American Campus Communities Operating Partnership 10-Q 2 Aug 19 2019 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2019	Jul. 26, 2019
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	001-32265
Entity Registrant Name	AMERICAN CAMPUS COMMUNITIES, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	76-0753089
Entity Address, Address Line One	12700 Hill Country Blvd.,
Entity Address, Address Line Two	Suite T-200
Entity Address, Postal Zip Code	78738
Entity Address, City or Town	Austin,
Entity Address, State or Province	TX
City Area Code	512
Local Phone Number	732-1000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common stock, par value $.01 per share
Trading Symbol	ACC
Security Exchange Name	NYSE
Entity Common Stock Shares Outstanding (in shares)		137,402,359
Entity Central Index Key	0001283630
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Document Information [Line Items]
Entity File Number	333-181102-01
Entity Registrant Name	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	56-2473181
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001357369
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Investments in real estate:
Investments in real estate, net	$ 6,753,607	$ 6,661,034
Cash and cash equivalents	51,541	71,238
Restricted cash	37,185	35,279
Student contracts receivable	9,446	8,565
Other assets	531,118	262,730
Total assets	7,382,897	7,038,846
Liabilities:
Secured mortgage, construction and bond debt, net	872,922	853,084
Accounts payable and accrued expenses	67,079	88,767
Operating lease liabilities	285,224
Other liabilities	162,437	191,233
Total liabilities	3,756,102	3,307,599
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests	185,910	184,446
American Campus Communities, Inc. and Subsidiaries stockholders’ equity:
Common stock, $0.01 par value, 800,000,000 shares authorized, 137,200,511 and 136,967,286 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively	1,372	1,370
Additional paid in capital	4,460,412	4,458,240
Common stock held in rabbi trust, 75,535 and 69,603 shares at June 30, 2019 and December 31, 2018, respectively	(3,368)	(3,092)
Accumulated earnings and dividends	(1,059,633)	(971,070)
Accumulated other comprehensive loss	(18,784)	(4,397)
Total American Campus Communities, Inc. and Subsidiaries stockholders’ equity	3,379,999	3,481,051
Total equity	3,440,885	3,546,801
Partners’ capital:
Accumulated other comprehensive loss	(18,784)	(4,397)
Total liabilities and equity / capital	7,382,897	7,038,846
Owned properties, net
Investments in real estate:
Investments in real estate, net	6,676,217	6,583,397
On-campus participating properties, net
Investments in real estate:
Investments in real estate, net	77,390	77,637
Noncontrolling interests - partially owned properties
American Campus Communities, Inc. and Subsidiaries stockholders’ equity:
Noncontrolling interests - partially owned properties	60,886	65,750
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Investments in real estate:
Investments in real estate, net	6,753,607	6,661,034
Cash and cash equivalents	51,541	71,238
Restricted cash	37,185	35,279
Student contracts receivable	9,446	8,565
Other assets	531,118	262,730
Total assets	7,382,897	7,038,846
Liabilities:
Secured mortgage, construction and bond debt, net	872,922	853,084
Accounts payable and accrued expenses	67,079	88,767
Operating lease liabilities	285,224	0
Other liabilities	162,437	191,233
Total liabilities	3,756,102	3,307,599
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests	185,910	184,446
American Campus Communities, Inc. and Subsidiaries stockholders’ equity:
Accumulated other comprehensive loss	(18,784)	(4,397)
Partners’ capital:
General partner - 12,222 OP units outstanding at both June 30, 2019 and December 31, 2018	48	55
Limited partner - 137,263,824 and 137,024,667 OP units outstanding at June 30, 2019 and December 31, 2018, respectively	3,398,735	3,485,393
Accumulated other comprehensive loss	(18,784)	(4,397)
Total partners’ capital	3,379,999	3,481,051
Total capital	3,440,885	3,546,801
Total liabilities and equity / capital	7,382,897	7,038,846
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Owned properties, net
Investments in real estate:
Investments in real estate, net	6,676,217	6,583,397
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties, net
Investments in real estate:
Investments in real estate, net	77,390	77,637
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Noncontrolling interests - partially owned properties
Partners’ capital:
Noncontrolling interests - partially owned properties	60,886	65,750
Unsecured notes, net
Liabilities:
Unsecured debt	1,983,895	1,588,446
Unsecured notes, net | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Liabilities:
Unsecured debt	1,983,895	1,588,446
Unsecured term loans, net
Liabilities:
Unsecured debt	198,945	198,769
Unsecured term loans, net | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Liabilities:
Unsecured debt	198,945	198,769
Unsecured revolving credit facility
Liabilities:
Unsecured debt	185,600	387,300
Unsecured revolving credit facility | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Liabilities:
Unsecured debt	$ 185,600	$ 387,300

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	800,000,000	800,000,000
Common stock, shares issued (in shares)	137,200,511	136,967,286
Common stock, shares outstanding (in shares)	137,200,511	136,967,286
Common stock held in Rabbi Trust (in shares)	75,535	69,603
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
General partner, OP units outstanding (in units)	12,222	12,222
Limited partner, OP units outstanding (in units)	137,263,824	137,024,667
Investments in real estate, net
Consolidated variable interest entities' assets	$ 1,061,651	$ 1,042,585
Investments in real estate, net | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Consolidated variable interest entities' assets	1,061,651	1,042,585
Cash, cash equivalents and restricted cash
Consolidated variable interest entities' assets	55,070	72,218
Cash, cash equivalents and restricted cash | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Consolidated variable interest entities' assets	55,070	72,218
Other assets
Consolidated variable interest entities' assets	18,922	11,918
Other assets | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Consolidated variable interest entities' assets	18,922	11,918
Secured mortgage and construction debt, net
Consolidated variable interest entities' liabilities	477,408	447,292
Secured mortgage and construction debt, net | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Consolidated variable interest entities' liabilities	477,408	447,292
Accounts payable, accrued expenses and other liabilities
Consolidated variable interest entities' liabilities	57,759	53,432
Accounts payable, accrued expenses and other liabilities | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Consolidated variable interest entities' liabilities	$ 57,759	$ 53,432

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Total revenues	$ 217,371	$ 201,059	$ 459,502	$ 421,468
Operating expenses:
Third-party development and management services	4,513	3,544	8,699	7,742
General and administrative	8,115	13,173	15,430	19,872
Depreciation and amortization	68,815	63,537	137,570	128,316
Ground/facility leases	3,236	2,733	6,785	5,575
Loss (gain) from disposition of real estate	282	(42,314)	282	(42,314)
Provision for real estate impairment	0	0	3,201	0
Other operating income	0	(2,648)	0	(2,648)
Total operating expenses	179,530	127,891	362,662	297,894
Operating income	37,841	73,168	96,840	123,574
Nonoperating income (expenses):
Interest income	969	1,243	1,895	2,466
Interest expense	(27,068)	(23,338)	(54,129)	(47,022)
Amortization of deferred financing costs	(1,218)	(2,214)	(2,350)	(3,628)
Loss from early extinguishment of debt	0	(784)	0	(784)
Total nonoperating expenses	(27,317)	(25,093)	(54,584)	(48,968)
Income before income taxes	10,524	48,075	42,256	74,606
Income tax provision	(314)	(2,085)	(678)	(2,366)
Net income	10,210	45,990	41,578	72,240
Net income attributable to noncontrolling interests	176	19	(1,552)	(304)
Net income attributable to ACC, Inc. and Subsidiaries common stockholders	10,386	46,009	40,026	71,936
Other comprehensive (loss) income
Change in fair value of interest rate swaps and other	(8,593)	180	(14,387)	645
Comprehensive income	$ 1,793	$ 46,189	$ 25,639	$ 72,581
Net income per share attributable to ACC, Inc. and Subsidiaries common shareholders
Basic and diluted (in dollars per share)	$ 0.07	$ 0.33	$ 0.28	$ 0.52
Weighted-average common shares outstanding:
Basic (in shares)	137,268,696	136,677,255	137,185,576	136,599,816
Diluted (in shares)	138,243,388	137,576,366	138,198,134	137,536,368
Owned properties
Revenues:
Owned properties and on-campus participating properties revenue	$ 203,156	$ 189,488	$ 427,575	$ 395,020
Operating expenses:
Operating expenses	90,763	86,136	182,932	174,196
On-campus participating properties
Revenues:
Owned properties and on-campus participating properties revenue	6,396	6,182	17,844	16,625
Operating expenses:
Operating expenses	3,806	3,730	7,763	7,155
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Revenues:
Total revenues	217,371	201,059	459,502	421,468
Operating expenses:
Third-party development and management services	4,513	3,544	8,699	7,742
General and administrative	8,115	13,173	15,430	19,872
Depreciation and amortization	68,815	63,537	137,570	128,316
Ground/facility leases	3,236	2,733	6,785	5,575
Loss (gain) from disposition of real estate	282	(42,314)	282	(42,314)
Provision for real estate impairment	0	0	3,201	0
Other operating income	0	(2,648)	0	(2,648)
Total operating expenses	179,530	127,891	362,662	297,894
Operating income	37,841	73,168	96,840	123,574
Nonoperating income (expenses):
Interest income	969	1,243	1,895	2,466
Interest expense	(27,068)	(23,338)	(54,129)	(47,022)
Amortization of deferred financing costs	(1,218)	(2,214)	(2,350)	(3,628)
Loss from early extinguishment of debt	0	(784)	0	(784)
Total nonoperating expenses	(27,317)	(25,093)	(54,584)	(48,968)
Income before income taxes	10,524	48,075	42,256	74,606
Income tax provision	(314)	(2,085)	(678)	(2,366)
Net income	10,210	45,990	41,578	72,240
Net income attributable to ACC, Inc. and Subsidiaries common stockholders	10,440	46,356	40,240	72,492
Series A preferred unit distributions	(9)	(31)	(40)	(62)
Net income attributable to common unitholders	10,431	46,325	40,200	72,430
Other comprehensive (loss) income
Change in fair value of interest rate swaps and other	(8,593)	180	(14,387)	645
Comprehensive income	$ 1,838	$ 46,505	$ 25,813	$ 73,075
Net income per share attributable to ACC, Inc. and Subsidiaries common shareholders
Basic and diluted (in dollars per share)	$ 0.07	$ 0.33	$ 0.28	$ 0.52
Net income per share attributable to ACC, Inc. and Subsidiaries common shareholders
Basic and diluted (in dollars per share)	$ 0.07	$ 0.33	$ 0.28	$ 0.52
Weighted-average common units outstanding
Basic (in units)	137,863,484	137,615,938	137,780,364	137,547,575
Diluted (in units)	138,838,176	138,515,049	138,792,922	138,484,127
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Owned properties
Revenues:
Owned properties and on-campus participating properties revenue	$ 203,156	$ 189,488	$ 427,575	$ 395,020
Operating expenses:
Operating expenses	90,763	86,136	182,932	174,196
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties
Revenues:
Owned properties and on-campus participating properties revenue	6,396	6,182	17,844	16,625
Operating expenses:
Operating expenses	3,806	3,730	7,763	7,155
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Noncontrolling interests - partially owned properties
Nonoperating income (expenses):
Net income attributable to noncontrolling interests	230	366	(1,338)	252
Third-party development services
Revenues:
Contract with customer, revenue	3,607	2,202	6,778	3,048
Third-party development services | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Revenues:
Contract with customer, revenue	3,607	2,202	6,778	3,048
Third-party management services
Revenues:
Contract with customer, revenue	3,465	2,452	5,776	5,183
Third-party management services | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Revenues:
Contract with customer, revenue	3,465	2,452	5,776	5,183
Resident services
Revenues:
Contract with customer, revenue	747	735	1,529	1,592
Resident services | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Revenues:
Contract with customer, revenue	$ 747	$ 735	$ 1,529	$ 1,592

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Shares	Additional Paid in Capital	Common Shares Held in Rabbi Trust	Accumulated Earnings and Dividends	Accumulated Other Comprehensive Loss	Noncontrolling Interests – Partially Owned PropertiesNoncontrolling interests - partially owned properties	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.Accumulated Other Comprehensive Loss	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.Noncontrolling Interests – Partially Owned PropertiesNoncontrolling interests - partially owned properties	General PartnerAMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.	Limited PartnerAMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Equity, Beginning (in shares) at Dec. 31, 2017		136,362,728		63,778
Equity, Beginning at Dec. 31, 2017	$ 3,498,958	$ 1,364	$ 4,326,910	$ (2,944)	$ (837,644)	$ (2,701)	$ 13,973
Capital, Beginning (in units) at Dec. 31, 2017											12,222	136,414,284
Capital, Beginning at Dec. 31, 2017								$ 3,498,958	$ (2,701)	$ 13,973	$ 67	$ 3,487,619
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustments to reflect redeemable noncontrolling interests at fair value			4,526					4,526				$ 4,526
Amortization of restricted stock awards and vesting of restricted stock units (in shares)		3,040										3,040
Amortization of restricted stock awards			3,443					3,443				$ 3,443
Vesting of restricted stock awards (in shares)		165,263										165,263
Vesting of restricted stock awards		$ 1	(2,758)					(2,757)				$ (2,757)
Distributions to common and restricted unit holders and other								(60,564)			(5)	$ (60,559)
Distributions to common and restricted stockholders/unit holders and other					(60,564)
Contributions by noncontrolling interests - partially owned properties							9,515	9,515		9,515
Distributions to noncontrolling interests - partially owned properties							(47)	(47)		(47)
Conversion of common and preferred operating partnership units to common stock (in shares)		68,448										68,448
Conversion of common and preferred operating partnership units to common stock		$ 1	477					478				$ 478
Change in fair value of interest rate swaps and other						465		465	465
Withdrawals from deferred compensation plan, net of deposits (in shares)		1,160		(1,160)
Withdrawals from deferred compensation plan, net of deposits			(127)	$ 127
Net income					25,927		113	26,040		113	$ 2	$ 25,925
Equity, Ending (in shares) at Mar. 31, 2018		136,600,639		62,618
Equity, Ending at Mar. 31, 2018	3,480,057	$ 1,366	4,332,471	$ (2,817)	(872,281)	(2,236)	23,554
Capital, Ending (in units) at Mar. 31, 2018											12,222	136,651,035
Capital, Ending at Mar. 31, 2018								3,480,057	(2,236)	23,554	$ 64	$ 3,458,675
Equity, Beginning (in shares) at Dec. 31, 2017		136,362,728		63,778
Equity, Beginning at Dec. 31, 2017	3,498,958	$ 1,364	4,326,910	$ (2,944)	(837,644)	(2,701)	13,973
Capital, Beginning (in units) at Dec. 31, 2017											12,222	136,414,284
Capital, Beginning at Dec. 31, 2017								3,498,958	(2,701)	13,973	$ 67	$ 3,487,619
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustments to reflect redeemable noncontrolling interests at fair value	4,526
Amortization of restricted stock awards	3,443
Vesting of restricted stock awards	(2,757)
Distributions to common and restricted stockholders/unit holders and other	(60,564)
Contributions by noncontrolling interests - partially owned properties	9,515
Distributions to noncontrolling interests - partially owned properties	(47)
Conversion of common and preferred operating partnership units to common stock	478
Change in fair value of interest rate swaps and other	465
Termination of interest rate swaps	0
Net income	26,040
Equity, Ending (in shares) at Jun. 30, 2018		136,615,244		69,603
Equity, Ending at Jun. 30, 2018	3,684,135	$ 1,366	4,507,453	$ (3,092)	(889,524)	(2,056)	69,988
Capital, Ending (in units) at Jun. 30, 2018											12,222	136,672,625
Capital, Ending at Jun. 30, 2018								3,684,135	(2,056)	69,988	$ 62	$ 3,616,141
Equity, Beginning (in shares) at Dec. 31, 2017		136,362,728		63,778
Equity, Beginning at Dec. 31, 2017	3,498,958	$ 1,364	4,326,910	$ (2,944)	(837,644)	(2,701)	13,973
Capital, Beginning (in units) at Dec. 31, 2017											12,222	136,414,284
Capital, Beginning at Dec. 31, 2017								3,498,958	(2,701)	13,973	$ 67	$ 3,487,619
Equity, Ending (in shares) at Dec. 31, 2018		136,967,286		69,603
Equity, Ending at Dec. 31, 2018	3,546,801	$ 1,370	4,458,240	$ (3,092)	(971,070)	(4,397)	65,750
Capital, Ending (in units) at Dec. 31, 2018											12,222	137,024,667
Capital, Ending at Dec. 31, 2018								3,546,801	(4,397)	65,750	$ 55	$ 3,485,393
Equity, Beginning (in shares) at Mar. 31, 2018		136,600,639		62,618
Equity, Beginning at Mar. 31, 2018	3,480,057	$ 1,366	4,332,471	$ (2,817)	(872,281)	(2,236)	23,554
Capital, Beginning (in units) at Mar. 31, 2018											12,222	136,651,035
Capital, Beginning at Mar. 31, 2018								3,480,057	(2,236)	23,554	$ 64	$ 3,458,675
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustments to reflect redeemable noncontrolling interests at fair value	(4,426)		(4,426)					(4,426)				$ (4,426)
Amortization of restricted stock awards and vesting of restricted stock units (in shares)		21,590										21,590
Amortization of restricted stock awards	3,604		3,604					3,604				$ 3,604
Distributions to common and restricted unit holders and other								(63,252)			(6)	(63,246)
Distributions to common and restricted stockholders/unit holders and other	(63,252)				(63,252)
Contributions by noncontrolling interests - partially owned properties	198,021						198,021	198,021		198,021
Distributions to noncontrolling interests - partially owned properties	(151,224)						(151,224)	(151,224)		(151,224)
Change in ownership of consolidated subsidiary	175,529		175,529					175,529				175,529
Change in fair value of interest rate swaps and other	180					180		180	180
Termination of interest rate swaps	0
Withdrawals from deferred compensation plan, net of deposits (in shares)		(6,985)		6,985
Withdrawals from deferred compensation plan, net of deposits			275	$ (275)
Net income	45,646				46,009		(363)	45,646		(363)	$ 4	$ 46,005
Equity, Ending (in shares) at Jun. 30, 2018		136,615,244		69,603
Equity, Ending at Jun. 30, 2018	3,684,135	$ 1,366	4,507,453	$ (3,092)	(889,524)	(2,056)	69,988
Capital, Ending (in units) at Jun. 30, 2018											12,222	136,672,625
Capital, Ending at Jun. 30, 2018								3,684,135	(2,056)	69,988	$ 62	$ 3,616,141
Equity, Beginning (in shares) at Dec. 31, 2018		136,967,286		69,603
Equity, Beginning at Dec. 31, 2018	3,546,801	$ 1,370	4,458,240	$ (3,092)	(971,070)	(4,397)	65,750
Capital, Beginning (in units) at Dec. 31, 2018											12,222	137,024,667
Capital, Beginning at Dec. 31, 2018								3,546,801	(4,397)	65,750	$ 55	$ 3,485,393
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustments to reflect redeemable noncontrolling interests at fair value	(2,547)		(2,547)					(2,547)				$ (2,547)
Amortization of restricted stock awards and vesting of restricted stock units (in shares)												0
Amortization of restricted stock awards	3,765		3,765					3,765				$ 3,765
Vesting of restricted stock awards (in shares)		180,961										180,961
Vesting of restricted stock awards	(3,831)		(3,831)					(3,831)				$ (3,831)
Distributions to common and restricted unit holders and other								(63,611)			(6)	$ (63,605)
Distributions to common and restricted stockholders/unit holders and other	(63,611)				(63,611)
Contributions by noncontrolling interests - partially owned properties	625						625	625		625
Distributions to noncontrolling interests - partially owned properties	(3,661)						(3,661)	(3,661)		(3,661)
Conversion of common and preferred operating partnership units to common stock (in shares)		42,271										42,271
Conversion of common and preferred operating partnership units to common stock	251		251					251				$ 251
Change in fair value of interest rate swaps and other	(5,794)					(5,794)		(5,794)	(5,794)
Withdrawals from deferred compensation plan, net of deposits (in shares)		(1,829)		1,829
Withdrawals from deferred compensation plan, net of deposits			70	$ (70)
Net income	31,109				29,640		1,469	31,109		1,469	$ 3	$ 29,637
Equity, Ending (in shares) at Mar. 31, 2019		137,188,689		71,432
Equity, Ending at Mar. 31, 2019	3,503,107	$ 1,370	4,455,948	$ (3,162)	(1,005,041)	(10,191)	64,183
Capital, Ending (in units) at Mar. 31, 2019											12,222	137,247,899
Capital, Ending at Mar. 31, 2019								3,503,107	(10,191)	64,183	$ 52	$ 3,449,063
Equity, Beginning (in shares) at Dec. 31, 2018		136,967,286		69,603
Equity, Beginning at Dec. 31, 2018	3,546,801	$ 1,370	4,458,240	$ (3,092)	(971,070)	(4,397)	65,750
Capital, Beginning (in units) at Dec. 31, 2018											12,222	137,024,667
Capital, Beginning at Dec. 31, 2018								3,546,801	(4,397)	65,750	$ 55	$ 3,485,393
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Termination of interest rate swaps	(13,159)					(13,159)
Equity, Ending (in shares) at Jun. 30, 2019		137,200,511		75,535
Equity, Ending at Jun. 30, 2019	3,440,885	$ 1,372	4,460,412	$ (3,368)	(1,059,633)	(18,784)	60,886
Capital, Ending (in units) at Jun. 30, 2019											12,222	137,263,824
Capital, Ending at Jun. 30, 2019								3,440,885	(18,784)	60,886	$ 48	$ 3,398,735
Equity, Beginning (in shares) at Mar. 31, 2019		137,188,689		71,432
Equity, Beginning at Mar. 31, 2019	3,503,107	$ 1,370	4,455,948	$ (3,162)	(1,005,041)	(10,191)	64,183
Capital, Beginning (in units) at Mar. 31, 2019											12,222	137,247,899
Capital, Beginning at Mar. 31, 2019								3,503,107	(10,191)	64,183	$ 52	$ 3,449,063
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustments to reflect redeemable noncontrolling interests at fair value	660		660					660				$ 660
Amortization of restricted stock awards and vesting of restricted stock units (in shares)		15,925										15,925
Amortization of restricted stock awards	3,744		3,744					3,744				$ 3,744
Vesting of restricted stock awards (in shares)												0
Vesting of restricted stock awards	(144)	$ 2	(146)					(144)				$ (144)
Distributions to common and restricted unit holders and other								(64,978)			(5)	(64,973)
Distributions to common and restricted stockholders/unit holders and other	(64,978)				(64,978)
Contributions by noncontrolling interests - partially owned properties	79						79	79		79
Distributions to noncontrolling interests - partially owned properties	(3,037)						(3,037)	(3,037)		(3,037)
Change in fair value of interest rate swaps and other	4,566					4,566		4,566	4,566
Termination of interest rate swaps	(13,159)							(13,159)	(13,159)
Withdrawals from deferred compensation plan, net of deposits (in shares)		(4,103)		4,103
Withdrawals from deferred compensation plan, net of deposits			206	$ (206)
Net income	10,047				10,386		(339)	10,047		(339)	$ 1	$ 10,385
Equity, Ending (in shares) at Jun. 30, 2019		137,200,511		75,535
Equity, Ending at Jun. 30, 2019	$ 3,440,885	$ 1,372	$ 4,460,412	$ (3,368)	$ (1,059,633)	$ (18,784)	$ 60,886
Capital, Ending (in units) at Jun. 30, 2019											12,222	137,263,824
Capital, Ending at Jun. 30, 2019								$ 3,440,885	$ (18,784)	$ 60,886	$ 48	$ 3,398,735

CONSOLIDATED STATEMENT OF CHA_2

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018
Distributions declared per common share (in dollars per share)	$ 0.47	$ 0.46	$ 0.46	$ 0.44
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Distributions declared per common share (in dollars per share)	$ 0.47	$ 0.46	$ 0.46	$ 0.44

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating activities
Net income	$ 41,578	$ 72,240
Adjustments to reconcile net income to net cash provided by operating activities:
Loss (gain) from disposition of real estate	282	(42,314)
Loss from early extinguishment of debt	0	784
Provision for real estate impairment	3,201	0
Depreciation and amortization	137,570	128,316
Amortization of deferred financing costs and debt premiums/discounts	53	979
Share-based compensation	7,509	7,047
Income tax provision	678	2,366
Amortization of interest rate swap terminations and other	268	204
Termination of interest rate swaps	(13,159)	0
Student contracts receivable
Student contracts receivable	(970)	886
Other assets	(4,723)	(5,703)
Accounts payable and accrued expenses	(22,416)	10,060
Other liabilities	(1,492)	(5,407)
Net cash provided by operating activities	148,379	169,458
Investing activities
Proceeds from disposition of properties and land parcels	8,854	242,284
Other investing activities	(2,342)	(2,007)
Net cash used in investing activities	(239,607)	(44,402)
Financing activities
Proceeds from unsecured notes	398,816	0
Pay-off of mortgage and construction loans	0	(55,892)
Defeasance costs related to early extinguishment of debt	0	(2,726)
Defeasance costs related to early extinguishment of debt	0	(450,000)
Proceeds from revolving credit facility	390,200	458,300
Paydowns of revolving credit facility	(591,900)	(534,600)
Proceeds from construction loans	26,051	61,550
Proceeds from mortgage loans	0	330,000
Scheduled principal payments on debt	(4,017)	(4,256)
Debt issuance costs	(6,562)	(656)
Contribution by noncontrolling interests	704	374,405
Taxes paid on net-share settlements	(3,975)	(2,757)
Distributions paid to common and restricted stockholders	(128,589)	(123,816)
Distributions paid to noncontrolling interests	(7,291)	(152,176)
Net cash provided by (used in) financing activities	73,437	(102,624)
Net change in cash, cash equivalents, and restricted cash	(17,791)	22,432
Cash, cash equivalents, and restricted cash at beginning of period	106,517	64,772
Cash, cash equivalents, and restricted cash at end of period	88,726	87,204
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Total cash, cash equivalents, and restricted cash at end of period	106,517	64,772
Supplemental disclosure of non-cash investing and financing activities
Conversion of common and preferred operating partnership units to common stock	251	478
Non-cash contribution from noncontrolling interest	0	8,729
Accrued development costs and capital expenditures	39,646	57,788
Change in fair value of derivative instruments, net	(1,496)	441
Change in fair value of redeemable noncontrolling interest	(1,887)	100
Change in ownership of consolidated subsidiary	0	(175,529)
Initial recognition of operating lease right of use assets	280,687	0
Initial recognition of operating lease liabilities	279,982	0
Supplemental disclosure of cash flow information
Interest paid	54,186	49,728
Owned properties, net
Investing activities
Capital expenditures	(24,427)	(29,822)
Owned properties under development
Investing activities
Capital expenditures	(220,925)	(253,333)
On-campus participating properties
Investing activities
Capital expenditures	(767)	(1,524)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Operating activities
Net income	41,578	72,240
Adjustments to reconcile net income to net cash provided by operating activities:
Loss (gain) from disposition of real estate	282	(42,314)
Loss from early extinguishment of debt	0	784
Provision for real estate impairment	3,201	0
Depreciation and amortization	137,570	128,316
Amortization of deferred financing costs and debt premiums/discounts	53	979
Share-based compensation	7,509	7,047
Income tax provision	678	2,366
Amortization of interest rate swap terminations and other	268	204
Termination of interest rate swaps	(13,159)	0
Student contracts receivable
Student contracts receivable	(970)	886
Other assets	(4,723)	(5,703)
Accounts payable and accrued expenses	(22,416)	10,060
Other liabilities	(1,492)	(5,407)
Net cash provided by operating activities	148,379	169,458
Investing activities
Proceeds from disposition of properties and land parcels	8,854	242,284
Other investing activities	(2,342)	(2,007)
Net cash used in investing activities	(239,607)	(44,402)
Financing activities
Proceeds from unsecured notes	398,816	0
Pay-off of mortgage and construction loans	0	(55,892)
Defeasance costs related to early extinguishment of debt	0	(2,726)
Defeasance costs related to early extinguishment of debt	0	(450,000)
Proceeds from revolving credit facility	390,200	458,300
Paydowns of revolving credit facility	(591,900)	(534,600)
Proceeds from construction loans	26,051	61,550
Proceeds from mortgage loans	0	330,000
Scheduled principal payments on debt	(4,017)	(4,256)
Debt issuance costs	(6,562)	(656)
Contribution by noncontrolling interests	704	374,405
Taxes paid on net-share settlements	(3,975)	(2,757)
Net cash provided by (used in) financing activities	73,437	(102,624)
Net change in cash, cash equivalents, and restricted cash	(17,791)	22,432
Cash, cash equivalents, and restricted cash at beginning of period	106,517	64,772
Cash, cash equivalents, and restricted cash at end of period	88,726	87,204
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Total cash, cash equivalents, and restricted cash at end of period	106,517	64,772
Supplemental disclosure of non-cash investing and financing activities
Conversion of common and preferred operating partnership units to common stock	251	478
Non-cash contribution from noncontrolling interest	0	8,729
Accrued development costs and capital expenditures	39,646	57,788
Change in fair value of derivative instruments, net	(1,496)	441
Change in fair value of redeemable noncontrolling interest	(1,887)	100
Change in ownership of consolidated subsidiary	0	(175,529)
Initial recognition of operating lease right of use assets	280,687	0
Initial recognition of operating lease liabilities	279,982	0
Supplemental disclosure of cash flow information
Interest paid	54,186	49,728
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Common and preferred units
Financing activities
Distributions	(128,151)	(123,838)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Unvested restricted awards
Financing activities
Distributions	(1,031)	(883)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Noncontrolling interests - partially owned properties
Financing activities
Distributions	(6,698)	(151,271)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Owned properties, net
Investing activities
Capital expenditures	(24,427)	(29,822)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Owned properties under development
Investing activities
Capital expenditures	(220,925)	(253,333)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties
Investing activities
Capital expenditures	$ (767)	$ (1,524)

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business American Campus Communities, Inc. (“ACC”) is a real estate investment trust (“REIT”) that commenced operations effective with the completion of an initial public offering (“IPO”) on August 17, 2004. Through ACC’s controlling interest in American Campus Communities Operating Partnership LP (“ACCOP”), ACC is one of the largest owners, managers and developers of high quality student housing properties in the United States in terms of beds owned and under management. ACC is a fully integrated, self-managed and self-administered equity REIT with expertise in the acquisition, design, financing, development, construction management, leasing and management of student housing properties. ACC’s common stock is publicly traded on the New York Stock Exchange (“NYSE”) under the ticker symbol “ACC.” The general partner of ACCOP is American Campus Communities Holdings, LLC (“ACC Holdings”), an entity that is wholly-owned by ACC. As of June 30, 2019 , ACC Holdings held an ownership interest in ACCOP of less than 1% . The limited partners of ACCOP are ACC and other limited partners consisting of current and former members of management and nonaffiliated third parties. As of June 30, 2019 , ACC owned an approximate 99.5% limited partnership interest in ACCOP. As the sole member of the general partner of ACCOP, ACC has exclusive control of ACCOP’s day-to-day management. Management operates ACC and ACCOP as one business. The management of ACC consists of the same members as the management of ACCOP. ACC consolidates ACCOP for financial reporting purposes, and ACC does not have significant assets other than its investment in ACCOP. Therefore, the assets and liabilities of ACC and ACCOP are the same on their respective financial statements. References to the “Company” means collectively ACC, ACCOP and those entities/subsidiaries owned or controlled by ACC and/or ACCOP. References to the “Operating Partnership” mean collectively ACCOP and those entities/subsidiaries owned or controlled by ACCOP. Unless otherwise indicated, the accompanying Notes to the Consolidated Financial Statements apply to both the Company and the Operating Partnership. As of June 30, 2019 , the Company’s property portfolio contained 169 properties with approximately 108,800 beds. The Company’s property portfolio consisted of 129 owned off-campus student housing properties that are in close proximity to colleges and universities, 34 American Campus Equity (“ACE ® ”) properties operated under ground/facility leases, and six on-campus participating properties operated under ground/facility leases with the related university systems. Of the 169 properties, eight were under development as of June 30, 2019 , and when completed will consist of a total of approximately 9,000 beds. The Company’s communities contain modern housing units and are supported by a resident assistant system and other student-oriented programming, with many offering resort-style amenities. Through one of ACC’s taxable REIT subsidiaries (“TRSs”), the Company also provides construction management and development services, primarily for student housing properties owned by colleges and universities, charitable foundations, and others. As of June 30, 2019 , also through one of ACC’s TRSs, the Company provided third-party management and leasing services for 34 properties that represented approximately 24,300 beds. Third-party management and leasing services are typically provided pursuant to management contracts that have initial terms that range from one year to five years . As of June 30, 2019 , the Company’s total owned and third-party managed portfolio included 203 properties with approximately 133,100 beds.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and use of Estimates The accompanying consolidated financial statements, presented in U.S. dollars, are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and revenue and expenses during the reporting periods. The Company’s actual results could differ from those estimates and assumptions. All material intercompany transactions among consolidated entities have been eliminated. All dollar amounts in the tables herein, except share, per share, unit and per unit amounts, are stated in thousands unless otherwise indicated. Principles of Consolidation The Company’s consolidated financial statements include its accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which it has control. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities (“VIEs”), which requires the consolidation of VIEs in which the Company is considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation using the voting interest model. Recently Issued Accounting Pronouncements The Company does not expect the following accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”) to have a material effect on its consolidated financial statements: Accounting Standards Update Effective Date ASU 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract” January 1, 2020 ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” January 1, 2020 ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” January 1, 2020 Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02 (“ASU 2016-12”), “Leases (Topic 842): Amendments to the FASB Accounting Standards Codification.” ASU 2016-02 outlines principles for the recognition, measurement, presentation and disclosure of leases. Subsequent to the issuance of ASU 2016-02, the FASB issued additional ASUs clarifying aspects of the new lease accounting standard, which are effective upon adoption of ASU 2016-02. These lease-related ASUs are collectively referred to as the “New Leases Standard.” The Company adopted the New Leases Standard on January 1, 2019, utilizing the modified retrospective transition approach. Under this approach, the Company elected to apply the new standard to leases that were in place as of January 1, 2019. Results for reporting periods beginning January 1, 2019 are presented under the New Leases Standard. Upon adoption, the Company did not record an adjustment to beginning retained earnings. In addition, the Company adopted the following additional practical expedients available for implementation: • An entity need not reassess whether any existing or expired contracts are or contain leases; • An entity need not reassess lease classification for any existing or expired leases; and • An entity need not reassess initial direct costs for any existing leases. As Lessee: • Under the New Leases Standard, lessees classify 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 New Leases Standard requires lessees to recognize right-of-use assets and related lease liabilities for leases with a term greater than 12 months regardless of their lease classification. • Upon adoption of the New Leases Standard on January 1, 2019, the Company was a lessee under 28 ground leases and two corporate office headquarters leases for which it recorded $278.2 million in right of use assets (“ROU Assets”), which are included in other assets on the accompanying consolidated balance sheet, and $277.5 million of operating lease liabilities. • Because the Company’s existing leases under which it is a lessee will continue to be classified as operating leases, the timing and pattern of lease expense recognition (straight-line basis) will remain unchanged. However, for any leases entered into or modified after January 1, 2019 the leases will need to be evaluated under the New Leases Standard and may be classified as finance leases depending on the terms of the transactions. As Lessor: • Under the New Leases Standard, the accounting for lessors remained largely unchanged from current GAAP; however, ASU 2016-02 required that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under the prior standard, these costs were capitalizable and therefore the New Leases Standard resulted in certain of these costs being expensed as incurred after adoption. For the Company, these costs include internal leasing payroll costs incurred for owned and presale development projects, as well as certain legal expenses incurred when negotiating commercial leases. • The New Leases Standard also requires lessors to evaluate collectability of all operating lease payments in a contract at lease commencement and thereafter. If the operating lease payments are deemed not probable of collection, adjustments are recognized as a reduction to lease income. This resulted in the reclassification of the provision for uncollectible accounts from operating expenses to revenue. This adjustment is reflected on a prospective basis in the accompanying consolidated statements of comprehensive income, starting on January 1, 2019. The provision for uncollectible accounts for owned properties was $1.7 million and $1.8 million for the three months ended June 30, 2019 and 2018 , respectively, and was $2.8 million and $2.7 million for the six months ended June 30, 2019 and 2018 , respectively. The provision for uncollectible accounts for on-campus participating properties for both the three months ended June 30, 2019 and 2018 was $0.1 million . The provision for uncollectible accounts for on-campus participating properties was a $0.7 million benefit and a $0.2 million expense for the six months ended June 30, 2019 and 2018 , respectively. • The New Leases Standard provides a practical expedient that allows lessors to not separate certain lease and non-lease components if certain criteria are met. The Company assessed the criteria and determined that the timing and pattern of transfer for common area maintenance and the related rental revenue is the same. Therefore, the Company elected the practical expedient which resulted in no change to how revenue is currently recorded. Other In addition, on January 1, 2019 , the Company adopted the following accounting pronouncements which did not have a material effect on the Company’s consolidated financial statements: • ASU 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” • ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” The SEC issued the Disclosure Update and Simplification rule in 2018 to remove inconsistencies between US GAAP and SEC regulations. This rule was effective November 5, 2018 and eliminated Rule 3-15(a)(1) of Regulation S-X, which required REITs to present separately all gains and losses on sales of properties outside of continuing operations on the Statement of Comprehensive Income. The adoption of this rule resulted in the presentation of gains and losses from disposition of real estate within operating income on the Consolidated Statements of Comprehensive Income. Prior year amounts have reclassified to conform to current presentation. Interim Financial Statements The accompanying interim financial statements are unaudited but have been prepared in accordance with GAAP for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements of the Company for these interim periods have been included. Because of the seasonal nature of the Company’s operations, the results of operations and cash flows for any interim period are not necessarily indicative of results for other interim periods or for the full year. These financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . Investments in Real Estate Investments in real estate are recorded at historical cost. Major improvements that extend the life of an asset are capitalized and depreciated over the remaining useful life of the asset. The cost of ordinary repairs and maintenance are charged to expense when incurred. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings and improvements 7-40 years Leasehold interest - on-campus participating properties 25-34 years (shorter of useful life or respective lease term) Furniture, fixtures and equipment 3-7 years Project costs directly associated with the development and construction of an owned real estate project, which include interest, property taxes, and amortization of deferred financing costs, are capitalized as construction in progress. Upon completion of the project, costs are transferred into the applicable asset category and depreciation commences. Interest totaling approximately $3.7 million and $4.0 million was capitalized during the three months ended June 30, 2019 and 2018 , respectively, and interest totaling approximately $6.4 million and $7.0 million was capitalized during the six months ended June 30, 2019 and 2018 , respectively. Management assesses whether there has been an impairment in the value of the Company’s investments in real estate whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment is recognized when estimated expected future undiscounted cash flows are less than the carrying value of the property, or when a property meets the criteria to be classified as held for sale, at which time an impairment charge is recognized for any excess of the carrying value of the property over the expected net proceeds from the disposal. The estimation of expected future net cash flows is inherently uncertain and relies on assumptions regarding current and future economics and market conditions. If such conditions change, then an adjustment to the carrying value of the Company’s long-lived assets could occur in the future period in which the conditions change. To the extent that a property is impaired, the excess of the carrying amount of the property over its estimated fair value is charged to earnings. 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 as of June 30, 2019 , other than a $3.2 million impairment charge recorded on March 31, 2019 concurrent with the classification of one owned property as held for sale. Long-Lived Assets–Held for Sale Long-lived assets to be disposed of are classified as held for sale in the period in which all of the following criteria are met: a. Management, having the authority to approve the action, commits to a plan to sell the asset. b. The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. c. An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated. d. The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year. e. The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. f. Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Concurrent with this classification, the asset is recorded at the lower of cost or fair value less estimated selling costs, and depreciation ceases. The Company did not have any properties classified as held for sale as of June 30, 2019 . Restricted Cash Restricted cash consists of funds held in trust and invested in low risk investments, generally consisting of government backed securities, as permitted by the indentures of trusts, which were established in connection with three bond issues for the Company’s on-campus participating properties. Additionally, restricted cash includes escrow accounts held by lenders and resident security deposits, as required by law in certain states. Restricted cash also consists of escrow deposits made in connection with potential property acquisitions and development opportunities. These escrow deposits are invested in interest-bearing accounts at federally-insured banks. Realized and unrealized gains and losses are not material for the periods presented. Consolidated VIEs The Company has investments in various entities that qualify as VIEs for accounting purposes and for which the Company is the primary beneficiary and therefore includes the entities in its consolidated financial statements. These VIEs include the Operating Partnership, six joint ventures that own a total of 15 operating properties, two properties subject to presale arrangements, and six properties owned under the on-campus participating property structure. The VIE assets and liabilities consolidated within the Company's assets and liabilities are disclosed at the bottom of the Consolidated Balance Sheets. Earnings per Share – Company Basic earnings per share is computed using net income attributable to common stockholders and the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings per share reflects common shares issuable from the assumed conversion of American Campus Communities Operating Partnership Units (“OP Units”) and common share awards granted. Only those items having a dilutive impact on basic earnings per share are included in diluted earnings per share. The following potentially dilutive securities were outstanding for the three and six months ended June 30, 2019 and 2018 , but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. Three Months Ended Six Months Ended 2019 2018 2019 2018 Common OP Units (Note 8) 594,788 938,683 594,788 947,759 Preferred OP Units (Note 8) 35,242 77,513 49,722 77,513 Total potentially dilutive securities 630,030 1,016,196 644,510 1,025,272 The following is a summary of the elements used in calculating basic and diluted earnings per share: Three Months Ended Six Months Ended 2019 2018 2019 2018 Numerator – basic and diluted earnings per share: Net income $ 10,210 $ 45,990 $ 41,578 $ 72,240 Net loss (income) attributable to noncontrolling interests 176 19 (1,552 ) (304 ) Net income attributable to common stockholders 10,386 46,009 40,026 71,936 Amount allocated to participating securities (458 ) (377 ) (1,031 ) (883 ) Net income attributable to common stockholders $ 9,928 $ 45,632 $ 38,995 $ 71,053 Denominator: Basic weighted average common shares outstanding 137,268,696 136,677,255 137,185,576 136,599,816 Unvested restricted stock awards (Note 9) 974,692 899,111 1,012,558 936,552 Diluted weighted average common shares outstanding 138,243,388 137,576,366 138,198,134 137,536,368 Earnings per share: Net income attributable to common stockholders - basic and diluted $ 0.07 $ 0.33 $ 0.28 $ 0.52 Earnings per Unit – Operating Partnership Basic earnings per OP Unit is computed using net income attributable to common unitholders and the weighted average number of common units outstanding during the period. Diluted earnings per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units or resulted in the issuance of OP Units and then shared in the earnings of the Operating Partnership. The following is a summary of the elements used in calculating basic and diluted earnings per unit: Three Months Ended Six Months Ended 2019 2018 2019 2018 Numerator – basic and diluted earnings per unit: Net income $ 10,210 $ 45,990 $ 41,578 $ 72,240 Net loss (income) attributable to noncontrolling interests – partially owned properties 230 366 (1,338 ) 252 Series A preferred unit distributions (9 ) (31 ) (40 ) (62 ) Amount allocated to participating securities (458 ) (377 ) (1,031 ) (883 ) Net income attributable to common unitholders $ 9,973 $ 45,948 $ 39,169 $ 71,547 Denominator: Basic weighted average common units outstanding 137,863,484 137,615,938 137,780,364 137,547,575 Unvested restricted stock awards (Note 9) 974,692 899,111 1,012,558 936,552 Diluted weighted average common units outstanding 138,838,176 138,515,049 138,792,922 138,484,127 Earnings per unit: Net income attributable to common unitholders - basic and diluted $ 0.07 $ 0.33 $ 0.28 $ 0.52

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2019
Business Combinations [Abstract]
Acquisitions	Acquisitions Presale Development Projects: During the six months ended June 30, 2018 , the Company entered into two presale agreements to purchase two properties under development that when completed will contain 783 beds. The Company is obligated to purchase the properties for approximately $107.3 million , which includes the contractual purchase price and the cost of elected upgrades, as long as the developer meets certain construction completion deadlines and other closing conditions. As part of the presale agreement, the Company provided $15.6 million

Property Dispositions

Property Dispositions	6 Months Ended
	Jun. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Property Dispositions	Property Dispositions Property Dispositions: In May 2019, the Company sold College Club Townhomes, an owned property located near Florida A&M University in Tallahassee, Florida, containing 544 beds for $9.5 million , resulting in net proceeds of approximately $8.9 million . The net loss on this disposition totaled approximately $0.3 million . Concurrent with the classification of this property as held for sale in March 2019, the Company reduced the property’s carrying amount to its estimated fair value less estimated selling costs and recorded an impairment charge of $3.2 million . In May 2018, the Company sold a portfolio of three owned properties containing 1,338 beds for approximately $245.0 million , resulting in net proceeds of approximately $242.3 million . The combined net gain on the portfolio disposition totaled approximately $42.3 million . Joint Venture Activity : In May 2018, the Company executed an agreement to enter into a joint venture arrangement with Allianz Real Estate (the “ACC / Allianz Joint Venture Transaction”). The transaction included the sale of a partial ownership interest in a portfolio of seven owned properties, containing 4,611 beds, through a joint venture arrangement. The joint venture transaction involved the joint venture partner making a cash contribution of approximately $373.1 million in exchange for a 45% ownership interest. As part of the transaction, the joint venture issued $330 million of secured mortgage debt.

Investments in Owned Properties

Investments in Owned Properties	6 Months Ended
	Jun. 30, 2019
Owned properties, net
Real Estate Properties [Line Items]
Investments in Owned Properties	Investments in Owned Properties Owned properties, both wholly-owned and those owned through investments in VIEs, consisted of the following: June 30, 2019 December 31, 2018 Land (1) $ 651,599 $ 653,522 Buildings and improvements 6,484,801 6,486,106 Furniture, fixtures and equipment 374,557 371,429 Construction in progress 515,822 302,902 8,026,779 7,813,959 Less accumulated depreciation (1,350,562 ) (1,230,562 ) Owned properties, net $ 6,676,217 $ 6,583,397 (1) The land balance above includes undeveloped land parcels with book values of approximately $54.4 million and $54.5 million as of June 30, 2019 and December 31, 2018 , respectively. It also includes land totaling approximately $10.3 million as of both June 30, 2019 and December 31, 2018 related to properties under development.

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt	Debt A summary of the Company’s outstanding consolidated indebtedness, including unamortized debt premiums and discounts, is as follows: June 30, 2019 December 31, 2018 Debt secured by owned properties: Mortgage loans payable: Unpaid principal balance $ 724,091 $ 727,163 Unamortized deferred financing costs (1,842 ) (1,757 ) Unamortized debt premiums 9,088 11,579 731,337 736,985 Construction loans payable (1) 48,258 22,207 Unamortized deferred financing costs (155 ) (480 ) 779,440 758,712 Debt secured by on-campus participating properties: Mortgage loans payable (2) 66,924 67,867 Bonds payable (2) 27,030 27,030 Unamortized deferred financing costs (472 ) (525 ) 93,482 94,372 Total secured mortgage, construction and bond debt 872,922 853,084 Unsecured notes, net of unamortized OID and deferred financing costs (3) 1,983,895 1,588,446 Unsecured term loans, net of unamortized deferred financing costs (4) 198,945 198,769 Unsecured revolving credit facility 185,600 387,300 Total debt, net $ 3,241,362 $ 3,027,599 (1) Construction loans payable relate to construction loans partially financing the development of two presale development projects. These properties are owned by entities determined to be VIEs for which the Company is the primary beneficiary. The creditors of these construction loans do not have recourse to the assets of the Company. (2) The creditors of mortgage loans payable and bonds payable related to on-campus participating properties do not have recourse to the assets of the Company. (3) Includes net unamortized original issue discount (“OID”) of $2.6 million and $1.6 million at June 30, 2019 and December 31, 2018 , respectively, and net unamortized deferred financing costs of $13.5 million and $10.0 million at June 30, 2019 and December 31, 2018 , respectively. (4) Includes net unamortized deferred financing costs of $1.1 million and $1.2 million at June 30, 2019 and December 31, 2018 , respectively. Mortgage and Construction Loans Payable In January 2019, the Company refinanced $70.0 million of variable rate debt on one wholly-owned property, extending the maturity to January 2024. The Company entered into an interest rate swap contract to hedge the variable rate cash flows associated with interest payments on this LIBOR-based mortgage loan, resulting in a fixed rate of 4.00% . Refer to Note 10 for information related to derivatives. In May 2017, the lender of the non-recourse mortgage loan secured by Blanton Common, a property located near Valdosta State University which was included as part of the GMH student housing transaction in 2008, sent a formal notice of default and initiated foreclosure proceedings. The property generated insufficient cash flow to cover the debt service on the mortgage, which had a balance of $27.4 million at default and a contractual maturity date of August 2017. In May 2017, the lender began receiving the net operating cash flows of the property each month in lieu of scheduled monthly mortgage payments. In June 2017, the Company recorded an impairment charge for this property of $15.3 million . In August 2017, the property transferred to receivership and a third-party manager began managing the property on behalf of the lender. In July 2019, the Company transferred the property to the lender in settlement of the property's $27.4 million mortgage loan. During the six months ended June 30, 2018, the Company paid off approximately $55.9 million of fixed rate mortgage debt secured by three owned properties. Additionally, during the six months ended June 30, 2018, the Company paid $2.7 million in debt defeasance costs associated with the early pay-off of mortgage loans in connection with the sale of one owned property and one owned property included in the ACC / Allianz Joint Venture Transaction (see Note 4). These costs were partially offset by the net write-off of $1.9 million of premiums and deferred financing costs, resulting in a loss from early extinguishment of debt of $0.8 million . Unsecured Notes In June 2019, the Operating Partnership closed a $400 million offering of senior unsecured notes under its existing shelf registration. These 7 -year notes were issued at 99.704 percent of par value with a coupon of 3.300 percent and a yield of 3.347 percent , and are fully and unconditionally guaranteed by the Company. Net proceeds from the notes totaled approximately $394.0 million , after deducting the underwriting discount and offering expenses which will be amortized over the term of the unsecured notes. The net proceeds were used to repay borrowings under the Company’s revolving credit facility. The Company has issued the following senior unsecured notes: Date Issued Amount % of Par Value Coupon Yield Original Issue Discount Term (Years) April 2013 $ 400,000 99.659 3.750 % 3.791 % $ 1,364 10 June 2014 400,000 99.861 4.125 % 4.269 % (1) 556 10 September 2015 400,000 99.811 3.350 % 3.391 % 756 5 October 2017 400,000 99.912 3.625 % 3.635 % 352 10 June 2019 400,000 99.704 3.300 % 3.680 % (1) 1,184 7 $ 2,000,000 $ 4,212 (1) The yield includes the effect of the amortization of interest rate swap terminations (see Note 10 ). The notes are fully and unconditionally guaranteed by the Company. Interest on the notes is payable semi-annually. The terms of the unsecured notes include certain financial covenants that require the Operating Partnership to limit the amount of total debt and secured debt as a percentage of total asset value, as defined. In addition, the Operating Partnership must maintain a minimum ratio of unencumbered asset value to unsecured debt, as well as a minimum interest coverage level. As of June 30, 2019 , the Company was in compliance with all such covenants. Unsecured Revolving Credit Facility In February 2019, the Company exercised the option under the existing credit agreement to increase the capacity of the unsecured revolving credit facility from $700 million to $1 billion . It may be expanded by up to an additional $200 million upon the satisfaction of certain conditions. The maturity date of the revolving credit facility is March 2022 . The unsecured revolving credit facility bears interest at a variable rate, at the Company’s option, based upon a base rate of one-, two-, three- or six-month LIBOR, plus, in each case, a spread based upon the Company’s investment grade rating from either Moody’s Investor Services, Inc. or Standard & Poor’s Rating Group. Additionally, the Company is required to pay a facility fee of 0.20% per annum on the $1 billion revolving credit facility. As of June 30, 2019 , the revolving credit facility bore interest at a weighted average annual rate of 3.60% ( 2.40% + 1.00% spread + 0.20% facility fee), and availability under the revolving credit facility totaled $814.4 million . The terms of the unsecured credit facility include certain restrictions and covenants, which limit, among other items, the incurrence of additional indebtedness and liens. The facility contains customary affirmative and negative covenants and also contains financial covenants that, among other things, require the Company to maintain certain maximum leverage ratios and minimum ratios of “EBITDA” (earnings before interest, taxes, depreciation and amortization) to fixed charges. The financial covenants also include a minimum asset value requirement, a maximum secured debt ratio, and a minimum unsecured debt service coverage ratio. As of June 30, 2019 , the Company was in compliance with all such covenants. Unsecured Term Loans In May 2018, the Company repaid the $300 million unsecured term loan (“Term Loan III Facility”) and the $150 million unsecured term loan (“Term Loan I Facility”) which were due to mature in September 2018 and March 2021 , respectively, using the proceeds from the sale of a partial interest in a portfolio of seven owned properties and the portfolio sale of three owned properties (see Note 4). In connection with the pay-off of the Term Loan III Facility and Term Loan I Facility, the Company accelerated the amortization of $0.9 million of deferred financing costs. The Company is currently party to an Unsecured Term Loan Credit Agreement (the “Term Loan II Facility”) totaling $200 million which matures in June 2022 . The agreement has an accordion feature that allows the Company to expand the amount by up to an additional $100 million , subject to the satisfaction of certain conditions. The weighted average annual rate on the Term Loan II Facility was 3.51% ( 2.41% + 1.10% spread) at June 30, 2019 . The terms of the term loan facility described above include certain restrictions and covenants consistent with those of the unsecured revolving credit facility discussed above. As of June 30, 2019 , the Company was in compliance with all such covenants.

Stockholders' Equity _ Partners

Stockholders' Equity / Partners' Capital	6 Months Ended
	Jun. 30, 2019
Stockholders' Equity Note [Abstract]
Stockholders' Equity / Partners' Capital	Stockholders’ Equity / Partners’ Capital Stockholders’ Equity - Company In May 2018, 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 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 $233.0 million that were not sold under the Company's previous ATM equity program that expired in May 2018 . Actual sales under the program will depend on a variety of factors including, but not limited to, market conditions, the trading price of the Company’s common stock and determinations of the appropriate sources of funding for the Company. There was no activity under the Company’s ATM Equity Program during the six months ended June 30, 2019 and 2018 . As of June 30, 2019 , the Company had approximately $500.0 million available for issuance under its ATM Equity Program. In 2015, the Company established a Non-Qualified Deferred Compensation Plan (“Deferred Compensation Plan”) maintained for the benefit of certain employees and members of the Company’s Board of Directors, in which vested share awards (see Note 9 ), salary and other cash amounts earned may be deposited. Deferred Compensation Plan assets are held in a rabbi trust, which is subject to the claims of the Company’s creditors in the event of bankruptcy or insolvency. The shares held in the Deferred Compensation Plan are classified within stockholders’ equity in a manner similar to the manner in which treasury stock is classified. Subsequent changes in the fair value of the shares are not recognized. During the six months ended June 30, 2019 , 13,277 and 7,345 shares of vested stock were deposited into and withdrawn from the Deferred Compensation Plan, respectively. As of June 30, 2019 , 75,535 shares of ACC’s common stock were held in the Deferred Compensation Plan.

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
	Jun. 30, 2019
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Interests in Consolidated Real Estate Joint Ventures and Presale Arrangements Noncontrolling interests - partially owned properties: As of June 30, 2019 , the Operating Partnership consolidates four joint ventures that own and operate ten owned off-campus properties. Additionally, the Company has entered into two presale agreements to purchase two in-process development properties. The portion of net assets attributable to the third-party partners in these arrangements is classified as “noncontrolling interests - partially owned properties” within equity and capital on the accompanying consolidated balance sheets of ACC and the Operating Partnership, respectively. Redeemable noncontrolling interests (ACC) / redeemable limited partners (Operating Partnership) : In the third quarter of 2017, the Company entered into two joint ventures (the “Core Joint Ventures”). The Company is consolidating these joint ventures and the noncontrolling interest holder in each of these consolidated joint ventures has the option to redeem its noncontrolling interest in the entities through the exercise of put options. The options will be exercisable in the third and fourth quarter of 2019, and the redemption price is based on the fair value of the properties at the time of option exercise. As the exercise of the options is outside of the Company’s control, the portion of net assets attributable to the third-party partner in each of the Core Joint Ventures is classified as “redeemable noncontrolling interests” and “redeemable limited partners” in the mezzanine section of the accompanying consolidated balance sheets of ACC and the Operating Partnership, respectively. The redeemable noncontrolling interests related to the joint venture partners in the Core Transaction are marked to their redemption value at each balance sheet date. The redemption value is based on the fair value of the underlying properties held by the joint ventures. This analysis incorporates information obtained from a number of sources, including the Company’s analysis of comparable properties in the Company’s portfolio, estimations of net operating results of the properties, capitalization rates, discount rates, and other market data. During the six months ended June 30, 2019 , there were no changes in the redemption value of redeemable noncontrolling interest that resulted from a change in the fair value of the net assets held by the Core Joint Ventures. The third-party partners’ share of the income or loss of the joint ventures described above is calculated based on the partners’ economic interest in the joint ventures, is included in “net income attributable to noncontrolling interests” on the consolidated statements of comprehensive income of ACC, and is reported as “net income attributable to noncontrolling interests - partially owned properties” on the consolidated statements of comprehensive income of the Operating Partnership. Operating Partnership Ownership Also included in redeemable noncontrolling interests (ACC) / redeemable limited partners (Operating Partnership) are OP Units for which the Operating Partnership is required, either by contract or securities law, to deliver registered common shares of ACC to the exchanging OP unit holder, or for which the Operating Partnership has the intent or history of exchanging such units for cash. The units classified as such include Series A Preferred Units (“Preferred OP Units”) as well as Common OP Units. The value of OP Units is reported at the greater of fair value, which is based on the closing market value of the Company’s common stock at period end, or historical cost at the end of each reporting period. The OP Unitholders’ share of the income or loss of the Company is included in “net income attributable to noncontrolling interests” on the consolidated statements of comprehensive income of ACC. As of June 30, 2019 and December 31, 2018 , approximately 0.5% of the equity interests of the Operating Partnership were held by owners of Common OP Units and Preferred OP Units not held by ACC or ACC Holdings. During the six months ended June 30, 2019 , 42,271 Preferred OP Units were converted into an equal number of shares of ACC’s common stock. During the year ended December 31, 2018 , 412,343 Common OP Units were converted into an equal number of shares of ACC’s common stock. Below is a table summarizing the activity of redeemable noncontrolling interests (ACC) / redeemable limited partners (Operating Partnership) for the three months ended March 31, 2019 and 2018 and June 30, 2019 and 2018 , which includes both the redeemable joint venture partners and OP Units discussed above: Balance, December 31, 2018 $ 184,446 Net income 259 Distributions (305 ) Conversion of OP Units into shares of ACC common stock (252 ) Adjustments to reflect OP Units at fair value 2,547 Balance, March 31, 2019 $ 186,695 Net income 163 Distributions (288 ) Adjustments to reflect OP Units at fair value (660 ) Balance, June 30, 2019 $ 185,910 Balance, December 31, 2017 $ 132,169 Net income 210 Distributions (376 ) Conversion of OP Units into shares of ACC common stock (478 ) Adjustments to reflect OP Units at fair value (4,526 ) Balance, March 31, 2018 $ 126,999 Net income 344 Distributions (531 ) Contributions from noncontrolling interests 71 Adjustments to reflect OP Units at fair value 4,426 Balance, June 30, 2018 $ 131,309

Incentive Award Plan

Incentive Award Plan	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Incentive Award Plan	Incentive Award Plan In May 2018, the Company’s stockholders approved the American Campus Communities, Inc. 2018 Incentive Award Plan (the “2018 Plan”). The 2018 Plan replaced the Company’s 2010 Incentive Award Plan (the “2010 Plan”). The 2018 Plan provides for the grant of various stock-based incentive awards to selected employees and directors of the Company and the Company’s affiliates. The types of awards that may be granted under the 2018 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 2018 Plan, subject to certain adjustments for changes in the Company’s capital structure, as defined in the 2018 Plan. Upon approval of the 2018 Plan, all remaining authorized shares that were not granted under the 2010 Plan were forfeited and are no longer available for issuance as new awards. Restricted Stock Units (“RSUs”) Upon reelection to the Board of Directors in May 2019 , all members of the Company’s Board of Directors were granted RSUs in accordance with the 2018 Plan. These RSUs were valued at $162,500 for the Chairman of the Board of Directors and at $117,500 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 2018 Plan. All awards vested and settled immediately on the date of grant, and the Company delivered shares of common stock, as determined by the Compensation Committee of the Board of Directors. A compensation charge of approximately $0.8 million was recorded during the six months ended June 30, 2019 related to these awards. A summary of RSUs as of June 30, 2019 and activity during the six months then ended is presented below: Number of RSUs Outstanding at December 31, 2018 — Granted 18,419 Settled in common shares (15,925 ) Settled in cash (2,494 ) Outstanding at June 30, 2019 — Restricted Stock Awards (“RSAs”) A summary of RSAs as of June 30, 2019 and activity during the six months then ended is presented below: Number of RSAs Nonvested balance at December 31, 2018 862,680 Granted 386,271 Vested (1) (266,556 ) Forfeited (7,759 ) Nonvested balance at June 30, 2019 974,636 (1) Includes shares withheld to satisfy tax obligations upon vesting. The fair value of RSAs is calculated based on the closing market value of ACC’s common stock on the date of grant. The fair value of these awards is amortized to expense over the vesting periods. Amortization expense for the three months ended June 30, 2019 and 2018 amounted to approximately $2.9 million and $2.8 million , respectively, and $6.7 million and $6.1 million for the six months ended June 30, 2019 and 2018

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2019
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. As disclosed in Note 2, the adoption of ASU 2017-12 did not have a material effect on the Company’s consolidated financial statements. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in other comprehensive income (“OCI”) (outside of earnings) 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 liabilities on the accompanying consolidated balance sheets as of June 30, 2019 : Hedged Debt Instrument Effective Date Maturity Date Pay Fixed Rate Receive Floating Rate Index Current Notional Amount Fair Value Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month $ 12,878 $ (114 ) Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month 13,010 (115 ) Park Point mortgage loan Feb 1, 2019 Jan 16, 2024 2.7475% LIBOR - 1 month 70,000 (3,448 ) Total $ 95,888 $ (3,677 ) In December 2018, the Company entered into three forward starting interest rate swap contracts with notional amounts totaling $200 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, as discussed in Note 6 , 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 will be amortized to interest expense over the term of the swap contracts based on the June 2019 issuance and expected additional issuances. Amortization of the loss for these three swaps totaled approximately $0.1 million for both the three and six months ended June 30, 2019 . The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of June 30, 2019 and December 31, 2018 : Asset Derivatives Liability Derivatives Fair Value as of Fair Value as of Description Balance Sheet Location 6/30/2019 12/31/2018 Balance Sheet Location 6/30/2019 12/31/2018 Interest rate swap contracts Other assets $ — $ 101 Other liabilities $ 3,677 $ — Forward starting swap contracts Other assets — — Other liabilities — 2,287 Total derivatives designated $ — $ 101 $ 3,677 $ 2,287 The table below presents the effect of the Company’s derivative financial instruments on the accompanying consolidated statements of comprehensive income for the three and six months ended June 30, 2019 and 2018 . Three Months Ended June 30, Six Months Ended June 30, Description 2019 2018 2019 2018 Change in fair value of derivatives recognized in OCI $ 4,400 $ 78 $ (1,496 ) $ 441 Termination of interest rate swap payment recognized in OCI $ (13,159 ) $ — $ (13,159 ) $ — Amortization of interest rate swap terminations (1) $ 166 $ 102 $ 268 $ 204 Interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded $ 27,068 $ 23,338 $ 54,129 $ 47,022 (1) Represents amortization from OCI into interest expense. Credit-risk-related Contingent Features The Company has agreements with some of its derivative counterparties that contain a provision such that if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. Similarly, the Company has agreements with some of its derivative counterparties that contain a provision such that the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness.

Fair Value Disclosures

Fair Value Disclosures	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Fair Value Disclosures There have been no significant changes in the Company’s policies and valuation techniques utilized to determine fair value from what was disclosed in the Annual Report on Form 10-K for the year ended December 31, 2018 . Financial Instruments Carried at Fair Value The following table presents information about the Company’s financial instruments measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 , 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 June 30, 2019 December 31, 2018 Level 2 Level 3 Level 2 Level 3 Significant Other Observable Inputs Significant Unobservable Inputs Total Significant Other Observable Inputs Significant Unobservable Inputs Total Assets: Derivative financial instruments $ — $ — $ — $ 101 $ — $ 101 Liabilities: Derivative financial instruments $ 3,677 (1) $ — $ 3,677 $ 2,287 (1) $ — $ 2,287 Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) $ 29,082 (2) $ 156,828 (3) $ 185,910 $ 27,828 (2) $ 156,618 (3) $ 184,446 (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 fair value of the Company’s common stock at the balance sheet date. Represents a quoted price for a similar asset in an active market. Refer to Note 8 . (3) Represents the Core Joint Ventures component of redeemable noncontrolling interests which is valued using primarily unobservable inputs, including the Company’s analysis of comparable properties in the Company’s portfolio, estimations of net operating results of the properties, capitalization rates, discount rates, and other market data. Refer to Note 8 . Financial Instruments Not Carried at Fair Value As of June 30, 2019 and December 31, 2018 , the carrying values for the following instruments represent fair values due to the short maturity of the instruments: Cash and Cash Equivalents, Restricted Cash, Student Contracts Receivable, certain items in Other Assets (including receivables, deposits, and prepaid expenses), Accounts Payable, Accrued Expenses, and Other Liabilities. As of June 30, 2019 and December 31, 2018 , the carrying values for the following instruments represent fair values due the variable interest rate feature of the instruments: Construction Loans Payable, Unsecured Revolving Credit Facility, Mortgage Loans Payable (variable rate), and Unsecured Term Loans. The table below contains the estimated fair value and related carrying amounts for the Company’s other financial instruments as of June 30, 2019 and December 31, 2018 . There were no Level 1 measurements for the periods presented. June 30, 2019 December 31, 2018 Estimated Fair Value Estimated Fair Value Level 2 Level 3 Level 2 Level 3 Carrying Amount Significant Other Observable Inputs Significant Carrying Significant Other Observable Inputs Significant Assets: Loans receivable $ 56,156 $ — $ 50,993 (1) $ 54,611 $ — $ 50,993 (1) Liabilities (2) : Unsecured notes $ 1,983,895 $ 2,035,338 (3) $ — $ 1,588,446 $ 1,566,900 (3) $ — Mortgage loans payable (fixed rate) $ 757,185 (4) $ 752,160 (5) $ — $ 693,384 (6) $ 668,911 (5) $ — Bonds payable $ 26,778 $ 29,105 (7) $ — $ 26,741 $ 28,805 (7) $ — (1) Valued using a discounted cash flow analysis with inputs of scheduled cash flows and discount rates that a willing buyer and seller might use. (2) Carrying amounts disclosed include any applicable net unamortized OID, net unamortized deferred financing costs, and net unamortized debt premiums and discounts (see Note 6 ). (3) Valued using interest rate and spread assumptions that reflect current creditworthiness and market conditions available for the issuance of unsecured notes with similar terms and remaining maturities. (4) Does not include one variable rate mortgage loan with a principal balance of $41.0 million as of June 30, 2019. (5) Valued using the present value of the cash flows at current market interest rates through maturity that primarily fall within the Level 2 category. (6) Does not include two variable rate mortgage loans with a combined principal balance of $111.4 million as of December 31, 2018. (7) Valued using quoted prices in markets that are not active due to the unique characteristics of these financial instruments.

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	Leases Refer to Note 2 for information on the impact of the adoption of the New Leases Standard. As Lessee The Company, as lessee, has entered into 50 ground/facility and office space lease agreements, which qualify as operating leases under the New Leases Standard. 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 properties (“OCPPs”) structure. Under such 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 original 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. Straight-line rent is capitalized during the construction period and expensed upon the commencement of operations. 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 costs for the three months ended June 30, 2019 was $2.4 million , $1.3 million , and $2.6 million , respectively, and $4.9 million , $3.9 million , and $5.1 million for the six months ended June 30, 2019 , respectively. As of June 30, 2019 , ROU Assets, which are included in other assets on the accompanying consolidated balance sheet, were approximately $279.3 million . 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. This involves determining a secured interest rate for each lease based on the term of the respective lease. The weighted average incremental borrowing rate was 6.04% as of June 30, 2019 . The weighted average remaining lease term of leases with a lease liability as of June 30, 2019 is 58.1 years (excluding extension options). There were no finance lease obligations outstanding as of June 30, 2019 . Future minimum commitments over the life of all operating leases, which exclude variable rent payments, are as follows: June 30, 2019 December 31, 2018 2019 $ 6,752 (1) $ 9,463 2020 11,814 12,092 2021 16,280 16,653 2022 18,988 18,999 2023 19,067 18,903 Thereafter 1,049,874 1,042,842 Total minimum lease payments 1,122,775 $ 1,118,952 Less imputed interest (837,551 ) Total lease liabilities $ 285,224 (1) Excluding the six months ended June 30, 2019 . As Lessor The Company’s primary business involves leasing properties to students under agreements that are classified as operating leases, and which have terms of 12 months or less. These student leases do not provide for variable rent payments. The Company is also a lessor under commercial leases at certain owned properties, some of which provide for variable lease payments based upon tenant performance such as a percentage of sales. The Company recognizes the base lease payments provided for under the leases on a straight-line basis over the lease term, and variable payments are recognized in the period in which the changes in facts and circumstances on which the variable payments are based occur. Lease income under both student and commercial leases is included in owned property revenues in the accompanying consolidated statements of comprehensive income. Lease income under student leases totaled $194.3 million and $179.4 million for the three months ended June 30, 2019 and 2018 , respectively; and $416.0 million and $381.1 million for the six months ended June 30, 2019 and 2018 , respectively. Lease income under commercial leases totaled $3.2 million for both the three months ended June 30, 2019 and 2018 , respectively; and $6.6 million and $6.5 million for the six months ended June 30, 2019 and 2018 , respectively.
Leases	Leases Refer to Note 2 for information on the impact of the adoption of the New Leases Standard. As Lessee The Company, as lessee, has entered into 50 ground/facility and office space lease agreements, which qualify as operating leases under the New Leases Standard. 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 properties (“OCPPs”) structure. Under such 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 original 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. Straight-line rent is capitalized during the construction period and expensed upon the commencement of operations. 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 costs for the three months ended June 30, 2019 was $2.4 million , $1.3 million , and $2.6 million , respectively, and $4.9 million , $3.9 million , and $5.1 million for the six months ended June 30, 2019 , respectively. As of June 30, 2019 , ROU Assets, which are included in other assets on the accompanying consolidated balance sheet, were approximately $279.3 million . 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. This involves determining a secured interest rate for each lease based on the term of the respective lease. The weighted average incremental borrowing rate was 6.04% as of June 30, 2019 . The weighted average remaining lease term of leases with a lease liability as of June 30, 2019 is 58.1 years (excluding extension options). There were no finance lease obligations outstanding as of June 30, 2019 . Future minimum commitments over the life of all operating leases, which exclude variable rent payments, are as follows: June 30, 2019 December 31, 2018 2019 $ 6,752 (1) $ 9,463 2020 11,814 12,092 2021 16,280 16,653 2022 18,988 18,999 2023 19,067 18,903 Thereafter 1,049,874 1,042,842 Total minimum lease payments 1,122,775 $ 1,118,952 Less imputed interest (837,551 ) Total lease liabilities $ 285,224 (1) Excluding the six months ended June 30, 2019 . As Lessor The Company’s primary business involves leasing properties to students under agreements that are classified as operating leases, and which have terms of 12 months or less. These student leases do not provide for variable rent payments. The Company is also a lessor under commercial leases at certain owned properties, some of which provide for variable lease payments based upon tenant performance such as a percentage of sales. The Company recognizes the base lease payments provided for under the leases on a straight-line basis over the lease term, and variable payments are recognized in the period in which the changes in facts and circumstances on which the variable payments are based occur. Lease income under both student and commercial leases is included in owned property revenues in the accompanying consolidated statements of comprehensive income. Lease income under student leases totaled $194.3 million and $179.4 million for the three months ended June 30, 2019 and 2018 , respectively; and $416.0 million and $381.1 million for the six months ended June 30, 2019 and 2018 , respectively. Lease income under commercial leases totaled $3.2 million for both the three months ended June 30, 2019 and 2018 , respectively; and $6.6 million and $6.5 million for the six months ended June 30, 2019 and 2018 , respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments Construction Contracts: As of June 30, 2019 , excluding two properties under construction and subject to presale arrangements which are being funded by construction loans, the Company estimates additional costs to complete six owned development projects under construction to be approximately $346.0 million . Joint Ventures: As part of the Core Transaction, the Company entered into two joint ventures during the third quarter of 2017. As part of this transaction, the Company is obligated to increase its investment in the joint ventures over a two year period. As of June 30, 2019 , the remaining funding commitment was approximately $154.0 million . Presale Development Projects: The Company has entered into two presale agreements to purchase properties which will be completed in Fall 2019. Total estimated development costs of approximately $107.3 million include the purchase price and elected upgrades, of which $85.4 million remains to be funded as of June 30, 2019 . The Company is obligated to purchase the properties as long as the developer meets certain construction completion deadlines and other closing conditions. 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 responsible for leasing, management, and initial operations of the project while the third-party developer retains development risk during the construction period. See Note 8 for further discussion. The Company expects to fund the commitments mentioned above through a combination of proceeds from cash flows generated from operations, anticipated property dispositions, joint venture activity, and a combination of debt and equity transactions, which may include net proceeds from the ATM Equity Program discussed in Note 7 , borrowings under the Company’s existing unsecured credit facilities, and accessing the unsecured bond market. Contingencies Development-related Guarantees: For certain of its third-party development projects, the Company commonly provides alternate housing and project cost guarantees, subject to force majeure. These guarantees are typically limited, on an aggregate basis, to the amount of the projects’ related development fees or a contractually agreed-upon maximum exposure amount. Alternate housing guarantees generally require the Company to provide substitute living quarters and transportation for students to and from the university if the project is not complete by an agreed-upon completion date. These guarantees typically expire at the later of five days after completion of the project or once the Company has moved all students from the substitute living quarters into the project. Under project cost guarantees, the Company is responsible for the construction cost of a project in excess of an approved budget. The budget consists primarily of costs included in the general contractors’ guaranteed maximum price contract (“GMP”). In most cases, the GMP obligates the general contractor, subject to force majeure and approved change orders, to provide completion date guarantees and to cover cost overruns and liquidated damages. In addition, the GMP is in certain cases secured with payment and performance bonds. Project cost guarantees expire upon completion of certain developer obligations, which are normally satisfied within one year after completion of the project. The Company’s estimated maximum exposure amount under the above guarantees is approximately $15.8 million as of June 30, 2019 . As of June 30, 2019 , management did not anticipate any material deviations from schedule or budget related to third-party development projects currently in progress. For one of its third-party development projects that is currently under construction, the Company’s obligation to pay alternate housing costs and excess project costs are unlimited in amount. However, if the Company’s payment obligation arises from force majeure or is caused by the owner, the owner agrees to reimburse the Company from future cash flow of the project, with such reimbursement being subordinate to any financing on the property but paid prior to the University receiving any cash flow from the property. If the Company’s obligation is a result of the general contractor and/or design professionals’ negligence, the owner agrees to assign its right to recover from such party to the Company. Additionally, for this project, the Company’s exposure to such costs resulting from owner-caused delays, as defined, is limited to $1.0 million . As of June 30, 2019 , management did not anticipate any material deviations from schedule or budget related to this project. In the normal course of business, the Company enters into various development-related purchase commitments with parties that provide development-related goods and services. In the event that the Company was to terminate development services prior to the completion of projects under construction, the Company could potentially be committed to satisfy outstanding purchase orders with such parties. As a part of the development agreement with Walt Disney World ® Resort, the Company has guaranteed the completion of construction of a $614.6 million project to be delivered in phases from 2020 to 2023. In 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 beds are not delivered on their respective delivery date is approximately $0.2 million per day. Conveyance to University: In August 2013, the Company entered into an agreement to convey fee interest in a parcel of land, on which one of the Company’s student housing properties resides (University Crossings), to Drexel University (the “University”). Concurrent with the land conveyance, the Company as lessee entered into a ground lease agreement with the University as lessor for an initial term of 40 years , with three 10 -year extensions, at the Company’s option. The Company also agreed to convey the building and improvements to the University at an undetermined date in the future and to pay real estate transfer taxes not to exceed $2.4 million . The Company paid approximately $0.6 million in real estate transfer taxes upon the conveyance of land to the University, leaving approximately $1.8 million to be paid by the Company upon the transfer of the building and improvements. Pre-development expenditures: The Company incurs pre-development expenditures such as architectural fees, permits, and deposits associated with the pursuit of third-party and owned development projects. The Company bears the risk of loss of these pre-development expenditures if financing cannot be arranged or the Company is unable to obtain the required permits and authorizations for the project. As such, management periodically evaluates the status of third-party and owned projects that have not yet commenced construction and expenses any deferred costs related to projects whose current status indicates the commencement of construction is unlikely and/or the costs may not provide future value to the Company in the form of revenues. As of June 30, 2019 , the Company has deferred approximately $8.2 million in pre-development costs related to third-party and owned development projects that have not yet commenced construction. Such costs are included in other assets on the accompanying consolidated balance sheets. Other Guarantees: As part of the purchase of an undeveloped land parcel, the Company entered into an agreement to construct a commercial retail space within a project under development that will be conveyed back to the seller upon construction completion. If the construction of the retail space is not completed in accordance with the agreement, the Company is required to pay liquidated damages of $2.1 million . As of June 30, 2019 , the Company has delivered the retail space and was in the process of executing the acknowledgment of performance with the seller. In July 2019, the Company received the acknowledgment of performance from the seller indicating that the Company’s obligation has been fulfilled. In June 2019, the Company entered into a purchase and sale agreement to buy a land parcel initially scheduled to close on or before June 30, 2021, with potential extensions at the Company’s option to June 1, 2022 or June 1, 2023. In connection with the execution of the agreement, the Company made an earnest money deposit of $2.1 million which is included in restricted cash on the accompanying consolidated balance sheet. As a part of the agreement, within 60 days of certain conditions not being met, the seller of the property can either terminate the agreement or exercise an option to require the Company to purchase the undeveloped land, with the Company retaining all rights to fully own, develop, and utilize the land. If the option is exercised, the Company must pay the agreed upon purchase price of $28.7 million and a commission calculated as a percentage of the sales price, and also reimburse the seller for demolition costs. Litigation: The Company is subject to various claims, lawsuits and legal proceedings, as well as other matters that have not been fully resolved and that have arisen in the ordinary course of business. While it is not possible to ascertain the ultimate outcome of such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on the consolidated financial position or results of operations of the Company. However, the outcome of claims, lawsuits and legal proceedings brought against the Company is subject to significant uncertainty. Therefore, although management considers the likelihood of such an outcome to be remote, the ultimate results of these matters cannot be predicted with certainty. Letters of Intent: In the ordinary course of the Company’s business, the Company enters into letters of intent indicating a willingness to negotiate for acquisitions, dispositions or joint ventures. Such letters of intent are non-binding (except with regard to exclusivity and confidentiality), and neither party to the letter of intent is obligated to pursue negotiations unless and until a definitive contract is entered into by the parties. Even if definitive contracts are entered into, the letters of intent relating to the acquisition and disposition of real property and resulting contracts generally contemplate that such contracts will provide the acquirer with time to evaluate the property and conduct due diligence, during which periods the acquirer will have the ability to terminate the contracts without penalty or forfeiture of any material deposit or earnest money. There can be no assurance that definitive contracts will be entered into with respect to any matter covered by letters of intent or that the Company will consummate any transaction contemplated by any definitive contract. Furthermore, due diligence periods for real property are frequently extended as needed. Once the due diligence period expires, the Company is then at risk under a real property acquisition contract, but only to the extent of any non-refundable earnest money deposits associated with the contract and subject to normal closing conditions being met. Environmental Matters:

Segments

Segments	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Segments	Segments The Company defines business segments by their distinct customer base and service provided. The Company has identified four reportable segments: Owned Properties, On-Campus Participating Properties, Development Services, and Property Management Services. Management evaluates each segment’s performance based on operating income before depreciation, amortization and minority interests. Three Months Ended Six Months Ended 2019 2018 2019 2018 Owned Properties Rental revenues and other income $ 203,903 $ 190,223 $ 429,104 $ 396,612 Interest income 119 383 238 764 Total revenues from external customers 204,022 190,606 429,342 397,376 Operating expenses before depreciation, amortization, and ground/facility lease expense (90,763 ) (86,136 ) (182,932 ) (174,196 ) Ground/facility lease expense (2,408 ) (1,940 ) (5,075 ) (3,987 ) Interest expense, net (1) (4,014 ) (1,760 ) (8,777 ) (3,389 ) Operating income before depreciation and amortization $ 106,837 $ 100,770 $ 232,558 $ 215,804 Depreciation and amortization $ 65,764 $ 60,454 $ 131,396 $ 122,262 Capital expenditures $ 129,833 $ 148,905 $ 245,352 $ 283,155 On-Campus Participating Properties Rental revenues and other income $ 6,396 $ 6,182 $ 17,844 $ 16,625 Interest income 70 41 111 62 Total revenues from external customers 6,466 6,223 17,955 16,687 Operating expenses before depreciation, amortization, and ground/facility lease expense (3,806 ) (3,730 ) (7,763 ) (7,155 ) Ground/facility lease expense (828 ) (793 ) (1,710 ) (1,588 ) Interest expense, net (1) (1,311 ) (1,269 ) (2,614 ) (2,522 ) Operating income before depreciation and amortization $ 521 $ 431 $ 5,868 $ 5,422 Depreciation and amortization $ 2,043 $ 1,952 $ 4,099 $ 3,894 Capital expenditures $ 537 $ 378 $ 767 $ 1,524 Development Services Development and construction management fees $ 3,607 $ 2,202 $ 6,778 $ 3,048 Operating expenses (2,528 ) (1,715 ) (4,414 ) (3,920 ) Operating income (loss) before depreciation and amortization $ 1,079 $ 487 $ 2,364 $ (872 ) Property Management Services Property management fees from external customers $ 3,465 $ 2,452 $ 5,776 $ 5,183 Operating expenses (1,985 ) (1,829 ) (4,285 ) (3,822 ) Operating income before depreciation and amortization $ 1,480 $ 623 $ 1,491 $ 1,361 Three Months Ended Six Months Ended 2019 2018 2019 2018 Reconciliations Total segment revenues and other income $ 217,560 $ 201,483 $ 459,851 $ 422,294 Unallocated interest income earned on investments and corporate cash 780 819 1,546 1,640 Total consolidated revenues, including interest income $ 218,340 $ 202,302 $ 461,397 $ 423,934 Segment operating income before depreciation and amortization $ 109,917 $ 102,311 $ 242,281 $ 221,715 Depreciation and amortization (70,033 ) (65,751 ) (139,920 ) (131,944 ) Net unallocated expenses relating to corporate interest and overhead (29,078 ) (32,663 ) (56,622 ) (59,343 ) (Loss) gain from disposition of real estate (282 ) 42,314 (282 ) 42,314 Other operating income — 2,648 — 2,648 Loss from early extinguishment of debt — (784 ) — (784 ) Provision for real estate impairment — — (3,201 ) — Income tax provision (314 ) (2,085 ) (678 ) (2,366 ) Net income $ 10,210 $ 45,990 $ 41,578 $ 72,240 (1)

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions : On July 31, 2019 , the Board of Directors of the Company declared a distribution per share of $0.47 , which will be paid on August 23, 2019 to all common stockholders of record as of August 12, 2019 . At the same time, the Operating Partnership will pay an equivalent amount per unit to holders of Common OP Units, as well as the quarterly cumulative preferential distribution to holders of Preferred OP Units (see Note 8 ). Property Disposition: On July 2, 2019, the Company completed a transfer to the lender of Blanton Common, a property near Valdosta State University, in satisfaction of the property’s $27.4 million mortgage loan. Property Acquisition: On August 1, 2019, the Company acquired The Flex at Stadium Centre, a 340 -bed off-campus development property subject to a presale agreement for $36.7 million , including $8.5 million related to the purchase of the land on which the property is built. As the property was consolidated by the Company from the time of execution of the presale agreement with the developer, the closing of the transaction will be accounted for as an increase in ownership of a consolidated subsidiary.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation and use of Estimates	Basis of Presentation and use of Estimates The accompanying consolidated financial statements, presented in U.S. dollars, are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and revenue and expenses during the reporting periods. The Company’s actual results could differ from those estimates and assumptions. All material intercompany transactions among consolidated entities have been eliminated. All dollar amounts in the tables herein, except share, per share, unit and per unit amounts, are stated in thousands unless otherwise indicated.
Principles of Consolidation	Principles of Consolidation The Company’s consolidated financial statements include its accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which it has control. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities (“VIEs”), which requires the consolidation of VIEs in which the Company is considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation using the voting interest model.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements The Company does not expect the following accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”) to have a material effect on its consolidated financial statements: Accounting Standards Update Effective Date ASU 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract” January 1, 2020 ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” January 1, 2020 ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” January 1, 2020 Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02 (“ASU 2016-12”), “Leases (Topic 842): Amendments to the FASB Accounting Standards Codification.” ASU 2016-02 outlines principles for the recognition, measurement, presentation and disclosure of leases. Subsequent to the issuance of ASU 2016-02, the FASB issued additional ASUs clarifying aspects of the new lease accounting standard, which are effective upon adoption of ASU 2016-02. These lease-related ASUs are collectively referred to as the “New Leases Standard.” The Company adopted the New Leases Standard on January 1, 2019, utilizing the modified retrospective transition approach. Under this approach, the Company elected to apply the new standard to leases that were in place as of January 1, 2019. Results for reporting periods beginning January 1, 2019 are presented under the New Leases Standard. Upon adoption, the Company did not record an adjustment to beginning retained earnings. In addition, the Company adopted the following additional practical expedients available for implementation: • An entity need not reassess whether any existing or expired contracts are or contain leases; • An entity need not reassess lease classification for any existing or expired leases; and • An entity need not reassess initial direct costs for any existing leases. As Lessee: • Under the New Leases Standard, lessees classify 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 New Leases Standard requires lessees to recognize right-of-use assets and related lease liabilities for leases with a term greater than 12 months regardless of their lease classification. • Upon adoption of the New Leases Standard on January 1, 2019, the Company was a lessee under 28 ground leases and two corporate office headquarters leases for which it recorded $278.2 million in right of use assets (“ROU Assets”), which are included in other assets on the accompanying consolidated balance sheet, and $277.5 million of operating lease liabilities. • Because the Company’s existing leases under which it is a lessee will continue to be classified as operating leases, the timing and pattern of lease expense recognition (straight-line basis) will remain unchanged. However, for any leases entered into or modified after January 1, 2019 the leases will need to be evaluated under the New Leases Standard and may be classified as finance leases depending on the terms of the transactions. As Lessor: • Under the New Leases Standard, the accounting for lessors remained largely unchanged from current GAAP; however, ASU 2016-02 required that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under the prior standard, these costs were capitalizable and therefore the New Leases Standard resulted in certain of these costs being expensed as incurred after adoption. For the Company, these costs include internal leasing payroll costs incurred for owned and presale development projects, as well as certain legal expenses incurred when negotiating commercial leases. • The New Leases Standard also requires lessors to evaluate collectability of all operating lease payments in a contract at lease commencement and thereafter. If the operating lease payments are deemed not probable of collection, adjustments are recognized as a reduction to lease income. This resulted in the reclassification of the provision for uncollectible accounts from operating expenses to revenue. This adjustment is reflected on a prospective basis in the accompanying consolidated statements of comprehensive income, starting on January 1, 2019. The provision for uncollectible accounts for owned properties was $1.7 million and $1.8 million for the three months ended June 30, 2019 and 2018 , respectively, and was $2.8 million and $2.7 million for the six months ended June 30, 2019 and 2018 , respectively. The provision for uncollectible accounts for on-campus participating properties for both the three months ended June 30, 2019 and 2018 was $0.1 million . The provision for uncollectible accounts for on-campus participating properties was a $0.7 million benefit and a $0.2 million expense for the six months ended June 30, 2019 and 2018 , respectively. • The New Leases Standard provides a practical expedient that allows lessors to not separate certain lease and non-lease components if certain criteria are met. The Company assessed the criteria and determined that the timing and pattern of transfer for common area maintenance and the related rental revenue is the same. Therefore, the Company elected the practical expedient which resulted in no change to how revenue is currently recorded. Other In addition, on January 1, 2019 , the Company adopted the following accounting pronouncements which did not have a material effect on the Company’s consolidated financial statements: • ASU 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” • ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”
Interim Financial Statements	Interim Financial Statements The accompanying interim financial statements are unaudited but have been prepared in accordance with GAAP for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements of the Company for these interim periods have been included. Because of the seasonal nature of the Company’s operations, the results of operations and cash flows for any interim period are not necessarily indicative of results for other interim periods or for the full year. These financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 .
Investments in Real Estate	Investments in Real Estate Investments in real estate are recorded at historical cost. Major improvements that extend the life of an asset are capitalized and depreciated over the remaining useful life of the asset. The cost of ordinary repairs and maintenance are charged to expense when incurred. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings and improvements 7-40 years Leasehold interest - on-campus participating properties 25-34 years (shorter of useful life or respective lease term) Furniture, fixtures and equipment 3-7 years Project costs directly associated with the development and construction of an owned real estate project, which include interest, property taxes, and amortization of deferred financing costs, are capitalized as construction in progress. Upon completion of the project, costs are transferred into the applicable asset category and depreciation commences. Interest totaling approximately $3.7 million and $4.0 million was capitalized during the three months ended June 30, 2019 and 2018 , respectively, and interest totaling approximately $6.4 million and $7.0 million was capitalized during the six months ended June 30, 2019 and 2018 , respectively. Management assesses whether there has been an impairment in the value of the Company’s investments in real estate whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment is recognized when estimated expected future undiscounted cash flows are less than the carrying value of the property, or when a property meets the criteria to be classified as held for sale, at which time an impairment charge is recognized for any excess of the carrying value of the property over the expected net proceeds from the disposal. The estimation of expected future net cash flows is inherently uncertain and relies on assumptions regarding current and future economics and market conditions. If such conditions change, then an adjustment to the carrying value of the Company’s long-lived assets could occur in the future period in which the conditions change. To the extent that a property is impaired, the excess of the carrying amount of the property over its estimated fair value is charged to earnings. 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 as of June 30, 2019 , other than a $3.2 million impairment charge recorded on March 31, 2019 concurrent with the classification of one owned property as held for sale.
Long-Lived Assets - Held for Sale	Long-Lived Assets–Held for Sale Long-lived assets to be disposed of are classified as held for sale in the period in which all of the following criteria are met: a. Management, having the authority to approve the action, commits to a plan to sell the asset. b. The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. c. An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated. d. The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year. e. The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. f. Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Concurrent with this classification, the asset is recorded at the lower of cost or fair value less estimated selling costs, and depreciation ceases. The Company did not have any properties classified as held for sale as of June 30, 2019 .
Restricted Cash	Restricted Cash Restricted cash consists of funds held in trust and invested in low risk investments, generally consisting of government backed securities, as permitted by the indentures of trusts, which were established in connection with three bond issues for the Company’s on-campus participating properties. Additionally, restricted cash includes escrow accounts held by lenders and resident security deposits, as required by law in certain states. Restricted cash also consists of escrow deposits made in connection with potential property acquisitions and development opportunities. These escrow deposits are invested in interest-bearing accounts at federally-insured banks. Realized and unrealized gains and losses are not material for the periods presented.
Consolidated VIEs	Consolidated VIEs The Company has investments in various entities that qualify as VIEs for accounting purposes and for which the Company is the primary beneficiary and therefore includes the entities in its consolidated financial statements. These VIEs include the Operating Partnership, six joint ventures that own a total of 15 operating properties, two properties subject to presale arrangements, and six
Earnings per Share - Company/Earnings per Unit - Operating Partnership	Earnings per Unit – Operating Partnership Basic earnings per OP Unit is computed using net income attributable to common unitholders and the weighted average number of common units outstanding during the period. Diluted earnings per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units or resulted in the issuance of OP Units and then shared in the earnings of the Operating Partnership. Earnings per Share – Company Basic earnings per share is computed using net income attributable to common stockholders and the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings per share reflects common shares issuable from the assumed conversion of American Campus Communities Operating Partnership Units (“OP Units”) and common share awards granted. Only those items having a dilutive impact on basic earnings per share are included in diluted earnings per share.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Schedule of accounting pronouncements	The Company does not expect the following accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”) to have a material effect on its consolidated financial statements: Accounting Standards Update Effective Date ASU 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract” January 1, 2020 ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” January 1, 2020 ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” January 1, 2020
Schedule of estimated useful lives of assets	Investments in Real Estate Investments in real estate are recorded at historical cost. Major improvements that extend the life of an asset are capitalized and depreciated over the remaining useful life of the asset. The cost of ordinary repairs and maintenance are charged to expense when incurred. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings and improvements 7-40 years Leasehold interest - on-campus participating properties 25-34 years (shorter of useful life or respective lease term) Furniture, fixtures and equipment 3-7 years
Schedule of potentially dilutive securities not included in calculating diluted earnings per share	The following potentially dilutive securities were outstanding for the three and six months ended June 30, 2019 and 2018 , but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. Three Months Ended Six Months Ended 2019 2018 2019 2018 Common OP Units (Note 8) 594,788 938,683 594,788 947,759 Preferred OP Units (Note 8) 35,242 77,513 49,722 77,513 Total potentially dilutive securities 630,030 1,016,196 644,510 1,025,272
Schedule of summary of elements used in calculating basic earnings per share/unit	The following is a summary of the elements used in calculating basic and diluted earnings per share: Three Months Ended Six Months Ended 2019 2018 2019 2018 Numerator – basic and diluted earnings per share: Net income $ 10,210 $ 45,990 $ 41,578 $ 72,240 Net loss (income) attributable to noncontrolling interests 176 19 (1,552 ) (304 ) Net income attributable to common stockholders 10,386 46,009 40,026 71,936 Amount allocated to participating securities (458 ) (377 ) (1,031 ) (883 ) Net income attributable to common stockholders $ 9,928 $ 45,632 $ 38,995 $ 71,053 Denominator: Basic weighted average common shares outstanding 137,268,696 136,677,255 137,185,576 136,599,816 Unvested restricted stock awards (Note 9) 974,692 899,111 1,012,558 936,552 Diluted weighted average common shares outstanding 138,243,388 137,576,366 138,198,134 137,536,368 Earnings per share: Net income attributable to common stockholders - basic and diluted $ 0.07 $ 0.33 $ 0.28 $ 0.52
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Schedule of summary of elements used in calculating basic earnings per share/unit	The following is a summary of the elements used in calculating basic and diluted earnings per unit: Three Months Ended Six Months Ended 2019 2018 2019 2018 Numerator – basic and diluted earnings per unit: Net income $ 10,210 $ 45,990 $ 41,578 $ 72,240 Net loss (income) attributable to noncontrolling interests – partially owned properties 230 366 (1,338 ) 252 Series A preferred unit distributions (9 ) (31 ) (40 ) (62 ) Amount allocated to participating securities (458 ) (377 ) (1,031 ) (883 ) Net income attributable to common unitholders $ 9,973 $ 45,948 $ 39,169 $ 71,547 Denominator: Basic weighted average common units outstanding 137,863,484 137,615,938 137,780,364 137,547,575 Unvested restricted stock awards (Note 9) 974,692 899,111 1,012,558 936,552 Diluted weighted average common units outstanding 138,838,176 138,515,049 138,792,922 138,484,127 Earnings per unit: Net income attributable to common unitholders - basic and diluted $ 0.07 $ 0.33 $ 0.28 $ 0.52

Investments in Owned Properti_2

Investments in Owned Properties (Tables)	6 Months Ended
	Jun. 30, 2019
Owned properties, net
Real Estate Properties [Line Items]
Schedule of real estate properties	Owned properties, both wholly-owned and those owned through investments in VIEs, consisted of the following: June 30, 2019 December 31, 2018 Land (1) $ 651,599 $ 653,522 Buildings and improvements 6,484,801 6,486,106 Furniture, fixtures and equipment 374,557 371,429 Construction in progress 515,822 302,902 8,026,779 7,813,959 Less accumulated depreciation (1,350,562 ) (1,230,562 ) Owned properties, net $ 6,676,217 $ 6,583,397 (1) The land balance above includes undeveloped land parcels with book values of approximately $54.4 million and $54.5 million as of June 30, 2019 and December 31, 2018 , respectively. It also includes land totaling approximately $10.3 million as of both June 30, 2019 and December 31, 2018 related to properties under development.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of summary of outstanding consolidated indebtedness, including unamortized debt premiums and discounts	A summary of the Company’s outstanding consolidated indebtedness, including unamortized debt premiums and discounts, is as follows: June 30, 2019 December 31, 2018 Debt secured by owned properties: Mortgage loans payable: Unpaid principal balance $ 724,091 $ 727,163 Unamortized deferred financing costs (1,842 ) (1,757 ) Unamortized debt premiums 9,088 11,579 731,337 736,985 Construction loans payable (1) 48,258 22,207 Unamortized deferred financing costs (155 ) (480 ) 779,440 758,712 Debt secured by on-campus participating properties: Mortgage loans payable (2) 66,924 67,867 Bonds payable (2) 27,030 27,030 Unamortized deferred financing costs (472 ) (525 ) 93,482 94,372 Total secured mortgage, construction and bond debt 872,922 853,084 Unsecured notes, net of unamortized OID and deferred financing costs (3) 1,983,895 1,588,446 Unsecured term loans, net of unamortized deferred financing costs (4) 198,945 198,769 Unsecured revolving credit facility 185,600 387,300 Total debt, net $ 3,241,362 $ 3,027,599 (1) Construction loans payable relate to construction loans partially financing the development of two presale development projects. These properties are owned by entities determined to be VIEs for which the Company is the primary beneficiary. The creditors of these construction loans do not have recourse to the assets of the Company. (2) The creditors of mortgage loans payable and bonds payable related to on-campus participating properties do not have recourse to the assets of the Company. (3) Includes net unamortized original issue discount (“OID”) of $2.6 million and $1.6 million at June 30, 2019 and December 31, 2018 , respectively, and net unamortized deferred financing costs of $13.5 million and $10.0 million at June 30, 2019 and December 31, 2018 , respectively. (4) Includes net unamortized deferred financing costs of $1.1 million and $1.2 million at June 30, 2019 and December 31, 2018 , respectively. The Company has issued the following senior unsecured notes: Date Issued Amount % of Par Value Coupon Yield Original Issue Discount Term (Years) April 2013 $ 400,000 99.659 3.750 % 3.791 % $ 1,364 10 June 2014 400,000 99.861 4.125 % 4.269 % (1) 556 10 September 2015 400,000 99.811 3.350 % 3.391 % 756 5 October 2017 400,000 99.912 3.625 % 3.635 % 352 10 June 2019 400,000 99.704 3.300 % 3.680 % (1) 1,184 7 $ 2,000,000 $ 4,212 (1) The yield includes the effect of the amortization of interest rate swap terminations (see Note 10 ).

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	6 Months Ended
	Jun. 30, 2019
Noncontrolling Interest [Abstract]
Schedule of summarized activity of redeemable limited partners	Below is a table summarizing the activity of redeemable noncontrolling interests (ACC) / redeemable limited partners (Operating Partnership) for the three months ended March 31, 2019 and 2018 and June 30, 2019 and 2018 , which includes both the redeemable joint venture partners and OP Units discussed above: Balance, December 31, 2018 $ 184,446 Net income 259 Distributions (305 ) Conversion of OP Units into shares of ACC common stock (252 ) Adjustments to reflect OP Units at fair value 2,547 Balance, March 31, 2019 $ 186,695 Net income 163 Distributions (288 ) Adjustments to reflect OP Units at fair value (660 ) Balance, June 30, 2019 $ 185,910 Balance, December 31, 2017 $ 132,169 Net income 210 Distributions (376 ) Conversion of OP Units into shares of ACC common stock (478 ) Adjustments to reflect OP Units at fair value (4,526 ) Balance, March 31, 2018 $ 126,999 Net income 344 Distributions (531 ) Contributions from noncontrolling interests 71 Adjustments to reflect OP Units at fair value 4,426 Balance, June 30, 2018 $ 131,309

Incentive Award Plan (Tables)

Incentive Award Plan (Tables)	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Summary of restricted stock units and awards	A summary of RSUs as of June 30, 2019 and activity during the six months then ended is presented below: Number of RSUs Outstanding at December 31, 2018 — Granted 18,419 Settled in common shares (15,925 ) Settled in cash (2,494 ) Outstanding at June 30, 2019 — A summary of RSAs as of June 30, 2019 and activity during the six months then ended is presented below: Number of RSAs Nonvested balance at December 31, 2018 862,680 Granted 386,271 Vested (1) (266,556 ) Forfeited (7,759 ) Nonvested balance at June 30, 2019 974,636 (1) Includes shares withheld to satisfy tax obligations upon vesting.

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of summary of outstanding interest rate swap contracts	The following table summarizes the Company’s outstanding interest rate swap contracts which are included in other liabilities on the accompanying consolidated balance sheets as of June 30, 2019 : Hedged Debt Instrument Effective Date Maturity Date Pay Fixed Rate Receive Floating Rate Index Current Notional Amount Fair Value Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month $ 12,878 $ (114 ) Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month 13,010 (115 ) Park Point mortgage loan Feb 1, 2019 Jan 16, 2024 2.7475% LIBOR - 1 month 70,000 (3,448 ) Total $ 95,888 $ (3,677 )
Schedule of fair value of derivative financial instruments and classification on consolidated balance sheet	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of June 30, 2019 and December 31, 2018 : Asset Derivatives Liability Derivatives Fair Value as of Fair Value as of Description Balance Sheet Location 6/30/2019 12/31/2018 Balance Sheet Location 6/30/2019 12/31/2018 Interest rate swap contracts Other assets $ — $ 101 Other liabilities $ 3,677 $ — Forward starting swap contracts Other assets — — Other liabilities — 2,287 Total derivatives designated $ — $ 101 $ 3,677 $ 2,287
Schedule of effect of derivative financial instruments on the income statement	The table below presents the effect of the Company’s derivative financial instruments on the accompanying consolidated statements of comprehensive income for the three and six months ended June 30, 2019 and 2018 . Three Months Ended June 30, Six Months Ended June 30, Description 2019 2018 2019 2018 Change in fair value of derivatives recognized in OCI $ 4,400 $ 78 $ (1,496 ) $ 441 Termination of interest rate swap payment recognized in OCI $ (13,159 ) $ — $ (13,159 ) $ — Amortization of interest rate swap terminations (1) $ 166 $ 102 $ 268 $ 204 Interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded $ 27,068 $ 23,338 $ 54,129 $ 47,022 (1) Represents amortization from OCI into interest expense.

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Schedule of financial instruments measured at fair value	The following table presents information about the Company’s financial instruments measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 , 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 June 30, 2019 December 31, 2018 Level 2 Level 3 Level 2 Level 3 Significant Other Observable Inputs Significant Unobservable Inputs Total Significant Other Observable Inputs Significant Unobservable Inputs Total Assets: Derivative financial instruments $ — $ — $ — $ 101 $ — $ 101 Liabilities: Derivative financial instruments $ 3,677 (1) $ — $ 3,677 $ 2,287 (1) $ — $ 2,287 Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) $ 29,082 (2) $ 156,828 (3) $ 185,910 $ 27,828 (2) $ 156,618 (3) $ 184,446 (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 fair value of the Company’s common stock at the balance sheet date. Represents a quoted price for a similar asset in an active market. Refer to Note 8 . (3) Represents the Core Joint Ventures component of redeemable noncontrolling interests which is valued using primarily unobservable inputs, including the Company’s analysis of comparable properties in the Company’s portfolio, estimations of net operating results of the properties, capitalization rates, discount rates, and other market data. Refer to Note 8 .
Schedule of estimated fair value and related carrying amounts of mortgage loans and bonds payable	The table below contains the estimated fair value and related carrying amounts for the Company’s other financial instruments as of June 30, 2019 and December 31, 2018 . There were no Level 1 measurements for the periods presented. June 30, 2019 December 31, 2018 Estimated Fair Value Estimated Fair Value Level 2 Level 3 Level 2 Level 3 Carrying Amount Significant Other Observable Inputs Significant Carrying Significant Other Observable Inputs Significant Assets: Loans receivable $ 56,156 $ — $ 50,993 (1) $ 54,611 $ — $ 50,993 (1) Liabilities (2) : Unsecured notes $ 1,983,895 $ 2,035,338 (3) $ — $ 1,588,446 $ 1,566,900 (3) $ — Mortgage loans payable (fixed rate) $ 757,185 (4) $ 752,160 (5) $ — $ 693,384 (6) $ 668,911 (5) $ — Bonds payable $ 26,778 $ 29,105 (7) $ — $ 26,741 $ 28,805 (7) $ — (1) Valued using a discounted cash flow analysis with inputs of scheduled cash flows and discount rates that a willing buyer and seller might use. (2) Carrying amounts disclosed include any applicable net unamortized OID, net unamortized deferred financing costs, and net unamortized debt premiums and discounts (see Note 6 ). (3) Valued using interest rate and spread assumptions that reflect current creditworthiness and market conditions available for the issuance of unsecured notes with similar terms and remaining maturities. (4) Does not include one variable rate mortgage loan with a principal balance of $41.0 million as of June 30, 2019. (5) Valued using the present value of the cash flows at current market interest rates through maturity that primarily fall within the Level 2 category. (6) Does not include two variable rate mortgage loans with a combined principal balance of $111.4 million as of December 31, 2018. (7) Valued using quoted prices in markets that are not active due to the unique characteristics of these financial instruments.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Schedule of Future Minimum Commitments of Operating Leases	There were no finance lease obligations outstanding as of June 30, 2019 . Future minimum commitments over the life of all operating leases, which exclude variable rent payments, are as follows: June 30, 2019 December 31, 2018 2019 $ 6,752 (1) $ 9,463 2020 11,814 12,092 2021 16,280 16,653 2022 18,988 18,999 2023 19,067 18,903 Thereafter 1,049,874 1,042,842 Total minimum lease payments 1,122,775 $ 1,118,952 Less imputed interest (837,551 ) Total lease liabilities $ 285,224 (1) Excluding the six months ended June 30, 2019 .
Schedule of Future Minimum Rental Payments for Operating Leases	There were no finance lease obligations outstanding as of June 30, 2019 . Future minimum commitments over the life of all operating leases, which exclude variable rent payments, are as follows: June 30, 2019 December 31, 2018 2019 $ 6,752 (1) $ 9,463 2020 11,814 12,092 2021 16,280 16,653 2022 18,988 18,999 2023 19,067 18,903 Thereafter 1,049,874 1,042,842 Total minimum lease payments 1,122,775 $ 1,118,952 Less imputed interest (837,551 ) Total lease liabilities $ 285,224 (1) Excluding the six months ended June 30, 2019 .

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Schedule of segment information	Three Months Ended Six Months Ended 2019 2018 2019 2018 Owned Properties Rental revenues and other income $ 203,903 $ 190,223 $ 429,104 $ 396,612 Interest income 119 383 238 764 Total revenues from external customers 204,022 190,606 429,342 397,376 Operating expenses before depreciation, amortization, and ground/facility lease expense (90,763 ) (86,136 ) (182,932 ) (174,196 ) Ground/facility lease expense (2,408 ) (1,940 ) (5,075 ) (3,987 ) Interest expense, net (1) (4,014 ) (1,760 ) (8,777 ) (3,389 ) Operating income before depreciation and amortization $ 106,837 $ 100,770 $ 232,558 $ 215,804 Depreciation and amortization $ 65,764 $ 60,454 $ 131,396 $ 122,262 Capital expenditures $ 129,833 $ 148,905 $ 245,352 $ 283,155 On-Campus Participating Properties Rental revenues and other income $ 6,396 $ 6,182 $ 17,844 $ 16,625 Interest income 70 41 111 62 Total revenues from external customers 6,466 6,223 17,955 16,687 Operating expenses before depreciation, amortization, and ground/facility lease expense (3,806 ) (3,730 ) (7,763 ) (7,155 ) Ground/facility lease expense (828 ) (793 ) (1,710 ) (1,588 ) Interest expense, net (1) (1,311 ) (1,269 ) (2,614 ) (2,522 ) Operating income before depreciation and amortization $ 521 $ 431 $ 5,868 $ 5,422 Depreciation and amortization $ 2,043 $ 1,952 $ 4,099 $ 3,894 Capital expenditures $ 537 $ 378 $ 767 $ 1,524 Development Services Development and construction management fees $ 3,607 $ 2,202 $ 6,778 $ 3,048 Operating expenses (2,528 ) (1,715 ) (4,414 ) (3,920 ) Operating income (loss) before depreciation and amortization $ 1,079 $ 487 $ 2,364 $ (872 ) Property Management Services Property management fees from external customers $ 3,465 $ 2,452 $ 5,776 $ 5,183 Operating expenses (1,985 ) (1,829 ) (4,285 ) (3,822 ) Operating income before depreciation and amortization $ 1,480 $ 623 $ 1,491 $ 1,361 Three Months Ended Six Months Ended 2019 2018 2019 2018 Reconciliations Total segment revenues and other income $ 217,560 $ 201,483 $ 459,851 $ 422,294 Unallocated interest income earned on investments and corporate cash 780 819 1,546 1,640 Total consolidated revenues, including interest income $ 218,340 $ 202,302 $ 461,397 $ 423,934 Segment operating income before depreciation and amortization $ 109,917 $ 102,311 $ 242,281 $ 221,715 Depreciation and amortization (70,033 ) (65,751 ) (139,920 ) (131,944 ) Net unallocated expenses relating to corporate interest and overhead (29,078 ) (32,663 ) (56,622 ) (59,343 ) (Loss) gain from disposition of real estate (282 ) 42,314 (282 ) 42,314 Other operating income — 2,648 — 2,648 Loss from early extinguishment of debt — (784 ) — (784 ) Provision for real estate impairment — — (3,201 ) — Income tax provision (314 ) (2,085 ) (678 ) (2,366 ) Net income $ 10,210 $ 45,990 $ 41,578 $ 72,240 (1)

Organization and Description _2

Organization and Description of Business (Details)	6 Months Ended
	Jun. 30, 2019PropertyBed
Real Estate Properties [Line Items]
Number of properties	169
Number of beds | Bed	108,800
Under Development | On-campus participating properties
Real Estate Properties [Line Items]
Number of properties under development	8
Owned properties, net | Off Campus Properties
Real Estate Properties [Line Items]
Number of properties	129
Owned properties, net | American Campus Equity
Real Estate Properties [Line Items]
Number of housing properties	34
Owned properties, net | On-campus participating properties
Real Estate Properties [Line Items]
Number of properties	6
Owned properties, net | Under Development
Real Estate Properties [Line Items]
Number of beds | Bed	9,000
Management And Leasing Services
Real Estate Properties [Line Items]
Number of properties	34
Number of beds | Bed	24,300
Investments in real estate, net
Real Estate Properties [Line Items]
Number of properties	203
Number of beds | Bed	133,100
Maximum
Real Estate Properties [Line Items]
Initial term of contract	5 years
Minimum
Real Estate Properties [Line Items]
Initial term of contract	1 year
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Real Estate Properties [Line Items]
Limited partner interest (percent)	99.50%
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Maximum
Real Estate Properties [Line Items]
Ownership interest (percent)	1.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)	Jan. 01, 2019USD ($)lease	Jun. 30, 2019USD ($)EntityPropertyagreement	Mar. 31, 2019USD ($)Property	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)EntityPropertyagreement	Jun. 30, 2018USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of ground leases | lease	28
Right-of-use assets		$ 279,300,000			$ 279,300,000
Operating lease liabilities		285,224,000			285,224,000
Capitalized interest		3,700,000		$ 4,000,000	6,400,000	$ 7,000,000
Provision for real estate impairment		$ 0		0	$ 3,201,000	0
Number of third-party joint venture partners (entities) | Entity		6			6
Number of properties | Property		169			169
Number of properties subject to presale arrangements | agreement		2			2
Six joint ventures
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of properties | Property		15			15
Owned property held for sale
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Provision for uncollectible accounts		$ 1,700,000		1,800,000	$ 2,800,000	2,700,000
Provision for real estate impairment			$ 3,200,000		0
Number of properties | Property			1
On-campus participating properties
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Provision for uncollectible accounts		$ 100,000		$ 100,000	$ 700,000	$ 200,000
Number of properties | Property		6			6
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets	$ 278,200,000
Operating lease liabilities	$ 277,500,000
Corporate Office Headquarters
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of corporate office headquarters leases | lease	2

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	6 Months Ended
	Jun. 30, 2019
Minimum | Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years
Minimum | Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Maximum | Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years
Maximum | Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years
On-campus participating properties | Minimum | Leasehold interest
Property, Plant and Equipment [Line Items]
Estimated useful life	25 years
On-campus participating properties | Maximum | Leasehold interest
Property, Plant and Equipment [Line Items]
Estimated useful life	34 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Potentially Dilutive Securities Not Included in Calculating Diluted Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities (in shares)	630,030	1,016,196	644,510	1,025,272
Common OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities (in shares)	594,788	938,683	594,788	947,759
Preferred OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities (in shares)	35,242	77,513	49,722	77,513

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Summary of Elements Used in Calculating Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator – basic and diluted earnings per share:
Net income	$ 10,210	$ 45,990	$ 41,578	$ 72,240
Net loss (income) attributable to noncontrolling interests	176	19	(1,552)	(304)
Net income attributable to common stockholders	10,386	46,009	40,026	71,936
Amount allocated to participating securities	(458)	(377)	(1,031)	(883)
Net income attributable to common unitholders	$ 9,928	$ 45,632	$ 38,995	$ 71,053
Denominator:
Basic weighted average common shares outstanding (in shares)	137,268,696	136,677,255	137,185,576	136,599,816
Diluted weighted average common shares outstanding (in shares)	138,243,388	137,576,366	138,198,134	137,536,368
Earnings per share:
Net income attributable to common stockholders - basic and diluted (in dollars per share)	$ 0.07	$ 0.33	$ 0.28	$ 0.52
Unvested restricted stock awards
Denominator:
Unvested restricted stock awards (in shares)	974,692	899,111	1,012,558	936,552

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Summary of Elements Used in Calculating Basic and Diluted Earnings per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator – basic and diluted earnings per unit:
Net income	$ 10,210	$ 45,990	$ 41,578	$ 72,240
Net income attributable to noncontrolling interests	176	19	(1,552)	(304)
Net income attributable to common unitholders	9,928	45,632	38,995	71,053
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Numerator – basic and diluted earnings per unit:
Net income	10,210	45,990	41,578	72,240
Series A preferred unit distributions	(9)	(31)	(40)	(62)
Amount allocated to participating securities	(458)	(377)	(1,031)	(883)
Net income attributable to common unitholders	$ 9,973	$ 45,948	$ 39,169	$ 71,547
Denominator:
Basic weighted average common units outstanding (in units)	137,863,484	137,615,938	137,780,364	137,547,575
Diluted weighted average common units outstanding (in units)	138,838,176	138,515,049	138,792,922	138,484,127
Earnings per unit:
Net income attributable to common unitholders - basic and diluted (in units)	$ 0.07	$ 0.33	$ 0.28	$ 0.52
Noncontrolling interests - partially owned properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Numerator – basic and diluted earnings per unit:
Net income attributable to noncontrolling interests	$ 230	$ 366	$ (1,338)	$ 252
Unvested restricted stock awards | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Denominator:
Unvested restricted stock awards (in units)	974,692	899,111	1,012,558	936,552

Acquisitions (Details)

Acquisitions (Details) $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)presale_agreementPropertyBed	Jun. 30, 2019PropertyagreementBed
Business Acquisition [Line Items]
Number of presale agreements | agreement		2
Number of properties, under development		6
Number of beds | Bed		108,800
Presale development properties
Business Acquisition [Line Items]
Number of presale agreements | presale_agreement	2
Number of properties, under development	2
Number of beds | Bed	783
Estimated development costs | $	$ 107.3
In-process development properties
Business Acquisition [Line Items]
Number of presale agreements | agreement		2
Number of properties, under development		2
Mezzanine financing | $	$ 15.6

Property Dispositions - Narrati

Property Dispositions - Narrative (Details) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	May 31, 2019USD ($)Bed	May 31, 2018USD ($)PropertyBed	Jun. 30, 2019USD ($)Bed	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)Bed	Jun. 30, 2018USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of beds | Bed			108,800		108,800
Proceeds from disposition of properties and land parcels					$ 8,854	$ 242,284
(Loss) gain from disposition of real estate			$ (282)	$ 42,314	(282)	42,314
Provision for real estate impairment			$ 0	$ 0	3,201	0
Proceeds from mortgage loans		$ 330,000			$ 0	$ 330,000
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 beds | Bed	544	1,338
Sale of property	$ 9,500	$ 245,000
Proceeds from disposition of properties and land parcels	8,900	242,300
(Loss) gain from disposition of real estate	300	$ (42,300)
Provision for real estate impairment	$ 3,200
ACC/Allianz Joint Venture Transaction | 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 beds | Bed		4,611
Number of properties sold | Property		7
Allianz Real Estate
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payments to Acquire Interest in Joint Venture		$ 373,100
ACC/Allianz Joint Venture | Allianz Real Estate
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage		45.00%
Owned properties, net | Disposal Group, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | Property		3

Investments in Owned Properti_3

Investments in Owned Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Real Estate Properties [Line Items]
Owned properties, net	$ 6,753,607	$ 6,661,034
Undeveloped land parcels	54,400	54,500
Owned properties, net
Real Estate Properties [Line Items]
Land	651,599	653,522
Buildings and improvements	6,484,801	6,486,106
Furniture, fixtures and equipment	374,557	371,429
Construction in progress	515,822	302,902
Real estate properties gross	8,026,779	7,813,959
Less accumulated depreciation	(1,350,562)	(1,230,562)
Owned properties, net	6,676,217	6,583,397
Under Development
Real Estate Properties [Line Items]
Undeveloped land parcels	$ 10,300	$ 10,300

Debt - Summary of Outstanding C

Debt - Summary of Outstanding Consolidated Indebtedness, Including Unamortized Debt Premiums and Discounts (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)Property	Dec. 31, 2018USD ($)	Aug. 31, 2017USD ($)
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt, net	$ 872,922	$ 853,084
Total debt, net	3,241,362	3,027,599
Mortgage loans payable
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt, net			$ 27,400
Unsecured debt
Debt Instrument [Line Items]
Unamortized deferred financing costs	(13,500)	(10,000)
Unamortized original issue discount	2,600	1,600
Term loans
Debt Instrument [Line Items]
Unamortized deferred financing costs	(1,100)	(1,200)
Wholly-owned properties, net
Debt Instrument [Line Items]
Total debt, net	779,440	758,712
Wholly-owned properties, net | Mortgage loans payable
Debt Instrument [Line Items]
Principal outstanding	724,091	727,163
Unamortized deferred financing costs	(1,842)	(1,757)
Unamortized debt premiums	9,088	11,579
Secured mortgage, construction and bond debt, net	731,337	736,985
Wholly-owned properties, net | Construction loans payable
Debt Instrument [Line Items]
Principal outstanding	48,258	22,207
Unamortized deferred financing costs	(155)	(480)
On-campus participating properties, net
Debt Instrument [Line Items]
Unamortized deferred financing costs	(472)	(525)
Total debt, net	93,482	94,372
On-campus participating properties, net | Mortgage loans payable
Debt Instrument [Line Items]
Principal outstanding	66,924	67,867
On-campus participating properties, net | Bonds payable
Debt Instrument [Line Items]
Principal outstanding	$ 27,030	27,030
In-process development properties | Construction loans payable
Debt Instrument [Line Items]
Number of properties sold | Property	2
Unsecured notes, net
Debt Instrument [Line Items]
Unsecured debt	$ 1,983,895	1,588,446
Unsecured term loans, net
Debt Instrument [Line Items]
Unsecured debt	198,945	198,769
Unsecured revolving credit facility
Debt Instrument [Line Items]
Unsecured debt	$ 185,600	$ 387,300

Debt - Narrative (Details)

Debt - Narrative (Details)	1 Months Ended					3 Months Ended			6 Months Ended
	Jul. 31, 2019USD ($)	May 31, 2019USD ($)	Jan. 31, 2019USD ($)	May 31, 2018USD ($)Property	Jun. 30, 2017USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Jun. 30, 2018USD ($)Property	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)Property	Mar. 01, 2019USD ($)	Feb. 28, 2019USD ($)	Dec. 31, 2018USD ($)	Aug. 31, 2017USD ($)
Debt Instrument [Line Items]
Refinanced debt amount			$ 70,000,000
Derivative, fixed interest rate			4.00%
Mortgage loans payable						$ 872,922,000			$ 872,922,000				$ 853,084,000
Other operating income						0		$ 0	3,201,000	$ 0
Repayments of fixed rate mortgage debt									4,017,000	4,256,000
Defeasance costs related to early extinguishment of debt									0	2,726,000
Loss from early extinguishment of debt						$ 0	$ 0	(784,000)	0	(784,000)
Proceeds from unsecured notes									398,816,000	0
Repayments of unsecured debt									$ 0	450,000,000
Credit Agreement | Unsecured revolving credit facility
Debt Instrument [Line Items]
Stated percentage						2.40%			2.40%
Line of credit, required unused commitment fee per annum (percent)									0.20%
Weighted average annual interest rate (percent)						3.60%			3.60%
Basis spread on variable rate									1.00%
Mortgages
Debt Instrument [Line Items]
Mortgage loans payable														$ 27,400,000
Other operating income					$ 15,300,000
Unsecured debt | Unsecured revolving credit facility
Debt Instrument [Line Items]
Line of credit, required unused commitment fee per annum (percent)									0.20%
Current borrowing capacity of credit facility						$ 814,400,000			$ 814,400,000
Unsecured debt | Fifth Amended And Restated Credit Agreement | Unsecured revolving credit facility
Debt Instrument [Line Items]
Credit facility						$ 1,000,000,000			$ 1,000,000,000		$ 1,000,000,000	$ 700,000,000
Credit facility, additional borrowing capacity (up to)													200,000,000
Unsecured debt | Term Loan III Facility | Unsecured revolving credit facility
Debt Instrument [Line Items]
Write off of deffered financing costs, premiums and discounts				$ 900,000
Repayments of unsecured debt				300,000,000
Unsecured debt | Term Loan I Facility | Unsecured revolving credit facility
Debt Instrument [Line Items]
Repayments of unsecured debt				$ 150,000,000
Unsecured debt | Term Loan II Facility | Unsecured revolving credit facility
Debt Instrument [Line Items]
Stated percentage						2.41%			2.41%
Credit facility						$ 200,000,000			$ 200,000,000
Weighted average annual interest rate (percent)						3.51%			3.51%
Basis spread on variable rate									1.10%
Line of credit facility, accordion feature (up to)						$ 100,000,000			$ 100,000,000
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Debt Instrument [Line Items]
Mortgage loans payable						872,922,000			872,922,000				853,084,000
Other operating income						0		0	3,201,000	0
Repayments of fixed rate mortgage debt									4,017,000	4,256,000
Defeasance costs related to early extinguishment of debt									0	2,726,000
Loss from early extinguishment of debt						0		$ (784,000)	0	(784,000)
Proceeds from unsecured notes									398,816,000	0
Repayments of unsecured debt									0	450,000,000
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Senior Notes - June 2019
Debt Instrument [Line Items]
Amount						$ 400,000,000			$ 400,000,000
Term (Years)									7 years
% of Par Value									99.704%
Stated percentage						3.30%			3.30%
Yield (percent)						3.347%			3.347%
Proceeds from unsecured notes									$ 394,000,000
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Senior notes - October 2017
Debt Instrument [Line Items]
Amount						$ 400,000,000			$ 400,000,000
Term (Years)									10 years
% of Par Value									99.912%
Stated percentage						3.625%			3.625%
Owned properties | Mortgages
Debt Instrument [Line Items]
Repayments of fixed rate mortgage debt										$ 55,900,000
Number of fixed rate mortgage debt secured owned properties. | Property								3		3
Defeasance costs related to early extinguishment of debt										$ 2,700,000
Number of properties sold | Property										1
Write off of deffered financing costs, premiums and discounts										$ 1,900,000
Loss from early extinguishment of debt										$ 800,000
Subsequent Event | Mortgages
Debt Instrument [Line Items]
Settlement of mortgage loan	$ 27,400,000
Disposal Group, Not Discontinued Operations | Owned properties
Debt Instrument [Line Items]
Other operating income		$ 3,200,000
Disposal Group, Not Discontinued Operations | ACC/Allianz Joint Venture Transaction | Owned properties
Debt Instrument [Line Items]
Number of properties sold | Property				7
Owned properties | Mortgages
Debt Instrument [Line Items]
Mortgage loans payable						$ 731,337,000			$ 731,337,000				$ 736,985,000
Owned properties | Disposal Group, Not Discontinued Operations
Debt Instrument [Line Items]
Number of properties sold | Property				3

Debt - Summary of Senior Unsecu

Debt - Summary of Senior Unsecured Notes (Details) - AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.	6 Months Ended
	Jun. 30, 2019USD ($)
Senior notes
Debt Instrument [Line Items]
Amount	$ 2,000,000,000
Original Issue Discount	4,212,000
Senior notes - April 2013
Debt Instrument [Line Items]
Amount	$ 400,000,000
% of Par Value	99.659%
Coupon (percent)	3.75%
Yield (percent)	3.791%
Original Issue Discount	$ 1,364,000
Term (Years)	10 years
Senior notes - June 2014
Debt Instrument [Line Items]
Amount	$ 400,000,000
% of Par Value	99.861%
Coupon (percent)	4.125%
Yield (percent)	4.269%
Original Issue Discount	$ 556,000
Term (Years)	10 years
Senior notes - September 2015
Debt Instrument [Line Items]
Amount	$ 400,000,000
% of Par Value	99.811%
Coupon (percent)	3.35%
Yield (percent)	3.391%
Original Issue Discount	$ 756,000
Term (Years)	5 years
Senior notes - October 2017
Debt Instrument [Line Items]
Amount	$ 400,000,000
% of Par Value	99.912%
Coupon (percent)	3.625%
Yield (percent)	3.635%
Original Issue Discount	$ 352,000
Term (Years)	10 years
Senior Notes - June 2019
Debt Instrument [Line Items]
Amount	$ 400,000,000
% of Par Value	99.704%
Coupon (percent)	3.30%
Yield (percent)	3.68%
Original Issue Discount	$ 1,184,000
Term (Years)	7 years

Stockholders' Equity _ Partne_2

Stockholders' Equity / Partners' Capital (Details) - USD ($)	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018	May 31, 2018
Schedule of Equity Method Investments [Line Items]
Number of shares in deferred compensation plan (in shares)	75,535	69,603
Treasury Stock
Schedule of Equity Method Investments [Line Items]
Number of shares in deferred compensation plan (in shares)	75,535
ATM Equity Program
Schedule of Equity Method Investments [Line Items]
ATM equity program, aggregate offering price authorized (up to $500 million)	$ 500,000,000		$ 500,000,000
At The Market Program Expired May 2018, Included In ATM Equity Program
Schedule of Equity Method Investments [Line Items]
ATM equity program, aggregate offering price authorized (up to $500 million)			$ 233,000,000
Non-Qualified Deferred Compensation Plan | Treasury Stock
Schedule of Equity Method Investments [Line Items]
Treasury Stock, Shares, Acquired	13,277
Number of shares withdrawn from deferred compensation plan (in shares)	7,345

Noncontrolling Interests - Narr

Noncontrolling Interests - Narrative (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2019EntityPropertyagreementshares	Dec. 31, 2018shares	Sep. 30, 2017Property
Noncontrolling Interest [Line Items]
Number of third-party joint venture partners (entities) | Entity	6
Number of properties	169
Number of presale agreements | agreement	2
Number of properties, under development	6
Common OP Unit
Noncontrolling Interest [Line Items]
Conversion of operating partnership units to common stock (in shares) | shares	42,271	412,343
Core Transaction
Noncontrolling Interest [Line Items]
Number of joint ventures			2
In-process development properties
Noncontrolling Interest [Line Items]
Number of presale agreements | agreement	2
Number of properties, under development	2
Three off-campus properties | In-process development properties
Noncontrolling Interest [Line Items]
Number of properties	10
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Operating Partnership
Noncontrolling Interest [Line Items]
Equity interests held by owners of common units and preferred units (percent)	0.50%	0.50%
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Three off-campus properties
Noncontrolling Interest [Line Items]
Number of third-party joint venture partners (entities) | Entity	4

Noncontrolling Interests - Summ

Noncontrolling Interests - Summarized Activity of Redeemable Limited Partners (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2018
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance		$ 184,446
Distributions	$ (3,037)	(3,661)	$ (151,224)		$ (47)
Conversion of OP Units into shares of ACC common stock		(251)			(478)
Contributions by noncontrolling interests - partially owned properties	79	625	198,021		9,515
Ending balance	185,910
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance		184,446
Distributions	(3,037)	(3,661)	(151,224)	$ (47)
Conversion of OP Units into shares of ACC common stock		(251)		(478)
Contributions by noncontrolling interests - partially owned properties	79	625	198,021	9,515
Ending balance	185,910
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Redeemable noncontrolling interests
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	186,695	184,446	126,999	132,169	132,169
Net income	163	259	344	210
Distributions	(288)	(305)	(531)	(376)
Conversion of OP Units into shares of ACC common stock		(252)		(478)
Contributions by noncontrolling interests - partially owned properties			71
Adjustments to reflect OP Units at fair value	(660)	2,547	4,426	(4,526)
Ending balance	$ 185,910	$ 186,695	$ 131,309	$ 126,999	$ 131,309

Incentive Award Plan - Narrativ

Incentive Award Plan - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	May 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense				$ 800,000
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense		$ 2,900,000	$ 2,800,000	$ 6,700,000	$ 6,100,000
Board of Directors Chairman | Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	$ 162,500
All Other [Member] | Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	$ 117,500
2018 Incentive Award Plan | Select Employees and Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares)						3,500,000

Incentive Award Plan - Summary

Incentive Award Plan - Summary of Restricted Stock Awards (Details)	6 Months Ended
	Jun. 30, 2019shares
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (shares)	0
Granted (shares)	18,419
Settled in common shares (in shares)	(15,925)
Settled in cash (in shares)	(2,494)
Ending balance (shares)	0
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (shares)	862,680
Granted (shares)	386,271
Vested (shares)	(266,556)
Forfeited (shares)	(7,759)
Ending balance (shares)	974,636

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Summary of Outstanding Interest Rate Swap Contracts (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jan. 31, 2019
Derivative [Line Items]
Pay Fixed Rate		4.00%
Current Notional Amount	$ 95,888
Fair Value	$ (3,677)
Interest Rate Swap - 2.275% Fixed Rate
Derivative [Line Items]
Effective Date	Feb. 18, 2014
Maturity Date	Feb. 15, 2021
Pay Fixed Rate	2.275%
Receive Floating Rate Index	LIBOR - 1 month
Current Notional Amount	$ 12,878
Fair Value	$ (114)
Interest Rate Swap - 2.275% Fixed Rate
Derivative [Line Items]
Effective Date	Feb. 18, 2014
Maturity Date	Feb. 15, 2021
Pay Fixed Rate	2.275%
Receive Floating Rate Index	LIBOR - 1 month
Current Notional Amount	$ 13,010
Fair Value	$ (115)
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	$ (3,448)

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Narrative (Details)	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)Contract
Derivative [Line Items]
Notional amount	$ 95,888,000	$ 95,888,000	$ 95,888,000
Termination of interest rate swaps			13,159,000	$ 0
Interest rate swap contracts
Derivative [Line Items]
Number of forward starting interest rate swap contracts | Contract					3
Notional amount					$ 200,000,000
Termination of interest rate swaps	$ 13,200,000
Amortization of interest rate swap terminations		$ 100,000	$ 100,000

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 - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 0	$ 101
Other liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	3,677	2,287
Interest rate swap contracts | Other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	0	101
Interest rate swap contracts | Other liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	3,677	0
Forward starting swap contracts | Other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	0	0
Forward starting swap contracts | Other liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 0	$ 2,287

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	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivative [Line Items]
Change in fair value of derivatives recognized in OCI	$ 4,400	$ 78	$ (1,496)	$ 441
Termination of interest rate swap payment recognized in OCI	(13,159)	0	(13,159)	0
Interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded	27,068	23,338	54,129	47,022
Interest Expense
Derivative [Line Items]
Amortization of interest rate swap terminations	$ 166	$ 102	$ 268	$ 204

Fair Value Disclosures - Financ

Fair Value Disclosures - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets
Derivative financial instruments	$ 0	$ 101
Liabilities:
Derivative financial instruments	3,677	2,287
Mezzanine:
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership)	185,910	184,446
Level 2
Assets
Derivative financial instruments	0	101
Liabilities:
Derivative financial instruments	3,677	2,287
Mezzanine:
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership)	29,082	27,828
Level 3
Assets
Derivative financial instruments	0	0
Liabilities:
Derivative financial instruments	0	0
Mezzanine:
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership)	$ 156,828	$ 156,618

Fair Value Disclosures - Estima

Fair Value Disclosures - Estimated Fair Value and Related Carrying Amounts of Mortgage Loans and Bonds Payable (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)Loan	Dec. 31, 2018USD ($)Loan
Carrying Amount
Assets:
Loans receivable	$ 56,156	$ 54,611
Liabilities:
Unsecured notes	1,983,895	1,588,446
Mortgage loans payable (fixed rate)	757,185	693,384
Bonds payable	26,778	26,741
Owned properties, net | Mortgage loans payable
Liabilities:
Principal outstanding	$ 724,091	$ 727,163
Owned properties, net | Mortgage loans payable | Variable rate mortgage loans
Liabilities:
Number of mortgage loans | Loan	1	2
Principal outstanding	$ 41,000	$ 111,400
Level 2 | Estimated Fair Value
Assets:
Loans receivable	0	0
Liabilities:
Unsecured notes	2,035,338	1,566,900
Mortgage loans payable (fixed rate)	752,160	668,911
Bonds payable	29,105	28,805
Level 3 | Estimated Fair Value
Assets:
Loans receivable	50,993	50,993
Liabilities:
Mortgage loans payable (fixed rate)	0	0
Bonds payable	$ 0	$ 0

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)agreement	Jun. 30, 2018USD ($)
Lessee, Lease, Description [Line Items]
Number ground/facility and office space lease agreements | agreement			50
Straight line rent expense	$ 2.4		$ 4.9
Variable rent expense	1.3		3.9
Capitalized rent cost	2.6		5.1
Right-of-use assets	$ 279.3		$ 279.3
Weighted average incremental borrowing rate	6.04%		6.04%
Weighted average remaining lease term	58 years 1 month 6 days		58 years 1 month 6 days
Minimum
Lessee, Lease, Description [Line Items]
Lease terms	7 years		7 years
Maximum
Lessee, Lease, Description [Line Items]
Lease terms	102 years		102 years
Student Lease Property
Lessee, Lease, Description [Line Items]
Lease income	$ 194.3	$ 179.4	$ 416	$ 381.1
Commercial Lease Property
Lessee, Lease, Description [Line Items]
Lease income	$ 3.2	$ 3.2	$ 6.6	$ 6.5

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Commitments of Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2019	$ 6,752
2020	11,814
2021	16,280
2022	18,988
2023	19,067
Thereafter	1,049,874
Total minimum lease payments	1,122,775
Less imputed interest	(837,551)
Total lease liabilities	$ 285,224
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2019		$ 9,463
2020		12,092
2021		16,653
2022		18,999
2023		18,903
Thereafter		1,042,842
Total minimum lease payments		$ 1,118,952

Commitments and Contingencies (

Commitments and Contingencies (Details)	1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 31, 2013USD ($)extension	Sep. 30, 2019USD ($)agreement	Sep. 30, 2017Entity	Jun. 30, 2019USD ($)EntityProperty	Jun. 30, 2018USD ($)Property
Loss Contingencies [Line Items]
Number of properties | Property				169
Number of properties, under development | Property				6
Number of third-party joint venture partners (entities) | Entity				6
Deferred pre-development costs				$ 8,200,000
Alternate Housing Guarantees
Loss Contingencies [Line Items]
Guarantee expiration period				5 days
Project Cost Guarantees
Loss Contingencies [Line Items]
Guarantee expiration period				1 year
Third-Party Development Projects
Loss Contingencies [Line Items]
Commitment under third-party development project				$ 15,800,000
Alternate housing costs and excess project costs				$ 1,000,000
Performance Guarantee
Loss Contingencies [Line Items]
Guarantee expiration period				60 days
Estimate of possible loss				$ 614,600,000
Guarantor obligations, maximum exposure				2,100,000
Earnest money deposits				2,100,000
Purchase and sale agreement upon exercise of option				28,700,000
Core Transaction
Loss Contingencies [Line Items]
Asset acquisition, consideration transferred				154,000,000
Disney College Program Phases I-V (ACE) | Performance Guarantee
Loss Contingencies [Line Items]
Development guarantee, damages due per bed each day of a delay				20
Guarantor obligations, maximum exposure				200,000
Presale development properties
Loss Contingencies [Line Items]
Number of properties, under development | Property					2
Estimated development costs					$ 107,300,000
Estimated development costs, remaining obligation to be funded				$ 85,400,000
Presale development properties | Scenario, Forecast
Loss Contingencies [Line Items]
Number of presale agreements | agreement		2
Estimated development costs		$ 107,300,000
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Core Transaction | Consolidated properties
Loss Contingencies [Line Items]
Number of third-party joint venture partners (entities) | Entity			2
Period of option to purchase remaining interest in joint venture			2 years
Under Development
Loss Contingencies [Line Items]
Number of properties | Property				2
Drexel University Property
Loss Contingencies [Line Items]
Lease term	40 years
Number of lease renewal options | extension	3
Lease extension period	10 years
Commitment to pay real estate transfer taxes, amount (not more than)	$ 1,800,000
Real estate transfer taxes paid upon conveyance of land	600,000
Drexel University Property | Maximum
Loss Contingencies [Line Items]
Commitment to pay real estate transfer taxes, amount (not more than)	$ 2,400,000
Construction Contracts
Loss Contingencies [Line Items]
Development projects under construction				$ 346,000,000

Segments - Narrative (Details)

Segments - Narrative (Details)	6 Months Ended
	Jun. 30, 2019Segment
Segment Reporting [Abstract]
Identified reportable segments (segments)	4

Segments - Schedule of Segment

Segments - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Total revenues	$ 217,371		$ 201,059	$ 459,502	$ 421,468
Ground/facility lease expense	3,236		2,733	6,785	5,575
Interest expense, net	(27,068)		(23,338)	(54,129)	(47,022)
Depreciation and amortization	(70,033)		(65,751)	(139,920)	(131,944)
Operating expenses	(179,530)		(127,891)	(362,662)	(297,894)
Total consolidated revenues, including interest income	218,340		202,302	461,397	423,934
Segment operating income before depreciation and amortization	37,841		73,168	96,840	123,574
(Loss) gain from disposition of real estate	(282)		42,314	(282)	42,314
Other operating income	0		2,648	0	2,648
Loss from extinguishment of debt, net	0	$ 0	(784)	0	(784)
Provision for real estate impairment	0		0	(3,201)	0
Income tax provision	(314)		(2,085)	(678)	(2,366)
Net income	10,210		45,990	41,578	72,240
Operating segments
Segment Reporting Information [Line Items]
Total revenues	217,560		201,483	459,851	422,294
Segment operating income before depreciation and amortization	109,917		102,311	242,281	221,715
Net income	10,210		45,990	41,578	72,240
Operating segments | Owned properties, net
Segment Reporting Information [Line Items]
Rental revenues and other income	203,903		190,223	429,104	396,612
Interest income	119		383	238	764
Total revenues	204,022		190,606	429,342	397,376
Operating expenses before depreciation, amortization, and ground/facility lease expense	(90,763)		(86,136)	(182,932)	(174,196)
Ground/facility lease expense	2,408		1,940	5,075	3,987
Interest expense, net	(4,014)		(1,760)	(8,777)	(3,389)
Operating income before depreciation and amortization	106,837		100,770	232,558	215,804
Depreciation and amortization	65,764		60,454	131,396	122,262
Capital expenditures	129,833		148,905	245,352	283,155
Operating segments | On-campus participating properties
Segment Reporting Information [Line Items]
Rental revenues and other income	6,396		6,182	17,844	16,625
Interest income	70		41	111	62
Total revenues	6,466		6,223	17,955	16,687
Operating expenses before depreciation, amortization, and ground/facility lease expense	(3,806)		(3,730)	(7,763)	(7,155)
Ground/facility lease expense	828		793	1,710	1,588
Interest expense, net	(1,311)		(1,269)	(2,614)	(2,522)
Operating income before depreciation and amortization	521		431	5,868	5,422
Depreciation and amortization	2,043		1,952	4,099	3,894
Capital expenditures	537		378	767	1,524
Operating segments | Third-party development services
Segment Reporting Information [Line Items]
Operating income before depreciation and amortization	1,079		487	2,364	(872)
Development and construction management fees	3,607		2,202	6,778	3,048
Operating expenses	(2,528)		(1,715)	(4,414)	(3,920)
Operating segments | Property Management Services
Segment Reporting Information [Line Items]
Operating income before depreciation and amortization	1,480		623	1,491	1,361
Operating expenses	(1,985)		(1,829)	(4,285)	(3,822)
Unallocated
Segment Reporting Information [Line Items]
Total revenues	780		819	1,546	1,640
Operating expenses	(29,078)		(32,663)	(56,622)	(59,343)
Property management fees from external customers | Operating segments | Property Management Services
Segment Reporting Information [Line Items]
Total revenues	$ 3,465		$ 2,452	$ 5,776	$ 5,183

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Millions	Aug. 01, 2019USD ($)Bed	Jul. 31, 2019$ / shares	Jul. 02, 2019USD ($)	Jun. 30, 2018USD ($)Bed	Jun. 30, 2019Bed
Subsequent Event [Line Items]
Number of beds | Bed					108,800
Subsequent Event | Dividend Declared
Subsequent Event [Line Items]
Distributions declared per common unit (in dollars per unit) | $ / shares		$ 0.47
Disposal Group, Not Discontinued Operations | Blanton Common at Valdosta State University Property Disposition | Subsequent Event
Subsequent Event [Line Items]
Sale of property			$ 27.4
Presale development properties
Subsequent Event [Line Items]
Number of beds | Bed				783
Estimated development costs				$ 107.3
Presale development properties | Subsequent Event
Subsequent Event [Line Items]
Number of beds | Bed	340
Estimated development costs	$ 36.7
Presale development properties | Land | Subsequent Event
Subsequent Event [Line Items]
Estimated development costs	$ 8.5