10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

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

For the quarterly period ended September 30, 2013.   

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 104,782,817 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 October 31, 2013.

EXPLANATORY NOTE

This report combines the reports on Form 10-Q for the quarterly period ended September 30, 2013 of American Campus Communities, Inc. and American Campus Communities Operating Partnership, L.P.  Unless stated otherwise or the context otherwise requires, references to “ACC” mean American Campus Communities, Inc., a Maryland real estate investment trust (“REIT”), and references to “ACCOP” mean American Campus Communities Operating Partnership, L.P., a Maryland limited partnership.  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. The following chart illustrates the Company’s and the Operating Partnership’s corporate structure:

The general partner of ACCOP is American Campus Communities Holdings, LLC (“ACC Holdings”), an entity that is wholly-owned by ACC. As of September 30, 2013, 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 September 30, 2013, 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 the Company and the Operating Partnership as one business. The management of ACC consists of the same members as the management of ACCOP. The Company is structured as an umbrella partnership REIT (“UPREIT”) and ACC contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, ACC receives a number of units of the Operating Partnership (“OP Units,” see definition below) equal to the number of common shares it has issued in the equity offering. Contributions of properties to the Company can be structured as tax-deferred transactions through the issuance of OP Units in the Operating Partnership. Based on the terms of ACCOP’s partnership agreement, OP Units can be exchanged for ACC’s common shares on a one-for-one basis. The Company maintains a one-for-one relationship between the OP Units of the Operating Partnership issued to ACC and ACC Holdings and the common shares issued to the public. The Company believes that combining the reports on Form 10-Q of ACC and ACCOP into this single report provides the following benefits:

(1) enhances investors’ understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

(2) eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and

(3) creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

ACC consolidates ACCOP for financial reporting purposes, and ACC essentially has no assets or liabilities other than its investment in ACCOP. Therefore, the assets and liabilities of the Company and the Operating Partnership are the same on their respective financial statements. However, the Company believes it is important to understand the few differences between the Company and

the Operating Partnership in the context of how the entities operate as a consolidated company. All of the Company’s property ownership, development and related business operations are conducted through the Operating Partnership. ACC also issues public equity from time to time and guarantees certain debt of ACCOP, as disclosed in this report. ACC does not have any indebtedness, as all debt is incurred by the Operating Partnership. The Operating Partnership holds substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity.  Except for the net proceeds from ACC’s equity offerings, which are contributed to the capital of ACCOP in exchange for OP Units on a one-for-one common share per OP Unit basis, the Operating Partnership generates all remaining capital required by the Company’s business. These sources include, but are not limited to, the Operating Partnership’s working capital, net cash provided by operating activities, borrowings under its credit facility, and proceeds received from the disposition of certain properties.  Noncontrolling interests, stockholders’ equity, and partners’ capital are the main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership. The noncontrolling interests in the Operating Partnership’s financial statements consist of the interests of unaffiliated partners in various consolidated joint ventures. The noncontrolling interests in the Company’s financial statements include the same noncontrolling interests at the Operating Partnership level and OP Unit holders of the Operating Partnership. The differences between stockholders’ equity and partners’ capital result from differences in the equity issued at the Company and Operating Partnership levels.

To help investors understand the significant differences between the Company and the Operating Partnership, this report provides separate consolidated financial statements for the Company and the Operating Partnership. A single set of consolidated notes to such financial statements is presented that includes separate discussions for the Company and the Operating Partnership when applicable (for example, noncontrolling interests, stockholders’ equity or partners’ capital, earnings per share or unit, etc.).  A combined Management’s Discussion and Analysis of Financial Condition and Results of Operations section is also included that presents discrete information related to each entity, as applicable. This report also includes separate Part I, Item 4 Controls and Procedures sections and separate Exhibits 31 and 32 certifications for each of the Company and the Operating Partnership in order to establish that the requisite certifications have been made and that the Company and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 and 18 U.S.C. §1350.

In order to highlight the differences between the Company and the Operating Partnership, the separate sections in this report for the Company and the Operating Partnership specifically refer to the Company and the Operating Partnership. In the sections that combine disclosure of the Company and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and joint ventures and holds assets and debt, reference to the Company is appropriate because the Company operates its business through the Operating Partnership. The separate discussions of the Company and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company on a consolidated basis and how management operates the Company.

FORM 10-Q

FOR THE QUARTER ENDED SEPTEMBER 30, 2013

TABLE OF CONTENTS

		PAGE NO.
PART I.
Item 1.	Consolidated Financial Statements of American Campus Communities, Inc. and Subsidiaries:
	Consolidated Balance Sheets as of September 30, 2013 (unaudited) and December 31, 2012	1
	Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2013 and 2012 (all unaudited)	2
	Consolidated Statement of Changes in Equity for the nine months ended September 30, 2013 (unaudited)	3
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2013 and 2012 (all unaudited)	4
	Consolidated Financial Statements of American Campus Communities Operating Partnership, L.P. and Subsidiaries:
	Consolidated Balance Sheets as of September 30, 2013 (unaudited) and December 31, 2012	5
	Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2013 and 2012 (all unaudited)	6
	Consolidated Statement of Changes in Capital for the nine months ended September 30, 2013 (unaudited)	7
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2013 and 2012 (all unaudited)	8
	Notes to Consolidated Financial Statements of American Campus Communities, Inc. and Subsidiaries and American Campus Communities Operating Partnership, L.P. and Subsidiaries (unaudited)	9
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3.	Quantitative and Qualitative Disclosure about Market Risk	46
Item 4.	Controls and Procedures	46
PART II.
Item 1.	Legal Proceedings	48
Item 1A.	Risk Factors	48
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	48
Item 3.	Defaults Upon Senior Securities	48
Item 4.	Mine Safety Disclosures	48
Item 5.	Other Information	48
Item 6.	Exhibits	49
SIGNATURES		50

AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

	September 30, 2013			December 31, 2012
	(Unaudited)
Assets
Investments in real estate:
Wholly-owned properties, net	$	5,003,173		$	4,871,376
Wholly-owned properties held for sale	23,707			—
On-campus participating properties, net	62,162			57,346
Investments in real estate, net	5,089,042			4,928,722
Cash and cash equivalents	25,267			21,454
Restricted cash	37,480			36,790
Student contracts receivable, net	17,207			14,122
Other assets	151,090			117,874
Total assets	$	5,320,086		$	5,118,962
Liabilities and equity
Liabilities:
Secured mortgage, construction and bond debt	$	1,414,943		$	1,509,105
Secured agency facility	95,355			104,000
Unsecured notes	398,692			—
Unsecured term loan	350,000			350,000
Unsecured revolving credit facility	175,300			258,000
Accounts payable and accrued expenses	63,895			56,046
Other liabilities	135,788			107,223
Total liabilities	2,633,973			2,384,374
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests	49,790			57,534
Equity:
American Campus Communities, Inc. stockholders’ equity:
Common stock, $.01 par value, 800,000,000 shares authorized, 104,782,817 and 104,665,212 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively	1,043			1,043
Additional paid in capital	3,014,239			3,001,520
Accumulated earnings and dividends	(382,231		)	(347,521		)
Accumulated other comprehensive loss	(2,210		)	(6,661		)
Total American Campus Communities, Inc. stockholders’ equity	2,630,841			2,648,381
Noncontrolling interests - partially owned properties	5,482			28,673
Total equity	2,636,323			2,677,054
Total liabilities and equity	$	5,320,086		$	5,118,962

See accompanying notes to consolidated financial statements.

1

AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited, in thousands, except share and per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Revenues
Wholly-owned properties	$	150,668		$	104,062		$	449,779		$	286,932
On-campus participating properties	5,066			5,087			17,871			17,766
Third-party development services	622			1,467			1,656			7,427
Third-party management services	1,792			1,687			5,425			5,083
Resident services	883			454			1,912			982
Total revenues	159,031			112,757			476,643			318,190
Operating expenses
Wholly-owned properties	87,189			57,941			222,768			141,772
On-campus participating properties	3,021			3,010			8,454			8,306
Third-party development and management services	3,058			2,602			7,786			8,013
General and administrative	3,934			7,582			12,366			15,760
Depreciation and amortization	45,248			27,165			138,373			73,355
Ground/facility leases	1,386			1,093			3,749			2,861
Total operating expenses	143,836			99,393			393,496			250,067
Operating income	15,195			13,364			83,147			68,123
Nonoperating income and (expenses)
Interest income	792			428			2,165			1,355
Interest expense	(19,819		)	(13,530		)	(57,063		)	(38,742		)
Amortization of deferred financing costs	(1,413		)	(1,060		)	(4,143		)	(3,012		)
Income from unconsolidated joint ventures	—			—			—			444
Other nonoperating income (expense)	134			136			(2,666		)	14
Total nonoperating expenses	(20,306		)	(14,026		)	(61,707		)	(39,941		)
(Loss) income before income taxes and discontinued operations	(5,111		)	(662		)	21,440			28,182
Income tax provision	(255		)	(181		)	(765		)	(493		)
(Loss) income from continuing operations	(5,366		)	(843		)	20,675			27,689
Income attributable to discontinued operations	367			1,865			5,373			7,062
Gain from disposition of real estate	52,831			—			52,831			83
Total discontinued operations	53,198			1,865			58,204			7,145
Net income	47,832			1,022			78,879			34,834
Net income attributable to noncontrolling interests
Redeemable noncontrolling interests	(573		)	(66		)	(986		)	(541		)
Partially owned properties	(83		)	(329		)	(1,078		)	(1,312		)
Net income attributable to noncontrolling interests	(656		)	(395		)	(2,064		)	(1,853		)
Net income attributable to common shareholders	$	47,176		$	627		$	76,815		$	32,981
Other comprehensive (loss) income
Change in fair value of interest rate swaps	(1,163		)	(2,386		)	4,451			(4,191		)
Comprehensive income (loss)	$	46,013		$	(1,759	)	$	81,266		$	28,790
(Loss) income per share attributable to common shareholders - basic
(Loss) income from continuing operations per share	$	(0.05	)	$	(0.02	)	$	0.18		$	0.32
Net income per share	$	0.45		$	—		$	0.73		$	0.41
(Loss) income per share attributable to common shareholders - diluted
(Loss) income from continuing operations per share	$	(0.05	)	$	(0.02	)	$	0.18		$	0.31
Net income per share	$	0.45		$	—		$	0.72		$	0.40
Weighted-average common shares outstanding
Basic	104,781,431			89,169,868			104,752,982			79,404,323
Diluted	104,781,431			89,169,868			105,381,053			80,009,463

See accompanying notes to consolidated financial statements.

2

AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(unaudited, in thousands, except share data)

	Common Shares	Par Value of Common Shares		Additional Paid in Capital			Accumulated Earnings and Dividends			Accumulated Other Comprehensive Loss			Noncontrolling Interests – partially owned properties			Total
Equity, December 31, 2012	104,665,212	$	1,043	$	3,001,520		$	(347,521	)	$	(6,661	)	$	28,673		$	2,677,054
Adjustments to reflect redeemable noncontrolling interests at fair value	—	—		10,823			—			—			—			10,823
Amortization of restricted stock awards	—	—		4,806			—			—			—			4,806
Vesting of restricted stock awards and restricted stock units	116,105	—		(2,928		)	—			—			—			(2,928		)
Distributions to common and restricted stockholders	—	—		—			(111,525		)	—			—			(111,525		)
Distributions to noncontrolling joint venture partners	—	—		—			—			—			(861		)	(861		)
Contributions by noncontrolling partners	—	—		—			—			—			1,500			1,500
Increase in ownership of consolidated subsidiary	—	—		—			—			—			(24,908		)	(24,908		)
Conversion of preferred units to common stock	1,500	—		18			—			—			—			18
Change in fair value of interest rate swaps	—	—		—			—			4,451			—			4,451
Net income	—	—		—			76,815			—			1,078			77,893
Equity, September 30, 2013	104,782,817	$	1,043	$	3,014,239		$	(382,231	)	$	(2,210	)	$	5,482		$	2,636,323

See accompanying notes to consolidated financial statements.

3

AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

	Nine Months Ended September 30,
	2013			2012
Operating activities
Net income	$	78,879		$	34,834
Adjustments to reconcile net income to net cash provided by operating activities:
Gain from disposition of real estate	(52,831		)	(83		)
Loss on remeasurement of equity method investment	—			122
Depreciation and amortization	140,059			77,407
Amortization of deferred financing costs and debt premiums/discounts	(6,397		)	1,904
Share-based compensation	5,008			3,948
Income from unconsolidated joint ventures	—			(444		)
Income tax provision	765			493
Changes in operating assets and liabilities:
Restricted cash	1,468			(2,772		)
Student contracts receivable, net	(3,333		)	(4,088		)
Other assets	(16,315		)	1,224
Accounts payable and accrued expenses	3,577			8,930
Other liabilities	25,919			11,877
Net cash provided by operating activities	176,799			133,352
Investing activities
Proceeds from disposition of real estate	155,234			28,167
Cash paid for property acquisitions	(92,508		)	(634,581		)
Cash paid for land acquisitions	(9,920		)	(25,103		)
Capital expenditures for wholly-owned properties	(52,587		)	(20,739		)
Investments in wholly-owned properties under development	(219,036		)	(265,070		)
Capital expenditures for on-campus participating properties	(1,323		)	(1,710		)
Investment in on-campus participating properties under development	(7,045		)	—
Investment in loans receivable	(52,038		)	—
Investment in mezzanine loans	(8,750		)	(2,000		)
Repayment of mezzanine loan	—			4,000
Increase in escrow deposits	(2,500		)	(19,170		)
Change in restricted cash related to capital reserves	(1,156		)	(366		)
Proceeds from insurance settlement	636			—
Purchase of corporate furniture, fixtures and equipment	(1,997		)	(1,396		)
Net cash used in investing activities	(292,990		)	(937,968		)
Financing activities
Proceeds from unsecured notes	398,636			—
Proceeds from sale of common stock	—			838,313
Offering costs	—			(33,223		)
Pay-off of mortgage loans and construction loans	(61,891		)	(62,182		)
Proceeds from unsecured term loan	—			150,000
Proceeds from credit facilities	364,855			371,000
Pay downs of credit facilities	(456,200		)	(438,000		)
Proceeds from construction loans	3,917			72,583
Principal payments on debt	(11,353		)	(8,064		)
Redemption of common units for cash	—			(132		)
Debt issuance and assumption costs	(4,239		)	(5,655		)
Distributions to common and restricted stockholders	(111,525		)	(82,083		)
Distributions to noncontrolling partners	(2,196		)	(2,329		)
Net cash provided by financing activities	120,004			800,228
Net change in cash and cash equivalents	3,813			(4,388		)
Cash and cash equivalents at beginning of period	21,454			22,399
Cash and cash equivalents at end of period	$	25,267		$	18,011
Supplemental disclosure of non-cash investing and financing activities
Loans assumed in connection with property acquisitions	$	—		$	(250,073	)
Issuance of common units in connection with property acquisitions	$	(3,451	)	$	(15,000	)
Change in fair value of derivative instruments, net	$	4,451		$	(4,191	)
Supplemental disclosure of cash flow information
Interest paid	$	70,226		$	48,390

See accompanying notes to consolidated financial statements.

4

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except unit data)

	September 30, 2013			December 31, 2012
	(Unaudited)
Assets
Investments in real estate:
Wholly-owned properties, net	$	5,003,173		$	4,871,376
Wholly-owned properties held for sale	23,707			—
On-campus participating properties, net	62,162			57,346
Investments in real estate, net	5,089,042			4,928,722
Cash and cash equivalents	25,267			21,454
Restricted cash	37,480			36,790
Student contracts receivable, net	17,207			14,122
Other assets	151,090			117,874
Total assets	$	5,320,086		$	5,118,962
Liabilities and capital
Liabilities:
Secured mortgage, construction and bond debt	$	1,414,943		$	1,509,105
Secured agency facility	95,355			104,000
Unsecured notes	398,692			—
Unsecured term loan	350,000			350,000
Unsecured revolving credit facility	175,300			258,000
Accounts payable and accrued expenses	63,895			56,046
Other liabilities	135,788			107,223
Total liabilities	2,633,973			2,384,374
Commitments and contingencies (Note 14)
Redeemable limited partners	49,790			57,534
Capital:
Partners’ capital:
General partner – 12,222 OP units outstanding at both September 30, 2013 and December 31, 2012	112			116
Limited partner – 104,770,595 and 104,652,990 OP units outstanding at September 30, 2013 and December 31, 2012, respectively	2,632,939			2,654,926
Accumulated other comprehensive loss	(2,210		)	(6,661		)
Total partners’ capital	2,630,841			2,648,381
Noncontrolling interests - partially owned properties	5,482			28,673
Total capital	2,636,323			2,677,054
Total liabilities and capital	$	5,320,086		$	5,118,962

See accompanying notes to consolidated financial statements.

5

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. AND SUBSIDIARIES

 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited, in thousands, except unit and per unit data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Revenues
Wholly-owned properties	$	150,668		$	104,062		$	449,779		$	286,932
On-campus participating properties	5,066			5,087			17,871			17,766
Third-party development services	622			1,467			1,656			7,427
Third-party management services	1,792			1,687			5,425			5,083
Resident services	883			454			1,912			982
Total revenues	159,031			112,757			476,643			318,190
Operating expenses
Wholly-owned properties	87,189			57,941			222,768			141,772
On-campus participating properties	3,021			3,010			8,454			8,306
Third-party development and management services	3,058			2,602			7,786			8,013
General and administrative	3,934			7,582			12,366			15,760
Depreciation and amortization	45,248			27,165			138,373			73,355
Ground/facility leases	1,386			1,093			3,749			2,861
Total operating expenses	143,836			99,393			393,496			250,067
Operating income	15,195			13,364			83,147			68,123
Nonoperating income and (expenses)
Interest income	792			428			2,165			1,355
Interest expense	(19,819		)	(13,530		)	(57,063		)	(38,742		)
Amortization of deferred financing costs	(1,413		)	(1,060		)	(4,143		)	(3,012		)
Income from unconsolidated joint ventures	—			—			—			444
Other nonoperating income (expense)	134			136			(2,666		)	14
Total nonoperating expenses	(20,306		)	(14,026		)	(61,707		)	(39,941		)
(Loss) income before income taxes and discontinued operations	(5,111		)	(662		)	21,440			28,182
Income tax provision	(255		)	(181		)	(765		)	(493		)
(Loss) income from continuing operations	(5,366		)	(843		)	20,675			27,689
Income attributable to discontinued operations	367			1,865			5,373			7,062
Gain from disposition of real estate	52,831			—			52,831			83
Total discontinued operations	53,198			1,865			58,204			7,145
Net income	47,832			1,022			78,879			34,834
Net income attributable to noncontrolling interests – partially owned properties	(83		)	(329		)	(1,078		)	(1,312		)
Net income attributable to American Campus Communities Operating Partnership, L.P.	47,749			693			77,801			33,522
Series A preferred unit distributions	(46		)	(46		)	(137		)	(137		)
Net income available to common unitholders	$	47,703		$	647		$	77,664		$	33,385
Other comprehensive (loss) income
Change in fair value of interest rate swaps	(1,163		)	(2,386		)	4,451			(4,191		)
Comprehensive income (loss)	$	46,540		$	(1,739	)	$	82,115		$	29,194
(Loss) income per unit attributable to common unitholders – basic
(Loss) income from continuing operations per unit	$	(0.05	)	$	(0.02	)	$	0.18		$	0.32
Net income per unit	$	0.45		$	—		$	0.73		$	0.41
(Loss) income per unit attributable to common unitholders – diluted
(Loss) income from continuing operations per unit	$	(0.05	)	$	(0.02	)	$	0.18		$	0.31
Net income per unit	$	0.45		$	—		$	0.72		$	0.40
Weighted-average common units outstanding
Basic	105,919,787			90,069,204			105,887,837			80,291,801
Diluted	105,919,787			90,069,204			106,515,908			80,896,941

See accompanying notes to consolidated financial statements.

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AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGES IN CAPITAL

(unaudited, in thousands, except unit data)

									Accumulated			Noncontrolling
									Other			Interests -
	General Partner				Limited Partner				Comprehensive			Partially Owned
	Units	Amount			Units	Amount			Loss			Properties			Total
Capital as of December 31, 2012	12,222	$	116		104,652,990	$	2,654,926		$	(6,661	)	$	28,673		$	2,677,054
Adjustments to reflect redeemable limited partners’ interest at fair value	—	—			—	10,823			—			—			10,823
Amortization of restricted stock awards	—	—			—	4,806			—			—			4,806
Vesting of restricted stock awards and restricted stock units	—	—			116,105	(2,928		)	—			—			(2,928		)
Distributions	—	(13		)	—	(111,512		)	—			—			(111,525		)
Distributions to noncontrolling joint venture partners	—	—			—	—			—			(861		)	(861		)
Contributions by noncontrolling partners	—	—			—	—			—			1,500			1,500
Increase in ownership of consolidated subsidiary	—	—			—	—			—			(24,908		)	(24,908		)
Conversion of preferred units to common stock	—	—			1,500	18			—			—			18
Change in fair value of interest rate swaps	—	—			—	—			4,451			—			4,451
Net income	—	9			—	76,806			—			1,078			77,893
Capital as of September 30, 2013	12,222	$	112		104,770,595	$	2,632,939		$	(2,210	)	$	5,482		$	2,636,323

See accompanying notes to consolidated financial statements.

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AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

	Nine Months Ended September 30,
	2013			2012
Operating activities
Net income	$	78,879		$	34,834
Adjustments to reconcile net income to net cash provided by operating activities:
Gain from disposition of real estate	(52,831		)	(83		)
Loss on remeasurement of equity method investment	—			122
Depreciation and amortization	140,059			77,407
Amortization of deferred financing costs and debt premiums/discounts	(6,397		)	1,904
Share-based compensation	5,008			3,948
Income from unconsolidated joint ventures	—			(444		)
Income tax provision	765			493
Changes in operating assets and liabilities:
Restricted cash	1,468			(2,772		)
Student contracts receivable, net	(3,333		)	(4,088		)
Other assets	(16,315		)	1,224
Accounts payable and accrued expenses	3,577			8,930
Other liabilities	25,919			11,877
Net cash provided by operating activities	176,799			133,352
Investing activities
Proceeds from disposition of real estate	155,234			28,167
Cash paid for property acquisitions	(92,508		)	(634,581		)
Cash paid for land acquisitions	(9,920		)	(25,103		)
Capital expenditures for wholly-owned properties	(52,587		)	(20,739		)
Investments in wholly-owned properties under development	(219,036		)	(265,070		)
Capital expenditures for on-campus participating properties	(1,323		)	(1,710		)
Investment in loans receivable	(52,038		)	—
Investment in mezzanine loans	(8,750		)	(2,000		)
Investment in on-campus participating properties under development	(7,045		)	—
Repayment of mezzanine loan	—			4,000
Increase in escrow deposits	(2,500		)	(19,170		)
Change in restricted cash related to capital reserves	(1,156		)	(366		)
Proceeds from insurance settlement	636			—
Purchase of corporate furniture, fixtures and equipment	(1,997		)	(1,396		)
Net cash used in investing activities	(292,990		)	(937,968		)
Financing activities
Proceeds from unsecured notes	398,636			—
Proceeds from issuance of common units in exchange for contributions, net	—			805,090
Pay-off of mortgage loans and constructions loans	(61,891		)	(62,182		)
Proceeds from unsecured term loan	—			150,000
Proceeds from credit facilities	364,855			371,000
Paydowns of credit facilities	(456,200		)	(438,000		)
Proceeds from construction loans	3,917			72,583
Principal payments on debt	(11,353		)	(8,064		)
Redemption of common units for cash	—			(132		)
Debt issuance and assumption costs	(4,239		)	(5,655		)
Distributions paid on unvested restricted stock awards	(710		)	(652		)
Distributions paid on common units	(112,013		)	(82,301		)
Distributions paid on preferred units	(137		)	(137		)
Distributions paid to noncontrolling partners - partially owned properties	(861		)	(1,322		)
Net cash provided by financing activities	120,004			800,228
Net change in cash and cash equivalents	3,813			(4,388		)
Cash and cash equivalents at beginning of period	21,454			22,399
Cash and cash equivalents at end of period	$	25,267		$	18,011
Supplemental disclosure of non-cash investing and financing activities
Loans assumed in connection with property acquisitions	$	—		$	(250,073	)
Issuance of common units in connection with property acquistiions	$	(3,451	)	$	(15,000	)
Change in fair value of derivative instruments, net	$	4,451		$	(4,191	)
Supplemental disclosure of cash flow information
Interest paid	$	70,226		$	48,390

See accompanying notes to consolidated financial statements.

8

AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

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 September 30, 2013, 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 September 30, 2013, 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 September 30, 2013, our property portfolio contained 165 properties with approximately 100,600 beds in approximately 32,700 apartment units.  Our property portfolio consisted of 142 owned off-campus student housing properties that are in close proximity to colleges and universities, 18 American Campus Equity (“ACE®”) properties operated under ground/facility leases with eight university systems and five on-campus participating properties operated under ground/facility leases with the related university systems.  Of the 165 properties, eight were under development as of September 30, 2013, and when completed will consist of a total of approximately 5,500 beds in approximately 1,700 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 one of ACC’s taxable REIT subsidiaries (“TRSs”), we also provide construction management and development services, primarily for student housing properties owned by colleges and universities, charitable foundations, and others.  As of September 30, 2013, also through one of ACC’s TRSs, we provided third-party management and leasing services for 35 properties that represented approximately 25,900 beds in approximately 10,500 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 September 30, 2013, our total owned and third-party managed portfolio included 200 properties with approximately 126,500 beds in approximately 43,200 units.

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

9

AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

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, 2012.

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 $2.8 million and $2.4 million was capitalized during the three months ended September 30, 2013 and 2012, respectively, and $8.6 million and $8.3 million was capitalized during the nine months ended September 30, 2013 and 2012, respectively.  Amortization of deferred financing costs totaling approximately $0.1 and was capitalized as construction in progress during both the three months ended September 30, 2013 and 2012, and $0.2 million and was capitalized as construction in progress during both the nine months ended September 30, 2013 and 2012.

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 September 30, 2013.

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, our own analysis of recently acquired and existing comparable properties in our portfolio, and other market data.  Information obtained about each property as a result of due diligence, marketing and leasing activities is also considered.  The value allocated to land is generally based on the actual purchase price adjusted to fair value (as necessary) if acquired separately, or market research / comparables if acquired as part of an existing operating property.  The value allocated to building is based on the fair value determined on an “as-if vacant” basis, which is estimated using an income, or discounted cash flow, approach that relies upon internally determined assumptions that we believe are consistent with current market conditions for similar properties. The value allocated to furniture, fixtures, and equipment is based on an estimate of the fair value of the appliances and fixtures inside the units.

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:

10

AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

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.

Loans Receivable

Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan purchase discounts, and net of an allowance for loan losses when such loan is deemed to be impaired.  Loan purchase discounts are amortized over the term of the loan.  The Company considers a loan impaired when, based upon current information and events, it is probable that it will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement.  Significant judgments are required in determining whether impairment has occurred.  The Company performs an impairment analysis by comparing either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable current market price or the fair value of the underlying collateral to the net carrying value of the loan, which may result in an allowance and corresponding loan loss charge.  Loans receivable are included in other assets on the accompanying consolidated balance sheets.

Intangible Assets

A portion of the purchase price of acquired properties is allocated to the value of in-place leases for both student and commercial tenants, which is based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued “as-if” vacant.  As lease terms for student leases are typically one year or less, rates on in-place leases generally approximate market rental rates.  Factors considered in the valuation of in-place leases include an estimate of the carrying costs during the expected lease-up period considering current market conditions, nature of the tenancy, and costs to execute similar leases.  Carrying costs include estimates of lost 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.  The purchase price of property acquisitions is not expected to be allocated to student tenant relationships, considering the terms of the leases and the expected levels of renewals.

Amortization expense related to in-place leases was approximately $2.1 million and $1.4 million for the three months ended September 30, 2013 and 2012, respectively, and $13.0 million and $3.5 million for the nine months ended September 30, 2013 and 2012, respectively.  Accumulated amortization at September 30, 2013 and December 31, 2012 was approximately $24.8 million and $12.4 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 comprehensive income.  

Mortgage Debt - Premiums and Discounts

Mortgage debt premiums and discounts represent fair value adjustments to account for the difference between the stated rates and market rates of mortgage debt assumed in connection with the Company’s property acquisitions.  The mortgage debt premiums and discounts are amortized to interest expense over the term of the related mortgage loans using the effective-interest method.  The amortization of mortgage debt premiums and discounts resulted in a net decrease to interest expense of approximately $3.4 million and $0.6 million for the three months ended September 30, 2013 and 2012, respectively, and $10.6 million and $1.2 million for

11

AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

the nine months ended September 30, 2013 and 2012, respectively.  Mortgage debt premiums and discounts are included in secured mortgage, construction and bond debt on the accompanying consolidated balance sheets and amortization of mortgage debt premiums and discounts is included in interest expense on the accompanying consolidated statements of comprehensive income.

Unsecured Notes - Original Issue Discount

In April 2013, the Company issued $400 million of senior unsecured notes at 99.659 percent of par value (see Note 8) and recorded an original issue discount of approximately $1.4 million.  The original issue discount is amortized to interest expense over the term of the unsecured notes using the effective-interest method.  The unamortized original issue discount was approximately $1.3 million as of September 30, 2013 and is included in unsecured notes on the accompanying consolidated balance sheets and amortization of the original issue discount of $28,000 and $56,000 for the three and nine months ended September 30, 2013, respectively, is included in interest expense on the accompanying consolidated statements of comprehensive income.

Pre-development Expenditures

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 comprehensive income.  As of September 30, 2013, the Company has deferred approximately $2.4 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 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 OP Units and common share awards granted.  Only those items having a dilutive impact on basic earnings per share are included in diluted earnings per share.

The following potentially dilutive securities were outstanding for the three and nine months ended September 30, 2013 and 2012, 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 September 30,		Nine Months Ended September 30,
	2013	2012	2013	2012
Common OP Units (Note 10)	1,138,356	899,336	1,134,855	887,478
Preferred OP Units (Note 10)	114,014	114,128	114,090	114,128
Restricted Stock Awards (Note 11)	606,024	581,627	—	—
Total potentially dilutive securities	1,858,394	1,595,091	1,248,945	1,001,606

12

AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Numerator – basic and diluted earnings per share:
(Loss) income from continuing operations	$	(5,366	)	$	(843	)	$	20,675		$	27,689
Income from continuing operations attributable to noncontrolling interests	(30		)	(374		)	(1,380		)	(1,762		)
(Loss) income from continuing operations attributable to common shareholders	(5,396		)	(1,217		)	19,295			25,927
Amount allocated to participating securities	(218		)	(196		)	(710		)	(652		)
(Loss) income from continuing operations attributable to common shareholders, net of amount allocated to participating securities	(5,614		)	(1,413		)	18,585			25,275
Income from discontinued operations	53,198			1,865			58,204			7,145
Income from discontinued operations attributable to noncontrolling interests	(626		)	(21		)	(684		)	(91		)
Income from discontinued operations attributable to common shareholders	52,572			1,844			57,520			7,054
Net income attributable to common shareholders	$	46,958		$	431		$	76,105		$	32,329
Denominator:
Basic weighted average common shares outstanding	104,781,431			89,169,868			104,752,982			79,404,323
Restricted Stock Awards (Note 11)	—			—			628,071			605,140
Diluted weighted average common shares outstanding	104,781,431			89,169,868			105,381,053			80,009,463

Earnings per share – basic:
(Loss) income from continuing operations attributable to common shareholders, net of amount allocated to participating securities	$	(0.05	)	$	(0.02	)	$	0.18	$	0.32
Income from discontinued operations attributable to common shareholders	$	0.50		$	0.02		$	0.55	$	0.09
Net income attributable to common shareholders	$	0.45		$	—		$	0.73	$	0.41
Earnings per share – diluted:
(Loss) income from continuing operations attributable to common shareholders, net of amount allocated to participating securities	$	(0.05	)	$	(0.02	)	$	0.18	$	0.31
Income from discontinued operations attributable to common shareholders	$	0.50		$	0.02		$	0.54	$	0.09
Net income attributable to common shareholders	$	0.45		$	—		$	0.72	$	0.40

Earnings per Unit – Operating Partnership

Basic earnings per OP Unit is computed using net income attributable to common unitholders and the weighted average number of common units outstanding during the period.  Diluted earnings per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units or resulted in the issuance of OP Units and then shared in the earnings of the Operating Partnership.

The following potentially dilutive securities were outstanding for the three months ended September 30, 2013 and 2012, but were not included in the computation of diluted earnings per unit because the effects of their inclusion would be anti-dilutive.

13

AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2013	2012	2013	2012
Restricted Stock Awards (Note 11)	606,024	581,627	—	—
Total potentially dilutive securities	606,024	581,627	—	—

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Numerator – basic and diluted earnings per unit:
(Loss) income from continuing operations	$	(5,366	)	$	(843	)	$	20,675		$	27,689
Income from continuing operations attributable to noncontrolling interests – partially owned properties	(83		)	(329		)	(1,078		)	(1,312		)
Loss (income) from continuing operations attributable to Series A preferred units	11			(44		)	(76		)	(127		)
Amount allocated to participating securities	(218		)	(196		)	(710		)	(652		)
(Loss) income from continuing operations attributable to common unitholders, net of amount allocated to participating securities	(5,656		)	(1,412		)	18,811			25,598
Income from discontinued operations	53,198			1,865			58,204			7,145
Income from discontinued operations attributable to Series A preferred units	(57		)	(2		)	(61		)	(10		)
Income from discontinued operations attributable to common unitholders	53,141			1,863			58,143			7,135
Net income attributable to common unitholders	$	47,485		$	451		$	76,954		$	32,733
Denominator:
Basic weighted average common units outstanding	105,919,787			90,069,204			105,887,837			80,291,801
Restricted Stock Awards (Note 11)	—			—			628,071			605,140
Diluted weighted average common units outstanding	105,919,787			90,069,204			106,515,908			80,896,941

Earnings per unit - basic:
(Loss) income from continuing operations attributable to common unitholders, net of amount allocated to participating securities	$	(0.05	)	$	(0.02	)	$	0.18	$	0.32
Income from discontinued operations attributable to common unitholders	$	0.50		$	0.02		$	0.55	$	0.09
Net income attributable to common unitholders	$	0.45		$	—		$	0.73	$	0.41
Earnings per unit - diluted:
(Loss) income from continuing operations attributable to common unitholders, net of amount allocated to participating securities	$	(0.05	)	$	(0.02	)	$	0.18	$	0.31
Income from discontinued operations attributable to common unitholders	$	0.50		$	0.02		$	0.54	$	0.09
Net income attributable to common unitholders	$	0.45		$	—		$	0.72	$	0.40

3.     Property Acquisitions

The Company previously provided mezzanine financing of $2.0 million to a private developer and was obligated to purchase a 152-unit, 608-bed property (Townhomes at Newtown Crossing) once construction was completed and certain closing conditions

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AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

were met. The property opened for operations in August 2013, and the Company acquired Townhomes at Newtown Crossing on September 26, 2013 for a purchase price of $38.8 million, at which time the Company's mezzanine investment along with accrued but unpaid interest was credited to the Company. As part of the transaction, the Company issued 97,143 common OP units to the seller, valued at $35.53 per unit and the Company did not assume any property-level debt. Townhomes at Newtown Crossing is located in Lexington, Kentucky near the University of Kentucky campus.

On August 20, 2013, the Company acquired The Plaza Apartments, a 289-unit, 359-bed wholly-owned property located near the campus of Florida State University, for a purchase price of $10.4 million. The Company will operate the property until the current leases are vacated, which will be no later than July 31, 2014. Once the property is vacated, it will be demolished and developed into a 496-bed community scheduled to open for occupancy in August 2015. The Company did not assume any property-level debt as part of this transaction.

On July 31, 2013, the Company acquired a 366-bed additional phase at an existing property, The Lodges of East Lansing, for a purchase price of $32.3 million. Concurrent with the purchase of the Kayne Anderson Portfolio on November 30, 2012, the Company entered into a purchase and sale agreement whereby the Company was obligated to purchase this additional phase as long as the developer met certain construction completion deadlines and other completion deadlines. This additional phase opened for operations in August 2013 and serves students attending Michigan State University. The Company deposited $8.3 million towards the purchase price of this additional phase on November 30, 2012 and the remaining $24.0 million was paid at closing. The Company did not assume any property-level debt as part of this transaction.

On July 25, 2013, the Company acquired 7th Street Station, an 82-unit, 309-bed wholly-owned property located near the campus of Oregon State University, for a purchase price of $26.5 million, which excludes approximately $0.5 million of anticipated transaction costs, initial integration expenses and capital expenditures necessary to bring this property up to the Company’s operating standards. The Company did not assume any property-level debt as part of this transaction.

The acquired property’s results of operations have been included in the accompanying consolidated statements of comprehensive income since their respective acquisition closing dates, with the exception of properties subject to pre-sale/mezzanine investment agreements. As a result of applying accounting guidance related to variable interest entities ("VIEs"), we include properties subject to pre-sale/mezzanine investment agreements in our consolidated financial statements during the construction period. As a result, Townhomes at Newtown Crossing’s results of operations have been included in the accompanying consolidated statements of comprehensive income from the date of project completion in August 2013 through the acquisition date in September 2013. The following pro forma information for the three and nine months ended September 30, 2013 and 2012, 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 September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Total revenues	$	159,859	$	113,484	$	479,332	$	319,972
Net income attributable to common Shareholders	$	47,574	$	589	$	77,582	$	32,871
Net income per share attributable to common shareholders, as adjusted - basic	$	0.45	$	—	$	0.73	$	0.41
Net income per share attributable to common shareholders, as adjusted - diluted	$	0.45	$	—	$	0.73	$	0.40

4.        Property Dispositions and Discontinued Operations

The following two owned off-campus properties were classified as Held for Sale on the accompanying consolidated balance sheet as of September 30, 2013:

Property	Location	Primary University Served	Units	Beds
University Mills	Cedar Falls, IA	University of Northern Iowa	121	481
Campus Ridge (1)	Johnson City, TN	University of Tennessee	132	528

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AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

⁽¹⁾   Property was sold in October 2013 (see Note 16).

Concurrent with this classification, these properties were recorded at the lower of cost or fair value less estimated selling costs.  The net income attributable to these properties is included in discontinued operations on the accompanying consolidated statements of comprehensive income for all periods presented.

In July 2013, the following four owned off-campus properties were sold for a combined sales price of $157.4 million resulting in proceeds of approximately $155.2 million. The resulting gain on disposition of approximately $52.8 million is included in discontinued operations on the accompanying consolidated statements of comprehensive income for the three and nine months ended September 30, 2013.

Property	Location	Primary University Served	Units	Beds
The Village at Blacksburg	Blacksburg, VA	Virginia Tech University	288	1,056
State College Park	State College, PA	Penn State University	196	752
University Pines	Statesboro, GA	Georgia Southern University	144	552
Northgate Lakes (1)	Orlando, FL	The University of Central Florida	194	710

⁽¹⁾  This property was included in the 9-property Collateral Pool which secures our agency facility (see Note 8). As a result, concurrent with the sale of this property, $15.5 million of the secured agency facility's outstanding balance was paid down.

In 2012, the Company sold three owned off-campus properties, located in Wilmington, North Carolina (Brookstone Village and Campus Walk) and Greenville, North Carolina (Pirates Cove) containing 1,584 beds for a combined sales price of approximately $54.1 million.  The net income attributable to these properties is included in discontinued operations on the accompanying consolidated statements of comprehensive income for the three and nine months ended September 30, 2012.

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 September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Total revenues	$	1,762		$	7,039		$	13,418		$	21,734
Total operating expenses	(1,140		)	(3,360		)	(5,785		)	(9,261		)
Depreciation and amortization	(131		)	(1,361		)	(1,686		)	(4,052		)
Operating income	491			2,318			5,947			8,421
Total nonoperating expenses	(124		)	(453		)	(574		)	(1,359		)
Net income	$	367		$	1,865		$	5,373		$	7,062

5.        Investments in Wholly-Owned Properties

Wholly-owned properties consisted of the following: 

	September 30, 2013			December 31, 2012
Land (1) (2)	$	563,467		$	550,274
Buildings and improvements	4,596,433			4,351,239
Furniture, fixtures and equipment (2)	258,707			227,409
Construction in progress (2)	70,483			138,923
	5,489,090			5,267,845
Less accumulated depreciation	(485,917		)	(396,469		)
Wholly-owned properties, net(3)	$	5,003,173		$	4,871,376

⁽¹⁾  The land balance above includes undeveloped land parcels with book values of approximately $34.6 million and $30.7 million as of September 30, 2013 and December 31, 2012, respectively.  Also includes land totaling approximately $31.1

16

AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

million and $41.6 million as of September 30, 2013 and December 31, 2012, respectively, related to properties under development.

⁽²⁾  Land, furniture, fixtures and equipment and construction in progress as of September 30, 2013 include $3.4 million, $0.4 million and $2.3 million, respectively, related to the University Walk property located in Knoxville, Tennessee, that will serve students attending the University of Tennessee.  In July 2013, 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 and other closing conditions.  The development of the property is anticipated to be completed in August 2014.  The entity that owns University Walk 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 balances above exclude the net book value of two properties, University Mills and Campus Ridge which are classified as wholly-owned properties Held for Sale in the accompanying consolidated balance sheet as of September 30, 2013.

6.        On-Campus Participating Properties

On-campus participating properties are as follows:

			Historical Cost
Lessor/University	Lease Commencement	Required Debt Repayment (1)	September 30, 2013			December 31, 2012
Texas A&M University System / Prairie View A&M University (2)	2/1/1996	9/1/2023	$	42,211		$	41,485
Texas A&M University System / Texas A&M International	2/1/1996	9/1/2023	6,701			6,651
Texas A&M University System / Prairie View A&M University(3)	10/1/1999	8/31/2025	26,172			25,766
		8/31/2028
University of Houston System / University of Houston (4)	9/27/2000	8/31/2035	36,077			35,936
West Virginia University Project / West Virginia University (5)	7/16/2013	7/16/2045	7,045			—
			118,206			109,838
Less accumulated amortization			(56,044		)	(52,492		)
On-campus participating properties, net			$	62,162		$	57,346

⁽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.

⁽⁵⁾  In July 2013, the Company entered into long-term ground and facility leases with the University to finance, construct and manage this on-campus participating property. Under the terms of the leases, title to the constructed facility will be held by the University/lessor and the University will receive 50% of defined net cash flows on an annual basis through the term of the leases. Due to our involvement in the construction of the facility, any fees paid to the Company/lessee for development and construction management services during the construction period are deferred and amortized to revenue over the lease term. This facility is scheduled to be placed in service in August 2014.

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AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

7.        Investments in Unconsolidated Joint Ventures

As of September 30, 2013, 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 had not guaranteed any obligations of the investee and was 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 September 30, 2013 and 2012 and $1.2 million for each of the nine month periods ended September 30, 2013 and 2012 .

8.        Debt

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

	September 30, 2013			December 31, 2012
Debt secured by wholly-owned properties:
Mortgage loans payable
Unpaid principal balance	$	1,216,503		$	1,288,482
Unamortized debt premiums	78,370			90,091
Unamortized debt discounts	(2,405		)	(3,506		)
	1,292,468			1,375,067
Construction loans payable (1)	44,638			57,355
	1,337,106			1,432,422
Debt secured by on-campus participating properties:
Mortgage loan payable	31,480			31,768
Bonds payable	42,440			44,915
Construction loan payable	3,917			—
	77,837			76,683
Secured agency facility	95,355			104,000
Unsecured notes, net of unamortized original issue discount	398,692			—
Unsecured revolving credit facility	175,300			258,000
Unsecured term loan	350,000			350,000
Total debt	$	2,434,290		$	2,221,105

⁽¹⁾  Construction loans payable as of December 31, 2012 includes $12.7 million related to two constructions loans that financed the development and construction of Townhomes at Newtown Crossing and The Lodges of East Lansing Phase II, VIEs that the Company included in its consolidated financial statements during the construction phase. The sellers/developers paid off their respective construction loans with proceeds from the Company's purchase of the properties in the third quarter of 2013 (see Note 3).

Unsecured Notes

In April 2013, the Operating Partnership issued $400 million in senior unsecured notes under its existing shelf registration.  These 10-year notes were issued at 99.659 percent of par value with a coupon of 3.750 percent and a yield of 3.791 percent, and are fully and unconditionally guaranteed by the Company.  Interest on the notes is payable semi-annually on April 15 and October 15, with the first payment beginning on October 15, 2013.  The notes will mature on April 15, 2023.  Net proceeds from the sale of the unsecured notes totaled approximately $394.4 million after deducting the underwriting discount and estimated offering expenses.  The Company used $321.0 million of the offering proceeds to pay down the outstanding balance on its revolving credit

18

AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

facility in full.  The terms of the unsecured notes include certain financial covenants that require the Operating Partnership to limit the amount of total debt and secured debt as a percentage of total asset value, as defined.  In addition, the Operating Partnership must maintain a minimum ratio of unencumbered asset value to unsecured debt, as well as a minimum interest coverage level.  As of September 30, 2013, the Company was in compliance with all such covenants.

Unsecured Credit Facility

The Company has an aggregate Credit Facility of $800 million, which is composed of a $350 million unsecured term loan and a $450 million unsecured revolving credit facility, and may be expanded by up to an additional $100 million upon the satisfaction of certain conditions.  The maturity dates of the unsecured term loan and unsecured revolving credit facility are January 10, 2017 and January 10, 2016, respectively.  The maturity date of the unsecured revolving credit facility can be extended for an additional 12 months to January 10, 2017, subject to the satisfaction of certain conditions.

Each loan bears interest 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 swaps 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 September 30, 2013, the revolving credit facility bore interest at a weighted average annual rate of 1.93% (inclusive of the facility fee discussed above), and availability under the revolving credit facility totaled $274.7 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 September 30, 2013, 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 5-year term and is currently secured by 9 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 September 30, 2013, the secured agency facility bore interest at a weighted average annual rate of 2.22%.  The secured agency facility includes some, but not all, of the same financial covenants as the unsecured credit facility, described above.  As of September 30, 2013, the Company was in compliance with all such covenants.

9.        Stockholders’ Equity / Partners’ Capital

In March 2013, the Company established a new at-the-market share offering program (the “ATM Equity Program”) through which the Company may issue and sell, from time to time, shares of common stock having an aggregate offering price of up to $500 million.  Actual sales under the program will depend on a variety of factors, including, but not limited to, market conditions, the trading price of the Company’s common stock and determinations of the appropriate sources of funding for the Company.  The Company has not sold any shares under the ATM Equity Program and has $500 million available for issuance under this program as of September 30, 2013.

10.        Noncontrolling Interests

Operating Partnership

Partially-owned properties: As of September 30, 2013, the Operating Partnership consolidates three joint ventures that own and operate University Village at Sweet Home, University Centre and Villas at Chestnut Ridge owned-off campus properties.  The

19

AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

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 comprehensive income of the Operating Partnership as “net income attributable to noncontrolling interests – partially owned properties.”

In July 2013, the Company acquired the remaining 20.5% noncontrolling interest from the third-party partner in the joint venture that owns and operates The Varsity.

In July 2013, the Company entered into a purchase and contribution agreement with a private developer whereby the Company is obligated to purchase the property (University Walk) as long as the developer meets certain construction completion deadlines and other closing conditions.  The development of the property is anticipated to be completed in August 2014.  The entity that owns University Walk 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. The entity is financed with an $8.8 million mezzanine loan from the Company, a $19.0 million construction loan from a third-party lender and a $1.5 million equity contribution from the developer. This contribution from the developer is reflected as noncontrolling interests - partially owned properties within capital on the accompanying consolidated balance sheet of the Operating Partnership as of September 30, 2013.

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 of the Operating Partnership 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 consolidated statement of changes in capital of the Operating Partnership.  Below is a table summarizing the activity of redeemable limited partners for the nine months ended September 30, 2013:

December 31, 2012	$	57,534
Net income	986
Distributions	(1,335		)
Redeemable limited partner units issued as consideration (see Note 3)	3,451
Conversion of redeemable limited partner units into shares of ACC common stock	(23		)
Adjustments to reflect redeemable limited partner units at fair value	(10,823		)
September 30, 2013	$	49,790

During the nine months ended September 30, 2013, 1,500 Series A preferred units were converted into an equal number of shares of ACC's common stock and during the year ended December 31, 2012, 88,457 common OP units were converted into an equal number of shares of ACC’s common stock.   As of September 30, 2013 and December 31, 2012, approximately 1.3% and 1.2%, respectively, of the equity interests of the Operating Partnership were 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 comprehensive income 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.)

20

AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

11.     Incentive Award Plan

Restricted Stock Units (“RSUs”)

Upon reelection to the Board of Directors in May 2013, all members of the Company’s Board of Directors were granted restricted stock units (“RSUs”) in accordance with the American Campus Communities, Inc. 2010 Incentive Award Plan (the “Plan”).  These RSUs were valued at $95,000 for the Chairman of the Board of Directors and at $71,500 for all other members.  The number of RSUs was determined based on the fair market value of the Company’s stock on the date of grant, as defined in the Plan.  All awards vested and settled immediately on the date of grant, and the Company delivered shares of common stock and cash, as determined by the Compensation Committee of the Board of Directors. A compensation charge of approximately $0.5 million was recorded during the nine months ended September 30, 2013 related to these awards.

A summary of ACC’s RSUs under the Plan as of September 30, 2013 and activity during the nine months then ended is presented below:

	Number of RSUs
Outstanding at December 31, 2012	—
Granted	10,265
Settled in common shares	(4,572	)
Settled in cash	(5,693	)
Outstanding at September 30, 2013	—

Restricted Stock Awards (“RSAs”)

A summary of ACC’s RSAs under the Plan as of September 30, 2013 and activity during the nine months then ended, is presented below:

	Number of RSAs
Nonvested balance at December 31, 2012	575,668
Granted	230,800
Vested	(111,533	)
Forfeited	(90,189	)
Nonvested balance at September 30, 2013	604,746

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 $1.6 million and $1.3 million for the three months ended September 30, 2013 and 2012, respectively, and $4.8 million and $3.9 million for the nine months ended September 30, 2013 and 2012, respectively.

12.    Derivative 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

21

AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

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 Loss and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.  No portion of designated hedges was ineffective during the nine months ended September 30, 2013 and 2012.

As discussed in Note 8, the Company has 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.  In addition, the Company has an interest rate swap contract with a notional amount of $31.5 million 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 September 30, 2013:

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%	$	31,480	$	(623	)
Feb 2, 2012	Feb 2, 2012	Jan 2, 2017	0.8695%	LIBOR – 1 month	125,000		(522		)
Feb 2, 2012	Feb 2, 2012	Jan 2, 2017	0.88%	LIBOR – 1 month	100,000		(457		)
Feb 2, 2012	Feb 2, 2012	Jan 2, 2017	0.8875%	LIBOR – 1 month	62,500		(304		)
Feb 2, 2012	Feb 2, 2012	Jan 2, 2017	0.889%	LIBOR – 1 month	62,500		(304		)
				Total	$	381,480	$	(2,210	)

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 September 30, 2013 and December 31, 2012:

	Liability Derivatives
		Fair Value as of
Description	Balance Sheet Location	September 30, 2013		December 31, 2012
Interest rate swaps contracts	Other liabilities	$	2,210	$	6,661
Total derivatives designated   as hedging instruments		$	2,210	$	6,661

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 September 30, 2013 and December 31, 2012, 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.

22

AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Disclosures concerning financial instruments measured at fair value are as follows:

	Fair Value Measurements as of
	September 30, 2013								December 31, 2012
	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
Liabilities:
Derivative financial instruments	$	—	$	2,210	$	—	$	2,210	$	—	$	6,661	$	—	$	6,661
Mezzanine:
Redeemable noncontrolling interests (Company)/ Redeemable limited partners     (Operating Partnership)	$	—	$	49,790	$	—	$	49,790	$	—	$	57,534	$	—	$	57,534

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 September 30, 2013, 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 September 30, 2013 and December 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.

Redeemable noncontrolling interests in the Operating Partnership have a redemption feature and are marked to their redemption value.  The redemption value is based on the fair value of the Company’s common stock at the redemption date, and therefore, is calculated based on the fair value of the Company’s common stock at the balance sheet date.  Since the valuation is based on observable inputs such as quoted prices for similar instruments in active markets, redeemable noncontrolling interests in the Operating Partnership are classified in Level 2 of the fair value hierarchy.

Other Fair Value Disclosures

Cash and Cash Equivalents, Restricted Cash, Student Contracts Receivable, Mezzanine 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.

23

AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

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

Loans Receivable:  In April 2013, the Company acquired a protective advance note and outstanding bond insurer claim (collectively “loans receivable”).  See Note 14 herein for additional details regarding this transaction.  The fair value of loans receivable is based on a discounted cash flow analysis consisting of scheduled cash flows and discount rate estimates to approximate those that a willing buyer and seller might use.  These financial instruments utilize Level 3 inputs.

Unsecured Notes: In calculating the fair value of unsecured notes, interest rate and spread assumptions reflect current creditworthiness and market conditions available for the issuance of unsecured notes with similar terms and remaining maturities.  These financial instruments utilize Level 2 inputs.

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 financial instruments as of September 30, 2013 and December 31, 2012:

	September 30, 2013				December 31, 2012
	Estimated Fair Value		Carrying Amount		Estimated Fair Value		Carrying Amount
Assets:
Loans receivable	$	49,154	$	50,438	$	—	$	—
Liabilities:
Unsecured notes	$	381,827	$	398,692	$	—	$	—
Mortgage loans	1,322,320		1,323,948		1,437,851		1,406,835
Bonds payable	44,964		42,440		52,778		44,915

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.  At September 30, 2013, management did not anticipate any material deviations from schedule or budget related to third-party development projects currently in progress. 

24

AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

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 $2.6 million as of September 30, 2013.

Contingencies

Litigation:  The Company is subject to various claims, lawsuits and legal proceedings, including the matter discussed below as well as other matters that have not been fully resolved and that have arisen in the ordinary course of business.  While it is not possible to ascertain the ultimate outcome of such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on the consolidated financial position or results of operations of the Company.  However, the outcome of claims, lawsuits and legal proceedings brought against the Company is subject to significant uncertainty.  Therefore, although management considers the likelihood of such an outcome to be remote, the ultimate results of these matters cannot be predicted with certainty.

The Company and three of its subsidiaries were parties to a lawsuit brought by National Public Finance Guaranty Corporation, as assignee of the claims of CaPFA Capital Corp. 2000F (“CaPFA”), in May 2010 in the Orange County Florida, Complex Business Division, relating to a student housing property located near the University of Central Florida (“UCF”) in Orlando, Florida.  The property was managed by a subsidiary of GMH Communities Trust (“GMH”, which subsidiary was indirectly acquired by the Company as part of the acquisition of GMH in June 2008) pursuant to a property management agreement between such subsidiary and CaPFA.  The suit alleged, among other things, a breach of such management agreement, breach of contract implied in fact and breach of fiduciary obligations by the Company and such subsidiaries.  The complaint sought unspecified compensatory damages, including lost profits and attorneys’ fees. 

The litigation was settled and dismissed on April 22, 2013.  Pursuant to the terms of the settlement agreement, the Company acquired a protective advance note and outstanding bond insurer claim (collectively, “loans receivable”) from National Public Finance Guarantee Corporation for an aggregate of approximately $52.8 million.  The loans receivable are secured by a lien on, and the cash flows from, two student housing properties in close proximity to the University of Central Florida and carry an interest rate of 5.12%.  In connection with our purchase of these loans receivable, the Company recorded a purchase discount of approximately $3.6 million to reflect the difference between the face value of the loans receivable and the present value of the cash flows anticipated to be received under the loans receivable, based on management’s estimate of market interest rates in place as of the settlement date.  Concurrent with recording this $3.6 million purchase discount, the Company recognized litigation settlement costs of $2.8 million in excess of amounts provided by insurance.  

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, joint ventures, or other investment transactions.  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 acquirer 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.

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, minority interests and allocation of corporate overhead.  Intercompany fees are reflected at the contractually stipulated amounts.

25

AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Wholly-Owned Properties
Rental revenues	$	151,551		$	104,516		$	451,691		$	287,914
Interest and other income	14			7			36			31
Total revenues from external customers	151,565			104,523			451,727			287,945
Operating expenses before depreciation, amortization, ground/facility lease and allocation of corporate overhead	(88,353		)	(58,348		)	(225,392		)	(142,222		)
Ground/facility leases	(759		)	(564		)	(2,063		)	(1,259		)
Interest expense	(11,062		)	(8,224		)	(33,936		)	(22,549		)
Operating income before depreciation, amortization, and allocation of corporate overhead	$	51,391		$	37,387		$	190,336		$	121,915
Depreciation and amortization	$	43,577		$	25,633		$	133,465		$	68,785
Capital expenditures	$	96,770		$	99,049		$	271,623		$	285,809
Total segment assets at September 30,	$	5,133,137		$	4,053,250		$	5,133,137		$	4,053,250
On-Campus Participating Properties
Rental revenues	$	5,066		$	5,087		$	17,871		$	17,766
Interest and other income	8			4			12			12
Total revenues from external customers	5,074			5,091			17,883			17,778
Operating expenses before depreciation, amortization, ground/facility lease and allocation of corporate overhead	(2,850		)	(2,856		)	(7,915		)	(7,763		)
Ground/facility lease	(627		)	(529		)	(1,686		)	(1,602		)
Interest expense	(1,365		)	(1,419		)	(4,120		)	(4,276		)
Operating income before depreciation, amortization and allocation of corporate overhead	$	232		$	287		$	4,162		$	4,137
Depreciation and amortization	$	1,197		$	1,167		$	3,553		$	3,481
Capital expenditures	$	7,660		$	948		$	8,368		$	1,710
Total segment assets at September 30,	$	77,250		$	74,245		$	77,250		$	74,245
Development Services
Development and construction management fees	$	622		$	1,467		$	1,656		$	7,427
Operating expenses	(3,159		)	(2,767		)	(8,541		)	(7,867		)
Operating loss before depreciation, amortization and allocation of corporate overhead	$	(2,537	)	$	(1,300	)	$	(6,885	)	$	(440	)
Total segment assets at September 30,	$	5,113		$	4,340		$	5,113		$	4,340
Property Management Services
Property management fees from external customers	$	1,792		$	1,687		$	5,425		$	5,083
Intersegment revenues	5,293			4,049			15,879			11,657
Total revenues	7,085			5,736			21,304			16,740
Operating expenses	(2,413		)	(2,360		)	(7,534		)	(7,494		)
Operating income before depreciation, amortization and allocation of corporate overhead	$	4,672		$	3,376		$	13,770		$	9,246
Total segment assets at September 30,	$	6,960		$	4,688		$	6,960		$	4,688
Reconciliations
Total segment revenues	$	164,346		$	116,817		$	492,570		$	329,890
Unallocated interest income earned on corporate cash	770			417			2,117			1,312
Elimination of intersegment revenues	(5,293		)	(4,049		)	(15,879		)	(11,657		)
Total consolidated revenues, including interest income	$	159,823		$	113,185		$	478,808		$	319,545
Segment operating income before depreciation, amortization and allocation of corporate overhead	$	53,758		$	39,750		$	201,383		$	134,858
Depreciation and amortization	(46,661		)	(28,225		)	(142,516		)	(76,367		)
Net unallocated expenses relating to corporate overhead	(12,342		)	(12,323		)	(34,761		)	(30,767		)
Income from unconsolidated joint ventures	—			—			—			444
Other nonoperating income (expense)	134			136			(2,666		)	14
Income tax provision	(255		)	(181		)	(765		)	(493		)
(Loss) income from continuing operations	$	(5,366	)	$	(843	)	$	20,675		$	27,689
Total segment assets	$	5,222,460		$	4,136,523		$	5,222,460		$	4,136,523
Unallocated corporate assets	97,626			78,049			97,626			78,049
Total assets at September 30,	$	5,320,086		$	4,214,572		$	5,320,086		$	4,214,572

26

AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

16.     Subsequent Events

Property Disposition:  On October 4, 2013, the Company sold Campus Ridge for a sales price of approximately $12.5 million resulting in proceeds of approximately $11.6 million.  This property was included in the 9-property Collateral Pool which secures our agency facility (see Note 8).  As a result, concurrent with the sale of this property, $7.6 million of the secured agency facility was paid down.

Property Acquisitions:  On October 8, 2013, the Company acquired Park Point, a 300-unit, 924-bed wholly-owned property located near the Rochester Institute of Technology campus in Rochester, New York, for a purchase price of approximately $100.3 million.  In conjunction with the purchase of this property the Company assumed an existing $59.8 million mortgage loan and borrowed an additional $10.2 million resulting in a new $70.0 million mortgage loan.

On November 6, 2013, the Company acquired U Centre at Fry Street, a 194-unit, 614-bed wholly-owned property located near the University of North Texas campus in Denton, Texas, for a purchase price of approximately $51.3 million. The Company did not assume any property-level debt as part of this transaction.

Distributions:  On October 30, 2013, the Company declared a third quarter 2013 distribution per share of $0.36 which will be paid on November 27, 2013 to all common stockholders of record as of November 13, 2013.  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 10).

27

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-looking Statements

This report contains forward-looking statements within the meaning of the federal securities laws. We caution investors that any forward-looking statements presented in this report, or which management may make orally or in writing from time to time, are based on management’s beliefs and assumptions made by, and information currently available to, management. When used, the words “anticipate,” “believe,” “expect,” “intend,” “may,” “might,” “plan,” “estimate,” “project,” “should,” “will,” “result” and similar expressions, do not relate solely to historical matters and are intended to identify forward-looking statements. Such statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. We caution you that forward-looking statements are not guarantees of future performance and will be impacted by actual events when they occur after we make such statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on results and trends at the time they were made, to anticipate future results or trends.

Some of the risks and uncertainties that may cause our actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following: general risks affecting the real estate industry; risks associated with changes in University admission or housing policies; risks associated with the availability and terms of financing and the use of debt to fund acquisitions and developments; failure to manage effectively our growth and expansion into new markets or to integrate acquisitions successfully; risks and uncertainties affecting property development and construction; risks associated with downturns in the national and local economies, volatility in capital and credit markets, increases in interest rates, and volatility in the securities markets; costs of compliance with the Americans with Disabilities Act and other similar laws; potential liability for uninsured losses and environmental contamination; risks associated with our Company’s potential failure to qualify as a REIT under the Internal Revenue Code of 1986 (the “Code”), as amended, and possible adverse changes in tax and environmental laws; and the other factors discussed in the “Risk Factors” contained in Item 1A of our Form 10-K for the year ended December 31, 2012.

Our Company and Our Business

Overview

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.”  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 discussion applies to both the Company and the Operating Partnership.

Property Portfolio

As of September 30, 2013, our total owned property portfolio contained 165 properties, consisting of owned off-campus student housing properties that are in close proximity to colleges and universities, American Campus Equity (“ACE^®”) properties operated under ground/facility leases with university systems and on-campus participating properties operated under ground/facility leases with the related university systems.  Of the 165 properties, eight were under development as of September 30, 2013, and when completed will consist of a total of approximately 5,500 beds in approximately 1,700 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. 

28

As of September 30, 2013, through ACC’s taxable REIT subsidiary (“TRS”) entities, we provided third-party management and leasing services for 35 properties, bringing our total owned and third-party managed portfolio to 200 properties.  Third-party management and leasing services are typically provided pursuant to management contracts that have initial terms that range from one to five years.  Below is a summary of our property portfolio as of September 30, 2013:

Property portfolio:	Properties	Units	Beds
Wholly-owned operating properties:
Off-campus properties (1)	139	25,695	79,096
On-campus ACE	14	3,483	11,521
Subtotal – operating properties	153	29,178	90,617
Wholly-owned properties under development:
Off-campus properties (2)	3	643	2,247
On-campus ACE	4	838	2,642
Subtotal – properties under development	7	1,481	4,889
Total wholly-owned properties	160	30,659	95,506
On-campus participating properties
Operating properties	4	1,863	4,519
Properties under development	1	224	567
Total on-campus participating properties	5	2,087	5,086
Total owned property portfolio	165	32,746	100,592
Managed properties	35	10,494	25,903
Total property portfolio	200	43,240	126,495

⁽¹⁾  Includes two properties classified as Held for Sale as of September 30, 2013.

⁽²⁾  Includes University Walk, a 177-unit, 526-bed property we did not own as of September 30, 2013, but are obligated to purchase as long as the developer meets certain construction completion deadlines and other closing conditions.  The development of the property is anticipated to be completed in August 2014.

Wholly-owned Development Activity

Recently Completed Projects: In August and September 2013, the final stages of construction were completed on five owned off-campus properties, three on-campus ACE properties and an additional phase at an existing off-campus property. These properties are summarized in the table below:

29

Project	Project Type	Location	Primary University Served	Units	Beds	Total Project Cost		Opened for Occupancy
Manzanita Hall	ACE	Tempe, AZ	Arizona State University	241	816	$	48,500	August 2013
The Callaway House	Off-campus	Austin, TX	The University of Texas at Austin	219	753	62,500		August 2013
Chestnut Square	ACE	Philadelphia, PA	Drexel University	220	861	100,700		September 2013
U Club on Woodward	Off-campus	Tallahassee, FL	Florida State University	112	448	28,800		August 2013
Townhomes at Overton Park	Off-campus	Lubbock, TX	Texas Tech University	112	448	29,800		August 2013
601 Copeland	Off-campus	Tallahassee, FL	Florida State University	81	283	26,800		August 2013
University View (PVAMU Phase VII)	ACE	Prairie View, TX	Prairie View A&M University	96	336	14,800		August 2013
Townhomes at Newtown Crossing (1)	Off-campus	Lexington, KY	University of Kentucky	152	608	38,750		August 2013
The Lodges of East Lansing Phase II (2)	Off-Campus	East Lansing, MI	Michigan State University	144	366	32,300		August 2013
				1,377	4,919	$	382,950

⁽¹⁾ This project was completed by a third-party developer and purchased by us in September 2013. Refer to Note 3 in the accompanying Notes to Consolidated Financial Statements contained in Item 1 for additional details.

⁽²⁾  This project was completed by a third-party developer and purchased by us in July 2013. Refer to Note 3 in the accompanying Notes to Consolidated Financial Statements contained in Item 1 for additional details.

Projects Under Construction: At September 30, 2013, we were in the process of constructing four on-campus ACE properties, two owned off-campus properties and one on-campus participating property. In addition, a third-party developer was in the process of constructing an off-campus property located in Knoxville, Tennessee (University Walk) that we did not own as of September 30, 2013, but are obligated to purchase as long as the developer meets certain construction completion deadlines and other closing conditions. These properties are summarized in the table below:

Project	Project Type	Location	Primary University Served	Units	Beds	Estimated Project Cost		Total Costs Incurred		Scheduled to Open for Occupancy
The Plaza on University	Off-campus	Orlando, FL	University of Central Florida	364	1,313	$	112,300	$	58,441	August 2014
Stanworth Commons Phase I	ACE	Princeton, NJ	Princeton University	127	214	35,800		13,470		July 2014
U Club on Frey Phase II	Off-campus	Kennesaw, GA	Kennesaw State University	102	408	25,300		10,075		August 2014
U Centre at Northgate	ACE	College Station, TX	Texas A&M University	196	784	37,500		7,701		August 2014
The Suites Phase II	ACE	Flagstaff, AZ	Northern Arizona University	164	328	19,300		465		August 2014
University Walk	Off-campus	Knoxville, TN	University of Tennessee	177	526	32,300		2,275		August 2014
West Virginia University Project (1)	On-campus participating	Morgantown, WV	West Virgina University	224	567	44,200		7,173		August 2014
SUBTOTAL – 2014 DELIVERIES				1,354	4,140	$	306,700	$	99,600
Lancaster Project	ACE	Philadelphia, PA	Drexel University	351	1,316	170,700		9,544		September 2015
SUBTOTAL – 2015 DELIVERIES				351	1,316	$	170,700	$	9,544
TOTAL – ALL PROJECTS				1,705	5,456	$	477,400	$	109,144

⁽¹⁾  In July 2013, we entered into long-term ground and facility leases with the University to finance, construct and manage this on-campus participating property. Under the terms of the leases, title to the constructed facility will be held by the University/lessor and the University will receive 50% of defined net cash flows on an annual basis through the term of the leases.

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Acquisitions

As discussed in more detail in Note 3 in the accompanying Notes to Consolidated Financial Statements contained in Item 1, during the nine months ended September 30, 2013, we acquired three properties and an additional phase at an existing property containing 1,642 beds for a combined purchase price of $108.0 million.

Third-Party Development Services

Through ACC’s TRS entities, we provide development and construction management services for student housing properties owned by colleges and universities, charitable foundations and others.  We completed construction on two third-party development projects during the three months ended September 30, 2013. These two projects had third-party development fees totaling $4.9 million, of which approximately $1.2 million were earned during the nine months ended September 30, 2013. As of September 30, 2013, we were under contract on one third-party development project that is currently in progress with a fee of $3.2 million.  As of September 30, 2013, fees of approximately $1.4 million remained to be earned by us with respect to this project, which has a scheduled completion date of August 2014.

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Results of Operations

Comparison of the Three Months Ended September 30, 2013 and September 30, 2012

The following table presents our results of operations for the three months ended September 30, 2013 and 2012, including the amount and percentage change in these results between the two periods.  

	Three Months Ended September 30,
	2013			2012			Change ($)			Change (%)
Revenues
Wholly-owned properties	$	150,668		$	104,062		$	46,606		44.8	%
On-campus participating properties	5,066			5,087			(21		)	(0.4	)%
Third-party development services	622			1,467			(845		)	(57.6	)%
Third-party management services	1,792			1,687			105			6.2	%
Resident services	883			454			429			94.5	%
Total revenues	159,031			112,757			46,274			41.0	%
Operating expenses
Wholly-owned properties	87,189			57,941			29,248			50.5	%
On-campus participating properties	3,021			3,010			11			0.4	%
Third-party development and management services	3,058			2,602			456			17.5	%
General and administrative	3,934			7,582			(3,648		)	(48.1	)%
Depreciation and amortization	45,248			27,165			18,083			66.6	%
Ground/facility leases	1,386			1,093			293			26.8	%
Total operating expenses	143,836			99,393			44,443			44.7	%
Operating income	15,195			13,364			1,831			13.7	%
Nonoperating income and (expenses)
Interest income	792			428			364			85.0	%
Interest expense	(19,819		)	(13,530		)	(6,289		)	46.5	%
Amortization of deferred financing costs	(1,413		)	(1,060		)	(353		)	33.3	%
Other nonoperating income	134			136			(2		)	(1.5	)%
Total nonoperating expenses	(20,306		)	(14,026		)	(6,280		)	44.8	%
Loss before income taxes and discontinued operations	(5,111		)	(662		)	(4,449		)	672.1	%
Income tax provision	(255		)	(181		)	(74		)	40.9	%
Loss from continuing operations	(5,366		)	(843		)	(4,523		)	536.5	%
Discontinued operations
Income attributable to discontinued operations	367			1,865			(1,498		)	(80.3	)%
Gain from disposition of real estate	52,831			—			52,831			100.0	%
Total discontinued operations	53,198			1,865			51,333			2,752.4	%
Net income	47,832			1,022			46,810			4,580.2	%
Net income attributable to noncontrolling interests
Redeemable noncontrolling interests	(573		)	(66		)	(507		)	768.2	%
Partially owned properties	(83		)	(329		)	246			(74.8	)%
Net income attributable to noncontrolling interests	(656		)	(395		)	(261		)	66.1	%
Net income attributable to commonshareholders	$	47,176		$	627		$	46,549		7,424.1	%

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Same Store and New Property Operations

We define our same store property portfolio as wholly-owned properties that were owned and/or operating for both of the entire periods being compared, and which are not conducting or planning to conduct substantial development or redevelopment activities or are classified as Held for Sale in accordance with generally accepted accounting principles.

Same store revenues are defined as revenues generated from our same store portfolio and consist of rental revenue earned from student leases as well as other income items such as utility income, damages, parking income, summer conference rent, application and administration fees, income from retail tenants, and income earned by one of our taxable REIT subsidiaries (“TRS”) from ancillary activities such as the provision of food services.

Same store operating expenses are defined as operating expenses generated from our same store portfolio and include usual and customary expenses incurred to operate a property such as payroll, maintenance, utilities, marketing, general and administrative costs, insurance, property taxes, and bad debt.  Same store operating expenses also include an allocation of payroll and other administrative costs related to corporate management and oversight.

A reconciliation of our same store and new property operations to our consolidated statements of comprehensive income is set forth below:

	Same Store Properties (1)				New Properties (2)				Total - All Properties (1)
	Three Months Ended September 30,				Three Months Ended September 30,				Three Months Ended September 30,
	2013		2012		2013		2012		2013		2012
Number of properties	93		93		58		28		151		121
Number of beds	56,102		56,102		33,506		15,628		89,608		71,730
Revenues (3)	$	94,699	$	93,007	$	56,852	$	11,509	$	151,551	$	104,516
Operating expenses	53,809		52,407		33,380		5,534		87,189		57,941

⁽¹⁾  Excludes two properties classified as Held for Sale as of September 30, 2013 that are included in discontinued operations on the accompanying consolidated statements of comprehensive income.

⁽²⁾  Does not include properties under construction as of September 30, 2013.  Number of properties and number of beds also excludes properties undergoing redevelopment as of September 30, 2013, although the results of operations of those properties are included in revenues and operating expenses prior to commencement of redevelopment activities.

⁽³⁾  Includes revenues which are reflected as resident services revenue on the accompanying consolidated statements of comprehensive income.

Same Store Properties.  The increase in revenue from our same store properties was due to an increase in average rental rates for the 2013/2014 academic year, offset by a slight decrease in average occupancy from 95.4% during the three months ended September 30, 2012 to 95.3% during the three months ended September 30, 2013.  Future revenues will be dependent on our ability to maintain our current leases in effect for the 2013/2014 academic year and our ability to obtain appropriate rental rates and desired occupancy for the 2014/2015 academic year at our various properties during our leasing period, which typically begins in January and ends in August.

The increase in operating expenses for our same store properties was primarily due to an increase in marketing costs incurred to stimulate leasing velocity for the 2013/2014 academic year.  We anticipate that operating expenses for our same store property portfolio for the full year ended December 31, 2013 will increase as compared with the full year ended December 31, 2012 primarily for the reason discussed above.

New Property Operations.  Our new properties for the three months ended September 30, 2013 consist of the following: (i) The Block, acquired in August 2012, (ii) The Retreat, acquired in September 2012, (iii) 11 owned development projects that opened for occupancy in August and September 2012 (iv) a 15-property student housing portfolio acquired in September 2012, (v) a 19-property student housing portfolio acquired in November 2012, (vi) University Edge, a property previously subject to a pre-sale agreement that we acquired in December 2012, (vii) 7th Street Station, acquired in July 2013, (viii) The Lodges of East Lansing

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Phase II, an additional phase at an existing property previously subject to a pre-sale agreement that we acquired in July 2013, (ix) The Plaza Apartments, acquired in August 2013, (x) Townhomes at Newtown Crossing, a property previously subject to a pre-sale agreement that we acquired in September 2013, and (xi) seven owned development projects that opened for occupancy in August and September 2013.

On-Campus Participating Properties (“OCPP”) Operations

We had four participating properties containing 4,519 beds which were operating during the three months ended September 30, 2013 and 2012 (one on-campus participating property was under construction as of September 30, 2013). Revenues from our participating properties remained constant at $5.1 million for both three month periods ended September 30, 2013 and 2012.  This occurred as a result of an increase in average rental rates for 2013/2014 academic year, offset by a decrease in average occupancy from 72.2% for the three months ended September 30, 2012 to 69.9% for the three months ended September 30, 2013.  Occupancy at our on-campus participating properties is low during the summer months due to the expiration of the 9-month leases concurrent with the end of the spring semester.

At these properties, operating expenses remained constant at $3.0 million for both three month periods ended September 30, 2013 and 2012.  We anticipate that operating expenses for the full year ended December 31, 2013 will increase slightly as compared with the full year ended December 31, 2012 as a result of general inflation.

Third-Party Development Services Revenue

Third-party development services revenue decreased by approximately $0.8 million, from $1.5 million during the three months ended September 30, 2012 to $0.6 million for the three months ended September 30, 2013.  During the three months ended September 30, 2013, we had three projects in progress with an average contractual fee of approximately $2.7 million, as compared to the three months ended September 30, 2012 in which we had seven projects in progress with an average contractual fee of approximately $2.4 million.  We anticipate that third-party development services revenue for the full year ended December 31, 2013 will decrease significantly as compared to the full year ended December 31, 2012 as a result of fewer currently outstanding awarded projects in this business segment.

Development services revenues are dependent on our ability to successfully be awarded such projects, the amount of the contractual fee related to the project and the timing and completion of the development and construction of the project.  In addition, to the extent projects are completed under budget, we may be entitled to a portion of such savings, which are recognized as revenue when performance has been agreed upon by all parties, or when performance has been verified by an independent third-party.  It is possible that projects for which we have deferred pre-development costs will not close and that we will not be reimbursed for such costs.  The pre-development costs associated therewith will ordinarily be charged against income for the then-current period.

Third-Party Development and Management Services Expenses

Third party development and management services expenses increased by approximately $0.5 million, from $2.6 million during the three months ended September 30, 2012 to $3.1 million for the three months ended September 30, 2013.  This increase was primarily a result of approximately $0.6 million of transfer taxes paid by the Company in connection with our recent conversion of a wholly-owned property from off-campus into an on-campus ACE structure via a ground lease with Drexel University. We anticipate that third-party development and management services expenses will decrease in 2013 due to the recent growth in our wholly-owned property portfolio and a lower number of newly awarded contracts in this business segment during the full year ended December 31, 2013 as compared to the prior year ended, offset by the increase discussed above.

General and Administrative

General and administrative expenses decreased by approximately $3.7 million, from $7.6 million during the three months ended September 30, 2012 to $3.9 million for the three months ended September 30, 2013. This decrease was primarily a result of $3.8 million of acquisition-related costs such as broker fees, due diligence costs and legal and accounting fees incurred in connection with our purchase of a 15-property student housing portfolio in September 2012. We anticipate general and administrative expenses to decrease significantly for the full year ended December 31, 2013 as a result of acquisition-related costs incurred in 2012 that are not expected to be incurred in 2013.

Depreciation and Amortization

Depreciation and amortization increased by approximately $18.0 million, from $27.2 million during the three months ended September 30, 2012 to $45.2 million for the three months ended September 30, 2013.  This increase was primarily a result of the

34

following items: (i) additional depreciation and amortization expense of approximately $13.5 million recorded during the three months ended September 30, 2013 related to properties acquired during 2012 and 2013, (ii) the completion of construction and opening of 11 owned development properties in August and September 2012, which contributed an additional $2.6 million of depreciation and amortization expense during the three months ended September 30, 2013, and (iii) the completion of construction and opening of seven owned development properties in August and September 2013, which contributed an additional $1.6 million of depreciation and amortization expense during the three months ended September 30, 2013. We expect depreciation and amortization expense to increase significantly for the full year ended December 31, 2013 for the reasons discussed above.

Ground/Facility Leases

Ground/facility leases expense increased by approximately $0.3 million, from $1.1 million during the three months ended September 30, 2012 to $1.4 million for the three months ended September 30, 2013.  This increase was primarily due to the completion of construction and commencement of operations of six ACE development projects during 2012. We anticipate ground/facility leases expense to increase for the full year ended December 31, 2013 as compared to the full year ended December 31, 2012 due to the completion of construction and commencement of operations of three ACE development projects during the three months ended September 30, 2013 and the timing of ACE development projects placed into service during 2012.

Interest Income

Interest income increased by approximately $0.4 million, from $0.4 million during the three months ended September 30, 2012 to $0.8 million during the three months ended September 30, 2013.  This increase was primarily a result of our purchase of $52.8 million in loans receivable on April 22, 2013.  These loans carry an interest rate of 5.12% with semiannual compounding and are secured by a lien on, and the cash flows from, two student housing properties in close proximity to the University of Central Florida.  We anticipate that interest income will increase for the full year ended December 31, 2013 as compared to the full year ended December 31, 2012 for the reason discussed above.

Interest Expense

Interest expense increased by approximately $6.3 million, from $13.5 million during the three months ended September 30, 2012 to $19.8 million for the three months ended September 30, 2013.  We incurred additional interest expense of approximately $5.0 million during the three months ended September 30, 2013 related to loans assumed in connection with 2012 property acquisitions. We also incurred additional interest expense of approximately $3.8 million during the three months ended September 30, 2013 related to our $400 million offering of senior unsecured notes which closed on April 2, 2013. These increases were offset by a decrease of approximately $1.1 million during the three months ended September 30, 2013 as a result of mortgage and construction loans paid off during latter half of 2012 and the first nine months of 2013. In addition, interest expense decreased as a result of an increase in capitalized interest of approximately $0.8 million due to the timing and volume of construction activities on our owned development projects during the respective periods. Lastly, interest expense decreased by approximately $0.3 million during the three months ended September 30, 2013 related to decreased borrowings under our revolving credit facility. On April 2, 2013, we used $321.0 million in proceeds from our unsecured notes offering to pay down in full the outstanding balance on our revolving credit facility. We anticipate that interest expense will increase for the full year ended December 31, 2013 as compared to the full year ended December 31, 2012 as a result of our unsecured notes offering discussed above, as well as a full year of interest expense incurred on the loans assumed in connection with the 2012 property acquisitions. These anticipated increases will be offset by a decrease in interest expense related to the payoff of maturing mortgage debt in 2012 and 2013.

Amortization of Deferred Financing Costs

Amortization of deferred financing costs increased approximately $0.3 million, from $1.1 million during the three months ended September 30, 2012 to $1.4 million for the three months ended September 30, 2013.  This increase was primarily due to an additional $0.3 million of finance cost amortization during the three months ended September 30, 2013, as a result of finance costs paid upon the assumption of mortgage debt in connection with 2012 property acquisitions.  We also incurred an additional $0.1 million of finance cost amortization during the three months ended September 30, 2013 as a result of offering costs paid in connection with our $400 million unsecured notes offering, which closed on April 2, 2013.  We anticipate that amortization of deferred financing costs will increase for the full year ended December 31, 2013 as compared to the full year ended December 31, 2012 for the reasons discussed above.

Other Nonoperating Income

Other nonoperating income of $0.1 million for the three months ended September 30, 2013 reflects a gain recognized upon our purchase of Townhomes at Newtown Crossing in September 2013, a property previously subject to a pre-sale/mezzanine investment

35

agreement. We included the property in our consolidated financial statements during the construction period, as a result of applying accounting guidance related to variable interest entities. The property completed construction in August 2013 and the gain recorded upon our purchase of the property primarily relates to interest income earned on our mezzanine investment during the construction period.

Other nonoperating income of $0.1 million for the three months ended September 30, 2012 reflects a gain recognized upon our purchase of The Retreat in September 2012. We provided mezzanine financing to a private developer while retaining an option to purchase the property upon completion of construction in August 2012. The gain recorded upon our purchase of the property primarily relates to interest income earned on our mezzanine investment during the construction period.

Discontinued Operations

Discontinued operations on the accompanying consolidated statements of comprehensive income includes the following wholly-owned properties: (i) University Mills and Campus Ridge, wholly-owned properties that were classified as Held for Sale as of September 30, 2013, (ii) State College Park, University Pines, The Village at Blacksburg and Northgate Lakes, wholly-owned properties sold in July 2013 for a combined sales price of $157.4 million, (iii) Brookstone Village and Campus Walk, wholly-owned properties sold in December 2012 for a combined sales price of $26.6 million, and (iv) Pirates Cove, sold in April 2012 for a sales price of $27.5 million. Refer to Note 4 in the accompanying Notes to Consolidated Financial Statements contained in Item 1 herein for a table summarizing the results of operations of the properties classified within discontinued operations.

36

Comparison of the Nine Months Ended September 30, 2013 and September 30, 2012

The following table presents our results of operations for the nine months ended September 30, 2013 and 2012, including the amount and percentage change in these results between the two periods.

	Nine Months Ended September 30,
	2013			2012			Change ($)			Change (%)
Revenues
Wholly-owned properties	$	449,779		$	286,932		$	162,847		56.8	%
On-campus participating properties	17,871			17,766			105			0.6	%
Third-party development services	1,656			7,427			(5,771		)	(77.7	)%
Third-party management services	5,425			5,083			342			6.7	%
Resident services	1,912			982			930			94.7	%
Total revenues	476,643			318,190			158,453			49.8	%
Operating expenses
Wholly-owned properties	222,768			141,772			80,996			57.1	%
On-campus participating properties	8,454			8,306			148			1.8	%
Third-party development and management services	7,786			8,013			(227		)	(2.8	)%
General and administrative	12,366			15,760			(3,394		)	(21.5	)%
Depreciation and amortization	138,373			73,355			65,018			88.6	%
Ground/facility leases	3,749			2,861			888			31.0	%
Total operating expenses	393,496			250,067			143,429			57.4	%
Operating income	83,147			68,123			15,024			22.1	%
Nonoperating income and (expenses)
Interest income	2,165			1,355			810			59.8	%
Interest expense	(57,063		)	(38,742		)	(18,321		)	47.3	%
Amortization of deferred financing costs	(4,143		)	(3,012		)	(1,131		)	37.5	%
Income from unconsolidated joint ventures	—			444			(444		)	(100.0	)%
Other nonoperating (expense) income	(2,666		)	14			(2,680		)	(19,142.9	)%
Total nonoperating expenses	(61,707		)	(39,941		)	(21,766		)	54.5	%
Income before income taxes and discontinued operations	21,440			28,182			(6,742		)	(23.9	)%
Income tax provision	(765		)	(493		)	(272		)	55.2	%
Income from continuing operations	20,675			27,689			(7,014		)	(25.3	)%
Discontinued operations
Income attributable to discontinued operations	5,373			7,062			(1,689		)	(23.9	)%
Gain from disposition of real estate	52,831			83			52,748			63,551.8	%
Total discontinued operations	58,204			7,145			51,059			714.6	%
Net income	78,879			34,834			44,045			126.4	%
Net income attributable to noncontrolling interests
Redeemable noncontrolling interests	(986		)	(541		)	(445		)	82.3	%
Partially owned properties	(1,078		)	(1,312		)	234			(17.8	)%
Net income attributable to noncontrolling interests	(2,064		)	(1,853		)	(211		)	11.4	%
Net income attributable to commonshareholders	$	76,815		$	32,981		$	43,834		132.9	%

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Wholly-Owned Properties Operations

A reconciliation of our same store and new property operations to our consolidated statements of comprehensive income is set forth below:

	Same Store Properties (1)				New Properties (2)				Total - All Properties (1)
	Nine Months Ended September 30,				Nine Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012		2013		2012
Number of properties	90		90		61		31		151		121
Number of beds	54,232		54,232		35,376		17,498		89,608		71,730
Revenues (3)	$	275,173	$	269,987	$	176,518	$	17,927	$	451,691	$	287,914
Operating expenses	134,925		130,937		87,843		10,835		222,768		141,772

⁽¹⁾  Excludes two properties classified as Held for Sale as of September 30, 2013 that are included in discontinued operations on the accompanying consolidated statements of comprehensive income.

⁽²⁾  Does not include properties under construction as of September 30, 2013.  Number of properties and number of beds also excludes properties undergoing redevelopment as of September 30, 2013, although the results of operations of those properties are included in revenues and operating expenses prior to commencement of redevelopment activities.

⁽³⁾  Includes revenues which are reflected as resident services revenue on the accompanying consolidated statements of comprehensive income.

Same Store Properties.  The increase in revenue from our same store properties was primarily due to an increase in average rental rates for the 2012/2013 and 2013/2014 academic years, offset by a slight decrease in average occupancy from 95.7% during the nine months ended September 30, 2012 to 95.6% during the nine months ended September 30, 2013. The increase in operating expenses for our same store properties was primarily due to an increase in marketing costs incurred to stimulate leasing velocity for the 2013/2014 academic year.

New Property Operations.  Our new properties for the nine months ended September 30, 2013 consist of the following: (i) University Heights- Knoxville, acquired from Fund II in January 2012, (ii) Avalon Heights, acquired in May 2012, (iii) University Commons, acquired in June 2012, (iv) The Block, acquired in August 2012, (v) The Retreat, acquired in September 2012, (vi) 11 owned development projects that opened for occupancy in August and September 2012 (vii) a 15-property student housing portfolio acquired in September 2012, (viii) a 19-property student housing portfolio acquired in November 2012, (ix) University Edge, a property previously subject to a pre-sale agreement that we acquired in December 2012, (x) 7th Street Station, acquired in July 2013, (xi) The Lodges of East Lansing Phase II, an additional phase at an existing property previously subject to a pre-sale agreement that we acquired in July 2013, (xii) The Plaza Apartments, acquired in August 2013, (xiii) Townhomes at Newtown Crossing, a property previously subject to a pre-sale agreement that we acquired in September 2013, and (xiv) seven owned development projects that opened for occupancy in August and September 2013.

On-Campus Participating Properties (“OCPP”) Operations

We had four participating properties containing 4,519 beds which were operating during the nine months ended September 30, 2013 and 2012 (one on-campus participating property was under construction as of September 30, 2013). Revenues from our participating properties increased approximately $0.1 million to $17.9 million during the nine months ended September 30, 2013 from $17.8 million for the nine months ended September 30, 2012. This change was primarily a result of an increase in average rental rates for the 2012/2013 and 2013/2014 academic years, offset by a decrease in average occupancy from 70.7% for the nine months ended September 30, 2012 to 69.1% for the nine months ended September 30, 2013.

At these properties, operating expenses increased by approximately $0.2 million, from $8.3 million for the nine months ended September 30, 2012 to $8.5 million for the nine months ended September 30, 2013. This increase was primarily a result of general inflation.

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Third-Party Development Services Revenue

Third-party development services revenue decreased by approximately $5.7 million, from $7.4 million during the nine months ended September 30, 2012 to $1.7 million for the nine months ended September 30, 2013.  This decrease was primarily due to the closing of bond financing and commencement of construction for the Southern Oregon University and College of Staten Island projects and the commencement of construction on the Lakeside Graduate Community at Princeton University during the nine months ended September 30, 2012, resulting in $4.3 million of revenue recognized during that period. During the nine months ended September 30, 2013, we had three projects in progress with an average contractual fee of approximately $2.7 million, as compared to the nine months ended September 30, 2012 in which we had seven projects in progress with an average contractual fee of approximately $2.4 million.

Third-Party Management Services Revenue

Third-party management services revenue increased by approximately $0.3 million, from $5.1 million during the nine months ended September 30, 2012 to $5.4 million for the nine months ended September 30, 2013.  This increase was primarily a result of the recognition of incentive management fees from two of our third-party management contracts during the nine months ended September 30, 2013.

Third-Party Development and Management Services Expenses

Third party development and management services expenses decreased by approximately $0.2 million, from $8.0 million during the nine months ended September 30, 2012 to $7.8 million for the nine months ended September 30, 2013.  This decrease was primarily a result of the recent growth in our wholly-owned property portfolio, as well as a lower number of newly awarded contracts in this business segment during 2013 as compared to the prior year, offset by approximately $0.6 million of transfer taxes paid by the Company in connection with our recent conversion of a wholly-owned property from off-campus into an on-campus ACE structure via a ground lease with Drexel University.

General and Administrative

General and administrative expenses decreased by approximately $3.4 million, from $15.8 million during the nine months ended September 30, 2012 to $12.4 million for the nine months ended September 30, 2013.  This decrease was primarily a result of $3.8 million of acquisition-related costs such as broker fees, due diligence costs and legal and accounting fees incurred in connection with our purchase of a 15-property student housing portfolio in September 2012, offset by additional salary and benefits expense, public company costs and other general inflationary factors during the nine months ended September 30, 2013.

Depreciation and Amortization

Depreciation and amortization increased by approximately $65.0 million, from $73.4 million during the nine months ended September 30, 2012 to $138.4 million for the nine months ended September 30, 2013.  This increase was primarily a result of the following items: (i) additional depreciation and amortization expense of approximately $50.3 million recorded during the nine months ended September 30, 2013 related to properties acquired during 2012 and 2013, (ii) the completion of construction and opening of 11 owned development properties in August and September 2012, which contributed an additional $13.7 million of depreciation and amortization expense during the nine months ended September 30, 2013, and (iii) the completion of construction and opening of seven owned development properties in August and September 2013, which contributed an additional $1.4 million of depreciation and amortization expense during the nine months ended September 30, 2013. These increases were offset by a decrease in the amortization of in-place leases of approximately $1.7 million related to the purchase of three properties in 2011. The value assigned to in-place leases upon acquisition of these properties was fully amortized by the end of 2012.

Ground/Facility Leases

Ground/facility leases expense increased by approximately $0.8 million, from $2.9 million during the nine months ended September 30, 2012 to $3.7 million for the nine months ended September 30, 2013.  This increase was primarily due to the completion of construction and commencement of operations of six ACE development projects during 2012.

Interest Income

Interest income increased by approximately $0.8 million, from $1.4 million during the nine months ended September 30, 2012 to $2.2 million during the nine months ended September 30, 2013.  This increase was primarily a result of our purchase of $52.8

39

million in loans receivable on April 22, 2013.  These loans carry an interest rate of 5.12% with semiannual compounding and are secured by a lien on, and the cash flows from, two student housing properties in close proximity to the University of Central Florida.

Interest Expense

Interest expense increased by approximately $18.4 million, from $38.7 million during the nine months ended September 30, 2012 to $57.1 million for the nine months ended September 30, 2013.  We incurred additional interest expense of approximately $15.7 million during the nine months ended September 30, 2013 related to loans assumed in connection with 2012 property acquisitions. We also incurred additional interest expense of approximately $7.5 million during the nine months ended September 30, 2013 related to our $400 million offering of senior unsecured notes which closed on April 2, 2013. Lastly, we incurred additional interest expense of approximately $0.5 million during the nine months ended September 30, 2013 from construction loans used to partially finance the construction of two owned development projects which opened for occupancy in August 2012. These increases were offset by a decrease of approximately $3.1 million during the nine months ended September 30, 2013 as a result of mortgage and construction loans paid off during 2012 and 2013. In addition, interest expense decreased as a result of an increase in capitalized interest of approximately $1.3 million due to the timing and volume of construction activities on our owned development projects during the respective periods. Lastly, interest expense decreased by approximately $0.6 million during the nine months ended September 30, 2013 related to decreased borrowings under our revolving credit facility. On April 2, 2013, we used $321.0 million in proceeds from our unsecured notes offering to pay down in full the outstanding balance on our revolving credit facility.

Amortization of Deferred Financing Costs

Amortization of deferred financing costs increased approximately $1.1 million, from $3.0 million during the nine months ended September 30, 2012 to $4.1 million for the nine months ended September 30, 2013.  This increase was primarily due to an additional $0.9 million of finance cost amortization during the nine months ended September 30, 2013, as a result of finance costs paid upon the assumption of mortgage debt in connection with 2012 property acquisitions.  We also incurred an additional $0.2 million of finance cost amortization during the nine months ended September 30, 2013 as a result of offering costs paid in connection with our $400 million unsecured notes offering, which closed on April 2, 2013.

Income from Unconsolidated Joint Ventures

We reported income from unconsolidated joint ventures of approximately $0.4 million for the nine months ended September 30, 2012 in connection with our share of a gain on debt restructuring recorded by Fund II during 2012.  In connection with our acquisition of University Heights - Knoxville from Fund II in January 2012, Fund II negotiated a Settlement Agreement with the lender of the property’s mortgage loan whereby the lender agreed to accept a discounted amount that was less than the original principal amount of the loan as payment in full.  Accordingly, Fund II recorded a gain on debt restructuring of $4.2 million, of which our 10% share was $0.4 million.

Other Nonoperating (Expense) Income

Other nonoperating (expense) income changed by approximately $2.7 million, from income of $14,000 during the nine months ended September 30, 2012 to an expense of $2.7 million during the nine months ended September 30, 2013. During the nine months ended September 30, 2013, we paid $52.8 million to acquire loans receivable from National Public Finance Guarantee Corporation (“National”) which facilitated the settlement of a lawsuit brought by National against us. In connection with our purchase of the loans receivable, we recorded a purchase discount of approximately $3.6 million to reflect the difference between the face value of the loans receivable and the present value of the cash flows anticipated to be received under the loans receivable, based on management's estimate of market interest rates in place as of the settlement date. Concurrent with recording this $3.6 million purchase discount, we recognized litigation settlement costs of $2.8 million in excess of amounts provided by insurance.

The litigation settlement costs discussed above were offset by a gain of approximately $0.1 million recognized upon our purchase of Townhomes at Newtown Crossing in September 2013, a property previously subject to a pre-sale/mezzanine investment agreement. We included the property in our consolidated financial statements during the construction period, as a result of applying accounting guidance related to variable interest entities. The property completed construction in August 2013 and the gain recorded upon our purchase of the property primarily relates to interest income earned on our mezzanine investment during the construction period.

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Discontinued Operations

Discontinued operations on the accompanying consolidated statements of comprehensive income includes the following wholly-owned properties: (i) University Mills and Campus Ridge, wholly-owned properties that were classified as Held for Sale as of September 30, 2013, (ii) State College Park, University Pines, The Village at Blacksburg and Northgate Lakes, wholly-owned properties sold in July 2013 for a combined sales price of $157.4 million, (iii) Brookstone Village and Campus Walk, wholly-owned properties sold in December 2012 for a combined sales price of $26.6 million, and (iv) Pirates Cove, sold in April 2012 for a sales price of $27.5 million. Refer to Note 4 in the accompanying Notes to Consolidated Financial Statements contained in Item 1 herein for a table summarizing the results of operations of the properties classified within discontinued operations.

Liquidity and Capital Resources

Cash Balances and Cash Flows

As of September 30, 2013, excluding our on-campus participating properties, we had $53.3 million in cash and cash equivalents and restricted cash as compared to $46.9 million in cash and cash equivalents and restricted cash as of December 31, 2012.  Restricted cash primarily consists of escrow accounts held by lenders and resident security deposits, as required by law in certain states, and funds held in escrow in connection with potential acquisition and development opportunities.  The following discussion relates to changes in cash due to operating, investing and financing activities, which are presented in our consolidated statements of cash flows included in Item 1 herein.

Operating Activities: For the nine months ended September 30, 2013, net cash provided by operating activities was approximately $176.8 million, as compared to approximately $133.4 million for the nine months ended September 30, 2012, an increase of $43.4 million.  This increase in cash provided by operating activities was primarily due to operating cash flows provided from the timing of the acquisition of 43 properties and an additional phase at an existing property in 2012 and 2013 and the completion of construction and opening of 11 owned development projects in August and September 2012 and seven owned development projects in August and September 2013.

Investing Activities:  Investing activities utilized approximately $293.0 million and $938.0 million for the nine months ended September 30, 2013 and 2012, respectively.  The $645.0 million decrease in cash utilized in investing activities was primarily a result of the following: (i) a $557.3 million decrease in cash paid to acquire properties and undeveloped land as we acquired three wholly-owned properties and an additional phase at an existing wholly-owned property during the nine months ended September 30, 2013 compared to 20 properties during the nine months ended September 30, 2012; (ii) a $127.1 million increase in proceeds received from the disposition of real estate, as four wholly-owned properties were sold during the nine months ended September 30, 2013 as compared to one wholly-owned property during the nine months ended September 30, 2012; (iii) a $16.7 million decrease in cash used to fund deposits held in escrow in connection with potential acquisition and development opportunities; and (iv) a $46.0 million decrease in cash used to fund the construction of our wholly-owned development properties, as 17 wholly-owned properties were under construction during the nine months ended September 30, 2012, of which 11 completed construction in August and September 2012, as compared to 13 wholly-owned properties that were under construction during the nine months ended September 30, 2013, of which seven completed construction in August and September 2013.  These decreases were offset by (i) the purchase of $49.2 million in loans receivable secured by a lien on, and the cash flows from, two student housing properties in close proximity to the University of Central Florida; (ii) a $31.8 million increase in cash used to fund capital expenditures at our wholly-owned properties, as we began or continued renovations at several properties acquired in 2012; (iii) a $6.8 million increase in mezzanine financing provided to third-party developers during the comparable nine month periods; (iv) the repayment of a $4.0 million mezzanine loan by a developer during the nine months ended September 30, 2012; and (v) $7.0 million in cash used during the nine months ended September 30, 2013 to fund the construction of an on-campus participating property located in Morgantown, West Virginia, scheduled to open for occupancy in August 2014.

Financing Activities: Cash provided by financing activities totaled approximately $120.0 million and $800.2 million for the nine months ended September 30, 2013 and 2012, respectively.  The $680.2 million decrease in cash provided by financing activities was primarily a result of the following: (i) an $805.1 million decrease in net proceeds raised through the issuance of common stock; (ii) a $150 million increase to our unsecured term loan from $200 million to $350 million in January 2012; (iii) a $68.7 million decrease in proceeds from construction loans related to fewer projects being under construction during the nine months ended September 30, 2013 as compared to the nine months ended September 30, 2012; (iv) a $29.4 million increase in distributions to stockholders during the nine months ended September 30, 2013, as a result of the issuance of common stock in connection with our July 2012 and October 2012 equity offerings and the issuance of stock in 2012 in connection with our ATM Equity Programs; and (v) a $24.3 million decrease in proceeds (net of pay downs) received from our revolving credit facilities. These decreases were primarily offset by an offering of senior unsecured notes with net proceeds of $398.6 million which closed on April 2, 2013.

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Liquidity Needs, Sources and Uses of Capital

As of September 30, 2013, our short-term liquidity needs included, but were not limited to, the following: (i) anticipated distribution payments to our common and restricted stockholders totaling approximately $151.8 million based on an assumed annual cash distribution of $1.44 per share based on the number of our shares outstanding as of September 30, 2013, (ii) anticipated distribution payments to our Operating Partnership unitholders totaling approximately $1.9 million based on an assumed annual distribution of $1.44 per common unit and a cumulative preferential per annum cash distribution rate of 5.99% on our Series A preferred units based on the number of units outstanding as of September 30, 2013, (iii) pay-off of approximately $159.5 million of fixed-rate mortgage debt and $44.6 million of variable-rate construction debt scheduled to mature during the next 12 months, (iv) pay down of outstanding borrowings under our $125 million secured agency facility scheduled to mature in September 2014, (v) estimated development costs over the next 12 months totaling approximately $252.1 million for our wholly-owned properties currently under construction, (vi) funds for other development projects scheduled to commence construction during the next 12 months, and (vii) potential future property acquisitions.

We expect to meet our short-term liquidity requirements by (i) borrowing under our existing credit facilities discussed below, (ii) issuing securities, including common stock, under our $500 million at-the-market share offering program (“ATM Equity Program”) discussed below, (iii) potentially disposing of properties depending on market conditions (see Note 16 in the accompanying Notes to Consolidated Financial Statements contained in Item 1), and (iv) utilizing net cash provided by operations.

We may seek additional funds to undertake initiatives not contemplated by our business plan or obtain additional cushion against possible shortfalls.  We also may pursue additional financing as opportunities arise.  Future financings may include a range of different sizes or types of financing, including the incurrence of additional secured debt and the sale of additional debt or equity securities.  These funds may not be available on favorable terms or at all.  Our ability to obtain additional financing depends on several factors, including future market conditions, our success or lack of success in penetrating our markets, our future creditworthiness, and restrictions contained in agreements with our investors or lenders, including the restrictions contained in the agreements governing our revolving credit facilities, term loan and unsecured notes.  These financings could increase our level of indebtedness or result in dilution to our equity holders.

ATM Equity Program

As discussed in more detail in Note 9 in the accompanying Notes to Consolidated Financial Statements contained in Item 1, during the nine months ended September 30, 2013, we established a new ATM Equity Program under which we may sell shares of our common stock into the existing trading market at current market prices with an aggregate offering price of up to $500 million.  We did not sell any shares under the ATM program during the nine months ended September 30, 2013.

Senior Unsecured Notes

As discussed in more detail in Note 8 in the accompanying Notes to Consolidated Financial Statements contained in Item 1, we issued $400.0 million of 10-year senior unsecured notes at 99.659 percent of par value with a coupon of 3.75 percent and a yield of 3.791 percent. Net proceeds from the sale of the unsecured notes totaled approximately $394.4 million after deducting the underwriting discount and estimated offering expenses and we used $321.0 million of the proceeds to pay down the outstanding balance on our revolving credit facility in full. The terms of the unsecured notes include certain financial covenants that require the Operating Partnership to limit the amount of total debt and secured debt as a percentage of total asset value, as defined. In addition, the Operating Partnership must maintain a minimum ratio of unencumbered asset value to unsecured debt, as well as a minimum interest coverage level. As of September 30, 2013, we were in compliance with all such covenants.

Unsecured Credit Facility

As discussed in more detail in Note 8 and Note 12 in the accompanying Notes to Consolidated Financial Statements contained in Item 1, we have an aggregate Credit Facility of $800 million, which is composed of a $350 million unsecured term loan and a $450 million unsecured revolving credit facility.  We have entered into multiple interest rate swaps 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 our unsecured term loan.

As of September 30, 2013, the balance outstanding on our revolving credit facility totaled $175.3 million, bearing interest at a weighted average annual rate of 1.93%, and availability under the revolving credit facility totaled $274.7 million.  The terms of the combined Credit Facility include certain restrictions and covenants, as discussed more fully in Note 8 in the accompanying Notes to Consolidated Financial Statements contained in Item 1, including covenants that restrict the amount of distributions that we can pay.  As of September 30, 2013, we were in compliance with all such covenants.

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Secured Agency Facility

As discussed in more detail in Note 8 in the accompanying Notes to Consolidated Financial Statements contained in Item 1, we also have a $125 million secured revolving credit facility with a Freddie Mac lender.  As of September 30, 2013, the balance outstanding on the facility totaled $95.4 million, bearing interest at a weighted average annual rate of 2.22%.  The secured agency facility includes some, but not all, of the same financial covenants as the Credit Facility, as described above.  As of September 30, 2013, we were in compliance with all such covenants.

Distributions

We are required to distribute 90% of our REIT taxable income (excluding capital gains) on an annual basis in order to qualify as a REIT for federal income tax purposes.  Distributions to common stockholders are at the discretion of the Board of Directors. We may use borrowings under our unsecured revolving credit facility to fund distributions.  The Board of Directors considers a number of factors when determining distribution levels, including market factors and our Company’s performance in addition to REIT requirements.

On October 30, 2013, we declared a third quarter 2013 distribution per share of $0.36, which will be paid on November 27, 2013 to all common stockholders of record as of November 13, 2013.  At the same time, the Operating Partnership will pay an equivalent amount per unit to holders of common units, as well as the quarterly cumulative preferential distribution to holders of Series A preferred units.

Pre-Development Expenditures

Our third-party and owned development activities have historically required us to fund pre-development expenditures such as architectural fees, permits and deposits.  The closing and/or commencement of construction of these development projects is subject to a number of risks such as our inability to obtain financing on favorable terms and delays or refusals in obtaining necessary zoning, land use, building, and other required governmental permits and authorizations  As such, we cannot always predict accurately the liquidity needs of these activities.  We frequently incur these pre-development expenditures before a financing commitment and/or required permits and authorizations have been obtained.  Accordingly, we bear the risk of the loss of these pre-development expenditures if financing cannot ultimately be arranged on acceptable terms or we are unable to successfully obtain the required permits and authorizations.  Historically, our third-party and owned development projects have been successfully structured and financed; however, these developments have at times been delayed beyond the period initially scheduled, causing revenue to be recognized in later periods.  As of September 30, 2013, we have deferred approximately $2.4 million in pre-development costs related to third-party and owned development projects that have not yet commenced construction.

Indebtedness

As of September 30, 2013, we had approximately $2,358.3 million of outstanding consolidated indebtedness (excluding net unamortized mortgage debt premiums and debt discounts of approximately $78.4 million and $2.4 million, respectively), comprised of $398.7 million of 10-year unsecured notes (net of original issue discount), a $350.0 million balance on our unsecured term loan, a $175.3 million balance on our unsecured revolving credit facility, a $95.4 million balance on our secured agency facility, $1,261.1 million in mortgage and construction loans secured by our wholly-owned properties, a $31.5 million balance in mortgage loans secured by two phases of an on-campus participating property, $42.4 million in bond issuances secured by three of our on-campus participating properties and a $3.9 million balance on a construction loan used to finance the development of an on-campus participating property which is scheduled to be completed in August 2014.  The weighted average interest rate on our consolidated indebtedness as of September 30, 2013 was 4.3% per annum.  As of September 30, 2013, approximately 13.4% of our total consolidated indebtedness was variable rate debt, comprised of our secured agency facility, unsecured revolving credit facility and three construction loans discussed below.

Wholly-Owned Properties

Mortgage debt: The weighted average interest rate of the $1,216.5 million of wholly-owned mortgage debt was 5.46% per annum as of September 30, 2013.  Each of the mortgage loans is a non-recourse obligation subject to customary exceptions.  The loans generally may not be prepaid prior to maturity; in certain cases prepayment is allowed, subject to prepayment penalties.

Construction loan: The development and construction of two on-campus ACE properties (The Suites and Hilltop Townhomes), which both completed construction in August 2012, are partially financed on a combined basis with a $45.4 million construction loan.  For each borrowing we have the option of choosing the Prime rate or one-, two-, three-, or six-month LIBOR plus 1.45%.  The loan requires payments of interest only during the term of the loan and any accrued interest and outstanding borrowings become

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due on the maturity date of May 16, 2014.  The term of the loan can be extended through May 2016 through the exercise of two 12-month extension options.  As of September 30, 2013, the balance outstanding on the construction loan totaled $44.6 million, bearing interest at a weighted average rate per annum of 1.63%.

On-Campus Participating Properties

Bonds:  As discussed in Note 6 in the Notes to Consolidated Financial Statements contained in Item 1, three of our on-campus participating properties are 100% financed with project-based taxable bonds.  As of September 30, 2013, the bonds carry a balance of $42.4 million and bear interest at a weighted average rate per annum of 7.55%.  The loans encumbering the leasehold interests are non-recourse, subject to customary exceptions.

Mortgage loans:  The Cullen Oaks Phase I and Phase II on-campus participating properties are currently encumbered by mortgage loans with balances as of September 30, 2013 of approximately $15.7 million and $15.8 million, respectively.  The loans mature in February 2014 and bear interest at a rate of LIBOR plus 1.35%.  In connection with these loans, we entered into an interest rate swap agreement effective February 15, 2007 through February 15, 2014, that is designated to hedge our exposure to fluctuations on interest payments attributed to changes in interest rates associated with payments on the loans.  Under the terms of the interest rate swap agreement, we pay a fixed rate of 6.69% per annum and receive a floating rate of LIBOR plus 1.35%.  We have guaranteed payment of this property’s indebtedness.

Construction loan: The development and construction of an on-campus participating property located in Morgantown, West Virginia, which is scheduled to complete construction and open for occupancy in August 2014, is financed with a $44.2 million construction loan. The loan matures in July 2045, bears interest at a rate of 3.85% per annum for the first five years and one-month LIBOR plus 2.5% for the remaining term of the loan. The loan requires payments of interest only during the first two years and principal and interest payments beginning in August 2015.

Funds From Operations (“FFO”)

The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income or loss attributable to common shares computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains or losses from depreciable operating property sales, impairment charges and real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.  We present FFO because we consider it an important supplemental measure of our operating performance and believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results.  FFO excludes GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate diminishes ratably over time.  Historically, however, real estate values have risen or fallen with market conditions.  We therefore believe that FFO provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, and interest costs, among other items, providing perspective not immediately apparent from net income.  We compute FFO in accordance with standards established by the Board of Governors of NAREIT in its March 1995 White Paper (as amended in November 1999 and April 2002), which may differ from the methodology for calculating FFO utilized by other equity REITs and, accordingly, may not be comparable to such other REITs.

We also believe it is meaningful to present a measure we refer to as FFO-Modified, or FFOM, which reflects certain adjustments related to the economic performance of our on-campus participating properties and other nonrecurring items.  Under our participating ground leases, we and the participating university systems each receive 50% of the properties’ net cash available for distribution after payment of operating expenses, debt service (which includes significant amounts towards repayment of principal) and capital expenditures.  A substantial portion of our revenues attributable to these properties is reflective of cash that is required to be used for capital expenditures and for the amortization of applicable property indebtedness. These amounts do not increase our economic interest in these properties or otherwise benefit us since our interest in the properties terminates upon the repayment of the applicable property indebtedness.  Therefore, unlike the ownership of our wholly-owned properties, the unique features of our ownership interest in our on-campus participating properties cause the value of these properties to diminish over time.   For example, since the ground/facility leases under which we operate the participating properties require the reinvestment from operations of specified amounts for capital expenditures and for the repayment of debt while our interest in these properties terminates upon the repayment of the debt, such capital expenditures do not increase the value of the property to us and mortgage debt amortization only increases the equity of the ground lessor. Accordingly, we believe it is meaningful to modify FFO to exclude the operations of our on-campus participating properties and to consider their impact on our performance by including only that portion of our revenues from those properties that are reflective of our share of net cash flow and the management fees that we receive, both of which increase and decrease with the operating performance of the properties.  This narrower measure of performance measures our profitability for these properties in a manner that is similar to the measure of our profitability from our services business where we similarly incur no initial or ongoing capital investment in a property and derive only consequential

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benefits from capital expenditures and debt amortization. We believe, however, that this narrower measure of performance is inappropriate in traditional real estate ownership structures where debt amortization and capital expenditures enhance the property owner’s long-term profitability from its investment.  When calculating FFOM, we also exclude losses from early extinguishment of debt incurred in connection with property dispositions and other non-cash gains or losses, as appropriate.

Our FFOM may have limitations as an analytical tool because it reflects the contractual calculation of net cash flow from our on-campus participating properties, which is unique to us and is different from that of our owned off-campus properties.  Companies that are considered to be in our industry may not have similar ownership structures; and therefore those companies may not calculate FFOM in the same manner that we do, or at all, limiting its usefulness as a comparative measure. We compensate for these limitations by relying primarily on our GAAP and FFO results and using FFOM only supplementally.  Further, FFO and FFOM do not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments and uncertainties.  FFO and FFOM should not be considered as alternatives to net income or loss computed in accordance with GAAP as an indicator of our financial performance, or to cash flow from operating activities computed in accordance with GAAP as an indicator of our liquidity, nor are these measures indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions.

The following table presents a reconciliation of our net income attributable to common shareholders to FFO and FFOM:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Net income attributable to American Campus Communities,Inc. and Subsidiaries	$	47,176		$	627		$	76,815		$	32,981
Noncontrolling interests (1)	656			129			1,273			798
Gain from disposition of real estate	(52,831		)	—			(52,831		)	(83		)
Income from unconsolidated joint ventures	—			—			—			(444		)
FFO from unconsolidated joint ventures  (2)	—			—			—			429
Real estate related depreciation and amortization	44,905			28,122			138,704			76,201
Funds from operations (“FFO”)	39,906			28,878			163,961			109,882
Elimination of operations of on-campus participating properties:
Net loss (income) from on-campus participating properties	1,002			919			(493		)	(535		)
Amortization of investment in on-campus participating properties	(1,197		)	(1,167		)	(3,553		)	(3,481		)
	39,711			28,630			159,915			105,866
Modifications to reflect operational performance of on-campus participating properties:
Our share of net cash flow (3)	627			529			1,686			1,602
Management fees	242			236			832			814
On-campus participating properties development fees (4)	950			—			950			—
Impact of on-campus participating properties	1,819			765			3,468			2,416
Non-cash litigation settlement expense (5)	—			—			2,800			—
Elimination of gain on debt restructuring – unconsolidated joint venture (6)	—			—			—			(424		)
Loss on remeasurement of equity method investment (7)	—			—			—			122
Funds from operations – modified (“FFOM”)	$	41,530		$	29,395		$	166,183		$	107,980
FFO per share – diluted	$	0.37		$	0.32		$	1.54		$	1.36
FFOM per share – diluted	$	0.39		$	0.32		$	1.56		$	1.33
Weighted average common shares outstanding – diluted	106,639,825			90,764,959			106,629,998			81,011,069
Acquisition-related costs	$	345		$	4,744		$	345		$	6,121
FFOM (excluding acquisition-related costs)	$	41,875		$	34,139		$	166,528		$	114,101
FFOM per share (excluding acquisition-related costs)	$	0.39		$	0.38		$	1.56		$	1.41

⁽¹⁾  Excludes $0 and $0.8 million for the three and nine months ended September 30, 2013, respectively, and $0.3 million and $1.1 million for the three and nine months ended September 30, 2012, respectively, of income attributable to the noncontrolling partner in The Varsity, a property purchased in December 2011 from a seller that retained a 20.5% noncontrolling interest in the property. Effective July 1, 2013, the company acquired the minority partner’s interest and now owns 100% of the property.

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⁽²⁾  Represents our 10% share of FFO from a joint venture with Fidelity (“Fund II”) in which we were a noncontrolling partner. In January 2012, we purchased the full ownership interest in the one remaining property owned by Fund II (University Heights). Subsequent to the acquisition, the property is now wholly-owned and is consolidated by the company.

⁽³⁾  50% of the properties’ net cash available for distribution after payment of operating expenses, debt service (including repayment of principal) and capital expenditures. Represents amounts accrued for the interim periods.

⁽⁴⁾  Development and construction management fees related to the West Virginia University on-campus participating property, which is currently under construction and scheduled for completion in August 2014. Although the company is including this project in its consolidated financial statements for accounting purposes, similar to our other on-campus participating properties, we view the economic benefit of such properties as limited to the development/construction management fees, property management fees and the 50% share of net cash flow that we receive. As such, for purposes of calculating FFOM, we are recognizing the fees received for this project similar to other third-party development projects.   

⁽⁵⁾  On April 22, 2013, the company acquired a note and subrogation rights from National Public Finance Guarantee Corporation (formerly known as MBIA Insurance Corp. of Illinois) for an aggregate of $52.8 million, which are secured by a lien on, and the cash flows from, two student housing properties in close proximity to the University of Central Florida and currently under a ground lease with the UCF Foundation. The instruments carry an interest rate of 5.123 percent. The acquisition facilitated the settlement of litigation related to a third-party management agreement for the properties with a GMH entity that was acquired by the company’s 2008 merger with GMH. The acquisition resulted in a non-cash settlement charge of $2.8 million to reflect the fair market valuation of the instruments. Management believes it is appropriate to exclude this non-cash charge from FFOM in order to more accurately present the operating results of the company on a comparative basis during the periods presented.    

⁽⁶⁾  In connection with our purchase of University Heights from Fund II (see Note 3), Fund II negotiated a Settlement Agreement with the lender of the property’s mortgage loan whereby the lender agreed to accept a discounted amount that was less than the original principal amount of the loan as payment in full. Accordingly, Fund II recorded a gain on debt restructuring to reflect the discounted payoff. Our 10% share of such gain is reflected above as an adjustment to FFOM.

⁽⁷⁾  Represents a non-cash loss recorded to remeasure our equity method investment in Fund II to fair value as a result of our purchase of the full ownership interest in University Heights from Fund II in January 2012.

Inflation

Our student leases do not typically provide for rent escalations. However, they typically do not have terms that extend beyond 12 months. Accordingly, although on a short term basis we would be required to bear the impact of rising costs resulting from inflation, we have the opportunity to raise rental rates at least annually to offset such rising costs. However, a weak economic environment or declining student enrollment at our principal universities may limit our ability to raise rental rates.

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

Market risk is the risk of loss from adverse changes in market prices and interest rates.   Our future earnings and cash flows are dependent upon prevailing market rates.  Accordingly, we manage our market risk by matching projected cash inflows from operating, investing and financing activities with projected cash outflows for debt service, acquisitions, capital expenditures, distributions to stockholders and unitholders, and other cash requirements.  The majority of our outstanding debt has fixed interest rates, which minimizes the risk of fluctuating interest rates.  Our exposure to market risk includes interest rate fluctuations in connection with our revolving credit facilities and variable rate construction loans and our ability to incur more debt without stockholder approval, thereby increasing our debt service obligations, which could adversely affect our cash flows.   No material changes have occurred in relation to market risk since our Annual Report on Form 10-K for the year ended December 31, 2012.

Item 4.  Controls and Procedures

American Campus Communities, Inc.

(a) Evaluation of Disclosure Controls and Procedures

As required by SEC Rule 13a-15(b), we have carried out an evaluation, under the supervision of and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation

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of our disclosure controls and procedures as of the end of the period covered by this report. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures for the quarter covered by this report were effective at the reasonable assurance level.

(b) Changes in Internal Control Over Financial Reporting

There has been no change in our internal control over financial reporting during our most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

American Campus Communities Operating Partnership, L.P.

(a) Evaluation of Disclosure Controls and Procedures

As required by SEC Rule 13a-15(b), we have carried out an evaluation, under the supervision of and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures for the quarter covered by this report were effective at the reasonable assurance level.

(b) Changes in Internal Control Over Financial Reporting

There has been no change in our internal control over financial reporting during our most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

47

PART II OTHER INFORMATION

Item 1.              Legal Proceedings

We are subject to various claims, lawsuits and legal proceedings that arise in the ordinary course of business.  While it is not possible to ascertain the ultimate outcome of such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on the our consolidated financial position or our results of operations.

Item 1A.           Risk Factors

There have been no material changes to the risk factors that were discussed in Part 1, Item 1A of the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2012.

Item 2.              Unregistered Sales of Equity Securities and Use of Proceeds

During the three months ended September 30, 2013, American Campus Communities Operating Partnership, L.P. ("Operating Partnership") issued 97,143 common units of limited partnership interest to contributors of property to the Operating Partnership.  The units are exchangeable for cash or, at the option of the Operating Partnership, for shares of American Campus Communities, Inc.’s common stock on a one-for-one basis. The units were issued in reliance on the exemption from registration provided by Section 4(2) of the Securities Act of 1933.

Item 3.              Defaults Upon Senior Securities

None.

Item 4.              Mine Safety Disclosures

Not applicable.

Item 5.              Other Information

None.

48

Item 6.              Exhibits

Exhibit Number	Description of Document
4.1	Letter Agreement Regarding Issuance of OP Units dated September 26, 2013 between Hallmark Student Housing Lexington, LLC, on one hand, and ACC OP (Lexington) LLC and American Campus Communities Operating Partnership, L.P., on the other hand.
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

49

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: November 8, 2013

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: November 8, 2013

AMERICAN CAMPUS COMMUNITIES

OPERATING PARTNERSHIP, L.P.

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

50

EX-4.1

Exhibit 4.1

Letter Agreement Regarding Issuance of OP Units dated September 26, 2013 between Hallmark Student Housing Lexington, LLC, on one hand, and ACC OP (Lexington) LLC and American Campus Communities Operating Partnership, L.P., on the other hand.

September 26, 2013

ACC OP (Lexington) LLC

12700 Hill Country Boulevard, Suite T-200

Austin, TX 78738

Attention: William Talbot

American Campus Communities Operating Partnership LP

12700 Hill Country Boulevard, Suite T-200

Austin, TX 78738

Attention: William Talbot

Gentlemen:

Please refer to the Purchase and Contribution Agreement (the "Agreement") dated July 19, 2012 between Hallmark Student Housing Lexington, LLC, an Ohio limited liability company, as Seller, and ACC OP (Lexington) LLC, a Delaware limited liability company, as successor in interest to ACC OP Acquisitions LLC, a Delaware limited liability company, as Purchaser.

Unless otherwise noted, capitalized terms used in this letter shall have the same meanings as set out in the Agreement.

The following matters are hereby confirmed by the Seller, Purchaser and Purchaser Guarantor:

1.    Pursuant to Section 4.2.B. of the Agreement, Seller has elected to receive Unit Consideration in lieu of cash in an amount equal to $3,451,486.06 (representing 97,143 Common Units), which amount will be credited against the Purchase Price. Seller hereby directs that the Common Units representing the Unit Consideration be issued to HSH Lexington Holdings, LLC, an Ohio limited liability company and the sole member of Seller ("HSH"). Purchaser and Purchaser Guarantor waive the notice required by Section 4.2.B. of the Agreement in order to receive the Unit Consideration described above.

2.    Purchaser Guarantor acknowledges and agrees that the following shall apply with respect to the Common Units to be received under paragraph 1 above:

(i) Purchaser Guarantor will use the "traditional method: of making Section 704(c) allocations under the Internal Revenue Code with respect to the Property;

(ii) Purchaser Guarantor will pay or cause to be paid all the costs of registering for resale the Common Stock issued or to be issued to HSH or its assignee upon the redemption of the Common Units as provided in Section 4.2.B of the Agreement; and

(iii) Upon written request of HSH, Purchaser Guarantor acknowledges that it will consent to the Common Units being assigned by HSH to its members in such percentages and names as may be specified by HSH in the written notice and without any cost to HSH or the assignees of the Common Units, so long as such assignee executes and delivers to Purchaser Guarantor (1) a certification that it is an "accredited investor" as defined in Rule 501 of the General Rules and Regulations promulgated under the Securities Act of 1933 and (2) a joinder to the limited partnership agreement of Purchaser Guarantor, in each case substantially in the form executed and delivered by HSH to Purchaser Guarantor on or about the date hereof.

Please acknowledge your approval of the foregoing items by countersigning this letter in the space provided below and delivery to the undersigned of an original of this letter or email of an electronic copy of this letter that will be subject to the provisions of the last sentence of Section 10.4 of the Agreement.

Very truly yours,

HALLMARK STUDENT HOUSING

LEXINGTON, LLC,

an Ohio limited liability company

By: /s/ Richard H. Kirk            

Richard H. Kirk, President

ACCEPTED AND APPROVED:

ACC OP (LEXINGTON) LLC,

a Delaware limited liability company

By:    Jonathan A. Graf            

Name: Jonathan A. Graf

Title: Vice President

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP

By: American Campus Communities Holdings, LLC,
    a Maryland limited liability company, General Partner

By:    Jonathan A. Graf            

Name: Jonathan A. Graf

Title: Executive Vice President

EX-31.1

Exhibit 31.1

American Campus Communities, Inc.

Certification Of Chief Executive Officer

Pursuant To Section 302 Of The Sarbanes–Oxley Act Of 2002

I, William C. Bayless, Jr., certify that:

1.     I have reviewed this quarterly report on Form 10-Q of American Campus Communities, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated:   November 8, 2013	By:	/s/ William C. Bayless, Jr.
	William C. Bayless, Jr.
	President and Chief Executive Officer

EX-31.2

Exhibit 31.2

American Campus Communities, Inc.

Certification Of Chief Financial Officer

Pursuant To Section 302 Of The Sarbanes–Oxley Act Of 2002

I, Jonathan A. Graf, certify that:

1.     I have reviewed this quarterly report on Form 10-Q of American Campus Communities, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated:   November 8, 2013	By:	/s/ Jonathan A. Graf
	Jonathan A. Graf
	Executive Vice President, Chief Financial Officer, Treasurer and Secretary

EX-31.3

Exhibit 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

I, William C. Bayless, Jr., certify that:

1.     I have reviewed this quarterly report on Form 10-Q of American Campus Communities Operating Partnership, L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated:   November 8, 2013	By:	/s/ William C. Bayless, Jr.
	William C. Bayless, Jr.
	President and Chief Executive Officer

EX-31.4

Exhibit 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

I, Jonathan A. Graf, certify that:

1.     I have reviewed this quarterly report on Form 10-Q of American Campus Communities Operating Partnership, L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated:   November 8, 2013	By:	/s/ Jonathan A. Graf
	Jonathan A. Graf
	Executive Vice President, Chief Financial Officer, Treasurer and Secretary

EX-32.1

Exhibit 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

I, William C. Bayless, Jr., Chief Executive Officer of American Campus Communities, Inc. (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

(i)   The Quarterly Report on Form 10-Q of the Company for the quarterly period ended September 30, 2013 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and

(ii)   The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated:   November 8, 2013	/s/ William C. Bayless, Jr.
	William C. Bayless, Jr.
	President and Chief Executive Officer

EX-32.2

Exhibit 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

I, Jonathan A. Graf, Chief Financial Officer of American Campus Communities, Inc. (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

(i)   The Quarterly Report on Form 10-Q of the Company for the quarterly period ended September 30, 2013 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and

(ii)   The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated:   November 8, 2013	/s/ Jonathan A. Graf
	Jonathan A. Graf
	Executive Vice President, Chief Financial Officer, Treasurer and Secretary

EX-32.3

Exhibit 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

I, William C. Bayless, Jr., Chief Executive Officer of American Campus Communities Operating Partnership, L.P. (the “Operating Partnership”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

(i)   The Quarterly Report on Form 10-Q of the Operating Partnership for the quarterly period ended September 30, 2013 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and

(ii)   The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership.

Dated:   November 8, 2013	/s/ William C. Bayless, Jr.
	William C. Bayless, Jr.
	President and Chief Executive Officer

EX-32.4

Exhibit 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

I, Jonathan A. Graf, Chief Financial Officer of American Campus Communities Operating Partnership, L.P. (the “Operating Partnership”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

(i)   The Quarterly Report on Form 10-Q of the Operating Partnership for the quarterly period ended September 30, 2013 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and

(ii)   The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership.

Dated:   November 8, 2013	/s/ Jonathan A. Graf
	Jonathan A. Graf
	Executive Vice President, Chief Financial Officer, Treasurer and Secretary

XML

Incentive Award Plan

9 Months Ended

Sep. 30, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Incentive Award Plan

Incentive Award Plan

Restricted Stock Units (“RSUs”)

Upon reelection to the Board of Directors in May 2013, all members of the Company’s Board of Directors were granted restricted stock units (“RSUs”) in accordance with the American Campus Communities, Inc. 2010 Incentive Award Plan (the “Plan”).  These RSUs were valued at $95,000 for the Chairman of the Board of Directors and at $71,500 for all other members.  The number of RSUs was determined based on the fair market value of the Company’s stock on the date of grant, as defined in the Plan.  All awards vested and settled immediately on the date of grant, and the Company delivered shares of common stock and cash, as determined by the Compensation Committee of the Board of Directors. A compensation charge of approximately $0.5 million was recorded during the nine months ended September 30, 2013 related to these awards.

A summary of ACC’s RSUs under the Plan as of September 30, 2013 and activity during the nine months then ended is presented below:

	Number of RSUs
Outstanding at December 31, 2012	—
Granted	10,265
Settled in common shares	(4,572	)
Settled in cash	(5,693	)
Outstanding at September 30, 2013	—

Restricted Stock Awards (“RSAs”)

A summary of ACC’s RSAs under the Plan as of September 30, 2013 and activity during the nine months then ended, is presented below:

	Number of RSAs
Nonvested balance at December 31, 2012	575,668
Granted	230,800
Vested	(111,533	)
Forfeited	(90,189	)
Nonvested balance at September 30, 2013	604,746

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 $1.6 million and $1.3 million for the three months ended September 30, 2013 and 2012, respectively, and $4.8 million and $3.9 million for the nine months ended September 30, 2013 and 2012, respectively.

XML

Debt - Additional Information (Detail Textuals 1) (USD $)			1 Months Ended	9 Months Ended
	Sep. 30, 2013	Apr. 30, 2013 Unsecured Notes	Apr. 30, 2013 Unsecured Notes AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.	Sep. 30, 2013 Unsecured Term Loan Facility	Sep. 30, 2013 Unsecured Term Loan Facility Interest Rate Swap	Sep. 30, 2013 Unsecured Revolving Credit Facility	Sep. 30, 2013 Secured Agency Facility Property
Debt Instrument [Line Items]
Face amount		$ 400,000,000
Maturity period			10 years
Debt instrument proceeds as percentage of par value (percent)			99.659%
Interest rate of note and outstanding bond (percent)			3.75%
Yield rate (percent)			3.791%
Net proceeds from sale of notes			394,400,000
Offering proceeds to pay down outstanding balance			321,000,000
Credit facility	800,000,000					450,000,000	125,000,000
Unsecured term loan facility				350,000,000
Additional borrowing capacity of unsecured facility	100,000,000
Debt instrument, maturity date				Jan. 10, 2017		Jan. 10, 2016
Debt instrument, extension of maturity period						12 months
Debt instrument, extension of maturity date						Jan. 10, 2017
Notional amount	381,480,000				350,000,000
Fixed rate interest swap agreement (percent)					2.54%
Fixed interest rate, floor (percent)					0.89%
Fixed interest rate, spread (percent)					1.65%
Ratio of borrowing amount to value of properties (percent)						60.00%
Line of credit, required unused commitment fee per annum (percent)						0.30%	1.00%
Line of credit, weighted average annual interest rate (percent)						1.93%	2.22%
Line of credit facility, remaining borrowing capacity						$ 274,700,000
Term of credit facility, in years							5 years
Number of properties used to secure debt (properties)							9
Line of credit, description of variable rate basis					one-, two-, three- or six-month LIBOR, plus		one- or three-month LIBOR plus

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues
Third-party development services	$ 622	$ 1,467	$ 1,656	$ 7,427
Third-party management services	1,792	1,687	5,425	5,083
Resident services	883	454	1,912	982
Total revenues	159,031	112,757	476,643	318,190
Operating expenses
Third-party development and management services	3,058	2,602	7,786	8,013
General and administrative	3,934	7,582	12,366	15,760
Depreciation and amortization	45,248	27,165	138,373	73,355
Ground/facility leases	1,386	1,093	3,749	2,861
Total operating expenses	143,836	99,393	393,496	250,067
Operating income	15,195	13,364	83,147	68,123
Nonoperating income and (expenses)
Interest income	792	428	2,165	1,355
Interest expense	(19,819)	(13,530)	(57,063)	(38,742)
Amortization of deferred financing costs	(1,413)	(1,060)	(4,143)	(3,012)
Income from unconsolidated joint ventures	0	0	0	444
Other nonoperating income (expense)	134	136	(2,666)	14
Total nonoperating expenses	(20,306)	(14,026)	(61,707)	(39,941)
(Loss) income before income taxes and discontinued operations	(5,111)	(662)	21,440	28,182
Income tax provision	(255)	(181)	(765)	(493)
(Loss) income from continuing operations	(5,366)	(843)	20,675	27,689
Income attributable to discontinued operations	367	1,865	5,373	7,062
Gain from disposition of real estate	52,831	0	52,831	83
Total discontinued operations	53,198	1,865	58,204	7,145
Net income	47,832	1,022	78,879	34,834
Net income attributable to noncontrolling interests	(656)	(395)	(2,064)	(1,853)
Net income attributable to common shareholders	47,176	627	76,815	32,981
Other comprehensive income (loss)
Comprehensive income (loss)	(1,163)	(2,386)	4,451	(4,191)
Comprehensive income	46,013	(1,759)	81,266	28,790
Income per share/unit attributable to common shareholders/unitholders - basic
(Loss) income from continuing operations per share	$ (0.05)	$ (0.02)	$ 0.18	$ 0.32
Net income per share/unit (in dollars per share/unit)	$ 0.45	$ 0.00	$ 0.73	$ 0.41
Income per share/unit attributable to common shareholders/unitholders - basic
Income from continuing operations per share/unit (in dollars per share/unit)	$ (0.05)	$ (0.02)	$ 0.18	$ 0.32
Net income per share/unit (in dollars per share/unit)	$ 0.45	$ 0.00	$ 0.73	$ 0.41
Income per share/unit attributable to common shareholders/unitholders - diluted
Income from continuing operations per share/unit (in dollars per share/unit)	$ (0.05)	$ (0.02)	$ 0.18	$ 0.31
Net income per share/unit (in dollars per share/unit)	$ 0.45	$ 0.00	$ 0.72	$ 0.40
Income per share/unit attributable to common shareholders/unitholders - diluted
Income from continuing operations per share/unit (in dollars per share/unit)	$ (0.05)	$ (0.02)	$ 0.18	$ 0.31
Net income per share/unit (in dollars per share/unit)	$ 0.45	$ 0.00	$ 0.72	$ 0.40
Weighted-average common shares/units outstanding
Basic (in shares/units)	104,781,431	89,169,868	104,752,982	79,404,323
Diluted (in shares/units)	104,781,431	89,169,868	105,381,053	80,009,463
Redeemable noncontrolling interests
Nonoperating income and (expenses)
Net income attributable to noncontrolling interests	(573)	(66)	(986)	(541)
Wholly-owned properties
Revenues
Operating lease revenue	150,668	104,062	449,779	286,932
Operating expenses
Operating expenses excluding general, administrative, depreciation and lease expense	87,189	57,941	222,768	141,772
On-campus participating properties
Revenues
Operating lease revenue	5,066	5,087	17,871	17,766
Operating expenses
Operating expenses excluding general, administrative, depreciation and lease expense	3,021	3,010	8,454	8,306
Partially owned properties
Nonoperating income and (expenses)
Net income attributable to noncontrolling interests	(83)	(329)	(1,078)	(1,312)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Revenues
Third-party development services	622	1,467	1,656	7,427
Third-party management services	1,792	1,687	5,425	5,083
Resident services	883	454	1,912	982
Total revenues	159,031	112,757	476,643	318,190
Operating expenses
Third-party development and management services	3,058	2,602	7,786	8,013
General and administrative	3,934	7,582	12,366	15,760
Depreciation and amortization	45,248	27,165	138,373	73,355
Ground/facility leases	1,386	1,093	3,749	2,861
Total operating expenses	143,836	99,393	393,496	250,067
Operating income	15,195	13,364	83,147	68,123
Nonoperating income and (expenses)
Interest income	792	428	2,165	1,355
Interest expense	(19,819)	(13,530)	(57,063)	(38,742)
Amortization of deferred financing costs	(1,413)	(1,060)	(4,143)	(3,012)
Income from unconsolidated joint ventures	0	0	0	444
Other nonoperating income (expense)	134	136	(2,666)	14
Total nonoperating expenses	(20,306)	(14,026)	(61,707)	(39,941)
(Loss) income before income taxes and discontinued operations	(5,111)	(662)	21,440	28,182
Income tax provision	(255)	(181)	(765)	(493)
(Loss) income from continuing operations	(5,366)	(843)	20,675	27,689
Income attributable to discontinued operations	367	1,865	5,373	7,062
Gain from disposition of real estate	52,831	0	52,831	83
Total discontinued operations	53,198	1,865	58,204	7,145
Net income	47,832	1,022	78,879	34,834
Net income attributable to common shareholders	47,749	693	77,801	33,522
Series A preferred unit distributions	(46)	(46)	(137)	(137)
Net income available to common shareholders/unitholders	47,703	647	77,664	33,385
Other comprehensive income (loss)
Comprehensive income (loss)	(1,163)	(2,386)	4,451	(4,191)
Comprehensive income	46,540	(1,739)	82,115	29,194
Income per share/unit attributable to common shareholders/unitholders - basic
Income from continuing operations per share/unit (in dollars per share/unit)	$ (0.05)	$ (0.02)	$ 0.18	$ 0.32
Net income per share/unit (in dollars per share/unit)	$ 0.45	$ 0.00	$ 0.73	$ 0.41
Income per share/unit attributable to common shareholders/unitholders - diluted
Income from continuing operations per share/unit (in dollars per share/unit)	$ (0.05)	$ (0.02)	$ 0.18	$ 0.31
Net income per share/unit (in dollars per share/unit)	$ 0.45	$ 0.00	$ 0.72	$ 0.40
Weighted-average common shares/units outstanding
Basic (in shares/units)	105,919,787	90,069,204	105,887,837	80,291,801
Diluted (in shares/units)	105,919,787	90,069,204	106,515,908	80,896,941
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties
Revenues
Operating lease revenue	150,668	104,062	449,779	286,932
Operating expenses
Operating expenses excluding general, administrative, depreciation and lease expense	87,189	57,941	222,768	141,772
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties
Revenues
Operating lease revenue	5,066	5,087	17,871	17,766
Operating expenses
Operating expenses excluding general, administrative, depreciation and lease expense	3,021	3,010	8,454	8,306
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially owned properties
Nonoperating income and (expenses)
Net income attributable to noncontrolling interests	$ (83)	$ (329)	$ (1,078)	$ (1,312)

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Property Dispositions and Discontinued Operations

9 Months Ended

Sep. 30, 2013

Discontinued Operations and Disposal Groups [Abstract]

Property Dispositions and Discontinued Operations

Property Dispositions and Discontinued Operations

The following two owned off-campus properties were classified as Held for Sale on the accompanying consolidated balance sheet as of September 30, 2013:

Property	Location	Primary University Served	Units	Beds
University Mills	Cedar Falls, IA	University of Northern Iowa	121	481
Campus Ridge (1)	Johnson City, TN	University of Tennessee	132	528

⁽¹⁾   Property was sold in October 2013 (see Note 16).

Concurrent with this classification, these properties were recorded at the lower of cost or fair value less estimated selling costs.  The net income attributable to these properties is included in discontinued operations on the accompanying consolidated statements of comprehensive income for all periods presented.

In July 2013, the following four owned off-campus properties were sold for a combined sales price of $157.4 million resulting in proceeds of approximately $155.2 million. The resulting gain on disposition of approximately $52.8 million is included in discontinued operations on the accompanying consolidated statements of comprehensive income for the three and nine months ended September 30, 2013.

Property	Location	Primary University Served	Units	Beds
The Village at Blacksburg	Blacksburg, VA	Virginia Tech University	288	1,056
State College Park	State College, PA	Penn State University	196	752
University Pines	Statesboro, GA	Georgia Southern University	144	552
Northgate Lakes (1)	Orlando, FL	The University of Central Florida	194	710

⁽¹⁾  This property was included in the 9-property Collateral Pool which secures our agency facility (see Note 8). As a result, concurrent with the sale of this property, $15.5 million of the secured agency facility's outstanding balance was paid down.

In 2012, the Company sold three owned off-campus properties, located in Wilmington, North Carolina (Brookstone Village and Campus Walk) and Greenville, North Carolina (Pirates Cove) containing 1,584 beds for a combined sales price of approximately $54.1 million.  The net income attributable to these properties is included in discontinued operations on the accompanying consolidated statements of comprehensive income for the three and nine months ended September 30, 2012.

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 September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Total revenues	$	1,762		$	7,039		$	13,418		$	21,734
Total operating expenses	(1,140		)	(3,360		)	(5,785		)	(9,261		)
Depreciation and amortization	(131		)	(1,361		)	(1,686		)	(4,052		)
Operating income	491			2,318			5,947			8,421
Total nonoperating expenses	(124		)	(453		)	(574		)	(1,359		)
Net income	$	367		$	1,865		$	5,373		$	7,062

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Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2013

Accounting Policies [Abstract]

Schedule of estimated useful lives of assets

Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows:

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

Schedule of potentially dilutive securities not included in calculating diluted earnings per share

The following potentially dilutive securities were outstanding for the three months ended September 30, 2013 and 2012, but were not included in the computation of diluted earnings per unit because the effects of their inclusion would be anti-dilutive.

	Three Months Ended September 30,		Nine Months Ended September 30,
	2013	2012	2013	2012
Restricted Stock Awards (Note 11)	606,024	581,627	—	—
Total potentially dilutive securities	606,024	581,627	—	—

The following potentially dilutive securities were outstanding for the three and nine months ended September 30, 2013 and 2012, 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 September 30,		Nine Months Ended September 30,
	2013	2012	2013	2012
Common OP Units (Note 10)	1,138,356	899,336	1,134,855	887,478
Preferred OP Units (Note 10)	114,014	114,128	114,090	114,128
Restricted Stock Awards (Note 11)	606,024	581,627	—	—
Total potentially dilutive securities	1,858,394	1,595,091	1,248,945	1,001,606

Schedule of summary of elements used in calculating basic earnings per share/unit

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Numerator – basic and diluted earnings per unit:
(Loss) income from continuing operations	$	(5,366	)	$	(843	)	$	20,675		$	27,689
Income from continuing operations attributable to noncontrolling interests – partially owned properties	(83		)	(329		)	(1,078		)	(1,312		)
Loss (income) from continuing operations attributable to Series A preferred units	11			(44		)	(76		)	(127		)
Amount allocated to participating securities	(218		)	(196		)	(710		)	(652		)
(Loss) income from continuing operations attributable to common unitholders, net of amount allocated to participating securities	(5,656		)	(1,412		)	18,811			25,598
Income from discontinued operations	53,198			1,865			58,204			7,145
Income from discontinued operations attributable to Series A preferred units	(57		)	(2		)	(61		)	(10		)
Income from discontinued operations attributable to common unitholders	53,141			1,863			58,143			7,135
Net income attributable to common unitholders	$	47,485		$	451		$	76,954		$	32,733
Denominator:
Basic weighted average common units outstanding	105,919,787			90,069,204			105,887,837			80,291,801
Restricted Stock Awards (Note 11)	—			—			628,071			605,140
Diluted weighted average common units outstanding	105,919,787			90,069,204			106,515,908			80,896,941

Earnings per unit - basic:
(Loss) income from continuing operations attributable to common unitholders, net of amount allocated to participating securities	$	(0.05	)	$	(0.02	)	$	0.18	$	0.32
Income from discontinued operations attributable to common unitholders	$	0.50		$	0.02		$	0.55	$	0.09
Net income attributable to common unitholders	$	0.45		$	—		$	0.73	$	0.41
Earnings per unit - diluted:
(Loss) income from continuing operations attributable to common unitholders, net of amount allocated to participating securities	$	(0.05	)	$	(0.02	)	$	0.18	$	0.31
Income from discontinued operations attributable to common unitholders	$	0.50		$	0.02		$	0.54	$	0.09
Net income attributable to common unitholders	$	0.45		$	—		$	0.72	$	0.40

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Numerator – basic and diluted earnings per share:
(Loss) income from continuing operations	$	(5,366	)	$	(843	)	$	20,675		$	27,689
Income from continuing operations attributable to noncontrolling interests	(30		)	(374		)	(1,380		)	(1,762		)
(Loss) income from continuing operations attributable to common shareholders	(5,396		)	(1,217		)	19,295			25,927
Amount allocated to participating securities	(218		)	(196		)	(710		)	(652		)
(Loss) income from continuing operations attributable to common shareholders, net of amount allocated to participating securities	(5,614		)	(1,413		)	18,585			25,275
Income from discontinued operations	53,198			1,865			58,204			7,145
Income from discontinued operations attributable to noncontrolling interests	(626		)	(21		)	(684		)	(91		)
Income from discontinued operations attributable to common shareholders	52,572			1,844			57,520			7,054
Net income attributable to common shareholders	$	46,958		$	431		$	76,105		$	32,329
Denominator:
Basic weighted average common shares outstanding	104,781,431			89,169,868			104,752,982			79,404,323
Restricted Stock Awards (Note 11)	—			—			628,071			605,140
Diluted weighted average common shares outstanding	104,781,431			89,169,868			105,381,053			80,009,463

Earnings per share – basic:
(Loss) income from continuing operations attributable to common shareholders, net of amount allocated to participating securities	$	(0.05	)	$	(0.02	)	$	0.18	$	0.32
Income from discontinued operations attributable to common shareholders	$	0.50		$	0.02		$	0.55	$	0.09
Net income attributable to common shareholders	$	0.45		$	—		$	0.73	$	0.41
Earnings per share – diluted:
(Loss) income from continuing operations attributable to common shareholders, net of amount allocated to participating securities	$	(0.05	)	$	(0.02	)	$	0.18	$	0.31
Income from discontinued operations attributable to common shareholders	$	0.50		$	0.02		$	0.54	$	0.09
Net income attributable to common shareholders	$	0.45		$	—		$	0.72	$	0.40

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Segments - Additional Information (Detail Textuals)	9 Months Ended
	Sep. 30, 2013 Segment
Segment Reporting [Abstract]
Identified reportable segments (segments)	4

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Noncontrolling Interests - Summarized Activity of Redeemable Limited Partners (Details) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 57,534
Distributions	(861)
Adjustments to reflect redeemable limited partner units at fair value	10,823
Ending balance	49,790
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	57,534
Distributions	(861)
Adjustments to reflect redeemable limited partner units at fair value	10,823
Ending balance	49,790
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Redeemable noncontrolling interests
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	57,534
Net income	986
Distributions	(1,335)
Redeemable limited partner units issued as consideration (see Note 3)	3,451
Conversion of redeemable limited partner units into shares of ACC common stock	(23)
Adjustments to reflect redeemable limited partner units at fair value	(10,823)
Ending balance	$ 49,790

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Derivative Instruments and Hedging Activities

9 Months Ended

Sep. 30, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives Instruments and Hedging Activities

Derivative 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 Loss and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.  No portion of designated hedges was ineffective during the nine months ended September 30, 2013 and 2012.

As discussed in Note 8, the Company has 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.  In addition, the Company has an interest rate swap contract with a notional amount of $31.5 million 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 September 30, 2013:

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%	$	31,480	$	(623	)
Feb 2, 2012	Feb 2, 2012	Jan 2, 2017	0.8695%	LIBOR – 1 month	125,000		(522		)
Feb 2, 2012	Feb 2, 2012	Jan 2, 2017	0.88%	LIBOR – 1 month	100,000		(457		)
Feb 2, 2012	Feb 2, 2012	Jan 2, 2017	0.8875%	LIBOR – 1 month	62,500		(304		)
Feb 2, 2012	Feb 2, 2012	Jan 2, 2017	0.889%	LIBOR – 1 month	62,500		(304		)
				Total	$	381,480	$	(2,210	)

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 September 30, 2013 and December 31, 2012:

	Liability Derivatives
		Fair Value as of
Description	Balance Sheet Location	September 30, 2013		December 31, 2012
Interest rate swaps contracts	Other liabilities	$	2,210	$	6,661
Total derivatives designated   as hedging instruments		$	2,210	$	6,661

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Investments in Wholly-Owned Properties - Summary (Parentheticals) (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Real Estate Properties [Line Items]
Undeveloped land parcels	$ 34,600,000	$ 30,700,000
Under Development
Real Estate Properties [Line Items]
Undeveloped land parcels	31,100,000	41,600,000
Townhomes Newtown Crossing Property
Real Estate Properties [Line Items]
Land	3,400,000
Furniture, fixtures and equipment	400,000
Construction in progress	$ 2,300,000

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Incentive Award Plan - Additional Information (Detail Textuals) (USD $)	3 Months Ended	1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2012	May 31, 2013 Restricted Stock Units Incentive Award Plan 2010 Board of Directors Chairman	May 31, 2013 Restricted Stock Units Incentive Award Plan 2010 Other members of Board of Directors	Sep. 30, 2013 Restricted Stock Awards	Sep. 30, 2012 Restricted Stock Awards	Sep. 30, 2013 Restricted Stock Awards	Sep. 30, 2012 Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of restricted stock units issued		$ 95,000	$ 71,500
Allocated share-based compensation	$ 500,000			$ 1,600,000	$ 1,300,000	$ 4,800,000	$ 3,900,000

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Summary of Significant Accounting Policies - Summary of Elements Used in Calculating Basic and Diluted Earnings per Share (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Numerator - basic and diluted earnings per share:
(Loss) income from continuing operations	$ (5,366)	$ (843)	$ 20,675	$ 27,689
Income from continuing operations attributable to noncontrolling interests	(30)	(374)	(1,380)	(1,762)
(Loss) income from continuing operations attributable to common shareholders	(5,396)	(1,217)	19,295	25,927
Amount allocated to participating securities	(218)	(196)	(710)	(652)
(Loss) income from continuing operations attributable to common shareholders, net of amount allocated to participating securities	(5,614)	(1,413)	18,585	25,275
Income from discontinued operations	53,198	1,865	58,204	7,145
Income from discontinued operations attributable to noncontrolling interests	(626)	(21)	(684)	(91)
Income from discontinued operations attributable to common shareholders	52,572	1,844	57,520	7,054
Net income attributable to common shareholders	46,958	431	76,105	32,329
Denominator:
Basic weighted average common shares outstanding (in shares)	104,781,431	89,169,868	104,752,982	79,404,323
Restricted Stock Awards (Note 11) (in shares)	0	0	628,071	605,140
Diluted weighted average common shares outstanding (in shares)	104,781,431	89,169,868	105,381,053	80,009,463
Earnings per share - basic:
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities (in dollars per share/unit)	$ (0.05)	$ (0.02)	$ 0.18	$ 0.32
Income from discontinued operations attributable to common shareholders (in dollars per share/unit)	$ 0.50	$ 0.02	$ 0.55	$ 0.09
Net income attributable to common unitholders (in dollars per share/unit)	$ 0.45	$ 0.00	$ 0.73	$ 0.41
Earnings per share - diluted:
(Loss) Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities (in dollars per share/unit)	$ (0.05)	$ (0.02)	$ 0.18	$ 0.31
Income from discontinued operations attributable to common shareholders (in dollars per share/unit)	$ 0.50	$ 0.02	$ 0.54	$ 0.09
Net income attributable to common shareholders (in dollars per share/unit)	$ 0.45	$ 0.00	$ 0.72	$ 0.40
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Numerator - basic and diluted earnings per share:
(Loss) income from continuing operations	(5,366)	(843)	20,675	27,689
Amount allocated to participating securities	(218)	(196)	(710)	(652)
(Loss) income from continuing operations attributable to common shareholders, net of amount allocated to participating securities	(5,656)	(1,412)	18,811	25,598
Income from discontinued operations	53,198	1,865	58,204	7,145
Income from discontinued operations attributable to common shareholders	53,141	1,863	58,143	7,135
Net income attributable to common shareholders	$ 47,485	$ 451	$ 76,954	$ 32,733
Earnings per share - basic:
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities (in dollars per share/unit)	$ (0.05)	$ (0.02)	$ 0.18	$ 0.32
Net income attributable to common unitholders (in dollars per share/unit)	$ 0.45	$ 0.00	$ 0.73	$ 0.41
Earnings per share - diluted:
(Loss) Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities (in dollars per share/unit)	$ (0.05)	$ (0.02)	$ 0.18	$ 0.31
Net income attributable to common shareholders (in dollars per share/unit)	$ 0.45	$ 0.00	$ 0.72	$ 0.40

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Investments in Wholly-Owned Properties (Tables) (Wholly-owned properties)

9 Months Ended

Sep. 30, 2013

Wholly-owned properties

Real Estate Properties [Line Items]

Schedule of Real Estate Properties

Wholly-owned properties consisted of the following: 

	September 30, 2013			December 31, 2012
Land (1) (2)	$	563,467		$	550,274
Buildings and improvements	4,596,433			4,351,239
Furniture, fixtures and equipment (2)	258,707			227,409
Construction in progress (2)	70,483			138,923
	5,489,090			5,267,845
Less accumulated depreciation	(485,917		)	(396,469		)
Wholly-owned properties, net(3)	$	5,003,173		$	4,871,376

⁽¹⁾  The land balance above includes undeveloped land parcels with book values of approximately $34.6 million and $30.7 million as of September 30, 2013 and December 31, 2012, respectively.  Also includes land totaling approximately $31.1 million and $41.6 million as of September 30, 2013 and December 31, 2012, respectively, related to properties under development.

⁽²⁾  Land, furniture, fixtures and equipment and construction in progress as of September 30, 2013 include $3.4 million, $0.4 million and $2.3 million, respectively, related to the University Walk property located in Knoxville, Tennessee, that will serve students attending the University of Tennessee.  In July 2013, 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 and other closing conditions.  The development of the property is anticipated to be completed in August 2014.  The entity that owns University Walk 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 balances above exclude the net book value of two properties, University Mills and Campus Ridge which are classified as wholly-owned properties Held for Sale in the accompanying consolidated balance sheet as of September 30, 2013.

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Property Dispositions and Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2013

Discontinued Operations and Disposal Groups [Abstract]

Schedule of owned off-campus properties were classified as Held for Sale on the accompanying consolidated balance sheet

The following two owned off-campus properties were classified as Held for Sale on the accompanying consolidated balance sheet as of September 30, 2013:

Property	Location	Primary University Served	Units	Beds
University Mills	Cedar Falls, IA	University of Northern Iowa	121	481
Campus Ridge (1)	Johnson City, TN	University of Tennessee	132	528

Schedule of 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 September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Total revenues	$	1,762		$	7,039		$	13,418		$	21,734
Total operating expenses	(1,140		)	(3,360		)	(5,785		)	(9,261		)
Depreciation and amortization	(131		)	(1,361		)	(1,686		)	(4,052		)
Operating income	491			2,318			5,947			8,421
Total nonoperating expenses	(124		)	(453		)	(574		)	(1,359		)
Net income	$	367		$	1,865		$	5,373		$	7,062

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Property Dispositions and Discontinued Operations- Summary of summary of results of operations for properties (Details 1) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Discontinued Operations and Disposal Groups [Abstract]
Total revenues	$ 1,762	$ 7,039	$ 13,418	$ 21,734
Total operating expenses	(1,140)	(3,360)	(5,785)	(9,261)
Depreciation and amortization	(131)	(1,361)	(1,686)	(4,052)
Operating income	491	2,318	5,947	8,421
Total nonoperating expenses	(124)	(453)	(574)	(1,359)
Net income	$ 367	$ 1,865	$ 5,373	$ 7,062

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Segments (Tables)

9 Months Ended

Sep. 30, 2013

Segment Reporting [Abstract]

Schedule of segment information

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Wholly-Owned Properties
Rental revenues	$	151,551		$	104,516		$	451,691		$	287,914
Interest and other income	14			7			36			31
Total revenues from external customers	151,565			104,523			451,727			287,945
Operating expenses before depreciation, amortization, ground/facility lease and allocation of corporate overhead	(88,353		)	(58,348		)	(225,392		)	(142,222		)
Ground/facility leases	(759		)	(564		)	(2,063		)	(1,259		)
Interest expense	(11,062		)	(8,224		)	(33,936		)	(22,549		)
Operating income before depreciation, amortization, and allocation of corporate overhead	$	51,391		$	37,387		$	190,336		$	121,915
Depreciation and amortization	$	43,577		$	25,633		$	133,465		$	68,785
Capital expenditures	$	96,770		$	99,049		$	271,623		$	285,809
Total segment assets at September 30,	$	5,133,137		$	4,053,250		$	5,133,137		$	4,053,250
On-Campus Participating Properties
Rental revenues	$	5,066		$	5,087		$	17,871		$	17,766
Interest and other income	8			4			12			12
Total revenues from external customers	5,074			5,091			17,883			17,778
Operating expenses before depreciation, amortization, ground/facility lease and allocation of corporate overhead	(2,850		)	(2,856		)	(7,915		)	(7,763		)
Ground/facility lease	(627		)	(529		)	(1,686		)	(1,602		)
Interest expense	(1,365		)	(1,419		)	(4,120		)	(4,276		)
Operating income before depreciation, amortization and allocation of corporate overhead	$	232		$	287		$	4,162		$	4,137
Depreciation and amortization	$	1,197		$	1,167		$	3,553		$	3,481
Capital expenditures	$	7,660		$	948		$	8,368		$	1,710
Total segment assets at September 30,	$	77,250		$	74,245		$	77,250		$	74,245
Development Services
Development and construction management fees	$	622		$	1,467		$	1,656		$	7,427
Operating expenses	(3,159		)	(2,767		)	(8,541		)	(7,867		)
Operating loss before depreciation, amortization and allocation of corporate overhead	$	(2,537	)	$	(1,300	)	$	(6,885	)	$	(440	)
Total segment assets at September 30,	$	5,113		$	4,340		$	5,113		$	4,340
Property Management Services
Property management fees from external customers	$	1,792		$	1,687		$	5,425		$	5,083
Intersegment revenues	5,293			4,049			15,879			11,657
Total revenues	7,085			5,736			21,304			16,740
Operating expenses	(2,413		)	(2,360		)	(7,534		)	(7,494		)
Operating income before depreciation, amortization and allocation of corporate overhead	$	4,672		$	3,376		$	13,770		$	9,246
Total segment assets at September 30,	$	6,960		$	4,688		$	6,960		$	4,688
Reconciliations
Total segment revenues	$	164,346		$	116,817		$	492,570		$	329,890
Unallocated interest income earned on corporate cash	770			417			2,117			1,312
Elimination of intersegment revenues	(5,293		)	(4,049		)	(15,879		)	(11,657		)
Total consolidated revenues, including interest income	$	159,823		$	113,185		$	478,808		$	319,545
Segment operating income before depreciation, amortization and allocation of corporate overhead	$	53,758		$	39,750		$	201,383		$	134,858
Depreciation and amortization	(46,661		)	(28,225		)	(142,516		)	(76,367		)
Net unallocated expenses relating to corporate overhead	(12,342		)	(12,323		)	(34,761		)	(30,767		)
Income from unconsolidated joint ventures	—			—			—			444
Other nonoperating income (expense)	134			136			(2,666		)	14
Income tax provision	(255		)	(181		)	(765		)	(493		)
(Loss) income from continuing operations	$	(5,366	)	$	(843	)	$	20,675		$	27,689
Total segment assets	$	5,222,460		$	4,136,523		$	5,222,460		$	4,136,523
Unallocated corporate assets	97,626			78,049			97,626			78,049
Total assets at September 30,	$	5,320,086		$	4,214,572		$	5,320,086		$	4,214,572

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Summary of Significant Accounting Policies - Summary of Elements Used in Calculating Basic and Diluted Earnings per Unit (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Numerator - basic and diluted earnings per unit:
(Loss) income from continuing operations	$ (5,366)	$ (843)	$ 20,675	$ 27,689
Income from continuing operations attributable to noncontrolling interests	(30)	(374)	(1,380)	(1,762)
Amount allocated to participating securities	(218)	(196)	(710)	(652)
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities	(5,614)	(1,413)	18,585	25,275
Income from discontinued operations	53,198	1,865	58,204	7,145
Income from discontinued operations attributable to common shareholders	52,572	1,844	57,520	7,054
Net income attributable to common shareholders	46,958	431	76,105	32,329
Earnings per unit - basic
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities (in dollars per share/unit)	$ (0.05)	$ (0.02)	$ 0.18	$ 0.32
Net income attributable to common unitholders (in dollars per share/unit)	$ 0.45	$ 0.00	$ 0.73	$ 0.41
Earnings per unit - diluted:
(Loss) Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities (in dollars per share/unit)	$ (0.05)	$ (0.02)	$ 0.18	$ 0.31
Net income attributable to common shareholders (in dollars per share/unit)	$ 0.45	$ 0.00	$ 0.72	$ 0.40
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Numerator - basic and diluted earnings per unit:
(Loss) income from continuing operations	(5,366)	(843)	20,675	27,689
Income from continuing operations attributable to Series A preferred units	11	(44)	(76)	(127)
Amount allocated to participating securities	(218)	(196)	(710)	(652)
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities	(5,656)	(1,412)	18,811	25,598
Income from discontinued operations	53,198	1,865	58,204	7,145
Income from discontinued operations attributable to Series A preferred unit distributions	(57)	(2)	(61)	(10)
Income from discontinued operations attributable to common shareholders	53,141	1,863	58,143	7,135
Net income attributable to common shareholders	47,485	451	76,954	32,733
Denominator:
Basic weighted average common units outstanding (in units)	105,919,787	90,069,204	105,887,837	80,291,801
Restricted Stock Awards (Note 10) (in units)	0	0	628,071	605,140
Diluted weighted average common units outstanding (in units)	105,919,787	90,069,204	106,515,908	80,896,941
Earnings per unit - basic
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities (in dollars per share/unit)	$ (0.05)	$ (0.02)	$ 0.18	$ 0.32
Income from discontinued operations attributable to common unitholders (in dollars per share/unit)	$ 0.50	$ 0.02	$ 0.55	$ 0.09
Net income attributable to common unitholders (in dollars per share/unit)	$ 0.45	$ 0.00	$ 0.73	$ 0.41
Earnings per unit - diluted:
(Loss) Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities (in dollars per share/unit)	$ (0.05)	$ (0.02)	$ 0.18	$ 0.31
Income from discontinued operations attributable to common unitholders (in dollars per share/unit)	$ 0.50	$ 0.02	$ 0.54	$ 0.09
Net income attributable to common shareholders (in dollars per share/unit)	$ 0.45	$ 0.00	$ 0.72	$ 0.40
Partially owned properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Numerator - basic and diluted earnings per unit:
Income from continuing operations attributable to noncontrolling interests	$ (83)	$ (329)	$ (1,078)	$ (1,312)

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On-Campus Participating Properties (Details) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013		Dec. 31, 2012
Real Estate Properties [Line Items]
Investment Property, Net	$ 5,089,042		$ 4,928,722
On-campus participating properties
Real Estate Properties [Line Items]
Real Estate Investment Property, at Cost	118,206		109,838
Real Estate Investment Property Accumulated Amortization	(56,044)		(52,492)
Investment Property, Net	62,162		57,346
On-campus participating properties | Texas A and M International [Member]
Real Estate Properties [Line Items]
Lease Commencement Date	Feb. 01, 1996
Required Debt Repayment Date	Sep. 01, 2023	[1]
Real Estate Investment Property, at Cost	6,701		6,651
Phases Placed In Service Between 1996 and 1998 [Member] | On-campus participating properties | Prairie View A and M University [Member]
Real Estate Properties [Line Items]
Lease Commencement Date	Feb. 01, 1996	[2]
Required Debt Repayment Date	Sep. 01, 2023	[1],[2]
Real Estate Investment Property, at Cost	42,211	[2]	41,485	[2]
Phases Placed In Service In 2000 and 2003 [Member] | On-campus participating properties | Prairie View A and M University [Member]
Real Estate Properties [Line Items]
Lease Commencement Date	Oct. 01, 1999	[3]
Real Estate Investment Property, at Cost	26,172	[3]	25,766	[3]
Phases Placed In Service In 2001 and 2005 [Member] | On-campus participating properties | University Of Houston [Member]
Real Estate Properties [Line Items]
Lease Commencement Date	Sep. 27, 2000	[4]
Required Debt Repayment Date	Aug. 31, 2035	[1],[4]
Real Estate Investment Property, at Cost	36,077	[4]	35,936	[4]
Phases Placed in Service in 2013 [Member] | On-campus participating properties | University Of Houston [Member]
Real Estate Properties [Line Items]
Lease Commencement Date	Jul. 16, 2013	[5]
Required Debt Repayment Date	Jul. 16, 2045	[1],[5]
Real Estate Investment Property, at Cost	$ 7,045	[5]	$ 0	[5]
Minimum | Phases Placed In Service In 2000 and 2003 [Member] | On-campus participating properties | Prairie View A and M University [Member]
Real Estate Properties [Line Items]
Required Debt Repayment Date	Aug. 31, 2025	[1],[3]
Maximum | Phases Placed In Service In 2000 and 2003 [Member] | On-campus participating properties | Prairie View A and M University [Member]
Real Estate Properties [Line Items]
Required Debt Repayment Date	Aug. 31, 2028	[1],[3]

[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.

[5] In July 2013, the Company entered into long-term ground and facility leases with the University to finance, construct and manage this on-campus participating property. Under the terms of the leases, title to the constructed facility will be held by the University/lessor and the University will receive 50% of defined net cash flows on an annual basis through the term of the leases. Due to our involvement in the construction of the facility, any fees paid to the Company/lessee for development and construction management services during the construction period are deferred and amortized to revenue over the lease term. This facility is scheduled to be placed in service in August 2014.

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Incentive Award Plan (Tables)

9 Months Ended

Sep. 30, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of restricted stock units

A summary of ACC’s RSUs under the Plan as of September 30, 2013 and activity during the nine months then ended is presented below:

	Number of RSUs
Outstanding at December 31, 2012	—
Granted	10,265
Settled in common shares	(4,572	)
Settled in cash	(5,693	)
Outstanding at September 30, 2013	—

Schedule of summary of restricted stock awards

A summary of ACC’s RSAs under the Plan as of September 30, 2013 and activity during the nine months then ended, is presented below:

	Number of RSAs
Nonvested balance at December 31, 2012	575,668
Granted	230,800
Vested	(111,533	)
Forfeited	(90,189	)
Nonvested balance at September 30, 2013	604,746

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Fair Value Disclosures - Financial Instruments Measured at Fair Value (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Liabilities:
Derivative financial instruments, Liabilities	$ 2,210	$ 6,661
Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited Partners (Operating Partnership)	49,790	57,534
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Liabilities:
Derivative financial instruments, Liabilities
Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited Partners (Operating Partnership)
Significant Other Observable Inputs (Level 2)
Liabilities:
Derivative financial instruments, Liabilities	2,210	6,661
Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited Partners (Operating Partnership)	49,790	57,534
Significant Unobservable Inputs (Level 3)
Liabilities:
Derivative financial instruments, Liabilities
Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited Partners (Operating Partnership)

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Derivative Instruments and Hedging Activities - Fair Value of Derivative Financial Instruments and Classification on Consolidated Balance Sheet (Details 1) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Derivatives, Fair Value [Line Items]
Total derivatives liabilities designated as hedging instruments	$ 2,210	$ 6,661
Interest rate swaps contracts | Other Liabilities
Derivatives, Fair Value [Line Items]
Total derivatives liabilities designated as hedging instruments	$ 2,210	$ 6,661

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Property Acquisitions Property Acquisitions-EPS Table (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Business Combinations [Abstract]
Total revenues	$ 160	$ 113	$ 479	$ 320
Net income attributable to common Shareholders	$ 48	$ 1	$ 78	$ 33
Net income per share attributable to common shareholders, as adjusted - basic (usd per share)	$ 0.45	$ 0.00	$ 0.73	$ 0.41
Net income per share attributable to common shareholders, as adjusted - diluted (usd per share)	$ 0.45	$ 0.00	$ 0.73	$ 0.40

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Subsequent Events - Additional Information (Detail Textuals) (USD $)	9 Months Ended	0 Months Ended			0 Months Ended		0 Months Ended
	Sep. 30, 2013 Secured Agency Facility Property	Oct. 30, 2013 Subsequent Event Dividend Declared	Oct. 04, 2013 Subsequent Event Northgate Lakes Property	Oct. 04, 2013 Subsequent Event Northgate Lakes Secured Agency Facility	Oct. 08, 2013 Park Point Subsequent Event Bed Unit	Oct. 08, 2013 Park Point Subsequent Event Mortgage Loan	Nov. 06, 2013 U Centre at Fry Street Subsequent Event Bed Unit
Subsequent Event [Line Items]
Gross proceeds from sale of properties			$ 12,500,000
Net proceeds from sale of properties			11,600,000
Number of collateral properties (properties)	9		9
Properties collateral against secured agency facility				7,600,000
Number of units acquired (units)					300		194
Number of bed acquired (beds)					924		614
Purchase price of Acquisitions					100,300,000		51,300,000
Assumed property-level debt						59,800,000
Increase in mortgage loan						10,200,000
Face amount						$ 70,000,000
Common Stock, dividends per share, declared (usd per share)		$ 0.36
Dividend distribution date		Nov. 27, 2013
Dividend payable, date of record		Nov. 13, 2013

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Property Acquisitions (Tables)

9 Months Ended

Sep. 30, 2013

Business Combinations [Abstract]

Schedule of earnings per share

The Company did not assume any property-level debt as part of this transaction.

The acquired property’s results of operations have been included in the accompanying consolidated statements of comprehensive income since their respective acquisition closing dates, with the exception of properties subject to pre-sale/mezzanine investment agreements. As a result of applying accounting guidance related to variable interest entities ("VIEs"), we include properties subject to pre-sale/mezzanine investment agreements in our consolidated financial statements during the construction period. As a result, Townhomes at Newtown Crossing’s results of operations have been included in the accompanying consolidated statements of comprehensive income from the date of project completion in August 2013 through the acquisition date in September 2013. The following pro forma information for the three and nine months ended September 30, 2013 and 2012, 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 September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Total revenues	$	159,859	$	113,484	$	479,332	$	319,972
Net income attributable to common Shareholders	$	47,574	$	589	$	77,582	$	32,871
Net income per share attributable to common shareholders, as adjusted - basic	$	0.45	$	—	$	0.73	$	0.41
Net income per share attributable to common shareholders, as adjusted - diluted	$	0.45	$	—	$	0.73	$	0.40

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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Operating activities
Net income	$ 78,879	$ 34,834
Adjustments to reconcile net income to net cash provided by operating activities:
Gain from disposition of real estate	(52,831)	(83)
Loss on remeasurement of equity method investment	0	122
Depreciation and amortization	140,059	77,407
Amortization of deferred financing costs and debt premiums/discounts	(6,397)	1,904
Share-based compensation	5,008	3,948
Income from unconsolidated joint ventures	0	(444)
Income tax provision	765	493
Changes in operating assets and liabilities:
Restricted cash	1,468	(2,772)
Student contracts receivable, net	(3,333)	(4,088)
Other assets	(16,315)	1,224
Accounts payable and accrued expenses	3,577	8,930
Other liabilities	25,919	11,877
Net cash provided by operating activities	176,799	133,352
Investing activities
Proceeds from disposition of real estate	155,234	28,167
Cash paid for property acquisitions	(92,508)	(634,581)
Cash paid for land acquisitions	(9,920)	(25,103)
Investment in on-campus participating properties under development	(7,045)	0
Investment in loans receivable	(52,038)	0
Investment in mezzanine loans	(8,750)	(2,000)
Repayment of mezzanine loan	0	4,000
Increase in escrow deposits	(2,500)	(19,170)
Change in restricted cash related to capital reserves	(1,156)	(366)
Proceeds from insurance settlement	636	0
Purchase of corporate furniture, fixtures and equipment	(1,997)	(1,396)
Net cash used in investing activities	(292,990)	(937,968)
Financing activities
Proceeds from unsecured notes	398,636	0
Proceeds from sale of common stock	0	838,313
Offering costs	0	(33,223)
Pay-off of mortgage loans and construction loans	(61,891)	(62,182)
Proceeds from unsecured term loan	0	150,000
Proceeds from credit facilities	364,855	371,000
Pay downs of credit facilities	(456,200)	(438,000)
Proceeds from construction loans	3,917	72,583
Principal payments on debt	(11,353)	(8,064)
Redemption of common units for cash	0	(132)
Debt issuance and assumption costs	(4,239)	(5,655)
Distributions to common and restricted stockholders	(111,525)	(82,083)
Distributions to noncontrolling partners	(2,196)	(2,329)
Net cash provided by financing activities	120,004	800,228
Net change in cash and cash equivalents	3,813	(4,388)
Cash and cash equivalents at beginning of period	21,454	22,399
Cash and cash equivalents at end of period	25,267	18,011
Supplemental disclosure of non-cash investing and financing activities
Loans assumed in connection with property acquisitions	0	(250,073)
Issuance of common units in connection with property acquisitions	(3,451)	(15,000)
Change in fair value of derivative instruments, net	4,451	(4,191)
Supplemental disclosure of cash flow information
Interest paid	70,226	48,390
Wholly-owned properties
Investing activities
Capital expenditures for wholly-owned properties/on-campus participating properties	(52,587)	(20,739)
Investments in wholly-owned properties under development	(219,036)	(265,070)
On-campus participating properties
Investing activities
Capital expenditures for wholly-owned properties/on-campus participating properties	(1,323)	(1,710)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Operating activities
Net income	78,879	34,834
Adjustments to reconcile net income to net cash provided by operating activities:
Gain from disposition of real estate	(52,831)	(83)
Loss on remeasurement of equity method investment	0	122
Depreciation and amortization	140,059	77,407
Amortization of deferred financing costs and debt premiums/discounts	(6,397)	1,904
Share-based compensation	5,008	3,948
Income from unconsolidated joint ventures	0	(444)
Income tax provision	765	493
Changes in operating assets and liabilities:
Restricted cash	1,468	(2,772)
Student contracts receivable, net	(3,333)	(4,088)
Other assets	(16,315)	1,224
Accounts payable and accrued expenses	3,577	8,930
Other liabilities	25,919	11,877
Net cash provided by operating activities	176,799	133,352
Investing activities
Proceeds from disposition of real estate	155,234	28,167
Cash paid for property acquisitions	(92,508)	(634,581)
Cash paid for land acquisitions	(9,920)	(25,103)
Investment in on-campus participating properties under development	(7,045)	0
Investment in loans receivable	(52,038)	0
Repayment of mezzanine loan	0	4,000
Increase in escrow deposits	(2,500)	(19,170)
Change in restricted cash related to capital reserves	(1,156)	(366)
Proceeds from insurance settlement	636	0
Purchase of corporate furniture, fixtures and equipment	(1,997)	(1,396)
Net cash used in investing activities	(292,990)	(937,968)
Financing activities
Proceeds from unsecured notes	398,636	0
Proceeds from issuance of common units in exchange for contributions, net	0	805,090
Pay-off of mortgage loans and construction loans	(61,891)	(62,182)
Proceeds from unsecured term loan	0	150,000
Proceeds from credit facilities	364,855	371,000
Pay downs of credit facilities	(456,200)	(438,000)
Proceeds from construction loans	3,917	72,583
Principal payments on debt	(11,353)	(8,064)
Redemption of common units for cash	0	(132)
Debt issuance and assumption costs	(4,239)	(5,655)
Net cash provided by financing activities	120,004	800,228
Net change in cash and cash equivalents	3,813	(4,388)
Cash and cash equivalents at beginning of period	21,454	22,399
Cash and cash equivalents at end of period	25,267	18,011
Supplemental disclosure of non-cash investing and financing activities
Loans assumed in connection with property acquisitions	0	(250,073)
Issuance of common units in connection with property acquisitions	(3,451)	(15,000)
Change in fair value of derivative instruments, net	4,451	(4,191)
Supplemental disclosure of cash flow information
Interest paid	70,226	48,390
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Unvested Restricted Awards
Financing activities
Distributions paid	(710)	(652)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Common units
Financing activities
Distributions paid	(112,013)	(82,301)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Preferred units
Financing activities
Distributions paid	(137)	(137)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially owned properties
Financing activities
Distributions to noncontrolling partners	(861)	(1,322)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties
Investing activities
Capital expenditures for wholly-owned properties/on-campus participating properties	(52,587)	(20,739)
Investments in wholly-owned properties under development	(219,036)	(265,070)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties
Investing activities
Capital expenditures for wholly-owned properties/on-campus participating properties	$ (1,323)	$ (1,710)

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Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2013

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements, presented in U.S. dollars, are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires 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, 2012.

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 $2.8 million and $2.4 million was capitalized during the three months ended September 30, 2013 and 2012, respectively, and $8.6 million and $8.3 million was capitalized during the nine months ended September 30, 2013 and 2012, respectively.  Amortization of deferred financing costs totaling approximately $0.1 and was capitalized as construction in progress during both the three months ended September 30, 2013 and 2012, and $0.2 million and was capitalized as construction in progress during both the nine months ended September 30, 2013 and 2012.

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 September 30, 2013.

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, our own analysis of recently acquired and existing comparable properties in our portfolio, and other market data.  Information obtained about each property as a result of due diligence, marketing and leasing activities is also considered.  The value allocated to land is generally based on the actual purchase price adjusted to fair value (as necessary) if acquired separately, or market research / comparables if acquired as part of an existing operating property.  The value allocated to building is based on the fair value determined on an “as-if vacant” basis, which is estimated using an income, or discounted cash flow, approach that relies upon internally determined assumptions that we believe are consistent with current market conditions for similar properties. The value allocated to furniture, fixtures, and equipment is based on an estimate of the fair value of the appliances and fixtures inside the units.

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.

Loans Receivable

Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan purchase discounts, and net of an allowance for loan losses when such loan is deemed to be impaired.  Loan purchase discounts are amortized over the term of the loan.  The Company considers a loan impaired when, based upon current information and events, it is probable that it will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement.  Significant judgments are required in determining whether impairment has occurred.  The Company performs an impairment analysis by comparing either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable current market price or the fair value of the underlying collateral to the net carrying value of the loan, which may result in an allowance and corresponding loan loss charge.  Loans receivable are included in other assets on the accompanying consolidated balance sheets.

Intangible Assets

A portion of the purchase price of acquired properties is allocated to the value of in-place leases for both student and commercial tenants, which is based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued “as-if” vacant.  As lease terms for student leases are typically one year or less, rates on in-place leases generally approximate market rental rates.  Factors considered in the valuation of in-place leases include an estimate of the carrying costs during the expected lease-up period considering current market conditions, nature of the tenancy, and costs to execute similar leases.  Carrying costs include estimates of lost 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.  The purchase price of property acquisitions is not expected to be allocated to student tenant relationships, considering the terms of the leases and the expected levels of renewals.

Amortization expense related to in-place leases was approximately $2.1 million and $1.4 million for the three months ended September 30, 2013 and 2012, respectively, and $13.0 million and $3.5 million for the nine months ended September 30, 2013 and 2012, respectively.  Accumulated amortization at September 30, 2013 and December 31, 2012 was approximately $24.8 million and $12.4 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 comprehensive income.  

Mortgage Debt - Premiums and Discounts

Mortgage debt premiums and discounts represent fair value adjustments to account for the difference between the stated rates and market rates of mortgage debt assumed in connection with the Company’s property acquisitions.  The mortgage debt premiums and discounts are amortized to interest expense over the term of the related mortgage loans using the effective-interest method.  The amortization of mortgage debt premiums and discounts resulted in a net decrease to interest expense of approximately $3.4 million and $0.6 million for the three months ended September 30, 2013 and 2012, respectively, and $10.6 million and $1.2 million for the nine months ended September 30, 2013 and 2012, respectively.  Mortgage debt premiums and discounts are included in secured mortgage, construction and bond debt on the accompanying consolidated balance sheets and amortization of mortgage debt premiums and discounts is included in interest expense on the accompanying consolidated statements of comprehensive income.

Unsecured Notes - Original Issue Discount

In April 2013, the Company issued $400 million of senior unsecured notes at 99.659 percent of par value (see Note 8) and recorded an original issue discount of approximately $1.4 million.  The original issue discount is amortized to interest expense over the term of the unsecured notes using the effective-interest method.  The unamortized original issue discount was approximately $1.3 million as of September 30, 2013 and is included in unsecured notes on the accompanying consolidated balance sheets and amortization of the original issue discount of $28,000 and $56,000 for the three and nine months ended September 30, 2013, respectively, is included in interest expense on the accompanying consolidated statements of comprehensive income.

Pre-development Expenditures

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 comprehensive income.  As of September 30, 2013, the Company has deferred approximately $2.4 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 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 OP Units and common share awards granted.  Only those items having a dilutive impact on basic earnings per share are included in diluted earnings per share.

The following potentially dilutive securities were outstanding for the three and nine months ended September 30, 2013 and 2012, 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 September 30,		Nine Months Ended September 30,
	2013	2012	2013	2012
Common OP Units (Note 10)	1,138,356	899,336	1,134,855	887,478
Preferred OP Units (Note 10)	114,014	114,128	114,090	114,128
Restricted Stock Awards (Note 11)	606,024	581,627	—	—
Total potentially dilutive securities	1,858,394	1,595,091	1,248,945	1,001,606

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Numerator – basic and diluted earnings per share:
(Loss) income from continuing operations	$	(5,366	)	$	(843	)	$	20,675		$	27,689
Income from continuing operations attributable to noncontrolling interests	(30		)	(374		)	(1,380		)	(1,762		)
(Loss) income from continuing operations attributable to common shareholders	(5,396		)	(1,217		)	19,295			25,927
Amount allocated to participating securities	(218		)	(196		)	(710		)	(652		)
(Loss) income from continuing operations attributable to common shareholders, net of amount allocated to participating securities	(5,614		)	(1,413		)	18,585			25,275
Income from discontinued operations	53,198			1,865			58,204			7,145
Income from discontinued operations attributable to noncontrolling interests	(626		)	(21		)	(684		)	(91		)
Income from discontinued operations attributable to common shareholders	52,572			1,844			57,520			7,054
Net income attributable to common shareholders	$	46,958		$	431		$	76,105		$	32,329
Denominator:
Basic weighted average common shares outstanding	104,781,431			89,169,868			104,752,982			79,404,323
Restricted Stock Awards (Note 11)	—			—			628,071			605,140
Diluted weighted average common shares outstanding	104,781,431			89,169,868			105,381,053			80,009,463

Earnings per share – basic:
(Loss) income from continuing operations attributable to common shareholders, net of amount allocated to participating securities	$	(0.05	)	$	(0.02	)	$	0.18	$	0.32
Income from discontinued operations attributable to common shareholders	$	0.50		$	0.02		$	0.55	$	0.09
Net income attributable to common shareholders	$	0.45		$	—		$	0.73	$	0.41
Earnings per share – diluted:
(Loss) income from continuing operations attributable to common shareholders, net of amount allocated to participating securities	$	(0.05	)	$	(0.02	)	$	0.18	$	0.31
Income from discontinued operations attributable to common shareholders	$	0.50		$	0.02		$	0.54	$	0.09
Net income attributable to common shareholders	$	0.45		$	—		$	0.72	$	0.40

Earnings per Unit – Operating Partnership

Basic earnings per OP Unit is computed using net income attributable to common unitholders and the weighted average number of common units outstanding during the period.  Diluted earnings per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units or resulted in the issuance of OP Units and then shared in the earnings of the Operating Partnership.

The following potentially dilutive securities were outstanding for the three months ended September 30, 2013 and 2012, but were not included in the computation of diluted earnings per unit because the effects of their inclusion would be anti-dilutive.

	Three Months Ended September 30,		Nine Months Ended September 30,
	2013	2012	2013	2012
Restricted Stock Awards (Note 11)	606,024	581,627	—	—
Total potentially dilutive securities	606,024	581,627	—	—

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Numerator – basic and diluted earnings per unit:
(Loss) income from continuing operations	$	(5,366	)	$	(843	)	$	20,675		$	27,689
Income from continuing operations attributable to noncontrolling interests – partially owned properties	(83		)	(329		)	(1,078		)	(1,312		)
Loss (income) from continuing operations attributable to Series A preferred units	11			(44		)	(76		)	(127		)
Amount allocated to participating securities	(218		)	(196		)	(710		)	(652		)
(Loss) income from continuing operations attributable to common unitholders, net of amount allocated to participating securities	(5,656		)	(1,412		)	18,811			25,598
Income from discontinued operations	53,198			1,865			58,204			7,145
Income from discontinued operations attributable to Series A preferred units	(57		)	(2		)	(61		)	(10		)
Income from discontinued operations attributable to common unitholders	53,141			1,863			58,143			7,135
Net income attributable to common unitholders	$	47,485		$	451		$	76,954		$	32,733
Denominator:
Basic weighted average common units outstanding	105,919,787			90,069,204			105,887,837			80,291,801
Restricted Stock Awards (Note 11)	—			—			628,071			605,140
Diluted weighted average common units outstanding	105,919,787			90,069,204			106,515,908			80,896,941

Earnings per unit - basic:
(Loss) income from continuing operations attributable to common unitholders, net of amount allocated to participating securities	$	(0.05	)	$	(0.02	)	$	0.18	$	0.32
Income from discontinued operations attributable to common unitholders	$	0.50		$	0.02		$	0.55	$	0.09
Net income attributable to common unitholders	$	0.45		$	—		$	0.73	$	0.41
Earnings per unit - diluted:
(Loss) income from continuing operations attributable to common unitholders, net of amount allocated to participating securities	$	(0.05	)	$	(0.02	)	$	0.18	$	0.31
Income from discontinued operations attributable to common unitholders	$	0.50		$	0.02		$	0.54	$	0.09
Net income attributable to common unitholders	$	0.45		$	—		$	0.72	$	0.40

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Investments in Wholly-Owned Properties (Village at Blacksburg, State College Park and University Pines)

9 Months Ended

Sep. 30, 2013

Village at Blacksburg, State College Park and University Pines

Real Estate Properties [Line Items]

Real Estate Disclosure

Investments in Wholly-Owned Properties

Wholly-owned properties consisted of the following: 

	September 30, 2013			December 31, 2012
Land (1) (2)	$	563,467		$	550,274
Buildings and improvements	4,596,433			4,351,239
Furniture, fixtures and equipment (2)	258,707			227,409
Construction in progress (2)	70,483			138,923
	5,489,090			5,267,845
Less accumulated depreciation	(485,917		)	(396,469		)
Wholly-owned properties, net(3)	$	5,003,173		$	4,871,376

⁽¹⁾  The land balance above includes undeveloped land parcels with book values of approximately $34.6 million and $30.7 million as of September 30, 2013 and December 31, 2012, respectively.  Also includes land totaling approximately $31.1 million and $41.6 million as of September 30, 2013 and December 31, 2012, respectively, related to properties under development.

⁽²⁾  Land, furniture, fixtures and equipment and construction in progress as of September 30, 2013 include $3.4 million, $0.4 million and $2.3 million, respectively, related to the University Walk property located in Knoxville, Tennessee, that will serve students attending the University of Tennessee.  In July 2013, 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 and other closing conditions.  The development of the property is anticipated to be completed in August 2014.  The entity that owns University Walk 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 balances above exclude the net book value of two properties, University Mills and Campus Ridge which are classified as wholly-owned properties Held for Sale in the accompanying consolidated balance sheet as of September 30, 2013.

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Property Acquisitions

9 Months Ended

Sep. 30, 2013

Business Combinations [Abstract]

Property Acquisitions

Property Acquisitions

The Company previously provided mezzanine financing of $2.0 million to a private developer and was obligated to purchase a 152-unit, 608-bed property (Townhomes at Newtown Crossing) once construction was completed and certain closing conditions were met. The property opened for operations in August 2013, and the Company acquired Townhomes at Newtown Crossing on September 26, 2013 for a purchase price of $38.8 million, at which time the Company's mezzanine investment along with accrued but unpaid interest was credited to the Company. As part of the transaction, the Company issued 97,143 common OP units to the seller, valued at $35.53 per unit and the Company did not assume any property-level debt. Townhomes at Newtown Crossing is located in Lexington, Kentucky near the University of Kentucky campus.

On August 20, 2013, the Company acquired The Plaza Apartments, a 289-unit, 359-bed wholly-owned property located near the campus of Florida State University, for a purchase price of $10.4 million. The Company will operate the property until the current leases are vacated, which will be no later than July 31, 2014. Once the property is vacated, it will be demolished and developed into a 496-bed community scheduled to open for occupancy in August 2015. The Company did not assume any property-level debt as part of this transaction.

On July 31, 2013, the Company acquired a 366-bed additional phase at an existing property, The Lodges of East Lansing, for a purchase price of $32.3 million. Concurrent with the purchase of the Kayne Anderson Portfolio on November 30, 2012, the Company entered into a purchase and sale agreement whereby the Company was obligated to purchase this additional phase as long as the developer met certain construction completion deadlines and other completion deadlines. This additional phase opened for operations in August 2013 and serves students attending Michigan State University. The Company deposited $8.3 million towards the purchase price of this additional phase on November 30, 2012 and the remaining $24.0 million was paid at closing. The Company did not assume any property-level debt as part of this transaction.

On July 25, 2013, the Company acquired 7th Street Station, an 82-unit, 309-bed wholly-owned property located near the campus of Oregon State University, for a purchase price of $26.5 million, which excludes approximately $0.5 million of anticipated transaction costs, initial integration expenses and capital expenditures necessary to bring this property up to the Company’s operating standards. The Company did not assume any property-level debt as part of this transaction.

The acquired property’s results of operations have been included in the accompanying consolidated statements of comprehensive income since their respective acquisition closing dates, with the exception of properties subject to pre-sale/mezzanine investment agreements. As a result of applying accounting guidance related to variable interest entities ("VIEs"), we include properties subject to pre-sale/mezzanine investment agreements in our consolidated financial statements during the construction period. As a result, Townhomes at Newtown Crossing’s results of operations have been included in the accompanying consolidated statements of comprehensive income from the date of project completion in August 2013 through the acquisition date in September 2013. The following pro forma information for the three and nine months ended September 30, 2013 and 2012, 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 September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Total revenues	$	159,859	$	113,484	$	479,332	$	319,972
Net income attributable to common Shareholders	$	47,574	$	589	$	77,582	$	32,871
Net income per share attributable to common shareholders, as adjusted - basic	$	0.45	$	—	$	0.73	$	0.41
Net income per share attributable to common shareholders, as adjusted - diluted	$	0.45	$	—	$	0.73	$	0.40

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Summary of Significant Accounting Policies - Additional Information (Detail Textuals) (USD $)	3 Months Ended		9 Months Ended			1 Months Ended	3 Months Ended	9 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Apr. 30, 2013 Senior unsecured notes	Sep. 30, 2013 Senior unsecured notes	Sep. 30, 2013 Senior unsecured notes	Sep. 30, 2013 In-place leases assumed	Sep. 30, 2012 In-place leases assumed	Sep. 30, 2013 In-place leases assumed	Sep. 30, 2012 In-place leases assumed	Dec. 31, 2012 In-place leases assumed
Significant Accounting Policies [Line Items]
Capitalized Interest	$ 2,800,000	$ 2,400,000	$ 8,600,000	$ 8,300,000
Amortization of deferred financing costs capitalized as construction in progress	100,000	100,000	200,000	200,000
Amortization expense of acquired intangible assets									2,100,000	1,400,000	13,000,000	3,500,000
Accumulated amortization									24,800,000		24,800,000		12,400,000
Increase (Decrease) to interest expense from amortization of debt premiums and discounts	(3,400,000)	(600,000)	(10,600,000)	(1,200,000)			28,000	56,000
Senior unsecured notes issued						400,000,000
Senior unsecured notes at percentage of par value (percent)						99.659%
Original issue discount on senior unsecured notes						1,400,000
Unamortized debt discounts							1,300,000	1,300,000
Deferred pre-development costs	$ 2,400,000		$ 2,400,000		$ 500,000

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On-Campus Participating Properties (Tables) (On-campus participating properties)

9 Months Ended

Sep. 30, 2013

On-campus participating properties

Real Estate Properties [Line Items]

Schedule of Real Estate Properties

On-campus participating properties are as follows:

			Historical Cost
Lessor/University	Lease Commencement	Required Debt Repayment (1)	September 30, 2013			December 31, 2012
Texas A&M University System / Prairie View A&M University (2)	2/1/1996	9/1/2023	$	42,211		$	41,485
Texas A&M University System / Texas A&M International	2/1/1996	9/1/2023	6,701			6,651
Texas A&M University System / Prairie View A&M University(3)	10/1/1999	8/31/2025	26,172			25,766
		8/31/2028
University of Houston System / University of Houston (4)	9/27/2000	8/31/2035	36,077			35,936
West Virginia University Project / West Virginia University (5)	7/16/2013	7/16/2045	7,045			—
			118,206			109,838
Less accumulated amortization			(56,044		)	(52,492		)
On-campus participating properties, net			$	62,162		$	57,346

⁽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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Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of summary of outstanding interest rate swap contracts

The following table summarizes the Company’s outstanding interest rate swap contracts as of September 30, 2013:

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%	$	31,480	$	(623	)
Feb 2, 2012	Feb 2, 2012	Jan 2, 2017	0.8695%	LIBOR – 1 month	125,000		(522		)
Feb 2, 2012	Feb 2, 2012	Jan 2, 2017	0.88%	LIBOR – 1 month	100,000		(457		)
Feb 2, 2012	Feb 2, 2012	Jan 2, 2017	0.8875%	LIBOR – 1 month	62,500		(304		)
Feb 2, 2012	Feb 2, 2012	Jan 2, 2017	0.889%	LIBOR – 1 month	62,500		(304		)
				Total	$	381,480	$	(2,210	)

Schedule of fair value of derivative financial instruments and classification on consolidated balance sheet

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of September 30, 2013 and December 31, 2012:

	Liability Derivatives
		Fair Value as of
Description	Balance Sheet Location	September 30, 2013		December 31, 2012
Interest rate swaps contracts	Other liabilities	$	2,210	$	6,661
Total derivatives designated   as hedging instruments		$	2,210	$	6,661

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Summary of Significant Accounting Policies - Potentially Dilutive Securities Not Included in Calculating Diluted Earnings Per Share (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities (shares)	1,858,394	1,595,091	1,248,945	1,001,606
Common OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities (shares)	1,138,356	899,336	1,134,855	887,478
Preferred OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities (shares)	114,014	114,128	114,090	114,128
Restricted Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities (shares)	606,024	581,627	0	0

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Noncontrolling Interests - Additional Information (Detail Textuals) (USD $)	9 Months Ended	12 Months Ended		1 Months Ended
	Sep. 30, 2013 AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. Entity	Dec. 31, 2012 AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.	Jul. 31, 2013 AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.	Jul. 31, 2013 University Walk [Member]	Jul. 31, 2013 University Walk [Member] Mezzanine Financing [Member]	Jul. 31, 2013 University Walk [Member] Construction Loans [Member]
Noncontrolling Interest [Line Items]
Number of third-party joint venture partners (entities)	3
Percentage of noncontrolling interest acquired (percent)			20.50%
Conversion of common units to ACC common stock (shares)	1,500	88,457
Equity interests held by owners of common units and series A preferred units/ retained by seller (percent)	1.30%	1.20%
Face amount					$ 8,800,000	$ 19,000,000
Equity contribution from developer				$ 1,500,000

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Investment in Unconsolidated Joint Ventures - Additional Information (Detail Textuals) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Schedule of Equity Method Investments [Line Items]
Management fee earned	$ 1,792	$ 1,687	$ 5,425	$ 5,083
Equity Method Investments
Schedule of Equity Method Investments [Line Items]
Management fee earned	$ 400	$ 400	$ 1,200	$ 1,100

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Property Dispositions and Discontinued Operations - Additional Information (Detail Textuals) (Off Campus Properties, USD $) In Millions, unless otherwise specified	1 Months Ended	9 Months Ended	12 Months Ended
	Jul. 31, 2013 Property	Sep. 30, 2013 Property	Dec. 31, 2012 Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of owned property (properties)		2
Number of properties sold (properties)	4		3
Sales price	$ 157.4		$ 54.1
Net proceeds from dispositions of real estate	155.2
Gain on disposition of property	$ 52.8
Pirates Cove
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of beds (beds)			1,584

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CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	800,000,000	800,000,000
Common stock, shares issued (shares)	104,781,317	104,665,212
Common stock, shares outstanding (shares)	104,781,317	104,665,212
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
General partner, OP units outstanding (shares)	12,222	12,222
Limited partner, OP units outstanding (shares)	104,770,595	104,652,990

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Debt

9 Months Ended

Sep. 30, 2013

Debt Disclosure [Abstract]

Debt

Debt

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

	September 30, 2013			December 31, 2012
Debt secured by wholly-owned properties:
Mortgage loans payable
Unpaid principal balance	$	1,216,503		$	1,288,482
Unamortized debt premiums	78,370			90,091
Unamortized debt discounts	(2,405		)	(3,506		)
	1,292,468			1,375,067
Construction loans payable (1)	44,638			57,355
	1,337,106			1,432,422
Debt secured by on-campus participating properties:
Mortgage loan payable	31,480			31,768
Bonds payable	42,440			44,915
Construction loan payable	3,917			—
	77,837			76,683
Secured agency facility	95,355			104,000
Unsecured notes, net of unamortized original issue discount	398,692			—
Unsecured revolving credit facility	175,300			258,000
Unsecured term loan	350,000			350,000
Total debt	$	2,434,290		$	2,221,105

⁽¹⁾  Construction loans payable as of December 31, 2012 includes $12.7 million related to two constructions loans that financed the development and construction of Townhomes at Newtown Crossing and The Lodges of East Lansing Phase II, VIEs that the Company included in its consolidated financial statements during the construction phase. The sellers/developers paid off their respective construction loans with proceeds from the Company's purchase of the properties in the third quarter of 2013 (see Note 3).

Unsecured Notes

In April 2013, the Operating Partnership issued $400 million in senior unsecured notes under its existing shelf registration.  These 10-year notes were issued at 99.659 percent of par value with a coupon of 3.750 percent and a yield of 3.791 percent, and are fully and unconditionally guaranteed by the Company.  Interest on the notes is payable semi-annually on April 15 and October 15, with the first payment beginning on October 15, 2013.  The notes will mature on April 15, 2023.  Net proceeds from the sale of the unsecured notes totaled approximately $394.4 million after deducting the underwriting discount and estimated offering expenses.  The Company used $321.0 million of the offering proceeds to pay down the outstanding balance on its revolving credit facility in full.  The terms of the unsecured notes include certain financial covenants that require the Operating Partnership to limit the amount of total debt and secured debt as a percentage of total asset value, as defined.  In addition, the Operating Partnership must maintain a minimum ratio of unencumbered asset value to unsecured debt, as well as a minimum interest coverage level.  As of September 30, 2013, the Company was in compliance with all such covenants.

Unsecured Credit Facility

The Company has an aggregate Credit Facility of $800 million, which is composed of a $350 million unsecured term loan and a $450 million unsecured revolving credit facility, and may be expanded by up to an additional $100 million upon the satisfaction of certain conditions.  The maturity dates of the unsecured term loan and unsecured revolving credit facility are January 10, 2017 and January 10, 2016, respectively.  The maturity date of the unsecured revolving credit facility can be extended for an additional 12 months to January 10, 2017, subject to the satisfaction of certain conditions.

Each loan bears interest 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 swaps 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 September 30, 2013, the revolving credit facility bore interest at a weighted average annual rate of 1.93% (inclusive of the facility fee discussed above), and availability under the revolving credit facility totaled $274.7 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 September 30, 2013, 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 5-year term and is currently secured by 9 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 September 30, 2013, the secured agency facility bore interest at a weighted average annual rate of 2.22%.  The secured agency facility includes some, but not all, of the same financial covenants as the unsecured credit facility, described above.  As of September 30, 2013, the Company was in compliance with all such covenants.

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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY/ CAPITAL (USD $) In Thousands, except Share data, unless otherwise specified	Total	Common Shares	Additional Paid in Capital	Accumulated Earnings and Dividends	Accumulated Other Comprehensive Loss	Noncontrolling Interests – Partially owned properties	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. Accumulated Other Comprehensive Loss	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. Noncontrolling Interests – Partially owned properties	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. General Partner	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. Limited Partner
Beginning Balance at Dec. 31, 2011
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of preferred units to common stock (shares)							88,457
Ending Balance at Dec. 31, 2012							$ 2,677,054	$ (6,661)	$ 28,673	$ 116	$ 2,654,926
Beginning Balance at Dec. 31, 2012	2,677,054	1,043	3,001,520	(347,521)	(6,661)	28,673
Beginning Balance (in units) at Dec. 31, 2012										12,222	104,652,990
Beginning Balance (in shares) at Dec. 31, 2012		104,665,212
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustments to reflect redeemable limited partners' / noncontrolling interests at fair value	10,823		10,823				10,823				10,823
Amortization of restricted stock awards	4,806		4,806				4,806				4,806
Vesting of restricted stock awards and restricted stock units (in shares)		116,105									116,105
Vesting of restricted stock awards and restricted stock units	(2,928)	0	(2,928)				(2,928)				(2,928)
Distributions to common and restricted stockholders	(111,525)			(111,525)			(111,525)			(13)	(111,512)
Distributions to noncontrolling joint venture partners	(861)					(861)	(861)		(861)
Contributions by noncontrolling partners	1,500					1,500	1,500		1,500
Increase in ownership of consolidated subsidiary	(24,908)					(24,908)	(24,908)		(24,908)
Conversion of preferred units to common stock (shares)		1,500					1,500				1,500
Conversion of preferred units to common stock	18		18				18				18
Change in fair value of interest rate swaps	4,451				4,451		4,451	4,451
Net income	77,893			76,815		1,078	77,893		1,078	9	76,806
Ending Balance at Sep. 30, 2013							2,636,323	(2,210)	5,482	112	2,632,939
Ending Balance at Sep. 30, 2013	$ 2,636,323	$ 1,043	$ 3,014,239	$ (382,231)	$ (2,210)	$ 5,482
Ending Balance (in shares) at Sep. 30, 2013		104,782,817
Ending Balance (in units) at Sep. 30, 2013										12,222	104,770,595

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Incentive Award Plan - Summary of restricted stock units (Details) (Incentive Award Plan 2010, Restricted Stock Units)	9 Months Ended
	Sep. 30, 2013
Incentive Award Plan 2010 | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning nonvested balance (shares)
Granted (shares)	10,265
Settled in common shares (shares)	(4,572)
Settled in cash (shares)	(5,693)
Ending nonvested balance (shares)

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CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013		Dec. 31, 2012
Investments in real estate:
Investments in real estate, net	$ 5,089,042		$ 4,928,722
Cash and cash equivalents	25,267		21,454
Restricted cash	37,480		36,790
Student contracts receivable, net	17,207		14,122
Other assets	151,090		117,874
Total assets	5,320,086		5,118,962
Liabilities:
Secured mortgage, construction and bond debt	1,414,943		1,509,105
Secured agency facility	95,355		104,000
Unsecured notes	398,692
Unsecured term loan	350,000		350,000
Unsecured revolving credit facility	175,300		258,000
Accounts payable and accrued expenses	63,895		56,046
Other liabilities	135,788		107,223
Total liabilities	2,633,973		2,384,374
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests	49,790		57,534
American Campus Communities, Inc. stockholders' equity:
Common stock, $.01 par value, 800,000,000 shares authorized, 104,782,817 and 104,665,212 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively	1,043		1,043
Additional paid in capital	3,014,239		3,001,520
Accumulated earnings and dividends	(382,231)		(347,521)
Accumulated other comprehensive loss	(2,210)		(6,661)
Total American Campus Communities, Inc. stockholders’ equity	2,630,841		2,648,381
Total equity	2,636,323		2,677,054
Partners' capital:
Accumulated other comprehensive loss	(2,210)		(6,661)
Total liabilities and equity	5,320,086		5,118,962
Wholly-owned properties, net
Investments in real estate:
Investments in real estate, net	5,003,173	[1]	4,871,376	[1]
Liabilities:
Secured mortgage, construction and bond debt	1,292,468		1,375,067
Wholly-owned properties held for sale
Investments in real estate:
Investments in real estate, net	23,707		0
On-campus participating properties, net
Investments in real estate:
Investments in real estate, net	62,162		57,346
Partially owned properties
American Campus Communities, Inc. stockholders' equity:
Noncontrolling interests - partially owned properties	5,482		28,673
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Investments in real estate:
Investments in real estate, net	5,089,042		4,928,722
Cash and cash equivalents	25,267		21,454
Restricted cash	37,480		36,790
Student contracts receivable, net	17,207		14,122
Other assets	151,090		117,874
Total assets	5,320,086		5,118,962
Liabilities:
Secured mortgage, construction and bond debt	1,414,943		1,509,105
Secured agency facility	95,355		104,000
Unsecured notes	398,692
Unsecured term loan	350,000		350,000
Unsecured revolving credit facility	175,300		258,000
Accounts payable and accrued expenses	63,895		56,046
Other liabilities	135,788		107,223
Total liabilities	2,633,973		2,384,374
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests	49,790		57,534
American Campus Communities, Inc. stockholders' equity:
Accumulated other comprehensive loss	(2,210)		(6,661)
Partners' capital:
General partner – 12,222 OP units outstanding at both September 30, 2013 and December 31, 2012	112		116
Limited partner – 104,770,595 and 104,652,990 OP units outstanding at September 30, 2013 and December 31, 2012, respectively	2,632,939		2,654,926
Accumulated other comprehensive loss	(2,210)		(6,661)
Total partners’ capital	2,630,841		2,648,381
Total capital	2,636,323		2,677,054
Total liabilities and equity	5,320,086		5,118,962
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties, net
Investments in real estate:
Investments in real estate, net	5,003,173		4,871,376
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties held for sale
Investments in real estate:
Investments in real estate, net	23,707
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties, net
Investments in real estate:
Investments in real estate, net	62,162		57,346
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially owned properties
Partners' capital:
Noncontrolling interests	$ 5,482		$ 28,673

[1] The balances above exclude the net book value of two properties, University Mills and Campus Ridge which are classified as wholly-owned properties Held for Sale in the accompanying consolidated balance sheet as of September 30, 2013.

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Debt - Summary of Outstanding Consolidated Indebtedness, Including Unamortized Debt Premiums and Discounts (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013		Dec. 31, 2012
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt	$ 1,414,943		$ 1,509,105
Secured agency facility	95,355		104,000
Unsecured notes, net of unamortized original issue discount	398,692
Unsecured revolving credit facility	175,300		258,000
Unsecured term loan	350,000		350,000
Total debt	2,434,290		2,221,105
Debt secured by wholly-owned properties
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt	1,292,468		1,375,067
Unamortized debt premiums	78,370		90,091
Unamortized debt discounts	(2,405)		(3,506)
Total debt	1,337,106		1,432,422
Debt secured by wholly-owned properties | Mortgage loans payable
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt	1,216,503		1,288,482
Debt secured by wholly-owned properties | Construction loans payable
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt	44,638	[1]	57,355	[1]
Debt secured by on-campus participating properties
Debt Instrument [Line Items]
Total debt	77,837		76,683
Debt secured by on-campus participating properties | Mortgage loans payable
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt	31,480		31,768
Debt secured by on-campus participating properties | Construction loans payable
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt	3,917		0
Debt secured by on-campus participating properties | Bonds payable
Debt Instrument [Line Items]
Secured mortgage, construction and bond debt	$ 42,440		$ 44,915

[1] Construction loans payable as of December 31, 2012 includes $12.7 million related to two constructions loans that financed the development and construction of Townhomes at Newtown Crossing and The Lodges of East Lansing Phase II, VIEs that the Company included in its consolidated financial statements during the construction phase. The sellers/developers paid off their respective construction loans with proceeds from the Company's purchase of the properties in the third quarter of 2013 (see Note 3).

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Debt (Tables)

9 Months Ended

Sep. 30, 2013

Debt Disclosure [Abstract]

Schedule of summary of outstanding consolidated indebtedness, including unamortized debt premiums and discounts

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

	September 30, 2013			December 31, 2012
Debt secured by wholly-owned properties:
Mortgage loans payable
Unpaid principal balance	$	1,216,503		$	1,288,482
Unamortized debt premiums	78,370			90,091
Unamortized debt discounts	(2,405		)	(3,506		)
	1,292,468			1,375,067
Construction loans payable (1)	44,638			57,355
	1,337,106			1,432,422
Debt secured by on-campus participating properties:
Mortgage loan payable	31,480			31,768
Bonds payable	42,440			44,915
Construction loan payable	3,917			—
	77,837			76,683
Secured agency facility	95,355			104,000
Unsecured notes, net of unamortized original issue discount	398,692			—
Unsecured revolving credit facility	175,300			258,000
Unsecured term loan	350,000			350,000
Total debt	$	2,434,290		$	2,221,105

⁽¹⁾  Construction loans payable as of December 31, 2012 includes $12.7 million related to two constructions loans that financed the development and construction of Townhomes at Newtown Crossing and The Lodges of East Lansing Phase II, VIEs that the Company included in its consolidated financial statements during the construction phase.

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Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2013

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying consolidated financial statements, presented in U.S. dollars, are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires 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, 2012

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 $2.8 million and $2.4 million was capitalized during the three months ended September 30, 2013 and 2012, respectively, and $8.6 million and $8.3 million was capitalized during the nine months ended September 30, 2013 and 2012, respectively.  Amortization of deferred financing costs totaling approximately $0.1 and was capitalized as construction in progress during both the three months ended September 30, 2013 and 2012, and $0.2 million and was capitalized as construction in progress during both the nine months ended September 30, 2013 and 2012.

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 September 30, 2013.

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, our own analysis of recently acquired and existing comparable properties in our portfolio, and other market data.  Information obtained about each property as a result of due diligence, marketing and leasing activities is also considered.  The value allocated to land is generally based on the actual purchase price adjusted to fair value (as necessary) if acquired separately, or market research / comparables if acquired as part of an existing operating property.  The value allocated to building is based on the fair value determined on an “as-if vacant” basis, which is estimated using an income, or discounted cash flow, approach that relies upon internally determined assumptions that we believe are consistent with current market conditions for similar properties. The value allocated to furniture, fixtures, and equipment is based on an estimate of the fair value of the appliances and fixtures inside the units.

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.

Loans Receivable

Loans Receivable

Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan purchase discounts, and net of an allowance for loan losses when such loan is deemed to be impaired.  Loan purchase discounts are amortized over the term of the loan.  The Company considers a loan impaired when, based upon current information and events, it is probable that it will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement.  Significant judgments are required in determining whether impairment has occurred.  The Company performs an impairment analysis by comparing either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable current market price or the fair value of the underlying collateral to the net carrying value of the loan, which may result in an allowance and corresponding loan loss charge.  Loans receivable are included in other assets on the accompanying consolidated balance sheets.

Intangible Assets

Intangible Assets

A portion of the purchase price of acquired properties is allocated to the value of in-place leases for both student and commercial tenants, which is based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued “as-if” vacant.  As lease terms for student leases are typically one year or less, rates on in-place leases generally approximate market rental rates.  Factors considered in the valuation of in-place leases include an estimate of the carrying costs during the expected lease-up period considering current market conditions, nature of the tenancy, and costs to execute similar leases.  Carrying costs include estimates of lost 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.  The purchase price of property acquisitions is not expected to be allocated to student tenant relationships, considering the terms of the leases and the expected levels of renewals.

Mortgage Debt - Premiums and Discounts

Mortgage Debt - Premiums and Discounts

Mortgage debt premiums and discounts represent fair value adjustments to account for the difference between the stated rates and market rates of mortgage debt assumed in connection with the Company’s property acquisitions.  The mortgage debt premiums and discounts are amortized to interest expense over the term of the related mortgage loans using the effective-interest method.  The amortization of mortgage debt premiums and discounts resulted in a net decrease to interest expense of approximately $3.4 million and $0.6 million for the three months ended September 30, 2013 and 2012, respectively, and $10.6 million and $1.2 million for the nine months ended September 30, 2013 and 2012, respectively.  Mortgage debt premiums and discounts are included in secured mortgage, construction and bond debt on the accompanying consolidated balance sheets and amortization of mortgage debt premiums and discounts is included in interest expense on the accompanying consolidated statements of comprehensive income.

Pre-development Expenditures

Pre-development Expenditures

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 comprehensive income.

Earnings per Share

Earnings per Share – Company

Basic earnings per share is computed using net income attributable to common shareholders and the weighted average number of shares of the Company’s common stock outstanding during the period.  Diluted earnings per share reflect common shares issuable from the assumed conversion of OP Units and common share awards granted.  Only those items having a dilutive impact on basic earnings per share are included in diluted earnings per share.

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Property Dispositions and Discontinued Operations (Details) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 30, 2013 Property
Off Campus Properties | Campus Ridge | State College, PA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of units (units)	132	[1]
Number of beds (beds)	528	[1]
Off Campus Properties | University Mills | Cedar Falls, IA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of units (units)	121
Number of beds (beds)	481
Off Campus Properties | The Village at Blacksburg | Blacksburg, VA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of units (units)	288
Number of beds (beds)	1,056
Off Campus Properties | State College Park | State College, PA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of units (units)	196
Number of beds (beds)	752
Off Campus Properties | University Pines | Statesboro, GA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of units (units)	144
Number of beds (beds)	552
Off Campus Properties | Northgate Lakes | Orlando, FL
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of units (units)	194	[2]
Number of beds (beds)	710	[2]
Secured Agency Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of collateral properties (properties)	9
Repayments of secured agency facility	$ 16

[1] The land balance above includes undeveloped land parcels with book values of approximately $34.6 million and $30.7 million as of September 30, 2013 and December 31, 2012, respectively. Also includes land totaling approximately $31.1 million and $41.6 million as of September 30, 2013 and December 31, 2012, respectively, related to properties under development.

[2] This property was included in the 9-property Collateral Pool which secures our agency facility (see Note 8). As a result, concurrent with the sale of this property, $15.5 million of the secured agency facility's outstanding balance was paid down.

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Stockholders' Equity / Partners' Capital - Additional Information (Detail Textuals) (ATM Equity Program, USD $)	Sep. 30, 2013	Mar. 31, 2013
ATM Equity Program
Schedule of Equity Method Investments [Line Items]
ATM equity program, aggregate offering price authorized		$ 500,000,000
Aggregate common stock available for issuance	$ 500,000,000

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Fair Value Disclosures - Estimated Fair Value and Related Carrying Amounts of Mortgage Loans and Bonds Payable (Details 1) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Estimated Fair Value
Assets:
Loans receivable	$ 49,154
Liabilities:
Unsecured notes	381,827
Mortgage loans	1,322,320	1,437,851
Bonds payable	44,964	52,778
Carrying Amount
Assets:
Loans receivable	50,438
Liabilities:
Unsecured notes	398,692
Mortgage loans	1,323,948	1,406,835
Bonds payable	$ 42,440	$ 44,915

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Summary of Significant Accounting Policies (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities (shares)	1,858,394	1,595,091	1,248,945	1,001,606
Restricted Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities (shares)	606,024	581,627	0	0
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities (shares)	606,024	581,627	0	0
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Restricted Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities (shares)	606,024	581,627	0	0

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Organization and Description of Business - Additional Information (Details Textuals)	9 Months Ended
	Sep. 30, 2013
Wholly-owned properties
Real Estate Properties [Line Items]
Number of properties (properties)	165
Number of beds (beds)	100,600
Number of units (units)	32,700
Wholly-owned properties | Off Campus Properties
Real Estate Properties [Line Items]
Number of properties (properties)	142
Wholly-owned properties | American Campus Equity
Real Estate Properties [Line Items]
Number of properties (properties)	18
Number of university systems (university systems)	8
Wholly-owned properties | On-campus participating properties
Real Estate Properties [Line Items]
Number of properties (properties)	5
Wholly-owned properties | Under Development
Real Estate Properties [Line Items]
Number of properties (properties)	8
Number of beds (beds)	5,500
Number of units (units)	2,000
Management And Leasing Services
Real Estate Properties [Line Items]
Number of properties (properties)	35
Number of beds (beds)	25,900
Number of units (units)	10,500
Management And Leasing Services | Minimum
Real Estate Properties [Line Items]
Initial terms of contract	1 year
Management And Leasing Services | Maximum
Real Estate Properties [Line Items]
Initial terms of contract	5 years
Real Estate Investment
Real Estate Properties [Line Items]
Number of properties (properties)	200
Number of beds (beds)	126,500
Number of units (units)	43,200
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Real Estate Properties [Line Items]
Limited Partner ownership interest (percent)	98.70%
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Maximum
Real Estate Properties [Line Items]
General Partner ownership interest (percent)	1.00%

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Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	9 Months Ended
	Sep. 30, 2013
Minimum | Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years
Minimum | Leasehold interest - on-campus participating
Property, Plant and Equipment [Line Items]
Estimated useful life	25 years
Minimum | Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Maximum | Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years
Maximum | Leasehold interest - on-campus participating
Property, Plant and Equipment [Line Items]
Estimated useful life	34 years
Maximum | Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years

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Investments in Unconsolidated Joint Ventures

9 Months Ended

Sep. 30, 2013

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Joint Ventures

Investments in Unconsolidated Joint Ventures

As of September 30, 2013, 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 had not guaranteed any obligations of the investee and was 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 September 30, 2013 and 2012 and $1.2 million for each of the nine month periods ended September 30, 2013 and 2012 .

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Derivative Instruments and Hedging Activities - Summary of Outstanding Interest Rate Swap Contracts (Parentheticals) (Detail Textuals) (Interest Rate Swap - 6.689% Fixed Rate)	Sep. 30, 2013
Interest Rate Swap - 6.689% Fixed Rate
Derivative [Line Items]
Receive Floating Rate Index, spread rate (percent)	1.35%

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Noncontrolling Interests (Tables)

9 Months Ended

Sep. 30, 2013

Noncontrolling Interest [Abstract]

Schedule of summarized activity of redeemable limited partners

Below is a table summarizing the activity of redeemable limited partners for the nine months ended September 30, 2013:

December 31, 2012	$	57,534
Net income	986
Distributions	(1,335		)
Redeemable limited partner units issued as consideration (see Note 3)	3,451
Conversion of redeemable limited partner units into shares of ACC common stock	(23		)
Adjustments to reflect redeemable limited partner units at fair value	(10,823		)
September 30, 2013	$	49,790

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Property Acquisitions (Details) (USD $)	0 Months Ended				1 Months Ended
	Sep. 26, 2013 Townhomes Newtown Crossing Property [Member] Bed Unit	Aug. 20, 2013 The Plaza Apartments [Member] Bed Unit	Jul. 31, 2013 Lodges Of East Lansing [Member] Bed	Nov. 30, 2012 Lodges Of East Lansing [Member]	Jul. 25, 2013 Seventh Street Station [Member] Bed Unit	Sep. 26, 2013 Common OP Units Townhomes Newtown Crossing Property [Member]	Sep. 26, 2013 Mezzanine Financing [Member] Townhomes Newtown Crossing Property [Member]
Business Acquisition [Line Items]
Face amount							$ 2,000,000
Number of units (units)	152	289			82
Number of beds (beds)	608	359	366		309
Purchase price	38,800,000	10,400,000	32,300,000		26,500,000
Shares, Issued						97,143
Share Price						$ 35.53
Number of beds in future development (units)		496
Cash paid for acquisition			24,000,000	8,300,000
Transaction costs					$ 500,000

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Noncontrolling Interests

9 Months Ended

Sep. 30, 2013

Noncontrolling Interest [Abstract]

Noncontrolling Interests

Noncontrolling Interests

Operating Partnership

Partially-owned properties: As of September 30, 2013, the Operating Partnership consolidates three joint ventures that own and operate 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 comprehensive income of the Operating Partnership as “net income attributable to noncontrolling interests – partially owned properties.”

In July 2013, the Company acquired the remaining 20.5% noncontrolling interest from the third-party partner in the joint venture that owns and operates The Varsity.

In July 2013, the Company entered into a purchase and contribution agreement with a private developer whereby the Company is obligated to purchase the property (University Walk) as long as the developer meets certain construction completion deadlines and other closing conditions.  The development of the property is anticipated to be completed in August 2014.  The entity that owns University Walk 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. The entity is financed with an $8.8 million mezzanine loan from the Company, a $19.0 million construction loan from a third-party lender and a $1.5 million equity contribution from the developer. This contribution from the developer is reflected as noncontrolling interests - partially owned properties within capital on the accompanying consolidated balance sheet of the Operating Partnership as of September 30, 2013.

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 of the Operating Partnership 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 consolidated statement of changes in capital of the Operating Partnership.  Below is a table summarizing the activity of redeemable limited partners for the nine months ended September 30, 2013:

December 31, 2012	$	57,534
Net income	986
Distributions	(1,335		)
Redeemable limited partner units issued as consideration (see Note 3)	3,451
Conversion of redeemable limited partner units into shares of ACC common stock	(23		)
Adjustments to reflect redeemable limited partner units at fair value	(10,823		)
September 30, 2013	$	49,790

During the nine months ended September 30, 2013, 1,500 Series A preferred units were converted into an equal number of shares of ACC's common stock and during the year ended December 31, 2012, 88,457 common OP units were converted into an equal number of shares of ACC’s common stock.   As of September 30, 2013 and December 31, 2012, approximately 1.3% and 1.2%, respectively, of the equity interests of the Operating Partnership were 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 comprehensive income 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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On-Campus Participating Properties (On-campus participating properties)

9 Months Ended

Sep. 30, 2013

On-campus participating properties

Real Estate Properties [Line Items]

Real Estate Disclosure

On-Campus Participating Properties

On-campus participating properties are as follows:

			Historical Cost
Lessor/University	Lease Commencement	Required Debt Repayment (1)	September 30, 2013			December 31, 2012
Texas A&M University System / Prairie View A&M University (2)	2/1/1996	9/1/2023	$	42,211		$	41,485
Texas A&M University System / Texas A&M International	2/1/1996	9/1/2023	6,701			6,651
Texas A&M University System / Prairie View A&M University(3)	10/1/1999	8/31/2025	26,172			25,766
		8/31/2028
University of Houston System / University of Houston (4)	9/27/2000	8/31/2035	36,077			35,936
West Virginia University Project / West Virginia University (5)	7/16/2013	7/16/2045	7,045			—
			118,206			109,838
Less accumulated amortization			(56,044		)	(52,492		)
On-campus participating properties, net			$	62,162		$	57,346

⁽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.

⁽⁵⁾  In July 2013, the Company entered into long-term ground and facility leases with the University to finance, construct and manage this on-campus participating property. Under the terms of the leases, title to the constructed facility will be held by the University/lessor and the University will receive 50% of defined net cash flows on an annual basis through the term of the leases. Due to our involvement in the construction of the facility, any fees paid to the Company/lessee for development and construction management services during the construction period are deferred and amortized to revenue over the lease term. This facility is scheduled to be placed in service in August 2014.

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Organization and Description of Business

9 Months Ended

Sep. 30, 2013

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Description of Business

Organization and Description of Business

American Campus Communities, Inc. (“ACC”) is a real estate investment trust (“REIT”) that commenced operations effective with the completion of an initial public offering (“IPO”) on August 17, 2004.  Through ACC’s controlling interest in American Campus Communities Operating Partnership, 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 September 30, 2013, 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 September 30, 2013, 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 September 30, 2013, our property portfolio contained 165 properties with approximately 100,600 beds in approximately 32,700 apartment units.  Our property portfolio consisted of 142 owned off-campus student housing properties that are in close proximity to colleges and universities, 18 American Campus Equity (“ACE®”) properties operated under ground/facility leases with eight university systems and five on-campus participating properties operated under ground/facility leases with the related university systems.  Of the 165 properties, eight were under development as of September 30, 2013, and when completed will consist of a total of approximately 5,500 beds in approximately 1,700 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 one of ACC’s taxable REIT subsidiaries (“TRSs”), we also provide construction management and development services, primarily for student housing properties owned by colleges and universities, charitable foundations, and others.  As of September 30, 2013, also through one of ACC’s TRSs, we provided third-party management and leasing services for 35 properties that represented approximately 25,900 beds in approximately 10,500 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 September 30, 2013, our total owned and third-party managed portfolio included 200 properties with approximately 126,500 beds in approximately 43,200 units.

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Debt - Summary of Outstanding Consolidated Indebtedness, Including Unamortized Debt Premiums and Discounts (Parentheticals) (Detail Textuals) (USD $) In Millions, unless otherwise specified	Sep. 30, 2013 Loan	Dec. 31, 2012 Townhomes Newtown Crossing Property
Debt Instrument [Line Items]
Construction loans payable		$ 12.7
Number of construction loan (loans)	2

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Investments in Wholly-Owned Properties - Summary (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013		Dec. 31, 2012
Real Estate Properties [Line Items]
Investment Property, Net	$ 5,089,042		$ 4,928,722
Wholly-owned properties
Real Estate Properties [Line Items]
Land	563,467	[1],[2]	550,274	[1],[2]
Buildings and improvements	4,596,433		4,351,239
Furniture, fixtures and equipment	258,707	[1]	227,409	[1]
Construction in progress	70,483	[1]	138,923	[1]
Real estate properties gross	5,489,090		5,267,845
Less accumulated depreciation	(485,917)		(396,469)
Investment Property, Net	$ 5,003,173	[3]	$ 4,871,376	[3]

[1] Land, furniture, fixtures and equipment and construction in progress as of September 30, 2013 include $3.4 million, $0.4 million and $2.3 million, respectively, related to the University Walk property located in Knoxville, Tennessee, that will serve students attending the University of Tennessee. In July 2013, 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 and other closing conditions. The development of the property is anticipated to be completed in August 2014. The entity that owns University Walk 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.

[2] The land balance above includes undeveloped land parcels with book values of approximately $34.6 million and $30.7 million as of September 30, 2013 and December 31, 2012, respectively. Also includes land totaling approximately $31.1 million and $41.6 million as of September 30, 2013 and December 31, 2012, respectively, related to properties under development.

[3] The balances above exclude the net book value of two properties, University Mills and Campus Ridge which are classified as wholly-owned properties Held for Sale in the accompanying consolidated balance sheet as of September 30, 2013.

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Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Schedule of financial instruments measured at fair value

Disclosures concerning financial instruments measured at fair value are as follows:

	Fair Value Measurements as of
	September 30, 2013								December 31, 2012
	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
Liabilities:
Derivative financial instruments	$	—	$	2,210	$	—	$	2,210	$	—	$	6,661	$	—	$	6,661
Mezzanine:
Redeemable noncontrolling interests (Company)/ Redeemable limited partners     (Operating Partnership)	$	—	$	49,790	$	—	$	49,790	$	—	$	57,534	$	—	$	57,534

Schedule of estimated fair value and related carrying amounts of mortgage loans and bonds payable

The table below contains the estimated fair value and related carrying amounts for the Company’s financial instruments as of September 30, 2013 and December 31, 2012:

	September 30, 2013				December 31, 2012
	Estimated Fair Value		Carrying Amount		Estimated Fair Value		Carrying Amount
Assets:
Loans receivable	$	49,154	$	50,438	$	—	$	—
Liabilities:
Unsecured notes	$	381,827	$	398,692	$	—	$	—
Mortgage loans	1,322,320		1,323,948		1,437,851		1,406,835
Bonds payable	44,964		42,440		52,778		44,915

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Commitments and Contingencies - Additional Information (Detail Textuals) (USD $) In Millions, unless otherwise specified		1 Months Ended	9 Months Ended
	Sep. 30, 2013	Apr. 22, 2013 Collectibility of receivables Property	Sep. 30, 2013 Alternate Housing Guarantees Subsidary	Sep. 30, 2013 Project Cost Guarantees
Loss Contingencies [Line Items]
Guarantee expiration period			5 days	1 year
Estimated maximum exposure amount under guarantee	$ 2.6
Number of subsidiaries (subsidiaries)			3
Note and outstanding bond acquired		52.8
Number of student housing properties under lien (properties)		2
Interest rate of note and outstanding bond (percent)		5.12%
Discount on purchase of loan receivables		3.6
Litigation settlement costs		$ 2.8

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Incentive Award Plan - Summary of Restricted Stock Awards (Details 1) (Restricted Stock Awards)	9 Months Ended
	Sep. 30, 2013
Restricted Stock Awards
Number of RSUs
Beginning nonvested balance (shares)	575,668
Granted (shares)	230,800
Vested (shares)	(111,533)
Forfeited (shares)	(90,189)
Ending nonvested balance (shares)	604,746

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Fair Value Disclosures

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Fair Value Disclosures

Fair Value Disclosures

The following table presents information about the Company’s financial instruments measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012, 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 financial instruments measured at fair value are as follows:

	Fair Value Measurements as of
	September 30, 2013								December 31, 2012
	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
Liabilities:
Derivative financial instruments	$	—	$	2,210	$	—	$	2,210	$	—	$	6,661	$	—	$	6,661
Mezzanine:
Redeemable noncontrolling interests (Company)/ Redeemable limited partners     (Operating Partnership)	$	—	$	49,790	$	—	$	49,790	$	—	$	57,534	$	—	$	57,534

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 September 30, 2013, 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 September 30, 2013 and December 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.

Redeemable noncontrolling interests in the Operating Partnership have a redemption feature and are marked to their redemption value.  The redemption value is based on the fair value of the Company’s common stock at the redemption date, and therefore, is calculated based on the fair value of the Company’s common stock at the balance sheet date.  Since the valuation is based on observable inputs such as quoted prices for similar instruments in active markets, redeemable noncontrolling interests in the Operating Partnership are classified in Level 2 of the fair value hierarchy.

Other Fair Value Disclosures

Cash and Cash Equivalents, Restricted Cash, Student Contracts Receivable, Mezzanine 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.

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

Loans Receivable:  In April 2013, the Company acquired a protective advance note and outstanding bond insurer claim (collectively “loans receivable”).  See Note 14 herein for additional details regarding this transaction.  The fair value of loans receivable is based on a discounted cash flow analysis consisting of scheduled cash flows and discount rate estimates to approximate those that a willing buyer and seller might use.  These financial instruments utilize Level 3 inputs.

Unsecured Notes: In calculating the fair value of unsecured notes, interest rate and spread assumptions reflect current creditworthiness and market conditions available for the issuance of unsecured notes with similar terms and remaining maturities.  These financial instruments utilize Level 2 inputs.

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 financial instruments as of September 30, 2013 and December 31, 2012:

	September 30, 2013				December 31, 2012
	Estimated Fair Value		Carrying Amount		Estimated Fair Value		Carrying Amount
Assets:
Loans receivable	$	49,154	$	50,438	$	—	$	—
Liabilities:
Unsecured notes	$	381,827	$	398,692	$	—	$	—
Mortgage loans	1,322,320		1,323,948		1,437,851		1,406,835
Bonds payable	44,964		42,440		52,778		44,915

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Stockholders' Equity / Partners' Capital

9 Months Ended

Sep. 30, 2013

Stockholders' Equity Note [Abstract]

Stockholders' Equity / Partners' Capital

Stockholders’ Equity / Partners’ Capital

In March 2013, the Company established a new at-the-market share offering program (the “ATM Equity Program”) through which the Company may issue and sell, from time to time, shares of common stock having an aggregate offering price of up to $500 million.  Actual sales under the program will depend on a variety of factors, including, but not limited to, market conditions, the trading price of the Company’s common stock and determinations of the appropriate sources of funding for the Company.  The Company has not sold any shares under the ATM Equity Program and has $500 million available for issuance under this program as of September 30, 2013.

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Segment Information - Summary (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Segment Reporting Information [Line Items]
Property management fees from external customers	$ 1,792	$ 1,687	$ 5,425	$ 5,083
Total revenues	159,031	112,757	476,643	318,190
Operating expenses	(143,836)	(99,393)	(393,496)	(250,067)
Interest expense	(19,819)	(13,530)	(57,063)	(38,742)
(Loss) income from continuing operations	(5,366)	(843)	20,675	27,689
Total assets	5,320,086		5,320,086		5,118,962
Operating segments
Segment Reporting Information [Line Items]
Total revenues	164,346	116,817	492,570	329,890
(Loss) income from continuing operations	(5,366)	(843)	20,675	27,689
Total segment assets	5,222,460	4,136,523	5,222,460	4,136,523
Unallocated corporate assets	97,626	78,049	97,626	78,049
Total assets	5,320,086	4,214,572	5,320,086	4,214,572
Operating segments | Wholly-owned properties
Segment Reporting Information [Line Items]
Rental revenues	151,551	104,516	451,691	287,914
Interest and other income	14	7	36	31
Total revenues	151,565	104,523	451,727	287,945
Operating expenses before depreciation, amortization, ground/facility lease and allocation of corporate overhead	(88,353)	(58,348)	(225,392)	(142,222)
Ground/facility leases	(759)	(564)	(2,063)	(1,259)
Interest expense	(11,062)	(8,224)	(33,936)	(22,549)
Operating income before depreciation, amortization, and allocation of corporate overhead	51,391	37,387	190,336	121,915
Depreciation and amortization	43,577	25,633	133,465	68,785
Capital expenditures	96,770	99,049	271,623	285,809
Total segment assets	5,133,137	4,053,250	5,133,137	4,053,250
Operating segments | On-Campus Participating Properties
Segment Reporting Information [Line Items]
Rental revenues	5,066	5,087	17,871	17,766
Interest and other income	8	4	12	12
Total revenues	5,074	5,091	17,883	17,778
Operating expenses before depreciation, amortization, ground/facility lease and allocation of corporate overhead	(2,850)	(2,856)	(7,915)	(7,763)
Ground/facility leases	(627)	(529)	(1,686)	(1,602)
Interest expense	(1,365)	(1,419)	(4,120)	(4,276)
Operating income before depreciation, amortization, and allocation of corporate overhead	232	287	4,162	4,137
Depreciation and amortization	1,197	1,167	3,553	3,481
Capital expenditures	7,660	948	8,368	1,710
Total segment assets	77,250	74,245	77,250	74,245
Operating segments | Development Services
Segment Reporting Information [Line Items]
Development and construction management fees	622	1,467	1,656	7,427
Operating expenses	(3,159)	(2,767)	(8,541)	(7,867)
Operating income before depreciation, amortization, and allocation of corporate overhead	(2,537)	(1,300)	(6,885)	(440)
Total segment assets	5,113	4,340	5,113	4,340
Operating segments | Property Management Services
Segment Reporting Information [Line Items]
Property management fees from external customers	1,792	1,687	5,425	5,083
Intersegment revenues	5,293	4,049	15,879	11,657
Total revenues	7,085	5,736	21,304	16,740
Operating expenses	(2,413)	(2,360)	(7,534)	(7,494)
Operating income before depreciation, amortization, and allocation of corporate overhead	4,672	3,376	13,770	9,246
Total segment assets	6,960	4,688	6,960	4,688
Unallocated interest income earned on corporate cash
Segment Reporting Information [Line Items]
Total revenues	770	417	2,117	1,312
(Loss) income from continuing operations	(12,342)	(12,323)	(34,761)	(30,767)
Elimination of intersegment revenues
Segment Reporting Information [Line Items]
Total revenues	(5,293)	(4,049)	(15,879)	(11,657)
Total consolidated revenues, including interest income
Segment Reporting Information [Line Items]
Total revenues	159,823	113,185	478,808	319,545
Segment operating income before depreciation, amortization and allocation of corporate overhead
Segment Reporting Information [Line Items]
(Loss) income from continuing operations	53,758	39,750	201,383	134,858
Depreciation and amortization
Segment Reporting Information [Line Items]
(Loss) income from continuing operations	(46,661)	(28,225)	(142,516)	(76,367)
Income from unconsolidated joint ventures
Segment Reporting Information [Line Items]
(Loss) income from continuing operations				444
Other nonoperating expense
Segment Reporting Information [Line Items]
(Loss) income from continuing operations	134	136	(2,666)	14
Income tax provision
Segment Reporting Information [Line Items]
(Loss) income from continuing operations	$ (255)	$ (181)	$ (765)	$ (493)

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Subsequent Events

9 Months Ended

Sep. 30, 2013

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Property Disposition:  On October 4, 2013, the Company sold Campus Ridge for a sales price of approximately $12.5 million resulting in proceeds of approximately $11.6 million.  This property was included in the 9-property Collateral Pool which secures our agency facility (see Note 8).  As a result, concurrent with the sale of this property, $7.6 million of the secured agency facility was paid down.

Property Acquisitions:  On October 8, 2013, the Company acquired Park Point, a 300-unit, 924-bed wholly-owned property located near the Rochester Institute of Technology campus in Rochester, New York, for a purchase price of approximately $100.3 million.  In conjunction with the purchase of this property the Company assumed an existing $59.8 million mortgage loan and borrowed an additional $10.2 million resulting in a new $70.0 million mortgage loan.

On November 6, 2013, the Company acquired U Centre at Fry Street, a 194-unit, 614-bed wholly-owned property located near the University of North Texas campus in Denton, Texas, for a purchase price of approximately $51.3 million. The Company did not assume any property-level debt as part of this transaction.

Distributions:  On October 30, 2013, the Company declared a third quarter 2013 distribution per share of $0.36 which will be paid on November 27, 2013 to all common stockholders of record as of November 13, 2013.  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 10).

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2013

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

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.  At September 30, 2013, 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 $2.6 million as of September 30, 2013.

Contingencies

Litigation:  The Company is subject to various claims, lawsuits and legal proceedings, including the matter discussed below as well as other matters that have not been fully resolved and that have arisen in the ordinary course of business.  While it is not possible to ascertain the ultimate outcome of such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on the consolidated financial position or results of operations of the Company.  However, the outcome of claims, lawsuits and legal proceedings brought against the Company is subject to significant uncertainty.  Therefore, although management considers the likelihood of such an outcome to be remote, the ultimate results of these matters cannot be predicted with certainty.

The Company and three of its subsidiaries were parties to a lawsuit brought by National Public Finance Guaranty Corporation, as assignee of the claims of CaPFA Capital Corp. 2000F (“CaPFA”), in May 2010 in the Orange County Florida, Complex Business Division, relating to a student housing property located near the University of Central Florida (“UCF”) in Orlando, Florida.  The property was managed by a subsidiary of GMH Communities Trust (“GMH”, which subsidiary was indirectly acquired by the Company as part of the acquisition of GMH in June 2008) pursuant to a property management agreement between such subsidiary and CaPFA.  The suit alleged, among other things, a breach of such management agreement, breach of contract implied in fact and breach of fiduciary obligations by the Company and such subsidiaries.  The complaint sought unspecified compensatory damages, including lost profits and attorneys’ fees. 

The litigation was settled and dismissed on April 22, 2013.  Pursuant to the terms of the settlement agreement, the Company acquired a protective advance note and outstanding bond insurer claim (collectively, “loans receivable”) from National Public Finance Guarantee Corporation for an aggregate of approximately $52.8 million.  The loans receivable are secured by a lien on, and the cash flows from, two student housing properties in close proximity to the University of Central Florida and carry an interest rate of 5.12%.  In connection with our purchase of these loans receivable, the Company recorded a purchase discount of approximately $3.6 million to reflect the difference between the face value of the loans receivable and the present value of the cash flows anticipated to be received under the loans receivable, based on management’s estimate of market interest rates in place as of the settlement date.  Concurrent with recording this $3.6 million purchase discount, the Company recognized litigation settlement costs of $2.8 million in excess of amounts provided by insurance.  

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, joint ventures, or other investment transactions.  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 acquirer 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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Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Oct. 31, 2013
Document Information [Line Items]
Entity Registrant Name	AMERICAN CAMPUS COMMUNITIES INC
Entity Central Index Key	0001283630
Trading Symbol	acc
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock Shares Outstanding		104,782,817
Document Type	10-Q
Document Period End Date	Sep. 30, 2013
Amendment Flag	false
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
Document Information [Line Items]
Entity Registrant Name	American Campus Communities Operating Partnership LP
Entity Central Index Key	0001357369
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer

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Segments

9 Months Ended

Sep. 30, 2013

Segment Reporting [Abstract]

Segments

Segments

The Company defines business segments by their distinct customer base and service provided.  The Company has identified four reportable segments: 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, minority interests and allocation of corporate overhead.  Intercompany fees are reflected at the contractually stipulated amounts.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Wholly-Owned Properties
Rental revenues	$	151,551		$	104,516		$	451,691		$	287,914
Interest and other income	14			7			36			31
Total revenues from external customers	151,565			104,523			451,727			287,945
Operating expenses before depreciation, amortization, ground/facility lease and allocation of corporate overhead	(88,353		)	(58,348		)	(225,392		)	(142,222		)
Ground/facility leases	(759		)	(564		)	(2,063		)	(1,259		)
Interest expense	(11,062		)	(8,224		)	(33,936		)	(22,549		)
Operating income before depreciation, amortization, and allocation of corporate overhead	$	51,391		$	37,387		$	190,336		$	121,915
Depreciation and amortization	$	43,577		$	25,633		$	133,465		$	68,785
Capital expenditures	$	96,770		$	99,049		$	271,623		$	285,809
Total segment assets at September 30,	$	5,133,137		$	4,053,250		$	5,133,137		$	4,053,250
On-Campus Participating Properties
Rental revenues	$	5,066		$	5,087		$	17,871		$	17,766
Interest and other income	8			4			12			12
Total revenues from external customers	5,074			5,091			17,883			17,778
Operating expenses before depreciation, amortization, ground/facility lease and allocation of corporate overhead	(2,850		)	(2,856		)	(7,915		)	(7,763		)
Ground/facility lease	(627		)	(529		)	(1,686		)	(1,602		)
Interest expense	(1,365		)	(1,419		)	(4,120		)	(4,276		)
Operating income before depreciation, amortization and allocation of corporate overhead	$	232		$	287		$	4,162		$	4,137
Depreciation and amortization	$	1,197		$	1,167		$	3,553		$	3,481
Capital expenditures	$	7,660		$	948		$	8,368		$	1,710
Total segment assets at September 30,	$	77,250		$	74,245		$	77,250		$	74,245
Development Services
Development and construction management fees	$	622		$	1,467		$	1,656		$	7,427
Operating expenses	(3,159		)	(2,767		)	(8,541		)	(7,867		)
Operating loss before depreciation, amortization and allocation of corporate overhead	$	(2,537	)	$	(1,300	)	$	(6,885	)	$	(440	)
Total segment assets at September 30,	$	5,113		$	4,340		$	5,113		$	4,340
Property Management Services
Property management fees from external customers	$	1,792		$	1,687		$	5,425		$	5,083
Intersegment revenues	5,293			4,049			15,879			11,657
Total revenues	7,085			5,736			21,304			16,740
Operating expenses	(2,413		)	(2,360		)	(7,534		)	(7,494		)
Operating income before depreciation, amortization and allocation of corporate overhead	$	4,672		$	3,376		$	13,770		$	9,246
Total segment assets at September 30,	$	6,960		$	4,688		$	6,960		$	4,688
Reconciliations
Total segment revenues	$	164,346		$	116,817		$	492,570		$	329,890
Unallocated interest income earned on corporate cash	770			417			2,117			1,312
Elimination of intersegment revenues	(5,293		)	(4,049		)	(15,879		)	(11,657		)
Total consolidated revenues, including interest income	$	159,823		$	113,185		$	478,808		$	319,545
Segment operating income before depreciation, amortization and allocation of corporate overhead	$	53,758		$	39,750		$	201,383		$	134,858
Depreciation and amortization	(46,661		)	(28,225		)	(142,516		)	(76,367		)
Net unallocated expenses relating to corporate overhead	(12,342		)	(12,323		)	(34,761		)	(30,767		)
Income from unconsolidated joint ventures	—			—			—			444
Other nonoperating income (expense)	134			136			(2,666		)	14
Income tax provision	(255		)	(181		)	(765		)	(493		)
(Loss) income from continuing operations	$	(5,366	)	$	(843	)	$	20,675		$	27,689
Total segment assets	$	5,222,460		$	4,136,523		$	5,222,460		$	4,136,523
Unallocated corporate assets	97,626			78,049			97,626			78,049
Total assets at September 30,	$	5,320,086		$	4,214,572		$	5,320,086		$	4,214,572

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Derivative Instruments and Hedging Activities - Summary of Outstanding Interest Rate Swap Contracts (Details) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013
Derivative [Line Items]
Notional Amount	$ 381,480
Fair Value	(2,210)
Interest Rate Swap - 6.689% Fixed Rate
Derivative [Line Items]
Date Entered	Feb. 12, 2007
Effective Date	Feb. 15, 2007
Maturity Date	Feb. 15, 2014
Pay Fixed Rate (percent)	6.689%
Receive Floating Rate Index	LIBOR – 1 mo. plus 1.35%
Notional Amount	31,480
Fair Value	(623)
Interest Rate Swap - 0.8695% Fixed Rate
Derivative [Line Items]
Date Entered	Feb. 02, 2012
Effective Date	Feb. 02, 2012
Maturity Date	Jan. 02, 2017
Pay Fixed Rate (percent)	0.8695%
Receive Floating Rate Index	LIBOR – 1 month
Notional Amount	125,000
Fair Value	(522)
Interest Rate Swap - 0.88% Fixed Rate
Derivative [Line Items]
Date Entered	Feb. 02, 2012
Effective Date	Feb. 02, 2012
Maturity Date	Jan. 02, 2017
Pay Fixed Rate (percent)	0.88%
Receive Floating Rate Index	LIBOR – 1 month
Notional Amount	100,000
Fair Value	(457)
Interest Rate Swap - 0.8875% Fixed Rate
Derivative [Line Items]
Date Entered	Feb. 02, 2012
Effective Date	Feb. 02, 2012
Maturity Date	Jan. 02, 2017
Pay Fixed Rate (percent)	0.8875%
Receive Floating Rate Index	LIBOR – 1 month
Notional Amount	62,500
Fair Value	(304)
Interest Rate Swap - 0.889% Fixed Rate
Derivative [Line Items]
Date Entered	Feb. 02, 2012
Effective Date	Feb. 02, 2012
Maturity Date	Jan. 02, 2017
Pay Fixed Rate (percent)	0.889%
Receive Floating Rate Index	LIBOR – 1 month
Notional Amount	62,500
Fair Value	$ (304)

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Derivative Instruments and Hedging Activities - Additional Information (Detail Textuals 1) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013
Derivative [Line Items]
Notional amount	$ 381,480
Interest Rate Swap
Derivative [Line Items]
Number of interest rate swap contracts (contracts)	4
Interest Rate Swap | Unsecured Term Loan Facility
Derivative [Line Items]
Notional amount	350,000
Interest Rate Swap - 6.689% Fixed Rate
Derivative [Line Items]
Notional amount	$ 31,480