American Campus Communities is a real estate investment trust focusing on the acquisition, design, financing, development, construction management, leasing, and management of student housing properties. Co. has four reportable segments: Owned Properties, which includes off-campus properties that are located in close proximity to the school campus; On-Campus Participating Properties, which includes on-campus properties that are operated under long-term ground/facility leases; Development Services, which consists of development and construction management services; and Property Management Services, which includes third-party management contracts in which Co. is responsible for operations.