American Campus Communities Operating Partnership 10-K 27 Feb 20 2019 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2019	Feb. 21, 2020	Jun. 30, 2019
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	ACC
Security Exchange Name	NYSE
Entity Well-Known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 4,729,996,649
Entity Common Stock Shares Outstanding (in shares)		137,404,752
Documents Incorporated by Reference	Part III of this report incorporates information by reference from the definitive Proxy Statement for the 2020 Annual Meeting of Stockholders.
Entity Central Index Key	0001283630
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Document Information [Line Items]
Entity File Number	333-181102-01
Entity Registrant Name	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	56-2473181
Entity Well-Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001357369
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Investments in real estate:
Investments in real estate, net	$ 6,769,903	$ 6,661,034
Cash and cash equivalents	54,650	71,238
Restricted cash	26,698	35,279
Student contracts receivable, net	13,470	8,565
Operating lease right of use assets	460,857
Other assets	234,176	262,730
Total assets	7,559,754	7,038,846
Liabilities:
Secured mortgage, construction and bond debt, net	787,426	853,084
Accounts payable and accrued expenses	88,411	88,767
Operating lease liabilities	473,070
Other liabilities	157,368	191,233
Total liabilities	4,116,699	3,307,599
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests	104,381	184,446
American Campus Communities, Inc. and Subsidiaries stockholders’ equity:
Common stock, $0.01 par value, 800,000,000 shares authorized, 137,326,824 and 136,967,286 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively	1,373	1,370
Additional paid in capital	4,458,456	4,458,240
Common stock held in rabbi trust, 77,928 and 69,603 shares at December 31, 2019 and December 31, 2018, respectively	(3,486)	(3,092)
Accumulated earnings and dividends	(1,144,721)	(971,070)
Accumulated other comprehensive loss	(16,946)	(4,397)
Total American Campus Communities, Inc. and Subsidiaries stockholders’ equity	3,294,676	3,481,051
Noncontrolling interests – partially owned properties	43,998	65,750
Total equity	3,338,674	3,546,801
Partners’ capital:
Accumulated other comprehensive loss	(16,946)	(4,397)
Total liabilities and equity/capital	7,559,754	7,038,846
Unsecured notes, net
Liabilities:
Unsecured debt, net	1,985,603	1,588,446
Unsecured term loans, net
Liabilities:
Unsecured debt, net	199,121	198,769
Unsecured revolving credit facility
Liabilities:
Unsecured debt, net	425,700	387,300
Owned Properties
Investments in real estate:
Investments in real estate, net	6,694,715	6,583,397
On-campus participating properties, net
Investments in real estate:
Investments in real estate, net	75,188	77,637
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Investments in real estate:
Investments in real estate, net	6,769,903	6,661,034
Cash and cash equivalents	54,650	71,238
Restricted cash	26,698	35,279
Student contracts receivable, net	13,470	8,565
Operating lease right of use assets	460,857
Other assets	234,176	262,730
Total assets	7,559,754	7,038,846
Liabilities:
Secured mortgage, construction and bond debt, net	787,426	853,084
Accounts payable and accrued expenses	88,411	88,767
Operating lease liabilities	473,070
Other liabilities	157,368	191,233
Total liabilities	4,116,699	3,307,599
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests	104,381	184,446
American Campus Communities, Inc. and Subsidiaries stockholders’ equity:
Accumulated other comprehensive loss	(16,946)	(4,397)
Partners’ capital:
General partner - 12,222 OP units outstanding at both December 31, 2019 and December 31, 2018	40	55
Limited partner - 137,392,530 and 137,024,667 OP units outstanding at December 31, 2019 and December 31, 2018, respectively	3,311,582	3,485,393
Accumulated other comprehensive loss	(16,946)	(4,397)
Total partners’ capital	3,294,676	3,481,051
Noncontrolling interests – partially owned properties	43,998	65,750
Total capital	3,338,674	3,546,801
Total liabilities and equity/capital	7,559,754	7,038,846
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Unsecured notes, net
Liabilities:
Unsecured debt, net	1,985,603	1,588,446
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Unsecured term loans, net
Liabilities:
Unsecured debt, net	199,121	198,769
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Unsecured revolving credit facility
Liabilities:
Unsecured debt, net	425,700	387,300
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Owned Properties
Investments in real estate:
Investments in real estate, net	6,694,715	6,583,397
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | On-campus participating properties, net
Investments in real estate:
Investments in real estate, net	$ 75,188	$ 77,637

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 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)	137,326,824	136,967,286
Common stock, shares outstanding (in shares)	137,326,824	136,967,286
Common stock held in rabbi trust (in shares)	77,928	69,603
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
General partner, OP units outstanding (in shares)	12,222	12,222
Limited partner, OP units outstanding (in shares)	137,392,530	137,024,667
Investments in real estate, net
Consolidated variable interest entities' assets	$ 788,393	$ 1,042,585
Investments in real estate, net | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Consolidated variable interest entities' assets	788,393	1,042,585
Cash, cash equivalents, and restricted cash
Consolidated variable interest entities' assets	59,908	72,218
Cash, cash equivalents, and restricted cash | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Consolidated variable interest entities' assets	59,908	72,218
Other assets
Consolidated variable interest entities' assets	18,387	11,918
Other assets | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Consolidated variable interest entities' assets	18,387	11,918
Secured mortgage and construction debt, net
Consolidated variable interest entities' liabilities	418,241	447,292
Secured mortgage and construction debt, net | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Consolidated variable interest entities' liabilities	418,241	447,292
Accounts payable, accrued expenses and other liabilities
Consolidated variable interest entities' liabilities	56,976	53,432
Accounts payable, accrued expenses and other liabilities | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Consolidated variable interest entities' liabilities	$ 56,976	$ 53,432

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Total revenues	$ 943,042	$ 880,810	$ 796,447
Operating expenses (income):
Third-party development and management services	19,915	15,459	15,225
General and administrative	31,081	34,537	31,386
Depreciation and amortization	275,046	263,203	234,955
Ground/facility leases	14,151	11,855	10,213
Loss (gain) from disposition of real estate	53	(42,314)	632
Provision for impairment	17,214	0	15,317
Other operating income	0	(2,648)	0
Total operating expenses	763,152	668,215	654,541
Operating income	179,890	212,595	141,906
Nonoperating income (expenses):
Interest income	3,686	4,834	4,945
Interest expense	(111,287)	(99,228)	(71,122)
Amortization of deferred financing costs	(5,012)	(5,816)	(4,619)
Gain from extinguishment of debt	20,992	7,867	0
Other nonoperating income	0	1,301	0
Total nonoperating expenses	(91,621)	(91,042)	(70,796)
Income before income taxes	88,269	121,553	71,110
Income tax provision	(1,507)	(2,429)	(989)
Net income	86,762	119,124	70,121
Net income attributable to noncontrolling interests – partially owned properties	(1,793)	(2,029)	(1,083)
Net income attributable to ACC, Inc. and Subsidiaries common stockholders	84,969	117,095	69,038
Other comprehensive (loss) income
Change in fair value of interest rate swaps and other	(12,549)	(1,696)	1,366
Comprehensive income	$ 72,420	$ 115,399	$ 70,404
Net income per share attributable to ACC, Inc. and Subsidiaries common stockholders
Basic (in dollars per share)	$ 0.61	$ 0.84	$ 0.50
Diluted (in dollars per share)	$ 0.60	$ 0.84	$ 0.50
Weighted-average common shares outstanding:
Basic (in shares)	137,295,837	136,815,051	135,141,423
Diluted (in shares)	138,286,778	137,722,049	136,002,385
On-campus participating properties, net
Revenues:
Operating lease revenue	$ 36,346	$ 34,596	$ 33,945
Operating expenses (income):
Operating expenses for owned properties and on-campus participating properties	15,028	14,602	14,384
Owned Properties
Revenues:
Operating lease revenue	877,565	825,959	738,710
Operating expenses (income):
Operating expenses for owned properties and on-campus participating properties	390,664	373,521	332,429
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Revenues:
Total revenues	943,042	880,810	796,447
Operating expenses (income):
Third-party development and management services	19,915	15,459	15,225
General and administrative	31,081	34,537	31,386
Depreciation and amortization	275,046	263,203	234,955
Ground/facility leases	14,151	11,855	10,213
Loss (gain) from disposition of real estate	53	(42,314)	632
Provision for impairment	17,214	0	15,317
Other operating income	0	(2,648)	0
Total operating expenses	763,152	668,215	654,541
Operating income	179,890	212,595	141,906
Nonoperating income (expenses):
Interest income	3,686	4,834	4,945
Interest expense	(111,287)	(99,228)	(71,122)
Amortization of deferred financing costs	(5,012)	(5,816)	(4,619)
Gain from extinguishment of debt	20,992	7,867	0
Other nonoperating income	0	1,301	0
Total nonoperating expenses	(91,621)	(91,042)	(70,796)
Income before income taxes	88,269	121,553	71,110
Income tax provision	(1,507)	(2,429)	(989)
Net income	86,762	119,124	70,121
Net income attributable to noncontrolling interests – partially owned properties	(1,398)	(1,215)
Net income attributable to ACC, Inc. and Subsidiaries common stockholders	85,364	117,909	69,686
Series A preferred units distributions	(68)	(124)	(124)
Net income attributable to common unitholders	85,296	117,785	69,562
Other comprehensive (loss) income
Change in fair value of interest rate swaps and other	(12,549)	(1,696)	1,366
Comprehensive income	$ 72,747	$ 116,089	$ 70,928
Net income per unit attributable to common unitholders
Basic (in shares)	$ 0.61	$ 0.85	$ 0.50
Diluted (in dollars per unit)	$ 0.60	$ 0.84	$ 0.50
Weighted-average common units outstanding
Basic (in units)	137,826,949	137,586,759	136,160,609
Diluted (in units)	138,817,890	138,493,757	137,021,571
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | On-campus participating properties, net
Revenues:
Operating lease revenue	$ 36,346	$ 34,596	$ 33,945
Operating expenses (income):
Operating expenses for owned properties and on-campus participating properties	15,028	14,602	14,384
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Owned Properties
Revenues:
Operating lease revenue	877,565	825,959	738,710
Operating expenses (income):
Operating expenses for owned properties and on-campus participating properties	390,664	373,521	332,429
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Partially owned properties
Nonoperating income (expenses):
Net income attributable to noncontrolling interests – partially owned properties	(1,398)	(1,215)	(435)
Third-party development services
Revenues:
Revenues	13,051	7,281	10,761
Third-party development services | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Revenues:
Revenues	13,051	7,281	10,761
Third-party management services
Revenues:
Revenues	12,936	9,814	9,832
Third-party management services | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Revenues:
Revenues	12,936	9,814	9,832
Resident services
Revenues:
Revenues	3,144	3,160	3,199
Resident services | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Revenues:
Revenues	$ 3,144	$ 3,160	$ 3,199

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY/ CAPITAL - USD ($) $ in Thousands	Total	Common Shares	Additional Paid in Capital	Common Stock Held in Rabbi Trust	Accumulated Earnings and Dividends	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interests - Partially Owned PropertiesPartially owned properties	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LPGeneral Partner	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LPLimited Partner	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LPAccumulated Other Comprehensive (Loss) Income	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LPNoncontrolling Interests - Partially Owned PropertiesPartially owned properties
Common stock held in rabbi trust (in shares)				20,181
Distributions to common and restricted stockholders and other, per share	$ 1.74
Distributions to common and restricted unit holders and other, per unit								$ 1.74
Beginning Balance (in shares) at Dec. 31, 2016		132,225,488
Beginning Balance at Dec. 31, 2016	$ 3,450,487	$ 1,322	$ 4,118,842	$ (975)	$ (670,137)	$ (4,067)	$ 5,502
Beginning Balance (in units) at Dec. 31, 2016									12,222	132,233,447
Beginning Balance at Dec. 31, 2016								$ 3,450,487	$ 82	$ 3,448,970	$ (4,067)	$ 5,502
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustments to reflect redeemable noncontrolling interests at fair value	9,172		9,172					9,172		$ 9,172
Amortization of restricted stock awards and vesting of restricted stock units (in shares/units)		16,295								16,295
Amortization of restricted stock awards and vesting of restricted stock units	13,854		13,854					13,854		$ 13,854
Vesting of restricted stock awards (in shares)		193,186								193,186
Vesting of restricted stock awards	(4,920)	$ 2	(4,922)					(4,920)		$ (4,920)
Distributions to common and restricted stockholders and other	(236,545)				(236,545)
Distributions to common and restricted unit holders and other								(236,545)	(21)	$ (236,524)
Contributions by noncontrolling interests - partially owned properties	8,254						8,254	8,254				8,254
Distributions to noncontrolling interests - partially owned properties	(212)						(212)	(212)				(212)
Conversion of common and preferred operating partnership units to common stock (in shares/units)		22,000								22,000
Conversion of common and preferred operating partnership units to common stock	154		154					154		$ 154
Change in fair value of interest rate swaps and other	1,366					1,366		1,366			1,366
Termination of interest rate swaps	0
Issuance of units in exchange for contributions of equity offering proceeds (in units)										3,949,356
Conversion of common and preferred operating partnership units to common stock								187,881		$ 187,881
Net proceeds from sale of common stock (in shares)		3,949,356
Net proceeds from sale of common stock	187,881	$ 40	187,841
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits) (in shares)		(43,597)		43,597
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits)			1,969	$ (1,969)
Net income	69,467				69,038		429	69,467	$ 6	$ 69,032		429
Ending Balance (in shares) at Dec. 31, 2017		136,362,728
Ending Balance at Dec. 31, 2017	$ 3,498,958	$ 1,364	4,326,910	$ (2,944)	(837,644)	(2,701)	13,973
Ending Balance (in units) at Dec. 31, 2017									12,222	136,414,284
Ending Balance at Dec. 31, 2017								$ 3,498,958	$ 67	$ 3,487,619	(2,701)	13,973
Common stock held in rabbi trust (in shares)				63,778
Distributions to common and restricted stockholders and other, per share	$ 1.82
Distributions to common and restricted unit holders and other, per unit								$ 1.82
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustments to reflect redeemable noncontrolling interests at fair value	$ (66,079)		(66,079)					$ (66,079)		$ (66,079)
Amortization of restricted stock awards and vesting of restricted stock units (in shares/units)		27,376								27,376
Amortization of restricted stock awards and vesting of restricted stock units	12,176		12,176					12,176		$ 12,176
Vesting of restricted stock awards (in shares)		170,664								170,664
Vesting of restricted stock awards	(2,756)	$ 2	(2,758)					(2,756)		$ (2,756)
Distributions to common and restricted stockholders and other	(250,521)				(250,521)
Distributions to common and restricted unit holders and other								(250,521)	(22)	(250,499)
Contributions by noncontrolling interests - partially owned properties	212,481						212,481	212,481				212,481
Distributions to noncontrolling interests - partially owned properties	(152,325)						(152,325)	(152,325)				(152,325)
Change in ownership of consolidated subsidiary	165,043		174,515				(9,472)	165,043		$ 174,515		(9,472)
Conversion of common and preferred operating partnership units to common stock (in shares/units)		412,343								412,343
Conversion of common and preferred operating partnership units to common stock	13,332	$ 4	13,328					13,332		$ 13,332
Change in fair value of interest rate swaps and other	(1,696)					(1,696)		(1,696)			(1,696)
Termination of interest rate swaps	0
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits) (in shares)		(5,825)		5,825
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits)			148	$ (148)
Net income	118,188				117,095		1,093	118,188	$ 10	$ 117,085		1,093
Ending Balance (in shares) at Dec. 31, 2018		136,967,286
Ending Balance at Dec. 31, 2018	$ 3,546,801	$ 1,370	4,458,240	$ (3,092)	(971,070)	(4,397)	65,750
Ending Balance (in units) at Dec. 31, 2018									12,222	137,024,667
Ending Balance at Dec. 31, 2018								$ 3,546,801	$ 55	$ 3,485,393	(4,397)	65,750
Common stock held in rabbi trust (in shares)	69,603			69,603
Distributions to common and restricted stockholders and other, per share	$ 1.87
Distributions to common and restricted unit holders and other, per unit								$ 1.87
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustments to reflect redeemable noncontrolling interests at fair value	$ (14,350)		(14,350)					$ (14,350)		$ (14,350)
Amortization of restricted stock awards and vesting of restricted stock units (in shares/units)		18,318								18,318
Amortization of restricted stock awards and vesting of restricted stock units	13,617		13,617					13,617		$ 13,617
Vesting of restricted stock awards (in shares)		180,961								180,961
Vesting of restricted stock awards	(3,975)	$ 2	(3,977)					(3,975)		$ (3,975)
Distributions to common and restricted stockholders and other	(258,620)				(258,620)
Distributions to common and restricted unit holders and other								(258,620)	(23)	(258,597)
Contributions by noncontrolling interests - partially owned properties	924						924	924				924
Distributions to noncontrolling interests - partially owned properties	(8,425)						(8,425)	(8,425)				(8,425)
Change in ownership of consolidated subsidiary	(16,805)		(1,544)				(15,261)	(16,805)		$ (1,544)		(15,261)
Conversion of common and preferred operating partnership units to common stock (in shares/units)		168,584								168,584
Conversion of common and preferred operating partnership units to common stock	6,077	$ 1	6,076					6,077		$ 6,077
Change in fair value of interest rate swaps and other	610					610		610			610
Termination of interest rate swaps	(13,159)					(13,159)		(13,159)			(13,159)
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits) (in shares)		(8,325)		8,325
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits)			394	$ (394)
Net income	85,979				84,969		1,010	85,979	$ 8	$ 84,961		1,010
Ending Balance (in shares) at Dec. 31, 2019		137,326,824
Ending Balance at Dec. 31, 2019	$ 3,338,674	$ 1,373	$ 4,458,456	$ (3,486)	$ (1,144,721)	$ (16,946)	$ 43,998
Ending Balance (in units) at Dec. 31, 2019									12,222	137,392,530
Ending Balance at Dec. 31, 2019								$ 3,338,674	$ 40	$ 3,311,582	$ (16,946)	$ 43,998
Common stock held in rabbi trust (in shares)	77,928			77,928

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating activities
Net income	$ 86,762	$ 119,124	$ 70,121
Adjustments to reconcile net income to net cash provided by operating activities:
Loss (gain) from disposition of real estate	53	(42,314)	632
Gain from insurance settlement	0	(1,245)	0
Gain from extinguishment of debt	(20,992)	(7,867)	0
Provision for impairment	17,214	0	15,317
Depreciation and amortization	275,046	263,203	234,955
Amortization of deferred financing costs and debt premiums/discounts	538	885	(2,871)
Share-based compensation	13,617	12,176	13,854
Income tax provision	1,507	2,429	989
Amortization of interest rate swap terminations	1,133	412	412
Termination of interest rate swaps	(13,159)	0	0
Changes in operating assets and liabilities:
Student contracts receivable, net	(5,407)	148	(414)
Other assets	(4,445)	(9,570)	2,502
Accounts payable and accrued expenses	(1,532)	31,299	(26,718)
Other liabilities	20,044	7,941	9,898
Net cash provided by operating activities	370,379	376,621	318,677
Investing activities
Proceeds from disposition of properties and land parcels	108,562	242,284	24,462
Cash paid for acquisition of properties and land parcels	(8,559)	(26,626)	(375,541)
Other investing activities	1,963	(1,669)	(5,608)
Net cash used in investing activities	(416,140)	(335,812)	(977,772)
Financing activities
Proceeds from unsecured notes	398,816	0	399,648
Proceeds from sale of common stock	0	0	190,912
Offering costs	0	0	(2,374)
Pay-off of mortgage and construction loans	(53,818)	(186,347)	(147,960)
Defeasance costs related to early extinguishment of debt	0	(2,726)	0
Proceeds from unsecured term loans	0	0	500,000
Proceeds from revolving credit facility	949,000	1,095,500	1,164,700
Paydowns of revolving credit facility	(910,600)	(835,800)	(1,136,400)
Proceeds from construction loans	31,611	100,882	40,170
Proceeds from mortgage loans	0	330,000	0
Scheduled principal payments on debt	(11,938)	(11,704)	(12,819)
Debt issuance and assumption costs	(6,462)	(656)	(12,060)
Increase in ownership of consolidated subsidiary	(105,109)	(10,486)	0
Contribution by noncontrolling interests	1,174	379,391	11,801
Taxes paid on net-share settlements	(3,975)	(2,756)	(4,920)
Distributions paid to noncontrolling interests	(9,487)	(153,841)	(77,243)
Distributions paid	(258,620)	(250,521)	(236,545)
Net cash provided by financing activities	20,592	936	676,910
Net change in cash, cash equivalents, and restricted cash	(25,169)	41,745	17,815
Cash, cash equivalents, and restricted cash at beginning of period	106,517	64,772	46,957
Cash, cash equivalents, and restricted cash at end of period	81,348	106,517	64,772
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	106,517	46,957
Supplemental disclosure of non-cash investing and financing activities
Loans associated with investment in joint ventures	0	0	(104,056)
Conversion of common and preferred operating partnership units to common stock	6,077	13,332	154
Non-cash contribution from noncontrolling interest	0	(8,729)	(159,247)
Non-cash consideration exchanged in purchase of land parcel	0	0	(3,071)
Accrued development costs and capital expenditures	37,260	54,975	50,714
Change in fair value of derivative instruments, net	(523)	(2,108)	954
Change in fair value of redeemable noncontrolling interest	(14,350)	(66,079)	9,172
Change in ownership of consolidated subsidiary	0	(175,529)	0
Initial recognition of operating lease right of use assets	463,445	0	0
Initial recognition of operating lease liabilities	462,495	0	0
Non-cash extinguishment of debt, including accrued interest	(34,570)	0	0
Net assets surrendered in conjunction with extinguishment of debt	13,578	0	0
Supplemental disclosure of cash flow information
Interest paid, net of amounts capitalized	114,450	101,841	72,407
Income taxes paid	3,041	1,060	1,053
Owned Properties
Investing activities
Capital expenditures	(70,846)	(70,809)	(82,722)
Owned properties under development
Investing activities
Capital expenditures	(444,362)	(475,338)	(534,830)
On-campus participating properties, net
Investing activities
Capital expenditures	(2,898)	(3,654)	(3,533)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Operating activities
Net income	86,762	119,124	70,121
Adjustments to reconcile net income to net cash provided by operating activities:
Loss (gain) from disposition of real estate	53	(42,314)	632
Gain from insurance settlement	0	(1,245)	0
Gain from extinguishment of debt	(20,992)	(7,867)	0
Provision for impairment	17,214	0	15,317
Depreciation and amortization	275,046	263,203	234,955
Amortization of deferred financing costs and debt premiums/discounts	538	885	(2,871)
Share-based compensation	13,617	12,176	13,854
Income tax provision	1,507	2,429	989
Amortization of interest rate swap terminations	1,133	412	412
Termination of interest rate swaps	(13,159)	0	0
Changes in operating assets and liabilities:
Student contracts receivable, net	(5,407)	148	(414)
Other assets	(4,445)	(9,570)	2,502
Accounts payable and accrued expenses	(1,532)	31,299	(26,718)
Other liabilities	20,044	7,941	9,898
Net cash provided by operating activities	370,379	376,621	318,677
Investing activities
Proceeds from disposition of properties and land parcels	108,562	242,284	24,462
Cash paid for acquisition of properties and land parcels	(8,559)	(26,626)	(375,541)
Other investing activities	1,963	(1,669)	(5,608)
Net cash used in investing activities	(416,140)	(335,812)	(977,772)
Financing activities
Proceeds from unsecured notes	398,816	0	399,648
Proceeds from issuance of common units in exchange for contributions, net	0	0	188,538
Pay-off of mortgage and construction loans	(53,818)	(186,347)	(147,960)
Defeasance costs related to early extinguishment of debt	0	(2,726)	0
Proceeds from unsecured term loans	0	0	500,000
Proceeds from revolving credit facility	949,000	1,095,500	1,164,700
Paydowns of revolving credit facility	(910,600)	(835,800)	(1,136,400)
Proceeds from construction loans	31,611	100,882	40,170
Proceeds from mortgage loans	0	330,000	0
Scheduled principal payments on debt	(11,938)	(11,704)	(12,819)
Debt issuance and assumption costs	(6,462)	(656)	(12,060)
Increase in ownership of consolidated subsidiary	(105,109)	(10,486)	0
Contribution by noncontrolling interests	1,174	379,391	11,801
Taxes paid on net-share settlements	(3,975)	(2,756)	(4,920)
Net cash provided by financing activities	20,592	936	676,910
Net change in cash, cash equivalents, and restricted cash	(25,169)	41,745	17,815
Cash, cash equivalents, and restricted cash at beginning of period	106,517	64,772	46,957
Cash, cash equivalents, and restricted cash at end of period	81,348	106,517	64,772
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Total cash, cash equivalents, and restricted cash at end of period	81,348	64,772	64,772
Supplemental disclosure of non-cash investing and financing activities
Loans associated with investment in joint ventures	0	0	(104,056)
Conversion of common and preferred operating partnership units to common stock	6,077	13,332	154
Non-cash contribution from noncontrolling interest	0	(8,729)	(159,247)
Non-cash consideration exchanged in purchase of land parcel	0	0	(3,071)
Accrued development costs and capital expenditures	37,260	54,975	50,714
Change in fair value of derivative instruments, net	(523)	(2,108)	954
Change in fair value of redeemable noncontrolling interest	(14,350)	(66,079)	9,172
Change in ownership of consolidated subsidiary	0	(175,529)	0
Initial recognition of operating lease right of use assets	463,445	0	0
Initial recognition of operating lease liabilities	462,495	0	0
Non-cash extinguishment of debt, including accrued interest	34,570	0	0
Net assets surrendered in conjunction with extinguishment of debt	(13,578)	0	0
Supplemental disclosure of cash flow information
Interest paid, net of amounts capitalized	114,450	101,841	72,407
Income taxes paid	3,041	1,060	1,053
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Common and preferred units
Financing activities
Distributions paid	(257,780)	(250,515)	(236,905)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Unvested restricted Awards
Financing activities
Distributions paid	(1,902)	(1,522)	(1,536)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Partially owned properties
Financing activities
Distributions paid	(8,425)	(152,325)	(75,347)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Owned Properties
Investing activities
Capital expenditures	(70,846)	(70,809)	(82,722)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Owned properties under development
Investing activities
Capital expenditures	(444,362)	(475,338)	(534,830)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | On-campus participating properties, net
Investing activities
Capital expenditures	(2,898)	(3,654)	(3,533)
Term loans
Financing activities
Pay-off of unsecured term loans	0	(450,000)	0
Term loans | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Financing activities
Pay-off of unsecured term loans	$ 0	$ (450,000)	$ 0

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 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 December 31, 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 December 31, 2019 , ACC owned an approximate 99.6% limited partnership interest in ACCOP. As the sole member of the general partner of ACCOP, ACC has exclusive control of ACCOP’s day-to-day management. Management operates ACC and ACCOP as one business. The management of ACC consists of the same members as the management of ACCOP. ACC consolidates ACCOP for financial reporting purposes, and ACC does not have significant assets other than its investment in ACCOP. Therefore, the assets and liabilities of ACC and ACCOP are the same on their respective financial statements. References to the “Company” mean collectively ACC, ACCOP, and those entities/subsidiaries owned or controlled by ACC and/or ACCOP. References to the “Operating Partnership” mean collectively ACCOP and those entities/subsidiaries owned or controlled by ACCOP. Unless otherwise indicated, the accompanying Notes to the Consolidated Financial Statements apply to both the Company and the Operating Partnership. As of December 31, 2019 , the Company’s property portfolio contained 167 properties with approximately 112,800 beds. The Company’s property portfolio consisted of 127 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 167 properties, three were under development as of December 31, 2019 , and when completed will consist of a total of approximately 11,300 beds. The Company's communities contain modern housing units and are supported by a resident assistant system and other student-oriented programming, with many offering resort-style amenities. Through one of ACC’s taxable REIT subsidiaries (“TRSs”), the Company also provides construction management and development services, primarily for student housing properties owned by colleges and universities, charitable foundations, and others. As of December 31, 2019 , also through one of ACC’s TRSs, the Company provided third-party management and leasing services for 36 properties that represented approximately 26,500 beds. Third-party management and leasing services are typically provided pursuant to management contracts that have initial terms that range from one year to five years . As of December 31, 2019 , the Company’s total owned and third-party managed portfolio included 203 properties with approximately 139,300 beds.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements, presented in U.S. dollars, are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and revenue and expenses during the reporting periods. The Company’s actual results could differ from those estimates and assumptions. All material intercompany transactions among consolidated entities have been eliminated. All dollar amounts in the tables herein, except share, per share, unit and per unit amounts, are stated in thousands unless otherwise indicated. Principles of Consolidation The Company’s consolidated financial statements include its accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which it has control. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities (“VIEs”), which requires the consolidation of VIEs in which the Company is considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation using the voting interest model. Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The standard requires entities to estimate a lifetime expected credit loss for most financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and to present the net amount of the financial instrument expected to be collected. The updated standard will be effective for the Company on January 1, 2020. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which amends the transition requirements and scope of ASU 2016-13 and clarifies that receivables arising from operating leases are not within the scope of the credit losses standard, but rather, should be accounted for in accordance with the leases standard. The Company notes that a majority of its financial instruments result from operating leasing transactions, which as mentioned above, are not within the scope of the new standard. However, the Company did perform both a quantitative and qualitative analysis on the financial assets that are covered under this guidance, including its loans receivable. Based on this analysis, which included analyzing historical performance, occupancy rates, projected future performance, and macroeconomic trends, the Company concluded this new standard would not have a material impact on the consolidated financial statements. In addition, the Company does not expect the following accounting pronouncements issued by the FASB to have a material effect on its consolidated financial statements: Accounting Standards Update Effective Date ASU 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 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes" January 1, 2021 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 were 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. Effective January 1, 2019, when the Company enters into a contract or amends an existing contract, it evaluates whether the contract meets the definition of a lease under the New Leases Standard. To meet the definition of a lease the contract must meet all three of the following criteria: • One party (lessor) must hold an identified asset; • The counterparty (lessee) must have the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of the contract; and • The counterparty (lessee) must have the right to direct the use of the identified asset throughout the period of the contract 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. The New Leases Standard does provide a practical expedient that allows lessees to not apply the recognition requirements discussed above to leases with a lease term of 12 months or less. The Company elected to adopt this practical expedient available for implementation. • 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”), 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. Leases entered into or modified after January 1, 2019, were evaluated under the New Leases Standard and were also classified as operating leases. 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. The Company concludes that operating lease payments are probable of collection at lease commencement. If the operating lease payments are subsequently deemed not probable of collection, adjustments are recognized as a reduction to lease income and, subsequently, any lease revenue is only recognized when cash receipts are received. 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 $7.3 million , $7.1 million and $6.4 million for the year ended December 31, 2019 , 2018 and 2017 , respectively. The provision for uncollectible accounts for on-campus participating properties was a $0.5 million benefit for the year ended December 31, 2019 , and a $0.3 million expense for both year ended December 31, 2018 and 2017 . • The New Leases Standard allows lessors to maintain an allowance for uncollectible operating lease receivables. If after lease commencement, the assessment of collectability on operating lease payments changes, a lessor can determine whether the allowance adequately contemplated this change. Upon adoption, the Company elected to maintain its allowance for operating leases and concluded the allowance adequately contemplated operating lease payments that were deemed not probable of collection for the year ended December 31, 2019. • 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. 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” • ASU 2018-16, "Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes" Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Investments in Real Estate Investments in real estate are recorded at historical cost. Major improvements that extend the life of an asset are capitalized and depreciated over the remaining useful life of the asset. The cost of ordinary repairs and maintenance are expensed as incurred. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings and improvements 7-40 years Leasehold interest - on-campus participating properties 25-34 years (shorter of useful life or respective lease term) Furniture, fixtures and equipment 3-7 years Project costs directly associated with the development and construction of an owned real estate project, which include interest, property taxes, and amortization of deferred financing costs, are capitalized as construction in progress. Upon completion of the project, costs are transferred into the applicable asset category and depreciation commences. Interest totaling approximately $12.1 million , $11.7 million and $15.9 million was capitalized during the years ended December 31, 2019 , 2018 , and 2017 , 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 uses estimates, including capitalization rates and growth rates, which are inherently uncertain and rely on assumptions regarding current and future economics and market conditions. If such conditions change, then an adjustment to the carrying value of the Company’s long-lived assets could occur in the future period in which the conditions change. To the extent that a property is impaired, the excess of the carrying amount of the property over its estimated fair value is charged to earnings. In the case of any impairment, the valuation would be based on Level 3 inputs. During the year ended December 31, 2019 , concurrent with the classification of one owned property as held for sale, the Company recorded a $3.2 million impairment charge which is included in provision for impairment within operating income on the Consolidated Statements of Comprehensive Income. There were no impairment charges during the year ended December 31, 2018. The Company recorded a $15.3 million impairment charge in June 2017 for one property that was in receivership and was returned to the lender during the year ended December 31, 2019 . Refer to Note 6 for additional information regarding the disposition and to Note 9 for additional information regarding the property returned to the lender. The Company evaluates each acquisition to determine if the integrated set of assets and activities acquired meet the definition of a business. If either of the following criteria is met, the integrated set of assets and activities acquired would not qualify as a business: • Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or • The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e. revenue generated before and after the transaction). Property acquisitions deemed to qualify as a business are accounted for as business combinations, and the related acquisition costs are expensed as incurred. The Company allocates the purchase price of properties acquired in business combinations to net tangible and identified intangible assets based on their fair values. Fair value estimates are based on information obtained from a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, the Company’s own analysis of recently acquired and existing comparable properties in the Company’s portfolio, and other market data. Information obtained about each property as a result of due diligence, marketing, and leasing activities is also considered. The value allocated to land is generally based on the actual purchase price if acquired separately, or market research/comparables if acquired as part of an existing operating property. The value allocated to building is based on the fair value determined on an “as-if vacant” basis, which is estimated using a replacement cost approach that relies upon assumptions that the Company believes are consistent with current market conditions for similar properties. The value allocated to furniture, fixtures, and equipment is based on an estimate of the fair value of the appliances and fixtures inside the units. The Company has determined these estimates are primarily based upon unobservable inputs and therefore are considered to be Level 3 inputs within the fair value hierarchy. Acquisitions of properties that do not meet the definition of a business are accounted for as asset acquisitions. The accounting model for asset acquisitions is similar to the accounting model for business combinations except that the acquisition consideration (including transaction costs) is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. The relative fair values used to allocate the cost of an asset acquisition are determined using the same methodologies and assumptions as those utilized to determine fair value in a business combination. 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 December 31, 2019 and 2018 . Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company maintains cash balances in various banks. At times, the Company’s balances may exceed the amount insured by the FDIC. As the Company only uses money-centered financial institutions, the Company does not believe it is exposed to any significant credit risk related to its cash and cash equivalents. Restricted Cash Restricted cash consists of funds held in trusts that were established in connection with three bond issues for the Company’s on-campus participating properties. The funds are invested in low risk investments, generally consisting of government backed securities, as permitted by the indentures of trusts. Additionally, restricted cash includes escrow accounts held by lenders and resident security deposits, as required by law in certain states. Restricted cash also consists of escrow deposits made in connection with potential property acquisitions and development opportunities. These escrow deposits are invested in interest-bearing accounts at federally-insured banks. Realized and unrealized gains and losses are not material for the periods presented. Loans Receivable Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan purchase discounts, and net of an allowance for loan losses when such loan is deemed to be impaired. Loan purchase discounts are amortized over the term of the loan. The unamortized discount on the loans receivable was $2.3 million and $2.4 million as of December 31, 2019 and 2018 , respectively. The Company considers a loan impaired when, based upon current information and events, it is probable that it will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. Management’s estimate of the collectability of principal and interest payments under the Company’s loans receivable from CaPFA Capital Corp. 2000F (“CaPFA”), which mature in December 2040 and carry a balance, net of discount, of approximately $50.6 million and $54.6 million as of December 31, 2019 and 2018 , respectively, are highly dependent on the future operating performance of the properties securing the loans. As future economic conditions and/or market conditions at the properties change, management will continue to evaluate the collectability of such amounts. There were no impairments of the carrying value of its loans receivable as of December 31, 2019 . Loans receivable are included in Other Assets on the accompanying Consolidated Balance Sheets. Intangible Assets A portion of the purchase price of acquired properties is allocated to the value of in-place leases for both student and commercial tenants, which is based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued “as-if” vacant. As lease terms for student leases are typically one year or less, rates on in-place leases generally approximate market rental rates. Factors considered in the valuation of in-place leases include an estimate of the carrying costs during the expected lease-up period considering current market conditions, nature of the tenancy, and costs to execute similar leases. Carrying costs include estimates of lost rents at market rates during the expected lease-up period as well as marketing and other operating expenses. The value of in-place leases is amortized over the remaining initial term of the respective leases. The purchase price of property acquisitions is not allocated to student tenant relationships, considering the terms of the leases and the expected levels of renewals. For acquired properties subject to an in-place property tax incentive arrangement, a portion of the purchase price is allocated to the present value of expected future property tax savings over the projected incentive arrangement period. There were no new acquisitions or investments in joint ventures during the years ended December 31, 2019 and 2018 , that required an allocation to in-place property tax incentive arrangements assumed. Unamortized in-place property tax incentive arrangements as of December 31, 2019 and 2018 were approximately $38.6 million and $56.3 million , respectively, and are included in other assets on the accompanying consolidated balance sheets. Amortization expense was approximately $3.5 million , $3.7 million , and $3.3 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively, and is included in owned properties operating expense in the accompanying consolidated statements of comprehensive income. As of December 31, 2019 , the remaining weighted average tax incentive arrangement period was 18.0 years . During the year ended December 31, 2019 , the Company recorded a $14.0 million impairment charge associated with a tax incentive arrangement that was recorded upon acquisition of an owned property in 2015 due to current facts and circumstances indicating that the originally assumed property tax savings will not materialize. This impairment charge is based on Level 3 inputs and is included in provision for impairment on the accompanying Consolidated Statements of Comprehensive Income. Deferred Financing Costs The Company defers financing costs and amortizes the costs over the terms of the related debt using the effective-interest method. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to earnings. In those instances when debt modifications do not include material changes to the terms of the underlying debt agreement, unamortized costs of the original instrument are added to the costs of the modification and amortized over the life of the modified debt using the effective interest method. Deferred financing costs, net of amortization, for the Company’s revolving credit facility are included in other assets on the accompanying consolidated balance sheets. Net deferred financing costs for the Company’s revolving credit facility were approximately $3.5 million as of both December 31, 2019 , and 2018 . Redeemable Noncontrolling Interests The Company follows guidance issued by the FASB regarding the classification and measurement of redeemable securities. Under this guidance, securities that are redeemable for cash or other assets, at the option of the holder and not solely within the control of the issuer, must be classified outside of permanent equity as redeemable noncontrolling interests. The Company makes this determination based on terms in the applicable agreements, specifically in relation to redemption provisions. The Company initially records the redeemable noncontrolling interests at fair value. The carrying amount of the redeemable noncontrolling interest is subsequently adjusted to the redemption value (assuming the noncontrolling interest is redeemable at the balance sheet date), with the corresponding offset for changes in fair value recorded in additional paid in capital. Reductions in fair value are recorded only to the extent that the Company has previously recorded increases in fair value above the redeemable noncontrolling interests’ initial basis. As the changes in redemption value are based on fair value, there is no effect on the Company’s earnings per share. Redeemable noncontrolling interests on the accompanying consolidated balance sheets of ACC are referred to as redeemable limited partners on the consolidated balance sheets of the Operating Partnership. Refer to Note 8 for a more detailed discussion of redeemable noncontrolling interests for both ACC and the Operating Partnership. 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 11 operating properties and a land parcel, and six properties owned under the on-campus participating property structure. The VIE assets and liabilities consolidated within the Company's assets and liabilities are disclosed at the bottom of the Consolidated Balance Sheets. Joint Ventures The Company consolidates joint ventures when it exhibits financial or operational control, which is determined using accounting standards related to the consolidation of joint ventures and VIEs. For joint ventures that are defined as VIEs, the primary beneficiary consolidates the entity. The Company considers itself to be the primary beneficiary of a VIE when it has the power to direct the activities that most significantly impact the performance of the VIE, such as management of day-to-day operations, preparing and approving operating and capital budgets, and encumbering or selling the related properties. In instances where the Company is not the primary beneficiary, it does not consolidate the joint venture for financial reporting purposes. For joint ventures that are not defined as VIEs, where the Company is the general partner, but does not control the joint venture as the other partners hold substantive participating rights, the Company uses the equity method of accounting. For joint ventures where the Company is a limited partner, management evaluates whether the Company holds substantive participating rights. In instances where the Company holds substantive participating rights in the joint venture, the Company consolidates the joint venture; otherwise, it uses the equity method of accounting. Presale Development Projects As part of its development strategy, the Company enters into presale agreements to purchase various properties. Under the terms of these agreements, the Company is obligated to purchase the property as long as certain construction completion deadlines and other closing conditions are met. As a part of the presale agreements, the Company has the option to elect not to purchase the asset, which would result in the Company paying a significant penalty. The Company is typically responsible for leasing, management, and initial operations of the project while the third-party developer retains development risk during the construction period. The entity that owns the property is deemed to be a VIE, and the Company is deemed to be the primary beneficiary of the VIE. As such, upon execution of the purchase and sale agreement, the Company records the assets, liabilities, and noncontrolling interest of the entity owning the property at fair value. Mortgage Debt - Premiums and Discounts Mortgage debt premiums and discounts represent fair value adjustments to account for the difference between the stated rates and market rates of mortgage debt assumed in connection with the Company’s property acquisitions. The mortgage debt premiums and discounts are included in secured mortgage, construction, and bond debt on the accompanying consolidated balance sheets and are amortized to interest expense over the term of the related mortgage loans using the effective-interest method. The amortization of mortgage debt premiums and discounts resulted in a net decrease to interest expense of approximately $4.9 million , $5.3 million , and $7.8 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. As of December 31, 2019 and 2018 , net unamortized mortgage debt premiums were approximately $6.4 million and $11.6 million , respectively. Tenant Reimbursements Reimbursements from tenants, consisting of amounts due from tenants for utilities, are recognized as revenue in the period the recoverable costs are incurred. Tenant reimbursements are recognized and recorded on a gross basis, as the Company is generally the primary obligor with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the supplier, and has credit risk. Revenue Recognition and Accounts Receivable 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. When collection of substantially all lease payments during the lease term is considered probable, which the Company concludes to be the case at lease commencement, the lease qualifies for accrual accounting and lease payments are recognized on a straight-line basis. 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. If collection of substantially all lease payments during the lease term is not considered probable, adjustments are recognized as a reduction to lease income and, subsequently, any lease revenue is only recognized when cash receipts are received. In addition, the Company still maintains an allowance for uncollectible operating lease receivables to establish general reserves that are sufficient to absorb any adjustments to the probability of collection of substantially all lease payments. Determining the probability of collection of substantially all lease payments is impacted by numerous factors including tenant creditworthiness, economic conditions, and the Company's historical experience with tenants. Third-Party Development Services Revenue The Company recognizes development revenues and construction revenues over the life of the contract using a time-based measure of progress. An entire development and construction contract represents a single performance obligation comprised of a series of distinct services to be satisfied over time, and a single transaction price to be recognized over the life of the contract using a time-based measure of progress. Any variable consideration included in the transaction price is estimated using the expected value approach and is only included to the extent that a significant revenue reversal is not likely to occur. Third-Party Development Services Costs Pre-development expenditures such as

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Earnings Per Share – Company Basic earnings per share is computed using net income attributable to common shareholders and the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings per share reflects common shares issuable from the assumed conversion of 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 years ended December 31, 2019 , 2018 , and 2017 , but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. Year Ended December 31, 2019 2018 2017 Common OP Units (Note 8) 531,112 771,708 1,019,186 Preferred OP Units (Note 8) 42,421 77,513 77,513 Total potentially dilutive securities 573,533 849,221 1,096,699 The following is a summary of the elements used in calculating basic and diluted earnings per share: Year Ended December 31, 2019 2018 2017 Numerator - basic and diluted earnings per share Net income $ 86,762 $ 119,124 $ 70,121 Net income attributable to noncontrolling interests (1,793 ) (2,029 ) (1,083 ) Net income attributable to ACC, Inc. and Subsidiaries common stockholders 84,969 117,095 69,038 Amount allocated to participating securities (1,902 ) (1,522 ) (1,536 ) Net income attributable to common stockholders $ 83,067 $ 115,573 $ 67,502 Denominator Basic weighted average common shares outstanding 137,295,837 136,815,051 135,141,423 Unvested restricted stock awards (Note 11) 990,941 906,998 860,962 Diluted weighted average common shares outstanding 138,286,778 137,722,049 136,002,385 Earnings per share Net income attributable to common stockholders - basic $ 0.61 $ 0.84 $ 0.50 Net income attributable to common stockholders - diluted $ 0.60 $ 0.84 $ 0.50 Earnings Per Unit – Operating Partnership Basic earnings per OP Unit is computed using net income attributable to common unitholders and the weighted average number of common units outstanding during the period. Diluted earnings per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units or resulted in the issuance of OP Units and then shared in the earnings of the Operating Partnership. The following is a summary of the elements used in calculating basic and diluted earnings per unit: Year Ended December 31, 2019 2018 2017 Numerator - basic and diluted earnings per unit Net income $ 86,762 $ 119,124 $ 70,121 Net income attributable to noncontrolling interests – partially owned properties (1,398 ) (1,215 ) (435 ) Series A preferred unit distributions (68 ) (124 ) (124 ) Amount allocated to participating securities (1,902 ) (1,522 ) (1,536 ) Net income attributable to common unitholders $ 83,394 $ 116,263 $ 68,026 Denominator Basic weighted average common units outstanding 137,826,949 137,586,759 136,160,609 Unvested restricted stock awards (Note 11) 990,941 906,998 860,962 Diluted weighted average common units outstanding 138,817,890 138,493,757 137,021,571 Earnings per unit Net income attributable to common unitholders - basic $ 0.61 $ 0.85 $ 0.50 Net income attributable to common unitholders - diluted $ 0.60 $ 0.84 $ 0.50

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes As mentioned in Note 2 , the Company qualifies as a REIT under the Code. As a REIT, the Company is not subject to federal income tax as long as it distributes at least 90% of its taxable income to its shareholders each year. If the Company’s taxable income exceeds its distributions for the year, the REIT tax rules allow the Company to designate distributions from a subsequent tax year in order to avoid current taxation on undistributed income. No provision for federal income taxes for the REIT has been included in the accompanying consolidated financial statements as the Company expects to meet the 90% annual distribution requirement. If the Company fails to qualify as a REIT, the Company will be subject to federal income tax (including any applicable alternative minimum tax for tax years ending on or prior to December 31, 2017) on its taxable income and to federal income and excise taxes on its undistributed income. In addition, ACCOP is a flow-through entity and is not subject to federal income taxes at the entity level. Historically, the Company has incurred only state and local income, franchise and margin taxes. The Company’s TRSs are subject to federal, state, and local income taxes. As such, deferred income taxes result from temporary differences between the carrying amounts of assets and liabilities of the TRSs for financial reporting purposes and the amounts used for income tax purposes. On December 22, 2017, the Tax Cuts and Jobs Act was signed into law and included wide-scale changes to individual, flow-through and corporation tax laws, including those that impact the real estate industry, the ownership of real estate and real estate investments, and REITs. One significant change was a reduction of the federal corporate income tax rate to 21% . The new rate became effective on January 1, 2018 and is a significant decrease from the prior graduated rate structure, which included a 35% maximum. Given that deferred tax assets and liabilities are measured using enacted tax rates in effect in the years in which those temporary differences are expected to reverse, the deferred balances below reflect the impact of the rate reduction. As of December 31, 2019 , we have reviewed the provisions of the new tax laws that pertain to the Company and have determined them to have no other material income tax effect for financial statement purposes. December 31, 2019 2018 Deferred tax assets: Fixed and intangible assets $ 1,488 $ 365 Net operating loss carryforwards 7,290 9,277 Prepaid and deferred income 1,115 866 Bad debt reserves 528 656 Leases 3,480 — Accrued expenses and other 4,049 3,208 Stock compensation 2,636 2,083 Total deferred tax assets 20,586 16,455 Valuation allowance for deferred tax assets (17,121 ) (16,390 ) Deferred tax assets, net of valuation allowance 3,465 65 Deferred tax liability: Leases (3,413 ) — Deferred financing costs (52 ) (65 ) Net deferred tax liabilities $ — $ — Significant components of the Company’s income tax provision are as follows: Year Ended December 31, 2019 2018 2017 Current: Federal $ (157 ) $ — $ — State (1,350 ) (2,429 ) (989 ) Deferred: Federal — — — State — — — Total provision $ (1,507 ) $ (2,429 ) $ (989 ) TRS earnings subject to tax consisted of income of approximately $10.0 million for the year ended December 31, 2019 and losses of approximately $2.0 million and $8.4 million for the years ended December 31, 2018 , and 2017 , respectively. The reconciliation of income tax for the TRSs computed at the U.S. statutory rate to income tax provision is as follows: Year Ended December 31, 2019 2018 2017 Tax (provision) benefit at U.S. statutory rates on TRS income subject to tax $ (789 ) $ 327 $ 1,277 State income tax, net of federal income tax benefit (57 ) 13 57 Effect of permanent differences and other 5 (154 ) 207 Deferred tax impact of tax reform — — (9,206 ) Decrease (increase) in valuation allowance 841 (186 ) 7,665 TRS income tax provision $ — $ — $ — At December 31, 2019 , the TRSs had net operating loss carryforwards (“NOLs”) of approximately $27.4 million for income tax purposes that begin to expire in 2031 . These NOLs may be used to offset future taxable income generated by each of the respective TRSs. Due to the various limitations to which the use of NOLs are subject, the Company has applied a valuation allowance to the NOLs given the likelihood that the NOLs will expire unused. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states’ jurisdictions as required, and as of December 31, 2019 , the 2018 , 2017 and 2016 calendar tax years are subject to examination by the tax authorities. The Company had no material unrecognized tax benefits for the years ended December 31, 2019 , 2018 , and 2017 , and as of December 31, 2019 , the Company does not expect to record any material unrecognized tax benefits. Because no material unrecognized tax benefits have been recorded, no related interest or penalties have been calculated. A schedule of per share distributions the Company paid and reported to its shareholders, which is unaudited, is set forth in the following table: Year Ended December 31, Tax Treatment of Distributions: 2019 2018 2017 Ordinary income $ 0.6625 $ — $ 0.8316 Long-term capital gain (1) 1.2075 1.8200 — Return of capital — — 0.9084 Total per common share outstanding $ 1.8700 $ 1.8200 $ 1.7400 (1) Unrecaptured Sec. 1250 gains of $ 0.3827 and $ 0.4008 were reported for the years ended December 31, 2019 and 2018, respectively. There was no unrecaptured Sec. 1250 gain reported for the year ended December 31, 2017.

Acquisitions and Joint Venture

Acquisitions and Joint Venture Investments	12 Months Ended
	Dec. 31, 2019
Business Combinations [Abstract]
Acquisitions and Joint Venture Investments	Acquisitions and Joint Venture Investments Presale Development Projects: During the year ended December 31, 2019 , two properties subject to presale agreements were completed and acquired by the Company for $110.2 million . The purchase price includes $8.6 million related to the purchase of the land on which one of the properties is built. Additionally, upon acquisition, the third-party developer repaid an $18.5 million mezzanine loan, including accrued interest, that the Company provided to one of the projects during the construction period. As the properties were consolidated by the Company from the time of execution of the presale agreements with the developers, the closing of the transactions were accounted for as an increase in ownership of consolidated subsidiaries. The two properties acquired are detailed below: Property Location Primary University Served Project Type Beds Month Acquired The Flex - Stadium Centre Tallahassee, FL Florida State University Off-campus 340 August 2019 959 Franklin Eugene, OR University of Oregon Off-campus 443 November 2019 783 In August 2018, The Edge - Stadium Centre, a 412 -bed off-campus development property subject to a presale agreement, was completed and acquired by the Company for $42.6 million , including $10.0 million related to the purchase of the land on which the property is built. As the property was consolidated by the Company from the time of execution of the presale agreement with the developer, the closing of the transaction was accounted for as an increase in ownership of a consolidated subsidiary. Property Acquisitions: During the third quarter of 2017, the Company executed an agreement to acquire a portfolio of seven student housing properties from affiliates of Core Spaces and DRW Real Estate Investments (the “Core Transaction”). The transaction included the purchase of 100% of the ownership interests in two operating properties, the purchase of partial ownership interests in two operating properties that completed construction and commenced operations in Fall 2017, and the purchase of partial ownership interests in three properties that completed construction and commenced operations in Fall 2018. The purchase of partial ownership interests was made through a joint venture arrangement. In total, the Core Transaction properties contain 3,776 beds. Refer to Note 8 for additional information related to the Core Transaction. The initial investment made at closing was $306.0 million , and including the subsequent purchases of the remaining ownership interests in three properties, the total investment as of December 31, 2019 was $524.9 million . The purchase of the remaining ownership interests in the remaining two properties is anticipated to be completed in the first quarter of 2020. Refer to Note 15 for additional information related to the Core Transaction. During the year ended December 31, 2017, the Company acquired three owned properties containing 1,240 beds for a total purchase price of approximately $222.9 million as well as 100% of the ownership interests in two operating properties as part of the Core Transaction described above for $146.1 million . Total cash consideration was approximately $222.3 million for the three owned properties and $144.3 million for the ownership interests acquired as a part of the Core Transaction. The difference between the contracted purchase price and the cash consideration is due to other assets and liabilities that were not part of the contractual purchase price, but were acquired in the transactions, as well as transaction costs capitalized as part of the acquisitions. Land Acquisitions: In August 2018, the Company purchased a land parcel for a total purchase price of approximately $16.6 million . During the year ended December 31, 2017, the Company purchased five land parcels with a fair value of $12.0 million for total cash consideration of approximately $8.9 million . The difference between the fair value of the land and the cash consideration represents non-cash consideration. In addition, during the year ended December 31, 2017, the Company made an initial investment of $9.0 million in a joint venture that holds a land parcel with fair value of $12.0 million

Property Dispositions

Property Dispositions	12 Months Ended
	Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Property Dispositions	Property Dispositions Property Dispositions During the year ended December 31, 2019, the Company sold the following owned properties for approximately $109.5 million , resulting in net proceeds of approximately $108.6 million . The combined net loss on the dispositions was not material. Property Location Primary University Served Beds College Club Townhomes (1) (2) Tallahassee, FL Florida A&M University 544 Landmark Ann Arbor, MI University of Michigan 606 1,150 (1) 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 . (2) Consisted of two phases that were previously counted separately in the property portfolio numbers contained in Note 1. During the year ended December 31, 2018, the Company sold a portfolio of three owned properties containing 1,338 beds for approximately $245.0 million , resulting in net proceeds of approximately $242.3 million . The combined net gain on the portfolio disposition totaled approximately $42.3 million . During the year ended December 31, 2017, the Company sold one property, containing 657 beds, for approximately $25.0 million , resulting in net proceeds of approximately $24.5 million . The net loss on this disposition totaled approximately $0.6 million . Concurrent with the classification of this property as held for sale in December 2016, the Company reduced the property’s carrying amount to its estimated fair value less estimated selling costs and recorded an impairment charge of $4.9 million . Joint Venture Activity During the year ended December 31, 2018, the Company executed an agreement to enter into a joint venture arrangement with Allianz Real Estate (the “ACC / Allianz Joint Venture Transaction”). The transaction included the sale of a partial ownership interest in a portfolio of seven owned properties, containing 4,611 beds, through a joint venture arrangement. The joint venture transaction involved the joint venture partner making a cash contribution of approximately $373.1 million in exchange for a 45% ownership interest. As part of the transaction, the joint venture issued $330 million of secured mortgage debt. The joint venture was determined to be a VIE. As the Company retained control of the properties after the joint venture transaction, it was deemed the primary beneficiary. As such, the Company’s contribution of the properties to the joint venture was recorded at net book value, and the joint venture is included in the Company’s consolidated financial statements contained herein. The joint venture partner’s ownership interest in the joint venture is accounted for as noncontrolling interest.

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 2019
Disclosure Wholly Owned Properties [Abstract]
Investments in Owned Properties	Investments in Real Estate Owned properties, both wholly-owned and those owned through investments in VIEs, consisted of the following: December 31, 2019 December 31, 2018 Land $ 654,985 $ 653,522 Buildings and improvements 6,749,757 6,486,106 Furniture, fixtures and equipment 391,208 371,429 Construction in progress 341,554 302,902 8,137,504 7,813,959 Less accumulated depreciation (1,442,789 ) (1,230,562 ) Owned properties, net $ 6,694,715 $ 6,583,397 Our On-Campus Participating Properties segment includes six on-campus properties that are operated under long-term ground/facility leases with three university systems. Under our ground/facility leases, we receive an annual distribution representing 50% of these properties’ net cash flows, as defined in the ground/facility lease agreements. We also manage these properties under long-term management agreements and are paid management fees equal to a percentage of defined gross receipts. On-campus participating properties consisted of the following: December 31, 2019 December 31, 2018 Buildings and improvements $ 155,941 $ 150,087 Furniture, fixtures and equipment 13,552 11,817 Construction in progress 6 658 169,499 162,562 Less accumulated depreciation (94,311 ) (84,925 ) On-campus participating properties, net $ 75,188 $ 77,637

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 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 December 31, 2019 , the Operating Partnership consolidates four joint ventures that own and operate ten owned off-campus properties. The portion of net assets attributable to the third-party partners in these arrangements is classified as “noncontrolling interests - partially owned properties” within equity and capital on the accompanying consolidated balance sheets of ACC and the Operating Partnership, respectively. Redeemable noncontrolling interests (ACC) / redeemable limited partners (Operating Partnership): The noncontrolling interest holder in the Core Transaction has the option to redeem its noncontrolling interest in the entities through the exercise of put options. As the exercise of the options is outside of the Company’s control, the portion of net assets attributable to the third-party partner 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 redemption price is based on the fair value of the properties at the time of option exercise. These redeemable noncontrolling interests 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. The Company’s fair value analysis is based on Level 3 inputs and 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 years ended December 31, 2019 and 2018, the redemption value of redeemable noncontrolling interests increased by $11.8 million and $68.7 million , respectively. The 2019 increase was due to a change in the fair value of the net assets held by the joint ventures primarily as a result of the completion of the leasing process for the 2019-2020 academic year, and the 2018 increase was primarily as a result of the underlying properties becoming operational during the third quarter and the leasing results for the 2018-2019 academic year. The corresponding offset for the adjustments to the redemption value was recorded in additional paid in capital. As the change in redemption value is based on fair value, there is no effect on the Company’s earnings per share. During the year ended December 31, 2019, the Company exercised its option to redeem the noncontrolling interests in one of the joint ventures, through which the Company purchased the remaining noncontrolling interests in three properties, which reduced the redeemable noncontrolling interests by $88.3 million . The redemption options for the second joint venture are exercisable in the first quarter of 2020. For further discussion on accounting for changes in redemption value, refer to Note 2 . 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”) and Common OP Units. The value of OP Units is reported at the greater of fair value, which is based on the closing market value of the Company’s common stock at period end, or historical cost at the end of each reporting period. The OP Unitholders’ share of the income or loss of the Company is included in “net income attributable to noncontrolling interests” on the consolidated statements of comprehensive income of ACC. As of December 31, 2019 and 2018 , respectively, approximately 0.4% and 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 year ended December 31, 2019 , 126,313 Common OP Units and 42,271 Preferred OP Units were converted into an equal number of shares of ACC’s common stock. 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 years ended December 31, 2019 and 2018 , which includes both the redeemable joint venture partners and OP Units discussed above: Balance, December 31, 2016 $ 55,078 Net income 654 Distributions (77,031 ) Conversion of OP Units into shares of ACC common stock (154 ) Contributions from noncontrolling interests 162,794 Adjustments to reflect redeemable noncontrolling interests at fair value (9,172 ) Balance, December 31, 2017 $ 132,169 Net income 936 Distributions (1,516 ) Conversion of OP Units into shares of ACC common stock (13,334 ) Contributions from noncontrolling interests 112 Adjustments to reflect redeemable noncontrolling interests at fair value 66,079 Balance, December 31, 2018 $ 184,446 Net income 783 Distributions (1,062 ) Conversion of OP Units into shares of ACC common stock (6,082 ) Contributions from noncontrolling interests 250 Purchase of noncontrolling interests (88,304 ) Adjustments to reflect redeemable noncontrolling interests at fair value 14,350 Balance, December 31, 2019 $ 104,381

Debt

Debt	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Debt	Debt A summary of the Company’s outstanding consolidated indebtedness, including unamortized debt premiums and discounts, is as follows: December 31, 2019 2018 Debt secured by owned properties: Mortgage loans payable: Unpaid principal balance $ 693,584 $ 727,163 Unamortized deferred financing costs (1,294 ) (1,757 ) Unamortized debt premiums 6,596 11,579 Unamortized debt discounts (199 ) — 698,687 736,985 Construction loans payable (1) — 22,207 Unamortized deferred financing costs — (480 ) 698,687 758,712 Debt secured by on-campus participating properties: Mortgage loans payable (2) 65,942 67,867 Bonds payable (2) 23,215 27,030 Unamortized deferred financing costs (418 ) (525 ) 88,739 94,372 Total secured mortgage, construction and bond debt 787,426 853,084 Unsecured notes, net of unamortized OID and deferred financing costs (3) 1,985,603 1,588,446 Unsecured term loans, net of unamortized deferred financing costs (4) 199,121 198,769 Unsecured revolving credit facility 425,700 387,300 Total debt, net $ 3,397,850 $ 3,027,599 (1) Construction loans payable relate to the construction loans partially financing the development of presale development projects. The properties are owned by an entity determined to be a VIE for which the Company is the primary beneficiary. The creditor of the construction loans does 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 $2.3 million at December 31, 2019 and $1.6 million at December 31, 2018 , and net unamortized deferred financing costs of $12.1 million at December 31, 2019 and $10.0 million at December 31, 2018 . (4) Includes net unamortized deferred financing costs of $0.9 million at December 31, 2019 and $1.2 million at December 31, 2018 . Mortgage and Construction Loans Payable Mortgage loans payable generally feature either monthly interest and principal payments or monthly interest-only payments with balloon payments due at maturity. For purposes of classification in the following table, variable rate mortgage loans subject to interest rate swaps are deemed to be fixed rate, due to the Company having effectively fixed the interest rate for the underlying debt instrument. Construction loans payable generally feature monthly payments of interest only during the term of the loan and outstanding borrowings become due at maturity. Mortgage loans payable, excluding debt premiums and discounts, consisted of the following as of December 31, 2019 : December 31, 2019 Principal Outstanding Weighted Weighted Number of December 31, Average Average Years Properties 2019 2018 Interest Rate to Maturity Encumbered Fixed Rate: Mortgage loans payable (1) $ 756,397 $ 683,615 4.45 % 6.2 Years 20 Variable Rate: Mortgage and construction loans payable (2) 3,129 133,622 4.24 % 25.6 Years — Total $ 759,526 $ 817,237 4.44 % 6.3 Years 20 (1) Fixed rate mortgage loans payable mature at various dates from 2020 through 2045 and carry interest rates ranging from 3.76% to 6.43% at December 31, 2019 . (2) The 2019 amounts represent mortgage debt at one of our on-campus participating properties not subject to an interest rate swap contract. This property is included in the number of properties encumbered by mortgage loans above. The 2018 amounts represent construction loans for two properties under pre-sale agreements and mortgage loans at one on-campus and one owned property. During the year ended December 31, 2019 , the following transactions occurred: Mortgage Loans Payable (1) Construction Loans Payable Balance, December 31, 2018 $ 795,030 $ 22,207 Additions: Draws under advancing construction notes payable — 31,611 Deductions: Forgiveness of debt (2) (27,381 ) — Pay-off of construction debt (3) — (53,818 ) Scheduled repayments of principal (8,123 ) — Balance, December 31, 2019 $ 759,526 $ — (1) Balance excludes unamortized debt premiums and discounts. (2) The Company completed the transfer of Blanton Common to the lender in settlement of the property's mortgage loan in July 2019. (3) Debt for two presale development properties paid off on the respective acquisition dates. In January 2019, the Company refinanced $70.0 million of variable rate debt on one wholly-owned property, extending the maturity to January 2024. The Company entered into an interest rate swap contract to hedge the variable rate cash flows associated with interest payments on this LIBOR-based mortgage loan, resulting in a fixed rate of 4.00% . Refer to Note 12 for information related to derivatives. In August and November 2019, the Company acquired two properties, each subject to a presale agreement. Approximately $53.8 million of construction debt used to partially finance the development of the presale projects was paid off upon acquisition. Refer to Note 5 for more information related to acquisitions. In October 2019, the company entered into an interest rate swap contract on $37.5 million of variable rate debt on one on campus participating property, to hedge the variable rate cash flows associated with interest payments on the LIBOR-based mortgage loan, resulting in a fixed rate for that portion of 3.76% . Refer to Note 12 for additional information. In May 2017, the lender of the non-recourse mortgage loan secured by Blanton Common, a property located near Valdosta State University containing 860 beds which was included as part of the GMH student housing transaction in 2008, sent a formal notice of default and initiated foreclosure proceedings. The property generated insufficient cash flow to cover the debt service on the mortgage, which had a balance of $27.4 million at default and a contractual maturity date of August 2017. In May 2017, the lender began receiving the net operating cash flows of the property each month in lieu of scheduled monthly mortgage payments. In June 2017, the Company recorded an impairment charge for this property of $15.3 million . In August 2017, the property transferred to receivership, and a third-party manager began managing the property on behalf of the lender. In July 2019, the Company completed the transfer of the property to the lender in settlement of the property's mortgage loan and recognized a net gain from the extinguishment of debt totaling $21.0 million . Bonds Payable Three of the on-campus participating properties are 100% financed with outstanding project-based taxable bonds. Under the terms of these financings, one of the Company’s special purpose subsidiaries publicly issued three series of taxable bonds and loaned the proceeds to three special purpose subsidiaries that each hold a separate leasehold interest. The bonds encumbering the leasehold interests are non-recourse, subject to customary exceptions. Although a default in payment by these special purpose subsidiaries could result in a default under one or more series of bonds, indebtedness of any of these special purpose subsidiaries is not cross-defaulted or cross-collateralized with indebtedness of the Company, the Operating Partnership, or other special purpose subsidiaries. Repayment of principal and interest on these bonds is insured by MBIA, Inc. Interest and principal are paid semi-annually and annually, respectively, through maturity. Covenants include, among other items, budgeted and actual debt service coverage ratios. As of December 31, 2019 , the Company was in compliance with all such covenants. Bonds payable at December 31, 2019 consisted of the following: Mortgaged Facilities Original Principal Weighted Average Rate Maturity Required Monthly December 31, 2019 1999 University Village-PVAMU/TAMIU $ 39,270 $ 12,065 7.76 % September 2023 $ 302 2001 University College–PVAMU 20,995 8,885 7.62 % August 2025 158 2003 University College–PVAMU 4,325 2,265 6.20 % August 2028 28 Total/weighted average rate $ 64,590 $ 23,215 7.55 % $ 488 Unsecured Notes In June 2019, the Operating Partnership closed a $400 million offering of senior unsecured notes under its existing shelf registration. These seven -year notes were issued at 99.704% of par value with a coupon of 3.300% and a yield of 3.347% 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. As of December 31, 2019, 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 (2) 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 effect of the amortization of the interest rate swap terminations. (2) In January 2020, the Company issued $400 million of 10 -year unsecured notes at a yield of 2.872% that mature in 2030. Proceeds from the issuance were used to repay $400.0 million of unsecured notes issued in September 2015 that were scheduled to mature in October 2020. Refer to Note 18 for additional information. The notes are fully and unconditionally guaranteed by the Company. Interest on the notes is payable semi-annually. The terms of the unsecured notes include certain financial covenants that require the Operating Partnership to limit the amount of total debt and secured debt as a percentage of total asset value, as defined. In addition, the Operating Partnership must maintain a minimum ratio of unencumbered asset value to unsecured debt, as well as a minimum interest coverage level. As of December 31, 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 $1.0 billion . It may be expanded by up to an additional $200 million upon the satisfaction of certain conditions. The maturity date of the revolving credit facility is March 2022 . The unsecured revolving credit facility bears interest at a variable rate, at the Company’s option, based upon a base rate of one-, two-, three- or six-month LIBOR, plus, in each case, a spread based upon the Company’s investment grade rating from either Moody’s Investor Services, Inc. or Standard & Poor’s Rating Group. Additionally, the Company is required to pay a facility fee of 0.20% per annum on the $1.0 billion revolving credit facility. As of December 31, 2019 , the revolving credit facility bore interest at a weighted average annual rate of 2.97% ( 1.77% + 1.00% spread + 0.20% facility fee), and availability under the revolving credit facility totaled $574.3 million . The terms of the unsecured credit facility include certain restrictions and covenants, which limit, among other items, the incurrence of additional indebtedness and liens. The facility contains customary affirmative and negative covenants and also contains financial covenants that, among other things, require the Company to maintain certain maximum leverage ratios and minimum ratios of “EBITDA” (earnings before interest, taxes, depreciation and amortization) to fixed charges. The financial covenants also include a minimum asset value requirement, a maximum secured debt ratio, and a minimum unsecured debt service coverage ratio. As of December 31, 2019 , the Company was in compliance with all such covenants. Unsecured Term Loans The Company is currently party to an Unsecured Term Loan Credit Agreement (the "Term Loan Facility") totaling $200 million which matures in June 2022. The agreement has an accordion feature that allows the Company to expand the amount by up to an additional $100 million , subject to the satisfaction of certain conditions. In November and December 2019, the Company entered into two interest rate swap contracts to hedge the variable rate cash flows associated with the LIBOR-based interest payments on the Term Loan Facility. The weighted average annual rate on the Term Loan was 2.54% ( 1.44% + 1.10% spread) at December 31, 2019 . Refer to Note 12 for more information related to cash flow hedges of interest rate risk. The Term Loan Facility includes certain restrictions and covenants consistent with those of the unsecured revolving credit facility discussed above. As of December 31, 2019 , the Company was in compliance with all such covenants. In May 2018, the Company repaid a $300 million unsecured term loan and a $150 million unsecured term loan 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 6 ). In connection with the pay-off of these term loan facilities, the Company accelerated the amortization of $0.9 million of deferred financing costs. Debt Maturities The following table summarizes the stated debt maturities and scheduled amortization payments, excluding debt premiums and discounts, for each of the five years subsequent to December 31, 2019 and thereafter: 2020 $ 446,164 2021 196,996 2022 658,853 2023 408,599 2024 529,139 Thereafter 1,168,690 $ 3,408,441 The Company's payment of principal and interest were current at December 31, 2019 . Certain of the mortgage notes and bonds payable are subject to prepayment penalties.

Stockholders' Equity _ Partners

Stockholders' Equity / Partners' Capital	12 Months Ended
	Dec. 31, 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 years ended December 31, 2019 and 2018 . As of December 31, 2019 , the Company had $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 select employees and members of the Company’s Board of Directors, in which vested share awards (see Note 11 ), salary and other cash amounts earned may be deposited. Deferred Compensation Plan assets are held in a rabbi trust, which is subject to the claims of the Company’s creditors in the event of bankruptcy or insolvency. The shares held in the Deferred Compensation Plan are classified within stockholders’ equity in a manner similar to the manner in which treasury stock is classified. Subsequent changes in the fair value of the shares are not recognized. During the year ended December 31, 2019 , 15,670 shares and 7,345 shares of vested stock were deposited into and withdrawn from the Deferred Compensation Plan, respectively, bringing the total ACC shares held in the Deferred Compensation Plan to 77,928 as of December 31, 2019

Incentive Award Plan

Incentive Award Plan	12 Months Ended
	Dec. 31, 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. As of December 31, 2019 , 3.1 million shares were available for issuance under the 2018 Plan. Restricted Stock Units Upon initial appointment to the Board of Directors and reelection to the Board of Directors at each Annual Meeting of Stockholders, each independent member of the Board of Directors is granted RSUs. On the Settlement Date, the Company will deliver to the recipients a number of shares of common stock or cash, as determined by the Compensation Committee of the Board of Directors, equal to the number of RSUs granted to the recipients. In addition, recipients of RSUs are entitled to dividend equivalents equal to the cash distributions paid by the Company on one share of common stock for each RSU issued, payable currently or on the Settlement Date, as determined by the Compensation Committee of the Board of Directors. Upon reelection to the Board of Directors in 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. Additionally, in July 2019, the Company appointed one new member to the Board of Directors who was granted RSUs valued at $117,500 . 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 summary of ACC’s RSUs under the Plan for the years ended December 31, 2019 and 2018 and activity during the years then ended is presented below: Number of RSUs Weighted-Average Grant Date Fair Value Per RSU Outstanding at December 31, 2017 — $ — Granted 27,376 39.45 Settled in common shares (27,376 ) 39.45 Outstanding at December 31, 2018 — — Granted 20,812 47.34 Settled in common shares (18,318 ) 47.37 Settled in cash (2,494 ) 47.11 Outstanding at December 31, 2019 — — The Company recognized expense of approximately $0.9 million , $1.1 million , and $0.9 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively, reflecting the fair value of the RSUs issued on the date of grant, and the expense was included in general and administrative expenses on the Company’s consolidated statements of comprehensive income. The weighted-average grant-date fair value for each RSU granted during the year ended December 31, 2017 was $46.67 . Restricted Stock Awards The Company awards RSAs to its executive officers and certain employees that vest in equal annual installments over a five year period. Unvested awards are forfeited upon the termination of an individual’s employment with the Company under specified circumstances. Recipients of RSAs receive dividends, as declared by the Company’s Board of Directors, on unvested shares, provided that the recipient continues to be employed by the Company. A summary of the Company’s RSAs under the Plan for the years ended December 31, 2019 and 2018 is presented below: Number of RSAs Weighted-Average Grant Date Fair Value Per RSA Nonvested balance at December 31, 2017 810,870 $ 44.16 Granted 357,387 39.41 Vested (249,102 ) 43.36 Forfeited (56,475 ) 43.64 Nonvested balance at December 31, 2018 862,680 $ 42.46 Granted 387,341 44.08 Vested (266,556 ) 41.86 Forfeited (16,124 ) 42.91 Nonvested balance at December 31, 2019 967,341 $ 43.27 The fair value of RSAs is calculated based on the closing market value of the Company’s common stock on the date of grant. The fair value of these awards is amortized to expense over the vesting periods, which amounted to approximately $12.7 million , $11.1 million and $13.1 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. The amortization of restricted stock awards for the year ended December 31, 2017 includes $2.4 million of contractual executive separation and retirement charges incurred with regard to the retirement of the Company’s former Chief Financial Officer, representing the June 30, 2017 vesting of 46,976 RSAs, net of shares withheld for taxes, related to the retirement. The weighted-average grant date fair value for each RSA granted and forfeited during the year ended December 31, 2017 was $48.55 and $42.36 , respectively. The total fair value of RSAs vested during the year ended December 31, 2019 was approximately $11.2 million . Additionally, as of December 31, 2019 , the Company had approximately $30.9 million of total unrecognized compensation cost related to granted RSAs, which is expected to be recognized over a remaining weighted-average period of 3.2 years. Per the provisions of the Plan, an employee becomes retirement eligible when (i) the sum of an employee’s full years of service (a minimum of 120 contiguous full months) and the employee’s age on the date of termination (a minimum of 50 years of age) equals or exceeds 70 years (hereinafter referred to as the “Rule of 70”); (ii) the employee gives at least six months prior written notice to the Company of his or her intention to retire; and (iii) the employee enters into a noncompetition agreement and a general release of all claims in a form that is reasonably satisfactory to the Company. As of December 31, 2019 , 19 employees have met the Rule of 70, including the Company’s Chief Executive Officer and President. A total of 330,134 unvested RSAs are held by such employees. Once the other two conditions of retirement eligibility are met, the shares held by these employees will be subject to accelerated vesting.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	12 Months Ended
	Dec. 31, 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. These agreements contain provisions such that if the Company defaults on any of its indebtedness, regardless of whether the repayment of the indebtedness has been accelerated by the lender or not, then the Company could also be declared in default on its derivative obligations. As of December 31, 2019 , 2018 , and 2017 , the Company was not in default on any of its indebtedness or derivative instruments. 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 assets and other liabilities on the accompanying consolidated balance sheets as of December 31, 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 $ 12,592 $ (94 ) Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month 12,721 (95 ) Park Point mortgage loan Feb 1, 2019 Jan 16, 2024 2.7475% LIBOR - 1 month 70,000 (3,247 ) College Park mortgage loan Oct 16, 2019 Oct 16, 2022 1.2570% LIBOR - 1 month, with 1 day lookback 37,500 289 Unsecured term loan Nov 4, 2019 Jun 27, 2022 1.4685% LIBOR - 1 month 100,000 168 Unsecured term loan Dec 2, 2019 Jun 27, 2022 1.4203% LIBOR - 1 month 100,000 286 Total $ 332,813 $ (2,693 ) 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 9 , the Company terminated the swap contracts resulting in payments to counterparties totaling approximately $13.2 million , which were recorded in accumulated other comprehensive loss and which will be amortized to interest expense over the term of the swap contracts based on the June 2019 issuance and expected additional issuances. The table below presents the fair value of the Company’s derivative financial instruments and their classification on the consolidated balance sheets as of December 31, 2019 and 2018 : Asset Derivatives Liability Derivatives Fair Value as of Fair Value as of Description Balance Sheet Location 12/31/2019 12/31/2018 Balance Sheet Location 12/31/2019 12/31/2018 Interest rate swap contracts Other assets $ 743 $ 101 Other liabilities $ 3,436 $ — Forward starting swap contracts Other assets — — Other liabilities — 2,287 Total derivatives designated $ 743 $ 101 $ 3,436 $ 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 years ended December 31, 2019 , 2018 and 2017. Year Ended December 31, Description 2019 2018 2017 Change in fair value of derivatives and other recognized in OCI (523 ) (2,108 ) 954 Termination of interest rate swap payment recognized in OCI (13,159 ) — — Amortization of interest rate swap terminations (1) 1,133 412 412 Total change in OCI due to derivative financial instruments (12,549 ) (1,696 ) 1,366 Interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded 111,287 99,228 71,122 (1)

Fair Value Disclosures

Fair Value Disclosures	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Fair Value Disclosures Financial Instruments Carried at Fair Value The Company follows the authoritative guidance for financial assets and liabilities, which establishes a framework for measuring fair value and requires enhanced disclosures about fair value measurements. The authoritative guidance requires disclosure about how fair value is determined for assets and liabilities and establishes a hierarchy by which these assets and liabilities must be categorized, based on the significance of inputs. In general, fair values determined by Level 1 inputs utilize unadjusted, quoted prices in active markets for identical assets or liabilities the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability, such as interest rates and yield curves observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability and include situations where there is little, if any, market activity for the asset or liability. In instances in which the inputs used to measure fair value may fall into different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement in its entirety has been determined is based on the lowest level input significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The following table presents information about the Company’s financial instruments measured at fair value on a recurring basis as of December 31, 2019 and 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. Refer to Note 8 for a discussion of the Level 3 activity during the period related to the redeemable noncontrolling interests in partially owned properties. Fair Value Measurements as of December 31, 2019 December 31, 2018 Level 2 Level 3 Total Level 2 Level 3 Total Assets Derivative financial instruments $ 743 (1) $ — $ 743 $ 101 (1) $ — $ 101 Liabilities Derivative financial instruments $ 3,436 (1) $ — $ 3,436 $ 2,287 (1) $ — $ 2,287 Mezzanine Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) $ 23,690 (2) $ 80,691 (3) $ 104,381 $ 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 greater of fair value of the Company’s common stock at the balance sheet date or the initial basis. Represents a quoted price for a similar asset in an active market. Refer to Note 8 . (3) Represents noncontrolling partners' equity in the Core Joint Ventures which is valued using primarily unobservable inputs, including the Company’s analysis of comparable properties in the Company’s portfolio, estimations of net operating results of the properties, capitalization rates, discount rates, and other market data. Refer to Note 8 . Financial Instruments Not Carried at Fair Value As of December 31, 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 December 31, 2019 and December 31, 2018 , the carrying values for the following instruments represent fair values due to the variable interest rate feature of the instruments: Construction Loans Payable, Unsecured Revolving Credit Facility and Mortgage Loans Payable (variable rate). The table below contains the estimated fair value and related carrying amounts for the Company’s financial instruments as of December 31, 2019 and 2018 . There were no Level 1 measurements for the periods presented. December 31, 2019 December 31, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Level 2 Level 3 Level 2 Level 3 Assets Loans receivable $ 50,553 $ — $ 48,307 (1) $ 54,611 $ — $ 50,993 (1) Liabilities (2) Unsecured notes $ 1,985,603 $ 2,069,817 (3) $ — $ 1,588,446 $ 1,566,900 (3) $ — Mortgage loans payable (fixed rate) $ 761,296 (4) $ 766,821 (5) $ — $ 693,384 (6) $ 668,911 (5) $ — Bonds payable $ 23,001 $ 25,110 (7) $ — $ 26,741 $ 28,805 (7) $ — Unsecured Term loan (fixed rate) $ 199,121 $ 198,687 (8) $ — $ — $ — $ — (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 9 ). (3) Valued using interest rate and spread assumptions that reflect current creditworthiness and market conditions available for the issuance of unsecured notes with similar terms and remaining maturities. (4) Does not include one variable rate mortgage loan with a principal balance of $3.1 million as of December 31, 2019 . (5) Valued using the present value of the cash flows at current market interest rates through maturity that primarily fall within the Level 2 category. (6) 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. (8) In November and December 2019, the Company entered into two interest rate swap contracts to hedge the variable rate cash flows associated with the LIBOR-based interest payments on the Term Loan Facility (see Note 9 ). Valued using the present value of the cash flows at interpolated 1-month LIBOR swap rates through maturity that primarily fall within the Level 2 category.

Lease Commitments

Lease Commitments	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Lease Commitments	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 49 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. Leases entered into under the ACE program are used for the purpose of financing, constructing, and managing student housing properties. These leases are transferable and financeable, and the lessor has title to the land and in some cases any improvements placed thereon. Leases entered into under the OCPP structure are used for the purpose of developing, constructing and operating student housing facilities on university campuses. Under the terms of these leases, title to the land and constructed facilities are held by the Lessor and such Lessor receives a de minimis base rent paid at inception and 50% of defined net cash flows on an annual basis through the term of the lease. Under ground/facility leases, the lessors receive annual minimum (base) rent, variable rent based upon the operating performance of the property, or a combination thereof. The leases have initial terms (excluding extension options) ranging from seven years to 102 years . The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company records base rent expense under the straight-line method over the term of the lease, and variable rent expense is recorded when the achievement of the target is considered probable. 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 cost, were as follows: Year Ended December 31 , Description 2019 2018 2017 Straight-line rent expense $ 10,009 $ 8,798 $ 5,544 Variable rent expense 8,996 7,234 7,566 Capitalized rent cost 12,889 2,296 2,003 For purposes of calculating the ROU Asset and lease liability for such leases, extension options are not included in the lease term unless it is reasonably certain that the Company will exercise the option, or the lessor has the sole ability to exercise the option. As most of the Company’s leases do not contain an implicit rate, the Company uses its incremental borrowing rate to determine the present value of the lease payments, which is the interest rate that the Company estimates it would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. In determining this rate, we analyze company-specific factors, such as credit risk, lease-specific factors such as lease term, lease payments, and collateral, as well as overall economic conditions. The weighted average incremental borrowing rate was 5.35% as of December 31, 2019 . The weighted average remaining lease term of leases with a lease liability as of December 31, 2019 is 62.4 years (excluding extension options). There were no finance lease obligations outstanding as of December 31, 2019 . Future minimum commitments over the life of all leases, which exclude variable rent payments, are as follows: December 31, 2019 December 31, 2018 2020 $ 11,814 $ 9,463 2021 16,749 12,092 2022 23,664 16,653 2023 28,776 18,999 2024 29,371 18,903 Thereafter 1,661,648 1,042,842 Total minimum lease payments 1,772,022 $ 1,118,952 Less imputed interest (1,298,952 ) Total lease liabilities $ 473,070 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 $852.0 million , $794.7 million and $711.3 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. Lease income under commercial leases totaled $13.2 million and $13.1 million , and $12.8 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. Refer to Note 7 for additional information on our owned real estate assets, which are the underlying assets under our operating leases.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments Construction Contracts: As of December 31, 2019 , the Company estimates additional costs to complete three owned development projects under construction to be approximately $446.4 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 which was extended through January 2020. As of December 31, 2019 , the remaining funding commitment was approximately $76.8 million . Contingencies Development-related Guarantees: For certain of its third-party development projects, the Company commonly provides alternate housing and project cost guarantees, subject to force majeure. These guarantees are typically limited, on an aggregate basis, to the amount of the projects’ related development fees or a contractually agreed-upon maximum exposure amount. Alternate housing guarantees generally require the Company to provide substitute living quarters and transportation for students to and from the university if the project is not complete by an agreed-upon completion date. These guarantees typically expire at the later of five days after completion of the project or once the Company has moved all students from the substitute living quarters into the project. Under project cost guarantees, the Company is responsible for the construction cost of a project in excess of an approved budget. The budget consists primarily of costs included in the general contractors’ guaranteed maximum price contract (“GMP”). In most cases, the GMP obligates the general contractor, subject to force majeure and approved change orders, to provide completion date guarantees and to cover cost overruns and liquidated damages. In addition, the GMP is in certain cases secured with payment and performance bonds. Project cost guarantees expire upon completion of certain developer obligations, which are normally satisfied within one year after completion of the project. The Company’s estimated maximum exposure amount under the above guarantees is approximately $10.6 million as of December 31, 2019 . As of December 31, 2019 , management did not anticipate any material deviations from schedule or budget related to third-party development projects currently in progress. As a part of the development agreement with Walt Disney ® World Resort, the Company has guaranteed the completion of construction of approximately $614.6 million to be delivered in phases from 2020 to 2023. 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. As of December 31, 2019 , management did not anticipate any material deviations from schedule or budget related to the Disney project. Conveyance to University: In August 2013, the Company entered into an agreement to convey fee interest in a parcel of land, on which one of the Company’s student housing properties resides (University Crossings), to Drexel University (the “University”). Concurrent with the land conveyance, the Company as lessee entered into a ground lease agreement with the University as lessor for an initial term of 40 years , with three 10 -year extensions, at the Company’s option. The Company also agreed to convey the building and improvements to the University at an undetermined date in the future and to pay real estate transfer taxes not to exceed $2.4 million . The Company paid approximately $0.6 million in real estate transfer taxes upon the conveyance of land to the University, leaving approximately $1.8 million to be paid by the Company upon the transfer of the building and improvements. Other: In June 2019, the Company entered into a purchase and sale agreement to buy a land parcel initially scheduled to close on or before June 30, 2021, with potential extensions at the Company’s option to June 1, 2022 or June 1, 2023. In connection with the execution of the agreement, the Company made an earnest money deposit of $2.1 million which is included in restricted cash on the accompanying consolidated balance 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, legal proceedings, and other matters that have not been fully resolved and that have arisen in the ordinary course of business. While it is not possible to ascertain the ultimate outcome of such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on the consolidated financial position or results of operations of the Company. However, the outcome of claims, lawsuits and legal proceedings brought against the Company is subject to significant uncertainty. Therefore, although management considers the likelihood of such an outcome to be remote, the ultimate results of these matters cannot be predicted with certainty.

Segments

Segments	12 Months Ended
	Dec. 31, 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 income before depreciation, amortization and noncontrolling interests. During the year ended December 31, 2019, the Company updated the presentation of certain items in the reconciliations section in the segment disclosures below by including additional detail in the reconciliation of segment income before depreciation and amortization to consolidated net income. Year Ended December 31, 2019 2018 2017 Owned Properties Rental revenues and other income $ 880,709 $ 829,119 $ 741,909 Interest income 473 1,436 1,545 Total revenues from external customers 881,182 830,555 743,454 Operating expenses before depreciation, amortization, and ground/facility lease expense (390,664 ) (373,521 ) (332,429 ) Ground/facility lease expense (11,084 ) (8,927 ) (7,372 ) Interest expense, net (1) (16,859 ) (14,742 ) (3,659 ) Income before depreciation and amortization $ 462,575 $ 433,365 $ 399,994 Depreciation and amortization $ 261,938 $ 250,715 $ 223,940 Capital expenditures $ 514,043 $ 546,147 $ 617,552 Total segment assets at December 31, $ 7,346,625 $ 6,841,222 $ 6,691,758 On-Campus Participating Properties Rental revenues and other income $ 36,346 $ 34,596 $ 33,945 Interest income 167 133 65 Total revenues from external customers 36,513 34,729 34,010 Operating expenses before depreciation, amortization, and ground/facility lease expense (15,028 ) (14,602 ) (14,384 ) Ground/facility lease expense (3,067 ) (2,928 ) (2,841 ) Interest expense, net (1) (4,934 ) (5,098 ) (5,264 ) Income before depreciation and amortization $ 13,484 $ 12,101 $ 11,521 Depreciation and amortization $ 8,380 $ 7,819 $ 7,536 Capital expenditures $ 2,898 $ 3,654 $ 3,533 Total segment assets at December 31, $ 97,561 $ 93,917 $ 100,031 Development Services Development and construction management fees $ 13,051 $ 7,281 $ 10,761 Operating expenses (8,658 ) (8,031 ) (7,618 ) Income (loss) before depreciation and amortization $ 4,393 $ (750 ) $ 3,143 Total segment assets at December 31, $ 13,539 $ 10,087 $ 6,726 Property Management Services Property management fees from external customers $ 12,936 $ 9,814 $ 9,832 Operating expenses (11,257 ) (7,428 ) (7,607 ) Income before depreciation and amortization $ 1,679 $ 2,386 $ 2,225 Total segment assets at December 31, $ 8,888 $ 6,426 $ 7,576 Reconciliations Total segment revenues and other income $ 943,682 $ 882,379 $ 798,057 Unallocated interest income earned on investments and corporate cash 3,046 3,265 3,335 Total consolidated revenues, including interest income $ 946,728 $ 885,644 $ 801,392 Segment income before depreciation and amortization $ 482,131 $ 447,102 $ 416,883 Segment depreciation and amortization (270,318 ) (258,534 ) (231,476 ) Corporate depreciation (4,728 ) (4,669 ) (3,479 ) Net unallocated expenses relating to corporate interest and overhead (117,529 ) (110,660 ) (90,250 ) Loss (gain) from disposition of real estate (53 ) 42,314 (632 ) Other operating and nonoperating income — 3,949 — Amortization of deferred financing costs (5,012 ) (5,816 ) (4,619 ) Provision for impairment (17,214 ) — (15,317 ) Gain from extinguishment of debt 20,992 7,867 — Income tax provision (1,507 ) (2,429 ) (989 ) Net income $ 86,762 $ 119,124 $ 70,121 Total segment assets $ 7,466,613 $ 6,951,652 $ 6,806,091 Unallocated corporate assets 93,141 87,194 91,279 Total assets at December 31, $ 7,559,754 $ 7,038,846 $ 6,897,370 (1)

Quarterly Financial Information

Quarterly Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information (Unaudited)	Quarterly Financial Information (Unaudited) American Campus Communities, Inc. The information presented below represents the quarterly consolidated financial results of the Company for the years ended December 31, 2019 and 2018 . 2019 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 242,131 $ 217,371 $ 227,705 $ 255,835 $ 943,042 Operating income 58,999 37,841 27,307 55,743 179,890 Net income 31,368 10,210 19,336 25,848 86,762 Net (income) loss attributable to noncontrolling interests (1,728 ) 176 887 (1,128 ) (1,793 ) Net income attributable to ACC, Inc. and Subsidiaries common stockholders $ 29,640 $ 10,386 $ 20,223 $ 24,720 $ 84,969 Net income attributable to common stockholders per share - basic $ 0.21 $ 0.07 $ 0.14 $ 0.18 $ 0.61 (1) Net income attributable to common stockholders per share - diluted $ 0.21 $ 0.07 $ 0.14 $ 0.18 $ 0.60 2018 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 220,409 $ 201,059 $ 213,469 $ 245,873 $ 880,810 Operating income 50,406 73,168 21,501 67,520 212,595 Net income (loss) 26,250 45,990 (2,737 ) 49,621 119,124 Net (income) loss attributable to noncontrolling interests (323 ) 19 392 (2,117 ) (2,029 ) Net income (loss) attributable to ACC, Inc. and Subsidiaries common stockholders $ 25,927 $ 46,009 $ (2,345 ) $ 47,504 $ 117,095 Net income (loss) attributable to common stockholders per share - basic $ 0.19 $ 0.33 $ (0.02 ) $ 0.34 $ 0.84 Net income (loss) attributable to common stockholders per share - diluted $ 0.18 $ 0.33 $ (0.02 ) $ 0.34 $ 0.84 (1) (1) Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year. American Campus Communities Operating Partnership LP The information presented below represents the quarterly consolidated financial results of the Operating Partnership for the years ended December 31, 2019 and 2018 . 2019 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 242,131 $ 217,371 $ 227,705 $ 255,835 $ 943,042 Operating income 58,999 37,841 27,307 55,743 179,890 Net income 31,368 10,210 19,336 25,848 86,762 Net (income) loss attributable to noncontrolling interests (1,568 ) 230 970 (1,030 ) (1,398 ) Series A preferred unit distributions (31 ) (9 ) (14 ) (14 ) (68 ) Net income available to common unitholders $ 29,769 $ 10,431 $ 20,292 $ 24,804 $ 85,296 Net income per unit attributable to common unitholders - basic $ 0.21 $ 0.07 $ 0.14 $ 0.18 $ 0.61 (1) Net income per unit attributable to common unitholders - diluted $ 0.21 $ 0.07 $ 0.14 $ 0.18 $ 0.60 2018 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 220,409 $ 201,059 $ 213,469 $ 245,873 $ 880,810 Operating income 50,406 73,168 21,501 67,520 212,595 Net income (loss) 26,250 45,990 (2,737 ) 49,621 119,124 Net (income) loss attributable to noncontrolling interests (114 ) 366 413 (1,880 ) (1,215 ) Series A preferred unit distributions (31 ) (31 ) (31 ) (31 ) (124 ) Net income (loss) available to common unitholders $ 26,105 $ 46,325 $ (2,355 ) $ 47,710 $ 117,785 Net income (loss) per unit attributable to common unitholders - basic $ 0.19 $ 0.33 $ (0.02 ) $ 0.34 $ 0.85 (1) Net income (loss) per unit attributable to common unitholders - diluted $ 0.18 $ 0.33 $ (0.02 ) $ 0.34 $ 0.84 (1) (1) Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions : On January 20, 2020 , the Company’s Board of Directors declared a distribution per share of $0.47 which was paid on February 14, 2020 to all common stockholders of record as of January 30, 2020 . At the same time, the Operating Partnership paid an equivalent amount per unit to holders of Common Units, as well as the quarterly cumulative preferential distribution to holders of Series A Preferred Units (see Note 8 ). January 2020 Bond Offering : In January 2020, the Operating Partnership closed a $400 million offering of senior unsecured notes under its existing shelf registration. These 10 -year notes were issued at 99.81% of par value with a coupon of 2.85% and are fully and unconditionally guaranteed by the Company. Interest on the notes is payable semi-annually on February 1 and August 1, with the first payment due and payable on August 1, 2020. The notes will mature on February 1, 2030. Net proceeds from the sale of the senior unsecured notes totaled approximately $394.3 million . The Company used the proceeds to fund the early redemption of its $400 million 3.35% Senior Notes due October 2020. The prepayment resulted in approximately $4.8 million in debt extinguishment costs incurred during the first quarter of 2020. Purchase of Noncontrolling Interests : In January and February 2020, the Company exercised its option to purchase the remaining ownership interest in two owned properties, held in a joint venture as part of the Core Transaction, for a total of approximately $76.8 million . Property Held For Sale : In February 2020, management determined that all criteria for Held for Sale classification (per Accounting Standards Codification Topic 360, “Property, Plant and Equipment”) have been met for one owned property. As of December 31, 2019, the net book value of the property was $97.9 million .

Schedule of Real Estate and Acc

Schedule of Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule of Real Estate and Accumulated Depreciation	Schedule of Real Estate and Accumulated Depreciation Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs (1) Land Buildings and Total (2) Accumulated Depreciation Encumbrances (3) Year Built (4) Owned Properties (5) The Callaway House - College Station 173 538 $ 5,081 $ 20,499 $ 7,923 $ 5,002 $ 28,501 $ 33,503 $ 13,913 $ — 1999 The Village at Science Drive 192 732 4,673 19,021 7,510 4,673 26,531 31,204 11,198 — 2000 University Village at Boulder Creek 82 309 1,035 16,393 984 1,035 17,377 18,412 7,694 — 2002 University Village - Fresno 105 406 929 15,168 654 929 15,822 16,751 6,255 — 2004 University Village - Temple 220 749 — 41,119 2,137 — 43,256 43,256 16,955 — 2004 University Club Apartments 94 376 1,416 11,848 1,075 1,416 12,923 14,339 5,117 — 1999 City Parc at Fry Street 136 418 1,902 17,678 4,104 1,902 21,782 23,684 8,018 — 2004 Entrada Real 98 363 1,475 15,859 2,189 1,475 18,048 19,523 7,058 — 2000 University Village at Sweethome 269 828 2,473 34,448 2,270 2,473 36,718 39,191 13,301 — 2005 University Village - Tallahassee 217 716 4,322 26,225 4,770 4,322 30,995 35,317 11,564 — 1991 Royal Village - Gainesville 118 448 2,386 15,153 5,232 2,363 20,408 22,771 7,107 — 1996 Royal Lexington 94 364 2,848 12,783 4,250 2,848 17,033 19,881 6,374 — 1994 Raiders Pass 264 828 3,877 32,445 4,836 3,877 37,281 41,158 13,465 — 2001 Aggie Station 156 450 1,634 18,821 3,329 1,634 22,150 23,784 7,973 — 2003 The Outpost - San Antonio 276 828 3,262 36,252 10,276 3,262 46,528 49,790 15,242 — 2005 Callaway Villas 236 704 3,903 31,953 404 3,903 32,357 36,260 10,996 — 2006 The Village on Sixth Avenue 248 752 2,763 22,480 8,749 2,763 31,229 33,992 11,025 — 1999 Newtown Crossing 356 942 7,013 53,597 96 7,013 53,693 60,706 17,362 — 2005 Olde Towne University Square 224 550 2,277 24,614 (509 ) 2,277 24,105 26,382 8,023 — 2005 Peninsular Place 183 478 2,306 16,559 1,069 2,306 17,628 19,934 5,656 — 2005 University Centre 234 838 — 77,378 238 — 77,616 77,616 24,690 — 2007 The Summit & Jacob Heights 258 930 2,318 36,464 2,983 2,318 39,447 41,765 12,404 — 2004 GrandMarc Seven Corners 186 440 4,491 28,807 1,666 4,491 30,473 34,964 9,612 — 2000 Aztec Corner 180 606 17,460 32,209 2,263 17,460 34,472 51,932 11,106 — 2001 The Tower at Third 188 375 1,145 19,128 12,653 1,267 31,659 32,926 11,194 — 1973 Willowtree Apartments and Tower 473 851 9,807 21,880 4,954 9,806 26,835 36,641 9,655 — 1970 University Pointe 204 682 989 27,576 4,438 989 32,014 33,003 10,901 — 2004 University Trails 240 684 1,183 25,173 4,236 1,183 29,409 30,592 10,226 — 2003 Campus Trails 156 480 1,358 11,291 7,267 1,358 18,558 19,916 5,834 — 1991 University Crossings (ACE) 260 1,016 — 50,668 42,469 — 93,137 93,137 31,148 — 2003 Vista del Sol (ACE) 613 1,866 — 135,939 5,980 — 141,919 141,919 45,289 — 2008 Villas at Chestnut Ridge 196 552 2,756 33,510 1,929 2,756 35,439 38,195 11,862 — 2008 Barrett Honors College (ACE) 604 1,721 — 131,302 22,594 — 153,896 153,896 47,876 — 2009 Sanctuary Lofts 201 487 2,960 18,180 4,758 2,959 22,939 25,898 7,784 — 2006 Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs (1) Land Buildings and Total (2) Accumulated Depreciation Encumbrances (3) Year Built (4) The Edge - Charlotte 180 720 $ 3,076 $ 23,395 $ 9,702 $ 3,076 $ 33,097 $ 36,173 $ 11,417 $ — 1999 University Walk 120 480 2,016 14,599 3,557 2,016 18,156 20,172 6,044 — 2002 Uptown 180 528 3,031 21,685 4,289 3,031 25,974 29,005 7,201 — 2004 2nd Avenue Centre 274 868 4,434 27,236 4,250 4,434 31,486 35,920 10,159 — 2008 Villas at Babcock 204 792 4,642 30,901 448 4,642 31,349 35,991 11,452 — 2011 Lobo Village (ACE) 216 864 — 42,490 1,266 — 43,756 43,756 11,603 — 2011 Villas on Sycamore 170 680 3,000 24,640 517 3,000 25,157 28,157 9,714 — 2011 26 West 367 1,026 21,396 63,994 8,298 21,396 72,292 93,688 18,764 66,938 2008 The Varsity 258 901 11,605 108,529 2,095 11,605 110,624 122,229 24,284 — 2011 Avalon Heights 210 754 4,968 24,345 15,193 4,968 39,538 44,506 10,768 — 2002 University Commons 164 480 12,559 19,010 3,325 12,559 22,335 34,894 5,865 — 2003 Casas del Rio (ACE) 283 1,028 — 40,639 2,997 — 43,636 43,636 17,115 — 2012 The Suites (ACE) 439 878 — 45,296 817 — 46,113 46,113 13,377 — 2013 Hilltop Townhomes (ACE) 144 576 — 31,507 655 — 32,162 32,162 10,780 — 2012 U Club on Frey 216 864 8,703 36,873 1,595 8,703 38,468 47,171 11,190 — 2013 Campus Edge on UTA Boulevard 128 488 2,661 21,233 1,167 2,663 22,398 25,061 7,522 — 2012 U Club Townhomes on Marion Pugh 160 640 6,722 26,546 1,912 6,722 28,458 35,180 9,854 — 2012 Villas on Rensch 153 610 10,231 33,852 1,477 10,231 35,329 45,560 10,940 — 2012 The Village at Overton Park 163 612 5,262 29,374 1,412 5,262 30,786 36,048 10,504 — 2012 Casa de Oro (ACE) 109 365 — 12,362 301 — 12,663 12,663 4,589 — 2012 The Villas at Vista del Sol (ACE) 104 400 — 20,421 511 — 20,932 20,932 7,675 — 2012 The Block 669 1,555 22,270 141,430 14,963 22,497 156,166 178,663 32,538 94,117 2008 University Pointe at College Station (ACE) 282 978 — 84,657 2,531 — 87,188 87,188 30,227 — 2012 309 Green 110 416 5,351 49,987 4,209 5,351 54,196 59,547 12,098 28,929 2008 The Retreat 187 780 5,265 46,236 4,226 5,265 50,462 55,727 11,567 — 2012 Lofts54 43 172 430 14,741 4,354 430 19,095 19,525 4,402 — 2008 Campustown Rentals 264 746 2,382 40,190 4,559 2,382 44,749 47,131 11,872 — 1982 Chauncey Square 158 386 2,522 40,013 1,955 2,522 41,968 44,490 9,627 — 2011 Texan & Vintage 124 311 5,937 11,906 16,193 5,962 28,074 34,036 6,107 18,796 2008 The Castilian 371 623 3,663 59,772 35,992 3,663 95,764 99,427 23,875 46,052 1967 Bishops Square 134 315 1,206 17,878 2,598 1,206 20,476 21,682 5,242 10,634 2002 Union 54 120 169 6,348 1,148 169 7,496 7,665 1,889 3,328 2006 922 Place 132 468 3,363 34,947 3,552 3,363 38,499 41,862 9,804 — 2009 Campustown 452 1,217 1,818 77,894 10,465 1,818 88,359 90,177 19,055 — 1997 River Mill 243 461 1,741 22,806 5,023 1,741 27,829 29,570 6,809 — 1972 The Province - Greensboro 219 696 2,226 48,567 1,817 2,226 50,384 52,610 11,849 26,471 2011 RAMZ Apartments on Broad 88 172 785 12,303 870 785 13,173 13,958 2,998 — 2004 Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs (1) Land Buildings and Total (2) Accumulated Depreciation Encumbrances (3) Year Built (4) The Lofts at Capital Garage 36 144 $ 313 $ 3,581 $ 799 $ 313 $ 4,380 $ 4,693 $ 1,212 $ — 2000 25Twenty 249 562 2,226 33,429 1,447 2,226 34,876 37,102 9,308 24,723 2011 The Province - Louisville 366 858 4,392 63,068 2,202 4,392 65,270 69,662 15,743 34,353 2009 The Province - Rochester 336 816 3,798 70,955 3,732 3,798 74,687 78,485 17,668 32,313 2010 5 Twenty Four and 5 Twenty Five Angliana 376 1,060 — 60,448 7,401 5,214 62,635 67,849 15,386 — 2010 The Province - Tampa 287 947 — 52,943 5,394 — 58,337 58,337 13,637 30,840 2009 U Pointe Kennesaw 216 795 1,482 61,654 6,385 1,482 68,039 69,521 17,301 — 2012 The Cottages of Durham 141 619 3,955 41,421 2,758 3,955 44,179 48,134 12,655 — 2012 University Edge 201 608 4,500 26,385 1,576 4,500 27,961 32,461 6,309 — 2012 The Lodges of East Lansing 364 1,049 6,472 89,231 2,973 6,472 92,204 98,676 20,607 27,935 2012 7th Street Station 82 309 9,792 16,472 615 9,792 17,087 26,879 4,212 — 2012 The Callaway House - Austin 219 753 — 61,550 1,224 — 62,774 62,774 16,211 80,726 2013 Manzanita Hall (ACE) 241 816 — 48,781 1,488 — 50,269 50,269 14,061 — 2013 University View (ACE) 96 336 — 14,683 251 — 14,934 14,934 4,141 — 2013 U Club Townhomes at Overton Park 112 448 7,775 21,483 1,014 7,775 22,497 30,272 6,179 — 2013 601 Copeland 81 283 1,457 26,699 591 1,457 27,290 28,747 6,315 — 2013 The Townhomes at Newtown Crossing 152 608 7,745 32,074 656 7,745 32,730 40,475 7,716 — 2013 Chestnut Square (ACE) 220 861 — 98,369 2,964 — 101,333 101,333 24,574 — 2013 Park Point - Rochester 300 924 7,827 73,495 5,235 7,827 78,730 86,557 18,069 70,000 2008 U Centre at Fry Street 194 614 2,902 47,700 2,901 2,902 50,601 53,503 10,077 — 2012 Cardinal Towne 255 545 6,547 53,809 3,942 6,547 57,751 64,298 11,408 — 2010 Merwick Stanworth (ACE) 325 595 — 79,598 (692 ) — 78,906 78,906 10,921 — 2014 Plaza on University 364 1,313 23,987 85,584 4,373 23,987 89,957 113,944 19,308 — 2014 U Centre at Northgate (ACE) 196 784 — 35,663 503 — 36,166 36,166 8,088 — 2014 University Walk 177 526 4,341 29,073 938 4,341 30,011 34,352 5,185 — 2014 U Club on Woodward 236 944 16,350 46,982 867 16,349 47,850 64,199 10,937 — 2014 Park Point - Syracuse 66 226 — 25,725 3,582 — 29,307 29,307 4,671 10,586 2010 1200 West Marshall 136 406 4,397 33,908 2,020 4,397 35,928 40,325 6,104 — 2013 8 1/2 Canal Street 160 540 2,797 45,394 2,359 2,797 47,753 50,550 7,272 — 2011 Vistas San Marcos 255 600 586 45,761 6,157 586 51,918 52,504 10,791 — 2013 Crest at Pearl 141 343 4,395 36,268 1,959 4,491 38,131 42,622 6,122 23,372 2014 U Club Binghamton 326 1,272 15,858 92,372 3,194 15,858 95,566 111,424 11,154 — 2005 Stadium Centre 447 970 9,249 100,854 7,641 9,249 108,495 117,744 15,299 63,471 2014 160 Ross 182 642 2,962 38,478 1,013 2,962 39,491 42,453 7,060 — 2015 The Summit at University City (ACE) 351 1,315 — 154,770 1,786 — 156,556 156,556 22,183 — 2015 2125 Franklin 192 734 8,299 55,716 587 8,299 56,303 64,602 8,757 — 2015 University Crossings - Charlotte 187 546 645 36,838 4,618 645 41,456 42,101 4,908 — 2014 Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs (1) Land Buildings and Total (2) Accumulated Depreciation Encumbrances (3) Year Built (4) U Club on 28th 100 398 $ 9,725 $ 45,788 $ 396 $ 9,725 $ 46,184 $ 55,909 $ 5,490 $ — 2016 Currie Hall (ACE) 178 456 — 49,987 344 — 50,331 50,331 6,384 — 2016 University Pointe (ACE) 134 531 — 44,035 262 — 44,297 44,297 5,377 — 2016 Fairview House (ACE) 107 633 — 38,144 193 — 38,337 38,337 5,544 — 2016 U Club Sunnyside 134 534 7,423 41,582 550 7,423 42,132 49,555 5,130 — 2016 U Point 54 163 1,425 17,325 2,406 1,425 19,731 21,156 2,278 — 2016 The Arlie 169 598 1,350 43,352 1,905 1,350 45,257 46,607 5,014 — 2016 TWELVE at U District 283 384 13,013 98,115 3,494 13,013 101,609 114,622 7,136 — 2014 The 515 183 513 1,611 68,953 1,542 1,611 70,495 72,106 4,879 — 2015 State 220 665 3,448 66,774 2,409 3,448 69,183 72,631 5,635 — 2013 The James 366 850 18,871 118,096 2,048 18,871 120,144 139,015 9,354 — 2017 Bridges 11th 184 258 — 58,825 1,413 — 60,238 60,238 3,695 — 2015 Hub U District Seattle 111 248 5,700 56,355 1,318 5,700 57,673 63,373 4,265 — 2017 Tooker House (ACE) 429 1,594 — 103,897 (179 ) — 103,718 103,718 9,541 — 2017 SkyView (ACE) 163 626 — 57,578 247 — 57,825 57,825 4,750 — 2017 University Square (ACE) 143 466 — 25,635 8 — 25,643 25,643 2,384 — 2017 U Centre on Turner 182 718 14,000 55,456 36 14,001 55,491 69,492 4,792 — 2017 U Pointe on Speight 180 700 4,705 46,160 333 4,705 46,493 51,198 3,897 — 2017 21Hundred at Overton Park 296 1,204 16,767 64,057 834 16,767 64,891 81,658 5,766 — 2017 The Suites at Third 63 251 831 22,384 (37 ) 831 22,347 23,178 1,924 — 2017 Callaway House Apartments 386 915 12,651 78,220 582 12,651 78,802 91,453 6,910 — 2017 U Centre on College 127 418 — 41,607 (187 ) — 41,420 41,420 3,332 — 2017 David Blackwell Hall (ACE) 412 780 — 96,891 — — 96,891 96,891 4,430 — 2018 Gladding Residence Center (ACE) 592 1,524 — 94,368 418 — 94,786 94,786 4,723 — 2018 Irvington House (ACE) 197 648 — 36,187 — — 36,187 36,187 1,848 — 2018 The Edge - Stadium Centre 111 413 10,000 30,885 19 10,000 30,904 40,904 1,325 — 2018 Greek Leadership Village (ACE) 498 957 — 69,351 44 — 69,395 69,395 3,480 — 2018 NAU Honors College (ACE) 318 636 — 41,222 — — 41,222 41,222 2,147 — 2018 U Club Townhomes at Oxford 132 528 5,115 39,239 — 5,115 39,239 44,354 2,035 — 2018 Hub Ann Arbor 124 310 7,050 42,865 1,314 7,050 44,179 51,229 2,107 — 2018 Hub Flagstaff 198 591 5,397 56,626 660 5,397 57,286 62,683 2,712 — 2018 Campus Edge on Pierce 289 598 6,881 55,818 734 6,881 56,552 63,433 2,855 — 2018 191 College 127 495 5,434 55,620 — 5,434 55,620 61,054 787 — 2019 LightView (ACE) 214 825 — 152,040 — — 152,040 152,040 1,957 — 2019 University of Arizona Honors College (ACE) 319 1,056 — 76,166 — — 76,166 76,166 1,152 — 2019 The Flex - Stadium Centre 78 340 8,559 26,516 — 8,559 26,516 35,075 374 — 2019 959 Franklin 230 443 5,026 63,040 — 5,026 63,040 68,066 635 — 2019 Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs (1) Land Buildings and Total (2) Accumulated Depreciation Encumbrances (3) Year Built (4) Properties Under Development (6) Disney College Program Phases I-X (ACE) (7) 2,614 10,440 $ — $ 224,185 $ — $ — $ 224,185 $ 224,185 $ — $ — 2020-23 (7) Currie Hall Phase II (ACE) 95 272 — 22,681 — — 22,681 22,681 — — 2020 Holloway Residences (ACE) 169 584 — 89,615 — — 89,615 89,615 — — 2020 Undeveloped land parcels (8) — — 55,896 651 — 55,896 651 56,547 543 — N/A Subtotal 34,680 107,551 $ 649,403 $ 6,998,527 $ 489,574 $ 654,985 $ 7,482,519 $ 8,137,504 $ 1,442,789 $ 693,584 On-Campus Participating Properties University Village & University Village Northwest at Prairie View (9) 648 2,064 $ — $ 40,734 $ 9,960 $ — $ 50,694 $ 50,694 $ 38,663 $ 10,464 1998 University Village at Laredo 84 250 — 5,844 1,433 — 7,277 7,277 5,866 1,601 1997 University College at Prairie View 756 1,470 — 22,650 6,579 — 29,229 29,229 20,824 11,150 2001 Cullen Oaks 411 879 — 33,910 2,995 — 36,905 36,905 19,166 25,313 2003 College Park 224 567 — 43,634 1,760 — 45,394 45,394 9,792 40,629 2014 Subtotal 2,123 5,230 $ — $ 146,772 $ 22,727 $ — $ 169,499 $ 169,499 $ 94,311 $ 89,157 Total 36,803 112,781 $ 649,403 $ 7,145,299 $ 512,301 $ 654,985 $ 7,652,018 $ 8,307,003 $ 1,537,100 $ 782,741 (1) Includes write-offs of fully depreciated assets. (2) Total aggregate costs for federal income tax purposes is approximately $8.7 billion . (3) Total encumbrances exclude net unamortized debt premiums and deferred financing costs of approximately $6.4 million and $1.7 million , respectively, as of December 31, 2019 . (4) For properties with multiple phases, the year built represents the weighted average year based on the number of beds delivered each year. (5) A number of our properties consist of two or more phases that are counted separately in the property portfolio numbers disclosed in Note 1 . (6) Initial costs represent construction costs incurred to date associated with the development of these properties. Year built represents the scheduled completion date. (7) Consists of ten phases that are counted as one property in the property portfolio numbers contained in Note 1 and will be delivered from 2020 to 2023. (8) Buildings and improvements and furniture, fixtures and equipment and accumulated depreciation amounts are related to buildings on two land parcels that will be demolished as part of development. (9) Consists of two properties, one of which was converted to the OCPP structure in January 2019, that are counted separately in the property portfolio numbers disclosed in Note 1 . The changes in the Company’s investments in real estate and related accumulated depreciation for each of the years ended December 31, 2019 , 2018 , and 2017 are as follows: For the Year Ended December 31, 2019 2018 2017 Owned (1) On-Campus (2) Owned (1) On-Campus (2) Owned (1) On-Campus (2) Investments in Real Estate: Balance, beginning of year $ 7,813,959 $ 162,562 $ 7,485,391 $ 159,996 $ 6,316,470 $ 162,929 Acquisition of land for development 10,219 — 26,758 — 24,049 — Acquisition of properties — — — — 618,183 — Improvements and development expenditures 484,949 2,900 549,635 3,654 621,793 3,544 Write-off of fully depreciated or damaged assets (3,831 ) (306 ) (16,758 ) (1,088 ) (40,923 ) (6,477 ) Provision for real estate impairment (3,201 ) — — — (15,317 ) — Disposition of real estate (160,248 ) — (231,067 ) — (38,864 ) — Transfer of property from owned to OCPP structure (4,343 ) 4,343 — — — — Balance, end of year $ 8,137,504 $ 169,499 $ 7,813,959 $ 162,562 $ 7,485,391 $ 159,996 Accumulated Depreciation: Balance, beginning of year $ (1,230,562 ) $ (84,925 ) $ (1,035,027 ) $ (78,192 ) $ (864,106 ) $ (77,132 ) Depreciation for the year (255,796 ) (8,380 ) (242,123 ) (7,819 ) (213,660 ) (7,536 ) Write-off of fully depreciated or damaged assets 3,831 306 16,242 1,086 37,761 6,476 Disposition of properties 38,426 — 30,346 — 4,978 — Transfer of property from owned to OCPP structure 1,312 (1,312 ) — — — — Balance, end of year $ (1,442,789 ) $ (94,311 ) $ (1,230,562 ) $ (84,925 ) $ (1,035,027 ) $ (78,192 ) (1) Includes owned off-campus properties and owned on-campus properties. (2) Includes on-campus participating properties.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements, presented in U.S. dollars, are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and revenue and expenses during the reporting periods. The Company’s actual results could differ from those estimates and assumptions. All material intercompany transactions among consolidated entities have been eliminated. All dollar amounts in the tables herein, except share, per share, unit and per unit amounts, are stated in thousands unless otherwise indicated.
Principles of Consolidation	Principles of Consolidation The Company’s consolidated financial statements include its accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which it has control. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities (“VIEs”), which requires the consolidation of VIEs in which the Company is considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation using the voting interest model.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The standard requires entities to estimate a lifetime expected credit loss for most financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and to present the net amount of the financial instrument expected to be collected. The updated standard will be effective for the Company on January 1, 2020. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which amends the transition requirements and scope of ASU 2016-13 and clarifies that receivables arising from operating leases are not within the scope of the credit losses standard, but rather, should be accounted for in accordance with the leases standard. The Company notes that a majority of its financial instruments result from operating leasing transactions, which as mentioned above, are not within the scope of the new standard. However, the Company did perform both a quantitative and qualitative analysis on the financial assets that are covered under this guidance, including its loans receivable. Based on this analysis, which included analyzing historical performance, occupancy rates, projected future performance, and macroeconomic trends, the Company concluded this new standard would not have a material impact on the consolidated financial statements. In addition, the Company does not expect the following accounting pronouncements issued by the FASB to have a material effect on its consolidated financial statements: Accounting Standards Update Effective Date ASU 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 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes" January 1, 2021 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 were 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. Effective January 1, 2019, when the Company enters into a contract or amends an existing contract, it evaluates whether the contract meets the definition of a lease under the New Leases Standard. To meet the definition of a lease the contract must meet all three of the following criteria: • One party (lessor) must hold an identified asset; • The counterparty (lessee) must have the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of the contract; and • The counterparty (lessee) must have the right to direct the use of the identified asset throughout the period of the contract 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. The New Leases Standard does provide a practical expedient that allows lessees to not apply the recognition requirements discussed above to leases with a lease term of 12 months or less. The Company elected to adopt this practical expedient available for implementation. • 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”), 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. Leases entered into or modified after January 1, 2019, were evaluated under the New Leases Standard and were also classified as operating leases. 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. The Company concludes that operating lease payments are probable of collection at lease commencement. If the operating lease payments are subsequently deemed not probable of collection, adjustments are recognized as a reduction to lease income and, subsequently, any lease revenue is only recognized when cash receipts are received. 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 $7.3 million , $7.1 million and $6.4 million for the year ended December 31, 2019 , 2018 and 2017 , respectively. The provision for uncollectible accounts for on-campus participating properties was a $0.5 million benefit for the year ended December 31, 2019 , and a $0.3 million expense for both year ended December 31, 2018 and 2017 . • The New Leases Standard allows lessors to maintain an allowance for uncollectible operating lease receivables. If after lease commencement, the assessment of collectability on operating lease payments changes, a lessor can determine whether the allowance adequately contemplated this change. Upon adoption, the Company elected to maintain its allowance for operating leases and concluded the allowance adequately contemplated operating lease payments that were deemed not probable of collection for the year ended December 31, 2019. • 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. 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” • ASU 2018-16, "Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes"
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Investments in Real Estate and On-Campus Properties	Investments in Real Estate Investments in real estate are recorded at historical cost. Major improvements that extend the life of an asset are capitalized and depreciated over the remaining useful life of the asset. The cost of ordinary repairs and maintenance are expensed as incurred. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings and improvements 7-40 years Leasehold interest - on-campus participating properties 25-34 years (shorter of useful life or respective lease term) Furniture, fixtures and equipment 3-7 years Project costs directly associated with the development and construction of an owned real estate project, which include interest, property taxes, and amortization of deferred financing costs, are capitalized as construction in progress. Upon completion of the project, costs are transferred into the applicable asset category and depreciation commences. Interest totaling approximately $12.1 million , $11.7 million and $15.9 million was capitalized during the years ended December 31, 2019 , 2018 , and 2017 , 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 uses estimates, including capitalization rates and growth rates, which are inherently uncertain and rely on assumptions regarding current and future economics and market conditions. If such conditions change, then an adjustment to the carrying value of the Company’s long-lived assets could occur in the future period in which the conditions change. To the extent that a property is impaired, the excess of the carrying amount of the property over its estimated fair value is charged to earnings. In the case of any impairment, the valuation would be based on Level 3 inputs. During the year ended December 31, 2019 , concurrent with the classification of one owned property as held for sale, the Company recorded a $3.2 million impairment charge which is included in provision for impairment within operating income on the Consolidated Statements of Comprehensive Income. There were no impairment charges during the year ended December 31, 2018. The Company recorded a $15.3 million impairment charge in June 2017 for one property that was in receivership and was returned to the lender during the year ended December 31, 2019 . Refer to Note 6 for additional information regarding the disposition and to Note 9 for additional information regarding the property returned to the lender. The Company evaluates each acquisition to determine if the integrated set of assets and activities acquired meet the definition of a business. If either of the following criteria is met, the integrated set of assets and activities acquired would not qualify as a business: • Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or • The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e. revenue generated before and after the transaction). Property acquisitions deemed to qualify as a business are accounted for as business combinations, and the related acquisition costs are expensed as incurred. The Company allocates the purchase price of properties acquired in business combinations to net tangible and identified intangible assets based on their fair values. Fair value estimates are based on information obtained from a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, the Company’s own analysis of recently acquired and existing comparable properties in the Company’s portfolio, and other market data. Information obtained about each property as a result of due diligence, marketing, and leasing activities is also considered. The value allocated to land is generally based on the actual purchase price if acquired separately, or market research/comparables if acquired as part of an existing operating property. The value allocated to building is based on the fair value determined on an “as-if vacant” basis, which is estimated using a replacement cost approach that relies upon assumptions that the Company believes are consistent with current market conditions for similar properties. The value allocated to furniture, fixtures, and equipment is based on an estimate of the fair value of the appliances and fixtures inside the units. The Company has determined these estimates are primarily based upon unobservable inputs and therefore are considered to be Level 3 inputs within the fair value hierarchy. Acquisitions of properties that do not meet the definition of a business are accounted for as asset acquisitions. The accounting model for asset acquisitions is similar to the accounting model for business combinations except that the acquisition consideration (including transaction costs) is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. The relative fair values used to allocate the cost of an asset acquisition are determined using the same methodologies and assumptions as those utilized to determine fair value in a business combination.
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 December 31, 2019 and 2018 .
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company maintains cash balances in various banks. At times, the Company’s balances may exceed the amount insured by the FDIC. As the Company only uses money-centered financial institutions, the Company does not believe it is exposed to any significant credit risk related to its cash and cash equivalents.
Restricted Cash	Restricted Cash Restricted cash consists of funds held in trusts that were established in connection with three bond issues for the Company’s on-campus participating properties. The funds are invested in low risk investments, generally consisting of government backed securities, as permitted by the indentures of trusts. Additionally, restricted cash includes escrow accounts held by lenders and resident security deposits, as required by law in certain states. Restricted cash also consists of escrow deposits made in connection with potential property acquisitions and development opportunities. These escrow deposits are invested in interest-bearing accounts at federally-insured banks. Realized and unrealized gains and losses are not material for the periods presented.
Loans Receivable	Loans Receivable Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan purchase discounts, and net of an allowance for loan losses when such loan is deemed to be impaired. Loan purchase discounts are amortized over the term of the loan. The unamortized discount on the loans receivable was $2.3 million and $2.4 million as of December 31, 2019 and 2018 , respectively. The Company considers a loan impaired when, based upon current information and events, it is probable that it will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. Management’s estimate of the collectability of principal and interest payments under the Company’s loans receivable from CaPFA Capital Corp. 2000F (“CaPFA”), which mature in December 2040 and carry a balance, net of discount, of approximately $50.6 million and $54.6 million as of December 31, 2019 and 2018 , respectively, are highly dependent on the future operating performance of the properties securing the loans. As future economic conditions and/or market conditions at the properties change, management will continue to evaluate the collectability of such amounts. There were no impairments of the carrying value of its loans receivable as of December 31, 2019 . Loans receivable are included in Other Assets on the accompanying Consolidated Balance Sheets.
Intangible Assets	Intangible Assets A portion of the purchase price of acquired properties is allocated to the value of in-place leases for both student and commercial tenants, which is based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued “as-if” vacant. As lease terms for student leases are typically one year or less, rates on in-place leases generally approximate market rental rates. Factors considered in the valuation of in-place leases include an estimate of the carrying costs during the expected lease-up period considering current market conditions, nature of the tenancy, and costs to execute similar leases. Carrying costs include estimates of lost rents at market rates during the expected lease-up period as well as marketing and other operating expenses. The value of in-place leases is amortized over the remaining initial term of the respective leases. The purchase price of property acquisitions is not allocated to student tenant relationships, considering the terms of the leases and the expected levels of renewals. For acquired properties subject to an in-place property tax incentive arrangement, a portion of the purchase price is allocated to the present value of expected future property tax savings over the projected incentive arrangement period. There were no new acquisitions or investments in joint ventures during the years ended December 31, 2019 and 2018 , that required an allocation to in-place property tax incentive arrangements assumed. Unamortized in-place property tax incentive arrangements as of December 31, 2019 and 2018 were approximately $38.6 million and $56.3 million , respectively, and are included in other assets on the accompanying consolidated balance sheets. Amortization expense was approximately $3.5 million , $3.7 million , and $3.3 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively, and is included in owned properties operating expense in the accompanying consolidated statements of comprehensive income. As of December 31, 2019 , the remaining weighted average tax incentive arrangement period was 18.0 years . During the year ended December 31, 2019 , the Company recorded a $14.0 million impairment charge associated with a tax incentive arrangement that was recorded upon acquisition of an owned property in 2015 due to current facts and circumstances indicating that the originally assumed property tax savings will not materialize. This impairment charge is based on Level 3 inputs and is included in provision for impairment on the accompanying Consolidated Statements of Comprehensive Income.
Deferred Financing Costs	Deferred Financing Costs The Company defers financing costs and amortizes the costs over the terms of the related debt using the effective-interest method. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to earnings. In those instances when debt modifications do not include material changes to the terms of the underlying debt agreement, unamortized costs of the original instrument are added to the costs of the modification and amortized over the life of the modified debt using the effective interest method. Deferred financing costs, net of amortization, for the Company’s revolving credit facility are included in other assets on the accompanying consolidated balance sheets. Net deferred financing costs for the Company’s revolving credit facility were approximately $3.5 million as of both December 31, 2019 , and 2018 .
Redeemable Noncontrolling Interests	Redeemable Noncontrolling Interests The Company follows guidance issued by the FASB regarding the classification and measurement of redeemable securities. Under this guidance, securities that are redeemable for cash or other assets, at the option of the holder and not solely within the control of the issuer, must be classified outside of permanent equity as redeemable noncontrolling interests. The Company makes this determination based on terms in the applicable agreements, specifically in relation to redemption provisions. The Company initially records the redeemable noncontrolling interests at fair value. The carrying amount of the redeemable noncontrolling interest is subsequently adjusted to the redemption value (assuming the noncontrolling interest is redeemable at the balance sheet date), with the corresponding offset for changes in fair value recorded in additional paid in capital. Reductions in fair value are recorded only to the extent that the Company has previously recorded increases in fair value above the redeemable noncontrolling interests’ initial basis. As the changes in redemption value are based on fair value, there is no effect on the Company’s earnings per share. Redeemable noncontrolling interests on the accompanying consolidated balance sheets of ACC are referred to as redeemable limited partners on the consolidated balance sheets of the Operating Partnership. Refer to Note 8 for a more detailed discussion of redeemable noncontrolling interests for both ACC and the Operating Partnership.
Consolidated VIEs and Presale Development Projects	Consolidated VIEs The Company has investments in various entities that qualify as VIEs for accounting purposes and for which the Company is the primary beneficiary and therefore includes the entities in its consolidated financial statements. These VIEs include the Operating Partnership, six joint ventures that own a total of 11 operating properties and a land parcel, and six properties owned under the on-campus participating property structure. The VIE assets and liabilities consolidated within the Company's assets and liabilities are disclosed at the bottom of the Consolidated Balance Sheets. Presale Development Projects As part of its development strategy, the Company enters into presale agreements to purchase various properties. Under the terms of these agreements, the Company is obligated to purchase the property as long as certain construction completion deadlines and other closing conditions are met. As a part of the presale agreements, the Company has the option to elect not to purchase the asset, which would result in the Company paying a significant penalty. The Company is typically responsible for leasing, management, and initial operations of the project while the third-party developer retains development risk during the construction period. The entity that owns the property is deemed to be a VIE, and the Company is deemed to be the primary beneficiary of the VIE. As such, upon execution of the purchase and sale agreement, the Company records the assets, liabilities, and noncontrolling interest of the entity owning the property at fair value.
Joint Ventures	Joint Ventures The Company consolidates joint ventures when it exhibits financial or operational control, which is determined using accounting standards related to the consolidation of joint ventures and VIEs. For joint ventures that are defined as VIEs, the primary beneficiary consolidates the entity. The Company considers itself to be the primary beneficiary of a VIE when it has the power to direct the activities that most significantly impact the performance of the VIE, such as management of day-to-day operations, preparing and approving operating and capital budgets, and encumbering or selling the related properties. In instances where the Company is not the primary beneficiary, it does not consolidate the joint venture for financial reporting purposes. For joint ventures that are not defined as VIEs, where the Company is the general partner, but does not control the joint venture as the other partners hold substantive participating rights, the Company uses the equity method of accounting. For joint ventures where the Company is a limited partner, management evaluates whether the Company holds substantive participating rights. In instances where the Company holds substantive participating rights in the joint venture, the Company consolidates the joint venture; otherwise, it uses the equity method of accounting.
Mortgage Debt - Premiums and Discounts	Mortgage Debt - Premiums and Discounts Mortgage debt premiums and discounts represent fair value adjustments to account for the difference between the stated rates and market rates of mortgage debt assumed in connection with the Company’s property acquisitions. The mortgage debt premiums and discounts are included in secured mortgage, construction, and bond debt on the accompanying consolidated balance sheets and are amortized to interest expense over the term of the related mortgage loans using the effective-interest method. The amortization of mortgage debt premiums and discounts resulted in a net decrease to interest expense of approximately $4.9 million , $5.3 million , and $7.8 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. As of December 31, 2019 and 2018 , net unamortized mortgage debt premiums were approximately $6.4 million and $11.6 million , respectively.
Tenant Reimbursements	Tenant Reimbursements Reimbursements from tenants, consisting of amounts due from tenants for utilities, are recognized as revenue in the period the recoverable costs are incurred. Tenant reimbursements are recognized and recorded on a gross basis, as the Company is generally the primary obligor with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the supplier, and has credit risk.
Third-Party Development and Management Services Revenue and Costs	Third-Party Development Services Revenue The Company recognizes development revenues and construction revenues over the life of the contract using a time-based measure of progress. An entire development and construction contract represents a single performance obligation comprised of a series of distinct services to be satisfied over time, and a single transaction price to be recognized over the life of the contract using a time-based measure of progress. Any variable consideration included in the transaction price is estimated using the expected value approach and is only included to the extent that a significant revenue reversal is not likely to occur. Third-Party Development Services Costs Pre-development expenditures such as architectural fees, permits and deposits associated with the pursuit of third-party and owned development projects are expensed as incurred, until such time that management believes it is probable that the contract will be executed and/or construction will commence, at which time the Company capitalizes the costs. Because the Company frequently incurs these pre-development expenditures before a financing commitment and/or required permits and authorizations have been obtained, the Company bears the risk of loss of these pre-development expenditures if financing cannot ultimately be arranged on acceptable terms or the Company is unable to successfully obtain the required permits and authorizations. As such, management evaluates the status of third-party and owned projects that have not yet commenced construction on a periodic basis and expenses any deferred costs related to projects whose current status indicates the commencement of construction is unlikely and/or the costs may not provide future value to the Company in the form of revenues. Such write-offs are included in third-party development and management services expenses (in the case of third-party development projects) or general and administrative expenses (in the case of owned development projects) on the accompanying consolidated statements of comprehensive income. As of December 31, 2019 , the Company has deferred approximately $7.1 million in pre-development costs related to third-party and owned development projects that have not yet commenced construction. Such costs are net of any contractual arrangements through which the Company could be reimbursed by another party. Such costs are included in other assets on the accompanying consolidated balance sheets. Third-Party Management Services Revenue Management fees are recognized when earned in accordance with each management contract. Incentive management fees are estimated using the expected value approach and are included in the transaction price only to the extent that a significant revenue reversal is not likely to occur. The Company evaluates the collectability of revenue earned from third-party management contracts and reserves any amounts deemed to be uncollectible based on the individual facts and circumstances of the projects and associated contracts.
Advertising Costs	Advertising Costs Advertising costs are expensed during the period incurred, or as the advertising takes place, depending on the nature and term of the specific advertising arrangements. Advertising expense approximated $15.7 million , $13.6 million and $12.7 million for the years ended December 31, 2019 , 2018 and 2017 , respectively.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company records all derivative financial instruments on the balance sheet at fair value. Changes in fair value are recognized either in earnings or as other comprehensive income, depending on whether the derivative has been designated as a fair value or cash flow hedge and whether it qualifies as part of a hedging relationship, the nature of the exposure being hedged, and how effective the derivative is at offsetting movements in underlying exposure. The Company discontinues hedge accounting when: (i) it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item; (ii) the derivative expires or is sold, terminated, or exercised; (iii) it is no longer probable that the forecasted transaction will occur; or (iv) management determines that designating the derivative as a hedging instrument is no longer appropriate. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company will carry the derivative at its fair value on the balance sheet, recognizing changes in the fair value in current-period earnings. The Company uses interest rate swaps to effectively convert a portion of its floating rate debt to fixed rate, thus reducing the impact of rising interest rates on interest payments. These instruments are designated as cash flow hedges and the interest differential to be paid or received is accrued as interest expense. The Company’s counter-parties are major financial institutions. See Note 12 for an expanded discussion on derivative instruments and hedging activities.
Common Stock Issuances and Costs	Common Stock Issuances and Costs Specific incremental costs directly attributable to the Company’s equity offerings are deferred and charged against the gross proceeds of the offering. As such, underwriting commissions and other common stock issuance costs are reflected as a reduction of additional paid in capital. See Note 10 for an expanded discussion on common stock issuances and costs.
Share-Based Compensation	Share-Based Compensation Compensation expense associated with share-based awards is recognized in the consolidated statements of comprehensive income based on the grant-date fair values and is adjusted as actual forfeitures occur. Compensation expense is recognized over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. See Note 11 for an expanded discussion of the Company’s share-based compensation awards.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted taxable income to its stockholders. As a REIT, the Company will generally not be subject to corporate level federal income tax on taxable income it currently distributes to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for the subsequent four taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local income and excise taxes on its income and property, and to federal income and excise taxes on its undistributed income. The Company owns various TRSs, one of which manages the Company’s non-REIT activities and each of which is subject to federal, state and local income taxes.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Schedule of accounting pronouncements	In addition, the Company does not expect the following accounting pronouncements issued by the FASB to have a material effect on its consolidated financial statements: Accounting Standards Update Effective Date ASU 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 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes" January 1, 2021
Schedule of estimated useful lives of assets	Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings and improvements 7-40 years Leasehold interest - on-campus participating properties 25-34 years (shorter of useful life or respective lease term) Furniture, fixtures and equipment 3-7 years

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share Disclosure [Line Items]
Schedule of potentially dilutive securities not included in calculating diluted earnings per share	The following potentially dilutive securities were outstanding for the years ended December 31, 2019 , 2018 , and 2017 , but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. Year Ended December 31, 2019 2018 2017 Common OP Units (Note 8) 531,112 771,708 1,019,186 Preferred OP Units (Note 8) 42,421 77,513 77,513 Total potentially dilutive securities 573,533 849,221 1,096,699
Schedule of summary of elements used in calculating basic and diluted earnings per share	The following is a summary of the elements used in calculating basic and diluted earnings per share: Year Ended December 31, 2019 2018 2017 Numerator - basic and diluted earnings per share Net income $ 86,762 $ 119,124 $ 70,121 Net income attributable to noncontrolling interests (1,793 ) (2,029 ) (1,083 ) Net income attributable to ACC, Inc. and Subsidiaries common stockholders 84,969 117,095 69,038 Amount allocated to participating securities (1,902 ) (1,522 ) (1,536 ) Net income attributable to common stockholders $ 83,067 $ 115,573 $ 67,502 Denominator Basic weighted average common shares outstanding 137,295,837 136,815,051 135,141,423 Unvested restricted stock awards (Note 11) 990,941 906,998 860,962 Diluted weighted average common shares outstanding 138,286,778 137,722,049 136,002,385 Earnings per share Net income attributable to common stockholders - basic $ 0.61 $ 0.84 $ 0.50 Net income attributable to common stockholders - diluted $ 0.60 $ 0.84 $ 0.50
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Earnings Per Share Disclosure [Line Items]
Schedule of potentially dilutive securities not included in calculating diluted earnings per share	The following is a summary of the elements used in calculating basic and diluted earnings per unit: Year Ended December 31, 2019 2018 2017 Numerator - basic and diluted earnings per unit Net income $ 86,762 $ 119,124 $ 70,121 Net income attributable to noncontrolling interests – partially owned properties (1,398 ) (1,215 ) (435 ) Series A preferred unit distributions (68 ) (124 ) (124 ) Amount allocated to participating securities (1,902 ) (1,522 ) (1,536 ) Net income attributable to common unitholders $ 83,394 $ 116,263 $ 68,026 Denominator Basic weighted average common units outstanding 137,826,949 137,586,759 136,160,609 Unvested restricted stock awards (Note 11) 990,941 906,998 860,962 Diluted weighted average common units outstanding 138,817,890 138,493,757 137,021,571 Earnings per unit Net income attributable to common unitholders - basic $ 0.61 $ 0.85 $ 0.50 Net income attributable to common unitholders - diluted $ 0.60 $ 0.84 $ 0.50

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of significant components of deferred tax assets and liabilities of TRSs	December 31, 2019 2018 Deferred tax assets: Fixed and intangible assets $ 1,488 $ 365 Net operating loss carryforwards 7,290 9,277 Prepaid and deferred income 1,115 866 Bad debt reserves 528 656 Leases 3,480 — Accrued expenses and other 4,049 3,208 Stock compensation 2,636 2,083 Total deferred tax assets 20,586 16,455 Valuation allowance for deferred tax assets (17,121 ) (16,390 ) Deferred tax assets, net of valuation allowance 3,465 65 Deferred tax liability: Leases (3,413 ) — Deferred financing costs (52 ) (65 ) Net deferred tax liabilities $ — $ —
Schedule of significant components of income tax provision	Significant components of the Company’s income tax provision are as follows: Year Ended December 31, 2019 2018 2017 Current: Federal $ (157 ) $ — $ — State (1,350 ) (2,429 ) (989 ) Deferred: Federal — — — State — — — Total provision $ (1,507 ) $ (2,429 ) $ (989 )
Schedule of reconciliation of income tax attributable to continuing operations for the TRSs computed at the U.S. statutory rate to income tax provision	The reconciliation of income tax for the TRSs computed at the U.S. statutory rate to income tax provision is as follows: Year Ended December 31, 2019 2018 2017 Tax (provision) benefit at U.S. statutory rates on TRS income subject to tax $ (789 ) $ 327 $ 1,277 State income tax, net of federal income tax benefit (57 ) 13 57 Effect of permanent differences and other 5 (154 ) 207 Deferred tax impact of tax reform — — (9,206 ) Decrease (increase) in valuation allowance 841 (186 ) 7,665 TRS income tax provision $ — $ — $ —
Schedule of distributions to shareholders	A schedule of per share distributions the Company paid and reported to its shareholders, which is unaudited, is set forth in the following table: Year Ended December 31, Tax Treatment of Distributions: 2019 2018 2017 Ordinary income $ 0.6625 $ — $ 0.8316 Long-term capital gain (1) 1.2075 1.8200 — Return of capital — — 0.9084 Total per common share outstanding $ 1.8700 $ 1.8200 $ 1.7400 (1) Unrecaptured Sec. 1250 gains of $ 0.3827 and $ 0.4008 were reported for the years ended December 31, 2019 and 2018, respectively. There was no unrecaptured Sec. 1250 gain reported for the year ended December 31, 2017.

Acquisitions and Joint Ventur_2

Acquisitions and Joint Venture Investments (Tables)	12 Months Ended
	Dec. 31, 2019
Business Combinations [Abstract]
Schedule of asset acquisitions	During the year ended December 31, 2019 , two properties subject to presale agreements were completed and acquired by the Company for $110.2 million . The purchase price includes $8.6 million related to the purchase of the land on which one of the properties is built. Additionally, upon acquisition, the third-party developer repaid an $18.5 million mezzanine loan, including accrued interest, that the Company provided to one of the projects during the construction period. As the properties were consolidated by the Company from the time of execution of the presale agreements with the developers, the closing of the transactions were accounted for as an increase in ownership of consolidated subsidiaries. The two properties acquired are detailed below: Property Location Primary University Served Project Type Beds Month Acquired The Flex - Stadium Centre Tallahassee, FL Florida State University Off-campus 340 August 2019 959 Franklin Eugene, OR University of Oregon Off-campus 443 November 2019 783

Property Dispositions (Tables)

Property Dispositions (Tables)	12 Months Ended
	Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Property Dispositions	During the year ended December 31, 2019, the Company sold the following owned properties for approximately $109.5 million , resulting in net proceeds of approximately $108.6 million . The combined net loss on the dispositions was not material. Property Location Primary University Served Beds College Club Townhomes (1) (2) Tallahassee, FL Florida A&M University 544 Landmark Ann Arbor, MI University of Michigan 606 1,150 (1) 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 . (2) Consisted of two phases that were previously counted separately in the property portfolio numbers contained in Note 1.

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2019
Real Estate Properties [Line Items]
Schedule of real estate properties	Owned properties, both wholly-owned and those owned through investments in VIEs, consisted of the following: December 31, 2019 December 31, 2018 Land $ 654,985 $ 653,522 Buildings and improvements 6,749,757 6,486,106 Furniture, fixtures and equipment 391,208 371,429 Construction in progress 341,554 302,902 8,137,504 7,813,959 Less accumulated depreciation (1,442,789 ) (1,230,562 ) Owned properties, net $ 6,694,715 $ 6,583,397 Our On-Campus Participating Properties segment includes six on-campus properties that are operated under long-term ground/facility leases with three university systems. Under our ground/facility leases, we receive an annual distribution representing 50% of these properties’ net cash flows, as defined in the ground/facility lease agreements. We also manage these properties under long-term management agreements and are paid management fees equal to a percentage of defined gross receipts. On-campus participating properties consisted of the following: December 31, 2019 December 31, 2018 Buildings and improvements $ 155,941 $ 150,087 Furniture, fixtures and equipment 13,552 11,817 Construction in progress 6 658 169,499 162,562 Less accumulated depreciation (94,311 ) (84,925 ) On-campus participating properties, net $ 75,188 $ 77,637

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2019 and 2018 , which includes both the redeemable joint venture partners and OP Units discussed above: Balance, December 31, 2016 $ 55,078 Net income 654 Distributions (77,031 ) Conversion of OP Units into shares of ACC common stock (154 ) Contributions from noncontrolling interests 162,794 Adjustments to reflect redeemable noncontrolling interests at fair value (9,172 ) Balance, December 31, 2017 $ 132,169 Net income 936 Distributions (1,516 ) Conversion of OP Units into shares of ACC common stock (13,334 ) Contributions from noncontrolling interests 112 Adjustments to reflect redeemable noncontrolling interests at fair value 66,079 Balance, December 31, 2018 $ 184,446 Net income 783 Distributions (1,062 ) Conversion of OP Units into shares of ACC common stock (6,082 ) Contributions from noncontrolling interests 250 Purchase of noncontrolling interests (88,304 ) Adjustments to reflect redeemable noncontrolling interests at fair value 14,350 Balance, December 31, 2019 $ 104,381

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Schedule of outstanding consolidated indebtedness and summary of senior unsecured notes	As of December 31, 2019, 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 (2) 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 effect of the amortization of the interest rate swap terminations. (2) In January 2020, the Company issued $400 million of 10 -year unsecured notes at a yield of 2.872% that mature in 2030. Proceeds from the issuance were used to repay $400.0 million of unsecured notes issued in September 2015 that were scheduled to mature in October 2020. Refer to Note 18 for additional information. A summary of the Company’s outstanding consolidated indebtedness, including unamortized debt premiums and discounts, is as follows: December 31, 2019 2018 Debt secured by owned properties: Mortgage loans payable: Unpaid principal balance $ 693,584 $ 727,163 Unamortized deferred financing costs (1,294 ) (1,757 ) Unamortized debt premiums 6,596 11,579 Unamortized debt discounts (199 ) — 698,687 736,985 Construction loans payable (1) — 22,207 Unamortized deferred financing costs — (480 ) 698,687 758,712 Debt secured by on-campus participating properties: Mortgage loans payable (2) 65,942 67,867 Bonds payable (2) 23,215 27,030 Unamortized deferred financing costs (418 ) (525 ) 88,739 94,372 Total secured mortgage, construction and bond debt 787,426 853,084 Unsecured notes, net of unamortized OID and deferred financing costs (3) 1,985,603 1,588,446 Unsecured term loans, net of unamortized deferred financing costs (4) 199,121 198,769 Unsecured revolving credit facility 425,700 387,300 Total debt, net $ 3,397,850 $ 3,027,599 (1) Construction loans payable relate to the construction loans partially financing the development of presale development projects. The properties are owned by an entity determined to be a VIE for which the Company is the primary beneficiary. The creditor of the construction loans does 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 $2.3 million at December 31, 2019 and $1.6 million at December 31, 2018 , and net unamortized deferred financing costs of $12.1 million at December 31, 2019 and $10.0 million at December 31, 2018 . (4) Includes net unamortized deferred financing costs of $0.9 million at December 31, 2019 and $1.2 million at December 31, 2018 .
Schedule of mortgage and construction loans payable	Mortgage loans payable, excluding debt premiums and discounts, consisted of the following as of December 31, 2019 : December 31, 2019 Principal Outstanding Weighted Weighted Number of December 31, Average Average Years Properties 2019 2018 Interest Rate to Maturity Encumbered Fixed Rate: Mortgage loans payable (1) $ 756,397 $ 683,615 4.45 % 6.2 Years 20 Variable Rate: Mortgage and construction loans payable (2) 3,129 133,622 4.24 % 25.6 Years — Total $ 759,526 $ 817,237 4.44 % 6.3 Years 20 (1) Fixed rate mortgage loans payable mature at various dates from 2020 through 2045 and carry interest rates ranging from 3.76% to 6.43% at December 31, 2019 .
Schedule of debt transactions	During the year ended December 31, 2019 , the following transactions occurred: Mortgage Loans Payable (1) Construction Loans Payable Balance, December 31, 2018 $ 795,030 $ 22,207 Additions: Draws under advancing construction notes payable — 31,611 Deductions: Forgiveness of debt (2) (27,381 ) — Pay-off of construction debt (3) — (53,818 ) Scheduled repayments of principal (8,123 ) — Balance, December 31, 2019 $ 759,526 $ — (1) Balance excludes unamortized debt premiums and discounts. (2) The Company completed the transfer of Blanton Common to the lender in settlement of the property's mortgage loan in July 2019. (3)
Schedule of bonds payable	Bonds payable at December 31, 2019 consisted of the following: Mortgaged Facilities Original Principal Weighted Average Rate Maturity Required Monthly December 31, 2019 1999 University Village-PVAMU/TAMIU $ 39,270 $ 12,065 7.76 % September 2023 $ 302 2001 University College–PVAMU 20,995 8,885 7.62 % August 2025 158 2003 University College–PVAMU 4,325 2,265 6.20 % August 2028 28 Total/weighted average rate $ 64,590 $ 23,215 7.55 % $ 488
Schedule of debt maturities	The following table summarizes the stated debt maturities and scheduled amortization payments, excluding debt premiums and discounts, for each of the five years subsequent to December 31, 2019 and thereafter: 2020 $ 446,164 2021 196,996 2022 658,853 2023 408,599 2024 529,139 Thereafter 1,168,690 $ 3,408,441

Incentive Award Plan (Tables)

Incentive Award Plan (Tables)	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Schedule of summary of restricted stock units	A summary of ACC’s RSUs under the Plan for the years ended December 31, 2019 and 2018 and activity during the years then ended is presented below: Number of RSUs Weighted-Average Grant Date Fair Value Per RSU Outstanding at December 31, 2017 — $ — Granted 27,376 39.45 Settled in common shares (27,376 ) 39.45 Outstanding at December 31, 2018 — — Granted 20,812 47.34 Settled in common shares (18,318 ) 47.37 Settled in cash (2,494 ) 47.11 Outstanding at December 31, 2019 — —
Schedule of summary of restricted stock awards	A summary of the Company’s RSAs under the Plan for the years ended December 31, 2019 and 2018 is presented below: Number of RSAs Weighted-Average Grant Date Fair Value Per RSA Nonvested balance at December 31, 2017 810,870 $ 44.16 Granted 357,387 39.41 Vested (249,102 ) 43.36 Forfeited (56,475 ) 43.64 Nonvested balance at December 31, 2018 862,680 $ 42.46 Granted 387,341 44.08 Vested (266,556 ) 41.86 Forfeited (16,124 ) 42.91 Nonvested balance at December 31, 2019 967,341 $ 43.27

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 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 assets and other liabilities on the accompanying consolidated balance sheets as of December 31, 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 $ 12,592 $ (94 ) Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month 12,721 (95 ) Park Point mortgage loan Feb 1, 2019 Jan 16, 2024 2.7475% LIBOR - 1 month 70,000 (3,247 ) College Park mortgage loan Oct 16, 2019 Oct 16, 2022 1.2570% LIBOR - 1 month, with 1 day lookback 37,500 289 Unsecured term loan Nov 4, 2019 Jun 27, 2022 1.4685% LIBOR - 1 month 100,000 168 Unsecured term loan Dec 2, 2019 Jun 27, 2022 1.4203% LIBOR - 1 month 100,000 286 Total $ 332,813 $ (2,693 ) 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 9 , the Company terminated the swap contracts resulting in payments to counterparties totaling approximately $13.2 million , which were recorded in accumulated other comprehensive loss and which will be amortized to interest expense over the term of the swap contracts based on the June 2019 issuance and expected additional issuances.
Schedule of fair value of derivative financial instruments and classification on consolidated balance sheet	The table below presents the fair value of the Company’s derivative financial instruments and their classification on the consolidated balance sheets as of December 31, 2019 and 2018 : Asset Derivatives Liability Derivatives Fair Value as of Fair Value as of Description Balance Sheet Location 12/31/2019 12/31/2018 Balance Sheet Location 12/31/2019 12/31/2018 Interest rate swap contracts Other assets $ 743 $ 101 Other liabilities $ 3,436 $ — Forward starting swap contracts Other assets — — Other liabilities — 2,287 Total derivatives designated $ 743 $ 101 $ 3,436 $ 2,287
Derivative Instruments, Gain (Loss)	The table below presents the effect of the Company’s derivative financial instruments on the accompanying consolidated statements of comprehensive income for the years ended December 31, 2019 , 2018 and 2017. Year Ended December 31, Description 2019 2018 2017 Change in fair value of derivatives and other recognized in OCI (523 ) (2,108 ) 954 Termination of interest rate swap payment recognized in OCI (13,159 ) — — Amortization of interest rate swap terminations (1) 1,133 412 412 Total change in OCI due to derivative financial instruments (12,549 ) (1,696 ) 1,366 Interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded 111,287 99,228 71,122 (1)

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2019 and 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. Refer to Note 8 for a discussion of the Level 3 activity during the period related to the redeemable noncontrolling interests in partially owned properties. Fair Value Measurements as of December 31, 2019 December 31, 2018 Level 2 Level 3 Total Level 2 Level 3 Total Assets Derivative financial instruments $ 743 (1) $ — $ 743 $ 101 (1) $ — $ 101 Liabilities Derivative financial instruments $ 3,436 (1) $ — $ 3,436 $ 2,287 (1) $ — $ 2,287 Mezzanine Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) $ 23,690 (2) $ 80,691 (3) $ 104,381 $ 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 greater of fair value of the Company’s common stock at the balance sheet date or the initial basis. Represents a quoted price for a similar asset in an active market. Refer to Note 8 . (3) Represents noncontrolling partners' equity in the Core Joint Ventures which is valued using primarily unobservable inputs, including the Company’s analysis of comparable properties in the Company’s portfolio, estimations of net operating results of the properties, capitalization rates, discount rates, and other market data. Refer to Note 8 .
Schedule of estimated fair value and related carrying amounts of mortgage loans and bonds payable	The table below contains the estimated fair value and related carrying amounts for the Company’s financial instruments as of December 31, 2019 and 2018 . There were no Level 1 measurements for the periods presented. December 31, 2019 December 31, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Level 2 Level 3 Level 2 Level 3 Assets Loans receivable $ 50,553 $ — $ 48,307 (1) $ 54,611 $ — $ 50,993 (1) Liabilities (2) Unsecured notes $ 1,985,603 $ 2,069,817 (3) $ — $ 1,588,446 $ 1,566,900 (3) $ — Mortgage loans payable (fixed rate) $ 761,296 (4) $ 766,821 (5) $ — $ 693,384 (6) $ 668,911 (5) $ — Bonds payable $ 23,001 $ 25,110 (7) $ — $ 26,741 $ 28,805 (7) $ — Unsecured Term loan (fixed rate) $ 199,121 $ 198,687 (8) $ — $ — $ — $ — (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 9 ). (3) Valued using interest rate and spread assumptions that reflect current creditworthiness and market conditions available for the issuance of unsecured notes with similar terms and remaining maturities. (4) Does not include one variable rate mortgage loan with a principal balance of $3.1 million as of December 31, 2019 . (5) Valued using the present value of the cash flows at current market interest rates through maturity that primarily fall within the Level 2 category. (6) 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. (8) In November and December 2019, the Company entered into two interest rate swap contracts to hedge the variable rate cash flows associated with the LIBOR-based interest payments on the Term Loan Facility (see Note 9 ). Valued using the present value of the cash flows at interpolated 1-month LIBOR swap rates through maturity that primarily fall within the Level 2 category.

Lease Commitments (Tables)

Lease Commitments (Tables)	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Schedule of lease cost	Total straight-line rent expense, variable rent expense, and capitalized rent cost, were as follows: Year Ended December 31 , Description 2019 2018 2017 Straight-line rent expense $ 10,009 $ 8,798 $ 5,544 Variable rent expense 8,996 7,234 7,566 Capitalized rent cost 12,889 2,296 2,003
Future minimum commitments for operating leases	Future minimum commitments over the life of all leases, which exclude variable rent payments, are as follows: December 31, 2019 December 31, 2018 2020 $ 11,814 $ 9,463 2021 16,749 12,092 2022 23,664 16,653 2023 28,776 18,999 2024 29,371 18,903 Thereafter 1,661,648 1,042,842 Total minimum lease payments 1,772,022 $ 1,118,952 Less imputed interest (1,298,952 ) Total lease liabilities $ 473,070

Segments (Tables)

Segments (Tables)	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Schedule of Segment Information	Year Ended December 31, 2019 2018 2017 Owned Properties Rental revenues and other income $ 880,709 $ 829,119 $ 741,909 Interest income 473 1,436 1,545 Total revenues from external customers 881,182 830,555 743,454 Operating expenses before depreciation, amortization, and ground/facility lease expense (390,664 ) (373,521 ) (332,429 ) Ground/facility lease expense (11,084 ) (8,927 ) (7,372 ) Interest expense, net (1) (16,859 ) (14,742 ) (3,659 ) Income before depreciation and amortization $ 462,575 $ 433,365 $ 399,994 Depreciation and amortization $ 261,938 $ 250,715 $ 223,940 Capital expenditures $ 514,043 $ 546,147 $ 617,552 Total segment assets at December 31, $ 7,346,625 $ 6,841,222 $ 6,691,758 On-Campus Participating Properties Rental revenues and other income $ 36,346 $ 34,596 $ 33,945 Interest income 167 133 65 Total revenues from external customers 36,513 34,729 34,010 Operating expenses before depreciation, amortization, and ground/facility lease expense (15,028 ) (14,602 ) (14,384 ) Ground/facility lease expense (3,067 ) (2,928 ) (2,841 ) Interest expense, net (1) (4,934 ) (5,098 ) (5,264 ) Income before depreciation and amortization $ 13,484 $ 12,101 $ 11,521 Depreciation and amortization $ 8,380 $ 7,819 $ 7,536 Capital expenditures $ 2,898 $ 3,654 $ 3,533 Total segment assets at December 31, $ 97,561 $ 93,917 $ 100,031 Development Services Development and construction management fees $ 13,051 $ 7,281 $ 10,761 Operating expenses (8,658 ) (8,031 ) (7,618 ) Income (loss) before depreciation and amortization $ 4,393 $ (750 ) $ 3,143 Total segment assets at December 31, $ 13,539 $ 10,087 $ 6,726 Property Management Services Property management fees from external customers $ 12,936 $ 9,814 $ 9,832 Operating expenses (11,257 ) (7,428 ) (7,607 ) Income before depreciation and amortization $ 1,679 $ 2,386 $ 2,225 Total segment assets at December 31, $ 8,888 $ 6,426 $ 7,576 Reconciliations Total segment revenues and other income $ 943,682 $ 882,379 $ 798,057 Unallocated interest income earned on investments and corporate cash 3,046 3,265 3,335 Total consolidated revenues, including interest income $ 946,728 $ 885,644 $ 801,392 Segment income before depreciation and amortization $ 482,131 $ 447,102 $ 416,883 Segment depreciation and amortization (270,318 ) (258,534 ) (231,476 ) Corporate depreciation (4,728 ) (4,669 ) (3,479 ) Net unallocated expenses relating to corporate interest and overhead (117,529 ) (110,660 ) (90,250 ) Loss (gain) from disposition of real estate (53 ) 42,314 (632 ) Other operating and nonoperating income — 3,949 — Amortization of deferred financing costs (5,012 ) (5,816 ) (4,619 ) Provision for impairment (17,214 ) — (15,317 ) Gain from extinguishment of debt 20,992 7,867 — Income tax provision (1,507 ) (2,429 ) (989 ) Net income $ 86,762 $ 119,124 $ 70,121 Total segment assets $ 7,466,613 $ 6,951,652 $ 6,806,091 Unallocated corporate assets 93,141 87,194 91,279 Total assets at December 31, $ 7,559,754 $ 7,038,846 $ 6,897,370 (1)

Quarterly Financial Informati_2

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
Document Information [Line Items]
Schedule of quarterly financial information	The information presented below represents the quarterly consolidated financial results of the Company for the years ended December 31, 2019 and 2018 . 2019 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 242,131 $ 217,371 $ 227,705 $ 255,835 $ 943,042 Operating income 58,999 37,841 27,307 55,743 179,890 Net income 31,368 10,210 19,336 25,848 86,762 Net (income) loss attributable to noncontrolling interests (1,728 ) 176 887 (1,128 ) (1,793 ) Net income attributable to ACC, Inc. and Subsidiaries common stockholders $ 29,640 $ 10,386 $ 20,223 $ 24,720 $ 84,969 Net income attributable to common stockholders per share - basic $ 0.21 $ 0.07 $ 0.14 $ 0.18 $ 0.61 (1) Net income attributable to common stockholders per share - diluted $ 0.21 $ 0.07 $ 0.14 $ 0.18 $ 0.60 2018 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 220,409 $ 201,059 $ 213,469 $ 245,873 $ 880,810 Operating income 50,406 73,168 21,501 67,520 212,595 Net income (loss) 26,250 45,990 (2,737 ) 49,621 119,124 Net (income) loss attributable to noncontrolling interests (323 ) 19 392 (2,117 ) (2,029 ) Net income (loss) attributable to ACC, Inc. and Subsidiaries common stockholders $ 25,927 $ 46,009 $ (2,345 ) $ 47,504 $ 117,095 Net income (loss) attributable to common stockholders per share - basic $ 0.19 $ 0.33 $ (0.02 ) $ 0.34 $ 0.84 Net income (loss) attributable to common stockholders per share - diluted $ 0.18 $ 0.33 $ (0.02 ) $ 0.34 $ 0.84 (1) (1) Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year.
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Document Information [Line Items]
Schedule of quarterly financial information	The information presented below represents the quarterly consolidated financial results of the Operating Partnership for the years ended December 31, 2019 and 2018 . 2019 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 242,131 $ 217,371 $ 227,705 $ 255,835 $ 943,042 Operating income 58,999 37,841 27,307 55,743 179,890 Net income 31,368 10,210 19,336 25,848 86,762 Net (income) loss attributable to noncontrolling interests (1,568 ) 230 970 (1,030 ) (1,398 ) Series A preferred unit distributions (31 ) (9 ) (14 ) (14 ) (68 ) Net income available to common unitholders $ 29,769 $ 10,431 $ 20,292 $ 24,804 $ 85,296 Net income per unit attributable to common unitholders - basic $ 0.21 $ 0.07 $ 0.14 $ 0.18 $ 0.61 (1) Net income per unit attributable to common unitholders - diluted $ 0.21 $ 0.07 $ 0.14 $ 0.18 $ 0.60 2018 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 220,409 $ 201,059 $ 213,469 $ 245,873 $ 880,810 Operating income 50,406 73,168 21,501 67,520 212,595 Net income (loss) 26,250 45,990 (2,737 ) 49,621 119,124 Net (income) loss attributable to noncontrolling interests (114 ) 366 413 (1,880 ) (1,215 ) Series A preferred unit distributions (31 ) (31 ) (31 ) (31 ) (124 ) Net income (loss) available to common unitholders $ 26,105 $ 46,325 $ (2,355 ) $ 47,710 $ 117,785 Net income (loss) per unit attributable to common unitholders - basic $ 0.19 $ 0.33 $ (0.02 ) $ 0.34 $ 0.85 (1) Net income (loss) per unit attributable to common unitholders - diluted $ 0.18 $ 0.33 $ (0.02 ) $ 0.34 $ 0.84 (1) (1) Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year.

Organization and Description _2

Organization and Description of Business - Narrative (Details)	12 Months Ended
	Dec. 31, 2019BedProperty
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of properties	167
Number of beds | Bed	112,800
Minimum
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Initial terms of contract	1 year
Maximum
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Initial terms of contract	5 years
Management and leasing services
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of properties	36
Number of beds | Bed	26,500
Owned & third-party managed portfolio
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of properties	203
Number of beds | Bed	139,300
Off campus properties | Owned Properties
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of properties	127
American campus equity | Owned Properties
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of properties	34
Under development | Owned Properties
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of beds | Bed	11,300
Number of properties under construction	3
On-campus participating properties, net
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of properties	6
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Limited partner ownership interest (percent)	99.60%
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Maximum
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Ownership interest (percent)	1.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)	Jan. 01, 2019USD ($)lease	Jun. 30, 2017USD ($)	Dec. 31, 2019USD ($)EntityProperty	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Significant Accounting Policies [Line Items]
Number of properties subject to ground leases | lease	28
Right of use assets			$ 460,857,000
Lease liability			473,070,000
Capitalized interest			12,100,000	$ 11,700,000	$ 15,900,000
Provision for impairment			17,214,000	0	15,317,000
Unamortized discount on loans receivable			2,300,000	2,400,000
Impairment of loans receivable			0
Deferred finance costs			$ 3,500,000	3,500,000
Number of third-party joint venture partners | Entity			6
Number of properties | Property			167
Amount of pre-development costs deferred			$ 7,100,000
Advertising costs			$ 15,700,000	13,600,000	12,700,000
In-place leases
Significant Accounting Policies [Line Items]
Lease term			1 year
Property tax abatement
Significant Accounting Policies [Line Items]
Unamortized tax abatement			$ 38,600,000	56,300,000
Amortization expense of acquired intangible assets			$ 3,500,000	3,700,000	3,300,000
Weighted average tax abatement period			18 years
Other assets
Significant Accounting Policies [Line Items]
Provision for impairment			$ 14,000,000
Mortgages
Significant Accounting Policies [Line Items]
Provision for impairment		$ 15,300,000
Amortization of debt discounts (premiums)			(4,900,000)	(5,300,000)	(7,800,000)
Net unamortized debt premiums			6,400,000	11,600,000
Carrying Amount
Significant Accounting Policies [Line Items]
Loans receivable			50,553,000	54,611,000
Accounting Standards Update 2016-02
Significant Accounting Policies [Line Items]
Right of use assets	$ 278,200,000
Lease liability	$ 277,500,000
Owned Properties
Significant Accounting Policies [Line Items]
Provision for Loan, Lease, and Other Losses			7,300,000	7,100,000	6,400,000
Owned Properties | Mortgages
Significant Accounting Policies [Line Items]
Net unamortized debt premiums			6,596,000	11,579,000
On-campus participating properties, net
Significant Accounting Policies [Line Items]
Provision for Loan, Lease, and Other Losses			$ 500,000	$ 300,000	$ 300,000
Number of properties | Property			6
Owned Properties Held For Sale
Significant Accounting Policies [Line Items]
Provision for impairment			$ 3,200,000
Wholly Owned Properties [Member]
Significant Accounting Policies [Line Items]
Provision for impairment		$ 15,300,000
Six Joint Ventures
Significant Accounting Policies [Line Items]
Number of properties | Property			11
Corporate Office Headquarters
Significant Accounting Policies [Line Items]
Lessee, Operating, Number Of Asset Under Lease | lease	2

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	12 Months Ended
	Dec. 31, 2019
Buildings and improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful Life	7 years
Buildings and improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful Life	40 years
Leasehold interest | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful Life	25 years
Leasehold interest | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful Life	34 years
Furniture, fixtures and equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful Life	3 years
Furniture, fixtures and equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful Life	7 years

Earnings Per Share - Potentiall

Earnings Per Share - Potentially dilutive securities not included in calculating diluted earnings per share (Details) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities	573,533	849,221	1,096,699
Common OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities	531,112	771,708	1,019,186
Preferred OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities	42,421	77,513	77,513

Earnings Per Share - Summary of

Earnings Per Share - Summary of Elements Used in Calculating Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Numerator - basic and diluted earnings per share
Net income									$ 86,762	$ 119,124	$ 70,121
Net (income) loss attributable to noncontrolling interests	$ (1,128)	$ 887	$ 176	$ (1,728)	$ (2,117)	$ 392	$ 19	$ (323)	(1,793)	(2,029)	(1,083)
Net income attributable to ACC, Inc. and Subsidiaries common stockholders	$ 24,720	$ 20,223	$ 10,386	$ 29,640	$ 47,504	$ (2,345)	$ 46,009	$ 25,927	84,969	117,095	69,038
Amount allocated to participating securities									(1,902)	(1,522)	(1,536)
Net income attributable to common stockholders									$ 83,067	$ 115,573	$ 67,502
Denominator
Basic weighted average common shares outstanding (shares)									137,295,837	136,815,051	135,141,423
Unvested restricted stock awards (shares)									990,941	906,998	860,962
Diluted weighted average common shares outstanding (shares)									138,286,778	137,722,049	136,002,385
Earnings per share
Net income (loss) attributable to common stockholders per share - basic (in dollars per share)	$ 0.18	$ 0.14	$ 0.07	$ 0.21	$ 0.34	$ (0.02)	$ 0.33	$ 0.19	$ 0.61	$ 0.84	$ 0.50
Net income (loss) attributable to common stockholders per share - diluted (in dollars per share)	$ 0.18	$ 0.14	$ 0.07	$ 0.21	$ 0.34	$ (0.02)	$ 0.33	$ 0.18	$ 0.60	$ 0.84	$ 0.50

Earnings Per Share - Summary _2

Earnings Per Share - Summary of Elements Used in Calculating Basic and Diluted Earnings per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Numerator - basic and diluted earnings per unit
Net income									$ 86,762	$ 119,124	$ 70,121
Net income attributable to noncontrolling interests – partially owned properties	$ (1,128)	$ 887	$ 176	$ (1,728)	$ (2,117)	$ 392	$ 19	$ (323)	(1,793)	(2,029)	(1,083)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Numerator - basic and diluted earnings per unit
Net income									86,762	119,124	70,121
Net income attributable to noncontrolling interests – partially owned properties	(1,030)	970	230	(1,568)	(1,880)	413	366	(114)	(1,398)	(1,215)
Series A preferred unit distributions	$ (14)	$ (14)	$ (9)	$ (31)	$ (31)	$ (31)	$ (31)	$ (31)	(68)	(124)	(124)
Amount allocated to participating securities									(1,902)	(1,522)	(1,536)
Net income attributable to common unitholders									$ 83,394	$ 116,263	$ 68,026
Denominator
Basic weighted average common units outstanding (units)									137,826,949	137,586,759	136,160,609
Unvested restricted stock awards (units)									990,941	906,998	860,962
Diluted weighted average common units outstanding (units)									138,817,890	138,493,757	137,021,571
Earnings per unit
Net income attributable to common unitholders - basic (in dollars per unit)									$ 0.61	$ 0.85	$ 0.50
Net income attributable to common unitholders - diluted (in dollars per unit)	$ 0.18	$ 0.14	$ 0.07	$ 0.21	$ 0.34	$ (0.02)	$ 0.33	$ 0.18	$ 0.60	$ 0.84	$ 0.50
Partially owned properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Numerator - basic and diluted earnings per unit
Net income attributable to noncontrolling interests – partially owned properties									$ (1,398)	$ (1,215)	$ (435)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Taxes [Line Items]
Income (Loss) subject to TRS earnings tax	$ 88,269	$ 121,553	$ 71,110
TRS
Income Taxes [Line Items]
Income (Loss) subject to TRS earnings tax	10,000	$ (2,000)	$ (8,400)
Net operating loss carryforwards	$ 27,400

Income Taxes - Components of de

Income Taxes - Components of deferred tax assets and liabilities of TRSs (Details) - TRS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Fixed and intangible assets	$ 1,488	$ 365
Net operating loss carryforwards	7,290	9,277
Prepaid and deferred income	1,115	866
Bad debt reserves	528	656
Deferred Tax Assets, Operating Lease	3,480
Accrued expenses and other	4,049	3,208
Stock compensation	2,636	2,083
Total deferred tax assets	20,586	16,455
Valuation allowance for deferred tax assets	(17,121)	(16,390)
Deferred tax assets, net of valuation allowance	3,465	65
Deferred tax liability:
Leases	(3,413)
Deferred financing costs	(52)	(65)
Net deferred tax liabilities	$ 0	$ 0

Income Taxes - Components of in

Income Taxes - Components of income tax provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current:
Federal	$ (157)	$ 0	$ 0
State	(1,350)	(2,429)	(989)
Deferred:
Federal	0	0	0
State	0	0	0
Total provision	$ (1,507)	$ (2,429)	$ (989)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of income tax attributable to continuing operations for TRSs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Taxes [Line Items]
TRS income tax provision	$ 1,507	$ 2,429	$ 989
TRS
Income Taxes [Line Items]
Tax (provision) benefit at U.S. statutory rates on TRS income subject to tax	(789)	327	1,277
State income tax, net of federal income tax benefit	(57)	13	57
Effect of permanent differences and other	5	(154)	207
Deferred tax impact of tax reform	0	0	(9,206)
Decrease (increase) in valuation allowance	841	(186)	7,665
TRS income tax provision	$ 0	$ 0	$ 0

Income Taxes - Tax treatment of

Income Taxes - Tax treatment of distributions to shareholders (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Ordinary income	$ 0.6625	$ 0	$ 0.8316
Long-term capital gain	1.2075	1.8200	0
Return of capital	0	0	0.9084
Total per common share outstanding	1.8700	1.8200	1.7400
Unrecaptured Section 1250 gains	$ 0.3827	$ 0.4008	$ 0

Acquisitions and Joint Ventur_3

Acquisitions and Joint Venture Investments - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Aug. 31, 2018USD ($)Bed	Sep. 30, 2017USD ($)BedProperty	Dec. 31, 2019USD ($)BedProperty	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)land_parcelBedProperty	Mar. 31, 2020
Business Acquisition [Line Items]
Number of properties, under development | Property			2
Number of beds | Bed			112,800
Number of properties | Property			167
Cash paid for asset acquisitions			$ 8,559	$ 26,626	$ 375,541
In-process development properties
Business Acquisition [Line Items]
Number of properties | Property		3
Asset Acquisitions, Amount Expected To Be Invested		$ 524,900
The Edge - Stadium Centre | Owned Properties | Pre-Sale Arrangement
Business Acquisition [Line Items]
Number of beds | Bed	412
Asset acquisition, consideration transferred	$ 42,600
Payments to acquire land	10,000
Series of Individually Immaterial Asset Acquisitions
Business Acquisition [Line Items]
Number of beds | Bed					1,240
Asset acquisition, consideration transferred					$ 222,300
Number of properties | Property					3
Cash paid for asset acquisitions					$ 222,900
Core Transaction
Business Acquisition [Line Items]
Number of beds | Bed		3,776
Asset acquisition, consideration transferred		$ 306,000	$ 76,800		144,300
Number of student housing properties | Property		7
Limited partner ownership interest (percent)		100.00%
Number of properties		2	3
Number of operating properties purchased through joint venture arrangement | Property		2
Cash paid for asset acquisitions					146,100
Core Transaction | Scenario, Forecast
Business Acquisition [Line Items]
Number of properties						2
Land
Business Acquisition [Line Items]
Asset acquisition, consideration transferred	$ 16,600				12,000
Payments to acquire land					$ 8,900
Number of land parcels acquired | land_parcel					5
Asset acquisitions, fair value					$ 12,000
Land | In-process development properties
Business Acquisition [Line Items]
Asset acquisition, consideration transferred					$ 9,000
In-process development properties
Business Acquisition [Line Items]
Asset Acquisition, Pre-Sale Arrangement Purchase Price			$ 110,200
Number of beds | Bed			783
Payments to acquire land			$ 8,600
Repayment Of Mortgage and Construction Loans			$ 18,500

Acquisitions and Joint Ventur_4

Acquisitions and Joint Venture Investments - Schedule of Asset Acquisitions (Details) - Bed	Dec. 31, 2019	Nov. 30, 2019	Aug. 31, 2019
Property, Plant and Equipment [Line Items]
Number of beds	112,800
In-process development properties
Property, Plant and Equipment [Line Items]
Number of beds	783
In-process development properties | The Flex at Stadium Centre
Property, Plant and Equipment [Line Items]
Number of beds			340
In-process development properties | 959 Franklin
Property, Plant and Equipment [Line Items]
Number of beds		443

Property Dispositions - Narrati

Property Dispositions - Narrative (Details) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2018Property	Dec. 31, 2019USD ($)Bed	Dec. 31, 2018USD ($)BedProperty	Dec. 31, 2017USD ($)BedProperty
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total proceeds from disposition of real estate		$ 108,562	$ 242,284	$ 24,462
Number of beds | Bed		112,800
Loss from disposition of real estate		$ 53	(42,314)	632
Provision for impairment		17,214	0	15,317
Allianz Real Estate
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash contribution			$ 373,100
ACC/Allianz Joint Venture | Allianz Real Estate
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Minority interest (percent)			45.00%
Disposal group, not discontinued operations | Owned Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price of disposed property		109,500		25,000
Total proceeds from disposition of real estate		$ 108,600		$ 24,500
Number of properties sold | Property			3	1
Number of beds | Bed			1,338	657
Gross proceeds from sale of portfolio			$ 245,000
Net proceeds from sale of portfolio			242,300
Gain on disposition of real estate			$ 42,300
Loss from disposition of real estate				$ 600
Provision for impairment				$ 4,900
Disposal group, not discontinued operations | Owned Properties | ACC/Allianz Joint Venture Transaction
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | Property	7		7
Number of beds | Bed			4,611
ACC/Allianz Joint Venture Transaction
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from secured debt issuance			$ 330,000

Property Dispositions - Schedul

Property Dispositions - Schedule of Property Dispositions (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)Bed	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Provision for impairment | $		$ 17,214	$ 0	$ 15,317
Owned Properties | Disposal group, not discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of beds in properties sold | Bed		1,150
Provision for impairment | $				$ 4,900
College Club Townhomes | Owned Properties | Disposal group, not discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of beds in properties sold | Bed		544
Provision for impairment | $	$ 3,200
Landmark | Owned Properties | Disposal group, not discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of beds in properties sold | Bed		606

Investments in Real Estate - Su

Investments in Real Estate - Summary of properties (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)university_systemProperty	Dec. 31, 2018USD ($)
Real Estate Properties [Line Items]
Owned properties, net	$ 6,769,903	$ 6,661,034
Number of properties | Property	167
Owned Properties
Real Estate Properties [Line Items]
Land	$ 654,985	653,522
Buildings and improvements	6,749,757	6,486,106
Furniture, fixtures and equipment	391,208	371,429
Construction in progress	341,554	302,902
Real estate properties gross	8,137,504	7,813,959
Less accumulated depreciation	(1,442,789)	(1,230,562)
Owned properties, net	6,694,715	6,583,397
On-campus participating properties, net
Real Estate Properties [Line Items]
Buildings and improvements	155,941	150,087
Furniture, fixtures and equipment	13,552	11,817
Construction in progress	6	658
Real estate properties gross	169,499	162,562
Less accumulated depreciation	(94,311)	(84,925)
Owned properties, net	$ 75,188	$ 77,637
Number of properties | Property	6
Number of university systems | university_system	3
Percentage of net cash flow receivable per agreement	50.00%

Noncontrolling Interests - Narr

Noncontrolling Interests - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)EntityPropertyshares	Dec. 31, 2018USD ($)shares	Sep. 30, 2017Property
Noncontrolling Interest [Line Items]
Number of third-party joint venture partners | Entity	6
Number of properties	167
Common OP units
Noncontrolling Interest [Line Items]
Conversion of common units to common stock (in shares) | shares	126,313	412,343
Preferred OP Unit Member [Member]
Noncontrolling Interest [Line Items]
Conversion of common units to common stock (in shares) | shares	42,271
Three off-campus properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Noncontrolling Interest [Line Items]
Number of third-party joint venture partners | Entity	4
In-process development properties
Noncontrolling Interest [Line Items]
Number of properties			3
In-process development properties | Three off-campus properties
Noncontrolling Interest [Line Items]
Number of properties	10
Core Transaction
Noncontrolling Interest [Line Items]
Number of third-party joint venture partners	1
Number of properties	3		2
Noncontrolling interest, change in redemption Value | $	$ 11.8	$ 68.7
Purchase of noncontrolling interests | $	$ (88.3)
Operating Partnership [Member] | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Noncontrolling Interest [Line Items]
Equity interests held by owners of common units and series A preferred units/ retained by seller (percent)	0.40%	0.50%

Noncontrolling Interests - Summ

Noncontrolling Interests - Summarized Activity of Redeemable Limited Partners (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Noncontrolling Interest [Roll Forward]
Beginning Balance	$ 184,446
Distributions	(8,425)	$ (152,325)	$ (212)
Conversion of OP Units into shares of ACC common stock	(6,077)	(13,332)	(154)
Contributions from noncontrolling interests	924	212,481	8,254
Ending Balance	104,381	184,446
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Noncontrolling Interest [Roll Forward]
Beginning Balance	184,446
Distributions	(8,425)	(152,325)	(212)
Conversion of OP Units into shares of ACC common stock	(6,077)	(13,332)	(154)
Contributions from noncontrolling interests	924	212,481	8,254
Ending Balance	104,381	184,446
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Redeemable noncontrolling interests
Noncontrolling Interest [Roll Forward]
Beginning Balance	184,446	132,169	55,078
Net income	(783)	(936)	(654)
Distributions	(1,062)	(1,516)	(77,031)
Conversion of OP Units into shares of ACC common stock	(6,082)	(13,334)	(154)
Contributions from noncontrolling interests	250	112	162,794
Purchase of noncontrolling interests	(88,304)
Adjustments to reflect redeemable noncontrolling interests at fair value	14,350	66,079	(9,172)
Ending Balance	$ 104,381	$ 184,446	$ 132,169

Debt - Summary of outstanding c

Debt - Summary of outstanding consolidated indebtedness (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	May 31, 2017
Debt Instrument [Line Items]
Principal Outstanding	$ 759,526	$ 817,237
Total secured mortgage, construction and bond debt	787,426	853,084
Total debt, net	3,397,850	3,027,599
Unsecured notes, net
Debt Instrument [Line Items]
Unsecured debt	1,985,603	1,588,446
Unsecured revolving credit facility
Debt Instrument [Line Items]
Unsecured debt	425,700	387,300
Unsecured term loans, net
Debt Instrument [Line Items]
Unsecured debt	199,121	198,769
Mortgage loans payable
Debt Instrument [Line Items]
Unamortized deferred financing costs	(1,700)
Unamortized debt premiums	6,400	11,600
Total secured mortgage, construction and bond debt			$ 27,400
Total debt, net	759,526	795,030
Construction loans payable
Debt Instrument [Line Items]
Total debt, net	0	22,207
Unsecured debt | Unsecured notes, net
Debt Instrument [Line Items]
Unamortized deferred financing costs	(12,100)	(10,000)
Unamortized debt discounts	(2,300)	(1,600)
Unsecured debt | Unsecured term loans, net
Debt Instrument [Line Items]
Unamortized deferred financing costs	(900)	(1,200)
Owned Properties
Debt Instrument [Line Items]
Total debt, net	698,687	758,712
Owned Properties | Mortgage loans payable
Debt Instrument [Line Items]
Principal Outstanding	693,584	727,163
Unamortized deferred financing costs	(1,294)	(1,757)
Unamortized debt premiums	6,596	11,579
Total secured mortgage, construction and bond debt	698,687	736,985
Unamortized debt discounts	(199)	0
Owned Properties | Construction loans payable
Debt Instrument [Line Items]
Principal Outstanding	0	22,207
Unamortized deferred financing costs	0	(480)
On-Campus Participating Properties
Debt Instrument [Line Items]
Unamortized deferred financing costs	(418)	(525)
Total debt, net	88,739	94,372
On-Campus Participating Properties | Mortgage loans payable
Debt Instrument [Line Items]
Principal Outstanding	65,942	67,867
On-Campus Participating Properties | Bonds payable
Debt Instrument [Line Items]
Principal Outstanding	$ 23,215	$ 27,030

Debt - Mortgage and constructio

Debt - Mortgage and construction loans payable excluding premiums and discounts (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)Property	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Principal Outstanding | $	$ 759,526	$ 817,237
Weighted Average Interest Rate	4.44%
Weighted Average Years to Maturity	6 years 3 months 18 days
Number of Properties Encumbered | Property	20
Mortgage loans payable | Fixed Rate
Debt Instrument [Line Items]
Principal Outstanding | $	$ 756,397	683,615
Weighted Average Interest Rate	4.45%
Weighted Average Years to Maturity	6 years 2 months 12 days
Number of Properties Encumbered | Property	20
Construction loans payable | Variable Rate Debt
Debt Instrument [Line Items]
Principal Outstanding | $	$ 3,129	$ 133,622
Weighted Average Interest Rate	4.24%
Weighted Average Years to Maturity	25 years 7 months 6 days
Number of Properties Encumbered | Property	0
Minimum | Mortgage loans payable | Fixed Rate
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.76%
Maximum | Mortgage loans payable | Fixed Rate
Debt Instrument [Line Items]
Weighted Average Interest Rate	6.43%

Debt - Mortgage and construct_2

Debt - Mortgage and construction loans payable transactions occurred (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Long Term Debt Transactions [Roll Forward]
Balance, December 31, 2018	$ 3,397,850	$ 3,027,599
Additions:
Draws under advancing construction notes payable	31,611	100,882	$ 40,170
Deductions:
Balance, December 31, 2019	3,027,599
Gain from extinguishment of debt	20,992	7,867	$ 0
Mortgage loans payable
Long Term Debt Transactions [Roll Forward]
Balance, December 31, 2018	759,526	795,030
Deductions:
Pay-off and extinguishment of mortgage notes payable	(27,381)
Scheduled repayments of principal	(8,123)
Balance, December 31, 2019	795,030
Construction loans payable
Long Term Debt Transactions [Roll Forward]
Balance, December 31, 2018	0	$ 22,207
Additions:
Draws under advancing construction notes payable	31,611
Deductions:
Pay-off of debt	(53,818)
Balance, December 31, 2019	$ 22,207

Debt - Narrative (Details)

Debt - Narrative (Details)	1 Months Ended					4 Months Ended	12 Months Ended
	Jul. 31, 2019USD ($)	Jun. 30, 2019USD ($)	Jan. 31, 2019USD ($)	May 31, 2018USD ($)Property	Jun. 30, 2017USD ($)	Nov. 30, 2019USD ($)	Dec. 31, 2019USD ($)SubsidaryBedbond_seriesProperty	Dec. 31, 2018USD ($)BedProperty	Dec. 31, 2017USD ($)BedProperty	Oct. 31, 2019USD ($)	May 31, 2017USD ($)Bed
Debt Instrument [Line Items]
Short-term Debt, Refinanced, Amount			$ 70,000,000
Pay Fixed Rate			4.00%
Number Of Available Beds | Bed							112,800
Number of properties, under development | Property							2
Secured mortgage, construction and bond debt, net							$ 787,426,000	$ 853,084,000
Provision for impairment							$ 17,214,000	0	$ 15,317,000
Number of properties | Property							3
Percentage of financing							100.00%
Number of series of taxable bonds issued | bond_series							3
Number of special purpose subsidiaries | Subsidary							3
Gain from extinguishment of debt							$ 20,992,000	7,867,000	0
Repayments of Secured Debt							53,818,000	186,347,000	147,960,000
Proceeds from unsecured notes							$ 398,816,000	0	$ 399,648,000
Unsecured revolving credit facility | Credit Agreement
Debt Instrument [Line Items]
Annual unused commitment fee (percent)							0.20%
Weighted average interest rate of debt (percent)							2.97%
Interest rate (percent)							1.77%
Weighted average interest rate spread (percent)							1.00%
Mortgage loans payable
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt, net											$ 27,400,000
Provision for impairment					$ 15,300,000
Unsecured debt | Unsecured revolving credit facility
Debt Instrument [Line Items]
Credit facility			$ 700,000,000				$ 1,000,000,000
Additional borrowing capacity of unsecured facility (up to)							$ 200,000,000
Annual unused commitment fee (percent)							0.20%
Revolving credit facility available							$ 574,300,000
Unsecured debt | Unsecured revolving credit facility | Term Loan I Facility
Debt Instrument [Line Items]
Pay-off of unsecured term loans				$ 150,000,000
Unsecured debt | Unsecured revolving credit facility | Term Loan III Facility
Debt Instrument [Line Items]
Pay-off of unsecured term loans				300,000,000
Write off of deferred debt issuance cost				$ 900,000
Unsecured debt | Unsecured revolving credit facility | Term Loan II Facility
Debt Instrument [Line Items]
Credit facility							$ 200,000,000
Weighted average interest rate of debt (percent)							2.54%
Interest rate (percent)							1.44%
Weighted average interest rate spread (percent)							1.10%
Line of credit facility, accordion feature, increase limit							$ 100,000,000
Owned Properties | Mortgage loans payable
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt, net							698,687,000	736,985,000
Unamortized debt discounts							199,000	$ 0
Owned Properties | Construction Loans
Debt Instrument [Line Items]
Repayments of Secured Debt						$ 53,800,000
Disposal group, not discontinued operations | Owned Properties
Debt Instrument [Line Items]
Number of properties sold | Property				3
Blanton Common At Valdosta State University Property Disposition [Member]
Debt Instrument [Line Items]
Number Of Available Beds | Bed											860
Blanton Common | Mortgage loans payable
Debt Instrument [Line Items]
Gain from extinguishment of debt	$ 21,000,000
Owned Properties | Disposal group, not discontinued operations
Debt Instrument [Line Items]
Number Of Available Beds | Bed								1,338	657
Provision for impairment									$ 4,900,000
Number of properties sold | Property								3	1
Interest Rate Swap | Mortgage loans payable
Debt Instrument [Line Items]
Pay Fixed Rate										3.76%
Derivative, Amount of Hedged Item										$ 37,500,000
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt, net							787,426,000	$ 853,084,000
Provision for impairment							17,214,000	0	$ 15,317,000
Gain from extinguishment of debt							20,992,000	7,867,000	0
Repayments of Secured Debt							53,818,000	186,347,000	147,960,000
Proceeds from unsecured notes							$ 398,816,000	$ 0	$ 399,648,000
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior Notes - June 2019
Debt Instrument [Line Items]
Interest rate (percent)		3.30%					3.30%
Debt Instrument, Face Amount		$ 400,000,000					$ 400,000,000
Term (Years)		7 years					7 years
Percentage of par value		99.704%					99.704%
Debt Instrument. Interest Rate, Effective Percentage, Including Interest Rate Swap Termination Effect		3.347%
Proceeds from unsecured notes		$ 394,000,000
ACC/Allianz Joint Venture Transaction | Owned Properties | Disposal group, not discontinued operations
Debt Instrument [Line Items]
Number Of Available Beds | Bed								4,611
Number of properties sold | Property				7				7

Debt - Summary of Bonds payable

Debt - Summary of Bonds payable (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Principal	$ 759,526,000	$ 817,237,000
Weighted Average Rate	4.44%
Bonds Payable
Debt Instrument [Line Items]
Original	$ 64,590,000
Principal	$ 23,215,000
Weighted Average Rate	7.55%
Required Monthly Debt Service	$ 488,000
Bonds Payable | Series 1999
Debt Instrument [Line Items]
Mortgaged Facilities Subject to Leases	University Village-PVAMU/TAMIU
Original	$ 39,270,000
Principal	$ 12,065,000
Weighted Average Rate	7.76%
Required Monthly Debt Service	$ 302,000
Bonds Payable | Series 2001
Debt Instrument [Line Items]
Mortgaged Facilities Subject to Leases	University College–PVAMU
Original	$ 20,995,000
Principal	$ 8,885,000
Weighted Average Rate	7.62%
Required Monthly Debt Service	$ 158,000
Bonds Payable | Series 2003
Debt Instrument [Line Items]
Mortgaged Facilities Subject to Leases	University College–PVAMU
Original	$ 4,325,000
Principal	$ 2,265,000
Weighted Average Rate	6.20%
Required Monthly Debt Service	$ 28,000

Debt - Summary of Unsecured Not

Debt - Summary of Unsecured Notes (Details) - USD ($)	1 Months Ended		3 Months Ended	12 Months Ended
	Jan. 31, 2020	Jun. 30, 2019	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Proceeds from unsecured notes				$ 398,816,000	$ 0	$ 399,648,000
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Debt Instrument [Line Items]
Proceeds from unsecured notes				398,816,000	$ 0	$ 399,648,000
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior notes
Debt Instrument [Line Items]
Amount				2,000,000,000
Original Issue Discount				4,212,000
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior Notes - April 2013
Debt Instrument [Line Items]
Amount				$ 400,000,000
Percentage of par value				99.659%
Coupon				3.75%
Yield				3.791%
Original Issue Discount				$ 1,364,000
Term (Years)				10 years
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior Notes - June 2014
Debt Instrument [Line Items]
Amount				$ 400,000,000
Percentage of par value				99.861%
Coupon				4.125%
Yield				4.269%
Original Issue Discount				$ 556,000
Term (Years)				10 years
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior Notes - September 2015
Debt Instrument [Line Items]
Amount				$ 400,000,000
Percentage of par value				99.811%
Coupon				3.35%
Yield				3.391%
Original Issue Discount				$ 756,000
Term (Years)				5 years
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior Notes - October 2017
Debt Instrument [Line Items]
Amount				$ 400,000,000
Percentage of par value				99.912%
Coupon				3.625%
Yield				3.635%
Original Issue Discount				$ 352,000
Term (Years)				10 years
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior Notes - June 2019
Debt Instrument [Line Items]
Amount		$ 400,000,000		$ 400,000,000
Percentage of par value		99.704%		99.704%
Coupon		3.30%		3.30%
Yield				3.68%
Original Issue Discount				$ 1,184,000
Term (Years)		7 years		7 years
Proceeds from unsecured notes		$ 394,000,000
Subsequent Event | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior Notes - September 2015
Debt Instrument [Line Items]
Coupon			3.35%
Pay-off of unsecured term loans			$ 400,000,000
Subsequent Event | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior Notes - January 2020
Debt Instrument [Line Items]
Amount	$ 400,000,000
Percentage of par value	99.81%
Coupon	2.85%
Yield	2.872%
Term (Years)	10 years
Proceeds from unsecured notes	$ 394,300,000
Pay-off of unsecured term loans	$ 400,000,000

Debt - Summary of Debt Maturiti

Debt - Summary of Debt Maturities (Details) - Scheduled Principal $ in Thousands	Mar. 31, 2019USD ($)
Debt Instrument [Line Items]
2019	$ 446,164
2020	196,996
2021	658,853
2022	408,599
2023	529,139
Thereafter	1,168,690
Total debt	$ 3,408,441

Stockholders' Equity _ Partne_2

Stockholders' Equity / Partners' Capital - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	May 31, 2018
ATM Equity Program
Class Of Stock [Line Items]
ATM equity program, aggregate offering price authorized (up to $500 million)	$ 500	$ 500
At The Market Program Expired May 2018, Included In ATM Equity Program
Class Of Stock [Line Items]
ATM equity program, aggregate offering price authorized (up to $500 million)		$ 233
Deferred Compensation Plan
Class Of Stock [Line Items]
Shares held in deferred compensation plan (in shares)	77,928
Deferred Compensation Plan | Treasury Stock
Class Of Stock [Line Items]
Shares of common stock deposited into deferred compensation plan (in shares)	15,670
Number of shares withdrawn from deferred compensation plan (in shares)	7,345

Incentive Award Plan - Narrativ

Incentive Award Plan - Narrative (Details)	1 Months Ended			12 Months Ended
	Jul. 31, 2019USD ($)	May 31, 2019USD ($)	Jun. 30, 2017shares	Dec. 31, 2019USD ($)employee$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / shares	Dec. 31, 2016USD ($)
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation				$ 900,000	$ 1,100,000	$ 900,000	$ 900,000
Weighted-average grant date fair value, granted (in dollars per share) | $ / shares				$ 47.34	$ 39.45	$ 46.67
Restricted Stock Units | Newly Appointed Board Member
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based awards, stock granted during period, value	$ 117,500
Restricted Stock Units | Chairman of the Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based awards, stock granted during period, value				$ 162,500
Restricted Stock Units | All other members
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based awards, stock granted during period, value		$ 117,500
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation				$ 12,700,000	$ 11,100,000	$ 13,100,000
Weighted-average grant date fair value, granted (in dollars per share) | $ / shares				$ 44.08	$ 39.41	$ 48.55
Restricted stock award vesting period (in years)				5 years
Number of shares vested (in shares) | shares				266,556	249,102
Weighted average grant date fair value, fair value (in dollars per share) | $ / shares				$ 42.91	$ 43.64	$ 42.36
Total fair value of RSAs vested				$ 11,200,000
Total unrecognized compensation cost				$ 30,900,000
Total unrecognized compensation cost, weighted-average period (in years)				3 years 2 months 12 days
Minimum age to meet retirement qualification (under Company Plan)				50 years
Minimum combination of employee service years and employee age to meet retirement qualification (under Company Plan)				70 years
Minimum notification period of intention to retire (under Company Plan)				6 months
Number of employees holding unvested awards which will vest upon retirement | employee				19
Number of unvested awards held by individual (in shares) | shares				330,134
Restricted Stock Awards | Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation						$ 2,400,000
Number of shares vested (in shares) | shares			46,976
Minimum | Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum number of full years of service to qualify for retirement (under Company Plan)				120 months
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) | shares				3,500,000
Stock-based awards, number of shares available for issuance (in shares) | shares				3,100,000

Incentive Award Plan - Summary

Incentive Award Plan - Summary of Restricted Stock Units (Details) - Restricted Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Number of RSUs
Nonvested, beginning balance (in shares)		0
Granted (in shares)	20,812	27,376
Settled in common shares (in shares)	(18,318)	(27,376)
Settled in cash (in shares)	(2,494)
Nonvested, ending balance (in shares)			0
Weighted-Average Grant Date Fair Value Per RSU
Nonvested, Weighted-Average Grant Date Fair Value, beginning balance (in dollars per share)	$ 0	$ 0
Granted, Weighted-Average Grant Date Fair Value (in dollars per share)	47.34	39.45	$ 46.67
Settled in common shares, Weighted-Average Grant Date Fair Value (in dollars per share)	47.37	39.45
Settled in cash, Weighted-Average Grant Date Fair Value (in dollars per share)	47.11
Nonvested, Weighted-Average Grant Date Fair Value, ending balance (in dollars per share)	$ 0	$ 0	$ 0

Incentive Award Plan - Summar_2

Incentive Award Plan - Summary of Restricted Stock Awards (Details) - Restricted Stock Awards - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Number of RSAs
Nonvested, beginning balance (in shares)	862,680	810,870
Granted (in shares)	387,341	357,387
Vested (in shares)	(266,556)	(249,102)
Forfeited (in shares)	(16,124)	(56,475)
Nonvested, ending balance (in shares)	967,341	862,680	810,870
Weighted-Average Grant Date Fair Value Per RSA
Nonvested, Weighted-Average Grant Date Fair Value, beginning balance (in dollars per share)	$ 42.46	$ 44.16
Granted, Weighted-Average Grant Date Fair Value (in dollars per share)	44.08	39.41	$ 48.55
Vested, Weighted-Average Grant Date Fair Value (in dollars per share)	41.86	43.36
Forfeited, Weighted-Average Grant Date Fair Value (in dollars per share)	42.91	43.64	42.36
Nonvested, Weighted-Average Grant Date Fair Value, ending balance (in dollars per share)	$ 43.27	$ 42.46	$ 44.16

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Summary of Outstanding Interest Rate Swap Contracts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Jan. 31, 2019
Derivative [Line Items]
Pay Fixed Rate		4.00%
Current Notional Amount	$ 332,813
Fair Value	$ (2,693)
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	$ 12,592
Fair Value	$ (94)
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	$ 12,721
Fair Value	$ (95)
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	$ (3,247)
Interest Rate Swap 1.2570% Due October 2022
Derivative [Line Items]
Effective Date	Oct. 16, 2019
Maturity Date	Oct. 16, 2022
Pay Fixed Rate	1.257%
Receive Floating Rate Index	LIBOR - 1 month, with 1 day lookback
Current Notional Amount	$ 37,500
Fair Value	$ 289
Interest Rate Swap 1.4685% Due June 2022
Derivative [Line Items]
Effective Date	Nov. 4, 2019
Maturity Date	Jun. 27, 2022
Pay Fixed Rate	1.4685%
Receive Floating Rate Index	LIBOR - 1 month
Current Notional Amount	$ 100,000
Fair Value	$ 168
Interest Rate Swap 1.4203% Due June 2022
Derivative [Line Items]
Effective Date	Dec. 2, 2019
Maturity Date	Jun. 27, 2022
Pay Fixed Rate	1.4203%
Receive Floating Rate Index	LIBOR - 1 month
Current Notional Amount	$ 100,000
Fair Value	$ 286

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Fair Value of Derivative Financial Instruments and Classification on Consolidated Balance Sheet (Details) - Designated as hedging instrument - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 743	$ 101
Other liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	3,436	2,287
Interest rate swap contracts | Other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	743	101
Interest rate swap contracts | Other liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	3,436	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_5

Derivative Instruments and Hedging Activities Narrative (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)Contract	Dec. 31, 2017USD ($)
Derivative [Line Items]
Current Notional Amount		$ 332,813
Payments for Termination of Derivative Instrument		13,159	$ 0	$ 0
Interest Rate Swap
Derivative [Line Items]
Number of Interest Rate Derivatives Held | Contract			3
Current Notional Amount			$ 200,000
Payments for Termination of Derivative Instrument	$ 13,200
Interest Rate Swap 1.2570% Due October 2022
Derivative [Line Items]
Current Notional Amount		37,500
Interest Rate Swap 1.4685% Due June 2022
Derivative [Line Items]
Current Notional Amount		100,000
Interest Rate Swap 1.4203% Due June 2022
Derivative [Line Items]
Current Notional Amount		$ 100,000

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Schedule of Effect of Derivative Financial Instruments On The Income Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	$ (523)	$ (2,108)	$ 954
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification Of Termination Of Interest Rate Swaps, Before Tax	(13,159)	0	0
Change in fair value of interest rate swaps and other	(12,549)	(1,696)	1,366
Interest Expense	111,287	99,228	71,122
Interest Expense
Derivative [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	$ 1,133	$ 412	$ 412

Fair Value Disclosures - Financ

Fair Value Disclosures - Financial instruments measured at fair value (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets
Derivative financial instruments	$ 743	$ 101
Liabilities
Derivative financial instruments	3,436	2,287
Mezzanine
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership)	104,381	184,446
Level 2
Assets
Derivative financial instruments	743	101
Liabilities
Derivative financial instruments	3,436	2,287
Mezzanine
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership)	23,690	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)	$ 80,691	$ 156,618

Fair Value Disclosures - Estima

Fair Value Disclosures - Estimated fair value and related carrying amounts for mortgage loans and bonds payable (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)Loan	Dec. 31, 2018USD ($)Loan
Liabilities (2)
Principal	$ 759,526	$ 817,237
Carrying Amount
Assets
Loans receivable	50,553	54,611
Liabilities (2)
Unsecured notes	1,985,603	1,588,446
Mortgage loans payable	761,296	693,384
Bonds payable	23,001	26,741
Unsecured Term Loans (fixed rate)	199,121
Owned Properties | Mortgage loans payable
Liabilities (2)
Principal	$ 693,584	$ 727,163
Owned Properties | Mortgage loans payable | Variable Rate Mortgage Loans
Liabilities (2)
Number Of Loans | Loan	1	2
Principal	$ 3,100	$ 111,400
Fair Value, Inputs, Level 2 | Estimated Fair Value
Liabilities (2)
Unsecured notes	2,069,817	1,566,900
Mortgage loans payable	766,821	668,911
Bonds payable	25,110	28,805
Unsecured Term Loans (fixed rate)	198,687
Fair Value, Inputs, Level 3 | Estimated Fair Value
Assets
Loans receivable	$ 48,307	$ 50,993

Lease Commitments - Narrative (

Lease Commitments - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)agreement	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Operating Leased Assets [Line Items]
Number of ground/facility and office space lease agreements | agreement	49
Operating Lease, Weighted Average Discount Rate, Percent	5.35%
Operating Lease, Weighted Average Remaining Lease Term	62 years 4 months 24 days
Minimum
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Term of Contract	7 years
Maximum
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Term of Contract	102 years
Student Lease Property [Member]
Operating Leased Assets [Line Items]
Operating Lease, Lease Income	$ 852	$ 794.7	$ 711.3
Commercial Lease Property [Member]
Operating Leased Assets [Line Items]
Operating Lease, Lease Income	$ 13.2	$ 13.1	$ 12.8
On-Campus Participating Properties
Operating Leased Assets [Line Items]
Percentage of net cash flow receivable per agreement	50.00%

Lease Commitments - Schedule of

Lease Commitments - Schedule of lease cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Leases [Abstract]
Straight-line rent expense	$ 10,009	$ 8,798	$ 5,544
Variable rent expense	8,996	7,234	7,566
Capitalized rent cost	$ 12,889	$ 2,296	$ 2,003

Lease Commitments - Future mini

Lease Commitments - Future minimum commitments over life (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	$ 11,814
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2019		$ 9,463
Lessee, Operating Lease, Liability, Payments, Due Year Two	16,749
2020		12,092
Lessee, Operating Lease, Liability, Payments, Due Year Three	23,664
2021		16,653
Lessee, Operating Lease, Liability, Payments, Due Year Four	28,776
2022		18,999
Lessee, Operating Lease, Liability, Payments, Due Year Five	29,371
2023		18,903
Lessee, Operating Lease, Liability, Payments, Due after Year Five	1,661,648
Thereafter		1,042,842
Lessee, Operating Lease, Liability, Payments, Due	1,772,022
Total minimum lease payments		$ 1,118,952
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(1,298,952)
Operating lease liabilities	$ 473,070

Commitments and Contingencies (

Commitments and Contingencies (Details)	1 Months Ended	3 Months Ended	12 Months Ended
	Aug. 31, 2013USD ($)Contract	Sep. 30, 2017USD ($)Property	Dec. 31, 2019USD ($)Property	Dec. 31, 2017USD ($)
Commitments and Contingencies Disclosure [Line Items]
Number of properties, under development | Property			3
Alternate Housing Guarantees and Project Cost Guarantees
Commitments and Contingencies Disclosure [Line Items]
Project cost guarantees expiration (within years following project completion)			5 days
Project Cost Guarantees
Commitments and Contingencies Disclosure [Line Items]
Project cost guarantees expiration (within years following project completion)			1 year
Third-Party Development Projects [Member]
Commitments and Contingencies Disclosure [Line Items]
Commitment under third-party development project			$ 10,600,000
Performance guarantee
Commitments and Contingencies Disclosure [Line Items]
Project cost guarantees expiration (within years following project completion)			60 days
Estimate of possible loss			$ 614,600,000
Earnest Money Deposits			2,100,000
Purchase And Sale Agreement Upon Exercise Of Option			28,700,000
Drexel University Property
Commitments and Contingencies Disclosure [Line Items]
Lease term	40 years
Number of renewal options | Contract	3
Lease extension period	10 years
Commitment to pay real estate transfer taxes, amount	$ 1,800,000
Real estate transfer taxes paid upon conveyance of land	600,000
Maximum | Drexel University Property
Commitments and Contingencies Disclosure [Line Items]
Commitment to pay real estate transfer taxes, amount	$ 2,400,000
Construction Contracts
Commitments and Contingencies Disclosure [Line Items]
Construction contacts, amount to complete projects			446,400,000
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Core Transaction | Consolidated Properties
Commitments and Contingencies Disclosure [Line Items]
Number of operating properties purchased through joint venture arrangement | Property		2
Joint venture term		2 years
Core Transaction
Commitments and Contingencies Disclosure [Line Items]
Number of operating properties purchased through joint venture arrangement | Property		2
Asset acquisition, consideration transferred		$ 306,000,000	76,800,000	$ 144,300,000
Disney College Program Phases I-V (ACE) | Performance guarantee
Commitments and Contingencies Disclosure [Line Items]
Development guarantee, damages due per bed each day of a delay			20
Guarantee, maximum exposure			$ 200,000

Segments - Narrative (Details)

Segments - Narrative (Details)	12 Months Ended
	Dec. 31, 2019Segment
Segment Reporting [Abstract]
Identified reportable segments	4

Segments - Schedule of Segment

Segments - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total revenues	$ 255,835	$ 227,705	$ 217,371	$ 242,131	$ 245,873	$ 213,469	$ 201,059	$ 220,409	$ 943,042	$ 880,810	$ 796,447
Ground/facility lease expense									(14,151)	(11,855)	(10,213)
Interest expense, net									(111,287)	(99,228)	(71,122)
Operating expenses									(763,152)	(668,215)	(654,541)
Depreciation, Depletion and Amortization, Nonproduction									(275,046)	(263,203)	(234,955)
Total consolidated revenues, including interest income									946,728	885,644	801,392
Segment income before depreciation and amortization	55,743	27,307	37,841	58,999	67,520	21,501	73,168	50,406	179,890	212,595	141,906
Loss (gain) from disposition of real estate									(53)	42,314	(632)
Other operating and nonoperating income									0	2,648	0
Provision for impairment									(17,214)	0	(15,317)
Gain from extinguishment of debt									20,992	7,867	0
Income tax provision									(1,507)	(2,429)	(989)
Net income	25,848	$ 19,336	$ 10,210	$ 31,368	49,621	$ (2,737)	$ 45,990	$ 26,250	86,762	119,124	70,121
Total assets	7,559,754				7,038,846				7,559,754	7,038,846	6,897,370
Operating segments
Segment Reporting Information [Line Items]
Total revenues									943,682	882,379	798,057
Depreciation, Depletion and Amortization, Nonproduction									(270,318)	(258,534)	(231,476)
Segment income before depreciation and amortization									482,131	447,102	416,883
Total assets	7,466,613				6,951,652				7,466,613	6,951,652	6,806,091
Operating segments | Owned Properties
Segment Reporting Information [Line Items]
Rental revenues and other income									880,709	829,119	741,909
Interest income									473	1,436	1,545
Total revenues									881,182	830,555	743,454
Operating expenses before depreciation, amortization, and ground/facility lease expense									(390,664)	(373,521)	(332,429)
Ground/facility lease expense									(11,084)	(8,927)	(7,372)
Interest expense, net									(16,859)	(14,742)	(3,659)
Income before depreciation and amortization									462,575	433,365	399,994
Depreciation, Depletion and Amortization, Nonproduction									(261,938)	(250,715)	223,940
Capital expenditures									514,043	546,147	617,552
Total assets	7,346,625				6,841,222				7,346,625	6,841,222	6,691,758
Operating segments | On-Campus Participating Properties
Segment Reporting Information [Line Items]
Rental revenues and other income									36,346	34,596	33,945
Interest income									167	133	65
Total revenues									36,513	34,729	34,010
Operating expenses before depreciation, amortization, and ground/facility lease expense									(15,028)	(14,602)	(14,384)
Ground/facility lease expense									(3,067)	(2,928)	(2,841)
Interest expense, net									(4,934)	(5,098)	(5,264)
Income before depreciation and amortization									13,484	12,101	11,521
Depreciation, Depletion and Amortization, Nonproduction									(8,380)	(7,819)	7,536
Capital expenditures									2,898	3,654	3,533
Total assets	97,561				93,917				97,561	93,917	100,031
Operating segments | Development Services
Segment Reporting Information [Line Items]
Development and construction management fees									13,051	7,281	10,761
Operating expenses									(8,658)	(8,031)	(7,618)
Income before depreciation and amortization									4,393	(750)	3,143
Total assets	13,539				10,087				13,539	10,087	6,726
Operating segments | Property Management Services
Segment Reporting Information [Line Items]
Operating expenses									(11,257)	(7,428)	(7,607)
Income before depreciation and amortization									1,679	2,386	2,225
Total assets	8,888				6,426				8,888	6,426	7,576
Unallocated
Segment Reporting Information [Line Items]
Total revenues									3,046	3,265	3,335
Operating expenses									(117,529)	(110,660)	(90,250)
Depreciation and amortization									(4,728)	(4,669)	(3,479)
Total assets	$ 93,141				$ 87,194				93,141	87,194	91,279
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Other operating and nonoperating income									0	3,949	0
Amortization of deferred financing costs									(5,012)	(5,816)	(4,619)
Third-party management services | Operating segments | Property Management Services
Segment Reporting Information [Line Items]
Total revenues									$ 12,936	$ 9,814	$ 9,832

Quarterly Financial Informati_3

Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule Of Quarterly Financial Information [Line Items]
Total revenues	$ 255,835	$ 227,705	$ 217,371	$ 242,131	$ 245,873	$ 213,469	$ 201,059	$ 220,409	$ 943,042	$ 880,810	$ 796,447
Operating income	55,743	27,307	37,841	58,999	67,520	21,501	73,168	50,406	179,890	212,595	141,906
Net income	25,848	19,336	10,210	31,368	49,621	(2,737)	45,990	26,250	86,762	119,124	70,121
Net (income) loss attributable to noncontrolling interests	(1,128)	887	176	(1,728)	(2,117)	392	19	(323)	(1,793)	(2,029)	(1,083)
Net income attributable to ACC, Inc. and Subsidiaries common stockholders	$ 24,720	$ 20,223	$ 10,386	$ 29,640	$ 47,504	$ (2,345)	$ 46,009	$ 25,927	$ 84,969	$ 117,095	$ 69,038
Net income (loss) attributable to common stockholders per share - basic (in dollars per share)	$ 0.18	$ 0.14	$ 0.07	$ 0.21	$ 0.34	$ (0.02)	$ 0.33	$ 0.19	$ 0.61	$ 0.84	$ 0.50
Net income (loss) attributable to common stockholders per share - diluted (in dollars per share)	$ 0.18	$ 0.14	$ 0.07	$ 0.21	$ 0.34	$ (0.02)	$ 0.33	$ 0.18	$ 0.60	$ 0.84	$ 0.50
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Schedule Of Quarterly Financial Information [Line Items]
Total revenues	$ 255,835	$ 227,705	$ 217,371	$ 242,131	$ 245,873	$ 213,469	$ 201,059	$ 220,409	$ 943,042	$ 880,810	$ 796,447
Operating income	55,743	27,307	37,841	58,999	67,520	21,501	73,168	50,406	179,890	212,595	141,906
Net income	25,848	19,336	10,210	31,368	49,621	(2,737)	45,990	26,250	86,762	119,124	70,121
Net (income) loss attributable to noncontrolling interests	(1,030)	970	230	(1,568)	(1,880)	413	366	(114)	(1,398)	(1,215)
Series A preferred unit distributions	(14)	(14)	(9)	(31)	(31)	(31)	(31)	(31)	(68)	(124)	(124)
Net income attributable to ACC, Inc. and Subsidiaries common stockholders									85,364	117,909	69,686
Net income attributable to common unitholders	$ 24,804	$ 20,292	$ 10,431	$ 29,769	$ 47,710	$ (2,355)	$ 46,325	$ 26,105	$ 85,296	$ 117,785	$ 69,562
Net income (loss) per unit attributable to common unitholders - basic (in dollars per unit)	$ 0.18	$ 0.14	$ 0.07	$ 0.21	$ 0.34	$ (0.02)	$ 0.33	$ 0.19	$ 0.61	$ 0.85	$ 0.50
Net income (loss) per unit attributable to common unitholders - diluted (in dollars per unit)	$ 0.18	$ 0.14	$ 0.07	$ 0.21	$ 0.34	$ (0.02)	$ 0.33	$ 0.18	$ 0.60	$ 0.84	$ 0.50

Subsequent Events (Details)

Subsequent Events (Details)	Feb. 14, 2020	Jan. 30, 2020	Jan. 20, 2020$ / shares	Jan. 31, 2020USD ($)	Feb. 29, 2020USD ($)Property	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)Property$ / shares	Dec. 31, 2018USD ($)$ / shares	Dec. 31, 2017USD ($)$ / shares	Sep. 30, 2017
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared | $ / shares							$ 1.87	$ 1.82	$ 1.74
Proceeds from unsecured notes							$ 398,816,000	$ 0	$ 399,648,000
Payment for Debt Extinguishment or Debt Prepayment Cost							$ 0	2,726,000	0
Number of properties | Property							167
Subsequent Event
Subsequent Event [Line Items]
Dividends Payable, Date Declared			Jan. 20, 2020
Common Stock, Dividends, Per Share, Declared | $ / shares			$ 0.47
Dividends Payable, Date to be Paid	Feb. 14, 2020
Dividends Payable, Date of Record		Jan. 30, 2020
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Subsequent Event [Line Items]
Proceeds from unsecured notes							$ 398,816,000	0	399,648,000
Payment for Debt Extinguishment or Debt Prepayment Cost							0	$ 2,726,000	$ 0
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior Notes - September 2015
Subsequent Event [Line Items]
Debt Instrument, Face Amount							$ 400,000,000
Term (Years)							5 years
Percentage of par value							99.811%
Coupon							3.35%
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Subsequent Event | Senior Notes - January 2020
Subsequent Event [Line Items]
Debt Instrument, Face Amount				$ 400,000,000
Term (Years)				10 years
Percentage of par value				99.81%
Coupon				2.85%
Proceeds from unsecured notes				$ 394,300,000
Pay-off of unsecured term loans				$ 400,000,000
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Subsequent Event | Senior Notes - September 2015
Subsequent Event [Line Items]
Coupon						3.35%
Pay-off of unsecured term loans						$ 400,000,000
Payment for Debt Extinguishment or Debt Prepayment Cost						$ 4,800,000
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Subsequent Event [Line Items]
Property, Plant and Equipment, Net							$ 97,900,000
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Subsequent Event
Subsequent Event [Line Items]
Number of properties | Property					1
Core Transaction
Subsequent Event [Line Items]
Number of properties							3			2
Core Transaction | Subsequent Event
Subsequent Event [Line Items]
Number of properties					2
Payments for Repurchase of Redeemable Noncontrolling Interest					$ 76,800,000

Schedule of Real Estate and A_2

Schedule of Real Estate and Accumulated Depreciation - Schedule of Real Estate Properties (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)land_parcelBedPropertyUnitphase	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	36,803
Beds | Bed	112,781
Initial Cost, Land	$ 649,403
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	7,145,299
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	512,301
Total Costs, Land	654,985
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	7,652,018
Total Costs, Total	8,307,003
Accumulated Depreciation	1,537,100
Encumbrances	782,741
Aggregate costs for federal income tax purposes	$ 8,700,000
Number of properties | Property	167
Owned Properties
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	34,680
Beds | Bed	107,551
Initial Cost, Land	$ 649,403
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	6,998,527
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	489,574
Total Costs, Land	654,985
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	7,482,519
Total Costs, Total	8,137,504
Accumulated Depreciation	1,442,789	$ 1,230,562	$ 1,035,027	$ 864,106
Encumbrances	$ 693,584
Owned Properties | The Callaway House - College Station
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	173
Beds | Bed	538
Initial Cost, Land	$ 5,081
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	20,499
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	7,923
Total Costs, Land	5,002
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	28,501
Total Costs, Total	33,503
Accumulated Depreciation	13,913
Encumbrances	$ 0
Owned Properties | The Village at Science Drive
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	192
Beds | Bed	732
Initial Cost, Land	$ 4,673
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	19,021
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	7,510
Total Costs, Land	4,673
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	26,531
Total Costs, Total	31,204
Accumulated Depreciation	11,198
Encumbrances	$ 0
Owned Properties | University Village at Boulder Creek
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	82
Beds | Bed	309
Initial Cost, Land	$ 1,035
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	16,393
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	984
Total Costs, Land	1,035
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	17,377
Total Costs, Total	18,412
Accumulated Depreciation	7,694
Encumbrances	$ 0
Owned Properties | University Village - Fresno
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	105
Beds | Bed	406
Initial Cost, Land	$ 929
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	15,168
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	654
Total Costs, Land	929
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	15,822
Total Costs, Total	16,751
Accumulated Depreciation	6,255
Encumbrances	$ 0
Owned Properties | University Village - Temple
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	220
Beds | Bed	749
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	41,119
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	2,137
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	43,256
Total Costs, Total	43,256
Accumulated Depreciation	16,955
Encumbrances	$ 0
Owned Properties | University Club Apartments
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	94
Beds | Bed	376
Initial Cost, Land	$ 1,416
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	11,848
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	1,075
Total Costs, Land	1,416
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	12,923
Total Costs, Total	14,339
Accumulated Depreciation	5,117
Encumbrances	$ 0
Owned Properties | City Parc at Fry Street
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	136
Beds | Bed	418
Initial Cost, Land	$ 1,902
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	17,678
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	4,104
Total Costs, Land	1,902
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	21,782
Total Costs, Total	23,684
Accumulated Depreciation	8,018
Encumbrances	$ 0
Owned Properties | Entrada Real
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	98
Beds | Bed	363
Initial Cost, Land	$ 1,475
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	15,859
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	2,189
Total Costs, Land	1,475
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	18,048
Total Costs, Total	19,523
Accumulated Depreciation	7,058
Encumbrances	$ 0
Owned Properties | University Village at Sweethome
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	269
Beds | Bed	828
Initial Cost, Land	$ 2,473
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	34,448
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	2,270
Total Costs, Land	2,473
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	36,718
Total Costs, Total	39,191
Accumulated Depreciation	13,301
Encumbrances	$ 0
Owned Properties | University Village - Tallahassee
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	217
Beds | Bed	716
Initial Cost, Land	$ 4,322
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	26,225
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	4,770
Total Costs, Land	4,322
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	30,995
Total Costs, Total	35,317
Accumulated Depreciation	11,564
Encumbrances	$ 0
Owned Properties | Royal Village - Gainesville
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	118
Beds | Bed	448
Initial Cost, Land	$ 2,386
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	15,153
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	5,232
Total Costs, Land	2,363
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	20,408
Total Costs, Total	22,771
Accumulated Depreciation	7,107
Encumbrances	$ 0
Owned Properties | Royal Lexington
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	94
Beds | Bed	364
Initial Cost, Land	$ 2,848
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	12,783
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	4,250
Total Costs, Land	2,848
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	17,033
Total Costs, Total	19,881
Accumulated Depreciation	6,374
Encumbrances	$ 0
Owned Properties | Raiders Pass
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	264
Beds | Bed	828
Initial Cost, Land	$ 3,877
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	32,445
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	4,836
Total Costs, Land	3,877
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	37,281
Total Costs, Total	41,158
Accumulated Depreciation	13,465
Encumbrances	$ 0
Owned Properties | Aggie Station
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	156
Beds | Bed	450
Initial Cost, Land	$ 1,634
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	18,821
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	3,329
Total Costs, Land	1,634
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	22,150
Total Costs, Total	23,784
Accumulated Depreciation	7,973
Encumbrances	$ 0
Owned Properties | The Outpost - San Antonio
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	276
Beds | Bed	828
Initial Cost, Land	$ 3,262
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	36,252
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	10,276
Total Costs, Land	3,262
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	46,528
Total Costs, Total	49,790
Accumulated Depreciation	15,242
Encumbrances	$ 0
Owned Properties | Callaway Villas
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	236
Beds | Bed	704
Initial Cost, Land	$ 3,903
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	31,953
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	404
Total Costs, Land	3,903
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	32,357
Total Costs, Total	36,260
Accumulated Depreciation	10,996
Encumbrances	$ 0
Owned Properties | The Village on Sixth Avenue
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	248
Beds | Bed	752
Initial Cost, Land	$ 2,763
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	22,480
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	8,749
Total Costs, Land	2,763
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	31,229
Total Costs, Total	33,992
Accumulated Depreciation	11,025
Encumbrances	$ 0
Owned Properties | Newtown Crossing
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	356
Beds | Bed	942
Initial Cost, Land	$ 7,013
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	53,597
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	96
Total Costs, Land	7,013
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	53,693
Total Costs, Total	60,706
Accumulated Depreciation	17,362
Encumbrances	$ 0
Owned Properties | Olde Towne University Square
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	224
Beds | Bed	550
Initial Cost, Land	$ 2,277
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	24,614
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	(509)
Total Costs, Land	2,277
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	24,105
Total Costs, Total	26,382
Accumulated Depreciation	8,023
Encumbrances	$ 0
Owned Properties | Peninsular Place
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	183
Beds | Bed	478
Initial Cost, Land	$ 2,306
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	16,559
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	1,069
Total Costs, Land	2,306
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	17,628
Total Costs, Total	19,934
Accumulated Depreciation	5,656
Encumbrances	$ 0
Owned Properties | University Centre
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	234
Beds | Bed	838
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	77,378
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	238
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	77,616
Total Costs, Total	77,616
Accumulated Depreciation	24,690
Encumbrances	$ 0
Owned Properties | The Summit & Jacob Heights
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	258
Beds | Bed	930
Initial Cost, Land	$ 2,318
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	36,464
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	2,983
Total Costs, Land	2,318
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	39,447
Total Costs, Total	41,765
Accumulated Depreciation	12,404
Encumbrances	$ 0
Owned Properties | GrandMarc Seven Corners
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	186
Beds | Bed	440
Initial Cost, Land	$ 4,491
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	28,807
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	1,666
Total Costs, Land	4,491
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	30,473
Total Costs, Total	34,964
Accumulated Depreciation	9,612
Encumbrances	$ 0
Owned Properties | Aztec Corner
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	180
Beds | Bed	606
Initial Cost, Land	$ 17,460
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	32,209
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	2,263
Total Costs, Land	17,460
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	34,472
Total Costs, Total	51,932
Accumulated Depreciation	11,106
Encumbrances	$ 0
Owned Properties | The Tower at Third
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	188
Beds | Bed	375
Initial Cost, Land	$ 1,145
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	19,128
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	12,653
Total Costs, Land	1,267
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	31,659
Total Costs, Total	32,926
Accumulated Depreciation	11,194
Encumbrances	$ 0
Owned Properties | Willowtree Apartments and Tower
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	473
Beds | Bed	851
Initial Cost, Land	$ 9,807
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	21,880
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	4,954
Total Costs, Land	9,806
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	26,835
Total Costs, Total	36,641
Accumulated Depreciation	9,655
Encumbrances	$ 0
Owned Properties | University Pointe
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	204
Beds | Bed	682
Initial Cost, Land	$ 989
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	27,576
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	4,438
Total Costs, Land	989
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	32,014
Total Costs, Total	33,003
Accumulated Depreciation	10,901
Encumbrances	$ 0
Owned Properties | University Trails
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	240
Beds | Bed	684
Initial Cost, Land	$ 1,183
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	25,173
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	4,236
Total Costs, Land	1,183
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	29,409
Total Costs, Total	30,592
Accumulated Depreciation	10,226
Encumbrances	$ 0
Owned Properties | Campus Trails
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	156
Beds | Bed	480
Initial Cost, Land	$ 1,358
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	11,291
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	7,267
Total Costs, Land	1,358
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	18,558
Total Costs, Total	19,916
Accumulated Depreciation	5,834
Encumbrances	$ 0
Owned Properties | University Crossings (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	260
Beds | Bed	1,016
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	50,668
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	42,469
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	93,137
Total Costs, Total	93,137
Accumulated Depreciation	31,148
Encumbrances	$ 0
Owned Properties | Vista del Sol (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	613
Beds | Bed	1,866
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	135,939
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	5,980
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	141,919
Total Costs, Total	141,919
Accumulated Depreciation	45,289
Encumbrances	$ 0
Owned Properties | Villas at Chestnut Ridge
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	196
Beds | Bed	552
Initial Cost, Land	$ 2,756
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	33,510
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	1,929
Total Costs, Land	2,756
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	35,439
Total Costs, Total	38,195
Accumulated Depreciation	11,862
Encumbrances	$ 0
Owned Properties | Barrett Honors College (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	604
Beds | Bed	1,721
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	131,302
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	22,594
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	153,896
Total Costs, Total	153,896
Accumulated Depreciation	47,876
Encumbrances	$ 0
Owned Properties | Sanctuary Lofts
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	201
Beds | Bed	487
Initial Cost, Land	$ 2,960
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	18,180
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	4,758
Total Costs, Land	2,959
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	22,939
Total Costs, Total	25,898
Accumulated Depreciation	7,784
Encumbrances	$ 0
Owned Properties | The Edge - Charlotte
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	180
Beds | Bed	720
Initial Cost, Land	$ 3,076
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	23,395
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	9,702
Total Costs, Land	3,076
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	33,097
Total Costs, Total	36,173
Accumulated Depreciation	11,417
Encumbrances	$ 0
Owned Properties | University Walk
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	120
Beds | Bed	480
Initial Cost, Land	$ 2,016
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	14,599
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	3,557
Total Costs, Land	2,016
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	18,156
Total Costs, Total	20,172
Accumulated Depreciation	6,044
Encumbrances	$ 0
Owned Properties | Uptown
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	180
Beds | Bed	528
Initial Cost, Land	$ 3,031
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	21,685
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	4,289
Total Costs, Land	3,031
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	25,974
Total Costs, Total	29,005
Accumulated Depreciation	7,201
Encumbrances	$ 0
Owned Properties | 2nd Avenue Centre
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	274
Beds | Bed	868
Initial Cost, Land	$ 4,434
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	27,236
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	4,250
Total Costs, Land	4,434
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	31,486
Total Costs, Total	35,920
Accumulated Depreciation	10,159
Encumbrances	$ 0
Owned Properties | Villas at Babcock
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	204
Beds | Bed	792
Initial Cost, Land	$ 4,642
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	30,901
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	448
Total Costs, Land	4,642
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	31,349
Total Costs, Total	35,991
Accumulated Depreciation	11,452
Encumbrances	$ 0
Owned Properties | Lobo Village (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	216
Beds | Bed	864
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	42,490
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	1,266
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	43,756
Total Costs, Total	43,756
Accumulated Depreciation	11,603
Encumbrances	$ 0
Owned Properties | Villas on Sycamore
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	170
Beds | Bed	680
Initial Cost, Land	$ 3,000
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	24,640
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	517
Total Costs, Land	3,000
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	25,157
Total Costs, Total	28,157
Accumulated Depreciation	9,714
Encumbrances	$ 0
Owned Properties | 26 West
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	367
Beds | Bed	1,026
Initial Cost, Land	$ 21,396
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	63,994
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	8,298
Total Costs, Land	21,396
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	72,292
Total Costs, Total	93,688
Accumulated Depreciation	18,764
Encumbrances	$ 66,938
Owned Properties | The Varsity
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	258
Beds | Bed	901
Initial Cost, Land	$ 11,605
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	108,529
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	2,095
Total Costs, Land	11,605
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	110,624
Total Costs, Total	122,229
Accumulated Depreciation	24,284
Encumbrances	$ 0
Owned Properties | Avalon Heights
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	210
Beds | Bed	754
Initial Cost, Land	$ 4,968
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	24,345
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	15,193
Total Costs, Land	4,968
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	39,538
Total Costs, Total	44,506
Accumulated Depreciation	10,768
Encumbrances	$ 0
Owned Properties | University Commons
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	164
Beds | Bed	480
Initial Cost, Land	$ 12,559
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	19,010
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	3,325
Total Costs, Land	12,559
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	22,335
Total Costs, Total	34,894
Accumulated Depreciation	5,865
Encumbrances	$ 0
Owned Properties | Casas del Rio (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	283
Beds | Bed	1,028
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	40,639
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	2,997
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	43,636
Total Costs, Total	43,636
Accumulated Depreciation	17,115
Encumbrances	$ 0
Owned Properties | The Suites (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	439
Beds | Bed	878
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	45,296
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	817
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	46,113
Total Costs, Total	46,113
Accumulated Depreciation	13,377
Encumbrances	$ 0
Owned Properties | Hilltop Townhomes (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	144
Beds | Bed	576
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	31,507
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	655
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	32,162
Total Costs, Total	32,162
Accumulated Depreciation	10,780
Encumbrances	$ 0
Owned Properties | U Club on Frey
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	216
Beds | Bed	864
Initial Cost, Land	$ 8,703
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	36,873
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	1,595
Total Costs, Land	8,703
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	38,468
Total Costs, Total	47,171
Accumulated Depreciation	11,190
Encumbrances	$ 0
Owned Properties | Campus Edge on UTA Boulevard
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	128
Beds | Bed	488
Initial Cost, Land	$ 2,661
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	21,233
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	1,167
Total Costs, Land	2,663
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	22,398
Total Costs, Total	25,061
Accumulated Depreciation	7,522
Encumbrances	$ 0
Owned Properties | U Club Townhomes on Marion Pugh
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	160
Beds | Bed	640
Initial Cost, Land	$ 6,722
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	26,546
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	1,912
Total Costs, Land	6,722
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	28,458
Total Costs, Total	35,180
Accumulated Depreciation	9,854
Encumbrances	$ 0
Owned Properties | Villas on Rensch
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	153
Beds | Bed	610
Initial Cost, Land	$ 10,231
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	33,852
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	1,477
Total Costs, Land	10,231
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	35,329
Total Costs, Total	45,560
Accumulated Depreciation	10,940
Encumbrances	$ 0
Owned Properties | The Village at Overton Park
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	163
Beds | Bed	612
Initial Cost, Land	$ 5,262
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	29,374
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	1,412
Total Costs, Land	5,262
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	30,786
Total Costs, Total	36,048
Accumulated Depreciation	10,504
Encumbrances	$ 0
Owned Properties | Casa de Oro (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	109
Beds | Bed	365
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	12,362
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	301
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	12,663
Total Costs, Total	12,663
Accumulated Depreciation	4,589
Encumbrances	$ 0
Owned Properties | The Villas at Vista del Sol (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	104
Beds | Bed	400
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	20,421
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	511
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	20,932
Total Costs, Total	20,932
Accumulated Depreciation	7,675
Encumbrances	$ 0
Owned Properties | The Block
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	669
Beds | Bed	1,555
Initial Cost, Land	$ 22,270
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	141,430
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	14,963
Total Costs, Land	22,497
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	156,166
Total Costs, Total	178,663
Accumulated Depreciation	32,538
Encumbrances	$ 94,117
Owned Properties | University Pointe at College Station (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	282
Beds | Bed	978
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	84,657
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	2,531
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	87,188
Total Costs, Total	87,188
Accumulated Depreciation	30,227
Encumbrances	$ 0
Owned Properties | 309 Green
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	110
Beds | Bed	416
Initial Cost, Land	$ 5,351
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	49,987
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	4,209
Total Costs, Land	5,351
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	54,196
Total Costs, Total	59,547
Accumulated Depreciation	12,098
Encumbrances	$ 28,929
Owned Properties | The Retreat
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	187
Beds | Bed	780
Initial Cost, Land	$ 5,265
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	46,236
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	4,226
Total Costs, Land	5,265
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	50,462
Total Costs, Total	55,727
Accumulated Depreciation	11,567
Encumbrances	$ 0
Owned Properties | Lofts54
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	43
Beds | Bed	172
Initial Cost, Land	$ 430
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	14,741
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	4,354
Total Costs, Land	430
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	19,095
Total Costs, Total	19,525
Accumulated Depreciation	4,402
Encumbrances	$ 0
Owned Properties | Campustown Rentals
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	264
Beds | Bed	746
Initial Cost, Land	$ 2,382
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	40,190
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	4,559
Total Costs, Land	2,382
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	44,749
Total Costs, Total	47,131
Accumulated Depreciation	11,872
Encumbrances	$ 0
Owned Properties | Chauncey Square
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	158
Beds | Bed	386
Initial Cost, Land	$ 2,522
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	40,013
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	1,955
Total Costs, Land	2,522
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	41,968
Total Costs, Total	44,490
Accumulated Depreciation	9,627
Encumbrances	$ 0
Owned Properties | Texan & Vintage
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	124
Beds | Bed	311
Initial Cost, Land	$ 5,937
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	11,906
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	16,193
Total Costs, Land	5,962
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	28,074
Total Costs, Total	34,036
Accumulated Depreciation	6,107
Encumbrances	$ 18,796
Owned Properties | The Castilian
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	371
Beds | Bed	623
Initial Cost, Land	$ 3,663
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	59,772
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	35,992
Total Costs, Land	3,663
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	95,764
Total Costs, Total	99,427
Accumulated Depreciation	23,875
Encumbrances	$ 46,052
Owned Properties | Bishops Square
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	134
Beds | Bed	315
Initial Cost, Land	$ 1,206
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	17,878
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	2,598
Total Costs, Land	1,206
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	20,476
Total Costs, Total	21,682
Accumulated Depreciation	5,242
Encumbrances	$ 10,634
Owned Properties | Union
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	54
Beds | Bed	120
Initial Cost, Land	$ 169
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	6,348
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	1,148
Total Costs, Land	169
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	7,496
Total Costs, Total	7,665
Accumulated Depreciation	1,889
Encumbrances	$ 3,328
Owned Properties | 922 Place
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	132
Beds | Bed	468
Initial Cost, Land	$ 3,363
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	34,947
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	3,552
Total Costs, Land	3,363
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	38,499
Total Costs, Total	41,862
Accumulated Depreciation	9,804
Encumbrances	$ 0
Owned Properties | Campustown
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	452
Beds | Bed	1,217
Initial Cost, Land	$ 1,818
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	77,894
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	10,465
Total Costs, Land	1,818
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	88,359
Total Costs, Total	90,177
Accumulated Depreciation	19,055
Encumbrances	$ 0
Owned Properties | River Mill
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	243
Beds | Bed	461
Initial Cost, Land	$ 1,741
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	22,806
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	5,023
Total Costs, Land	1,741
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	27,829
Total Costs, Total	29,570
Accumulated Depreciation	6,809
Encumbrances	$ 0
Owned Properties | The Province - Greensboro
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	219
Beds | Bed	696
Initial Cost, Land	$ 2,226
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	48,567
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	1,817
Total Costs, Land	2,226
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	50,384
Total Costs, Total	52,610
Accumulated Depreciation	11,849
Encumbrances	$ 26,471
Owned Properties | RAMZ Apartments on Broad
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	88
Beds | Bed	172
Initial Cost, Land	$ 785
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	12,303
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	870
Total Costs, Land	785
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	13,173
Total Costs, Total	13,958
Accumulated Depreciation	2,998
Encumbrances	$ 0
Owned Properties | The Lofts at Capital Garage
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	36
Beds | Bed	144
Initial Cost, Land	$ 313
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	3,581
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	799
Total Costs, Land	313
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	4,380
Total Costs, Total	4,693
Accumulated Depreciation	1,212
Encumbrances	$ 0
Owned Properties | 25Twenty
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	249
Beds | Bed	562
Initial Cost, Land	$ 2,226
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	33,429
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	1,447
Total Costs, Land	2,226
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	34,876
Total Costs, Total	37,102
Accumulated Depreciation	9,308
Encumbrances	$ 24,723
Owned Properties | The Province - Louisville
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	366
Beds | Bed	858
Initial Cost, Land	$ 4,392
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	63,068
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	2,202
Total Costs, Land	4,392
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	65,270
Total Costs, Total	69,662
Accumulated Depreciation	15,743
Encumbrances	$ 34,353
Owned Properties | The Province - Rochester
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	336
Beds | Bed	816
Initial Cost, Land	$ 3,798
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	70,955
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	3,732
Total Costs, Land	3,798
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	74,687
Total Costs, Total	78,485
Accumulated Depreciation	17,668
Encumbrances	$ 32,313
Owned Properties | 5 Twenty Four and 5 Twenty Five Angliana
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	376
Beds | Bed	1,060
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	60,448
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	7,401
Total Costs, Land	5,214
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	62,635
Total Costs, Total	67,849
Accumulated Depreciation	15,386
Encumbrances	$ 0
Owned Properties | The Province - Tampa
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	287
Beds | Bed	947
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	52,943
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	5,394
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	58,337
Total Costs, Total	58,337
Accumulated Depreciation	13,637
Encumbrances	$ 30,840
Owned Properties | U Pointe Kennesaw
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	216
Beds | Bed	795
Initial Cost, Land	$ 1,482
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	61,654
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	6,385
Total Costs, Land	1,482
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	68,039
Total Costs, Total	69,521
Accumulated Depreciation	17,301
Encumbrances	$ 0
Owned Properties | The Cottages of Durham
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	141
Beds | Bed	619
Initial Cost, Land	$ 3,955
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	41,421
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	2,758
Total Costs, Land	3,955
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	44,179
Total Costs, Total	48,134
Accumulated Depreciation	12,655
Encumbrances	$ 0
Owned Properties | University Edge
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	201
Beds | Bed	608
Initial Cost, Land	$ 4,500
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	26,385
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	1,576
Total Costs, Land	4,500
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	27,961
Total Costs, Total	32,461
Accumulated Depreciation	6,309
Encumbrances	$ 0
Owned Properties | The Lodges of East Lansing
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	364
Beds | Bed	1,049
Initial Cost, Land	$ 6,472
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	89,231
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	2,973
Total Costs, Land	6,472
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	92,204
Total Costs, Total	98,676
Accumulated Depreciation	20,607
Encumbrances	$ 27,935
Owned Properties | 7th Street Station
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	82
Beds | Bed	309
Initial Cost, Land	$ 9,792
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	16,472
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	615
Total Costs, Land	9,792
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	17,087
Total Costs, Total	26,879
Accumulated Depreciation	4,212
Encumbrances	$ 0
Owned Properties | The Callaway House - Austin
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	219
Beds | Bed	753
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	61,550
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	1,224
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	62,774
Total Costs, Total	62,774
Accumulated Depreciation	16,211
Encumbrances	$ 80,726
Owned Properties | Manzanita Hall (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	241
Beds | Bed	816
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	48,781
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	1,488
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	50,269
Total Costs, Total	50,269
Accumulated Depreciation	14,061
Encumbrances	$ 0
Owned Properties | University View (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	96
Beds | Bed	336
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	14,683
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	251
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	14,934
Total Costs, Total	14,934
Accumulated Depreciation	4,141
Encumbrances	$ 0
Owned Properties | U Club Townhomes at Overton Park
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	112
Beds | Bed	448
Initial Cost, Land	$ 7,775
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	21,483
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	1,014
Total Costs, Land	7,775
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	22,497
Total Costs, Total	30,272
Accumulated Depreciation	6,179
Encumbrances	$ 0
Owned Properties | 601 Copeland
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	81
Beds | Bed	283
Initial Cost, Land	$ 1,457
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	26,699
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	591
Total Costs, Land	1,457
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	27,290
Total Costs, Total	28,747
Accumulated Depreciation	6,315
Encumbrances	$ 0
Owned Properties | The Townhomes at Newtown Crossing
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	152
Beds | Bed	608
Initial Cost, Land	$ 7,745
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	32,074
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	656
Total Costs, Land	7,745
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	32,730
Total Costs, Total	40,475
Accumulated Depreciation	7,716
Encumbrances	$ 0
Owned Properties | Chestnut Square (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	220
Beds | Bed	861
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	98,369
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	2,964
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	101,333
Total Costs, Total	101,333
Accumulated Depreciation	24,574
Encumbrances	$ 0
Owned Properties | Park Point - Rochester
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	300
Beds | Bed	924
Initial Cost, Land	$ 7,827
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	73,495
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	5,235
Total Costs, Land	7,827
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	78,730
Total Costs, Total	86,557
Accumulated Depreciation	18,069
Encumbrances	$ 70,000
Owned Properties | U Centre at Fry Street
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	194
Beds | Bed	614
Initial Cost, Land	$ 2,902
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	47,700
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	2,901
Total Costs, Land	2,902
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	50,601
Total Costs, Total	53,503
Accumulated Depreciation	10,077
Encumbrances	$ 0
Owned Properties | Cardinal Towne
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	255
Beds | Bed	545
Initial Cost, Land	$ 6,547
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	53,809
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	3,942
Total Costs, Land	6,547
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	57,751
Total Costs, Total	64,298
Accumulated Depreciation	11,408
Encumbrances	$ 0
Owned Properties | Merwick Stanworth (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	325
Beds | Bed	595
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	79,598
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	(692)
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	78,906
Total Costs, Total	78,906
Accumulated Depreciation	10,921
Encumbrances	$ 0
Owned Properties | Plaza on University
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	364
Beds | Bed	1,313
Initial Cost, Land	$ 23,987
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	85,584
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	4,373
Total Costs, Land	23,987
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	89,957
Total Costs, Total	113,944
Accumulated Depreciation	19,308
Encumbrances	$ 0
Owned Properties | U Centre at Northgate (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	196
Beds | Bed	784
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	35,663
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	503
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	36,166
Total Costs, Total	36,166
Accumulated Depreciation	8,088
Encumbrances	$ 0
Owned Properties | University Walk
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	177
Beds | Bed	526
Initial Cost, Land	$ 4,341
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	29,073
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	938
Total Costs, Land	4,341
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	30,011
Total Costs, Total	34,352
Accumulated Depreciation	5,185
Encumbrances	$ 0
Owned Properties | U Club on Woodward
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	236
Beds | Bed	944
Initial Cost, Land	$ 16,350
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	46,982
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	867
Total Costs, Land	16,349
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	47,850
Total Costs, Total	64,199
Accumulated Depreciation	10,937
Encumbrances	$ 0
Owned Properties | Park Point - Syracuse
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	66
Beds | Bed	226
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	25,725
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	3,582
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	29,307
Total Costs, Total	29,307
Accumulated Depreciation	4,671
Encumbrances	$ 10,586
Owned Properties | 1200 West Marshall
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	136
Beds | Bed	406
Initial Cost, Land	$ 4,397
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	33,908
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	2,020
Total Costs, Land	4,397
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	35,928
Total Costs, Total	40,325
Accumulated Depreciation	6,104
Encumbrances	$ 0
Owned Properties | 8 1/2 Canal Street
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	160
Beds | Bed	540
Initial Cost, Land	$ 2,797
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	45,394
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	2,359
Total Costs, Land	2,797
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	47,753
Total Costs, Total	50,550
Accumulated Depreciation	7,272
Encumbrances	$ 0
Owned Properties | Vistas San Marcos
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	255
Beds | Bed	600
Initial Cost, Land	$ 586
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	45,761
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	6,157
Total Costs, Land	586
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	51,918
Total Costs, Total	52,504
Accumulated Depreciation	10,791
Encumbrances	$ 0
Owned Properties | Crest at Pearl
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	141
Beds | Bed	343
Initial Cost, Land	$ 4,395
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	36,268
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	1,959
Total Costs, Land	4,491
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	38,131
Total Costs, Total	42,622
Accumulated Depreciation	6,122
Encumbrances	$ 23,372
Owned Properties | U Club Binghamton
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	326
Beds | Bed	1,272
Initial Cost, Land	$ 15,858
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	92,372
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	3,194
Total Costs, Land	15,858
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	95,566
Total Costs, Total	111,424
Accumulated Depreciation	11,154
Encumbrances	$ 0
Owned Properties | Stadium Centre
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	447
Beds | Bed	970
Initial Cost, Land	$ 9,249
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	100,854
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	7,641
Total Costs, Land	9,249
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	108,495
Total Costs, Total	117,744
Accumulated Depreciation	15,299
Encumbrances	$ 63,471
Owned Properties | 160 Ross
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	182
Beds | Bed	642
Initial Cost, Land	$ 2,962
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	38,478
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	1,013
Total Costs, Land	2,962
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	39,491
Total Costs, Total	42,453
Accumulated Depreciation	7,060
Encumbrances	$ 0
Owned Properties | The Summit at University City (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	351
Beds | Bed	1,315
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	154,770
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	1,786
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	156,556
Total Costs, Total	156,556
Accumulated Depreciation	22,183
Encumbrances	$ 0
Owned Properties | 2125 Franklin
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	192
Beds | Bed	734
Initial Cost, Land	$ 8,299
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	55,716
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	587
Total Costs, Land	8,299
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	56,303
Total Costs, Total	64,602
Accumulated Depreciation	8,757
Encumbrances	$ 0
Owned Properties | University Crossings - Charlotte
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	187
Beds | Bed	546
Initial Cost, Land	$ 645
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	36,838
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	4,618
Total Costs, Land	645
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	41,456
Total Costs, Total	42,101
Accumulated Depreciation	4,908
Encumbrances	$ 0
Owned Properties | U Club on 28th
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	100
Beds | Bed	398
Initial Cost, Land	$ 9,725
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	45,788
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	396
Total Costs, Land	9,725
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	46,184
Total Costs, Total	55,909
Accumulated Depreciation	5,490
Encumbrances	$ 0
Owned Properties | Currie Hall (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	178
Beds | Bed	456
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	49,987
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	344
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	50,331
Total Costs, Total	50,331
Accumulated Depreciation	6,384
Encumbrances	$ 0
Owned Properties | University Pointe (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	134
Beds | Bed	531
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	44,035
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	262
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	44,297
Total Costs, Total	44,297
Accumulated Depreciation	5,377
Encumbrances	$ 0
Owned Properties | Fairview House (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	107
Beds | Bed	633
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	38,144
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	193
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	38,337
Total Costs, Total	38,337
Accumulated Depreciation	5,544
Encumbrances	$ 0
Owned Properties | U Club Sunnyside
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	134
Beds | Bed	534
Initial Cost, Land	$ 7,423
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	41,582
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	550
Total Costs, Land	7,423
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	42,132
Total Costs, Total	49,555
Accumulated Depreciation	5,130
Encumbrances	$ 0
Owned Properties | U Point
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	54
Beds | Bed	163
Initial Cost, Land	$ 1,425
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	17,325
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	2,406
Total Costs, Land	1,425
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	19,731
Total Costs, Total	21,156
Accumulated Depreciation	2,278
Encumbrances	$ 0
Owned Properties | The Arlie
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	169
Beds | Bed	598
Initial Cost, Land	$ 1,350
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	43,352
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	1,905
Total Costs, Land	1,350
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	45,257
Total Costs, Total	46,607
Accumulated Depreciation	5,014
Encumbrances	$ 0
Owned Properties | TWELVE at U District
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	283
Beds | Bed	384
Initial Cost, Land	$ 13,013
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	98,115
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	3,494
Total Costs, Land	13,013
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	101,609
Total Costs, Total	114,622
Accumulated Depreciation	7,136
Encumbrances	$ 0
Owned Properties | The 515
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	183
Beds | Bed	513
Initial Cost, Land	$ 1,611
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	68,953
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	1,542
Total Costs, Land	1,611
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	70,495
Total Costs, Total	72,106
Accumulated Depreciation	4,879
Encumbrances	$ 0
Owned Properties | State
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	220
Beds | Bed	665
Initial Cost, Land	$ 3,448
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	66,774
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	2,409
Total Costs, Land	3,448
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	69,183
Total Costs, Total	72,631
Accumulated Depreciation	5,635
Encumbrances	$ 0
Owned Properties | The James
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	366
Beds | Bed	850
Initial Cost, Land	$ 18,871
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	118,096
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	2,048
Total Costs, Land	18,871
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	120,144
Total Costs, Total	139,015
Accumulated Depreciation	9,354
Encumbrances	$ 0
Owned Properties | Bridges @ 11th
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	184
Beds | Bed	258
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	58,825
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	1,413
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	60,238
Total Costs, Total	60,238
Accumulated Depreciation	3,695
Encumbrances	$ 0
Owned Properties | Hub U District Seattle
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	111
Beds | Bed	248
Initial Cost, Land	$ 5,700
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	56,355
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	1,318
Total Costs, Land	5,700
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	57,673
Total Costs, Total	63,373
Accumulated Depreciation	4,265
Encumbrances	$ 0
Owned Properties | Tooker House (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	429
Beds | Bed	1,594
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	103,897
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	(179)
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	103,718
Total Costs, Total	103,718
Accumulated Depreciation	9,541
Encumbrances	$ 0
Owned Properties | SkyView (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	163
Beds | Bed	626
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	57,578
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	247
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	57,825
Total Costs, Total	57,825
Accumulated Depreciation	4,750
Encumbrances	$ 0
Owned Properties | University Square (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	143
Beds | Bed	466
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	25,635
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	8
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	25,643
Total Costs, Total	25,643
Accumulated Depreciation	2,384
Encumbrances	$ 0
Owned Properties | U Centre on Turner
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	182
Beds | Bed	718
Initial Cost, Land	$ 14,000
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	55,456
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	36
Total Costs, Land	14,001
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	55,491
Total Costs, Total	69,492
Accumulated Depreciation	4,792
Encumbrances	$ 0
Owned Properties | U Pointe on Speight
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	180
Beds | Bed	700
Initial Cost, Land	$ 4,705
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	46,160
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	333
Total Costs, Land	4,705
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	46,493
Total Costs, Total	51,198
Accumulated Depreciation	3,897
Encumbrances	$ 0
Owned Properties | 21Hundred at Overton Park
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	296
Beds | Bed	1,204
Initial Cost, Land	$ 16,767
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	64,057
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	834
Total Costs, Land	16,767
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	64,891
Total Costs, Total	81,658
Accumulated Depreciation	5,766
Encumbrances	$ 0
Owned Properties | The Suites at Third
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	63
Beds | Bed	251
Initial Cost, Land	$ 831
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	22,384
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	(37)
Total Costs, Land	831
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	22,347
Total Costs, Total	23,178
Accumulated Depreciation	1,924
Encumbrances	$ 0
Owned Properties | Callaway House Apartments
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	386
Beds | Bed	915
Initial Cost, Land	$ 12,651
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	78,220
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	582
Total Costs, Land	12,651
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	78,802
Total Costs, Total	91,453
Accumulated Depreciation	6,910
Encumbrances	$ 0
Owned Properties | U Centre on College
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	127
Beds | Bed	418
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	41,607
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	(187)
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	41,420
Total Costs, Total	41,420
Accumulated Depreciation	3,332
Encumbrances	$ 0
Owned Properties | David Blackwell Hall (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	412
Beds | Bed	780
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	96,891
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	0
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	96,891
Total Costs, Total	96,891
Accumulated Depreciation	4,430
Encumbrances	$ 0
Owned Properties | Gladding Residence Center (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	592
Beds | Bed	1,524
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	94,368
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	418
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	94,786
Total Costs, Total	94,786
Accumulated Depreciation	4,723
Encumbrances	$ 0
Owned Properties | Irvington House (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	197
Beds | Bed	648
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	36,187
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	0
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	36,187
Total Costs, Total	36,187
Accumulated Depreciation	1,848
Encumbrances	$ 0
Owned Properties | U Club Townhomes at Oxford
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	111
Beds | Bed	413
Initial Cost, Land	$ 10,000
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	30,885
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	19
Total Costs, Land	10,000
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	30,904
Total Costs, Total	40,904
Accumulated Depreciation	1,325
Encumbrances	$ 0
Owned Properties | Greek Leadership Village (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	498
Beds | Bed	957
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	69,351
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	44
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	69,395
Total Costs, Total	69,395
Accumulated Depreciation	3,480
Encumbrances	$ 0
Owned Properties | NAU Honors College (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	318
Beds | Bed	636
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	41,222
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	0
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	41,222
Total Costs, Total	41,222
Accumulated Depreciation	2,147
Encumbrances	$ 0
Owned Properties | U Club Townhomes at Oxford
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	132
Beds | Bed	528
Initial Cost, Land	$ 5,115
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	39,239
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	0
Total Costs, Land	5,115
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	39,239
Total Costs, Total	44,354
Accumulated Depreciation	2,035
Encumbrances	$ 0
Owned Properties | Hub Ann Arbor
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	124
Beds | Bed	310
Initial Cost, Land	$ 7,050
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	42,865
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	1,314
Total Costs, Land	7,050
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	44,179
Total Costs, Total	51,229
Accumulated Depreciation	2,107
Encumbrances	$ 0
Owned Properties | Hub Flagstaff
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	198
Beds | Bed	591
Initial Cost, Land	$ 5,397
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	56,626
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	660
Total Costs, Land	5,397
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	57,286
Total Costs, Total	62,683
Accumulated Depreciation	2,712
Encumbrances	$ 0
Owned Properties | Campus Edge on Pierce
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	289
Beds | Bed	598
Initial Cost, Land	$ 6,881
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	55,818
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	734
Total Costs, Land	6,881
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	56,552
Total Costs, Total	63,433
Accumulated Depreciation	2,855
Encumbrances	$ 0
Owned Properties | 191 College
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	127
Beds | Bed	495
Initial Cost, Land	$ 5,434
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	55,620
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	0
Total Costs, Land	5,434
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	55,620
Total Costs, Total	61,054
Accumulated Depreciation	787
Encumbrances	$ 0
Owned Properties | LightView (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	214
Beds | Bed	825
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	152,040
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	0
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	152,040
Total Costs, Total	152,040
Accumulated Depreciation	1,957
Encumbrances	$ 0
Owned Properties | University of Arizona Honors College (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	319
Beds | Bed	1,056
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	76,166
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	0
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	76,166
Total Costs, Total	76,166
Accumulated Depreciation	1,152
Encumbrances	$ 0
Owned Properties | The Flex-Stadium Centre
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	78
Beds | Bed	340
Initial Cost, Land	$ 8,559
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	26,516
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	0
Total Costs, Land	8,559
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	26,516
Total Costs, Total	35,075
Accumulated Depreciation	374
Encumbrances	$ 0
Owned Properties | 959 Franklin
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	230
Beds | Bed	443
Initial Cost, Land	$ 5,026
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	63,040
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	0
Total Costs, Land	5,026
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	63,040
Total Costs, Total	68,066
Accumulated Depreciation	635
Encumbrances	$ 0
Owned Properties | Disney College Program Phases I-V (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	2,614
Beds | Bed	10,440
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	224,185
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	0
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	224,185
Total Costs, Total	224,185
Accumulated Depreciation	0
Encumbrances	$ 0
Number of project phases | phase	10
Owned Properties | Currie Hall Phase II [Member]
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	95
Beds | Bed	272
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	22,681
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	0
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	22,681
Total Costs, Total	22,681
Accumulated Depreciation	0
Encumbrances	$ 0
Owned Properties | Holloway Residences (ACE)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	169
Beds | Bed	584
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	89,615
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	0
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	89,615
Total Costs, Total	89,615
Accumulated Depreciation	0
Encumbrances	$ 0
Owned Properties | Undeveloped land parcels
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	0
Beds | Bed	0
Initial Cost, Land	$ 55,896
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	651
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	0
Total Costs, Land	55,896
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	651
Total Costs, Total	56,547
Accumulated Depreciation	543
Encumbrances	$ 0
Number of Land Parcels Disposed | land_parcel	2
On-campus participating properties, net
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	2,123
Beds | Bed	5,230
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	146,772
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	22,727
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	169,499
Total Costs, Total	169,499
Accumulated Depreciation	94,311	84,925	$ 78,192	$ 77,132
Encumbrances	89,157
Unamortized deferred financing costs	$ (418)	(525)
Number of properties | Property	6
On-campus participating properties, net | University Village & University Village Northwest at Prairie View (9)
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	648
Beds | Bed	2,064
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	40,734
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	9,960
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	50,694
Total Costs, Total	50,694
Accumulated Depreciation	38,663
Encumbrances	$ 10,464
Number of properties | Property	2
Number of properties converted | Property	1
On-campus participating properties, net | University Village at Laredo
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	84
Beds | Bed	250
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	5,844
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	1,433
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	7,277
Total Costs, Total	7,277
Accumulated Depreciation	5,866
Encumbrances	$ 1,601
On-campus participating properties, net | University College at Prairie View
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	756
Beds | Bed	1,470
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	22,650
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	6,579
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	29,229
Total Costs, Total	29,229
Accumulated Depreciation	20,824
Encumbrances	$ 11,150
On-campus participating properties, net | Cullen Oaks
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	411
Beds | Bed	879
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	33,910
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	2,995
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	36,905
Total Costs, Total	36,905
Accumulated Depreciation	19,166
Encumbrances	$ 25,313
On-campus participating properties, net | College Park
Real Estate and Accumulated Depreciation [Line Items]
Units | Unit	224
Beds | Bed	567
Initial Cost, Land	$ 0
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment	43,634
Costs Capitalized Subsequent to Acquisition / Initial Development (1)	1,760
Total Costs, Land	0
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment	45,394
Total Costs, Total	45,394
Accumulated Depreciation	9,792
Encumbrances	40,629
Mortgages
Real Estate and Accumulated Depreciation [Line Items]
Unamortized debt premiums	6,400	11,600
Unamortized deferred financing costs	(1,700)
Mortgages | Owned Properties
Real Estate and Accumulated Depreciation [Line Items]
Unamortized debt premiums	6,596	11,579
Unamortized deferred financing costs	$ (1,294)	$ (1,757)

Schedule of Real Estate and A_3

Schedule of Real Estate and Accumulated Depreciation - Changes in investments in real estate and related accumulated depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accumulated Depreciation:
Balance, end of year	$ (1,537,100)
On-campus participating properties, net
Investments in Real Estate:
Balance, beginning of year	162,562	$ 159,996	$ 162,929
Acquisition of land for development	0	0	0
Acquisition of properties	0	0	0
Improvements and development expenditures	2,900	3,654	3,544
Write-off of fully depreciated or damaged assets	(306)	(1,088)	(6,477)
Provision for real estate impairment	0	0	0
Disposition of real estate	0	0	0
Transfer of property from owned to OCPP structure	4,343	0	0
Balance, end of year	169,499	162,562	159,996
Accumulated Depreciation:
Balance, beginning of year	(84,925)	(78,192)	(77,132)
Depreciation for the year	(8,380)	(7,819)	(7,536)
Write-off of fully depreciated or damaged assets	306	1,086	6,476
Disposition of properties	0	0	0
Transfer of property from owned to OCPP structure	(1,312)	0	0
Balance, end of year	(94,311)	(84,925)	(78,192)
Owned Properties
Investments in Real Estate:
Balance, beginning of year	7,813,959	7,485,391	6,316,470
Acquisition of land for development	10,219	26,758	24,049
Acquisition of properties	0	0	618,183
Improvements and development expenditures	484,949	549,635	621,793
Write-off of fully depreciated or damaged assets	(3,831)	(16,758)	(40,923)
Provision for real estate impairment	(3,201)	0	(15,317)
Disposition of real estate	(160,248)	(231,067)	(38,864)
Transfer of property from owned to OCPP structure	(4,343)	0	0
Balance, end of year	8,137,504	7,813,959	7,485,391
Accumulated Depreciation:
Balance, beginning of year	(1,230,562)	(1,035,027)	(864,106)
Depreciation for the year	(255,796)	(242,123)	(213,660)
Write-off of fully depreciated or damaged assets	3,831	16,242	37,761
Disposition of properties	38,426	30,346	4,978
Transfer of property from owned to OCPP structure	1,312	0	0
Balance, end of year	$ (1,442,789)	$ (1,230,562)	$ (1,035,027)