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). The Company’s controlling interest in American Campus Communities Operating Partnership L.P. (ACCOP), it owns, manages and develops of high quality student housing properties in the United States. ACC has expertise in the acquisition, design, financing, development, construction management, leasing and management of student housing properties. As of December 31, 2013, ACC owned an approximately 98.7% limited partnership interest in ACCOP. The Company has identified four segments: Wholly-Owned Properties, On-Campus Participating Properties, Development Services and Property Management Services. As of December 31, 2013, the Company total owned and third-party managed portfolio included 203 properties with approximately 128,500 beds in approximately 44,000 units.