Maryland (American Campus Communities, Inc.)
Maryland (American Campus Communities Operating
Partnership, L.P.)
|
|
76-0753089 (American Campus Communities, Inc.)
56-2473181 (American Campus Communities Operating
Partnership, L.P.)
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(State or Other Jurisdiction of
Incorporation or Organization)
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(IRS Employer Identification No.)
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12700 Hill Country Blvd., Suite T-200
Austin, TX
(Address of Principal Executive Offices)
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78738
(Zip Code)
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(Title of Each Class)
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(Name of Each Exchange on Which Registered)
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Common Stock, $.01 par value
|
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New York Stock Exchange
|
•
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enhances investors’ understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
|
•
|
eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and
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•
|
creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.
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PAGE NO.
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PART I.
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Item 1.
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Business
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Item 1A.
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Risk Factors
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Item 1B.
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Unresolved Staff Comments
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Item 2.
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Properties
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Item 3.
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Legal Proceedings
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Item 4.
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Mine Safety Disclosures
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PART II.
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Item 5.
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Market for Registrant’s Common Equity and Related Stockholder Matters
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Item 6.
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Selected Financial Data
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Item 7.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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Item 7A.
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Quantitative and Qualitative Disclosures About Market Risk
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Item 8.
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Financial Statements and Supplementary Data
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Item 9.
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Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
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Item 9A.
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Controls and Procedures
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PART III.
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Item 10.
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Directors, Executive Officers and Corporate Governance
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Item 11.
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Executive Compensation
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Item 12.
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Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
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Item 13.
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Certain Relationships, Related Transactions and Director Independence
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Item 14.
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Principal Accountant Fees and Services
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PART IV.
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Item 15.
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Exhibits and Financial Statement Schedules
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SIGNATURES
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•
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Satisfying the specialized needs of residents by providing the highest levels of customer service;
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•
|
Developing and maintaining an academically oriented environment via a premier residence life/student development program;
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•
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Maintaining each project’s physical plant in top condition;
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•
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Maximizing revenue through the development and implementation of a strategic annual marketing plan and leasing administration program; and
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•
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Maximizing cash flow through maximizing revenue coupled with prudent control of expenses.
|
•
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a fully integrated prospect tracking and follow-up system;
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•
|
a built-in marketing effectiveness program to measure the success of our marketing efforts on a real time basis;
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•
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a real-time monitor of lease closings and leasing terms;
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•
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an automated lease generation system;
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•
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the generation of future period rent rolls to aid in budgeting and forecasting; and
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•
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a customized report writer.
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•
|
approximately
2,041
on-site employees in our wholly-owned properties segment, including
848
Resident Assistants;
|
•
|
approximately
101
on-site employees in our on-campus participating properties segment, including
38
Resident Assistants;
|
•
|
approximately
939
employees in our property management services segment, including
800
on-site employees and
139
corporate office employees;
|
•
|
approximately
52
corporate office employees in our development services segment; and
|
•
|
approximately
94
executive, corporate administration and financial personnel.
|
•
|
we may be unable to obtain financing on favorable terms or at all;
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•
|
we may not complete development projects on schedule, within budgeted amounts or in conformity with building plans and specifications;
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•
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we may encounter delays or refusals in obtaining all necessary zoning, land use, building, occupancy and other required governmental permits and authorizations;
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•
|
occupancy and rental rates at newly developed or renovated properties may fluctuate depending on a number of factors, including market and economic conditions, and may reduce or eliminate our return on investment;
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•
|
we may become liable for injuries and accidents occurring during the construction process and for environmental liabilities, including off-site disposal of construction materials;
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•
|
we may decide to abandon our development efforts if we determine that continuing the project would not be in our best interests; and
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•
|
we may encounter strikes, weather, government regulations and other conditions beyond our control.
|
•
|
our potential inability to acquire a desired property may be caused by competition from other real estate investors;
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•
|
competition from other potential acquirers may significantly increase the purchase price and decrease expected yields;
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•
|
we may be unable to finance an acquisition on favorable terms or at all;
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•
|
we may have to incur significant unexpected capital expenditures to improve or renovate acquired properties;
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•
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we may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of portfolios of properties, into our existing operations;
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•
|
market conditions may result in higher than expected costs and vacancy rates and lower than expected rental rates; and
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•
|
we may acquire properties subject to liabilities but without any recourse, or with only limited recourse, to the sellers, or with liabilities that are unknown to us, such as liabilities for clean-up of undisclosed environmental contamination, claims by tenants, vendors or other persons dealing with the former owners of our properties and claims for indemnification by members, directors, officers and others indemnified by the former owners of our properties.
|
•
|
We may default on our scheduled principal payments or other obligations as a result of insufficient cash flow or otherwise, and the lenders or mortgagees may foreclose on our properties that secure their loans and receive an assignment of rents and leases.
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•
|
Foreclosures could create taxable income without accompanying cash proceeds, a circumstance that could hinder our ability to meet the REIT distribution requirements imposed by the Internal Revenue Code.
|
•
|
Compliance with the provisions of our debt agreements, including the financial and other covenants, such as the maintenance of specified financial ratios, could limit our flexibility and a default in these requirements, if uncured, could result in a requirement that we repay indebtedness, which could severely affect our liquidity and increase our financing costs.
|
•
|
general economic conditions;
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•
|
rising level of interest rates;
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•
|
local oversupply, increased competition or reduction in demand for student housing;
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•
|
inability to collect rent from tenants;
|
•
|
vacancies or our inability to rent units on favorable terms;
|
•
|
inability to finance property development and acquisitions on favorable terms;
|
•
|
increased operating costs, including insurance premiums, utilities, and real estate taxes;
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•
|
costs of complying with changes in governmental regulations;
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•
|
the relative illiquidity of real estate investments;
|
•
|
decreases in student enrollment at particular colleges and universities;
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•
|
changes in university policies related to admissions and housing; and
|
•
|
changing student demographics.
|
•
|
operating results that vary from the expectations of securities analysts and investors;
|
•
|
investor interest in our property portfolio;
|
•
|
the reputation and performance of REITs;
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•
|
the attractiveness of REITs as compared to other investment vehicles;
|
•
|
our financial condition and the results of our operations;
|
•
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the perception of our growth and earnings potential;
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•
|
dividend payment rates and the form of the payment;
|
•
|
increases in market rates, which may lead purchasers of our common stock to demand a higher yield; and
|
•
|
changes in financial markets and national economic and general market conditions.
|
•
|
we would not be allowed a deduction for dividends to security holders in computing our taxable income and such amounts would be subject to federal income tax at regular corporate rates;
|
•
|
we also could be subject to the federal alternative minimum tax and possibly increased state and local taxes; and
|
•
|
unless we are entitled to relief under applicable statutory provisions, we could not elect to be taxed as a REIT for four taxable years following the year during which we were disqualified.
|
•
|
general market conditions;
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•
|
our current debt levels and the number of properties subject to encumbrances;
|
•
|
our current performance and the market’s perception of our growth potential;
|
•
|
our cash flow and cash dividends; and
|
•
|
the market price per share of our stock.
|
•
|
the REIT ownership limit described above;
|
•
|
authorization of the issuance of our preferred shares with powers, preferences or rights to be determined by our board of directors;
|
•
|
the right of our board of directors, without a stockholder vote, to increase our authorized shares and classify or reclassify unissued shares;
|
•
|
advance-notice requirements for stockholder nomination of directors and for other proposals to be presented to stockholder meetings; and
|
•
|
the requirement that a majority vote of the holders of common stock is needed to remove a member of our board of directors for “cause.”
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Property
|
|
Year
Built
|
|
Date
Acquired/
Developed
|
|
Primary University Served
|
|
Typical
Lease
Term
(Mos)
|
|
Year Ended December 31, 2014 Revenue
|
|
Average Monthly Revenue/ Bed
(1)
|
|
2014 Average Occupancy
(2)
|
|
Occupancy
as of
12/31/2014
|
|
# of
Buildings
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|
# of Units
|
|
# of
Beds
|
|
||||||
WHOLLY-OWNED PROPERTIES
|
|
|
|
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||||||
Same Store Wholly-Owned Properties:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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||||||
The Village at Alafaya Club
(3)
|
|
1999
|
|
Jul-00
|
|
The University of Central Florida
|
|
12
|
|
$
|
6,213
|
|
|
$
|
581
|
|
|
99.2
|
%
|
|
97.6
|
%
|
|
20
|
|
228
|
|
839
|
|
The Callaway House
|
|
1999
|
|
Mar-01
|
|
Texas A&M University
|
|
9
|
|
8,755
|
|
(4)
|
1,392
|
|
(4)
|
103.8
|
%
|
|
104.1
|
%
|
|
1
|
|
173
|
|
538
|
|
||
The Village at Science Drive
|
|
2000
|
|
Nov-01
|
|
The University of Central Florida
|
|
12
|
|
5,469
|
|
|
596
|
|
|
99.4
|
%
|
|
99.3
|
%
|
|
17
|
|
192
|
|
732
|
|
||
University Village at Boulder Creek
|
|
2002
|
|
Aug-02
|
|
The Univ. of Colorado at Boulder
|
|
12
|
|
3,292
|
|
|
855
|
|
|
98.5
|
%
|
|
98.7
|
%
|
|
4
|
|
82
|
|
309
|
|
||
University Village - Fresno
|
|
2004
|
|
Aug-04
|
|
California State University - Fresno
|
|
12
|
|
2,701
|
|
|
511
|
|
|
95.7
|
%
|
|
98.8
|
%
|
|
9
|
|
105
|
|
406
|
|
||
University Village - Temple
|
|
2004
|
|
Aug-04
|
|
Temple University
|
|
12
|
|
6,060
|
|
|
657
|
|
|
92.4
|
%
|
|
89.5
|
%
|
|
3
|
|
220
|
|
749
|
|
||
University Club Townhomes
(5)
|
|
2000/2002
|
|
Feb-05
|
|
Florida State University
|
|
12
|
|
4,770
|
|
|
482
|
|
|
94.4
|
%
|
|
92.5
|
%
|
|
27
|
|
216
|
|
736
|
|
||
College Club Townhomes
(5)
|
|
2001
|
|
Feb-05
|
|
Florida A&M University
|
|
12
|
|
2,807
|
|
|
371
|
|
|
86.5
|
%
|
|
84.4
|
%
|
|
12
|
|
136
|
|
544
|
|
||
University Club Apartments
|
|
1999
|
|
Feb-05
|
|
University of Florida
|
|
12
|
|
2,220
|
|
|
482
|
|
|
97.6
|
%
|
|
98.9
|
%
|
|
9
|
|
94
|
|
376
|
|
||
The Estates
|
|
2002
|
|
Mar-05
|
|
University of Florida
|
|
12
|
|
7,212
|
|
|
562
|
|
|
97.3
|
%
|
|
94.2
|
%
|
|
20
|
|
396
|
|
1,044
|
|
||
City Parc at Fry Street
|
|
2004
|
|
Mar-05
|
|
University of North Texas
|
|
12
|
|
3,225
|
|
|
621
|
|
|
97.9
|
%
|
|
98.1
|
%
|
|
8
|
|
136
|
|
418
|
|
||
Entrada Real
|
|
2000
|
|
Mar-05
|
|
University of Arizona
|
|
12
|
|
2,415
|
|
|
538
|
|
|
94.2
|
%
|
|
97.5
|
%
|
|
8
|
|
98
|
|
363
|
|
||
University Village at Sweethome
|
|
2005
|
|
Aug-05
|
|
State Univ. of New York at Buffalo
|
|
12
|
|
6,835
|
|
|
660
|
|
|
99.7
|
%
|
|
100.0
|
%
|
|
11
|
|
269
|
|
828
|
|
||
University Village - Tallahassee
(6)
|
|
1990/91/92
|
|
Mar-06
|
|
Florida State University
|
|
12
|
|
4,506
|
|
|
501
|
|
|
98.8
|
%
|
|
98.6
|
%
|
|
12
|
|
217
|
|
716
|
|
||
Royal Village - Gainesville
|
|
1996
|
|
Mar-06
|
|
University of Florida
|
|
12
|
|
2,958
|
|
|
540
|
|
|
97.6
|
%
|
|
96.9
|
%
|
|
8
|
|
118
|
|
448
|
|
||
Royal Lexington
|
|
1994
|
|
Mar-06
|
|
The University of Kentucky
|
|
12
|
|
2,108
|
|
|
520
|
|
|
99.4
|
%
|
|
98.6
|
%
|
|
4
|
|
94
|
|
364
|
|
||
The Woods at Greenland
|
|
2001
|
|
Mar-06
|
|
Middle Tennessee State University
|
|
12
|
|
1,438
|
|
|
416
|
|
|
97.2
|
%
|
|
97.8
|
%
|
|
3
|
|
78
|
|
276
|
|
||
Raider’s Crossing
|
|
2002
|
|
Mar-06
|
|
Middle Tennessee State University
|
|
12
|
|
1,583
|
|
|
445
|
|
|
98.6
|
%
|
|
98.9
|
%
|
|
4
|
|
96
|
|
276
|
|
||
Raiders Pass
|
|
2002/03
|
|
Mar-06
|
|
Texas Tech University
|
|
12
|
|
4,532
|
|
|
445
|
|
|
95.8
|
%
|
|
99.4
|
%
|
|
12
|
|
264
|
|
828
|
|
||
Aggie Station
|
|
2003
|
|
Mar-06
|
|
Texas A&M University
|
|
12
|
|
3,081
|
|
|
558
|
|
|
99.6
|
%
|
|
99.8
|
%
|
|
5
|
|
156
|
|
450
|
|
||
The Outpost - San Marcos
|
|
2003/04
|
|
Mar-06
|
|
Texas State University
|
|
12
|
|
3,113
|
|
|
527
|
|
|
97.1
|
%
|
|
96.9
|
%
|
|
5
|
|
162
|
|
486
|
|
||
The Outpost - San Antonio
|
|
2005
|
|
Mar-06
|
|
University of Texas – San Antonio
|
|
12
|
|
4,986
|
|
|
507
|
|
|
94.5
|
%
|
|
95.4
|
%
|
|
10
|
|
276
|
|
828
|
|
||
Callaway Villas
|
|
2006
|
|
Aug-06
|
|
Texas A&M University
|
|
9/12
|
|
6,364
|
|
|
773
|
|
|
91.3
|
%
|
|
99.1
|
%
|
|
20
|
|
236
|
|
704
|
|
||
The Village on Sixth Avenue
|
|
2000/06
|
|
Jan-07
|
|
Marshall University
|
|
12
|
|
4,226
|
|
|
466
|
|
|
96.1
|
%
|
|
97.3
|
%
|
|
14
|
|
248
|
|
752
|
|
||
Newtown Crossing
|
|
2005/07
|
|
Feb-07
|
|
University of Kentucky
|
|
12
|
|
6,728
|
|
|
586
|
|
|
98.5
|
%
|
|
97.6
|
%
|
|
7
|
|
356
|
|
942
|
|
||
Olde Towne University Square
|
|
2005
|
|
Feb-07
|
|
University of Toledo
|
|
12
|
|
4,159
|
|
|
611
|
|
|
99.6
|
%
|
|
99.6
|
%
|
|
4
|
|
224
|
|
550
|
|
Property
|
|
Year
Built
|
|
Date
Acquired/
Developed
|
|
Primary University Served
|
|
Typical
Lease
Term
(Mos)
|
|
Year Ended December 31, 2014 Revenue
|
|
Average Monthly Revenue/ Bed
(1)
|
|
2014 Average Occupancy
(2)
|
|
Occupancy
as of
12/31/2014
|
|
# of
Buildings
|
|
# of Units
|
|
# of
Beds
|
|
||||||
Peninsular Place
|
|
2005
|
|
Feb-07
|
|
Eastern Michigan University
|
|
12
|
|
$
|
2,934
|
|
|
$
|
474
|
|
|
98.9
|
%
|
|
99.4
|
%
|
|
2
|
|
183
|
|
478
|
|
University Centre
|
|
2007
|
|
Aug-07
|
|
Rutgers University, NJIT
|
|
9/12
|
|
6,760
|
|
|
827
|
|
|
75.0
|
%
|
|
76.3
|
%
|
|
2
|
|
234
|
|
838
|
|
||
Sunnyside Commons
|
|
1925/ 2001
|
|
Feb-08
|
|
West Virginia University
|
|
12
|
|
959
|
|
|
469
|
|
|
100.3
|
%
|
|
100.6
|
%
|
|
9
|
|
68
|
|
161
|
|
||
Pirates Place Townhomes
|
|
1996
|
|
Feb-08
|
|
East Carolina University
|
|
12
|
|
2,271
|
|
|
366
|
|
|
93.0
|
%
|
|
96.6
|
%
|
|
12
|
|
144
|
|
528
|
|
||
The Highlands
(3)
|
|
2004
|
|
Jun-08
|
|
University of Nevada at Reno
|
|
12
|
|
4,399
|
|
|
480
|
|
|
99.7
|
%
|
|
100.0
|
%
|
|
17
|
|
216
|
|
732
|
|
||
The Summit & Jacob Heights
(6)
|
|
2003- 2006
|
|
Jun-08
|
|
Minnesota State University
|
|
12
|
|
5,474
|
|
|
468
|
|
|
97.8
|
%
|
|
98.7
|
%
|
|
34
|
|
258
|
|
930
|
|
||
GrandMarc Seven Corners
|
|
2000
|
|
Jun-08
|
|
University of Minnesota
|
|
12
|
|
4,500
|
|
|
631
|
|
|
119.3
|
%
|
|
122.0
|
%
|
|
1
|
|
186
|
|
440
|
|
||
University Village – Sacramento
|
|
1979
|
|
Jun-08
|
|
California State Univ. - Sacramento
|
|
12
|
|
3,110
|
|
|
599
|
|
|
104.7
|
%
|
|
107.6
|
%
|
|
41
|
|
250
|
|
394
|
|
||
Aztec Corner
|
|
1995
|
|
Jun-08
|
|
San Diego State University
|
|
12
|
|
4,954
|
|
|
659
|
|
|
98.1
|
%
|
|
98.5
|
%
|
|
3
|
|
180
|
|
606
|
|
||
University Crossings (ACE)
|
|
1926/2003
|
|
Jun-08
|
|
Drexel University
|
|
9
|
|
10,213
|
|
|
700
|
|
|
99.0
|
%
|
|
98.2
|
%
|
|
1
|
|
260
|
|
1,016
|
|
||
Campus Corner
|
|
1997
|
|
Jun-08
|
|
Indiana University
|
|
12
|
|
4,836
|
|
|
503
|
|
|
95.6
|
%
|
|
95.1
|
%
|
|
23
|
|
254
|
|
796
|
|
||
Tower at Third
|
|
1973
|
|
Jun-08
|
|
University of Illinois
|
|
12
|
|
3,473
|
|
|
718
|
|
|
99.0
|
%
|
|
99.5
|
%
|
|
1
|
|
188
|
|
375
|
|
||
University Manor
|
|
2002
|
|
Jun-08
|
|
East Carolina University
|
|
12
|
|
2,929
|
|
|
404
|
|
|
96.6
|
%
|
|
98.7
|
%
|
|
18
|
|
168
|
|
600
|
|
||
Lakeside Apartments
|
|
1991
|
|
Jun-08
|
|
University of Georgia
|
|
12
|
|
3,447
|
|
|
348
|
|
|
96.1
|
%
|
|
98.5
|
%
|
|
20
|
|
244
|
|
776
|
|
||
The Club
|
|
1989
|
|
Jun-08
|
|
University of Georgia
|
|
12
|
|
2,112
|
|
|
339
|
|
|
97.0
|
%
|
|
97.9
|
%
|
|
17
|
|
120
|
|
480
|
|
||
The Edge -Orlando
|
|
1999
|
|
Jun-08
|
|
The University of Central Florida
|
|
12
|
|
6,841
|
|
|
585
|
|
|
99.3
|
%
|
|
99.6
|
%
|
|
21
|
|
306
|
|
930
|
|
||
University Place
(3)
|
|
2003
|
|
Jun-08
|
|
University of Virginia
|
|
12
|
|
2,454
|
|
|
388
|
|
|
94.6
|
%
|
|
97.3
|
%
|
|
12
|
|
144
|
|
528
|
|
||
South View
|
|
1998
|
|
Jun-08
|
|
James Madison University
|
|
12
|
|
5,055
|
|
|
447
|
|
|
95.5
|
%
|
|
97.5
|
%
|
|
21
|
|
240
|
|
960
|
|
||
Stone Gate
|
|
2000
|
|
Jun-08
|
|
James Madison University
|
|
12
|
|
3,778
|
|
|
465
|
|
|
98.6
|
%
|
|
98.4
|
%
|
|
15
|
|
168
|
|
672
|
|
||
The Commons
|
|
1991
|
|
Jun-08
|
|
James Madison University
|
|
12
|
|
1,901
|
|
|
339
|
|
|
83.0
|
%
|
|
82.2
|
%
|
|
11
|
|
132
|
|
528
|
|
||
University Gables
|
|
2001
|
|
Jun-08
|
|
Middle Tennessee State University
|
|
12
|
|
3,088
|
|
|
376
|
|
|
98.8
|
%
|
|
98.8
|
%
|
|
15
|
|
168
|
|
648
|
|
||
Willowtree Apartments and Towers
(5)
|
|
1968/1974
|
|
Jun-08
|
|
University of Michigan
|
|
12
|
|
5,415
|
|
|
518
|
|
|
99.3
|
%
|
|
99.5
|
%
|
|
16
|
|
473
|
|
851
|
|
||
Abbott Place
|
|
1999
|
|
Jun-08
|
|
Michigan State University
|
|
12
|
|
3,879
|
|
|
482
|
|
|
98.3
|
%
|
|
99.4
|
%
|
|
9
|
|
222
|
|
654
|
|
||
The Centre
|
|
2004
|
|
Jun-08
|
|
Western Michigan University
|
|
12
|
|
3,493
|
|
|
399
|
|
|
98.4
|
%
|
|
98.7
|
%
|
|
23
|
|
232
|
|
700
|
|
||
University Meadows
|
|
2001
|
|
Jun-08
|
|
Central Michigan University
|
|
12
|
|
2,941
|
|
|
418
|
|
|
91.3
|
%
|
|
95.3
|
%
|
|
23
|
|
184
|
|
616
|
|
||
Campus Way
|
|
1993
|
|
Jun-08
|
|
University of Alabama
|
|
12
|
|
3,882
|
|
|
457
|
|
|
97.3
|
%
|
|
98.1
|
%
|
|
9
|
|
194
|
|
680
|
|
||
University Pointe
|
|
2004
|
|
Jun-08
|
|
Texas Tech University
|
|
12
|
|
4,456
|
|
|
545
|
|
|
94.5
|
%
|
|
97.2
|
%
|
|
11
|
|
204
|
|
682
|
|
||
University Trails
|
|
2003
|
|
Jun-08
|
|
Texas Tech University
|
|
12
|
|
4,458
|
|
|
527
|
|
|
97.4
|
%
|
|
98.5
|
%
|
|
20
|
|
240
|
|
684
|
|
||
Campus Trails
|
|
1991
|
|
Jun-08
|
|
Mississippi State University
|
|
12
|
|
2,500
|
|
|
423
|
|
|
98.1
|
%
|
|
98.3
|
%
|
|
14
|
|
156
|
|
480
|
|
||
Vista del Sol (ACE)
|
|
2008
|
|
Aug-08
|
|
Arizona State University
|
|
12
|
|
16,399
|
|
|
691
|
|
|
94.9
|
%
|
|
98.1
|
%
|
|
12
|
|
613
|
|
1,866
|
|
||
Villas at Chestnut Ridge
|
|
2008
|
|
Aug-08
|
|
State Univ. of New York at Buffalo
|
|
12
|
|
4,886
|
|
|
727
|
|
|
98.6
|
%
|
|
99.3
|
%
|
|
12
|
|
196
|
|
552
|
|
||
Barrett Honors College (ACE)
|
|
2009
|
|
Aug-09
|
|
Arizona State University
|
|
9
|
|
13,585
|
|
|
861
|
|
|
97.3
|
%
|
|
98.5
|
%
|
|
7
|
|
604
|
|
1,721
|
|
||
University Heights
|
|
2001
|
|
Mar-10
|
|
Univ. of Alabama at Birmingham
|
|
12
|
|
3,071
|
|
|
451
|
|
|
98.8
|
%
|
|
99.4
|
%
|
|
8
|
|
176
|
|
528
|
|
||
Sanctuary Lofts
|
|
2008
|
|
Jul-10
|
|
Texas State University
|
|
12
|
|
4,046
|
|
|
651
|
|
|
96.3
|
%
|
|
93.6
|
%
|
|
4
|
|
201
|
|
487
|
|
||
Lions Crossing
|
|
1996
|
|
Sep-10
|
|
Penn State University
|
|
12
|
|
4,964
|
|
|
527
|
|
|
97.9
|
%
|
|
98.9
|
%
|
|
17
|
|
204
|
|
696
|
|
||
Nittany Crossing
|
|
1996/97
|
|
Sep-10
|
|
Penn State University
|
|
12
|
|
4,809
|
|
|
535
|
|
|
99.1
|
%
|
|
99.4
|
%
|
|
11
|
|
204
|
|
684
|
|
||
The View
(3)
|
|
2003
|
|
Sep-10
|
|
University of Nebraska
|
|
12
|
|
2,760
|
|
|
372
|
|
|
99.4
|
%
|
|
99.0
|
%
|
|
12
|
|
157
|
|
590
|
|
||
Chapel Ridge
(3)
|
|
2003
|
|
Sep-10
|
|
UNC - Chapel Hill
|
|
12
|
|
3,897
|
|
|
608
|
|
|
95.7
|
%
|
|
96.0
|
%
|
|
13
|
|
180
|
|
544
|
|
||
Chapel View
(3)
|
|
1986/2003
|
|
Sep-10
|
|
UNC - Chapel Hill
|
|
12
|
|
2,708
|
|
|
646
|
|
|
94.7
|
%
|
|
93.3
|
%
|
|
14
|
|
224
|
|
358
|
|
||
University Oaks
|
|
2004
|
|
Sep-10
|
|
University of South Carolina
|
|
12
|
|
4,478
|
|
|
538
|
|
|
99.1
|
%
|
|
99.1
|
%
|
|
14
|
|
181
|
|
662
|
|
Property
|
|
Year
Built
|
|
Date
Acquired/
Developed
|
|
Primary University Served
|
|
Typical
Lease
Term
(Mos)
|
|
Year Ended December 31, 2014 Revenue
|
|
Average Monthly Revenue/ Bed
(1)
|
|
2014 Average Occupancy
(2)
|
|
Occupancy
as of
12/31/2014
|
|
# of
Buildings
|
|
# of Units
|
|
# of
Beds
|
|
||||||
Blanton Common
|
|
2005/2007
|
|
Sep-10
|
|
Valdosta State University
|
|
12
|
|
$
|
4,151
|
|
|
$
|
401
|
|
|
92.0
|
%
|
|
90.3
|
%
|
|
21
|
|
276
|
|
860
|
|
Burbank Commons
|
|
1995
|
|
Sep-10
|
|
Louisiana State University
|
|
12
|
|
2,894
|
|
|
430
|
|
|
98.4
|
%
|
|
98.7
|
%
|
|
7
|
|
134
|
|
532
|
|
||
University Crescent
|
|
1999
|
|
Sep-10
|
|
Louisiana State University
|
|
12
|
|
4,347
|
|
|
564
|
|
|
98.8
|
%
|
|
99.3
|
%
|
|
15
|
|
192
|
|
612
|
|
||
University Greens
(3)
|
|
1999
|
|
Sep-10
|
|
University of Oklahoma
|
|
12
|
|
2,771
|
|
|
435
|
|
|
97.6
|
%
|
|
98.6
|
%
|
|
13
|
|
156
|
|
516
|
|
||
The Edge – Charlotte
|
|
2000
|
|
Nov-10
|
|
UNC - Charlotte
|
|
12
|
|
4,257
|
|
|
484
|
|
|
97.0
|
%
|
|
94.9
|
%
|
|
15
|
|
180
|
|
720
|
|
||
University Walk
|
|
2002
|
|
Nov-10
|
|
UNC - Charlotte
|
|
12
|
|
2,971
|
|
|
497
|
|
|
99.2
|
%
|
|
99.2
|
%
|
|
12
|
|
120
|
|
480
|
|
||
Uptown Apartments
|
|
2004
|
|
Nov-10
|
|
University of North Texas
|
|
12
|
|
3,974
|
|
|
603
|
|
|
98.0
|
%
|
|
97.7
|
%
|
|
12
|
|
180
|
|
528
|
|
||
2nd Ave Centre
|
|
2008
|
|
Dec-10
|
|
University of Florida
|
|
12
|
|
6,259
|
|
|
587
|
|
|
99.5
|
%
|
|
99.4
|
%
|
|
7
|
|
274
|
|
868
|
|
||
Villas at Babcock
|
|
2011
|
|
Aug-11
|
|
University of Texas – San Antonio
|
|
12
|
|
4,745
|
|
|
521
|
|
|
91.6
|
%
|
|
87.8
|
%
|
|
16
|
|
204
|
|
792
|
|
||
Lobo Village (ACE)
|
|
2011
|
|
Aug-11
|
|
University of New Mexico
|
|
12
|
|
5,312
|
|
|
502
|
|
|
96.3
|
%
|
|
97.3
|
%
|
|
20
|
|
216
|
|
864
|
|
||
Villas on Sycamore
|
|
2011
|
|
Aug-11
|
|
Sam Houston State University
|
|
12
|
|
4,475
|
|
|
489
|
|
|
99.1
|
%
|
|
99.1
|
%
|
|
88
|
|
170
|
|
680
|
|
||
University Village Northwest (ACE)
|
|
2011
|
|
Aug-11
|
|
Prairie View A&M University
|
|
9
|
|
864
|
|
|
653
|
|
|
99.1
|
%
|
|
96.5
|
%
|
|
2
|
|
36
|
|
144
|
|
||
Eagles Trail
|
|
2007
|
|
Sep-11
|
|
University of Southern Mississippi
|
|
12
|
|
4,371
|
|
|
416
|
|
|
97.8
|
%
|
|
98.1
|
%
|
|
16
|
|
216
|
|
792
|
|
||
26 West
|
|
2008
|
|
Dec-11
|
|
University of Texas - Austin
|
|
12
|
|
11,603
|
|
|
839
|
|
|
99.3
|
%
|
|
99.3
|
%
|
|
3
|
|
367
|
|
1,026
|
|
||
The Varsity
|
|
2011
|
|
Dec-11
|
|
University of Maryland
|
|
12
|
|
11,888
|
|
|
963
|
|
|
99.3
|
%
|
|
99.6
|
%
|
|
1
|
|
258
|
|
901
|
|
||
University Heights
|
|
1999
|
|
Jan-12
|
|
University of Tennessee
|
|
12
|
|
3,536
|
|
|
449
|
|
|
97.2
|
%
|
|
98.9
|
%
|
|
8
|
|
204
|
|
636
|
|
||
Avalon Heights
|
|
2002
|
|
May-12
|
|
University of South Florida in Tampa
|
|
12
|
|
5,282
|
|
|
552
|
|
|
99.9
|
%
|
|
100.0
|
%
|
|
4
|
|
210
|
|
754
|
|
||
University Commons
|
|
2003
|
|
Jun-12
|
|
Univ. of Minnesota in Minneapolis
|
|
12
|
|
4,403
|
|
|
618
|
|
|
114.5
|
%
|
|
115.6
|
%
|
|
4
|
|
164
|
|
480
|
|
||
Casas del Rio (ACE)
|
|
2012
|
|
Aug-12
|
|
University of New Mexico
|
|
9
|
|
5,242
|
|
|
587
|
|
|
88.7
|
%
|
|
81.5
|
%
|
|
4
|
|
283
|
|
1,028
|
|
||
The Suites (ACE)
|
|
2012
|
|
Aug-12
|
|
Northern Arizona University
|
|
9
|
|
3,570
|
|
|
662
|
|
|
99.6
|
%
|
|
99.5
|
%
|
|
2
|
|
275
|
|
550
|
|
||
Hilltop Townhomes (ACE)
|
|
2012
|
|
Aug-12
|
|
Northern Arizona University
|
|
12
|
|
4,577
|
|
|
626
|
|
|
98.9
|
%
|
|
99.3
|
%
|
|
10
|
|
144
|
|
576
|
|
||
U Club on Frey
|
|
2012
|
|
Aug-12
|
|
Kennesaw State University
|
|
12
|
|
3,449
|
|
|
609
|
|
|
99.1
|
%
|
|
99.1
|
%
|
|
7
|
|
114
|
|
456
|
|
||
Campus Edge on UTA Boulevard
|
|
2012
|
|
Aug-12
|
|
University of Texas - Arlington
|
|
12
|
|
3,791
|
|
|
609
|
|
|
99.8
|
%
|
|
100.0
|
%
|
|
1
|
|
128
|
|
488
|
|
||
U Club Townhomes on Marion Pugh
|
|
2012
|
|
Aug-12
|
|
Texas A&M University
|
|
12
|
|
4,823
|
|
|
607
|
|
|
99.3
|
%
|
|
99.4
|
%
|
|
40
|
|
160
|
|
640
|
|
||
Villas on Rensch
|
|
2012
|
|
Aug-12
|
|
State Univ. of New York at Buffalo
|
|
12
|
|
5,467
|
|
|
734
|
|
|
98.8
|
%
|
|
98.9
|
%
|
|
39
|
|
153
|
|
610
|
|
||
The Village at Overton Park
|
|
2012
|
|
Aug-12
|
|
Texas Tech University
|
|
12
|
|
4,572
|
|
|
612
|
|
|
95.0
|
%
|
|
97.5
|
%
|
|
2
|
|
163
|
|
612
|
|
||
Casa de Oro (ACE)
|
|
2012
|
|
Aug-12
|
|
Arizona State University
|
|
9
|
|
1,534
|
|
|
649
|
|
|
69.5
|
%
|
|
82.5
|
%
|
|
1
|
|
109
|
|
365
|
|
||
The Villas at Vista del Sol (ACE)
|
|
2012
|
|
Aug-12
|
|
Arizona State University
|
|
12
|
|
3,642
|
|
|
713
|
|
|
99.4
|
%
|
|
100.0
|
%
|
|
12
|
|
104
|
|
400
|
|
||
The Block
|
|
2007/2008
|
|
Aug-12
|
|
The University of Texas at Austin
|
|
12
|
|
17,917
|
|
|
884
|
|
|
96.2
|
%
|
|
98.1
|
%
|
|
8
|
|
669
|
|
1,555
|
|
||
University Pointe at College Station (ACE)
|
|
2012
|
|
Sep-12
|
|
Portland State University
|
|
12
|
|
8,344
|
|
|
630
|
|
|
99.1
|
%
|
|
99.2
|
%
|
|
1
|
|
282
|
|
978
|
|
||
309 Green
|
|
2008
|
|
Sep-12
|
|
University of Illinois
|
|
12
|
|
4,070
|
|
|
794
|
|
|
94.4
|
%
|
|
98.8
|
%
|
|
1
|
|
110
|
|
416
|
|
||
The Retreat
|
|
2012
|
|
Sep-12
|
|
Texas State University
|
|
12
|
|
5,501
|
|
|
589
|
|
|
93.4
|
%
|
|
94.9
|
%
|
|
140
|
|
187
|
|
780
|
|
||
Lofts 54
|
|
2008
|
|
Sep-12
|
|
University of Illinois
|
|
12
|
|
1,499
|
|
|
644
|
|
|
99.9
|
%
|
|
100.0
|
%
|
|
1
|
|
43
|
|
172
|
|
||
Campustown Rentals
|
|
1920-1987
|
|
Sep-12
|
|
University of Illinois
|
|
12
|
|
4,044
|
|
|
482
|
|
|
82.8
|
%
|
|
94.3
|
%
|
|
22
|
|
264
|
|
746
|
|
||
Chauncey Square
|
|
2007/2012
|
|
Sep-12
|
|
Purdue University
|
|
12
|
|
4,149
|
|
|
816
|
|
|
97.3
|
%
|
|
95.9
|
%
|
|
2
|
|
158
|
|
386
|
|
||
Vintage & Texan West Campus
(5)
|
|
2009
|
|
Sep-12
|
|
The University of Texas at Austin
|
|
12
|
|
3,491
|
|
|
824
|
|
|
99.5
|
%
|
|
99.4
|
%
|
|
2
|
|
124
|
|
311
|
|
||
The Castilian
|
|
1967
|
|
Sep-12
|
|
The University of Texas at Austin
|
|
9
|
|
5,729
|
|
(4)
|
1,202
|
|
(4)
|
76.5
|
%
|
|
82.7
|
%
|
|
1
|
|
371
|
|
623
|
|
||
Bishops Square
|
|
2002
|
|
Sep-12
|
|
Texas State University
|
|
12
|
|
2,329
|
|
|
568
|
|
|
98.2
|
%
|
|
98.7
|
%
|
|
13
|
|
134
|
|
315
|
|
||
Union
|
|
2007
|
|
Sep-12
|
|
Baylor University
|
|
12
|
|
879
|
|
|
589
|
|
|
97.8
|
%
|
|
98.3
|
%
|
|
1
|
|
54
|
|
120
|
|
||
922 Place
|
|
2009
|
|
Sep-12
|
|
Arizona State University
|
|
12
|
|
3,872
|
|
|
629
|
|
|
97.4
|
%
|
|
98.7
|
%
|
|
2
|
|
132
|
|
468
|
|
Property
|
|
Year
Built
|
|
Date
Acquired/
Developed
|
|
Primary University Served
|
|
Typical
Lease
Term
(Mos)
|
|
Year Ended December 31, 2014 Revenue
|
|
Average Monthly Revenue/ Bed
(1)
|
|
2014 Average Occupancy
(2)
|
|
Occupancy
as of
12/31/2014
|
|
# of
Buildings
|
|
# of Units
|
|
# of
Beds
|
|
||||||
Campustown
|
|
1910-2004
|
|
Sep-12
|
|
Iowa State University
|
|
12
|
|
$
|
8,389
|
|
|
$
|
510
|
|
|
99.7
|
%
|
|
99.8
|
%
|
|
34
|
|
452
|
|
1,217
|
|
River Mill
|
|
1972
|
|
Sep-12
|
|
University of Georgia
|
|
12
|
|
2,920
|
|
|
527
|
|
|
97.3
|
%
|
|
97.8
|
%
|
|
5
|
|
243
|
|
461
|
|
||
Garnet River Walk
|
|
2006
|
|
Sep-12
|
|
University of South Carolina
|
|
12
|
|
3,690
|
|
|
615
|
|
|
98.7
|
%
|
|
98.5
|
%
|
|
11
|
|
170
|
|
476
|
|
||
Landmark
|
|
2012
|
|
Sep-12
|
|
University of Michigan
|
|
12
|
|
9,412
|
|
|
1,135
|
|
|
98.7
|
%
|
|
99.2
|
%
|
|
1
|
|
173
|
|
606
|
|
||
Icon Plaza
|
|
2012
|
|
Sep-12
|
|
University of Southern California
|
|
12
|
|
4,278
|
|
|
1,339
|
|
|
92.8
|
%
|
|
98.8
|
%
|
|
1
|
|
56
|
|
253
|
|
||
The Province – Greensboro
|
|
2011
|
|
Nov-12
|
|
UNC - Greensboro
|
|
12
|
|
4,439
|
|
|
547
|
|
|
92.8
|
%
|
|
98.9
|
%
|
|
17
|
|
219
|
|
696
|
|
||
RAMZ Apts on Broad
|
|
2004
|
|
Nov-12
|
|
Virginia Commonwealth University
|
|
12
|
|
1,944
|
|
|
675
|
|
|
97.2
|
%
|
|
97.7
|
%
|
|
1
|
|
88
|
|
172
|
|
||
The Lofts at Capital Garage
|
|
2000
|
|
Nov-12
|
|
Virginia Commonwealth University
|
|
12
|
|
786
|
|
|
434
|
|
|
97.3
|
%
|
|
99.3
|
%
|
|
1
|
|
36
|
|
144
|
|
||
Forest Village and Woodlake
|
|
1982/1983
|
|
Nov-12
|
|
University of Missouri
|
|
12
|
|
2,732
|
|
|
303
|
|
|
98.9
|
%
|
|
98.9
|
%
|
|
14
|
|
352
|
|
704
|
|
||
25Twenty
|
|
2011
|
|
Nov-12
|
|
Texas Tech University
|
|
12
|
|
4,728
|
|
|
684
|
|
|
97.3
|
%
|
|
99.3
|
%
|
|
1
|
|
249
|
|
562
|
|
||
The Province - Louisville
|
|
2009
|
|
Nov-12
|
|
University of Louisville
|
|
12
|
|
6,440
|
|
|
607
|
|
|
98.6
|
%
|
|
98.6
|
%
|
|
9
|
|
366
|
|
858
|
|
||
West 27th Place
|
|
2011
|
|
Nov-12
|
|
University of Southern California
|
|
12
|
|
6,590
|
|
|
983
|
|
|
103.8
|
%
|
|
104.0
|
%
|
|
1
|
|
161
|
|
475
|
|
||
The Province - Rochester
|
|
2010
|
|
Nov-12
|
|
Rochester Institute of Technology
|
|
12
|
|
7,897
|
|
|
760
|
|
|
100.8
|
%
|
|
101.0
|
%
|
|
13
|
|
336
|
|
816
|
|
||
5 Twenty Four & 5 Twenty Five Angliana
(5)
|
|
2009/2012
|
|
Nov-12
|
|
University of Kentucky
|
|
12
|
|
7,261
|
|
|
557
|
|
|
96.4
|
%
|
|
96.0
|
%
|
|
11
|
|
376
|
|
1,060
|
|
||
The Province -Tampa
|
|
2009
|
|
Nov-12
|
|
University of South Florida
|
|
12
|
|
7,140
|
|
|
603
|
|
|
99.6
|
%
|
|
99.9
|
%
|
|
19
|
|
287
|
|
947
|
|
||
U Pointe Kennesaw
|
|
2012
|
|
Nov-12
|
|
Kennesaw State University
|
|
12
|
|
5,356
|
|
|
565
|
|
|
94.2
|
%
|
|
98.7
|
%
|
|
5
|
|
216
|
|
795
|
|
||
The Cottages of Columbia
|
|
2008
|
|
Nov-12
|
|
University of Missouri
|
|
12
|
|
3,540
|
|
|
534
|
|
|
90.9
|
%
|
|
89.9
|
%
|
|
84
|
|
145
|
|
513
|
|
||
Grindstone Canyon
|
|
2003
|
|
Nov-12
|
|
University of Missouri
|
|
12
|
|
2,940
|
|
|
541
|
|
|
98.9
|
%
|
|
99.2
|
%
|
|
8
|
|
201
|
|
384
|
|
||
The Cottages of Durham
|
|
2012
|
|
Nov-12
|
|
University of New Hampshire
|
|
12
|
|
5,682
|
|
|
706
|
|
|
99.2
|
%
|
|
99.4
|
%
|
|
96
|
|
141
|
|
619
|
|
||
The Province – Dayton
|
|
2009
|
|
Nov-12
|
|
Wright State University
|
|
12
|
|
4,227
|
|
|
491
|
|
|
94.4
|
%
|
|
94.8
|
%
|
|
13
|
|
200
|
|
657
|
|
||
The Cottages of Baton Rouge
|
|
2011
|
|
Nov-12
|
|
Louisiana State University
|
|
12
|
|
10,914
|
|
|
666
|
|
|
96.6
|
%
|
|
96.0
|
%
|
|
187
|
|
382
|
|
1,290
|
|
||
U Club Cottages
|
|
2011
|
|
Nov-12
|
|
Louisiana State University
|
|
12
|
|
2,633
|
|
|
693
|
|
|
99.0
|
%
|
|
98.7
|
%
|
|
61
|
|
105
|
|
308
|
|
||
The Lodges of East Lansing Phase I
|
|
2011
|
|
Nov-12
|
|
Michigan State University
|
|
12
|
|
5,424
|
|
|
654
|
|
|
96.0
|
%
|
|
99.0
|
%
|
|
7
|
|
220
|
|
683
|
|
||
University Edge
|
|
2012
|
|
Dec-12
|
|
Kent State University
|
|
12
|
|
4,487
|
|
|
592
|
|
|
98.9
|
%
|
|
99.2
|
%
|
|
3
|
|
201
|
|
608
|
|
||
Subtotal - Same Store Wholly-Owned Properties
(7)
|
|
|
|
$
|
608,314
|
|
|
$
|
589
|
|
|
96.9
|
%
|
|
97.5
|
%
|
|
1,981
|
|
26,919
|
|
83,037
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New Wholly-Owned Properties:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
2013 Acquisitions and Completed Development Projects
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
The Lodges of East Lansing Phase II
|
|
2013
|
|
Jul-13
|
|
Michigan State University
|
|
12
|
|
2,906
|
|
|
654
|
|
|
96.0
|
%
|
|
98.9
|
%
|
|
52
|
|
144
|
|
366
|
|
||
7th Street Station
|
|
2012
|
|
Jul-13
|
|
Oregon State University
|
|
12
|
|
2,620
|
|
|
655
|
|
|
99.4
|
%
|
|
98.7
|
%
|
|
16
|
|
82
|
|
309
|
|
||
U Club on Woodward
|
|
2013
|
|
Aug-13
|
|
Florida State University
|
|
12
|
|
3,475
|
|
|
628
|
|
|
99.0
|
%
|
|
99.1
|
%
|
|
8
|
|
112
|
|
448
|
|
||
The Callaway House Austin
|
|
2013
|
|
Aug-13
|
|
The University of Texas at Austin
|
|
9
|
|
10,232
|
|
(4)
|
1,285
|
|
(4)
|
99.4
|
%
|
|
99.2
|
%
|
|
1
|
|
219
|
|
753
|
|
||
Manzanita (ACE)
|
|
2013
|
|
Aug-13
|
|
Arizona State University
|
|
9
|
|
5,808
|
|
|
820
|
|
|
94.8
|
%
|
|
97.5
|
%
|
|
1
|
|
241
|
|
816
|
|
||
University View (ACE)
|
|
2013
|
|
Aug-13
|
|
Prairie View A&M University
|
|
9
|
|
2,029
|
|
|
628
|
|
|
99.8
|
%
|
|
100.0
|
%
|
|
2
|
|
96
|
|
336
|
|
||
U Club Townhomes at Overton Park
|
|
2013
|
|
Aug-13
|
|
Texas Tech University
|
|
12
|
|
3,347
|
|
|
652
|
|
|
91.5
|
%
|
|
99.1
|
%
|
|
16
|
|
112
|
|
448
|
|
||
601 Copeland
|
|
2013
|
|
Aug-13
|
|
Florida State University
|
|
12
|
|
2,399
|
|
|
650
|
|
|
99.4
|
%
|
|
98.9
|
%
|
|
2
|
|
81
|
|
283
|
|
||
The Townhomes at Newtown Crossing
|
|
2013
|
|
Sep-13
|
|
University of Kentucky
|
|
12
|
|
4,083
|
|
|
551
|
|
|
98.3
|
%
|
|
96.9
|
%
|
|
13
|
|
152
|
|
608
|
|
||
Chestnut Square (ACE)
|
|
2013
|
|
Sep-13
|
|
Drexel University
|
|
12
|
|
10,831
|
|
|
914
|
|
|
99.2
|
%
|
|
99.2
|
%
|
|
1
|
|
220
|
|
861
|
|
||
Park Point
|
|
2008
|
|
Oct-13
|
|
Rochester Institute of Technology
|
|
12
|
|
10,058
|
|
|
740
|
|
|
102.0
|
%
|
|
102.6
|
%
|
|
31
|
|
300
|
|
924
|
|
||
U Centre at Fry Street
|
|
2012
|
|
Nov-13
|
|
University of North Texas
|
|
12
|
|
5,348
|
|
|
656
|
|
|
97.9
|
%
|
|
97.9
|
%
|
|
2
|
|
194
|
|
614
|
|
||
Cardinal Towne
|
|
2010/2011
|
|
Nov-13
|
|
University of Louisville
|
|
12
|
|
5,514
|
|
|
685
|
|
|
98.6
|
%
|
|
98.9
|
%
|
|
5
|
|
255
|
|
545
|
|
(1)
|
Average monthly revenue per bed is calculated based upon our base rental revenue earned during typical lease terms for the year ended
December 31, 2014
divided by average occupied beds over the typical lease term.
|
(2)
|
Average occupancy is calculated based on the average number of occupied beds during typical lease terms for the year ended
December 31, 2014
divided by total beds. For properties with 9-month leases, average occupancy is calculated based on the nine month academic year (excluding the summer months). Average occupancy for acquired properties and properties which commenced operations during
2014
is calculated based on the period these properties were owned by us and/or operational during
2014
.
|
(3)
|
These properties are classified as held for sale as of December 31, 2014 and are classified as such on the accompanying consolidated balance sheets contained in Item 8. The properties were sold in January 2015.
|
(4)
|
As rent at this property includes food services, revenue is not comparable to the other properties in this table.
|
(5)
|
University Club Townhomes, College Club Townhomes, Willowtree Apartments and Towers, Vintage & Texan West Campus, and 5 Twenty Four & 5 Twenty Five Angliana each consist of two phases that are counted separately in the property portfolio numbers contained in
Note 1
in the accompanying Notes to Consolidated Financial Statements contained in Item 8.
|
(6)
|
University Village Tallahassee and Jacob Heights/The Summit each consist of three phases that are counted separately in the property portfolio numbers contained in
Note 1
in the accompanying Notes to Consolidated Financial Statements contained in Item 8.
|
(7)
|
Our same store wholly-owned portfolio represents properties that were owned or operated by us for the full years ended December 31,
2013
and
2014
.
|
(8)
|
We did not own this property as of December 31,
2014
but were obligated to purchase the property as long as the developer met certain construction completion deadlines and closing conditions. The property opened for operations in August 2014 and we purchased the property in February 2015. The property is consolidated for financial reporting purposes.
|
(9)
|
In August 2013, we purchased a site containing an existing student housing property (The Plaza Apartments) that we operated until it was demolished in May 2014. Revenue earned for the year ended December 31,
2014
was primarily generated from property operations prior to the commencement of construction activities.
|
(10)
|
In January 2014, we purchased a site containing an existing hotel which the seller operated until November 2014. Revenue earned for the year ended December 31, 2014 was generated from hotel operations prior to the commencement of construction activities.
|
(11)
|
Excludes $1.2 million of revenue from the The Enclave, a 480-bed wholly-owned property that was sold in September 2014.
|
(12)
|
Includes eight units and 32 beds from The Edge in Charlotte, NC, a wholly-owned property which incurred damage resulting from a fire in July 2014. The 32 beds damaged by the fire are being rebuilt and will be available for occupancy in Spring 2015.
|
|
|
High
|
|
Low
|
|
Distributions
Declared
|
||||||
Quarter ended March 31, 2013
|
|
$
|
48.49
|
|
|
$
|
44.10
|
|
|
$
|
0.3375
|
|
Quarter ended June 30, 2013
|
|
$
|
47.64
|
|
|
$
|
36.60
|
|
|
$
|
0.3600
|
|
Quarter ended September 30, 2013
|
|
$
|
42.78
|
|
|
$
|
32.34
|
|
|
$
|
0.3600
|
|
Quarter ended December 31, 2013
|
|
$
|
36.92
|
|
|
$
|
31.64
|
|
|
$
|
0.3600
|
|
Quarter ended March 31, 2014
|
|
$
|
37.80
|
|
|
$
|
32.10
|
|
|
$
|
0.3600
|
|
Quarter ended June 30, 2014
|
|
$
|
39.68
|
|
|
$
|
36.86
|
|
|
$
|
0.3800
|
|
Quarter ended September 30, 2014
|
|
$
|
40.74
|
|
|
$
|
35.69
|
|
|
$
|
0.3800
|
|
Quarter ended December 31, 2014
|
|
$
|
42.19
|
|
|
$
|
35.96
|
|
|
$
|
0.3800
|
|
|
As of and for the Year Ended December 31,
|
||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
Statements of Operations Information:
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues
|
$
|
733,915
|
|
|
$
|
657,462
|
|
|
$
|
465,655
|
|
|
$
|
361,910
|
|
|
$
|
305,234
|
|
Income from continuing operations
|
61,384
|
|
|
47,436
|
|
|
48,789
|
|
|
34,011
|
|
|
17,612
|
|
|||||
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(Loss) income attributable to discontinued operations
|
(123
|
)
|
|
4,824
|
|
|
8,728
|
|
|
9,155
|
|
|
3,191
|
|
|||||
Loss from early extinguishment of debt
|
—
|
|
|
(332
|
)
|
|
(1,591
|
)
|
|
—
|
|
|
—
|
|
|||||
Gain (loss) from disposition of real estate
|
2,843
|
|
|
55,263
|
|
|
4,312
|
|
|
14,806
|
|
|
(3,705
|
)
|
|||||
Net income
|
64,104
|
|
|
107,191
|
|
|
60,238
|
|
|
57,972
|
|
|
17,098
|
|
|||||
Net income attributable to noncontrolling interests
|
(1,265
|
)
|
|
(2,547
|
)
|
|
(3,602
|
)
|
|
(1,343
|
)
|
|
(888
|
)
|
|||||
Net income attributable to common shareholders
|
62,839
|
|
|
104,644
|
|
|
56,636
|
|
|
56,629
|
|
|
16,210
|
|
|||||
Per Share and Distribution Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Earnings per diluted share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income from continuing operations
|
$
|
0.56
|
|
|
$
|
0.42
|
|
|
$
|
0.52
|
|
|
$
|
0.46
|
|
|
$
|
0.27
|
|
Discontinued operations
|
0.02
|
|
|
0.56
|
|
|
0.13
|
|
|
0.34
|
|
|
(0.01
|
)
|
|||||
Net income
|
0.58
|
|
|
0.98
|
|
|
0.65
|
|
|
0.80
|
|
|
0.26
|
|
|||||
Cash distributions declared per share / unit
|
1.50
|
|
|
1.42
|
|
|
1.35
|
|
|
1.35
|
|
|
1.35
|
|
|||||
Cash distributions declared
|
158,487
|
|
|
149,461
|
|
|
117,592
|
|
|
93,813
|
|
|
76,579
|
|
|||||
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total assets
|
$
|
5,834,748
|
|
|
$
|
5,598,040
|
|
|
$
|
5,118,962
|
|
|
$
|
3,008,582
|
|
|
$
|
2,693,484
|
|
Secured mortgage, construction and bond debt
|
1,331,914
|
|
|
1,507,216
|
|
|
1,509,105
|
|
|
858,530
|
|
|
1,144,103
|
|
|||||
Term loans and revolving credit facilities
|
842,500
|
|
|
838,450
|
|
|
712,000
|
|
|
589,000
|
|
|
201,000
|
|
|||||
Unsecured notes
|
798,305
|
|
|
398,721
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Capital lease obligations
|
—
|
|
|
—
|
|
|
149
|
|
|
450
|
|
|
911
|
|
|||||
Stockholders’ equity
|
2,609,554
|
|
|
2,624,901
|
|
|
2,648,381
|
|
|
1,375,216
|
|
|
1,213,962
|
|
|||||
Selected Owned Property Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Owned properties
|
169
|
|
|
167
|
|
|
160
|
|
|
116
|
|
|
104
|
|
|||||
Units
|
33,661
|
|
|
33,434
|
|
|
31,854
|
|
|
22,947
|
|
|
20,820
|
|
|||||
Beds
|
103,661
|
|
|
102,400
|
|
|
98,840
|
|
|
71,801
|
|
|
64,933
|
|
|||||
Occupancy as of December 31,
|
97.7
|
%
|
|
96.8
|
%
|
|
95.7
|
%
|
|
97.8
|
%
|
|
98.0
|
%
|
|||||
Net cash provided by operating activities
|
$
|
259,898
|
|
|
$
|
246,678
|
|
|
$
|
195,131
|
|
|
$
|
126,744
|
|
|
$
|
115,949
|
|
Net cash used in investing activities
|
(429,235
|
)
|
|
(509,999
|
)
|
|
(1,447,562
|
)
|
|
(423,584
|
)
|
|
(244,492
|
)
|
|||||
Net cash provided by financing activities
|
155,648
|
|
|
280,618
|
|
|
1,251,486
|
|
|
205,732
|
|
|
175,957
|
|
|||||
Funds From Operations (“FFO”):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income attributable to common shareholders
|
$
|
62,839
|
|
|
$
|
104,644
|
|
|
$
|
56,636
|
|
|
$
|
56,629
|
|
|
$
|
16,210
|
|
Noncontrolling interests
|
1,265
|
|
|
1,756
|
|
|
1,205
|
|
|
1,343
|
|
|
888
|
|
|||||
(Gain) loss from disposition of real estate
|
(2,475
|
)
|
|
(55,263
|
)
|
|
(4,312
|
)
|
|
(14,806
|
)
|
|
3,705
|
|
|||||
(Income) loss from unconsolidated joint ventures
|
—
|
|
|
—
|
|
|
(444
|
)
|
|
641
|
|
|
2,023
|
|
|||||
FFO from unconsolidated joint ventures
|
—
|
|
|
—
|
|
|
429
|
|
|
(576
|
)
|
|
(1,195
|
)
|
|||||
Real estate related depreciation and amortization
|
195,158
|
|
|
185,640
|
|
|
114,841
|
|
|
87,951
|
|
|
75,667
|
|
|||||
Elimination of provision for real estate impairment
|
2,443
|
|
|
—
|
|
|
—
|
|
|
1,105
|
|
|
5,450
|
|
|||||
Funds from operations
|
$
|
259,230
|
|
|
$
|
236,777
|
|
|
$
|
168,355
|
|
|
$
|
132,287
|
|
|
$
|
102,748
|
|
|
|
Year Ended December 31,
|
|
|
|
|
|||||||||
|
|
2014
|
|
2013
|
|
Change ($)
|
|
Change (%)
|
|||||||
Revenues:
|
|
|
|
|
|
|
|
|
|||||||
Wholly-owned properties
|
|
$
|
690,582
|
|
|
$
|
618,503
|
|
|
$
|
72,079
|
|
|
11.7
|
%
|
On-campus participating properties
|
|
28,534
|
|
|
26,348
|
|
|
2,186
|
|
|
8.3
|
%
|
|||
Third-party development services
|
|
4,018
|
|
|
2,483
|
|
|
1,535
|
|
|
61.8
|
%
|
|||
Third-party management services
|
|
7,669
|
|
|
7,514
|
|
|
155
|
|
|
2.1
|
%
|
|||
Resident services
|
|
3,112
|
|
|
2,614
|
|
|
498
|
|
|
19.1
|
%
|
|||
Total revenues
|
|
733,915
|
|
|
657,462
|
|
|
76,453
|
|
|
11.6
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Wholly-owned properties
|
|
329,615
|
|
|
296,794
|
|
|
32,821
|
|
|
11.1
|
%
|
|||
On-campus participating properties
|
|
11,290
|
|
|
11,049
|
|
|
241
|
|
|
2.2
|
%
|
|||
Third-party development and management services
|
|
11,754
|
|
|
10,810
|
|
|
944
|
|
|
8.7
|
%
|
|||
General and administrative
|
|
18,935
|
|
|
16,666
|
|
|
2,269
|
|
|
13.6
|
%
|
|||
Depreciation and amortization
|
|
197,495
|
|
|
184,988
|
|
|
12,507
|
|
|
6.8
|
%
|
|||
Ground/facility leases
|
|
7,397
|
|
|
5,402
|
|
|
1,995
|
|
|
36.9
|
%
|
|||
Provision for real estate impairment
|
|
2,443
|
|
|
—
|
|
|
2,443
|
|
|
100.0
|
%
|
|||
Total operating expenses
|
|
578,929
|
|
|
525,709
|
|
|
53,220
|
|
|
10.1
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Operating income
|
|
154,986
|
|
|
131,753
|
|
|
23,233
|
|
|
17.6
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Nonoperating income and (expenses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Interest income
|
|
4,168
|
|
|
3,005
|
|
|
1,163
|
|
|
38.7
|
%
|
|||
Interest expense
|
|
(90,362
|
)
|
|
(78,028
|
)
|
|
(12,334
|
)
|
|
15.8
|
%
|
|||
Amortization of deferred financing costs
|
|
(5,918
|
)
|
|
(5,608
|
)
|
|
(310
|
)
|
|
5.5
|
%
|
|||
Loss from disposition of real estate
|
|
(368
|
)
|
|
—
|
|
|
(368
|
)
|
|
100.0
|
%
|
|||
Other nonoperating income (expense)
|
|
186
|
|
|
(2,666
|
)
|
|
2,852
|
|
|
(107.0
|
)%
|
|||
Total nonoperating expenses
|
|
(92,294
|
)
|
|
(83,297
|
)
|
|
(8,997
|
)
|
|
10.8
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Income before income taxes and discontinued operations
|
|
62,692
|
|
|
48,456
|
|
|
14,236
|
|
|
29.4
|
%
|
|||
Income tax provision
|
|
(1,308
|
)
|
|
(1,020
|
)
|
|
(288
|
)
|
|
28.2
|
%
|
|||
Income from continuing operations
|
|
61,384
|
|
|
47,436
|
|
|
13,948
|
|
|
29.4
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
(Loss) income attributable to discontinued operations
|
|
(123
|
)
|
|
4,824
|
|
|
(4,947
|
)
|
|
(102.5
|
)%
|
|||
Loss from early extinguishment of debt
|
|
—
|
|
|
(332
|
)
|
|
332
|
|
|
(100.0
|
)%
|
|||
Gain from disposition of real estate
|
|
2,843
|
|
|
55,263
|
|
|
(52,420
|
)
|
|
(94.9
|
)%
|
|||
Total discontinued operations
|
|
2,720
|
|
|
59,755
|
|
|
(57,035
|
)
|
|
(95.4
|
)%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Net income
|
|
64,104
|
|
|
107,191
|
|
|
(43,087
|
)
|
|
(40.2
|
)%
|
|||
Net income attributable to noncontrolling interests
|
|
(1,265
|
)
|
|
(2,547
|
)
|
|
1,282
|
|
|
(50.3
|
)%
|
|||
Net income attributable to common shareholders
|
|
$
|
62,839
|
|
|
$
|
104,644
|
|
|
$
|
(41,805
|
)
|
|
(39.9
|
)%
|
|
|
Same Store Properties
|
|
New Properties
(1)
|
|
Sold Properties
(2)
|
|
Total - All Properties
|
||||||||||||||||||||||||
|
|
Year Ended
December 31,
|
|
Year Ended
December 31,
|
|
Year Ended
December 31,
|
|
Year Ended
December 31,
|
||||||||||||||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||||||||||
Number of properties
|
|
139
|
|
|
139
|
|
|
19
|
|
|
12
|
|
|
1
|
|
|
1
|
|
|
159
|
|
|
152
|
|
||||||||
Number of beds
|
|
83,005
|
|
(3)
|
83,057
|
|
|
11,494
|
|
|
7,311
|
|
|
480
|
|
|
480
|
|
|
94,979
|
|
|
90,848
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Revenues
(4)
|
|
$
|
608,314
|
|
|
$
|
595,609
|
|
|
$
|
84,176
|
|
|
$
|
23,744
|
|
|
$
|
1,204
|
|
|
$
|
1,764
|
|
|
$
|
693,694
|
|
|
$
|
621,117
|
|
Operating expenses
|
|
290,567
|
|
|
283,409
|
|
|
38,147
|
|
|
12,145
|
|
|
901
|
|
|
1,240
|
|
|
329,615
|
|
|
296,794
|
|
(1)
|
Does not include properties under construction as of
December 31, 2014
. Number of properties and number of beds also excludes properties undergoing redevelopment as of
December 31, 2014
, although the results of operations of those properties are included in new property revenues and operating expenses prior to commencement of redevelopment activities.
|
(2)
|
Includes The Enclave, a 480-bed wholly-owned property sold in September 2014. Due to a recent change in accounting guidance, The Enclave along with future disposals of individual operating properties or portfolios that do not represent a strategic shift in our operations will no longer qualify as discontinued operations and will be classified within income from continuing operations on the accompanying consolidated statements of comprehensive income. As a result, the operations of The Enclave are included in the table above in order to reconcile to wholly-owned revenues and wholly-owned operating expenses on the accompanying consolidated statements of comprehensive income. Refer to
Note 2
in the accompanying Notes to Consolidated Financial Statements contained in Item 8 for a more detailed discussion of the new guidance for discontinued operations.
|
(3)
|
The decrease in number of beds for the comparable periods is due to a fire that damaged 32 beds at one of our wholly-owned properties in July 2014 and the sale of one building containing 20 beds at another wholly-owned property in October 2014. The 32 beds damaged by the fire are being rebuilt and will be available for occupancy in Spring 2015.
|
(4)
|
Includes revenues which are reflected as resident services revenue on the accompanying consolidated statements of comprehensive income.
|
|
|
Year Ended December 31,
|
|
|
|
|
|||||||||
|
|
2013
|
|
2012
|
|
Change ($)
|
|
Change (%)
|
|||||||
Revenues:
|
|
|
|
|
|
|
|
|
|||||||
Wholly-owned properties
|
|
$
|
618,503
|
|
|
$
|
422,417
|
|
|
$
|
196,086
|
|
|
46.4
|
%
|
On-campus participating properties
|
|
26,348
|
|
|
26,166
|
|
|
182
|
|
|
0.7
|
%
|
|||
Third-party development services
|
|
2,483
|
|
|
8,574
|
|
|
(6,091
|
)
|
|
(71.0
|
)%
|
|||
Third-party management services
|
|
7,514
|
|
|
6,893
|
|
|
621
|
|
|
9.0
|
%
|
|||
Resident services
|
|
2,614
|
|
|
1,605
|
|
|
1,009
|
|
|
62.9
|
%
|
|||
Total revenues
|
|
657,462
|
|
|
465,655
|
|
|
191,807
|
|
|
41.2
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Wholly-owned properties
|
|
296,794
|
|
|
200,126
|
|
|
96,668
|
|
|
48.3
|
%
|
|||
On-campus participating properties
|
|
11,049
|
|
|
11,073
|
|
|
(24
|
)
|
|
(0.2
|
)%
|
|||
Third-party development and management services
|
|
10,810
|
|
|
10,898
|
|
|
(88
|
)
|
|
(0.8
|
)%
|
|||
General and administrative
|
|
16,666
|
|
|
22,965
|
|
|
(6,299
|
)
|
|
(27.4
|
)%
|
|||
Depreciation and amortization
|
|
184,988
|
|
|
110,499
|
|
|
74,489
|
|
|
67.4
|
%
|
|||
Ground/facility leases
|
|
5,402
|
|
|
4,248
|
|
|
1,154
|
|
|
27.2
|
%
|
|||
Total operating expenses
|
|
525,709
|
|
|
359,809
|
|
|
165,900
|
|
|
46.1
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Operating income
|
|
131,753
|
|
|
105,846
|
|
|
25,907
|
|
|
24.5
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Nonoperating income and (expenses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Interest income
|
|
3,005
|
|
|
1,756
|
|
|
1,249
|
|
|
71.1
|
%
|
|||
Interest expense
|
|
(78,028
|
)
|
|
(54,518
|
)
|
|
(23,510
|
)
|
|
43.1
|
%
|
|||
Amortization of deferred financing costs
|
|
(5,608
|
)
|
|
(4,425
|
)
|
|
(1,183
|
)
|
|
26.7
|
%
|
|||
Income from unconsolidated joint ventures
|
|
—
|
|
|
444
|
|
|
(444
|
)
|
|
(100.0
|
)%
|
|||
Other nonoperating (expense) income
|
|
(2,666
|
)
|
|
411
|
|
|
(3,077
|
)
|
|
(748.7
|
)%
|
|||
Total nonoperating expenses
|
|
(83,297
|
)
|
|
(56,332
|
)
|
|
(26,965
|
)
|
|
47.9
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Income before income taxes and discontinued operations
|
|
48,456
|
|
|
49,514
|
|
|
(1,058
|
)
|
|
(2.1
|
)%
|
|||
Income tax provision
|
|
(1,020
|
)
|
|
(725
|
)
|
|
(295
|
)
|
|
40.7
|
%
|
|||
Income from continuing operations
|
|
47,436
|
|
|
48,789
|
|
|
(1,353
|
)
|
|
(2.8
|
)%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Income attributable to discontinued operations
|
|
4,824
|
|
|
8,728
|
|
|
(3,904
|
)
|
|
(44.7
|
)%
|
|||
Loss from early extinguishment of debt
|
|
(332
|
)
|
|
(1,591
|
)
|
|
1,259
|
|
|
(79.1
|
)%
|
|||
Gain from disposition of real estate
|
|
55,263
|
|
|
4,312
|
|
|
50,951
|
|
|
1,181.6
|
%
|
|||
Total discontinued operations
|
|
59,755
|
|
|
11,449
|
|
|
48,306
|
|
|
421.9
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Net income
|
|
107,191
|
|
|
60,238
|
|
|
46,953
|
|
|
77.9
|
%
|
|||
Net income attributable to noncontrolling interests
|
|
(2,547
|
)
|
|
(3,602
|
)
|
|
1,055
|
|
|
(29.3
|
)%
|
|||
Net income attributable to common shareholders
|
|
$
|
104,644
|
|
|
$
|
56,636
|
|
|
$
|
48,008
|
|
|
84.8
|
%
|
|
|
Same Store Properties
(1)
|
|
New Properties
(2)
|
|
Total - All Properties
(1)
|
||||||||||||||||||
|
|
Year Ended
December 31,
|
|
Year Ended
December 31,
|
|
Year Ended
December 31,
|
||||||||||||||||||
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||||||
Number of properties
|
|
89
|
|
89
|
|
64
|
|
51
|
|
153
|
|
140
|
||||||||||||
Number of beds
|
|
53,748
|
|
53,748
|
|
37,459
|
|
29,778
|
|
91,207
|
|
83,526
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenues
(3)
|
|
$
|
367,021
|
|
|
$
|
361,081
|
|
|
$
|
254,096
|
|
|
$
|
62,941
|
|
|
$
|
621,117
|
|
|
$
|
424,022
|
|
Operating expenses
|
|
174,774
|
|
|
170,285
|
|
|
122,020
|
|
|
29,841
|
|
|
296,794
|
|
|
200,126
|
|
(1)
|
Excludes one property classified as held for sale as of December 31, 2013 that is included in discontinued operations on the accompanying consolidated statements of comprehensive income.
|
(2)
|
Does not include properties under construction as of December 31, 2013. Number of properties and number of beds also excludes properties undergoing redevelopment as of December 31, 2013, although the results of operations of those properties are included in revenues and operating expenses prior to commencement of redevelopment activities.
|
(3)
|
Includes revenues which are reflected as resident services revenue on the accompanying consolidated statements of comprehensive income.
|
|
|
Amount
|
|
% of Total
|
|
Weighted Average Rates
|
|
Weighted Average Maturities (years)
|
||||
Secured
|
|
$
|
1,272,223
|
|
|
43.6
|
%
|
|
5.07
|
%
|
|
5.0 Years
|
Unsecured
|
|
1,642,500
|
|
|
56.4
|
%
|
|
2.97
|
%
|
|
5.9 Years
|
|
Total consolidated debt
|
|
$
|
2,914,723
|
|
|
100.0
|
%
|
|
3.88
|
%
|
|
5.5 Years
|
|
|
|
|
|
|
|
|
|
||||
Fixed rate debt
|
|
|
|
|
|
|
|
|
||||
Secured
|
|
|
|
|
|
|
|
|
||||
Project-based taxable bonds
(1)
|
|
$
|
39,785
|
|
|
1.4
|
%
|
|
7.56
|
%
|
|
9.7 Years
|
Construction
(2)
|
|
43,942
|
|
|
1.5
|
%
|
|
3.85
|
%
|
|
30.6 Years
|
|
Mortgage
(3)
|
|
1,124,859
|
|
(4)
|
38.6
|
%
|
|
5.21
|
%
|
|
4.1 Years
|
|
Unsecured
|
|
|
|
|
|
|
|
|
||||
Notes
(5)
|
|
800,000
|
|
(6)
|
27.4
|
%
|
|
4.00
|
%
|
|
8.9 Years
|
|
Term loan
(7) (9)
|
|
350,000
|
|
|
12.0
|
%
|
|
2.39
|
%
|
|
2.0 Years
|
|
Total - fixed rate debt
|
|
2,358,586
|
|
|
80.9
|
%
|
|
4.39
|
%
|
|
6.0 Years
|
|
|
|
|
|
|
|
|
|
|
||||
Variable rate debt:
|
|
|
|
|
|
|
|
|
||||
Secured
|
|
|
|
|
|
|
|
|
||||
Construction
(8)
|
|
63,637
|
|
|
2.2
|
%
|
|
1.99
|
%
|
|
0.6 Years
|
|
Unsecured
|
|
|
|
|
|
|
|
|
||||
Revolving credit facility
(9)
|
|
242,500
|
|
|
8.3
|
%
|
|
1.72
|
%
|
|
3.2 Years
|
|
Term loan
(9)
|
|
250,000
|
|
|
8.6
|
%
|
|
1.67
|
%
|
|
4.2 Years
|
|
Total - variable rate debt
|
|
556,137
|
|
|
19.1
|
%
|
|
1.73
|
%
|
|
3.3 Years
|
|
Total consolidated debt
|
|
$
|
2,914,723
|
|
|
100.0
|
%
|
|
3.88
|
%
|
|
5.5 Years
|
|
|
|
|
|
|
|
|
|
(1)
|
As discussed more fully in
Note 11
in the accompanying Notes to Consolidated Financial Statements contained in Item 8, three of our on-campus participating properties are 100% financed with project-based taxable bonds.
|
(2)
|
Represents a construction loan used to finance the development and construction of an on-campus participating property located in Morgantown, West Virginia, which completed construction and opened for occupancy in August 2014. The loan bears interest at a rate of 3.85% per annum for the first five years and one-month LIBOR plus 2.5% for the remaining term of the loan. The loan requires payments of interest only during the first two years and principal and interest payments begin in August 2015.
|
(3)
|
As discussed more fully in
Note 11
in the accompanying Notes to Consolidated Financial Statements contained in Item 8, 52 of our properties are encumbered with mortgage debt.
|
(4)
|
Excludes net unamortized debt premiums and debt discounts related to mortgage loans assumed in connection with property acquisitions of approximately $60.6 million and $0.9 million, respectively.
|
(5)
|
As discussed more fully in Note 11 in the accompanying Notes to Consolidated Financial Statements contained in Item 8, we recently completed two $400 million offerings of 10-year senior unsecured notes in June 2014 and April 2013.
|
(6)
|
Excludes unamortized original issue discounts of approximately $1.7 million.
|
(7)
|
As discussed more fully in
Note 11
and Note 14 in the accompanying Notes to Consolidated Financial Statements contained in Item 8, we have entered into multiple interest rate swap contracts that effectively fix the interest rate on the outstanding balance for this term loan.
|
(8)
|
Includes $19.0 million used to finance the development and construction of University Walk, a VIE we include in our consolidated financial statements. The seller/developer paid off this construction loan with proceeds from our purchase of the property in February 2015.
|
(9)
|
As discussed more fully in
Note 11
in the accompanying Notes to Consolidated Financial Statements contained in Item 8, we have an aggregate unsecured credit facility totaling $1.1 billion, which is comprised of two unsecured term loans totaling $600 million and a $500 million unsecured revolving credit facility.
|
|
|
As of and for the Year Ended December 31,
|
||||||||||
|
|
2014
|
|
2013
|
|
2012
|
||||||
Recurring capital expenditures
|
|
$
|
19,390
|
|
|
$
|
18,364
|
|
|
$
|
13,510
|
|
Acquisition-related
|
|
32,482
|
|
|
42,767
|
|
|
14,447
|
|
|||
Renovations and strategic repositioning
|
|
16,794
|
|
(1)
|
4,124
|
|
|
2,589
|
|
|||
Non-recurring and other
|
|
8,406
|
|
|
3,373
|
|
|
907
|
|
|||
Total
|
|
$
|
77,072
|
|
|
$
|
68,628
|
|
|
$
|
31,453
|
|
|
|
|
|
|
|
|
||||||
Average beds
|
|
91,791
|
|
|
86,678
|
|
|
66,555
|
|
|||
Average recurring capital expenditures per bed
|
|
$
|
211
|
|
|
$
|
212
|
|
|
$
|
203
|
|
|
|
Total
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
Thereafter
|
||||||||||||||
Long-term debt
(1)
|
|
$
|
2,914,723
|
|
|
$
|
259,378
|
|
|
$
|
199,836
|
|
|
$
|
480,811
|
|
|
$
|
416,607
|
|
|
$
|
263,557
|
|
|
$
|
1,294,534
|
|
Interest on long-term debt
(2)
|
|
620,895
|
|
|
108,061
|
|
|
97,937
|
|
|
76,221
|
|
|
65,736
|
|
|
58,416
|
|
|
214,524
|
|
|||||||
Development projects
(3)
|
|
233,327
|
|
|
203,655
|
|
|
29,672
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Ground/facility lease obligations
(4)
|
|
261,933
|
|
|
5,244
|
|
|
5,951
|
|
|
5,931
|
|
|
5,961
|
|
|
5,711
|
|
|
233,135
|
|
|||||||
Operating lease obligations
(5)
|
|
6,876
|
|
|
1,448
|
|
|
1,266
|
|
|
1,138
|
|
|
1,017
|
|
|
1,004
|
|
|
1,003
|
|
|||||||
Renovation and capital improvements project
(6)
|
|
24,727
|
|
|
24,727
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Pre-sale contract
(7)
|
|
21,250
|
|
|
21,250
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
$
|
4,083,731
|
|
|
$
|
623,763
|
|
|
$
|
334,662
|
|
|
$
|
564,101
|
|
|
$
|
489,321
|
|
|
$
|
328,688
|
|
|
$
|
1,743,196
|
|
(1)
|
Amounts include aggregate principal payments only and assumes we do not exercise extension options available to us on our unsecured credit facility, which is more fully discussed in
Note 11
in the accompanying Notes to Consolidated Financial Statements contained in Item 8.
|
(2)
|
Amounts include interest expected to be incurred on our secured and unsecured debt based on obligations outstanding at December 31, 2014. For variable rate debt, the current rate in effect for the most recent payment through December 31, 2014 is assumed to be in effect through the respective maturity date of each instrument.
|
(3)
|
Consists of the completion costs related to six owned development projects which will be funded entirely by us and are scheduled to be completed between August 2015 and August 2016. We have entered into contracts with general contractors for certain phases of the construction of these projects. However, these contracts do not generally cover all of the costs that are necessary to place these properties into service, including the cost of furniture and marketing and leasing costs. The unfunded commitments presented include all such costs, not only those costs that we are obligated to fund under the construction contracts.
|
(4)
|
Includes minimum annual lease payments under ground/facility lease agreements entered into with university systems and other third parties. Refer to
Note 16
in the accompanying Notes to Consolidated Financial Statements contained in Item 8 for a more detailed discussion of our ground/facility leases.
|
(5)
|
Includes operating leases related to corporate office space and equipment. Refer to
Note 16
in the accompanying Notes to Consolidated Financial Statements contained in Item 8 for a more detailed discussion of our operating leases.
|
(6)
|
In August 2013, we conveyed fee interest in a parcel of land on which one of our student housing properties resides, to Drexel University (the "University") and concurrently entered into a ground lease agreement with the University. As part
|
(7)
|
In July 2013, we entered into a purchase and contribution agreement with a private developer whereby we were obligated to purchase a student housing property located in Knoxville, Tennessee as long as the developer met certain construction completion deadlines and other closing conditions. The property opened for operations in August 2014 and was purchased by us in February 2015. The contractual obligation amount represents the purchase price of $30.0 million less the mezzanine loan amount of approximately $8.8 million that we previously funded to the developer in July 2013.
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2014
|
|
2013
|
|
2012
|
||||||
Net income attributable to common shareholders
|
|
$
|
62,839
|
|
|
$
|
104,644
|
|
|
$
|
56,636
|
|
Noncontrolling interests
(1)
|
|
1,265
|
|
|
1,756
|
|
|
1,205
|
|
|||
Gain from disposition of real estate
|
|
(2,475
|
)
|
|
(55,263
|
)
|
|
(4,312
|
)
|
|||
Income from unconsolidated joint ventures
|
|
—
|
|
|
—
|
|
|
(444
|
)
|
|||
FFO from unconsolidated joint ventures
(2)
|
|
—
|
|
|
—
|
|
|
429
|
|
|||
Elimination of provision for real estate impairment
(3)
|
|
2,443
|
|
|
—
|
|
|
—
|
|
|||
Real estate related depreciation and amortization
|
|
195,158
|
|
|
185,640
|
|
|
114,841
|
|
|||
Funds from operations (“FFO”)
|
|
259,230
|
|
|
236,777
|
|
|
168,355
|
|
|||
|
|
|
|
|
|
|
||||||
Elimination of operations of on-campus participating properties:
|
|
|
|
|
|
|
|
|
|
|||
Net income from on-campus participating properties
|
|
(3,933
|
)
|
|
(3,222
|
)
|
|
(3,238
|
)
|
|||
Amortization of investment in on-campus participating properties
|
|
(5,688
|
)
|
|
(4,756
|
)
|
|
(4,644
|
)
|
|||
|
|
249,609
|
|
|
228,799
|
|
|
160,473
|
|
|||
Modifications to reflect operational performance of on-campus participating properties:
|
|
|
|
|
|
|
|
|
|
|||
Our share of net cash flow
(4)
|
|
2,721
|
|
|
2,207
|
|
|
2,065
|
|
|||
Management fees
|
|
1,289
|
|
|
1,201
|
|
|
1,188
|
|
|||
On-campus participating properties development fees
(5)
|
|
1,070
|
|
|
1,304
|
|
|
—
|
|
|||
Impact of on-campus participating properties
|
|
5,080
|
|
|
4,712
|
|
|
3,253
|
|
|||
|
|
|
|
|
|
|
||||||
Impact of University Walk (pre-sale arrangement)
(6)
|
|
(323
|
)
|
|
—
|
|
|
—
|
|
|||
Non-cash litigation settlement expense
(7)
|
|
—
|
|
|
2,800
|
|
|
—
|
|
|||
Elimination of loss from early extinguishment of debt
(8)
|
|
—
|
|
|
332
|
|
|
1,591
|
|
|||
Elimination of gain on debt restructuring – unconsolidated joint venture
(9)
|
|
—
|
|
|
—
|
|
|
(424
|
)
|
|||
Loss on remeasurement of equity method investments
(10)
|
|
—
|
|
|
—
|
|
|
122
|
|
|||
Funds from operations – modified (“FFOM”)
|
|
$
|
254,366
|
|
|
$
|
236,643
|
|
|
$
|
165,015
|
|
|
|
|
|
|
|
|
||||||
FFO per share – diluted
|
|
$
|
2.42
|
|
|
$
|
2.22
|
|
|
$
|
1.95
|
|
|
|
|
|
|
|
|
||||||
FFOM per share – diluted
|
|
$
|
2.38
|
|
|
$
|
2.22
|
|
|
$
|
1.91
|
|
|
|
|
|
|
|
|
||||||
Weighted average common shares outstanding -
diluted
|
|
107,036,208
|
|
|
106,654,933
|
|
|
86,375,470
|
|
(1)
|
Excludes $0.8 million and $1.4 million for the years ended December 31, 2013 and 2012, respectively, of income attributable to the noncontrolling partner in The Varsity, a property purchased in December 2011 from a seller that retained a 20.5% noncontrolling interest in the property. Effective July 1, 2013, the company acquired the noncontrolling partner’s interest and now owns 100% of the property. Also excludes $1.0 million for the year ended December 31, 2012, of income attributable to the seller of University Edge, a property subject to a pre-sale arrangement that was consolidated for financial reporting purposes prior to our purchase of the property in December 2012.
|
(2)
|
Represents our 10% share of FFO from a joint venture with Fidelity (“Fund II”) in which we were a noncontrolling partner. In January 2012, we purchased the full ownership interest in the one remaining property owned by Fund II (University Heights). Subsequent to the acquisition, the property is now wholly-owned and is consolidated by the company.
|
(3)
|
Represents an impairment charge recorded for The Enclave, a property that was sold in September 2014, and a land parcel donated to a municipality in October 2014.
|
(4)
|
50% of the properties’ net cash available for distribution after payment of operating expenses, debt service (including repayment of principal) and capital expenditures. Amounts represent actual cash received for the year-to-date periods. As a result of using accrual-based results in interim periods and cash-based results for the year-to-date periods, the sum of reported interim results may not agree to annual cash received.
|
(5)
|
Represents development and construction management fees related to the West Virginia University on-campus participating property, which completed construction in August 2014. Although the company is including this project in its consolidated financial statements for accounting purposes, similar to our other on-campus participating properties, we view the economic benefit of such properties as limited to the development/construction management fees, property management fees and the 50% share of net cash flow that we receive. As such, for purposes of calculating FFOM, we are recognizing the fees received for this project similar to other third-party development projects.
|
(6)
|
University Walk is a property that was subject to a pre-sale arrangement that we did not own as of December 31, 2014 but were obligated to purchase as long as the developer met certain construction deadlines and closing conditions. The property opened for operations in August 2014 and we purchased the property in February 2015. The property is consolidated for financial reporting purposes but we did not benefit from the net cash flow from operations prior to October 1, 2014. As a result, we have excluded the operations of this property prior to October 1, 2014 from FFOM.
|
(7)
|
On April 22, 2013, the company acquired a note and subrogation rights from National Public Finance Guarantee Corporation (formerly known as MBIA Insurance Corp. of Illinois) for an aggregate of $52.8 million, which are secured by a lien on, and the cash flows from, two student housing properties in close proximity to the University of Central Florida and currently under a ground lease with the UCF Foundation. The instruments carry an interest rate of 5.123 percent. The acquisition facilitated the settlement of litigation related to a third-party management agreement for the properties with a GMH entity that was acquired by the company’s 2008 merger with GMH. The acquisition resulted in a non-cash settlement charge of $2.8 million to reflect the fair market valuation of the instruments. Management believes it is appropriate to exclude this non-cash charge from FFOM in order to more accurately present the operating results of the company on a comparative basis during the periods presented.
|
(8)
|
Represents losses associated with the early pay-off of mortgage loans for University Mills in connection with the sale of the property in November 2013 and Brookstone Village and Campus Walk in connection with the sale of those properties in October 2012. Such costs are excluded from gains from disposition of real estate reported in accordance with GAAP. However, we view the losses from early extinguishment of debt associated with the sales of real estate as an incremental cost of the sale transactions because we extinguished the debt in connection with the consummation of the sale transactions and we had no intent to extinguish the debt absent such transactions. We believe that adjusting FFO to exclude these losses more appropriately reflects the results of our operations exclusive of the impact of our disposition transactions.
|
(9)
|
In connection with our purchase of University Heights from Fund II (see
Note 2
), Fund II negotiated a Settlement Agreement with the lender of the property’s mortgage loan whereby the lender agreed to accept a discounted amount that was less than the original principal amount of the loan as payment in full. Accordingly, Fund II recorded a gain on debt restructuring to reflect the discounted payoff. Our 10% share of such gain is reflected above as an adjustment to FFOM.
|
(10)
|
Represents a non-cash loss recorded to remeasure our equity method investment in Fund II to fair value as a result of our purchase of the full ownership interest in University Heights from Fund II in January 2012.
|
|
|
December 31, 2014
|
|
December 31, 2013
|
||||||||||||||||
|
|
Amount
(in 000s)
|
|
Weighted
Average
Maturity
(in years)
|
|
Weighted
Average
Interest
Rate
|
|
% of
Total
|
|
Amount
(in 000s)
|
|
Weighted
Average
Maturity
(in years)
|
|
Weighted
Average
Interest
Rate
|
|
% of
Total
|
||||
Fixed rate debt
(1)
|
|
$
|
2,358,586
|
|
|
6.0
|
|
4.39%
|
|
80.9%
|
|
$
|
2,140,024
|
|
|
5.3
|
|
4.57%
|
|
80.1%
|
Variable rate debt
|
|
556,137
|
|
|
3.3
|
|
1.73%
|
|
19.1%
|
|
533,088
|
|
|
3.7
|
|
1.77%
|
|
19.9%
|
(1)
|
Includes a $350 million outstanding balance on one of our unsecured term loans as of December 31, 2014 and 2013 and mortgage loans with an outstanding balance totaling $100.6 million and $101.4 million as of December 31, 2014 and 2013, respectively, which are effectively fixed by the use of interest rate swaps.
|
(a)
|
Evaluation of Disclosure Controls and Procedures
|
(b)
|
Management’s Annual Report on Internal Control over Financial Reporting
|
(a)
|
Evaluation of Disclosure Controls and Procedures
|
(b)
|
Management’s Annual Report on Internal Control over Financial Reporting
|
|
|
# of Securities to be
Issued Upon Exercise
of Outstanding
Options, Warrants,
and Rights
|
|
|
Weighted-Average
Exercise Price of
Outstanding Options,
Warrants, and
Rights
|
|
# of Securities
Remaining Available for
Future Issuance Under
Equity Compensation
Plans
|
||
Equity Compensation Plans Approved by Security Holders
|
|
719,940
|
|
(1)
|
|
$0
|
|
1,154,393
|
|
Equity Compensation Plans Not Approved by Security Holders
|
|
n/a
|
|
|
|
n/a
|
|
n/a
|
|
(1)
|
Consists of restricted stock awards granted to executive officers and certain employees and common units of limited partnership interest in the Operating Partnership.
|
Exhibit
Number
|
Description of Document
|
2.1
|
Agreement and Plan of Merger, dated as of February 11, 2008, among GMH Communities Trust, GMH Communities, Inc., GMH Communities, LP, American Campus Communities, Inc., American Campus Communities Operating Partnership LP, American Campus Communities Acquisition LLC and American Campus Communities Acquisition Limited Partnership. Incorporated by reference to Exhibit 99.1 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) filed on February 14, 2008.
|
|
|
3.1
|
Articles of Amendment and Restatement of American Campus Communities, Inc. Incorporated by reference to Exhibit 3.1 to the Registration Statement on Form S-11 (Registration No. 333-114813) of American Campus Communities, Inc.
|
|
|
3.2
|
Bylaws of American Campus Communities, Inc. Incorporated by reference to Exhibit 3.2 to the Registration Statement on Form S-11 (Registration No. 333-114813) of American Campus Communities, Inc.
|
|
|
3.3
|
Amendment to Bylaws of American Campus Communities, Inc. Incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on February 24, 2014.
|
|
|
4.1
|
Form of Certificate for Common Stock of American Campus Communities, Inc. Incorporated by reference to Exhibit 4.1 to the Registration Statement on Form S-11 (Registration No. 333-114813) of American Campus Communities, Inc.
|
|
|
4.2
|
Indenture, dated as of April 2, 2013, among American Campus Communities Operating Partnership LP, as issuer, American Campus Communities, Inc., as guarantor, and U.S. Bank National Association, as trustee. Incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on April 3, 2013.
|
|
|
4.3
|
First Supplemental Indenture, dated as of April 2, 2013, among American Campus Communities Operating Partnership LP, as issuer, American Campus Communities, Inc., as guarantor, and U.S. Bank National Association, as trustee. Incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on April 3, 2013.
|
|
|
4.4
|
American Campus Communities Operating Partnership LP 3.750% Senior Notes due 2023. Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on April 3, 2013.
|
|
|
4.5
|
American Campus Communities Operating Partnership LP 4.125% Senior Note due 2024. Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on June 25, 2014.
|
|
|
4.6
|
Form of Guarantee of American Campus Communities, Inc. of Senior Debt Securities. Incorporated by reference to Exhibit 4.4 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on April 3, 2013.
|
|
|
4.7
|
Form of Registration Rights and Lock-Up Agreement, dated as of March 1, 2006, between American Campus Communities, Inc. and each of the persons who are signatory thereto. Incorporated by reference to Exhibit 99.3 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) filed on March 7, 2006.
|
|
|
4.8
|
Form of Registration Rights and Lock-Up Agreement, dated as of September 14, 2012, between American Campus Communities, Inc., American Campus Communities Operating Partnership, L.P. and each of the persons who are signatories thereto. Incorporated by reference to Exhibit 10.1 to Quarterly Report on Form 10-Q of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) for the quarter ended September 30, 2012.
|
|
|
4.9
|
Letter Agreement Regarding Issuance of OP Units, dated September 26, 2013, between Hallmark Student Housing Lexington, LLC, on one hand, and ACC OP (Lexington) LLC and American Campus Communities Operating Partnership, L.P., on the other hand. Incorporated by reference to Exhibit 4.1 to Quarterly Report on Form 10-Q of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) for the quarter ended September 30, 2013.
|
|
|
10.1
|
Form of Amended and Restated Partnership Agreement of American Campus Communities Operating Partnership LP. Incorporated by reference to Exhibit 10.1 to the Registration Statement on Form S-11 (Registration No. 333-114813) of American Campus Communities, Inc.
|
|
|
10.2
|
Form of First Amendment to Amended and Restated Agreement of Limited Partnership of American Campus Communities Operating Partnership LP, dated as of March 1, 2006, between American Campus Communities Holdings LLC and those persons who have executed such amendment as limited partners. Incorporated by reference to Exhibit 99.2 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) filed on March 7, 2006.
|
|
|
10.3*
|
American Campus Communities, Inc. 2004 Incentive Award Plan. Incorporated by reference to Exhibit 10.2 to the Registration Statement on Form S-11 (Registration No. 333-114813) of American Campus Communities, Inc.
|
|
|
10.4*
|
Amendment No. 1 to American Campus Communities, Inc. 2004 Incentive Award Plan. Incorporated by reference to Exhibit 99.7 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) filed on November 5, 2007.
|
|
|
10.5*
|
Amendment No. 2 to American Campus Communities, Inc. 2004 Incentive Award Plan. Incorporated by reference to Exhibit 99.1 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) filed on March 11, 2008.
|
|
|
10.6*
|
American Campus Communities, Inc. 2010 Incentive Award Plan. Incorporated by reference to Exhibit 99.1 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) filed on May 7, 2010.
|
|
|
10.7*
|
American Campus Communities Services, Inc. Deferred Compensation Plan, effective January 1, 2015. Incorporated by reference to Exhibit 99.1 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on December 17, 2014.
|
|
|
10.8
|
Form of PIU Grant Notice (including Registration Rights). Incorporated by reference to Exhibit 10.4 to the Registration Statement on Form S-11 (Registration No. 333-114813) of American Campus Communities, Inc.
|
|
|
10.9
|
Form of PIU Grant Notice (including Registration Rights), dated as of August 20, 2007. Incorporated by reference to Exhibit 99.1 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) filed on August 23, 2007.
|
|
|
10.10
|
Form of Indemnification Agreement between American Campus Communities, Inc. and certain of its directors and officers. Incorporated by reference to Exhibit 10.5 to the Registration Statement on Form S-11 (Registration No. 333-114813) of American Campus Communities, Inc.
|
|
|
10.11
|
Form of Employment Agreement between American Campus Communities, Inc. and William C. Bayless, Jr. Incorporated by reference to Exhibit 10.6 to the Registration Statement on Form S-11 (Registration No. 333-114813) of American Campus Communities, Inc.
|
|
|
10.12
|
Amendment No. 1 to Employment Agreement, dated as of April 28, 2005, between American Campus Communities, Inc. and William C. Bayless, Jr. Incorporated by reference to Exhibit 99.6 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) filed on May 3, 2005.
|
|
|
10.13
|
Amendment No. 2 to Employment Agreement, dated as of November 1, 2007, between American Campus Communities, Inc. and William C. Bayless, Jr. Incorporated by reference to Exhibit 99.3 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) filed on November 5, 2007.
|
|
|
10.14
|
Third Amendment to Employment Agreement, dated as of March 23, 2010, between William C. Bayless, Jr. and American Campus Communities, Inc. Incorporated by reference to Exhibit 99.1 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) filed on March 24, 2010.
|
|
|
10.15
|
Employment Agreement, dated as of April 18, 2005, between American Campus Communities, Inc. and James C. Hopke. Incorporated by reference to Exhibit 99.1 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) filed on May 3, 2005.
|
|
|
10.16
|
Amendment No. 1 to Employment Agreement, dated as of November 1, 2007, between American Campus Communities, Inc. and James C. Hopke. Incorporated by reference to Exhibit 99.6 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) filed on November 5, 2007.
|
|
|
10.17
|
Second Amendment to Employment Agreement, dated as of March 23, 2010, between James C. Hopke, Jr. and American Campus Communities, Inc. Incorporated by reference to Exhibit 99.4 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) filed on March 24, 2010.
|
|
|
10.18
|
Third Amendment to Employment Agreement, dated as of December 2, 2013, between James C. Hopke, Jr. and American Campus Communities, Inc. Incorporated by reference to Exhibit 99.4 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on December 5, 2013.
|
|
|
10.19
|
Fourth Amendment to Employment Agreement, dated as of May 20, 2014, between American Campus Communities, Inc. and James C. Hopke, Jr. Incorporated by reference to Exhibit 99.3 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on May 23, 2014.
|
|
|
10.20
|
Employment Agreement, dated as of November 1, 2007, between American Campus Communities, Inc. and Jonathan A. Graf. Incorporated by reference to Exhibit 99.1 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) filed on November 5, 2007.
|
|
|
10.21
|
First Amendment to Employment Agreement, dated as of March 23, 2010, between Jonathan A. Graf and American Campus Communities, Inc. Incorporated by reference to Exhibit 99.3 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) filed on March 24, 2010.
|
|
|
10.22
|
Employment Agreement, dated as of May 4, 2011, between William W. Talbot and American Campus Communities, Inc. Incorporated by reference to Exhibit 99.1 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on March 21, 2013.
|
|
|
10.23
|
First Amendment to Employment Agreement, dated as of November 2, 2012, between William W. Talbot and American Campus Communities, Inc. Incorporated by reference to Exhibit 99.2 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on March 21, 2013
|
|
|
10.24
|
Employment Agreement, dated as of May 4, 2011, between Daniel B. Perry and American Campus Communities, Inc.
|
|
|
10.25
|
First Amendment to Employment Agreement, dated as of November 2, 2012, between Daniel B. Perry and American Campus Communities, Inc.
|
|
|
10.26
|
Separation Agreement and Mutual General Release, dated as of May 20, 2014, between American Campus Communities, Inc. and Greg A. Dowell. Incorporated by reference to Exhibit 99.1 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on May 23, 2014
|
|
|
10.27
|
Form of Confidentiality and Noncompetition Agreement. Incorporated by reference to Exhibit 10.9 to the Registration Statement on Form S-11 (Registration No. 333-114813) of American Campus Communities, Inc.
|
|
|
10.28
|
Fourth Amended and Restated Credit Agreement dated as of December 18, 2013 among American Campus Communities Operating Partnership LP, as Borrower; American Campus Communities, Inc., as Parent Guarantor; any Additional Guarantors (as defined therein) acceding thereto pursuant to Section 7.05 thereof; the banks, financial institutions and other institutional lenders listed on the signature pages thereof as the Initial Lenders; KeyBank National Association, as the initial issuer of Letters of Credit; the Swing Line Bank (as defined therein), KeyBank National Association, as Administrative Agent; JPMorgan Chase Bank, N.A., as Syndication Agent; and KeyBanc Capital Markets Inc. and J.P. Morgan Securities LLC, as Joint Lead Arrangers Incorporated by reference to Exhibit 99.1 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on December 24, 2013.
|
|
|
10.29
|
Form of Tax Matters Agreement, dated as of March 1, 2006, among American Campus Communities Operating Partnership LP, American Campus Communities, Inc., American Campus Communities Holdings LLC and each of the limited partners of American Campus Communities Operating Partnership LP who have executed a signature page thereto. Incorporated by reference to Exhibit 99.4 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) filed on March 7, 2006.
|
|
|
10.30
|
Equity Distribution Agreement, dated March 8, 2013, between American Campus Communities, Inc., American Campus Communities Operating Partnership LP and American Campus Communities Holdings LLC, on one hand, and Merrill Lynch, Pierce, Fenner & Smith Incorporated, on the other hand. Incorporated by reference to Exhibit 1.1 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on March 11, 2013.
|
|
|
10.31
|
Equity Distribution Agreement, dated March 8, 2013, between American Campus Communities, Inc., American Campus Communities Operating Partnership LP and American Campus Communities Holdings LLC, on one hand, and Deutsche Bank Securities Inc., on the other hand. Incorporated by reference to Exhibit 1.2 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on March 11, 2013.
|
|
|
10.32
|
Equity Distribution Agreement, dated March 8, 2013, between American Campus Communities, Inc., American Campus Communities Operating Partnership LP and American Campus Communities Holdings LLC, on one hand, and J.P. Morgan Securities LLC, on the other hand. Incorporated by reference to Exhibit 1.3 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on March 11, 2013.
|
|
|
10.33
|
Equity Distribution Agreement, dated March 8, 2013, between American Campus Communities, Inc., American Campus Communities Operating Partnership LP and American Campus Communities Holdings LLC, on one hand, and KeyBanc Capital Markets Inc., on the other hand. Incorporated by reference to Exhibit 1.4 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on March 11, 2013.
|
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
*
|
Indicates management compensation plan.
|
Dated:
|
February 26, 2015
|
AMERICAN CAMPUS COMMUNITIES, INC.
|
|
|
|
By:
|
/s/ William C. Bayless, Jr.
|
|
|
|
William C. Bayless, Jr.
President and Chief Executive Officer
|
Dated:
|
February 26, 2015
|
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.
|
|
By: American Campus Communities Holdings,
LLC, its general partner
By: American Campus Communities, Inc., its sole member
|
|
|
|
By:
|
/s/ William C. Bayless, Jr.
|
|
|
|
William C. Bayless, Jr.
President and Chief Executive Officer
|
Name
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ William C. Bayless, Jr.
|
|
President, Chief Executive Officer and Director (Principal Executive Officer)
|
|
February 26, 2015
|
William C. Bayless, Jr.
|
|
|
|
|
|
|
|
|
|
/s/ Jonathan A. Graf
|
|
Executive Vice President, Chief Financial Officer, Treasurer and Secretary (Principal Financial and Accounting Officer)
|
|
February 26, 2015
|
Jonathan A. Graf
|
|
|
|
|
|
|
|
|
|
/s/ R.D. Burck
|
|
Chairman of the Board of Directors
|
|
February 26, 2015
|
R.D. Burck
|
|
|
|
|
|
|
|
|
|
/s/ G. Steven Dawson
|
|
Director
|
|
February 26, 2015
|
G. Steven Dawson
|
|
|
|
|
|
|
|
|
|
/s/ Cydney C. Donnell
|
|
Director
|
|
February 26, 2015
|
Cydney Donnell
|
|
|
|
|
|
|
|
|
|
/s/ Dennis G. Lopez
|
|
Director
|
|
February 26, 2015
|
Dennis G. Lopez
|
|
|
|
|
|
|
|
|
|
/s/ Edward Lowenthal
|
|
Director
|
|
February 26, 2015
|
Edward Lowenthal
|
|
|
|
|
|
|
|
|
|
/s/ Oliver Luck
|
|
Director
|
|
February 26, 2015
|
Oliver Luck
|
|
|
|
|
|
|
|
|
|
/s/ C. Patrick Oles, Jr.
|
|
Director
|
|
February 26, 2015
|
C. Patrick Oles, Jr.
|
|
|
|
|
|
|
|
|
|
/s/ Winston W. Walker
|
|
Director
|
|
February 26, 2015
|
Winston W. Walker
|
|
|
|
|
/s/ Ernst & Young LLP
|
/s/ Ernst & Young LLP
|
/s/ Ernst & Young LLP
|
/s/ Ernst & Young LLP
|
|
|
December 31, 2014
|
|
December 31, 2013
|
||||
Assets
|
|
|
|
|
||||
|
|
|
|
|
||||
Investments in real estate:
|
|
|
|
|
||||
Wholly-owned properties, net
|
|
$
|
5,308,707
|
|
|
$
|
5,199,008
|
|
Wholly-owned properties held for sale
|
|
131,014
|
|
|
14,408
|
|
||
On-campus participating properties, net
|
|
94,128
|
|
|
73,456
|
|
||
Investments in real estate, net
|
|
5,533,849
|
|
|
5,286,872
|
|
||
|
|
|
|
|
||||
Cash and cash equivalents
|
|
25,062
|
|
|
38,751
|
|
||
Restricted cash
|
|
31,937
|
|
|
35,451
|
|
||
Student contracts receivable, net
|
|
10,145
|
|
|
9,238
|
|
||
Other assets
|
|
233,755
|
|
|
227,728
|
|
||
|
|
|
|
|
||||
Total assets
|
|
$
|
5,834,748
|
|
|
$
|
5,598,040
|
|
|
|
|
|
|
||||
Liabilities and equity
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
|
|
||
Secured mortgage, construction and bond debt
|
|
$
|
1,331,914
|
|
|
$
|
1,507,216
|
|
Secured agency facility
|
|
—
|
|
|
87,750
|
|
||
Unsecured notes
|
|
798,305
|
|
|
398,721
|
|
||
Unsecured term loans
|
|
600,000
|
|
|
600,000
|
|
||
Unsecured revolving credit facility
|
|
242,500
|
|
|
150,700
|
|
||
Accounts payable and accrued expenses
|
|
70,629
|
|
|
65,088
|
|
||
Other liabilities
|
|
121,645
|
|
|
110,036
|
|
||
Total liabilities
|
|
3,164,993
|
|
|
2,919,511
|
|
||
|
|
|
|
|
||||
Commitments and contingencies (Note 17)
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
Redeemable noncontrolling interests
|
|
54,472
|
|
|
47,964
|
|
||
|
|
|
|
|
||||
Equity:
|
|
|
|
|
|
|
||
American Campus Communities, Inc. stockholders’ equity:
Common stock, $.01 par value, 800,000,000 shares authorized,
107,175,236 and 104,782,817 shares issued and outstanding at
December 31, 2014 and 2013, respectively
|
|
1,072
|
|
|
1,043
|
|
||
Additional paid in capital
|
|
3,102,540
|
|
|
3,017,631
|
|
||
Accumulated earnings and dividends
|
|
(487,986
|
)
|
|
(392,338
|
)
|
||
Accumulated other comprehensive loss
|
|
(6,072
|
)
|
|
(1,435
|
)
|
||
Total American Campus Communities, Inc. stockholders’ equity
|
|
2,609,554
|
|
|
2,624,901
|
|
||
Noncontrolling interests – partially owned properties
|
|
5,729
|
|
|
5,664
|
|
||
Total equity
|
|
2,615,283
|
|
|
2,630,565
|
|
||
|
|
|
|
|
||||
Total liabilities and equity
|
|
$
|
5,834,748
|
|
|
$
|
5,598,040
|
|
|
|
Year Ended December 31
,
|
||||||||||
|
|
2014
|
|
2013
|
|
2012
|
||||||
Revenues:
|
|
|
|
|
|
|
||||||
Wholly-owned properties
|
|
$
|
690,582
|
|
|
$
|
618,503
|
|
|
$
|
422,417
|
|
On-campus participating properties
|
|
28,534
|
|
|
26,348
|
|
|
26,166
|
|
|||
Third-party development services
|
|
4,018
|
|
|
2,483
|
|
|
8,574
|
|
|||
Third-party management services
|
|
7,669
|
|
|
7,514
|
|
|
6,893
|
|
|||
Resident services
|
|
3,112
|
|
|
2,614
|
|
|
1,605
|
|
|||
Total revenues
|
|
733,915
|
|
|
657,462
|
|
|
465,655
|
|
|||
|
|
|
|
|
|
|
||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|||
Wholly-owned properties
|
|
329,615
|
|
|
296,794
|
|
|
200,126
|
|
|||
On-campus participating properties
|
|
11,290
|
|
|
11,049
|
|
|
11,073
|
|
|||
Third-party development and management services
|
|
11,754
|
|
|
10,810
|
|
|
10,898
|
|
|||
General and administrative
|
|
18,935
|
|
|
16,666
|
|
|
22,965
|
|
|||
Depreciation and amortization
|
|
197,495
|
|
|
184,988
|
|
|
110,499
|
|
|||
Ground/facility leases
|
|
7,397
|
|
|
5,402
|
|
|
4,248
|
|
|||
Provision for real estate impairment
|
|
2,443
|
|
|
—
|
|
|
—
|
|
|||
Total operating expenses
|
|
578,929
|
|
|
525,709
|
|
|
359,809
|
|
|||
|
|
|
|
|
|
|
||||||
Operating income
|
|
154,986
|
|
|
131,753
|
|
|
105,846
|
|
|||
|
|
|
|
|
|
|
||||||
Nonoperating income and (expenses):
|
|
|
|
|
|
|
|
|
|
|||
Interest income
|
|
4,168
|
|
|
3,005
|
|
|
1,756
|
|
|||
Interest expense
|
|
(90,362
|
)
|
|
(78,028
|
)
|
|
(54,518
|
)
|
|||
Amortization of deferred financing costs
|
|
(5,918
|
)
|
|
(5,608
|
)
|
|
(4,425
|
)
|
|||
Loss from disposition of real estate
|
|
(368
|
)
|
|
—
|
|
|
—
|
|
|||
Income from unconsolidated joint ventures
|
|
—
|
|
|
—
|
|
|
444
|
|
|||
Other nonoperating income (expense)
|
|
186
|
|
|
(2,666
|
)
|
|
411
|
|
|||
Total nonoperating expenses
|
|
(92,294
|
)
|
|
(83,297
|
)
|
|
(56,332
|
)
|
|||
|
|
|
|
|
|
|
||||||
Income before income taxes and discontinued operations
|
|
62,692
|
|
|
48,456
|
|
|
49,514
|
|
|||
Income tax provision
|
|
(1,308
|
)
|
|
(1,020
|
)
|
|
(725
|
)
|
|||
Income from continuing operations
|
|
61,384
|
|
|
47,436
|
|
|
48,789
|
|
|||
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|||
(Loss) income attributable to discontinued operations
|
|
(123
|
)
|
|
4,824
|
|
|
8,728
|
|
|||
Loss from early extinguishment of debt
|
|
—
|
|
|
(332
|
)
|
|
(1,591
|
)
|
|||
Gain from disposition of real estate
|
|
2,843
|
|
|
55,263
|
|
|
4,312
|
|
|||
Total discontinued operations
|
|
2,720
|
|
|
59,755
|
|
|
11,449
|
|
|||
Net income
|
|
64,104
|
|
|
107,191
|
|
|
60,238
|
|
|||
Net income attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|||
Redeemable noncontrolling interests
|
|
(913
|
)
|
|
(1,359
|
)
|
|
(847
|
)
|
|||
Partially owned properties
|
|
(352
|
)
|
|
(1,188
|
)
|
|
(2,755
|
)
|
|||
Net income attributable to noncontrolling interests
|
|
(1,265
|
)
|
|
(2,547
|
)
|
|
(3,602
|
)
|
|||
Net income attributable to common shareholders
|
|
$
|
62,839
|
|
|
$
|
104,644
|
|
|
$
|
56,636
|
|
Other comprehensive (loss) income
|
|
|
|
|
|
|
|
|
|
|||
Change in fair value of interest rate swaps
|
|
(4,859
|
)
|
|
5,226
|
|
|
(3,301
|
)
|
|||
Comprehensive income
|
|
$
|
57,980
|
|
|
$
|
109,870
|
|
|
$
|
53,335
|
|
Income per share attributable to common shareholders – basic
|
|
|
|
|
|
|
|
|
|
|||
Income from continuing operations per share
|
|
$
|
0.56
|
|
|
$
|
0.43
|
|
|
$
|
0.53
|
|
Net income per share
|
|
$
|
0.59
|
|
|
$
|
0.99
|
|
|
$
|
0.66
|
|
Income per share attributable to common shareholders – diluted
|
|
|
|
|
|
|
|
|
|
|||
Income from continuing operations per share
|
|
$
|
0.56
|
|
|
$
|
0.42
|
|
|
$
|
0.52
|
|
Net income per share
|
|
$
|
0.58
|
|
|
$
|
0.98
|
|
|
$
|
0.65
|
|
Weighted-average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|||
Basic
|
|
105,032,155
|
|
|
104,760,502
|
|
|
84,711,584
|
|
|||
Diluted
|
|
105,711,420
|
|
|
105,382,320
|
|
|
85,309,451
|
|
|||
|
|
|
|
|
|
|
|
|
Common
Shares
|
|
Par Value of
Common
Shares
|
|
Additional Paid
in Capital
|
|
Accumulated
Earnings and
Dividends
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Noncontrolling
Interests
|
|
Total
|
|||||||||||||
Equity, December 31, 2011
|
|
72,759,546
|
|
|
$
|
725
|
|
|
$
|
1,664,416
|
|
|
$
|
(286,565
|
)
|
|
$
|
(3,360
|
)
|
|
$
|
28,583
|
|
|
$
|
1,403,799
|
|
Net proceeds from sale of common stock
|
|
31,702,306
|
|
|
317
|
|
|
1,334,590
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,334,907
|
|
||||||
Adjustments to reflect redeemable noncontrolling interests at fair value
|
|
—
|
|
|
—
|
|
|
(1,958
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,958
|
)
|
||||||
Amortization of restricted stock awards
|
|
—
|
|
|
—
|
|
|
5,279
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,279
|
|
||||||
Vesting of restricted stock awards and restricted stock units
|
|
114,903
|
|
|
—
|
|
|
(2,023
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,023
|
)
|
||||||
Distributions to common and restricted stockholders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(117,592
|
)
|
|
—
|
|
|
—
|
|
|
(117,592
|
)
|
||||||
Distributions to noncontrolling interests - partially owned properties
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,665
|
)
|
|
(2,665
|
)
|
||||||
Conversion of operating partnership units to common stock
|
|
88,457
|
|
|
1
|
|
|
1,216
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,217
|
|
||||||
Change in fair value of interest rate swaps
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,301
|
)
|
|
—
|
|
|
(3,301
|
)
|
||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
56,636
|
|
|
—
|
|
|
2,755
|
|
|
59,391
|
|
||||||
Equity, December 31, 2012
|
|
104,665,212
|
|
|
1,043
|
|
|
3,001,520
|
|
|
(347,521
|
)
|
|
(6,661
|
)
|
|
28,673
|
|
|
2,677,054
|
|
||||||
Adjustments to reflect redeemable noncontrolling interests at fair value
|
|
—
|
|
|
—
|
|
|
12,534
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,534
|
|
||||||
Amortization of restricted stock awards
|
|
—
|
|
|
—
|
|
|
6,423
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,423
|
|
||||||
Vesting of restricted stock awards and restricted stock units
|
|
116,105
|
|
|
—
|
|
|
(2,869
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,869
|
)
|
||||||
Distributions to common and restricted stockholders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(149,461
|
)
|
|
—
|
|
|
—
|
|
|
(149,461
|
)
|
||||||
Distributions to noncontrolling interests - partially owned properties
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(789
|
)
|
|
(789
|
)
|
||||||
Increase in ownership of consolidated joint venture
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(24,908
|
)
|
|
(24,908
|
)
|
||||||
Contributions by noncontrolling partners
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,500
|
|
|
1,500
|
|
||||||
Conversion of operating partnership units to common stock
|
|
1,500
|
|
|
—
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23
|
|
||||||
Change in fair value of interest rate swaps
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,226
|
|
|
—
|
|
|
5,226
|
|
||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
104,644
|
|
|
—
|
|
|
1,188
|
|
|
105,832
|
|
||||||
Equity, December 31, 2013
|
|
104,782,817
|
|
|
1,043
|
|
|
3,017,631
|
|
|
(392,338
|
)
|
|
(1,435
|
)
|
|
5,664
|
|
|
2,630,565
|
|
||||||
Adjustments to reflect redeemable noncontrolling interests at fair value
|
|
—
|
|
|
—
|
|
|
(8,200
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,200
|
)
|
||||||
Amortization of restricted stock awards
|
|
—
|
|
|
—
|
|
|
6,816
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,816
|
|
||||||
Vesting of restricted stock awards and restricted stock units
|
|
133,910
|
|
|
6
|
|
|
(2,004
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,998
|
)
|
||||||
Distributions to common and restricted stockholders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(158,487
|
)
|
|
—
|
|
|
—
|
|
|
(158,487
|
)
|
||||||
Distributions to noncontrolling interests - partially owned properties
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(287
|
)
|
|
(287
|
)
|
||||||
Conversion of operating partnership units to common stock
|
|
52,269
|
|
|
1
|
|
|
601
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
602
|
|
||||||
Net proceeds from sale of common stock
|
|
2,206,240
|
|
|
22
|
|
|
87,696
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
87,718
|
|
||||||
Change in fair value of interest rate swaps
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,859
|
)
|
|
—
|
|
|
(4,859
|
)
|
||||||
Amortization of interest rate swap terminations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
222
|
|
|
—
|
|
|
222
|
|
||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
62,839
|
|
|
—
|
|
|
352
|
|
|
63,191
|
|
||||||
Equity, December 31, 2014
|
|
107,175,236
|
|
|
$
|
1,072
|
|
|
$
|
3,102,540
|
|
|
$
|
(487,986
|
)
|
|
$
|
(6,072
|
)
|
|
$
|
5,729
|
|
|
$
|
2,615,283
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31
,
|
||||||||||
|
|
2014
|
|
2013
|
|
2012
|
||||||
Operating activities
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
64,104
|
|
|
$
|
107,191
|
|
|
$
|
60,238
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|||
Gain from disposition of real estate
|
|
(2,475
|
)
|
|
(55,263
|
)
|
|
(4,312
|
)
|
|||
Gain from insurance settlement
|
|
(186
|
)
|
|
—
|
|
|
—
|
|
|||
Loss from early extinguishment of debt
|
|
—
|
|
|
332
|
|
|
1,591
|
|
|||
Loss on remeasurement of equity method investments
|
|
—
|
|
|
—
|
|
|
122
|
|
|||
Impairment of real estate
|
|
2,443
|
|
|
—
|
|
|
—
|
|
|||
Depreciation and amortization
|
|
197,542
|
|
|
187,475
|
|
|
116,490
|
|
|||
Amortization of deferred financing costs and debt premiums/discounts
|
|
(6,769
|
)
|
|
(8,288
|
)
|
|
1,316
|
|
|||
Share-based compensation
|
|
7,164
|
|
|
6,625
|
|
|
5,350
|
|
|||
Income from unconsolidated joint ventures
|
|
—
|
|
|
—
|
|
|
(444
|
)
|
|||
Income tax provision
|
|
1,308
|
|
|
1,020
|
|
|
725
|
|
|||
Amortization of interest rate swap terminations
|
|
222
|
|
|
—
|
|
|
—
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|||
Restricted cash
|
|
1,507
|
|
|
3,263
|
|
|
(1,041
|
)
|
|||
Student contracts receivable, net
|
|
(959
|
)
|
|
4,621
|
|
|
(8,733
|
)
|
|||
Other assets
|
|
(12,632
|
)
|
|
(15,072
|
)
|
|
11,458
|
|
|||
Accounts payable and accrued expenses
|
|
1,453
|
|
|
5,036
|
|
|
5,362
|
|
|||
Other liabilities
|
|
7,176
|
|
|
9,738
|
|
|
7,009
|
|
|||
Net cash provided by operating activities
|
|
259,898
|
|
|
246,678
|
|
|
195,131
|
|
|||
Investing activities
|
|
|
|
|
|
|
|
|
|
|||
Proceeds from disposition of properties
|
|
8,599
|
|
|
180,465
|
|
|
42,279
|
|
|||
Proceeds from disposition of land
|
|
1,502
|
|
|
2,000
|
|
|
1,064
|
|
|||
Cash paid for property acquisitions
|
|
(74,641
|
)
|
|
(234,326
|
)
|
|
(1,106,047
|
)
|
|||
Cash paid for land acquisitions
|
|
(3,627
|
)
|
|
(25,649
|
)
|
|
(29,353
|
)
|
|||
Capital expenditures for wholly-owned properties
|
|
(77,072
|
)
|
|
(68,628
|
)
|
|
(31,453
|
)
|
|||
Investments in wholly-owned properties under development
|
|
(257,177
|
)
|
|
(281,490
|
)
|
|
(322,751
|
)
|
|||
Capital expenditures for on-campus participating properties
|
|
(1,953
|
)
|
|
(1,618
|
)
|
|
(2,141
|
)
|
|||
Investment in on-campus participating property under development
|
|
(27,668
|
)
|
|
(15,476
|
)
|
|
—
|
|
|||
Investment in loans receivable
|
|
—
|
|
|
(60,888
|
)
|
|
(2,000
|
)
|
|||
Proceeds from loans receivable
|
|
2,984
|
|
|
—
|
|
|
4,000
|
|
|||
Change in restricted cash related to capital reserves
|
|
1,623
|
|
|
(1,461
|
)
|
|
(129
|
)
|
|||
Decrease (increase) in escrow deposits for real estate investments
|
|
894
|
|
|
(970
|
)
|
|
405
|
|
|||
Proceeds from insurance settlement
|
|
758
|
|
|
636
|
|
|
—
|
|
|||
Purchase of corporate furniture, fixtures and equipment
|
|
(3,457
|
)
|
|
(2,594
|
)
|
|
(1,436
|
)
|
|||
Net cash used in investing activities
|
|
(429,235
|
)
|
|
(509,999
|
)
|
|
(1,447,562
|
)
|
|||
Financing activities
|
|
|
|
|
|
|
|
|
|
|||
Proceeds from unsecured notes
|
|
399,444
|
|
|
398,636
|
|
|
—
|
|
|||
Proceeds from sale of common stock
|
|
89,317
|
|
|
—
|
|
|
1,391,750
|
|
|||
Offering costs
|
|
(1,340
|
)
|
|
—
|
|
|
(56,320
|
)
|
|||
Pay-off of mortgage and construction loans
|
|
(178,002
|
)
|
|
(82,066
|
)
|
|
(137,529
|
)
|
|||
Proceeds from unsecured term loans
|
|
—
|
|
|
250,000
|
|
|
150,000
|
|
|||
Proceeds from revolving credit facilities
|
|
615,900
|
|
|
609,055
|
|
|
638,000
|
|
|||
Paydowns of revolving credit facilities
|
|
(611,850
|
)
|
|
(732,605
|
)
|
|
(665,000
|
)
|
|||
Proceeds from construction loans
|
|
28,109
|
|
|
15,833
|
|
|
75,392
|
|
|||
Scheduled principal payments on debt
|
|
(16,015
|
)
|
|
(15,323
|
)
|
|
(11,575
|
)
|
|||
Costs associated with early extinguishment of debt
|
|
—
|
|
|
(332
|
)
|
|
(1,591
|
)
|
|||
Debt issuance and assumption costs
|
|
(5,021
|
)
|
|
(10,507
|
)
|
|
(9,806
|
)
|
|||
Termination of forward starting interest rate swaps
|
|
(4,122
|
)
|
|
—
|
|
|
—
|
|
|||
Distributions to common and restricted stockholders
|
|
(158,487
|
)
|
|
(149,461
|
)
|
|
(117,592
|
)
|
|||
Distributions to noncontrolling partners
|
|
(2,285
|
)
|
|
(2,612
|
)
|
|
(4,111
|
)
|
|||
Redemption of common units for cash
|
|
—
|
|
|
—
|
|
|
(132
|
)
|
|||
Net cash provided by financing activities
|
|
155,648
|
|
|
280,618
|
|
|
1,251,486
|
|
|||
Net change in cash and cash equivalents
|
|
(13,689
|
)
|
|
17,297
|
|
|
(945
|
)
|
|||
Cash and cash equivalents at beginning of period
|
|
38,751
|
|
|
21,454
|
|
|
22,399
|
|
|||
Cash and cash equivalents at end of period
|
|
$
|
25,062
|
|
|
$
|
38,751
|
|
|
$
|
21,454
|
|
Supplemental disclosure of non-cash investing and financing activities
|
|
|
|
|
|
|
|
|
|
|||
Loans assumed in connection with property acquisitions
|
|
$
|
—
|
|
|
$
|
(107,250
|
)
|
|
$
|
(645,823
|
)
|
Issuance of common units in connection with property acquisitions
|
|
$
|
—
|
|
|
$
|
(3,451
|
)
|
|
$
|
(15,000
|
)
|
Change in fair value of derivative instruments, net
|
|
$
|
(740
|
)
|
|
$
|
5,226
|
|
|
$
|
(3,301
|
)
|
Supplemental disclosure of cash flow information
|
|
|
|
|
|
|
|
|
|
|||
Interest paid
|
|
$
|
113,251
|
|
|
$
|
100,305
|
|
|
$
|
66,599
|
|
Income taxes paid
|
|
$
|
1,066
|
|
|
$
|
668
|
|
|
$
|
466
|
|
|
|
December 31, 2014
|
|
December 31, 2013
|
||||
Assets
|
|
|
|
|
||||
|
|
|
|
|
||||
Investments in real estate:
|
|
|
|
|
||||
Wholly-owned properties, net
|
|
$
|
5,308,707
|
|
|
$
|
5,199,008
|
|
Wholly-owned properties held for sale
|
|
131,014
|
|
|
14,408
|
|
||
On-campus participating properties, net
|
|
94,128
|
|
|
73,456
|
|
||
Investments in real estate, net
|
|
5,533,849
|
|
|
5,286,872
|
|
||
|
|
|
|
|
||||
Cash and cash equivalents
|
|
25,062
|
|
|
38,751
|
|
||
Restricted cash
|
|
31,937
|
|
|
35,451
|
|
||
Student contracts receivable, net
|
|
10,145
|
|
|
9,238
|
|
||
Other assets
|
|
233,755
|
|
|
227,728
|
|
||
|
|
|
|
|
||||
Total assets
|
|
$
|
5,834,748
|
|
|
$
|
5,598,040
|
|
|
|
|
|
|
||||
Liabilities and capital
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
|
|
||
Secured mortgage, construction and bond debt
|
|
$
|
1,331,914
|
|
|
$
|
1,507,216
|
|
Secured agency facility
|
|
—
|
|
|
87,750
|
|
||
Unsecured notes
|
|
798,305
|
|
|
398,721
|
|
||
Unsecured term loans
|
|
600,000
|
|
|
600,000
|
|
||
Unsecured revolving credit facility
|
|
242,500
|
|
|
150,700
|
|
||
Accounts payable and accrued expenses
|
|
70,629
|
|
|
65,088
|
|
||
Other liabilities
|
|
121,645
|
|
|
110,036
|
|
||
Total liabilities
|
|
3,164,993
|
|
|
2,919,511
|
|
||
|
|
|
|
|
||||
Commitments and contingencies (Note 17)
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
Redeemable limited partners
|
|
54,472
|
|
|
47,964
|
|
||
|
|
|
|
|
||||
Capital:
|
|
|
|
|
|
|
||
Partners’ capital:
|
|
|
|
|
|
|
||
General partner - 12,222 OP units outstanding at both December 31, 2014 and 2013
|
|
100
|
|
|
111
|
|
||
Limited partner - 107,163,014 and 104,770,595 OP units outstanding at December 31, 2014 and 2013, respectively
|
|
2,615,526
|
|
|
2,626,225
|
|
||
Accumulated other comprehensive loss
|
|
(6,072
|
)
|
|
(1,435
|
)
|
||
Total partners’ capital
|
|
2,609,554
|
|
|
2,624,901
|
|
||
Noncontrolling interests – partially owned properties
|
|
5,729
|
|
|
5,664
|
|
||
Total capital
|
|
2,615,283
|
|
|
2,630,565
|
|
||
|
|
|
|
|
||||
Total liabilities and capital
|
|
$
|
5,834,748
|
|
|
$
|
5,598,040
|
|
|
|
Year Ended December 31
,
|
||||||||||
|
|
2014
|
|
2013
|
|
2012
|
||||||
Revenues:
|
|
|
|
|
|
|
||||||
Wholly-owned properties
|
|
$
|
690,582
|
|
|
$
|
618,503
|
|
|
$
|
422,417
|
|
On-campus participating properties
|
|
28,534
|
|
|
26,348
|
|
|
26,166
|
|
|||
Third-party development services
|
|
4,018
|
|
|
2,483
|
|
|
8,574
|
|
|||
Third-party management services
|
|
7,669
|
|
|
7,514
|
|
|
6,893
|
|
|||
Resident services
|
|
3,112
|
|
|
2,614
|
|
|
1,605
|
|
|||
Total revenues
|
|
733,915
|
|
|
657,462
|
|
|
465,655
|
|
|||
|
|
|
|
|
|
|
||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|||
Wholly-owned properties
|
|
329,615
|
|
|
296,794
|
|
|
200,126
|
|
|||
On-campus participating properties
|
|
11,290
|
|
|
11,049
|
|
|
11,073
|
|
|||
Third-party development and management services
|
|
11,754
|
|
|
10,810
|
|
|
10,898
|
|
|||
General and administrative
|
|
18,935
|
|
|
16,666
|
|
|
22,965
|
|
|||
Depreciation and amortization
|
|
197,495
|
|
|
184,988
|
|
|
110,499
|
|
|||
Ground/facility leases
|
|
7,397
|
|
|
5,402
|
|
|
4,248
|
|
|||
Provision for real estate impairment
|
|
2,443
|
|
|
—
|
|
|
—
|
|
|||
Total operating expenses
|
|
578,929
|
|
|
525,709
|
|
|
359,809
|
|
|||
|
|
|
|
|
|
|
||||||
Operating income
|
|
154,986
|
|
|
131,753
|
|
|
105,846
|
|
|||
|
|
|
|
|
|
|
||||||
Nonoperating income and (expenses):
|
|
|
|
|
|
|
|
|
|
|||
Interest income
|
|
4,168
|
|
|
3,005
|
|
|
1,756
|
|
|||
Interest expense
|
|
(90,362
|
)
|
|
(78,028
|
)
|
|
(54,518
|
)
|
|||
Amortization of deferred financing costs
|
|
(5,918
|
)
|
|
(5,608
|
)
|
|
(4,425
|
)
|
|||
Loss from disposition of real estate
|
|
(368
|
)
|
|
—
|
|
|
—
|
|
|||
Income from unconsolidated joint ventures
|
|
—
|
|
|
—
|
|
|
444
|
|
|||
Other nonoperating income (expense)
|
|
186
|
|
|
(2,666
|
)
|
|
411
|
|
|||
Total nonoperating expenses
|
|
(92,294
|
)
|
|
(83,297
|
)
|
|
(56,332
|
)
|
|||
|
|
|
|
|
|
|
||||||
Income before income taxes and discontinued operations
|
|
62,692
|
|
|
48,456
|
|
|
49,514
|
|
|||
Income tax provision
|
|
(1,308
|
)
|
|
(1,020
|
)
|
|
(725
|
)
|
|||
Income from continuing operations
|
|
61,384
|
|
|
47,436
|
|
|
48,789
|
|
|||
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|||
(Loss) income attributable to discontinued operations
|
|
(123
|
)
|
|
4,824
|
|
|
8,728
|
|
|||
Loss from early extinguishment of debt
|
|
—
|
|
|
(332
|
)
|
|
(1,591
|
)
|
|||
Gain from disposition of real estate
|
|
2,843
|
|
|
55,263
|
|
|
4,312
|
|
|||
Total discontinued operations
|
|
2,720
|
|
|
59,755
|
|
|
11,449
|
|
|||
Net income
|
|
64,104
|
|
|
107,191
|
|
|
60,238
|
|
|||
Net income attributable to noncontrolling interests – partially owned properties
|
|
(352
|
)
|
|
(1,188
|
)
|
|
(2,755
|
)
|
|||
Net income attributable to American Campus
Communities Operating Partnership, L.P.
|
|
63,752
|
|
|
106,003
|
|
|
57,483
|
|
|||
Series A preferred units distributions
|
|
(178
|
)
|
|
(182
|
)
|
|
(183
|
)
|
|||
Net income available to common unitholders
|
|
$
|
63,574
|
|
|
$
|
105,821
|
|
|
$
|
57,300
|
|
Other comprehensive (loss) income
|
|
|
|
|
|
|
|
|
|
|||
Change in fair value of interest rate swaps
|
|
(4,859
|
)
|
|
5,226
|
|
|
(3,301
|
)
|
|||
Comprehensive income
|
|
$
|
58,715
|
|
|
$
|
111,047
|
|
|
$
|
53,999
|
|
Income per unit attributable to common unitholders –
basic
|
|
|
|
|
|
|
|
|
|
|||
Income from continuing operations per unit
|
|
$
|
0.56
|
|
|
$
|
0.43
|
|
|
$
|
0.53
|
|
Net income per unit
|
|
$
|
0.59
|
|
|
$
|
0.99
|
|
|
$
|
0.66
|
|
Income per unit attributable to common unitholders –
diluted
|
|
|
|
|
|
|
|
|
|
|||
Income from continuing operations per unit
|
|
$
|
0.56
|
|
|
$
|
0.42
|
|
|
$
|
0.52
|
|
Net income per unit
|
|
$
|
0.58
|
|
|
$
|
0.98
|
|
|
$
|
0.65
|
|
Weighted-average common units outstanding:
|
|
|
|
|
|
|
|
|
|
|||
Basic
|
|
106,245,664
|
|
|
105,919,394
|
|
|
85,663,475
|
|
|||
Diluted
|
|
106,924,929
|
|
|
106,541,212
|
|
|
86,261,342
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
Noncontrolling
|
|
|
|
|||||||
|
|
General Partner
|
|
Limited Partner
|
|
Other
|
|
Interests –
|
|
|
|
|||||||||||||||
|
|
Units
|
|
Amount
|
|
Units
|
|
Amount
|
|
Comprehensive
Loss
|
|
Partially Owned
Properties
|
|
Total
|
||||||||||||
Capital as of December 31, 2011
|
|
12,222
|
|
|
$
|
125
|
|
|
72,747,324
|
|
|
$
|
1,378,451
|
|
|
$
|
(3,360
|
)
|
|
$
|
28,583
|
|
|
$
|
1,403,799
|
|
Issuance of units in exchange for contributions of equity offering proceeds
|
|
—
|
|
|
—
|
|
|
31,702,306
|
|
|
1,334,907
|
|
|
—
|
|
|
—
|
|
|
1,334,907
|
|
|||||
Adjustments to reflect redeemable limited partners’ interest at fair value
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,868
|
)
|
|
—
|
|
|
—
|
|
|
(1,868
|
)
|
|||||
Amortization of restricted stock awards
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,279
|
|
|
—
|
|
|
—
|
|
|
5,279
|
|
|||||
Vesting of restricted stock awards and restricted stock units
|
|
—
|
|
|
—
|
|
|
114,903
|
|
|
(2,023
|
)
|
|
—
|
|
|
—
|
|
|
(2,023
|
)
|
|||||
Distributions
|
|
—
|
|
|
(16
|
)
|
|
—
|
|
|
(117,576
|
)
|
|
—
|
|
|
—
|
|
|
(117,592
|
)
|
|||||
Distributions to noncontrolling interests - partially owned properties
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,665
|
)
|
|
(2,665
|
)
|
|||||
Conversion of operating partnership units to common stock
|
|
—
|
|
|
—
|
|
|
88,457
|
|
|
1,217
|
|
|
—
|
|
|
—
|
|
|
1,217
|
|
|||||
Redemption of common units
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(90
|
)
|
|
—
|
|
|
—
|
|
|
(90
|
)
|
|||||
Change in fair value of interest rate swaps
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,301
|
)
|
|
—
|
|
|
(3,301
|
)
|
|||||
Net income
|
|
—
|
|
|
7
|
|
|
—
|
|
|
56,629
|
|
|
—
|
|
|
2,755
|
|
|
59,391
|
|
|||||
Capital as of December 31, 2012
|
|
12,222
|
|
|
116
|
|
|
104,652,990
|
|
|
2,654,926
|
|
|
(6,661
|
)
|
|
28,673
|
|
|
2,677,054
|
|
|||||
Adjustments to reflect redeemable limited partners’ interest at fair value
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,534
|
|
|
—
|
|
|
—
|
|
|
12,534
|
|
|||||
Amortization of restricted stock awards
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,423
|
|
|
—
|
|
|
—
|
|
|
6,423
|
|
|||||
Vesting of restricted stock awards and restricted stock units
|
|
—
|
|
|
—
|
|
|
116,105
|
|
|
(2,869
|
)
|
|
—
|
|
|
—
|
|
|
(2,869
|
)
|
|||||
Distributions
|
|
—
|
|
|
(17
|
)
|
|
—
|
|
|
(149,444
|
)
|
|
—
|
|
|
—
|
|
|
(149,461
|
)
|
|||||
Distributions to noncontrolling interests - partially owned properties
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(789
|
)
|
|
(789
|
)
|
|||||
Increase in ownership of consolidated joint venture
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(24,908
|
)
|
|
(24,908
|
)
|
|||||
Contributions by noncontrolling partners
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,500
|
|
|
1,500
|
|
|||||
Conversion of operating partnership units to common stock
|
|
—
|
|
|
—
|
|
|
1,500
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|||||
Change in fair value of interest rate swaps
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,226
|
|
|
—
|
|
|
5,226
|
|
|||||
Net income
|
|
—
|
|
|
12
|
|
|
—
|
|
|
104,632
|
|
|
|
|
|
1,188
|
|
|
105,832
|
|
|||||
Capital as of December 31, 2013
|
|
12,222
|
|
|
111
|
|
|
104,770,595
|
|
|
2,626,225
|
|
|
(1,435
|
)
|
|
5,664
|
|
|
2,630,565
|
|
|||||
Adjustments to reflect redeemable limited partners’ interest at fair value
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,200
|
)
|
|
—
|
|
|
—
|
|
|
(8,200
|
)
|
|||||
Amortization of restricted stock awards
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,816
|
|
|
—
|
|
|
—
|
|
|
6,816
|
|
|||||
Vesting of restricted stock awards and restricted stock units
|
|
—
|
|
|
—
|
|
|
133,910
|
|
|
(1,998
|
)
|
|
—
|
|
|
—
|
|
|
(1,998
|
)
|
|||||
Distributions
|
|
—
|
|
|
(18
|
)
|
|
—
|
|
|
(158,469
|
)
|
|
—
|
|
|
—
|
|
|
(158,487
|
)
|
|||||
Distributions to noncontrolling interests - partially owned properties
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(287
|
)
|
|
(287
|
)
|
|||||
Conversion of operating partnership units to common stock
|
|
—
|
|
|
—
|
|
|
52,269
|
|
|
602
|
|
|
—
|
|
|
—
|
|
|
602
|
|
|||||
Issuance of units in exchange for contributions of equity offering proceeds
|
|
—
|
|
|
—
|
|
|
2,206,240
|
|
|
87,718
|
|
|
—
|
|
|
—
|
|
|
87,718
|
|
|||||
Change in fair value of interest rate swaps
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,859
|
)
|
|
—
|
|
|
(4,859
|
)
|
|||||
Amortization of interest rate swap terminations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
222
|
|
|
—
|
|
|
222
|
|
|||||
Net income
|
|
—
|
|
|
7
|
|
|
—
|
|
|
62,832
|
|
|
—
|
|
|
352
|
|
|
63,191
|
|
|||||
Capital as of December 31, 2014
|
|
12,222
|
|
|
$
|
100
|
|
|
107,163,014
|
|
|
$
|
2,615,526
|
|
|
$
|
(6,072
|
)
|
|
$
|
5,729
|
|
|
$
|
2,615,283
|
|
|
|
Year Ended December 31
,
|
||||||||||
|
|
2014
|
|
2013
|
|
2012
|
||||||
Operating activities
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
64,104
|
|
|
$
|
107,191
|
|
|
$
|
60,238
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|||
Gain from disposition of real estate
|
|
(2,475
|
)
|
|
(55,263
|
)
|
|
(4,312
|
)
|
|||
Gain from insurance settlement
|
|
(186
|
)
|
|
—
|
|
|
—
|
|
|||
Loss from early extinguishment of debt
|
|
—
|
|
|
332
|
|
|
1,591
|
|
|||
Loss on remeasurement of equity method investments
|
|
—
|
|
|
—
|
|
|
122
|
|
|||
Impairment of real estate
|
|
2,443
|
|
|
—
|
|
|
—
|
|
|||
Depreciation and amortization
|
|
197,542
|
|
|
187,475
|
|
|
116,490
|
|
|||
Amortization of deferred financing costs and debt premiums/discounts
|
|
(6,769
|
)
|
|
(8,288
|
)
|
|
1,316
|
|
|||
Share-based compensation
|
|
7,164
|
|
|
6,625
|
|
|
5,350
|
|
|||
Income from unconsolidated joint ventures
|
|
—
|
|
|
—
|
|
|
(444
|
)
|
|||
Income tax provision
|
|
1,308
|
|
|
1,020
|
|
|
725
|
|
|||
Amortization of interest rate swap terminations
|
|
222
|
|
|
—
|
|
|
—
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|||
Restricted cash
|
|
1,507
|
|
|
3,263
|
|
|
(1,041
|
)
|
|||
Student contracts receivable, net
|
|
(959
|
)
|
|
4,621
|
|
|
(8,733
|
)
|
|||
Other assets
|
|
(12,632
|
)
|
|
(15,072
|
)
|
|
11,458
|
|
|||
Accounts payable and accrued expenses
|
|
1,453
|
|
|
5,036
|
|
|
5,362
|
|
|||
Other liabilities
|
|
7,176
|
|
|
9,738
|
|
|
7,009
|
|
|||
Net cash provided by operating activities
|
|
259,898
|
|
|
246,678
|
|
|
195,131
|
|
|||
Investing activities
|
|
|
|
|
|
|
|
|
|
|||
Proceeds from disposition of properties
|
|
8,599
|
|
|
180,465
|
|
|
42,279
|
|
|||
Proceeds from disposition of land
|
|
1,502
|
|
|
2,000
|
|
|
1,064
|
|
|||
Cash paid for property acquisitions
|
|
(74,641
|
)
|
|
(234,326
|
)
|
|
(1,106,047
|
)
|
|||
Cash paid for land acquisitions
|
|
(3,627
|
)
|
|
(25,649
|
)
|
|
(29,353
|
)
|
|||
Capital expenditures for wholly-owned properties
|
|
(77,072
|
)
|
|
(68,628
|
)
|
|
(31,453
|
)
|
|||
Investments in wholly-owned properties under development
|
|
(257,177
|
)
|
|
(281,490
|
)
|
|
(322,751
|
)
|
|||
Capital expenditures for on-campus participating properties
|
|
(1,953
|
)
|
|
(1,618
|
)
|
|
(2,141
|
)
|
|||
Investment in on-campus participating property under development
|
|
(27,668
|
)
|
|
(15,476
|
)
|
|
—
|
|
|||
Investment in loans receivable
|
|
—
|
|
|
(60,888
|
)
|
|
(2,000
|
)
|
|||
Proceeds from loans receivable
|
|
2,984
|
|
|
—
|
|
|
4,000
|
|
|||
Change in restricted cash related to capital reserves
|
|
1,623
|
|
|
(1,461
|
)
|
|
(129
|
)
|
|||
Decrease (increase) in escrow deposits for real estate investments
|
|
894
|
|
|
(970
|
)
|
|
405
|
|
|||
Proceeds from insurance settlement
|
|
758
|
|
|
636
|
|
|
—
|
|
|||
Purchase of corporate furniture, fixtures and equipment
|
|
(3,457
|
)
|
|
(2,594
|
)
|
|
(1,436
|
)
|
|||
Net cash used in investing activities
|
|
(429,235
|
)
|
|
(509,999
|
)
|
|
(1,447,562
|
)
|
|||
Financing activities
|
|
|
|
|
|
|
|
|
|
|||
Proceeds from unsecured notes
|
|
399,444
|
|
|
398,636
|
|
|
—
|
|
|||
Proceeds from issuance of common units in exchange for contributions, net
|
|
87,977
|
|
|
—
|
|
|
1,335,430
|
|
|||
Pay-off of mortgage and construction loans
|
|
(178,002
|
)
|
|
(82,066
|
)
|
|
(137,529
|
)
|
|||
Proceeds from unsecured term loans
|
|
—
|
|
|
250,000
|
|
|
150,000
|
|
|||
Proceeds from revolving credit facilities
|
|
615,900
|
|
|
609,055
|
|
|
638,000
|
|
|||
Paydowns of revolving credit facilities
|
|
(611,850
|
)
|
|
(732,605
|
)
|
|
(665,000
|
)
|
|||
Proceeds from construction loans
|
|
28,109
|
|
|
15,833
|
|
|
75,392
|
|
|||
Scheduled principal payments on debt
|
|
(16,015
|
)
|
|
(15,323
|
)
|
|
(11,575
|
)
|
|||
Costs associated with early extinguishment of debt
|
|
—
|
|
|
(332
|
)
|
|
(1,591
|
)
|
|||
Debt issuance and assumption costs
|
|
(5,021
|
)
|
|
(10,507
|
)
|
|
(9,806
|
)
|
|||
Termination of forward starting interest rate swaps
|
|
(4,122
|
)
|
|
—
|
|
|
—
|
|
|||
Distributions paid on unvested restricted stock awards
|
|
(1,076
|
)
|
|
(927
|
)
|
|
(848
|
)
|
|||
Distributions paid to common and preferred unitholders
|
|
(159,409
|
)
|
|
(150,357
|
)
|
|
(118,190
|
)
|
|||
Distributions paid to noncontrolling partners – partially owned properties
|
|
(287
|
)
|
|
(789
|
)
|
|
(2,665
|
)
|
|||
Redemption of common units for cash
|
|
—
|
|
|
—
|
|
|
(132
|
)
|
|||
Net cash provided by financing activities
|
|
155,648
|
|
|
280,618
|
|
|
1,251,486
|
|
|||
Net change in cash and cash equivalents
|
|
(13,689
|
)
|
|
17,297
|
|
|
(945
|
)
|
|||
Cash and cash equivalents at beginning of period
|
|
38,751
|
|
|
21,454
|
|
|
22,399
|
|
|||
Cash and cash equivalents at end of period
|
|
$
|
25,062
|
|
|
$
|
38,751
|
|
|
$
|
21,454
|
|
Supplemental disclosure of non-cash investing and financing activities
|
|
|
|
|
|
|
|
|
|
|||
Loans assumed in connection with property acquisitions
|
|
$
|
—
|
|
|
$
|
(107,250
|
)
|
|
$
|
(645,823
|
)
|
Issuance of common units in connection with property acquisitions
|
|
$
|
—
|
|
|
$
|
(3,451
|
)
|
|
$
|
(15,000
|
)
|
Change in fair value of derivative instruments, net
|
|
$
|
740
|
|
|
$
|
5,226
|
|
|
$
|
(3,301
|
)
|
Supplemental disclosure of cash flow information
|
|
|
|
|
|
|
|
|
|
|||
Interest paid
|
|
$
|
113,251
|
|
|
$
|
100,305
|
|
|
$
|
66,599
|
|
Income taxes paid
|
|
$
|
1,066
|
|
|
$
|
668
|
|
|
$
|
466
|
|
Buildings and improvements
|
|
7-40 years
|
Leasehold interest - on-campus
participating properties
|
|
25-34 years (shorter of useful life or respective lease term)
|
Furniture, fixtures and equipment
|
|
3-7 years
|
a.
|
Management, having the authority to approve the action, commits to a plan to sell the asset.
|
b.
|
The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets.
|
c.
|
An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated.
|
d.
|
The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year.
|
e.
|
The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value.
|
f.
|
Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.
|
|
|
Balance, Beginning
of Period
|
|
Charged to
Expense
|
|
Write-Offs
|
|
Balance, End
of Period
|
||||||||
Year ended December 31, 2012
|
|
$
|
9,496
|
|
|
$
|
6,472
|
|
|
$
|
(5,366
|
)
|
|
$
|
10,602
|
|
Year ended December 31, 2013
|
|
$
|
10,602
|
|
|
$
|
9,871
|
|
|
$
|
(4,547
|
)
|
|
$
|
15,926
|
|
Year ended December 31, 2014
|
|
$
|
15,926
|
|
|
$
|
10,894
|
|
|
$
|
(7,109
|
)
|
|
$
|
19,711
|
|
|
|
Year Ended December 31,
|
|||||||
|
|
2014
|
|
2013
|
|
2012
|
|||
Common OP Units (Note 9)
|
|
1,213,509
|
|
|
1,158,892
|
|
|
951,891
|
|
Preferred OP Units (Note 9)
|
|
111,279
|
|
|
113,721
|
|
|
114,128
|
|
Total potentially dilutive securities
|
|
1,324,788
|
|
|
1,272,613
|
|
|
1,066,019
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2014
|
|
2013
|
|
2012
|
||||||
Numerator - basic and diluted earnings per share:
|
|
|
|
|
|
|
||||||
Income from continuing operations
|
|
$
|
61,384
|
|
|
$
|
47,436
|
|
|
$
|
48,789
|
|
Income from continuing operations attributable to
noncontrolling interests
|
|
(1,231
|
)
|
|
(1,843
|
)
|
|
(3,460
|
)
|
|||
Income from continuing operations attributable to
common shareholders
|
|
60,153
|
|
|
45,593
|
|
|
45,329
|
|
|||
Amount allocated to participating securities
|
|
(1,076
|
)
|
|
(927
|
)
|
|
(848
|
)
|
|||
Income from continuing operations attributable to
common shareholders, net of amount allocated to
participating securities
|
|
59,077
|
|
|
44,666
|
|
|
44,481
|
|
|||
|
|
|
|
|
|
|
||||||
Income from discontinued operations
|
|
2,720
|
|
|
59,755
|
|
|
11,449
|
|
|||
Income from discontinued operations attributable to noncontrolling interests
|
|
(34
|
)
|
|
(704
|
)
|
|
(142
|
)
|
|||
Income from discontinued operations attributable
to common shareholders
|
|
2,686
|
|
|
59,051
|
|
|
11,307
|
|
|||
Net income attributable to common shareholders
|
|
$
|
61,763
|
|
|
$
|
103,717
|
|
|
$
|
55,788
|
|
|
|
|
|
|
|
|
||||||
Denominator:
|
|
|
|
|
|
|
||||||
Basic weighted average common shares outstanding
|
|
105,032,155
|
|
|
104,760,502
|
|
|
84,711,584
|
|
|||
Unvested Restricted Stock Awards (Note 13)
|
|
679,265
|
|
|
621,818
|
|
|
597,867
|
|
|||
Diluted weighted average common shares outstanding
|
|
105,711,420
|
|
|
105,382,320
|
|
|
85,309,451
|
|
Earnings per share – basic:
|
|
|
|
|
|
|
||||||
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities
|
|
$
|
0.56
|
|
|
$
|
0.43
|
|
|
$
|
0.53
|
|
Income from discontinued operations attributable to common shareholders
|
|
$
|
0.03
|
|
|
$
|
0.56
|
|
|
$
|
0.13
|
|
Net income attributable to common shareholders
|
|
$
|
0.59
|
|
|
$
|
0.99
|
|
|
$
|
0.66
|
|
Earnings per share – diluted:
|
|
|
|
|
|
|
||||||
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities
|
|
$
|
0.56
|
|
|
$
|
0.42
|
|
|
$
|
0.52
|
|
Income from discontinued operations attributable to common shareholders
|
|
$
|
0.02
|
|
|
$
|
0.56
|
|
|
$
|
0.13
|
|
Net income attributable to common shareholders
|
|
$
|
0.58
|
|
|
$
|
0.98
|
|
|
$
|
0.65
|
|
Distributions declared per common share
|
|
$
|
1.50
|
|
|
$
|
1.42
|
|
|
$
|
1.35
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2014
|
|
2013
|
|
2012
|
||||||
Numerator - basic and diluted earnings per unit:
|
|
|
|
|
|
|
||||||
Income from continuing operations
|
|
$
|
61,384
|
|
|
$
|
47,436
|
|
|
$
|
48,789
|
|
Income from continuing operations attributable to
noncontrolling interests - partially owned properties
|
|
(352
|
)
|
|
(1,188
|
)
|
|
(2,755
|
)
|
|||
Income from continuing operations attributable to
Series A preferred units
|
|
(175
|
)
|
|
(119
|
)
|
|
(168
|
)
|
|||
Amount allocated to participating securities
|
|
(1,076
|
)
|
|
(927
|
)
|
|
(848
|
)
|
|||
Income from continuing operations attributable to
common unitholders, net of amount allocated to
participating securities
|
|
59,781
|
|
|
45,202
|
|
|
45,018
|
|
|||
|
|
|
|
|
|
|
||||||
Income from discontinued operations
|
|
2,720
|
|
|
59,755
|
|
|
11,449
|
|
|||
Income from discontinued operations attributable to Series A preferred units
|
|
(3
|
)
|
|
(63
|
)
|
|
(15
|
)
|
|||
Income from discontinued operations attributable
to common unitholders
|
|
2,717
|
|
|
59,692
|
|
|
11,434
|
|
|||
Net income attributable to common unitholders
|
|
$
|
62,498
|
|
|
$
|
104,894
|
|
|
$
|
56,452
|
|
|
|
|
|
|
|
|
||||||
Denominator:
|
|
|
|
|
|
|
||||||
Basic weighted average common units outstanding
|
|
106,245,664
|
|
|
105,919,394
|
|
|
85,663,475
|
|
|||
Unvested Restricted Stock Awards (Note 13)
|
|
679,265
|
|
|
621,818
|
|
|
597,867
|
|
|||
Diluted weighted average common units outstanding
|
|
106,924,929
|
|
|
106,541,212
|
|
|
86,261,342
|
|
Earnings per unit – basic:
|
|
|
|
|
|
|
||||||
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities
|
|
$
|
0.56
|
|
|
$
|
0.43
|
|
|
$
|
0.53
|
|
Income from discontinued operations attributable to common unitholders
|
|
$
|
0.03
|
|
|
$
|
0.56
|
|
|
$
|
0.13
|
|
Net income attributable to common unitholders
|
|
$
|
0.59
|
|
|
$
|
0.99
|
|
|
$
|
0.66
|
|
Earnings per unit – diluted:
|
|
|
|
|
|
|
||||||
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities
|
|
$
|
0.56
|
|
|
$
|
0.42
|
|
|
$
|
0.52
|
|
Income from discontinued operations attributable to common unitholders
|
|
$
|
0.02
|
|
|
$
|
0.56
|
|
|
$
|
0.13
|
|
Net income attributable to common unitholders
|
|
$
|
0.58
|
|
|
$
|
0.98
|
|
|
$
|
0.65
|
|
Distributions declared per common unit
|
|
$
|
1.50
|
|
|
$
|
1.42
|
|
|
$
|
1.35
|
|
|
|
December 31,
|
||||||
|
|
2014
|
|
2013
|
||||
Deferred tax assets:
|
|
|
|
|
||||
Fixed and intangible assets
|
|
$
|
3,283
|
|
|
$
|
3,461
|
|
Net operating loss carryforwards
|
|
6,552
|
|
|
5,786
|
|
||
Prepaid and deferred income
|
|
2,265
|
|
|
2,437
|
|
||
Bad debt reserves
|
|
687
|
|
|
716
|
|
||
Accrued expenses and other
|
|
3,770
|
|
|
2,759
|
|
||
Stock compensation
|
|
2,099
|
|
|
2,040
|
|
||
Total deferred tax assets
|
|
18,656
|
|
|
17,199
|
|
||
Valuation allowance for deferred tax assets
|
|
(18,415
|
)
|
|
(16,916
|
)
|
||
Deferred tax assets, net of valuation allowance
|
|
241
|
|
|
283
|
|
||
|
|
|
|
|
||||
Deferred tax liability:
|
|
|
|
|
|
|
||
Deferred financing costs
|
|
241
|
|
|
283
|
|
||
|
|
|
|
|
||||
Net deferred tax liabilities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2014
|
|
2013
|
|
2012
|
||||||
Current:
|
|
|
|
|
|
|
|
|
|
|||
Federal
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
State
|
|
(1,308
|
)
|
|
(1,020
|
)
|
|
(725
|
)
|
|||
Deferred:
|
|
|
|
|
|
|
|
|
|
|||
Federal
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
State
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total provision -- continuing
operations
|
|
$
|
(1,308
|
)
|
|
$
|
(1,020
|
)
|
|
$
|
(725
|
)
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2014
|
|
2013
|
|
2012
|
||||||
Tax benefit at U.S. statutory rates on TRS income
subject to tax
|
|
$
|
1,928
|
|
|
$
|
2,060
|
|
|
$
|
60
|
|
State income tax, net of federal income tax benefit
|
|
71
|
|
|
76
|
|
|
—
|
|
|||
Effect of permanent differences and other
|
|
(72
|
)
|
|
(76
|
)
|
|
(46
|
)
|
|||
Increase in valuation allowance
|
|
(1,927
|
)
|
|
(2,060
|
)
|
|
(14
|
)
|
|||
TRS income tax provision
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Year Ended December 31,
|
||||||||||
Tax Treatment of Distributions:
|
|
2014
|
|
2013
|
|
2012
|
||||||
Ordinary income
|
|
$
|
0.9016
|
|
|
$
|
0.7990
|
|
|
$
|
0.8664
|
|
Long-term capital gain
(1)
|
|
0.0107
|
|
|
0.5229
|
|
|
0.0388
|
|
|||
Return of capital
|
|
0.5877
|
|
|
0.0956
|
|
|
0.4448
|
|
|||
Total per common share outstanding
|
|
$
|
1.5000
|
|
|
$
|
1.4175
|
|
|
$
|
1.3500
|
|
(1)
|
Unrecaptured Sec. 1250 gains of
$0.0248
,
$0.2189
and
$0.0360
were reported for the years ended December
|
|
|
2014
|
|
2013
|
|
||||
Assets acquired:
|
|
|
|
|
|
||||
Land
|
|
$
|
13,469
|
|
|
$
|
47,851
|
|
|
Buildings and improvements
|
|
54,163
|
|
|
243,498
|
|
|
||
Furniture, fixtures and equipment
|
|
3,637
|
|
|
9,694
|
|
|
||
Intangible and other assets
|
|
3,796
|
|
|
30,067
|
|
|
||
Total assets acquired
|
|
$
|
75,065
|
|
|
$
|
331,110
|
|
|
|
|
|
|
|
|
||||
Liabilities assumed:
|
|
|
|
|
|
||||
Mortgage debt
|
|
$
|
—
|
|
|
$
|
70,000
|
|
(1)
|
Other liabilities
|
|
—
|
|
|
8,927
|
|
|
||
Total liabilities assumed:
|
|
$
|
—
|
|
|
$
|
78,927
|
|
|
Net assets acquired
|
|
$
|
75,065
|
|
|
$
|
252,183
|
|
|
(1)
|
Excludes
$37.2 million
of secured debt associated with a New Markets Tax Credit (“NMTC”) structure inherited from the seller of Cardinal Towne. The net difference between the mortgage debt assumed and a
$28.3 million
loan receivable acquired in connection with the acquisition of Cardinal Towne is reflected in other liabilities in the preceding table.
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2014
|
|
2013
|
|
2012
|
||||||
Total revenues
|
|
$
|
733,915
|
|
|
$
|
678,333
|
|
|
$
|
608,691
|
|
Net income attributable to common shareholders
|
|
$
|
62,839
|
|
|
$
|
111,535
|
|
|
$
|
89,642
|
|
Net income per share attributable to common shareholders, as adjusted - basic
|
|
$
|
0.59
|
|
|
$
|
1.06
|
|
|
$
|
0.85
|
|
Net income per share attributable to common shareholders, as adjusted - diluted
|
|
$
|
0.58
|
|
|
$
|
1.05
|
|
|
$
|
0.84
|
|
Property
|
|
Location
|
|
Primary University Served
|
|
Units
|
|
Beds
|
The Highlands
|
|
Reno, NV
|
|
University of Nevada at Reno
|
|
216
|
|
732
|
The View
|
|
Lincoln, NE
|
|
University of Nebraska
|
|
157
|
|
590
|
Chapel Ridge
|
|
Chapel Hill, NC
|
|
University of North Carolina
|
|
180
|
|
544
|
Chapel View
|
|
Chapel Hill, NC
|
|
University of North Carolina
|
|
224
|
|
358
|
The Village at Alafaya Club
|
|
Orlando, FL
|
|
University of Central Florida
|
|
228
|
|
839
|
University Place
|
|
Charlottesville, VA
|
|
University of Virginia
|
|
144
|
|
528
|
University Greens
|
|
Norman, OK
|
|
University of Oklahoma
|
|
156
|
|
516
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2014
|
|
2013
|
|
2012
|
||||||
Total revenues
|
|
$
|
279
|
|
|
$
|
16,191
|
|
|
$
|
30,144
|
|
Total operating expenses
|
|
(239
|
)
|
|
(7,220
|
)
|
|
(12,641
|
)
|
|||
Depreciation and amortization
|
|
—
|
|
|
(2,487
|
)
|
|
(5,991
|
)
|
|||
Operating income
|
|
40
|
|
|
6,484
|
|
|
11,512
|
|
|||
Total nonoperating expenses
|
|
(163
|
)
|
|
(1,660
|
)
|
|
(2,784
|
)
|
|||
Net (loss) income
|
|
$
|
(123
|
)
|
|
$
|
4,824
|
|
|
$
|
8,728
|
|
|
|
December 31,
|
||||||
|
|
2014
|
|
2013
|
||||
Land
(1) (2)
|
|
$
|
571,242
|
|
|
$
|
575,944
|
|
Buildings and improvements
(2)
|
|
4,937,345
|
|
|
4,759,879
|
|
||
Furniture, fixtures and equipment
(2)
|
|
289,168
|
|
|
267,022
|
|
||
Construction in progress
|
|
185,414
|
|
|
121,923
|
|
||
|
|
5,983,169
|
|
|
5,724,768
|
|
||
Less accumulated depreciation
|
|
(674,462
|
)
|
|
(525,760
|
)
|
||
Wholly-owned properties, net
(3)
|
|
$
|
5,308,707
|
|
|
$
|
5,199,008
|
|
(1)
|
The land balance above includes undeveloped land parcels with book values of approximately
$40.6 million
as of both
December 31, 2014
and
2013
. Also includes land totaling approximately
$30.2 million
and
$39.4 million
as of
December 31, 2014
and
2013
, respectively, related to properties under development.
|
(2)
|
Land, buildings and improvements and furniture, fixtures and equipment as of
December 31, 2014
include
$4.2 million
,
$27.6 million
and
$1.9 million
, respectively, related to University Walk, a property located in Knoxville, Tennessee that serves students attending the University of Tennessee. In July 2013, the Company entered into a purchase and contribution agreement with a private developer whereby the Company was obligated to purchase the property as long as the developer met certain construction completion deadlines and other closing conditions. The property opened for operations in August 2014 and the Company purchased the property in February 2015. The entity was financed with an
$8.8 million
mezzanine loan from the Company, a
$19 million
construction loan from a third-party lender and a
$1.5 million
equity contribution from the developer. The Company was responsible for leasing, management, and initial operations of the project while the third-party developer was responsible for development of the property. The entity that owned University Walk was deemed to be a variable interest entity (“VIE”), and the Company was determined to be the primary beneficiary of the VIE. As such, the assets and liabilities of the entity owning the property are included in the Company’s and the Operating Partnership’s consolidated financial statements.
|
(3)
|
The balance above excludes the net book value of
seven
wholly-owned properties classified as held for sale in the accompanying consolidated balance sheet as of
December 31, 2014
(see
Note 6
). The properties were sold in January 2015 (see
Note 20
).
|
|
|
|
|
|
|
Historical Cost – December 31,
|
||||||
Lessor/University
|
|
Lease
Commencement
|
|
Required Debt
Repayment
|
|
2014
|
|
2013
|
||||
Texas A&M University System /
Prairie View A&M University
(1)
|
|
2/1/1996
|
|
9/1/2023
|
|
$
|
43,036
|
|
|
$
|
42,288
|
|
Texas A&M University System /
Texas A&M International
|
|
2/1/1996
|
|
9/1/2023
|
|
6,937
|
|
|
6,767
|
|
||
Texas A&M University System /
Prairie View A&M University
(2)
|
|
10/1/1999
|
|
8/31/2025
|
|
26,828
|
|
|
26,275
|
|
||
|
|
8/31/2028
|
|
|
||||||||
University of Houston System /
University of Houston
(3)
|
|
9/27/2000
|
|
8/31/2035
|
|
36,606
|
|
|
36,126
|
|
||
West Virginia University / West Virginia University
(4)
|
|
7/16/2013
|
|
7/16/2045
|
|
43,636
|
|
|
19,249
|
|
||
|
|
|
|
|
|
157,043
|
|
|
130,705
|
|
||
Less accumulated amortization
|
|
|
|
|
|
(62,915
|
)
|
|
(57,249
|
)
|
||
On-campus participating properties, net
|
|
|
|
|
|
$
|
94,128
|
|
|
$
|
73,456
|
|
(1)
|
Consists of
three
phases placed in service between 1996 and 1998.
|
(2)
|
Consists of
two
phases placed in service in 2000 and 2003.
|
(3)
|
Consists of
two
phases placed in service in 2001 and 2005.
|
(4)
|
This property commenced operations in August 2014. Due to our involvement in the construction of the facility, fees paid to the Company/lessee for development and construction management services during the construction period were deferred and amortized to revenue over the lease term.
|
Balance, December 31, 2012
|
$
|
57,534
|
|
Net income
|
1,359
|
|
|
Distributions
|
(1,823
|
)
|
|
Redeemable limited partner units issued as consideration (see Note 12)
|
3,451
|
|
|
Conversion of redeemable limited partner units into shares of ACC common stock
|
(23
|
)
|
|
Adjustments to reflect redeemable limited partner units at fair value
|
(12,534
|
)
|
|
Balance, December 31, 2013
|
$
|
47,964
|
|
Net income
|
913
|
|
|
Distributions
|
(1,998
|
)
|
|
Conversion of redeemable limited partner units into shares of ACC common stock
|
(607
|
)
|
|
Adjustments to reflect redeemable limited partner units at fair value
|
8,200
|
|
|
Balance, December 31, 2014
|
$
|
54,472
|
|
|
|
December 31,
|
||||||
|
|
2014
|
|
2013
|
||||
Debt secured by wholly-owned properties:
|
|
|
|
|
||||
Mortgage loans payable:
|
|
|
|
|
||||
Unpaid principal balance
|
|
$
|
1,094,306
|
|
|
$
|
1,300,371
|
|
Unamortized debt premiums
|
|
60,586
|
|
|
74,575
|
|
||
Unamortized debt discounts
|
|
(895
|
)
|
|
(2,021
|
)
|
||
|
|
1,153,997
|
|
|
1,372,925
|
|
||
Construction loans payable
(1)
|
|
63,637
|
|
|
44,638
|
|
||
|
|
1,217,634
|
|
|
1,417,563
|
|
||
Debt secured by on-campus participating properties:
|
|
|
|
|
|
|||
Mortgage loans payable
|
|
30,553
|
|
|
31,380
|
|
||
Bonds payable
|
|
39,785
|
|
|
42,440
|
|
||
Construction loan payable
|
|
43,942
|
|
|
15,833
|
|
||
|
|
114,280
|
|
|
89,653
|
|
||
Total secured mortgage, construction and bond debt
|
|
1,331,914
|
|
|
1,507,216
|
|
||
Secured agency facility
|
|
—
|
|
|
87,750
|
|
||
Unsecured notes, net of unamortized original issue discount
|
|
798,305
|
|
|
398,721
|
|
||
Unsecured revolving credit facility
|
|
242,500
|
|
|
150,700
|
|
||
Unsecured term loans
|
|
600,000
|
|
|
600,000
|
|
||
Total debt
|
|
$
|
2,972,719
|
|
|
$
|
2,744,387
|
|
(1)
|
Construction loans payable as of December 31,
2014
includes
$19.0 million
related to a construction loan that partially financed the development and construction of University Walk, a VIE the Company is including in its consolidated financial statements (see
Note 5
). The creditor of this construction loan does not have recourse to the assets of the Company.
|
|
|
|
|
As of December 31, 2014
|
||||||||||||
|
|
Principal Outstanding
|
|
Weighted
|
|
Weighted
|
|
Number of
|
||||||||
|
|
December 31,
|
|
Average
|
|
Average
|
|
Properties
|
||||||||
|
|
2014
|
|
2013
|
|
Interest Rate
|
|
Years to Maturity
|
|
Encumbered
|
||||||
Fixed Rate:
|
|
|
|
|
|
|
|
|
|
|
||||||
Mortgage loans payable
(1)
|
|
$
|
1,124,859
|
|
|
$
|
1,331,751
|
|
|
5.21
|
%
|
|
4.1 years
|
|
52
|
|
Construction loan payable
(2)
|
|
43,942
|
|
|
15,833
|
|
|
3.85
|
%
|
|
30.6 years
|
|
1
|
|
||
Variable Rate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Construction loans payable
(3)
|
|
63,637
|
|
|
44,638
|
|
|
1.99
|
%
|
|
0.6 years
|
|
3
|
|
||
Total
|
|
$
|
1,232,438
|
|
|
$
|
1,392,222
|
|
|
4.99
|
%
|
|
4.8 years
|
|
56
|
|
(1)
|
Fixed rate mortgage loans payable mature at various dates from February 2015 through November 2041 and carry interest rates ranging from
3.05%
to
7.15%
.
|
(2)
|
Interest rate is fixed for the first five years and variable for the remaining term of the loan.
|
(3)
|
Variable rate construction loans payable mature at various dates from May 2015 through December 2015 and carry interest rates based on
LIBOR plus a spread
, which translate into interest rates ranging from
1.61%
to
2.91%
at
December 31, 2014
. Includes a construction loan used to finance the development and construction of University Walk, a VIE the Company includes in its consolidated financial statements.
|
|
|
Mortgage Loans
Payable
(1)
|
|
Construction Loans
Payable
|
||||
Balance, December 31, 2013
|
|
$
|
1,404,305
|
|
|
$
|
60,471
|
|
Additions:
|
|
|
|
|
|
|
||
Draws under advancing construction notes payable
(2)
|
|
—
|
|
|
28,109
|
|
||
Draws under advancing construction notes payable (non-cash) VIEs
(3)
|
|
—
|
|
|
18,999
|
|
||
Deductions:
|
|
|
|
|
|
|
||
Payoff of maturing mortgage notes payable
(4)
|
|
(178,002
|
)
|
|
—
|
|
||
Scheduled repayments of principal
|
|
(13,290
|
)
|
|
—
|
|
||
Amortization of debt premiums and discounts
|
|
(12,863
|
)
|
|
—
|
|
||
Property dispositions
(5)
|
|
(15,600
|
)
|
|
—
|
|
||
Balance, December 31, 2014
|
|
$
|
1,184,550
|
|
|
$
|
107,579
|
|
(1)
|
Balance includes unamortized debt premiums and discounts.
|
(2)
|
Represents draws from
one
construction loan used to finance the development and construction of an on-campus participating property located in Morgantown, West Virginia, which was completed and opened for occupancy in August 2014.
|
(3)
|
Represents
draws from
one
construction loan used to finance the development and construction of University Walk, a VIE the Company includes in its consolidated financial statements. The seller/developer paid off this construction loan with proceeds from the Company's purchase of the property in February 2015 (see
Note 20
).
|
(4)
|
The Company paid off fixed rate mortgage debt secured by the following wholly-owned properties: University Commons, GrandMarc Seven Corners, Campustown Rentals, University Manor, RAMZ Apts on Broad, The Village on Sixth Avenue, The Enclave, Texan West Campus, The Castilian, The Outpost - San Antonio and CityParc at Fry Street.
|
(5)
|
In February 2014, the Company sold Hawks Landing, an owned off-campus property located near the campus of Miami University of Ohio (see
Note 6
).
|
|
|
|
|
|
|
Principal
|
|
Weighted
|
|
|
|
Required
|
|||||||
Series
|
|
Mortgaged Facilities
Subject to Leases
|
|
Original
|
|
December 31, 2014
|
|
Average
Rate
|
|
Maturity
Date
|
|
Monthly
Debt Service
|
|||||||
1999
|
|
University Village-PVAMU/TAMIU
|
|
$
|
39,270
|
|
|
$
|
22,870
|
|
|
7.75
|
%
|
|
September 2023
|
|
$
|
302
|
|
2001
|
|
University College–PVAMU
|
|
20,995
|
|
|
13,825
|
|
|
7.57
|
%
|
|
August 2025
|
|
158
|
|
|||
2003
|
|
University College–PVAMU
|
|
4,325
|
|
|
3,090
|
|
|
6.09
|
%
|
|
August 2028
|
|
28
|
|
|||
|
|
Total/weighted average rate
|
|
$
|
64,590
|
|
|
$
|
39,785
|
|
|
7.56
|
%
|
|
|
|
$
|
488
|
|
|
|
|
|
||
2015
|
|
$
|
259,378
|
|
(1)
|
2016
|
|
199,836
|
|
|
|
2017
|
|
480,811
|
|
|
|
2018
|
|
416,607
|
|
|
|
2019
|
|
263,557
|
|
|
|
Thereafter
|
|
1,294,534
|
|
|
|
|
|
$
|
2,914,723
|
|
|
(1)
|
Includes
$19.0 million
used to finance the development and construction of University Walk, a VIE the Company includes in its consolidated financial statements. The seller/developer paid off this construction loan with proceeds from the Company's purchase of the property in February 2015 (see
Note 20
).
|
|
|
Year Ended
|
|
||
|
|
December 31, 2014
|
|
||
Total net proceeds
|
|
$
|
87,977
|
|
|
Commissions paid to sales agents
|
|
$
|
1,340
|
|
|
Weighted average price per share
|
|
$
|
40.48
|
|
|
Shares of common stock sold
|
|
2,206,240
|
|
|
|
|
Number of
RSUs
|
|
Weighted-Average
Grant Date Fair Value
Per RSU
|
|||
Outstanding at December 31, 2012
|
|
—
|
|
|
$
|
—
|
|
Granted
|
|
10,265
|
|
|
44.09
|
|
|
Settled in common shares
|
|
(4,572
|
)
|
|
44.09
|
|
|
Settled in cash
|
|
(5,693
|
)
|
|
44.09
|
|
|
Outstanding at December 31, 2013
|
|
—
|
|
|
$
|
—
|
|
Granted
|
|
15,457
|
|
|
38.54
|
|
|
Settled in common shares
|
|
(9,027
|
)
|
|
38.54
|
|
|
Settled in cash
|
|
(6,430
|
)
|
|
38.54
|
|
|
Outstanding at December 31, 2014
|
|
—
|
|
|
$
|
—
|
|
|
|
Number of
RSAs
|
|
Weighted-Average
Grant Date Fair Value
Per RSA
|
|||
Nonvested balance at December 31, 2012
|
|
575,668
|
|
|
$
|
32.40
|
|
Granted
|
|
232,966
|
|
|
47.64
|
|
|
Vested
|
|
(111,533
|
)
|
|
29.64
|
|
|
Forfeited
(1)
|
|
(94,910
|
)
|
|
32.15
|
|
|
Nonvested balance at December 31, 2013
|
|
602,191
|
|
|
$
|
38.84
|
|
Granted
|
|
292,526
|
|
|
34.52
|
|
|
Vested
|
|
(124,883
|
)
|
|
34.00
|
|
|
Forfeited
(1)
|
|
(160,320
|
)
|
|
36.75
|
|
|
Nonvested balance at December 31, 2014
|
|
609,514
|
|
|
$
|
38.31
|
|
Hedged Debt Instrument
|
|
Effective Date
|
|
Maturity Date
|
|
Pay Fixed Rate
|
|
Receive Floating
Rate Index
|
|
Current Notional Amount
|
|
Fair Value
|
||||
Cullen Oaks mortgage loan
(1)
|
|
Feb 18, 2014
|
|
Feb 15, 2021
|
|
2.275%
|
|
LIBOR – 1 month
|
|
$
|
15,198
|
|
|
$
|
(427
|
)
|
Cullen Oaks mortgage loan
(1)
|
|
Feb 18, 2014
|
|
Feb 15, 2021
|
|
2.275%
|
|
LIBOR – 1 month
|
|
15,355
|
|
|
(431
|
)
|
||
Term Loan I Facility
|
|
Feb 2, 2012
|
|
Jan 2, 2017
|
|
0.8695%
|
|
LIBOR – 1 month
|
|
125,000
|
|
|
(307
|
)
|
||
Term Loan I Facility
|
|
Feb 2, 2012
|
|
Jan 2, 2017
|
|
0.88%
|
|
LIBOR – 1 month
|
|
100,000
|
|
|
(266
|
)
|
||
Term Loan I Facility
|
|
Feb 2, 2012
|
|
Jan 2, 2017
|
|
0.8875%
|
|
LIBOR – 1 month
|
|
62,500
|
|
|
(177
|
)
|
||
Term Loan I Facility
|
|
Feb 2, 2012
|
|
Jan 2, 2017
|
|
0.889%
|
|
LIBOR – 1 month
|
|
62,500
|
|
|
(178
|
)
|
||
Park Point mortgage loan
|
|
Nov 1, 2013
|
|
Oct 5, 2018
|
|
1.545%
|
|
LIBOR – 1 month
|
|
70,000
|
|
|
(520
|
)
|
||
|
|
|
|
|
|
|
|
Total
|
|
$
|
450,553
|
|
|
$
|
(2,306
|
)
|
(1)
|
In February 2014, the Company renewed the Cullen Oaks Phase I and Phase II mortgage loans and extended the maturity date to February 15, 2021. The renewed loans bear interest at a rate of LIBOR plus
1.75%
and require monthly payments of principal and interest. In connection with these loan renewals, the Company terminated the existing interest rate swap contract scheduled to mature on February 15, 2014, and entered into two new interest rate swap contracts described in the table above. Upon termination, the existing interest rate swap had a negative fair value of approximately
$0.2 million
, which the Company settled by structuring the financing into the terms of new interest rate swaps (commonly referred to as a "blend and extend"). As a result, the
two
new interest rate swaps had a negative fair value of approximately
$0.2 million
at inception of the hedging relationship.
|
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||||||
|
|
|
|
Fair Value as of
|
|
|
|
Fair Value as of
|
||||||||||||
Description
|
|
Balance Sheet Location
|
|
December 31, 2014
|
|
December 31, 2013
|
|
Balance Sheet Location
|
|
December 31, 2014
|
|
December 31, 2013
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swap contracts
|
|
Other assets
|
|
$
|
—
|
|
|
$
|
31
|
|
|
Other liabilities
|
|
$
|
2,306
|
|
|
$
|
1,466
|
|
Total derivatives designated
as hedging instruments |
|
|
|
$
|
—
|
|
|
$
|
31
|
|
|
|
|
$
|
2,306
|
|
|
$
|
1,466
|
|
|
|
Fair Value Measurements as of
|
||||||||||||||||||||||||||||||
|
|
December 31, 2014
|
|
December 31, 2013
|
||||||||||||||||||||||||||||
|
|
Quoted Prices in
Active Markets for
Identical Assets and
Liabilities (Level 1)
|
|
Significant
Other
Observable
Inputs (Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
|
Quoted Prices in
Active Markets for
Identical Assets and
Liabilities (Level 1)
|
|
Significant
Other
Observable
Inputs (Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Derivative financial
instruments |
|
$
|
—
|
|
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
31
|
|
|
$
|
—
|
|
|
$
|
31
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments
|
|
$
|
—
|
|
|
$
|
2,306
|
|
|
$
|
—
|
|
|
$
|
2,306
|
|
|
$
|
—
|
|
|
$
|
1,466
|
|
|
$
|
—
|
|
|
$
|
1,466
|
|
Mezzanine:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership)
|
|
$
|
—
|
|
|
$
|
54,472
|
|
|
$
|
—
|
|
|
$
|
54,472
|
|
|
$
|
—
|
|
|
$
|
47,964
|
|
|
$
|
—
|
|
|
$
|
47,964
|
|
|
|
December 31, 2014
|
|
December 31, 2013
|
||||||||||||
|
|
Estimated Fair Value
|
|
Carrying Amount
|
|
Estimated Fair Value
|
|
Carrying Amount
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Loans receivable
|
|
$
|
47,092
|
|
|
$
|
54,260
|
|
|
$
|
49,154
|
|
|
$
|
51,192
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Unsecured notes
|
|
$
|
802,943
|
|
|
$
|
798,305
|
|
|
$
|
372,420
|
|
|
$
|
398,721
|
|
Mortgage loans
|
|
$
|
1,182,501
|
|
|
$
|
1,184,550
|
|
|
$
|
1,382,773
|
|
|
$
|
1,404,305
|
|
Bonds payable
|
|
$
|
45,176
|
|
|
$
|
39,785
|
|
|
$
|
44,908
|
|
|
$
|
42,440
|
|
|
|
Operating
|
|
||
2015
|
|
$
|
6,692
|
|
|
2016
|
|
7,217
|
|
|
|
2017
|
|
7,069
|
|
|
|
2018
|
|
6,978
|
|
|
|
2019
|
|
6,715
|
|
|
|
Thereafter
|
|
234,138
|
|
|
|
Total minimum lease payments
|
|
$
|
268,809
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2014
|
|
2013
|
|
2012
|
||||||
Wholly-Owned Properties
|
|
|
|
|
|
|
||||||
Rental revenues and other income
|
|
$
|
693,694
|
|
|
$
|
621,117
|
|
|
$
|
424,022
|
|
Interest income
|
|
1,079
|
|
|
152
|
|
|
40
|
|
|||
Total revenues from external customers
|
|
694,773
|
|
|
621,269
|
|
|
424,062
|
|
|||
Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead
|
|
(331,046
|
)
|
|
(300,207
|
)
|
|
(200,799
|
)
|
|||
Ground/facility leases
|
|
(4,196
|
)
|
|
(2,956
|
)
|
|
(2,148
|
)
|
|||
Interest expense
|
|
(42,906
|
)
|
|
(45,401
|
)
|
|
(32,624
|
)
|
|||
Operating income before depreciation, amortization and allocation of corporate overhead
|
|
$
|
316,625
|
|
|
$
|
272,705
|
|
|
$
|
188,491
|
|
Depreciation and amortization
|
|
$
|
189,424
|
|
|
$
|
178,396
|
|
|
$
|
104,205
|
|
Capital expenditures
|
|
$
|
334,249
|
|
|
$
|
350,118
|
|
|
$
|
354,204
|
|
Total segment assets at December 31,
|
|
$
|
5,604,358
|
|
|
$
|
5,394,029
|
|
|
$
|
4,958,314
|
|
|
|
|
|
|
|
|
||||||
On-Campus Participating Properties
|
|
|
|
|
|
|
||||||
Rental revenues and other income
|
|
$
|
28,534
|
|
|
$
|
26,348
|
|
|
$
|
26,166
|
|
Interest income
|
|
3
|
|
|
16
|
|
|
16
|
|
|||
Total revenues from external customers
|
|
28,537
|
|
|
26,364
|
|
|
26,182
|
|
|||
Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead
|
|
(10,437
|
)
|
|
(10,322
|
)
|
|
(10,367
|
)
|
|||
Ground/facility lease
|
|
(3,201
|
)
|
|
(2,446
|
)
|
|
(2,100
|
)
|
|||
Interest expense
|
|
(5,131
|
)
|
|
(5,463
|
)
|
|
(5,671
|
)
|
|||
Operating income before depreciation, amortization and allocation of
corporate overhead
|
|
$
|
9,768
|
|
|
$
|
8,133
|
|
|
$
|
8,044
|
|
Depreciation and amortization
|
|
$
|
5,688
|
|
|
$
|
4,756
|
|
|
$
|
4,644
|
|
Capital expenditures
|
|
$
|
29,621
|
|
|
$
|
17,094
|
|
|
$
|
2,141
|
|
Total segment assets at December 31,
|
|
$
|
110,017
|
|
|
$
|
88,777
|
|
|
$
|
72,922
|
|
|
|
|
|
|
|
|
||||||
Development Services
|
|
|
|
|
|
|
||||||
Development and construction management fees
|
|
$
|
4,018
|
|
|
$
|
2,483
|
|
|
$
|
8,574
|
|
Operating expenses
|
|
(11,883
|
)
|
|
(11,172
|
)
|
|
(10,739
|
)
|
|||
Operating loss before depreciation, amortization and allocation of corporate overhead
|
|
$
|
(7,865
|
)
|
|
$
|
(8,689
|
)
|
|
$
|
(2,165
|
)
|
Total segment assets at December 31,
|
|
$
|
1,530
|
|
|
$
|
1,848
|
|
|
$
|
1,804
|
|
|
|
|
|
|
|
|
||||||
Property Management Services
|
|
|
|
|
|
|
||||||
Property management fees from external customers
|
|
$
|
7,669
|
|
|
$
|
7,514
|
|
|
$
|
6,893
|
|
Intersegment revenues
|
|
22,889
|
|
|
21,396
|
|
|
16,349
|
|
|||
Total revenues
|
|
30,558
|
|
|
28,910
|
|
|
23,242
|
|
|||
Operating expenses
|
|
(12,400
|
)
|
|
(10,349
|
)
|
|
(10,098
|
)
|
|||
Operating income before depreciation, amortization and allocation of
corporate overhead
|
|
$
|
18,158
|
|
|
$
|
18,561
|
|
|
$
|
13,144
|
|
Total segment assets at December 31,
|
|
$
|
6,513
|
|
|
$
|
7,033
|
|
|
$
|
4,532
|
|
|
|
|
|
|
|
|
||||||
Reconciliations
|
|
|
|
|
|
|
||||||
Total segment revenues and other income
|
|
$
|
757,886
|
|
|
$
|
679,026
|
|
|
$
|
482,060
|
|
Unallocated interest income earned on investments and corporate cash
|
|
3,086
|
|
|
2,837
|
|
|
1,700
|
|
|||
Elimination of intersegment revenues
|
|
(22,889
|
)
|
|
(21,396
|
)
|
|
(16,349
|
)
|
|||
Total consolidated revenues, including interest income
|
|
$
|
738,083
|
|
|
$
|
660,467
|
|
|
$
|
467,411
|
|
Segment operating income before depreciation, amortization and allocation of corporate overhead
|
|
$
|
336,686
|
|
|
$
|
290,710
|
|
|
$
|
207,514
|
|
Depreciation and amortization
|
|
(203,413
|
)
|
|
(190,596
|
)
|
|
(114,924
|
)
|
|||
Net unallocated expenses relating to corporate interest and overhead
|
|
(67,956
|
)
|
|
(48,992
|
)
|
|
(43,931
|
)
|
|||
Income from unconsolidated joint ventures
|
|
—
|
|
|
—
|
|
|
444
|
|
|||
Loss from disposition of real estate
|
|
(368
|
)
|
|
—
|
|
|
—
|
|
|||
Provision for real estate impairment
|
|
(2,443
|
)
|
|
—
|
|
|
—
|
|
|||
Other nonoperating income (expense)
|
|
186
|
|
|
(2,666
|
)
|
|
411
|
|
|||
Income tax provision
|
|
(1,308
|
)
|
|
(1,020
|
)
|
|
(725
|
)
|
|||
Income from continuing operations
|
|
$
|
61,384
|
|
|
$
|
47,436
|
|
|
$
|
48,789
|
|
|
|
|
|
|
|
|
||||||
Total segment assets
|
|
$
|
5,722,418
|
|
|
$
|
5,491,687
|
|
|
$
|
5,037,572
|
|
Unallocated corporate assets
|
|
112,330
|
|
|
106,353
|
|
|
81,390
|
|
|||
Total assets at December 31,
|
|
$
|
5,834,748
|
|
|
$
|
5,598,040
|
|
|
$
|
5,118,962
|
|
|
|
2014
|
|
||||||||||||||||||
|
|
1
st
Quarter
|
|
2
nd
Quarter
|
|
3
rd
Quarter
|
|
4
th
Quarter
|
|
Total
|
|
||||||||||
Total revenues
|
|
$
|
183,183
|
|
|
$
|
171,977
|
|
|
$
|
181,936
|
|
|
$
|
196,819
|
|
|
$
|
733,915
|
|
|
Operating income
|
|
47,995
|
|
|
35,433
|
|
|
18,854
|
|
|
52,704
|
|
|
154,986
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) from continuing operations
|
|
26,147
|
|
|
13,731
|
|
|
(5,785
|
)
|
|
27,291
|
|
|
61,384
|
|
|
|||||
Discontinued operations
|
|
2,720
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,720
|
|
|
|||||
Net income (loss)
|
|
28,867
|
|
|
13,731
|
|
|
(5,785
|
)
|
|
27,291
|
|
|
64,104
|
|
|
|||||
Net income attributable to noncontrolling interests
|
|
(469
|
)
|
|
(293
|
)
|
|
(62
|
)
|
|
(441
|
)
|
|
(1,265
|
)
|
|
|||||
Net income (loss) attributable to common shareholders
|
|
$
|
28,398
|
|
|
$
|
13,438
|
|
|
$
|
(5,847
|
)
|
|
$
|
26,850
|
|
|
$
|
62,839
|
|
|
Net income attributable to common shareholders per share - basic
|
|
$
|
0.27
|
|
|
$
|
0.13
|
|
|
$
|
(0.06
|
)
|
|
$
|
0.25
|
|
|
$
|
0.59
|
|
(1)
|
Net income attributable to common shareholders per share - diluted
|
|
$
|
0.27
|
|
|
$
|
0.12
|
|
|
$
|
(0.06
|
)
|
|
$
|
0.25
|
|
|
$
|
0.58
|
|
(1)
|
|
|
2013
|
|
||||||||||||||||||
|
|
1
st
Quarter
|
|
2
nd
Quarter
|
|
3
rd
Quarter
|
|
4
th
Quarter
|
|
Total
|
|
||||||||||
Total revenues
|
|
$
|
163,162
|
|
|
$
|
153,212
|
|
|
$
|
158,394
|
|
|
$
|
182,694
|
|
|
$
|
657,462
|
|
|
Operating income
|
|
41,684
|
|
|
26,000
|
|
|
15,101
|
|
|
48,968
|
|
|
131,753
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) from continuing operations
|
|
20,333
|
|
|
5,910
|
|
|
(5,222
|
)
|
|
26,415
|
|
|
47,436
|
|
|
|||||
Discontinued operations
|
|
2,048
|
|
|
2,756
|
|
|
53,054
|
|
|
1,897
|
|
|
59,755
|
|
|
|||||
Net income
|
|
22,381
|
|
|
8,666
|
|
|
47,832
|
|
|
28,312
|
|
|
107,191
|
|
|
|||||
Net income attributable to noncontrolling interests
|
|
(791
|
)
|
|
(617
|
)
|
|
(656
|
)
|
|
(483
|
)
|
|
(2,547
|
)
|
|
|||||
Net income attributable to common shareholders
|
|
$
|
21,590
|
|
|
$
|
8,049
|
|
|
$
|
47,176
|
|
|
$
|
27,829
|
|
|
$
|
104,644
|
|
|
Net income attributable to common shareholders per share - basic
|
|
$
|
0.20
|
|
|
$
|
0.07
|
|
|
$
|
0.45
|
|
|
$
|
0.26
|
|
|
$
|
0.99
|
|
(1)
|
Net income attributable to common shareholders per share - diluted
|
|
$
|
0.20
|
|
|
$
|
0.07
|
|
|
$
|
0.45
|
|
|
$
|
0.26
|
|
|
$
|
0.98
|
|
(1)
|
(1)
|
Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year.
|
|
|
2014
|
|
||||||||||||||||||
|
|
1
st
Quarter
|
|
2
nd
Quarter
|
|
3
rd
Quarter
|
|
4
th
Quarter
|
|
Total
|
|
||||||||||
Total revenues
|
|
$
|
183,183
|
|
|
$
|
171,977
|
|
|
$
|
181,936
|
|
|
$
|
196,819
|
|
|
$
|
733,915
|
|
|
Operating income
|
|
47,995
|
|
|
35,433
|
|
|
18,854
|
|
|
52,704
|
|
|
154,986
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) from continuing operations
|
|
26,147
|
|
|
13,731
|
|
|
(5,785
|
)
|
|
27,291
|
|
|
61,384
|
|
|
|||||
Discontinued operations
|
|
2,720
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,720
|
|
|
|||||
Net income (loss)
|
|
28,867
|
|
|
13,731
|
|
|
(5,785
|
)
|
|
27,291
|
|
|
64,104
|
|
|
|||||
Net income attributable to noncontrolling interests
|
|
(88
|
)
|
|
(88
|
)
|
|
(81
|
)
|
|
(95
|
)
|
|
(352
|
)
|
|
|||||
Series A preferred unit distributions
|
|
(45
|
)
|
|
(45
|
)
|
|
(44
|
)
|
|
(44
|
)
|
|
(178
|
)
|
|
|||||
Net income (loss) attributable to common unitholders
|
|
$
|
28,734
|
|
|
$
|
13,598
|
|
|
$
|
(5,910
|
)
|
|
$
|
27,152
|
|
|
$
|
63,574
|
|
|
Net income attributable to common unitholders per unit - basic
|
|
$
|
0.27
|
|
|
$
|
0.13
|
|
|
$
|
(0.06
|
)
|
|
$
|
0.25
|
|
|
$
|
0.59
|
|
(1)
|
Net income attributable to common unitholders per unit - diluted
|
|
$
|
0.27
|
|
|
$
|
0.12
|
|
|
$
|
(0.06
|
)
|
|
$
|
0.25
|
|
|
$
|
0.58
|
|
(1)
|
|
|
2013
|
|
||||||||||||||||||
|
|
1
st
Quarter
|
|
2
nd
Quarter
|
|
3
rd
Quarter
|
|
4
th
Quarter
|
|
Total
|
|
||||||||||
Total revenues
|
|
$
|
163,162
|
|
|
$
|
153,212
|
|
|
$
|
158,394
|
|
|
$
|
182,694
|
|
|
$
|
657,462
|
|
|
Operating income
|
|
41,684
|
|
|
26,000
|
|
|
15,101
|
|
|
48,968
|
|
|
131,753
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) from continuing operations
|
|
20,333
|
|
|
5,910
|
|
|
(5,222
|
)
|
|
26,415
|
|
|
47,436
|
|
|
|||||
Discontinued operations
|
|
2,048
|
|
|
2,756
|
|
|
53,054
|
|
|
1,897
|
|
|
59,755
|
|
|
|||||
Net income
|
|
22,381
|
|
|
8,666
|
|
|
47,832
|
|
|
28,312
|
|
|
107,191
|
|
|
|||||
Net income attributable to noncontrolling interests
|
|
(512
|
)
|
|
(483
|
)
|
|
(83
|
)
|
|
(110
|
)
|
|
(1,188
|
)
|
|
|||||
Series A preferred unit distributions
|
|
(46
|
)
|
|
(45
|
)
|
|
(46
|
)
|
|
(45
|
)
|
|
(182
|
)
|
|
|||||
Net income attributable to common unitholders
|
|
$
|
21,823
|
|
|
$
|
8,138
|
|
|
$
|
47,703
|
|
|
$
|
28,157
|
|
|
$
|
105,821
|
|
|
Net income attributable to common unitholders per unit - basic
|
|
$
|
0.20
|
|
|
$
|
0.07
|
|
|
$
|
0.45
|
|
|
$
|
0.26
|
|
|
$
|
0.99
|
|
(1)
|
Net income attributable to common unitholders per unit - diluted
|
|
$
|
0.20
|
|
|
$
|
0.07
|
|
|
$
|
0.45
|
|
|
$
|
0.26
|
|
|
$
|
0.98
|
|
(1)
|
(1)
|
Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year.
|
|
|
|
|
|
|
Initial Cost
|
|
|
|
Total Costs
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
Units
|
|
Beds
|
|
Land
|
|
Buildings and
Improvements
and Furniture,
Fixtures and
Equipment
|
|
Costs
Capitalized
Subsequent to
Acquisition / Initial Development
|
|
Land
|
|
Buildings and
Improvements
and Furniture,
Fixtures and
Equipment
|
|
Total
(1)
|
|
Accumulated Depreciation
|
|
Encumbrances
(2)
|
|
Year Built
|
||||||||||||||||||
Wholly-Owned Properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
The Callaway House
|
|
173
|
|
|
538
|
|
|
$
|
5,081
|
|
|
$
|
20,499
|
|
|
$
|
6,689
|
|
|
$
|
5,081
|
|
|
$
|
27,188
|
|
|
$
|
32,269
|
|
|
$
|
10,345
|
|
|
$
|
—
|
|
|
1999
|
The Village at Alafaya Club
(3)
|
|
228
|
|
|
839
|
|
|
3,787
|
|
|
21,851
|
|
|
3,049
|
|
|
3,787
|
|
|
24,900
|
|
|
28,687
|
|
|
10,176
|
|
|
—
|
|
|
1999
|
||||||||
The Village at Science Drive
|
|
192
|
|
|
732
|
|
|
4,673
|
|
|
19,021
|
|
|
2,206
|
|
|
4,673
|
|
|
21,227
|
|
|
25,900
|
|
|
7,878
|
|
|
—
|
|
|
2000
|
||||||||
University Village at Boulder Creek
|
|
82
|
|
|
309
|
|
|
1,035
|
|
|
16,393
|
|
|
1,518
|
|
|
1,035
|
|
|
17,911
|
|
|
18,946
|
|
|
6,514
|
|
|
—
|
|
|
2002
|
||||||||
University Village - Fresno
|
|
105
|
|
|
406
|
|
|
929
|
|
|
15,553
|
|
|
703
|
|
|
929
|
|
|
16,256
|
|
|
17,185
|
|
|
5,377
|
|
|
—
|
|
|
2004
|
||||||||
University Village - Temple
|
|
220
|
|
|
749
|
|
|
—
|
|
|
41,119
|
|
|
2,183
|
|
|
—
|
|
|
43,302
|
|
|
43,302
|
|
|
12,823
|
|
|
—
|
|
|
2004
|
||||||||
University Village at Sweethome
|
|
269
|
|
|
828
|
|
|
2,473
|
|
|
34,626
|
|
|
1,518
|
|
|
2,473
|
|
|
36,144
|
|
|
38,617
|
|
|
10,783
|
|
|
—
|
|
|
2005
|
||||||||
University Club Townhomes
|
|
216
|
|
|
736
|
|
|
4,665
|
|
|
23,103
|
|
|
5,420
|
|
|
4,665
|
|
|
28,523
|
|
|
33,188
|
|
|
10,141
|
|
|
—
|
|
|
2000/2002
|
||||||||
College Club Townhomes
|
|
136
|
|
|
544
|
|
|
1,967
|
|
|
16,049
|
|
|
2,707
|
|
|
1,967
|
|
|
18,756
|
|
|
20,723
|
|
|
6,645
|
|
|
—
|
|
|
2001/2004
|
||||||||
University Club Apartments
|
|
94
|
|
|
376
|
|
|
1,416
|
|
|
11,848
|
|
|
1,552
|
|
|
1,416
|
|
|
13,400
|
|
|
14,816
|
|
|
4,093
|
|
|
—
|
|
|
1999
|
||||||||
The Estates
|
|
396
|
|
|
1,044
|
|
|
4,254
|
|
|
43,164
|
|
|
3,180
|
|
|
4,254
|
|
|
46,344
|
|
|
50,598
|
|
|
13,467
|
|
|
32,528
|
|
|
2002
|
||||||||
City Parc at Fry Street
|
|
136
|
|
|
418
|
|
|
1,902
|
|
|
17,678
|
|
|
1,593
|
|
|
1,902
|
|
|
19,271
|
|
|
21,173
|
|
|
5,852
|
|
|
—
|
|
|
2004
|
||||||||
Entrada Real
|
|
98
|
|
|
363
|
|
|
1,475
|
|
|
15,859
|
|
|
1,787
|
|
|
1,475
|
|
|
17,646
|
|
|
19,121
|
|
|
4,434
|
|
|
—
|
|
|
2000
|
||||||||
University Village- Tallahassee
|
|
217
|
|
|
716
|
|
|
4,322
|
|
|
26,225
|
|
|
3,307
|
|
|
4,322
|
|
|
29,532
|
|
|
33,854
|
|
|
8,083
|
|
|
—
|
|
|
1990/91/92
|
||||||||
Royal Village Gainesville
|
|
118
|
|
|
448
|
|
|
2,484
|
|
|
15,153
|
|
|
1,513
|
|
|
2,484
|
|
|
16,666
|
|
|
19,150
|
|
|
4,663
|
|
|
—
|
|
|
1996
|
||||||||
Royal Lexington
|
|
94
|
|
|
364
|
|
|
2,848
|
|
|
12,783
|
|
|
5,068
|
|
|
2,848
|
|
|
17,851
|
|
|
20,699
|
|
|
4,345
|
|
|
—
|
|
|
1994
|
||||||||
The Woods at Greenland
|
|
78
|
|
|
276
|
|
|
1,050
|
|
|
7,286
|
|
|
979
|
|
|
1,050
|
|
|
8,265
|
|
|
9,315
|
|
|
2,392
|
|
|
—
|
|
|
2001
|
||||||||
Raiders Crossing
|
|
96
|
|
|
276
|
|
|
1,089
|
|
|
8,404
|
|
|
948
|
|
|
1,089
|
|
|
9,352
|
|
|
10,441
|
|
|
2,650
|
|
|
—
|
|
|
2002
|
||||||||
Raiders Pass
|
|
264
|
|
|
828
|
|
|
3,877
|
|
|
32,445
|
|
|
2,821
|
|
|
3,877
|
|
|
35,266
|
|
|
39,143
|
|
|
9,269
|
|
|
—
|
|
|
2002
|
||||||||
Aggie Station
|
|
156
|
|
|
450
|
|
|
1,634
|
|
|
18,821
|
|
|
1,182
|
|
|
1,634
|
|
|
20,003
|
|
|
21,637
|
|
|
5,151
|
|
|
—
|
|
|
2002
|
||||||||
The Outpost- San Marcos
|
|
162
|
|
|
486
|
|
|
1,987
|
|
|
18,973
|
|
|
1,615
|
|
|
1,987
|
|
|
20,588
|
|
|
22,575
|
|
|
5,269
|
|
|
—
|
|
|
2004
|
||||||||
The Outpost- San Antonio
|
|
276
|
|
|
828
|
|
|
3,262
|
|
|
36,252
|
|
|
1,645
|
|
|
3,262
|
|
|
37,897
|
|
|
41,159
|
|
|
9,473
|
|
|
—
|
|
|
2005
|
||||||||
Callaway Villas
|
|
236
|
|
|
704
|
|
|
3,903
|
|
|
32,286
|
|
|
796
|
|
|
3,903
|
|
|
33,082
|
|
|
36,985
|
|
|
8,922
|
|
|
—
|
|
|
2006
|
||||||||
The Village on Sixth Avenue
|
|
248
|
|
|
752
|
|
|
2,763
|
|
|
22,480
|
|
|
2,889
|
|
|
2,763
|
|
|
25,369
|
|
|
28,132
|
|
|
6,849
|
|
|
1,276
|
|
|
2000/2006
|
||||||||
Newtown Crossing
|
|
356
|
|
|
942
|
|
|
7,013
|
|
|
53,597
|
|
|
1,484
|
|
|
7,013
|
|
|
55,081
|
|
|
62,094
|
|
|
13,771
|
|
|
28,283
|
|
|
2005/2007
|
||||||||
Olde Towne University Square
|
|
224
|
|
|
550
|
|
|
2,277
|
|
|
24,614
|
|
|
1,128
|
|
|
2,277
|
|
|
25,742
|
|
|
28,019
|
|
|
7,039
|
|
|
18,311
|
|
|
2005
|
||||||||
Peninsular Place
|
|
183
|
|
|
478
|
|
|
2,306
|
|
|
16,559
|
|
|
874
|
|
|
2,306
|
|
|
17,433
|
|
|
19,739
|
|
|
4,977
|
|
|
15,044
|
|
|
2005
|
||||||||
University Centre
|
|
234
|
|
|
838
|
|
|
—
|
|
|
77,378
|
|
|
2,577
|
|
|
—
|
|
|
79,955
|
|
|
79,955
|
|
|
18,141
|
|
|
—
|
|
|
2007
|
||||||||
Sunnyside Commons
|
|
68
|
|
|
161
|
|
|
6,933
|
|
|
768
|
|
|
473
|
|
|
6,933
|
|
|
1,241
|
|
|
8,174
|
|
|
381
|
|
|
—
|
|
|
1925/2001
|
||||||||
Pirates Place Townhomes
|
|
144
|
|
|
528
|
|
|
1,159
|
|
|
9,652
|
|
|
2,139
|
|
|
1,159
|
|
|
11,791
|
|
|
12,950
|
|
|
3,006
|
|
|
4,833
|
|
|
1996
|
||||||||
The Highlands
(3)
|
|
216
|
|
|
732
|
|
|
4,821
|
|
|
24,822
|
|
|
1,884
|
|
|
4,821
|
|
|
26,706
|
|
|
31,527
|
|
|
6,147
|
|
|
—
|
|
|
2004
|
||||||||
The Summit & Jacob Heights
|
|
258
|
|
|
930
|
|
|
2,318
|
|
|
36,464
|
|
|
1,310
|
|
|
2,318
|
|
|
37,774
|
|
|
40,092
|
|
|
7,506
|
|
|
30,623
|
|
|
2003
|
||||||||
GrandMarc Seven Corners
|
|
186
|
|
|
440
|
|
|
4,491
|
|
|
28,807
|
|
|
1,652
|
|
|
4,491
|
|
|
30,459
|
|
|
34,950
|
|
|
6,108
|
|
|
—
|
|
|
2000
|
||||||||
University Village- Sacramento
|
|
250
|
|
|
394
|
|
|
7,275
|
|
|
12,639
|
|
|
1,966
|
|
|
7,275
|
|
|
14,605
|
|
|
21,880
|
|
|
3,626
|
|
|
14,740
|
|
|
1979
|
|
|
|
|
|
|
Initial Cost
|
|
|
|
Total Costs
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
Units
|
|
Beds
|
|
Land
|
|
Buildings and
Improvements
and Furniture,
Fixtures and
Equipment
|
|
Costs
Capitalized
Subsequent to
Acquisition / Initial Development
|
|
Land
|
|
Buildings and
Improvements
and Furniture,
Fixtures and
Equipment
|
|
Total
(1)
|
|
Accumulated Depreciation
|
|
Encumbrances
(2)
|
|
Year Built
|
||||||||||||||||||
Aztec Corner
|
|
180
|
|
|
606
|
|
|
$
|
17,460
|
|
|
$
|
32,209
|
|
|
$
|
1,243
|
|
|
$
|
17,460
|
|
|
$
|
33,452
|
|
|
50,912
|
|
|
$
|
6,442
|
|
|
$
|
27,428
|
|
|
1995
|
|
University Crossings
|
|
260
|
|
|
1,016
|
|
|
—
|
|
|
47,830
|
|
|
18,276
|
|
|
—
|
|
|
66,106
|
|
|
66,106
|
|
|
11,408
|
|
|
—
|
|
|
1926/2003
|
||||||||
Campus Corner
|
|
254
|
|
|
796
|
|
|
1,591
|
|
|
20,928
|
|
|
2,021
|
|
|
1,591
|
|
|
22,949
|
|
|
24,540
|
|
|
5,161
|
|
|
22,266
|
|
|
1997
|
||||||||
Tower at Third
|
|
188
|
|
|
375
|
|
|
1,145
|
|
|
19,128
|
|
|
10,037
|
|
|
1,748
|
|
|
28,562
|
|
|
30,310
|
|
|
6,224
|
|
|
14,491
|
|
|
1973
|
||||||||
University Manor
|
|
168
|
|
|
600
|
|
|
1,387
|
|
|
14,889
|
|
|
2,196
|
|
|
1,387
|
|
|
17,085
|
|
|
18,472
|
|
|
4,525
|
|
|
—
|
|
|
2002
|
||||||||
Lakeside Apartments
|
|
244
|
|
|
776
|
|
|
2,347
|
|
|
22,999
|
|
|
3,096
|
|
|
2,347
|
|
|
26,095
|
|
|
28,442
|
|
|
6,294
|
|
|
14,100
|
|
|
1991
|
||||||||
The Club
|
|
120
|
|
|
480
|
|
|
1,164
|
|
|
11,979
|
|
|
2,125
|
|
|
1,164
|
|
|
14,104
|
|
|
15,268
|
|
|
3,864
|
|
|
—
|
|
|
1989
|
||||||||
The Edge- Orlando
|
|
306
|
|
|
930
|
|
|
6,053
|
|
|
37,802
|
|
|
3,769
|
|
|
6,053
|
|
|
41,571
|
|
|
47,624
|
|
|
8,982
|
|
|
—
|
|
|
1999
|
||||||||
University Place
(3)
|
|
144
|
|
|
528
|
|
|
2,794
|
|
|
15,639
|
|
|
1,784
|
|
|
2,794
|
|
|
17,423
|
|
|
20,217
|
|
|
3,948
|
|
|
—
|
|
|
2003
|
||||||||
South View
|
|
240
|
|
|
960
|
|
|
3,492
|
|
|
41,760
|
|
|
4,065
|
|
|
3,492
|
|
|
45,825
|
|
|
49,317
|
|
|
10,440
|
|
|
18,918
|
|
|
1998
|
||||||||
Stone Gate
|
|
168
|
|
|
672
|
|
|
2,929
|
|
|
28,164
|
|
|
2,286
|
|
|
2,929
|
|
|
30,450
|
|
|
33,379
|
|
|
6,938
|
|
|
14,264
|
|
|
2000
|
||||||||
The Commons
|
|
132
|
|
|
528
|
|
|
2,173
|
|
|
17,786
|
|
|
3,188
|
|
|
2,173
|
|
|
20,974
|
|
|
23,147
|
|
|
4,815
|
|
|
4,156
|
|
|
1991
|
||||||||
University Gables
|
|
168
|
|
|
648
|
|
|
1,309
|
|
|
13,148
|
|
|
2,423
|
|
|
1,309
|
|
|
15,571
|
|
|
16,880
|
|
|
4,502
|
|
|
—
|
|
|
2001
|
||||||||
Willowtree Apartments and Towers
|
|
473
|
|
|
851
|
|
|
9,807
|
|
|
21,880
|
|
|
2,411
|
|
|
9,807
|
|
|
24,291
|
|
|
34,098
|
|
|
5,374
|
|
|
—
|
|
|
1968/1974
|
||||||||
Abbott Place
|
|
222
|
|
|
654
|
|
|
1,833
|
|
|
18,313
|
|
|
2,499
|
|
|
1,833
|
|
|
20,812
|
|
|
22,645
|
|
|
5,390
|
|
|
17,850
|
|
|
1999
|
||||||||
The Centre
|
|
232
|
|
|
700
|
|
|
1,804
|
|
|
19,395
|
|
|
1,824
|
|
|
1,804
|
|
|
21,219
|
|
|
23,023
|
|
|
5,045
|
|
|
19,875
|
|
|
2004
|
||||||||
University Meadows
|
|
184
|
|
|
616
|
|
|
1,426
|
|
|
14,870
|
|
|
2,819
|
|
|
1,426
|
|
|
17,689
|
|
|
19,115
|
|
|
4,070
|
|
|
9,633
|
|
|
2001
|
||||||||
Campus Way
|
|
194
|
|
|
680
|
|
|
1,581
|
|
|
21,845
|
|
|
2,703
|
|
|
1,581
|
|
|
24,548
|
|
|
26,129
|
|
|
5,840
|
|
|
15,375
|
|
|
1993
|
||||||||
University Pointe
|
|
204
|
|
|
682
|
|
|
989
|
|
|
27,576
|
|
|
1,656
|
|
|
989
|
|
|
29,232
|
|
|
30,221
|
|
|
6,078
|
|
|
21,300
|
|
|
2004
|
||||||||
University Trails
|
|
240
|
|
|
684
|
|
|
1,183
|
|
|
25,173
|
|
|
2,588
|
|
|
1,183
|
|
|
27,761
|
|
|
28,944
|
|
|
5,868
|
|
|
—
|
|
|
2003
|
||||||||
Vista del Sol (ACE)
|
|
613
|
|
|
1,866
|
|
|
—
|
|
|
135,939
|
|
|
2,228
|
|
|
—
|
|
|
138,167
|
|
|
138,167
|
|
|
27,182
|
|
|
—
|
|
|
2008
|
||||||||
Villas at Chestnut Ridge
|
|
196
|
|
|
552
|
|
|
2,756
|
|
|
33,510
|
|
|
613
|
|
|
2,756
|
|
|
34,123
|
|
|
36,879
|
|
|
6,886
|
|
|
—
|
|
|
2008
|
||||||||
Barrett Honors College (ACE)
|
|
604
|
|
|
1,721
|
|
|
—
|
|
|
131,302
|
|
|
876
|
|
|
—
|
|
|
132,178
|
|
|
132,178
|
|
|
21,280
|
|
|
—
|
|
|
2009
|
||||||||
Campus Trails
|
|
156
|
|
|
480
|
|
|
1,358
|
|
|
11,291
|
|
|
3,613
|
|
|
1,358
|
|
|
14,904
|
|
|
16,262
|
|
|
3,314
|
|
|
7,486
|
|
|
1991
|
||||||||
Lions Crossing
|
|
204
|
|
|
696
|
|
|
4,453
|
|
|
32,824
|
|
|
1,952
|
|
|
4,453
|
|
|
34,776
|
|
|
39,229
|
|
|
4,553
|
|
|
—
|
|
|
1996
|
||||||||
Nittany Crossing
|
|
204
|
|
|
684
|
|
|
4,337
|
|
|
31,920
|
|
|
2,631
|
|
|
4,337
|
|
|
34,551
|
|
|
38,888
|
|
|
4,518
|
|
|
—
|
|
|
1996
|
||||||||
The View
(3)
|
|
157
|
|
|
590
|
|
|
1,499
|
|
|
11,004
|
|
|
1,369
|
|
|
1,499
|
|
|
12,373
|
|
|
13,872
|
|
|
1,892
|
|
|
—
|
|
|
2003
|
||||||||
Chapel Ridge
(3)
|
|
180
|
|
|
544
|
|
|
4,244
|
|
|
30,792
|
|
|
1,004
|
|
|
4,244
|
|
|
31,796
|
|
|
36,040
|
|
|
3,977
|
|
|
—
|
|
|
2003
|
||||||||
Chapel View
(3)
|
|
224
|
|
|
358
|
|
|
2,161
|
|
|
16,062
|
|
|
944
|
|
|
2,161
|
|
|
17,006
|
|
|
19,167
|
|
|
2,235
|
|
|
9,690
|
|
|
1986
|
||||||||
University Oaks
|
|
181
|
|
|
662
|
|
|
2,150
|
|
|
17,369
|
|
|
1,125
|
|
|
2,150
|
|
|
18,494
|
|
|
20,644
|
|
|
2,681
|
|
|
22,150
|
|
|
2004
|
||||||||
Blanton Common
|
|
276
|
|
|
860
|
|
|
3,788
|
|
|
29,662
|
|
|
1,351
|
|
|
3,788
|
|
|
31,013
|
|
|
34,801
|
|
|
4,133
|
|
|
28,250
|
|
|
2005/2007
|
||||||||
University Heights - Birmingham
|
|
176
|
|
|
528
|
|
|
1,387
|
|
|
8,236
|
|
|
1,198
|
|
|
1,387
|
|
|
9,434
|
|
|
10,821
|
|
|
1,831
|
|
|
—
|
|
|
2001
|
||||||||
Burbank Commons
|
|
134
|
|
|
532
|
|
|
2,512
|
|
|
20,063
|
|
|
2,491
|
|
|
2,512
|
|
|
22,554
|
|
|
25,066
|
|
|
3,313
|
|
|
14,888
|
|
|
1995
|
||||||||
University Crescent
|
|
192
|
|
|
612
|
|
|
3,548
|
|
|
28,403
|
|
|
1,876
|
|
|
3,548
|
|
|
30,279
|
|
|
33,827
|
|
|
4,281
|
|
|
24,150
|
|
|
1999
|
||||||||
University Greens
(3)
|
|
156
|
|
|
516
|
|
|
1,117
|
|
|
9,244
|
|
|
1,202
|
|
|
1,117
|
|
|
10,446
|
|
|
11,563
|
|
|
1,684
|
|
|
—
|
|
|
1999
|
||||||||
The Edge - Charlotte
|
|
180
|
|
|
720
|
|
|
3,076
|
|
|
22,841
|
|
|
1,984
|
|
|
3,076
|
|
|
24,825
|
|
|
27,901
|
|
|
3,500
|
|
|
—
|
|
|
1999
|
||||||||
University Walk
|
|
120
|
|
|
480
|
|
|
2,016
|
|
|
14,599
|
|
|
1,771
|
|
|
2,016
|
|
|
16,370
|
|
|
18,386
|
|
|
2,411
|
|
|
—
|
|
|
2002
|
||||||||
Uptown Apartments
|
|
180
|
|
|
528
|
|
|
3,031
|
|
|
21,685
|
|
|
1,459
|
|
|
3,031
|
|
|
23,144
|
|
|
26,175
|
|
|
2,883
|
|
|
—
|
|
|
2004
|
|
|
|
|
|
|
Initial Cost
|
|
|
|
Total Costs
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
Units
|
|
Beds
|
|
Land
|
|
Buildings and
Improvements
and Furniture,
Fixtures and
Equipment
|
|
Costs
Capitalized
Subsequent to
Acquisition / Initial Development
|
|
Land
|
|
Buildings and
Improvements
and Furniture,
Fixtures and
Equipment
|
|
Total
(1)
|
|
Accumulated Depreciation
|
|
Encumbrances
(2)
|
|
Year Built
|
||||||||||||||||||
Sanctuary Lofts
|
|
201
|
|
|
487
|
|
|
$
|
2,960
|
|
|
$
|
18,180
|
|
|
$
|
2,885
|
|
|
$
|
2,960
|
|
|
$
|
21,065
|
|
|
24,025
|
|
|
$
|
3,791
|
|
|
$
|
—
|
|
|
2006
|
|
2nd Ave Centre
|
|
274
|
|
|
868
|
|
|
4,434
|
|
|
27,236
|
|
|
2,814
|
|
|
4,434
|
|
|
30,050
|
|
|
34,484
|
|
|
4,371
|
|
|
—
|
|
|
2008
|
||||||||
Villas at Babcock
|
|
204
|
|
|
792
|
|
|
4,642
|
|
|
30,901
|
|
|
172
|
|
|
4,642
|
|
|
31,073
|
|
|
35,715
|
|
|
5,033
|
|
|
—
|
|
|
2011
|
||||||||
Lobo Village (ACE)
|
|
216
|
|
|
864
|
|
|
—
|
|
|
42,490
|
|
|
358
|
|
|
—
|
|
|
42,848
|
|
|
42,848
|
|
|
4,750
|
|
|
—
|
|
|
2011
|
||||||||
Villas on Sycamore
|
|
170
|
|
|
680
|
|
|
3,000
|
|
|
24,640
|
|
|
257
|
|
|
3,000
|
|
|
24,897
|
|
|
27,897
|
|
|
4,250
|
|
|
—
|
|
|
2011
|
||||||||
University Village Northwest (ACE)
|
|
36
|
|
|
144
|
|
|
—
|
|
|
4,228
|
|
|
24
|
|
|
—
|
|
|
4,252
|
|
|
4,252
|
|
|
602
|
|
|
—
|
|
|
2011
|
||||||||
Eagles Trail
|
|
216
|
|
|
792
|
|
|
608
|
|
|
19,061
|
|
|
3,304
|
|
|
608
|
|
|
22,365
|
|
|
22,973
|
|
|
2,729
|
|
|
—
|
|
|
2007
|
||||||||
26 West
|
|
367
|
|
|
1,026
|
|
|
21,396
|
|
|
63,994
|
|
|
4,313
|
|
|
21,396
|
|
|
68,307
|
|
|
89,703
|
|
|
6,547
|
|
|
—
|
|
|
2008
|
||||||||
The Varsity
|
|
258
|
|
|
901
|
|
|
11,605
|
|
|
108,529
|
|
|
1,457
|
|
|
11,605
|
|
|
109,986
|
|
|
121,591
|
|
|
9,439
|
|
|
—
|
|
|
2011
|
||||||||
University Heights - Knoxville
|
|
204
|
|
|
636
|
|
|
1,625
|
|
|
12,585
|
|
|
3,373
|
|
|
1,625
|
|
|
15,958
|
|
|
17,583
|
|
|
1,845
|
|
|
—
|
|
|
1999
|
||||||||
Avalon Heights
|
|
210
|
|
|
754
|
|
|
4,968
|
|
|
24,345
|
|
|
3,934
|
|
|
4,968
|
|
|
28,279
|
|
|
33,247
|
|
|
2,690
|
|
|
—
|
|
|
2002
|
||||||||
University Commons
|
|
164
|
|
|
480
|
|
|
12,559
|
|
|
19,010
|
|
|
2,067
|
|
|
12,559
|
|
|
21,077
|
|
|
33,636
|
|
|
1,767
|
|
|
—
|
|
|
2003
|
||||||||
The Block
|
|
669
|
|
|
1,555
|
|
|
22,270
|
|
|
141,430
|
|
|
7,126
|
|
|
22,270
|
|
|
148,556
|
|
|
170,826
|
|
|
9,346
|
|
|
—
|
|
|
2007/2008
|
||||||||
University Pointe at College Station (ACE)
|
|
282
|
|
|
978
|
|
|
—
|
|
|
84,657
|
|
|
728
|
|
|
—
|
|
|
85,385
|
|
|
85,385
|
|
|
9,563
|
|
|
—
|
|
|
2012
|
||||||||
Casas del Rio (ACE)
|
|
283
|
|
|
1,028
|
|
|
—
|
|
|
40,639
|
|
|
432
|
|
|
—
|
|
|
41,071
|
|
|
41,071
|
|
|
5,540
|
|
|
—
|
|
|
2012
|
||||||||
The Suites (ACE)
|
|
275
|
|
|
550
|
|
|
—
|
|
|
27,080
|
|
|
110
|
|
|
—
|
|
|
27,190
|
|
|
27,190
|
|
|
3,052
|
|
|
20,756
|
|
|
2012
|
||||||||
Hilltop Townhomes (ACE)
|
|
144
|
|
|
576
|
|
|
—
|
|
|
31,507
|
|
|
104
|
|
|
—
|
|
|
31,611
|
|
|
31,611
|
|
|
3,548
|
|
|
23,881
|
|
|
2012
|
||||||||
U Club on Frey
|
|
114
|
|
|
456
|
|
|
3,300
|
|
|
18,182
|
|
|
79
|
|
|
3,300
|
|
|
18,261
|
|
|
21,561
|
|
|
2,449
|
|
|
—
|
|
|
2012
|
||||||||
Campus Edge on UTA Boulevard
|
|
128
|
|
|
488
|
|
|
2,663
|
|
|
21,233
|
|
|
82
|
|
|
2,663
|
|
|
21,315
|
|
|
23,978
|
|
|
2,369
|
|
|
—
|
|
|
2012
|
||||||||
U Club Townhomes on Marion Pugh
|
|
160
|
|
|
640
|
|
|
6,722
|
|
|
26,546
|
|
|
165
|
|
|
6,722
|
|
|
26,711
|
|
|
33,433
|
|
|
3,154
|
|
|
—
|
|
|
2012
|
||||||||
Villas on Rensch
|
|
153
|
|
|
610
|
|
|
10,231
|
|
|
33,852
|
|
|
178
|
|
|
10,231
|
|
|
34,030
|
|
|
44,261
|
|
|
3,510
|
|
|
—
|
|
|
2012
|
||||||||
The Village at Overton Park
|
|
163
|
|
|
612
|
|
|
5,262
|
|
|
29,374
|
|
|
165
|
|
|
5,262
|
|
|
29,539
|
|
|
34,801
|
|
|
3,326
|
|
|
—
|
|
|
2012
|
||||||||
Casa de Oro (ACE)
|
|
109
|
|
|
365
|
|
|
—
|
|
|
12,362
|
|
|
23
|
|
|
—
|
|
|
12,385
|
|
|
12,385
|
|
|
1,515
|
|
|
—
|
|
|
2012
|
||||||||
The Villas at Vista del Sol (ACE)
|
|
104
|
|
|
400
|
|
|
—
|
|
|
20,421
|
|
|
72
|
|
|
—
|
|
|
20,493
|
|
|
20,493
|
|
|
2,523
|
|
|
—
|
|
|
2012
|
||||||||
Icon Plaza
|
|
56
|
|
|
253
|
|
|
6,292
|
|
|
65,857
|
|
|
2,854
|
|
|
6,292
|
|
|
68,711
|
|
|
75,003
|
|
|
4,259
|
|
|
—
|
|
|
2012
|
||||||||
Chauncey Square
|
|
158
|
|
|
386
|
|
|
2,522
|
|
|
40,013
|
|
|
1,161
|
|
|
2,522
|
|
|
41,174
|
|
|
43,696
|
|
|
2,907
|
|
|
—
|
|
|
2007/2012
|
||||||||
309 Green
|
|
110
|
|
|
416
|
|
|
5,351
|
|
|
49,987
|
|
|
1,771
|
|
|
5,351
|
|
|
51,758
|
|
|
57,109
|
|
|
3,451
|
|
|
31,906
|
|
|
2008
|
||||||||
Lofts54
|
|
43
|
|
|
172
|
|
|
430
|
|
|
14,741
|
|
|
735
|
|
|
430
|
|
|
15,476
|
|
|
15,906
|
|
|
1,112
|
|
|
10,978
|
|
|
2008
|
||||||||
Campustown Rentals
|
|
264
|
|
|
746
|
|
|
2,409
|
|
|
38,422
|
|
|
4,940
|
|
|
2,409
|
|
|
43,362
|
|
|
45,771
|
|
|
3,219
|
|
|
—
|
|
|
1920/1987
|
||||||||
Campustown
|
|
452
|
|
|
1,217
|
|
|
1,818
|
|
|
77,894
|
|
|
2,104
|
|
|
1,818
|
|
|
79,998
|
|
|
81,816
|
|
|
5,340
|
|
|
41,365
|
|
|
1910/2004
|
||||||||
Garnet River Walk
|
|
170
|
|
|
476
|
|
|
1,427
|
|
|
28,616
|
|
|
842
|
|
|
1,427
|
|
|
29,458
|
|
|
30,885
|
|
|
2,417
|
|
|
17,168
|
|
|
2006
|
||||||||
River Mill
|
|
243
|
|
|
461
|
|
|
1,741
|
|
|
22,806
|
|
|
2,525
|
|
|
1,741
|
|
|
25,331
|
|
|
27,072
|
|
|
1,794
|
|
|
—
|
|
|
1972
|
||||||||
Landmark
|
|
173
|
|
|
606
|
|
|
3,002
|
|
|
118,168
|
|
|
469
|
|
|
3,002
|
|
|
118,637
|
|
|
121,639
|
|
|
7,563
|
|
|
—
|
|
|
2012
|
||||||||
922 Place
|
|
132
|
|
|
468
|
|
|
3,363
|
|
|
34,947
|
|
|
2,316
|
|
|
3,363
|
|
|
37,263
|
|
|
40,626
|
|
|
2,756
|
|
|
31,918
|
|
|
2009
|
||||||||
Vintage & Texan West Campus
|
|
124
|
|
|
311
|
|
|
5,937
|
|
|
26,266
|
|
|
509
|
|
|
5,937
|
|
|
26,775
|
|
|
32,712
|
|
|
1,787
|
|
|
8,857
|
|
|
2009/2005
|
||||||||
The Castilian
|
|
371
|
|
|
623
|
|
|
3,663
|
|
|
59,772
|
|
|
18,041
|
|
|
3,663
|
|
|
77,813
|
|
|
81,476
|
|
|
4,151
|
|
|
—
|
|
|
1967
|
||||||||
Bishops Square
|
|
134
|
|
|
315
|
|
|
1,206
|
|
|
17,878
|
|
|
879
|
|
|
1,206
|
|
|
18,757
|
|
|
19,963
|
|
|
1,475
|
|
|
11,815
|
|
|
2002
|
||||||||
Union
|
|
54
|
|
|
120
|
|
|
169
|
|
|
6,348
|
|
|
286
|
|
|
169
|
|
|
6,634
|
|
|
6,803
|
|
|
531
|
|
|
3,656
|
|
|
2007
|
|
|
|
|
|
|
Initial Cost
|
|
|
|
Total Costs
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
Units
|
|
Beds
|
|
Land
|
|
Buildings and
Improvements
and Furniture,
Fixtures and
Equipment
|
|
Costs
Capitalized
Subsequent to
Acquisition / Initial Development
|
|
Land
|
|
Buildings and
Improvements
and Furniture,
Fixtures and
Equipment
|
|
Total
(1)
|
|
Accumulated Depreciation
|
|
Encumbrances
(2)
|
|
Year Built
|
||||||||||||||||||
The Retreat
|
|
187
|
|
|
780
|
|
|
$
|
5,265
|
|
|
$
|
46,236
|
|
|
$
|
982
|
|
|
$
|
5,265
|
|
|
$
|
47,218
|
|
|
$
|
52,483
|
|
|
$
|
3,240
|
|
|
$
|
—
|
|
|
2012
|
West 27th Place
|
|
161
|
|
|
475
|
|
|
13,900
|
|
|
76,720
|
|
|
678
|
|
|
13,900
|
|
|
77,398
|
|
|
91,298
|
|
|
4,647
|
|
|
39,519
|
|
|
2011
|
||||||||
The Cottages of Durham
|
|
141
|
|
|
619
|
|
|
3,955
|
|
|
41,421
|
|
|
1,432
|
|
|
3,955
|
|
|
42,853
|
|
|
46,808
|
|
|
3,489
|
|
|
—
|
|
|
2012
|
||||||||
The Province - Rochester
|
|
336
|
|
|
816
|
|
|
3,798
|
|
|
70,955
|
|
|
1,062
|
|
|
3,798
|
|
|
72,017
|
|
|
75,815
|
|
|
4,916
|
|
|
35,542
|
|
|
2010
|
||||||||
The Province - Greensboro
|
|
219
|
|
|
696
|
|
|
2,226
|
|
|
48,567
|
|
|
486
|
|
|
2,226
|
|
|
49,053
|
|
|
51,279
|
|
|
3,350
|
|
|
29,000
|
|
|
2011
|
||||||||
U Pointe Kennesaw
|
|
216
|
|
|
795
|
|
|
1,482
|
|
|
61,654
|
|
|
3,158
|
|
|
1,482
|
|
|
64,812
|
|
|
66,294
|
|
|
4,596
|
|
|
—
|
|
|
2012
|
||||||||
The Province - Tampa
|
|
287
|
|
|
947
|
|
|
—
|
|
|
52,943
|
|
|
2,117
|
|
|
—
|
|
|
55,060
|
|
|
55,060
|
|
|
3,844
|
|
|
33,079
|
|
|
2009
|
||||||||
The Lofts at Capital Garage
|
|
36
|
|
|
144
|
|
|
313
|
|
|
3,581
|
|
|
345
|
|
|
313
|
|
|
3,926
|
|
|
4,239
|
|
|
300
|
|
|
4,486
|
|
|
1920/2000
|
||||||||
RAMZ Apts on Broad
|
|
88
|
|
|
172
|
|
|
785
|
|
|
12,303
|
|
|
354
|
|
|
785
|
|
|
12,657
|
|
|
13,442
|
|
|
843
|
|
|
—
|
|
|
2004
|
||||||||
5 Twenty Four & 5 Twenty Five Angliana
|
|
376
|
|
|
1,060
|
|
|
—
|
|
|
60,448
|
|
|
772
|
|
|
—
|
|
|
61,220
|
|
|
61,220
|
|
|
4,308
|
|
|
26,319
|
|
|
2009/2011
|
||||||||
The Province - Louisville
|
|
366
|
|
|
858
|
|
|
4,392
|
|
|
63,068
|
|
|
693
|
|
|
4,392
|
|
|
63,761
|
|
|
68,153
|
|
|
4,477
|
|
|
37,998
|
|
|
2009
|
||||||||
The Province - Dayton
|
|
200
|
|
|
657
|
|
|
1,211
|
|
|
32,983
|
|
|
626
|
|
|
1,211
|
|
|
33,609
|
|
|
34,820
|
|
|
2,478
|
|
|
—
|
|
|
2009
|
||||||||
The Lodges of East Lansing
|
|
364
|
|
|
1,049
|
|
|
6,472
|
|
|
89,231
|
|
|
826
|
|
|
6,472
|
|
|
90,057
|
|
|
96,529
|
|
|
5,441
|
|
|
30,699
|
|
|
2011/2013
|
||||||||
The Cottages of Baton Rouge
|
|
382
|
|
|
1,290
|
|
|
6,524
|
|
|
113,912
|
|
|
4,682
|
|
|
6,524
|
|
|
118,594
|
|
|
125,118
|
|
|
7,814
|
|
|
63,760
|
|
|
2010/2011
|
||||||||
U Club Cottages
|
|
105
|
|
|
308
|
|
|
1,744
|
|
|
22,134
|
|
|
569
|
|
|
1,744
|
|
|
22,703
|
|
|
24,447
|
|
|
1,736
|
|
|
15,881
|
|
|
2011
|
||||||||
The Cottages of Columbia
|
|
145
|
|
|
513
|
|
|
2,695
|
|
|
27,574
|
|
|
1,138
|
|
|
2,695
|
|
|
28,712
|
|
|
31,407
|
|
|
2,099
|
|
|
20,029
|
|
|
2008
|
||||||||
Forest Village and Woodlake
|
|
352
|
|
|
704
|
|
|
3,125
|
|
|
18,041
|
|
|
2,669
|
|
|
3,125
|
|
|
20,710
|
|
|
23,835
|
|
|
1,529
|
|
|
—
|
|
|
1982/1983
|
||||||||
Grindstone Canyon
|
|
201
|
|
|
384
|
|
|
1,631
|
|
|
21,641
|
|
|
822
|
|
|
1,631
|
|
|
22,463
|
|
|
24,094
|
|
|
1,709
|
|
|
14,173
|
|
|
2003
|
||||||||
25 Twenty
|
|
249
|
|
|
562
|
|
|
2,226
|
|
|
33,429
|
|
|
375
|
|
|
2,226
|
|
|
33,804
|
|
|
36,030
|
|
|
2,617
|
|
|
27,000
|
|
|
2011
|
||||||||
University Edge
|
|
201
|
|
|
608
|
|
|
4,500
|
|
|
26,385
|
|
|
443
|
|
|
4,500
|
|
|
26,828
|
|
|
31,328
|
|
|
1,716
|
|
|
—
|
|
|
2012
|
||||||||
Manzanita (ACE)
|
|
241
|
|
|
816
|
|
|
—
|
|
|
48,781
|
|
|
58
|
|
|
—
|
|
|
48,839
|
|
|
48,839
|
|
|
2,950
|
|
|
—
|
|
|
2013
|
||||||||
The Callaway House Austin
|
|
219
|
|
|
753
|
|
|
—
|
|
|
61,550
|
|
|
170
|
|
|
—
|
|
|
61,720
|
|
|
61,720
|
|
|
3,417
|
|
|
—
|
|
|
2013
|
||||||||
Chestnut Square (ACE)
|
|
220
|
|
|
861
|
|
|
—
|
|
|
99,106
|
|
|
1,614
|
|
|
—
|
|
|
100,720
|
|
|
100,720
|
|
|
4,938
|
|
|
—
|
|
|
2013
|
||||||||
U Club on Woodward
|
|
112
|
|
|
448
|
|
|
6,703
|
|
|
21,654
|
|
|
164
|
|
|
6,703
|
|
|
21,818
|
|
|
28,521
|
|
|
1,295
|
|
|
—
|
|
|
2013
|
||||||||
U Club Townhomes at Overton Park
|
|
112
|
|
|
448
|
|
|
7,775
|
|
|
21,483
|
|
|
63
|
|
|
7,775
|
|
|
21,546
|
|
|
29,321
|
|
|
1,288
|
|
|
—
|
|
|
2013
|
||||||||
601 Copeland
|
|
81
|
|
|
283
|
|
|
1,457
|
|
|
27,133
|
|
|
140
|
|
|
1,457
|
|
|
27,273
|
|
|
28,730
|
|
|
1,321
|
|
|
—
|
|
|
2013
|
||||||||
University View (ACE)
|
|
96
|
|
|
336
|
|
|
—
|
|
|
14,683
|
|
|
47
|
|
|
—
|
|
|
14,730
|
|
|
14,730
|
|
|
888
|
|
|
—
|
|
|
2013
|
||||||||
The Townhomes at Newtown Crossing
|
|
152
|
|
|
608
|
|
|
7,745
|
|
|
32,074
|
|
|
117
|
|
|
7,745
|
|
|
32,191
|
|
|
39,936
|
|
|
1,487
|
|
|
—
|
|
|
2013
|
||||||||
7th Street Station
|
|
82
|
|
|
309
|
|
|
9,792
|
|
|
16,472
|
|
|
233
|
|
|
9,792
|
|
|
16,705
|
|
|
26,497
|
|
|
902
|
|
|
—
|
|
|
2012
|
||||||||
Park Point
|
|
300
|
|
|
924
|
|
|
7,827
|
|
|
73,495
|
|
|
2,073
|
|
|
7,827
|
|
|
75,568
|
|
|
83,395
|
|
|
3,153
|
|
|
70,000
|
|
|
2008
|
||||||||
U Centre at Fry Street
|
|
194
|
|
|
614
|
|
|
2,902
|
|
|
47,700
|
|
|
568
|
|
|
2,902
|
|
|
48,268
|
|
|
51,170
|
|
|
1,750
|
|
|
—
|
|
|
2012
|
||||||||
Cardinal Towne
|
|
255
|
|
|
545
|
|
|
6,547
|
|
|
53,809
|
|
|
283
|
|
|
6,547
|
|
|
54,092
|
|
|
60,639
|
|
|
1,791
|
|
|
37,250
|
|
|
2010/2011
|
||||||||
The Plaza on University
|
|
364
|
|
|
1,313
|
|
|
23,987
|
|
|
84,763
|
|
|
602
|
|
|
23,987
|
|
|
85,365
|
|
|
109,352
|
|
|
1,228
|
|
|
—
|
|
|
2014
|
||||||||
Stanworth Commons Phase I (ACE)
|
|
127
|
|
|
214
|
|
|
—
|
|
|
30,932
|
|
|
11
|
|
|
—
|
|
|
30,943
|
|
|
30,943
|
|
|
557
|
|
|
—
|
|
|
2014
|
||||||||
U Club on Frey Phase II
|
|
102
|
|
|
408
|
|
|
5,403
|
|
|
18,691
|
|
|
9
|
|
|
5,403
|
|
|
18,700
|
|
|
24,103
|
|
|
292
|
|
|
—
|
|
|
2014
|
||||||||
The Suites Phase II (ACE)
|
|
164
|
|
|
328
|
|
|
—
|
|
|
18,342
|
|
|
7
|
|
|
—
|
|
|
18,349
|
|
|
18,349
|
|
|
280
|
|
|
—
|
|
|
2014
|
||||||||
U Centre at Northgate (ACE)
|
|
196
|
|
|
784
|
|
|
—
|
|
|
35,663
|
|
|
12
|
|
|
—
|
|
|
35,675
|
|
|
35,675
|
|
|
609
|
|
|
—
|
|
|
2014
|
||||||||
University Walk
(4)
|
|
177
|
|
|
526
|
|
|
4,229
|
|
|
29,456
|
|
|
32
|
|
|
4,229
|
|
|
29,488
|
|
|
33,717
|
|
|
429
|
|
|
19,000
|
|
|
2014
|
|
|
|
|
|
|
Initial Cost
|
|
|
|
Total Costs
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
Units
|
|
Beds
|
|
Land
|
|
Buildings and
Improvements
and Furniture,
Fixtures and
Equipment
|
|
Costs
Capitalized
Subsequent to
Acquisition / Initial Development
|
|
Land
|
|
Buildings and
Improvements
and Furniture,
Fixtures and
Equipment
|
|
Total
(1)
|
|
Accumulated Depreciation
|
|
Encumbrances
(2)
|
|
Year Built
|
||||||||||||||||||
The Standard
|
|
190
|
|
|
610
|
|
|
$
|
4,674
|
|
|
$
|
57,310
|
|
|
$
|
59
|
|
|
$
|
4,674
|
|
|
$
|
57,369
|
|
|
$
|
62,043
|
|
|
$
|
268
|
|
|
$
|
—
|
|
|
2014
|
Properties Under Development
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
The Summit at University City (ACE)
|
|
351
|
|
|
1,316
|
|
|
—
|
|
|
105,703
|
|
|
—
|
|
|
—
|
|
|
105,703
|
|
|
105,703
|
|
|
—
|
|
|
—
|
|
|
2015
|
||||||||
2125 Franklin
|
|
192
|
|
|
734
|
|
|
8,299
|
|
|
34,665
|
|
|
—
|
|
|
8,299
|
|
|
34,665
|
|
|
42,964
|
|
|
—
|
|
|
—
|
|
|
2015
|
||||||||
160 Ross
|
|
182
|
|
|
642
|
|
|
2,962
|
|
|
19,402
|
|
|
—
|
|
|
2,962
|
|
|
19,402
|
|
|
22,364
|
|
|
—
|
|
|
—
|
|
|
2015
|
||||||||
U Club on Woodward Phase II
|
|
124
|
|
|
496
|
|
|
9,647
|
|
|
13,910
|
|
|
—
|
|
|
9,647
|
|
|
13,910
|
|
|
23,557
|
|
|
—
|
|
|
—
|
|
|
2015
|
||||||||
Boulder, CO Development
|
|
100
|
|
|
400
|
|
|
9,289
|
|
|
1,737
|
|
|
—
|
|
|
9,289
|
|
|
1,737
|
|
|
11,026
|
|
|
—
|
|
|
—
|
|
|
2016
|
||||||||
USC Health Sciences Campus (ACE)
|
|
178
|
|
|
456
|
|
|
—
|
|
|
4,817
|
|
|
—
|
|
|
—
|
|
|
4,817
|
|
|
4,817
|
|
|
—
|
|
|
—
|
|
|
2016
|
||||||||
Undeveloped land parcels
|
|
—
|
|
|
—
|
|
|
40,636
|
|
|
—
|
|
|
—
|
|
|
40,636
|
|
|
—
|
|
|
40,636
|
|
|
—
|
|
|
—
|
|
|
N/A
|
||||||||
Subtotal
|
|
31,574
|
|
|
98,575
|
|
|
$
|
591,062
|
|
|
$
|
5,273,984
|
|
|
$
|
279,196
|
|
|
$
|
591,665
|
|
|
$
|
5,552,577
|
|
|
$
|
6,144,242
|
|
|
$
|
704,521
|
|
|
$
|
1,157,943
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
On-Campus Participating Properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
University Village – PVAMU
|
|
612
|
|
|
1,920
|
|
|
$
|
—
|
|
|
$
|
36,506
|
|
|
$
|
6,530
|
|
|
$
|
—
|
|
|
43,036
|
|
|
43,036
|
|
|
$
|
28,018
|
|
|
$
|
19,836
|
|
|
1996/97/98
|
||
University College - PVAMU
|
|
756
|
|
|
1,470
|
|
|
—
|
|
|
22,650
|
|
|
4,178
|
|
|
—
|
|
|
26,828
|
|
|
26,828
|
|
|
15,071
|
|
|
16,915
|
|
|
2000/2003
|
||||||||
University Village - TAMIU
|
|
84
|
|
|
250
|
|
|
—
|
|
|
5,844
|
|
|
1,093
|
|
|
—
|
|
|
6,937
|
|
|
6,937
|
|
|
4,508
|
|
|
3,034
|
|
|
1997
|
||||||||
Cullen Oaks Phase I and II
|
|
411
|
|
|
879
|
|
|
—
|
|
|
33,910
|
|
|
2,696
|
|
|
—
|
|
|
36,606
|
|
|
36,606
|
|
|
14,594
|
|
|
30,553
|
|
|
2001/2005
|
||||||||
College Park
|
|
224
|
|
|
567
|
|
|
—
|
|
|
43,634
|
|
|
2
|
|
|
—
|
|
|
43,636
|
|
|
43,636
|
|
|
724
|
|
|
43,942
|
|
|
2014
|
||||||||
Subtotal
|
|
2,087
|
|
|
5,086
|
|
|
$
|
—
|
|
|
$
|
142,544
|
|
|
$
|
14,499
|
|
|
$
|
—
|
|
|
$
|
157,043
|
|
|
$
|
157,043
|
|
|
$
|
62,915
|
|
|
$
|
114,280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total
|
|
33,661
|
|
|
103,661
|
|
|
$
|
591,062
|
|
|
$
|
5,416,528
|
|
|
$
|
293,695
|
|
|
$
|
591,665
|
|
|
$
|
5,709,620
|
|
|
$
|
6,301,285
|
|
|
$
|
767,436
|
|
|
$
|
1,272,223
|
|
|
|
(1)
|
Total aggregate costs for Federal income tax purposes is approximately
$6,257.7 million
.
|
(2)
|
Total encumbrances exclude net unamortized debt premiums of approximately
$60.6 million
and net unamortized debt discounts of approximately
$0.9 million
as of December 31,
2014
.
|
(3)
|
These properties are classified as held for sale as of December 31, 2014 and were sold in January 2015 (see
Note 20
).
|
(4)
|
University Walk is a property that was subject to a pre-sale arrangement that we did not own as of
December 31, 2014
but were obligated to purchase as long as the developer met certain construction deadlines and closing conditions. The property opened for operations in August 2014 and we purchased the property in February 2015. This property is consolidated for financial reporting purposes (see
Note 7
).
|
(5)
|
Initial costs represent construction costs incurred to date associated with the development of these properties. Year built represents the scheduled completion date.
|
|
|
For the Year Ended December 31,
|
||||||||||||||||||||||
|
|
2014
|
|
2013
|
|
2012
|
||||||||||||||||||
|
|
Wholly-
Owned (1) (2) |
|
On-Campus
(4)
|
|
Wholly-
Owned (1) (3) |
|
On-Campus
(4)
|
|
Wholly-
Owned (1) |
|
On-Campus
(4)
|
||||||||||||
Investments in Real Estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, beginning of year
|
|
$
|
5,742,971
|
|
|
$
|
130,705
|
|
|
$
|
5,267,845
|
|
|
$
|
109,838
|
|
|
$
|
3,089,267
|
|
|
$
|
107,698
|
|
Acquisition of land for development
|
|
3,627
|
|
|
—
|
|
|
25,649
|
|
|
—
|
|
|
29,353
|
|
|
—
|
|
||||||
Acquisition of properties
|
|
71,269
|
|
|
—
|
|
|
288,191
|
|
|
—
|
|
|
1,847,366
|
|
|
—
|
|
||||||
Improvements and development expenditures
|
|
361,369
|
|
|
26,338
|
|
|
340,033
|
|
|
20,867
|
|
|
359,296
|
|
|
2,140
|
|
||||||
Write off of fully depreciated or damaged assets
|
|
(1,853
|
)
|
|
—
|
|
|
(1,862
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Provision for real estate impairment
|
|
(2,443
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Disposition of real estate
|
|
(30,698
|
)
|
|
—
|
|
|
(176,885
|
)
|
|
—
|
|
|
(57,437
|
)
|
|
—
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, end of year
|
|
$
|
6,144,242
|
|
|
$
|
157,043
|
|
|
$
|
5,742,971
|
|
|
$
|
130,705
|
|
|
$
|
5,267,845
|
|
|
$
|
109,838
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accumulated Depreciation:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, beginning of year
|
|
$
|
(529,555
|
)
|
|
$
|
(57,249
|
)
|
|
$
|
(396,469
|
)
|
|
$
|
(52,492
|
)
|
|
$
|
(300,210
|
)
|
|
$
|
(47,848
|
)
|
Depreciation for the year
|
|
(182,756
|
)
|
|
(5,666
|
)
|
|
(162,230
|
)
|
|
(4,757
|
)
|
|
(103,306
|
)
|
|
(4,644
|
)
|
||||||
Write off of fully depreciated or damaged assets
|
|
1,281
|
|
|
—
|
|
|
1,862
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Disposition of properties
|
|
6,509
|
|
|
—
|
|
|
27,282
|
|
|
—
|
|
|
7,047
|
|
|
—
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, end of year
|
|
$
|
(704,521
|
)
|
|
$
|
(62,915
|
)
|
|
$
|
(529,555
|
)
|
|
$
|
(57,249
|
)
|
|
$
|
(396,469
|
)
|
|
$
|
(52,492
|
)
|
(1)
|
Includes owned off-campus properties and owned on-campus properties.
|
(2)
|
The investments in real estate and accumulated depreciation balances include The Highlands, Chapel Ridge, Chapel View, University Place, The Village at Alafaya Club, The View and University Greens, which were classified as wholly-owned properties held for sale in the accompanying consolidated balance sheets as of
December 31, 2014
.
|
(3)
|
The investments in real estate and accumulated depreciation balances include Hawks Landing which was classified as a wholly-owned property held for sale in the accompanying consolidated balance sheets as of
December 31, 2013
.
|
(4)
|
Includes on-campus participating properties.
|
* * *
|
[Signatures to appear on the following page.]
|
AMERICAN CAMPUS COMMUNITIES, INC.
|
|
|
|
By:
|
/s/ William C. Bayless, Jr.
|
|
|
|
William C. Bayless, Jr.
President and Chief Executive Officer
|
/s/ Daniel B. Perry
|
Daniel B. Perry
|
AMERICAN CAMPUS COMMUNITIES, INC.
|
|
|
|
By:
|
/s/ William C. Bayless, Jr.
|
|
|
|
William C. Bayless, Jr.
President and Chief Executive Officer
|
/s/ Daniel B. Perry
|
Daniel B. Perry
|
|
|
Year Ended December 31,
|
||||||||||||||||||
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
EARNINGS BEFORE FIXED CHARGES:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Pre-tax income from continuing operations before noncontrolling interests and income (loss) from equity investees
|
|
$
|
62,692
|
|
|
$
|
48,456
|
|
|
$
|
49,070
|
|
|
$
|
35,085
|
|
|
$
|
19,635
|
|
Distributed income of joint ventures
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
200
|
|
|||||
Less: Capitalized interest
|
|
(8,761
|
)
|
|
(10,050
|
)
|
|
(9,820
|
)
|
|
(6,598
|
)
|
|
(1,146
|
)
|
|||||
Less: Preferred distributions of subsidiaries
|
|
(178
|
)
|
|
(182
|
)
|
|
(183
|
)
|
|
(183
|
)
|
|
(184
|
)
|
|||||
Total earnings before fixed charges
|
|
53,753
|
|
|
38,224
|
|
|
39,067
|
|
|
28,304
|
|
|
18,505
|
|
|||||
FIXED CHARGES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest expense
|
|
90,490
|
|
|
79,643
|
|
|
57,241
|
|
|
52,214
|
|
|
61,056
|
|
|||||
Capitalized interest
|
|
8,761
|
|
|
10,050
|
|
|
9,820
|
|
|
6,598
|
|
|
1,146
|
|
|||||
Amortization of deferred financing costs
|
|
5,925
|
|
|
5,608
|
|
|
4,661
|
|
|
5,297
|
|
|
4,371
|
|
|||||
Interest portion of rental expense
|
|
1,401
|
|
|
1,178
|
|
|
726
|
|
|
655
|
|
|
612
|
|
|||||
Preferred distribution of subsidiaries
|
|
178
|
|
|
182
|
|
|
183
|
|
|
183
|
|
|
184
|
|
|||||
Total fixed charges
|
|
106,755
|
|
|
96,661
|
|
|
72,631
|
|
|
64,947
|
|
|
67,369
|
|
|||||
Total earnings and fixed charges
|
|
$
|
160,508
|
|
|
$
|
134,885
|
|
|
$
|
111,698
|
|
|
$
|
93,251
|
|
|
$
|
85,874
|
|
RATIO OF EARNINGS TO FIXED
CHARGES
|
|
1.50
|
|
|
1.40
|
|
|
1.54
|
|
|
1.44
|
|
|
1.27
|
|
Subsidiary
|
|
State of Incorporation or Formation
|
|
|
|
American Campus Communities Operating Partnership, LP
|
|
Maryland
|
American Campus Communities Services, Inc.
|
|
Delaware
|
GMH Communities, LP
|
|
Delaware
|
/s/ Ernst & Young LLP
|
/s/ Ernst & Young LLP
|
1.
|
I have reviewed this annual report on Form 10-K of American Campus Communities, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
Dated: February 26, 2015
|
|
/s/ William C. Bayless, Jr.
|
|
|
|
|
|
William C. Bayless, Jr.
|
|
|
President and Chief Executive Officer
|
1.
|
I have reviewed this annual report on Form 10-K of American Campus Communities, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
Dated: February 26, 2015
|
By:
|
/s/ Jonathan A. Graf
|
|
|
|
|
|
Jonathan A. Graf
|
|
|
Executive Vice President, Chief Financial Officer, Treasurer and Secretary
|
1.
|
I have reviewed this annual report on Form 10-K of American Campus Communities Operating Partnership, L.P.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
Dated: February 26, 2015
|
|
/s/ William C. Bayless, Jr.
|
|
|
|
|
|
William C. Bayless, Jr.
|
|
|
President and Chief Executive Officer
|
1.
|
I have reviewed this annual report on Form 10-K of American Campus Communities Operating Partnership, L.P.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
Dated: February 26, 2015
|
By:
|
/s/ Jonathan A. Graf
|
|
|
|
|
|
Jonathan A. Graf
|
|
|
Executive Vice President, Chief Financial Officer, Treasurer and Secretary
|
Dated: February 26, 2015
|
|
/s/ William C. Bayless, Jr.
|
|
|
|
|
|
William C. Bayless, Jr.
|
|
|
President and Chief Executive Officer
|
Dated: February 26, 2015
|
|
/s/ Jonathan A. Graf
|
|
|
|
|
|
Jonathan A. Graf
|
|
|
Executive Vice President, Chief
Financial Officer, Treasurer and
Secretary
|
Dated: February 26, 2015
|
|
/s/ William C. Bayless, Jr.
|
|
|
|
|
|
William C. Bayless, Jr.
|
|
|
President and Chief Executive Officer
|
Dated: February 26, 2015
|
|
/s/ Jonathan A. Graf
|
|
|
|
|
|
Jonathan A. Graf
|
|
|
Executive Vice President, Chief
Financial Officer, Treasurer and
Secretary
|