CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities
Net income	$ 82,061	$ 31,368
Adjustments to reconcile net income to net cash provided by operating activities:
Gain from disposition of real estate	(48,525)	0
Loss from early extinguishment of debt	4,827	0
Provision for impairment	0	3,201
Depreciation and amortization	66,169	68,755
Amortization of deferred financing costs and debt premiums/discounts	(3)	(19)
Share-based compensation	3,988	3,765
Income tax provision	379	364
Amortization of interest rate swap terminations and other	428	102
Student contracts receivable, net
Student contracts receivable, net	1,143	(5,491)
Other assets	6,990	(7,723)
Accounts payable and accrued expenses	(36,172)	(30,595)
Other liabilities	9,499	16,885
Net cash provided by operating activities	90,784	80,612
Investing activities
Proceeds from disposition of properties and land parcels	146,144	0
Other investing activities	(1,347)	(1,123)
Net cash provided by (used in) investing activities	48,021	(116,872)
Financing activities
Proceeds from unsecured notes	399,240	0
Pay-off of mortgage and construction loans	(34,219)	0
Costs paid related to early extinguishment of debt	(4,156)	0
Pay-off of unsecured notes	(400,000)	0
Proceeds from revolving credit facility	1,295,700	180,600
Paydowns of revolving credit facility	(1,111,700)	(110,500)
Proceeds from construction loans	0	14,174
Scheduled principal payments on debt	(2,040)	(2,040)
Debt issuance costs	(4,693)	(1,853)
Increase in ownership of consolidated subsidiary	(77,200)	0
Contribution by noncontrolling interests	0	625
Taxes paid on net-share settlements	(4,155)	(3,831)
Distribution paid	(65,242)	(63,611)
Distributions paid to noncontrolling interests	(2,800)	(3,966)
Net cash (used in) provided by financing activities	(11,265)	9,598
Net change in cash, cash equivalents, and restricted cash	127,540	(26,662)
Cash, cash equivalents, and restricted cash at beginning of period	81,348	106,517
Cash, cash equivalents, and restricted cash at end of period	208,888	79,855
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Total cash, cash equivalents, and restricted cash at end of period	208,888	79,855
Supplemental disclosure of non-cash investing and financing activities
Conversion of common and preferred operating partnership units to common stock	0	251
Accrued development costs and capital expenditures	27,056	35,545
Change in fair value of derivative instruments, net	(10,229)	(5,896)
Change in fair value of redeemable noncontrolling interest	9,490	(2,547)
Initial recognition of operating lease right of use assets	0	280,687
Initial recognition of operating lease liabilities	0	279,982
Supplemental disclosure of cash flow information
Interest paid	31,959	20,912
Owned properties
Investing activities
Capital expenditures	(11,852)	(10,751)
Owned properties under development
Investing activities
Capital expenditures	(84,359)	(104,768)
On-campus participating properties
Investing activities
Capital expenditures	(565)	(230)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Operating activities
Net income	82,061	31,368
Adjustments to reconcile net income to net cash provided by operating activities:
Gain from disposition of real estate	(48,525)	0
Loss from early extinguishment of debt	4,827	0
Provision for impairment	0	3,201
Depreciation and amortization	66,169	68,755
Amortization of deferred financing costs and debt premiums/discounts	(3)	(19)
Share-based compensation	3,988	3,765
Income tax provision	379	364
Amortization of interest rate swap terminations and other	428	102
Student contracts receivable, net
Student contracts receivable, net	1,143	(5,491)
Other assets	6,990	(7,723)
Accounts payable and accrued expenses	(36,172)	(30,595)
Other liabilities	9,499	16,885
Net cash provided by operating activities	90,784	80,612
Investing activities
Proceeds from disposition of properties and land parcels	146,144	0
Other investing activities	(1,347)	(1,123)
Net cash provided by (used in) investing activities	48,021	(116,872)
Financing activities
Proceeds from unsecured notes	399,240	0
Pay-off of mortgage and construction loans	(34,219)	0
Costs paid related to early extinguishment of debt	(4,156)	0
Pay-off of unsecured notes	(400,000)	0
Proceeds from revolving credit facility	1,295,700	180,600
Paydowns of revolving credit facility	(1,111,700)	(110,500)
Proceeds from construction loans	0	14,174
Scheduled principal payments on debt	(2,040)	(2,040)
Debt issuance costs	(4,693)	(1,853)
Increase in ownership of consolidated subsidiary	(77,200)	0
Contribution by noncontrolling interests	0	625
Taxes paid on net-share settlements	(4,155)	(3,831)
Net cash (used in) provided by financing activities	(11,265)	9,598
Net change in cash, cash equivalents, and restricted cash	127,540	(26,662)
Cash, cash equivalents, and restricted cash at beginning of period	81,348	106,517
Cash, cash equivalents, and restricted cash at end of period	208,888	79,855
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Total cash, cash equivalents, and restricted cash at end of period	208,888	79,855
Supplemental disclosure of non-cash investing and financing activities
Conversion of common and preferred operating partnership units to common stock	0	251
Accrued development costs and capital expenditures	27,056	35,545
Change in fair value of derivative instruments, net	(10,229)	(5,896)
Change in fair value of redeemable noncontrolling interest	9,490	(2,547)
Initial recognition of operating lease right of use assets	0	280,687
Initial recognition of operating lease liabilities	0	279,982
Supplemental disclosure of cash flow information
Interest paid	31,959	20,912
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Common and preferred units
Financing activities
Distribution paid	(64,814)	(63,343)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Unvested restricted awards
Financing activities
Distribution paid	(662)	(573)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Noncontrolling interests - partially owned properties
Financing activities
Distributions paid to noncontrolling interests	(2,566)	(3,661)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Owned properties
Investing activities
Capital expenditures	(11,852)	(10,751)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Owned properties under development
Investing activities
Capital expenditures	(84,359)	(104,768)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | On-campus participating properties
Investing activities
Capital expenditures	$ (565)	$ (230)