10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q/A

x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2012.

o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Transition Period From ______________________  to _________________________

Commission file number 001-32265 (American Campus Communities, Inc.)

Commission file number 333-181102-01 (American Campus Communities Operating Partnership, L.P.)

AMERICAN CAMPUS COMMUNITIES, INC.

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.

(Exact name of registrant as specified in its charter)

Maryland (American Campus Communities, Inc.) Maryland (American Campus Communities Operating Partnership, L.P.)	76-0753089 (American Campus Communities, Inc.) 56-2473181 (American Campus Communities Operating Partnership, L.P.)
(State or Other Jurisdiction of Incorporation or Organization)	(IRS Employer Identification No.)
12700 Hill Country Blvd., Suite T-200 Austin, TX (Address of Principal Executive Offices)	78738 (Zip Code)

(512) 732-1000
Registrant’s telephone number, including area code

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

American Campus Communities, Inc.                                                                            Yes x No o

American Campus Communities Operating Partnership, L.P.                                    Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

American Campus Communities, Inc.                                                                            Yes x No o

American Campus Communities Operating Partnership, L.P.                                    Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

American Campus Communities, Inc.

Large accelerated filer x	Accelerated Filer o
Non-accelerated filer o (Do not check if a smaller reporting company)	Smaller reporting company o

American Campus Communities Operating Partnership, L.P.

Large accelerated filer o	Accelerated Filer o
Non-accelerated filer x (Do not check if a smaller reporting company)	Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)

American Campus Communities, Inc.                                                                            Yes o No x

American Campus Communities Operating Partnership, L.P                                     Yes o No x

There were 74,700,197 shares of the American Campus Communities, Inc.’s common stock with a par value of $0.01 per share outstanding as of the close of business on April 27, 2012.

EXPLANATORY NOTE

The purpose of this amendment on Form 10-Q/A to the Registrant’s Quarterly Report on Form 10-Q for the period ended March 31, 2012, filed with the Securities and Exchange Commission on May 10, 2012, is solely to furnish Exhibit 101 to the Form 10-Q in accordance with Rule 405 of Regulation S-T.

No other changes have been made to the Form 10-Q. This Amendment No. 1 to the Form 10-Q speaks as of the original filing date of the Form 10-Q, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the original Form 10-Q.

PART II OTHER INFORMATION

Item 6.  Exhibits

Exhibit Number	Description of Document
31.1	American Campus Communities, Inc. - Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. *
31.2	American Campus Communities, Inc. - Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. *
31.3	American Campus Communities Operating Partnership, L.P. - Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. *
31.4	American Campus Communities Operating Partnership, L.P. - Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. *
32.1	American Campus Communities, Inc. - Certification of Chief Executive Officer Pursuant to 18 U. S. C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. *
32.2	American Campus Communities, Inc. - Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. *
32.3	American Campus Communities Operating Partnership, L.P. - Certification of Chief Executive Officer Pursuant to 18 U. S. C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. *
32.4	American Campus Communities Operating Partnership, L.P. - Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. *
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

* These exhibits were previously included or incorporated by reference in the Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2012, filed with the Securities and Exchange Commission on May 10, 2012.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: May 10, 2012

AMERICAN CAMPUS COMMUNITIES, INC.
By:	/s/ William C. Bayless, Jr.
	William C. Bayless, Jr. President and Chief Executive Officer
By:	/s/ Jonathan A. Graf
	Jonathan A. Graf Executive Vice President, Chief Financial Officer, Treasurer and Secretary

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: May 10, 2012

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
By:	American Campus Communities Holdings, LLC, its general partner
	By: American Campus Communities, Inc., its sole member

By:	/s/ William C. Bayless, Jr.
	William C. Bayless, Jr. President and Chief Executive Officer
By:	/s/ Jonathan A. Graf
	Jonathan A. Graf Executive Vice President, Chief Financial Officer, Treasurer and Secretary

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Property Acquisitions - Additional Information (Detail) (USD $) In Millions, unless otherwise specified		1 Months Ended	3 Months Ended
	Dec. 31, 2011 Bed Property	Jan. 31, 2012 University Heights Unit Bed	Mar. 31, 2012 Fidelity Joint Ventures	Jan. 31, 2012 Fidelity Joint Ventures
Business Acquisition [Line Items]
Business acquisition percentage of voting interests acquired		90.00%
Number of properties	4
Number of units acquired properties		204
Number of beds	3,403	636
Business acquisition, property value		$ 14.5
Business acquisition, purchase price	237.0
Business acquisition, anticipated transaction costs		2.3
Ownership of interest before acquisition				10.00%
Gain on debt restructuring			$ 4.2

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Incentive Award Plan - Additional Information (Detail) (Restricted Stock Awards, USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation	$ 1.3	$ 1.0

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Summary of Outstanding Consolidated Indebtedness, Including Unamortized Debt Premiums and Discounts (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	Jul. 31, 2011	Mar. 31, 2012 University Edge Property	Dec. 31, 2011 University Edge Property
Debt Instrument [Line Items]
Construction loan	$ 24.8	$ 8.3	$ 4.9

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Derivatives Instruments and Hedging Activities - Additional Information (Detail) (USD $)	1 Months Ended
	Jan. 31, 2012 Unsecured Term Loan Facility	Jan. 31, 2012 Interest Rate Swap Contract	Jan. 31, 2012 Interest Rate Swap Unsecured Term Loan Facility	Mar. 31, 2012 Interest Rate Swap 6.689 Percent Fixed Rate
Derivative [Line Items]
Unsecured term loan facility	$ 200,000,000
Unsecured term loan increased amount	150,000,000
Number of interest rate swap contracts		4
Notional Amount		$ 350,000,000	$ 350,000,000	$ 33,156,000

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Investment in Unconsolidated Joint Ventures - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012 Equity Method Investments	Mar. 31, 2011 Equity Method Investments	Mar. 31, 2012 Equity Method Investments University Heights	Dec. 31, 2011 Equity Method Investments University Heights
Schedule of Equity Method Investments [Line Items]
Management fee earned	$ 1,758	$ 1,830	$ 400	$ 400
Noncontrolling interest in a joint venture						10.00%
Loss from unconsolidated joint ventures	$ 444	$ (12)			$ 100

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Organization and Description of Business - Additional Information (Detail)												3 Months Ended
	Dec. 31, 2011 Property Bed	Mar. 31, 2012 Wholly-Owned Properties Property Unit Bed	Mar. 31, 2012 Wholly-Owned Properties Off Campus Properties Property	Mar. 31, 2012 Wholly-Owned Properties American Campus Equity Entity Property	Mar. 31, 2012 Wholly-Owned Properties On Campus Participating Properties Property	Mar. 31, 2012 Wholly-Owned Properties Retail shopping center Property	Mar. 31, 2012 Wholly-Owned Properties Under Development Bed Unit Property	Mar. 31, 2012 Management And Leasing Services Property Bed Unit	Mar. 31, 2012 Management And Leasing Services Maximum	Mar. 31, 2012 Management And Leasing Services Minimum	Mar. 31, 2012 Real Estate Investment Property Bed Unit	Mar. 31, 2012 AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.	Mar. 31, 2012 AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. Maximum
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
General Partner ownership interest													1.00%
Limited Partner ownership interest												98.70%
Number of properties	4	120	103	12	4	1	14	27			147
Number of beds	3,403	74,900					9,100	22,900			97,800
Number of university systems				6
Number of units		23,800					2,600	9,100			32,900
Initial terms of contract									5 years	1 year

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Summary of Outstanding Interest Rate Swap Contracts (Parenthetical) (Detail) (Interest Rate Swap 6.689 Percent Fixed Rate)	Mar. 31, 2012
Interest Rate Swap 6.689 Percent Fixed Rate
Derivative [Line Items]
Receive Floating Rate Index, spread rate	1.35%

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Property Dispositions and Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2012

Summary of Results of Disposition and Discontinued Operations

Below is a summary of the results of operations for the properties discussed above:

	Three Months Ended March 31,
	2012			2011
Total revenues	$	1,153		$	4,048
Total operating expenses		(593	)		(1,866	)
Depreciation and amortization		-			(1,035	)
Operating income		560			1,147
Total nonoperating expenses		-			-
Net income	$	560		$	1,147

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Stockholders' Equity / Partners' Capital - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Class of Stock [Line Items]
Commissions paid to sales agents	$ 1,196,000	$ 179,000
2011 ATM Equity Program
Class of Stock [Line Items]
Shares of common stock sold	1,800,000
Weighted average price per share	$ 41.61
Total net proceeds	73,900,000
Commissions paid to sales agents	1,100,000
Common stock available for issuance	$ 149,700,000

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Summary of Results of Disposition and Discontinued Operations (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenues	$ 1,153	$ 4,048
Total operating expenses	(593)	(1,866)
Depreciation and amortization		(1,035)
Operating income	560	1,147
Total nonoperating expenses
Net income	$ 560	$ 1,147

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Summary of Elements Used in Calculating Basic and Diluted Earnings per Share (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Basic earnings per share calculation:
Income from continuing operations	$ 20,245	$ 16,733
Income from continuing operations attributable to noncontrolling interests	(772)	(449)
Income from continuing operations attributable to common shareholders	19,473	16,284
Amount allocated to participating securities	(258)	(236)
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities	19,215	16,048
Income from discontinued operations	560	1,147
Income from discontinued operations attributable to noncontrolling interests	(7)	(18)
Income from discontinued operations attributable to common shareholders	553	1,129
Net income attributable to common unitholders /shareholders, as adjusted - basic	19,768	17,177
Income from continuing operations attributable to common shareholders, as adjusted - per share	$ 0.26	$ 0.24
Income from discontinued operations attributable to common shareholders - per share	$ 0.01	$ 0.02
Net income attributable to common shareholders, as adjusted - per share	$ 0.27	$ 0.26
Basic weighted average common shares outstanding	74,216,854	66,956,764
Diluted earnings per share calculation:
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities	19,215	16,048
Income from discontinued operations attributable to common shareholders	553	1,129
Net income attributable to common shareholders, as adjusted - diluted	$ 19,768	$ 17,177
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities - per share	$ 0.25	$ 0.24
Income from discontinued operations attributable to common shareholders - per share	$ 0.01	$ 0.01
Net income attributable to common shareholders-per share	$ 0.26	$ 0.25
Basic weighted average common shares outstanding	74,216,854	66,956,764
Restricted Stock Awards (Note 11)	647,593	598,154
Diluted weighted average common shares outstanding	74,864,447	67,554,918

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Summarized Activity Of Redeemable Limited Partners (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012
Noncontrolling Interest [Line Items]
Balance, December 31, 2011	$ 42,529
Distributions	(488)
Adjustments to reflect redeemable limited partner units at fair value	(2,860)
Balance, March 31, 2012	45,327
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Noncontrolling Interest [Line Items]
Balance, December 31, 2011	42,529
Distributions	(488)
Adjustments to reflect redeemable limited partner units at fair value	(2,860)
Balance, March 31, 2012	45,327
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Redeemable Noncontrolling Interests Temporary Equity
Noncontrolling Interest [Line Items]
Balance, December 31, 2011	42,529
Net income	287
Distributions	(349)
Adjustments to reflect redeemable limited partner units at fair value	2,860
Balance, March 31, 2012	$ 45,327

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Estimated Fair Value and Related Carrying Amounts of Mortgage Loans and Bonds Payable (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2012	Dec. 31, 2011
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans	$ 814,652	$ 840,985
Bonds payable	53,652	53,711
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loans	763,395	781,960
Bonds payable	$ 47,220	$ 47,220

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Summary of Outstanding Consolidated Indebtedness, Including Unamortized Debt Premiums and Discounts (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2012		Dec. 31, 2011
Debt Instrument [Line Items]
Unsecured revolving credit facility	$ 150,000		$ 273,000
Unsecured term loan	350,000		200,000
Secured agency facility	116,000		116,000
Unamortized debt premiums	9,629		10,298
Unamortized debt discounts	(4,784)		(5,159)
Total debt	1,487,208		1,447,530
Wholly-Owned Properties
Debt Instrument [Line Items]
Debt outstanding	787,133		774,074
Wholly-Owned Properties | Mortgage loans payable
Debt Instrument [Line Items]
Debt outstanding	726,540		744,724
Wholly-Owned Properties | Construction loans payable
Debt Instrument [Line Items]
Debt outstanding	60,593	[1]	29,350	[1]
On Campus Participating Properties
Debt Instrument [Line Items]
Debt outstanding	79,230		79,317
On Campus Participating Properties | Mortgage loans payable
Debt Instrument [Line Items]
Debt outstanding	32,010		32,097
On Campus Participating Properties | Bonds payable
Debt Instrument [Line Items]
Debt outstanding	$ 47,220		$ 47,220

[1] Construction loans payable includes $8.3 million and $4.9 million as of March 31, 2012 and December 31, 2011, respectively, related to a construction loan for the University Edge development property, a VIE that the Company is including in its consolidated financial statements (see Note 5). The creditor of this construction loan does not have recourse to the assets of the Company.

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Property Acquisitions

3 Months Ended

Mar. 31, 2012

Property Acquisitions

3.  Property Acquisitions

In January 2012, we acquired the remaining 90% interest in University Heights, a 204-unit, 636-bed property located near the campus of the University of Tennessee, for a purchase price of $14.5 million.  The purchase price excludes approximately $2.3 million of anticipated capital expenditures necessary to bring this property up to the Company’s operating standards.  This property was acquired from one of our joint ventures with Fidelity in which we previously held a 10% interest (“Fund II”, see Note 7).  Immediately prior to the acquisition, Fund II paid off the property’s mortgage loan at a discounted amount in accordance with a Settlement Agreement negotiated with the lender.  As a result, Fund II recorded a gain on debt restructuring of approximately $4.2 million, of which, our 10% share is included in income from unconsolidated joint ventures on the accompanying consolidated statements of operations for the three months ended March 31, 2012.

In 2011, the Company acquired four properties containing 3,403 beds and a retail center for future development for a combined purchase price of approximately $237.0 million.  The Company did not assume any property-level debt as part of these transactions.

The acquired property’s results of operations have been included in the accompanying consolidated statements of operations since their respective acquisition closing dates.  The following pro forma information for the three months ended March 31, 2012 and 2011, presents consolidated financial information for the Company as if the property acquisitions discussed above had occurred at the beginning of the earliest period presented.  The unaudited pro forma information is provided for informational purposes only and is not indicative of results that would have occurred or which may occur in the future:

	Three Months Ended March 31,
	2012		2011
Total revenues	$	111,858	$	103,878
Net income attributable to common shareholders	$	20,534	$	18,160
Net income per share attributable to common shareholders, as adjusted - basic	$	0.27	$	0.27
Net income per share attributable to common shareholders, as adjusted - diluted	$	0.27	$	0.27

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Commitments and Contingencies - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2012
Commitments and Contingencies Disclosure [Line Items]
Estimated maximum exposure amount under guarantee	13.0
Alternate Housing Guarantees
Commitments and Contingencies Disclosure [Line Items]
Guarantee expiration period	5 days
Project Cost Guarantees
Commitments and Contingencies Disclosure [Line Items]
Guarantee expiration period	1 year

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Wholly-Owned Properties (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2012		Dec. 31, 2011
Real Estate Properties [Line Items]
Investments in real estate, net	$ 2,948,611		$ 2,848,907
Wholly-Owned Properties
Real Estate Properties [Line Items]
Land	389,470	[1],[2]	380,074	[1],[2]
Buildings and improvements	2,394,892		2,380,582
Furniture, fixtures and equipment	141,120		139,249
Construction in progress	254,926	[2]	157,900	[2]
Real estate properties gross	3,180,408		3,057,805
Less accumulated depreciation	(317,946)		(296,048)
Investments in real estate, net	$ 2,862,462	[3]	$ 2,761,757	[3]

[1] The land balance above includes undeveloped land parcels with book values of approximately $23.6 million and $15.8 million as of March 31, 2012 and December 31, 2011, respectively. Also includes land totaling approximately $28.2 million as of both March 31, 2012 and December 31, 2011, related to properties under development.

[2] Land, furniture, fixtures and equipment, and construction in progress as of March 31, 2012 include $4.8 million, $0.4 million and $8.9 million, respectively, related to the University Edge property located in Kent, Ohio, that will serve students attending Kent State University. In July 2011, the Company entered into a Purchase and Contribution agreement with a private developer whereby the Company is obligated to purchase the property as long as the developer meets certain construction completion deadlines. The development of the property is anticipated to be completed in August 2012. The entity is financed with a $4.5 million mezzanine loan from the Company and a $24.8 million construction loan from a third-party lender. The Company is responsible for leasing, management, and initial operations of the project while the third-party developer is responsible for the development of the property. The entity that owns the University Edge property is deemed to be a variable interest entity ("VIE"), and the Company is determined to be the primary beneficiary of the VIE. As such, the assets and liabilities of the entity owning the property are included in the Company's and the Operating Partnership's consolidated financial statements.

[3] The balance above excludes Pirates Cove which is classified as wholly-owned property held for sale in the accompanying consolidated balance sheets as of March 31, 2012 and December 31, 2011.

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Incentive Award Plan (Tables)

3 Months Ended

Mar. 31, 2012

Summary of RSAs

A summary of ACC’s RSAs under ACC’s 2010 Incentive Award Plan as of March 31, 2012 and activity during the three months then ended, is presented below:

	Number of RSAs
Nonvested balance at December 31, 2011		549,300
Granted		215,851
Vested		(113,345	)
Forfeited		(61,808	)
Nonvested balance at March 31, 2012		589,998

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Noncontrolling Interests (Tables)

3 Months Ended

Mar. 31, 2012

Summarized Activity Of Redeemable Limited Partners

Below is a table summarizing the activity of redeemable limited partners for the three months ended March 31, 2012:

Balance, December 31, 2011	$	42,529
Net income		287
Distributions		(349	)
Adjustments to reflect redeemable limited partner units at fair value		2,860
Balance, March 31, 2012	$	45,327

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Summary of Outstanding Interest Rate Swap Contracts (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012
Interest Rate Swap 6.689 Percent Fixed Rate
Derivative [Line Items]
Date Entered	Feb. 12, 2007
Effective Date	Feb. 15, 2007
Maturity Date	Feb. 15, 2014
Pay Fixed Rate	6.689%
Receive Floating Rate Index	LIBOR - 1 mo. plus 1.35%
Notional Amount	$ 33,156
Fair Value	(2,879)
Interest Rate Swap 0.8695 Percent Fixed Rate
Derivative [Line Items]
Date Entered	Feb. 02, 2012
Effective Date	Feb. 02, 2012
Maturity Date	Jan. 02, 2017
Pay Fixed Rate	0.8695%
Receive Floating Rate Index	LIBOR - 1 month
Notional Amount	125,000
Fair Value	1,161
Interest Rate Swap 0.88 Percent Fixed Rate
Derivative [Line Items]
Date Entered	Feb. 02, 2012
Effective Date	Feb. 02, 2012
Maturity Date	Jan. 02, 2017
Pay Fixed Rate	0.88%
Receive Floating Rate Index	LIBOR - 1 month
Notional Amount	100,000
Fair Value	875
Interest Rate Swap 0.8875 Percent Fixed Rate
Derivative [Line Items]
Date Entered	Feb. 02, 2012
Effective Date	Feb. 02, 2012
Maturity Date	Jan. 02, 2017
Pay Fixed Rate	0.8875%
Receive Floating Rate Index	LIBOR - 1 month
Notional Amount	62,500
Fair Value	422
Interest Rate Swap 0.889 Percent Fixed Rate
Derivative [Line Items]
Date Entered	Feb. 02, 2012
Effective Date	Feb. 02, 2012
Maturity Date	Jan. 02, 2017
Pay Fixed Rate	0.889%
Receive Floating Rate Index	LIBOR - 1 month
Notional Amount	62,500
Fair Value	$ 465

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Wholly-Owned Properties (Parenthetical) (Detail) (USD $)	1 Months Ended
	Jul. 31, 2011	Mar. 31, 2012	Dec. 31, 2011
Real Estate Properties [Line Items]
Undeveloped land parcels		$ 23,600,000	$ 15,800,000
Anticipated completion date of property development	2012-08
Mezzanine loan	4,500,000
Construction loan	24,800,000
Under Development
Real Estate Properties [Line Items]
Land		28,200,000	28,200,000
University Edge Property
Real Estate Properties [Line Items]
Land		4,800,000
Furniture, fixtures and equipment		400,000
Construction in progress		8,900,000
Construction loan		$ 8,300,000	$ 4,900,000

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Derivatives Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2012

Summary of Outstanding Interest Rate Swap Contracts

The following table summarizes the Company’s outstanding interest rate swap contracts as of March 31, 2012:

Date Entered	Effective Date	Maturity Date	Pay Fixed Rate			Receive Floating Rate Index	Notional Amount		Fair Value
Feb. 12, 2007	Feb. 15, 2007	Feb. 15, 2014		6.689	%	LIBOR – 1 mo. plus 1.35%	$	33,156	$	(2,879	)
Feb. 2, 2012	Feb. 2, 2012	Jan. 2, 2017		0.8695	%	LIBOR – 1 month		125,000		1,161
Feb. 2, 2012	Feb. 2, 2012	Jan. 2, 2017		0.88	%	LIBOR – 1 month		100,000		875
Feb. 2, 2012	Feb. 2, 2012	Jan. 2, 2017		0.8875	%	LIBOR – 1 month		62,500		422
Feb. 2, 2012	Feb. 2, 2012	Jan. 2, 2017		0.889	%	LIBOR – 1 month		62,500		465

Fair value of Derivative Financial Instruments and Classification on Consolidated Balance Sheet

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of March 31, 2012 and December 31, 2011:

Fair Values of Derivative Financial Instruments

Asset Derivatives

Liability Derivatives

March 31, 2012

December 31, 2011

March 31, 2012

December 31, 2011

Description

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Interest rate swaps contracts

Other assets

$

2,923

Other assets

$

-

Other liabilities

$

2,879

Other liabilities

$

3,360

Effects of Derivative Financial Instruments on Other Comprehensive Income and Consolidated Statements of Operations

The table below presents the effects of the Company’s derivative financial instruments on other comprehensive income (“OCI”) for the three months ended March 31, 2012 and 2011:

	Amount of Income Recognized in OCI on Derivatives (Effective Portion)
Cash Flow Hedging Relationships	Three Months Ended March 31,
	2011		2011
Interest rate swap contracts	$	3,404	$	745
Total	$	3,404	$	745

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Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2012

Assets and Liabilities Measured at Fair Value

Disclosures concerning assets and liabilities measured at fair value are as follows:

Fair Value Measurements as of
	March 31, 2012								December 31, 2011
	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Derivative financial     instruments	$	-	$	2,923	$	-	$	2,923	$	-	$	-	$	-	$	-
Liabilities:
Derivative financial     instruments	$	-	$	2,879	$	-	$	2,879	$	-	$	3,360	$	-	$	3,360

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 mortgage loans and bonds payable as of March 31, 2012 and December 31, 2011:

	March 31, 2012				December 31, 2011
	Fair Value		Carrying Amount		Fair Value		Carrying Amount
Mortgage loans	$	814,652	$	763,395	$	840,985	$	781,960
Bonds payable		53,652		47,220		53,711		47,220

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Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2012

Summary of Significant Accounting Policies

2.     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 us 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. Our 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. Certain prior period amounts have been reclassified to conform to the current period presentation.

Interim Financial Statements

The accompanying interim financial statements are unaudited, but have been prepared in accordance with GAAP for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission.  Accordingly, they do not include all disclosures required by GAAP for complete financial statements.  In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements of the Company for these interim periods have been included.  Because of the seasonal nature of the Company’s operations, the results of operations and cash flows for any interim period are not necessarily indicative of results for other interim periods or for the full year.  These financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 and the Operating Partnership’s Current Report on Form 8-K for the year ended December 31, 2011.

Recent Accounting Pronouncements

In June 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2011-05 (“ASU 2011-05”), “Presentation of Comprehensive Income.”  ASU 2011-05 eliminates the option to present components of other comprehensive income as part of the statement of changes in stockholders’ equity and requires all nonowner changes in stockholders’ equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements.  The Company adopted ASU 2011-05 on January 1, 2012, and as a result, the Company presents a single continuous statement of comprehensive income.

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 charged to expense when incurred. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows:

Buildings and improvements	7-40 years
Leasehold interest - on-campus participating properties	25-34 years (shorter of useful life or respective lease term)
Furniture, fixtures and equipment	3-7 years

Project costs directly associated with the development and construction of an owned real estate project, which include interest, property taxes, and amortization of deferred finance costs, are capitalized as construction in progress.  Upon completion of the project, costs are transferred into the applicable asset category and depreciation commences.  Interest totaling approximately $2.5 million and $1.0 million was capitalized during the three months ended March 31, 2012 and 2011, respectively.  Amortization of deferred financing costs totaling approximately $0.1 million and $42,000 was capitalized as construction in progress during the three months ended March 31, 2012 and 2011, 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. The estimation of expected future net cash flows is inherently uncertain and relies on assumptions regarding current and future economics and market conditions. If such conditions change, then an adjustment to the carrying value of the Company’s long-lived assets could occur in the future period in which the conditions change. To the extent that a property is impaired, the excess of the carrying amount of the property over its estimated fair value is charged to earnings. The Company believes that there were no impairments of the carrying values of its investments in real estate as of March 31, 2012.

The Company allocates the purchase price of acquired properties to net tangible and identified intangible assets based on relative 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 and other market data. Information obtained about each property as a result of due diligence, marketing and leasing activities is also considered. The value of in-place leases 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 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 rentals 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, generally less than one year. The purchase price of property acquisitions is not expected to be allocated to tenant relationships, considering the terms of the leases and the expected levels of renewals.

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.

Intangible Assets

In connection with property acquisitions completed in 2012 and 2011, the Company capitalized approximately $0.1 million and $2.6 million, respectively, related to management’s estimate of the fair value of the in-place leases assumed.  These intangible assets are amortized on a straight-line basis over the average remaining term of the underlying leases.  Amortization expense was approximately $0.9 million and $1.5 million for the three months ended March 31, 2012 and 2011, respectively.  Accumulated amortization at March 31, 2012 and December 31, 2011 was approximately $7.1 million and $8.0 million, respectively.  Intangible assets, net of amortization, are included in other assets on the accompanying consolidated balance sheets and the amortization of intangible assets is included in depreciation and amortization expense in the accompanying consolidated statements of operations.  See Note 3 herein for a detailed discussion of the property acquisitions completed during the three months ended March 31, 2012 and 2011.

Third-Party Development Services Revenue and 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. 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 operations. As of March 31, 2012, the Company has deferred approximately $12.8 million in pre-development costs related to third-party and owned development projects that have not yet commenced construction. Such costs are included in other assets on the accompanying consolidated balance sheets.

Earnings per Share –Company

Basic earnings per share is computed using net income (loss) 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 reflect common shares issuable from the assumed conversion of common and preferred Operating Partnership units (“OP Units”) and common share awards granted.  Only those items having a dilutive impact on basic earnings per share are included in diluted earnings per share.

The following potentially dilutive securities were outstanding for the three months ended March 31, 2012 and 2011, but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive.

	Three Months Ended March 31,
	2012		2011
Common OP Units (Note 10)		899,435		941,388
Preferred OP Units (Note 10)		114,128		114,676
Total potentially dilutive securities		1,013,563		1,056,064

The following is a summary of the elements used in calculating basic earnings per share:

	Three Months Ended March 31,
	2012			2011
Basic earnings per share calculation:
Income from continuing operations	$	20,245		$	16,733
Income from continuing operations attributable to noncontrolling interests		(772	)		(449	)
Income from continuing operations attributable to common shareholders		19,473			16,284
Amount allocated to participating securities		(258	)		(236	)
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities		19,215			16,048
Income from discontinued operations		560			1,147
Income from discontinued operations attributable to noncontrolling interests		(7	)		(18	)
Income from discontinued operations attributable to common shareholders		553			1,129
Net income attributable to common shareholders, as adjusted – basic	$	19,768		$	17,177
Income from continuing operations attributable to common shareholders, as adjusted – per share	$	0.26		$	0.24
Income from discontinued operations attributable to common shareholders – per share	$	0.01		$	0.02
Net income attributable to common shareholders, as adjusted – per share	$	0.27		$	0.26
Basic weighted average common shares outstanding		74,216,854			66,956,764

	Three Months Ended March 31,
	2012		2011
Diluted earnings per share calculation:
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities	$	19,215	$	16,048
Income from discontinued operations attributable to common shareholders		553		1,129
Net income attributable to common shareholders, as adjusted – diluted	$	19,768	$	17,177
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities – per share	$	0.25	$	0.24
Income from discontinued operations attributable to common shareholders – per share	$	0.01	$	0.01
Net income attributable to common shareholders-per share	$	0.26	$	0.25
Basic weighted average common shares outstanding		74,216,854		66,956,764
Restricted Stock Awards (Note 11)		647,593		598,154
Diluted weighted average common shares outstanding		74,864,447		67,554,918

Earnings per Unit – Operating Partnership

Basic earnings per OP Unit is computed using net income (loss) attributable to common unitholders by 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 earnings per unit:

	Three Months Ended March 31,
	2012			2011
Basic earnings per unit calculation:
Income from continuing operations	$	20,245		$	16,733
Income from continuing operations attributable to noncontrolling interests – partially owned properties		(492	)		(180	)
Income from continuing operations attributable to Series A preferred units		(45	)		(44	)
Amount allocated to participating securities		(258	)		(236	)
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities		19,450			16,273
Income from discontinued operations		560			1,147
Income from discontinued operations attributable to Series A preferred unit distributions		(1	)		(2	)
Income from discontinued operations attributable to common unitholders		559			1,145
Net income attributable to common unitholders, as adjusted – basic	$	20,009		$	17,418

	Three Months Ended March 31,
	2012		2011
Income from continuing operations attributable to common unitholders, as adjusted – per unit	$	0.26	$	0.24
Income from discontinued operations attributable to common unitholders – per unit	$	0.01	$	0.02
Net income attributable to common unitholders, as adjusted – per unit	$	0.27	$	0.26
Basic weighted average common units outstanding		75,116,289		67,898,152

Diluted earnings per unit calculation:
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities	$	19,450	$	16,273
Income from discontinued operations attributable to common unitholders		559		1,145
Net income attributable to common unitholders, as adjusted	$	20,009	$	17,418
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities – per unit	$	0.25	$	0.24
Income from discontinued operations attributable to common unitholders – per unit	$	0.01	$	0.01
Net income attributable to common unitholders- per unit	$	0.26	$	0.25
Basic weighted average common units outstanding		75,116,289		67,898,152
Restricted Stock Awards (Note 11)		647,593		598,154
Diluted weighted average common units outstanding		75,763,882		68,496,306

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Segments (Tables)

3 Months Ended

Mar. 31, 2012

Segment Information

Management evaluates each segment’s performance based on operating income before depreciation, amortization, noncontrolling interests and allocation of corporate overhead.  Intercompany fees are reflected at the contractually stipulated amounts.

	Three Months Ended March 31,
	2012			2011
Wholly-Owned Properties
Rental revenues	$	99,933		$	85,966
Interest and other income		14			10
Total revenues from external customers		99,947			85,976
Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead		(43,705	)		(37,878	)
Ground/facility leases		(414	)		(315	)
Interest expense		(7,905	)		(10,897	)
Operating income before depreciation, amortization and allocation of corporate overhead	$	47,923		$	36,886
Depreciation and amortization	$	22,888		$	19,814
Capital expenditures	$	96,194		$	34,694
Total segment assets at March 31,	$	2,946,885		$	2,502,172
On-Campus Participating Properties
Rental revenues	$	7,967		$	7,647
Interest and other income		4			7
Total revenues from external customers		7,971			7,654
Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead		(2,295	)		(1,562	)
Ground/facility lease		(550	)		(841	)
Interest expense		(1,432	)		(1,469	)
Operating income before depreciation, amortization and allocation of corporate overhead	$	3,694		$	3,782
Depreciation and amortization	$	1,155		$	1,098
Capital expenditures	$	145		$	278
Total segment assets at March 31,	$	75,042		$	77,388
Development Services
Development and construction management fees	$	2,094		$	3,824
Operating expenses		(2,739	)		(2,341	)
Operating (loss) income before depreciation, amortization and allocation of corporate overhead	$	(645	)	$	1,483
Total segment assets at March 31,	$	12,068		$	8,455
Property Management Services
Property management fees from external customers	$	1,758		$	1,830
Intersegment revenues		3,883			3,548
Total revenues		5,641			5,378
Operating expenses		(2,714	)		(2,253	)
Operating income before depreciation, amortization and allocation of corporate overhead	$	2,927		$	3,125
Total segment assets at March 31,	$	3,813		$	3,681
Reconciliations
Total segment revenues	$	115,653		$	102,832
Unallocated interest income earned on corporate cash		498			33
Elimination of intersegment revenues		(3,883	)		(3,548	)
Total consolidated revenues, including interest income	$	112,268		$	99,317
Segment operating income before depreciation, amortization and allocation of corporate overhead	$	53,899		$	45,276
Depreciation and amortization		(25,400	)		(22,467	)
Net unallocated expenses relating to corporate overhead		(8,420	)		(5,921	)
Income (loss) from unconsolidated joint ventures		444			(12	)
Loss on fair value remeasurement of equity method investment		(122	)		-
Income tax provision		(156	)		(143	)
Income from continuing operations	$	20,245		$	16,733
Total segment assets	$	3,037,808		$	2,591,696
Unallocated corporate assets		78,173			37,656
Total assets at March 31,	$	3,115,981		$	2,629,352

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Unaudited Pro Forma Information (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Business Acquisition [Line Items]
Total revenues	$ 111,858	$ 103,878
Net income attributable to common shareholders	$ 20,534	$ 18,160
Net income per share attributable to common shareholders, as adjusted - basic	$ 0.27	$ 0.27
Net income per share attributable to common shareholders, as adjusted - diluted	$ 0.27	$ 0.27

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Summary of RSAs (Detail) (Restricted Stock Awards)	3 Months Ended
	Mar. 31, 2012
Restricted Stock Awards
Number of RSAs
Nonvested balance at December 31, 2011	549,300
Granted	215,851
Vested	(113,345)
Forfeited	(61,808)
Nonvested balance at March 31, 2012	589,998

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CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Mar. 31, 2012		Dec. 31, 2011
Investments in real estate:
Investments in real estate, net	$ 2,948,611		$ 2,848,907
Cash and cash equivalents	32,592		22,399
Restricted cash	21,165		22,956
Student contracts receivable, net	3,145		5,324
Other assets	110,468		108,996
Total assets	3,115,981		3,008,582
Liabilities:
Secured mortgage, construction and bond debt	871,208		858,530
Unsecured term loan	350,000		200,000
Unsecured revolving credit facility	150,000		273,000
Secured agency facility	116,000		116,000
Accounts payable and accrued expenses	29,633		36,884
Other liabilities	82,064		77,840
Total liabilities	1,598,905		1,562,254
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests/limited partners	45,327		42,529
American Campus Communities, Inc. stockholders' equity:
Common stock, $.01 par value, 800,000,000 shares authorized, 74,675,197 and 72,759,546 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively	743		725
Additional paid in capital	1,734,337		1,664,416
Accumulated earnings and dividends	(291,962)		(286,565)
Accumulated other comprehensive income (loss)	44		(3,360)
Total American Campus Communities, Inc. stockholders' equity	1,443,162		1,375,216
Total equity	1,471,749		1,403,799
Partners' capital:
Accumulated other comprehensive income (loss)	44		(3,360)
Total liabilities and equity/capital	3,115,981		3,008,582
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Investments in real estate:
Investments in real estate, net	2,948,611		2,848,907
Cash and cash equivalents	32,592		22,399
Restricted cash	21,165		22,956
Student contracts receivable, net	3,145		5,324
Other assets	110,468		108,996
Total assets	3,115,981		3,008,582
Liabilities:
Secured mortgage, construction and bond debt	871,208		858,530
Unsecured term loan	350,000		200,000
Unsecured revolving credit facility	150,000		273,000
Secured agency facility	116,000		116,000
Accounts payable and accrued expenses	29,633		36,884
Other liabilities	82,064		77,840
Total liabilities	1,598,905		1,562,254
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests/limited partners	45,327		42,529
American Campus Communities, Inc. stockholders' equity:
Accumulated other comprehensive income (loss)	44		(3,360)
Partners' capital:
General partner - 12,222 OP units outstanding at both March 31, 2012 and December 31, 2011	124		125
Limited partner - 74,662,975 and 72,747,324 OP units outstanding at March 31, 2012 and December 31, 2011, respectively	1,442,994		1,378,451
Accumulated other comprehensive income (loss)	44		(3,360)
Total partners' capital	1,443,162		1,375,216
Total capital	1,471,749		1,403,799
Total liabilities and equity/capital	3,115,981		3,008,582
Wholly-Owned Properties
Investments in real estate:
Investments in real estate, net	2,862,462	[1]	2,761,757	[1]
Wholly-Owned Properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Investments in real estate:
Investments in real estate, net	2,862,462		2,761,757
Wholly Owned Properties Held For Sale
Investments in real estate:
Investments in real estate, net	27,310		27,300
Wholly Owned Properties Held For Sale | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Investments in real estate:
Investments in real estate, net	27,310		27,300
On Campus Participating Properties
Investments in real estate:
Investments in real estate, net	58,839		59,850
On Campus Participating Properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Investments in real estate:
Investments in real estate, net	58,839		59,850
Partially-owned properties
American Campus Communities, Inc. stockholders' equity:
Noncontrolling interests - partially owned properties	28,587		28,583
Partially-owned properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Partners' capital:
Noncontrolling interests - partially owned properties	$ 28,587		$ 28,583

[1] The balance above excludes Pirates Cove which is classified as wholly-owned property held for sale in the accompanying consolidated balance sheets as of March 31, 2012 and December 31, 2011.

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On-Campus Participating Properties (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012		Dec. 31, 2011
Real Estate Properties [Line Items]
Investments in real estate, net	$ 2,948,611		$ 2,848,907
On Campus Participating Properties
Real Estate Properties [Line Items]
Real estate properties gross	107,843		107,698
Less accumulated amortization	(49,004)		(47,848)
Investments in real estate, net	58,839		59,850
On Campus Participating Properties | Prairie View A And M University | Phases Placed In Service Between 1996 And 1998
Real Estate Properties [Line Items]
Lease Commencement	Feb. 01, 1996	[1]
Required Debt Repayment	2023-09-01	[1],[2]
Real estate properties gross	40,339	[1]	40,255	[1]
On Campus Participating Properties | Prairie View A And M University | Phases Placed In Service In 2000 And 2003
Real Estate Properties [Line Items]
Lease Commencement	Oct. 01, 1999	[3]
Real estate properties gross	25,172	[3]	25,142	[3]
On Campus Participating Properties | Prairie View A And M University | Phases Placed In Service In 2000 And 2003 | Minimum
Real Estate Properties [Line Items]
Required Debt Repayment	2025-08-31	[2],[3]
On Campus Participating Properties | Prairie View A And M University | Phases Placed In Service In 2000 And 2003 | Maximum
Real Estate Properties [Line Items]
Required Debt Repayment	2028-08-31	[2],[3]
On Campus Participating Properties | Texas A And M International
Real Estate Properties [Line Items]
Lease Commencement	Feb. 01, 1996
Required Debt Repayment	2023-09-01	[2]
Real estate properties gross	6,572		6,567
On Campus Participating Properties | University Of Houston | Phases Placed In Service in 2001 And 2005
Real Estate Properties [Line Items]
Lease Commencement	Sep. 27, 2000	[4]
Required Debt Repayment	2035-08-31	[2],[4]
Real estate properties gross	$ 35,760	[4]	$ 35,734	[4]

[1] Consists of three phases placed in service between 1996 and 1998.

[2] Represents the effective lease termination date. The Leases terminate upon the earlier to occur of the final repayment of the related debt or the end of the contractual lease term.

[3] Consists of two phases placed in service in 2000 and 2003.

[4] Consists of two phases placed in service in 2001 and 2005.

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Operating activities
Net income	$ 20,805	$ 17,880
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on remeasurement of equity method investment	122
Depreciation and amortization	24,399	22,272
Amortization of deferred financing costs and debt premiums/discounts	706	(307)
Share-based compensation	1,297	987
(Income) loss from unconsolidated joint ventures	(444)	12
Income tax provision	156	143
Changes in operating assets and liabilities:
Restricted cash	3,298	(1,778)
Student contracts receivable, net	2,250	1,597
Other assets	5,979	(3,254)
Accounts payable and accrued expenses	(9,800)	(10,419)
Other liabilities	788	453
Net cash provided by operating activities	49,556	27,586
Investing activities
Cash paid for property acquisitions	(14,319)
Cash paid for land acquisitions	(7,770)	(458)
Cash paid for increased ownership in consolidated subsidiaries		(3,150)
Investment loan receivable	(7,211)
Repayment of mezzanine loan	4,000
Change in restricted cash related to capital reserves	(931)	267
Proceeds from insurance settlement		526
Purchase of corporate furniture, fixtures and equipment	(579)	(119)
Net cash used in investing activities	(123,149)	(40,652)
Financing activities
Proceeds from sale of common stock	75,000	11,391
Offering costs	(1,196)	(179)
Pay-off of mortgage loans	(16,180)	(54,527)
Proceeds from unsecured term loan	150,000
Proceeds from credit facilities	64,000
Paydowns of credit facilities	(187,000)
Proceeds from construction loans	31,243
Principal payments on debt	(2,666)	(1,911)
Change in construction accounts payable	14
Debt issuance and assumption costs	(3,169)
Distributions to common and restricted stockholders	(25,423)	(22,820)
Distributions to noncontrolling partners	(837)	(473)
Net cash provided by (used in) financing activities	83,786	(68,519)
Net change in cash and cash equivalents	10,193	(81,585)
Cash and cash equivalents at beginning of period	22,399	113,507
Cash and cash equivalents at end of period	32,592	31,922
Supplemental disclosure of non-cash investing and financing activities
Change in fair value of derivative instruments, net	3,404	745
Supplemental disclosure of cash flow information
Interest paid	16,226	16,496
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Operating activities
Net income	20,805	17,880
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on remeasurement of equity method investment	122
Depreciation and amortization	24,399	22,272
Amortization of deferred financing costs and debt premiums/discounts	706	(307)
Share-based compensation	1,297	987
(Income) loss from unconsolidated joint ventures	(444)	12
Income tax provision	156	143
Changes in operating assets and liabilities:
Restricted cash	3,298	(1,778)
Student contracts receivable, net	2,250	1,597
Other assets	5,979	(3,254)
Accounts payable and accrued expenses	(9,800)	(10,419)
Other liabilities	788	453
Net cash provided by operating activities	49,556	27,586
Investing activities
Cash paid for property acquisitions	(14,319)
Cash paid for land acquisitions	(7,770)	(458)
Cash paid for increased ownership in consolidated subsidiaries		(3,150)
Investment loan receivable	(7,211)
Repayment of mezzanine loan	4,000
Change in restricted cash related to capital reserves	(931)	267
Proceeds from insurance settlement		526
Purchase of corporate furniture, fixtures and equipment	(579)	(119)
Net cash used in investing activities	(123,149)	(40,652)
Financing activities
Proceeds from issuance of common units in exchange for contributions, net	73,804	11,212
Pay-off of mortgage loans	(16,180)	(54,527)
Proceeds from unsecured term loan	150,000
Proceeds from credit facilities	64,000
Paydowns of credit facilities	(187,000)
Proceeds from construction loans	31,243
Principal payments on debt	(2,666)	(1,911)
Change in construction accounts payable	14
Debt issuance and assumption costs	(3,169)
Net cash provided by (used in) financing activities	83,786	(68,519)
Net change in cash and cash equivalents	10,193	(81,585)
Cash and cash equivalents at beginning of period	22,399	113,507
Cash and cash equivalents at end of period	32,592	31,922
Supplemental disclosure of non-cash investing and financing activities
Change in fair value of derivative instruments, net	3,404	745
Supplemental disclosure of cash flow information
Interest paid	16,226	16,496
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Unvested Restricted Awards
Financing activities
Distributions paid	(258)	(236)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Common Stock
Financing activities
Distributions paid	(25,468)	(22,901)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Preferred Stock
Financing activities
Distributions paid	(46)	(46)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially-owned properties
Financing activities
Distributions to noncontrolling partners	(488)	(110)
Wholly-Owned Properties
Investing activities
Capital expenditures	(2,977)	(3,001)
Investments in wholly-owned properties under development	(93,217)	(34,439)
Wholly-Owned Properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Investing activities
Capital expenditures	(2,977)	(3,001)
Investments in wholly-owned properties under development	(93,217)	(34,439)
On Campus Participating Properties
Investing activities
Capital expenditures	(145)	(278)
On Campus Participating Properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Investing activities
Capital expenditures	$ (145)	$ (278)

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Effects of Derivative Financial Instruments on Other Comprehensive Income (Detail) (Cash Flow Hedging, USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Income (Loss) Recognized in OCI on Derivative (Effective Portion)	$ 3,404	$ 745
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Income (Loss) Recognized in OCI on Derivative (Effective Portion)	$ 3,404	$ 745

XML

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Dec. 31, 2011
Significant Accounting Policies [Line Items]
Capitalized Interest	$ 2,500,000	$ 1,000,000
Deferred financing costs capitalized as construction in progress	100,000	42,000
Deferred pre-development costs	12,800,000
In-place leases assumed
Significant Accounting Policies [Line Items]
Capitalized amount of acquired intangible assets	100,000		2,600,000
Amortization expense of acquired intangible assets	900,000	1,500,000
Accumulated amortization	$ 7,100,000		$ 8,000,000

XML

Subsequent Events - Additional Information (Detail) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended			1 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Dec. 31, 2011 Bed	May 02, 2012 Dividend Declared	Apr. 26, 2012 Discontinued Operation or Asset Disposal Wholly-Owned Properties Pirates Cove	May 01, 2012 Acquisition Wholly-Owned Properties Avalon Heights Bed Unit
Subsequent Event [Line Items]
Common Stock, Dividends Per Share, Declared	$ 0.3375	$ 0.3375		$ 0.3375
Dividend distribution date				May 29, 2012
Dividend payable, date of record				May 15, 2012
Selling price of disposed property					$ 27.5
Net proceeds from disposition of real estate					27.1
Number of units acquired properties						210
Number of beds			3,403			754
Business acquisition, purchase price			$ 237.0			$ 30.0

XML

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2012

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 us 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. Our 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. Certain prior period amounts have been reclassified to conform to the current period presentation.

Interim Financial Statements

Interim Financial Statements

The accompanying interim financial statements are unaudited, but have been prepared in accordance with GAAP for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission.  Accordingly, they do not include all disclosures required by GAAP for complete financial statements.  In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements of the Company for these interim periods have been included.  Because of the seasonal nature of the Company’s operations, the results of operations and cash flows for any interim period are not necessarily indicative of results for other interim periods or for the full year.  These financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 and the Operating Partnership’s Current Report on Form 8-K for the year ended December 31, 2011.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In June 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2011-05 (“ASU 2011-05”), “Presentation of Comprehensive Income.”  ASU 2011-05 eliminates the option to present components of other comprehensive income as part of the statement of changes in stockholders’ equity and requires all nonowner changes in stockholders’ equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements.  The Company adopted ASU 2011-05 on January 1, 2012, and as a result, the Company presents a single continuous statement of comprehensive income.

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

Investments in Real Estate

Investments in real estate are recorded at historical cost. Major improvements that extend the life of an asset are capitalized and depreciated over the remaining useful life of the asset. The cost of ordinary repairs and maintenance are charged to expense when incurred. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows:

Buildings and improvements	7-40 years
Leasehold interest - on-campus participating properties	25-34 years (shorter of useful life or respective lease term)
Furniture, fixtures and equipment	3-7 years

Project costs directly associated with the development and construction of an owned real estate project, which include interest, property taxes, and amortization of deferred finance costs, are capitalized as construction in progress.  Upon completion of the project, costs are transferred into the applicable asset category and depreciation commences.  Interest totaling approximately $2.5 million and $1.0 million was capitalized during the three months ended March 31, 2012 and 2011, respectively.  Amortization of deferred financing costs totaling approximately $0.1 million and $42,000 was capitalized as construction in progress during the three months ended March 31, 2012 and 2011, 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. The estimation of expected future net cash flows is inherently uncertain and relies on assumptions regarding current and future economics and market conditions. If such conditions change, then an adjustment to the carrying value of the Company’s long-lived assets could occur in the future period in which the conditions change. To the extent that a property is impaired, the excess of the carrying amount of the property over its estimated fair value is charged to earnings. The Company believes that there were no impairments of the carrying values of its investments in real estate as of March 31, 2012.

The Company allocates the purchase price of acquired properties to net tangible and identified intangible assets based on relative 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 and other market data. Information obtained about each property as a result of due diligence, marketing and leasing activities is also considered. The value of in-place leases 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 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 rentals 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, generally less than one year. The purchase price of property acquisitions is not expected to be allocated to tenant relationships, considering the terms of the leases and the expected levels of renewals.

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.

Intangible Assets

Intangible Assets

In connection with property acquisitions completed in 2012 and 2011, the Company capitalized approximately $0.1 million and $2.6 million, respectively, related to management’s estimate of the fair value of the in-place leases assumed.  These intangible assets are amortized on a straight-line basis over the average remaining term of the underlying leases.  Amortization expense was approximately $0.9 million and $1.5 million for the three months ended March 31, 2012 and 2011, respectively.  Accumulated amortization at March 31, 2012 and December 31, 2011 was approximately $7.1 million and $8.0 million, respectively.  Intangible assets, net of amortization, are included in other assets on the accompanying consolidated balance sheets and the amortization of intangible assets is included in depreciation and amortization expense in the accompanying consolidated statements of operations.  See Note 3 herein for a detailed discussion of the property acquisitions completed during the three months ended March 31, 2012 and 2011.

Third-Party Development Services Revenue and Costs

Third-Party Development Services Revenue and 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. 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 operations. As of March 31, 2012, the Company has deferred approximately $12.8 million in pre-development costs related to third-party and owned development projects that have not yet commenced construction. Such costs are included in other assets on the accompanying consolidated balance sheets.

Earnings per Share

Earnings per Share –Company

Basic earnings per share is computed using net income (loss) 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 reflect common shares issuable from the assumed conversion of common and preferred Operating Partnership units (“OP Units”) and common share awards granted.  Only those items having a dilutive impact on basic earnings per share are included in diluted earnings per share.

The following potentially dilutive securities were outstanding for the three months ended March 31, 2012 and 2011, but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive.

	Three Months Ended March 31,
	2012		2011
Common OP Units (Note 10)		899,435		941,388
Preferred OP Units (Note 10)		114,128		114,676
Total potentially dilutive securities		1,013,563		1,056,064

The following is a summary of the elements used in calculating basic earnings per share:

	Three Months Ended March 31,
	2012			2011
Basic earnings per share calculation:
Income from continuing operations	$	20,245		$	16,733
Income from continuing operations attributable to noncontrolling interests		(772	)		(449	)
Income from continuing operations attributable to common shareholders		19,473			16,284
Amount allocated to participating securities		(258	)		(236	)
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities		19,215			16,048
Income from discontinued operations		560			1,147
Income from discontinued operations attributable to noncontrolling interests		(7	)		(18	)
Income from discontinued operations attributable to common shareholders		553			1,129
Net income attributable to common shareholders, as adjusted – basic	$	19,768		$	17,177
Income from continuing operations attributable to common shareholders, as adjusted – per share	$	0.26		$	0.24
Income from discontinued operations attributable to common shareholders – per share	$	0.01		$	0.02
Net income attributable to common shareholders, as adjusted – per share	$	0.27		$	0.26
Basic weighted average common shares outstanding		74,216,854			66,956,764

	Three Months Ended March 31,
	2012		2011
Diluted earnings per share calculation:
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities	$	19,215	$	16,048
Income from discontinued operations attributable to common shareholders		553		1,129
Net income attributable to common shareholders, as adjusted – diluted	$	19,768	$	17,177
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities – per share	$	0.25	$	0.24
Income from discontinued operations attributable to common shareholders – per share	$	0.01	$	0.01
Net income attributable to common shareholders-per share	$	0.26	$	0.25
Basic weighted average common shares outstanding		74,216,854		66,956,764
Restricted Stock Awards (Note 11)		647,593		598,154
Diluted weighted average common shares outstanding		74,864,447		67,554,918

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.

Earnings per Share

Earnings per Unit – Operating Partnership

Basic earnings per OP Unit is computed using net income (loss) attributable to common unitholders by 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 earnings per unit:

	Three Months Ended March 31,
	2012			2011
Basic earnings per unit calculation:
Income from continuing operations	$	20,245		$	16,733
Income from continuing operations attributable to noncontrolling interests – partially owned properties		(492	)		(180	)
Income from continuing operations attributable to Series A preferred units		(45	)		(44	)
Amount allocated to participating securities		(258	)		(236	)
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities		19,450			16,273
Income from discontinued operations		560			1,147
Income from discontinued operations attributable to Series A preferred unit distributions		(1	)		(2	)
Income from discontinued operations attributable to common unitholders		559			1,145
Net income attributable to common unitholders, as adjusted – basic	$	20,009		$	17,418

	Three Months Ended March 31,
	2012		2011
Income from continuing operations attributable to common unitholders, as adjusted – per unit	$	0.26	$	0.24
Income from discontinued operations attributable to common unitholders – per unit	$	0.01	$	0.02
Net income attributable to common unitholders, as adjusted – per unit	$	0.27	$	0.26
Basic weighted average common units outstanding		75,116,289		67,898,152

Diluted earnings per unit calculation:
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities	$	19,450	$	16,273
Income from discontinued operations attributable to common unitholders		559		1,145
Net income attributable to common unitholders, as adjusted	$	20,009	$	17,418
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities – per unit	$	0.25	$	0.24
Income from discontinued operations attributable to common unitholders – per unit	$	0.01	$	0.01
Net income attributable to common unitholders- per unit	$	0.26	$	0.25
Basic weighted average common units outstanding		75,116,289		67,898,152
Restricted Stock Awards (Note 11)		647,593		598,154
Diluted weighted average common units outstanding		75,763,882		68,496,306

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Potentially Dilutive Securities Not Included in Calculating Diluted Earnings Per Share (Detail)	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities	1,013,563	1,056,064
Common Operating Partnership units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities	899,435	941,388
Preferred Operating Partnership units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities	114,128	114,676

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Property Acquisitions (Tables)

3 Months Ended

Mar. 31, 2012

Unaudited Pro Forma Information

The unaudited pro forma information is provided for informational purposes only and is not indicative of results that would have occurred or which may occur in the future:

	Three Months Ended March 31,
	2012		2011
Total revenues	$	111,858	$	103,878
Net income attributable to common shareholders	$	20,534	$	18,160
Net income per share attributable to common shareholders, as adjusted - basic	$	0.27	$	0.27
Net income per share attributable to common shareholders, as adjusted - diluted	$	0.27	$	0.27

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Organization and Description of Business

3 Months Ended

Mar. 31, 2012

Organization and Description of Business

1. 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 L.P. (“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 March 31, 2012, 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 March 31, 2012, ACC owned an approximate 98.7% 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,” “we,” “us” or “our” 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 March 31, 2012, our property portfolio contained 120 properties with approximately 74,900 beds in approximately 23,800 apartment units.  Our property portfolio consisted of 103 owned off-campus student housing properties that are in close proximity to colleges and universities, 12 American Campus Equity (“ACE®”) properties operated under ground/facility leases with six university systems, four on-campus participating properties operated under ground/facility leases with the related university systems, and one property containing a retail shopping center which we plan to develop into a mixed-use community including both student housing and retail.  Of the 120 properties, 14 were under development as of March 31, 2012, and when completed will consist of a total of approximately 9,100 beds in approximately 2,600 units.  Our 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 ACC’s taxable REIT subsidiaries (“TRS”), we also provide construction management and development services, primarily for student housing properties owned by colleges and universities, charitable foundations, and others.  As of March 31, 2012, also through ACC’s TRS entities, we provided third-party management and leasing services for 27 properties that represented approximately 22,900 beds in approximately 9,100 units.  Third-party management and leasing services are typically provided pursuant to management contracts that have initial terms that range from one to five years.  As of March 31, 2012, our total owned and third-party managed portfolio included 147 properties with approximately 97,800 beds in approximately 32,900 units.

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CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2012	Dec. 31, 2011
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	800,000,000	800,000,000
Common stock, shares issued	74,675,197	72,759,546
Common stock, shares outstanding	74,675,197	72,759,546
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
General partner, OP units outstanding	12,222	12,222
Limited partner, OP units outstanding	74,662,975	72,747,324

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Derivatives Instruments and Hedging Activities

3 Months Ended

Mar. 31, 2012

Derivatives Instruments and Hedging Activities

12.   Derivatives Instruments and Hedging Activities

The Company is exposed to certain risk 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 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.  The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated Other Comprehensive Income (Loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.

As discussed in Note 8, the Company increased the $200 million unsecured term by $150 million in January 2012.  In connection with this transaction, the Company entered into four interest rate swap contracts with notional amounts totaling $350 million to hedge the variable cash flows associated with interest payments on the LIBOR-based unsecured term loan.  As of March 31, 2012, the Company also had a $33.2 million interest rate swap contract that was used to hedge the variable cash flows associated with the Cullen Oaks Phase I and Phase II loans.

The following table summarizes the Company’s outstanding interest rate swap contracts as of March 31, 2012:

Date Entered	Effective Date	Maturity Date	Pay Fixed Rate			Receive Floating Rate Index	Notional Amount		Fair Value
Feb. 12, 2007	Feb. 15, 2007	Feb. 15, 2014		6.689	%	LIBOR – 1 mo. plus 1.35%	$	33,156	$	(2,879	)
Feb. 2, 2012	Feb. 2, 2012	Jan. 2, 2017		0.8695	%	LIBOR – 1 month		125,000		1,161
Feb. 2, 2012	Feb. 2, 2012	Jan. 2, 2017		0.88	%	LIBOR – 1 month		100,000		875
Feb. 2, 2012	Feb. 2, 2012	Jan. 2, 2017		0.8875	%	LIBOR – 1 month		62,500		422
Feb. 2, 2012	Feb. 2, 2012	Jan. 2, 2017		0.889	%	LIBOR – 1 month		62,500		465

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of March 31, 2012 and December 31, 2011:

Fair Values of Derivative Financial Instruments

Asset Derivatives

Liability Derivatives

March 31, 2012

December 31, 2011

March 31, 2012

December 31, 2011

Description

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Interest rate swaps contracts

Other assets

$

2,923

Other assets

$

-

Other liabilities

$

2,879

Other liabilities

$

3,360

The table below presents the effects of the Company’s derivative financial instruments on other comprehensive income (“OCI”) for the three months ended March 31, 2012 and 2011:

	Amount of Income Recognized in OCI on Derivatives (Effective Portion)
Cash Flow Hedging Relationships	Three Months Ended March 31,
	2011		2011
Interest rate swap contracts	$	3,404	$	745
Total	$	3,404	$	745

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Document and Entity Information	3 Months Ended
	Mar. 31, 2012	Apr. 27, 2012
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1
Trading Symbol	ACC
Entity Registrant Name	AMERICAN CAMPUS COMMUNITIES INC
Entity Central Index Key	0001283630
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		74,700,197

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Fair Value Disclosures

3 Months Ended

Mar. 31, 2012

Fair Value Disclosures

13.   Fair Value Disclosures

The following table presents information about the Company’s financial instruments measured at fair value on a recurring basis as of March 31, 2012 and December 31, 2011, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value.  In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) 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.

Disclosures concerning assets and liabilities measured at fair value are as follows:

Fair Value Measurements as of
	March 31, 2012								December 31, 2011
	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Derivative financial     instruments	$	-	$	2,923	$	-	$	2,923	$	-	$	-	$	-	$	-
Liabilities:
Derivative financial     instruments	$	-	$	2,879	$	-	$	2,879	$	-	$	3,360	$	-	$	3,360

The Company uses derivative financial instruments, specifically interest rate swaps, for nontrading purposes.  The Company uses interest rate swaps to manage interest rate risk arising from previously unhedged interest payments associated with variable rate debt.  Through March 31, 2012, derivative financial instruments were designated and qualified as cash flow hedges.  Derivative contracts with positive net fair values inclusive of net accrued interest receipts or payments, are recorded in other assets.  Derivative contracts with negative net fair values, inclusive of net accrued interest payments or receipts, are recorded in other liabilities.  The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative.  This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves.  The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts).  The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves.

The Company incorporates credit valuation adjustments to appropriately reflect its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements.  In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees.

Although the Company has determined the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparty.  However, as of March 31, 2012, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivative financial instruments.  As a result, the Company has determined each of its derivative valuations in its entirety is classified in Level 2 of the fair value hierarchy.

Other Fair Value Disclosures

Cash and Cash Equivalents, Restricted Cash, Student Contracts Receivable, Loans Receivable, Other Assets, Accounts Payable and Accrued Expenses and Other Liabilities:  The Company estimates that the carrying amount approximates fair value, due to the short maturity of these instruments.

Derivative Instruments: These instruments are reported on the balance sheet at fair value, which is based on calculations provided by independent, third-party financial institutions and represent the discounted future cash flows expected, based on the projected future interest rate curves over the life of the instrument.

Unsecured Term Loan, Unsecured Revolving Credit Facility, Secured Agency Facility and Construction Loans: the fair value of these instruments approximates carrying values due to the variable interest rate feature of these instruments.

Mortgage Loans Payable: the fair value of mortgage loans payable is based on the present value of the cash flows at current market interest rates through maturity.  The Company has concluded the fair value of these financial instruments are Level 2 as the majority of the inputs used to value these instruments fall within Level 2 of the fair value hierarchy.

Bonds Payable: the fair value of bonds payable is based on quoted prices in markets that are not active due to the unique characteristics of these financial instruments, as such, the Company has concluded the inputs used to measure fair value fall within Level 2 of the fair value hierarchy.

The table below contains the estimated fair value and related carrying amounts for the Company’s mortgage loans and bonds payable as of March 31, 2012 and December 31, 2011:

	March 31, 2012				December 31, 2011
	Fair Value		Carrying Amount		Fair Value		Carrying Amount
Mortgage loans	$	814,652	$	763,395	$	840,985	$	781,960
Bonds payable		53,652		47,220		53,711		47,220

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Revenues
Third-party development services	$ 2,094	$ 3,824
Third-party management services	1,758	1,830
Resident services	343	341
Total revenues	111,752	99,267
Operating expenses
Third-party development and management services	2,785	2,682
General and administrative	3,540	2,773
Depreciation and amortization	24,399	21,237
Ground/facility leases	964	1,156
Total operating expenses	77,906	67,186
Operating income	33,846	32,081
Nonoperating income and (expenses)
Interest income	516	50
Interest expense	(13,282)	(14,013)
Amortization of deferred financing costs	(1,001)	(1,230)
Income (loss) from unconsolidated joint ventures	444	(12)
Other nonoperating loss	(122)
Total nonoperating expenses	(13,445)	(15,205)
Income before income taxes and discontinued operations	20,401	16,876
Income tax provision	(156)	(143)
Income from continuing operations	20,245	16,733
Income attributable to discontinued operations	560	1,147
Net income	20,805	17,880
Net income attributable to noncontrolling interests	(779)	(467)
Net income attributable to common shareholders/American Campus Communities Operating, L.P.	20,026	17,413
Other comprehensive income
Change in fair value of interest rate swaps	3,404	745
Comprehensive income	23,430	18,158
Income per share attributable to common shareholders/unitholders - basic
Income from continuing operations per share/unit	$ 0.26	$ 0.24
Net income per share/unit	$ 0.27	$ 0.26
Income per share attributable to common shareholders/unitholders - diluted
Income from continuing operations per share/unit	$ 0.25	$ 0.24
Net income per share/unit	$ 0.26	$ 0.25
Weighted-average common shares/units outstanding
Basic	74,216,854	66,956,764
Diluted	74,864,447	67,554,918
Distributions declared per common share/unit	$ 0.3375	$ 0.3375
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Revenues
Third-party development services	2,094	3,824
Third-party management services	1,758	1,830
Resident services	343	341
Total revenues	111,752	99,267
Operating expenses
Third-party development and management services	2,785	2,682
General and administrative	3,540	2,773
Depreciation and amortization	24,399	21,237
Ground/facility leases	964	1,156
Total operating expenses	77,906	67,186
Operating income	33,846	32,081
Nonoperating income and (expenses)
Interest income	516	50
Interest expense	(13,282)	(14,013)
Amortization of deferred financing costs	(1,001)	(1,230)
Income (loss) from unconsolidated joint ventures	444	(12)
Other nonoperating loss	(122)
Total nonoperating expenses	(13,445)	(15,205)
Income before income taxes and discontinued operations	20,401	16,876
Income tax provision	(156)	(143)
Income from continuing operations	20,245	16,733
Income attributable to discontinued operations	560	1,147
Net income	20,805	17,880
Net income attributable to common shareholders/American Campus Communities Operating, L.P.	20,313	17,700
Series A preferred unit distributions	(46)	(46)
Net income available to common unitholders	20,267	17,654
Other comprehensive income
Change in fair value of interest rate swaps	3,404	745
Comprehensive income	23,671	18,399
Income per share attributable to common shareholders/unitholders - basic
Income from continuing operations per share/unit	$ 0.26	$ 0.24
Net income per share/unit	$ 0.27	$ 0.26
Income per share attributable to common shareholders/unitholders - diluted
Income from continuing operations per share/unit	$ 0.25	$ 0.24
Net income per share/unit	$ 0.26	$ 0.25
Weighted-average common shares/units outstanding
Basic	75,116,289	67,898,152
Diluted	75,763,882	68,496,306
Distributions declared per common share/unit	$ 0.3375	$ 0.3375
Redeemable Noncontrolling Interests Temporary Equity
Nonoperating income and (expenses)
Net income attributable to noncontrolling interests	(287)	(287)
Wholly-Owned Properties
Revenues
Operating lease revenue	99,590	85,625
Operating expenses
Operating expenses excluding general, administrative, depreciation and lease expense	43,723	37,594
Wholly-Owned Properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Revenues
Operating lease revenue	99,590	85,625
Operating expenses
Operating expenses excluding general, administrative, depreciation and lease expense	43,723	37,594
On Campus Participating Properties
Revenues
Operating lease revenue	7,967	7,647
Operating expenses
Operating expenses excluding general, administrative, depreciation and lease expense	2,495	1,744
On Campus Participating Properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Revenues
Operating lease revenue	7,967	7,647
Operating expenses
Operating expenses excluding general, administrative, depreciation and lease expense	2,495	1,744
Partially-owned properties
Nonoperating income and (expenses)
Net income attributable to noncontrolling interests	(492)	(180)
Partially-owned properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Nonoperating income and (expenses)
Net income attributable to noncontrolling interests	$ (492)	$ (180)

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Investments in Unconsolidated Joint Ventures

3 Months Ended

Mar. 31, 2012

Investments in Unconsolidated Joint Ventures

7.  Investments in Unconsolidated Joint Ventures

As of March 31, 2012, the Company owned a noncontrolling interest in one unconsolidated joint venture that is accounted for utilizing the equity method of accounting.  The investment consists of a noncontrolling equity interest in a joint venture with the United States Navy that owns military housing privatization projects located on naval bases in Norfolk and Newport News, Virginia. In 2010, the Company discontinued applying the equity method in regards to its investment in this joint venture as a result of the Company’s share of losses exceeding its investment in the joint venture.  Because the Company has not guaranteed any obligations of the investee and is not otherwise committed to provide further financial support to the investee, it therefore suspended recording its share of losses once the investment was reduced to zero.  We also earn fees for providing management services to this joint venture, which totaled approximately $0.4 million for each of the three month periods ended March 31, 2012 and 2011.

As discussed more fully in Note 3, in January 2012 we acquired full ownership interest in University Heights, a property previously owned by Fund II, a joint venture with Fidelity in which we previously held a 10% interest.  The acquisition of the property was accounted for as a business combination achieved in stages and as a result, the Company was required to remeasure its equity method investment in University Heights to its acquisition-date fair value and recognize the resulting loss in earnings.  The Company recorded a loss of approximately $0.1 million which is included in other nonoperating loss on the accompanying consolidated statements of operations for the three months ended March 31, 2012.  As University Heights represented the only property owned by Fund II, subsequent to the acquisition we no longer have an equity method investment Fund II.

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Real Estate Disclosure

3 Months Ended

Mar. 31, 2012

Wholly-Owned Properties

Real Estate Disclosure

5.  Investments in Wholly-Owned Properties

Wholly-owned properties consisted of the following:

	March 31, 2012			December 31, 2011
Land (1) (2)	$	389,470		$	380,074
Buildings and improvements		2,394,892			2,380,582
Furniture, fixtures and equipment		141,120			139,249
Construction in progress (2)		254,926			157,900
		3,180,408			3,057,805
Less accumulated depreciation		(317,946	)		(296,048	)
Wholly-owned properties, net (3)	$	2,862,462		$	2,761,757

(1) The land balance above includes undeveloped land parcels with book values of approximately $23.6 million and $15.8 million as of March 31, 2012 and December 31, 2011, respectively.  Also includes land totaling approximately $28.2 million as of both March 31, 2012 and December 31, 2011, related to properties under development.

(2) Land, furniture, fixtures and equipment, and construction in progress as of March 31, 2012 include $4.8 million, $0.4 million and $8.9 million, respectively, related to the University Edge property located in Kent, Ohio, that will serve students attending Kent State University.  In July 2011, the Company entered into a Purchase and Contribution agreement with a private developer whereby the Company is obligated to purchase the property as long as the developer meets certain construction completion deadlines.  The development of the property is anticipated to be completed in August 2012.  The entity is financed with a $4.5 million mezzanine loan from the Company and a $24.8 million construction loan from a third-party lender.  The Company is responsible for leasing, management, and initial operations of the project while the third-party developer is responsible for the development of the property.  The entity that owns the University Edge property is deemed to be a variable interest entity (“VIE”), and the Company is determined to be the primary beneficiary of the VIE.  As such, the assets and liabilities of the entity owning the property are included in the Company’s and the Operating Partnership’s consolidated financial statements.

(3) The balance above excludes Pirates Cove which is classified as wholly-owned property held for sale in the accompanying consolidated balance sheets as of March 31, 2012 and December 31, 2011.

On Campus Participating Properties

Real Estate Disclosure

6.  On-Campus Participating Properties

On-campus participating properties are as follows:

			Historical Cost
Lessor/University	Lease Commencement	Required Debt Repayment (1)	March 31, 2012			December 31, 2011
Texas A&M University System /   Prairie View A&M University (2)	2/1/96	9/1/23	$	40,339		$	40,255
Texas A&M University System /   Texas A&M International	2/1/96	9/1/23		6,572			6,567
Texas A&M University System /   Prairie View A&M University(3)	10/1/99	8/31/25/ 8/31/28		25,172			25,142
University of Houston System /   University of Houston (4)	9/27/00	8/31/35		35,760			35,734
				107,843			107,698
Less accumulated amortization				(49,004	)		(47,848	)
On-campus participating properties, net			$	58,839		$	59,850

(1) Represents the effective lease termination date.  The Leases terminate upon the earlier to occur of the final repayment of the related debt or the end of the contractual lease term.

(2) Consists of three phases placed in service between 1996 and 1998.

(3) Consists of two phases placed in service in 2000 and 2003.

(4) Consists of two phases placed in service in 2001 and 2005.

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Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2012

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

Potentially Dilutive Securities Not Included in Calculating Diluted Earnings Per Share

The following potentially dilutive securities were outstanding for the three months ended March 31, 2012 and 2011, but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive.

	Three Months Ended March 31,
	2012		2011
Common OP Units (Note 10)		899,435		941,388
Preferred OP Units (Note 10)		114,128		114,676
Total potentially dilutive securities		1,013,563		1,056,064

Summary of Elements Used in Calculating Basic Earnings per Share/Unit

The following is a summary of the elements used in calculating basic earnings per share:

	Three Months Ended March 31,
	2012			2011
Basic earnings per share calculation:
Income from continuing operations	$	20,245		$	16,733
Income from continuing operations attributable to noncontrolling interests		(772	)		(449	)
Income from continuing operations attributable to common shareholders		19,473			16,284
Amount allocated to participating securities		(258	)		(236	)
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities		19,215			16,048
Income from discontinued operations		560			1,147
Income from discontinued operations attributable to noncontrolling interests		(7	)		(18	)
Income from discontinued operations attributable to common shareholders		553			1,129
Net income attributable to common shareholders, as adjusted – basic	$	19,768		$	17,177
Income from continuing operations attributable to common shareholders, as adjusted – per share	$	0.26		$	0.24
Income from discontinued operations attributable to common shareholders – per share	$	0.01		$	0.02
Net income attributable to common shareholders, as adjusted – per share	$	0.27		$	0.26
Basic weighted average common shares outstanding		74,216,854			66,956,764

	Three Months Ended March 31,
	2012		2011
Diluted earnings per share calculation:
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities	$	19,215	$	16,048
Income from discontinued operations attributable to common shareholders		553		1,129
Net income attributable to common shareholders, as adjusted – diluted	$	19,768	$	17,177
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities – per share	$	0.25	$	0.24
Income from discontinued operations attributable to common shareholders – per share	$	0.01	$	0.01
Net income attributable to common shareholders-per share	$	0.26	$	0.25
Basic weighted average common shares outstanding		74,216,854		66,956,764
Restricted Stock Awards (Note 11)		647,593		598,154
Diluted weighted average common shares outstanding		74,864,447		67,554,918

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.

Summary of Elements Used in Calculating Basic Earnings per Share/Unit

The following is a summary of the elements used in calculating basic earnings per unit:

	Three Months Ended March 31,
	2012			2011
Basic earnings per unit calculation:
Income from continuing operations	$	20,245		$	16,733
Income from continuing operations attributable to noncontrolling interests – partially owned properties		(492	)		(180	)
Income from continuing operations attributable to Series A preferred units		(45	)		(44	)
Amount allocated to participating securities		(258	)		(236	)
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities		19,450			16,273
Income from discontinued operations		560			1,147
Income from discontinued operations attributable to Series A preferred unit distributions		(1	)		(2	)
Income from discontinued operations attributable to common unitholders		559			1,145
Net income attributable to common unitholders, as adjusted – basic	$	20,009		$	17,418

	Three Months Ended March 31,
	2012		2011
Income from continuing operations attributable to common unitholders, as adjusted – per unit	$	0.26	$	0.24
Income from discontinued operations attributable to common unitholders – per unit	$	0.01	$	0.02
Net income attributable to common unitholders, as adjusted – per unit	$	0.27	$	0.26
Basic weighted average common units outstanding		75,116,289		67,898,152

Diluted earnings per unit calculation:
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities	$	19,450	$	16,273
Income from discontinued operations attributable to common unitholders		559		1,145
Net income attributable to common unitholders, as adjusted	$	20,009	$	17,418
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities – per unit	$	0.25	$	0.24
Income from discontinued operations attributable to common unitholders – per unit	$	0.01	$	0.01
Net income attributable to common unitholders- per unit	$	0.26	$	0.25
Basic weighted average common units outstanding		75,116,289		67,898,152
Restricted Stock Awards (Note 11)		647,593		598,154
Diluted weighted average common units outstanding		75,763,882		68,496,306

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2012

Commitments and Contingencies

14.  Commitments and Contingencies

Commitments

Development-related guarantees:For 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 typically expire five days after construction is complete and 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.  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 typically 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.

In the normal course of business, the Company enters into various development-related purchase commitments with parties that provide development-related goods and services.  In the event that the Company was to terminate development services prior to the completion of projects under construction, the Company could potentially be committed to satisfy outstanding purchase orders with such parties.  As of March 31, 2012, management did not anticipate any material deviations from schedule or budget related to third-party development projects currently in progress. 

The Company has estimated the fair value of guarantees entered into to be immaterial.  The Company’s estimated maximum exposure amount under the above guarantees is approximately $13.0 million as of March 31, 2012.

Contingencies

Litigation:  In the normal course of business, the Company is subject to claims, lawsuits, and legal proceedings.  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.

Letters of Intent:  In the ordinary course of the Company’s business, the Company enters into letters of intent indicating a willingness to negotiate for acquisitions, dispositions or joint ventures.  Such letters of intent are non-binding, and neither party to the letter of intent is obligated to pursue negotiations unless and until a definitive contract is entered into by the parties.  Even if definitive contracts are entered into, the letters of intent relating to the acquisition and disposition of real property and resulting contracts generally contemplate that such contracts will provide the acquirer with time to evaluate the property and conduct due diligence, during which periods the acquiror will have the ability to terminate the contracts without penalty or forfeiture of any deposit or earnest money.  There can be no assurance that definitive contracts will be entered into with respect to any matter covered by letters of intent or that the Company will consummate any transaction contemplated by any definitive contract.  Furthermore, due diligence periods for real property are frequently extended as needed.  Once the due diligence period expires, the Company is then at risk under a real property acquisition contract, but only to the extent of any earnest money deposits associated with the contract.

Environmental Matters:  The Company is not aware of any environmental liability with respect to the properties that would have a material adverse effect on the Company’s business, assets or results of operations. However, there can be no assurance that such a material environmental liability does not exist. The existence of any such material environmental liability could have an adverse effect on the Company’s results of operations and cash flows.

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Noncontrolling Interests

3 Months Ended

Mar. 31, 2012

Noncontrolling Interests

10.   Noncontrolling Interests

Operating Partnership

Partially-owned properties:  As of March 31, 2012, the Operating Partnership consolidates four joint ventures that own and operate The Varsity, University Village at Sweet Home, University Centre and Villas at Chestnut Ridge owned-off campus properties.  The portion of net assets attributable to the third-party partners in these joint ventures is classified as “noncontrolling interests - partially owned properties” within capital on the accompanying consolidated balance sheets of the Operating Partnership.  Accordingly, the third-party partners’ share of the income or loss of the joint ventures is reported on the consolidated statements of operations of the Operating Partnership as “net income attributable to noncontrolling interests – partially owned properties.”

OP Units:  For the portion of OP Units that 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, we classify the units as “redeemable limited partners” in the mezzanine section of the consolidated balance sheets of the Operating Partnership.  The units classified as such include Series A preferred units as well as common units that are not held by ACC or ACC Holdings.  The value of redeemable limited partners on the consolidated balance sheets is reported at the greater of fair value or historical cost at the end of each reporting period.  Changes in the value from period to period are charged to limited partner’s capital on the accompanying consolidated statement of changes in capital.  Below is a table summarizing the activity of redeemable limited partners for the three months ended March 31, 2012:

Balance, December 31, 2011	$	42,529
Net income		287
Distributions		(349	)
Adjustments to reflect redeemable limited partner units at fair value		2,860
Balance, March 31, 2012	$	45,327

During the year ended December 31, 2011, 64,601 common OP Units were converted into an equal number of shares of ACC’s common stock and none were converted during the three months ended March 31, 2012.  As of March 31, 2012 and December 31, 2011, approximately 1.3% and 1.4%, respectively, of the equity interests of the Operating Partnership was held by owners of common OP Units and Series A preferred units not held by ACC or ACC holdings.

Company

The noncontrolling interests of the Company include the third-party equity interests in partially-owned properties, as discussed above, which are presented as a component of equity in the Company’s consolidated balance sheets.  The Company’s noncontrolling interests also include the redeemable limited partners presented in the consolidated balance sheets of the Operating Partnership, which are referred to as “redeemable noncontrolling interests” in the mezzanine section of the Company’s consolidated balance sheets.  Noncontrolling interests on the Company’s consolidated statements of operations include the income/loss attributable to third-party equity interests in partially-owned properties, as well as the income/loss attributable to redeemable noncontrolling interests (i.e. OP Units not held by ACC or ACC Holdings.)

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Assets and Liabilities Measured at Fair Value (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2012	Dec. 31, 2011
Assets:
Derivative financial instruments	$ 2,923
Liabilities:
Derivative financial instruments	2,879	3,360
Fair Value, Inputs, Level 2
Assets:
Derivative financial instruments	2,923
Liabilities:
Derivative financial instruments	$ 2,879	$ 3,360

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Debt

3 Months Ended

Mar. 31, 2012

Debt

8.   Debt

A summary of the Company’s outstanding consolidated indebtedness, including unamortized debt premiums and discounts, is as follows:

	March 31, 2012			December 31, 2011
Debt secured by wholly-owned properties:
Mortgage loans payable	$	726,540		$	744,724
Construction loans payable (1)		60,593			29,350
		787,133			774,074
Debt secured by on-campus participating properties:
Mortgage loan payable		32,010			32,097
Bonds payable		47,220			47,220
		79,230			79,317
Unsecured revolving credit facility		150,000			273,000
Unsecured term loan		350,000			200,000
Secured agency facility		116,000			116,000
Unamortized debt premiums		9,629			10,298
Unamortized debt discounts		(4,784	)		(5,159	)
Total debt	$	1,487,208		$	1,447,530

(1) Construction loans payable includes $8.3 million and $4.9 million as of March 31, 2012 and December 31, 2011, respectively, related to a construction loan for the University Edge development property, a VIE that the Company is including in its consolidated financial statements (see Note 5).  The creditor of this construction loan does not have recourse to the assets of the Company.

Pay off of Mortgage Debt

During the three months ended March 31, 2012, the Company paid off approximately $16.2 million of fixed rate mortgage debt secured by a wholly-owned property (Chapel Ridge) which was scheduled to mature on March 1, 2012.  As of March 31, 2012, the Company had an additional $62.9 million of outstanding fixed rate mortgage debt scheduled to mature throughout the remainder of 2012, all of which we expect to pay off on or before their respective maturity dates.    

Unsecured Credit Facility

In January 2012, the Company entered into a First Amendment to Third Amended and Restated Credit Agreement (the “First Amendment”).  Pursuant to the First Amendment, the Company’s $200 million unsecured term loan was increased in size to $350 million, such that, when combined with the Company’s $450 million unsecured revolving credit facility, the Company has an aggregate Credit Facility of $800 million, which may be expanded by up to an additional $100 million upon the satisfaction of certain conditions.  The Company used the proceeds from the expanded term loan to repay outstanding amounts on the revolving credit facility.

In addition, the maturity date of the term loan was extended from May 20, 2015 to January 10, 2017 and the maturity date of the revolving credit facility was extended to January 10, 2016, and can be extended for an additional 12 months to January 10, 2017, subject to the satisfaction of certain conditions.  The First Amendment provides for the interest rate on each loan at a variable rate, at the Company’s option, based upon a base rate or 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.  The Company has entered into multiple interest rate swap contracts with notional amounts totaling $350 million that effectively fix the interest rate to 2.54% (0.89% + 1.65% spread) on the outstanding balance of the unsecured term loan (see Note 12 for more details).

Availability under the revolving credit facility is limited to an “aggregate borrowing base amount” equal to 60% of the value of the Company’s unencumbered properties, calculated as set forth in the Credit Facility.  Additionally, the Company is required to pay a facility fee of 0.30% per annum on the $450 million revolving credit facility.  As of March 31, 2012, the balance outstanding on the revolving credit facility totaled $150.0 million, bearing interest at a weighted average annual rate of 2.00% (inclusive of the facility fee discussed above), and availability under the revolving credit facility totaled $300.0 million.

The terms of the Credit Facility include certain restrictions and covenants, which limit, among other items, the incurrence of additional indebtedness, liens, and the disposition of assets.  The facility contains customary affirmative and negative covenants and also contains financial covenants that, among other things, require the Company to maintain certain minimum ratios of “EBITDA” (earnings before interest, taxes, depreciation and amortization) to fixed charges and total indebtedness.  The Company may not pay distributions that exceed a specified percentage of funds from operations, as adjusted, for any four consecutive quarters.  The financial covenants also include consolidated net worth and leverage ratio tests.  As of March 31, 2012, the Company was in compliance with all such covenants.

Secured Agency Facility

The Company has a $125 million secured revolving credit facility with a Freddie Mac lender.  The facility has a five-year term and is currently secured by 10 properties referred to as the “Collateral Pool.”  The facility bears interest at one- or three-month LIBOR plus a spread that varies based on the debt service ratio of the Collateral Pool.  Additionally, the Company is required to pay an unused commitment fee of 1.0% per annum.  As of March 31, 2012, the balance outstanding on the secured agency facility totaled $116.0 million, bearing interest at a weighted average annual rate of 2.44%.  The secured agency facility includes some, but not all, of the same financial covenants as the unsecured credit facility, described above.  As of March 31, 2012, the Company was in compliance with all such covenants.

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Stockholders' Equity / Partners' Capital

3 Months Ended

Mar. 31, 2012

Stockholders' Equity / Partners' Capital

9.  Stockholders’ Equity / Partners’ Capital

Stockholders’ Equity – Company

During the three months ended March 31, 2012, ACC sold approximately 1.8 million shares at a weighted average price of $41.61 per share under its 2011 at-the-market share offering program (the “ATM Equity Program”).  Net proceeds received under this program during the three months ended March 31, 2012, totaled approximately $73.9 million, after payment of approximately $1.1 million of commissions paid to sales agents.  As of March 31, 2012, ACC had approximately $149.7 million available for issuance under its ATM Equity Program.

Partners’ Capital – Operating Partnership

In connection with the activity under ACC’s ATM Equity Program discussed above, ACCOP issued a number of common OP Units to ACC equivalent to the number of shares issued by ACC under the ATM Equity Program.

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Incentive Award Plan

3 Months Ended

Mar. 31, 2012

Incentive Award Plan

11.  Incentive Award Plan

Restricted Stock Awards (“RSAs”)

A summary of ACC’s RSAs under ACC’s 2010 Incentive Award Plan as of March 31, 2012 and activity during the three months then ended, is presented below:

	Number of RSAs
Nonvested balance at December 31, 2011		549,300
Granted		215,851
Vested		(113,345	)
Forfeited		(61,808	)
Nonvested balance at March 31, 2012		589,998

The fair value of RSA’s is calculated based on the closing market value of ACC’s common stock on the date of grant.  The fair value of these awards is amortized to expense over the vesting periods, which amounted to approximately $1.3 million, and $1.0 million for the three months ended March 31, 2012 and 2011, respectively.

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Segment Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Dec. 31, 2011
Segment Reporting Information [Line Items]
Property management fees from external customers	$ 1,758	$ 1,830
Total segment revenues	115,653	102,832
Unallocated interest income earned on corporate cash	498	33
Elimination of intersegment revenues	(3,883)	(3,548)
Operating expenses	(77,906)	(67,186)
Total consolidated revenues, including interest income	112,268	99,317
Interest expense	(13,282)	(14,013)
Operating (loss) income before depreciation, amortization and allocation of corporate overhead	53,899	45,276
Depreciation and amortization	(25,400)	(22,467)
Net unallocated expenses relating to corporate overhead	(8,420)	(5,921)
Income (loss) from unconsolidated joint ventures	444	(12)
Loss on fair value remeasurement of equity method investment	(122)
Income tax provision	(156)	(143)
Income from continuing operations	20,245	16,733
Total segment assets	3,037,808	2,591,696
Unallocated corporate assets	78,173	37,656
Total assets	3,115,981	2,629,352	3,008,582
Wholly-Owned Properties
Segment Reporting Information [Line Items]
Rental revenues	99,933	85,966
Interest and other income	14	10
Total segment revenues	99,947	85,976
Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead	(43,705)	(37,878)
Ground/facility lease	(414)	(315)
Interest expense	(7,905)	(10,897)
Operating (loss) income before depreciation, amortization and allocation of corporate overhead	47,923	36,886
Depreciation and amortization	22,888	19,814
Capital expenditures	96,194	34,694
Total segment assets	2,946,885	2,502,172
On Campus Participating Properties
Segment Reporting Information [Line Items]
Rental revenues	7,967	7,647
Interest and other income	4	7
Total segment revenues	7,971	7,654
Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead	(2,295)	(1,562)
Ground/facility lease	(550)	(841)
Interest expense	(1,432)	(1,469)
Operating (loss) income before depreciation, amortization and allocation of corporate overhead	3,694	3,782
Depreciation and amortization	1,155	1,098
Capital expenditures	145	278
Total segment assets	75,042	77,388
Development Services
Segment Reporting Information [Line Items]
Development and construction management fees	2,094	3,824
Operating expenses	(2,739)	(2,341)
Operating (loss) income before depreciation, amortization and allocation of corporate overhead	(645)	1,483
Total segment assets	12,068	8,455
Property Management Services
Segment Reporting Information [Line Items]
Property management fees from external customers	1,758	1,830
Intersegment revenues	3,883	3,548
Total segment revenues	5,641	5,378
Operating expenses	(2,714)	(2,253)
Operating (loss) income before depreciation, amortization and allocation of corporate overhead	2,927	3,125
Total segment assets	$ 3,813	$ 3,681

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Segments - Additional Information (Detail)	Mar. 31, 2012 Segment
Segment Reporting Information [Line Items]
Identified reportable segments	4

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Estimated Useful Lives of Assets (Detail)	3 Months Ended
	Mar. 31, 2012 Year
Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated useful life, minimum	7
Estimated useful life, maximum	40
Leasehold interest - on-campus participating
Property, Plant and Equipment [Line Items]
Estimated useful life, minimum	25
Estimated useful life, maximum	34
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Estimated useful life, minimum	3
Estimated useful life, maximum	7

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Noncontrolling Interests - Additional Information (Detail) (AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.)	12 Months Ended
	Dec. 31, 2011	Mar. 31, 2012 Entity
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Noncontrolling Interest [Line Items]
Number of third-party joint venture partners		4
Conversion of common units to ACC common stock, shares	64,601
Equity interests held by owners of common units and series A preferred units/ retained by seller	1.40%	1.30%

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Subsequent Events

3 Months Ended

Mar. 31, 2012

Subsequent Events

16.  Subsequent Events

Distributions:  On May 2, 2012, the Company declared a first quarter 2012 distribution per share of $0.3375 which will be paid on May 29, 2012 to all common stockholders of record as of May 15, 2012.  At the same time, the Operating Partnership will pay an equivalent amount per unit to holders of common OP Units, as well as the quarterly cumulative preferential distribution to holders of Series A preferred units (see Note 9).

Property Disposition:  On April 26, 2012, the Company sold an unencumbered wholly-owned property (Pirates Cove) for a sales price of $27.5 million resulting in net proceeds of approximately $27.1 million.

Property Acquisition:  On May 1, 2012, the Company acquired a 210-unit, 754-bed wholly-owned property (Avalon Heights) located near the campus of the University of South Florida in Tampa, for a purchase price of $30.0 million.

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Real Estate Disclosure (Tables)

3 Months Ended

Mar. 31, 2012

Wholly-Owned Properties

Schedule of Real Estate Properties

Wholly-owned properties consisted of the following:

	March 31, 2012			December 31, 2011
Land (1) (2)	$	389,470		$	380,074
Buildings and improvements		2,394,892			2,380,582
Furniture, fixtures and equipment		141,120			139,249
Construction in progress (2)		254,926			157,900
		3,180,408			3,057,805
Less accumulated depreciation		(317,946	)		(296,048	)
Wholly-owned properties, net (3)	$	2,862,462		$	2,761,757

(1) The land balance above includes undeveloped land parcels with book values of approximately $23.6 million and $15.8 million as of March 31, 2012 and December 31, 2011, respectively.  Also includes land totaling approximately $28.2 million as of both March 31, 2012 and December 31, 2011, related to properties under development.

(2) Land, furniture, fixtures and equipment, and construction in progress as of March 31, 2012 include $4.8 million, $0.4 million and $8.9 million, respectively, related to the University Edge property located in Kent, Ohio, that will serve students attending Kent State University.  In July 2011, the Company entered into a Purchase and Contribution agreement with a private developer whereby the Company is obligated to purchase the property as long as the developer meets certain construction completion deadlines.  The development of the property is anticipated to be completed in August 2012.  The entity is financed with a $4.5 million mezzanine loan from the Company and a $24.8 million construction loan from a third-party lender.  The Company is responsible for leasing, management, and initial operations of the project while the third-party developer is responsible for the development of the property.  The entity that owns the University Edge property is deemed to be a variable interest entity (“VIE”), and the Company is determined to be the primary beneficiary of the VIE.  As such, the assets and liabilities of the entity owning the property are included in the Company’s and the Operating Partnership’s consolidated financial statements.

(3) The balance above excludes Pirates Cove which is classified as wholly-owned property held for sale in the accompanying consolidated balance sheets as of March 31, 2012 and December 31, 2011.

On Campus Participating Properties

Schedule of Real Estate Properties

On-campus participating properties are as follows:

			Historical Cost
Lessor/University	Lease Commencement	Required Debt Repayment (1)	March 31, 2012			December 31, 2011
Texas A&M University System /   Prairie View A&M University (2)	2/1/96	9/1/23	$	40,339		$	40,255
Texas A&M University System /   Texas A&M International	2/1/96	9/1/23		6,572			6,567
Texas A&M University System /   Prairie View A&M University(3)	10/1/99	8/31/25/ 8/31/28		25,172			25,142
University of Houston System /   University of Houston (4)	9/27/00	8/31/35		35,760			35,734
				107,843			107,698
Less accumulated amortization				(49,004	)		(47,848	)
On-campus participating properties, net			$	58,839		$	59,850

(1) Represents the effective lease termination date.  The Leases terminate upon the earlier to occur of the final repayment of the related debt or the end of the contractual lease term.

(2) Consists of three phases placed in service between 1996 and 1998.

(3) Consists of two phases placed in service in 2000 and 2003.

(4) Consists of two phases placed in service in 2001 and 2005.

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Debt - Additional Information (Detail) (USD $)	3 Months Ended				3 Months Ended	1 Months Ended		1 Months Ended	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Jan. 31, 2012	Jan. 31, 2012 Interest Rate Swap	Mar. 31, 2012 Wholly-Owned Properties Mortgage loans payable	Jan. 31, 2012 Unsecured Term Loan Facility	Jan. 31, 2012 Unsecured Term Loan Facility Interest Rate Swap	Jan. 31, 2012 Unsecured Revolving Credit Facility	Mar. 31, 2012 Unsecured Revolving Credit Facility	Mar. 31, 2012 Secured Agency Facility Property
Debt Instrument [Line Items]
Fixed rate mortgage debt	$ 2,666,000	$ 1,911,000			$ 16,200,000
Debt outstanding					62,900,000
Unsecured term loan facility						200,000,000
Unsecured term loan facility increased borrowing capacity						350,000,000
Credit facility			800,000,000					450,000,000		125,000,000
Term of credit facility, in years										5 years
Additional borrowing capacity of unsecured facility			100,000,000
Number of properties used to secure debt										10
Line of credit, required unused commitment fee per annum									0.30%	1.00%
Outstanding credit facility									150,000,000	116,000,000
Line of credit, weighted average annual interest rate									2.00%	2.44%
Debt instrument, maturity date						May 20, 2015		Jan. 10, 2016
Debt instrument, extension of maturity, period								12 months
Debt instrument, extension of maturity, period						Jan. 10, 2017		Jan. 10, 2017
Notional Amount				350,000,000			350,000,000
Fixed rate interest swap agreement							2.54%
Fixed interest rate, floor							0.89%
Fixed interest rate, spread							1.65%
Ratio of borrowing amount to value of properties				60.00%
Line of credit facility, remaining borrowing capacity									$ 300,000,000

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Property Dispositions and Discontinued Operations - Additional Information (Detail) (Off Campus Properties, USD $) In Millions, unless otherwise specified			2 Months Ended
	Mar. 31, 2012 Pirates Cove Property	Dec. 31, 2011 Pirates Cove Property	May 31, 2011 Campus Club Statesboro River Club Apartments River Walk Townhomes And Villas On Apache Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as Held for Sale	1	1
Number of properties sold			4
Selling price of disposed property			$ 82.0
Net proceeds from disposition of real estate			$ 80.0

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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY/CAPITAL (USD $) In Thousands, except Share data	Total	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.	Common Shares	Additional Paid in Capital	Accumulated Earnings and Dividends	Accumulated Other Comprehensive (Loss) Income	Accumulated Other Comprehensive (Loss) Income AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.	Noncontrolling Interests	Noncontrolling Interests AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.	General Partner AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.	Limited Partner AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Beginning Balance at Dec. 31, 2011		$ 1,403,799					$ (3,360)		$ 28,583	$ 125	$ 1,378,451
Beginning Balance at Dec. 31, 2011	1,403,799		725	1,664,416	(286,565)	(3,360)		28,583
Beginning Balance (in shares) at Dec. 31, 2011			72,759,546
Beginning Balance (in shares) at Dec. 31, 2011										12,222	72,747,324
Issuance of units in exchange for contributions of equity offering proceeds (in shares)											1,802,306
Issuance of units in exchange for contributions of equity offering proceeds		73,658									73,658
Net proceeds from sale of common stock (in shares)			1,802,306
Net proceeds from sale of common stock	73,658		18	73,640
Adjustments to reflect redeemable noncontrolling interests at fair value	(2,860)	(2,860)		(2,860)							(2,860)
Amortization of restricted stock awards	1,297	1,297		1,297							1,297
Vesting of restricted stock awards (in shares)			113,345								113,345
Vesting of restricted stock awards	(2,156)	(2,156)		(2,156)							(2,156)
Distributions	(25,423)	(25,423)			(25,423)					(4)	(25,419)
Distributions to joint venture partners	(488)	(488)						(488)	(488)
Change in fair value of interest rate swaps	3,404	3,404				3,404	3,404
Net income	20,518	20,518			20,026			492	492	3	20,023
Ending Balance at Mar. 31, 2012		1,471,749					44		28,587	124	1,442,994
Ending Balance at Mar. 31, 2012	$ 1,471,749		$ 743	$ 1,734,337	$ (291,962)	$ 44		$ 28,587
Ending Balance (in shares) at Mar. 31, 2012			74,675,197
Ending Balance (in shares) at Mar. 31, 2012										12,222	74,662,975

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Property Dispositions and Discontinued Operations

3 Months Ended

Mar. 31, 2012

Property Dispositions and Discontinued Operations

4.  Property Dispositions and Discontinued Operations

As of both March 31, 2012 and December 31, 2011, one owned off-campus property (Pirates Cove) was classified as Held for Sale on the Company’s consolidated balance sheet.  Concurrent with this classification, the property is recorded at the lower of cost or fair value less estimated selling costs.  Accordingly, net income attributable to Pirates Cove is included in discontinued operations for all periods presented.

In April and May 2011, the Company sold four unencumbered owned off-campus properties (Campus Club – Statesboro, River Club Apartments, River Walk Townhomes and Villas on Apache) for a total sales price of approximately $82.0 million resulting in combined net proceeds of approximately $80.0 million.  The net income attributable to these four properties is included in discontinued operations on the accompanying consolidated statement of operations for the three months ended March 31, 2011.

The properties discussed above are included in the wholly-owned properties segment (see Note 15).  Below is a summary of the results of operations for the properties discussed above:

	Three Months Ended March 31,
	2012			2011
Total revenues	$	1,153		$	4,048
Total operating expenses		(593	)		(1,866	)
Depreciation and amortization		-			(1,035	)
Operating income		560			1,147
Total nonoperating expenses		-			-
Net income	$	560		$	1,147

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Fair value of Derivative Financial Instruments and Classification on Consolidated Balance Sheets (Detail) (Interest Rate Swap, USD $) In Thousands, unless otherwise specified	Mar. 31, 2012	Dec. 31, 2011
Other Assets
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value	$ 2,923
Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Fair Value	$ 2,879	$ 3,360

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Debt (Tables)

3 Months Ended

Mar. 31, 2012

Summary of Outstanding Consolidated Indebtedness, Including Unamortized Debt Premiums and Discounts

A summary of the Company’s outstanding consolidated indebtedness, including unamortized debt premiums and discounts, is as follows:

	March 31, 2012			December 31, 2011
Debt secured by wholly-owned properties:
Mortgage loans payable	$	726,540		$	744,724
Construction loans payable (1)		60,593			29,350
		787,133			774,074
Debt secured by on-campus participating properties:
Mortgage loan payable		32,010			32,097
Bonds payable		47,220			47,220
		79,230			79,317
Unsecured revolving credit facility		150,000			273,000
Unsecured term loan		350,000			200,000
Secured agency facility		116,000			116,000
Unamortized debt premiums		9,629			10,298
Unamortized debt discounts		(4,784	)		(5,159	)
Total debt	$	1,487,208		$	1,447,530

(1) Construction loans payable includes $8.3 million and $4.9 million as of March 31, 2012 and December 31, 2011, respectively, related to a construction loan for the University Edge development property, a VIE that the Company is including in its consolidated financial statements (see Note 5).  The creditor of this construction loan does not have recourse to the assets of the Company.

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Summary of Elements Used in Calculating Basic and Diluted Earnings per Unit (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Basic earnings per unit calculation:
Income from continuing operations	$ 20,245	$ 16,733
Amount allocated to participating securities	(258)	(236)
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities	19,215	16,048
Income from discontinued operations	560	1,147
Income from discontinued operations attributable to common shareholders	553	1,129
Net income attributable to common unitholders/shareholders, as adjusted - basic	19,768	17,177
Income from continuing operations attributable to common unitholders, as adjusted - per unit	$ 0.26	$ 0.24
Income from discontinued operations attributable to common unitholders - per unit	$ 0.01	$ 0.02
Net income attributable to common unitholders, as adjusted - per unit	$ 0.27	$ 0.26
Basic weighted average common units outstanding	74,216,854	66,956,764
Income from continuing operations attributable to noncontrolling interests - partially owned properties	(772)	(449)
Diluted earnings per unit calculation:
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities	19,215	16,048
Income from discontinued operations attributable to common unitholders	553	1,129
Net income attributable to common unitholders, as adjusted	19,768	17,177
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities - per unit	$ 0.25	$ 0.24
Income from discontinued operations attributable to common unitholders - per unit	$ 0.01	$ 0.01
Net income attributable to common unitholders- per unit	$ 0.26	$ 0.25
Basic weighted average common units outstanding	74,216,854	66,956,764
Restricted Stock Awards (Note 11)	647,593	598,154
Diluted weighted average common units outstanding	74,864,447	67,554,918
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Basic earnings per unit calculation:
Income from continuing operations	20,245	16,733
Income from continuing operations attributable to Series A preferred units	(45)	(44)
Amount allocated to participating securities	(258)	(236)
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities	19,450	16,273
Income from discontinued operations	560	1,147
Income from discontinued operations attributable to Series A preferred unit distributions	(1)	(2)
Income from discontinued operations attributable to common shareholders	559	1,145
Net income attributable to common unitholders/shareholders, as adjusted - basic	20,009	17,418
Income from continuing operations attributable to common unitholders, as adjusted - per unit	$ 0.26	$ 0.24
Income from discontinued operations attributable to common unitholders - per unit	$ 0.01	$ 0.02
Net income attributable to common unitholders, as adjusted - per unit	$ 0.27	$ 0.26
Basic weighted average common units outstanding	75,116,289	67,898,152
Diluted earnings per unit calculation:
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities	19,450	16,273
Income from discontinued operations attributable to common unitholders	559	1,145
Net income attributable to common unitholders, as adjusted	20,009	17,418
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities - per unit	$ 0.25	$ 0.24
Income from discontinued operations attributable to common unitholders - per unit	$ 0.01	$ 0.01
Net income attributable to common unitholders- per unit	$ 0.26	$ 0.25
Basic weighted average common units outstanding	75,116,289	67,898,152
Restricted Stock Awards (Note 11)	647,593	598,154
Diluted weighted average common units outstanding	75,763,882	68,496,306
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially-owned properties
Basic earnings per unit calculation:
Income from continuing operations attributable to noncontrolling interests - partially owned properties	$ (492)	$ (180)

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Segments

3 Months Ended

Mar. 31, 2012

Segments

15.   Segments

The Company defines business segments by their distinct customer base and service provided.  The Company has identified four reportable segments: Wholly-Owned Properties, On-Campus Participating Properties, Development Services, and Property Management Services.  Management evaluates each segment’s performance based on operating income before depreciation, amortization, noncontrolling interests and allocation of corporate overhead.  Intercompany fees are reflected at the contractually stipulated amounts.

	Three Months Ended March 31,
	2012			2011
Wholly-Owned Properties
Rental revenues	$	99,933		$	85,966
Interest and other income		14			10
Total revenues from external customers		99,947			85,976
Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead		(43,705	)		(37,878	)
Ground/facility leases		(414	)		(315	)
Interest expense		(7,905	)		(10,897	)
Operating income before depreciation, amortization and allocation of corporate overhead	$	47,923		$	36,886
Depreciation and amortization	$	22,888		$	19,814
Capital expenditures	$	96,194		$	34,694
Total segment assets at March 31,	$	2,946,885		$	2,502,172
On-Campus Participating Properties
Rental revenues	$	7,967		$	7,647
Interest and other income		4			7
Total revenues from external customers		7,971			7,654
Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead		(2,295	)		(1,562	)
Ground/facility lease		(550	)		(841	)
Interest expense		(1,432	)		(1,469	)
Operating income before depreciation, amortization and allocation of corporate overhead	$	3,694		$	3,782
Depreciation and amortization	$	1,155		$	1,098
Capital expenditures	$	145		$	278
Total segment assets at March 31,	$	75,042		$	77,388
Development Services
Development and construction management fees	$	2,094		$	3,824
Operating expenses		(2,739	)		(2,341	)
Operating (loss) income before depreciation, amortization and allocation of corporate overhead	$	(645	)	$	1,483
Total segment assets at March 31,	$	12,068		$	8,455
Property Management Services
Property management fees from external customers	$	1,758		$	1,830
Intersegment revenues		3,883			3,548
Total revenues		5,641			5,378
Operating expenses		(2,714	)		(2,253	)
Operating income before depreciation, amortization and allocation of corporate overhead	$	2,927		$	3,125
Total segment assets at March 31,	$	3,813		$	3,681
Reconciliations
Total segment revenues	$	115,653		$	102,832
Unallocated interest income earned on corporate cash		498			33
Elimination of intersegment revenues		(3,883	)		(3,548	)
Total consolidated revenues, including interest income	$	112,268		$	99,317
Segment operating income before depreciation, amortization and allocation of corporate overhead	$	53,899		$	45,276
Depreciation and amortization		(25,400	)		(22,467	)
Net unallocated expenses relating to corporate overhead		(8,420	)		(5,921	)
Income (loss) from unconsolidated joint ventures		444			(12	)
Loss on fair value remeasurement of equity method investment		(122	)		-
Income tax provision		(156	)		(143	)
Income from continuing operations	$	20,245		$	16,733
Total segment assets	$	3,037,808		$	2,591,696
Unallocated corporate assets		78,173			37,656
Total assets at March 31,	$	3,115,981		$	2,629,352