CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating activities
Net income	$ 66,639	$ 41,578
Adjustments to reconcile net income to net cash provided by operating activities:
(Gain) loss from disposition of real estate	(48,525)	282
Loss from early extinguishment of debt	4,827	0
Provision for impairment	0	3,201
Depreciation and amortization	132,610	137,570
Amortization of deferred financing costs and debt premiums/discounts	379	53
Share-based compensation	8,427	7,509
Income tax provision	760	678
Amortization of interest rate swap terminations and other	855	268
Termination of interest rate swaps	0	(13,159)
Changes in operating assets and liabilities:
Student contracts receivable, net	4,236	(970)
Other assets	(3,988)	(4,723)
Accounts payable and accrued expenses	(17,304)	(22,416)
Other liabilities	(5,781)	(1,492)
Net cash provided by operating activities	143,135	148,379
Investing activities
Proceeds from disposition of properties and land parcels	146,144	8,854
Other investing activities	(14,635)	(2,342)
Net cash used in investing activities	(51,489)	(239,607)
Financing activities
Proceeds from unsecured notes	795,808	398,816
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	1,456,700	390,200
Paydowns of revolving credit facility	(1,695,900)	(591,900)
Proceeds from construction loans	0	26,051
Scheduled principal payments on debt	(3,983)	(4,017)
Debt issuance costs	(9,614)	(6,562)
Increase in ownership of consolidated subsidiary	(77,200)	0
Contribution by noncontrolling interests	0	704
Taxes paid on net-share settlements	(4,175)	(3,975)
Distribution paid	(130,435)	(128,589)
Distributions paid to noncontrolling interests	(4,850)	(7,291)
Net cash (used in) provided by financing activities	(112,024)	73,437
Net change in cash, cash equivalents, and restricted cash	(20,378)	(17,791)
Cash, cash equivalents, and restricted cash at beginning of period	81,348	106,517
Cash, cash equivalents, and restricted cash at end of period	60,970	88,726
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Total cash, cash equivalents, and restricted cash at end of period	60,970	88,726
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	32,880	39,646
Change in fair value of derivative instruments, net	(10,374)	(1,496)
Change in fair value of redeemable noncontrolling interest	6,080	(1,887)
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	56,362	54,186
Owned properties
Investing activities
Capital expenditures	(25,075)	(24,427)
Owned properties under development
Investing activities
Capital expenditures	(156,757)	(220,925)
On-campus participating properties
Investing activities
Capital expenditures	(1,166)	(767)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
Operating activities
Net income	66,639	41,578
Adjustments to reconcile net income to net cash provided by operating activities:
(Gain) loss from disposition of real estate	(48,525)	282
Loss from early extinguishment of debt	4,827	0
Provision for impairment	0	3,201
Depreciation and amortization	132,610	137,570
Amortization of deferred financing costs and debt premiums/discounts	379	53
Share-based compensation	8,427	7,509
Income tax provision	760	678
Amortization of interest rate swap terminations and other	855	268
Termination of interest rate swaps	0	(13,159)
Changes in operating assets and liabilities:
Student contracts receivable, net	4,236	(970)
Other assets	(3,988)	(4,723)
Accounts payable and accrued expenses	(17,304)	(22,416)
Other liabilities	(5,781)	(1,492)
Net cash provided by operating activities	143,135	148,379
Investing activities
Proceeds from disposition of properties and land parcels	146,144	8,854
Other investing activities	(14,635)	(2,342)
Net cash used in investing activities	(51,489)	(239,607)
Financing activities
Proceeds from unsecured notes	795,808	398,816
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	1,456,700	390,200
Paydowns of revolving credit facility	(1,695,900)	(591,900)
Proceeds from construction loans	0	26,051
Scheduled principal payments on debt	(3,983)	(4,017)
Debt issuance costs	(9,614)	(6,562)
Increase in ownership of consolidated subsidiary	(77,200)	0
Contribution by noncontrolling interests	0	704
Taxes paid on net-share settlements	(4,175)	(3,975)
Net cash (used in) provided by financing activities	(112,024)	73,437
Net change in cash, cash equivalents, and restricted cash	(20,378)	(17,791)
Cash, cash equivalents, and restricted cash at beginning of period	81,348	106,517
Cash, cash equivalents, and restricted cash at end of period	60,970	88,726
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Total cash, cash equivalents, and restricted cash at end of period	60,970	88,726
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	32,880	39,646
Change in fair value of derivative instruments, net	(10,374)	(1,496)
Change in fair value of redeemable noncontrolling interest	6,080	(1,887)
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	56,362	54,186
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Common and preferred units
Financing activities
Distribution paid	(129,722)	(128,151)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Unvested restricted awards
Financing activities
Distribution paid	(1,181)	(1,031)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Noncontrolling interests – partially owned properties
Financing activities
Distributions paid to noncontrolling interests	(4,382)	(6,698)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Owned properties
Investing activities
Capital expenditures	(25,075)	(24,427)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Owned properties under development
Investing activities
Capital expenditures	(156,757)	(220,925)
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | On-campus participating properties
Investing activities
Capital expenditures	$ (1,166)	$ (767)