American Campus Communities, Inc. engages in the development, owning, and managing student housing communities. It operates through the following segments: Wholly-Owned Properties, On-Campus Participating Properties, Development Services, and Property Management Services. Wholly-Owned Properties segment refers to off-campus properties which are generally located in close proximity to the school campus. The On-Campus Participating Properties segment includes five on-campus properties which are operated under long-term ground or facility leases with university systems. The Development Services segment is consist of development and construction management services that the company provide through taxable real estate investment trust subsidiaries for third-party owners. The Property Management Services segment is comprised of marketing, leasing administration, facilities maintenance, business administration, accounts payable, accounts receivable, financial reporting, capital projects, and