Maryland (American Campus Communities, Inc.)
Maryland (American Campus Communities Operating
Partnership, L.P.)
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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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American Campus Communities, Inc.
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Yes
x
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No
o
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American Campus Communities Operating Partnership, L.P.
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Yes
o
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No
x
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American Campus Communities, Inc.
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Yes
o
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No
x
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American Campus Communities Operating Partnership, L.P.
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Yes
o
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No
x
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American Campus Communities, Inc.
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Yes
x
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No
o
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American Campus Communities Operating Partnership, L.P.
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Yes
x
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No
o
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American Campus Communities, Inc.
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Yes
x
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No
o
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American Campus Communities Operating Partnership, L.P.
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Yes
x
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No
o
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American Campus Communities, Inc.
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o
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American Campus Communities Operating Partnership, L.P.
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o
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Large accelerated filer
x
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Accelerated Filer
o
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Non-accelerated filer
o
(Do not check if a smaller reporting company)
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Smaller reporting company
o
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Emerging growth company
o
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Large accelerated filer
o
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Accelerated Filer
o
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Non-accelerated filer
x
(Do not check if a smaller reporting company)
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Smaller reporting company
o
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Emerging growth company
o
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American Campus Communities, Inc.
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Yes
o
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No
x
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American Campus Communities Operating Partnership, L.P.
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Yes
o
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No
x
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•
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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;
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•
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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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•
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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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Project
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Location
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Primary University Served
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Project Type
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Beds
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Estimated Project Cost
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Total Costs Incurred
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Scheduled Completion
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||||
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Gladding Residence Center
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Richmond, VA
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Virginia Commonwealth University
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ACE
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1,524
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$
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95,700
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$
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74,764
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August 2018
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Irvington House
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Indianapolis, IN
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Butler University
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ACE
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648
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38,900
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22,922
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August 2018
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Greek Leadership Village
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Tempe, AZ
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Arizona State University
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ACE
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957
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69,600
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31,461
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August 2018
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David Blackwell Hall
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Berkeley, CA
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University of California, Berkeley
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ACE
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781
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98,700
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60,234
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August 2018
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NAU Honors College
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Flagstaff, AZ
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Northern Arizona University
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ACE
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636
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43,400
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24,880
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August 2018
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U Club Townhomes
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Oxford, MS
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University of Mississippi
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Off-campus
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528
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44,300
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26,181
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August 2018
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SUBTOTAL – 2018 DELIVERIES
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5,074
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$
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390,600
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$
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240,442
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||||||
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191 College
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Auburn, AL
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Auburn University
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Off-campus
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495
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59,300
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15,874
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July 2019
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University of Arizona Honors College
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Tucson, AZ
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University of Arizona
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ACE
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1,056
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84,700
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13,348
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August 2019
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Columbus Avenue Student Apts.
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Boston, MA
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Northeastern University
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ACE
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825
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153,400
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42,096
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August 2019
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SUBTOTAL – 2019 DELIVERIES
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2,376
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$
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297,400
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$
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71,318
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||||||
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TOTAL – ALL PROJECTS
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7,450
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$
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688,000
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$
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311,760
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||||||
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(1)
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We funded an initial investment of $24.2 million through a joint venture with Core Spaces/DRW Real Estate Investments in August 2017. Including the initial investment, we expect to invest a total of $240.0 million over a two year period. See
Note 5
in the accompanying Notes to Consolidated Financial Statements contained in Item 8 for further discussion.
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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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Maintaining each project’s physical plant in top condition;
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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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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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a real-time monitor of lease closings and leasing terms;
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an automated lease generation system;
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the generation of future period rent rolls to aid in budgeting and forecasting; and
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a customized report writer.
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•
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approximately
1,805
on-site employees in our owned properties segment, including
696
Resident Assistants;
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•
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approximately
107
on-site employees in our on-campus participating properties segment, including
46
Resident Assistants;
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•
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approximately
1,086
employees in our property management services segment, including
908
on-site employees and
178
corporate office employees;
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•
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approximately
58
corporate office employees in our development services segment; and
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•
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approximately
127
executive, corporate administration and financial personnel.
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•
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we may be unable to obtain financing on favorable terms or at all;
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•
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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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•
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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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•
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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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•
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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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•
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we may encounter strikes, weather, government regulations and other conditions beyond our control.
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•
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our potential inability to acquire a desired property may be caused by competition from other real estate investors;
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•
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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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•
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we may have to incur significant unexpected capital expenditures to improve or renovate acquired properties;
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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.
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general economic conditions;
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rising level of interest rates;
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•
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local oversupply, increased competition or reduction in demand for student housing;
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•
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inability to collect rent from tenants;
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•
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vacancies or our inability to rent beds on favorable terms;
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•
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inability to finance property development and acquisitions on favorable terms;
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•
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increased operating costs, including insurance premiums, utilities, and real estate taxes;
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•
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costs of complying with changes in governmental regulations;
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•
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the relative illiquidity of real estate investments;
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•
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decreases in student enrollment at particular colleges and universities;
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•
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changes in university policies related to admissions and housing; and
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•
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changing student demographics.
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•
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general market conditions;
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•
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our current debt levels and the number of properties subject to encumbrances;
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•
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our current performance and the market’s perception of our growth potential;
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•
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our cash flow and cash distributions; and
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•
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the market price per share of our common stock.
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we may default on our scheduled principal payments or other obligations as a result of insufficient cash flow or otherwise;
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•
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with respect to debt secured by our properties, the lenders or mortgagees may foreclose on such properties and receive an assignment of rents and leases, and 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; and
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•
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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.
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operating results that vary from the expectations of securities analysts and investors;
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•
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investor interest in our property portfolio;
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•
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the reputation and performance of REITs;
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•
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the attractiveness of REITs as compared to other investment vehicles;
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our financial condition and the results of our operations;
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•
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the perception of our growth and earnings potential;
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•
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dividend payment rates and the form of the payment;
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•
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increases in market rates, which may lead purchasers of our common stock to demand a higher yield; and
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•
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changes in financial markets and national economic and general market conditions.
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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;
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we also could be subject to the federal alternative minimum tax and possibly increased state and local taxes; and
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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.
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•
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the REIT ownership limit described above;
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authorization of the issuance of our preferred shares with powers, preferences or rights to be determined by our board of directors;
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•
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the right of our board of directors, without a stockholder vote, to increase our authorized shares and classify or reclassify unissued shares;
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advance-notice requirements for stockholder nomination of directors and for other proposals to be presented to stockholder meetings; and
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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
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Year
Built
(1)
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Date
Acquired/
Developed
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Primary University Served
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Typical Number of Rental Payments/ Year
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Year Ended December 31, 2017 Revenue
(2)
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Average Monthly Base Rental Revenue/ Bed
(3)
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# of Units
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# of
Beds
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OWNED PROPERTIES
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Same Store Owned Properties:
(4)
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The Callaway House
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1999
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Mar-01
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Texas A&M University
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9
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$
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8,913
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(5)
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$
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1,512
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(5)
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173
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|
538
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The Village at Science Drive
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2000
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Nov-01
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The University of Central Florida
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|
12
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5,941
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|
|
648
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|
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192
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|
732
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University Village at Boulder Creek
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2002
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Aug-02
|
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The University of Colorado at Boulder
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12
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3,731
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|
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964
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|
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82
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|
309
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University Village - Fresno
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2004
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Aug-04
|
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California State University - Fresno
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12
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2,862
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|
527
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|
|
105
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|
406
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University Village - Temple
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2004
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Aug-04
|
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Temple University
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12
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6,427
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|
698
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220
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749
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College Club Townhomes
(6)
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2002
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Feb-05
|
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Florida A&M University
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12
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2,883
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|
|
373
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|
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136
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|
544
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University Club Apartments
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1999
|
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Feb-05
|
|
University of Florida
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|
12
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2,343
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|
|
503
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|
|
94
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|
376
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City Parc at Fry Street
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2004
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Mar-05
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University of North Texas
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12
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3,458
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|
|
665
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|
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136
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|
418
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Entrada Real
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|
2000
|
|
Mar-05
|
|
University of Arizona
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|
12
|
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2,639
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|
576
|
|
|
98
|
|
363
|
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University Village at Sweethome
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|
2005
|
|
Aug-05
|
|
State University of New York at Buffalo
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|
12
|
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6,337
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|
|
656
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|
|
269
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|
828
|
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University Village - Tallahassee
(7)
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|
1991
|
|
Mar-06
|
|
Florida State University
|
|
12
|
|
4,637
|
|
|
509
|
|
|
217
|
|
716
|
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Royal Village Gainesville
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|
1996
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|
Mar-06
|
|
University of Florida
|
|
12
|
|
3,176
|
|
|
588
|
|
|
118
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|
448
|
||
Royal Lexington
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|
1994
|
|
Mar-06
|
|
The University of Kentucky
|
|
12
|
|
2,379
|
|
|
532
|
|
|
94
|
|
364
|
||
Raiders Pass
|
|
2001
|
|
Mar-06
|
|
Texas Tech University
|
|
12
|
|
4,451
|
|
|
479
|
|
|
264
|
|
828
|
||
Aggie Station
|
|
2003
|
|
Mar-06
|
|
Texas A&M University
|
|
12
|
|
3,152
|
|
|
592
|
|
|
156
|
|
450
|
||
The Outpost - San Antonio
|
|
2005
|
|
Mar-06
|
|
University of Texas – San Antonio
|
|
12
|
|
5,645
|
|
|
549
|
|
|
276
|
|
828
|
||
Callaway Villas
|
|
2006
|
|
Aug-06
|
|
Texas A&M University
|
|
10/12
|
|
5,426
|
|
|
651
|
|
|
236
|
|
704
|
||
The Village on Sixth Avenue
|
|
1999
|
|
Jan-07
|
|
Marshall University
|
|
12
|
|
4,378
|
|
|
496
|
|
|
248
|
|
752
|
||
Newtown Crossing
|
|
2005
|
|
Feb-07
|
|
University of Kentucky
|
|
12
|
|
6,879
|
|
|
604
|
|
|
356
|
|
942
|
||
Olde Towne University Square
|
|
2005
|
|
Feb-07
|
|
University of Toledo
|
|
12
|
|
3,954
|
|
|
603
|
|
|
224
|
|
550
|
||
Peninsular Place
|
|
2005
|
|
Feb-07
|
|
Eastern Michigan University
|
|
12
|
|
3,223
|
|
|
519
|
|
|
183
|
|
478
|
||
University Centre
|
|
2007
|
|
Aug-07
|
|
Rutgers University, NJIT
|
|
10/12
|
|
7,451
|
|
|
908
|
|
|
234
|
|
838
|
||
The Summit & Jacob Heights
(7)
|
|
2004
|
|
Jun-08
|
|
Minnesota State University
|
|
12
|
|
4,905
|
|
|
423
|
|
|
258
|
|
930
|
||
GrandMarc Seven Corners
|
|
2000
|
|
Jun-08
|
|
University of Minnesota
|
|
12
|
|
4,542
|
|
|
606
|
|
|
186
|
|
440
|
||
Aztec Corner
|
|
2001
|
|
Jun-08
|
|
San Diego State University
|
|
12
|
|
5,607
|
|
|
740
|
|
|
180
|
|
606
|
||
The Tower at Third
|
|
1973
|
|
Jun-08
|
|
University of Illinois
|
|
12
|
|
3,050
|
|
|
735
|
|
|
188
|
|
375
|
Property
|
|
Year
Built
(1)
|
|
Date
Acquired/
Developed
|
|
Primary University Served
|
|
Typical Number of Rental Payments/ Year
|
|
Year Ended December 31, 2017 Revenue
(2)
|
|
Average Monthly Base Rental Revenue/ Bed
(3)
|
|
# of Units
|
|
# of
Beds
|
||||
Willowtree Apartments and Tower
(6)
|
|
1970
|
|
Jun-08
|
|
University of Michigan
|
|
12
|
|
$
|
6,286
|
|
|
$
|
596
|
|
|
473
|
|
851
|
University Pointe
|
|
2004
|
|
Jun-08
|
|
Texas Tech University
|
|
12
|
|
4,412
|
|
|
581
|
|
|
204
|
|
682
|
||
University Trails
|
|
2003
|
|
Jun-08
|
|
Texas Tech University
|
|
12
|
|
4,529
|
|
|
576
|
|
|
240
|
|
684
|
||
Campus Trails
|
|
1991
|
|
Jun-08
|
|
Mississippi State University
|
|
12
|
|
2,344
|
|
|
427
|
|
|
156
|
|
480
|
||
University Crossings (ACE)
|
|
2003
|
|
Jun-08
|
|
Drexel University
|
|
12
|
|
11,302
|
|
|
826
|
|
|
260
|
|
1,016
|
||
Vista del Sol (ACE)
|
|
2008
|
|
Aug-08
|
|
Arizona State University
|
|
12
|
|
18,194
|
|
|
750
|
|
|
613
|
|
1,866
|
||
Villas at Chestnut Ridge
|
|
2008
|
|
Aug-08
|
|
State Univ. of New York at Buffalo
|
|
12
|
|
5,068
|
|
|
759
|
|
|
196
|
|
552
|
||
Barrett Honors College (ACE)
|
|
2009
|
|
Aug-09
|
|
Arizona State University
|
|
10
|
|
14,391
|
|
|
939
|
|
|
604
|
|
1,721
|
||
Sanctuary Lofts
|
|
2006
|
|
Jul-10
|
|
Texas State University
|
|
12
|
|
4,497
|
|
|
697
|
|
|
201
|
|
487
|
||
The Edge- Charlotte
|
|
1999
|
|
Nov-10
|
|
UNC - Charlotte
|
|
12
|
|
5,208
|
|
|
580
|
|
|
180
|
|
720
|
||
University Walk
|
|
2002
|
|
Nov-10
|
|
UNC - Charlotte
|
|
12
|
|
3,375
|
|
|
552
|
|
|
120
|
|
480
|
||
Uptown Apartments
|
|
2004
|
|
Nov-10
|
|
University of North Texas
|
|
12
|
|
4,360
|
|
|
656
|
|
|
180
|
|
528
|
||
2nd Ave Centre
|
|
2008
|
|
Dec-10
|
|
University of Florida
|
|
12
|
|
7,200
|
|
|
674
|
|
|
274
|
|
868
|
||
Villas at Babcock
|
|
2011
|
|
Aug-11
|
|
University of Texas – San Antonio
|
|
12
|
|
5,281
|
|
|
538
|
|
|
204
|
|
792
|
||
Lobo Village (ACE)
|
|
2011
|
|
Aug-11
|
|
University of New Mexico
|
|
12
|
|
5,990
|
|
|
542
|
|
|
216
|
|
864
|
||
Villas on Sycamore
|
|
2011
|
|
Aug-11
|
|
Sam Houston State University
|
|
12
|
|
4,838
|
|
|
534
|
|
|
170
|
|
680
|
||
University Village Northwest (ACE)
|
|
2011
|
|
Aug-11
|
|
Prairie View A&M University
|
|
10
|
|
938
|
|
|
707
|
|
|
36
|
|
144
|
||
26 West
|
|
2008
|
|
Dec-11
|
|
University of Texas at Austin
|
|
12
|
|
13,818
|
|
|
984
|
|
|
367
|
|
1,026
|
||
The Varsity
|
|
2011
|
|
Dec-11
|
|
University of Maryland
|
|
12
|
|
11,821
|
|
|
942
|
|
|
258
|
|
901
|
||
Avalon Heights
|
|
2002
|
|
May-12
|
|
University of South Florida in Tampa
|
|
12
|
|
6,083
|
|
|
641
|
|
|
210
|
|
754
|
||
University Commons
|
|
2003
|
|
Jun-12
|
|
Univ. of Minnesota in Minneapolis
|
|
12
|
|
4,191
|
|
|
563
|
|
|
164
|
|
480
|
||
Casas del Rio (ACE)
|
|
2012
|
|
Aug-12
|
|
University of New Mexico
|
|
10
|
|
5,208
|
|
|
596
|
|
|
283
|
|
1,028
|
||
The Suites (ACE)
(6)
|
|
2013
|
|
Aug-12
|
|
Northern Arizona University
|
|
10
|
|
6,355
|
|
|
721
|
|
|
439
|
|
878
|
||
Hilltop Townhomes (ACE)
|
|
2012
|
|
Aug-12
|
|
Northern Arizona University
|
|
12
|
|
5,121
|
|
|
697
|
|
|
144
|
|
576
|
||
U Club on Frey
(6)
|
|
2013
|
|
Aug-12
|
|
Kennesaw State University
|
|
12
|
|
7,320
|
|
|
681
|
|
|
216
|
|
864
|
||
Campus Edge on UTA Boulevard
|
|
2012
|
|
Aug-12
|
|
University of Texas - Arlington
|
|
12
|
|
4,088
|
|
|
658
|
|
|
128
|
|
488
|
||
U Club Townhomes on Marion Pugh
|
|
2012
|
|
Aug-12
|
|
Texas A&M University
|
|
12
|
|
4,981
|
|
|
637
|
|
|
160
|
|
640
|
||
Villas on Rensch
|
|
2012
|
|
Aug-12
|
|
State Univ. of New York at Buffalo
|
|
12
|
|
5,765
|
|
|
776
|
|
|
153
|
|
610
|
||
The Village at Overton Park
|
|
2012
|
|
Aug-12
|
|
Texas Tech University
|
|
12
|
|
4,339
|
|
|
621
|
|
|
163
|
|
612
|
||
Casa de Oro (ACE)
|
|
2012
|
|
Aug-12
|
|
Arizona State University
|
|
10
|
|
2,140
|
|
|
693
|
|
|
109
|
|
365
|
||
The Villas at Vista del Sol (ACE)
|
|
2012
|
|
Aug-12
|
|
Arizona State University
|
|
12
|
|
3,956
|
|
|
805
|
|
|
104
|
|
400
|
||
The Block
|
|
2008
|
|
Aug-12
|
|
The University of Texas at Austin
|
|
12
|
|
20,346
|
|
|
959
|
|
|
669
|
|
1,555
|
||
University Pointe at College Station (ACE)
|
|
2012
|
|
Sep-12
|
|
Portland State University
|
|
12
|
|
8,869
|
|
|
714
|
|
|
282
|
|
978
|
||
309 Green
|
|
2008
|
|
Sep-12
|
|
University of Illinois
|
|
12
|
|
4,204
|
|
|
815
|
|
|
110
|
|
416
|
||
The Retreat
|
|
2012
|
|
Sep-12
|
|
Texas State University
|
|
12
|
|
6,217
|
|
|
625
|
|
|
187
|
|
780
|
||
Lofts54
|
|
2008
|
|
Sep-12
|
|
University of Illinois
|
|
12
|
|
1,174
|
|
|
693
|
|
|
43
|
|
172
|
||
Campustown Rentals
|
|
1982
|
|
Sep-12
|
|
University of Illinois
|
|
12
|
|
4,050
|
|
|
502
|
|
|
264
|
|
746
|
||
Chauncey Square
|
|
2011
|
|
Sep-12
|
|
Purdue University
|
|
12
|
|
4,552
|
|
|
881
|
|
|
158
|
|
386
|
||
Texan &Vintage West Campus
(6)
|
|
2008
|
|
Sep-12
|
|
The University of Texas at Austin
|
|
12
|
|
3,913
|
|
|
928
|
|
|
124
|
|
311
|
||
The Castilian
|
|
1967
|
|
Sep-12
|
|
The University of Texas at Austin
|
|
10
|
|
9,412
|
|
(5)
|
1,449
|
|
(5)
|
371
|
|
623
|
Property
|
|
Year
Built
(1)
|
|
Date
Acquired/
Developed
|
|
Primary University Served
|
|
Typical Number of Rental Payments/ Year
|
|
Year Ended December 31, 2017 Revenue
(2)
|
|
Average Monthly Base Rental Revenue/ Bed
(3)
|
|
# of Units
|
|
# of
Beds
|
||||
Bishops Square
|
|
2002
|
|
Sep-12
|
|
Texas State University
|
|
12
|
|
$
|
2,586
|
|
|
$
|
619
|
|
|
134
|
|
315
|
Union
|
|
2006
|
|
Sep-12
|
|
Baylor University
|
|
12
|
|
863
|
|
|
641
|
|
|
54
|
|
120
|
||
922 Place
|
|
2009
|
|
Sep-12
|
|
Arizona State University
|
|
12
|
|
4,524
|
|
|
720
|
|
|
132
|
|
468
|
||
Campustown
|
|
1997
|
|
Sep-12
|
|
Iowa State University
|
|
12
|
|
9,089
|
|
|
550
|
|
|
452
|
|
1,217
|
||
River Mill
|
|
1972
|
|
Sep-12
|
|
University of Georgia
|
|
12
|
|
3,221
|
|
|
572
|
|
|
243
|
|
461
|
||
Landmark
|
|
2012
|
|
Sep-12
|
|
University of Michigan
|
|
12
|
|
10,840
|
|
|
1,277
|
|
|
173
|
|
606
|
||
Icon Plaza
|
|
2012
|
|
Sep-12
|
|
University of Southern California
|
|
12
|
|
4,845
|
|
|
1,404
|
|
|
56
|
|
253
|
||
The Province - Greensboro
|
|
2011
|
|
Nov-12
|
|
UNC - Greensboro
|
|
12
|
|
5,039
|
|
|
597
|
|
|
219
|
|
696
|
||
RAMZ Apts on Broad
|
|
2004
|
|
Nov-12
|
|
Virginia Commonwealth University
|
|
12
|
|
2,108
|
|
|
753
|
|
|
88
|
|
172
|
||
The Lofts at Capital Garage
|
|
2000
|
|
Nov-12
|
|
Virginia Commonwealth University
|
|
12
|
|
899
|
|
|
475
|
|
|
36
|
|
144
|
||
25 Twenty
|
|
2011
|
|
Nov-12
|
|
Texas Tech University
|
|
12
|
|
4,398
|
|
|
686
|
|
|
249
|
|
562
|
||
The Province - Louisville
|
|
2009
|
|
Nov-12
|
|
University of Louisville
|
|
12
|
|
6,253
|
|
|
600
|
|
|
366
|
|
858
|
||
West 27th Place
|
|
2011
|
|
Nov-12
|
|
University of Southern California
|
|
12
|
|
7,303
|
|
|
1,099
|
|
|
161
|
|
475
|
||
The Province - Rochester
|
|
2010
|
|
Nov-12
|
|
Rochester Institute of Technology
|
|
12
|
|
7,825
|
|
|
828
|
|
|
336
|
|
816
|
||
5 Twenty Four & 5 Twenty Five Angliana
(6)
|
|
2010
|
|
Nov-12
|
|
University of Kentucky
|
|
12
|
|
7,424
|
|
|
569
|
|
|
376
|
|
1,060
|
||
The Province - Tampa
|
|
2009
|
|
Nov-12
|
|
University of South Florida
|
|
12
|
|
7,605
|
|
|
654
|
|
|
287
|
|
947
|
||
U Point Kennesaw
|
|
2012
|
|
Nov-12
|
|
Kennesaw State University
|
|
12
|
|
6,554
|
|
|
650
|
|
|
216
|
|
795
|
||
The Cottages of Durham
|
|
2012
|
|
Nov-12
|
|
University of New Hampshire
|
|
12
|
|
6,350
|
|
|
801
|
|
|
141
|
|
619
|
||
University Edge
|
|
2012
|
|
Dec-12
|
|
Kent State University
|
|
12
|
|
5,051
|
|
|
672
|
|
|
201
|
|
608
|
||
The Lodges of East Lansing
|
|
2012
|
|
Jul-13
|
|
Michigan State University
|
|
12
|
|
9,385
|
|
|
726
|
|
|
364
|
|
1,049
|
||
7th Street Station
|
|
2012
|
|
Jul-13
|
|
Oregon State University
|
|
12
|
|
2,768
|
|
|
693
|
|
|
82
|
|
309
|
||
The Callaway House Austin
|
|
2013
|
|
Aug-13
|
|
The University of Texas at Austin
|
|
10
|
|
15,229
|
|
(5)
|
1,992
|
|
(5)
|
219
|
|
753
|
||
Manzanita (ACE)
|
|
2013
|
|
Aug-13
|
|
Arizona State University
|
|
10
|
|
6,248
|
|
|
878
|
|
|
241
|
|
816
|
||
University View (ACE)
|
|
2013
|
|
Aug-13
|
|
Prairie View A&M University
|
|
10
|
|
2,273
|
|
|
700
|
|
|
96
|
|
336
|
||
U Club Townhomes at Overton Park
|
|
2013
|
|
Aug-13
|
|
Texas Tech University
|
|
12
|
|
3,097
|
|
|
661
|
|
|
112
|
|
448
|
||
601 Copeland
|
|
2013
|
|
Aug-13
|
|
Florida State University
|
|
12
|
|
2,935
|
|
|
795
|
|
|
81
|
|
283
|
||
The Townhomes at Newtown Crossing
|
|
2013
|
|
Aug-13
|
|
University of Kentucky
|
|
12
|
|
4,526
|
|
|
624
|
|
|
152
|
|
608
|
||
Chestnut Square (ACE)
|
|
2013
|
|
Sep-13
|
|
Drexel University
|
|
12
|
|
11,146
|
|
|
1,009
|
|
|
220
|
|
861
|
||
Park Point
|
|
2008
|
|
Oct-13
|
|
Rochester Institute of Technology
|
|
12
|
|
10,216
|
|
|
828
|
|
|
300
|
|
924
|
||
U Centre at Fry Street
|
|
2012
|
|
Nov-13
|
|
University of North Texas
|
|
12
|
|
6,068
|
|
|
737
|
|
|
194
|
|
614
|
||
Cardinal Towne
|
|
2010
|
|
Nov-13
|
|
University of Louisville
|
|
12
|
|
4,867
|
|
|
621
|
|
|
255
|
|
545
|
||
Stanworth Commons Phase I (ACE)
|
|
2014
|
|
Jul-14
|
|
Princeton University
|
|
12
|
|
2,883
|
|
|
1,179
|
|
|
127
|
|
214
|
||
The Plaza on University
|
|
2014
|
|
Aug-14
|
|
University of Central Florida
|
|
12
|
|
13,894
|
|
|
730
|
|
|
364
|
|
1,313
|
||
U Centre at Northgate (ACE)
|
|
2014
|
|
Aug-14
|
|
Texas A&M University
|
|
12
|
|
6,455
|
|
|
676
|
|
|
196
|
|
784
|
||
University Walk
|
|
2014
|
|
Aug-14
|
|
University of Tennessee
|
|
12
|
|
4,214
|
|
|
637
|
|
|
177
|
|
526
|
||
U Club on Woodward
(6)
|
|
2014
|
|
Aug-14
|
|
Florida State University
|
|
12
|
|
8,417
|
|
|
720
|
|
|
236
|
|
944
|
||
The Standard
|
|
2014
|
|
Oct-14
|
|
University of Georgia
|
|
12
|
|
6,106
|
|
|
799
|
|
|
190
|
|
610
|
||
Park Point
|
|
2010
|
|
Feb-15
|
|
Syracuse University
|
|
12
|
|
3,564
|
|
|
1,258
|
|
|
66
|
|
226
|
||
1200 West Marshall
|
|
2013
|
|
Mar-15
|
|
Virginia Commonwealth University
|
|
12
|
|
4,010
|
|
|
781
|
|
|
136
|
|
406
|
||
8 1/2 Canal Street
|
|
2011
|
|
Mar-15
|
|
Virginia Commonwealth University
|
|
12
|
|
4,962
|
|
|
720
|
|
|
160
|
|
540
|
(1)
|
For properties with multiple phases, the year built represents the weighted average year based on the number of beds delivered each year.
|
(2)
|
Includes base rental revenue and other income, which includes, but is not limited to, utility income, damages, parking income, summer conference rent, application fees, income from retail tenants, etc.
|
(3)
|
Average monthly revenue per bed is calculated based upon our base rental revenue earned during the year ended
December 31, 2017
divided by average monthly occupied beds over the lease term.
|
(4)
|
Our same store owned portfolio represents properties that were owned or operated by us for the full years ended
December 31, 2016
and
2017
, which are not conducting or planning to conduct substantial development, redevelopment or repositioning activities, and are not classified as held for sale as of
December 31, 2017
.
|
(5)
|
As rent at this property includes food services, revenue is not comparable to the other properties in this table.
|
(6)
|
Consists 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.
|
(7)
|
Consists 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.
|
(8)
|
As part of the Core Transaction, the Company purchased partial ownership in two operating properties through a joint venture arrangement. See
Note 5
in the accompanying Notes to Consolidated Financial Statements contained in Item 8.
|
(9)
|
As part of the Core Transaction, the Company purchased partial ownership in three in-process development properties through a joint venture arrangement. See
Note 5
in the accompanying Notes to Consolidated Financial Statements contained in Item 8.
|
(10)
|
This property is currently in receivership and is in the process of being transferred to the lender in settlement of the property’s $27.4 million mortgage loan that matured in August 2017. See
Note 10
in the accompanying Notes to Consolidated Financial Statements contained in Item 8.
|
(11)
|
Does not include revenues from properties disposed of during the year ended
December 31, 2017
.
|
|
|
2017 Average Occupancy
(1)
|
|
Occupancy as of December 31, 2017
|
OWNED PROPERTIES
|
|
|
|
|
Same-store Properties
(2)
|
|
94.4%
|
|
96.7%
|
New Properties
|
|
89.2%
|
|
90.5%
|
TOTAL – OWNED PROPERTIES
|
|
93.9%
|
|
95.7%
|
|
|
|
|
|
ON-CAMPUS PARTICIPATING PROPERTIES
|
|
76.0%
|
|
98.3%
|
(1)
|
Average occupancy is calculated based on the average number of occupied beds for the year ended
December 31, 2017
divided by total beds. For properties with typical lease terms shorter than 12 months, average occupancy includes the impact of significantly low occupancy during the summer months. Average occupancy for acquired properties and properties which commenced operations during
2017
is calculated based on the period these properties were owned by us and/or operational during
2017
.
|
(2)
|
Our same store owned portfolio represents properties that were owned or operated by us for the full years ended
December 31, 2016
and
2017
, which are not conducting or planning to conduct substantial development, redevelopment or repositioning activities, and are not classified as held for sale as of
December 31, 2017
.
|
|
|
High
|
|
Low
|
|
Distributions
Declared |
||||||
Quarter ended March 31, 2016
|
|
$
|
47.18
|
|
|
$
|
38.63
|
|
|
$
|
0.4000
|
|
Quarter ended June 30, 2016
|
|
$
|
52.87
|
|
|
$
|
43.66
|
|
|
$
|
0.4200
|
|
Quarter ended September 30, 2016
|
|
$
|
54.56
|
|
|
$
|
47.24
|
|
|
$
|
0.4200
|
|
Quarter ended December 31, 2016
|
|
$
|
52.53
|
|
|
$
|
44.65
|
|
|
$
|
0.4200
|
|
Quarter ended March 31, 2017
|
|
$
|
51.70
|
|
|
$
|
45.36
|
|
|
$
|
0.4200
|
|
Quarter ended June 30, 2017
|
|
$
|
49.93
|
|
|
$
|
44.72
|
|
|
$
|
0.4400
|
|
Quarter ended September 30, 2017
|
|
$
|
49.26
|
|
|
$
|
43.98
|
|
|
$
|
0.4400
|
|
Quarter ended December 31, 2017
|
|
$
|
45.50
|
|
|
$
|
40.07
|
|
|
$
|
0.4400
|
|
|
As of and for the Year Ended December 31,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Statements of Comprehensive Income Information:
|
|
|
|
|
|
|
|
|
|
||||||||||
Owned property revenue
(1)
|
$
|
741,909
|
|
|
$
|
738,598
|
|
|
$
|
708,018
|
|
|
$
|
693,694
|
|
|
$
|
621,117
|
|
Owned property operating expenses
|
332,429
|
|
|
337,296
|
|
|
331,836
|
|
|
329,615
|
|
|
296,794
|
|
|||||
On-campus participating property revenue
|
33,945
|
|
|
33,433
|
|
|
31,586
|
|
|
28,534
|
|
|
26,348
|
|
|||||
On-campus participating property operating expenses
|
14,384
|
|
|
13,447
|
|
|
12,437
|
|
|
11,290
|
|
|
11,049
|
|
|||||
Third-party development and management services revenues
|
20,593
|
|
|
14,330
|
|
|
13,777
|
|
|
11,687
|
|
|
9,997
|
|
|||||
Third-party development and management services expenses
|
15,225
|
|
|
14,533
|
|
|
14,346
|
|
|
12,008
|
|
|
10,935
|
|
|||||
Total other operating expenses
(2)
|
291,871
|
|
|
247,942
|
|
|
237,858
|
|
|
226,016
|
|
|
206,931
|
|
|||||
Income from continuing operations
|
70,121
|
|
|
100,623
|
|
|
118,061
|
|
|
61,384
|
|
|
47,436
|
|
|||||
Income from discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|
2,720
|
|
|
59,755
|
|
|||||
Net income
|
70,121
|
|
|
100,623
|
|
|
118,061
|
|
|
64,104
|
|
|
107,191
|
|
|||||
Net income attributable to noncontrolling interests
|
(1,083
|
)
|
|
(1,562
|
)
|
|
(2,070
|
)
|
|
(1,265
|
)
|
|
(2,547
|
)
|
|||||
Net income attributable to ACC, Inc. and
Subsidiaries common stockholders |
69,038
|
|
|
99,061
|
|
|
115,991
|
|
|
62,839
|
|
|
104,644
|
|
|||||
Per Share and Distribution Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Income from continuing operations - Basic
|
$
|
0.50
|
|
|
$
|
0.76
|
|
|
$
|
1.03
|
|
|
$
|
0.56
|
|
|
$
|
0.43
|
|
Income from continuing operations - Diluted
|
0.50
|
|
|
0.75
|
|
|
1.02
|
|
|
0.56
|
|
|
0.42
|
|
|||||
Net income - Basic
|
0.50
|
|
|
0.76
|
|
|
1.03
|
|
|
0.59
|
|
|
0.99
|
|
|||||
Net income - Diluted
|
0.50
|
|
|
0.75
|
|
|
1.02
|
|
|
0.58
|
|
|
0.98
|
|
|||||
Cash distributions declared per common share / unit
|
1.74
|
|
|
1.66
|
|
|
1.58
|
|
|
1.50
|
|
|
1.42
|
|
|||||
Cash distributions declared
|
236,545
|
|
|
218,697
|
|
|
178,506
|
|
|
158,487
|
|
|
149,461
|
|
|||||
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total assets
|
$
|
6,897,370
|
|
|
$
|
5,865,913
|
|
|
$
|
6,006,248
|
|
|
$
|
5,816,044
|
|
|
$
|
5,816,743
|
|
Secured mortgage, construction and bond debt
|
664,020
|
|
|
688,195
|
|
|
1,094,962
|
|
|
1,324,783
|
|
|
1,323,071
|
|
|||||
Term loans and revolving credit facilities
|
774,644
|
|
|
248,365
|
|
|
666,619
|
|
|
838,733
|
|
|
837,247
|
|
|||||
Unsecured notes
|
1,585,855
|
|
|
1,188,737
|
|
|
1,186,700
|
|
|
790,499
|
|
|
794,396
|
|
|||||
Stockholders’ equity
|
3,484,985
|
|
|
3,444,985
|
|
|
2,770,196
|
|
|
2,609,554
|
|
|
2,624,901
|
|
|||||
Other Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash flows provided by (used in):
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating activities
|
$
|
319,954
|
|
|
$
|
308,089
|
|
|
$
|
263,786
|
|
|
$
|
262,243
|
|
|
$
|
249,749
|
|
Investing activities
|
(977,799
|
)
|
|
(31,556
|
)
|
|
(239,455
|
)
|
|
(429,235
|
)
|
|
(509,999
|
)
|
|||||
Financing activities
|
676,887
|
|
|
(271,052
|
)
|
|
(32,734
|
)
|
|
153,303
|
|
|
277,547
|
|
|||||
Funds from operations (“FFO”)
(3)
|
317,358
|
|
|
292,597
|
|
|
271,381
|
|
|
259,230
|
|
|
236,777
|
|
|||||
Funds from operations - modified (“FFOM”)
(3)
|
316,434
|
|
|
297,694
|
|
|
269,259
|
|
|
255,071
|
|
|
236,643
|
|
|||||
Property Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Owned properties
|
169
|
|
|
154
|
|
|
162
|
|
|
169
|
|
|
167
|
|
|||||
Beds
|
104,049
|
|
|
95,193
|
|
|
99,388
|
|
|
103,661
|
|
|
102,400
|
|
|||||
Total owned properties occupancy at December 31,
|
95.7
|
%
|
|
97.2
|
%
|
|
97.3
|
%
|
|
97.7
|
%
|
|
96.8
|
%
|
(1)
|
Includes revenues that are reflected as resident services revenue on the accompanying Consolidated Statements of Comprehensive Income in Item 8.
|
(2)
|
Includes general and administrative expenses, depreciation and amortization expense, ground and facility lease expense, and provision for real estate impairment. See the accompanying Consolidated Statements of Comprehensive Income in Item 8.
|
(3)
|
Management considers Funds from Operations (“FFO”) and Funds from Operations - Modified (“FFOM”) to be appropriate measures of the financial performance of an equity REIT. See “Funds from Operations and Adjusted FFO” in Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for reconciliations of net income attributable to common shareholders to FFO and FFOM.
|
Property portfolio:
|
|
Properties
|
|
Beds
|
||
Owned operating properties:
|
|
|
|
|
||
Off-campus properties
|
|
126
|
|
|
70,754
|
|
On-campus ACE
(1)
|
|
25
|
|
|
18,847
|
|
Subtotal – operating properties
|
|
151
|
|
|
89,601
|
|
|
|
|
|
|
||
Owned properties under development:
|
|
|
|
|
|
|
Off-campus properties
|
|
6
|
|
|
2,935
|
|
On-campus ACE
|
|
7
|
|
|
6,427
|
|
Subtotal – properties under development
|
|
13
|
|
|
9,362
|
|
|
|
|
|
|
||
Total owned properties
|
|
164
|
|
|
98,963
|
|
|
|
|
|
|
||
On-campus participating properties
|
|
5
|
|
|
5,086
|
|
|
|
|
|
|
||
Total owned property portfolio
|
|
169
|
|
|
104,049
|
|
|
|
|
|
|
||
Managed properties
|
|
37
|
|
|
30,035
|
|
Total property portfolio
|
|
206
|
|
|
134,084
|
|
|
|
|
|
|
(1)
|
Includes three properties at Prairie View A&M University that we ultimately expect to be refinanced under the existing on-campus participating structure.
|
|
|
Year Ended December 31,
|
|
|
|
|
|||||||||
|
|
2017
|
|
2016
|
|
Change ($)
|
|
Change (%)
|
|||||||
Revenues:
|
|
|
|
|
|
|
|
|
|||||||
Owned properties
|
|
$
|
738,710
|
|
|
$
|
735,392
|
|
|
$
|
3,318
|
|
|
0.5
|
%
|
On-campus participating properties
|
|
33,945
|
|
|
33,433
|
|
|
512
|
|
|
1.5
|
%
|
|||
Third-party development services
|
|
10,761
|
|
|
4,606
|
|
|
6,155
|
|
|
133.6
|
%
|
|||
Third-party management services
|
|
9,832
|
|
|
9,724
|
|
|
108
|
|
|
1.1
|
%
|
|||
Resident services
|
|
3,199
|
|
|
3,206
|
|
|
(7
|
)
|
|
(0.2
|
)%
|
|||
Total revenues
|
|
796,447
|
|
|
786,361
|
|
|
10,086
|
|
|
1.3
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Owned properties
|
|
332,429
|
|
|
337,296
|
|
|
(4,867
|
)
|
|
(1.4
|
)%
|
|||
On-campus participating properties
|
|
14,384
|
|
|
13,447
|
|
|
937
|
|
|
7.0
|
%
|
|||
Third-party development and management services
|
|
15,225
|
|
|
14,533
|
|
|
692
|
|
|
4.8
|
%
|
|||
General and administrative
|
|
31,386
|
|
|
22,493
|
|
|
8,893
|
|
|
39.5
|
%
|
|||
Depreciation and amortization
|
|
234,955
|
|
|
211,387
|
|
|
23,568
|
|
|
11.1
|
%
|
|||
Ground/facility leases
|
|
10,213
|
|
|
9,167
|
|
|
1,046
|
|
|
11.4
|
%
|
|||
Provision for real estate impairment
|
|
15,317
|
|
|
4,895
|
|
|
10,422
|
|
|
212.9
|
%
|
|||
Total operating expenses
|
|
653,909
|
|
|
613,218
|
|
|
40,691
|
|
|
6.6
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Operating income
|
|
142,538
|
|
|
173,143
|
|
|
(30,605
|
)
|
|
(17.7
|
)%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Nonoperating income and (expenses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Interest income
|
|
4,945
|
|
|
5,481
|
|
|
(536
|
)
|
|
(9.8
|
)%
|
|||
Interest expense
|
|
(71,122
|
)
|
|
(78,687
|
)
|
|
7,565
|
|
|
(9.6
|
)%
|
|||
Amortization of deferred financing costs
|
|
(4,619
|
)
|
|
(6,520
|
)
|
|
1,901
|
|
|
(29.2
|
)%
|
|||
(Loss) gain from disposition of real estate
|
|
(632
|
)
|
|
21,197
|
|
|
(21,829
|
)
|
|
(103.0
|
)%
|
|||
Loss from early extinguishment of debt
|
|
—
|
|
|
(12,841
|
)
|
|
12,841
|
|
|
(100.0
|
)%
|
|||
Total nonoperating expenses
|
|
(71,428
|
)
|
|
(71,370
|
)
|
|
(58
|
)
|
|
0.1
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Income before income taxes
|
|
71,110
|
|
|
101,773
|
|
|
(30,663
|
)
|
|
(30.1
|
)%
|
|||
Income tax provision
|
|
(989
|
)
|
|
(1,150
|
)
|
|
161
|
|
|
(14.0
|
)%
|
|||
Net income
|
|
70,121
|
|
|
100,623
|
|
|
(30,502
|
)
|
|
(30.3
|
)%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Net income attributable to noncontrolling interests
|
|
(1,083
|
)
|
|
(1,562
|
)
|
|
479
|
|
|
(30.7
|
)%
|
|||
Net income attributable to ACC, Inc. and
Subsidiaries common stockholders
|
|
$
|
69,038
|
|
|
$
|
99,061
|
|
|
$
|
(30,023
|
)
|
|
(30.3
|
)%
|
|
|
Same Store Properties
|
|
New Properties
|
|
Sold/Held for Sale Properties
(1)
|
|
Total - All Properties
|
||||||||||||||||||||||||
|
|
Year Ended
December 31,
|
|
Year Ended
December 31,
|
|
Year Ended
December 31,
|
|
Year Ended
December 31,
|
||||||||||||||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
(2)
|
|
2016
(3)
|
|
2017
|
|
2016
|
||||||||||||||||
Number of properties
(4)
|
|
124
|
|
|
124
|
|
|
26
|
|
|
9
|
|
|
2
|
|
|
24
|
|
|
152
|
|
(5)
|
157
|
|
||||||||
Number of beds
(4)
|
|
73,871
|
|
|
73,871
|
|
|
14,870
|
|
|
3,900
|
|
|
1,517
|
|
|
14,924
|
|
|
90,258
|
|
|
92,695
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Revenues
(6)
|
|
$
|
662,801
|
|
|
$
|
648,070
|
|
|
$
|
74,345
|
|
|
$
|
13,271
|
|
|
$
|
4,763
|
|
|
$
|
77,257
|
|
|
$
|
741,909
|
|
|
$
|
738,598
|
|
Operating expenses
|
|
297,633
|
|
|
291,642
|
|
|
31,998
|
|
|
5,652
|
|
|
2,798
|
|
|
40,002
|
|
|
332,429
|
|
|
337,296
|
|
(1)
|
Does not include the allocation of payroll and other administrative costs related to corporate management and oversight.
|
(2)
|
Includes one property that was sold in April 2017 and one property currently in receivership that is in the process of being transferred to the lender in settlement of the property’s $27.4 million mortgage loan that matured in August 2017.
|
(3)
|
Includes properties sold in 2016 and 2017, and one property that is in the process of being transferred to the lender as discussed above.
|
(4)
|
Does not include properties under construction or undergoing redevelopment.
|
(5)
|
Difference from total operating property portfolio represents one property that was sold during the second quarter 2017.
|
(6)
|
Includes revenues which are reflected as resident services revenue on the accompanying Consolidated Statements of Comprehensive Income.
|
Property
|
|
Location
|
|
Primary University Served
|
|
Beds
|
|
Acquisition/Opening Date
|
Acquisitions:
|
|
|
|
|
|
|
|
|
University Crossings
|
|
Charlotte, NC
|
|
University of North Carolina
|
|
546
|
|
August 2016
|
U Point
|
|
Syracuse, NY
|
|
Syracuse University
|
|
163
|
|
October 2016
|
The Arlie
|
|
Arlington, TX
|
|
University of Texas at Arlington
|
|
598
|
|
April 2017
|
TWELVE at U District
|
|
Seattle, WA
|
|
University of Washington
|
|
384
|
|
June 2017
|
The 515
|
|
Eugene, OR
|
|
University of Oregon
|
|
513
|
|
August 2017
|
State
|
|
Fort Collins, CO
|
|
Colorado State University
|
|
665
|
|
August 2017
|
The James
(1)
|
|
Madison, WI
|
|
University of Wisconsin - Madison
|
|
850
|
|
September 2017
|
Bridges @ 11th
|
|
Seattle, WA
|
|
University of Washington
|
|
258
|
|
October 2017
|
Hub U District Seattle
(1)
|
|
Seattle, WA
|
|
University of Washington
|
|
248
|
|
November 2017
|
|
|
|
|
SUBTOTAL - Acquisitions
|
|
4,225
|
|
|
Owned Developments:
|
|
|
|
|
|
|
|
|
Currie Hall
|
|
Los Angeles, CA
|
|
University of Southern California
|
|
456
|
|
August 2016
|
Fairview House
|
|
Indianapolis, IN
|
|
Butler University
|
|
633
|
|
August 2016
|
University Pointe
|
|
Louisville, KY
|
|
University of Louisville
|
|
531
|
|
August 2016
|
U Club on 28th
|
|
Boulder, CO
|
|
University of Colorado
|
|
398
|
|
August 2016
|
U Club Sunnyside
|
|
Morgantown, WV
|
|
West Virginia University
|
|
534
|
|
August 2016
|
The Court at Stadium Centre
|
|
Tallahassee, FL
|
|
Florida State University
|
|
260
|
|
August 2016
|
Merwick Stanworth Phase II
|
|
Princeton, NJ
|
|
Princeton University
|
|
379
|
|
September 2016
|
Tooker House
|
|
Tempe, AZ
|
|
Arizona State University
|
|
1,594
|
|
August 2017
|
Sky View
|
|
Flagstaff, AZ
|
|
Northern Arizona University
|
|
626
|
|
August 2017
|
University Square
|
|
Prairie View, TX
|
|
Prairie View A&M University
|
|
466
|
|
August 2017
|
U Centre on Turner
|
|
Columbia, MO
|
|
University of Missouri
|
|
718
|
|
August 2017
|
U Pointe on Speight
|
|
Waco, TX
|
|
Baylor University
|
|
700
|
|
August 2017
|
21Hundred @ Overton Park
|
|
Lubbock, TX
|
|
Texas Tech University
|
|
1,204
|
|
August 2017
|
Suites at 3rd
|
|
Champaign, IL
|
|
University of Illinois
|
|
251
|
|
August 2017
|
U Club Binghamton Phase II
|
|
Binghamton, NY
|
|
SUNY Binghamton University
|
|
562
|
|
August 2017
|
Callaway House Apartments
|
|
Norman, OK
|
|
University of Oklahoma
|
|
915
|
|
August 2017
|
U Centre on College
|
|
Clemson, SC
|
|
Clemson University
|
|
418
|
|
August 2017
|
|
|
|
|
SUBTOTAL - Owned Developments
|
|
10,645
|
|
|
|
|
|
|
Total - New Properties
|
|
14,870
|
|
|
(1)
|
The James and Hub U District Seattle are properties held by a joint venture formed as part of the Core Transaction. Refer to
Note 5
in the accompanying Notes to the Consolidated Financial Statements contained in Item 8.
|
|
|
Year Ended December 31,
|
|
|
|
|
|||||||||
|
|
2016
|
|
2015
|
|
Change ($)
|
|
Change (%)
|
|||||||
Revenues:
|
|
|
|
|
|
|
|
|
|||||||
Owned properties
|
|
$
|
735,392
|
|
|
$
|
704,909
|
|
|
$
|
30,483
|
|
|
4.3
|
%
|
On-campus participating properties
|
|
33,433
|
|
|
31,586
|
|
|
1,847
|
|
|
5.8
|
%
|
|||
Third-party development services
|
|
4,606
|
|
|
4,964
|
|
|
(358
|
)
|
|
(7.2
|
)%
|
|||
Third-party management services
|
|
9,724
|
|
|
8,813
|
|
|
911
|
|
|
10.3
|
%
|
|||
Resident services
|
|
3,206
|
|
|
3,109
|
|
|
97
|
|
|
3.1
|
%
|
|||
Total revenues
|
|
786,361
|
|
|
753,381
|
|
|
32,980
|
|
|
4.4
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Owned properties
|
|
337,296
|
|
|
331,836
|
|
|
5,460
|
|
|
1.6
|
%
|
|||
On-campus participating properties
|
|
13,447
|
|
|
12,437
|
|
|
1,010
|
|
|
8.1
|
%
|
|||
Third-party development and management services
|
|
14,533
|
|
|
14,346
|
|
|
187
|
|
|
1.3
|
%
|
|||
General and administrative
|
|
22,493
|
|
|
20,838
|
|
|
1,655
|
|
|
7.9
|
%
|
|||
Depreciation and amortization
|
|
211,387
|
|
|
208,788
|
|
|
2,599
|
|
|
1.2
|
%
|
|||
Ground/facility leases
|
|
9,167
|
|
|
8,232
|
|
|
935
|
|
|
11.4
|
%
|
|||
Provision for real estate impairment
|
|
4,895
|
|
|
—
|
|
|
4,895
|
|
|
100.0
|
%
|
|||
Total operating expenses
|
|
613,218
|
|
|
596,477
|
|
|
16,741
|
|
|
2.8
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Operating income
|
|
173,143
|
|
|
156,904
|
|
|
16,239
|
|
|
10.3
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Nonoperating income and (expenses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Interest income
|
|
5,481
|
|
|
4,421
|
|
|
1,060
|
|
|
24.0
|
%
|
|||
Interest expense
|
|
(78,687
|
)
|
|
(87,789
|
)
|
|
9,102
|
|
|
(10.4
|
)%
|
|||
Amortization of deferred financing costs
|
|
(6,520
|
)
|
|
(5,550
|
)
|
|
(970
|
)
|
|
17.5
|
%
|
|||
Gain from disposition of real estate
|
|
21,197
|
|
|
52,699
|
|
|
(31,502
|
)
|
|
(59.8
|
)%
|
|||
Loss from early extinguishment of debt
|
|
(12,841
|
)
|
|
(1,770
|
)
|
|
(11,071
|
)
|
|
625.5
|
%
|
|||
Other nonoperating income
|
|
—
|
|
|
388
|
|
|
(388
|
)
|
|
(100.0
|
)%
|
|||
Total nonoperating expenses
|
|
(71,370
|
)
|
|
(37,601
|
)
|
|
(33,769
|
)
|
|
89.8
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Income before income taxes
|
|
101,773
|
|
|
119,303
|
|
|
(17,530
|
)
|
|
(14.7
|
)%
|
|||
Income tax provision
|
|
(1,150
|
)
|
|
(1,242
|
)
|
|
92
|
|
|
(7.4
|
)%
|
|||
Net income
|
|
100,623
|
|
|
118,061
|
|
|
(17,438
|
)
|
|
(14.8
|
)%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Net income attributable to noncontrolling interests
|
|
(1,562
|
)
|
|
(2,070
|
)
|
|
508
|
|
|
(24.5
|
)%
|
|||
Net income attributable to ACC, Inc. and
Subsidiaries common stockholders
|
|
$
|
99,061
|
|
|
$
|
115,991
|
|
|
$
|
(16,930
|
)
|
|
(14.6
|
)%
|
|
|
Same Store Properties
|
|
New Properties
(1)
|
|
Sold/Held for Sale Properties
(2)
|
|
Total - All Properties
|
||||||||||||||||||||||||
|
|
Year Ended
December 31,
|
|
Year Ended
December 31,
|
|
Year Ended
December 31,
|
|
Year Ended
December 31,
|
||||||||||||||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
(3)
|
|
2015
(4)
|
|
2016
|
|
2015
|
||||||||||||||||
Number of properties
|
|
113
|
|
|
113
|
|
|
21
|
|
|
12
|
|
|
23
|
|
|
43
|
|
|
157
|
|
|
168
|
|
||||||||
Number of beds
|
|
66,993
|
|
|
66,993
|
|
|
11,638
|
|
|
7,738
|
|
|
14,064
|
|
|
26,361
|
|
|
92,695
|
|
|
101,092
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Revenues
(5)
|
|
$
|
576,760
|
|
|
$
|
559,390
|
|
|
$
|
88,399
|
|
|
$
|
38,340
|
|
|
$
|
73,439
|
|
|
$
|
110,288
|
|
|
$
|
738,598
|
|
|
$
|
708,018
|
|
Operating expenses
|
|
264,054
|
|
|
257,094
|
|
|
36,163
|
|
|
20,775
|
|
|
37,079
|
|
|
53,967
|
|
|
337,296
|
|
|
331,836
|
|
(1)
|
Does not include properties under construction as of
December 31, 2016
. Number of properties and number of beds also excludes properties undergoing redevelopment as of
December 31, 2015
, although the results of operations of those properties are included in new property revenues and operating expenses prior to commencement of redevelopment activities.
|
(2)
|
Does not include the allocation of payroll and other administrative costs related to corporate management and oversight.
|
(3)
|
Includes 21 owned properties that were sold during the
year ended December 31, 2016
, along with one property that was classified as held for sale as of
December 31, 2016
. One of the properties sold consists of two phases which are counted separately in the property portfolio numbers above. Refer to
Note 6
in the accompanying Notes to Consolidated Financial Statements contained in Item 1 for a more detailed discussion of our recent disposition activity.
|
(4)
|
Includes the 22 owned properties, noted above, that were sold or held for sale during the
year ended December 31, 2016
, and 20 owned properties that were sold during the
year ended December 31, 2015
.
|
(5)
|
Includes revenues which are reflected as resident services revenue on the accompanying Consolidated Statements of Comprehensive Income.
|
Property
|
|
Location
|
|
Primary University Served
|
|
Beds
|
|
Acquisition/Opening Date
|
Acquisitions:
|
|
|
|
|
|
|
|
|
Park Point
|
|
Syracuse, NY
|
|
Syracuse University
|
|
226
|
|
February 2015
|
1200 West Marshall
|
|
Richmond, VA
|
|
Virginia Commonwealth University
|
|
406
|
|
March 2015
|
8 1/2 Canal Street
|
|
Richmond, VA
|
|
Virginia Commonwealth University
|
|
540
|
|
March 2015
|
Vistas San Marcos
|
|
San Marcos, TX
|
|
Texas State University
|
|
600
|
|
March 2015
|
Crest at Pearl
|
|
Austin, TX
|
|
University of Texas
|
|
343
|
|
June 2015
|
UP at Metroplex
|
|
Binghamton, NY
|
|
Binghamton University - SUNY
|
|
710
|
|
June 2015
|
Stadium Centre
|
|
Tallahassee, FL
|
|
Florida State University
|
|
710
|
|
July 2015
|
University Crossings
|
|
Charlotte, NC
|
|
University of North Carolina
|
|
546
|
|
August 2016
|
U Point
|
|
Syracuse, NY
|
|
Syracuse University
|
|
163
|
|
October 2016
|
|
|
|
|
SUBTOTAL - Acquisitions
|
|
4,244
|
|
|
Owned Developments:
|
|
|
|
|
|
|
|
|
160 Ross
|
|
Auburn, AL
|
|
Auburn University
|
|
642
|
|
August 2015
|
U Club on Woodward Phase II
|
|
Tallahassee, FL
|
|
Florida State University
|
|
496
|
|
August 2015
|
The Summit at University City
|
|
Philadelphia, PA
|
|
Drexel University
|
|
1,315
|
|
September 2015
|
2125 Franklin
|
|
Eugene, OR
|
|
University of Oregon
|
|
734
|
|
September 2015
|
Currie Hall
|
|
Los Angeles, CA
|
|
University of Southern California
|
|
456
|
|
August 2016
|
Fairview House
|
|
Indianapolis, IN
|
|
Butler University
|
|
633
|
|
August 2016
|
University Pointe
|
|
Louisville, KY
|
|
University of Louisville
|
|
531
|
|
August 2016
|
Merwick Stanworth Phase II
|
|
Princeton, NJ
|
|
Princeton University
|
|
379
|
|
September 2016
|
U Club on 28th
|
|
Boulder, CO
|
|
University of Colorado
|
|
398
|
|
August 2016
|
U Club Sunnyside
|
|
Morgantown, WV
|
|
West Virginia University
|
|
534
|
|
August 2016
|
The Court at Stadium Centre
|
|
Tallahassee, FL
|
|
Florida State University
|
|
260
|
|
August 2016
|
|
|
|
|
SUBTOTAL - Owned Developments
|
|
6,378
|
|
|
Under Renovation:
|
|
|
|
|
|
|
|
|
University Crossings
|
|
Philadelphia, PA
|
|
Drexel University
|
|
1,016
|
|
September 2015
|
|
|
|
|
Total - New Properties
|
|
11,638
|
|
|
|
|
Amount
|
|
% of Total
|
|
Weighted Average Rates
(1)
|
|
Weighted Average Maturities
|
||||
Secured
|
|
$
|
648,688
|
|
|
21.4
|
%
|
|
4.8
|
%
|
|
5.0 Years
|
Unsecured
|
|
2,377,600
|
|
|
78.6
|
%
|
|
3.3
|
%
|
|
5.0 Years
|
|
Total consolidated debt
|
|
$
|
3,026,288
|
|
|
100.0
|
%
|
|
3.6
|
%
|
|
5.0 Years
|
|
|
|
|
|
|
|
|
|
||||
Fixed rate debt
|
|
|
|
|
|
|
|
|
||||
Secured
|
|
|
|
|
|
|
|
|
||||
Project-based taxable bonds
|
|
$
|
30,575
|
|
|
1.0
|
%
|
|
7.6
|
%
|
|
6.8 Years
|
Mortgage
|
|
566,333
|
|
|
18.8
|
%
|
|
4.6
|
%
|
|
5.3 Years
|
|
Unsecured
|
|
|
|
|
|
|
|
|
||||
April 2013 Notes
|
|
400,000
|
|
|
13.2
|
%
|
|
3.8
|
%
|
|
5.3 Years
|
|
June 2014 Notes
|
|
400,000
|
|
|
13.2
|
%
|
|
4.1
|
%
|
|
6.5 Years
|
|
September 2015 Notes
|
|
400,000
|
|
|
13.2
|
%
|
|
3.4
|
%
|
|
2.8 Years
|
|
October 2017 Notes
|
|
400,000
|
|
|
13.2
|
%
|
|
3.6
|
%
|
|
9.9 Years
|
|
Total - fixed rate debt
|
|
2,196,908
|
|
|
72.6
|
%
|
|
4.0
|
%
|
|
5.9 Years
|
|
|
|
|
|
|
|
|
|
|
||||
Variable rate debt:
|
|
|
|
|
|
|
|
|
||||
Secured
|
|
|
|
|
|
|
|
|
||||
Construction
|
|
51,780
|
|
|
1.7
|
%
|
|
4.4
|
%
|
|
0.7 Years
|
|
Unsecured
|
|
|
|
|
|
|
|
|
||||
Term loans
|
|
650,000
|
|
|
21.5
|
%
|
|
2.4
|
%
|
|
2.4 Years
|
|
Unsecured revolving credit facility
|
|
127,600
|
|
|
4.2
|
%
|
|
2.7
|
%
|
|
4.2 Years
|
|
Total - variable rate debt
|
|
829,380
|
|
|
27.4
|
%
|
|
2.6
|
%
|
|
2.6 Years
|
|
Total consolidated debt
|
|
$
|
3,026,288
|
|
|
100.0
|
%
|
|
3.6
|
%
|
|
5.0 Years
|
|
|
|
|
|
|
|
|
|
(1)
|
Represents stated interest rate and does not include the effect of the amortization of deferred financing costs, debt premiums and discounts, OIDs, and interest rate swap terminations.
|
|
|
As of and for the Year Ended December 31,
|
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
|
||||||
Recurring capital expenditures
|
|
$
|
18,516
|
|
|
$
|
16,062
|
|
|
$
|
14,101
|
|
|
Acquisition-related
|
|
30,435
|
|
|
14,319
|
|
|
4,286
|
|
|
|||
Renovations and strategic repositioning
|
|
27,259
|
|
|
16,568
|
|
|
45,534
|
|
(1)
|
|||
Non-recurring and other
|
|
6,270
|
|
|
8,763
|
|
|
19,158
|
|
|
|||
Disposition-related
(2)
|
|
242
|
|
|
5,875
|
|
|
13,753
|
|
|
|||
Total
|
|
$
|
82,722
|
|
|
$
|
61,587
|
|
|
$
|
96,832
|
|
|
|
|
|
|
|
|
|
|
||||||
Average beds
(3)
|
|
82,021
|
|
|
75,318
|
|
|
70,654
|
|
|
|||
Average recurring capital expenditures per bed
|
|
$
|
226
|
|
|
$
|
213
|
|
|
$
|
200
|
|
|
(1)
|
Includes renovation costs incurred at University Crossings and The Castilian.
|
(2)
|
Includes properties sold during 2017, 2016 and 2015. It also includes one property currently in receivership that is in the process of being transferred to the lender in settlement of the property’s $27.4 million mortgage loan that matured in August 2017. Historical capital expenditures for these properties have been reclassified for all periods presented.
|
|
|
Total
|
|
Less than 1 Year
|
|
1 - 3 Years
|
|
3 - 5 Years
|
|
More than 5 Years
|
||||||||||
Long-term debt
(1)
|
|
$
|
2,974,508
|
|
(2)
|
$
|
445,743
|
|
(2)
|
$
|
468,082
|
|
|
$
|
742,185
|
|
|
$
|
1,318,498
|
|
Interest on long-term debt
|
|
546,548
|
|
(3)
|
105,296
|
|
(3)
|
184,301
|
|
|
123,374
|
|
|
133,577
|
|
|||||
Development projects
(4)
|
|
402,943
|
|
|
308,158
|
|
|
94,785
|
|
|
—
|
|
|
—
|
|
|||||
Ground/facility lease obligations
(5)
|
|
413,736
|
|
|
7,122
|
|
|
17,032
|
|
|
17,546
|
|
|
372,036
|
|
|||||
Operating lease obligations
(6)
|
|
5,479
|
|
|
1,446
|
|
|
2,846
|
|
|
826
|
|
|
361
|
|
|||||
Presale development projects
(7)
|
|
42,200
|
|
|
42,200
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Joint venture agreements
(8)
|
|
284,620
|
|
|
130,621
|
|
|
153,999
|
|
|
—
|
|
|
—
|
|
|||||
|
|
$
|
4,670,034
|
|
|
$
|
1,040,586
|
|
|
$
|
921,045
|
|
|
$
|
883,931
|
|
|
$
|
1,824,472
|
|
(1)
|
Amounts include aggregate principal payments only and assumes we do not exercise extension options available to us on our unsecured credit facility or our unsecured term loans (see
Note 10
in the accompanying Notes to Consolidated Financial Statements contained in Item 8).
|
(2)
|
Amounts exclude
$51.8 million
in constructions loans associated with presale developments and joint ventures. These loans are an obligation of the third-party developer and will be paid off with proceeds from the Company’s investment in the properties, and are included in presale development projects and joint venture agreements in the table above (see Note
5
and
16
in the accompanying Notes to Consolidated Financial Statements contained in Item 8).
|
(3)
|
Amount includes $1.6 million of interest due on
$51.8 million
of construction loan debt outstanding as of
December 31, 2017
discussed above.
|
(4)
|
Consists of anticipated cash payments, including amounts accrued as of
December 31, 2017
, related to nine owned development projects under construction as of
December 31, 2017
, which will be funded entirely by us and are scheduled to be completed between August 2018 and August 2019. 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.
|
(5)
|
Includes minimum annual lease payments under ground/facility lease agreements entered into with university systems and other third parties. Refer to
Note 15
in the accompanying Notes to Consolidated Financial Statements contained in Item 8 for a more detailed discussion of our ground/facility leases.
|
(6)
|
Includes operating leases related to corporate office space and equipment (see
Note 15
in the accompanying Notes to Consolidated Financial Statements contained in Item 8).
|
(7)
|
Includes the contractual purchase price and the cost of elected upgrades, net of $0.4 million in earnest money funded in December 2016, for a presale development project which Company is obligated to purchase as long as certain construction completion deadlines and other closing conditions are met (see
Note 5
and
Note 16
in the accompanying Notes to Consolidated Financial Statements contained in Item 8).
|
(8)
|
Includes the additional investments in joint ventures that were part of the Core Transaction. See
Note 5
and
Note 16
in the accompanying Notes to Consolidated Financial Statements contained in Item 8.
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
Net income attributable to ACC, Inc. and Subsidiaries common stockholders
|
|
$
|
69,038
|
|
|
$
|
99,061
|
|
|
$
|
115,991
|
|
Noncontrolling interests
|
|
1,076
|
|
|
1,562
|
|
|
2,070
|
|
|||
Loss (gain) from disposition of real estate
|
|
632
|
|
|
(21,197
|
)
|
|
(52,699
|
)
|
|||
Elimination of provision for real estate impairment
(1)
|
|
15,317
|
|
|
4,895
|
|
|
—
|
|
|||
Real estate related depreciation and amortization
|
|
231,295
|
|
|
208,276
|
|
|
206,019
|
|
|||
Funds from operations (“FFO”) attributable to common stockholders and OP unitholders
|
|
317,358
|
|
|
292,597
|
|
|
271,381
|
|
|||
|
|
|
|
|
|
|
||||||
Elimination of operations of on-campus participating properties:
|
|
|
|
|
|
|
|
|
|
|||
Net income from on-campus participating properties
|
|
(5,133
|
)
|
|
(5,194
|
)
|
|
(4,236
|
)
|
|||
Amortization of investment in on-campus participating properties
|
|
(7,536
|
)
|
|
(7,343
|
)
|
|
(7,034
|
)
|
|||
|
|
304,689
|
|
|
280,060
|
|
|
260,111
|
|
|||
Modifications to reflect operational performance of on-campus participating properties:
|
|
|
|
|
|
|
|
|
|
|||
Our share of net cash flow
(2)
|
|
2,841
|
|
|
2,964
|
|
|
3,118
|
|
|||
Management fees
|
|
1,534
|
|
|
1,503
|
|
|
1,424
|
|
|||
Contribution from on-campus participating properties
|
|
4,375
|
|
|
4,467
|
|
|
4,542
|
|
|||
|
|
|
|
|
|
|
||||||
Property acquisition costs
(3)
|
|
2,855
|
|
|
326
|
|
|
2,836
|
|
|||
Contractual executive separation and retirement charges
(4)
|
|
4,515
|
|
|
—
|
|
|
—
|
|
|||
Elimination of loss from early extinguishment of debt
(5)
|
|
—
|
|
|
12,841
|
|
|
1,770
|
|
|||
Funds from operations – modified (“FFOM”) attributable to common stockholders and OP unitholders
|
|
$
|
316,434
|
|
|
$
|
297,694
|
|
|
$
|
269,259
|
|
|
|
|
|
|
|
|
||||||
FFO per share – diluted
|
|
$
|
2.31
|
|
|
$
|
2.23
|
|
|
$
|
2.38
|
|
|
|
|
|
|
|
|
||||||
FFOM per share – diluted
|
|
$
|
2.31
|
|
|
$
|
2.27
|
|
|
$
|
2.36
|
|
|
|
|
|
|
|
|
||||||
Weighted average common shares outstanding -
diluted
|
|
137,099,084
|
|
|
131,340,992
|
|
|
114,141,997
|
|
(1)
|
Represents an impairment charge recorded for an owned property currently in receivership that is in the process of being transferred to the lender in settlement of the property’s $27.4 million mortgage loan that matured in August 2017, and an impairment charge recorded in the fourth quarter 2016 for The Province - Dayton (a property that was classified as held for sale as of
December 31, 2016
).
|
(2)
|
50% of the properties’ net cash available for distribution after payment of operating expenses, debt service (including repayment of principal) and capital expenditures which is included in ground/facility leases expense in the accompanying Consolidated Statements of Comprehensive Income.
|
(3)
|
The year ended
December 31, 2017
amount represents transaction costs related to our initial investment in the Core Joint Ventures. Refer to Note
5
in the accompanying Notes to Consolidated Financial Statements contained in Item 8 for a more detailed discussion.
|
(4)
|
Represents contractual executive separation and retirement charges incurred in the first and second quarter 2017 with regard to the retirement of the Company’s former Chief Financial Officer.
|
(5)
|
Represents losses associated with the early pay-off of mortgage loans for four properties sold during the year ended
December 31, 2015
and nine properties sold during the year ended
December 31, 2016
. 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
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||||||||
|
|
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
|
|
$
|
2,099,371
|
|
|
6.1 Years
|
|
4.00%
|
|
69.4%
|
|
$
|
1,766,590
|
|
|
6.1 Years
|
|
4.22%
|
|
83.5%
|
Variable rate debt
(1)
|
|
829,380
|
|
|
2.6 Years
|
|
2.60%
|
|
27.4%
|
|
99,300
|
|
|
1.2 Years
|
|
2.02%
|
|
4.7%
|
||
Hedged debt
(2)
|
|
97,537
|
|
|
1.4 Years
|
|
3.30%
|
|
3.2%
|
|
248,584
|
|
|
3.4 Years
|
|
2.51%
|
|
11.8%
|
||
Total consolidated debt
|
|
$
|
3,026,288
|
|
|
5.0 Years
|
|
3.60%
|
|
100.0%
|
|
$
|
2,114,474
|
|
|
5.5 Years
|
|
3.91%
|
|
100.0%
|
(1)
|
The balance at December 31, 2017, includes the Company’s unsecured revolving credit facility, unsecured term loans and construction loans associated with four in-process development properties. The balance at December 31, 2016, includes the Company’s unsecured revolving credit facility. See
Note 10
in the accompanying Notes to Consolidated Financial Statements contained in Item 8 for further discussion.
|
(2)
|
The balance at December 31, 2017, includes mortgage loans which are effectively fixed by the use of interest rate swaps. The balance at December 31, 2016, includes mortgage loans and a $150 million outstanding balance on one of our unsecured term loans which are effectively fixed by the use of interest rate swaps. In January 2017, the interest rate swap on this term loan expired and the term loan became classified as variable rate debt.
|
|
|
|
|
|
|
|
|
Estimated Carrying Value
|
|
||||||||||
Hedged Debt Instrument
|
|
Notional Amount
|
|
Maturity Date
|
|
Carrying and Estimated Fair Value of (Liability) Asset
|
|
+ 100 Basis Points
|
|
- 100 Basis Points
|
|
||||||||
Cullen Oaks mortgage loan
|
|
$
|
13,698
|
|
|
February 15, 2021
|
|
$
|
(95
|
)
|
|
$
|
280
|
|
|
$
|
(485
|
)
|
|
Cullen Oaks mortgage loan
|
|
13,839
|
|
|
February 15, 2021
|
|
(96
|
)
|
|
283
|
|
|
(490
|
)
|
|
||||
Park Point mortgage loan
|
|
70,000
|
|
|
October 5, 2018
|
|
87
|
|
|
557
|
|
|
(389
|
)
|
|
||||
Total cash flow hedges
|
|
$
|
97,537
|
|
|
|
|
$
|
(104
|
)
|
|
$
|
1,120
|
|
|
$
|
(1,364
|
)
|
|
(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
|
|
910,648
|
|
(1)
|
|
n/a
|
|
468,022
|
|
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
|
|
|
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.
|
|
|
|
American Campus Communities, Inc. Articles Supplementary. 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 March 6, 2017.
|
|
|
|
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.
|
|
|
|
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.
|
|
|
|
Second Amendment to the Bylaws of American Campus Communities, Inc. Incorporated by reference to Exhibit 3.2 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 6, 2017.
|
|
|
|
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.
|
|
|
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.
|
|
|
|
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.
|
|
|
|
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.
|
|
|
|
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.
|
|
|
|
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.
|
|
|
|
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.
|
|
|
|
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.
|
|
|
|
Fourth Amendment to Employment Agreement, dated as of January 10, 2017, between American Campus Communities, Inc. and William C. Bayless, Jr. 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 January 10, 2017.
|
|
|
|
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.
|
|
|
|
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.
|
|
|
|
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.
|
|
|
|
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 99.1 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 5, 2013.
|
|
|
|
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.
|
|
|
|
Fifth Amendment to Employment Agreement, dated as of January 10, 2017, 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 January 10, 2017.
|
|
|
|
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.
|
|
|
|
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.
|
|
|
|
Employment Agreement, dated as of May 4, 2011, between Daniel B. Perry and American Campus Communities, Inc. Incorporated by reference to Exhibit 10.24 to Annual Report on Form 10-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. (File No. 333-181102-01) for the year ended December 31, 2014.
|
|
|
|
First Amendment to Employment Agreement, dated as of November 2, 2012, between Daniel B. Perry and American Campus Communities, Inc. Incorporated by reference to Exhibit 10.25 to Annual Report on Form 10-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. (File No. 333-181102-01) for the year ended December 31, 2014.
|
|
|
|
Second Amendment to Employment Agreement, dated as of January 10, 2017, between American Campus Communities, Inc. and Daniel B. Perry. 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 January 10, 2017.
|
|
|
|
Employment Agreement, dated as of October 16, 2013, between American Campus Communities, Inc. and Jennifer Beese.
|
|
|
|
First Amendment to Employment Agreement, dated as of January 10, 2017, between American Campus Communities, Inc. and Jennifer Beese.
|
|
|
|
Separation Agreement and Mutual General Release, dated as of January 10, 2017, 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) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on January 10, 2017.
|
|
|
|
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.
|
|
|
|
Dated:
|
March 1, 2018
|
AMERICAN CAMPUS COMMUNITIES, INC.
|
|
|
|
By:
|
/s/ William C. Bayless, Jr.
|
|
|
|
William C. Bayless, Jr.
Chief Executive Officer
|
Dated:
|
March 1, 2018
|
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.
Chief Executive Officer
|
Name
|
|
Title
|
|
Date
|
|
|
|
|
|
|
|
|
|
|
/s/ William C. Bayless, Jr.
|
|
Chief Executive Officer and Director (Principal Executive Officer)
|
|
March 1, 2018
|
William C. Bayless, Jr.
|
|
|
|
|
|
|
|
|
|
/s/ Daniel B. Perry
|
|
Executive Vice President, Chief Financial Officer, Treasurer and Secretary (Principal Financial Officer)
|
|
March 1, 2018
|
Daniel B. Perry
|
|
|
|
|
|
|
|
|
|
/s/ Kim K. Voss
|
|
Executive Vice President and Chief Accounting Officer (Principal Accounting Officer)
|
|
March 1, 2018
|
Kim K. Voss
|
|
|
|
|
|
|
|
|
|
/s/ Edward Lowenthal
|
|
Chairman of the Board of Directors
|
|
March 1, 2018
|
Edward Lowenthal
|
|
|
|
|
|
|
|
|
|
/s/ William Blakeley Chandlee III
|
|
Director
|
|
March 1, 2018
|
William Blakeley Chandlee III
|
|
|
|
|
|
|
|
|
|
/s/ G. Steven Dawson
|
|
Director
|
|
March 1, 2018
|
G. Steven Dawson
|
|
|
|
|
|
|
|
|
|
/s/ Cydney C. Donnell
|
|
Director
|
|
March 1, 2018
|
Cydney Donnell
|
|
|
|
|
|
|
|
|
|
/s/ Oliver Luck
|
|
Director
|
|
March 1, 2018
|
Oliver Luck
|
|
|
|
|
|
|
|
|
|
/s/ C. Patrick Oles, Jr.
|
|
Director
|
|
March 1, 2018
|
C. Patrick Oles, Jr.
|
|
|
|
|
|
|
|
|
|
/s/ Ernst & Young LLP
|
/s/ Ernst & Young LLP
|
/s/ Ernst & Young LLP
|
/s/ Ernst & Young LLP
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Assets
|
|
|
|
|
||||
|
|
|
|
|
||||
Investments in real estate:
|
|
|
|
|
||||
Owned properties, net
|
|
$
|
6,450,364
|
|
|
$
|
5,427,014
|
|
Owned properties held for sale
|
|
—
|
|
|
25,350
|
|
||
On-campus participating properties, net
|
|
81,804
|
|
|
85,797
|
|
||
Investments in real estate, net
|
|
6,532,168
|
|
|
5,538,161
|
|
||
|
|
|
|
|
||||
Cash and cash equivalents
|
|
41,182
|
|
|
22,140
|
|
||
Restricted cash
|
|
23,590
|
|
|
24,817
|
|
||
Student contracts receivable, net
|
|
9,170
|
|
|
8,428
|
|
||
Other assets
|
|
291,260
|
|
|
272,367
|
|
||
|
|
|
|
|
||||
Total assets
|
|
$
|
6,897,370
|
|
|
$
|
5,865,913
|
|
|
|
|
|
|
||||
Liabilities and equity
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
|
|
||
Secured mortgage, construction and bond debt, net
|
|
$
|
664,020
|
|
|
$
|
688,195
|
|
Unsecured notes, net
|
|
1,585,855
|
|
|
1,188,737
|
|
||
Unsecured term loans, net
|
|
647,044
|
|
|
149,065
|
|
||
Unsecured revolving credit facility
|
|
127,600
|
|
|
99,300
|
|
||
Accounts payable and accrued expenses
|
|
53,741
|
|
|
76,614
|
|
||
Other liabilities
|
|
187,983
|
|
|
158,437
|
|
||
Total liabilities
|
|
3,266,243
|
|
|
2,360,348
|
|
||
|
|
|
|
|
||||
Commitments and contingencies (Note 16)
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
Redeemable noncontrolling interests
|
|
132,169
|
|
|
55,078
|
|
||
|
|
|
|
|
||||
Equity:
|
|
|
|
|
|
|
||
American Campus Communities, Inc. and Subsidiaries stockholders’ equity:
|
|
|
|
|
||||
Common stock, $0.01 par value, 800,000,000 shares authorized, 136,362,728 and 132,225,488 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively
|
|
1,364
|
|
|
1,322
|
|
||
Additional paid in capital
|
|
4,326,910
|
|
|
4,118,842
|
|
||
Common stock held in rabbi trust, 63,778 and 20,181 shares at December 31, 2017 and December 31, 2016, respectively
|
|
(2,944
|
)
|
|
(975
|
)
|
||
Accumulated earnings and dividends
|
|
(837,644
|
)
|
|
(670,137
|
)
|
||
Accumulated other comprehensive loss
|
|
(2,701
|
)
|
|
(4,067
|
)
|
||
Total American Campus Communities, Inc. and Subsidiaries stockholders’ equity
|
|
3,484,985
|
|
|
3,444,985
|
|
||
Noncontrolling interests – partially owned properties
|
|
13,973
|
|
|
5,502
|
|
||
Total equity
|
|
3,498,958
|
|
|
3,450,487
|
|
||
|
|
|
|
|
||||
Total liabilities and equity
|
|
$
|
6,897,370
|
|
|
$
|
5,865,913
|
|
|
|
Year Ended December 31
,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
Revenues:
|
|
|
|
|
|
|
||||||
Owned properties
|
|
$
|
738,710
|
|
|
$
|
735,392
|
|
|
$
|
704,909
|
|
On-campus participating properties
|
|
33,945
|
|
|
33,433
|
|
|
31,586
|
|
|||
Third-party development services
|
|
10,761
|
|
|
4,606
|
|
|
4,964
|
|
|||
Third-party management services
|
|
9,832
|
|
|
9,724
|
|
|
8,813
|
|
|||
Resident services
|
|
3,199
|
|
|
3,206
|
|
|
3,109
|
|
|||
Total revenues
|
|
796,447
|
|
|
786,361
|
|
|
753,381
|
|
|||
|
|
|
|
|
|
|
||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|||
Owned properties
|
|
332,429
|
|
|
337,296
|
|
|
331,836
|
|
|||
On-campus participating properties
|
|
14,384
|
|
|
13,447
|
|
|
12,437
|
|
|||
Third-party development and management services
|
|
15,225
|
|
|
14,533
|
|
|
14,346
|
|
|||
General and administrative
|
|
31,386
|
|
|
22,493
|
|
|
20,838
|
|
|||
Depreciation and amortization
|
|
234,955
|
|
|
211,387
|
|
|
208,788
|
|
|||
Ground/facility leases
|
|
10,213
|
|
|
9,167
|
|
|
8,232
|
|
|||
Provision for real estate impairment
|
|
15,317
|
|
|
4,895
|
|
|
—
|
|
|||
Total operating expenses
|
|
653,909
|
|
|
613,218
|
|
|
596,477
|
|
|||
|
|
|
|
|
|
|
||||||
Operating income
|
|
142,538
|
|
|
173,143
|
|
|
156,904
|
|
|||
|
|
|
|
|
|
|
||||||
Nonoperating income and (expenses):
|
|
|
|
|
|
|
|
|
|
|||
Interest income
|
|
4,945
|
|
|
5,481
|
|
|
4,421
|
|
|||
Interest expense
|
|
(71,122
|
)
|
|
(78,687
|
)
|
|
(87,789
|
)
|
|||
Amortization of deferred financing costs
|
|
(4,619
|
)
|
|
(6,520
|
)
|
|
(5,550
|
)
|
|||
(Loss) gain from disposition of real estate
|
|
(632
|
)
|
|
21,197
|
|
|
52,699
|
|
|||
Loss from early extinguishment of debt
|
|
—
|
|
|
(12,841
|
)
|
|
(1,770
|
)
|
|||
Other nonoperating income
|
|
—
|
|
|
—
|
|
|
388
|
|
|||
Total nonoperating expenses
|
|
(71,428
|
)
|
|
(71,370
|
)
|
|
(37,601
|
)
|
|||
|
|
|
|
|
|
|
||||||
Income before income taxes
|
|
71,110
|
|
|
101,773
|
|
|
119,303
|
|
|||
Income tax provision
|
|
(989
|
)
|
|
(1,150
|
)
|
|
(1,242
|
)
|
|||
Net income
|
|
70,121
|
|
|
100,623
|
|
|
118,061
|
|
|||
Net income attributable to noncontrolling interests
|
|
(1,083
|
)
|
|
(1,562
|
)
|
|
(2,070
|
)
|
|||
Net income attributable to ACC, Inc. and Subsidiaries
common stockholders
|
|
$
|
69,038
|
|
|
$
|
99,061
|
|
|
$
|
115,991
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|||
Change in fair value of interest rate swaps and other
|
|
1,366
|
|
|
1,763
|
|
|
464
|
|
|||
Comprehensive income
|
|
$
|
70,404
|
|
|
$
|
100,824
|
|
|
$
|
116,455
|
|
Net income per share attributable to ACC, Inc. and Subsidiaries
common stockholders
|
|
|
|
|
|
|
|
|
|
|||
Basic
|
|
$
|
0.50
|
|
|
$
|
0.76
|
|
|
$
|
1.03
|
|
Diluted
|
|
$
|
0.50
|
|
|
$
|
0.75
|
|
|
$
|
1.02
|
|
Weighted-average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|||
Basic
|
|
135,141,423
|
|
|
129,228,748
|
|
|
111,987,361
|
|
|||
Diluted
|
|
136,002,385
|
|
|
130,018,729
|
|
|
114,032,222
|
|
|||
|
|
|
|
|
|
|
||||||
Distributions declared per common share
|
|
$
|
1.74
|
|
|
$
|
1.66
|
|
|
$
|
1.58
|
|
|
|
|
|
|
|
|
|
|
Common
Shares
|
|
Par Value of
Common
Shares
|
|
Additional Paid
in Capital
|
|
Common Shares Held in Rabbi Trust
|
|
Common Shares Held in Rabbi Trust at Cost
|
|
Accumulated
Earnings and
Dividends
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Noncontrolling
Interests - Partially Owned Properties
|
|
Total
|
||||||||||||||||
Equity, December 31, 2014
|
|
107,175,236
|
|
|
$
|
1,072
|
|
|
$
|
3,102,540
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
(487,986
|
)
|
|
$
|
(6,072
|
)
|
|
$
|
5,729
|
|
|
$
|
2,615,283
|
|
Adjustments to reflect redeemable noncontrolling interests at fair value
|
|
—
|
|
|
—
|
|
|
4,462
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,462
|
|
|||||||
Amortization of restricted stock awards
|
|
—
|
|
|
—
|
|
|
7,505
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,505
|
|
|||||||
Vesting of restricted stock awards and restricted stock units
|
|
122,502
|
|
|
1
|
|
|
(1,743
|
)
|
|
10,155
|
|
|
(403
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,145
|
)
|
|||||||
Distributions to common and restricted stockholders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(178,506
|
)
|
|
—
|
|
|
—
|
|
|
(178,506
|
)
|
|||||||
Distributions to noncontrolling interests - partially owned properties
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(635
|
)
|
|
(635
|
)
|
|||||||
Increase in ownership of consolidated subsidiary
|
|
—
|
|
|
—
|
|
|
435
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,500
|
)
|
|
(1,065
|
)
|
|||||||
Contributions by noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,255
|
|
|
7,255
|
|
|||||||
Conversion of common and preferred operating partnership units to common stock
|
|
119,474
|
|
|
2
|
|
|
3,034
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,036
|
|
|||||||
Redemption of common units for cash
|
|
—
|
|
|
—
|
|
|
(3,061
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,061
|
)
|
|||||||
Net proceeds from sale of common stock
|
|
4,933,665
|
|
|
49
|
|
|
212,634
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
212,683
|
|
|||||||
Change in fair value of interest rate swaps and other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(170
|
)
|
|
—
|
|
|
(170
|
)
|
|||||||
Amortization of interest rate swap terminations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
412
|
|
|
—
|
|
|
412
|
|
|||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
115,991
|
|
|
—
|
|
|
612
|
|
|
116,603
|
|
|||||||
Equity, December 31, 2015
|
|
112,350,877
|
|
|
1,124
|
|
|
3,325,806
|
|
|
10,155
|
|
|
(403
|
)
|
|
(550,501
|
)
|
|
(5,830
|
)
|
|
11,461
|
|
|
2,781,657
|
|
|||||||
Adjustments to reflect redeemable noncontrolling interests at fair value
|
|
—
|
|
|
—
|
|
|
(7,937
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,937
|
)
|
|||||||
Amortization of restricted stock awards
|
|
—
|
|
|
—
|
|
|
9,316
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,316
|
|
|||||||
Vesting of restricted stock awards and restricted stock units
|
|
132,850
|
|
|
1
|
|
|
(1,679
|
)
|
|
10,026
|
|
|
(572
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,250
|
)
|
|||||||
Distributions to common and restricted stockholders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(218,697
|
)
|
|
—
|
|
|
—
|
|
|
(218,697
|
)
|
|||||||
Distributions to noncontrolling interests - partially owned properties
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(376
|
)
|
|
(376
|
)
|
|||||||
Increase in ownership of consolidated subsidiary
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,311
|
)
|
|
(7,311
|
)
|
|||||||
Contributions by noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,272
|
|
|
1,272
|
|
|||||||
Conversion of common and preferred operating partnership units to common stock
|
|
312,761
|
|
|
3
|
|
|
11,289
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,292
|
|
|||||||
Net proceeds from sale of common stock
|
|
19,429,000
|
|
|
194
|
|
|
782,047
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
782,241
|
|
|||||||
Change in fair value of interest rate swaps and other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,350
|
|
|
—
|
|
|
1,350
|
|
|||||||
Amortization of interest rate swap terminations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
413
|
|
|
—
|
|
|
413
|
|
|||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
99,061
|
|
|
—
|
|
|
456
|
|
|
99,517
|
|
|||||||
Equity, December 31, 2016
|
|
132,225,488
|
|
|
1,322
|
|
|
4,118,842
|
|
|
20,181
|
|
|
(975
|
)
|
|
(670,137
|
)
|
|
(4,067
|
)
|
|
5,502
|
|
|
3,450,487
|
|
|||||||
Adjustments to reflect redeemable noncontrolling interests at fair value
|
|
—
|
|
|
—
|
|
|
9,172
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,172
|
|
|||||||
Amortization of restricted stock awards
|
|
—
|
|
|
—
|
|
|
13,094
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,094
|
|
|||||||
Vesting of restricted stock awards and restricted stock units
|
|
165,884
|
|
|
2
|
|
|
(2,193
|
)
|
|
43,597
|
|
|
(1,969
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,160
|
)
|
|||||||
Distributions to common and restricted stockholders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(236,545
|
)
|
|
—
|
|
|
—
|
|
|
(236,545
|
)
|
|||||||
Distributions to noncontrolling interests - partially owned properties
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(212
|
)
|
|
(212
|
)
|
|||||||
Contributions by noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,254
|
|
|
8,254
|
|
|||||||
Conversion of common and preferred operating partnership units to common stock
|
|
22,000
|
|
|
—
|
|
|
154
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
154
|
|
|||||||
Net proceeds from sale of common stock
|
|
3,949,356
|
|
|
40
|
|
|
187,841
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
187,881
|
|
|||||||
Change in fair value of interest rate swaps and other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
954
|
|
|
—
|
|
|
954
|
|
|||||||
Amortization of interest rate swap terminations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
412
|
|
|
—
|
|
|
412
|
|
|||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
69,038
|
|
|
—
|
|
|
429
|
|
|
69,467
|
|
|||||||
Equity, December 31, 2017
|
|
136,362,728
|
|
|
$
|
1,364
|
|
|
$
|
4,326,910
|
|
|
63,778
|
|
|
$
|
(2,944
|
)
|
|
$
|
(837,644
|
)
|
|
$
|
(2,701
|
)
|
|
$
|
13,973
|
|
|
$
|
3,498,958
|
|
|
|
Year Ended December 31
,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
Operating activities
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
70,121
|
|
|
$
|
100,623
|
|
|
$
|
118,061
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
||||||
Loss (gain) from disposition of real estate
|
|
632
|
|
|
(21,197
|
)
|
|
(52,699
|
)
|
|||
Gain from insurance settlement
|
|
—
|
|
|
—
|
|
|
(388
|
)
|
|||
Loss from early extinguishment of debt
|
|
—
|
|
|
12,841
|
|
|
1,770
|
|
|||
Provision for real estate impairment
|
|
15,317
|
|
|
4,895
|
|
|
—
|
|
|||
Depreciation and amortization
|
|
234,955
|
|
|
211,387
|
|
|
208,788
|
|
|||
Amortization of deferred financing costs and debt premiums/discounts
|
|
(2,871
|
)
|
|
(5,145
|
)
|
|
(6,280
|
)
|
|||
Share-based compensation
|
|
13,854
|
|
|
10,043
|
|
|
8,161
|
|
|||
Income tax provision
|
|
989
|
|
|
1,150
|
|
|
1,242
|
|
|||
Amortization of interest rate swap terminations and other
|
|
412
|
|
|
613
|
|
|
412
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
||||||
Restricted cash
|
|
1,277
|
|
|
2,032
|
|
|
1,656
|
|
|||
Student contracts receivable, net
|
|
(414
|
)
|
|
8,709
|
|
|
(9,397
|
)
|
|||
Other assets
|
|
2,502
|
|
|
(15,905
|
)
|
|
(23,475
|
)
|
|||
Accounts payable and accrued expenses
|
|
(26,718
|
)
|
|
(83
|
)
|
|
(1,201
|
)
|
|||
Other liabilities
|
|
9,898
|
|
|
(1,874
|
)
|
|
17,136
|
|
|||
Net cash provided by operating activities
|
|
319,954
|
|
|
308,089
|
|
|
263,786
|
|
|||
|
|
|
|
|
|
|
||||||
Investing activities
|
|
|
|
|
|
|
|
|
|
|||
Proceeds from disposition of properties and land parcels
|
|
24,462
|
|
|
571,424
|
|
|
427,304
|
|
|||
Cash paid for acquisition of operating and under-development properties
|
|
(366,655
|
)
|
|
(102,804
|
)
|
|
(291,352
|
)
|
|||
Cash paid for land acquisitions
|
|
(8,886
|
)
|
|
(856
|
)
|
|
(49,927
|
)
|
|||
Capital expenditures for owned properties
|
|
(82,722
|
)
|
|
(61,587
|
)
|
|
(96,832
|
)
|
|||
Investments in owned properties under development
|
|
(534,830
|
)
|
|
(424,139
|
)
|
|
(219,636
|
)
|
|||
Capital expenditures for on-campus participating properties
|
|
(3,533
|
)
|
|
(2,944
|
)
|
|
(2,943
|
)
|
|||
Investment in direct financing lease, net
|
|
(746
|
)
|
|
(6,650
|
)
|
|
—
|
|
|||
Investment in loans receivable
|
|
—
|
|
|
—
|
|
|
(5,176
|
)
|
|||
Proceeds from loans receivable
|
|
—
|
|
|
—
|
|
|
7,483
|
|
|||
Change in escrow deposits for real estate investments
|
|
(27
|
)
|
|
4,991
|
|
|
(7,033
|
)
|
|||
Change in restricted cash related to capital reserves
|
|
—
|
|
|
1,918
|
|
|
2,955
|
|
|||
Proceeds from insurance settlement
|
|
—
|
|
|
—
|
|
|
388
|
|
|||
Increase in ownership of consolidated subsidiary
|
|
—
|
|
|
(7,254
|
)
|
|
(1,065
|
)
|
|||
Purchase of corporate furniture, fixtures and equipment
|
|
(4,862
|
)
|
|
(3,655
|
)
|
|
(3,621
|
)
|
|||
Net cash used in investing activities
|
|
(977,799
|
)
|
|
(31,556
|
)
|
|
(239,455
|
)
|
|||
|
|
|
|
|
|
|
||||||
Financing activities
|
|
|
|
|
|
|
|
|
|
|||
Proceeds from unsecured notes
|
|
399,648
|
|
|
—
|
|
|
399,244
|
|
|||
Proceeds from sale of common stock
|
|
190,912
|
|
|
816,065
|
|
|
216,666
|
|
|||
Offering costs
|
|
(2,374
|
)
|
|
(32,923
|
)
|
|
(3,250
|
)
|
|||
Pay-off of mortgage and construction loans
|
|
(147,960
|
)
|
|
(374,971
|
)
|
|
(263,361
|
)
|
|||
Pay-off of unsecured term loans
|
|
—
|
|
|
(600,000
|
)
|
|
—
|
|
|||
Proceeds from unsecured term loans
|
|
500,000
|
|
|
150,000
|
|
|
—
|
|
|||
Proceeds from revolving credit facility
|
|
1,164,700
|
|
|
376,000
|
|
|
720,200
|
|
|||
Paydowns of revolving credit facility
|
|
(1,136,400
|
)
|
|
(345,600
|
)
|
|
(893,800
|
)
|
|||
Proceeds from construction loans
|
|
40,170
|
|
|
4,454
|
|
|
258
|
|
|||
Scheduled principal payments on debt
|
|
(12,842
|
)
|
|
(15,120
|
)
|
|
(14,450
|
)
|
|||
Defeasance costs of early extinguishment of debt
|
|
—
|
|
|
(23,827
|
)
|
|
(1,770
|
)
|
|||
Debt issuance and assumption costs
|
|
(12,060
|
)
|
|
(831
|
)
|
|
(4,330
|
)
|
|||
Termination of interest rate swaps
|
|
—
|
|
|
(108
|
)
|
|
—
|
|
|||
Contributions by noncontrolling interests
|
|
11,801
|
|
|
—
|
|
|
—
|
|
|||
Taxes paid on net-share settlements
|
|
(4,920
|
)
|
|
(2,977
|
)
|
|
(2,800
|
)
|
|||
Distributions to common and restricted stockholders
|
|
(236,545
|
)
|
|
(218,697
|
)
|
|
(178,506
|
)
|
|||
Distributions to noncontrolling interests
|
|
(77,243
|
)
|
|
(2,517
|
)
|
|
(2,964
|
)
|
|||
Redemption of common units for cash
|
|
—
|
|
|
—
|
|
|
(3,871
|
)
|
|||
Net cash provided by (used in) financing activities
|
|
676,887
|
|
|
(271,052
|
)
|
|
(32,734
|
)
|
|||
Net change in cash and cash equivalents
|
|
19,042
|
|
|
5,481
|
|
|
(8,403
|
)
|
|||
Cash and cash equivalents at beginning of period
|
|
22,140
|
|
|
16,659
|
|
|
25,062
|
|
|||
Cash and cash equivalents at end of period
|
|
$
|
41,182
|
|
|
$
|
22,140
|
|
|
$
|
16,659
|
|
|
|
Year Ended December 31
,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
Supplemental disclosure of non-cash investing and financing activities
|
|
|
|
|
|
|
|
|
|
|||
Loans assumed in connection with property acquisitions
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(69,423
|
)
|
Loans associated with investment in joint ventures
|
|
$
|
(104,056
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Issuance of common units in connection with property acquisitions
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(14,182
|
)
|
Conversion of common and preferred operating partnership units to
common stock
|
|
$
|
154
|
|
|
$
|
11,292
|
|
|
$
|
3,036
|
|
Non-cash contribution from noncontrolling interest
|
|
$
|
159,247
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Non-cash consideration exchanged in purchase of land parcel
|
|
$
|
(3,071
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Change in accrued construction in progress
|
|
$
|
16,512
|
|
|
$
|
20,734
|
|
|
$
|
5,720
|
|
Change in fair value of derivative instruments, net
|
|
$
|
954
|
|
|
$
|
1,150
|
|
|
$
|
(170
|
)
|
Change in fair value of redeemable noncontrolling interests
|
|
$
|
9,172
|
|
|
$
|
(7,937
|
)
|
|
$
|
4,462
|
|
|
|
|
|
|
|
|
||||||
Supplemental disclosure of cash flow information
|
|
|
|
|
|
|
|
|
|
|||
Cash paid for interest, net of amounts capitalized
|
|
$
|
72,407
|
|
|
$
|
92,502
|
|
|
$
|
89,336
|
|
Income taxes paid
|
|
$
|
1,053
|
|
|
$
|
1,094
|
|
|
$
|
1,078
|
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Assets
|
|
|
|
|
||||
|
|
|
|
|
||||
Investments in real estate:
|
|
|
|
|
||||
Owned properties, net
|
|
$
|
6,450,364
|
|
|
$
|
5,427,014
|
|
Owned properties held for sale
|
|
—
|
|
|
25,350
|
|
||
On-campus participating properties, net
|
|
81,804
|
|
|
85,797
|
|
||
Investments in real estate, net
|
|
6,532,168
|
|
|
5,538,161
|
|
||
|
|
|
|
|
||||
Cash and cash equivalents
|
|
41,182
|
|
|
22,140
|
|
||
Restricted cash
|
|
23,590
|
|
|
24,817
|
|
||
Student contracts receivable, net
|
|
9,170
|
|
|
8,428
|
|
||
Other assets
|
|
291,260
|
|
|
272,367
|
|
||
|
|
|
|
|
||||
Total assets
|
|
$
|
6,897,370
|
|
|
$
|
5,865,913
|
|
|
|
|
|
|
||||
Liabilities and capital
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
|
|
||
Secured mortgage, construction and bond debt, net
|
|
$
|
664,020
|
|
|
$
|
688,195
|
|
Unsecured notes, net
|
|
1,585,855
|
|
|
1,188,737
|
|
||
Unsecured term loans, net
|
|
647,044
|
|
|
149,065
|
|
||
Unsecured revolving credit facility
|
|
127,600
|
|
|
99,300
|
|
||
Accounts payable and accrued expenses
|
|
53,741
|
|
|
76,614
|
|
||
Other liabilities
|
|
187,983
|
|
|
158,437
|
|
||
Total liabilities
|
|
3,266,243
|
|
|
2,360,348
|
|
||
|
|
|
|
|
||||
Commitments and contingencies (Note 16)
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
Redeemable limited partners
|
|
132,169
|
|
|
55,078
|
|
||
|
|
|
|
|
||||
Capital:
|
|
|
|
|
|
|
||
Partners’ capital:
|
|
|
|
|
|
|
||
General partner - 12,222 OP units outstanding at both December 31, 2017 and December 31, 2016
|
|
67
|
|
|
82
|
|
||
Limited partner - 136,414,284 and 132,233,447 OP units outstanding at December 31, 2017 and December 31, 2016, respectively
|
|
3,487,619
|
|
|
3,448,970
|
|
||
Accumulated other comprehensive loss
|
|
(2,701
|
)
|
|
(4,067
|
)
|
||
Total partners’ capital
|
|
3,484,985
|
|
|
3,444,985
|
|
||
Noncontrolling interests – partially owned properties
|
|
13,973
|
|
|
5,502
|
|
||
Total capital
|
|
3,498,958
|
|
|
3,450,487
|
|
||
|
|
|
|
|
||||
Total liabilities and capital
|
|
$
|
6,897,370
|
|
|
$
|
5,865,913
|
|
|
|
Year Ended December 31
,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
Revenues:
|
|
|
|
|
|
|
||||||
Owned properties
|
|
$
|
738,710
|
|
|
$
|
735,392
|
|
|
$
|
704,909
|
|
On-campus participating properties
|
|
33,945
|
|
|
33,433
|
|
|
31,586
|
|
|||
Third-party development services
|
|
10,761
|
|
|
4,606
|
|
|
4,964
|
|
|||
Third-party management services
|
|
9,832
|
|
|
9,724
|
|
|
8,813
|
|
|||
Resident services
|
|
3,199
|
|
|
3,206
|
|
|
3,109
|
|
|||
Total revenues
|
|
796,447
|
|
|
786,361
|
|
|
753,381
|
|
|||
|
|
|
|
|
|
|
||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|||
Owned properties
|
|
332,429
|
|
|
337,296
|
|
|
331,836
|
|
|||
On-campus participating properties
|
|
14,384
|
|
|
13,447
|
|
|
12,437
|
|
|||
Third-party development and management services
|
|
15,225
|
|
|
14,533
|
|
|
14,346
|
|
|||
General and administrative
|
|
31,386
|
|
|
22,493
|
|
|
20,838
|
|
|||
Depreciation and amortization
|
|
234,955
|
|
|
211,387
|
|
|
208,788
|
|
|||
Ground/facility leases
|
|
10,213
|
|
|
9,167
|
|
|
8,232
|
|
|||
Provision for real estate impairment
|
|
15,317
|
|
|
4,895
|
|
|
—
|
|
|||
Total operating expenses
|
|
653,909
|
|
|
613,218
|
|
|
596,477
|
|
|||
|
|
|
|
|
|
|
||||||
Operating income
|
|
142,538
|
|
|
173,143
|
|
|
156,904
|
|
|||
|
|
|
|
|
|
|
||||||
Nonoperating income and (expenses):
|
|
|
|
|
|
|
|
|
|
|||
Interest income
|
|
4,945
|
|
|
5,481
|
|
|
4,421
|
|
|||
Interest expense
|
|
(71,122
|
)
|
|
(78,687
|
)
|
|
(87,789
|
)
|
|||
Amortization of deferred financing costs
|
|
(4,619
|
)
|
|
(6,520
|
)
|
|
(5,550
|
)
|
|||
(Loss) gain from disposition of real estate
|
|
(632
|
)
|
|
21,197
|
|
|
52,699
|
|
|||
Loss from early extinguishment of debt
|
|
—
|
|
|
(12,841
|
)
|
|
(1,770
|
)
|
|||
Other nonoperating income
|
|
—
|
|
|
—
|
|
|
388
|
|
|||
Total nonoperating expenses
|
|
(71,428
|
)
|
|
(71,370
|
)
|
|
(37,601
|
)
|
|||
|
|
|
|
|
|
|
||||||
Income before income taxes
|
|
71,110
|
|
|
101,773
|
|
|
119,303
|
|
|||
Income tax provision
|
|
(989
|
)
|
|
(1,150
|
)
|
|
(1,242
|
)
|
|||
Net income
|
|
70,121
|
|
|
100,623
|
|
|
118,061
|
|
|||
Net income attributable to noncontrolling interests – partially owned properties
|
|
(435
|
)
|
|
(456
|
)
|
|
(612
|
)
|
|||
Net income attributable to American Campus
Communities Operating Partnership, L.P.
|
|
69,686
|
|
|
100,167
|
|
|
117,449
|
|
|||
Series A preferred units distributions
|
|
(124
|
)
|
|
(146
|
)
|
|
(176
|
)
|
|||
Net income attributable to common unitholders
|
|
$
|
69,562
|
|
|
$
|
100,021
|
|
|
$
|
117,273
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|||
Change in fair value of interest rate swaps and other
|
|
1,366
|
|
|
1,763
|
|
|
464
|
|
|||
Comprehensive income
|
|
$
|
70,928
|
|
|
$
|
101,784
|
|
|
$
|
117,737
|
|
Net income per unit attributable to common unitholders
|
|
|
|
|
|
|
|
|
|
|||
Basic
|
|
$
|
0.50
|
|
|
$
|
0.76
|
|
|
$
|
1.03
|
|
Diluted
|
|
$
|
0.50
|
|
|
$
|
0.75
|
|
|
$
|
1.02
|
|
Weighted-average common units outstanding:
|
|
|
|
|
|
|
|
|
|
|||
Basic
|
|
136,160,609
|
|
|
130,460,248
|
|
|
113,351,242
|
|
|||
Diluted
|
|
137,021,571
|
|
|
131,250,229
|
|
|
114,032,222
|
|
|||
|
|
|
|
|
|
|
||||||
Distributions declared per Common Unit
|
|
$
|
1.74
|
|
|
$
|
1.66
|
|
|
$
|
1.58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
Noncontrolling
|
|
|
|
|||||||
|
|
General Partner
|
|
Limited Partner
|
|
Other
|
|
Interests –
|
|
|
|
|||||||||||||||
|
|
Units
|
|
Amount
|
|
Units
|
|
Amount
|
|
Comprehensive
Loss
|
|
Partially Owned
Properties
|
|
Total
|
||||||||||||
Capital as of December 31, 2014
|
|
12,222
|
|
|
$
|
100
|
|
|
107,163,014
|
|
|
$
|
2,615,526
|
|
|
$
|
(6,072
|
)
|
|
$
|
5,729
|
|
|
$
|
2,615,283
|
|
Adjustments to reflect redeemable limited partners’ interest at fair value
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,462
|
|
|
—
|
|
|
—
|
|
|
4,462
|
|
|||||
Amortization of restricted stock awards
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,505
|
|
|
—
|
|
|
—
|
|
|
7,505
|
|
|||||
Vesting of restricted stock awards and restricted stock units
|
|
—
|
|
|
—
|
|
|
132,657
|
|
|
(2,145
|
)
|
|
—
|
|
|
—
|
|
|
(2,145
|
)
|
|||||
Distributions
|
|
—
|
|
|
(19
|
)
|
|
—
|
|
|
(178,487
|
)
|
|
—
|
|
|
—
|
|
|
(178,506
|
)
|
|||||
Distributions to noncontrolling interests - partially owned properties
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(635
|
)
|
|
(635
|
)
|
|||||
Increase in ownership of consolidated subsidiary
|
|
—
|
|
|
—
|
|
|
—
|
|
|
435
|
|
|
—
|
|
|
(1,500
|
)
|
|
(1,065
|
)
|
|||||
Contributions by noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,255
|
|
|
7,255
|
|
|||||
Conversion of common and preferred operating partnership units to common stock
|
|
—
|
|
|
—
|
|
|
119,474
|
|
|
3,036
|
|
|
—
|
|
|
—
|
|
|
3,036
|
|
|||||
Redemption of common units for cash
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,061
|
)
|
|
—
|
|
|
—
|
|
|
(3,061
|
)
|
|||||
Issuance of units in exchange for contributions of equity offering proceeds
|
|
—
|
|
|
—
|
|
|
4,933,665
|
|
|
212,683
|
|
|
—
|
|
|
—
|
|
|
212,683
|
|
|||||
Change in fair value of interest rate swaps and other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(170
|
)
|
|
—
|
|
|
(170
|
)
|
|||||
Amortization of interest rate swap terminations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
412
|
|
|
—
|
|
|
412
|
|
|||||
Net income
|
|
—
|
|
|
12
|
|
|
—
|
|
|
115,979
|
|
|
—
|
|
|
612
|
|
|
116,603
|
|
|||||
Capital as of December 31, 2015
|
|
12,222
|
|
|
93
|
|
|
112,348,810
|
|
|
2,775,933
|
|
|
(5,830
|
)
|
|
11,461
|
|
|
2,781,657
|
|
|||||
Adjustments to reflect redeemable limited partners’ interest at fair value
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,937
|
)
|
|
—
|
|
|
—
|
|
|
(7,937
|
)
|
|||||
Amortization of restricted stock awards
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,316
|
|
|
—
|
|
|
—
|
|
|
9,316
|
|
|||||
Vesting of restricted stock awards and restricted stock units
|
|
—
|
|
|
—
|
|
|
142,876
|
|
|
(2,250
|
)
|
|
—
|
|
|
—
|
|
|
(2,250
|
)
|
|||||
Distributions
|
|
—
|
|
|
(20
|
)
|
|
—
|
|
|
(218,677
|
)
|
|
—
|
|
|
—
|
|
|
(218,697
|
)
|
|||||
Distributions to noncontrolling interests - partially owned properties
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(376
|
)
|
|
(376
|
)
|
|||||
Increase in ownership of consolidated subsidiary
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
(7,311
|
)
|
|
(7,311
|
)
|
||||||
Contributions by noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,272
|
|
|
1,272
|
|
|||||
Conversion of common and preferred operating partnership units to common stock
|
|
—
|
|
|
—
|
|
|
312,761
|
|
|
11,292
|
|
|
—
|
|
|
—
|
|
|
11,292
|
|
|||||
Issuance of units in exchange for contributions of equity offering proceeds
|
|
—
|
|
|
—
|
|
|
19,429,000
|
|
|
782,241
|
|
|
—
|
|
|
—
|
|
|
782,241
|
|
|||||
Change in fair value of interest rate swaps and other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,350
|
|
|
—
|
|
|
1,350
|
|
|||||
Amortization of interest rate swap terminations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
413
|
|
|
—
|
|
|
413
|
|
|||||
Net income
|
|
—
|
|
|
9
|
|
|
—
|
|
|
99,052
|
|
|
—
|
|
|
456
|
|
|
99,517
|
|
|||||
Capital as of December 31, 2016
|
|
12,222
|
|
|
82
|
|
|
132,233,447
|
|
|
3,448,970
|
|
|
(4,067
|
)
|
|
5,502
|
|
|
3,450,487
|
|
|||||
Adjustments to reflect redeemable limited partners’ interest at fair value
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,172
|
|
|
—
|
|
|
—
|
|
|
9,172
|
|
|||||
Amortization of restricted stock awards
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,094
|
|
|
—
|
|
|
—
|
|
|
13,094
|
|
|||||
Vesting of restricted stock awards and restricted stock units
|
|
—
|
|
|
—
|
|
|
209,481
|
|
|
(4,160
|
)
|
|
—
|
|
|
—
|
|
|
(4,160
|
)
|
|||||
Distributions
|
|
—
|
|
|
(21
|
)
|
|
—
|
|
|
(236,524
|
)
|
|
—
|
|
|
—
|
|
|
(236,545
|
)
|
|||||
Distributions to noncontrolling interests - partially owned properties
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(212
|
)
|
|
(212
|
)
|
|||||
Contributions by noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,254
|
|
|
8,254
|
|
|||||
Conversion of common and preferred operating partnership units to common stock
|
|
—
|
|
|
—
|
|
|
22,000
|
|
|
154
|
|
|
—
|
|
|
—
|
|
|
154
|
|
|||||
Issuance of units in exchange for contributions of equity offering proceeds
|
|
—
|
|
|
—
|
|
|
3,949,356
|
|
|
187,881
|
|
|
—
|
|
|
—
|
|
|
187,881
|
|
|||||
Change in fair value of interest rate swaps and other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
954
|
|
|
—
|
|
|
954
|
|
|||||
Amortization of interest rate swap terminations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
412
|
|
|
—
|
|
|
412
|
|
|||||
Net income
|
|
—
|
|
|
6
|
|
|
—
|
|
|
69,032
|
|
|
—
|
|
|
429
|
|
|
69,467
|
|
|||||
Capital as of December 31, 2017
|
|
12,222
|
|
|
$
|
67
|
|
|
136,414,284
|
|
|
$
|
3,487,619
|
|
|
$
|
(2,701
|
)
|
|
$
|
13,973
|
|
|
$
|
3,498,958
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31
,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
Operating activities
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
70,121
|
|
|
$
|
100,623
|
|
|
$
|
118,061
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
||||||
Loss (gain) from disposition of real estate
|
|
632
|
|
|
(21,197
|
)
|
|
(52,699
|
)
|
|||
Gain from insurance settlement
|
|
—
|
|
|
—
|
|
|
(388
|
)
|
|||
Loss from early extinguishment of debt
|
|
—
|
|
|
12,841
|
|
|
1,770
|
|
|||
Provision for real estate impairment
|
|
15,317
|
|
|
4,895
|
|
|
—
|
|
|||
Depreciation and amortization
|
|
234,955
|
|
|
211,387
|
|
|
208,788
|
|
|||
Amortization of deferred financing costs and debt premiums/discounts
|
|
(2,871
|
)
|
|
(5,145
|
)
|
|
(6,280
|
)
|
|||
Share-based compensation
|
|
13,854
|
|
|
10,043
|
|
|
8,161
|
|
|||
Income tax provision
|
|
989
|
|
|
1,150
|
|
|
1,242
|
|
|||
Amortization of interest rate swap terminations and other
|
|
412
|
|
|
613
|
|
|
412
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
||||||
Restricted cash
|
|
1,277
|
|
|
2,032
|
|
|
1,656
|
|
|||
Student contracts receivable, net
|
|
(414
|
)
|
|
8,709
|
|
|
(9,397
|
)
|
|||
Other assets
|
|
2,502
|
|
|
(15,905
|
)
|
|
(23,475
|
)
|
|||
Accounts payable and accrued expenses
|
|
(26,718
|
)
|
|
(83
|
)
|
|
(1,201
|
)
|
|||
Other liabilities
|
|
9,898
|
|
|
(1,874
|
)
|
|
17,136
|
|
|||
Net cash provided by operating activities
|
|
319,954
|
|
|
308,089
|
|
|
263,786
|
|
|||
|
|
|
|
|
|
|
||||||
Investing activities
|
|
|
|
|
|
|
|
|
|
|||
Proceeds from disposition of properties and land parcels
|
|
24,462
|
|
|
571,424
|
|
|
427,304
|
|
|||
Cash paid for acquisition of operating and under-development properties
|
|
(366,655
|
)
|
|
(102,804
|
)
|
|
(291,352
|
)
|
|||
Cash paid for land acquisitions
|
|
(8,886
|
)
|
|
(856
|
)
|
|
(49,927
|
)
|
|||
Capital expenditures for owned properties
|
|
(82,722
|
)
|
|
(61,587
|
)
|
|
(96,832
|
)
|
|||
Investments in owned properties under development
|
|
(534,830
|
)
|
|
(424,139
|
)
|
|
(219,636
|
)
|
|||
Capital expenditures for on-campus participating properties
|
|
(3,533
|
)
|
|
(2,944
|
)
|
|
(2,943
|
)
|
|||
Investment in direct financing lease, net
|
|
(746
|
)
|
|
(6,650
|
)
|
|
—
|
|
|||
Investment in loans receivable
|
|
—
|
|
|
—
|
|
|
(5,176
|
)
|
|||
Proceeds from loans receivable
|
|
—
|
|
|
—
|
|
|
7,483
|
|
|||
Change in escrow deposits for real estate investments
|
|
(27
|
)
|
|
4,991
|
|
|
(7,033
|
)
|
|||
Change in restricted cash related to capital reserves
|
|
—
|
|
|
1,918
|
|
|
2,955
|
|
|||
Proceeds from insurance settlement
|
|
—
|
|
|
—
|
|
|
388
|
|
|||
Increase in ownership of consolidated subsidiary
|
|
—
|
|
|
(7,254
|
)
|
|
(1,065
|
)
|
|||
Purchase of corporate furniture, fixtures and equipment
|
|
(4,862
|
)
|
|
(3,655
|
)
|
|
(3,621
|
)
|
|||
Net cash used in investing activities
|
|
(977,799
|
)
|
|
(31,556
|
)
|
|
(239,455
|
)
|
|||
|
|
|
|
|
|
|
||||||
Financing activities
|
|
|
|
|
|
|
|
|
|
|||
Proceeds from unsecured notes
|
|
399,648
|
|
|
—
|
|
|
399,244
|
|
|||
Proceeds from issuance of common units in exchange for contributions, net
|
|
188,538
|
|
|
783,142
|
|
|
213,416
|
|
|||
Pay-off of mortgage and construction loans
|
|
(147,960
|
)
|
|
(374,971
|
)
|
|
(263,361
|
)
|
|||
Pay-off of unsecured term loan
|
|
—
|
|
|
(600,000
|
)
|
|
—
|
|
|||
Proceeds from unsecured term loans
|
|
500,000
|
|
|
150,000
|
|
|
—
|
|
|||
Proceeds from revolving credit facility
|
|
1,164,700
|
|
|
376,000
|
|
|
720,200
|
|
|||
Paydowns of revolving credit facility
|
|
(1,136,400
|
)
|
|
(345,600
|
)
|
|
(893,800
|
)
|
|||
Proceeds from construction loans
|
|
40,170
|
|
|
4,454
|
|
|
258
|
|
|||
Scheduled principal payments on debt
|
|
(12,842
|
)
|
|
(15,120
|
)
|
|
(14,450
|
)
|
|||
Defeasance costs of early extinguishment of debt
|
|
—
|
|
|
(23,827
|
)
|
|
(1,770
|
)
|
|||
Debt issuance and assumption costs
|
|
(12,060
|
)
|
|
(831
|
)
|
|
(4,330
|
)
|
|||
Termination of interest rate swaps
|
|
—
|
|
|
(108
|
)
|
|
—
|
|
|||
Contributions by noncontrolling interests
|
|
11,801
|
|
|
—
|
|
|
—
|
|
|||
Taxes paid on net-share settlements
|
|
(4,920
|
)
|
|
(2,977
|
)
|
|
(2,800
|
)
|
|||
Distributions paid on unvested restricted stock awards
|
|
(1,536
|
)
|
|
(1,338
|
)
|
|
(1,086
|
)
|
|||
Distributions paid to common and preferred unitholders
|
|
(236,905
|
)
|
|
(219,500
|
)
|
|
(179,749
|
)
|
|||
Distributions paid to noncontrolling interests – partially owned properties
|
|
(75,347
|
)
|
|
(376
|
)
|
|
(635
|
)
|
|||
Redemption of common units for cash
|
|
—
|
|
|
—
|
|
|
(3,871
|
)
|
|||
Net cash provided by (used in) financing activities
|
|
676,887
|
|
|
(271,052
|
)
|
|
(32,734
|
)
|
|||
Net change in cash and cash equivalents
|
|
19,042
|
|
|
5,481
|
|
|
(8,403
|
)
|
|||
Cash and cash equivalents at beginning of period
|
|
22,140
|
|
|
16,659
|
|
|
25,062
|
|
|||
Cash and cash equivalents at end of period
|
|
$
|
41,182
|
|
|
$
|
22,140
|
|
|
$
|
16,659
|
|
Supplemental disclosure of non-cash investing and financing activities
|
|
|
|
|
|
|
|
|
|
|||
Loans assumed in connection with property acquisitions
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(69,423
|
)
|
Loans associated with investment in joint ventures
|
|
$
|
(104,056
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Issuance of common units in connection with property acquisitions
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(14,182
|
)
|
Conversion of common and preferred operating partnership units to common stock
|
|
$
|
154
|
|
|
$
|
11,292
|
|
|
$
|
3,036
|
|
Non-cash contribution from noncontrolling interest
|
|
$
|
159,247
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Non-cash consideration exchanged in purchase of land parcel
|
|
$
|
(3,071
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Change in accrued construction in progress
|
|
$
|
16,512
|
|
|
$
|
20,734
|
|
|
$
|
5,720
|
|
Change in fair value of derivative instruments, net
|
|
$
|
954
|
|
|
$
|
1,150
|
|
|
$
|
(170
|
)
|
Change in fair value of redeemable noncontrolling interests
|
|
$
|
9,172
|
|
|
$
|
(7,937
|
)
|
|
$
|
4,462
|
|
Supplemental disclosure of cash flow information
|
|
|
|
|
|
|
|
|
|
|||
Cash paid for interest, net of amounts capitalized
|
|
$
|
72,407
|
|
|
$
|
92,502
|
|
|
$
|
89,336
|
|
Income taxes paid
|
|
$
|
1,053
|
|
|
$
|
1,094
|
|
|
$
|
1,078
|
|
Accounting Standards Update
|
|
Effective Date
|
|
|
|
ASU 2017-09, “Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting”
|
|
January 1, 2018
|
ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash”
|
|
January 1, 2018
|
ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”
|
|
January 1, 2018
|
ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”
|
|
January 1, 2019
|
ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”
|
|
January 1, 2020
|
•
|
ASU 2017-03, “Accounting Changes and Error Corrections (Topic 250) and Investments — Equity Method and Joint Ventures (Topic 323): Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings (SEC Update).”
|
•
|
ASU 2016-05, “Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships.”
|
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
|
•
|
Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or
|
•
|
The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e. revenue generated before and after the transaction).
|
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
(1)
|
|
Balance, End
of Period
|
||||||||
Year ended December 31, 2015
|
|
$
|
19,711
|
|
|
$
|
10,115
|
|
|
$
|
(12,772
|
)
|
|
$
|
17,054
|
|
Year ended December 31, 2016
|
|
$
|
17,054
|
|
|
$
|
9,195
|
|
|
$
|
(9,794
|
)
|
|
$
|
16,455
|
|
Year ended December 31, 2017
|
|
$
|
16,455
|
|
|
$
|
6,753
|
|
|
$
|
(8,860
|
)
|
|
$
|
14,348
|
|
(1)
|
Write-offs include
$3.1 million
,
$3.1 million
, and
$4.0 million
during the years ended
December 31, 2017
,
2016
, and
2015
, respectively, related to properties disposed of in prior years.
|
|
|
Year Ended December 31,
|
|||||||
|
|
2017
|
|
2016
|
|
2015
|
|||
Common OP Units (Note 9)
|
|
1,019,186
|
|
|
1,231,500
|
|
|
—
|
|
Preferred OP Units (Note 9)
|
|
77,513
|
|
|
90,763
|
|
|
109,775
|
|
Total potentially dilutive securities
|
|
1,096,699
|
|
|
1,322,263
|
|
|
109,775
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
Numerator - basic earnings per share:
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
70,121
|
|
|
$
|
100,623
|
|
|
$
|
118,061
|
|
Net income attributable to noncontrolling interests
|
|
(1,083
|
)
|
|
(1,562
|
)
|
|
(2,070
|
)
|
|||
Net income attributable to common stockholders
|
|
69,038
|
|
|
99,061
|
|
|
115,991
|
|
|||
Amount allocated to participating securities
|
|
(1,536
|
)
|
|
(1,338
|
)
|
|
(1,086
|
)
|
|||
Net income attributable to common stockholders -
basic |
|
$
|
67,502
|
|
|
$
|
97,723
|
|
|
$
|
114,905
|
|
|
|
|
|
|
|
|
||||||
Numerator - diluted earnings per share:
|
|
|
|
|
|
|
|
|||||
Net income attributable to common stockholders - basic
|
|
$
|
67,502
|
|
|
$
|
97,723
|
|
|
$
|
114,905
|
|
Net income attributable to Common OP Units
|
|
—
|
|
|
—
|
|
|
1,282
|
|
|||
Net income attributable to common stockholders -
diluted
|
|
$
|
67,502
|
|
|
$
|
97,723
|
|
|
$
|
116,187
|
|
|
|
|
|
|
|
|
||||||
Denominator:
|
|
|
|
|
|
|
||||||
Basic weighted average common shares outstanding
|
|
135,141,423
|
|
|
129,228,748
|
|
|
111,987,361
|
|
|||
Unvested restricted stock awards (Note 12)
|
|
860,962
|
|
|
789,981
|
|
|
680,980
|
|
|||
Common OP Units (Note 9)
|
|
—
|
|
|
—
|
|
|
1,363,881
|
|
|||
Diluted weighted average common shares outstanding
|
|
136,002,385
|
|
|
130,018,729
|
|
|
114,032,222
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
Earnings per share:
|
|
|
|
|
|
|
||||||
Net income attributable to common stockholders - Basic
|
|
$
|
0.50
|
|
|
$
|
0.76
|
|
|
$
|
1.03
|
|
Net income attributable to common stockholders - diluted
|
|
$
|
0.50
|
|
|
$
|
0.75
|
|
|
$
|
1.02
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
Numerator - basic and diluted earnings per unit:
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
70,121
|
|
|
$
|
100,623
|
|
|
$
|
118,061
|
|
Net income attributable to noncontrolling interests – partially owned properties
|
|
(435
|
)
|
|
(456
|
)
|
|
(612
|
)
|
|||
Series A preferred unit distributions
|
|
(124
|
)
|
|
(146
|
)
|
|
(176
|
)
|
|||
Amount allocated to participating securities
|
|
(1,536
|
)
|
|
(1,338
|
)
|
|
(1,086
|
)
|
|||
Net income attributable to common unitholders
|
|
$
|
68,026
|
|
|
$
|
98,683
|
|
|
$
|
116,187
|
|
|
|
|
|
|
|
|
||||||
Denominator:
|
|
|
|
|
|
|
||||||
Basic weighted average common units outstanding
|
|
136,160,609
|
|
|
130,460,248
|
|
|
113,351,242
|
|
|||
Unvested restricted stock awards (Note 12)
|
|
860,962
|
|
|
789,981
|
|
|
680,980
|
|
|||
Diluted weighted average common units outstanding
|
|
137,021,571
|
|
|
131,250,229
|
|
|
114,032,222
|
|
Earnings per unit:
|
|
|
|
|
|
|
||||||
Net income attributable to common unitholders - basic
|
|
$
|
0.50
|
|
|
$
|
0.76
|
|
|
$
|
1.03
|
|
Net income attributable to common unitholders - diluted
|
|
$
|
0.50
|
|
|
$
|
0.75
|
|
|
$
|
1.02
|
|
|
|
December 31,
|
||||||
|
|
2017
|
|
2016
|
||||
Deferred tax assets:
|
|
|
|
|
||||
Fixed and intangible assets
|
|
$
|
750
|
|
|
$
|
2,074
|
|
Net operating loss carryforwards
|
|
8,808
|
|
|
9,492
|
|
||
Prepaid and deferred income
|
|
1,459
|
|
|
2,417
|
|
||
Bad debt reserves
|
|
574
|
|
|
754
|
|
||
Accrued expenses and other
|
|
2,769
|
|
|
5,251
|
|
||
Stock compensation
|
|
2,017
|
|
|
2,866
|
|
||
Total deferred tax assets
|
|
16,377
|
|
|
22,854
|
|
||
Valuation allowance for deferred tax assets
|
|
(16,293
|
)
|
|
(22,688
|
)
|
||
Deferred tax assets, net of valuation allowance
|
|
84
|
|
|
166
|
|
||
|
|
|
|
|
||||
Deferred tax liability:
|
|
|
|
|
|
|
||
Deferred financing costs
|
|
84
|
|
|
166
|
|
||
|
|
|
|
|
||||
Net deferred tax liabilities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
Tax benefit at U.S. statutory rates on TRS income
subject to tax
|
|
$
|
1,277
|
|
|
$
|
2,303
|
|
|
$
|
2,019
|
|
State income tax, net of federal income tax benefit
|
|
57
|
|
|
85
|
|
|
74
|
|
|||
Effect of permanent differences and other
|
|
207
|
|
|
(88
|
)
|
|
(77
|
)
|
|||
Deferred tax impact of tax reform
|
|
(9,206
|
)
|
|
—
|
|
|
—
|
|
|||
Decrease (increase) in valuation allowance
|
|
7,665
|
|
|
(2,300
|
)
|
|
(2,016
|
)
|
|||
TRS income tax provision
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Year Ended December 31,
|
||||||||||
Tax Treatment of Distributions:
|
|
2017
|
|
2016
|
|
2015
|
||||||
Ordinary income
|
|
$
|
0.8316
|
|
|
$
|
0.3541
|
|
|
$
|
0.4658
|
|
Long-term capital gain
(1)
|
|
—
|
|
|
0.5145
|
|
|
0.5301
|
|
|||
Return of capital
|
|
0.9084
|
|
|
0.7914
|
|
|
0.5841
|
|
|||
Total per common share outstanding
|
|
$
|
1.7400
|
|
|
$
|
1.6600
|
|
|
$
|
1.5800
|
|
Property
|
|
Location
|
|
Primary University Served
|
|
Acquisition Date
|
|
Beds
|
The 515
|
|
Eugene, OR
|
|
University of Oregon
|
|
August 2017
|
|
513
|
State
|
|
Fort Collins, CO
|
|
Colorado State University
|
|
August 2017
|
|
665
|
|
|
|
|
|
|
|
|
1,178
|
Property
|
|
Location
|
|
Primary University Served
|
|
Actual or Targeted Completion Date
|
|
Beds
|
Core JV I:
|
|
|
|
|
|
|
|
|
The James
|
|
Madison, WI
|
|
University of Wisconsin - Madison
|
|
August 2017
|
|
850
|
Hub U District Seattle
|
|
Seattle, WA
|
|
University of Washington
|
|
September 2017
|
|
248
|
|
|
|
|
|
|
|
|
1,098
|
Core JV II:
|
|
|
|
|
|
|
|
|
Hub Ann Arbor
|
|
Ann Arbor, MI
|
|
University of Michigan
|
|
September 2018
|
|
310
|
Hub Flagstaff
|
|
Flagstaff, AZ
|
|
Northern Arizona University
|
|
September 2018
|
|
591
|
Hub West Lafayette
|
|
West Lafayette, IN
|
|
Purdue University
|
|
September 2018
|
|
599
|
|
|
|
|
|
|
|
|
1,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,598
|
Property
|
|
Location
|
|
Primary University Served
|
|
Acquisition Date
|
|
Beds
|
The Arlie
|
|
Arlington, TX
|
|
University of Texas Arlington
|
|
April 2017
|
|
598
|
TWELVE at U District
|
|
Seattle, WA
|
|
University of Washington
|
|
June 2017
|
|
384
|
Bridges @ 11th
|
|
Seattle, WA
|
|
University of Washington
|
|
October 2017
|
|
258
|
|
|
|
|
|
|
|
|
1,240
|
|
|
2016
|
||
Assets:
|
|
|
||
Land
|
|
$
|
14,720
|
|
Buildings and improvements
|
|
54,162
|
|
|
Furniture, fixtures and equipment
|
|
2,736
|
|
|
Construction in progress
|
|
27,806
|
|
|
Intangible assets
|
|
4,442
|
|
|
Other assets
|
|
—
|
|
|
Total assets
|
|
$
|
103,866
|
|
|
|
|
||
Liabilities:
|
|
|
||
Other liabilities
|
|
(1,062
|
)
|
|
Net assets
|
|
$
|
102,804
|
|
|
Year Ended December 31,
|
|||||||
|
|
2016
|
|
2015
|
||||
Total revenues
|
|
$
|
789,942
|
|
|
$
|
769,797
|
|
Net income attributable to common shareholders
|
|
$
|
99,941
|
|
|
$
|
123,101
|
|
|
|
December 31, 2017
|
|
December 31, 2016
|
|
||||||||||||||||||||
|
|
Wholly-Owned
|
|
VIE
|
|
Total
|
|
Wholly-Owned
|
|
VIE
|
|
Total
|
|
||||||||||||
Land
(1)
|
|
$
|
586,170
|
|
|
$
|
60,821
|
|
|
$
|
646,991
|
|
|
$
|
563,037
|
|
|
$
|
5,229
|
|
|
$
|
568,266
|
|
|
Buildings and improvements
|
|
5,789,439
|
|
|
307,088
|
|
|
6,096,527
|
|
|
4,921,473
|
|
|
143,664
|
|
|
5,065,137
|
|
|
||||||
Furniture, fixtures and equipment
|
|
330,669
|
|
|
18,159
|
|
|
348,828
|
|
|
294,113
|
|
|
9,128
|
|
|
303,241
|
|
|
||||||
Construction in progress
|
|
293,542
|
|
|
99,503
|
|
|
393,045
|
|
|
347,575
|
|
|
1,923
|
|
|
349,498
|
|
|
||||||
|
|
6,999,820
|
|
|
485,571
|
|
|
7,485,391
|
|
|
6,126,198
|
|
|
159,944
|
|
|
6,286,142
|
|
|
||||||
Less accumulated depreciation
|
|
(988,044
|
)
|
|
(46,983
|
)
|
|
(1,035,027
|
)
|
|
(815,053
|
)
|
|
(44,075
|
)
|
|
(859,128
|
)
|
|
||||||
Owned properties, net
|
|
$
|
6,011,776
|
|
|
$
|
438,588
|
|
|
$
|
6,450,364
|
|
|
$
|
5,311,145
|
|
|
$
|
115,869
|
|
|
$
|
5,427,014
|
|
(2)
|
(1)
|
The land balance above includes undeveloped land parcels with book values of approximately
$38.0 million
and
$38.5 million
as of
December 31, 2017
and
2016
, respectively. It also includes land totaling approximately
$29.9 million
and
$61.2 million
as of
December 31, 2017
and
2016
, respectively, related to properties under development.
|
(2)
|
Excludes the net book value of one property classified as held for sale in the accompanying consolidated balance sheet at
December 31, 2016
.
|
|
|
|
|
|
|
|
||||||
|
|
Lease
|
|
Required Debt
|
|
Historical Cost – December 31,
|
||||||
Lessor/University
|
|
Commencement
|
|
Repayment
|
|
2017
|
|
2016
|
||||
Texas A&M University System /
Prairie View A&M University
(1)
|
|
2/1/1996
|
|
9/1/2023
|
|
$
|
44,364
|
|
|
$
|
45,310
|
|
Texas A&M University System /
Texas A&M International
|
|
2/1/1996
|
|
9/1/2023
|
|
6,923
|
|
|
7,215
|
|
||
Texas A&M University System /
Prairie View A&M University
(2)
|
|
10/1/1999
|
|
8/31/2025
|
|
27,802
|
|
|
28,627
|
|
||
|
|
8/31/2028
|
|
|
||||||||
University of Houston System /
University of Houston
(3)
|
|
9/27/2000
|
|
8/31/2035
|
|
36,062
|
|
|
37,960
|
|
||
West Virginia University / West Virginia University
|
|
7/16/2013
|
|
7/16/2045
|
|
44,845
|
|
|
43,817
|
|
||
|
|
|
|
|
|
159,996
|
|
|
162,929
|
|
||
Less accumulated amortization
|
|
|
|
|
|
(78,192
|
)
|
|
(77,132
|
)
|
||
On-campus participating properties, net
|
|
|
|
|
|
$
|
81,804
|
|
|
$
|
85,797
|
|
(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.
|
Balance, December 31, 2015
|
$
|
59,511
|
|
Net income
|
1,106
|
|
|
Distributions
|
(2,141
|
)
|
|
Conversion of redeemable limited partner units into shares of ACC common stock
|
(11,335
|
)
|
|
Adjustments to reflect redeemable limited partner units at fair value
|
7,937
|
|
|
Balance, December 31, 2016
|
$
|
55,078
|
|
Net income
|
654
|
|
|
Distributions
|
(77,031
|
)
|
|
Conversion of redeemable limited partner units into shares of ACC common stock
|
(154
|
)
|
|
Contributions from noncontrolling interests
|
162,794
|
|
|
Adjustments to reflect redeemable limited partner units at fair value
|
(9,172
|
)
|
|
Balance, December 31, 2017
|
$
|
132,169
|
|
|
|
December 31,
|
|
||||||
|
|
2017
|
|
2016
|
|
||||
Debt secured by owned properties:
|
|
|
|
|
|
||||
Mortgage loans payable:
|
|
|
|
|
|
||||
Unpaid principal balance
|
|
$
|
496,557
|
|
|
$
|
559,642
|
|
|
Unamortized deferred financing costs
|
|
(2,144
|
)
|
|
(3,040
|
)
|
|
||
Unamortized debt premiums
|
|
19,006
|
|
|
26,830
|
|
|
||
|
|
513,419
|
|
|
583,432
|
|
|
||
Construction loans payable
(1)
|
|
51,780
|
|
|
—
|
|
|
||
Unamortized deferred financing costs
|
|
(888
|
)
|
|
—
|
|
|
||
|
|
564,311
|
|
|
583,432
|
|
|
||
Debt secured by on-campus participating properties:
|
|
|
|
|
|
|
|||
Mortgage loans payable
(2)
|
|
69,776
|
|
|
71,662
|
|
|
||
Bonds payable
|
|
30,575
|
|
|
33,870
|
|
|
||
Unamortized deferred financing costs
|
|
(642
|
)
|
|
(769
|
)
|
|
||
|
|
99,709
|
|
|
104,763
|
|
|
||
Total secured mortgage, construction and bond debt
|
|
664,020
|
|
|
688,195
|
|
|
||
Unsecured notes, net of unamortized OID and deferred financing costs
(3)
|
|
1,585,855
|
|
|
1,188,737
|
|
|
||
Unsecured term loans, net of unamortized deferred financing costs
(4)
|
|
647,044
|
|
|
149,065
|
|
|
||
Unsecured revolving credit facility
|
|
127,600
|
|
|
99,300
|
|
|
||
Total debt, net
|
|
$
|
3,024,519
|
|
|
$
|
2,125,297
|
|
|
(1)
|
Construction loans payable relates to construction loans partially financing the development of
four
in-process development properties. These properties are owned by entities determined to be VIEs for which the Company is the primary beneficiary. The creditors of these construction loans do not have recourse to the assets of the Company.
|
(2)
|
Mortgage loans payable related to on-campus participating properties do not have recourse to the assets of the Company.
|
(3)
|
Includes net unamortized original issue discount (“OID”) of
$1.9 million
at both
December 31, 2017
and
2016
, and net unamortized deferred financing costs of
$12.2 million
at
December 31, 2017
and
$9.3 million
at
December 31, 2016
.
|
(4)
|
Includes net unamortized deferred financing costs of
$3.0 million
at
December 31, 2017
and
$0.9 million
at
December 31, 2016
.
|
|
|
|
|
December 31, 2017
|
|||||||||||||
|
|
Principal Outstanding
|
|
Weighted
|
|
Weighted
|
|
Number of
|
|||||||||
|
|
December 31,
|
|
Average
|
|
Average
|
|
Properties
|
|||||||||
|
|
2017
|
|
2016
|
|
Interest Rate
|
|
Years to Maturity
|
|
Encumbered
|
|||||||
Fixed Rate:
|
|
|
|
|
|
|
|
|
|
|
|||||||
Mortgage loans payable
(1)
|
|
566,333
|
|
|
$
|
631,304
|
|
|
4.64
|
%
|
|
5.3 Years
|
|
20
|
|
||
Variable Rate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Construction loans payable
(2)
|
|
51,780
|
|
|
—
|
|
|
4.41
|
%
|
—
|
|
0.7 Years
|
|
4
|
|
||
Total
|
|
$
|
618,113
|
|
|
$
|
631,304
|
|
|
4.62
|
%
|
|
4.9 Years
|
|
24
|
|
(1)
|
Fixed rate mortgage loans payable mature at various dates from
June 2018
through
July 2045
and carry interest rates ranging from
3.05%
to
6.43%
at
December 31, 2017
.
|
(2)
|
Variable rate construction loans mature upon completion of the development projects in August and September 2018 and carry interest rates based on LIBOR plus a spread, which translate into interest rates ranging from
3.93%
to
4.90%
at
December 31, 2017
.
|
|
|
Mortgage Loans
Payable
(1)
|
|
Construction Loans
Payable
|
||||
Balance, December 31, 2016
|
|
$
|
631,304
|
|
|
$
|
—
|
|
Additions:
|
|
|
|
|
||||
Construction notes payable - Core Joint Ventures
(2)
|
|
—
|
|
|
104,056
|
|
||
Draws under advancing construction notes payable
|
|
—
|
|
|
40,170
|
|
||
Deductions:
|
|
|
|
|
|
|
||
Pay-off of maturing mortgage notes payable
(3)
|
|
(55,514
|
)
|
|
—
|
|
||
Pay-off of construction debt - Core Joint Ventures
(2)
|
|
—
|
|
|
(92,446
|
)
|
||
Scheduled repayments of principal
|
|
(9,457
|
)
|
|
—
|
|
||
Balance, December 31, 2017
|
|
$
|
566,333
|
|
|
$
|
51,780
|
|
(1)
|
Balance excludes unamortized debt premiums and discounts.
|
(2)
|
Includes construction debt associated with the Company’s initial investment in the Core Joint Ventures. Construction debt associated with Core JV I, totaling
$92.4 million
, was paid off with proceeds from the Company’s initial investment in the joint venture (see
Note 5
).
|
(3)
|
The Company paid off fixed rate mortgage debt nearing maturity secured by
two
owned properties.
|
|
|
|
|
|
|
Principal
|
|
Weighted
|
|
|
|
Required
|
|||||||
Series
|
|
Mortgaged Facilities
Subject to Leases
|
|
Original
|
|
December 31, 2017
|
|
Average
Rate
|
|
Maturity
Date
|
|
Monthly
Debt Service
|
|||||||
1999
|
|
University Village-PVAMU/TAMIU
|
|
$
|
39,270
|
|
|
$
|
16,875
|
|
|
7.76
|
%
|
|
September 2023
|
|
$
|
302
|
|
2001
|
|
University College–PVAMU
|
|
20,995
|
|
|
11,075
|
|
|
7.62
|
%
|
|
August 2025
|
|
158
|
|
|||
2003
|
|
University College–PVAMU
|
|
4,325
|
|
|
2,625
|
|
|
6.16
|
%
|
|
August 2028
|
|
28
|
|
|||
|
|
Total/weighted average rate
|
|
$
|
64,590
|
|
|
$
|
30,575
|
|
|
7.57
|
%
|
|
|
|
$
|
488
|
|
Date Issued
|
|
Amount
|
|
% of Par Value
|
|
Coupon
|
|
Yield
|
|
Original Issue Discount
|
|
Term (Years)
|
||||
April 2013
|
|
$
|
400,000
|
|
|
99.659
|
|
3.750%
|
|
3.791%
|
|
$
|
1,364
|
|
|
10
|
June 2014
|
|
400,000
|
|
|
99.861
|
|
4.125%
|
|
4.269%
|
(1)
|
556
|
|
|
10
|
||
September 2015
|
|
400,000
|
|
|
99.811
|
|
3.350%
|
|
3.391%
|
|
756
|
|
|
5
|
||
October 2017
|
|
400,000
|
|
|
99.912
|
|
3.625%
|
|
3.635%
|
|
352
|
|
|
10
|
||
|
|
$
|
1,600,000
|
|
|
|
|
|
|
|
|
$
|
3,028
|
|
|
|
(1)
|
The yield includes effect of the amortization of the interest rate swap terminations (see
Note 13
for details).
|
|
|
|
|
||
2018
|
|
$
|
497,523
|
|
(1)
|
2019
|
|
13,036
|
|
|
|
2020
|
|
455,046
|
|
|
|
2021
|
|
382,147
|
|
|
|
2022
|
|
360,038
|
|
|
|
Thereafter
|
|
1,318,498
|
|
|
|
|
|
$
|
3,026,288
|
|
|
(1)
|
2018 includes
$51.8 million
related to construction loans used to finance the development and construction of
four
in-process development properties held by entities determined to be VIEs. These loans are an obligation of the third-party developers and will be paid off with proceeds from the Company’s investment in the properties, which is expected to occur upon the successful completion and delivery of the properties in August and September 2018 (see Note
5
and Note
16
).
|
|
|
Year Ended December 31,
|
||||||
|
|
2017
|
|
2016
|
||||
Total net proceeds
|
|
$
|
188,538
|
|
|
$
|
75,090
|
|
Commissions paid to sales agents
|
|
$
|
2,374
|
|
|
$
|
953
|
|
Weighted average price per share
|
|
$
|
48.34
|
|
|
$
|
51.07
|
|
Shares of common stock sold
|
|
3,949,356
|
|
|
1,489,000
|
|
|
|
Number of
RSUs
|
|
Weighted-Average Grant Date Fair Value Per RSU
|
|||
Outstanding at December 31, 2015
|
|
—
|
|
|
$
|
—
|
|
Granted
|
|
18,908
|
|
|
46.81
|
|
|
Settled in common shares
|
|
(15,524
|
)
|
|
46.87
|
|
|
Settled in cash
|
|
(3,384
|
)
|
|
46.55
|
|
|
Outstanding at December 31, 2016
|
|
—
|
|
|
$
|
—
|
|
Granted
|
|
18,221
|
|
|
46.67
|
|
|
Settled in common shares
|
|
(16,295
|
)
|
|
46.65
|
|
|
Settled in cash
|
|
(1,926
|
)
|
|
46.76
|
|
|
Outstanding at December 31, 2017
|
|
—
|
|
|
$
|
—
|
|
|
|
Number of
RSAs
|
|
Weighted-Average
Grant Date Fair Value
Per RSA
|
|||
Nonvested balance at December 31, 2015
|
|
655,925
|
|
|
$
|
41.12
|
|
Granted
|
|
332,717
|
|
|
41.41
|
|
|
Vested
|
|
(127,352
|
)
|
|
40.19
|
|
|
Forfeited
|
|
(88,189
|
)
|
|
40.47
|
|
|
Nonvested balance at December 31, 2016
|
|
773,101
|
|
|
$
|
41.47
|
|
Granted
|
|
344,688
|
|
|
48.55
|
|
|
Vested
|
|
(193,186
|
)
|
|
42.29
|
|
|
Forfeited
|
|
(113,733
|
)
|
|
42.36
|
|
|
Nonvested balance at December 31, 2017
|
|
810,870
|
|
|
$
|
44.16
|
|
Hedged Debt Instrument
|
|
Effective Date
|
|
Maturity Date
|
|
Pay Fixed Rate
|
|
Receive Floating
Rate Index
|
|
Current Notional Amount
|
|
Fair Value
|
||||
Cullen Oaks mortgage loan
|
|
Feb 18, 2014
|
|
Feb 15, 2021
|
|
2.2750%
|
|
LIBOR - 1 month
|
|
$
|
13,698
|
|
|
$
|
(95
|
)
|
Cullen Oaks mortgage loan
|
|
Feb 18, 2014
|
|
Feb 15, 2021
|
|
2.2750%
|
|
LIBOR - 1 month
|
|
13,839
|
|
|
(96
|
)
|
||
Park Point mortgage loan
|
|
Nov 1, 2013
|
|
Oct 5, 2018
|
|
1.5450%
|
|
LIBOR - 1 month
|
|
70,000
|
|
|
87
|
|
||
|
|
|
|
|
|
|
|
Total
|
|
$
|
97,537
|
|
|
$
|
(104
|
)
|
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||||||
|
|
|
|
Fair Value as of
|
|
|
|
Fair Value as of
|
||||||||||||
Description
|
|
Balance Sheet Location
|
|
December 31, 2017
|
|
December 31, 2016
|
|
Balance Sheet Location
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swap contracts
|
|
Other assets
|
|
$
|
87
|
|
|
$
|
—
|
|
|
Other liabilities
|
|
$
|
191
|
|
|
$
|
1,099
|
|
Total derivatives designated
as hedging instruments |
|
|
|
$
|
87
|
|
|
$
|
—
|
|
|
|
|
$
|
191
|
|
|
$
|
1,099
|
|
|
|
Fair Value Measurements as of
|
||||||||||||||||||||||||||||||
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||||||||||
|
|
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 |
|
$
|
—
|
|
|
$
|
87
|
|
|
$
|
—
|
|
|
$
|
87
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments
|
|
$
|
—
|
|
|
$
|
191
|
|
|
$
|
—
|
|
|
$
|
191
|
|
|
$
|
—
|
|
|
$
|
1,099
|
|
|
$
|
—
|
|
|
$
|
1,099
|
|
Mezzanine:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership)
|
|
$
|
—
|
|
|
$
|
44,503
|
|
|
$
|
87,666
|
|
|
$
|
132,169
|
|
|
$
|
—
|
|
|
$
|
55,078
|
|
|
$
|
—
|
|
|
$
|
55,078
|
|
|
|
December 31, 2017
|
|
December 31, 2016
|
|
||||||||||||
|
|
Estimated Fair Value
|
|
Carrying Amount
|
|
Estimated Fair Value
|
|
Carrying Amount
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||
Loans receivable
|
|
$
|
54,140
|
|
|
$
|
57,948
|
|
|
$
|
54,396
|
|
|
$
|
58,539
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||
Unsecured notes
|
|
$
|
1,620,839
|
|
|
$
|
1,585,855
|
|
(1)
|
$
|
1,211,344
|
|
|
$
|
1,188,737
|
|
(1)
|
Mortgage loans
|
|
$
|
571,676
|
|
|
$
|
582,927
|
|
(2)
|
$
|
644,617
|
|
|
$
|
654,794
|
|
(2)
|
Bonds payable
|
|
$
|
32,552
|
|
|
$
|
30,201
|
|
|
$
|
37,066
|
|
|
$
|
33,401
|
|
|
(1)
|
Includes net unamortized OID and net unamortized deferred financing costs (see
Note 10
).
|
(2)
|
Includes net unamortized debt premiums and discounts and net unamortized deferred financing costs (see
Note 10
).
|
|
|
Operating
|
|
||
2018
|
|
$
|
8,568
|
|
|
2019
|
|
9,719
|
|
|
|
2020
|
|
10,159
|
|
|
|
2021
|
|
9,186
|
|
|
|
2022
|
|
9,186
|
|
|
|
Thereafter
|
|
372,397
|
|
|
|
Total minimum lease payments
|
|
$
|
419,215
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
Owned Properties
|
|
|
|
|
|
|
||||||
Rental revenues and other income
|
|
$
|
741,909
|
|
|
$
|
738,598
|
|
|
$
|
708,018
|
|
Interest income
|
|
1,545
|
|
|
1,170
|
|
|
1,071
|
|
|||
Total revenues from external customers
|
|
743,454
|
|
|
739,768
|
|
|
709,089
|
|
|||
Operating expenses before depreciation, amortization, and ground/facility lease expense
|
|
(332,429
|
)
|
|
(337,296
|
)
|
|
(331,836
|
)
|
|||
Ground/facility leases
|
|
(7,372
|
)
|
|
(6,158
|
)
|
|
(5,297
|
)
|
|||
Interest expense, net
(1)
|
|
(3,659
|
)
|
|
(18,552
|
)
|
|
(30,147
|
)
|
|||
Operating income before depreciation and amortization
|
|
$
|
399,994
|
|
|
$
|
377,762
|
|
|
$
|
341,809
|
|
Depreciation and amortization
|
|
$
|
223,939
|
|
|
$
|
200,934
|
|
|
$
|
198,986
|
|
Capital expenditures
|
|
$
|
617,552
|
|
|
$
|
485,726
|
|
|
$
|
316,468
|
|
Total segment assets at December 31,
|
|
$
|
6,691,758
|
|
|
$
|
5,672,360
|
|
|
$
|
5,804,068
|
|
|
|
|
|
|
|
|
||||||
On-Campus Participating Properties
|
|
|
|
|
|
|
||||||
Rental revenues and other income
|
|
$
|
33,945
|
|
|
$
|
33,433
|
|
|
$
|
31,586
|
|
Interest income
|
|
65
|
|
|
10
|
|
|
2
|
|
|||
Total revenues from external customers
|
|
34,010
|
|
|
33,443
|
|
|
31,588
|
|
|||
Operating expenses before depreciation, amortization, and ground/facility lease expense
|
|
(14,384
|
)
|
|
(13,447
|
)
|
|
(12,437
|
)
|
|||
Ground/facility lease
|
|
(2,841
|
)
|
|
(3,009
|
)
|
|
(2,935
|
)
|
|||
Interest expense, net
(1)
|
|
(5,264
|
)
|
|
(5,539
|
)
|
|
(5,833
|
)
|
|||
Operating income before depreciation and amortization
|
|
$
|
11,521
|
|
|
$
|
11,448
|
|
|
$
|
10,383
|
|
Depreciation and amortization
|
|
$
|
7,536
|
|
|
$
|
7,343
|
|
|
$
|
7,034
|
|
Capital expenditures
|
|
$
|
3,533
|
|
|
$
|
2,944
|
|
|
$
|
2,943
|
|
Total segment assets at December 31,
|
|
$
|
100,031
|
|
|
$
|
103,256
|
|
|
$
|
104,641
|
|
|
|
|
|
|
|
|
||||||
Development Services
|
|
|
|
|
|
|
||||||
Development and construction management fees
|
|
$
|
10,761
|
|
|
$
|
4,606
|
|
|
$
|
4,964
|
|
Operating expenses
|
|
(7,618
|
)
|
|
(7,530
|
)
|
|
(8,119
|
)
|
|||
Operating income (loss) before depreciation and amortization
|
|
$
|
3,143
|
|
|
$
|
(2,924
|
)
|
|
$
|
(3,155
|
)
|
Total segment assets at December 31,
|
|
$
|
6,726
|
|
|
$
|
2,601
|
|
|
$
|
1,730
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
Property Management Services
|
|
|
|
|
|
|
||||||
Property management fees from external customers
|
|
$
|
9,832
|
|
|
$
|
9,724
|
|
|
$
|
8,813
|
|
Operating expenses
|
|
(7,607
|
)
|
|
(7,003
|
)
|
|
(6,227
|
)
|
|||
Operating income before depreciation and amortization
|
|
$
|
2,225
|
|
|
$
|
2,721
|
|
|
$
|
2,586
|
|
Total segment assets at December 31,
|
|
$
|
7,576
|
|
|
$
|
7,997
|
|
|
$
|
9,432
|
|
|
|
|
|
|
|
|
||||||
Reconciliations
|
|
|
|
|
|
|
||||||
Total segment revenues and other income
|
|
$
|
798,057
|
|
|
$
|
787,541
|
|
|
$
|
754,454
|
|
Unallocated interest income earned on investments and corporate cash
|
|
3,335
|
|
|
4,301
|
|
|
3,348
|
|
|||
Total consolidated revenues, including interest income
|
|
$
|
801,392
|
|
|
$
|
791,842
|
|
|
$
|
757,802
|
|
Segment operating income before depreciation and amortization
|
|
$
|
416,883
|
|
|
$
|
389,007
|
|
|
$
|
351,623
|
|
Depreciation and amortization
|
|
(239,574
|
)
|
|
(217,907
|
)
|
|
(214,338
|
)
|
|||
Net unallocated expenses relating to corporate interest and overhead
|
|
(90,250
|
)
|
|
(72,788
|
)
|
|
(69,299
|
)
|
|||
(Loss) gain from disposition of real estate
|
|
(632
|
)
|
|
21,197
|
|
|
52,699
|
|
|||
Provision for real estate impairment
|
|
(15,317
|
)
|
|
(4,895
|
)
|
|
—
|
|
|||
Other nonoperating income
|
|
—
|
|
|
—
|
|
|
388
|
|
|||
Loss from early extinguishment of debt
|
|
—
|
|
|
(12,841
|
)
|
|
(1,770
|
)
|
|||
Income tax provision
|
|
(989
|
)
|
|
(1,150
|
)
|
|
(1,242
|
)
|
|||
Net income
|
|
$
|
70,121
|
|
|
$
|
100,623
|
|
|
$
|
118,061
|
|
|
|
|
|
|
|
|
||||||
Total segment assets
|
|
$
|
6,806,091
|
|
|
$
|
5,786,214
|
|
|
$
|
5,919,871
|
|
Unallocated corporate assets
|
|
91,279
|
|
|
79,699
|
|
|
86,377
|
|
|||
Total assets at December 31,
|
|
$
|
6,897,370
|
|
|
$
|
5,865,913
|
|
|
$
|
6,006,248
|
|
(1)
|
Net of capitalized interest and amortization of debt premiums.
|
|
|
2017
|
|
||||||||||||||||||
|
|
1
st
Quarter
|
|
2
nd
Quarter
|
|
3
rd
Quarter
|
|
4
th
Quarter
|
|
Total
|
|
||||||||||
Total revenues
|
|
$
|
192,938
|
|
|
$
|
179,008
|
|
|
$
|
196,938
|
|
|
$
|
227,563
|
|
|
$
|
796,447
|
|
|
Operating income
|
|
49,219
|
|
|
12,610
|
|
|
17,575
|
|
|
63,134
|
|
|
142,538
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss)
|
|
34,449
|
|
|
(2,653
|
)
|
|
(1,233
|
)
|
|
39,558
|
|
|
70,121
|
|
|
|||||
Net income attributable to noncontrolling interests
|
|
(399
|
)
|
|
(109
|
)
|
|
(79
|
)
|
|
(496
|
)
|
|
(1,083
|
)
|
|
|||||
Net income (loss) attributable to ACC, Inc. and Subsidiaries common stockholders
|
|
$
|
34,050
|
|
|
$
|
(2,762
|
)
|
|
$
|
(1,312
|
)
|
|
$
|
39,062
|
|
|
$
|
69,038
|
|
|
Net income (loss) attributable to common stockholders per share - basic
|
|
$
|
0.25
|
|
|
$
|
(0.02
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
0.28
|
|
|
$
|
0.50
|
|
|
Net income (loss) attributable to common stockholders per share - diluted
|
|
$
|
0.25
|
|
|
$
|
(0.02
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
0.28
|
|
|
$
|
0.50
|
|
|
|
|
2016
|
|
||||||||||||||||||
|
|
1
st
Quarter
|
|
2
nd
Quarter
|
|
3
rd
Quarter
|
|
4
th
Quarter
|
|
Total
|
|
||||||||||
Total revenues
|
|
$
|
199,995
|
|
|
$
|
185,983
|
|
|
$
|
196,411
|
|
|
$
|
203,972
|
|
|
$
|
786,361
|
|
|
Operating income
|
|
53,035
|
|
|
39,106
|
|
|
29,278
|
|
|
51,724
|
|
|
173,143
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
|
46,209
|
|
|
18,765
|
|
|
9,845
|
|
|
25,804
|
|
|
100,623
|
|
|
|||||
Net income attributable to noncontrolling interests
|
|
(622
|
)
|
|
(327
|
)
|
|
(201
|
)
|
|
(412
|
)
|
|
(1,562
|
)
|
|
|||||
Net income attributable to ACC, Inc. and Subsidiaries common stockholders
|
|
$
|
45,587
|
|
|
$
|
18,438
|
|
|
$
|
9,644
|
|
|
$
|
25,392
|
|
|
$
|
99,061
|
|
|
Net income attributable to common stockholders per share - basic
|
|
$
|
0.37
|
|
|
$
|
0.14
|
|
|
$
|
0.07
|
|
|
$
|
0.19
|
|
|
$
|
0.76
|
|
(1)
|
Net income attributable to common stockholders per share - diluted
|
|
$
|
0.36
|
|
|
$
|
0.14
|
|
|
$
|
0.07
|
|
|
$
|
0.19
|
|
|
$
|
0.75
|
|
(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.
|
|
|
2017
|
|
||||||||||||||||||
|
|
1
st
Quarter
|
|
2
nd
Quarter
|
|
3
rd
Quarter
|
|
4
th
Quarter
|
|
Total
|
|
||||||||||
Total revenues
|
|
$
|
192,938
|
|
|
$
|
179,008
|
|
|
$
|
196,938
|
|
|
$
|
227,563
|
|
|
$
|
796,447
|
|
|
Operating income
|
|
49,219
|
|
|
12,610
|
|
|
17,575
|
|
|
63,134
|
|
|
142,538
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss)
|
|
34,449
|
|
|
(2,653
|
)
|
|
(1,233
|
)
|
|
39,558
|
|
|
70,121
|
|
|
|||||
Net income attributable to noncontrolling interests
|
|
(105
|
)
|
|
(97
|
)
|
|
(57
|
)
|
|
(176
|
)
|
|
(435
|
)
|
|
|||||
Series A preferred unit distributions
|
|
(31
|
)
|
|
(31
|
)
|
|
(31
|
)
|
|
(31
|
)
|
|
(124
|
)
|
|
|||||
Net income (loss) available to common unitholders
|
|
$
|
34,313
|
|
|
$
|
(2,781
|
)
|
|
$
|
(1,321
|
)
|
|
$
|
39,351
|
|
|
$
|
69,562
|
|
|
Net income (loss) per unit attributable to common unitholders - basic
|
|
$
|
0.25
|
|
|
$
|
(0.02
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
0.28
|
|
|
$
|
0.50
|
|
|
Net income (loss) per unit attributable to common unitholders - diluted
|
|
$
|
0.25
|
|
|
$
|
(0.02
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
0.28
|
|
|
$
|
0.50
|
|
|
|
|
2016
|
|
||||||||||||||||||
|
|
1
st
Quarter
|
|
2
nd
Quarter
|
|
3
rd
Quarter
|
|
4
th
Quarter
|
|
Total
|
|
||||||||||
Total revenues
|
|
$
|
199,995
|
|
|
$
|
185,983
|
|
|
$
|
196,411
|
|
|
$
|
203,972
|
|
|
$
|
786,361
|
|
|
Operating income
|
|
53,035
|
|
|
39,106
|
|
|
29,278
|
|
|
51,724
|
|
|
173,143
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
|
46,209
|
|
|
18,765
|
|
|
9,845
|
|
|
25,804
|
|
|
100,623
|
|
|
|||||
Net income attributable to noncontrolling interests
|
|
(104
|
)
|
|
(104
|
)
|
|
(77
|
)
|
|
(171
|
)
|
|
(456
|
)
|
|
|||||
Series A preferred unit distributions
|
|
(42
|
)
|
|
(37
|
)
|
|
(36
|
)
|
|
(31
|
)
|
|
(146
|
)
|
|
|||||
Net income available to common unitholders
|
|
$
|
46,063
|
|
|
$
|
18,624
|
|
|
$
|
9,732
|
|
|
$
|
25,602
|
|
|
$
|
100,021
|
|
|
Net income per unit attributable to common unitholders - basic
|
|
$
|
0.37
|
|
|
$
|
0.14
|
|
|
$
|
0.07
|
|
|
$
|
0.19
|
|
|
$
|
0.76
|
|
(1)
|
Net income per unit attributable to common unitholders - diluted
|
|
$
|
0.36
|
|
|
$
|
0.14
|
|
|
$
|
0.07
|
|
|
$
|
0.19
|
|
|
$
|
0.75
|
|
(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
(3)
|
||||||||||||||||
Owned Properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
The Callaway House
|
|
173
|
|
538
|
|
$
|
5,081
|
|
|
$
|
20,499
|
|
|
$
|
7,434
|
|
|
$
|
5,003
|
|
|
$
|
28,011
|
|
|
$
|
33,014
|
|
|
$
|
11,736
|
|
|
$
|
—
|
|
|
1999
|
The Village at Science Drive
|
|
192
|
|
732
|
|
4,673
|
|
|
19,021
|
|
|
6,696
|
|
|
4,673
|
|
|
25,717
|
|
|
30,390
|
|
|
8,860
|
|
|
—
|
|
|
2000
|
||||||||
University Village at Boulder Creek
|
|
82
|
|
309
|
|
1,035
|
|
|
16,393
|
|
|
645
|
|
|
1,035
|
|
|
17,038
|
|
|
18,073
|
|
|
6,688
|
|
|
—
|
|
|
2002
|
||||||||
University Village - Fresno
|
|
105
|
|
406
|
|
929
|
|
|
15,168
|
|
|
—
|
|
|
929
|
|
|
15,168
|
|
|
16,097
|
|
|
5,332
|
|
|
—
|
|
|
2004
|
||||||||
University Village - Temple
|
|
220
|
|
749
|
|
—
|
|
|
41,119
|
|
|
940
|
|
|
—
|
|
|
42,059
|
|
|
42,059
|
|
|
14,360
|
|
|
—
|
|
|
2004
|
||||||||
College Club Townhomes
(4)
|
|
136
|
|
544
|
|
1,967
|
|
|
16,049
|
|
|
1,770
|
|
|
1,967
|
|
|
17,819
|
|
|
19,786
|
|
|
6,763
|
|
|
—
|
|
|
2002
|
||||||||
University Club Apartments
|
|
94
|
|
376
|
|
1,416
|
|
|
11,848
|
|
|
1,057
|
|
|
1,416
|
|
|
12,905
|
|
|
14,321
|
|
|
4,480
|
|
|
—
|
|
|
1999
|
||||||||
City Parc at Fry Street
|
|
136
|
|
418
|
|
1,902
|
|
|
17,678
|
|
|
1,196
|
|
|
1,902
|
|
|
18,874
|
|
|
20,776
|
|
|
6,305
|
|
|
—
|
|
|
2004
|
||||||||
Entrada Real
|
|
98
|
|
363
|
|
1,475
|
|
|
15,859
|
|
|
2,027
|
|
|
1,475
|
|
|
17,886
|
|
|
19,361
|
|
|
5,728
|
|
|
—
|
|
|
2000
|
||||||||
University Village at Sweethome
|
|
269
|
|
828
|
|
2,473
|
|
|
34,448
|
|
|
—
|
|
|
2,473
|
|
|
34,448
|
|
|
36,921
|
|
|
11,183
|
|
|
—
|
|
|
2005
|
||||||||
University Village - Tallahassee
(5)
|
|
217
|
|
716
|
|
4,322
|
|
|
26,225
|
|
|
3,796
|
|
|
4,322
|
|
|
30,021
|
|
|
34,343
|
|
|
9,435
|
|
|
—
|
|
|
1991
|
||||||||
Royal Village Gainesville
|
|
118
|
|
448
|
|
2,386
|
|
|
15,153
|
|
|
3,509
|
|
|
2,363
|
|
|
18,685
|
|
|
21,048
|
|
|
5,223
|
|
|
—
|
|
|
1996
|
||||||||
Royal Lexington
|
|
94
|
|
364
|
|
2,848
|
|
|
12,783
|
|
|
4,276
|
|
|
2,848
|
|
|
17,059
|
|
|
19,907
|
|
|
5,343
|
|
|
—
|
|
|
1994
|
||||||||
Raiders Pass
|
|
264
|
|
828
|
|
3,877
|
|
|
32,445
|
|
|
2,825
|
|
|
3,877
|
|
|
35,270
|
|
|
39,147
|
|
|
10,775
|
|
|
—
|
|
|
2001
|
||||||||
Aggie Station
|
|
156
|
|
450
|
|
1,634
|
|
|
18,821
|
|
|
2,819
|
|
|
1,634
|
|
|
21,640
|
|
|
23,274
|
|
|
6,218
|
|
|
—
|
|
|
2003
|
||||||||
The Outpost - San Antonio
|
|
276
|
|
828
|
|
3,262
|
|
|
36,252
|
|
|
3,596
|
|
|
3,262
|
|
|
39,848
|
|
|
43,110
|
|
|
11,716
|
|
|
—
|
|
|
2005
|
||||||||
Callaway Villas
|
|
236
|
|
704
|
|
3,903
|
|
|
31,953
|
|
|
—
|
|
|
3,903
|
|
|
31,953
|
|
|
35,856
|
|
|
9,207
|
|
|
—
|
|
|
2006
|
||||||||
The Village on Sixth Avenue
|
|
248
|
|
752
|
|
2,763
|
|
|
22,480
|
|
|
1,606
|
|
|
2,763
|
|
|
24,086
|
|
|
26,849
|
|
|
7,001
|
|
|
—
|
|
|
1999
|
||||||||
Newtown Crossing
|
|
356
|
|
942
|
|
7,013
|
|
|
53,597
|
|
|
1,657
|
|
|
7,013
|
|
|
55,254
|
|
|
62,267
|
|
|
17,456
|
|
|
—
|
|
|
2005
|
||||||||
Olde Towne University Square
|
|
224
|
|
550
|
|
2,277
|
|
|
24,614
|
|
|
935
|
|
|
2,277
|
|
|
25,549
|
|
|
27,826
|
|
|
8,412
|
|
|
—
|
|
|
2005
|
||||||||
Peninsular Place
|
|
183
|
|
478
|
|
2,306
|
|
|
16,559
|
|
|
941
|
|
|
2,306
|
|
|
17,500
|
|
|
19,806
|
|
|
6,062
|
|
|
—
|
|
|
2005
|
||||||||
University Centre
|
|
234
|
|
838
|
|
—
|
|
|
77,378
|
|
|
3,617
|
|
|
—
|
|
|
80,995
|
|
|
80,995
|
|
|
24,175
|
|
|
—
|
|
|
2007
|
||||||||
The Summit & Jacob Heights
(5)
|
|
258
|
|
930
|
|
2,318
|
|
|
36,464
|
|
|
1,868
|
|
|
2,318
|
|
|
38,332
|
|
|
40,650
|
|
|
10,019
|
|
|
—
|
|
|
2004
|
||||||||
GrandMarc Seven Corners
|
|
186
|
|
440
|
|
4,491
|
|
|
28,807
|
|
|
1,522
|
|
|
4,491
|
|
|
30,329
|
|
|
34,820
|
|
|
8,109
|
|
|
—
|
|
|
2000
|
||||||||
Aztec Corner
|
|
180
|
|
606
|
|
17,460
|
|
|
32,209
|
|
|
1,728
|
|
|
17,460
|
|
|
33,937
|
|
|
51,397
|
|
|
9,120
|
|
|
—
|
|
|
2001
|
||||||||
The Tower at Third
|
|
188
|
|
375
|
|
1,145
|
|
|
19,128
|
|
|
11,868
|
|
|
1,267
|
|
|
30,874
|
|
|
32,141
|
|
|
8,867
|
|
|
—
|
|
|
1973
|
||||||||
Willowtree Apartments and Tower
(4)
|
|
473
|
|
851
|
|
9,807
|
|
|
21,880
|
|
|
3,671
|
|
|
9,807
|
|
|
25,551
|
|
|
35,358
|
|
|
7,863
|
|
|
—
|
|
|
1970
|
||||||||
University Pointe
|
|
204
|
|
682
|
|
989
|
|
|
27,576
|
|
|
4,155
|
|
|
989
|
|
|
31,731
|
|
|
32,720
|
|
|
8,541
|
|
|
—
|
|
|
2004
|
||||||||
University Trails
|
|
240
|
|
684
|
|
1,183
|
|
|
25,173
|
|
|
3,284
|
|
|
1,183
|
|
|
28,457
|
|
|
29,640
|
|
|
8,166
|
|
|
—
|
|
|
2003
|
||||||||
Campus Trails
|
|
156
|
|
480
|
|
1,358
|
|
|
11,291
|
|
|
4,827
|
|
|
1,358
|
|
|
16,118
|
|
|
17,476
|
|
|
4,716
|
|
|
—
|
|
|
1991
|
||||||||
University Crossings (ACE)
|
|
260
|
|
1,016
|
|
—
|
|
|
50,668
|
|
|
38,616
|
|
|
—
|
|
|
89,284
|
|
|
89,284
|
|
|
22,967
|
|
|
—
|
|
|
2003
|
||||||||
Vista del Sol (ACE)
|
|
613
|
|
1,866
|
|
—
|
|
|
135,939
|
|
|
3,924
|
|
|
—
|
|
|
139,863
|
|
|
139,863
|
|
|
38,013
|
|
|
—
|
|
|
2008
|
||||||||
Villas at Chestnut Ridge
|
|
196
|
|
552
|
|
2,756
|
|
|
33,510
|
|
|
1,335
|
|
|
2,756
|
|
|
34,845
|
|
|
37,601
|
|
|
9,858
|
|
|
—
|
|
|
2008
|
||||||||
Barrett Honors College (ACE)
|
|
604
|
|
1,721
|
|
—
|
|
|
131,302
|
|
|
17,485
|
|
|
—
|
|
|
148,787
|
|
|
148,787
|
|
|
39,130
|
|
|
—
|
|
|
2009
|
|
|
|
|
|
|
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
(3)
|
||||||||||||||||
Sanctuary Lofts
|
|
201
|
|
487
|
|
$
|
2,960
|
|
|
$
|
18,180
|
|
|
$
|
3,738
|
|
|
$
|
2,960
|
|
|
$
|
21,918
|
|
|
$
|
24,878
|
|
|
$
|
6,680
|
|
|
$
|
—
|
|
|
2006
|
Blanton Common
(6)
|
|
276
|
|
860
|
|
3,788
|
|
|
16,759
|
|
|
—
|
|
|
3,788
|
|
|
16,759
|
|
|
20,547
|
|
|
7,193
|
|
|
27,380
|
|
|
2005
|
||||||||
The Edge- Charlotte
|
|
180
|
|
720
|
|
3,076
|
|
|
23,395
|
|
|
8,830
|
|
|
3,076
|
|
|
32,225
|
|
|
35,301
|
|
|
7,957
|
|
|
—
|
|
|
1999
|
||||||||
University Walk
|
|
120
|
|
480
|
|
2,016
|
|
|
14,599
|
|
|
3,021
|
|
|
2,016
|
|
|
17,620
|
|
|
19,636
|
|
|
4,668
|
|
|
—
|
|
|
2002
|
||||||||
Uptown Apartments
|
|
180
|
|
528
|
|
3,031
|
|
|
21,685
|
|
|
2,151
|
|
|
3,031
|
|
|
23,836
|
|
|
26,867
|
|
|
5,429
|
|
|
—
|
|
|
2004
|
||||||||
2nd Ave Centre
|
|
274
|
|
868
|
|
4,434
|
|
|
27,236
|
|
|
3,804
|
|
|
4,434
|
|
|
31,040
|
|
|
35,474
|
|
|
8,151
|
|
|
—
|
|
|
2008
|
||||||||
Villas at Babcock
|
|
204
|
|
792
|
|
4,642
|
|
|
30,901
|
|
|
47
|
|
|
4,642
|
|
|
30,948
|
|
|
35,590
|
|
|
9,487
|
|
|
—
|
|
|
2011
|
||||||||
Lobo Village (ACE)
|
|
216
|
|
864
|
|
—
|
|
|
42,490
|
|
|
543
|
|
|
—
|
|
|
43,033
|
|
|
43,033
|
|
|
8,990
|
|
|
—
|
|
|
2011
|
||||||||
Villas on Sycamore
|
|
170
|
|
680
|
|
3,000
|
|
|
24,640
|
|
|
263
|
|
|
3,000
|
|
|
24,903
|
|
|
27,903
|
|
|
8,064
|
|
|
—
|
|
|
2011
|
||||||||
University Village Northwest (ACE)
|
|
36
|
|
144
|
|
—
|
|
|
4,228
|
|
|
109
|
|
|
—
|
|
|
4,337
|
|
|
4,337
|
|
|
1,149
|
|
|
—
|
|
|
2011
|
||||||||
26 West
|
|
367
|
|
1,026
|
|
21,396
|
|
|
63,994
|
|
|
6,307
|
|
|
21,396
|
|
|
70,301
|
|
|
91,697
|
|
|
13,782
|
|
|
—
|
|
|
2008
|
||||||||
The Varsity
|
|
258
|
|
901
|
|
11,605
|
|
|
108,529
|
|
|
2,413
|
|
|
11,605
|
|
|
110,942
|
|
|
122,547
|
|
|
18,831
|
|
|
—
|
|
|
2011
|
||||||||
Avalon Heights
|
|
210
|
|
754
|
|
4,968
|
|
|
24,345
|
|
|
13,726
|
|
|
4,968
|
|
|
38,071
|
|
|
43,039
|
|
|
6,584
|
|
|
—
|
|
|
2002
|
||||||||
University Commons
|
|
164
|
|
480
|
|
12,559
|
|
|
19,010
|
|
|
2,701
|
|
|
12,559
|
|
|
21,711
|
|
|
34,270
|
|
|
4,166
|
|
|
—
|
|
|
2003
|
||||||||
Casas del Rio (ACE)
|
|
283
|
|
1,028
|
|
—
|
|
|
40,639
|
|
|
1,198
|
|
|
—
|
|
|
41,837
|
|
|
41,837
|
|
|
12,691
|
|
|
—
|
|
|
2012
|
||||||||
The Suites (ACE)
(4)
|
|
439
|
|
878
|
|
—
|
|
|
45,296
|
|
|
502
|
|
|
—
|
|
|
45,798
|
|
|
45,798
|
|
|
9,467
|
|
|
—
|
|
|
2013
|
||||||||
Hilltop Townhomes (ACE)
|
|
144
|
|
576
|
|
—
|
|
|
31,507
|
|
|
419
|
|
|
—
|
|
|
31,926
|
|
|
31,926
|
|
|
8,042
|
|
|
—
|
|
|
2012
|
||||||||
U Club on Frey
(4)
|
|
216
|
|
864
|
|
8,703
|
|
|
36,873
|
|
|
938
|
|
|
8,703
|
|
|
37,811
|
|
|
46,514
|
|
|
7,837
|
|
|
—
|
|
|
2013
|
||||||||
Campus Edge on UTA Boulevard
|
|
128
|
|
488
|
|
2,661
|
|
|
21,233
|
|
|
587
|
|
|
2,661
|
|
|
21,820
|
|
|
24,481
|
|
|
5,495
|
|
|
—
|
|
|
2012
|
||||||||
U Club Townhomes on Marion Pugh
|
|
160
|
|
640
|
|
6,722
|
|
|
26,546
|
|
|
928
|
|
|
6,722
|
|
|
27,474
|
|
|
34,196
|
|
|
7,207
|
|
|
—
|
|
|
2012
|
||||||||
Villas on Rensch
|
|
153
|
|
610
|
|
10,231
|
|
|
33,852
|
|
|
759
|
|
|
10,231
|
|
|
34,611
|
|
|
44,842
|
|
|
8,025
|
|
|
—
|
|
|
2012
|
||||||||
The Village at Overton Park
|
|
163
|
|
612
|
|
5,262
|
|
|
29,374
|
|
|
1,009
|
|
|
5,262
|
|
|
30,383
|
|
|
35,645
|
|
|
7,663
|
|
|
—
|
|
|
2012
|
||||||||
Casa de Oro (ACE)
|
|
109
|
|
365
|
|
—
|
|
|
12,362
|
|
|
157
|
|
|
—
|
|
|
12,519
|
|
|
12,519
|
|
|
3,424
|
|
|
—
|
|
|
2012
|
||||||||
The Villas at Vista del Sol (ACE)
|
|
104
|
|
400
|
|
—
|
|
|
20,421
|
|
|
334
|
|
|
—
|
|
|
20,755
|
|
|
20,755
|
|
|
5,743
|
|
|
—
|
|
|
2012
|
||||||||
The Block
|
|
669
|
|
1,555
|
|
22,270
|
|
|
141,430
|
|
|
10,248
|
|
|
22,350
|
|
|
151,598
|
|
|
173,948
|
|
|
22,736
|
|
|
—
|
|
|
2008
|
||||||||
University Pointe at College Station (ACE)
|
|
282
|
|
978
|
|
—
|
|
|
84,657
|
|
|
2,089
|
|
|
—
|
|
|
86,746
|
|
|
86,746
|
|
|
22,279
|
|
|
—
|
|
|
2012
|
||||||||
309 Green
|
|
110
|
|
416
|
|
5,351
|
|
|
49,987
|
|
|
3,695
|
|
|
5,351
|
|
|
53,682
|
|
|
59,033
|
|
|
8,518
|
|
|
30,222
|
|
|
2008
|
||||||||
The Retreat
|
|
187
|
|
780
|
|
5,265
|
|
|
46,236
|
|
|
2,364
|
|
|
5,265
|
|
|
48,600
|
|
|
53,865
|
|
|
7,979
|
|
|
—
|
|
|
2012
|
||||||||
Lofts54
|
|
43
|
|
172
|
|
430
|
|
|
14,741
|
|
|
4,254
|
|
|
430
|
|
|
18,995
|
|
|
19,425
|
|
|
2,849
|
|
|
10,409
|
|
|
2008
|
||||||||
Campustown Rentals
|
|
264
|
|
746
|
|
2,382
|
|
|
40,190
|
|
|
3,902
|
|
|
2,382
|
|
|
44,092
|
|
|
46,474
|
|
|
8,356
|
|
|
—
|
|
|
1982
|
||||||||
Chauncey Square
|
|
158
|
|
386
|
|
2,522
|
|
|
40,013
|
|
|
1,708
|
|
|
2,522
|
|
|
41,721
|
|
|
44,243
|
|
|
6,919
|
|
|
—
|
|
|
2011
|
||||||||
Texan & Vintage West Campus
(4)
|
|
124
|
|
311
|
|
5,937
|
|
|
11,906
|
|
|
15,449
|
|
|
5,937
|
|
|
27,355
|
|
|
33,292
|
|
|
4,296
|
|
|
8,381
|
|
|
2008
|
||||||||
The Castilian
|
|
371
|
|
623
|
|
3,663
|
|
|
59,772
|
|
|
33,270
|
|
|
3,663
|
|
|
93,042
|
|
|
96,705
|
|
|
15,537
|
|
|
—
|
|
|
1967
|
||||||||
Bishops Square
|
|
134
|
|
315
|
|
1,206
|
|
|
17,878
|
|
|
1,649
|
|
|
1,206
|
|
|
19,527
|
|
|
20,733
|
|
|
3,645
|
|
|
11,141
|
|
|
2002
|
||||||||
Union
|
|
54
|
|
120
|
|
169
|
|
|
6,348
|
|
|
977
|
|
|
169
|
|
|
7,325
|
|
|
7,494
|
|
|
1,339
|
|
|
3,471
|
|
|
2006
|
||||||||
922 Place
|
|
132
|
|
468
|
|
3,363
|
|
|
34,947
|
|
|
3,106
|
|
|
3,363
|
|
|
38,053
|
|
|
41,416
|
|
|
6,920
|
|
|
—
|
|
|
2009
|
||||||||
Campustown
|
|
452
|
|
1,217
|
|
1,818
|
|
|
77,894
|
|
|
4,490
|
|
|
1,818
|
|
|
82,384
|
|
|
84,202
|
|
|
13,027
|
|
|
—
|
|
|
1997
|
|
|
|
|
|
|
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
(3)
|
||||||||||||||||
River Mill
|
|
243
|
|
461
|
|
$
|
1,741
|
|
|
$
|
22,806
|
|
|
$
|
3,327
|
|
|
$
|
1,741
|
|
|
$
|
26,133
|
|
|
$
|
27,874
|
|
|
$
|
4,660
|
|
|
$
|
—
|
|
|
1972
|
Landmark
|
|
173
|
|
606
|
|
3,002
|
|
|
118,168
|
|
|
1,175
|
|
|
3,002
|
|
|
119,343
|
|
|
122,345
|
|
|
17,702
|
|
|
—
|
|
|
2012
|
||||||||
Icon Plaza
|
|
56
|
|
253
|
|
6,292
|
|
|
65,857
|
|
|
3,475
|
|
|
6,292
|
|
|
69,332
|
|
|
75,624
|
|
|
10,415
|
|
|
—
|
|
|
2012
|
||||||||
The Province - Greensboro
|
|
219
|
|
696
|
|
2,226
|
|
|
48,567
|
|
|
1,149
|
|
|
2,226
|
|
|
49,716
|
|
|
51,942
|
|
|
8,346
|
|
|
27,598
|
|
|
2011
|
||||||||
RAMZ Apts on Broad
|
|
88
|
|
172
|
|
785
|
|
|
12,303
|
|
|
564
|
|
|
785
|
|
|
12,867
|
|
|
13,652
|
|
|
2,095
|
|
|
—
|
|
|
2004
|
||||||||
The Lofts at Capital Garage
|
|
36
|
|
144
|
|
313
|
|
|
3,581
|
|
|
553
|
|
|
313
|
|
|
4,134
|
|
|
4,447
|
|
|
815
|
|
|
—
|
|
|
2000
|
||||||||
25 Twenty
|
|
249
|
|
562
|
|
2,226
|
|
|
33,429
|
|
|
1,111
|
|
|
2,226
|
|
|
34,540
|
|
|
36,766
|
|
|
6,555
|
|
|
25,698
|
|
|
2011
|
||||||||
The Province - Louisville
|
|
366
|
|
858
|
|
4,392
|
|
|
63,068
|
|
|
1,394
|
|
|
4,392
|
|
|
64,462
|
|
|
68,854
|
|
|
11,160
|
|
|
35,938
|
|
|
2009
|
||||||||
West 27th Place
|
|
161
|
|
475
|
|
13,900
|
|
|
76,720
|
|
|
1,316
|
|
|
13,900
|
|
|
78,036
|
|
|
91,936
|
|
|
11,530
|
|
|
37,460
|
|
|
2011
|
||||||||
The Province - Rochester
|
|
336
|
|
816
|
|
3,798
|
|
|
70,955
|
|
|
2,216
|
|
|
3,798
|
|
|
73,171
|
|
|
76,969
|
|
|
12,403
|
|
|
33,719
|
|
|
2010
|
||||||||
5 Twenty Four & 5 Twenty Five Angliana
(4)
|
|
376
|
|
1,060
|
|
—
|
|
|
60,448
|
|
|
6,941
|
|
|
5,214
|
|
|
62,175
|
|
|
67,389
|
|
|
10,879
|
|
|
—
|
|
|
2010
|
||||||||
The Province - Tampa
|
|
287
|
|
947
|
|
—
|
|
|
52,943
|
|
|
3,279
|
|
|
—
|
|
|
56,222
|
|
|
56,222
|
|
|
9,361
|
|
|
31,826
|
|
|
2009
|
||||||||
U Point Kennesaw
|
|
216
|
|
795
|
|
1,482
|
|
|
61,654
|
|
|
5,640
|
|
|
1,482
|
|
|
67,294
|
|
|
68,776
|
|
|
12,059
|
|
|
—
|
|
|
2012
|
||||||||
The Cottages of Durham
|
|
141
|
|
619
|
|
3,955
|
|
|
41,421
|
|
|
2,082
|
|
|
3,955
|
|
|
43,503
|
|
|
47,458
|
|
|
8,894
|
|
|
—
|
|
|
2012
|
||||||||
University Edge
|
|
201
|
|
608
|
|
4,500
|
|
|
26,385
|
|
|
1,213
|
|
|
4,500
|
|
|
27,598
|
|
|
32,098
|
|
|
4,392
|
|
|
—
|
|
|
2012
|
||||||||
The Lodges of East Lansing
|
|
364
|
|
1,049
|
|
6,472
|
|
|
89,231
|
|
|
1,293
|
|
|
6,472
|
|
|
90,524
|
|
|
96,996
|
|
|
14,381
|
|
|
29,126
|
|
|
2012
|
||||||||
7th Street Station
|
|
82
|
|
309
|
|
9,792
|
|
|
16,472
|
|
|
485
|
|
|
9,792
|
|
|
16,957
|
|
|
26,749
|
|
|
2,862
|
|
|
—
|
|
|
2012
|
||||||||
The Callaway House Austin
|
|
219
|
|
753
|
|
—
|
|
|
61,550
|
|
|
769
|
|
|
—
|
|
|
62,319
|
|
|
62,319
|
|
|
10,973
|
|
|
—
|
|
|
2013
|
||||||||
Manzanita (ACE)
|
|
241
|
|
816
|
|
—
|
|
|
48,781
|
|
|
350
|
|
|
—
|
|
|
49,131
|
|
|
49,131
|
|
|
9,465
|
|
|
—
|
|
|
2013
|
||||||||
University View (ACE)
|
|
96
|
|
336
|
|
—
|
|
|
14,683
|
|
|
176
|
|
|
—
|
|
|
14,859
|
|
|
14,859
|
|
|
2,819
|
|
|
—
|
|
|
2013
|
||||||||
U Club Townhomes at Overton Park
|
|
112
|
|
448
|
|
7,775
|
|
|
21,483
|
|
|
658
|
|
|
7,775
|
|
|
22,141
|
|
|
29,916
|
|
|
4,106
|
|
|
—
|
|
|
2013
|
||||||||
601 Copeland
|
|
81
|
|
283
|
|
1,457
|
|
|
26,699
|
|
|
340
|
|
|
1,457
|
|
|
27,039
|
|
|
28,496
|
|
|
4,246
|
|
|
—
|
|
|
2013
|
||||||||
The Townhomes at Newtown Crossing
|
|
152
|
|
608
|
|
7,745
|
|
|
32,074
|
|
|
453
|
|
|
7,745
|
|
|
32,527
|
|
|
40,272
|
|
|
5,175
|
|
|
—
|
|
|
2013
|
||||||||
Chestnut Square (ACE)
|
|
220
|
|
861
|
|
—
|
|
|
98,369
|
|
|
2,274
|
|
|
—
|
|
|
100,643
|
|
|
100,643
|
|
|
16,633
|
|
|
—
|
|
|
2013
|
||||||||
Park Point
|
|
300
|
|
924
|
|
7,827
|
|
|
73,495
|
|
|
4,848
|
|
|
7,827
|
|
|
78,343
|
|
|
86,170
|
|
|
11,962
|
|
|
70,000
|
|
|
2008
|
||||||||
U Centre at Fry Street
|
|
194
|
|
614
|
|
2,902
|
|
|
47,700
|
|
|
1,798
|
|
|
2,902
|
|
|
49,498
|
|
|
52,400
|
|
|
6,621
|
|
|
—
|
|
|
2012
|
||||||||
Cardinal Towne
|
|
255
|
|
545
|
|
6,547
|
|
|
53,809
|
|
|
2,730
|
|
|
6,547
|
|
|
56,539
|
|
|
63,086
|
|
|
7,359
|
|
|
37,250
|
|
|
2010
|
||||||||
Stanworth Commons Phase I (ACE)
|
|
127
|
|
214
|
|
—
|
|
|
30,930
|
|
|
38
|
|
|
—
|
|
|
30,968
|
|
|
30,968
|
|
|
3,663
|
|
|
—
|
|
|
2014
|
||||||||
The Plaza on University
|
|
364
|
|
1,313
|
|
23,987
|
|
|
85,584
|
|
|
3,565
|
|
|
23,987
|
|
|
89,149
|
|
|
113,136
|
|
|
11,893
|
|
|
—
|
|
|
2014
|
||||||||
U Centre at Northgate (ACE)
|
|
196
|
|
784
|
|
—
|
|
|
35,663
|
|
|
265
|
|
|
—
|
|
|
35,928
|
|
|
35,928
|
|
|
5,047
|
|
|
—
|
|
|
2014
|
||||||||
University Walk
|
|
177
|
|
526
|
|
4,341
|
|
|
29,073
|
|
|
717
|
|
|
4,341
|
|
|
29,790
|
|
|
34,131
|
|
|
3,050
|
|
|
—
|
|
|
2014
|
||||||||
U Club on Woodward
(4)
|
|
236
|
|
944
|
|
16,350
|
|
|
46,982
|
|
|
485
|
|
|
16,350
|
|
|
47,467
|
|
|
63,817
|
|
|
6,749
|
|
|
—
|
|
|
2014
|
||||||||
The Standard
|
|
190
|
|
610
|
|
4,674
|
|
|
57,310
|
|
|
1,406
|
|
|
4,674
|
|
|
58,716
|
|
|
63,390
|
|
|
6,217
|
|
|
—
|
|
|
2014
|
||||||||
Park Point
|
|
66
|
|
226
|
|
—
|
|
|
25,725
|
|
|
3,356
|
|
|
—
|
|
|
29,081
|
|
|
29,081
|
|
|
2,493
|
|
|
11,049
|
|
|
2010
|
||||||||
1200 West Marshall
|
|
136
|
|
406
|
|
4,397
|
|
|
33,908
|
|
|
1,536
|
|
|
4,397
|
|
|
35,444
|
|
|
39,841
|
|
|
3,398
|
|
|
—
|
|
|
2013
|
||||||||
8 1/2 Canal Street
|
|
160
|
|
540
|
|
2,797
|
|
|
45,394
|
|
|
1,557
|
|
|
2,797
|
|
|
46,951
|
|
|
49,748
|
|
|
4,059
|
|
|
—
|
|
|
2011
|
||||||||
Vistas San Marcos
|
|
255
|
|
600
|
|
586
|
|
|
45,761
|
|
|
4,760
|
|
|
586
|
|
|
50,521
|
|
|
51,107
|
|
|
5,934
|
|
|
—
|
|
|
2013
|
|
|
|
|
|
|
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
(3)
|
||||||||||||||||
Crest at Pearl
|
|
141
|
|
343
|
|
$
|
4,395
|
|
|
$
|
36,268
|
|
|
$
|
1,597
|
|
|
$
|
4,491
|
|
|
$
|
37,769
|
|
|
$
|
42,260
|
|
|
$
|
3,235
|
|
|
$
|
—
|
|
|
2014
|
U Club Binghamton
|
|
186
|
|
710
|
|
3,584
|
|
|
48,559
|
|
|
2,405
|
|
|
3,584
|
|
|
50,964
|
|
|
54,548
|
|
|
3,944
|
|
|
—
|
|
|
2005
|
||||||||
Stadium Centre
|
|
367
|
|
710
|
|
7,424
|
|
|
74,932
|
|
|
2,698
|
|
|
7,424
|
|
|
77,630
|
|
|
85,054
|
|
|
6,502
|
|
|
55,969
|
|
|
2014
|
||||||||
160 Ross
|
|
182
|
|
642
|
|
2,962
|
|
|
38,478
|
|
|
279
|
|
|
2,962
|
|
|
38,757
|
|
|
41,719
|
|
|
3,750
|
|
|
—
|
|
|
2015
|
||||||||
The Summit at University City (ACE)
|
|
351
|
|
1,315
|
|
—
|
|
|
154,770
|
|
|
793
|
|
|
—
|
|
|
155,563
|
|
|
155,563
|
|
|
11,796
|
|
|
—
|
|
|
2015
|
||||||||
2125 Franklin
|
|
192
|
|
734
|
|
8,299
|
|
|
55,716
|
|
|
264
|
|
|
8,299
|
|
|
55,980
|
|
|
64,279
|
|
|
4,629
|
|
|
—
|
|
|
2015
|
||||||||
University Crossings - Charlotte
|
|
187
|
|
546
|
|
645
|
|
|
36,838
|
|
|
3,900
|
|
|
645
|
|
|
40,738
|
|
|
41,383
|
|
|
1,810
|
|
|
—
|
|
|
2014
|
||||||||
The Court - Stadium Centre
|
|
80
|
|
260
|
|
1,825
|
|
|
25,922
|
|
|
58
|
|
|
1,825
|
|
|
25,980
|
|
|
27,805
|
|
|
1,155
|
|
|
9,921
|
|
|
2016
|
||||||||
U Club on 28th
|
|
100
|
|
398
|
|
9,725
|
|
|
45,788
|
|
|
52
|
|
|
9,725
|
|
|
45,840
|
|
|
55,565
|
|
|
2,214
|
|
|
—
|
|
|
2016
|
||||||||
Currie Hall (ACE)
|
|
178
|
|
456
|
|
—
|
|
|
49,987
|
|
|
128
|
|
|
—
|
|
|
50,115
|
|
|
50,115
|
|
|
2,624
|
|
|
—
|
|
|
2016
|
||||||||
University Pointe (ACE)
|
|
134
|
|
531
|
|
—
|
|
|
44,035
|
|
|
86
|
|
|
—
|
|
|
44,121
|
|
|
44,121
|
|
|
2,168
|
|
|
—
|
|
|
2016
|
||||||||
Fairview House (ACE)
|
|
107
|
|
633
|
|
—
|
|
|
38,144
|
|
|
78
|
|
|
—
|
|
|
38,222
|
|
|
38,222
|
|
|
2,258
|
|
|
—
|
|
|
2016
|
||||||||
U Club Sunnyside
|
|
134
|
|
534
|
|
7,423
|
|
|
41,582
|
|
|
69
|
|
|
7,423
|
|
|
41,651
|
|
|
49,074
|
|
|
2,112
|
|
|
—
|
|
|
2016
|
||||||||
Merwick Stanworth Phase II (ACE)
|
|
198
|
|
379
|
|
—
|
|
|
48,668
|
|
|
52
|
|
|
—
|
|
|
48,720
|
|
|
48,720
|
|
|
2,145
|
|
|
—
|
|
|
2016
|
||||||||
U Point
|
|
54
|
|
163
|
|
1,425
|
|
|
17,325
|
|
|
2,259
|
|
|
1,425
|
|
|
19,584
|
|
|
21,009
|
|
|
747
|
|
|
—
|
|
|
2016
|
||||||||
The Arlie
|
|
169
|
|
598
|
|
1,350
|
|
|
43,352
|
|
|
899
|
|
|
1,350
|
|
|
44,251
|
|
|
45,601
|
|
|
1,297
|
|
|
—
|
|
|
2016
|
||||||||
TWELVE at U District
|
|
283
|
|
384
|
|
13,013
|
|
|
98,115
|
|
|
267
|
|
|
13,013
|
|
|
98,382
|
|
|
111,395
|
|
|
1,529
|
|
|
—
|
|
|
2014
|
||||||||
The 515
(8)
|
|
183
|
|
513
|
|
1,611
|
|
|
68,953
|
|
|
74
|
|
|
1,611
|
|
|
69,027
|
|
|
70,638
|
|
|
800
|
|
|
—
|
|
|
2015
|
||||||||
State
(8)
|
|
220
|
|
665
|
|
3,448
|
|
|
66,774
|
|
|
1,244
|
|
|
3,448
|
|
|
68,018
|
|
|
71,466
|
|
|
875
|
|
|
—
|
|
|
2013
|
||||||||
The James
(9)
|
|
366
|
|
850
|
|
18,871
|
|
|
118,096
|
|
|
115
|
|
|
18,871
|
|
|
118,211
|
|
|
137,082
|
|
|
1,299
|
|
|
—
|
|
|
2017
|
||||||||
Bridges @ 11th
|
|
184
|
|
258
|
|
—
|
|
|
58,825
|
|
|
59
|
|
|
—
|
|
|
58,884
|
|
|
58,884
|
|
|
391
|
|
|
—
|
|
|
2015
|
||||||||
Hub U District Seattle
(9)
|
|
111
|
|
248
|
|
5,700
|
|
|
56,355
|
|
|
75
|
|
|
5,700
|
|
|
56,430
|
|
|
62,130
|
|
|
316
|
|
|
—
|
|
|
2017
|
||||||||
Tooker House (ACE)
|
|
429
|
|
1,594
|
|
—
|
|
|
103,897
|
|
|
—
|
|
|
—
|
|
|
103,897
|
|
|
103,897
|
|
|
1,656
|
|
|
—
|
|
|
2017
|
||||||||
Skyview (ACE)
|
|
163
|
|
626
|
|
—
|
|
|
57,578
|
|
|
—
|
|
|
—
|
|
|
57,578
|
|
|
57,578
|
|
|
742
|
|
|
—
|
|
|
2017
|
||||||||
University Square (ACE)
|
|
143
|
|
466
|
|
—
|
|
|
25,635
|
|
|
—
|
|
|
—
|
|
|
25,635
|
|
|
25,635
|
|
|
410
|
|
|
—
|
|
|
2017
|
||||||||
U Centre on Turner
|
|
182
|
|
718
|
|
14,000
|
|
|
55,456
|
|
|
—
|
|
|
14,000
|
|
|
55,456
|
|
|
69,456
|
|
|
822
|
|
|
—
|
|
|
2017
|
||||||||
U Pointe on Speight
|
|
180
|
|
700
|
|
4,705
|
|
|
46,160
|
|
|
—
|
|
|
4,705
|
|
|
46,160
|
|
|
50,865
|
|
|
610
|
|
|
—
|
|
|
2017
|
||||||||
21Hundred @ Overton Park
|
|
296
|
|
1,204
|
|
16,767
|
|
|
64,057
|
|
|
—
|
|
|
16,767
|
|
|
64,057
|
|
|
80,824
|
|
|
982
|
|
|
—
|
|
|
2017
|
||||||||
The Suites at 3rd
|
|
63
|
|
251
|
|
831
|
|
|
22,384
|
|
|
—
|
|
|
831
|
|
|
22,384
|
|
|
23,215
|
|
|
330
|
|
|
—
|
|
|
2017
|
||||||||
U Club Binghamton Phase II
|
|
140
|
|
562
|
|
12,274
|
|
|
43,813
|
|
|
—
|
|
|
12,274
|
|
|
43,813
|
|
|
56,087
|
|
|
641
|
|
|
—
|
|
|
2017
|
||||||||
Callaway House Apartments
|
|
386
|
|
915
|
|
12,651
|
|
|
78,220
|
|
|
—
|
|
|
12,651
|
|
|
78,220
|
|
|
90,871
|
|
|
1,189
|
|
|
—
|
|
|
2017
|
||||||||
U Centre on College
|
|
127
|
|
418
|
|
—
|
|
|
41,607
|
|
|
—
|
|
|
—
|
|
|
41,607
|
|
|
41,607
|
|
|
574
|
|
|
—
|
|
|
2017
|
||||||||
Properties Under Development
(7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
David Blackwell Hall (ACE)
|
|
412
|
|
781
|
|
—
|
|
|
59,912
|
|
|
—
|
|
|
—
|
|
|
59,912
|
|
|
59,912
|
|
|
—
|
|
|
—
|
|
|
2018
|
||||||||
Gladding Residence Center (ACE)
|
|
592
|
|
1,524
|
|
—
|
|
|
73,913
|
|
|
—
|
|
|
—
|
|
|
73,913
|
|
|
73,913
|
|
|
—
|
|
|
—
|
|
|
2018
|
||||||||
Irvington House (ACE)
|
|
197
|
|
648
|
|
—
|
|
|
22,919
|
|
|
—
|
|
|
—
|
|
|
22,919
|
|
|
22,919
|
|
|
—
|
|
|
—
|
|
|
2018
|
||||||||
The Edge - Stadium Centre
|
|
111
|
|
412
|
|
—
|
|
|
20,040
|
|
|
—
|
|
|
—
|
|
|
20,040
|
|
|
20,040
|
|
|
—
|
|
|
8,899
|
|
|
2018
|
|
|
|
|
|
|
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
(3)
|
||||||||||||||||
Greek Leadership Village (ACE)
|
|
498
|
|
957
|
|
$
|
—
|
|
|
$
|
30,889
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
30,889
|
|
|
$
|
30,889
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
2018
|
NAU Honors College (ACE)
|
|
318
|
|
636
|
|
—
|
|
|
24,498
|
|
|
—
|
|
|
—
|
|
|
24,498
|
|
|
24,498
|
|
|
—
|
|
|
—
|
|
|
2018
|
||||||||
U Club Townhomes at Oxford
|
|
132
|
|
528
|
|
5,115
|
|
|
20,662
|
|
|
—
|
|
|
5,115
|
|
|
20,662
|
|
|
25,777
|
|
|
—
|
|
|
—
|
|
|
2018
|
||||||||
Hub Ann Arbor
(10)
|
|
124
|
|
310
|
|
7,050
|
|
|
26,498
|
|
|
—
|
|
|
7,050
|
|
|
26,498
|
|
|
33,548
|
|
|
—
|
|
|
13,971
|
|
|
2018
|
||||||||
Hub Flagstaff
(10)
|
|
198
|
|
591
|
|
5,397
|
|
|
30,330
|
|
|
—
|
|
|
5,397
|
|
|
30,330
|
|
|
35,727
|
|
|
—
|
|
|
16,997
|
|
|
2018
|
||||||||
Hub West Lafayette
(10)
|
|
289
|
|
599
|
|
6,881
|
|
|
22,661
|
|
|
—
|
|
|
6,881
|
|
|
22,661
|
|
|
29,542
|
|
|
—
|
|
|
11,912
|
|
|
2018
|
||||||||
191 College
|
|
127
|
|
495
|
|
5,434
|
|
|
10,433
|
|
|
—
|
|
|
5,434
|
|
|
10,433
|
|
|
15,867
|
|
|
—
|
|
|
—
|
|
|
2019
|
||||||||
Columbus Avenue Student Apts. (ACE)
|
|
214
|
|
825
|
|
—
|
|
|
42,084
|
|
|
—
|
|
|
—
|
|
|
42,084
|
|
|
42,084
|
|
|
—
|
|
|
—
|
|
|
2019
|
||||||||
University of Arizona Honors College (ACE)
|
|
319
|
|
1,056
|
|
—
|
|
|
4,947
|
|
|
—
|
|
|
—
|
|
|
4,947
|
|
|
4,947
|
|
|
—
|
|
|
—
|
|
|
2019
|
||||||||
Undeveloped land parcels
(11)
|
|
—
|
|
—
|
|
38,035
|
|
|
318
|
|
|
—
|
|
|
38,035
|
|
|
318
|
|
|
38,353
|
|
|
152
|
|
|
—
|
|
|
N/A
|
||||||||
Subtotal
|
|
32,522
|
|
98,963
|
|
$
|
641,580
|
|
|
$
|
6,469,756
|
|
|
$
|
374,055
|
|
|
$
|
646,991
|
|
|
$
|
6,838,400
|
|
|
$
|
7,485,391
|
|
|
$
|
1,035,027
|
|
|
$
|
548,337
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
On-Campus Participating Properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
University Village – PVAMU
|
|
612
|
|
1,920
|
|
$
|
—
|
|
|
$
|
36,506
|
|
|
$
|
7,858
|
|
|
$
|
—
|
|
|
$
|
44,364
|
|
|
$
|
44,364
|
|
|
$
|
32,663
|
|
|
$
|
14,636
|
|
|
1997
|
University Village - TAMIU
|
|
84
|
|
250
|
|
—
|
|
|
5,844
|
|
|
1,079
|
|
|
—
|
|
|
6,923
|
|
|
6,923
|
|
|
5,212
|
|
|
2,239
|
|
|
1997
|
||||||||
University College - PVAMU
|
|
756
|
|
1,470
|
|
—
|
|
|
22,650
|
|
|
5,152
|
|
|
—
|
|
|
27,802
|
|
|
27,802
|
|
|
17,916
|
|
|
13,700
|
|
|
2001
|
||||||||
Cullen Oaks Phase I and II
|
|
411
|
|
879
|
|
—
|
|
|
33,910
|
|
|
2,152
|
|
|
—
|
|
|
36,062
|
|
|
36,062
|
|
|
16,392
|
|
|
27,537
|
|
|
2003
|
||||||||
College Park
|
|
224
|
|
567
|
|
—
|
|
|
43,634
|
|
|
1,211
|
|
|
—
|
|
|
44,845
|
|
|
44,845
|
|
|
6,009
|
|
|
42,239
|
|
|
2014
|
||||||||
Subtotal
|
|
2,087
|
|
5,086
|
|
$
|
—
|
|
|
$
|
142,544
|
|
|
$
|
17,452
|
|
|
$
|
—
|
|
|
$
|
159,996
|
|
|
$
|
159,996
|
|
|
$
|
78,192
|
|
|
$
|
100,351
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total
|
|
34,609
|
|
104,049
|
|
$
|
641,580
|
|
|
$
|
6,612,300
|
|
|
$
|
391,507
|
|
|
$
|
646,991
|
|
|
$
|
6,998,396
|
|
|
$
|
7,645,387
|
|
|
$
|
1,113,219
|
|
|
$
|
648,688
|
|
|
|
(1)
|
Total aggregate costs for federal income tax purposes is approximately
$7.6 billion
.
|
(2)
|
Total encumbrances exclude net unamortized debt premiums and deferred financing costs of approximately
$19.0 million
and
$3.7 million
, respectively, as of
December 31, 2017
.
|
(3)
|
For properties with multiple phases, the year built represents the weighted average year based on the number of beds delivered each year.
|
(4)
|
Consists of
two
phases that are counted separately in the property portfolio numbers contained in
Note 1
.
|
(5)
|
Consists of
three
phases that are counted separately in the property portfolio numbers contained in
Note 1
.
|
(6)
|
This property is currently in receivership and is in the process of being transferred to the lender in settlement of the property’s
$27.4 million
mortgage loan that matured in August 2017.
|
(7)
|
Initial costs represent construction costs incurred to date associated with the development of these properties. Year built represents the scheduled completion date.
|
(8)
|
The Company purchased
100%
of the ownership interests in
two
properties as part of the Core Transaction (see
Note 5
).
|
(9)
|
As part of the Core Transaction, the Company purchased partial ownership in
two
operating properties through a joint venture arrangement (Core JV I). See
Note 5
.
|
(10)
|
As part of the Core Transaction, the Company purchased partial ownership in
three
in-process development properties through a joint venture arrangement (Core JV II). See
Note 5
.
|
(11)
|
Buildings and improvements and furniture, fixtures and equipment and accumulated depreciation amounts are related to buildings on one land parcel that will be demolished as part of development.
|
|
|
For the Year Ended December 31,
|
||||||||||||||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||||||||
|
|
Owned
(1)
|
|
On-Campus
(2)
|
|
Owned
(1) (3)
|
|
On-Campus
(2)
|
|
Owned
(1) (4)
|
|
On-Campus
(2)
|
||||||||||||
Investments in Real Estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, beginning of year
|
|
$
|
6,316,470
|
|
|
$
|
162,929
|
|
|
$
|
6,369,747
|
|
|
$
|
159,985
|
|
|
$
|
6,144,242
|
|
|
$
|
157,043
|
|
Acquisition of land for development
|
|
24,049
|
|
|
—
|
|
|
6,338
|
|
|
—
|
|
|
39,583
|
|
|
—
|
|
||||||
Acquisition of properties
|
|
618,183
|
|
|
—
|
|
|
99,426
|
|
|
—
|
|
|
361,265
|
|
|
—
|
|
||||||
Improvements and development expenditures
|
|
621,793
|
|
|
3,544
|
|
|
522,723
|
|
|
2,944
|
|
|
306,659
|
|
|
2,942
|
|
||||||
Write off of fully depreciated or damaged assets
|
|
(40,923
|
)
|
|
(6,477
|
)
|
|
(227
|
)
|
|
—
|
|
|
(1,240
|
)
|
|
—
|
|
||||||
Provision for real estate impairment
|
|
(15,317
|
)
|
|
—
|
|
|
(4,895
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Disposition of real estate
(5)
|
|
(38,864
|
)
|
|
—
|
|
|
(676,642
|
)
|
|
—
|
|
|
(480,762
|
)
|
|
—
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, end of year
|
|
$
|
7,485,391
|
|
|
$
|
159,996
|
|
|
$
|
6,316,470
|
|
|
$
|
162,929
|
|
|
$
|
6,369,747
|
|
|
$
|
159,985
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accumulated Depreciation:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, beginning of year
|
|
$
|
(864,106
|
)
|
|
$
|
(77,132
|
)
|
|
$
|
(792,122
|
)
|
|
$
|
(69,856
|
)
|
|
$
|
(704,521
|
)
|
|
$
|
(62,915
|
)
|
Depreciation for the year
|
|
(213,660
|
)
|
|
(7,536
|
)
|
|
(197,105
|
)
|
|
(7,276
|
)
|
|
(191,661
|
)
|
|
(6,941
|
)
|
||||||
Write off of fully depreciated or damaged assets
|
|
37,761
|
|
|
6,476
|
|
|
227
|
|
|
—
|
|
|
1,240
|
|
|
—
|
|
||||||
Disposition of properties
|
|
4,978
|
|
|
—
|
|
|
124,894
|
|
|
—
|
|
|
102,820
|
|
|
—
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, end of year
|
|
$
|
(1,035,027
|
)
|
|
$
|
(78,192
|
)
|
|
$
|
(864,106
|
)
|
|
$
|
(77,132
|
)
|
|
$
|
(792,122
|
)
|
|
$
|
(69,856
|
)
|
(1)
|
Includes owned off-campus properties and owned on-campus properties.
|
(2)
|
Includes on-campus participating properties.
|
(3)
|
The investments in real estate and accumulated depreciation balances include The Province-Dayton which is classified as an owned property held for sale in the accompanying consolidated balance sheets as of
December 31, 2016
.
|
(4)
|
The investments in real estate and accumulated depreciation balances include The Edge - Orlando and University Village Sacramento which were classified as owned properties held for sale as of
December 31, 2015
.
|
(5)
|
Includes the conveyance of land, originally purchased by the Company, to the University of Arizona. Concurrent with the land conveyance, the Company as lessee entered into a ground lease agreement with the University.
|
|
|
Year Ended December 31,
|
||||||||||||||||||
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
EARNINGS BEFORE FIXED CHARGES:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Pre-tax income from continuing operations before noncontrolling interests and income
from equity investees
|
|
$
|
71,110
|
|
|
$
|
101,773
|
|
|
$
|
119,303
|
|
|
$
|
62,692
|
|
|
$
|
48,456
|
|
Distributed income of joint ventures
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Less: Capitalized interest
|
|
(15,856
|
)
|
|
(12,258
|
)
|
|
(9,613
|
)
|
|
(8,761
|
)
|
|
(10,050
|
)
|
|||||
Less: Preferred distributions of subsidiaries
|
|
(124
|
)
|
|
(146
|
)
|
|
(176
|
)
|
|
(178
|
)
|
|
(182
|
)
|
|||||
Total earnings before fixed charges
|
|
55,130
|
|
(1)
|
89,369
|
|
(2)
|
109,514
|
|
(3)
|
53,753
|
|
(4)
|
38,224
|
|
|||||
FIXED CHARGES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest expense
|
|
71,122
|
|
|
78,687
|
|
|
87,789
|
|
|
90,490
|
|
|
79,643
|
|
|||||
Capitalized interest
|
|
15,856
|
|
|
12,258
|
|
|
9,613
|
|
|
8,761
|
|
|
10,050
|
|
|||||
Amortization of deferred financing costs
|
|
4,619
|
|
|
6,520
|
|
|
5,550
|
|
|
5,925
|
|
|
5,608
|
|
|||||
Interest portion of rental expense
|
|
2,697
|
|
|
2,616
|
|
|
2,297
|
|
|
1,401
|
|
|
1,178
|
|
|||||
Preferred distribution of subsidiaries
|
|
124
|
|
|
146
|
|
|
176
|
|
|
178
|
|
|
182
|
|
|||||
Total fixed charges
|
|
94,418
|
|
|
100,227
|
|
|
105,425
|
|
|
106,755
|
|
|
96,661
|
|
|||||
Total earnings and fixed charges
|
|
$
|
149,548
|
|
(1)
|
$
|
189,596
|
|
(2)
|
$
|
214,939
|
|
(3)
|
$
|
160,508
|
|
(4)
|
$
|
134,885
|
|
RATIO OF EARNINGS TO FIXED
CHARGES
|
|
1.58
|
|
(1)
|
1.89
|
|
(2)
|
2.04
|
|
(3)
|
1.50
|
|
(4)
|
1.40
|
|
(1)
|
Earnings include a loss from the disposition of real estate of
$0.6 million
, contractual executive separation and retirement charges incurred in the first and second quarter 2017 with regard to the retirement of the Company’s former Chief Financial Officer of
$4.5 million
and real estate impairment charges of
$15.3 million
. Excluding these amounts, the ratio would be 1.80.
|
(2)
|
Earnings include net gains from the disposition of real estate of $21.2 million, real estate impairment charges of $4.9 million and losses from the early extinguishment of debt of $12.8 million. Excluding these amounts, the ratio would be 1.86.
|
(3)
|
Earnings include net gains from the disposition of real estate of $52.7 million and losses from the early extinguishment of debt of $1.8 million. Excluding these amounts, the ratio would be 1.56.
|
(4)
|
Earnings include losses and impairment charges from the disposition of real estate of $2.8 million. Excluding this amount, the ratio would have been 1.53.
|
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
|
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:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
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):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Dated:
|
March 1, 2018
|
By:
|
/s/ William C. Bayless, Jr.
|
|
|
|
|
|
|
|
William C. Bayless, Jr.
|
|
|
|
Chief Executive Officer
|
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:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
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):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Dated:
|
March 1, 2018
|
By:
|
/s/ Daniel B. Perry
|
|
|
|
|
|
|
|
Daniel B. Perry
|
|
|
|
Executive Vice President, Chief Financial Officer,
Treasurer and Secretary
|
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:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
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):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Dated:
|
March 1, 2018
|
By:
|
/s/ William C. Bayless, Jr.
|
|
|
|
|
|
|
|
William C. Bayless, Jr.
|
|
|
|
Chief Executive Officer
|
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:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
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):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Dated:
|
March 1, 2018
|
By:
|
/s/ Daniel B. Perry
|
|
|
|
|
|
|
|
Daniel B. Perry
|
|
|
|
Executive Vice President, Chief Financial Officer,
Treasurer and Secretary
|
Dated:
|
March 1, 2018
|
By:
|
/s/ William C. Bayless, Jr.
|
|
|
|
|
|
|
|
William C. Bayless, Jr.
|
|
|
|
Chief Executive Officer
|
Dated:
|
March 1, 2018
|
By:
|
/s/ Daniel B. Perry
|
|
|
|
|
|
|
|
Daniel B. Perry
|
|
|
|
Executive Vice President, Chief Financial Officer,
Treasurer and Secretary
|
Dated:
|
March 1, 2018
|
By:
|
/s/ William C. Bayless, Jr.
|
|
|
|
|
|
|
|
William C. Bayless, Jr.
|
|
|
|
Chief Executive Officer
|
Dated:
|
March 1, 2018
|
By:
|
/s/ Daniel B. Perry
|
|
|
|
|
|
|
|
Daniel B. Perry
|
|
|
|
Executive Vice President, Chief Financial Officer,
Treasurer and Secretary
|