earnings per share Net income attributable to common stockholders - basic $ 0.24 $ 0.51 $ 0.61 Net income attributable to common stockholders - diluted $ 0.24 $ 0.51 $ 0.60

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of significant components of deferred tax assets and liabilities of TRSs	December 31, 2021 2020 Deferred tax assets Fixed and intangible assets $ 1,664 $ 1,669 Net operating loss carryforwards 7,952 8,207 Prepaid and deferred income 1,140 1,060 Bad debt reserves 691 675 Leases 3,089 3,314 Accrued expenses and other 5,060 3,795 Stock compensation 2,963 3,084 Total deferred tax assets 22,559 21,804 Valuation allowance for deferred tax assets (19,743) (18,578) Deferred tax assets, net of valuation allowance 2,816 3,226 Deferred tax liabilities Leases (2,793) (3,189) Deferred financing costs (23) (37) Net deferred tax liabilities $ — $ —
Schedule of significant components of income tax provision	Significant components of the Company’s income tax provision are as follows: Year Ended December 31, 2021 2020 2019 Current Federal $ (112) $ (103) $ (157) State (1,249) (1,246) (1,350) Deferred Federal — — — State — — — Total provision $ (1,361) $ (1,349) $ (1,507)
Schedule of reconciliation of income tax attributable to continuing operations for the TRSs computed at the U.S. statutory rate to income tax provision	The reconciliation of income tax for the TRSs computed at the U.S. statutory rate to income tax provision is as follows: Year Ended December 31, 2021 2020 2019 Tax benefit (provision) at U.S. statutory rates on TRS income $ 1,347 $ 1,536 $ (789) State income tax, net of federal income tax benefit (provision) 206 278 (57) Effect of permanent differences and other (53) (8) 5 (Increase) decrease in valuation allowance (1,500) (1,806) 841 TRS income tax provision $ — $ — $ —
Schedule of distributions to shareholders	A schedule of per share distributions the Company paid and reported to its shareholders, which is unaudited, is set forth in the following table: Year Ended December 31, Tax Treatment of Distributions 2021 2020 2019 Ordinary income $ 0.4500 $ 1.1004 $ 0.6625 Long-term capital gain (1) 1.2248 0.3560 1.2075 Return of capital 0.2052 0.4236 — Total per common share outstanding $ 1.8800 $ 1.8800 $ 1.8700 (1) Unrecaptured Section 1250 gains of $0.2560, $0.2052, and $0.3827 were reported for the years ended December 31, 2021, 2020, and 2019, respectively.

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure Wholly Owned Properties [Abstract]
Schedule of real estate properties	Owned properties, both wholly-owned and those owned through investments in VIEs, consisted of the following: December 31, 2021 December 31, 2020 Land $ 678,254 $ 664,879 Buildings and improvements 7,241,918 6,949,781 Furniture, fixtures, and equipment 425,469 405,843 Construction in progress 242,566 361,893 8,588,207 8,382,396 Less accumulated depreciation (1,911,396) (1,660,652) Owned properties, net $ 6,676,811 $ 6,721,744 OCPPs consisted of the following: December 31, 2021 December 31, 2020 Buildings and improvements $ 160,275 $ 157,218 Furniture, fixtures, and equipment 14,213 14,389 Construction in progress 60 — 174,548 171,607 Less accumulated depreciation (108,989) (102,326) On-campus participating properties, net $ 65,559 $ 69,281

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of outstanding consolidated indebtedness and summary of senior unsecured notes	A summary of the Company’s outstanding consolidated indebtedness, including unamortized debt premiums and discounts, is as follows: December 31, 2021 2020 Debt secured by owned properties Mortgage loans payable Unpaid principal balance $ 460,825 $ 563,506 Unamortized deferred financing costs (596) (848) Unamortized debt premiums 540 1,819 Unamortized debt discounts (103) (151) 460,666 564,326 Debt secured by OCPPs Mortgage loans payable (1) 60,986 63,714 Bonds payable (1) 14,695 19,110 Unamortized deferred financing costs (511) (323) 75,170 82,501 Total secured mortgage and bond debt, net 535,836 646,827 Unsecured notes, net of unamortized OID and deferred financing costs (2) 2,773,855 2,375,603 Unsecured term loan, net of unamortized deferred financing costs (3) 199,824 199,473 Unsecured revolving credit facility — 371,100 Total debt, net $ 3,509,515 $ 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 $5.3 million and $5.8 million at December 31, 2021 and 2020, respectively, and net unamortized deferred financing costs of $20.8 million and $18.6 million at December 31, 2021 and 2020, respectively. (3) Includes net unamortized deferred financing costs of $0.2 million and $0.5 million at December 31, 2021 and 2020, respectively. As of December 31, 2021, the Operating Partnership has issued the following senior unsecured notes: Date Issued Amount % of Par Value Coupon Yield Original Issue Discount Term (Years) April 2013 $ 400,000 99.659 3.750% 3.791% $ 1,364 10 June 2014 400,000 99.861 4.125% 4.269% (1) 556 10 October 2017 400,000 99.912 3.625% 3.635% 352 10 June 2019 400,000 99.704 3.300% 3.680% (1) 1,184 7 January 2020 400,000 99.810 2.850% 2.872% 760 10 June 2020 400,000 99.142 3.875% 3.974% 3,432 10 October 2021 400,000 99.928 2.250% 2.261% 288 7 $ 2,800,000 $ 7,936 (1) The yield includes the effect of amortization of interest rate swap terminations.
Schedule of mortgage and construction loans payable	Mortgage loans payable, excluding debt premiums and discounts, consisted of the following as of December 31, 2021: December 31, 2021 Principal Outstanding Weighted Weighted Number of December 31, Average Average Years Properties 2021 2020 Interest Rate to Maturity Encumbered Fixed Rate Mortgage loans payable (1) $ 520,888 $ 625,136 4.03 % 6.6 years 10 Variable Rate Mortgage loans payable (2) 923 2,084 2.61 % 23.6 years — Total $ 521,811 $ 627,220 4.03 % 6.7 years 10 (1) Fixed rate mortgage loans payable mature on various dates from 2024 through 2045 and carry interest rates ranging from 2.79% to 4.50% at December 31, 2021. (2) Represents mortgage debt at one of our on-campus participating properties not subject to an interest rate swap contract. This property is included in the number of properties encumbered by mortgage loans above.
Schedule of debt transactions	During the year ended December 31, 2021, the following transactions occurred: Mortgage Loans Payable (1) Balance, December 31, 2020 $ 627,220 Pay-off of mortgage notes payable (2) (99,819) Scheduled repayments of principal (5,590) Balance, December 31, 2021 $ 521,811 (1) Balance excludes unamortized debt premiums and discounts. (2) Represents pay-offs of mortgage notes payable secured by six properties.
Schedule of bonds payable	Bonds payable at December 31, 2021 consisted of the following: Mortgaged Facilities Original Principal Weighted Average Maturity Required Monthly December 31, 2021 1999 University Village-PVAMU/TAMIU $ 39,270 $ 6,485 7.76 % September 2023 $ 302 2001 University College–PVAMU 20,995 6,345 7.62 % August 2025 158 2003 University College–PVAMU 4,325 1,865 6.22 % August 2028 28 Total/weighted average rate $ 64,590 $ 14,695 7.50 % $ 488
Schedule of debt maturities	The following table summarizes the stated debt maturities and scheduled amortization payments, excluding debt premiums and discounts, for each of the five years subsequent to December 31, 2021 and thereafter: 2022 $ 209,723 2023 410,411 2024 530,939 2025 4,922 2026 403,207 Thereafter 1,977,304 $ 3,536,506

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Schedule of activity under ATM equity program	The following table presents activity under the Company’s ATM Equity Program during the year ended December 31, 2021. There was no activity under the Company’s ATM Equity Program during the year ended December 31, 2020. Year Ended December 31, 2021 Total net proceeds $ 58,927 Commissions paid to sales agents $ 747 Weighted average price per share $ 49.05 Shares of common stock sold 1,216,600

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 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 years ended December 31, 2021, 2020, and 2019: Balance, December 31, 2018 $ 184,446 Net income 783 Distributions (1,062) Conversion of OP Units into shares of ACC common stock (6,082) Contributions from noncontrolling interests 250 Purchase of noncontrolling interests (88,304) Adjustments to reflect redeemable noncontrolling interests at fair value 14,350 Balance, December 31, 2019 $ 104,381 Net income 325 Distributions (937) Purchase of noncontrolling interests (77,200) Adjustments to reflect redeemable noncontrolling interests at fair value (2,002) Balance, December 31, 2020 $ 24,567 Net income 177 Distributions (937) Adjustments to reflect redeemable noncontrolling interests at fair value 8,051 Balance, December 31, 2021 $ 31,858

Incentive Award Plan (Tables)

Incentive Award Plan (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of summary of restricted stock awards	A summary of the Company’s RSAs under the Plan for the years ended December 31, 2021 and 2020 is presented below: Number of Weighted-Average Nonvested balance as of December 31, 2019 967,341 $ 43.27 Granted 444,522 47.13 Vested (1) (295,385) 43.40 Forfeited (23,882) 44.56 Nonvested balance as of December 31, 2020 1,092,596 $ 44.78 Granted 468,770 41.50 Vested (2) (415,572) 44.18 Forfeited (34,696) 43.32 Nonvested balance as of December 31, 2021 1,111,098 $ 43.67 (1) Includes 95,690 shares withheld to satisfy tax obligations upon vesting for the year ended December 31, 2020. (2) Includes 140,864 shares withheld to satisfy tax obligations upon vesting for the year ended December 31, 2021.
Schedule of summary of restricted stock units	A summary of ACC’s RSUs under the Plan for the years ended December 31, 2021 and 2020 and activity during the years then ended is presented below: Number of Weighted-Average Grant Date Fair Value Per RSU Outstanding as of December 31, 2019 — $ — Granted 30,137 34.10 Settled in common shares (27,644) 34.10 Settled in cash (2,493) 34.10 Outstanding as of December 31, 2020 — $ — Granted 34,626 43.83 Settled in common shares (33,514) 43.80 Settled in cash (1,112) 44.98 Outstanding as of December 31, 2021 — $ —

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	12 Months Ended
	Dec. 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 which are included in other assets and other liabilities on the accompanying consolidated balance sheets as of December 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 $ (2,716) College Park mortgage loan Oct 16, 2019 Oct 16, 2022 1.2570% LIBOR - 1 month 37,500 (264) Unsecured term loan Nov 4, 2019 Jun 27, 2022 1.4685% LIBOR - 1 month 100,000 (606) Unsecured term loan Dec 2, 2019 Jun 27, 2022 1.4203% LIBOR - 1 month 100,000 (583) Cullen Oaks mortgage loan Feb 16, 2021 Feb 15, 2028 0.7850% LIBOR - 1 month 11,223 231 Cullen Oaks mortgage loan Feb 16, 2021 Feb 15, 2028 0.7850% LIBOR - 1 month 11,339 233 Total $ 330,062 $ (3,705)
Schedule of fair value of derivative financial instruments and classification on consolidated balance sheet	The table below presents the fair value of the Company’s derivative financial instruments and their classification on the accompanying consolidated balance sheets as of December 31, 2021 and 2020: Asset Derivatives Liability Derivatives Fair Value as of Fair Value as of Description Balance Sheet Location 12/31/2021 12/31/2020 Balance Sheet Location 12/31/2021 12/31/2020 Interest rate swap contracts Other assets $ 464 $ — Other liabilities $ 4,169 $ 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 years ended December 31, 2021, 2020, and 2019: Year Ended December 31, Description 2021 2020 2019 Change in fair value of derivatives and other recognized in other comprehensive income ("OCI") $ 1,262 $ (11,380) $ (723) Swap interest accruals reclassified to interest expense 5,244 3,844 200 Termination of interest rate swap payment recognized in OCI — — (13,159) Amortization of interest rate swap terminations (1) 1,724 1,705 1,133 Total change in OCI due to derivative financial instruments $ 8,230 $ (5,831) $ (12,549) Interest expense presented in the consolidated statements of comprehensive income in which the effects of cash flow hedges are recorded $ 117,793 $ 112,507 $ 111,287 (1) Represents amortization from OCI into interest expense.

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	12 Months Ended
	Dec. 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 December 31, 2021 and 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 December 31, 2021 December 31, 2020 Level 2 Level 3 Total Level 2 Level 3 Total Assets Derivative financial instruments $ 464 (1) $ — $ 464 $ — $ — $ — Liabilities Derivative financial instruments $ 4,169 (1) $ — $ 4,169 $ 10,211 (1) $ — $ 10,211 Mezzanine Redeemable noncontrolling interests $ 28,858 (2) $ 3,000 $ 31,858 $ 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 based on the greater of fair value of the Company’s common stock or historical cost at the balance sheet date. Represents a quoted price for a similar asset in an active market. Refer to Note 10.
Schedule of estimated fair value and related carrying amounts of mortgage loans and bonds payable	The table below contains the estimated fair value and related carrying amounts for the Company’s financial instruments as of December 31, 2021 and 2020. There were no Level 1 or Level 3 measurements for the periods presented. December 31, 2021 December 31, 2020 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Level 2 Level 2 Liabilities (1) Unsecured notes $ 2,773,855 $ 2,917,121 (2) $ 2,375,603 $ 2,609,373 (2) Mortgage loans payable (fixed rate) (3) $ 520,316 $ 535,401 (4) $ 625,783 $ 656,648 (4) Bonds payable $ 14,597 $ 15,703 (5) $ 18,960 $ 20,720 (5) Unsecured term loan (fixed rate) $ 199,824 $ 201,042 (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 8). (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 $0.9 million and $2.1 million as of December 31, 2021 and 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 (see Note 8). Valued using the present value of the cash flows at interpolated 1-month LIBOR swap rates through maturity that primarily fall within the Level 2 category.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Schedule of lease cost	Total straight-line rent expense, variable rent expense, and capitalized rent cost, were as follows: Year Ended December 31, Description 2021 2020 2019 Straight-line rent expense $ 18,528 $ 12,379 $ 10,009 Variable rent expense (1) $ 3,895 $ 5,761 $ 8,996 Capitalized rent cost $ 10,488 $ 15,772 $ 12,889 (1) Includes impact of rent concessions received as discussed below.
Schedule of rent abatements and net refunds	As discussed in Note 2, 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” and are presented in the following table: Year Ended December 31 , 2021 2020 Ground rent abatements $ 7,279 $ 1,512 Year Ended December 31 , Description 2021 2020 Abatements through the Resident Hardship Program (1) $ 1,036 $ 14,275 Net rent refunds through ACE ® university partnerships (1) (2) $ 2,811 $ 19,691 Net rent refunds through OCPP university partnerships (3) $ — $ 1,472 Abatements provided to commercial tenants (1) $ — $ 2,262 Reimbursements from university partners (4) $ (2,527) $ (1,654) (1) Recorded as reductions to owned properties revenue. (2) Net of reimbursements received from university partners of $2.6 million and $4.4 million for the years ended December 31, 2021 and 2020, respectively. (3) Recorded as reductions to OCPP revenue. (4) Represents reimbursements received from university partners to assist in the financial impacts of dedensification requirements, recorded in owned properties revenue.
Future minimum commitments for operating leases	Future minimum commitments over the life of all leases, which exclude variable rent payments, are as follows: December 31, 2021 2022 $ 23,756 2023 28,867 2024 29,465 2025 29,500 2026 29,564 Thereafter 1,604,511 Total minimum lease payments 1,745,663 Less imputed interest (1,248,842) Total lease liabilities (1) $ 496,821 (1) The weighted average remaining lease term of leases with a lease liability, excluding extension options, as of December 31, 2021 was 61.1 years.
Schedule of operating lease income	Lease income under both student and commercial leases is included in owned property revenues and on-campus participating properties revenues in the accompanying consolidated statements of comprehensive income and is presented in the following table: Year Ended December 31, Description 2021 2020 2019 Student lease income $ 861,252 $ 809,112 $ 851,992 Commercial lease income $ 12,059 $ 11,793 $ 13,211

Segments (Tables)

Segments (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Schedule of Segment Information	Year Ended December 31, 2021 2020 2019 Owned Properties Rental revenues and other income $ 889,052 $ 820,699 $ 880,709 Interest income 1,007 459 473 Total revenues from external customers 890,059 821,158 881,182 Operating expenses before depreciation, amortization, and ground/facility lease expense (407,648) (378,454) (390,664) Ground/facility lease expense (15,647) (11,505) (11,084) Interest expense, net (1) (12,201) (12,413) (16,859) Income before depreciation and amortization $ 454,563 $ 418,786 $ 462,575 Depreciation and amortization $ (264,687) $ (256,238) $ (261,938) Capital expenditures $ 228,122 $ 373,898 $ 515,208 Total segment assets at December 31, $ 7,344,318 $ 7,368,883 $ 7,346,625 On-Campus Participating Properties Rental revenues and other income $ 31,207 $ 29,906 $ 36,346 Interest income 15 31 167 Total revenues from external customers 31,222 29,937 36,513 Operating expenses before depreciation, amortization, and ground/facility lease expense (14,333) (13,521) (15,028) Ground/facility lease expense (2,026) (2,008) (3,067) Interest expense, net (1) (3,483) (4,146) (4,934) Income before depreciation and amortization $ 11,380 $ 10,262 $ 13,484 Depreciation and amortization $ (8,039) $ (8,015) $ (8,380) Capital expenditures $ 4,308 $ 2,098 $ 2,898 Total segment assets at December 31, $ 81,815 $ 86,523 $ 97,561 Development Services Development and construction management fees $ 10,191 $ 7,543 $ 13,051 Operating expenses (9,207) (9,431) (8,658) Income (loss) before depreciation and amortization $ 984 $ (1,888) $ 4,393 Total segment assets at December 31, $ 21,251 $ 13,887 $ 13,539 Property Management Services Property management fees from external customers $ 11,959 $ 12,436 $ 12,936 Operating expenses (11,406) (12,269) (11,257) Income before depreciation and amortization $ 553 $ 167 $ 1,679 Total segment assets at December 31, $ 7,374 $ 8,390 $ 8,888 Reconciliations Total segment revenues and other income $ 943,431 $ 871,074 $ 943,682 Unallocated interest income earned on investments and corporate cash 352 2,449 3,046 Total consolidated revenues, including interest income $ 943,783 $ 873,523 $ 946,728 Segment income before depreciation and amortization $ 467,480 $ 427,327 $ 482,131 Segment depreciation and amortization (272,726) (264,253) (270,318) Corporate depreciation (2,871) (3,450) (4,728) Net unallocated expenses relating to corporate interest and overhead (147,209) (129,273) (117,529) Gain (loss) from disposition of real estate, net — 48,525 (53) Net other operating (expense) and nonoperating income (4,205) 2,407 — Amortization of deferred financing costs (5,824) (5,259) (5,012) Provision for impairment — — (17,214) (Loss) gain from extinguishment of debt, net — (4,827) 20,992 Income tax provision (1,361) (1,349) (1,507) Net income $ 33,284 $ 69,848 $ 86,762 Total segment assets $ 7,454,758 $ 7,477,683 $ 7,466,613 Unallocated corporate assets 119,828 53,477 93,141 Total assets at December 31, $ 7,574,586 $ 7,531,160 $ 7,559,754 (1) Net of capitalized interest and amortization of debt premiums.

Organization and Description _2

Organization and Description of Business - Narrative (Details)	12 Months Ended
	Dec. 31, 2021propertybedphase
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of properties	166
Number of beds | bed	111,900
Minimum
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Management and leasing services, initial term of contract	1 year
Maximum
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Management and leasing services, initial term of contract	5 years
Management and leasing services
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of properties	37
Number of beds | bed	29,000
Owned & third-party managed portfolio
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of properties	203
Number of beds | bed	140,900
Off campus properties | Owned properties, net
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of properties	126
American campus equity | Owned properties, net
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of properties	34
Under development | Owned properties, net
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of beds | bed	4,400
Number of properties under construction	1
Number of phases under construction | phase	4
Number of total construction phases | phase	10
On-campus participating properties, net
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of properties	6

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2020USD ($)	Dec. 31, 2021USD ($)propertyentitybed	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2013USD ($)bed
Significant Accounting Policies [Line Items]
Capitalized interest		$ 8,600	$ 12,100	$ 12,100
Number of properties | property		166
Proceeds from loans receivable	$ 55,000
Unamortized discount on loans receivable	$ 2,100
Weighted average incremental borrowing rate, percent		5.33%
Sales-type lease, net investment		$ 18,500	18,600
Sales-type lease term		20 years 4 months 24 days
Direct financing lease, lease income		$ 1,000	400	400
Deferred financing costs		7,300	1,900
Advertising costs		$ 15,900	12,900	15,700
Variable Interest Entity, Primary Beneficiary
Significant Accounting Policies [Line Items]
Number of properties | property		13
Number of third-party joint venture partners | entity		7
Number of land parcels | bed		2
G M H Acquisition
Significant Accounting Policies [Line Items]
Number of properties | bed					2
G M H Acquisition | Notes Receivable
Significant Accounting Policies [Line Items]
Payments to acquire loans receivable					$ 52,800
Effective interest rate (as a percent)					5.12%
Property tax abatement
Significant Accounting Policies [Line Items]
Unamortized tax abatement		$ 30,800	34,500
Amortization expense of acquired intangible assets		$ 3,100	3,400	3,500
Weighted average tax abatement period		18 years 2 months 12 days
Other assets
Significant Accounting Policies [Line Items]
Intangible asset impairment				14,000
Mortgages
Significant Accounting Policies [Line Items]
Deferred financing costs		$ 1,100
Amortization of debt discounts (premiums)		(1,200)	(4,700)	(4,900)
Net unamortized debt premiums		$ 400	1,700
Minimum
Significant Accounting Policies [Line Items]
Term of lease contract (in years)		7 years
Maximum
Significant Accounting Policies [Line Items]
Term of lease contract (in years)		102 years
On-campus participating properties, net
Significant Accounting Policies [Line Items]
Number of properties | property		6
Percentage of net cash flow receivable per agreement		50.00%
Deferred financing costs		$ 511	323
On-campus participating properties, net | Variable Interest Entity, Primary Beneficiary
Significant Accounting Policies [Line Items]
Number of properties | property		6
Owned Properties Held For Sale
Significant Accounting Policies [Line Items]
Provision for impairment		$ 0	$ 0	$ 3,200

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	12 Months Ended
	Dec. 31, 2021
Buildings and improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful Life	7 years
Buildings and improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful Life	40 years
Leasehold interest - on-campus participating properties | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful Life	25 years
Leasehold interest - on-campus participating properties | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful Life	34 years
Furniture, fixtures, and equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful Life	3 years
Furniture, fixtures, and equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful Life	7 years

Earnings Per Share - Potentiall

Earnings Per Share - Potentially Dilutive Securities not Included in Calculating Diluted Earnings per Share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	503,717	503,717	573,533
Common OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	468,475	468,475	531,112
Preferred OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	35,242	35,242	42,421

Earnings Per Share - Summary of

Earnings Per Share - Summary of Elements Used in Calculating Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator - basic and diluted earnings per share
Net income	$ 33,284	$ 69,848	$ 86,762
Net loss (income) attributable to noncontrolling interests	2,205	2,955	(1,793)
Net income attributable to ACC, Inc. and Subsidiaries common stockholders	35,489	72,803	84,969
Amount allocated to participating securities	(2,285)	(2,142)	(1,902)
Net income attributable to common stockholders	$ 33,204	$ 70,661	$ 83,067
Denominator
Basic weighted average common shares outstanding (shares)	138,503,705	137,588,964	137,295,837
Unvested restricted stock awards (shares)	1,199,930	1,121,466	990,941
Diluted weighted average common shares outstanding (shares)	139,703,635	138,710,430	138,286,778
Earnings Per Share, Basic [Abstract]
Net income attributable to common stockholders per share - basic (in dollars per share)	$ 0.24	$ 0.51	$ 0.61
Net income attributable to common stockholders per share - diluted (in dollars per share)	$ 0.24	$ 0.51	$ 0.60

Income Taxes - Components of De

Income Taxes - Components of Deferred Tax Assets and Liabilities of TRSs (Details) - TRS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets
Fixed and intangible assets	$ 1,664	$ 1,669
Net operating loss carryforwards	7,952	8,207
Prepaid and deferred income	1,140	1,060
Bad debt reserves	691	675
Leases	3,089	3,314
Accrued expenses and other	5,060	3,795
Stock compensation	2,963	3,084
Total deferred tax assets	22,559	21,804
Valuation allowance for deferred tax assets	(19,743)	(18,578)
Deferred tax assets, net of valuation allowance	2,816	3,226
Deferred tax liabilities
Leases	(2,793)	(3,189)
Deferred financing costs	(23)	(37)
Net deferred tax liabilities	$ 0	$ 0

Income Taxes - Components of In

Income Taxes - Components of Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current
Federal	$ (112)	$ (103)	$ (157)
State	(1,249)	(1,246)	(1,350)
Deferred
Federal	0	0	0
State	0	0	0
Total provision	$ (1,361)	$ (1,349)	$ (1,507)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Income Tax Attributable to Continuing Operations for TRSs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes [Line Items]
TRS income tax provision	$ 1,361	$ 1,349	$ 1,507
TRS
Income Taxes [Line Items]
Tax benefit (provision) at U.S. statutory rates on TRS income subject to tax	1,347	1,536	(789)
State income tax, net of federal income tax benefit (provision)	206	278	(57)
Effect of permanent differences and other	(53)	(8)	5
(Increase) decrease in valuation allowance	(1,500)	(1,806)	841
TRS income tax provision	$ 0	$ 0	$ 0

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes [Line Items]
Income (Loss) subject to TRS earnings tax	$ 34,645	$ 71,197	$ 88,269
Unrecognized tax benefits	0	0	0
TRS
Income Taxes [Line Items]
Income (Loss) subject to TRS earnings tax	4,400	$ (5,400)	$ 10,000
Net operating loss carryforwards	$ 29,800

Income Taxes - Tax treatment of

Income Taxes - Tax treatment of Distributions to Shareholders (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Ordinary income (in dollars per share)	$ 0.4500	$ 1.1004	$ 0.6625
Long-term capital gain (in dollars per share)	1.2248	0.3560	1.2075
Return of capital (in dollars per share)	0.2052	0.4236	0
Total per common share outstanding (in dollars per share)	1.8800	1.8800	1.8700
Unrecaptured Section 1250 gains (in dollars per share)	$ 0.2560	$ 0.2052	$ 0.3827

Acquisitions and Joint Ventur_2

Acquisitions and Joint Venture Investments - Narrative (Details) $ in Millions	1 Months Ended					12 Months Ended
	Nov. 30, 2021USD ($)	May 31, 2021USD ($)	Oct. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Aug. 31, 2020USD ($)	Dec. 31, 2019USD ($)propertybed	Dec. 31, 2021bed
Business Acquisition [Line Items]
Number of beds | bed							111,900
Pre-Sale Arrangement
Business Acquisition [Line Items]
Number of properties, under development | property						2
Number of beds | bed						783
Owned properties, net | Pre-Sale Arrangement
Business Acquisition [Line Items]
Pre-sale arrangement purchase price						$ 110.2
Payments to acquire land						8.6
Repayment of mortgage and construction loans						$ 18.5
Variable Interest Entity, Primary Beneficiary | Nashville Joint Venture
Business Acquisition [Line Items]
Limited partner ownership interest (percent)					50.00%
Variable Interest Entity, Primary Beneficiary | Nashville Joint Venture
Business Acquisition [Line Items]
Asset acquisition, consideration transferred					$ 5.6
Asset acquisitions, consideration transferred, noncash					0.7
Variable Interest Entity, Primary Beneficiary | Nashville Joint Venture | Notes Receivable
Business Acquisition [Line Items]
Note receivable face amount					$ 5.4
Note receivable, term					2 years
Effective interest rate (as a percent)					6.50%
Land
Business Acquisition [Line Items]
Asset acquisition, consideration transferred	$ 1	$ 12.2	$ 11.6
Land | Variable Interest Entity, Primary Beneficiary | Nashville Joint Venture
Business Acquisition [Line Items]
Asset acquisition, consideration transferred				$ 11.3

Dispositions and Joint Ventur_2

Dispositions and Joint Venture Investments - Narrative (Details) $ in Thousands	1 Months Ended		12 Months Ended			24 Months Ended
	Dec. 31, 2021USD ($)bedproperty	Mar. 31, 2020USD ($)bed	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)bedproperty	Dec. 31, 2023USD ($)propertybed
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on disposition of real estate			$ 0	$ 48,525	$ (53)
Disposal group, not discontinued operations | Owned properties, net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property					2
Number of beds in properties sold | bed					1,150
Gross proceeds from sale of portfolio					$ 109,500
Net proceeds from sale of portfolio					108,600
Disposal group, not discontinued operations | Owned properties, net | The Varsity
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of beds in properties sold | bed		901
Gross proceeds from sale of portfolio		$ 148,000
Net proceeds from sale of portfolio		146,100
Net gain on disposition of real estate		$ 48,500
Disposal group, not discontinued operations | Owned properties, net | College Club Townhomes
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Provision for impairment					$ 3,200
Disposal group, not discontinued operations | Owned properties, net | Arizona State University Housing Portfolio | ACC / HS Joint Venture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property	8
Disposal group, not discontinued operations | Owned properties, net | Arizona State University Housing Portfolio | Joint Venture, Phase One | ACC / HS Joint Venture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property	3
Number of beds in properties sold | bed	4,272
Disposal group, not discontinued operations | Owned properties, net | Arizona State University Housing Portfolio | Joint Venture, Phase Two | Scenario, Forecast | ACC / HS Joint Venture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property						5
Number of beds in properties sold | bed						3,915
Proceeds from sale of interest in joint venture						$ 279,600
Disposal group, not discontinued operations | Owned properties, net | Arizona State University Housing Portfolio | Variable Interest Entity, Not Primary Beneficiary | Joint Venture, Phase One | ACC / HS Joint Venture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of interest in joint venture	$ 271,700
Disposal group, not discontinued operations | Owned properties, net | Arizona State University Housing Portfolio | Harrison Street Real Estate Capital, LLC | Variable Interest Entity, Not Primary Beneficiary | ACC / HS Joint Venture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Limited partner ownership interest (percent)	45.00%
Disposal group, not discontinued operations | Owned properties, net | Arizona State University Housing Portfolio | Harrison Street Real Estate Capital, LLC | Variable Interest Entity, Not Primary Beneficiary | Joint Venture, Phase One | ACC / HS Joint Venture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Limited partner ownership interest (percent)	45.00%
Disposal group, not discontinued operations | Owned properties, net | Arizona State University Housing Portfolio | Harrison Street Real Estate Capital, LLC | Variable Interest Entity, Primary Beneficiary | ACC / HS Joint Venture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Remaining ownership percentage	55.00%		55.00%
Disposal group, not discontinued operations | Owned properties, net | Arizona State University Housing Portfolio | Harrison Street Real Estate Capital, LLC | Variable Interest Entity, Primary Beneficiary | Joint Venture, Phase Two | Scenario, Forecast | ACC / HS Joint Venture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Limited partner ownership interest (percent)						45.00%

Investments in Real Estate - Su

Investments in Real Estate - Summary of Properties (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)propertyuniversitySystem	Dec. 31, 2020USD ($)
Real Estate Properties [Line Items]
Owned properties, net	$ 6,742,370	$ 6,791,025
Number of properties | property	166
Owned properties, net
Real Estate Properties [Line Items]
Land	$ 678,254	664,879
Buildings and improvements	7,241,918	6,949,781
Furniture, fixtures, and equipment	425,469	405,843
Construction in progress	242,566	361,893
Real estate properties gross	8,588,207	8,382,396
Less accumulated depreciation	(1,911,396)	(1,660,652)
Owned properties, net	6,676,811	6,721,744
On-campus participating properties, net
Real Estate Properties [Line Items]
Buildings and improvements	160,275	157,218
Furniture, fixtures, and equipment	14,213	14,389
Construction in progress	60	0
Real estate properties gross	174,548	171,607
Less accumulated depreciation	(108,989)	(102,326)
Owned properties, net	$ 65,559	$ 69,281
Number of properties | property	6
Number of university systems | universitySystem	3
Percentage of net cash flow receivable per agreement	50.00%

Debt - Summary of Outstanding C

Debt - Summary of Outstanding Consolidated Indebtedness (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Unpaid principal balance	$ 521,811	$ 627,220
Unamortized deferred financing costs	(7,300)	(1,900)
Total secured mortgage and bond debt, net	535,836	646,827
Total debt, net	3,509,515	3,593,003
Unsecured notes, net
Debt Instrument [Line Items]
Unsecured debt	2,773,855	2,375,603
Unsecured term loans, net
Debt Instrument [Line Items]
Unsecured debt	199,824	199,473
Unsecured revolving credit facility
Debt Instrument [Line Items]
Unsecured debt	0	371,100
Mortgage loans payable
Debt Instrument [Line Items]
Unamortized deferred financing costs	(1,100)
Unamortized debt premiums	400	1,700
Total debt, net	521,811	627,220
Unsecured debt | Unsecured notes, net
Debt Instrument [Line Items]
Unamortized deferred financing costs	(20,800)	(18,600)
Unamortized debt discounts	(5,300)	(5,800)
Unsecured debt | Unsecured term loans, net
Debt Instrument [Line Items]
Unamortized deferred financing costs	(200)	(500)
Owned properties, net
Debt Instrument [Line Items]
Total debt, net	460,666	564,326
Owned properties, net | Mortgage loans payable
Debt Instrument [Line Items]
Unpaid principal balance	460,825	563,506
Unamortized deferred financing costs	(596)	(848)
Unamortized debt premiums	540	1,819
Unamortized debt discounts	(103)	(151)
On-campus participating properties, net
Debt Instrument [Line Items]
Unamortized deferred financing costs	(511)	(323)
Total debt, net	75,170	82,501
On-campus participating properties, net | Mortgage loans payable
Debt Instrument [Line Items]
Unpaid principal balance	60,986	63,714
On-campus participating properties, net | Bonds payable
Debt Instrument [Line Items]
Unpaid principal balance	$ 14,695	$ 19,110

Debt - Mortgage Loans Payable E

Debt - Mortgage Loans Payable Excluding Premiums and Discounts (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Principal Outstanding | $	$ 521,811	$ 627,220
Weighted Average Interest Rate	4.03%
Weighted Average Years to Maturity	6 years 8 months 12 days
Number of Properties Encumbered | property	10
Mortgage loans payable | Fixed Rate
Debt Instrument [Line Items]
Principal Outstanding | $	$ 520,888	625,136
Weighted Average Interest Rate	4.03%
Weighted Average Years to Maturity	6 years 7 months 6 days
Number of Properties Encumbered | property	10
Mortgage loans payable | Variable Rate Debt
Debt Instrument [Line Items]
Principal Outstanding | $	$ 923	$ 2,084
Weighted Average Interest Rate	2.61%
Weighted Average Years to Maturity	23 years 7 months 6 days
Number of Properties Encumbered | property	0
Minimum | Mortgage loans payable | Fixed Rate
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.79%
Maximum | Mortgage loans payable | Fixed Rate
Debt Instrument [Line Items]
Weighted Average Interest Rate	4.50%

Debt - Mortgage Loans Payable T

Debt - Mortgage Loans Payable Transactions Occurred (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)property
Long Term Debt Transactions [Roll Forward]
Beginning balance	$ 3,593,003
Deductions
Ending balance	$ 3,509,515
Number of properties securing notes payable | property	6
Mortgage loans payable
Long Term Debt Transactions [Roll Forward]
Beginning balance	$ 627,220
Deductions
Pay-off of mortgage notes payable	(99,819)
Scheduled repayments of principal	(5,590)
Ending balance	$ 521,811

Debt - Narrative (Details)

Debt - Narrative (Details)	1 Months Ended	12 Months Ended
	Oct. 31, 2021USD ($)	Dec. 31, 2021USD ($)subsidarypropertybondSeries	Dec. 31, 2020USD ($)instrument	Dec. 31, 2019USD ($)	May 31, 2021USD ($)	Feb. 28, 2021USD ($)instrument
Debt Instrument [Line Items]
Number of properties | property		3
Percentage of financing		100.00%
Number of series of taxable bonds issued | bondSeries		3
Number of special purpose subsidiaries | subsidary		3
Proceeds from unsecured notes		$ 399,712,000	$ 795,808,000	$ 398,816,000
Unsecured revolving credit facility | Credit Agreement
Debt Instrument [Line Items]
Amount outstanding		0
Revolving credit facility available		1,000,000,000
Mortgage loans payable
Debt Instrument [Line Items]
Interest rate (percent)						2.80%
Mortgage loans payable | On-Campus Participating Properties
Debt Instrument [Line Items]
Amount refinanced						$ 24,000,000
Unsecured debt | Unsecured revolving credit facility
Debt Instrument [Line Items]
Credit facility		$ 1,000,000,000			$ 1,000,000,000
Additional borrowing capacity of unsecured facility (up to)					$ 500,000,000
Annual unused commitment fee (percent)		0.20%
Unsecured debt | Unsecured revolving credit facility | Term Loan II Facility
Debt Instrument [Line Items]
Interest rate (percent)		1.44%
Credit facility		$ 200,000,000
Weighted average interest rate of debt (percent)		2.54%
Weighted average interest rate spread (percent)		1.10%
Line of credit facility, accordion feature, increase limit		$ 100,000,000
Interest Rate Swap
Debt Instrument [Line Items]
Number of instruments held | instrument			2			2
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior Notes - October 2021
Debt Instrument [Line Items]
Interest rate (percent)	2.25%	2.25%
Amount of senior unsecured notes	$ 400,000,000	$ 400,000,000
Term (Years)	7 years
Percentage of par value	99.928%	99.928%
Proceeds from unsecured notes	$ 394,400,000
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior Notes - June 2020
Debt Instrument [Line Items]
Interest rate (percent)		3.875%
Amount of senior unsecured notes		$ 400,000,000
Percentage of par value		99.142%
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior Notes - January 2020
Debt Instrument [Line Items]
Interest rate (percent)		2.85%
Amount of senior unsecured notes		$ 400,000,000
Percentage of par value		99.81%

Debt - Summary of Bonds Payable

Debt - Summary of Bonds Payable (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Principal	$ 521,811,000	$ 627,220,000
Weighted Average Rate	4.03%
Bonds Payable
Debt Instrument [Line Items]
Original	$ 64,590,000
Principal	$ 14,695,000
Weighted Average Rate	7.50%
Required Monthly Debt Service	$ 488,000
Bonds Payable | Series 1999
Debt Instrument [Line Items]
Mortgaged Facilities Subject to Leases	University Village-PVAMU/TAMIU
Original	$ 39,270,000
Principal	$ 6,485,000
Weighted Average Rate	7.76%
Required Monthly Debt Service	$ 302,000
Bonds Payable | Series 2001
Debt Instrument [Line Items]
Mortgaged Facilities Subject to Leases	University College–PVAMU
Original	$ 20,995,000
Principal	$ 6,345,000
Weighted Average Rate	7.62%
Required Monthly Debt Service	$ 158,000
Bonds Payable | Series 2003
Debt Instrument [Line Items]
Mortgaged Facilities Subject to Leases	University College–PVAMU
Original	$ 4,325,000
Principal	$ 1,865,000
Weighted Average Rate	6.22%
Required Monthly Debt Service	$ 28,000

Debt - Summary of Unsecured Not

Debt - Summary of Unsecured Notes (Details) - AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP - USD ($)	1 Months Ended	12 Months Ended
	Oct. 31, 2021	Dec. 31, 2021
Senior notes
Debt Instrument [Line Items]
Amount		$ 2,800,000,000
Original Issue Discount		7,936,000
Senior Notes - April 2013
Debt Instrument [Line Items]
Amount		$ 400,000,000
Percentage of par value		99.659%
Coupon		3.75%
Yield		3.791%
Original Issue Discount		$ 1,364,000
Term (Years)		10 years
Senior Notes - June 2014
Debt Instrument [Line Items]
Amount		$ 400,000,000
Percentage of par value		99.861%
Coupon		4.125%
Yield		4.269%
Original Issue Discount		$ 556,000
Term (Years)		10 years
Senior Notes - October 2017
Debt Instrument [Line Items]
Amount		$ 400,000,000
Percentage of par value		99.912%
Coupon		3.625%
Yield		3.635%
Original Issue Discount		$ 352,000
Term (Years)		10 years
Senior Notes - June 2019
Debt Instrument [Line Items]
Amount		$ 400,000,000
Percentage of par value		99.704%
Coupon		3.30%
Yield		3.68%
Original Issue Discount		$ 1,184,000
Term (Years)		7 years
Senior Notes - January 2020
Debt Instrument [Line Items]
Amount		$ 400,000,000
Percentage of par value		99.81%
Coupon		2.85%
Yield		2.872%
Original Issue Discount		$ 760,000
Term (Years)		10 years
Senior Notes - June 2020
Debt Instrument [Line Items]
Amount		$ 400,000,000
Percentage of par value		99.142%
Coupon		3.875%
Yield		3.974%
Original Issue Discount		$ 3,432,000
Term (Years)		10 years
Senior Notes - October 2021
Debt Instrument [Line Items]
Amount	$ 400,000,000	$ 400,000,000
Percentage of par value	99.928%	99.928%
Coupon	2.25%	2.25%
Yield		2.261%
Original Issue Discount		$ 288,000
Term (Years)		7 years

Debt - Summary of Debt Maturiti

Debt - Summary of Debt Maturities (Details) - Scheduled Principal $ in Thousands	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
2022	$ 209,723
2023	410,411
2024	530,939
2025	4,922
2026	403,207
Thereafter	1,977,304
Total debt	$ 3,536,506

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	May 31, 2021
Deferred Compensation Plan
Class Of Stock [Line Items]
Shares held in deferred compensation plan (in shares)	92,700
Deferred Compensation Plan | Treasury Stock
Class Of Stock [Line Items]
Shares of common stock deposited into deferred compensation plan (in shares)	28,899
Number of shares withdrawn from deferred compensation plan (in shares)	27,945
ATM Equity Program
Class Of Stock [Line Items]
ATM equity program, aggregate offering price authorized (up to $500 million)		$ 500
Available for issuance	$ 440.3

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of activity under ATM equity program (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Sale of Stock [Line Items]
Commissions paid to sales agents	$ 747	$ 0	$ 0
ATM Equity Program
Sale of Stock [Line Items]
Total net proceeds	58,927
Commissions paid to sales agents	$ 747
Weighted average price per share (in dollars per share)	$ 49.05
Shares of common stock sold (in shares)	1,216,600

Noncontrolling Interests - Narr

Noncontrolling Interests - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)property	Dec. 31, 2021propertyentity
Noncontrolling Interest [Line Items]
Number of properties		166
Partially owned properties
Noncontrolling Interest [Line Items]
Number of third-party joint venture partners | entity		6
Owned properties, net | Partially owned properties
Noncontrolling Interest [Line Items]
Number of properties		13
Number of land parcels		1
Core transaction
Noncontrolling Interest [Line Items]
Number of properties	5	5
Change in fair value of redeemable noncontrolling interest | $	$ 77.2
Core joint ventures | Core transaction
Noncontrolling Interest [Line Items]
Ownership percentage	100.00%	100.00%

Noncontrolling Interests - Summ

Noncontrolling Interests - Summarized activity of redeemable limited partners (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Noncontrolling Interest [Roll Forward]
Beginning Balance	$ 24,567
Distributions	(2,363)	$ (4,419)	$ (8,425)
Conversion of OP Units into shares of ACC common stock			(6,077)
Contributions from noncontrolling interests	114,385	6,110	924
Ending Balance	31,858	24,567
Redeemable noncontrolling interests
Noncontrolling Interest [Roll Forward]
Beginning Balance	24,567	104,381	184,446
Net income	177	325	783
Distributions	(937)	(937)	(1,062)
Conversion of OP Units into shares of ACC common stock			(6,082)
Contributions from noncontrolling interests			250
Purchase of noncontrolling interests		(77,200)	(88,304)
Adjustments to reflect redeemable noncontrolling interests at fair value	8,051	(2,002)	14,350
Ending Balance	$ 31,858	$ 24,567	$ 104,381

Incentive Award Plan - Narrativ

Incentive Award Plan - Narrative (Details)	1 Months Ended	12 Months Ended
	Jan. 31, 2021USD ($)member	Dec. 31, 2021USD ($)employee$ / sharesshares	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)$ / shares	Apr. 30, 2021USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Future amortization expense		$ 12,000,000
Select Employees and Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares) | shares		3,500,000
Stock-based awards, number of shares available for issuance (in shares) | shares		2,200,000
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award vesting period (in years)		5 years
Allocated share-based compensation		$ 18,400,000	$ 14,400,000	$ 12,700,000
Weighted-average grant date fair value, granted (in dollars per share) | $ / shares		$ 41.50	$ 47.13	$ 44.08
Weighted average grant date fair value, fair value (in dollars per share) | $ / shares		$ 43.32	$ 44.56	$ 42.91
Total fair value of RSAs vested		$ 18,400,000
Total unrecognized compensation cost		$ 35,800,000
Total unrecognized compensation cost, weighted-average period (in years)		3 years 2 months 12 days
Minimum age to meet retirement qualification (under Company Plan)		50 years
Minimum combination of employee service years and employee age to meet retirement qualification (under Company Plan)		70 years
Minimum notification period of intention to retire (under Company Plan)		6 months
Number of employees holding unvested awards which will vest upon retirement | employee		24
Number of unvested awards held by individual (in shares) | shares		375,756
Restricted Stock Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum number of full years of service to qualify for retirement (under Company Plan)		120 months
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation		$ 1,600,000	$ 1,000,000	$ 900,000
Weighted-average grant date fair value, granted (in dollars per share) | $ / shares		$ 43.83	$ 34.10	$ 47.34
Number of new members | member	3
Restricted Stock Units | Chairman of the Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted					$ 170,000
Restricted Stock Units | All other members
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted					$ 122,500
Restricted Stock Units | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	$ 122,500

Incentive Award Plan - Summary

Incentive Award Plan - Summary of Restricted Stock Awards (Details) - Restricted Stock Awards - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of RSAs
Nonvested, beginning balance (in shares)	1,092,596	967,341
Granted (in shares)	468,770	444,522
Vested (in shares)	(415,572)	(295,385)
Forfeited (in shares)	(34,696)	(23,882)
Nonvested, ending balance (in shares)	1,111,098	1,092,596	967,341
Weighted-Average Grant Date Fair Value Per RSA
Nonvested, Weighted-Average Grant Date Fair Value, beginning balance (in dollars per share)	$ 44.78	$ 43.27
Granted, Weighted-Average Grant Date Fair Value (in dollars per share)	41.50	47.13	$ 44.08
Vested, Weighted-Average Grant Date Fair Value (in dollars per share)	44.18	43.40
Forfeited, Weighted-Average Grant Date Fair Value (in dollars per share)	43.32	44.56	42.91
Nonvested, Weighted-Average Grant Date Fair Value, ending balance (in dollars per share)	$ 43.67	$ 44.78	$ 43.27
Shares withheld to satisfy tax obligation (in shares)	140,864	95,690

Incentive Award Plan - Summar_2

Incentive Award Plan - Summary of Restricted Stock Units (Details) - Restricted Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, beginning balance (in shares)	0	0
Granted (in shares)	34,626	30,137
Settled in common shares (in shares)	(33,514)	(27,644)
Settled in cash (in shares)	(1,112)	(2,493)
Nonvested, ending balance (in shares)	0	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Nonvested, Weighted-Average Grant Date Fair Value, beginning balance (in dollars per share)	$ 0	$ 0
Granted, Weighted-Average Grant Date Fair Value (in dollars per share)	43.83	34.10	$ 47.34
Settled in common shares, Weighted-Average Grant Date Fair Value (in dollars per share)	43.80	34.10
Settled in cash, Weighted-Average Grant Date Fair Value (in dollars per share)	44.98	34.10
Nonvested, Weighted-Average Grant Date Fair Value, ending balance (in dollars per share)	$ 0	$ 0	$ 0

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Summary of Outstanding Interest Rate Swap Contracts (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Derivative [Line Items]
Current Notional Amount	$ 330,062
Fair Value	$ (3,705)
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	$ (2,716)
Interest Rate Swap 1.2570% Due October 2022
Derivative [Line Items]
Effective Date	Oct. 16, 2019
Maturity Date	Oct. 16, 2022
Pay Fixed Rate	1.257%
Receive Floating Rate Index	LIBOR - 1 month
Current Notional Amount	$ 37,500
Fair Value	$ (264)
Interest Rate Swap 1.4685% Due June 2022
Derivative [Line Items]
Effective Date	Nov. 4, 2019
Maturity Date	Jun. 27, 2022
Pay Fixed Rate	1.4685%
Receive Floating Rate Index	LIBOR - 1 month
Current Notional Amount	$ 100,000
Fair Value	$ (606)
Interest Rate Swap 1.4203% Due June 2022
Derivative [Line Items]
Effective Date	Dec. 2, 2019
Maturity Date	Jun. 27, 2022
Pay Fixed Rate	1.4203%
Receive Floating Rate Index	LIBOR - 1 month
Current Notional Amount	$ 100,000
Fair Value	$ (583)
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	$ 11,223
Fair Value	$ 231
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	$ 11,339
Fair Value	$ 233

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Narrative (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)contract
Derivative [Line Items]
Current Notional Amount		$ 330,062
Termination of interest rate swaps		0	$ 0	$ 13,159
Estimated reclassification from other comprehensive income to interest expense		$ 4,900
Interest Rate Swap
Derivative [Line Items]
Number of interest rate derivatives held | contract				3
Current Notional Amount				$ 200,000
Termination of interest rate swaps	$ 13,200

Derivative Instruments and He_5

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	Dec. 31, 2021	Dec. 31, 2020
Other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 464	$ 0
Other liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 4,169	$ 10,211

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Schedule of Effect of Derivative Financial Instruments On The Income Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Change in fair value of derivatives and other recognized in other comprehensive income ("OCI")	$ 1,262	$ (11,380)	$ (723)
Swap interest accruals reclassified to interest expense	5,244	3,844	200
Termination of interest rate swap payment recognized in OCI	0	0	(13,159)
Change in fair value of interest rate swaps and other	8,230	(5,831)	(12,549)
Interest expense presented in the consolidated statements of comprehensive income in which the effects of cash flow hedges are recorded	117,793	112,507	111,287
Interest Expense
Derivative [Line Items]
Amortization of interest rate swap terminations	$ 1,724	$ 1,705	$ 1,133

Fair Value Disclosures - Financ

Fair Value Disclosures - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Derivative financial instruments	$ 464	$ 0
Liabilities
Derivative financial instruments	4,169	10,211
Mezzanine
Redeemable noncontrolling interests	31,858	24,567
Level 2
Assets
Derivative financial instruments	464	0
Liabilities
Derivative financial instruments	4,169	10,211
Mezzanine
Redeemable noncontrolling interests	28,858	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 for Mortgage Loans and Bonds Payable (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)
Liabilities
Principal	$ 521,811	$ 627,220
Reported Value Measurement
Liabilities
Unsecured notes	2,773,855	2,375,603
Mortgage loans payable (fixed rate)	520,316	625,783
Bonds payable	14,597	18,960
Unsecured Term Loans (fixed rate)	199,824	199,473
Owned properties, net | Mortgage loans payable
Liabilities
Principal	$ 460,825	563,506
Owned properties, net | Mortgage loans payable | Variable Rate Mortgage Loans
Liabilities
Number of loans | loan	1
Principal	$ 900	2,100
Fair Value, Inputs, Level 2 | Estimated Fair Value
Liabilities
Unsecured notes	2,917,121	2,609,373
Mortgage loans payable (fixed rate)	535,401	656,648
Bonds payable	15,703	20,720
Unsecured Term Loans (fixed rate)	$ 201,042	$ 203,348

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost and Rent Abatements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Straight-line rent expense	$ 18,528	$ 12,379	$ 10,009
Variable rent expense	3,895	5,761	8,996
Capitalized rent cost	10,488	15,772	$ 12,889
Ground rent abatements	$ 7,279	$ 1,512

Leases - Future Minimum Commitm

Leases - Future Minimum Commitments over Life (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2022	$ 23,756
2023	28,867
2024	29,465
2025	29,500
2026	29,564
Thereafter	1,604,511
Total minimum lease payments	1,745,663
Less imputed interest	(1,248,842)
Operating lease liabilities	$ 496,821	$ 486,631
Weighted average remaining lease term (in years)	61 years 1 month 6 days

Leases - Schedule of Lease Inco

Leases - Schedule of Lease Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Student lease income
Operating Lease Income
Revenues	$ 861,252	$ 809,112	$ 851,992
Commercial lease income
Operating Lease Income
Revenues	$ 12,059	$ 11,793	$ 13,211

Leases - Abatements and Refunds

Leases - Abatements and Refunds (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating Leased Assets [Line Items]
Reimbursements from university partners	$ (2,527)	$ (1,654)
On-campus participating properties, net
Operating Leased Assets [Line Items]
Net rent refunds	0	1,472
Commercial tenants
Operating Leased Assets [Line Items]
Net rent refunds	0	2,262
Ace properties
Operating Leased Assets [Line Items]
Net rent refunds	2,811	19,691
Rent reimbursements	2,600	4,400
Resident hardship program
Operating Leased Assets [Line Items]
Abatements through resident hardship program	$ 1,036	$ 14,275

Commitments and Contingencies (

Commitments and Contingencies (Details)	1 Months Ended	12 Months Ended
	Aug. 31, 2013USD ($)contract	Dec. 31, 2021USD ($)phaseproperty	Dec. 31, 2022USD ($)
Commitments and Contingencies Disclosure [Line Items]
Amount committed under charitable contributions		$ 5,000,000
Number of properties, under development | property		1
Amount of pre-development costs deferred		$ 27,200,000
Litigation settlement		2,000,000
Litigation expense		$ 2,000,000
Under development | Owned properties, net
Commitments and Contingencies Disclosure [Line Items]
Number of phases under construction | phase		4
Number of total construction phases | phase		10
Alternate housing guarantees and project cost guarantees
Commitments and Contingencies Disclosure [Line Items]
Project cost guarantees expiration (within years following project completion)		5 days
Project cost guarantees
Commitments and Contingencies Disclosure [Line Items]
Project cost guarantees expiration (within years following project completion)		1 year
Third-party development projects
Commitments and Contingencies Disclosure [Line Items]
Commitment under third-party development project		$ 14,600,000
Performance guarantee
Commitments and Contingencies Disclosure [Line Items]
Project cost guarantees expiration (within years following project completion)		60 days
Earnest money deposits		$ 2,400,000
Purchase price		$ 28,700,000
Drexel university property
Commitments and Contingencies Disclosure [Line Items]
Lease term	40 years
Number of renewal options | contract	3
Lease extension period	10 years
Commitment to pay real estate transfer taxes, amount	$ 1,800,000
Real estate transfer taxes paid upon conveyance of land	600,000
Maximum | Drexel university property
Commitments and Contingencies Disclosure [Line Items]
Commitment to pay real estate transfer taxes, amount	$ 2,400,000
Disney college program | Under development | Owned properties, net
Commitments and Contingencies Disclosure [Line Items]
Number of phases under construction | phase		6
Number of total construction phases | phase		10
Disney college program | Performance guarantee
Commitments and Contingencies Disclosure [Line Items]
Performance guarantee		$ 614,600,000
Development guarantee, damages due per bed each day of a delay		20
Guarantee, maximum exposure		100,000
Construction contracts
Commitments and Contingencies Disclosure [Line Items]
Construction contacts, amount to complete projects		32,700,000
ACC / HS Joint Venture
Commitments and Contingencies Disclosure [Line Items]
Amount accrued under charitable contributions		$ 2,500,000
ACC / HS Joint Venture | Scenario, Forecast
Commitments and Contingencies Disclosure [Line Items]
Amount accrued under charitable contributions			$ 2,500,000

Segments - Narrative (Details)

Segments - Narrative (Details)	12 Months Ended
	Dec. 31, 2021segment
Segment Reporting [Abstract]
Identified reportable segments	4

Segments - Schedule of Segment

Segments - Schedule of Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total revenues	$ 942,409	$ 870,584	$ 943,042
Ground/facility lease expense	(17,673)	(13,513)	(14,151)
Interest expense, net	(117,793)	(112,507)	(111,287)
Operating expenses	(785,849)	(683,240)	(763,152)
Depreciation and amortization	(275,597)	(267,703)	(275,046)
Total consolidated revenues, including interest income	943,783	873,523	946,728
Segment income before depreciation and amortization	156,560	187,344	179,890
Gain (loss) from disposition of real estate, net	0	48,525	(53)
Net other operating (expense) and nonoperating income	(4,205)	2,407	0
Amortization of deferred financing costs	(5,824)	(5,259)	(5,012)
Provision for impairment	0	0	(17,214)
(Loss) gain from extinguishment of debt, net	0	(4,827)	20,992
Income tax provision	(1,361)	(1,349)	(1,507)
Net income	33,284	69,848	86,762
Total assets	7,574,586	7,531,160	7,559,754
Operating segments
Segment Reporting Information [Line Items]
Total revenues	943,431	871,074	943,682
Depreciation and amortization	(272,726)	(264,253)	(270,318)
Segment income before depreciation and amortization	467,480	427,327	482,131
Total assets	7,454,758	7,477,683	7,466,613
Operating segments | Owned properties, net
Segment Reporting Information [Line Items]
Rental revenues and other income	889,052	820,699	880,709
Interest income	1,007	459	473
Total revenues	890,059	821,158	881,182
Operating expenses before depreciation, amortization, and ground/facility lease expense	(407,648)	(378,454)	(390,664)
Ground/facility lease expense	(15,647)	(11,505)	(11,084)
Interest expense, net	(12,201)	(12,413)	(16,859)
Income before depreciation and amortization	454,563	418,786	462,575
Depreciation and amortization	(264,687)	(256,238)	(261,938)
Capital expenditures	228,122	373,898	515,208
Total assets	7,344,318	7,368,883	7,346,625
Operating segments | On-campus participating properties, net
Segment Reporting Information [Line Items]
Rental revenues and other income	31,207	29,906	36,346
Interest income	15	31	167
Total revenues	31,222	29,937	36,513
Operating expenses before depreciation, amortization, and ground/facility lease expense	(14,333)	(13,521)	(15,028)
Ground/facility lease expense	(2,026)	(2,008)	(3,067)
Interest expense, net	(3,483)	(4,146)	(4,934)
Income before depreciation and amortization	11,380	10,262	13,484
Depreciation and amortization	(8,039)	(8,015)	(8,380)
Capital expenditures	4,308	2,098	2,898
Total assets	81,815	86,523	97,561
Operating segments | Development Services
Segment Reporting Information [Line Items]
Development and construction management fees	10,191	7,543	13,051
Operating expenses	(9,207)	(9,431)	(8,658)
Income before depreciation and amortization	984	(1,888)	4,393
Total assets	21,251	13,887	13,539
Operating segments | Property Management Services
Segment Reporting Information [Line Items]
Total revenues	11,959	12,436	12,936
Operating expenses	(11,406)	(12,269)	(11,257)
Income before depreciation and amortization	553	167	1,679
Total assets	7,374	8,390	8,888
Unallocated
Segment Reporting Information [Line Items]
Total revenues	352	2,449	3,046
Operating expenses	(147,209)	(129,273)	(117,529)
Corporate depreciation	(2,871)	(3,450)	(4,728)
Total assets	$ 119,828	$ 53,477	$ 93,141

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Jan. 24, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Distributions to common and restricted stockholders and other (in dollars per share)		$ 1.88	$ 1.88	$ 1.87
Subsequent Event
Subsequent Event [Line Items]
Distributions to common and restricted stockholders and other (in dollars per share)	$ 0.47

Schedule of Real Estate and A_2

Schedule of Real Estate and Accumulated Depreciation - Schedule of Real Estate Properties (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)bedunitlandParcel	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	36,546
Beds | bed	111,904
Initial Cost, Land	$ 672,730
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	7,469,662
Costs Capitalized Subsequent to Acquisition / Initial Development	620,363
Total Costs, Land	678,254
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	8,084,501
Total Costs, Total	8,762,755
Accumulated Depreciation	2,020,385
Encumbrances	536,506
Aggregate costs for federal income tax purposes	9,700,000
Unamortized deferred financing costs	7,300	$ 1,900
Mortgages
Real Estate and Accumulated Depreciation [Line Items]
Unamortized debt premiums	400	1,700
Unamortized deferred financing costs	$ 1,100
Owned properties, net
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	34,423
Beds | bed	106,674
Initial Cost, Land	$ 672,730
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	7,322,890
Costs Capitalized Subsequent to Acquisition / Initial Development	592,587
Total Costs, Land	678,254
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	7,909,953
Total Costs, Total	8,588,207	8,382,396	$ 8,137,504	$ 7,813,959
Accumulated Depreciation	1,911,396	1,660,652	1,442,789	1,230,562
Encumbrances	$ 460,825
Owned properties, net | The Callaway House College Station
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	173
Beds | bed	538
Initial Cost, Land	$ 5,081
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	20,499
Costs Capitalized Subsequent to Acquisition / Initial Development	8,397
Total Costs, Land	5,002
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	28,975
Total Costs, Total	33,977
Accumulated Depreciation	16,514
Encumbrances	$ 0
Owned properties, net | The Village at Science Drive
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	192
Beds | bed	732
Initial Cost, Land	$ 4,673
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	19,021
Costs Capitalized Subsequent to Acquisition / Initial Development	8,036
Total Costs, Land	4,673
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	27,057
Total Costs, Total	31,730
Accumulated Depreciation	13,607
Encumbrances	$ 0
Owned properties, net | University Village at Boulder Creek
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	82
Beds | bed	309
Initial Cost, Land	$ 1,035
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	16,393
Costs Capitalized Subsequent to Acquisition / Initial Development	1,666
Total Costs, Land	1,035
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	18,059
Total Costs, Total	19,094
Accumulated Depreciation	8,811
Encumbrances	$ 0
Owned properties, net | University Village
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	105
Beds | bed	406
Initial Cost, Land	$ 929
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	15,168
Costs Capitalized Subsequent to Acquisition / Initial Development	970
Total Costs, Land	929
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	16,138
Total Costs, Total	17,067
Accumulated Depreciation	7,148
Encumbrances	$ 0
Owned properties, net | University Village
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	220
Beds | bed	749
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	41,119
Costs Capitalized Subsequent to Acquisition / Initial Development	2,366
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	43,485
Total Costs, Total	43,485
Accumulated Depreciation	19,756
Encumbrances	$ 0
Owned properties, net | University Club Apartments
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	94
Beds | bed	376
Initial Cost, Land	$ 1,416
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	11,848
Costs Capitalized Subsequent to Acquisition / Initial Development	1,720
Total Costs, Land	1,416
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	13,568
Total Costs, Total	14,984
Accumulated Depreciation	5,887
Encumbrances	$ 0
Owned properties, net | City Parc at Fry Street
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	137
Beds | bed	420
Initial Cost, Land	$ 1,902
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	17,678
Costs Capitalized Subsequent to Acquisition / Initial Development	4,407
Total Costs, Land	1,902
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	22,085
Total Costs, Total	23,987
Accumulated Depreciation	10,002
Encumbrances	$ 0
Owned properties, net | Entrada Real
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	98
Beds | bed	363
Initial Cost, Land	$ 1,475
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	15,859
Costs Capitalized Subsequent to Acquisition / Initial Development	2,250
Total Costs, Land	1,475
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	18,109
Total Costs, Total	19,584
Accumulated Depreciation	8,234
Encumbrances	$ 0
Owned properties, net | University Village at Sweethome
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	269
Beds | bed	830
Initial Cost, Land	$ 2,473
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	34,448
Costs Capitalized Subsequent to Acquisition / Initial Development	3,930
Total Costs, Land	2,473
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	38,378
Total Costs, Total	40,851
Accumulated Depreciation	15,956
Encumbrances	$ 0
Owned properties, net | University Village
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	217
Beds | bed	716
Initial Cost, Land	$ 4,322
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	26,225
Costs Capitalized Subsequent to Acquisition / Initial Development	5,940
Total Costs, Land	4,322
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	32,165
Total Costs, Total	36,487
Accumulated Depreciation	13,938
Encumbrances	$ 0
Owned properties, net | Royal Village
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	118
Beds | bed	448
Initial Cost, Land	$ 2,386
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	15,153
Costs Capitalized Subsequent to Acquisition / Initial Development	7,368
Total Costs, Land	2,363
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	22,544
Total Costs, Total	24,907
Accumulated Depreciation	9,321
Encumbrances	$ 0
Owned properties, net | Royal Lexington
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	94
Beds | bed	364
Initial Cost, Land	$ 2,848
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	12,783
Costs Capitalized Subsequent to Acquisition / Initial Development	4,351
Total Costs, Land	2,848
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	17,134
Total Costs, Total	19,982
Accumulated Depreciation	7,414
Encumbrances	$ 0
Owned properties, net | Raiders Pass
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	264
Beds | bed	828
Initial Cost, Land	$ 3,877
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	32,445
Costs Capitalized Subsequent to Acquisition / Initial Development	5,689
Total Costs, Land	3,877
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	38,134
Total Costs, Total	42,011
Accumulated Depreciation	16,135
Encumbrances	$ 0
Owned properties, net | Aggie Station
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	156
Beds | bed	450
Initial Cost, Land	$ 1,634
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	18,821
Costs Capitalized Subsequent to Acquisition / Initial Development	6,368
Total Costs, Land	1,634
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	25,189
Total Costs, Total	26,823
Accumulated Depreciation	9,785
Encumbrances	$ 0
Owned properties, net | The Outpost
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	276
Beds | bed	828
Initial Cost, Land	$ 3,262
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	36,252
Costs Capitalized Subsequent to Acquisition / Initial Development	11,148
Total Costs, Land	3,262
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	47,400
Total Costs, Total	50,662
Accumulated Depreciation	19,135
Encumbrances	$ 0
Owned properties, net | Callaway Villas
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	236
Beds | bed	704
Initial Cost, Land	$ 3,903
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	31,953
Costs Capitalized Subsequent to Acquisition / Initial Development	800
Total Costs, Land	3,903
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	32,753
Total Costs, Total	36,656
Accumulated Depreciation	13,049
Encumbrances	$ 0
Owned properties, net | The Village on Sixth Avenue
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	248
Beds | bed	752
Initial Cost, Land	$ 2,763
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	22,480
Costs Capitalized Subsequent to Acquisition / Initial Development	9,887
Total Costs, Land	2,763
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	32,367
Total Costs, Total	35,130
Accumulated Depreciation	13,299
Encumbrances	$ 0
Owned properties, net | Newtown Crossing
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	356
Beds | bed	942
Initial Cost, Land	$ 7,013
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	53,597
Costs Capitalized Subsequent to Acquisition / Initial Development	1,469
Total Costs, Land	7,013
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	55,066
Total Costs, Total	62,079
Accumulated Depreciation	20,745
Encumbrances	$ 0
Owned properties, net | Olde Towne University Square
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	224
Beds | bed	550
Initial Cost, Land	$ 2,277
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	24,614
Costs Capitalized Subsequent to Acquisition / Initial Development	(314)
Total Costs, Land	2,277
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	24,300
Total Costs, Total	26,577
Accumulated Depreciation	9,420
Encumbrances	$ 0
Owned properties, net | Peninsular Place
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	183
Beds | bed	478
Initial Cost, Land	$ 2,306
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	16,559
Costs Capitalized Subsequent to Acquisition / Initial Development	1,368
Total Costs, Land	2,306
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	17,927
Total Costs, Total	20,233
Accumulated Depreciation	7,082
Encumbrances	$ 0
Owned properties, net | University Centre
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	234
Beds | bed	840
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	77,378
Costs Capitalized Subsequent to Acquisition / Initial Development	910
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	78,288
Total Costs, Total	78,288
Accumulated Depreciation	28,980
Encumbrances	$ 0
Owned properties, net | The Summit & Jacob Heights
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	258
Beds | bed	930
Initial Cost, Land	$ 2,318
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	36,464
Costs Capitalized Subsequent to Acquisition / Initial Development	2,383
Total Costs, Land	2,318
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	38,847
Total Costs, Total	41,165
Accumulated Depreciation	13,835
Encumbrances	$ 0
Owned properties, net | GrandMarc Seven Corners
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	186
Beds | bed	440
Initial Cost, Land	$ 4,491
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	28,807
Costs Capitalized Subsequent to Acquisition / Initial Development	2,055
Total Costs, Land	4,491
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	30,862
Total Costs, Total	35,353
Accumulated Depreciation	10,848
Encumbrances	$ 0
Owned properties, net | Aztec Corner
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	180
Beds | bed	606
Initial Cost, Land	$ 17,460
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	32,209
Costs Capitalized Subsequent to Acquisition / Initial Development	6,347
Total Costs, Land	17,460
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	38,556
Total Costs, Total	56,016
Accumulated Depreciation	13,119
Encumbrances	$ 0
Owned properties, net | The Tower at Third
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	188
Beds | bed	375
Initial Cost, Land	$ 1,145
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	19,128
Costs Capitalized Subsequent to Acquisition / Initial Development	13,131
Total Costs, Land	1,267
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	32,137
Total Costs, Total	33,404
Accumulated Depreciation	13,310
Encumbrances	$ 0
Owned properties, net | Willowtree Apartments and Tower
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	473
Beds | bed	851
Initial Cost, Land	$ 9,807
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	21,880
Costs Capitalized Subsequent to Acquisition / Initial Development	4,634
Total Costs, Land	9,806
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	26,515
Total Costs, Total	36,321
Accumulated Depreciation	10,487
Encumbrances	$ 0
Owned properties, net | University Pointe
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	204
Beds | bed	682
Initial Cost, Land	$ 989
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	27,576
Costs Capitalized Subsequent to Acquisition / Initial Development	3,934
Total Costs, Land	989
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	31,510
Total Costs, Total	32,499
Accumulated Depreciation	12,292
Encumbrances	$ 0
Owned properties, net | University Trails
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	240
Beds | bed	684
Initial Cost, Land	$ 1,183
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	25,173
Costs Capitalized Subsequent to Acquisition / Initial Development	3,704
Total Costs, Land	1,183
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	28,877
Total Costs, Total	30,060
Accumulated Depreciation	11,113
Encumbrances	$ 0
Owned properties, net | Campus Trails
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	156
Beds | bed	480
Initial Cost, Land	$ 1,358
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	11,291
Costs Capitalized Subsequent to Acquisition / Initial Development	7,901
Total Costs, Land	1,225
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	19,325
Total Costs, Total	20,550
Accumulated Depreciation	6,617
Encumbrances	$ 0
Owned properties, net | University Crossings (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	260
Beds | bed	1,016
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	50,668
Costs Capitalized Subsequent to Acquisition / Initial Development	41,541
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	92,209
Total Costs, Total	92,209
Accumulated Depreciation	38,019
Encumbrances	$ 0
Owned properties, net | Vista del Sol (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	613
Beds | bed	1,866
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	135,939
Costs Capitalized Subsequent to Acquisition / Initial Development	7,912
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	143,851
Total Costs, Total	143,851
Accumulated Depreciation	53,098
Encumbrances	$ 0
Owned properties, net | Villas at Chestnut Ridge
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	196
Beds | bed	554
Initial Cost, Land	$ 2,756
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	33,510
Costs Capitalized Subsequent to Acquisition / Initial Development	1,538
Total Costs, Land	2,756
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	35,048
Total Costs, Total	37,804
Accumulated Depreciation	12,308
Encumbrances	$ 0
Owned properties, net | Barrett Honors College (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	604
Beds | bed	1,721
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	131,302
Costs Capitalized Subsequent to Acquisition / Initial Development	23,777
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	155,079
Total Costs, Total	155,079
Accumulated Depreciation	55,886
Encumbrances	$ 0
Owned properties, net | Sanctuary Lofts
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	201
Beds | bed	485
Initial Cost, Land	$ 2,960
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	18,180
Costs Capitalized Subsequent to Acquisition / Initial Development	4,440
Total Costs, Land	2,959
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	22,621
Total Costs, Total	25,580
Accumulated Depreciation	8,406
Encumbrances	$ 0
Owned properties, net | The Edge - Charlotte
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	180
Beds | bed	720
Initial Cost, Land	$ 3,076
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	23,395
Costs Capitalized Subsequent to Acquisition / Initial Development	9,335
Total Costs, Land	3,076
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	32,730
Total Costs, Total	35,806
Accumulated Depreciation	13,508
Encumbrances	$ 0
Owned properties, net | University Walk
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	120
Beds | bed	480
Initial Cost, Land	$ 2,016
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	14,599
Costs Capitalized Subsequent to Acquisition / Initial Development	2,960
Total Costs, Land	2,016
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	17,559
Total Costs, Total	19,575
Accumulated Depreciation	6,102
Encumbrances	$ 0
Owned properties, net | Uptown
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	180
Beds | bed	528
Initial Cost, Land	$ 3,031
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	21,685
Costs Capitalized Subsequent to Acquisition / Initial Development	5,245
Total Costs, Land	3,031
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	26,930
Total Costs, Total	29,961
Accumulated Depreciation	8,971
Encumbrances	$ 0
Owned properties, net | 2nd Avenue Centre
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	274
Beds | bed	868
Initial Cost, Land	$ 4,434
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	27,236
Costs Capitalized Subsequent to Acquisition / Initial Development	5,089
Total Costs, Land	4,434
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	32,325
Total Costs, Total	36,759
Accumulated Depreciation	10,781
Encumbrances	$ 0
Owned properties, net | Villas at Babcock
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	204
Beds | bed	792
Initial Cost, Land	$ 4,642
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	30,901
Costs Capitalized Subsequent to Acquisition / Initial Development	1,135
Total Costs, Land	4,642
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	32,036
Total Costs, Total	36,678
Accumulated Depreciation	13,020
Encumbrances	$ 0
Owned properties, net | Lobo Village (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	216
Beds | bed	864
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	42,490
Costs Capitalized Subsequent to Acquisition / Initial Development	3,080
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	45,570
Total Costs, Total	45,570
Accumulated Depreciation	14,121
Encumbrances	$ 0
Owned properties, net | Villas on Sycamore
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	170
Beds | bed	682
Initial Cost, Land	$ 3,000
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	24,640
Costs Capitalized Subsequent to Acquisition / Initial Development	1,439
Total Costs, Land	3,000
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	26,079
Total Costs, Total	29,079
Accumulated Depreciation	10,942
Encumbrances	$ 0
Owned properties, net | 26 West
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	367
Beds | bed	1,026
Initial Cost, Land	$ 21,396
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	63,994
Costs Capitalized Subsequent to Acquisition / Initial Development	9,378
Total Costs, Land	21,396
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	73,372
Total Costs, Total	94,768
Accumulated Depreciation	23,205
Encumbrances	$ 66,938
Owned properties, net | Avalon Heights
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	210
Beds | bed	754
Initial Cost, Land	$ 4,968
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	24,345
Costs Capitalized Subsequent to Acquisition / Initial Development	16,120
Total Costs, Land	4,968
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	40,465
Total Costs, Total	45,433
Accumulated Depreciation	14,547
Encumbrances	$ 0
Owned properties, net | University Commons
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	164
Beds | bed	480
Initial Cost, Land	$ 12,559
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	19,010
Costs Capitalized Subsequent to Acquisition / Initial Development	3,767
Total Costs, Land	12,559
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	22,777
Total Costs, Total	35,336
Accumulated Depreciation	7,369
Encumbrances	$ 0
Owned properties, net | Casas del Rio (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	283
Beds | bed	1,028
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	40,639
Costs Capitalized Subsequent to Acquisition / Initial Development	3,819
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	44,458
Total Costs, Total	44,458
Accumulated Depreciation	19,397
Encumbrances	$ 0
Owned properties, net | The Suites (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	439
Beds | bed	878
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	45,296
Costs Capitalized Subsequent to Acquisition / Initial Development	1,530
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	46,826
Total Costs, Total	46,826
Accumulated Depreciation	16,143
Encumbrances	$ 0
Owned properties, net | Hilltop Townhomes (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	144
Beds | bed	576
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	31,507
Costs Capitalized Subsequent to Acquisition / Initial Development	1,126
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	32,633
Total Costs, Total	32,633
Accumulated Depreciation	12,271
Encumbrances	$ 0
Owned properties, net | U Club on Frey
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	216
Beds | bed	866
Initial Cost, Land	$ 8,703
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	36,873
Costs Capitalized Subsequent to Acquisition / Initial Development	3,643
Total Costs, Land	8,703
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	40,516
Total Costs, Total	49,219
Accumulated Depreciation	13,605
Encumbrances	$ 0
Owned properties, net | Campus Edge on UTA Boulevard
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	128
Beds | bed	488
Initial Cost, Land	$ 2,661
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	21,233
Costs Capitalized Subsequent to Acquisition / Initial Development	2,210
Total Costs, Land	2,663
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	23,441
Total Costs, Total	26,104
Accumulated Depreciation	8,794
Encumbrances	$ 0
Owned properties, net | U Club Townhomes on Marion Pugh
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	160
Beds | bed	640
Initial Cost, Land	$ 6,722
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	26,546
Costs Capitalized Subsequent to Acquisition / Initial Development	2,430
Total Costs, Land	6,722
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	28,976
Total Costs, Total	35,698
Accumulated Depreciation	11,416
Encumbrances	$ 0
Owned properties, net | Villas on Rensch
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	153
Beds | bed	610
Initial Cost, Land	$ 10,231
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	33,852
Costs Capitalized Subsequent to Acquisition / Initial Development	1,841
Total Costs, Land	10,231
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	35,693
Total Costs, Total	45,924
Accumulated Depreciation	12,791
Encumbrances	$ 0
Owned properties, net | The Village at Overton Park
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	163
Beds | bed	612
Initial Cost, Land	$ 5,262
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	29,374
Costs Capitalized Subsequent to Acquisition / Initial Development	1,824
Total Costs, Land	5,262
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	31,198
Total Costs, Total	36,460
Accumulated Depreciation	12,103
Encumbrances	$ 0
Owned properties, net | Casa de Oro (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	109
Beds | bed	365
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	12,362
Costs Capitalized Subsequent to Acquisition / Initial Development	545
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	12,907
Total Costs, Total	12,907
Accumulated Depreciation	5,176
Encumbrances	$ 0
Owned properties, net | The Villas at Vista del Sol (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	104
Beds | bed	400
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	20,421
Costs Capitalized Subsequent to Acquisition / Initial Development	738
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	21,159
Total Costs, Total	21,159
Accumulated Depreciation	8,603
Encumbrances	$ 0
Owned properties, net | The Block
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	669
Beds | bed	1,555
Initial Cost, Land	$ 22,270
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	141,430
Costs Capitalized Subsequent to Acquisition / Initial Development	19,972
Total Costs, Land	22,572
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	161,100
Total Costs, Total	183,672
Accumulated Depreciation	43,193
Encumbrances	$ 94,117
Owned properties, net | University Pointe at College Station (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	282
Beds | bed	978
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	84,657
Costs Capitalized Subsequent to Acquisition / Initial Development	2,943
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	87,600
Total Costs, Total	87,600
Accumulated Depreciation	34,329
Encumbrances	$ 0
Owned properties, net | 309 Green
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	110
Beds | bed	416
Initial Cost, Land	$ 5,351
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	49,987
Costs Capitalized Subsequent to Acquisition / Initial Development	4,912
Total Costs, Land	5,351
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	54,899
Total Costs, Total	60,250
Accumulated Depreciation	15,352
Encumbrances	$ 0
Owned properties, net | The Retreat
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	187
Beds | bed	780
Initial Cost, Land	$ 5,265
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	46,236
Costs Capitalized Subsequent to Acquisition / Initial Development	4,610
Total Costs, Land	5,265
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	50,846
Total Costs, Total	56,111
Accumulated Depreciation	14,862
Encumbrances	$ 0
Owned properties, net | Lofts54
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	43
Beds | bed	172
Initial Cost, Land	$ 430
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	14,741
Costs Capitalized Subsequent to Acquisition / Initial Development	4,862
Total Costs, Land	430
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	19,603
Total Costs, Total	20,033
Accumulated Depreciation	5,762
Encumbrances	$ 0
Owned properties, net | Campustown Rentals
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	264
Beds | bed	746
Initial Cost, Land	$ 2,382
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	40,190
Costs Capitalized Subsequent to Acquisition / Initial Development	7,263
Total Costs, Land	2,382
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	47,453
Total Costs, Total	49,835
Accumulated Depreciation	14,975
Encumbrances	$ 0
Owned properties, net | Chauncey Square
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	158
Beds | bed	386
Initial Cost, Land	$ 2,522
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	40,013
Costs Capitalized Subsequent to Acquisition / Initial Development	3,046
Total Costs, Land	2,522
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	43,059
Total Costs, Total	45,581
Accumulated Depreciation	11,969
Encumbrances	$ 0
Owned properties, net | Texan & Vintage
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	124
Beds | bed	311
Initial Cost, Land	$ 5,937
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	11,906
Costs Capitalized Subsequent to Acquisition / Initial Development	16,475
Total Costs, Land	5,962
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	28,356
Total Costs, Total	34,318
Accumulated Depreciation	7,858
Encumbrances	$ 18,796
Owned properties, net | The Castilian
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	371
Beds | bed	623
Initial Cost, Land	$ 3,663
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	59,772
Costs Capitalized Subsequent to Acquisition / Initial Development	38,013
Total Costs, Land	3,663
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	97,785
Total Costs, Total	101,448
Accumulated Depreciation	32,437
Encumbrances	$ 46,052
Owned properties, net | Bishops Square
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	134
Beds | bed	315
Initial Cost, Land	$ 1,206
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	17,878
Costs Capitalized Subsequent to Acquisition / Initial Development	3,163
Total Costs, Land	1,206
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	21,041
Total Costs, Total	22,247
Accumulated Depreciation	6,770
Encumbrances	$ 0
Owned properties, net | Union
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	54
Beds | bed	120
Initial Cost, Land	$ 169
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	6,348
Costs Capitalized Subsequent to Acquisition / Initial Development	1,257
Total Costs, Land	169
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	7,605
Total Costs, Total	7,774
Accumulated Depreciation	2,439
Encumbrances	$ 0
Owned properties, net | 922 Place
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	132
Beds | bed	468
Initial Cost, Land	$ 3,363
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	34,947
Costs Capitalized Subsequent to Acquisition / Initial Development	4,193
Total Costs, Land	3,363
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	39,140
Total Costs, Total	42,503
Accumulated Depreciation	12,156
Encumbrances	$ 0
Owned properties, net | Campustown
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	452
Beds | bed	1,216
Initial Cost, Land	$ 1,818
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	77,894
Costs Capitalized Subsequent to Acquisition / Initial Development	16,509
Total Costs, Land	1,818
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	94,403
Total Costs, Total	96,221
Accumulated Depreciation	26,035
Encumbrances	$ 0
Owned properties, net | River Mill
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	243
Beds | bed	461
Initial Cost, Land	$ 1,741
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	22,806
Costs Capitalized Subsequent to Acquisition / Initial Development	6,160
Total Costs, Land	1,741
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	28,966
Total Costs, Total	30,707
Accumulated Depreciation	9,093
Encumbrances	$ 0
Owned properties, net | The Province
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	219
Beds | bed	696
Initial Cost, Land	$ 2,226
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	48,567
Costs Capitalized Subsequent to Acquisition / Initial Development	3,714
Total Costs, Land	2,226
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	52,281
Total Costs, Total	54,507
Accumulated Depreciation	14,857
Encumbrances	$ 0
Owned properties, net | RAMZ Apartments on Broad
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	88
Beds | bed	172
Initial Cost, Land	$ 785
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	12,303
Costs Capitalized Subsequent to Acquisition / Initial Development	988
Total Costs, Land	785
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	13,291
Total Costs, Total	14,076
Accumulated Depreciation	3,803
Encumbrances	$ 0
Owned properties, net | The Lofts at Capital Garage
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	36
Beds | bed	144
Initial Cost, Land	$ 313
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	3,581
Costs Capitalized Subsequent to Acquisition / Initial Development	1,089
Total Costs, Land	313
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	4,670
Total Costs, Total	4,983
Accumulated Depreciation	1,544
Encumbrances	$ 0
Owned properties, net | 25Twenty
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	249
Beds | bed	562
Initial Cost, Land	$ 2,226
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	33,429
Costs Capitalized Subsequent to Acquisition / Initial Development	3,928
Total Costs, Land	2,226
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	37,357
Total Costs, Total	39,583
Accumulated Depreciation	11,201
Encumbrances	$ 0
Owned properties, net | The Province
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	366
Beds | bed	858
Initial Cost, Land	$ 4,392
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	63,068
Costs Capitalized Subsequent to Acquisition / Initial Development	3,309
Total Costs, Land	4,392
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	66,377
Total Costs, Total	70,769
Accumulated Depreciation	19,694
Encumbrances	$ 0
Owned properties, net | The Province
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	336
Beds | bed	816
Initial Cost, Land	$ 3,798
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	70,955
Costs Capitalized Subsequent to Acquisition / Initial Development	4,161
Total Costs, Land	3,798
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	75,116
Total Costs, Total	78,914
Accumulated Depreciation	22,473
Encumbrances	$ 0
Owned properties, net | 5 Twenty Four and 5 Twenty Five Angliana
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	376
Beds | bed	1,060
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	60,448
Costs Capitalized Subsequent to Acquisition / Initial Development	8,293
Total Costs, Land	5,214
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	63,527
Total Costs, Total	68,741
Accumulated Depreciation	18,982
Encumbrances	$ 0
Owned properties, net | The Province
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	287
Beds | bed	947
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	52,943
Costs Capitalized Subsequent to Acquisition / Initial Development	6,458
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	59,401
Total Costs, Total	59,401
Accumulated Depreciation	17,630
Encumbrances	$ 0
Owned properties, net | U Pointe Kennesaw
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	216
Beds | bed	797
Initial Cost, Land	$ 1,482
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	61,654
Costs Capitalized Subsequent to Acquisition / Initial Development	8,441
Total Costs, Land	1,482
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	70,095
Total Costs, Total	71,577
Accumulated Depreciation	21,513
Encumbrances	$ 0
Owned properties, net | The Cottages of Durham
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	141
Beds | bed	619
Initial Cost, Land	$ 3,955
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	41,421
Costs Capitalized Subsequent to Acquisition / Initial Development	3,169
Total Costs, Land	3,955
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	44,590
Total Costs, Total	48,545
Accumulated Depreciation	15,913
Encumbrances	$ 0
Owned properties, net | University Edge
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	201
Beds | bed	608
Initial Cost, Land	$ 4,500
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	26,385
Costs Capitalized Subsequent to Acquisition / Initial Development	2,276
Total Costs, Land	4,500
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	28,661
Total Costs, Total	33,161
Accumulated Depreciation	7,995
Encumbrances	$ 0
Owned properties, net | The Lodges of East Lansing
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	364
Beds | bed	1,049
Initial Cost, Land	$ 6,472
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	89,231
Costs Capitalized Subsequent to Acquisition / Initial Development	4,882
Total Costs, Land	6,472
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	94,113
Total Costs, Total	100,585
Accumulated Depreciation	26,458
Encumbrances	$ 0
Owned properties, net | 7th Street Station
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	82
Beds | bed	309
Initial Cost, Land	$ 9,792
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	16,472
Costs Capitalized Subsequent to Acquisition / Initial Development	801
Total Costs, Land	9,792
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	17,273
Total Costs, Total	27,065
Accumulated Depreciation	5,190
Encumbrances	$ 0
Owned properties, net | The Callaway House - Austin
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	219
Beds | bed	753
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	61,550
Costs Capitalized Subsequent to Acquisition / Initial Development	2,258
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	63,808
Total Costs, Total	63,808
Accumulated Depreciation	20,705
Encumbrances	$ 80,726
Owned properties, net | Manzanita Hall (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	241
Beds | bed	816
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	48,781
Costs Capitalized Subsequent to Acquisition / Initial Development	1,773
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	50,554
Total Costs, Total	50,554
Accumulated Depreciation	17,974
Encumbrances	$ 0
Owned properties, net | University View (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	96
Beds | bed	336
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	14,683
Costs Capitalized Subsequent to Acquisition / Initial Development	472
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	15,155
Total Costs, Total	15,155
Accumulated Depreciation	5,164
Encumbrances	$ 0
Owned properties, net | U Club Townhomes at Overton Park
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	112
Beds | bed	448
Initial Cost, Land	$ 7,775
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	21,483
Costs Capitalized Subsequent to Acquisition / Initial Development	1,168
Total Costs, Land	7,775
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	22,651
Total Costs, Total	30,426
Accumulated Depreciation	7,891
Encumbrances	$ 0
Owned properties, net | 601 Copeland
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	81
Beds | bed	283
Initial Cost, Land	$ 1,457
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	26,699
Costs Capitalized Subsequent to Acquisition / Initial Development	853
Total Costs, Land	1,457
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	27,552
Total Costs, Total	29,009
Accumulated Depreciation	8,170
Encumbrances	$ 0
Owned properties, net | The Townhomes at Newtown Crossing
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	152
Beds | bed	608
Initial Cost, Land	$ 7,745
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	32,074
Costs Capitalized Subsequent to Acquisition / Initial Development	929
Total Costs, Land	7,745
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	33,003
Total Costs, Total	40,748
Accumulated Depreciation	9,934
Encumbrances	$ 0
Owned properties, net | Chestnut Square (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	220
Beds | bed	861
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	98,369
Costs Capitalized Subsequent to Acquisition / Initial Development	3,471
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	101,840
Total Costs, Total	101,840
Accumulated Depreciation	32,039
Encumbrances	$ 0
Owned properties, net | Park Point
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	300
Beds | bed	924
Initial Cost, Land	$ 7,827
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	73,495
Costs Capitalized Subsequent to Acquisition / Initial Development	5,770
Total Costs, Land	7,827
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	79,265
Total Costs, Total	87,092
Accumulated Depreciation	23,680
Encumbrances	$ 70,000
Owned properties, net | U Centre at Fry Street
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	194
Beds | bed	614
Initial Cost, Land	$ 2,902
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	47,700
Costs Capitalized Subsequent to Acquisition / Initial Development	3,427
Total Costs, Land	2,902
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	51,127
Total Costs, Total	54,029
Accumulated Depreciation	13,510
Encumbrances	$ 0
Owned properties, net | Cardinal Towne
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	255
Beds | bed	545
Initial Cost, Land	$ 6,547
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	53,809
Costs Capitalized Subsequent to Acquisition / Initial Development	4,577
Total Costs, Land	6,547
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	58,386
Total Costs, Total	64,933
Accumulated Depreciation	15,464
Encumbrances	$ 0
Owned properties, net | Merwick Stanworth (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	325
Beds | bed	595
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	79,598
Costs Capitalized Subsequent to Acquisition / Initial Development	(539)
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	79,059
Total Costs, Total	79,059
Accumulated Depreciation	15,965
Encumbrances	$ 0
Owned properties, net | Plaza on University
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	364
Beds | bed	1,313
Initial Cost, Land	$ 23,987
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	85,584
Costs Capitalized Subsequent to Acquisition / Initial Development	6,038
Total Costs, Land	23,987
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	91,622
Total Costs, Total	115,609
Accumulated Depreciation	26,651
Encumbrances	$ 0
Owned properties, net | U Centre at Northgate (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	196
Beds | bed	784
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	35,663
Costs Capitalized Subsequent to Acquisition / Initial Development	810
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	36,473
Total Costs, Total	36,473
Accumulated Depreciation	10,988
Encumbrances	$ 0
Owned properties, net | University Walk
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	177
Beds | bed	526
Initial Cost, Land	$ 4,341
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	29,073
Costs Capitalized Subsequent to Acquisition / Initial Development	4,165
Total Costs, Land	4,341
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	33,238
Total Costs, Total	37,579
Accumulated Depreciation	7,370
Encumbrances	$ 0
Owned properties, net | U Club on Woodward
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	236
Beds | bed	944
Initial Cost, Land	$ 16,350
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	46,982
Costs Capitalized Subsequent to Acquisition / Initial Development	1,416
Total Costs, Land	16,349
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	48,399
Total Costs, Total	64,748
Accumulated Depreciation	14,790
Encumbrances	$ 0
Owned properties, net | Park Point
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	66
Beds | bed	226
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	25,725
Costs Capitalized Subsequent to Acquisition / Initial Development	4,012
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	29,737
Total Costs, Total	29,737
Accumulated Depreciation	6,878
Encumbrances	$ 0
Owned properties, net | 1200 West Marshall
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	136
Beds | bed	406
Initial Cost, Land	$ 4,397
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	33,908
Costs Capitalized Subsequent to Acquisition / Initial Development	2,372
Total Costs, Land	4,397
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	36,280
Total Costs, Total	40,677
Accumulated Depreciation	8,775
Encumbrances	$ 0
Owned properties, net | 8 1/2 Canal Street
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	160
Beds | bed	540
Initial Cost, Land	$ 2,797
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	45,394
Costs Capitalized Subsequent to Acquisition / Initial Development	2,659
Total Costs, Land	2,797
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	48,053
Total Costs, Total	50,850
Accumulated Depreciation	10,658
Encumbrances	$ 0
Owned properties, net | Vistas San Marcos
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	255
Beds | bed	600
Initial Cost, Land	$ 586
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	45,761
Costs Capitalized Subsequent to Acquisition / Initial Development	7,923
Total Costs, Land	586
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	53,684
Total Costs, Total	54,270
Accumulated Depreciation	15,939
Encumbrances	$ 0
Owned properties, net | Crest at Pearl
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	141
Beds | bed	343
Initial Cost, Land	$ 4,395
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	36,268
Costs Capitalized Subsequent to Acquisition / Initial Development	2,149
Total Costs, Land	4,491
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	38,321
Total Costs, Total	42,812
Accumulated Depreciation	8,986
Encumbrances	$ 23,372
Owned properties, net | U Club Binghamton
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	326
Beds | bed	1,272
Initial Cost, Land	$ 15,858
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	92,372
Costs Capitalized Subsequent to Acquisition / Initial Development	3,824
Total Costs, Land	15,858
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	96,196
Total Costs, Total	112,054
Accumulated Depreciation	17,732
Encumbrances	$ 0
Owned properties, net | 160 Ross
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	182
Beds | bed	642
Initial Cost, Land	$ 2,962
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	38,478
Costs Capitalized Subsequent to Acquisition / Initial Development	1,428
Total Costs, Land	2,962
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	39,906
Total Costs, Total	42,868
Accumulated Depreciation	10,361
Encumbrances	$ 0
Owned properties, net | The Summit at University City (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	351
Beds | bed	1,315
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	154,770
Costs Capitalized Subsequent to Acquisition / Initial Development	2,964
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	157,734
Total Costs, Total	157,734
Accumulated Depreciation	32,762
Encumbrances	$ 0
Owned properties, net | 2125 Franklin
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	192
Beds | bed	734
Initial Cost, Land	$ 8,299
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	55,716
Costs Capitalized Subsequent to Acquisition / Initial Development	970
Total Costs, Land	8,299
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	56,686
Total Costs, Total	64,985
Accumulated Depreciation	12,890
Encumbrances	$ 0
Owned properties, net | University Crossings
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	187
Beds | bed	546
Initial Cost, Land	$ 645
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	36,838
Costs Capitalized Subsequent to Acquisition / Initial Development	7,873
Total Costs, Land	645
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	44,711
Total Costs, Total	45,356
Accumulated Depreciation	8,222
Encumbrances	$ 0
Owned properties, net | U Club on 28th
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	100
Beds | bed	398
Initial Cost, Land	$ 9,725
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	45,788
Costs Capitalized Subsequent to Acquisition / Initial Development	648
Total Costs, Land	9,725
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	46,436
Total Costs, Total	56,161
Accumulated Depreciation	8,838
Encumbrances	$ 0
Owned properties, net | Currie Hall (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	178
Beds | bed	456
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	49,987
Costs Capitalized Subsequent to Acquisition / Initial Development	583
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	50,570
Total Costs, Total	50,570
Accumulated Depreciation	10,199
Encumbrances	$ 0
Owned properties, net | University Pointe (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	134
Beds | bed	531
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	44,035
Costs Capitalized Subsequent to Acquisition / Initial Development	453
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	44,488
Total Costs, Total	44,488
Accumulated Depreciation	8,605
Encumbrances	$ 0
Owned properties, net | Fairview House (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	107
Beds | bed	633
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	38,144
Costs Capitalized Subsequent to Acquisition / Initial Development	347
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	38,491
Total Costs, Total	38,491
Accumulated Depreciation	8,843
Encumbrances	$ 0
Owned properties, net | U Club Sunnyside
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	134
Beds | bed	534
Initial Cost, Land	$ 7,423
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	41,582
Costs Capitalized Subsequent to Acquisition / Initial Development	752
Total Costs, Land	7,423
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	42,334
Total Costs, Total	49,757
Accumulated Depreciation	8,243
Encumbrances	$ 0
Owned properties, net | Stadium Centre
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	636
Beds | bed	1,723
Initial Cost, Land	$ 27,808
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	158,189
Costs Capitalized Subsequent to Acquisition / Initial Development	10,431
Total Costs, Land	27,808
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	168,620
Total Costs, Total	196,428
Accumulated Depreciation	29,311
Encumbrances	$ 60,824
Owned properties, net | U Point
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	54
Beds | bed	163
Initial Cost, Land	$ 1,425
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	17,325
Costs Capitalized Subsequent to Acquisition / Initial Development	2,578
Total Costs, Land	1,425
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	19,903
Total Costs, Total	21,328
Accumulated Depreciation	3,829
Encumbrances	$ 0
Owned properties, net | The Arlie
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	169
Beds | bed	598
Initial Cost, Land	$ 1,350
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	43,352
Costs Capitalized Subsequent to Acquisition / Initial Development	2,360
Total Costs, Land	1,350
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	45,712
Total Costs, Total	47,062
Accumulated Depreciation	8,924
Encumbrances	$ 0
Owned properties, net | TWELVE at U District
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	283
Beds | bed	384
Initial Cost, Land	$ 13,013
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	98,115
Costs Capitalized Subsequent to Acquisition / Initial Development	4,046
Total Costs, Land	13,013
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	102,161
Total Costs, Total	115,174
Accumulated Depreciation	13,380
Encumbrances	$ 0
Owned properties, net | The 515
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	183
Beds | bed	513
Initial Cost, Land	$ 1,611
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	68,953
Costs Capitalized Subsequent to Acquisition / Initial Development	2,667
Total Costs, Land	1,611
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	71,620
Total Costs, Total	73,231
Accumulated Depreciation	9,165
Encumbrances	$ 0
Owned properties, net | State
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	220
Beds | bed	665
Initial Cost, Land	$ 3,448
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	66,774
Costs Capitalized Subsequent to Acquisition / Initial Development	3,015
Total Costs, Land	3,448
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	69,789
Total Costs, Total	73,237
Accumulated Depreciation	10,550
Encumbrances	$ 0
Owned properties, net | Tooker House (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	429
Beds | bed	1,594
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	103,897
Costs Capitalized Subsequent to Acquisition / Initial Development	172
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	104,069
Total Costs, Total	104,069
Accumulated Depreciation	17,508
Encumbrances	$ 0
Owned properties, net | SkyView (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	163
Beds | bed	626
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	57,578
Costs Capitalized Subsequent to Acquisition / Initial Development	439
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	58,017
Total Costs, Total	58,017
Accumulated Depreciation	8,789
Encumbrances	$ 0
Owned properties, net | University Square (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	143
Beds | bed	466
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	25,635
Costs Capitalized Subsequent to Acquisition / Initial Development	141
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	25,776
Total Costs, Total	25,776
Accumulated Depreciation	4,372
Encumbrances	$ 0
Owned properties, net | U Centre on Turner
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	182
Beds | bed	718
Initial Cost, Land	$ 14,000
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	55,456
Costs Capitalized Subsequent to Acquisition / Initial Development	303
Total Costs, Land	14,001
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	55,758
Total Costs, Total	69,759
Accumulated Depreciation	8,805
Encumbrances	$ 0
Owned properties, net | U Pointe on Speight
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	180
Beds | bed	700
Initial Cost, Land	$ 4,705
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	46,160
Costs Capitalized Subsequent to Acquisition / Initial Development	627
Total Costs, Land	4,705
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	46,787
Total Costs, Total	51,492
Accumulated Depreciation	7,233
Encumbrances	$ 0
Owned properties, net | 21Hundred at Overton Park
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	296
Beds | bed	1,204
Initial Cost, Land	$ 16,767
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	64,057
Costs Capitalized Subsequent to Acquisition / Initial Development	1,169
Total Costs, Land	16,767
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	65,226
Total Costs, Total	81,993
Accumulated Depreciation	10,641
Encumbrances	$ 0
Owned properties, net | The Suites at Third
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	63
Beds | bed	251
Initial Cost, Land	$ 831
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	22,384
Costs Capitalized Subsequent to Acquisition / Initial Development	23
Total Costs, Land	831
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	22,407
Total Costs, Total	23,238
Accumulated Depreciation	3,527
Encumbrances	$ 0
Owned properties, net | Callaway House Apartments
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	386
Beds | bed	915
Initial Cost, Land	$ 12,651
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	78,220
Costs Capitalized Subsequent to Acquisition / Initial Development	892
Total Costs, Land	12,651
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	79,112
Total Costs, Total	91,763
Accumulated Depreciation	12,718
Encumbrances	$ 0
Owned properties, net | U Centre on College
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	127
Beds | bed	418
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	41,607
Costs Capitalized Subsequent to Acquisition / Initial Development	(44)
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	41,563
Total Costs, Total	41,563
Accumulated Depreciation	6,126
Encumbrances	$ 0
Owned properties, net | The James
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	366
Beds | bed	850
Initial Cost, Land	$ 18,871
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	118,096
Costs Capitalized Subsequent to Acquisition / Initial Development	2,802
Total Costs, Land	18,871
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	120,898
Total Costs, Total	139,769
Accumulated Depreciation	17,677
Encumbrances	$ 0
Owned properties, net | Bridges @ 11th
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	184
Beds | bed	258
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	58,825
Costs Capitalized Subsequent to Acquisition / Initial Development	1,785
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	60,610
Total Costs, Total	60,610
Accumulated Depreciation	7,176
Encumbrances	$ 0
Owned properties, net | Hub U District Seattle
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	111
Beds | bed	248
Initial Cost, Land	$ 5,700
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	56,355
Costs Capitalized Subsequent to Acquisition / Initial Development	1,617
Total Costs, Land	5,700
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	57,972
Total Costs, Total	63,672
Accumulated Depreciation	8,379
Encumbrances	$ 0
Owned properties, net | David Blackwell Hall (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	412
Beds | bed	780
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	96,891
Costs Capitalized Subsequent to Acquisition / Initial Development	861
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	97,752
Total Costs, Total	97,752
Accumulated Depreciation	10,778
Encumbrances	$ 0
Owned properties, net | Gladding Residence Center (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	592
Beds | bed	1,524
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	94,368
Costs Capitalized Subsequent to Acquisition / Initial Development	405
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	94,773
Total Costs, Total	94,773
Accumulated Depreciation	11,440
Encumbrances	$ 0
Owned properties, net | Irvington House (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	197
Beds | bed	648
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	36,187
Costs Capitalized Subsequent to Acquisition / Initial Development	44
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	36,231
Total Costs, Total	36,231
Accumulated Depreciation	4,471
Encumbrances	$ 0
Owned properties, net | Greek Leadership Village (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	498
Beds | bed	957
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	69,351
Costs Capitalized Subsequent to Acquisition / Initial Development	305
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	69,656
Total Costs, Total	69,656
Accumulated Depreciation	8,446
Encumbrances	$ 0
Owned properties, net | NAU Honors College (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	318
Beds | bed	636
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	41,222
Costs Capitalized Subsequent to Acquisition / Initial Development	415
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	41,637
Total Costs, Total	41,637
Accumulated Depreciation	5,345
Encumbrances	$ 0
Owned properties, net | U Club Townhomes at Oxford
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	132
Beds | bed	528
Initial Cost, Land	$ 5,115
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	39,239
Costs Capitalized Subsequent to Acquisition / Initial Development	97
Total Costs, Land	5,115
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	39,336
Total Costs, Total	44,451
Accumulated Depreciation	4,934
Encumbrances	$ 0
Owned properties, net | Hub Ann Arbor
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	124
Beds | bed	310
Initial Cost, Land	$ 7,050
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	42,865
Costs Capitalized Subsequent to Acquisition / Initial Development	1,789
Total Costs, Land	7,050
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	44,654
Total Costs, Total	51,704
Accumulated Depreciation	5,283
Encumbrances	$ 0
Owned properties, net | The Jack
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	198
Beds | bed	591
Initial Cost, Land	$ 5,397
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	56,626
Costs Capitalized Subsequent to Acquisition / Initial Development	867
Total Costs, Land	5,397
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	57,493
Total Costs, Total	62,890
Accumulated Depreciation	6,817
Encumbrances	$ 0
Owned properties, net | Campus Edge on Pierce
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	289
Beds | bed	598
Initial Cost, Land	$ 6,881
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	55,818
Costs Capitalized Subsequent to Acquisition / Initial Development	1,579
Total Costs, Land	6,881
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	57,397
Total Costs, Total	64,278
Accumulated Depreciation	7,327
Encumbrances	$ 0
Owned properties, net | 191 College
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	127
Beds | bed	495
Initial Cost, Land	$ 5,434
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	55,844
Costs Capitalized Subsequent to Acquisition / Initial Development	0
Total Costs, Land	5,434
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	55,844
Total Costs, Total	61,278
Accumulated Depreciation	4,461
Encumbrances	$ 0
Owned properties, net | LightView (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	214
Beds | bed	825
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	148,922
Costs Capitalized Subsequent to Acquisition / Initial Development	1,088
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	150,010
Total Costs, Total	150,010
Accumulated Depreciation	12,227
Encumbrances	$ 0
Owned properties, net | University of Arizona Honors College (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	319
Beds | bed	1,056
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	76,214
Costs Capitalized Subsequent to Acquisition / Initial Development	405
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	76,619
Total Costs, Total	76,619
Accumulated Depreciation	6,854
Encumbrances	$ 0
Owned properties, net | 959 Franklin
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	230
Beds | bed	443
Initial Cost, Land	$ 5,026
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	62,980
Costs Capitalized Subsequent to Acquisition / Initial Development	0
Total Costs, Land	5,026
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	62,980
Total Costs, Total	68,006
Accumulated Depreciation	4,493
Encumbrances	$ 0
Owned properties, net | Currie Hall Phase II (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	95
Beds | bed	272
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	41,812
Costs Capitalized Subsequent to Acquisition / Initial Development	0
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	41,812
Total Costs, Total	41,812
Accumulated Depreciation	1,929
Encumbrances	$ 0
Owned properties, net | Manzanita Square (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	169
Beds | bed	597
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	127,413
Costs Capitalized Subsequent to Acquisition / Initial Development	0
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	127,413
Total Costs, Total	127,413
Accumulated Depreciation	5,653
Encumbrances	$ 0
Owned properties, net | Disney college Program Phases I-V (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	1,323
Beds | bed	5,284
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	365,566
Costs Capitalized Subsequent to Acquisition / Initial Development	0
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	365,566
Total Costs, Total	365,566
Accumulated Depreciation	12,086
Encumbrances	$ 0
Owned properties, net | Disney College Program Phases VI-X (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	1,291
Beds | bed	5,156
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	236,237
Costs Capitalized Subsequent to Acquisition / Initial Development	0
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	236,237
Total Costs, Total	236,237
Accumulated Depreciation	0
Encumbrances	$ 0
Number of unoccupied beds | bed	739
Owned properties, net | Undeveloped land parcels
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	0
Beds | bed	0
Initial Cost, Land	$ 90,828
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	1,968
Costs Capitalized Subsequent to Acquisition / Initial Development	0
Total Costs, Land	90,828
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	1,968
Total Costs, Total	92,796
Accumulated Depreciation	1,612
Encumbrances	$ 0
Number of land parcels | landParcel	3
Owned properties, net | Mortgages
Real Estate and Accumulated Depreciation [Line Items]
Unamortized debt premiums	$ 540	1,819
Unamortized deferred financing costs	$ 596	848
On-campus participating properties, net
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	2,123
Beds | bed	5,230
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	146,772
Costs Capitalized Subsequent to Acquisition / Initial Development	27,776
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	174,548
Total Costs, Total	174,548	171,607	169,499	162,562
Accumulated Depreciation	108,989	102,326	$ 94,311	$ 84,925
Encumbrances	75,681
Unamortized deferred financing costs	$ 511	$ 323
On-campus participating properties, net | University Village & University Village Northwest at Prairie View
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	648
Beds | bed	2,064
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	40,734
Costs Capitalized Subsequent to Acquisition / Initial Development	11,529
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	52,263
Total Costs, Total	52,263
Accumulated Depreciation	43,162
Encumbrances	$ 5,624
On-campus participating properties, net | University Village at Laredo
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	84
Beds | bed	250
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	5,844
Costs Capitalized Subsequent to Acquisition / Initial Development	1,597
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	7,441
Total Costs, Total	7,441
Accumulated Depreciation	6,565
Encumbrances	$ 861
On-campus participating properties, net | University College at Prairie View
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	756
Beds | bed	1,470
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	22,650
Costs Capitalized Subsequent to Acquisition / Initial Development	8,174
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	30,824
Total Costs, Total	30,824
Accumulated Depreciation	24,041
Encumbrances	$ 8,210
On-campus participating properties, net | Cullen Oaks
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	411
Beds | bed	879
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	33,910
Costs Capitalized Subsequent to Acquisition / Initial Development	4,344
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	38,254
Total Costs, Total	38,254
Accumulated Depreciation	21,851
Encumbrances	$ 22,562
On-campus participating properties, net | College Park
Real Estate and Accumulated Depreciation [Line Items]
Units | unit	224
Beds | bed	567
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures, and Equipment	43,634
Costs Capitalized Subsequent to Acquisition / Initial Development	2,132
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures, and Equipment	45,766
Total Costs, Total	45,766
Accumulated Depreciation	13,370
Encumbrances	$ 38,424

Schedule of Real Estate and A_3

Schedule of Real Estate and Accumulated Depreciation - Changes in investments in real estate and related accumulated depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments in Real Estate:
Balance, end of year	$ 8,762,755
Accumulated Depreciation:
Balance, end of year	(2,020,385)
On-campus participating properties, net
Investments in Real Estate:
Balance, beginning of year	171,607	$ 169,499	$ 162,562
Acquisition of land for development	0	0	0
Improvements and development expenditures	4,317	2,108	2,900
Write-off of fully depreciated or damaged assets	(1,376)	0	(306)
Provision for real estate impairment	0	0	0
Disposition of real estate	0	0	0
Transfer of property from owned to OCPP structure	0	0	4,343
Balance, end of year	174,548	171,607	169,499
Accumulated Depreciation:
Balance, beginning of year	(102,326)	(94,311)	(84,925)
Depreciation for the year	(8,039)	(8,015)	(8,380)
Write-off of fully depreciated or damaged assets	1,376	0	306
Disposition of properties	0	0	0
Transfer of property from owned to OCPP structure	0	0	(1,312)
Balance, end of year	(108,989)	(102,326)	(94,311)
Owned properties, net
Investments in Real Estate:
Balance, beginning of year	8,382,396	8,137,504	7,813,959
Acquisition of land for development	13,223	21,408	10,219
Improvements and development expenditures	205,718	355,590	484,949
Write-off of fully depreciated or damaged assets	(13,130)	(9,831)	(3,831)
Provision for real estate impairment	0	0	(3,201)
Disposition of real estate	0	(122,275)	(160,248)
Transfer of property from owned to OCPP structure	0	0	(4,343)
Balance, end of year	8,588,207	8,382,396	8,137,504
Accumulated Depreciation:
Balance, beginning of year	(1,660,652)	(1,442,789)	(1,230,562)
Depreciation for the year	(262,975)	(252,222)	(255,796)
Write-off of fully depreciated or damaged assets	12,231	9,831	3,831
Disposition of properties	0	24,528	38,426
Transfer of property from owned to OCPP structure	0	0	1,312
Balance, end of year	$ (1,911,396)	$ (1,660,652)	$ (1,442,789)