Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 21, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-32265 | ||
Entity Registrant Name | AMERICAN CAMPUS COMMUNITIES, INC. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 76-0753089 | ||
Entity Address, Address Line One | 12700 Hill Country Blvd., | ||
Entity Address, Address Line Two | Suite T-200 | ||
Entity Address, Postal Zip Code | 78738 | ||
Entity Address, City or Town | Austin, | ||
Entity Address, State or Province | TX | ||
City Area Code | 512 | ||
Local Phone Number | 732-1000 | ||
Title of 12(b) Security | Common Stock, par value $.01 per share | ||
Trading Symbol | ACC | ||
Security Exchange Name | NYSE | ||
Entity Well-Known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4,729,996,649 | ||
Entity Common Stock Shares Outstanding (in shares) | 137,404,752 | ||
Documents Incorporated by Reference | Part III of this report incorporates information by reference from the definitive Proxy Statement for the 2020 Annual Meeting of Stockholders. | ||
Entity Central Index Key | 0001283630 | ||
Current Fiscal Year End Date | --12-31 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | |||
Document Information [Line Items] | |||
Entity File Number | 333-181102-01 | ||
Entity Registrant Name | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 56-2473181 | ||
Entity Well-Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Central Index Key | 0001357369 | ||
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investments in real estate: | ||
Investments in real estate, net | $ 6,769,903 | $ 6,661,034 |
Cash and cash equivalents | 54,650 | 71,238 |
Restricted cash | 26,698 | 35,279 |
Student contracts receivable, net | 13,470 | 8,565 |
Operating lease right of use assets | 460,857 | |
Other assets | 234,176 | 262,730 |
Total assets | 7,559,754 | 7,038,846 |
Liabilities: | ||
Secured mortgage, construction and bond debt, net | 787,426 | 853,084 |
Accounts payable and accrued expenses | 88,411 | 88,767 |
Operating lease liabilities | 473,070 | |
Other liabilities | 157,368 | 191,233 |
Total liabilities | 4,116,699 | 3,307,599 |
Commitments and contingencies (Note 15) | ||
Redeemable noncontrolling interests | 104,381 | 184,446 |
American Campus Communities, Inc. and Subsidiaries stockholders’ equity: | ||
Common stock, $0.01 par value, 800,000,000 shares authorized, 137,326,824 and 136,967,286 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively | 1,373 | 1,370 |
Additional paid in capital | 4,458,456 | 4,458,240 |
Common stock held in rabbi trust, 77,928 and 69,603 shares at December 31, 2019 and December 31, 2018, respectively | (3,486) | (3,092) |
Accumulated earnings and dividends | (1,144,721) | (971,070) |
Accumulated other comprehensive loss | (16,946) | (4,397) |
Total American Campus Communities, Inc. and Subsidiaries stockholders’ equity | 3,294,676 | 3,481,051 |
Noncontrolling interests – partially owned properties | 43,998 | 65,750 |
Total equity | 3,338,674 | 3,546,801 |
Partners’ capital: | ||
Accumulated other comprehensive loss | (16,946) | (4,397) |
Total liabilities and equity/capital | 7,559,754 | 7,038,846 |
Unsecured notes, net | ||
Liabilities: | ||
Unsecured debt, net | 1,985,603 | 1,588,446 |
Unsecured term loans, net | ||
Liabilities: | ||
Unsecured debt, net | 199,121 | 198,769 |
Unsecured revolving credit facility | ||
Liabilities: | ||
Unsecured debt, net | 425,700 | 387,300 |
Owned Properties | ||
Investments in real estate: | ||
Investments in real estate, net | 6,694,715 | 6,583,397 |
On-campus participating properties, net | ||
Investments in real estate: | ||
Investments in real estate, net | 75,188 | 77,637 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | ||
Investments in real estate: | ||
Investments in real estate, net | 6,769,903 | 6,661,034 |
Cash and cash equivalents | 54,650 | 71,238 |
Restricted cash | 26,698 | 35,279 |
Student contracts receivable, net | 13,470 | 8,565 |
Operating lease right of use assets | 460,857 | |
Other assets | 234,176 | 262,730 |
Total assets | 7,559,754 | 7,038,846 |
Liabilities: | ||
Secured mortgage, construction and bond debt, net | 787,426 | 853,084 |
Accounts payable and accrued expenses | 88,411 | 88,767 |
Operating lease liabilities | 473,070 | |
Other liabilities | 157,368 | 191,233 |
Total liabilities | 4,116,699 | 3,307,599 |
Commitments and contingencies (Note 15) | ||
Redeemable noncontrolling interests | 104,381 | 184,446 |
American Campus Communities, Inc. and Subsidiaries stockholders’ equity: | ||
Accumulated other comprehensive loss | (16,946) | (4,397) |
Partners’ capital: | ||
General partner - 12,222 OP units outstanding at both December 31, 2019 and December 31, 2018 | 40 | 55 |
Limited partner - 137,392,530 and 137,024,667 OP units outstanding at December 31, 2019 and December 31, 2018, respectively | 3,311,582 | 3,485,393 |
Accumulated other comprehensive loss | (16,946) | (4,397) |
Total partners’ capital | 3,294,676 | 3,481,051 |
Noncontrolling interests – partially owned properties | 43,998 | 65,750 |
Total capital | 3,338,674 | 3,546,801 |
Total liabilities and equity/capital | 7,559,754 | 7,038,846 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Unsecured notes, net | ||
Liabilities: | ||
Unsecured debt, net | 1,985,603 | 1,588,446 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Unsecured term loans, net | ||
Liabilities: | ||
Unsecured debt, net | 199,121 | 198,769 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Unsecured revolving credit facility | ||
Liabilities: | ||
Unsecured debt, net | 425,700 | 387,300 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Owned Properties | ||
Investments in real estate: | ||
Investments in real estate, net | 6,694,715 | 6,583,397 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | On-campus participating properties, net | ||
Investments in real estate: | ||
Investments in real estate, net | $ 75,188 | $ 77,637 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 800,000,000 | 800,000,000 |
Common stock, shares issued (in shares) | 137,326,824 | 136,967,286 |
Common stock, shares outstanding (in shares) | 137,326,824 | 136,967,286 |
Common stock held in rabbi trust (in shares) | 77,928 | 69,603 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | ||
General partner, OP units outstanding (in shares) | 12,222 | 12,222 |
Limited partner, OP units outstanding (in shares) | 137,392,530 | 137,024,667 |
Investments in real estate, net | ||
Consolidated variable interest entities' assets | $ 788,393 | $ 1,042,585 |
Investments in real estate, net | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | ||
Consolidated variable interest entities' assets | 788,393 | 1,042,585 |
Cash, cash equivalents, and restricted cash | ||
Consolidated variable interest entities' assets | 59,908 | 72,218 |
Cash, cash equivalents, and restricted cash | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | ||
Consolidated variable interest entities' assets | 59,908 | 72,218 |
Other assets | ||
Consolidated variable interest entities' assets | 18,387 | 11,918 |
Other assets | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | ||
Consolidated variable interest entities' assets | 18,387 | 11,918 |
Secured mortgage and construction debt, net | ||
Consolidated variable interest entities' liabilities | 418,241 | 447,292 |
Secured mortgage and construction debt, net | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | ||
Consolidated variable interest entities' liabilities | 418,241 | 447,292 |
Accounts payable, accrued expenses and other liabilities | ||
Consolidated variable interest entities' liabilities | 56,976 | 53,432 |
Accounts payable, accrued expenses and other liabilities | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | ||
Consolidated variable interest entities' liabilities | $ 56,976 | $ 53,432 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues: | |||
Total revenues | $ 943,042 | $ 880,810 | $ 796,447 |
Operating expenses (income): | |||
Third-party development and management services | 19,915 | 15,459 | 15,225 |
General and administrative | 31,081 | 34,537 | 31,386 |
Depreciation and amortization | 275,046 | 263,203 | 234,955 |
Ground/facility leases | 14,151 | 11,855 | 10,213 |
Loss (gain) from disposition of real estate | 53 | (42,314) | 632 |
Provision for impairment | 17,214 | 0 | 15,317 |
Other operating income | 0 | (2,648) | 0 |
Total operating expenses | 763,152 | 668,215 | 654,541 |
Operating income | 179,890 | 212,595 | 141,906 |
Nonoperating income (expenses): | |||
Interest income | 3,686 | 4,834 | 4,945 |
Interest expense | (111,287) | (99,228) | (71,122) |
Amortization of deferred financing costs | (5,012) | (5,816) | (4,619) |
Gain from extinguishment of debt | 20,992 | 7,867 | 0 |
Other nonoperating income | 0 | 1,301 | 0 |
Total nonoperating expenses | (91,621) | (91,042) | (70,796) |
Income before income taxes | 88,269 | 121,553 | 71,110 |
Income tax provision | (1,507) | (2,429) | (989) |
Net income | 86,762 | 119,124 | 70,121 |
Net income attributable to noncontrolling interests – partially owned properties | (1,793) | (2,029) | (1,083) |
Net income attributable to ACC, Inc. and Subsidiaries common stockholders | 84,969 | 117,095 | 69,038 |
Other comprehensive (loss) income | |||
Change in fair value of interest rate swaps and other | (12,549) | (1,696) | 1,366 |
Comprehensive income | $ 72,420 | $ 115,399 | $ 70,404 |
Net income per share attributable to ACC, Inc. and Subsidiaries common stockholders | |||
Basic (in dollars per share) | $ 0.61 | $ 0.84 | $ 0.50 |
Diluted (in dollars per share) | $ 0.60 | $ 0.84 | $ 0.50 |
Weighted-average common shares outstanding: | |||
Basic (in shares) | 137,295,837 | 136,815,051 | 135,141,423 |
Diluted (in shares) | 138,286,778 | 137,722,049 | 136,002,385 |
On-campus participating properties, net | |||
Revenues: | |||
Operating lease revenue | $ 36,346 | $ 34,596 | $ 33,945 |
Operating expenses (income): | |||
Operating expenses for owned properties and on-campus participating properties | 15,028 | 14,602 | 14,384 |
Owned Properties | |||
Revenues: | |||
Operating lease revenue | 877,565 | 825,959 | 738,710 |
Operating expenses (income): | |||
Operating expenses for owned properties and on-campus participating properties | 390,664 | 373,521 | 332,429 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | |||
Revenues: | |||
Total revenues | 943,042 | 880,810 | 796,447 |
Operating expenses (income): | |||
Third-party development and management services | 19,915 | 15,459 | 15,225 |
General and administrative | 31,081 | 34,537 | 31,386 |
Depreciation and amortization | 275,046 | 263,203 | 234,955 |
Ground/facility leases | 14,151 | 11,855 | 10,213 |
Loss (gain) from disposition of real estate | 53 | (42,314) | 632 |
Provision for impairment | 17,214 | 0 | 15,317 |
Other operating income | 0 | (2,648) | 0 |
Total operating expenses | 763,152 | 668,215 | 654,541 |
Operating income | 179,890 | 212,595 | 141,906 |
Nonoperating income (expenses): | |||
Interest income | 3,686 | 4,834 | 4,945 |
Interest expense | (111,287) | (99,228) | (71,122) |
Amortization of deferred financing costs | (5,012) | (5,816) | (4,619) |
Gain from extinguishment of debt | 20,992 | 7,867 | 0 |
Other nonoperating income | 0 | 1,301 | 0 |
Total nonoperating expenses | (91,621) | (91,042) | (70,796) |
Income before income taxes | 88,269 | 121,553 | 71,110 |
Income tax provision | (1,507) | (2,429) | (989) |
Net income | 86,762 | 119,124 | 70,121 |
Net income attributable to noncontrolling interests – partially owned properties | (1,398) | (1,215) | |
Net income attributable to ACC, Inc. and Subsidiaries common stockholders | 85,364 | 117,909 | 69,686 |
Series A preferred units distributions | (68) | (124) | (124) |
Net income attributable to common unitholders | 85,296 | 117,785 | 69,562 |
Other comprehensive (loss) income | |||
Change in fair value of interest rate swaps and other | (12,549) | (1,696) | 1,366 |
Comprehensive income | $ 72,747 | $ 116,089 | $ 70,928 |
Net income per unit attributable to common unitholders | |||
Basic (in shares) | $ 0.61 | $ 0.85 | $ 0.50 |
Diluted (in dollars per unit) | $ 0.60 | $ 0.84 | $ 0.50 |
Weighted-average common units outstanding | |||
Basic (in units) | 137,826,949 | 137,586,759 | 136,160,609 |
Diluted (in units) | 138,817,890 | 138,493,757 | 137,021,571 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | On-campus participating properties, net | |||
Revenues: | |||
Operating lease revenue | $ 36,346 | $ 34,596 | $ 33,945 |
Operating expenses (income): | |||
Operating expenses for owned properties and on-campus participating properties | 15,028 | 14,602 | 14,384 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Owned Properties | |||
Revenues: | |||
Operating lease revenue | 877,565 | 825,959 | 738,710 |
Operating expenses (income): | |||
Operating expenses for owned properties and on-campus participating properties | 390,664 | 373,521 | 332,429 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Partially owned properties | |||
Nonoperating income (expenses): | |||
Net income attributable to noncontrolling interests – partially owned properties | (1,398) | (1,215) | (435) |
Third-party development services | |||
Revenues: | |||
Revenues | 13,051 | 7,281 | 10,761 |
Third-party development services | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | |||
Revenues: | |||
Revenues | 13,051 | 7,281 | 10,761 |
Third-party management services | |||
Revenues: | |||
Revenues | 12,936 | 9,814 | 9,832 |
Third-party management services | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | |||
Revenues: | |||
Revenues | 12,936 | 9,814 | 9,832 |
Resident services | |||
Revenues: | |||
Revenues | 3,144 | 3,160 | 3,199 |
Resident services | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | |||
Revenues: | |||
Revenues | $ 3,144 | $ 3,160 | $ 3,199 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY/ CAPITAL - USD ($) $ in Thousands | Total | Common Shares | Additional Paid in Capital | Common Stock Held in Rabbi Trust | Accumulated Earnings and Dividends | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interests - Partially Owned PropertiesPartially owned properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LPGeneral Partner | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LPLimited Partner | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LPAccumulated Other Comprehensive (Loss) Income | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LPNoncontrolling Interests - Partially Owned PropertiesPartially owned properties |
Common stock held in rabbi trust (in shares) | 20,181 | |||||||||||
Distributions to common and restricted stockholders and other, per share | $ 1.74 | |||||||||||
Distributions to common and restricted unit holders and other, per unit | $ 1.74 | |||||||||||
Beginning Balance (in shares) at Dec. 31, 2016 | 132,225,488 | |||||||||||
Beginning Balance at Dec. 31, 2016 | $ 3,450,487 | $ 1,322 | $ 4,118,842 | $ (975) | $ (670,137) | $ (4,067) | $ 5,502 | |||||
Beginning Balance (in units) at Dec. 31, 2016 | 12,222 | 132,233,447 | ||||||||||
Beginning Balance at Dec. 31, 2016 | $ 3,450,487 | $ 82 | $ 3,448,970 | $ (4,067) | $ 5,502 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Adjustments to reflect redeemable noncontrolling interests at fair value | 9,172 | 9,172 | 9,172 | $ 9,172 | ||||||||
Amortization of restricted stock awards and vesting of restricted stock units (in shares/units) | 16,295 | 16,295 | ||||||||||
Amortization of restricted stock awards and vesting of restricted stock units | 13,854 | 13,854 | 13,854 | $ 13,854 | ||||||||
Vesting of restricted stock awards (in shares) | 193,186 | 193,186 | ||||||||||
Vesting of restricted stock awards | (4,920) | $ 2 | (4,922) | (4,920) | $ (4,920) | |||||||
Distributions to common and restricted stockholders and other | (236,545) | (236,545) | ||||||||||
Distributions to common and restricted unit holders and other | (236,545) | (21) | $ (236,524) | |||||||||
Contributions by noncontrolling interests - partially owned properties | 8,254 | 8,254 | 8,254 | 8,254 | ||||||||
Distributions to noncontrolling interests - partially owned properties | (212) | (212) | (212) | (212) | ||||||||
Conversion of common and preferred operating partnership units to common stock (in shares/units) | 22,000 | 22,000 | ||||||||||
Conversion of common and preferred operating partnership units to common stock | 154 | 154 | 154 | $ 154 | ||||||||
Change in fair value of interest rate swaps and other | 1,366 | 1,366 | 1,366 | 1,366 | ||||||||
Termination of interest rate swaps | 0 | |||||||||||
Issuance of units in exchange for contributions of equity offering proceeds (in units) | 3,949,356 | |||||||||||
Conversion of common and preferred operating partnership units to common stock | 187,881 | $ 187,881 | ||||||||||
Net proceeds from sale of common stock (in shares) | 3,949,356 | |||||||||||
Net proceeds from sale of common stock | 187,881 | $ 40 | 187,841 | |||||||||
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits) (in shares) | (43,597) | 43,597 | ||||||||||
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits) | 1,969 | $ (1,969) | ||||||||||
Net income | 69,467 | 69,038 | 429 | 69,467 | $ 6 | $ 69,032 | 429 | |||||
Ending Balance (in shares) at Dec. 31, 2017 | 136,362,728 | |||||||||||
Ending Balance at Dec. 31, 2017 | $ 3,498,958 | $ 1,364 | 4,326,910 | $ (2,944) | (837,644) | (2,701) | 13,973 | |||||
Ending Balance (in units) at Dec. 31, 2017 | 12,222 | 136,414,284 | ||||||||||
Ending Balance at Dec. 31, 2017 | $ 3,498,958 | $ 67 | $ 3,487,619 | (2,701) | 13,973 | |||||||
Common stock held in rabbi trust (in shares) | 63,778 | |||||||||||
Distributions to common and restricted stockholders and other, per share | $ 1.82 | |||||||||||
Distributions to common and restricted unit holders and other, per unit | $ 1.82 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Adjustments to reflect redeemable noncontrolling interests at fair value | $ (66,079) | (66,079) | $ (66,079) | $ (66,079) | ||||||||
Amortization of restricted stock awards and vesting of restricted stock units (in shares/units) | 27,376 | 27,376 | ||||||||||
Amortization of restricted stock awards and vesting of restricted stock units | 12,176 | 12,176 | 12,176 | $ 12,176 | ||||||||
Vesting of restricted stock awards (in shares) | 170,664 | 170,664 | ||||||||||
Vesting of restricted stock awards | (2,756) | $ 2 | (2,758) | (2,756) | $ (2,756) | |||||||
Distributions to common and restricted stockholders and other | (250,521) | (250,521) | ||||||||||
Distributions to common and restricted unit holders and other | (250,521) | (22) | (250,499) | |||||||||
Contributions by noncontrolling interests - partially owned properties | 212,481 | 212,481 | 212,481 | 212,481 | ||||||||
Distributions to noncontrolling interests - partially owned properties | (152,325) | (152,325) | (152,325) | (152,325) | ||||||||
Change in ownership of consolidated subsidiary | 165,043 | 174,515 | (9,472) | 165,043 | $ 174,515 | (9,472) | ||||||
Conversion of common and preferred operating partnership units to common stock (in shares/units) | 412,343 | 412,343 | ||||||||||
Conversion of common and preferred operating partnership units to common stock | 13,332 | $ 4 | 13,328 | 13,332 | $ 13,332 | |||||||
Change in fair value of interest rate swaps and other | (1,696) | (1,696) | (1,696) | (1,696) | ||||||||
Termination of interest rate swaps | 0 | |||||||||||
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits) (in shares) | (5,825) | 5,825 | ||||||||||
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits) | 148 | $ (148) | ||||||||||
Net income | 118,188 | 117,095 | 1,093 | 118,188 | $ 10 | $ 117,085 | 1,093 | |||||
Ending Balance (in shares) at Dec. 31, 2018 | 136,967,286 | |||||||||||
Ending Balance at Dec. 31, 2018 | $ 3,546,801 | $ 1,370 | 4,458,240 | $ (3,092) | (971,070) | (4,397) | 65,750 | |||||
Ending Balance (in units) at Dec. 31, 2018 | 12,222 | 137,024,667 | ||||||||||
Ending Balance at Dec. 31, 2018 | $ 3,546,801 | $ 55 | $ 3,485,393 | (4,397) | 65,750 | |||||||
Common stock held in rabbi trust (in shares) | 69,603 | 69,603 | ||||||||||
Distributions to common and restricted stockholders and other, per share | $ 1.87 | |||||||||||
Distributions to common and restricted unit holders and other, per unit | $ 1.87 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Adjustments to reflect redeemable noncontrolling interests at fair value | $ (14,350) | (14,350) | $ (14,350) | $ (14,350) | ||||||||
Amortization of restricted stock awards and vesting of restricted stock units (in shares/units) | 18,318 | 18,318 | ||||||||||
Amortization of restricted stock awards and vesting of restricted stock units | 13,617 | 13,617 | 13,617 | $ 13,617 | ||||||||
Vesting of restricted stock awards (in shares) | 180,961 | 180,961 | ||||||||||
Vesting of restricted stock awards | (3,975) | $ 2 | (3,977) | (3,975) | $ (3,975) | |||||||
Distributions to common and restricted stockholders and other | (258,620) | (258,620) | ||||||||||
Distributions to common and restricted unit holders and other | (258,620) | (23) | (258,597) | |||||||||
Contributions by noncontrolling interests - partially owned properties | 924 | 924 | 924 | 924 | ||||||||
Distributions to noncontrolling interests - partially owned properties | (8,425) | (8,425) | (8,425) | (8,425) | ||||||||
Change in ownership of consolidated subsidiary | (16,805) | (1,544) | (15,261) | (16,805) | $ (1,544) | (15,261) | ||||||
Conversion of common and preferred operating partnership units to common stock (in shares/units) | 168,584 | 168,584 | ||||||||||
Conversion of common and preferred operating partnership units to common stock | 6,077 | $ 1 | 6,076 | 6,077 | $ 6,077 | |||||||
Change in fair value of interest rate swaps and other | 610 | 610 | 610 | 610 | ||||||||
Termination of interest rate swaps | (13,159) | (13,159) | (13,159) | (13,159) | ||||||||
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits) (in shares) | (8,325) | 8,325 | ||||||||||
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits) | 394 | $ (394) | ||||||||||
Net income | 85,979 | 84,969 | 1,010 | 85,979 | $ 8 | $ 84,961 | 1,010 | |||||
Ending Balance (in shares) at Dec. 31, 2019 | 137,326,824 | |||||||||||
Ending Balance at Dec. 31, 2019 | $ 3,338,674 | $ 1,373 | $ 4,458,456 | $ (3,486) | $ (1,144,721) | $ (16,946) | $ 43,998 | |||||
Ending Balance (in units) at Dec. 31, 2019 | 12,222 | 137,392,530 | ||||||||||
Ending Balance at Dec. 31, 2019 | $ 3,338,674 | $ 40 | $ 3,311,582 | $ (16,946) | $ 43,998 | |||||||
Common stock held in rabbi trust (in shares) | 77,928 | 77,928 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities | |||
Net income | $ 86,762 | $ 119,124 | $ 70,121 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Loss (gain) from disposition of real estate | 53 | (42,314) | 632 |
Gain from insurance settlement | 0 | (1,245) | 0 |
Gain from extinguishment of debt | (20,992) | (7,867) | 0 |
Provision for impairment | 17,214 | 0 | 15,317 |
Depreciation and amortization | 275,046 | 263,203 | 234,955 |
Amortization of deferred financing costs and debt premiums/discounts | 538 | 885 | (2,871) |
Share-based compensation | 13,617 | 12,176 | 13,854 |
Income tax provision | 1,507 | 2,429 | 989 |
Amortization of interest rate swap terminations | 1,133 | 412 | 412 |
Termination of interest rate swaps | (13,159) | 0 | 0 |
Changes in operating assets and liabilities: | |||
Student contracts receivable, net | (5,407) | 148 | (414) |
Other assets | (4,445) | (9,570) | 2,502 |
Accounts payable and accrued expenses | (1,532) | 31,299 | (26,718) |
Other liabilities | 20,044 | 7,941 | 9,898 |
Net cash provided by operating activities | 370,379 | 376,621 | 318,677 |
Investing activities | |||
Proceeds from disposition of properties and land parcels | 108,562 | 242,284 | 24,462 |
Cash paid for acquisition of properties and land parcels | (8,559) | (26,626) | (375,541) |
Other investing activities | 1,963 | (1,669) | (5,608) |
Net cash used in investing activities | (416,140) | (335,812) | (977,772) |
Financing activities | |||
Proceeds from unsecured notes | 398,816 | 0 | 399,648 |
Proceeds from sale of common stock | 0 | 0 | 190,912 |
Offering costs | 0 | 0 | (2,374) |
Pay-off of mortgage and construction loans | (53,818) | (186,347) | (147,960) |
Defeasance costs related to early extinguishment of debt | 0 | (2,726) | 0 |
Proceeds from unsecured term loans | 0 | 0 | 500,000 |
Proceeds from revolving credit facility | 949,000 | 1,095,500 | 1,164,700 |
Paydowns of revolving credit facility | (910,600) | (835,800) | (1,136,400) |
Proceeds from construction loans | 31,611 | 100,882 | 40,170 |
Proceeds from mortgage loans | 0 | 330,000 | 0 |
Scheduled principal payments on debt | (11,938) | (11,704) | (12,819) |
Debt issuance and assumption costs | (6,462) | (656) | (12,060) |
Increase in ownership of consolidated subsidiary | (105,109) | (10,486) | 0 |
Contribution by noncontrolling interests | 1,174 | 379,391 | 11,801 |
Taxes paid on net-share settlements | (3,975) | (2,756) | (4,920) |
Distributions paid to noncontrolling interests | (9,487) | (153,841) | (77,243) |
Distributions paid | (258,620) | (250,521) | (236,545) |
Net cash provided by financing activities | 20,592 | 936 | 676,910 |
Net change in cash, cash equivalents, and restricted cash | (25,169) | 41,745 | 17,815 |
Cash, cash equivalents, and restricted cash at beginning of period | 106,517 | 64,772 | 46,957 |
Cash, cash equivalents, and restricted cash at end of period | 81,348 | 106,517 | 64,772 |
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets | |||
Total cash, cash equivalents, and restricted cash at end of period | 106,517 | 106,517 | 46,957 |
Supplemental disclosure of non-cash investing and financing activities | |||
Loans associated with investment in joint ventures | 0 | 0 | (104,056) |
Conversion of common and preferred operating partnership units to common stock | 6,077 | 13,332 | 154 |
Non-cash contribution from noncontrolling interest | 0 | (8,729) | (159,247) |
Non-cash consideration exchanged in purchase of land parcel | 0 | 0 | (3,071) |
Accrued development costs and capital expenditures | 37,260 | 54,975 | 50,714 |
Change in fair value of derivative instruments, net | (523) | (2,108) | 954 |
Change in fair value of redeemable noncontrolling interest | (14,350) | (66,079) | 9,172 |
Change in ownership of consolidated subsidiary | 0 | (175,529) | 0 |
Initial recognition of operating lease right of use assets | 463,445 | 0 | 0 |
Initial recognition of operating lease liabilities | 462,495 | 0 | 0 |
Non-cash extinguishment of debt, including accrued interest | (34,570) | 0 | 0 |
Net assets surrendered in conjunction with extinguishment of debt | 13,578 | 0 | 0 |
Supplemental disclosure of cash flow information | |||
Interest paid, net of amounts capitalized | 114,450 | 101,841 | 72,407 |
Income taxes paid | 3,041 | 1,060 | 1,053 |
Owned Properties | |||
Investing activities | |||
Capital expenditures | (70,846) | (70,809) | (82,722) |
Owned properties under development | |||
Investing activities | |||
Capital expenditures | (444,362) | (475,338) | (534,830) |
On-campus participating properties, net | |||
Investing activities | |||
Capital expenditures | (2,898) | (3,654) | (3,533) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | |||
Operating activities | |||
Net income | 86,762 | 119,124 | 70,121 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Loss (gain) from disposition of real estate | 53 | (42,314) | 632 |
Gain from insurance settlement | 0 | (1,245) | 0 |
Gain from extinguishment of debt | (20,992) | (7,867) | 0 |
Provision for impairment | 17,214 | 0 | 15,317 |
Depreciation and amortization | 275,046 | 263,203 | 234,955 |
Amortization of deferred financing costs and debt premiums/discounts | 538 | 885 | (2,871) |
Share-based compensation | 13,617 | 12,176 | 13,854 |
Income tax provision | 1,507 | 2,429 | 989 |
Amortization of interest rate swap terminations | 1,133 | 412 | 412 |
Termination of interest rate swaps | (13,159) | 0 | 0 |
Changes in operating assets and liabilities: | |||
Student contracts receivable, net | (5,407) | 148 | (414) |
Other assets | (4,445) | (9,570) | 2,502 |
Accounts payable and accrued expenses | (1,532) | 31,299 | (26,718) |
Other liabilities | 20,044 | 7,941 | 9,898 |
Net cash provided by operating activities | 370,379 | 376,621 | 318,677 |
Investing activities | |||
Proceeds from disposition of properties and land parcels | 108,562 | 242,284 | 24,462 |
Cash paid for acquisition of properties and land parcels | (8,559) | (26,626) | (375,541) |
Other investing activities | 1,963 | (1,669) | (5,608) |
Net cash used in investing activities | (416,140) | (335,812) | (977,772) |
Financing activities | |||
Proceeds from unsecured notes | 398,816 | 0 | 399,648 |
Proceeds from issuance of common units in exchange for contributions, net | 0 | 0 | 188,538 |
Pay-off of mortgage and construction loans | (53,818) | (186,347) | (147,960) |
Defeasance costs related to early extinguishment of debt | 0 | (2,726) | 0 |
Proceeds from unsecured term loans | 0 | 0 | 500,000 |
Proceeds from revolving credit facility | 949,000 | 1,095,500 | 1,164,700 |
Paydowns of revolving credit facility | (910,600) | (835,800) | (1,136,400) |
Proceeds from construction loans | 31,611 | 100,882 | 40,170 |
Proceeds from mortgage loans | 0 | 330,000 | 0 |
Scheduled principal payments on debt | (11,938) | (11,704) | (12,819) |
Debt issuance and assumption costs | (6,462) | (656) | (12,060) |
Increase in ownership of consolidated subsidiary | (105,109) | (10,486) | 0 |
Contribution by noncontrolling interests | 1,174 | 379,391 | 11,801 |
Taxes paid on net-share settlements | (3,975) | (2,756) | (4,920) |
Net cash provided by financing activities | 20,592 | 936 | 676,910 |
Net change in cash, cash equivalents, and restricted cash | (25,169) | 41,745 | 17,815 |
Cash, cash equivalents, and restricted cash at beginning of period | 106,517 | 64,772 | 46,957 |
Cash, cash equivalents, and restricted cash at end of period | 81,348 | 106,517 | 64,772 |
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets | |||
Total cash, cash equivalents, and restricted cash at end of period | 81,348 | 64,772 | 64,772 |
Supplemental disclosure of non-cash investing and financing activities | |||
Loans associated with investment in joint ventures | 0 | 0 | (104,056) |
Conversion of common and preferred operating partnership units to common stock | 6,077 | 13,332 | 154 |
Non-cash contribution from noncontrolling interest | 0 | (8,729) | (159,247) |
Non-cash consideration exchanged in purchase of land parcel | 0 | 0 | (3,071) |
Accrued development costs and capital expenditures | 37,260 | 54,975 | 50,714 |
Change in fair value of derivative instruments, net | (523) | (2,108) | 954 |
Change in fair value of redeemable noncontrolling interest | (14,350) | (66,079) | 9,172 |
Change in ownership of consolidated subsidiary | 0 | (175,529) | 0 |
Initial recognition of operating lease right of use assets | 463,445 | 0 | 0 |
Initial recognition of operating lease liabilities | 462,495 | 0 | 0 |
Non-cash extinguishment of debt, including accrued interest | 34,570 | 0 | 0 |
Net assets surrendered in conjunction with extinguishment of debt | (13,578) | 0 | 0 |
Supplemental disclosure of cash flow information | |||
Interest paid, net of amounts capitalized | 114,450 | 101,841 | 72,407 |
Income taxes paid | 3,041 | 1,060 | 1,053 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Common and preferred units | |||
Financing activities | |||
Distributions paid | (257,780) | (250,515) | (236,905) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Unvested restricted Awards | |||
Financing activities | |||
Distributions paid | (1,902) | (1,522) | (1,536) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Partially owned properties | |||
Financing activities | |||
Distributions paid | (8,425) | (152,325) | (75,347) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Owned Properties | |||
Investing activities | |||
Capital expenditures | (70,846) | (70,809) | (82,722) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Owned properties under development | |||
Investing activities | |||
Capital expenditures | (444,362) | (475,338) | (534,830) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | On-campus participating properties, net | |||
Investing activities | |||
Capital expenditures | (2,898) | (3,654) | (3,533) |
Term loans | |||
Financing activities | |||
Pay-off of unsecured term loans | 0 | (450,000) | 0 |
Term loans | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | |||
Financing activities | |||
Pay-off of unsecured term loans | $ 0 | $ (450,000) | $ 0 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business American Campus Communities, Inc. (“ACC”) is a real estate investment trust (“REIT”) that commenced operations effective with the completion of an initial public offering (“IPO”) on August 17, 2004. Through ACC’s controlling interest in American Campus Communities Operating Partnership LP (“ACCOP”), ACC is one of the largest owners, managers, and developers of high quality student housing properties in the United States in terms of beds owned and under management. ACC is a fully integrated, self-managed, and self-administered equity REIT with expertise in the acquisition, design, financing, development, construction management, leasing, and management of student housing properties. ACC’s common stock is publicly traded on the New York Stock Exchange (“NYSE”) under the ticker symbol “ACC.” The general partner of ACCOP is American Campus Communities Holdings, LLC (“ACC Holdings”), an entity that is wholly-owned by ACC. As of December 31, 2019 , ACC Holdings held an ownership interest in ACCOP of less than 1% . The limited partners of ACCOP are ACC and other limited partners consisting of current and former members of management and nonaffiliated third parties. As of December 31, 2019 , ACC owned an approximate 99.6% limited partnership interest in ACCOP. As the sole member of the general partner of ACCOP, ACC has exclusive control of ACCOP’s day-to-day management. Management operates ACC and ACCOP as one business. The management of ACC consists of the same members as the management of ACCOP. ACC consolidates ACCOP for financial reporting purposes, and ACC does not have significant assets other than its investment in ACCOP. Therefore, the assets and liabilities of ACC and ACCOP are the same on their respective financial statements. References to the “Company” mean collectively ACC, ACCOP, and those entities/subsidiaries owned or controlled by ACC and/or ACCOP. References to the “Operating Partnership” mean collectively ACCOP and those entities/subsidiaries owned or controlled by ACCOP. Unless otherwise indicated, the accompanying Notes to the Consolidated Financial Statements apply to both the Company and the Operating Partnership. As of December 31, 2019 , the Company’s property portfolio contained 167 properties with approximately 112,800 beds. The Company’s property portfolio consisted of 127 owned off-campus student housing properties that are in close proximity to colleges and universities, 34 American Campus Equity (“ACE ® ”) properties operated under ground/facility leases, and six on-campus participating properties operated under ground/facility leases with the related university systems. Of the 167 properties, three were under development as of December 31, 2019 , and when completed will consist of a total of approximately 11,300 beds. The Company's communities contain modern housing units and are supported by a resident assistant system and other student-oriented programming, with many offering resort-style amenities. Through one of ACC’s taxable REIT subsidiaries (“TRSs”), the Company also provides construction management and development services, primarily for student housing properties owned by colleges and universities, charitable foundations, and others. As of December 31, 2019 , also through one of ACC’s TRSs, the Company provided third-party management and leasing services for 36 properties that represented approximately 26,500 beds. Third-party management and leasing services are typically provided pursuant to management contracts that have initial terms that range from one year to five years . As of December 31, 2019 , the Company’s total owned and third-party managed portfolio included 203 properties with approximately 139,300 beds. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements, presented in U.S. dollars, are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and revenue and expenses during the reporting periods. The Company’s actual results could differ from those estimates and assumptions. All material intercompany transactions among consolidated entities have been eliminated. All dollar amounts in the tables herein, except share, per share, unit and per unit amounts, are stated in thousands unless otherwise indicated. Principles of Consolidation The Company’s consolidated financial statements include its accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which it has control. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities (“VIEs”), which requires the consolidation of VIEs in which the Company is considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation using the voting interest model. Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The standard requires entities to estimate a lifetime expected credit loss for most financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and to present the net amount of the financial instrument expected to be collected. The updated standard will be effective for the Company on January 1, 2020. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which amends the transition requirements and scope of ASU 2016-13 and clarifies that receivables arising from operating leases are not within the scope of the credit losses standard, but rather, should be accounted for in accordance with the leases standard. The Company notes that a majority of its financial instruments result from operating leasing transactions, which as mentioned above, are not within the scope of the new standard. However, the Company did perform both a quantitative and qualitative analysis on the financial assets that are covered under this guidance, including its loans receivable. Based on this analysis, which included analyzing historical performance, occupancy rates, projected future performance, and macroeconomic trends, the Company concluded this new standard would not have a material impact on the consolidated financial statements. In addition, the Company does not expect the following accounting pronouncements issued by the FASB to have a material effect on its consolidated financial statements: Accounting Standards Update Effective Date ASU 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract” January 1, 2020 ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” January 1, 2020 ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes" January 1, 2021 Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02 (“ASU 2016-12”), “Leases (Topic 842): Amendments to the FASB Accounting Standards Codification.” ASU 2016-02 outlines principles for the recognition, measurement, presentation and disclosure of leases. Subsequent to the issuance of ASU 2016-02, the FASB issued additional ASUs clarifying aspects of the new lease accounting standard, which were effective upon adoption of ASU 2016-02. These lease-related ASUs are collectively referred to as the “New Leases Standard.” The Company adopted the New Leases Standard on January 1, 2019, utilizing the modified retrospective transition approach. Under this approach, the Company elected to apply the new standard to leases that were in place as of January 1, 2019. Effective January 1, 2019, when the Company enters into a contract or amends an existing contract, it evaluates whether the contract meets the definition of a lease under the New Leases Standard. To meet the definition of a lease the contract must meet all three of the following criteria: • One party (lessor) must hold an identified asset; • The counterparty (lessee) must have the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of the contract; and • The counterparty (lessee) must have the right to direct the use of the identified asset throughout the period of the contract Results for reporting periods beginning January 1, 2019 are presented under the New Leases Standard. Upon adoption, the Company did not record an adjustment to beginning retained earnings. In addition, the Company adopted the following additional practical expedients available for implementation: • An entity need not reassess whether any existing or expired contracts are or contain leases; • An entity need not reassess lease classification for any existing or expired leases; and • An entity need not reassess initial direct costs for any existing leases. As Lessee: • Under the New Leases Standard, lessees classify leases as either operating or finance leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized on a straight-line basis over the term of the lease (operating lease) or under the effective interest method (finance lease). In addition, the New Leases Standard requires lessees to recognize right-of-use assets and related lease liabilities for leases with a term greater than 12 months regardless of their lease classification. The New Leases Standard does provide a practical expedient that allows lessees to not apply the recognition requirements discussed above to leases with a lease term of 12 months or less. The Company elected to adopt this practical expedient available for implementation. • Upon adoption of the New Leases Standard on January 1, 2019, the Company was a lessee under 28 ground leases and two corporate office headquarters leases for which it recorded $278.2 million in right of use assets (“ROU Assets”), and $277.5 million of operating lease liabilities. • Because the Company’s existing leases under which it is a lessee will continue to be classified as operating leases, the timing and pattern of lease expense recognition (straight-line basis) will remain unchanged. Leases entered into or modified after January 1, 2019, were evaluated under the New Leases Standard and were also classified as operating leases. As Lessor: • Under the New Leases Standard, the accounting for lessors remained largely unchanged from current GAAP; however, ASU 2016-02 required that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under the prior standard, these costs were capitalizable and therefore the New Leases Standard resulted in certain of these costs being expensed as incurred after adoption. For the Company, these costs include internal leasing payroll costs incurred for owned and presale development projects, as well as certain legal expenses incurred when negotiating commercial leases. • The New Leases Standard also requires lessors to evaluate collectability of all operating lease payments in a contract at lease commencement and thereafter. The Company concludes that operating lease payments are probable of collection at lease commencement. If the operating lease payments are subsequently deemed not probable of collection, adjustments are recognized as a reduction to lease income and, subsequently, any lease revenue is only recognized when cash receipts are received. This resulted in the reclassification of the provision for uncollectible accounts from operating expenses to revenue. This adjustment is reflected on a prospective basis in the accompanying consolidated statements of comprehensive income, starting on January 1, 2019. The provision for uncollectible accounts for owned properties was $7.3 million , $7.1 million and $6.4 million for the year ended December 31, 2019 , 2018 and 2017 , respectively. The provision for uncollectible accounts for on-campus participating properties was a $0.5 million benefit for the year ended December 31, 2019 , and a $0.3 million expense for both year ended December 31, 2018 and 2017 . • The New Leases Standard allows lessors to maintain an allowance for uncollectible operating lease receivables. If after lease commencement, the assessment of collectability on operating lease payments changes, a lessor can determine whether the allowance adequately contemplated this change. Upon adoption, the Company elected to maintain its allowance for operating leases and concluded the allowance adequately contemplated operating lease payments that were deemed not probable of collection for the year ended December 31, 2019. • The New Leases Standard provides a practical expedient that allows lessors to not separate certain lease and non-lease components if certain criteria are met. The Company assessed the criteria and determined that the timing and pattern of transfer for common area maintenance and the related rental revenue is the same. Therefore, the Company elected the practical expedient which resulted in no change to how revenue is currently recorded. In addition, on January 1, 2019, the Company adopted the following accounting pronouncements which did not have a material effect on the Company’s consolidated financial statements: • ASU 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” • ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” • ASU 2018-16, "Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes" Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Investments in Real Estate Investments in real estate are recorded at historical cost. Major improvements that extend the life of an asset are capitalized and depreciated over the remaining useful life of the asset. The cost of ordinary repairs and maintenance are expensed as incurred. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: 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 Project costs directly associated with the development and construction of an owned real estate project, which include interest, property taxes, and amortization of deferred financing costs, are capitalized as construction in progress. Upon completion of the project, costs are transferred into the applicable asset category and depreciation commences. Interest totaling approximately $12.1 million , $11.7 million and $15.9 million was capitalized during the years ended December 31, 2019 , 2018 , and 2017 , respectively. Management assesses whether there has been an impairment in the value of the Company’s investments in real estate whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment is recognized when estimated expected future undiscounted cash flows are less than the carrying value of the property, or when a property meets the criteria to be classified as held for sale, at which time an impairment charge is recognized for any excess of the carrying value of the property over the expected net proceeds from the disposal. The estimation of expected future net cash flows uses estimates, including capitalization rates and growth rates, which are inherently uncertain and rely on assumptions regarding current and future economics and market conditions. If such conditions change, then an adjustment to the carrying value of the Company’s long-lived assets could occur in the future period in which the conditions change. To the extent that a property is impaired, the excess of the carrying amount of the property over its estimated fair value is charged to earnings. In the case of any impairment, the valuation would be based on Level 3 inputs. During the year ended December 31, 2019 , concurrent with the classification of one owned property as held for sale, the Company recorded a $3.2 million impairment charge which is included in provision for impairment within operating income on the Consolidated Statements of Comprehensive Income. There were no impairment charges during the year ended December 31, 2018. The Company recorded a $15.3 million impairment charge in June 2017 for one property that was in receivership and was returned to the lender during the year ended December 31, 2019 . Refer to Note 6 for additional information regarding the disposition and to Note 9 for additional information regarding the property returned to the lender. The Company evaluates each acquisition to determine if the integrated set of assets and activities acquired meet the definition of a business. If either of the following criteria is met, the integrated set of assets and activities acquired would not qualify as a business: • 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). Property acquisitions deemed to qualify as a business are accounted for as business combinations, and the related acquisition costs are expensed as incurred. The Company allocates the purchase price of properties acquired in business combinations to net tangible and identified intangible assets based on their fair values. Fair value estimates are based on information obtained from a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, the Company’s own analysis of recently acquired and existing comparable properties in the Company’s portfolio, and other market data. Information obtained about each property as a result of due diligence, marketing, and leasing activities is also considered. The value allocated to land is generally based on the actual purchase price if acquired separately, or market research/comparables if acquired as part of an existing operating property. The value allocated to building is based on the fair value determined on an “as-if vacant” basis, which is estimated using a replacement cost approach that relies upon assumptions that the Company believes are consistent with current market conditions for similar properties. The value allocated to furniture, fixtures, and equipment is based on an estimate of the fair value of the appliances and fixtures inside the units. The Company has determined these estimates are primarily based upon unobservable inputs and therefore are considered to be Level 3 inputs within the fair value hierarchy. Acquisitions of properties that do not meet the definition of a business are accounted for as asset acquisitions. The accounting model for asset acquisitions is similar to the accounting model for business combinations except that the acquisition consideration (including transaction costs) is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. The relative fair values used to allocate the cost of an asset acquisition are determined using the same methodologies and assumptions as those utilized to determine fair value in a business combination. Long-Lived Assets–Held for Sale Long-lived assets to be disposed of are classified as held for sale in the period in which all of the following criteria are met: 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. Concurrent with this classification, the asset is recorded at the lower of cost or fair value less estimated selling costs, and depreciation ceases. The Company did not have any properties classified as held for sale as of December 31, 2019 and 2018 . Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company maintains cash balances in various banks. At times, the Company’s balances may exceed the amount insured by the FDIC. As the Company only uses money-centered financial institutions, the Company does not believe it is exposed to any significant credit risk related to its cash and cash equivalents. Restricted Cash Restricted cash consists of funds held in trusts that were established in connection with three bond issues for the Company’s on-campus participating properties. The funds are invested in low risk investments, generally consisting of government backed securities, as permitted by the indentures of trusts. Additionally, restricted cash includes escrow accounts held by lenders and resident security deposits, as required by law in certain states. Restricted cash also consists of escrow deposits made in connection with potential property acquisitions and development opportunities. These escrow deposits are invested in interest-bearing accounts at federally-insured banks. Realized and unrealized gains and losses are not material for the periods presented. Loans Receivable Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan purchase discounts, and net of an allowance for loan losses when such loan is deemed to be impaired. Loan purchase discounts are amortized over the term of the loan. The unamortized discount on the loans receivable was $2.3 million and $2.4 million as of December 31, 2019 and 2018 , respectively. The Company considers a loan impaired when, based upon current information and events, it is probable that it will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. Management’s estimate of the collectability of principal and interest payments under the Company’s loans receivable from CaPFA Capital Corp. 2000F (“CaPFA”), which mature in December 2040 and carry a balance, net of discount, of approximately $50.6 million and $54.6 million as of December 31, 2019 and 2018 , respectively, are highly dependent on the future operating performance of the properties securing the loans. As future economic conditions and/or market conditions at the properties change, management will continue to evaluate the collectability of such amounts. There were no impairments of the carrying value of its loans receivable as of December 31, 2019 . Loans receivable are included in Other Assets on the accompanying Consolidated Balance Sheets. Intangible Assets A portion of the purchase price of acquired properties is allocated to the value of in-place leases for both student and commercial tenants, which is based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued “as-if” vacant. As lease terms for student leases are typically one year or less, rates on in-place leases generally approximate market rental rates. Factors considered in the valuation of in-place leases include an estimate of the carrying costs during the expected lease-up period considering current market conditions, nature of the tenancy, and costs to execute similar leases. Carrying costs include estimates of lost rents at market rates during the expected lease-up period as well as marketing and other operating expenses. The value of in-place leases is amortized over the remaining initial term of the respective leases. The purchase price of property acquisitions is not allocated to student tenant relationships, considering the terms of the leases and the expected levels of renewals. For acquired properties subject to an in-place property tax incentive arrangement, a portion of the purchase price is allocated to the present value of expected future property tax savings over the projected incentive arrangement period. There were no new acquisitions or investments in joint ventures during the years ended December 31, 2019 and 2018 , that required an allocation to in-place property tax incentive arrangements assumed. Unamortized in-place property tax incentive arrangements as of December 31, 2019 and 2018 were approximately $38.6 million and $56.3 million , respectively, and are included in other assets on the accompanying consolidated balance sheets. Amortization expense was approximately $3.5 million , $3.7 million , and $3.3 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively, and is included in owned properties operating expense in the accompanying consolidated statements of comprehensive income. As of December 31, 2019 , the remaining weighted average tax incentive arrangement period was 18.0 years . During the year ended December 31, 2019 , the Company recorded a $14.0 million impairment charge associated with a tax incentive arrangement that was recorded upon acquisition of an owned property in 2015 due to current facts and circumstances indicating that the originally assumed property tax savings will not materialize. This impairment charge is based on Level 3 inputs and is included in provision for impairment on the accompanying Consolidated Statements of Comprehensive Income. Deferred Financing Costs The Company defers financing costs and amortizes the costs over the terms of the related debt using the effective-interest method. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to earnings. In those instances when debt modifications do not include material changes to the terms of the underlying debt agreement, unamortized costs of the original instrument are added to the costs of the modification and amortized over the life of the modified debt using the effective interest method. Deferred financing costs, net of amortization, for the Company’s revolving credit facility are included in other assets on the accompanying consolidated balance sheets. Net deferred financing costs for the Company’s revolving credit facility were approximately $3.5 million as of both December 31, 2019 , and 2018 . Redeemable Noncontrolling Interests The Company follows guidance issued by the FASB regarding the classification and measurement of redeemable securities. Under this guidance, securities that are redeemable for cash or other assets, at the option of the holder and not solely within the control of the issuer, must be classified outside of permanent equity as redeemable noncontrolling interests. The Company makes this determination based on terms in the applicable agreements, specifically in relation to redemption provisions. The Company initially records the redeemable noncontrolling interests at fair value. The carrying amount of the redeemable noncontrolling interest is subsequently adjusted to the redemption value (assuming the noncontrolling interest is redeemable at the balance sheet date), with the corresponding offset for changes in fair value recorded in additional paid in capital. Reductions in fair value are recorded only to the extent that the Company has previously recorded increases in fair value above the redeemable noncontrolling interests’ initial basis. As the changes in redemption value are based on fair value, there is no effect on the Company’s earnings per share. Redeemable noncontrolling interests on the accompanying consolidated balance sheets of ACC are referred to as redeemable limited partners on the consolidated balance sheets of the Operating Partnership. Refer to Note 8 for a more detailed discussion of redeemable noncontrolling interests for both ACC and the Operating Partnership. Consolidated VIEs The Company has investments in various entities that qualify as VIEs for accounting purposes and for which the Company is the primary beneficiary and therefore includes the entities in its consolidated financial statements. These VIEs include the Operating Partnership, six joint ventures that own a total of 11 operating properties and a land parcel, and six properties owned under the on-campus participating property structure. The VIE assets and liabilities consolidated within the Company's assets and liabilities are disclosed at the bottom of the Consolidated Balance Sheets. Joint Ventures The Company consolidates joint ventures when it exhibits financial or operational control, which is determined using accounting standards related to the consolidation of joint ventures and VIEs. For joint ventures that are defined as VIEs, the primary beneficiary consolidates the entity. The Company considers itself to be the primary beneficiary of a VIE when it has the power to direct the activities that most significantly impact the performance of the VIE, such as management of day-to-day operations, preparing and approving operating and capital budgets, and encumbering or selling the related properties. In instances where the Company is not the primary beneficiary, it does not consolidate the joint venture for financial reporting purposes. For joint ventures that are not defined as VIEs, where the Company is the general partner, but does not control the joint venture as the other partners hold substantive participating rights, the Company uses the equity method of accounting. For joint ventures where the Company is a limited partner, management evaluates whether the Company holds substantive participating rights. In instances where the Company holds substantive participating rights in the joint venture, the Company consolidates the joint venture; otherwise, it uses the equity method of accounting. Presale Development Projects As part of its development strategy, the Company enters into presale agreements to purchase various properties. Under the terms of these agreements, the Company is obligated to purchase the property as long as certain construction completion deadlines and other closing conditions are met. As a part of the presale agreements, the Company has the option to elect not to purchase the asset, which would result in the Company paying a significant penalty. The Company is typically responsible for leasing, management, and initial operations of the project while the third-party developer retains development risk during the construction period. The entity that owns the property is deemed to be a VIE, and the Company is deemed to be the primary beneficiary of the VIE. As such, upon execution of the purchase and sale agreement, the Company records the assets, liabilities, and noncontrolling interest of the entity owning the property at fair value. Mortgage Debt - Premiums and Discounts Mortgage debt premiums and discounts represent fair value adjustments to account for the difference between the stated rates and market rates of mortgage debt assumed in connection with the Company’s property acquisitions. The mortgage debt premiums and discounts are included in secured mortgage, construction, and bond debt on the accompanying consolidated balance sheets and are amortized to interest expense over the term of the related mortgage loans using the effective-interest method. The amortization of mortgage debt premiums and discounts resulted in a net decrease to interest expense of approximately $4.9 million , $5.3 million , and $7.8 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. As of December 31, 2019 and 2018 , net unamortized mortgage debt premiums were approximately $6.4 million and $11.6 million , respectively. Tenant Reimbursements Reimbursements from tenants, consisting of amounts due from tenants for utilities, are recognized as revenue in the period the recoverable costs are incurred. Tenant reimbursements are recognized and recorded on a gross basis, as the Company is generally the primary obligor with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the supplier, and has credit risk. Revenue Recognition and Accounts Receivable The Company’s primary business involves leasing properties to students under agreements that are classified as operating leases, and which have terms of 12 months or less. When collection of substantially all lease payments during the lease term is considered probable, which the Company concludes to be the case at lease commencement, the lease qualifies for accrual accounting and lease payments are recognized on a straight-line basis. These student leases do not provide for variable rent payments. The Company is also a lessor under commercial leases at certain owned properties, some of which provide for variable lease payments based upon tenant performance such as a percentage of sales. The Company recognizes the base lease payments provided for under the leases on a straight-line basis over the lease term, and variable payments are recognized in the period in which the changes in facts and circumstances on which the variable payments are based occur. If collection of substantially all lease payments during the lease term is not considered probable, adjustments are recognized as a reduction to lease income and, subsequently, any lease revenue is only recognized when cash receipts are received. In addition, the Company still maintains an allowance for uncollectible operating lease receivables to establish general reserves that are sufficient to absorb any adjustments to the probability of collection of substantially all lease payments. Determining the probability of collection of substantially all lease payments is impacted by numerous factors including tenant creditworthiness, economic conditions, and the Company's historical experience with tenants. Third-Party Development Services Revenue The Company recognizes development revenues and construction revenues over the life of the contract using a time-based measure of progress. An entire development and construction contract represents a single performance obligation comprised of a series of distinct services to be satisfied over time, and a single transaction price to be recognized over the life of the contract using a time-based measure of progress. Any variable consideration included in the transaction price is estimated using the expected value approach and is only included to the extent that a significant revenue reversal is not likely to occur. Third-Party Development Services Costs Pre-development expenditures such as |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Earnings Per Share – Company Basic earnings per share is computed using net income attributable to common shareholders and the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings per share reflects common shares issuable from the assumed conversion of American Campus Communities Operating Partnership Units (“OP Units”) and common share awards granted. Only those items having a dilutive impact on basic earnings per share are included in diluted earnings per share. The following potentially dilutive securities were outstanding for the years ended December 31, 2019 , 2018 , and 2017 , but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. Year Ended December 31, 2019 2018 2017 Common OP Units (Note 8) 531,112 771,708 1,019,186 Preferred OP Units (Note 8) 42,421 77,513 77,513 Total potentially dilutive securities 573,533 849,221 1,096,699 The following is a summary of the elements used in calculating basic and diluted earnings per share: Year Ended December 31, 2019 2018 2017 Numerator - basic and diluted earnings per share Net income $ 86,762 $ 119,124 $ 70,121 Net income attributable to noncontrolling interests (1,793 ) (2,029 ) (1,083 ) Net income attributable to ACC, Inc. and Subsidiaries common stockholders 84,969 117,095 69,038 Amount allocated to participating securities (1,902 ) (1,522 ) (1,536 ) Net income attributable to common stockholders $ 83,067 $ 115,573 $ 67,502 Denominator Basic weighted average common shares outstanding 137,295,837 136,815,051 135,141,423 Unvested restricted stock awards (Note 11) 990,941 906,998 860,962 Diluted weighted average common shares outstanding 138,286,778 137,722,049 136,002,385 Earnings per share Net income attributable to common stockholders - basic $ 0.61 $ 0.84 $ 0.50 Net income attributable to common stockholders - diluted $ 0.60 $ 0.84 $ 0.50 Earnings Per Unit – Operating Partnership Basic earnings per OP Unit is computed using net income attributable to common unitholders and the weighted average number of common units outstanding during the period. Diluted earnings per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units or resulted in the issuance of OP Units and then shared in the earnings of the Operating Partnership. The following is a summary of the elements used in calculating basic and diluted earnings per unit: Year Ended December 31, 2019 2018 2017 Numerator - basic and diluted earnings per unit Net income $ 86,762 $ 119,124 $ 70,121 Net income attributable to noncontrolling interests – partially owned properties (1,398 ) (1,215 ) (435 ) Series A preferred unit distributions (68 ) (124 ) (124 ) Amount allocated to participating securities (1,902 ) (1,522 ) (1,536 ) Net income attributable to common unitholders $ 83,394 $ 116,263 $ 68,026 Denominator Basic weighted average common units outstanding 137,826,949 137,586,759 136,160,609 Unvested restricted stock awards (Note 11) 990,941 906,998 860,962 Diluted weighted average common units outstanding 138,817,890 138,493,757 137,021,571 Earnings per unit Net income attributable to common unitholders - basic $ 0.61 $ 0.85 $ 0.50 Net income attributable to common unitholders - diluted $ 0.60 $ 0.84 $ 0.50 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes As mentioned in Note 2 , the Company qualifies as a REIT under the Code. As a REIT, the Company is not subject to federal income tax as long as it distributes at least 90% of its taxable income to its shareholders each year. If the Company’s taxable income exceeds its distributions for the year, the REIT tax rules allow the Company to designate distributions from a subsequent tax year in order to avoid current taxation on undistributed income. No provision for federal income taxes for the REIT has been included in the accompanying consolidated financial statements as the Company expects to meet the 90% annual distribution requirement. If the Company fails to qualify as a REIT, the Company will be subject to federal income tax (including any applicable alternative minimum tax for tax years ending on or prior to December 31, 2017) on its taxable income and to federal income and excise taxes on its undistributed income. In addition, ACCOP is a flow-through entity and is not subject to federal income taxes at the entity level. Historically, the Company has incurred only state and local income, franchise and margin taxes. The Company’s TRSs are subject to federal, state, and local income taxes. As such, deferred income taxes result from temporary differences between the carrying amounts of assets and liabilities of the TRSs for financial reporting purposes and the amounts used for income tax purposes. On December 22, 2017, the Tax Cuts and Jobs Act was signed into law and included wide-scale changes to individual, flow-through and corporation tax laws, including those that impact the real estate industry, the ownership of real estate and real estate investments, and REITs. One significant change was a reduction of the federal corporate income tax rate to 21% . The new rate became effective on January 1, 2018 and is a significant decrease from the prior graduated rate structure, which included a 35% maximum. Given that deferred tax assets and liabilities are measured using enacted tax rates in effect in the years in which those temporary differences are expected to reverse, the deferred balances below reflect the impact of the rate reduction. As of December 31, 2019 , we have reviewed the provisions of the new tax laws that pertain to the Company and have determined them to have no other material income tax effect for financial statement purposes. December 31, 2019 2018 Deferred tax assets: Fixed and intangible assets $ 1,488 $ 365 Net operating loss carryforwards 7,290 9,277 Prepaid and deferred income 1,115 866 Bad debt reserves 528 656 Leases 3,480 — Accrued expenses and other 4,049 3,208 Stock compensation 2,636 2,083 Total deferred tax assets 20,586 16,455 Valuation allowance for deferred tax assets (17,121 ) (16,390 ) Deferred tax assets, net of valuation allowance 3,465 65 Deferred tax liability: Leases (3,413 ) — Deferred financing costs (52 ) (65 ) Net deferred tax liabilities $ — $ — Significant components of the Company’s income tax provision are as follows: Year Ended December 31, 2019 2018 2017 Current: Federal $ (157 ) $ — $ — State (1,350 ) (2,429 ) (989 ) Deferred: Federal — — — State — — — Total provision $ (1,507 ) $ (2,429 ) $ (989 ) TRS earnings subject to tax consisted of income of approximately $10.0 million for the year ended December 31, 2019 and losses of approximately $2.0 million and $8.4 million for the years ended December 31, 2018 , and 2017 , respectively. The reconciliation of income tax for the TRSs computed at the U.S. statutory rate to income tax provision is as follows: Year Ended December 31, 2019 2018 2017 Tax (provision) benefit at U.S. statutory rates on TRS income subject to tax $ (789 ) $ 327 $ 1,277 State income tax, net of federal income tax benefit (57 ) 13 57 Effect of permanent differences and other 5 (154 ) 207 Deferred tax impact of tax reform — — (9,206 ) Decrease (increase) in valuation allowance 841 (186 ) 7,665 TRS income tax provision $ — $ — $ — At December 31, 2019 , the TRSs had net operating loss carryforwards (“NOLs”) of approximately $27.4 million for income tax purposes that begin to expire in 2031 . These NOLs may be used to offset future taxable income generated by each of the respective TRSs. Due to the various limitations to which the use of NOLs are subject, the Company has applied a valuation allowance to the NOLs given the likelihood that the NOLs will expire unused. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states’ jurisdictions as required, and as of December 31, 2019 , the 2018 , 2017 and 2016 calendar tax years are subject to examination by the tax authorities. The Company had no material unrecognized tax benefits for the years ended December 31, 2019 , 2018 , and 2017 , and as of December 31, 2019 , the Company does not expect to record any material unrecognized tax benefits. Because no material unrecognized tax benefits have been recorded, no related interest or penalties have been calculated. A schedule of per share distributions the Company paid and reported to its shareholders, which is unaudited, is set forth in the following table: Year Ended December 31, Tax Treatment of Distributions: 2019 2018 2017 Ordinary income $ 0.6625 $ — $ 0.8316 Long-term capital gain (1) 1.2075 1.8200 — Return of capital — — 0.9084 Total per common share outstanding $ 1.8700 $ 1.8200 $ 1.7400 (1) Unrecaptured Sec. 1250 gains of $ 0.3827 and $ 0.4008 were reported for the years ended December 31, 2019 and 2018, respectively. There was no unrecaptured Sec. 1250 gain reported for the year ended December 31, 2017. |
Acquisitions and Joint Venture
Acquisitions and Joint Venture Investments | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions and Joint Venture Investments | Acquisitions and Joint Venture Investments Presale Development Projects: During the year ended December 31, 2019 , two properties subject to presale agreements were completed and acquired by the Company for $110.2 million . The purchase price includes $8.6 million related to the purchase of the land on which one of the properties is built. Additionally, upon acquisition, the third-party developer repaid an $18.5 million mezzanine loan, including accrued interest, that the Company provided to one of the projects during the construction period. As the properties were consolidated by the Company from the time of execution of the presale agreements with the developers, the closing of the transactions were accounted for as an increase in ownership of consolidated subsidiaries. The two properties acquired are detailed below: Property Location Primary University Served Project Type Beds Month Acquired The Flex - Stadium Centre Tallahassee, FL Florida State University Off-campus 340 August 2019 959 Franklin Eugene, OR University of Oregon Off-campus 443 November 2019 783 In August 2018, The Edge - Stadium Centre, a 412 -bed off-campus development property subject to a presale agreement, was completed and acquired by the Company for $42.6 million , including $10.0 million related to the purchase of the land on which the property is built. As the property was consolidated by the Company from the time of execution of the presale agreement with the developer, the closing of the transaction was accounted for as an increase in ownership of a consolidated subsidiary. Property Acquisitions: During the third quarter of 2017, the Company executed an agreement to acquire a portfolio of seven student housing properties from affiliates of Core Spaces and DRW Real Estate Investments (the “Core Transaction”). The transaction included the purchase of 100% of the ownership interests in two operating properties, the purchase of partial ownership interests in two operating properties that completed construction and commenced operations in Fall 2017, and the purchase of partial ownership interests in three properties that completed construction and commenced operations in Fall 2018. The purchase of partial ownership interests was made through a joint venture arrangement. In total, the Core Transaction properties contain 3,776 beds. Refer to Note 8 for additional information related to the Core Transaction. The initial investment made at closing was $306.0 million , and including the subsequent purchases of the remaining ownership interests in three properties, the total investment as of December 31, 2019 was $524.9 million . The purchase of the remaining ownership interests in the remaining two properties is anticipated to be completed in the first quarter of 2020. Refer to Note 15 for additional information related to the Core Transaction. During the year ended December 31, 2017, the Company acquired three owned properties containing 1,240 beds for a total purchase price of approximately $222.9 million as well as 100% of the ownership interests in two operating properties as part of the Core Transaction described above for $146.1 million . Total cash consideration was approximately $222.3 million for the three owned properties and $144.3 million for the ownership interests acquired as a part of the Core Transaction. The difference between the contracted purchase price and the cash consideration is due to other assets and liabilities that were not part of the contractual purchase price, but were acquired in the transactions, as well as transaction costs capitalized as part of the acquisitions. Land Acquisitions: In August 2018, the Company purchased a land parcel for a total purchase price of approximately $16.6 million . During the year ended December 31, 2017, the Company purchased five land parcels with a fair value of $12.0 million for total cash consideration of approximately $8.9 million . The difference between the fair value of the land and the cash consideration represents non-cash consideration. In addition, during the year ended December 31, 2017, the Company made an initial investment of $9.0 million in a joint venture that holds a land parcel with fair value of $12.0 million |
Property Dispositions
Property Dispositions | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Property Dispositions | Property Dispositions Property Dispositions During the year ended December 31, 2019, the Company sold the following owned properties for approximately $109.5 million , resulting in net proceeds of approximately $108.6 million . The combined net loss on the dispositions was not material. Property Location Primary University Served Beds College Club Townhomes (1) (2) Tallahassee, FL Florida A&M University 544 Landmark Ann Arbor, MI University of Michigan 606 1,150 (1) Concurrent with the classification of this property as held for sale in March 2019, the Company reduced the property’s carrying amount to its estimated fair value less estimated selling costs and recorded an impairment charge of $3.2 million . (2) Consisted of two phases that were previously counted separately in the property portfolio numbers contained in Note 1. During the year ended December 31, 2018, the Company sold a portfolio of three owned properties containing 1,338 beds for approximately $245.0 million , resulting in net proceeds of approximately $242.3 million . The combined net gain on the portfolio disposition totaled approximately $42.3 million . During the year ended December 31, 2017, the Company sold one property, containing 657 beds, for approximately $25.0 million , resulting in net proceeds of approximately $24.5 million . The net loss on this disposition totaled approximately $0.6 million . Concurrent with the classification of this property as held for sale in December 2016, the Company reduced the property’s carrying amount to its estimated fair value less estimated selling costs and recorded an impairment charge of $4.9 million . Joint Venture Activity During the year ended December 31, 2018, the Company executed an agreement to enter into a joint venture arrangement with Allianz Real Estate (the “ACC / Allianz Joint Venture Transaction”). The transaction included the sale of a partial ownership interest in a portfolio of seven owned properties, containing 4,611 beds, through a joint venture arrangement. The joint venture transaction involved the joint venture partner making a cash contribution of approximately $373.1 million in exchange for a 45% ownership interest. As part of the transaction, the joint venture issued $330 million of secured mortgage debt. The joint venture was determined to be a VIE. As the Company retained control of the properties after the joint venture transaction, it was deemed the primary beneficiary. As such, the Company’s contribution of the properties to the joint venture was recorded at net book value, and the joint venture is included in the Company’s consolidated financial statements contained herein. The joint venture partner’s ownership interest in the joint venture is accounted for as noncontrolling interest. |
Investments in Real Estate
Investments in Real Estate | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Wholly Owned Properties [Abstract] | |
Investments in Owned Properties | Investments in Real Estate Owned properties, both wholly-owned and those owned through investments in VIEs, consisted of the following: December 31, 2019 December 31, 2018 Land $ 654,985 $ 653,522 Buildings and improvements 6,749,757 6,486,106 Furniture, fixtures and equipment 391,208 371,429 Construction in progress 341,554 302,902 8,137,504 7,813,959 Less accumulated depreciation (1,442,789 ) (1,230,562 ) Owned properties, net $ 6,694,715 $ 6,583,397 Our On-Campus Participating Properties segment includes six on-campus properties that are operated under long-term ground/facility leases with three university systems. Under our ground/facility leases, we receive an annual distribution representing 50% of these properties’ net cash flows, as defined in the ground/facility lease agreements. We also manage these properties under long-term management agreements and are paid management fees equal to a percentage of defined gross receipts. On-campus participating properties consisted of the following: December 31, 2019 December 31, 2018 Buildings and improvements $ 155,941 $ 150,087 Furniture, fixtures and equipment 13,552 11,817 Construction in progress 6 658 169,499 162,562 Less accumulated depreciation (94,311 ) (84,925 ) On-campus participating properties, net $ 75,188 $ 77,637 |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests Interests in Consolidated Real Estate Joint Ventures and Presale Arrangements Noncontrolling interests - partially owned properties : As of December 31, 2019 , the Operating Partnership consolidates four joint ventures that own and operate ten owned off-campus properties. The portion of net assets attributable to the third-party partners in these arrangements is classified as “noncontrolling interests - partially owned properties” within equity and capital on the accompanying consolidated balance sheets of ACC and the Operating Partnership, respectively. Redeemable noncontrolling interests (ACC) / redeemable limited partners (Operating Partnership): The noncontrolling interest holder in the Core Transaction has the option to redeem its noncontrolling interest in the entities through the exercise of put options. As the exercise of the options is outside of the Company’s control, the portion of net assets attributable to the third-party partner is classified as “redeemable noncontrolling interests” and “redeemable limited partners” in the mezzanine section of the accompanying consolidated balance sheets of ACC and the Operating Partnership, respectively. The redemption price is based on the fair value of the properties at the time of option exercise. These redeemable noncontrolling interests are marked to their redemption value at each balance sheet date. The redemption value is based on the fair value of the underlying properties held by the joint ventures. The Company’s fair value analysis is based on Level 3 inputs and incorporates information obtained from a number of sources, including the Company’s analysis of comparable properties in the Company’s portfolio, estimations of net operating results of the properties, capitalization rates, discount rates, and other market data. During the years ended December 31, 2019 and 2018, the redemption value of redeemable noncontrolling interests increased by $11.8 million and $68.7 million , respectively. The 2019 increase was due to a change in the fair value of the net assets held by the joint ventures primarily as a result of the completion of the leasing process for the 2019-2020 academic year, and the 2018 increase was primarily as a result of the underlying properties becoming operational during the third quarter and the leasing results for the 2018-2019 academic year. The corresponding offset for the adjustments to the redemption value was recorded in additional paid in capital. As the change in redemption value is based on fair value, there is no effect on the Company’s earnings per share. During the year ended December 31, 2019, the Company exercised its option to redeem the noncontrolling interests in one of the joint ventures, through which the Company purchased the remaining noncontrolling interests in three properties, which reduced the redeemable noncontrolling interests by $88.3 million . The redemption options for the second joint venture are exercisable in the first quarter of 2020. For further discussion on accounting for changes in redemption value, refer to Note 2 . The third-party partners’ share of the income or loss of the joint ventures described above is calculated based on the partners’ economic interest in the joint ventures, is included in “net income attributable to noncontrolling interests” on the consolidated statements of comprehensive income of ACC and is reported as “net income attributable to noncontrolling interests - partially owned properties” on the consolidated statements of comprehensive income of the Operating Partnership. Operating Partnership Ownership Also included in redeemable noncontrolling interests (ACC) / redeemable limited partners (Operating Partnership) are OP Units for which the Operating Partnership is required, either by contract or securities law, to deliver registered common shares of ACC to the exchanging OP unit holder, or for which the Operating Partnership has the intent or history of exchanging such units for cash. The units classified as such include Series A Preferred Units (“Preferred OP Units”) and Common OP Units. The value of OP Units is reported at the greater of fair value, which is based on the closing market value of the Company’s common stock at period end, or historical cost at the end of each reporting period. The OP Unitholders’ share of the income or loss of the Company is included in “net income attributable to noncontrolling interests” on the consolidated statements of comprehensive income of ACC. As of December 31, 2019 and 2018 , respectively, approximately 0.4% and 0.5% of the equity interests of the Operating Partnership were held by owners of Common OP Units and Preferred OP Units not held by ACC or ACC Holdings. During the year ended December 31, 2019 , 126,313 Common OP Units and 42,271 Preferred OP Units were converted into an equal number of shares of ACC’s common stock. During the year ended December 31, 2018 , 412,343 Common OP Units were converted into an equal number of shares of ACC’s common stock. Below is a table summarizing the activity of redeemable noncontrolling interests (ACC) / redeemable limited partners (Operating Partnership) for the years ended December 31, 2019 and 2018 , which includes both the redeemable joint venture partners and OP Units discussed above: Balance, December 31, 2016 $ 55,078 Net income 654 Distributions (77,031 ) Conversion of OP Units into shares of ACC common stock (154 ) Contributions from noncontrolling interests 162,794 Adjustments to reflect redeemable noncontrolling interests at fair value (9,172 ) Balance, December 31, 2017 $ 132,169 Net income 936 Distributions (1,516 ) Conversion of OP Units into shares of ACC common stock (13,334 ) Contributions from noncontrolling interests 112 Adjustments to reflect redeemable noncontrolling interests at fair value 66,079 Balance, December 31, 2018 $ 184,446 Net income 783 Distributions (1,062 ) Conversion of OP Units into shares of ACC common stock (6,082 ) Contributions from noncontrolling interests 250 Purchase of noncontrolling interests (88,304 ) Adjustments to reflect redeemable noncontrolling interests at fair value 14,350 Balance, December 31, 2019 $ 104,381 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt A summary of the Company’s outstanding consolidated indebtedness, including unamortized debt premiums and discounts, is as follows: December 31, 2019 2018 Debt secured by owned properties: Mortgage loans payable: Unpaid principal balance $ 693,584 $ 727,163 Unamortized deferred financing costs (1,294 ) (1,757 ) Unamortized debt premiums 6,596 11,579 Unamortized debt discounts (199 ) — 698,687 736,985 Construction loans payable (1) — 22,207 Unamortized deferred financing costs — (480 ) 698,687 758,712 Debt secured by on-campus participating properties: Mortgage loans payable (2) 65,942 67,867 Bonds payable (2) 23,215 27,030 Unamortized deferred financing costs (418 ) (525 ) 88,739 94,372 Total secured mortgage, construction and bond debt 787,426 853,084 Unsecured notes, net of unamortized OID and deferred financing costs (3) 1,985,603 1,588,446 Unsecured term loans, net of unamortized deferred financing costs (4) 199,121 198,769 Unsecured revolving credit facility 425,700 387,300 Total debt, net $ 3,397,850 $ 3,027,599 (1) Construction loans payable relate to the construction loans partially financing the development of presale development projects. The properties are owned by an entity determined to be a VIE for which the Company is the primary beneficiary. The creditor of the construction loans does not have recourse to the assets of the Company. (2) The creditors of mortgage loans payable and bonds 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 $2.3 million at December 31, 2019 and $1.6 million at December 31, 2018 , and net unamortized deferred financing costs of $12.1 million at December 31, 2019 and $10.0 million at December 31, 2018 . (4) Includes net unamortized deferred financing costs of $0.9 million at December 31, 2019 and $1.2 million at December 31, 2018 . Mortgage and Construction Loans Payable Mortgage loans payable generally feature either monthly interest and principal payments or monthly interest-only payments with balloon payments due at maturity. For purposes of classification in the following table, variable rate mortgage loans subject to interest rate swaps are deemed to be fixed rate, due to the Company having effectively fixed the interest rate for the underlying debt instrument. Construction loans payable generally feature monthly payments of interest only during the term of the loan and outstanding borrowings become due at maturity. Mortgage loans payable, excluding debt premiums and discounts, consisted of the following as of December 31, 2019 : December 31, 2019 Principal Outstanding Weighted Weighted Number of December 31, Average Average Years Properties 2019 2018 Interest Rate to Maturity Encumbered Fixed Rate: Mortgage loans payable (1) $ 756,397 $ 683,615 4.45 % 6.2 Years 20 Variable Rate: Mortgage and construction loans payable (2) 3,129 133,622 4.24 % 25.6 Years — Total $ 759,526 $ 817,237 4.44 % 6.3 Years 20 (1) Fixed rate mortgage loans payable mature at various dates from 2020 through 2045 and carry interest rates ranging from 3.76% to 6.43% at December 31, 2019 . (2) The 2019 amounts represent mortgage debt at one of our on-campus participating properties not subject to an interest rate swap contract. This property is included in the number of properties encumbered by mortgage loans above. The 2018 amounts represent construction loans for two properties under pre-sale agreements and mortgage loans at one on-campus and one owned property. During the year ended December 31, 2019 , the following transactions occurred: Mortgage Loans Payable (1) Construction Loans Payable Balance, December 31, 2018 $ 795,030 $ 22,207 Additions: Draws under advancing construction notes payable — 31,611 Deductions: Forgiveness of debt (2) (27,381 ) — Pay-off of construction debt (3) — (53,818 ) Scheduled repayments of principal (8,123 ) — Balance, December 31, 2019 $ 759,526 $ — (1) Balance excludes unamortized debt premiums and discounts. (2) The Company completed the transfer of Blanton Common to the lender in settlement of the property's mortgage loan in July 2019. (3) Debt for two presale development properties paid off on the respective acquisition dates. In January 2019, the Company refinanced $70.0 million of variable rate debt on one wholly-owned property, extending the maturity to January 2024. The Company entered into an interest rate swap contract to hedge the variable rate cash flows associated with interest payments on this LIBOR-based mortgage loan, resulting in a fixed rate of 4.00% . Refer to Note 12 for information related to derivatives. In August and November 2019, the Company acquired two properties, each subject to a presale agreement. Approximately $53.8 million of construction debt used to partially finance the development of the presale projects was paid off upon acquisition. Refer to Note 5 for more information related to acquisitions. In October 2019, the company entered into an interest rate swap contract on $37.5 million of variable rate debt on one on campus participating property, to hedge the variable rate cash flows associated with interest payments on the LIBOR-based mortgage loan, resulting in a fixed rate for that portion of 3.76% . Refer to Note 12 for additional information. In May 2017, the lender of the non-recourse mortgage loan secured by Blanton Common, a property located near Valdosta State University containing 860 beds which was included as part of the GMH student housing transaction in 2008, sent a formal notice of default and initiated foreclosure proceedings. The property generated insufficient cash flow to cover the debt service on the mortgage, which had a balance of $27.4 million at default and a contractual maturity date of August 2017. In May 2017, the lender began receiving the net operating cash flows of the property each month in lieu of scheduled monthly mortgage payments. In June 2017, the Company recorded an impairment charge for this property of $15.3 million . In August 2017, the property transferred to receivership, and a third-party manager began managing the property on behalf of the lender. In July 2019, the Company completed the transfer of the property to the lender in settlement of the property's mortgage loan and recognized a net gain from the extinguishment of debt totaling $21.0 million . Bonds Payable Three of the on-campus participating properties are 100% financed with outstanding project-based taxable bonds. Under the terms of these financings, one of the Company’s special purpose subsidiaries publicly issued three series of taxable bonds and loaned the proceeds to three special purpose subsidiaries that each hold a separate leasehold interest. The bonds encumbering the leasehold interests are non-recourse, subject to customary exceptions. Although a default in payment by these special purpose subsidiaries could result in a default under one or more series of bonds, indebtedness of any of these special purpose subsidiaries is not cross-defaulted or cross-collateralized with indebtedness of the Company, the Operating Partnership, or other special purpose subsidiaries. Repayment of principal and interest on these bonds is insured by MBIA, Inc. Interest and principal are paid semi-annually and annually, respectively, through maturity. Covenants include, among other items, budgeted and actual debt service coverage ratios. As of December 31, 2019 , the Company was in compliance with all such covenants. Bonds payable at December 31, 2019 consisted of the following: Mortgaged Facilities Original Principal Weighted Average Rate Maturity Required Monthly December 31, 2019 1999 University Village-PVAMU/TAMIU $ 39,270 $ 12,065 7.76 % September 2023 $ 302 2001 University College–PVAMU 20,995 8,885 7.62 % August 2025 158 2003 University College–PVAMU 4,325 2,265 6.20 % August 2028 28 Total/weighted average rate $ 64,590 $ 23,215 7.55 % $ 488 Unsecured Notes In June 2019, the Operating Partnership closed a $400 million offering of senior unsecured notes under its existing shelf registration. These seven -year notes were issued at 99.704% of par value with a coupon of 3.300% and a yield of 3.347% and are fully and unconditionally guaranteed by the Company. Net proceeds from the notes totaled approximately $394.0 million , after deducting the underwriting discount and offering expenses which will be amortized over the term of the unsecured notes. The net proceeds were used to repay borrowings under the Company’s revolving credit facility. As of December 31, 2019, the Company has issued the following senior unsecured notes: 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 (2) 400,000 99.811 3.350% 3.391% 756 5 October 2017 400,000 99.912 3.625% 3.635% 352 10 June 2019 400,000 99.704 3.300% 3.680% (1) 1,184 7 $ 2,000,000 $ 4,212 (1) The yield includes effect of the amortization of the interest rate swap terminations. (2) In January 2020, the Company issued $400 million of 10 -year unsecured notes at a yield of 2.872% that mature in 2030. Proceeds from the issuance were used to repay $400.0 million of unsecured notes issued in September 2015 that were scheduled to mature in October 2020. Refer to Note 18 for additional information. The notes are fully and unconditionally guaranteed by the Company. Interest on the notes is payable semi-annually. The terms of the unsecured notes include certain financial covenants that require the Operating Partnership to limit the amount of total debt and secured debt as a percentage of total asset value, as defined. In addition, the Operating Partnership must maintain a minimum ratio of unencumbered asset value to unsecured debt, as well as a minimum interest coverage level. As of December 31, 2019 , the Company was in compliance with all such covenants. Unsecured Revolving Credit Facility In February 2019, the Company exercised the option under the existing credit agreement to increase the capacity of the unsecured revolving credit facility from $700 million to $1.0 billion . It may be expanded by up to an additional $200 million upon the satisfaction of certain conditions. The maturity date of the revolving credit facility is March 2022 . The unsecured revolving credit facility bears interest at a variable rate, at the Company’s option, based upon a base rate of one-, two-, three- or six-month LIBOR, plus, in each case, a spread based upon the Company’s investment grade rating from either Moody’s Investor Services, Inc. or Standard & Poor’s Rating Group. Additionally, the Company is required to pay a facility fee of 0.20% per annum on the $1.0 billion revolving credit facility. As of December 31, 2019 , the revolving credit facility bore interest at a weighted average annual rate of 2.97% ( 1.77% + 1.00% spread + 0.20% facility fee), and availability under the revolving credit facility totaled $574.3 million . The terms of the unsecured credit facility include certain restrictions and covenants, which limit, among other items, the incurrence of additional indebtedness and liens. The facility contains customary affirmative and negative covenants and also contains financial covenants that, among other things, require the Company to maintain certain maximum leverage ratios and minimum ratios of “EBITDA” (earnings before interest, taxes, depreciation and amortization) to fixed charges. The financial covenants also include a minimum asset value requirement, a maximum secured debt ratio, and a minimum unsecured debt service coverage ratio. As of December 31, 2019 , the Company was in compliance with all such covenants. Unsecured Term Loans The Company is currently party to an Unsecured Term Loan Credit Agreement (the "Term Loan Facility") totaling $200 million which matures in June 2022. The agreement has an accordion feature that allows the Company to expand the amount by up to an additional $100 million , subject to the satisfaction of certain conditions. In November and December 2019, the Company entered into two interest rate swap contracts to hedge the variable rate cash flows associated with the LIBOR-based interest payments on the Term Loan Facility. The weighted average annual rate on the Term Loan was 2.54% ( 1.44% + 1.10% spread) at December 31, 2019 . Refer to Note 12 for more information related to cash flow hedges of interest rate risk. The Term Loan Facility includes certain restrictions and covenants consistent with those of the unsecured revolving credit facility discussed above. As of December 31, 2019 , the Company was in compliance with all such covenants. In May 2018, the Company repaid a $300 million unsecured term loan and a $150 million unsecured term loan which were due to mature in September 2018 and March 2021, respectively, using the proceeds from the sale of a partial interest in a portfolio of seven owned properties and the portfolio sale of three owned properties (see Note 6 ). In connection with the pay-off of these term loan facilities, the Company accelerated the amortization of $0.9 million of deferred financing costs. Debt Maturities The following table summarizes the stated debt maturities and scheduled amortization payments, excluding debt premiums and discounts, for each of the five years subsequent to December 31, 2019 and thereafter: 2020 $ 446,164 2021 196,996 2022 658,853 2023 408,599 2024 529,139 Thereafter 1,168,690 $ 3,408,441 The Company's payment of principal and interest were current at December 31, 2019 . Certain of the mortgage notes and bonds payable are subject to prepayment penalties. |
Stockholders' Equity _ Partners
Stockholders' Equity / Partners' Capital | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity / Partners' Capital | Stockholders’ Equity / Partners’ Capital Stockholders’ Equity – Company In May 2018, the Company renewed its at-the-market share offering program (the “ATM Equity Program”) through which the Company may issue and sell, from time to time, shares of common stock having an aggregate offering price of up to $500 million . The shares that may be sold under this program include shares of common stock of the Company with an aggregate offering price of approximately $233.0 million that were not sold under the Company's previous ATM equity program that expired in May 2018. Actual sales under the program will depend on a variety of factors, including, but not limited to, market conditions, the trading price of the Company’s common stock, and determinations of the appropriate sources of funding for the Company. There was no activity under the Company’s ATM Equity Program during the years ended December 31, 2019 and 2018 . As of December 31, 2019 , the Company had $500.0 million available for issuance under its ATM Equity Program. In 2015, the Company established a Non-Qualified Deferred Compensation Plan (“Deferred Compensation Plan”) maintained for the benefit of select employees and members of the Company’s Board of Directors, in which vested share awards (see Note 11 ), salary and other cash amounts earned may be deposited. Deferred Compensation Plan assets are held in a rabbi trust, which is subject to the claims of the Company’s creditors in the event of bankruptcy or insolvency. The shares held in the Deferred Compensation Plan are classified within stockholders’ equity in a manner similar to the manner in which treasury stock is classified. Subsequent changes in the fair value of the shares are not recognized. During the year ended December 31, 2019 , 15,670 shares and 7,345 shares of vested stock were deposited into and withdrawn from the Deferred Compensation Plan, respectively, bringing the total ACC shares held in the Deferred Compensation Plan to 77,928 as of December 31, 2019 |
Incentive Award Plan
Incentive Award Plan | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Incentive Award Plan | Incentive Award Plan In May 2018, the Company’s stockholders approved the American Campus Communities, Inc. 2018 Incentive Award Plan (the “2018 Plan”). The 2018 Plan replaced the Company’s 2010 Incentive Award Plan (the “2010 Plan”). The 2018 Plan provides for the grant of various stock-based incentive awards to selected employees and directors of the Company and the Company’s affiliates. The types of awards that may be granted under the 2018 Plan include incentive stock options, nonqualified stock options, restricted stock awards (“RSAs”), restricted stock units (“RSUs”), profits interest units (“PIUs”), and other stock-based awards. The Company has reserved a total 3.5 million shares of the Company’s common stock for issuance pursuant to the 2018 Plan, subject to certain adjustments for changes in the Company’s capital structure, as defined in the 2018 Plan. Upon approval of the 2018 Plan, all remaining authorized shares that were not granted under the 2010 Plan were forfeited and are no longer available for issuance as new awards. As of December 31, 2019 , 3.1 million shares were available for issuance under the 2018 Plan. Restricted Stock Units Upon initial appointment to the Board of Directors and reelection to the Board of Directors at each Annual Meeting of Stockholders, each independent member of the Board of Directors is granted RSUs. On the Settlement Date, the Company will deliver to the recipients a number of shares of common stock or cash, as determined by the Compensation Committee of the Board of Directors, equal to the number of RSUs granted to the recipients. In addition, recipients of RSUs are entitled to dividend equivalents equal to the cash distributions paid by the Company on one share of common stock for each RSU issued, payable currently or on the Settlement Date, as determined by the Compensation Committee of the Board of Directors. Upon reelection to the Board of Directors in May 2019, all members of the Company’s Board of Directors were granted RSUs in accordance with the 2018 Plan. These RSUs were valued at $162,500 for the Chairman of the Board of Directors and at $117,500 for all other members. Additionally, in July 2019, the Company appointed one new member to the Board of Directors who was granted RSUs valued at $117,500 . The number of RSUs was determined based on the fair market value of the Company’s stock on the date of grant, as defined in the 2018 Plan. All awards vested and settled immediately on the date of grant, and the Company delivered shares of common stock, as determined by the Compensation Committee of the Board of Directors. A summary of ACC’s RSUs under the Plan for the years ended December 31, 2019 and 2018 and activity during the years then ended is presented below: Number of RSUs Weighted-Average Grant Date Fair Value Per RSU Outstanding at December 31, 2017 — $ — Granted 27,376 39.45 Settled in common shares (27,376 ) 39.45 Outstanding at December 31, 2018 — — Granted 20,812 47.34 Settled in common shares (18,318 ) 47.37 Settled in cash (2,494 ) 47.11 Outstanding at December 31, 2019 — — The Company recognized expense of approximately $0.9 million , $1.1 million , and $0.9 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively, reflecting the fair value of the RSUs issued on the date of grant, and the expense was included in general and administrative expenses on the Company’s consolidated statements of comprehensive income. The weighted-average grant-date fair value for each RSU granted during the year ended December 31, 2017 was $46.67 . Restricted Stock Awards The Company awards RSAs to its executive officers and certain employees that vest in equal annual installments over a five year period. Unvested awards are forfeited upon the termination of an individual’s employment with the Company under specified circumstances. Recipients of RSAs receive dividends, as declared by the Company’s Board of Directors, on unvested shares, provided that the recipient continues to be employed by the Company. A summary of the Company’s RSAs under the Plan for the years ended December 31, 2019 and 2018 is presented below: Number of RSAs Weighted-Average Grant Date Fair Value Per RSA Nonvested balance at December 31, 2017 810,870 $ 44.16 Granted 357,387 39.41 Vested (249,102 ) 43.36 Forfeited (56,475 ) 43.64 Nonvested balance at December 31, 2018 862,680 $ 42.46 Granted 387,341 44.08 Vested (266,556 ) 41.86 Forfeited (16,124 ) 42.91 Nonvested balance at December 31, 2019 967,341 $ 43.27 The fair value of RSAs is calculated based on the closing market value of the Company’s common stock on the date of grant. The fair value of these awards is amortized to expense over the vesting periods, which amounted to approximately $12.7 million , $11.1 million and $13.1 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. The amortization of restricted stock awards for the year ended December 31, 2017 includes $2.4 million of contractual executive separation and retirement charges incurred with regard to the retirement of the Company’s former Chief Financial Officer, representing the June 30, 2017 vesting of 46,976 RSAs, net of shares withheld for taxes, related to the retirement. The weighted-average grant date fair value for each RSA granted and forfeited during the year ended December 31, 2017 was $48.55 and $42.36 , respectively. The total fair value of RSAs vested during the year ended December 31, 2019 was approximately $11.2 million . Additionally, as of December 31, 2019 , the Company had approximately $30.9 million of total unrecognized compensation cost related to granted RSAs, which is expected to be recognized over a remaining weighted-average period of 3.2 years. Per the provisions of the Plan, an employee becomes retirement eligible when (i) the sum of an employee’s full years of service (a minimum of 120 contiguous full months) and the employee’s age on the date of termination (a minimum of 50 years of age) equals or exceeds 70 years (hereinafter referred to as the “Rule of 70”); (ii) the employee gives at least six months prior written notice to the Company of his or her intention to retire; and (iii) the employee enters into a noncompetition agreement and a general release of all claims in a form that is reasonably satisfactory to the Company. As of December 31, 2019 , 19 employees have met the Rule of 70, including the Company’s Chief Executive Officer and President. A total of 330,134 unvested RSAs are held by such employees. Once the other two conditions of retirement eligibility are met, the shares held by these employees will be subject to accelerated vesting. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and forward starting swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Forward starting swaps are used to protect the Company against adverse fluctuations in interest rates by reducing its exposure to variability in cash flows relating to interest payments on a forecasted issuance of debt. These agreements contain provisions such that if the Company defaults on any of its indebtedness, regardless of whether the repayment of the indebtedness has been accelerated by the lender or not, then the Company could also be declared in default on its derivative obligations. As of December 31, 2019 , 2018 , and 2017 , the Company was not in default on any of its indebtedness or derivative instruments. As disclosed in Note 2, the adoption of ASU 2017-12 did not have a material effect on the Company’s consolidated financial statements. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in other comprehensive income (“OCI”) (outside of earnings) and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings within the same income statement line item as the earnings effect of the hedged transaction. The following table summarizes the Company’s outstanding interest rate swap contracts which are included in other assets and other liabilities on the accompanying consolidated balance sheets as of December 31, 2019 : 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 $ 12,592 $ (94 ) Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month 12,721 (95 ) Park Point mortgage loan Feb 1, 2019 Jan 16, 2024 2.7475% LIBOR - 1 month 70,000 (3,247 ) College Park mortgage loan Oct 16, 2019 Oct 16, 2022 1.2570% LIBOR - 1 month, with 1 day lookback 37,500 289 Unsecured term loan Nov 4, 2019 Jun 27, 2022 1.4685% LIBOR - 1 month 100,000 168 Unsecured term loan Dec 2, 2019 Jun 27, 2022 1.4203% LIBOR - 1 month 100,000 286 Total $ 332,813 $ (2,693 ) In December 2018, the Company entered into three forward starting interest rate swap contracts with notional amounts totaling $200 million designated to hedge the Company's exposure to increasing interest rates related to interest payments on an anticipated issuance of unsecured notes. In connection with the issuance of unsecured notes in June 2019, as discussed in Note 9 , the Company terminated the swap contracts resulting in payments to counterparties totaling approximately $13.2 million , which were recorded in accumulated other comprehensive loss and which will be amortized to interest expense over the term of the swap contracts based on the June 2019 issuance and expected additional issuances. The table below presents the fair value of the Company’s derivative financial instruments and their classification on the consolidated balance sheets as of December 31, 2019 and 2018 : Asset Derivatives Liability Derivatives Fair Value as of Fair Value as of Description Balance Sheet Location 12/31/2019 12/31/2018 Balance Sheet Location 12/31/2019 12/31/2018 Interest rate swap contracts Other assets $ 743 $ 101 Other liabilities $ 3,436 $ — Forward starting swap contracts Other assets — — Other liabilities — 2,287 Total derivatives designated $ 743 $ 101 $ 3,436 $ 2,287 The table below presents the effect of the Company’s derivative financial instruments on the accompanying consolidated statements of comprehensive income for the years ended December 31, 2019 , 2018 and 2017. Year Ended December 31, Description 2019 2018 2017 Change in fair value of derivatives and other recognized in OCI (523 ) (2,108 ) 954 Termination of interest rate swap payment recognized in OCI (13,159 ) — — Amortization of interest rate swap terminations (1) 1,133 412 412 Total change in OCI due to derivative financial instruments (12,549 ) (1,696 ) 1,366 Interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded 111,287 99,228 71,122 (1) |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures Financial Instruments Carried at Fair Value The Company follows the authoritative guidance for financial assets and liabilities, which establishes a framework for measuring fair value and requires enhanced disclosures about fair value measurements. The authoritative guidance requires disclosure about how fair value is determined for assets and liabilities and establishes a hierarchy by which these assets and liabilities must be categorized, based on the significance of inputs. In general, fair values determined by Level 1 inputs utilize unadjusted, quoted prices in active markets for identical assets or liabilities the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability, such as interest rates and yield curves observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability and include situations where there is little, if any, market activity for the asset or liability. In instances in which the inputs used to measure fair value may fall into different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement in its entirety has been determined is based on the lowest level input significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The following table presents information about the Company’s financial instruments measured at fair value on a recurring basis as of December 31, 2019 and 2018 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. There were no Level 1 measurements for the periods presented, and the Company had no transfers between Levels 1, 2, or 3 during the periods presented. Refer to Note 8 for a discussion of the Level 3 activity during the period related to the redeemable noncontrolling interests in partially owned properties. Fair Value Measurements as of December 31, 2019 December 31, 2018 Level 2 Level 3 Total Level 2 Level 3 Total Assets Derivative financial instruments $ 743 (1) $ — $ 743 $ 101 (1) $ — $ 101 Liabilities Derivative financial instruments $ 3,436 (1) $ — $ 3,436 $ 2,287 (1) $ — $ 2,287 Mezzanine Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) $ 23,690 (2) $ 80,691 (3) $ 104,381 $ 27,828 (2) $ 156,618 (3) $ 184,446 (1) Valued using discounted cash flow analyses with observable market-based inputs of interest rate curves and option volatility, as well as credit valuation adjustments to reflect nonperformance risk. (2) Represents the OP Unit component of redeemable noncontrolling interests which is based on the greater of fair value of the Company’s common stock at the balance sheet date or the initial basis. Represents a quoted price for a similar asset in an active market. Refer to Note 8 . (3) Represents noncontrolling partners' equity in the Core Joint Ventures which is valued using primarily unobservable inputs, including the Company’s analysis of comparable properties in the Company’s portfolio, estimations of net operating results of the properties, capitalization rates, discount rates, and other market data. Refer to Note 8 . Financial Instruments Not Carried at Fair Value As of December 31, 2019 and December 31, 2018 , the carrying values for the following instruments represent fair values due to the short maturity of the instruments: Cash and Cash Equivalents, Restricted Cash, Student Contracts Receivable, certain items in Other Assets (including receivables, deposits, and prepaid expenses), Accounts Payable, Accrued Expenses, and Other Liabilities. As of December 31, 2019 and December 31, 2018 , the carrying values for the following instruments represent fair values due to the variable interest rate feature of the instruments: Construction Loans Payable, Unsecured Revolving Credit Facility and Mortgage Loans Payable (variable rate). The table below contains the estimated fair value and related carrying amounts for the Company’s financial instruments as of December 31, 2019 and 2018 . There were no Level 1 measurements for the periods presented. December 31, 2019 December 31, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Level 2 Level 3 Level 2 Level 3 Assets Loans receivable $ 50,553 $ — $ 48,307 (1) $ 54,611 $ — $ 50,993 (1) Liabilities (2) Unsecured notes $ 1,985,603 $ 2,069,817 (3) $ — $ 1,588,446 $ 1,566,900 (3) $ — Mortgage loans payable (fixed rate) $ 761,296 (4) $ 766,821 (5) $ — $ 693,384 (6) $ 668,911 (5) $ — Bonds payable $ 23,001 $ 25,110 (7) $ — $ 26,741 $ 28,805 (7) $ — Unsecured Term loan (fixed rate) $ 199,121 $ 198,687 (8) $ — $ — $ — $ — (1) Valued using a discounted cash flow analysis with inputs of scheduled cash flows and discount rates that a willing buyer and seller might use. (2) Carrying amounts disclosed include any applicable net unamortized OID, net unamortized deferred financing costs, and net unamortized debt premiums and discounts (see Note 9 ). (3) Valued using interest rate and spread assumptions that reflect current creditworthiness and market conditions available for the issuance of unsecured notes with similar terms and remaining maturities. (4) Does not include one variable rate mortgage loan with a principal balance of $3.1 million as of December 31, 2019 . (5) Valued using the present value of the cash flows at current market interest rates through maturity that primarily fall within the Level 2 category. (6) Does not include two variable rate mortgage loans with a combined principal balance of $111.4 million as of December 31, 2018. (7) Valued using quoted prices in markets that are not active due to the unique characteristics of these financial instruments. (8) In November and December 2019, the Company entered into two interest rate swap contracts to hedge the variable rate cash flows associated with the LIBOR-based interest payments on the Term Loan Facility (see Note 9 ). Valued using the present value of the cash flows at interpolated 1-month LIBOR swap rates through maturity that primarily fall within the Level 2 category. |
Lease Commitments
Lease Commitments | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease Commitments | Leases Refer to Note 2 for information on the impact of the adoption of the New Leases Standard. As Lessee The Company, as lessee, has entered into 49 ground/facility and office space lease agreements, which qualify as operating leases under the New Leases Standard. These leases include leases entered into under the ACE program with university systems and Walt Disney World ® Resort, leases with local and regional land owners for owned off-campus properties, leases for corporate office space, and leases under the on-campus participating properties (“OCPPs”) structure. Leases entered into under the ACE program are used for the purpose of financing, constructing, and managing student housing properties. These leases are transferable and financeable, and the lessor has title to the land and in some cases any improvements placed thereon. Leases entered into under the OCPP structure are used for the purpose of developing, constructing and operating student housing facilities on university campuses. Under the terms of these leases, title to the land and constructed facilities are held by the Lessor and such Lessor receives a de minimis base rent paid at inception and 50% of defined net cash flows on an annual basis through the term of the lease. Under ground/facility leases, the lessors receive annual minimum (base) rent, variable rent based upon the operating performance of the property, or a combination thereof. The leases have initial terms (excluding extension options) ranging from seven years to 102 years . The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company records base rent expense under the straight-line method over the term of the lease, and variable rent expense is recorded when the achievement of the target is considered probable. Straight-line rent is capitalized during the construction period and expensed upon the commencement of operations. In the accompanying consolidated statements of comprehensive income, rent expense for ACE properties and OCPPs is included in ground/facility lease expense, and rent expense for owned off-campus properties is included in owned properties operating expenses. Total straight-line rent expense, variable rent expense, and capitalized rent cost, were as follows: Year Ended December 31 , Description 2019 2018 2017 Straight-line rent expense $ 10,009 $ 8,798 $ 5,544 Variable rent expense 8,996 7,234 7,566 Capitalized rent cost 12,889 2,296 2,003 For purposes of calculating the ROU Asset and lease liability for such leases, extension options are not included in the lease term unless it is reasonably certain that the Company will exercise the option, or the lessor has the sole ability to exercise the option. As most of the Company’s leases do not contain an implicit rate, the Company uses its incremental borrowing rate to determine the present value of the lease payments, which is the interest rate that the Company estimates it would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. In determining this rate, we analyze company-specific factors, such as credit risk, lease-specific factors such as lease term, lease payments, and collateral, as well as overall economic conditions. The weighted average incremental borrowing rate was 5.35% as of December 31, 2019 . The weighted average remaining lease term of leases with a lease liability as of December 31, 2019 is 62.4 years (excluding extension options). There were no finance lease obligations outstanding as of December 31, 2019 . Future minimum commitments over the life of all leases, which exclude variable rent payments, are as follows: December 31, 2019 December 31, 2018 2020 $ 11,814 $ 9,463 2021 16,749 12,092 2022 23,664 16,653 2023 28,776 18,999 2024 29,371 18,903 Thereafter 1,661,648 1,042,842 Total minimum lease payments 1,772,022 $ 1,118,952 Less imputed interest (1,298,952 ) Total lease liabilities $ 473,070 As Lessor The Company’s primary business involves leasing properties to students under agreements that are classified as operating leases, and which have terms of 12 months or less. These student leases do not provide for variable rent payments. The Company is also a lessor under commercial leases at certain owned properties, some of which provide for variable lease payments based upon tenant performance such as a percentage of sales. The Company recognizes the base lease payments provided for under the leases on a straight-line basis over the lease term, and variable payments are recognized in the period in which the changes in facts and circumstances on which the variable payments are based occur. Lease income under both student and commercial leases is included in owned property revenues in the accompanying consolidated statements of comprehensive income. Lease income under student leases totaled $852.0 million , $794.7 million and $711.3 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. Lease income under commercial leases totaled $13.2 million and $13.1 million , and $12.8 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. Refer to Note 7 for additional information on our owned real estate assets, which are the underlying assets under our operating leases. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments Construction Contracts: As of December 31, 2019 , the Company estimates additional costs to complete three owned development projects under construction to be approximately $446.4 million . Joint Ventures: As part of the Core Transaction, the Company entered into two joint ventures during the third quarter of 2017. As part of this transaction, the Company is obligated to increase its investment in the joint ventures over a two year period which was extended through January 2020. As of December 31, 2019 , the remaining funding commitment was approximately $76.8 million . Contingencies Development-related Guarantees: For certain of its third-party development projects, the Company commonly provides alternate housing and project cost guarantees, subject to force majeure. These guarantees are typically limited, on an aggregate basis, to the amount of the projects’ related development fees or a contractually agreed-upon maximum exposure amount. Alternate housing guarantees generally require the Company to provide substitute living quarters and transportation for students to and from the university if the project is not complete by an agreed-upon completion date. These guarantees typically expire at the later of five days after completion of the project or once the Company has moved all students from the substitute living quarters into the project. Under project cost guarantees, the Company is responsible for the construction cost of a project in excess of an approved budget. The budget consists primarily of costs included in the general contractors’ guaranteed maximum price contract (“GMP”). In most cases, the GMP obligates the general contractor, subject to force majeure and approved change orders, to provide completion date guarantees and to cover cost overruns and liquidated damages. In addition, the GMP is in certain cases secured with payment and performance bonds. Project cost guarantees expire upon completion of certain developer obligations, which are normally satisfied within one year after completion of the project. The Company’s estimated maximum exposure amount under the above guarantees is approximately $10.6 million as of December 31, 2019 . As of December 31, 2019 , management did not anticipate any material deviations from schedule or budget related to third-party development projects currently in progress. As a part of the development agreement with Walt Disney ® World Resort, the Company has guaranteed the completion of construction of approximately $614.6 million to be delivered in phases from 2020 to 2023. In addition, the Company is subject to a development guarantee in the event that the substantial completion of a project phase is delayed beyond its respective targeted delivery date, except in circumstances resulting in unavoidable delays. The agreement dictates that the Company shall pay damages of $ 20 per bed for each day of delay for any Disney College Internship Program participant who was either scheduled to live in the delayed phase as well as any participant who was not able to participate in the program due to the lack of available housing and would have otherwise been housed in the delayed phase. Under the agreement, the maximum exposure related to the Disney project assuming all beds are not delivered on their respective delivery date is approximately $0.2 million per day. As of December 31, 2019 , management did not anticipate any material deviations from schedule or budget related to the Disney project. Conveyance to University: In August 2013, the Company entered into an agreement to convey fee interest in a parcel of land, on which one of the Company’s student housing properties resides (University Crossings), to Drexel University (the “University”). Concurrent with the land conveyance, the Company as lessee entered into a ground lease agreement with the University as lessor for an initial term of 40 years , with three 10 -year extensions, at the Company’s option. The Company also agreed to convey the building and improvements to the University at an undetermined date in the future and to pay real estate transfer taxes not to exceed $2.4 million . The Company paid approximately $0.6 million in real estate transfer taxes upon the conveyance of land to the University, leaving approximately $1.8 million to be paid by the Company upon the transfer of the building and improvements. Other: In June 2019, the Company entered into a purchase and sale agreement to buy a land parcel initially scheduled to close on or before June 30, 2021, with potential extensions at the Company’s option to June 1, 2022 or June 1, 2023. In connection with the execution of the agreement, the Company made an earnest money deposit of $2.1 million which is included in restricted cash on the accompanying consolidated balance sheet. As a part of the agreement, within 60 days of certain conditions not being met, the seller of the property can either terminate the agreement or exercise an option to require the Company to purchase the undeveloped land, with the Company retaining all rights to fully own, develop, and utilize the land. If the option is exercised, the Company must pay the agreed upon purchase price of $28.7 million and a commission calculated as a percentage of the sales price, and also reimburse the seller for demolition costs. Litigation: The Company is subject to various claims, lawsuits, legal proceedings, and other matters that have not been fully resolved and that have arisen in the ordinary course of business. While it is not possible to ascertain the ultimate outcome of such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on the consolidated financial position or results of operations of the Company. However, the outcome of claims, lawsuits and legal proceedings brought against the Company is subject to significant uncertainty. Therefore, although management considers the likelihood of such an outcome to be remote, the ultimate results of these matters cannot be predicted with certainty. |
Segments
Segments | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segments | Segments The Company defines business segments by their distinct customer base and service provided. The Company has identified four reportable segments: Owned Properties, On-Campus Participating Properties, Development Services, and Property Management Services. Management evaluates each segment’s performance based on income before depreciation, amortization and noncontrolling interests. During the year ended December 31, 2019, the Company updated the presentation of certain items in the reconciliations section in the segment disclosures below by including additional detail in the reconciliation of segment income before depreciation and amortization to consolidated net income. Year Ended December 31, 2019 2018 2017 Owned Properties Rental revenues and other income $ 880,709 $ 829,119 $ 741,909 Interest income 473 1,436 1,545 Total revenues from external customers 881,182 830,555 743,454 Operating expenses before depreciation, amortization, and ground/facility lease expense (390,664 ) (373,521 ) (332,429 ) Ground/facility lease expense (11,084 ) (8,927 ) (7,372 ) Interest expense, net (1) (16,859 ) (14,742 ) (3,659 ) Income before depreciation and amortization $ 462,575 $ 433,365 $ 399,994 Depreciation and amortization $ 261,938 $ 250,715 $ 223,940 Capital expenditures $ 514,043 $ 546,147 $ 617,552 Total segment assets at December 31, $ 7,346,625 $ 6,841,222 $ 6,691,758 On-Campus Participating Properties Rental revenues and other income $ 36,346 $ 34,596 $ 33,945 Interest income 167 133 65 Total revenues from external customers 36,513 34,729 34,010 Operating expenses before depreciation, amortization, and ground/facility lease expense (15,028 ) (14,602 ) (14,384 ) Ground/facility lease expense (3,067 ) (2,928 ) (2,841 ) Interest expense, net (1) (4,934 ) (5,098 ) (5,264 ) Income before depreciation and amortization $ 13,484 $ 12,101 $ 11,521 Depreciation and amortization $ 8,380 $ 7,819 $ 7,536 Capital expenditures $ 2,898 $ 3,654 $ 3,533 Total segment assets at December 31, $ 97,561 $ 93,917 $ 100,031 Development Services Development and construction management fees $ 13,051 $ 7,281 $ 10,761 Operating expenses (8,658 ) (8,031 ) (7,618 ) Income (loss) before depreciation and amortization $ 4,393 $ (750 ) $ 3,143 Total segment assets at December 31, $ 13,539 $ 10,087 $ 6,726 Property Management Services Property management fees from external customers $ 12,936 $ 9,814 $ 9,832 Operating expenses (11,257 ) (7,428 ) (7,607 ) Income before depreciation and amortization $ 1,679 $ 2,386 $ 2,225 Total segment assets at December 31, $ 8,888 $ 6,426 $ 7,576 Reconciliations Total segment revenues and other income $ 943,682 $ 882,379 $ 798,057 Unallocated interest income earned on investments and corporate cash 3,046 3,265 3,335 Total consolidated revenues, including interest income $ 946,728 $ 885,644 $ 801,392 Segment income before depreciation and amortization $ 482,131 $ 447,102 $ 416,883 Segment depreciation and amortization (270,318 ) (258,534 ) (231,476 ) Corporate depreciation (4,728 ) (4,669 ) (3,479 ) Net unallocated expenses relating to corporate interest and overhead (117,529 ) (110,660 ) (90,250 ) Loss (gain) from disposition of real estate (53 ) 42,314 (632 ) Other operating and nonoperating income — 3,949 — Amortization of deferred financing costs (5,012 ) (5,816 ) (4,619 ) Provision for impairment (17,214 ) — (15,317 ) Gain from extinguishment of debt 20,992 7,867 — Income tax provision (1,507 ) (2,429 ) (989 ) Net income $ 86,762 $ 119,124 $ 70,121 Total segment assets $ 7,466,613 $ 6,951,652 $ 6,806,091 Unallocated corporate assets 93,141 87,194 91,279 Total assets at December 31, $ 7,559,754 $ 7,038,846 $ 6,897,370 (1) |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) American Campus Communities, Inc. The information presented below represents the quarterly consolidated financial results of the Company for the years ended December 31, 2019 and 2018 . 2019 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 242,131 $ 217,371 $ 227,705 $ 255,835 $ 943,042 Operating income 58,999 37,841 27,307 55,743 179,890 Net income 31,368 10,210 19,336 25,848 86,762 Net (income) loss attributable to noncontrolling interests (1,728 ) 176 887 (1,128 ) (1,793 ) Net income attributable to ACC, Inc. and Subsidiaries common stockholders $ 29,640 $ 10,386 $ 20,223 $ 24,720 $ 84,969 Net income attributable to common stockholders per share - basic $ 0.21 $ 0.07 $ 0.14 $ 0.18 $ 0.61 (1) Net income attributable to common stockholders per share - diluted $ 0.21 $ 0.07 $ 0.14 $ 0.18 $ 0.60 2018 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 220,409 $ 201,059 $ 213,469 $ 245,873 $ 880,810 Operating income 50,406 73,168 21,501 67,520 212,595 Net income (loss) 26,250 45,990 (2,737 ) 49,621 119,124 Net (income) loss attributable to noncontrolling interests (323 ) 19 392 (2,117 ) (2,029 ) Net income (loss) attributable to ACC, Inc. and Subsidiaries common stockholders $ 25,927 $ 46,009 $ (2,345 ) $ 47,504 $ 117,095 Net income (loss) attributable to common stockholders per share - basic $ 0.19 $ 0.33 $ (0.02 ) $ 0.34 $ 0.84 Net income (loss) attributable to common stockholders per share - diluted $ 0.18 $ 0.33 $ (0.02 ) $ 0.34 $ 0.84 (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. American Campus Communities Operating Partnership LP The information presented below represents the quarterly consolidated financial results of the Operating Partnership for the years ended December 31, 2019 and 2018 . 2019 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 242,131 $ 217,371 $ 227,705 $ 255,835 $ 943,042 Operating income 58,999 37,841 27,307 55,743 179,890 Net income 31,368 10,210 19,336 25,848 86,762 Net (income) loss attributable to noncontrolling interests (1,568 ) 230 970 (1,030 ) (1,398 ) Series A preferred unit distributions (31 ) (9 ) (14 ) (14 ) (68 ) Net income available to common unitholders $ 29,769 $ 10,431 $ 20,292 $ 24,804 $ 85,296 Net income per unit attributable to common unitholders - basic $ 0.21 $ 0.07 $ 0.14 $ 0.18 $ 0.61 (1) Net income per unit attributable to common unitholders - diluted $ 0.21 $ 0.07 $ 0.14 $ 0.18 $ 0.60 2018 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 220,409 $ 201,059 $ 213,469 $ 245,873 $ 880,810 Operating income 50,406 73,168 21,501 67,520 212,595 Net income (loss) 26,250 45,990 (2,737 ) 49,621 119,124 Net (income) loss attributable to noncontrolling interests (114 ) 366 413 (1,880 ) (1,215 ) Series A preferred unit distributions (31 ) (31 ) (31 ) (31 ) (124 ) Net income (loss) available to common unitholders $ 26,105 $ 46,325 $ (2,355 ) $ 47,710 $ 117,785 Net income (loss) per unit attributable to common unitholders - basic $ 0.19 $ 0.33 $ (0.02 ) $ 0.34 $ 0.85 (1) Net income (loss) per unit attributable to common unitholders - diluted $ 0.18 $ 0.33 $ (0.02 ) $ 0.34 $ 0.84 (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. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Distributions : On January 20, 2020 , the Company’s Board of Directors declared a distribution per share of $0.47 which was paid on February 14, 2020 to all common stockholders of record as of January 30, 2020 . At the same time, the Operating Partnership paid an equivalent amount per unit to holders of Common Units, as well as the quarterly cumulative preferential distribution to holders of Series A Preferred Units (see Note 8 ). January 2020 Bond Offering : In January 2020, the Operating Partnership closed a $400 million offering of senior unsecured notes under its existing shelf registration. These 10 -year notes were issued at 99.81% of par value with a coupon of 2.85% and are fully and unconditionally guaranteed by the Company. Interest on the notes is payable semi-annually on February 1 and August 1, with the first payment due and payable on August 1, 2020. The notes will mature on February 1, 2030. Net proceeds from the sale of the senior unsecured notes totaled approximately $394.3 million . The Company used the proceeds to fund the early redemption of its $400 million 3.35% Senior Notes due October 2020. The prepayment resulted in approximately $4.8 million in debt extinguishment costs incurred during the first quarter of 2020. Purchase of Noncontrolling Interests : In January and February 2020, the Company exercised its option to purchase the remaining ownership interest in two owned properties, held in a joint venture as part of the Core Transaction, for a total of approximately $76.8 million . Property Held For Sale : In February 2020, management determined that all criteria for Held for Sale classification (per Accounting Standards Codification Topic 360, “Property, Plant and Equipment”) have been met for one owned property. As of December 31, 2019, the net book value of the property was $97.9 million . |
Schedule of Real Estate and Acc
Schedule of Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule of Real Estate and Accumulated Depreciation | Schedule of Real Estate and Accumulated Depreciation Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs (1) Land Buildings and Total (2) Accumulated Depreciation Encumbrances (3) Year Built (4) Owned Properties (5) The Callaway House - College Station 173 538 $ 5,081 $ 20,499 $ 7,923 $ 5,002 $ 28,501 $ 33,503 $ 13,913 $ — 1999 The Village at Science Drive 192 732 4,673 19,021 7,510 4,673 26,531 31,204 11,198 — 2000 University Village at Boulder Creek 82 309 1,035 16,393 984 1,035 17,377 18,412 7,694 — 2002 University Village - Fresno 105 406 929 15,168 654 929 15,822 16,751 6,255 — 2004 University Village - Temple 220 749 — 41,119 2,137 — 43,256 43,256 16,955 — 2004 University Club Apartments 94 376 1,416 11,848 1,075 1,416 12,923 14,339 5,117 — 1999 City Parc at Fry Street 136 418 1,902 17,678 4,104 1,902 21,782 23,684 8,018 — 2004 Entrada Real 98 363 1,475 15,859 2,189 1,475 18,048 19,523 7,058 — 2000 University Village at Sweethome 269 828 2,473 34,448 2,270 2,473 36,718 39,191 13,301 — 2005 University Village - Tallahassee 217 716 4,322 26,225 4,770 4,322 30,995 35,317 11,564 — 1991 Royal Village - Gainesville 118 448 2,386 15,153 5,232 2,363 20,408 22,771 7,107 — 1996 Royal Lexington 94 364 2,848 12,783 4,250 2,848 17,033 19,881 6,374 — 1994 Raiders Pass 264 828 3,877 32,445 4,836 3,877 37,281 41,158 13,465 — 2001 Aggie Station 156 450 1,634 18,821 3,329 1,634 22,150 23,784 7,973 — 2003 The Outpost - San Antonio 276 828 3,262 36,252 10,276 3,262 46,528 49,790 15,242 — 2005 Callaway Villas 236 704 3,903 31,953 404 3,903 32,357 36,260 10,996 — 2006 The Village on Sixth Avenue 248 752 2,763 22,480 8,749 2,763 31,229 33,992 11,025 — 1999 Newtown Crossing 356 942 7,013 53,597 96 7,013 53,693 60,706 17,362 — 2005 Olde Towne University Square 224 550 2,277 24,614 (509 ) 2,277 24,105 26,382 8,023 — 2005 Peninsular Place 183 478 2,306 16,559 1,069 2,306 17,628 19,934 5,656 — 2005 University Centre 234 838 — 77,378 238 — 77,616 77,616 24,690 — 2007 The Summit & Jacob Heights 258 930 2,318 36,464 2,983 2,318 39,447 41,765 12,404 — 2004 GrandMarc Seven Corners 186 440 4,491 28,807 1,666 4,491 30,473 34,964 9,612 — 2000 Aztec Corner 180 606 17,460 32,209 2,263 17,460 34,472 51,932 11,106 — 2001 The Tower at Third 188 375 1,145 19,128 12,653 1,267 31,659 32,926 11,194 — 1973 Willowtree Apartments and Tower 473 851 9,807 21,880 4,954 9,806 26,835 36,641 9,655 — 1970 University Pointe 204 682 989 27,576 4,438 989 32,014 33,003 10,901 — 2004 University Trails 240 684 1,183 25,173 4,236 1,183 29,409 30,592 10,226 — 2003 Campus Trails 156 480 1,358 11,291 7,267 1,358 18,558 19,916 5,834 — 1991 University Crossings (ACE) 260 1,016 — 50,668 42,469 — 93,137 93,137 31,148 — 2003 Vista del Sol (ACE) 613 1,866 — 135,939 5,980 — 141,919 141,919 45,289 — 2008 Villas at Chestnut Ridge 196 552 2,756 33,510 1,929 2,756 35,439 38,195 11,862 — 2008 Barrett Honors College (ACE) 604 1,721 — 131,302 22,594 — 153,896 153,896 47,876 — 2009 Sanctuary Lofts 201 487 2,960 18,180 4,758 2,959 22,939 25,898 7,784 — 2006 Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs (1) Land Buildings and Total (2) Accumulated Depreciation Encumbrances (3) Year Built (4) The Edge - Charlotte 180 720 $ 3,076 $ 23,395 $ 9,702 $ 3,076 $ 33,097 $ 36,173 $ 11,417 $ — 1999 University Walk 120 480 2,016 14,599 3,557 2,016 18,156 20,172 6,044 — 2002 Uptown 180 528 3,031 21,685 4,289 3,031 25,974 29,005 7,201 — 2004 2nd Avenue Centre 274 868 4,434 27,236 4,250 4,434 31,486 35,920 10,159 — 2008 Villas at Babcock 204 792 4,642 30,901 448 4,642 31,349 35,991 11,452 — 2011 Lobo Village (ACE) 216 864 — 42,490 1,266 — 43,756 43,756 11,603 — 2011 Villas on Sycamore 170 680 3,000 24,640 517 3,000 25,157 28,157 9,714 — 2011 26 West 367 1,026 21,396 63,994 8,298 21,396 72,292 93,688 18,764 66,938 2008 The Varsity 258 901 11,605 108,529 2,095 11,605 110,624 122,229 24,284 — 2011 Avalon Heights 210 754 4,968 24,345 15,193 4,968 39,538 44,506 10,768 — 2002 University Commons 164 480 12,559 19,010 3,325 12,559 22,335 34,894 5,865 — 2003 Casas del Rio (ACE) 283 1,028 — 40,639 2,997 — 43,636 43,636 17,115 — 2012 The Suites (ACE) 439 878 — 45,296 817 — 46,113 46,113 13,377 — 2013 Hilltop Townhomes (ACE) 144 576 — 31,507 655 — 32,162 32,162 10,780 — 2012 U Club on Frey 216 864 8,703 36,873 1,595 8,703 38,468 47,171 11,190 — 2013 Campus Edge on UTA Boulevard 128 488 2,661 21,233 1,167 2,663 22,398 25,061 7,522 — 2012 U Club Townhomes on Marion Pugh 160 640 6,722 26,546 1,912 6,722 28,458 35,180 9,854 — 2012 Villas on Rensch 153 610 10,231 33,852 1,477 10,231 35,329 45,560 10,940 — 2012 The Village at Overton Park 163 612 5,262 29,374 1,412 5,262 30,786 36,048 10,504 — 2012 Casa de Oro (ACE) 109 365 — 12,362 301 — 12,663 12,663 4,589 — 2012 The Villas at Vista del Sol (ACE) 104 400 — 20,421 511 — 20,932 20,932 7,675 — 2012 The Block 669 1,555 22,270 141,430 14,963 22,497 156,166 178,663 32,538 94,117 2008 University Pointe at College Station (ACE) 282 978 — 84,657 2,531 — 87,188 87,188 30,227 — 2012 309 Green 110 416 5,351 49,987 4,209 5,351 54,196 59,547 12,098 28,929 2008 The Retreat 187 780 5,265 46,236 4,226 5,265 50,462 55,727 11,567 — 2012 Lofts54 43 172 430 14,741 4,354 430 19,095 19,525 4,402 — 2008 Campustown Rentals 264 746 2,382 40,190 4,559 2,382 44,749 47,131 11,872 — 1982 Chauncey Square 158 386 2,522 40,013 1,955 2,522 41,968 44,490 9,627 — 2011 Texan & Vintage 124 311 5,937 11,906 16,193 5,962 28,074 34,036 6,107 18,796 2008 The Castilian 371 623 3,663 59,772 35,992 3,663 95,764 99,427 23,875 46,052 1967 Bishops Square 134 315 1,206 17,878 2,598 1,206 20,476 21,682 5,242 10,634 2002 Union 54 120 169 6,348 1,148 169 7,496 7,665 1,889 3,328 2006 922 Place 132 468 3,363 34,947 3,552 3,363 38,499 41,862 9,804 — 2009 Campustown 452 1,217 1,818 77,894 10,465 1,818 88,359 90,177 19,055 — 1997 River Mill 243 461 1,741 22,806 5,023 1,741 27,829 29,570 6,809 — 1972 The Province - Greensboro 219 696 2,226 48,567 1,817 2,226 50,384 52,610 11,849 26,471 2011 RAMZ Apartments on Broad 88 172 785 12,303 870 785 13,173 13,958 2,998 — 2004 Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs (1) Land Buildings and Total (2) Accumulated Depreciation Encumbrances (3) Year Built (4) The Lofts at Capital Garage 36 144 $ 313 $ 3,581 $ 799 $ 313 $ 4,380 $ 4,693 $ 1,212 $ — 2000 25Twenty 249 562 2,226 33,429 1,447 2,226 34,876 37,102 9,308 24,723 2011 The Province - Louisville 366 858 4,392 63,068 2,202 4,392 65,270 69,662 15,743 34,353 2009 The Province - Rochester 336 816 3,798 70,955 3,732 3,798 74,687 78,485 17,668 32,313 2010 5 Twenty Four and 5 Twenty Five Angliana 376 1,060 — 60,448 7,401 5,214 62,635 67,849 15,386 — 2010 The Province - Tampa 287 947 — 52,943 5,394 — 58,337 58,337 13,637 30,840 2009 U Pointe Kennesaw 216 795 1,482 61,654 6,385 1,482 68,039 69,521 17,301 — 2012 The Cottages of Durham 141 619 3,955 41,421 2,758 3,955 44,179 48,134 12,655 — 2012 University Edge 201 608 4,500 26,385 1,576 4,500 27,961 32,461 6,309 — 2012 The Lodges of East Lansing 364 1,049 6,472 89,231 2,973 6,472 92,204 98,676 20,607 27,935 2012 7th Street Station 82 309 9,792 16,472 615 9,792 17,087 26,879 4,212 — 2012 The Callaway House - Austin 219 753 — 61,550 1,224 — 62,774 62,774 16,211 80,726 2013 Manzanita Hall (ACE) 241 816 — 48,781 1,488 — 50,269 50,269 14,061 — 2013 University View (ACE) 96 336 — 14,683 251 — 14,934 14,934 4,141 — 2013 U Club Townhomes at Overton Park 112 448 7,775 21,483 1,014 7,775 22,497 30,272 6,179 — 2013 601 Copeland 81 283 1,457 26,699 591 1,457 27,290 28,747 6,315 — 2013 The Townhomes at Newtown Crossing 152 608 7,745 32,074 656 7,745 32,730 40,475 7,716 — 2013 Chestnut Square (ACE) 220 861 — 98,369 2,964 — 101,333 101,333 24,574 — 2013 Park Point - Rochester 300 924 7,827 73,495 5,235 7,827 78,730 86,557 18,069 70,000 2008 U Centre at Fry Street 194 614 2,902 47,700 2,901 2,902 50,601 53,503 10,077 — 2012 Cardinal Towne 255 545 6,547 53,809 3,942 6,547 57,751 64,298 11,408 — 2010 Merwick Stanworth (ACE) 325 595 — 79,598 (692 ) — 78,906 78,906 10,921 — 2014 Plaza on University 364 1,313 23,987 85,584 4,373 23,987 89,957 113,944 19,308 — 2014 U Centre at Northgate (ACE) 196 784 — 35,663 503 — 36,166 36,166 8,088 — 2014 University Walk 177 526 4,341 29,073 938 4,341 30,011 34,352 5,185 — 2014 U Club on Woodward 236 944 16,350 46,982 867 16,349 47,850 64,199 10,937 — 2014 Park Point - Syracuse 66 226 — 25,725 3,582 — 29,307 29,307 4,671 10,586 2010 1200 West Marshall 136 406 4,397 33,908 2,020 4,397 35,928 40,325 6,104 — 2013 8 1/2 Canal Street 160 540 2,797 45,394 2,359 2,797 47,753 50,550 7,272 — 2011 Vistas San Marcos 255 600 586 45,761 6,157 586 51,918 52,504 10,791 — 2013 Crest at Pearl 141 343 4,395 36,268 1,959 4,491 38,131 42,622 6,122 23,372 2014 U Club Binghamton 326 1,272 15,858 92,372 3,194 15,858 95,566 111,424 11,154 — 2005 Stadium Centre 447 970 9,249 100,854 7,641 9,249 108,495 117,744 15,299 63,471 2014 160 Ross 182 642 2,962 38,478 1,013 2,962 39,491 42,453 7,060 — 2015 The Summit at University City (ACE) 351 1,315 — 154,770 1,786 — 156,556 156,556 22,183 — 2015 2125 Franklin 192 734 8,299 55,716 587 8,299 56,303 64,602 8,757 — 2015 University Crossings - Charlotte 187 546 645 36,838 4,618 645 41,456 42,101 4,908 — 2014 Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs (1) Land Buildings and Total (2) Accumulated Depreciation Encumbrances (3) Year Built (4) U Club on 28th 100 398 $ 9,725 $ 45,788 $ 396 $ 9,725 $ 46,184 $ 55,909 $ 5,490 $ — 2016 Currie Hall (ACE) 178 456 — 49,987 344 — 50,331 50,331 6,384 — 2016 University Pointe (ACE) 134 531 — 44,035 262 — 44,297 44,297 5,377 — 2016 Fairview House (ACE) 107 633 — 38,144 193 — 38,337 38,337 5,544 — 2016 U Club Sunnyside 134 534 7,423 41,582 550 7,423 42,132 49,555 5,130 — 2016 U Point 54 163 1,425 17,325 2,406 1,425 19,731 21,156 2,278 — 2016 The Arlie 169 598 1,350 43,352 1,905 1,350 45,257 46,607 5,014 — 2016 TWELVE at U District 283 384 13,013 98,115 3,494 13,013 101,609 114,622 7,136 — 2014 The 515 183 513 1,611 68,953 1,542 1,611 70,495 72,106 4,879 — 2015 State 220 665 3,448 66,774 2,409 3,448 69,183 72,631 5,635 — 2013 The James 366 850 18,871 118,096 2,048 18,871 120,144 139,015 9,354 — 2017 Bridges 11th 184 258 — 58,825 1,413 — 60,238 60,238 3,695 — 2015 Hub U District Seattle 111 248 5,700 56,355 1,318 5,700 57,673 63,373 4,265 — 2017 Tooker House (ACE) 429 1,594 — 103,897 (179 ) — 103,718 103,718 9,541 — 2017 SkyView (ACE) 163 626 — 57,578 247 — 57,825 57,825 4,750 — 2017 University Square (ACE) 143 466 — 25,635 8 — 25,643 25,643 2,384 — 2017 U Centre on Turner 182 718 14,000 55,456 36 14,001 55,491 69,492 4,792 — 2017 U Pointe on Speight 180 700 4,705 46,160 333 4,705 46,493 51,198 3,897 — 2017 21Hundred at Overton Park 296 1,204 16,767 64,057 834 16,767 64,891 81,658 5,766 — 2017 The Suites at Third 63 251 831 22,384 (37 ) 831 22,347 23,178 1,924 — 2017 Callaway House Apartments 386 915 12,651 78,220 582 12,651 78,802 91,453 6,910 — 2017 U Centre on College 127 418 — 41,607 (187 ) — 41,420 41,420 3,332 — 2017 David Blackwell Hall (ACE) 412 780 — 96,891 — — 96,891 96,891 4,430 — 2018 Gladding Residence Center (ACE) 592 1,524 — 94,368 418 — 94,786 94,786 4,723 — 2018 Irvington House (ACE) 197 648 — 36,187 — — 36,187 36,187 1,848 — 2018 The Edge - Stadium Centre 111 413 10,000 30,885 19 10,000 30,904 40,904 1,325 — 2018 Greek Leadership Village (ACE) 498 957 — 69,351 44 — 69,395 69,395 3,480 — 2018 NAU Honors College (ACE) 318 636 — 41,222 — — 41,222 41,222 2,147 — 2018 U Club Townhomes at Oxford 132 528 5,115 39,239 — 5,115 39,239 44,354 2,035 — 2018 Hub Ann Arbor 124 310 7,050 42,865 1,314 7,050 44,179 51,229 2,107 — 2018 Hub Flagstaff 198 591 5,397 56,626 660 5,397 57,286 62,683 2,712 — 2018 Campus Edge on Pierce 289 598 6,881 55,818 734 6,881 56,552 63,433 2,855 — 2018 191 College 127 495 5,434 55,620 — 5,434 55,620 61,054 787 — 2019 LightView (ACE) 214 825 — 152,040 — — 152,040 152,040 1,957 — 2019 University of Arizona Honors College (ACE) 319 1,056 — 76,166 — — 76,166 76,166 1,152 — 2019 The Flex - Stadium Centre 78 340 8,559 26,516 — 8,559 26,516 35,075 374 — 2019 959 Franklin 230 443 5,026 63,040 — 5,026 63,040 68,066 635 — 2019 Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs (1) Land Buildings and Total (2) Accumulated Depreciation Encumbrances (3) Year Built (4) Properties Under Development (6) Disney College Program Phases I-X (ACE) (7) 2,614 10,440 $ — $ 224,185 $ — $ — $ 224,185 $ 224,185 $ — $ — 2020-23 (7) Currie Hall Phase II (ACE) 95 272 — 22,681 — — 22,681 22,681 — — 2020 Holloway Residences (ACE) 169 584 — 89,615 — — 89,615 89,615 — — 2020 Undeveloped land parcels (8) — — 55,896 651 — 55,896 651 56,547 543 — N/A Subtotal 34,680 107,551 $ 649,403 $ 6,998,527 $ 489,574 $ 654,985 $ 7,482,519 $ 8,137,504 $ 1,442,789 $ 693,584 On-Campus Participating Properties University Village & University Village Northwest at Prairie View (9) 648 2,064 $ — $ 40,734 $ 9,960 $ — $ 50,694 $ 50,694 $ 38,663 $ 10,464 1998 University Village at Laredo 84 250 — 5,844 1,433 — 7,277 7,277 5,866 1,601 1997 University College at Prairie View 756 1,470 — 22,650 6,579 — 29,229 29,229 20,824 11,150 2001 Cullen Oaks 411 879 — 33,910 2,995 — 36,905 36,905 19,166 25,313 2003 College Park 224 567 — 43,634 1,760 — 45,394 45,394 9,792 40,629 2014 Subtotal 2,123 5,230 $ — $ 146,772 $ 22,727 $ — $ 169,499 $ 169,499 $ 94,311 $ 89,157 Total 36,803 112,781 $ 649,403 $ 7,145,299 $ 512,301 $ 654,985 $ 7,652,018 $ 8,307,003 $ 1,537,100 $ 782,741 (1) Includes write-offs of fully depreciated assets. (2) Total aggregate costs for federal income tax purposes is approximately $8.7 billion . (3) Total encumbrances exclude net unamortized debt premiums and deferred financing costs of approximately $6.4 million and $1.7 million , respectively, as of December 31, 2019 . (4) For properties with multiple phases, the year built represents the weighted average year based on the number of beds delivered each year. (5) A number of our properties consist of two or more phases that are counted separately in the property portfolio numbers disclosed in Note 1 . (6) Initial costs represent construction costs incurred to date associated with the development of these properties. Year built represents the scheduled completion date. (7) Consists of ten phases that are counted as one property in the property portfolio numbers contained in Note 1 and will be delivered from 2020 to 2023. (8) Buildings and improvements and furniture, fixtures and equipment and accumulated depreciation amounts are related to buildings on two land parcels that will be demolished as part of development. (9) Consists of two properties, one of which was converted to the OCPP structure in January 2019, that are counted separately in the property portfolio numbers disclosed in Note 1 . The changes in the Company’s investments in real estate and related accumulated depreciation for each of the years ended December 31, 2019 , 2018 , and 2017 are as follows: For the Year Ended December 31, 2019 2018 2017 Owned (1) On-Campus (2) Owned (1) On-Campus (2) Owned (1) On-Campus (2) Investments in Real Estate: Balance, beginning of year $ 7,813,959 $ 162,562 $ 7,485,391 $ 159,996 $ 6,316,470 $ 162,929 Acquisition of land for development 10,219 — 26,758 — 24,049 — Acquisition of properties — — — — 618,183 — Improvements and development expenditures 484,949 2,900 549,635 3,654 621,793 3,544 Write-off of fully depreciated or damaged assets (3,831 ) (306 ) (16,758 ) (1,088 ) (40,923 ) (6,477 ) Provision for real estate impairment (3,201 ) — — — (15,317 ) — Disposition of real estate (160,248 ) — (231,067 ) — (38,864 ) — Transfer of property from owned to OCPP structure (4,343 ) 4,343 — — — — Balance, end of year $ 8,137,504 $ 169,499 $ 7,813,959 $ 162,562 $ 7,485,391 $ 159,996 Accumulated Depreciation: Balance, beginning of year $ (1,230,562 ) $ (84,925 ) $ (1,035,027 ) $ (78,192 ) $ (864,106 ) $ (77,132 ) Depreciation for the year (255,796 ) (8,380 ) (242,123 ) (7,819 ) (213,660 ) (7,536 ) Write-off of fully depreciated or damaged assets 3,831 306 16,242 1,086 37,761 6,476 Disposition of properties 38,426 — 30,346 — 4,978 — Transfer of property from owned to OCPP structure 1,312 (1,312 ) — — — — Balance, end of year $ (1,442,789 ) $ (94,311 ) $ (1,230,562 ) $ (84,925 ) $ (1,035,027 ) $ (78,192 ) (1) Includes owned off-campus properties and owned on-campus properties. (2) Includes on-campus participating properties. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements, presented in U.S. dollars, are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and revenue and expenses during the reporting periods. The Company’s actual results could differ from those estimates and assumptions. All material intercompany transactions among consolidated entities have been eliminated. All dollar amounts in the tables herein, except share, per share, unit and per unit amounts, are stated in thousands unless otherwise indicated. |
Principles of Consolidation | Principles of Consolidation The Company’s consolidated financial statements include its accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which it has control. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities (“VIEs”), which requires the consolidation of VIEs in which the Company is considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation using the voting interest model. |
Recently Issued and Adopted Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The standard requires entities to estimate a lifetime expected credit loss for most financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and to present the net amount of the financial instrument expected to be collected. The updated standard will be effective for the Company on January 1, 2020. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which amends the transition requirements and scope of ASU 2016-13 and clarifies that receivables arising from operating leases are not within the scope of the credit losses standard, but rather, should be accounted for in accordance with the leases standard. The Company notes that a majority of its financial instruments result from operating leasing transactions, which as mentioned above, are not within the scope of the new standard. However, the Company did perform both a quantitative and qualitative analysis on the financial assets that are covered under this guidance, including its loans receivable. Based on this analysis, which included analyzing historical performance, occupancy rates, projected future performance, and macroeconomic trends, the Company concluded this new standard would not have a material impact on the consolidated financial statements. In addition, the Company does not expect the following accounting pronouncements issued by the FASB to have a material effect on its consolidated financial statements: Accounting Standards Update Effective Date ASU 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract” January 1, 2020 ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” January 1, 2020 ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes" January 1, 2021 Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02 (“ASU 2016-12”), “Leases (Topic 842): Amendments to the FASB Accounting Standards Codification.” ASU 2016-02 outlines principles for the recognition, measurement, presentation and disclosure of leases. Subsequent to the issuance of ASU 2016-02, the FASB issued additional ASUs clarifying aspects of the new lease accounting standard, which were effective upon adoption of ASU 2016-02. These lease-related ASUs are collectively referred to as the “New Leases Standard.” The Company adopted the New Leases Standard on January 1, 2019, utilizing the modified retrospective transition approach. Under this approach, the Company elected to apply the new standard to leases that were in place as of January 1, 2019. Effective January 1, 2019, when the Company enters into a contract or amends an existing contract, it evaluates whether the contract meets the definition of a lease under the New Leases Standard. To meet the definition of a lease the contract must meet all three of the following criteria: • One party (lessor) must hold an identified asset; • The counterparty (lessee) must have the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of the contract; and • The counterparty (lessee) must have the right to direct the use of the identified asset throughout the period of the contract Results for reporting periods beginning January 1, 2019 are presented under the New Leases Standard. Upon adoption, the Company did not record an adjustment to beginning retained earnings. In addition, the Company adopted the following additional practical expedients available for implementation: • An entity need not reassess whether any existing or expired contracts are or contain leases; • An entity need not reassess lease classification for any existing or expired leases; and • An entity need not reassess initial direct costs for any existing leases. As Lessee: • Under the New Leases Standard, lessees classify leases as either operating or finance leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized on a straight-line basis over the term of the lease (operating lease) or under the effective interest method (finance lease). In addition, the New Leases Standard requires lessees to recognize right-of-use assets and related lease liabilities for leases with a term greater than 12 months regardless of their lease classification. The New Leases Standard does provide a practical expedient that allows lessees to not apply the recognition requirements discussed above to leases with a lease term of 12 months or less. The Company elected to adopt this practical expedient available for implementation. • Upon adoption of the New Leases Standard on January 1, 2019, the Company was a lessee under 28 ground leases and two corporate office headquarters leases for which it recorded $278.2 million in right of use assets (“ROU Assets”), and $277.5 million of operating lease liabilities. • Because the Company’s existing leases under which it is a lessee will continue to be classified as operating leases, the timing and pattern of lease expense recognition (straight-line basis) will remain unchanged. Leases entered into or modified after January 1, 2019, were evaluated under the New Leases Standard and were also classified as operating leases. As Lessor: • Under the New Leases Standard, the accounting for lessors remained largely unchanged from current GAAP; however, ASU 2016-02 required that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under the prior standard, these costs were capitalizable and therefore the New Leases Standard resulted in certain of these costs being expensed as incurred after adoption. For the Company, these costs include internal leasing payroll costs incurred for owned and presale development projects, as well as certain legal expenses incurred when negotiating commercial leases. • The New Leases Standard also requires lessors to evaluate collectability of all operating lease payments in a contract at lease commencement and thereafter. The Company concludes that operating lease payments are probable of collection at lease commencement. If the operating lease payments are subsequently deemed not probable of collection, adjustments are recognized as a reduction to lease income and, subsequently, any lease revenue is only recognized when cash receipts are received. This resulted in the reclassification of the provision for uncollectible accounts from operating expenses to revenue. This adjustment is reflected on a prospective basis in the accompanying consolidated statements of comprehensive income, starting on January 1, 2019. The provision for uncollectible accounts for owned properties was $7.3 million , $7.1 million and $6.4 million for the year ended December 31, 2019 , 2018 and 2017 , respectively. The provision for uncollectible accounts for on-campus participating properties was a $0.5 million benefit for the year ended December 31, 2019 , and a $0.3 million expense for both year ended December 31, 2018 and 2017 . • The New Leases Standard allows lessors to maintain an allowance for uncollectible operating lease receivables. If after lease commencement, the assessment of collectability on operating lease payments changes, a lessor can determine whether the allowance adequately contemplated this change. Upon adoption, the Company elected to maintain its allowance for operating leases and concluded the allowance adequately contemplated operating lease payments that were deemed not probable of collection for the year ended December 31, 2019. • The New Leases Standard provides a practical expedient that allows lessors to not separate certain lease and non-lease components if certain criteria are met. The Company assessed the criteria and determined that the timing and pattern of transfer for common area maintenance and the related rental revenue is the same. Therefore, the Company elected the practical expedient which resulted in no change to how revenue is currently recorded. In addition, on January 1, 2019, the Company adopted the following accounting pronouncements which did not have a material effect on the Company’s consolidated financial statements: • ASU 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” • ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” • ASU 2018-16, "Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes" |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Investments in Real Estate and On-Campus Properties | Investments in Real Estate Investments in real estate are recorded at historical cost. Major improvements that extend the life of an asset are capitalized and depreciated over the remaining useful life of the asset. The cost of ordinary repairs and maintenance are expensed as incurred. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: 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 Project costs directly associated with the development and construction of an owned real estate project, which include interest, property taxes, and amortization of deferred financing costs, are capitalized as construction in progress. Upon completion of the project, costs are transferred into the applicable asset category and depreciation commences. Interest totaling approximately $12.1 million , $11.7 million and $15.9 million was capitalized during the years ended December 31, 2019 , 2018 , and 2017 , respectively. Management assesses whether there has been an impairment in the value of the Company’s investments in real estate whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment is recognized when estimated expected future undiscounted cash flows are less than the carrying value of the property, or when a property meets the criteria to be classified as held for sale, at which time an impairment charge is recognized for any excess of the carrying value of the property over the expected net proceeds from the disposal. The estimation of expected future net cash flows uses estimates, including capitalization rates and growth rates, which are inherently uncertain and rely on assumptions regarding current and future economics and market conditions. If such conditions change, then an adjustment to the carrying value of the Company’s long-lived assets could occur in the future period in which the conditions change. To the extent that a property is impaired, the excess of the carrying amount of the property over its estimated fair value is charged to earnings. In the case of any impairment, the valuation would be based on Level 3 inputs. During the year ended December 31, 2019 , concurrent with the classification of one owned property as held for sale, the Company recorded a $3.2 million impairment charge which is included in provision for impairment within operating income on the Consolidated Statements of Comprehensive Income. There were no impairment charges during the year ended December 31, 2018. The Company recorded a $15.3 million impairment charge in June 2017 for one property that was in receivership and was returned to the lender during the year ended December 31, 2019 . Refer to Note 6 for additional information regarding the disposition and to Note 9 for additional information regarding the property returned to the lender. The Company evaluates each acquisition to determine if the integrated set of assets and activities acquired meet the definition of a business. If either of the following criteria is met, the integrated set of assets and activities acquired would not qualify as a business: • 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). Property acquisitions deemed to qualify as a business are accounted for as business combinations, and the related acquisition costs are expensed as incurred. The Company allocates the purchase price of properties acquired in business combinations to net tangible and identified intangible assets based on their fair values. Fair value estimates are based on information obtained from a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, the Company’s own analysis of recently acquired and existing comparable properties in the Company’s portfolio, and other market data. Information obtained about each property as a result of due diligence, marketing, and leasing activities is also considered. The value allocated to land is generally based on the actual purchase price if acquired separately, or market research/comparables if acquired as part of an existing operating property. The value allocated to building is based on the fair value determined on an “as-if vacant” basis, which is estimated using a replacement cost approach that relies upon assumptions that the Company believes are consistent with current market conditions for similar properties. The value allocated to furniture, fixtures, and equipment is based on an estimate of the fair value of the appliances and fixtures inside the units. The Company has determined these estimates are primarily based upon unobservable inputs and therefore are considered to be Level 3 inputs within the fair value hierarchy. Acquisitions of properties that do not meet the definition of a business are accounted for as asset acquisitions. The accounting model for asset acquisitions is similar to the accounting model for business combinations except that the acquisition consideration (including transaction costs) is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. The relative fair values used to allocate the cost of an asset acquisition are determined using the same methodologies and assumptions as those utilized to determine fair value in a business combination. |
Long-Lived Assets-Held for Sale | Long-Lived Assets–Held for Sale Long-lived assets to be disposed of are classified as held for sale in the period in which all of the following criteria are met: 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. Concurrent with this classification, the asset is recorded at the lower of cost or fair value less estimated selling costs, and depreciation ceases. The Company did not have any properties classified as held for sale as of December 31, 2019 and 2018 . |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company maintains cash balances in various banks. At times, the Company’s balances may exceed the amount insured by the FDIC. As the Company only uses money-centered financial institutions, the Company does not believe it is exposed to any significant credit risk related to its cash and cash equivalents. |
Restricted Cash | Restricted Cash Restricted cash consists of funds held in trusts that were established in connection with three bond issues for the Company’s on-campus participating properties. The funds are invested in low risk investments, generally consisting of government backed securities, as permitted by the indentures of trusts. Additionally, restricted cash includes escrow accounts held by lenders and resident security deposits, as required by law in certain states. Restricted cash also consists of escrow deposits made in connection with potential property acquisitions and development opportunities. These escrow deposits are invested in interest-bearing accounts at federally-insured banks. Realized and unrealized gains and losses are not material for the periods presented. |
Loans Receivable | Loans Receivable Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan purchase discounts, and net of an allowance for loan losses when such loan is deemed to be impaired. Loan purchase discounts are amortized over the term of the loan. The unamortized discount on the loans receivable was $2.3 million and $2.4 million as of December 31, 2019 and 2018 , respectively. The Company considers a loan impaired when, based upon current information and events, it is probable that it will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. Management’s estimate of the collectability of principal and interest payments under the Company’s loans receivable from CaPFA Capital Corp. 2000F (“CaPFA”), which mature in December 2040 and carry a balance, net of discount, of approximately $50.6 million and $54.6 million as of December 31, 2019 and 2018 , respectively, are highly dependent on the future operating performance of the properties securing the loans. As future economic conditions and/or market conditions at the properties change, management will continue to evaluate the collectability of such amounts. There were no impairments of the carrying value of its loans receivable as of December 31, 2019 . Loans receivable are included in Other Assets on the accompanying Consolidated Balance Sheets. |
Intangible Assets | Intangible Assets A portion of the purchase price of acquired properties is allocated to the value of in-place leases for both student and commercial tenants, which is based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued “as-if” vacant. As lease terms for student leases are typically one year or less, rates on in-place leases generally approximate market rental rates. Factors considered in the valuation of in-place leases include an estimate of the carrying costs during the expected lease-up period considering current market conditions, nature of the tenancy, and costs to execute similar leases. Carrying costs include estimates of lost rents at market rates during the expected lease-up period as well as marketing and other operating expenses. The value of in-place leases is amortized over the remaining initial term of the respective leases. The purchase price of property acquisitions is not allocated to student tenant relationships, considering the terms of the leases and the expected levels of renewals. For acquired properties subject to an in-place property tax incentive arrangement, a portion of the purchase price is allocated to the present value of expected future property tax savings over the projected incentive arrangement period. There were no new acquisitions or investments in joint ventures during the years ended December 31, 2019 and 2018 , that required an allocation to in-place property tax incentive arrangements assumed. Unamortized in-place property tax incentive arrangements as of December 31, 2019 and 2018 were approximately $38.6 million and $56.3 million , respectively, and are included in other assets on the accompanying consolidated balance sheets. Amortization expense was approximately $3.5 million , $3.7 million , and $3.3 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively, and is included in owned properties operating expense in the accompanying consolidated statements of comprehensive income. As of December 31, 2019 , the remaining weighted average tax incentive arrangement period was 18.0 years . During the year ended December 31, 2019 , the Company recorded a $14.0 million impairment charge associated with a tax incentive arrangement that was recorded upon acquisition of an owned property in 2015 due to current facts and circumstances indicating that the originally assumed property tax savings will not materialize. This impairment charge is based on Level 3 inputs and is included in provision for impairment on the accompanying Consolidated Statements of Comprehensive Income. |
Deferred Financing Costs | Deferred Financing Costs The Company defers financing costs and amortizes the costs over the terms of the related debt using the effective-interest method. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to earnings. In those instances when debt modifications do not include material changes to the terms of the underlying debt agreement, unamortized costs of the original instrument are added to the costs of the modification and amortized over the life of the modified debt using the effective interest method. Deferred financing costs, net of amortization, for the Company’s revolving credit facility are included in other assets on the accompanying consolidated balance sheets. Net deferred financing costs for the Company’s revolving credit facility were approximately $3.5 million as of both December 31, 2019 , and 2018 . |
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests The Company follows guidance issued by the FASB regarding the classification and measurement of redeemable securities. Under this guidance, securities that are redeemable for cash or other assets, at the option of the holder and not solely within the control of the issuer, must be classified outside of permanent equity as redeemable noncontrolling interests. The Company makes this determination based on terms in the applicable agreements, specifically in relation to redemption provisions. The Company initially records the redeemable noncontrolling interests at fair value. The carrying amount of the redeemable noncontrolling interest is subsequently adjusted to the redemption value (assuming the noncontrolling interest is redeemable at the balance sheet date), with the corresponding offset for changes in fair value recorded in additional paid in capital. Reductions in fair value are recorded only to the extent that the Company has previously recorded increases in fair value above the redeemable noncontrolling interests’ initial basis. As the changes in redemption value are based on fair value, there is no effect on the Company’s earnings per share. Redeemable noncontrolling interests on the accompanying consolidated balance sheets of ACC are referred to as redeemable limited partners on the consolidated balance sheets of the Operating Partnership. Refer to Note 8 for a more detailed discussion of redeemable noncontrolling interests for both ACC and the Operating Partnership. |
Consolidated VIEs and Presale Development Projects | Consolidated VIEs The Company has investments in various entities that qualify as VIEs for accounting purposes and for which the Company is the primary beneficiary and therefore includes the entities in its consolidated financial statements. These VIEs include the Operating Partnership, six joint ventures that own a total of 11 operating properties and a land parcel, and six properties owned under the on-campus participating property structure. The VIE assets and liabilities consolidated within the Company's assets and liabilities are disclosed at the bottom of the Consolidated Balance Sheets. Presale Development Projects As part of its development strategy, the Company enters into presale agreements to purchase various properties. Under the terms of these agreements, the Company is obligated to purchase the property as long as certain construction completion deadlines and other closing conditions are met. As a part of the presale agreements, the Company has the option to elect not to purchase the asset, which would result in the Company paying a significant penalty. The Company is typically responsible for leasing, management, and initial operations of the project while the third-party developer retains development risk during the construction period. The entity that owns the property is deemed to be a VIE, and the Company is deemed to be the primary beneficiary of the VIE. As such, upon execution of the purchase and sale agreement, the Company records the assets, liabilities, and noncontrolling interest of the entity owning the property at fair value. |
Joint Ventures | Joint Ventures The Company consolidates joint ventures when it exhibits financial or operational control, which is determined using accounting standards related to the consolidation of joint ventures and VIEs. For joint ventures that are defined as VIEs, the primary beneficiary consolidates the entity. The Company considers itself to be the primary beneficiary of a VIE when it has the power to direct the activities that most significantly impact the performance of the VIE, such as management of day-to-day operations, preparing and approving operating and capital budgets, and encumbering or selling the related properties. In instances where the Company is not the primary beneficiary, it does not consolidate the joint venture for financial reporting purposes. For joint ventures that are not defined as VIEs, where the Company is the general partner, but does not control the joint venture as the other partners hold substantive participating rights, the Company uses the equity method of accounting. For joint ventures where the Company is a limited partner, management evaluates whether the Company holds substantive participating rights. In instances where the Company holds substantive participating rights in the joint venture, the Company consolidates the joint venture; otherwise, it uses the equity method of accounting. |
Mortgage Debt - Premiums and Discounts | Mortgage Debt - Premiums and Discounts Mortgage debt premiums and discounts represent fair value adjustments to account for the difference between the stated rates and market rates of mortgage debt assumed in connection with the Company’s property acquisitions. The mortgage debt premiums and discounts are included in secured mortgage, construction, and bond debt on the accompanying consolidated balance sheets and are amortized to interest expense over the term of the related mortgage loans using the effective-interest method. The amortization of mortgage debt premiums and discounts resulted in a net decrease to interest expense of approximately $4.9 million , $5.3 million , and $7.8 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. As of December 31, 2019 and 2018 , net unamortized mortgage debt premiums were approximately $6.4 million and $11.6 million , respectively. |
Tenant Reimbursements | Tenant Reimbursements Reimbursements from tenants, consisting of amounts due from tenants for utilities, are recognized as revenue in the period the recoverable costs are incurred. Tenant reimbursements are recognized and recorded on a gross basis, as the Company is generally the primary obligor with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the supplier, and has credit risk. |
Third-Party Development and Management Services Revenue and Costs | Third-Party Development Services Revenue The Company recognizes development revenues and construction revenues over the life of the contract using a time-based measure of progress. An entire development and construction contract represents a single performance obligation comprised of a series of distinct services to be satisfied over time, and a single transaction price to be recognized over the life of the contract using a time-based measure of progress. Any variable consideration included in the transaction price is estimated using the expected value approach and is only included to the extent that a significant revenue reversal is not likely to occur. Third-Party Development Services Costs Pre-development expenditures such as architectural fees, permits and deposits associated with the pursuit of third-party and owned development projects are expensed as incurred, until such time that management believes it is probable that the contract will be executed and/or construction will commence, at which time the Company capitalizes the costs. Because the Company frequently incurs these pre-development expenditures before a financing commitment and/or required permits and authorizations have been obtained, the Company bears the risk of loss of these pre-development expenditures if financing cannot ultimately be arranged on acceptable terms or the Company is unable to successfully obtain the required permits and authorizations. As such, management evaluates the status of third-party and owned projects that have not yet commenced construction on a periodic basis and expenses any deferred costs related to projects whose current status indicates the commencement of construction is unlikely and/or the costs may not provide future value to the Company in the form of revenues. Such write-offs are included in third-party development and management services expenses (in the case of third-party development projects) or general and administrative expenses (in the case of owned development projects) on the accompanying consolidated statements of comprehensive income. As of December 31, 2019 , the Company has deferred approximately $7.1 million in pre-development costs related to third-party and owned development projects that have not yet commenced construction. Such costs are net of any contractual arrangements through which the Company could be reimbursed by another party. Such costs are included in other assets on the accompanying consolidated balance sheets. Third-Party Management Services Revenue Management fees are recognized when earned in accordance with each management contract. Incentive management fees are estimated using the expected value approach and are included in the transaction price only to the extent that a significant revenue reversal is not likely to occur. The Company evaluates the collectability of revenue earned from third-party management contracts and reserves any amounts deemed to be uncollectible based on the individual facts and circumstances of the projects and associated contracts. |
Advertising Costs | Advertising Costs Advertising costs are expensed during the period incurred, or as the advertising takes place, depending on the nature and term of the specific advertising arrangements. Advertising expense approximated $15.7 million , $13.6 million and $12.7 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company records all derivative financial instruments on the balance sheet at fair value. Changes in fair value are recognized either in earnings or as other comprehensive income, depending on whether the derivative has been designated as a fair value or cash flow hedge and whether it qualifies as part of a hedging relationship, the nature of the exposure being hedged, and how effective the derivative is at offsetting movements in underlying exposure. The Company discontinues hedge accounting when: (i) it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item; (ii) the derivative expires or is sold, terminated, or exercised; (iii) it is no longer probable that the forecasted transaction will occur; or (iv) management determines that designating the derivative as a hedging instrument is no longer appropriate. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company will carry the derivative at its fair value on the balance sheet, recognizing changes in the fair value in current-period earnings. The Company uses interest rate swaps to effectively convert a portion of its floating rate debt to fixed rate, thus reducing the impact of rising interest rates on interest payments. These instruments are designated as cash flow hedges and the interest differential to be paid or received is accrued as interest expense. The Company’s counter-parties are major financial institutions. See Note 12 for an expanded discussion on derivative instruments and hedging activities. |
Common Stock Issuances and Costs | Common Stock Issuances and Costs Specific incremental costs directly attributable to the Company’s equity offerings are deferred and charged against the gross proceeds of the offering. As such, underwriting commissions and other common stock issuance costs are reflected as a reduction of additional paid in capital. See Note 10 for an expanded discussion on common stock issuances and costs. |
Share-Based Compensation | Share-Based Compensation Compensation expense associated with share-based awards is recognized in the consolidated statements of comprehensive income based on the grant-date fair values and is adjusted as actual forfeitures occur. Compensation expense is recognized over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. See Note 11 for an expanded discussion of the Company’s share-based compensation awards. |
Income Taxes | Income Taxes The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted taxable income to its stockholders. As a REIT, the Company will generally not be subject to corporate level federal income tax on taxable income it currently distributes to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for the subsequent four taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local income and excise taxes on its income and property, and to federal income and excise taxes on its undistributed income. The Company owns various TRSs, one of which manages the Company’s non-REIT activities and each of which is subject to federal, state and local income taxes. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of accounting pronouncements | In addition, the Company does not expect the following accounting pronouncements issued by the FASB to have a material effect on its consolidated financial statements: Accounting Standards Update Effective Date ASU 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract” January 1, 2020 ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” January 1, 2020 ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes" January 1, 2021 |
Schedule of estimated useful lives of assets | Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: 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 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share Disclosure [Line Items] | |
Schedule of potentially dilutive securities not included in calculating diluted earnings per share | The following potentially dilutive securities were outstanding for the years ended December 31, 2019 , 2018 , and 2017 , but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. Year Ended December 31, 2019 2018 2017 Common OP Units (Note 8) 531,112 771,708 1,019,186 Preferred OP Units (Note 8) 42,421 77,513 77,513 Total potentially dilutive securities 573,533 849,221 1,096,699 |
Schedule of summary of elements used in calculating basic and diluted earnings per share | The following is a summary of the elements used in calculating basic and diluted earnings per share: Year Ended December 31, 2019 2018 2017 Numerator - basic and diluted earnings per share Net income $ 86,762 $ 119,124 $ 70,121 Net income attributable to noncontrolling interests (1,793 ) (2,029 ) (1,083 ) Net income attributable to ACC, Inc. and Subsidiaries common stockholders 84,969 117,095 69,038 Amount allocated to participating securities (1,902 ) (1,522 ) (1,536 ) Net income attributable to common stockholders $ 83,067 $ 115,573 $ 67,502 Denominator Basic weighted average common shares outstanding 137,295,837 136,815,051 135,141,423 Unvested restricted stock awards (Note 11) 990,941 906,998 860,962 Diluted weighted average common shares outstanding 138,286,778 137,722,049 136,002,385 Earnings per share Net income attributable to common stockholders - basic $ 0.61 $ 0.84 $ 0.50 Net income attributable to common stockholders - diluted $ 0.60 $ 0.84 $ 0.50 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | |
Earnings Per Share Disclosure [Line Items] | |
Schedule of potentially dilutive securities not included in calculating diluted earnings per share | The following is a summary of the elements used in calculating basic and diluted earnings per unit: Year Ended December 31, 2019 2018 2017 Numerator - basic and diluted earnings per unit Net income $ 86,762 $ 119,124 $ 70,121 Net income attributable to noncontrolling interests – partially owned properties (1,398 ) (1,215 ) (435 ) Series A preferred unit distributions (68 ) (124 ) (124 ) Amount allocated to participating securities (1,902 ) (1,522 ) (1,536 ) Net income attributable to common unitholders $ 83,394 $ 116,263 $ 68,026 Denominator Basic weighted average common units outstanding 137,826,949 137,586,759 136,160,609 Unvested restricted stock awards (Note 11) 990,941 906,998 860,962 Diluted weighted average common units outstanding 138,817,890 138,493,757 137,021,571 Earnings per unit Net income attributable to common unitholders - basic $ 0.61 $ 0.85 $ 0.50 Net income attributable to common unitholders - diluted $ 0.60 $ 0.84 $ 0.50 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of significant components of deferred tax assets and liabilities of TRSs | December 31, 2019 2018 Deferred tax assets: Fixed and intangible assets $ 1,488 $ 365 Net operating loss carryforwards 7,290 9,277 Prepaid and deferred income 1,115 866 Bad debt reserves 528 656 Leases 3,480 — Accrued expenses and other 4,049 3,208 Stock compensation 2,636 2,083 Total deferred tax assets 20,586 16,455 Valuation allowance for deferred tax assets (17,121 ) (16,390 ) Deferred tax assets, net of valuation allowance 3,465 65 Deferred tax liability: Leases (3,413 ) — Deferred financing costs (52 ) (65 ) Net deferred tax liabilities $ — $ — |
Schedule of significant components of income tax provision | Significant components of the Company’s income tax provision are as follows: Year Ended December 31, 2019 2018 2017 Current: Federal $ (157 ) $ — $ — State (1,350 ) (2,429 ) (989 ) Deferred: Federal — — — State — — — Total provision $ (1,507 ) $ (2,429 ) $ (989 ) |
Schedule of reconciliation of income tax attributable to continuing operations for the TRSs computed at the U.S. statutory rate to income tax provision | The reconciliation of income tax for the TRSs computed at the U.S. statutory rate to income tax provision is as follows: Year Ended December 31, 2019 2018 2017 Tax (provision) benefit at U.S. statutory rates on TRS income subject to tax $ (789 ) $ 327 $ 1,277 State income tax, net of federal income tax benefit (57 ) 13 57 Effect of permanent differences and other 5 (154 ) 207 Deferred tax impact of tax reform — — (9,206 ) Decrease (increase) in valuation allowance 841 (186 ) 7,665 TRS income tax provision $ — $ — $ — |
Schedule of distributions to shareholders | A schedule of per share distributions the Company paid and reported to its shareholders, which is unaudited, is set forth in the following table: Year Ended December 31, Tax Treatment of Distributions: 2019 2018 2017 Ordinary income $ 0.6625 $ — $ 0.8316 Long-term capital gain (1) 1.2075 1.8200 — Return of capital — — 0.9084 Total per common share outstanding $ 1.8700 $ 1.8200 $ 1.7400 (1) Unrecaptured Sec. 1250 gains of $ 0.3827 and $ 0.4008 were reported for the years ended December 31, 2019 and 2018, respectively. There was no unrecaptured Sec. 1250 gain reported for the year ended December 31, 2017. |
Acquisitions and Joint Ventur_2
Acquisitions and Joint Venture Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of asset acquisitions | During the year ended December 31, 2019 , two properties subject to presale agreements were completed and acquired by the Company for $110.2 million . The purchase price includes $8.6 million related to the purchase of the land on which one of the properties is built. Additionally, upon acquisition, the third-party developer repaid an $18.5 million mezzanine loan, including accrued interest, that the Company provided to one of the projects during the construction period. As the properties were consolidated by the Company from the time of execution of the presale agreements with the developers, the closing of the transactions were accounted for as an increase in ownership of consolidated subsidiaries. The two properties acquired are detailed below: Property Location Primary University Served Project Type Beds Month Acquired The Flex - Stadium Centre Tallahassee, FL Florida State University Off-campus 340 August 2019 959 Franklin Eugene, OR University of Oregon Off-campus 443 November 2019 783 |
Property Dispositions (Tables)
Property Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Property Dispositions | During the year ended December 31, 2019, the Company sold the following owned properties for approximately $109.5 million , resulting in net proceeds of approximately $108.6 million . The combined net loss on the dispositions was not material. Property Location Primary University Served Beds College Club Townhomes (1) (2) Tallahassee, FL Florida A&M University 544 Landmark Ann Arbor, MI University of Michigan 606 1,150 (1) Concurrent with the classification of this property as held for sale in March 2019, the Company reduced the property’s carrying amount to its estimated fair value less estimated selling costs and recorded an impairment charge of $3.2 million . (2) Consisted of two phases that were previously counted separately in the property portfolio numbers contained in Note 1. |
Investments in Real Estate (Tab
Investments in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate Properties [Line Items] | |
Schedule of real estate properties | Owned properties, both wholly-owned and those owned through investments in VIEs, consisted of the following: December 31, 2019 December 31, 2018 Land $ 654,985 $ 653,522 Buildings and improvements 6,749,757 6,486,106 Furniture, fixtures and equipment 391,208 371,429 Construction in progress 341,554 302,902 8,137,504 7,813,959 Less accumulated depreciation (1,442,789 ) (1,230,562 ) Owned properties, net $ 6,694,715 $ 6,583,397 Our On-Campus Participating Properties segment includes six on-campus properties that are operated under long-term ground/facility leases with three university systems. Under our ground/facility leases, we receive an annual distribution representing 50% of these properties’ net cash flows, as defined in the ground/facility lease agreements. We also manage these properties under long-term management agreements and are paid management fees equal to a percentage of defined gross receipts. On-campus participating properties consisted of the following: December 31, 2019 December 31, 2018 Buildings and improvements $ 155,941 $ 150,087 Furniture, fixtures and equipment 13,552 11,817 Construction in progress 6 658 169,499 162,562 Less accumulated depreciation (94,311 ) (84,925 ) On-campus participating properties, net $ 75,188 $ 77,637 |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Schedule of summarized activity of redeemable limited partners | Below is a table summarizing the activity of redeemable noncontrolling interests (ACC) / redeemable limited partners (Operating Partnership) for the years ended December 31, 2019 and 2018 , which includes both the redeemable joint venture partners and OP Units discussed above: Balance, December 31, 2016 $ 55,078 Net income 654 Distributions (77,031 ) Conversion of OP Units into shares of ACC common stock (154 ) Contributions from noncontrolling interests 162,794 Adjustments to reflect redeemable noncontrolling interests at fair value (9,172 ) Balance, December 31, 2017 $ 132,169 Net income 936 Distributions (1,516 ) Conversion of OP Units into shares of ACC common stock (13,334 ) Contributions from noncontrolling interests 112 Adjustments to reflect redeemable noncontrolling interests at fair value 66,079 Balance, December 31, 2018 $ 184,446 Net income 783 Distributions (1,062 ) Conversion of OP Units into shares of ACC common stock (6,082 ) Contributions from noncontrolling interests 250 Purchase of noncontrolling interests (88,304 ) Adjustments to reflect redeemable noncontrolling interests at fair value 14,350 Balance, December 31, 2019 $ 104,381 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of outstanding consolidated indebtedness and summary of senior unsecured notes | As of December 31, 2019, the Company has issued the following senior unsecured notes: 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 (2) 400,000 99.811 3.350% 3.391% 756 5 October 2017 400,000 99.912 3.625% 3.635% 352 10 June 2019 400,000 99.704 3.300% 3.680% (1) 1,184 7 $ 2,000,000 $ 4,212 (1) The yield includes effect of the amortization of the interest rate swap terminations. (2) In January 2020, the Company issued $400 million of 10 -year unsecured notes at a yield of 2.872% that mature in 2030. Proceeds from the issuance were used to repay $400.0 million of unsecured notes issued in September 2015 that were scheduled to mature in October 2020. Refer to Note 18 for additional information. A summary of the Company’s outstanding consolidated indebtedness, including unamortized debt premiums and discounts, is as follows: December 31, 2019 2018 Debt secured by owned properties: Mortgage loans payable: Unpaid principal balance $ 693,584 $ 727,163 Unamortized deferred financing costs (1,294 ) (1,757 ) Unamortized debt premiums 6,596 11,579 Unamortized debt discounts (199 ) — 698,687 736,985 Construction loans payable (1) — 22,207 Unamortized deferred financing costs — (480 ) 698,687 758,712 Debt secured by on-campus participating properties: Mortgage loans payable (2) 65,942 67,867 Bonds payable (2) 23,215 27,030 Unamortized deferred financing costs (418 ) (525 ) 88,739 94,372 Total secured mortgage, construction and bond debt 787,426 853,084 Unsecured notes, net of unamortized OID and deferred financing costs (3) 1,985,603 1,588,446 Unsecured term loans, net of unamortized deferred financing costs (4) 199,121 198,769 Unsecured revolving credit facility 425,700 387,300 Total debt, net $ 3,397,850 $ 3,027,599 (1) Construction loans payable relate to the construction loans partially financing the development of presale development projects. The properties are owned by an entity determined to be a VIE for which the Company is the primary beneficiary. The creditor of the construction loans does not have recourse to the assets of the Company. (2) The creditors of mortgage loans payable and bonds 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 $2.3 million at December 31, 2019 and $1.6 million at December 31, 2018 , and net unamortized deferred financing costs of $12.1 million at December 31, 2019 and $10.0 million at December 31, 2018 . (4) Includes net unamortized deferred financing costs of $0.9 million at December 31, 2019 and $1.2 million at December 31, 2018 . |
Schedule of mortgage and construction loans payable | Mortgage loans payable, excluding debt premiums and discounts, consisted of the following as of December 31, 2019 : December 31, 2019 Principal Outstanding Weighted Weighted Number of December 31, Average Average Years Properties 2019 2018 Interest Rate to Maturity Encumbered Fixed Rate: Mortgage loans payable (1) $ 756,397 $ 683,615 4.45 % 6.2 Years 20 Variable Rate: Mortgage and construction loans payable (2) 3,129 133,622 4.24 % 25.6 Years — Total $ 759,526 $ 817,237 4.44 % 6.3 Years 20 (1) Fixed rate mortgage loans payable mature at various dates from 2020 through 2045 and carry interest rates ranging from 3.76% to 6.43% at December 31, 2019 . |
Schedule of debt transactions | During the year ended December 31, 2019 , the following transactions occurred: Mortgage Loans Payable (1) Construction Loans Payable Balance, December 31, 2018 $ 795,030 $ 22,207 Additions: Draws under advancing construction notes payable — 31,611 Deductions: Forgiveness of debt (2) (27,381 ) — Pay-off of construction debt (3) — (53,818 ) Scheduled repayments of principal (8,123 ) — Balance, December 31, 2019 $ 759,526 $ — (1) Balance excludes unamortized debt premiums and discounts. (2) The Company completed the transfer of Blanton Common to the lender in settlement of the property's mortgage loan in July 2019. (3) |
Schedule of bonds payable | Bonds payable at December 31, 2019 consisted of the following: Mortgaged Facilities Original Principal Weighted Average Rate Maturity Required Monthly December 31, 2019 1999 University Village-PVAMU/TAMIU $ 39,270 $ 12,065 7.76 % September 2023 $ 302 2001 University College–PVAMU 20,995 8,885 7.62 % August 2025 158 2003 University College–PVAMU 4,325 2,265 6.20 % August 2028 28 Total/weighted average rate $ 64,590 $ 23,215 7.55 % $ 488 |
Schedule of debt maturities | The following table summarizes the stated debt maturities and scheduled amortization payments, excluding debt premiums and discounts, for each of the five years subsequent to December 31, 2019 and thereafter: 2020 $ 446,164 2021 196,996 2022 658,853 2023 408,599 2024 529,139 Thereafter 1,168,690 $ 3,408,441 |
Incentive Award Plan (Tables)
Incentive Award Plan (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of summary of restricted stock units | A summary of ACC’s RSUs under the Plan for the years ended December 31, 2019 and 2018 and activity during the years then ended is presented below: Number of RSUs Weighted-Average Grant Date Fair Value Per RSU Outstanding at December 31, 2017 — $ — Granted 27,376 39.45 Settled in common shares (27,376 ) 39.45 Outstanding at December 31, 2018 — — Granted 20,812 47.34 Settled in common shares (18,318 ) 47.37 Settled in cash (2,494 ) 47.11 Outstanding at December 31, 2019 — — |
Schedule of summary of restricted stock awards | A summary of the Company’s RSAs under the Plan for the years ended December 31, 2019 and 2018 is presented below: Number of RSAs Weighted-Average Grant Date Fair Value Per RSA Nonvested balance at December 31, 2017 810,870 $ 44.16 Granted 357,387 39.41 Vested (249,102 ) 43.36 Forfeited (56,475 ) 43.64 Nonvested balance at December 31, 2018 862,680 $ 42.46 Granted 387,341 44.08 Vested (266,556 ) 41.86 Forfeited (16,124 ) 42.91 Nonvested balance at December 31, 2019 967,341 $ 43.27 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of summary of outstanding interest rate swap contracts | The following table summarizes the Company’s outstanding interest rate swap contracts which are included in other assets and other liabilities on the accompanying consolidated balance sheets as of December 31, 2019 : 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 $ 12,592 $ (94 ) Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month 12,721 (95 ) Park Point mortgage loan Feb 1, 2019 Jan 16, 2024 2.7475% LIBOR - 1 month 70,000 (3,247 ) College Park mortgage loan Oct 16, 2019 Oct 16, 2022 1.2570% LIBOR - 1 month, with 1 day lookback 37,500 289 Unsecured term loan Nov 4, 2019 Jun 27, 2022 1.4685% LIBOR - 1 month 100,000 168 Unsecured term loan Dec 2, 2019 Jun 27, 2022 1.4203% LIBOR - 1 month 100,000 286 Total $ 332,813 $ (2,693 ) In December 2018, the Company entered into three forward starting interest rate swap contracts with notional amounts totaling $200 million designated to hedge the Company's exposure to increasing interest rates related to interest payments on an anticipated issuance of unsecured notes. In connection with the issuance of unsecured notes in June 2019, as discussed in Note 9 , the Company terminated the swap contracts resulting in payments to counterparties totaling approximately $13.2 million , which were recorded in accumulated other comprehensive loss and which will be amortized to interest expense over the term of the swap contracts based on the June 2019 issuance and expected additional issuances. |
Schedule of fair value of derivative financial instruments and classification on consolidated balance sheet | The table below presents the fair value of the Company’s derivative financial instruments and their classification on the consolidated balance sheets as of December 31, 2019 and 2018 : Asset Derivatives Liability Derivatives Fair Value as of Fair Value as of Description Balance Sheet Location 12/31/2019 12/31/2018 Balance Sheet Location 12/31/2019 12/31/2018 Interest rate swap contracts Other assets $ 743 $ 101 Other liabilities $ 3,436 $ — Forward starting swap contracts Other assets — — Other liabilities — 2,287 Total derivatives designated $ 743 $ 101 $ 3,436 $ 2,287 |
Derivative Instruments, Gain (Loss) | The table below presents the effect of the Company’s derivative financial instruments on the accompanying consolidated statements of comprehensive income for the years ended December 31, 2019 , 2018 and 2017. Year Ended December 31, Description 2019 2018 2017 Change in fair value of derivatives and other recognized in OCI (523 ) (2,108 ) 954 Termination of interest rate swap payment recognized in OCI (13,159 ) — — Amortization of interest rate swap terminations (1) 1,133 412 412 Total change in OCI due to derivative financial instruments (12,549 ) (1,696 ) 1,366 Interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded 111,287 99,228 71,122 (1) |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial instruments measured at fair value | The following table presents information about the Company’s financial instruments measured at fair value on a recurring basis as of December 31, 2019 and 2018 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. There were no Level 1 measurements for the periods presented, and the Company had no transfers between Levels 1, 2, or 3 during the periods presented. Refer to Note 8 for a discussion of the Level 3 activity during the period related to the redeemable noncontrolling interests in partially owned properties. Fair Value Measurements as of December 31, 2019 December 31, 2018 Level 2 Level 3 Total Level 2 Level 3 Total Assets Derivative financial instruments $ 743 (1) $ — $ 743 $ 101 (1) $ — $ 101 Liabilities Derivative financial instruments $ 3,436 (1) $ — $ 3,436 $ 2,287 (1) $ — $ 2,287 Mezzanine Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) $ 23,690 (2) $ 80,691 (3) $ 104,381 $ 27,828 (2) $ 156,618 (3) $ 184,446 (1) Valued using discounted cash flow analyses with observable market-based inputs of interest rate curves and option volatility, as well as credit valuation adjustments to reflect nonperformance risk. (2) Represents the OP Unit component of redeemable noncontrolling interests which is based on the greater of fair value of the Company’s common stock at the balance sheet date or the initial basis. Represents a quoted price for a similar asset in an active market. Refer to Note 8 . (3) Represents noncontrolling partners' equity in the Core Joint Ventures which is valued using primarily unobservable inputs, including the Company’s analysis of comparable properties in the Company’s portfolio, estimations of net operating results of the properties, capitalization rates, discount rates, and other market data. Refer to Note 8 . |
Schedule of estimated fair value and related carrying amounts of mortgage loans and bonds payable | The table below contains the estimated fair value and related carrying amounts for the Company’s financial instruments as of December 31, 2019 and 2018 . There were no Level 1 measurements for the periods presented. December 31, 2019 December 31, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Level 2 Level 3 Level 2 Level 3 Assets Loans receivable $ 50,553 $ — $ 48,307 (1) $ 54,611 $ — $ 50,993 (1) Liabilities (2) Unsecured notes $ 1,985,603 $ 2,069,817 (3) $ — $ 1,588,446 $ 1,566,900 (3) $ — Mortgage loans payable (fixed rate) $ 761,296 (4) $ 766,821 (5) $ — $ 693,384 (6) $ 668,911 (5) $ — Bonds payable $ 23,001 $ 25,110 (7) $ — $ 26,741 $ 28,805 (7) $ — Unsecured Term loan (fixed rate) $ 199,121 $ 198,687 (8) $ — $ — $ — $ — (1) Valued using a discounted cash flow analysis with inputs of scheduled cash flows and discount rates that a willing buyer and seller might use. (2) Carrying amounts disclosed include any applicable net unamortized OID, net unamortized deferred financing costs, and net unamortized debt premiums and discounts (see Note 9 ). (3) Valued using interest rate and spread assumptions that reflect current creditworthiness and market conditions available for the issuance of unsecured notes with similar terms and remaining maturities. (4) Does not include one variable rate mortgage loan with a principal balance of $3.1 million as of December 31, 2019 . (5) Valued using the present value of the cash flows at current market interest rates through maturity that primarily fall within the Level 2 category. (6) Does not include two variable rate mortgage loans with a combined principal balance of $111.4 million as of December 31, 2018. (7) Valued using quoted prices in markets that are not active due to the unique characteristics of these financial instruments. (8) In November and December 2019, the Company entered into two interest rate swap contracts to hedge the variable rate cash flows associated with the LIBOR-based interest payments on the Term Loan Facility (see Note 9 ). Valued using the present value of the cash flows at interpolated 1-month LIBOR swap rates through maturity that primarily fall within the Level 2 category. |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of lease cost | Total straight-line rent expense, variable rent expense, and capitalized rent cost, were as follows: Year Ended December 31 , Description 2019 2018 2017 Straight-line rent expense $ 10,009 $ 8,798 $ 5,544 Variable rent expense 8,996 7,234 7,566 Capitalized rent cost 12,889 2,296 2,003 |
Future minimum commitments for operating leases | Future minimum commitments over the life of all leases, which exclude variable rent payments, are as follows: December 31, 2019 December 31, 2018 2020 $ 11,814 $ 9,463 2021 16,749 12,092 2022 23,664 16,653 2023 28,776 18,999 2024 29,371 18,903 Thereafter 1,661,648 1,042,842 Total minimum lease payments 1,772,022 $ 1,118,952 Less imputed interest (1,298,952 ) Total lease liabilities $ 473,070 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | Year Ended December 31, 2019 2018 2017 Owned Properties Rental revenues and other income $ 880,709 $ 829,119 $ 741,909 Interest income 473 1,436 1,545 Total revenues from external customers 881,182 830,555 743,454 Operating expenses before depreciation, amortization, and ground/facility lease expense (390,664 ) (373,521 ) (332,429 ) Ground/facility lease expense (11,084 ) (8,927 ) (7,372 ) Interest expense, net (1) (16,859 ) (14,742 ) (3,659 ) Income before depreciation and amortization $ 462,575 $ 433,365 $ 399,994 Depreciation and amortization $ 261,938 $ 250,715 $ 223,940 Capital expenditures $ 514,043 $ 546,147 $ 617,552 Total segment assets at December 31, $ 7,346,625 $ 6,841,222 $ 6,691,758 On-Campus Participating Properties Rental revenues and other income $ 36,346 $ 34,596 $ 33,945 Interest income 167 133 65 Total revenues from external customers 36,513 34,729 34,010 Operating expenses before depreciation, amortization, and ground/facility lease expense (15,028 ) (14,602 ) (14,384 ) Ground/facility lease expense (3,067 ) (2,928 ) (2,841 ) Interest expense, net (1) (4,934 ) (5,098 ) (5,264 ) Income before depreciation and amortization $ 13,484 $ 12,101 $ 11,521 Depreciation and amortization $ 8,380 $ 7,819 $ 7,536 Capital expenditures $ 2,898 $ 3,654 $ 3,533 Total segment assets at December 31, $ 97,561 $ 93,917 $ 100,031 Development Services Development and construction management fees $ 13,051 $ 7,281 $ 10,761 Operating expenses (8,658 ) (8,031 ) (7,618 ) Income (loss) before depreciation and amortization $ 4,393 $ (750 ) $ 3,143 Total segment assets at December 31, $ 13,539 $ 10,087 $ 6,726 Property Management Services Property management fees from external customers $ 12,936 $ 9,814 $ 9,832 Operating expenses (11,257 ) (7,428 ) (7,607 ) Income before depreciation and amortization $ 1,679 $ 2,386 $ 2,225 Total segment assets at December 31, $ 8,888 $ 6,426 $ 7,576 Reconciliations Total segment revenues and other income $ 943,682 $ 882,379 $ 798,057 Unallocated interest income earned on investments and corporate cash 3,046 3,265 3,335 Total consolidated revenues, including interest income $ 946,728 $ 885,644 $ 801,392 Segment income before depreciation and amortization $ 482,131 $ 447,102 $ 416,883 Segment depreciation and amortization (270,318 ) (258,534 ) (231,476 ) Corporate depreciation (4,728 ) (4,669 ) (3,479 ) Net unallocated expenses relating to corporate interest and overhead (117,529 ) (110,660 ) (90,250 ) Loss (gain) from disposition of real estate (53 ) 42,314 (632 ) Other operating and nonoperating income — 3,949 — Amortization of deferred financing costs (5,012 ) (5,816 ) (4,619 ) Provision for impairment (17,214 ) — (15,317 ) Gain from extinguishment of debt 20,992 7,867 — Income tax provision (1,507 ) (2,429 ) (989 ) Net income $ 86,762 $ 119,124 $ 70,121 Total segment assets $ 7,466,613 $ 6,951,652 $ 6,806,091 Unallocated corporate assets 93,141 87,194 91,279 Total assets at December 31, $ 7,559,754 $ 7,038,846 $ 6,897,370 (1) |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Document Information [Line Items] | |
Schedule of quarterly financial information | The information presented below represents the quarterly consolidated financial results of the Company for the years ended December 31, 2019 and 2018 . 2019 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 242,131 $ 217,371 $ 227,705 $ 255,835 $ 943,042 Operating income 58,999 37,841 27,307 55,743 179,890 Net income 31,368 10,210 19,336 25,848 86,762 Net (income) loss attributable to noncontrolling interests (1,728 ) 176 887 (1,128 ) (1,793 ) Net income attributable to ACC, Inc. and Subsidiaries common stockholders $ 29,640 $ 10,386 $ 20,223 $ 24,720 $ 84,969 Net income attributable to common stockholders per share - basic $ 0.21 $ 0.07 $ 0.14 $ 0.18 $ 0.61 (1) Net income attributable to common stockholders per share - diluted $ 0.21 $ 0.07 $ 0.14 $ 0.18 $ 0.60 2018 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 220,409 $ 201,059 $ 213,469 $ 245,873 $ 880,810 Operating income 50,406 73,168 21,501 67,520 212,595 Net income (loss) 26,250 45,990 (2,737 ) 49,621 119,124 Net (income) loss attributable to noncontrolling interests (323 ) 19 392 (2,117 ) (2,029 ) Net income (loss) attributable to ACC, Inc. and Subsidiaries common stockholders $ 25,927 $ 46,009 $ (2,345 ) $ 47,504 $ 117,095 Net income (loss) attributable to common stockholders per share - basic $ 0.19 $ 0.33 $ (0.02 ) $ 0.34 $ 0.84 Net income (loss) attributable to common stockholders per share - diluted $ 0.18 $ 0.33 $ (0.02 ) $ 0.34 $ 0.84 (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. |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | |
Document Information [Line Items] | |
Schedule of quarterly financial information | The information presented below represents the quarterly consolidated financial results of the Operating Partnership for the years ended December 31, 2019 and 2018 . 2019 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 242,131 $ 217,371 $ 227,705 $ 255,835 $ 943,042 Operating income 58,999 37,841 27,307 55,743 179,890 Net income 31,368 10,210 19,336 25,848 86,762 Net (income) loss attributable to noncontrolling interests (1,568 ) 230 970 (1,030 ) (1,398 ) Series A preferred unit distributions (31 ) (9 ) (14 ) (14 ) (68 ) Net income available to common unitholders $ 29,769 $ 10,431 $ 20,292 $ 24,804 $ 85,296 Net income per unit attributable to common unitholders - basic $ 0.21 $ 0.07 $ 0.14 $ 0.18 $ 0.61 (1) Net income per unit attributable to common unitholders - diluted $ 0.21 $ 0.07 $ 0.14 $ 0.18 $ 0.60 2018 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 220,409 $ 201,059 $ 213,469 $ 245,873 $ 880,810 Operating income 50,406 73,168 21,501 67,520 212,595 Net income (loss) 26,250 45,990 (2,737 ) 49,621 119,124 Net (income) loss attributable to noncontrolling interests (114 ) 366 413 (1,880 ) (1,215 ) Series A preferred unit distributions (31 ) (31 ) (31 ) (31 ) (124 ) Net income (loss) available to common unitholders $ 26,105 $ 46,325 $ (2,355 ) $ 47,710 $ 117,785 Net income (loss) per unit attributable to common unitholders - basic $ 0.19 $ 0.33 $ (0.02 ) $ 0.34 $ 0.85 (1) Net income (loss) per unit attributable to common unitholders - diluted $ 0.18 $ 0.33 $ (0.02 ) $ 0.34 $ 0.84 (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. |
Organization and Description _2
Organization and Description of Business - Narrative (Details) | 12 Months Ended |
Dec. 31, 2019BedProperty | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Number of properties | 167 |
Number of beds | Bed | 112,800 |
Minimum | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Initial terms of contract | 1 year |
Maximum | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Initial terms of contract | 5 years |
Management and leasing services | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Number of properties | 36 |
Number of beds | Bed | 26,500 |
Owned & third-party managed portfolio | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Number of properties | 203 |
Number of beds | Bed | 139,300 |
Off campus properties | Owned Properties | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Number of properties | 127 |
American campus equity | Owned Properties | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Number of properties | 34 |
Under development | Owned Properties | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Number of beds | Bed | 11,300 |
Number of properties under construction | 3 |
On-campus participating properties, net | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Number of properties | 6 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Limited partner ownership interest (percent) | 99.60% |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Maximum | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Ownership interest (percent) | 1.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) | Jan. 01, 2019USD ($)lease | Jun. 30, 2017USD ($) | Dec. 31, 2019USD ($)EntityProperty | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Significant Accounting Policies [Line Items] | |||||
Number of properties subject to ground leases | lease | 28 | ||||
Right of use assets | $ 460,857,000 | ||||
Lease liability | 473,070,000 | ||||
Capitalized interest | 12,100,000 | $ 11,700,000 | $ 15,900,000 | ||
Provision for impairment | 17,214,000 | 0 | 15,317,000 | ||
Unamortized discount on loans receivable | 2,300,000 | 2,400,000 | |||
Impairment of loans receivable | 0 | ||||
Deferred finance costs | $ 3,500,000 | 3,500,000 | |||
Number of third-party joint venture partners | Entity | 6 | ||||
Number of properties | Property | 167 | ||||
Amount of pre-development costs deferred | $ 7,100,000 | ||||
Advertising costs | $ 15,700,000 | 13,600,000 | 12,700,000 | ||
In-place leases | |||||
Significant Accounting Policies [Line Items] | |||||
Lease term | 1 year | ||||
Property tax abatement | |||||
Significant Accounting Policies [Line Items] | |||||
Unamortized tax abatement | $ 38,600,000 | 56,300,000 | |||
Amortization expense of acquired intangible assets | $ 3,500,000 | 3,700,000 | 3,300,000 | ||
Weighted average tax abatement period | 18 years | ||||
Other assets | |||||
Significant Accounting Policies [Line Items] | |||||
Provision for impairment | $ 14,000,000 | ||||
Mortgages | |||||
Significant Accounting Policies [Line Items] | |||||
Provision for impairment | $ 15,300,000 | ||||
Amortization of debt discounts (premiums) | (4,900,000) | (5,300,000) | (7,800,000) | ||
Net unamortized debt premiums | 6,400,000 | 11,600,000 | |||
Carrying Amount | |||||
Significant Accounting Policies [Line Items] | |||||
Loans receivable | 50,553,000 | 54,611,000 | |||
Accounting Standards Update 2016-02 | |||||
Significant Accounting Policies [Line Items] | |||||
Right of use assets | $ 278,200,000 | ||||
Lease liability | $ 277,500,000 | ||||
Owned Properties | |||||
Significant Accounting Policies [Line Items] | |||||
Provision for Loan, Lease, and Other Losses | 7,300,000 | 7,100,000 | 6,400,000 | ||
Owned Properties | Mortgages | |||||
Significant Accounting Policies [Line Items] | |||||
Net unamortized debt premiums | 6,596,000 | 11,579,000 | |||
On-campus participating properties, net | |||||
Significant Accounting Policies [Line Items] | |||||
Provision for Loan, Lease, and Other Losses | $ 500,000 | $ 300,000 | $ 300,000 | ||
Number of properties | Property | 6 | ||||
Owned Properties Held For Sale | |||||
Significant Accounting Policies [Line Items] | |||||
Provision for impairment | $ 3,200,000 | ||||
Wholly Owned Properties [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Provision for impairment | $ 15,300,000 | ||||
Six Joint Ventures | |||||
Significant Accounting Policies [Line Items] | |||||
Number of properties | Property | 11 | ||||
Corporate Office Headquarters | |||||
Significant Accounting Policies [Line Items] | |||||
Lessee, Operating, Number Of Asset Under Lease | lease | 2 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Buildings and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful Life | 7 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful Life | 40 years |
Leasehold interest | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful Life | 25 years |
Leasehold interest | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful Life | 34 years |
Furniture, fixtures and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful Life | 3 years |
Furniture, fixtures and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful Life | 7 years |
Earnings Per Share - Potentiall
Earnings Per Share - Potentially dilutive securities not included in calculating diluted earnings per share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total potentially dilutive securities | 573,533 | 849,221 | 1,096,699 |
Common OP Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total potentially dilutive securities | 531,112 | 771,708 | 1,019,186 |
Preferred OP Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total potentially dilutive securities | 42,421 | 77,513 | 77,513 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Elements Used in Calculating Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator - basic and diluted earnings per share | |||||||||||
Net income | $ 86,762 | $ 119,124 | $ 70,121 | ||||||||
Net (income) loss attributable to noncontrolling interests | $ (1,128) | $ 887 | $ 176 | $ (1,728) | $ (2,117) | $ 392 | $ 19 | $ (323) | (1,793) | (2,029) | (1,083) |
Net income attributable to ACC, Inc. and Subsidiaries common stockholders | $ 24,720 | $ 20,223 | $ 10,386 | $ 29,640 | $ 47,504 | $ (2,345) | $ 46,009 | $ 25,927 | 84,969 | 117,095 | 69,038 |
Amount allocated to participating securities | (1,902) | (1,522) | (1,536) | ||||||||
Net income attributable to common stockholders | $ 83,067 | $ 115,573 | $ 67,502 | ||||||||
Denominator | |||||||||||
Basic weighted average common shares outstanding (shares) | 137,295,837 | 136,815,051 | 135,141,423 | ||||||||
Unvested restricted stock awards (shares) | 990,941 | 906,998 | 860,962 | ||||||||
Diluted weighted average common shares outstanding (shares) | 138,286,778 | 137,722,049 | 136,002,385 | ||||||||
Earnings per share | |||||||||||
Net income (loss) attributable to common stockholders per share - basic (in dollars per share) | $ 0.18 | $ 0.14 | $ 0.07 | $ 0.21 | $ 0.34 | $ (0.02) | $ 0.33 | $ 0.19 | $ 0.61 | $ 0.84 | $ 0.50 |
Net income (loss) attributable to common stockholders per share - diluted (in dollars per share) | $ 0.18 | $ 0.14 | $ 0.07 | $ 0.21 | $ 0.34 | $ (0.02) | $ 0.33 | $ 0.18 | $ 0.60 | $ 0.84 | $ 0.50 |
Earnings Per Share - Summary _2
Earnings Per Share - Summary of Elements Used in Calculating Basic and Diluted Earnings per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator - basic and diluted earnings per unit | |||||||||||
Net income | $ 86,762 | $ 119,124 | $ 70,121 | ||||||||
Net income attributable to noncontrolling interests – partially owned properties | $ (1,128) | $ 887 | $ 176 | $ (1,728) | $ (2,117) | $ 392 | $ 19 | $ (323) | (1,793) | (2,029) | (1,083) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | |||||||||||
Numerator - basic and diluted earnings per unit | |||||||||||
Net income | 86,762 | 119,124 | 70,121 | ||||||||
Net income attributable to noncontrolling interests – partially owned properties | (1,030) | 970 | 230 | (1,568) | (1,880) | 413 | 366 | (114) | (1,398) | (1,215) | |
Series A preferred unit distributions | $ (14) | $ (14) | $ (9) | $ (31) | $ (31) | $ (31) | $ (31) | $ (31) | (68) | (124) | (124) |
Amount allocated to participating securities | (1,902) | (1,522) | (1,536) | ||||||||
Net income attributable to common unitholders | $ 83,394 | $ 116,263 | $ 68,026 | ||||||||
Denominator | |||||||||||
Basic weighted average common units outstanding (units) | 137,826,949 | 137,586,759 | 136,160,609 | ||||||||
Unvested restricted stock awards (units) | 990,941 | 906,998 | 860,962 | ||||||||
Diluted weighted average common units outstanding (units) | 138,817,890 | 138,493,757 | 137,021,571 | ||||||||
Earnings per unit | |||||||||||
Net income attributable to common unitholders - basic (in dollars per unit) | $ 0.61 | $ 0.85 | $ 0.50 | ||||||||
Net income attributable to common unitholders - diluted (in dollars per unit) | $ 0.18 | $ 0.14 | $ 0.07 | $ 0.21 | $ 0.34 | $ (0.02) | $ 0.33 | $ 0.18 | $ 0.60 | $ 0.84 | $ 0.50 |
Partially owned properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | |||||||||||
Numerator - basic and diluted earnings per unit | |||||||||||
Net income attributable to noncontrolling interests – partially owned properties | $ (1,398) | $ (1,215) | $ (435) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Line Items] | |||
Income (Loss) subject to TRS earnings tax | $ 88,269 | $ 121,553 | $ 71,110 |
TRS | |||
Income Taxes [Line Items] | |||
Income (Loss) subject to TRS earnings tax | 10,000 | $ (2,000) | $ (8,400) |
Net operating loss carryforwards | $ 27,400 |
Income Taxes - Components of de
Income Taxes - Components of deferred tax assets and liabilities of TRSs (Details) - TRS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Fixed and intangible assets | $ 1,488 | $ 365 |
Net operating loss carryforwards | 7,290 | 9,277 |
Prepaid and deferred income | 1,115 | 866 |
Bad debt reserves | 528 | 656 |
Deferred Tax Assets, Operating Lease | 3,480 | |
Accrued expenses and other | 4,049 | 3,208 |
Stock compensation | 2,636 | 2,083 |
Total deferred tax assets | 20,586 | 16,455 |
Valuation allowance for deferred tax assets | (17,121) | (16,390) |
Deferred tax assets, net of valuation allowance | 3,465 | 65 |
Deferred tax liability: | ||
Leases | (3,413) | |
Deferred financing costs | (52) | (65) |
Net deferred tax liabilities | $ 0 | $ 0 |
Income Taxes - Components of in
Income Taxes - Components of income tax provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||
Federal | $ (157) | $ 0 | $ 0 |
State | (1,350) | (2,429) | (989) |
Deferred: | |||
Federal | 0 | 0 | 0 |
State | 0 | 0 | 0 |
Total provision | $ (1,507) | $ (2,429) | $ (989) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of income tax attributable to continuing operations for TRSs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Line Items] | |||
TRS income tax provision | $ 1,507 | $ 2,429 | $ 989 |
TRS | |||
Income Taxes [Line Items] | |||
Tax (provision) benefit at U.S. statutory rates on TRS income subject to tax | (789) | 327 | 1,277 |
State income tax, net of federal income tax benefit | (57) | 13 | 57 |
Effect of permanent differences and other | 5 | (154) | 207 |
Deferred tax impact of tax reform | 0 | 0 | (9,206) |
Decrease (increase) in valuation allowance | 841 | (186) | 7,665 |
TRS income tax provision | $ 0 | $ 0 | $ 0 |
Income Taxes - Tax treatment of
Income Taxes - Tax treatment of distributions to shareholders (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Ordinary income | $ 0.6625 | $ 0 | $ 0.8316 |
Long-term capital gain | 1.2075 | 1.8200 | 0 |
Return of capital | 0 | 0 | 0.9084 |
Total per common share outstanding | 1.8700 | 1.8200 | 1.7400 |
Unrecaptured Section 1250 gains | $ 0.3827 | $ 0.4008 | $ 0 |
Acquisitions and Joint Ventur_3
Acquisitions and Joint Venture Investments - Narrative (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Aug. 31, 2018USD ($)Bed | Sep. 30, 2017USD ($)BedProperty | Dec. 31, 2019USD ($)BedProperty | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)land_parcelBedProperty | Mar. 31, 2020 | |
Business Acquisition [Line Items] | ||||||
Number of properties, under development | Property | 2 | |||||
Number of beds | Bed | 112,800 | |||||
Number of properties | Property | 167 | |||||
Cash paid for asset acquisitions | $ 8,559 | $ 26,626 | $ 375,541 | |||
In-process development properties | ||||||
Business Acquisition [Line Items] | ||||||
Number of properties | Property | 3 | |||||
Asset Acquisitions, Amount Expected To Be Invested | $ 524,900 | |||||
The Edge - Stadium Centre | Owned Properties | Pre-Sale Arrangement | ||||||
Business Acquisition [Line Items] | ||||||
Number of beds | Bed | 412 | |||||
Asset acquisition, consideration transferred | $ 42,600 | |||||
Payments to acquire land | 10,000 | |||||
Series of Individually Immaterial Asset Acquisitions | ||||||
Business Acquisition [Line Items] | ||||||
Number of beds | Bed | 1,240 | |||||
Asset acquisition, consideration transferred | $ 222,300 | |||||
Number of properties | Property | 3 | |||||
Cash paid for asset acquisitions | $ 222,900 | |||||
Core Transaction | ||||||
Business Acquisition [Line Items] | ||||||
Number of beds | Bed | 3,776 | |||||
Asset acquisition, consideration transferred | $ 306,000 | $ 76,800 | 144,300 | |||
Number of student housing properties | Property | 7 | |||||
Limited partner ownership interest (percent) | 100.00% | |||||
Number of properties | 2 | 3 | ||||
Number of operating properties purchased through joint venture arrangement | Property | 2 | |||||
Cash paid for asset acquisitions | 146,100 | |||||
Core Transaction | Scenario, Forecast | ||||||
Business Acquisition [Line Items] | ||||||
Number of properties | 2 | |||||
Land | ||||||
Business Acquisition [Line Items] | ||||||
Asset acquisition, consideration transferred | $ 16,600 | 12,000 | ||||
Payments to acquire land | $ 8,900 | |||||
Number of land parcels acquired | land_parcel | 5 | |||||
Asset acquisitions, fair value | $ 12,000 | |||||
Land | In-process development properties | ||||||
Business Acquisition [Line Items] | ||||||
Asset acquisition, consideration transferred | $ 9,000 | |||||
In-process development properties | ||||||
Business Acquisition [Line Items] | ||||||
Asset Acquisition, Pre-Sale Arrangement Purchase Price | $ 110,200 | |||||
Number of beds | Bed | 783 | |||||
Payments to acquire land | $ 8,600 | |||||
Repayment Of Mortgage and Construction Loans | $ 18,500 |
Acquisitions and Joint Ventur_4
Acquisitions and Joint Venture Investments - Schedule of Asset Acquisitions (Details) - Bed | Dec. 31, 2019 | Nov. 30, 2019 | Aug. 31, 2019 |
Property, Plant and Equipment [Line Items] | |||
Number of beds | 112,800 | ||
In-process development properties | |||
Property, Plant and Equipment [Line Items] | |||
Number of beds | 783 | ||
In-process development properties | The Flex at Stadium Centre | |||
Property, Plant and Equipment [Line Items] | |||
Number of beds | 340 | ||
In-process development properties | 959 Franklin | |||
Property, Plant and Equipment [Line Items] | |||
Number of beds | 443 |
Property Dispositions - Narrati
Property Dispositions - Narrative (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
May 31, 2018Property | Dec. 31, 2019USD ($)Bed | Dec. 31, 2018USD ($)BedProperty | Dec. 31, 2017USD ($)BedProperty | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total proceeds from disposition of real estate | $ 108,562 | $ 242,284 | $ 24,462 | |
Number of beds | Bed | 112,800 | |||
Loss from disposition of real estate | $ 53 | (42,314) | 632 | |
Provision for impairment | 17,214 | 0 | 15,317 | |
Allianz Real Estate | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash contribution | $ 373,100 | |||
ACC/Allianz Joint Venture | Allianz Real Estate | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Minority interest (percent) | 45.00% | |||
Disposal group, not discontinued operations | Owned Properties | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Sale price of disposed property | 109,500 | 25,000 | ||
Total proceeds from disposition of real estate | $ 108,600 | $ 24,500 | ||
Number of properties sold | Property | 3 | 1 | ||
Number of beds | Bed | 1,338 | 657 | ||
Gross proceeds from sale of portfolio | $ 245,000 | |||
Net proceeds from sale of portfolio | 242,300 | |||
Gain on disposition of real estate | $ 42,300 | |||
Loss from disposition of real estate | $ 600 | |||
Provision for impairment | $ 4,900 | |||
Disposal group, not discontinued operations | Owned Properties | ACC/Allianz Joint Venture Transaction | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of properties sold | Property | 7 | 7 | ||
Number of beds | Bed | 4,611 | |||
ACC/Allianz Joint Venture Transaction | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from secured debt issuance | $ 330,000 |
Property Dispositions - Schedul
Property Dispositions - Schedule of Property Dispositions (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($)Bed | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Provision for impairment | $ | $ 17,214 | $ 0 | $ 15,317 | |
Owned Properties | Disposal group, not discontinued operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of beds in properties sold | Bed | 1,150 | |||
Provision for impairment | $ | $ 4,900 | |||
College Club Townhomes | Owned Properties | Disposal group, not discontinued operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of beds in properties sold | Bed | 544 | |||
Provision for impairment | $ | $ 3,200 | |||
Landmark | Owned Properties | Disposal group, not discontinued operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of beds in properties sold | Bed | 606 |
Investments in Real Estate - Su
Investments in Real Estate - Summary of properties (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)university_systemProperty | Dec. 31, 2018USD ($) | |
Real Estate Properties [Line Items] | ||
Owned properties, net | $ 6,769,903 | $ 6,661,034 |
Number of properties | Property | 167 | |
Owned Properties | ||
Real Estate Properties [Line Items] | ||
Land | $ 654,985 | 653,522 |
Buildings and improvements | 6,749,757 | 6,486,106 |
Furniture, fixtures and equipment | 391,208 | 371,429 |
Construction in progress | 341,554 | 302,902 |
Real estate properties gross | 8,137,504 | 7,813,959 |
Less accumulated depreciation | (1,442,789) | (1,230,562) |
Owned properties, net | 6,694,715 | 6,583,397 |
On-campus participating properties, net | ||
Real Estate Properties [Line Items] | ||
Buildings and improvements | 155,941 | 150,087 |
Furniture, fixtures and equipment | 13,552 | 11,817 |
Construction in progress | 6 | 658 |
Real estate properties gross | 169,499 | 162,562 |
Less accumulated depreciation | (94,311) | (84,925) |
Owned properties, net | $ 75,188 | $ 77,637 |
Number of properties | Property | 6 | |
Number of university systems | university_system | 3 | |
Percentage of net cash flow receivable per agreement | 50.00% |
Noncontrolling Interests - Narr
Noncontrolling Interests - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)EntityPropertyshares | Dec. 31, 2018USD ($)shares | Sep. 30, 2017Property | |
Noncontrolling Interest [Line Items] | |||
Number of third-party joint venture partners | Entity | 6 | ||
Number of properties | 167 | ||
Common OP units | |||
Noncontrolling Interest [Line Items] | |||
Conversion of common units to common stock (in shares) | shares | 126,313 | 412,343 | |
Preferred OP Unit Member [Member] | |||
Noncontrolling Interest [Line Items] | |||
Conversion of common units to common stock (in shares) | shares | 42,271 | ||
Three off-campus properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | |||
Noncontrolling Interest [Line Items] | |||
Number of third-party joint venture partners | Entity | 4 | ||
In-process development properties | |||
Noncontrolling Interest [Line Items] | |||
Number of properties | 3 | ||
In-process development properties | Three off-campus properties | |||
Noncontrolling Interest [Line Items] | |||
Number of properties | 10 | ||
Core Transaction | |||
Noncontrolling Interest [Line Items] | |||
Number of third-party joint venture partners | 1 | ||
Number of properties | 3 | 2 | |
Noncontrolling interest, change in redemption Value | $ | $ 11.8 | $ 68.7 | |
Purchase of noncontrolling interests | $ | $ (88.3) | ||
Operating Partnership [Member] | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | |||
Noncontrolling Interest [Line Items] | |||
Equity interests held by owners of common units and series A preferred units/ retained by seller (percent) | 0.40% | 0.50% |
Noncontrolling Interests - Summ
Noncontrolling Interests - Summarized Activity of Redeemable Limited Partners (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Noncontrolling Interest [Roll Forward] | |||
Beginning Balance | $ 184,446 | ||
Distributions | (8,425) | $ (152,325) | $ (212) |
Conversion of OP Units into shares of ACC common stock | (6,077) | (13,332) | (154) |
Contributions from noncontrolling interests | 924 | 212,481 | 8,254 |
Ending Balance | 104,381 | 184,446 | |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | |||
Noncontrolling Interest [Roll Forward] | |||
Beginning Balance | 184,446 | ||
Distributions | (8,425) | (152,325) | (212) |
Conversion of OP Units into shares of ACC common stock | (6,077) | (13,332) | (154) |
Contributions from noncontrolling interests | 924 | 212,481 | 8,254 |
Ending Balance | 104,381 | 184,446 | |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Redeemable noncontrolling interests | |||
Noncontrolling Interest [Roll Forward] | |||
Beginning Balance | 184,446 | 132,169 | 55,078 |
Net income | (783) | (936) | (654) |
Distributions | (1,062) | (1,516) | (77,031) |
Conversion of OP Units into shares of ACC common stock | (6,082) | (13,334) | (154) |
Contributions from noncontrolling interests | 250 | 112 | 162,794 |
Purchase of noncontrolling interests | (88,304) | ||
Adjustments to reflect redeemable noncontrolling interests at fair value | 14,350 | 66,079 | (9,172) |
Ending Balance | $ 104,381 | $ 184,446 | $ 132,169 |
Debt - Summary of outstanding c
Debt - Summary of outstanding consolidated indebtedness (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | May 31, 2017 |
Debt Instrument [Line Items] | |||
Principal Outstanding | $ 759,526 | $ 817,237 | |
Total secured mortgage, construction and bond debt | 787,426 | 853,084 | |
Total debt, net | 3,397,850 | 3,027,599 | |
Unsecured notes, net | |||
Debt Instrument [Line Items] | |||
Unsecured debt | 1,985,603 | 1,588,446 | |
Unsecured revolving credit facility | |||
Debt Instrument [Line Items] | |||
Unsecured debt | 425,700 | 387,300 | |
Unsecured term loans, net | |||
Debt Instrument [Line Items] | |||
Unsecured debt | 199,121 | 198,769 | |
Mortgage loans payable | |||
Debt Instrument [Line Items] | |||
Unamortized deferred financing costs | (1,700) | ||
Unamortized debt premiums | 6,400 | 11,600 | |
Total secured mortgage, construction and bond debt | $ 27,400 | ||
Total debt, net | 759,526 | 795,030 | |
Construction loans payable | |||
Debt Instrument [Line Items] | |||
Total debt, net | 0 | 22,207 | |
Unsecured debt | Unsecured notes, net | |||
Debt Instrument [Line Items] | |||
Unamortized deferred financing costs | (12,100) | (10,000) | |
Unamortized debt discounts | (2,300) | (1,600) | |
Unsecured debt | Unsecured term loans, net | |||
Debt Instrument [Line Items] | |||
Unamortized deferred financing costs | (900) | (1,200) | |
Owned Properties | |||
Debt Instrument [Line Items] | |||
Total debt, net | 698,687 | 758,712 | |
Owned Properties | Mortgage loans payable | |||
Debt Instrument [Line Items] | |||
Principal Outstanding | 693,584 | 727,163 | |
Unamortized deferred financing costs | (1,294) | (1,757) | |
Unamortized debt premiums | 6,596 | 11,579 | |
Total secured mortgage, construction and bond debt | 698,687 | 736,985 | |
Unamortized debt discounts | (199) | 0 | |
Owned Properties | Construction loans payable | |||
Debt Instrument [Line Items] | |||
Principal Outstanding | 0 | 22,207 | |
Unamortized deferred financing costs | 0 | (480) | |
On-Campus Participating Properties | |||
Debt Instrument [Line Items] | |||
Unamortized deferred financing costs | (418) | (525) | |
Total debt, net | 88,739 | 94,372 | |
On-Campus Participating Properties | Mortgage loans payable | |||
Debt Instrument [Line Items] | |||
Principal Outstanding | 65,942 | 67,867 | |
On-Campus Participating Properties | Bonds payable | |||
Debt Instrument [Line Items] | |||
Principal Outstanding | $ 23,215 | $ 27,030 |
Debt - Mortgage and constructio
Debt - Mortgage and construction loans payable excluding premiums and discounts (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)Property | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | ||
Principal Outstanding | $ | $ 759,526 | $ 817,237 |
Weighted Average Interest Rate | 4.44% | |
Weighted Average Years to Maturity | 6 years 3 months 18 days | |
Number of Properties Encumbered | Property | 20 | |
Mortgage loans payable | Fixed Rate | ||
Debt Instrument [Line Items] | ||
Principal Outstanding | $ | $ 756,397 | 683,615 |
Weighted Average Interest Rate | 4.45% | |
Weighted Average Years to Maturity | 6 years 2 months 12 days | |
Number of Properties Encumbered | Property | 20 | |
Construction loans payable | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Principal Outstanding | $ | $ 3,129 | $ 133,622 |
Weighted Average Interest Rate | 4.24% | |
Weighted Average Years to Maturity | 25 years 7 months 6 days | |
Number of Properties Encumbered | Property | 0 | |
Minimum | Mortgage loans payable | Fixed Rate | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.76% | |
Maximum | Mortgage loans payable | Fixed Rate | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 6.43% |
Debt - Mortgage and construct_2
Debt - Mortgage and construction loans payable transactions occurred (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Long Term Debt Transactions [Roll Forward] | |||
Balance, December 31, 2018 | $ 3,397,850 | $ 3,027,599 | |
Additions: | |||
Draws under advancing construction notes payable | 31,611 | 100,882 | $ 40,170 |
Deductions: | |||
Balance, December 31, 2019 | 3,027,599 | ||
Gain from extinguishment of debt | 20,992 | 7,867 | $ 0 |
Mortgage loans payable | |||
Long Term Debt Transactions [Roll Forward] | |||
Balance, December 31, 2018 | 759,526 | 795,030 | |
Deductions: | |||
Pay-off and extinguishment of mortgage notes payable | (27,381) | ||
Scheduled repayments of principal | (8,123) | ||
Balance, December 31, 2019 | 795,030 | ||
Construction loans payable | |||
Long Term Debt Transactions [Roll Forward] | |||
Balance, December 31, 2018 | 0 | $ 22,207 | |
Additions: | |||
Draws under advancing construction notes payable | 31,611 | ||
Deductions: | |||
Pay-off of debt | (53,818) | ||
Balance, December 31, 2019 | $ 22,207 |
Debt - Narrative (Details)
Debt - Narrative (Details) | 1 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
Jul. 31, 2019USD ($) | Jun. 30, 2019USD ($) | Jan. 31, 2019USD ($) | May 31, 2018USD ($)Property | Jun. 30, 2017USD ($) | Nov. 30, 2019USD ($) | Dec. 31, 2019USD ($)SubsidaryBedbond_seriesProperty | Dec. 31, 2018USD ($)BedProperty | Dec. 31, 2017USD ($)BedProperty | Oct. 31, 2019USD ($) | May 31, 2017USD ($)Bed | |
Debt Instrument [Line Items] | |||||||||||
Short-term Debt, Refinanced, Amount | $ 70,000,000 | ||||||||||
Pay Fixed Rate | 4.00% | ||||||||||
Number Of Available Beds | Bed | 112,800 | ||||||||||
Number of properties, under development | Property | 2 | ||||||||||
Secured mortgage, construction and bond debt, net | $ 787,426,000 | $ 853,084,000 | |||||||||
Provision for impairment | $ 17,214,000 | 0 | $ 15,317,000 | ||||||||
Number of properties | Property | 3 | ||||||||||
Percentage of financing | 100.00% | ||||||||||
Number of series of taxable bonds issued | bond_series | 3 | ||||||||||
Number of special purpose subsidiaries | Subsidary | 3 | ||||||||||
Gain from extinguishment of debt | $ 20,992,000 | 7,867,000 | 0 | ||||||||
Repayments of Secured Debt | 53,818,000 | 186,347,000 | 147,960,000 | ||||||||
Proceeds from unsecured notes | $ 398,816,000 | 0 | $ 399,648,000 | ||||||||
Unsecured revolving credit facility | Credit Agreement | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Annual unused commitment fee (percent) | 0.20% | ||||||||||
Weighted average interest rate of debt (percent) | 2.97% | ||||||||||
Interest rate (percent) | 1.77% | ||||||||||
Weighted average interest rate spread (percent) | 1.00% | ||||||||||
Mortgage loans payable | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Secured mortgage, construction and bond debt, net | $ 27,400,000 | ||||||||||
Provision for impairment | $ 15,300,000 | ||||||||||
Unsecured debt | Unsecured revolving credit facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit facility | $ 700,000,000 | $ 1,000,000,000 | |||||||||
Additional borrowing capacity of unsecured facility (up to) | $ 200,000,000 | ||||||||||
Annual unused commitment fee (percent) | 0.20% | ||||||||||
Revolving credit facility available | $ 574,300,000 | ||||||||||
Unsecured debt | Unsecured revolving credit facility | Term Loan I Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Pay-off of unsecured term loans | $ 150,000,000 | ||||||||||
Unsecured debt | Unsecured revolving credit facility | Term Loan III Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Pay-off of unsecured term loans | 300,000,000 | ||||||||||
Write off of deferred debt issuance cost | $ 900,000 | ||||||||||
Unsecured debt | Unsecured revolving credit facility | Term Loan II Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit facility | $ 200,000,000 | ||||||||||
Weighted average interest rate of debt (percent) | 2.54% | ||||||||||
Interest rate (percent) | 1.44% | ||||||||||
Weighted average interest rate spread (percent) | 1.10% | ||||||||||
Line of credit facility, accordion feature, increase limit | $ 100,000,000 | ||||||||||
Owned Properties | Mortgage loans payable | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Secured mortgage, construction and bond debt, net | 698,687,000 | 736,985,000 | |||||||||
Unamortized debt discounts | 199,000 | $ 0 | |||||||||
Owned Properties | Construction Loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayments of Secured Debt | $ 53,800,000 | ||||||||||
Disposal group, not discontinued operations | Owned Properties | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of properties sold | Property | 3 | ||||||||||
Blanton Common At Valdosta State University Property Disposition [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number Of Available Beds | Bed | 860 | ||||||||||
Blanton Common | Mortgage loans payable | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Gain from extinguishment of debt | $ 21,000,000 | ||||||||||
Owned Properties | Disposal group, not discontinued operations | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number Of Available Beds | Bed | 1,338 | 657 | |||||||||
Provision for impairment | $ 4,900,000 | ||||||||||
Number of properties sold | Property | 3 | 1 | |||||||||
Interest Rate Swap | Mortgage loans payable | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Pay Fixed Rate | 3.76% | ||||||||||
Derivative, Amount of Hedged Item | $ 37,500,000 | ||||||||||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Secured mortgage, construction and bond debt, net | 787,426,000 | $ 853,084,000 | |||||||||
Provision for impairment | 17,214,000 | 0 | $ 15,317,000 | ||||||||
Gain from extinguishment of debt | 20,992,000 | 7,867,000 | 0 | ||||||||
Repayments of Secured Debt | 53,818,000 | 186,347,000 | 147,960,000 | ||||||||
Proceeds from unsecured notes | $ 398,816,000 | $ 0 | $ 399,648,000 | ||||||||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior Notes - June 2019 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate (percent) | 3.30% | 3.30% | |||||||||
Debt Instrument, Face Amount | $ 400,000,000 | $ 400,000,000 | |||||||||
Term (Years) | 7 years | 7 years | |||||||||
Percentage of par value | 99.704% | 99.704% | |||||||||
Debt Instrument. Interest Rate, Effective Percentage, Including Interest Rate Swap Termination Effect | 3.347% | ||||||||||
Proceeds from unsecured notes | $ 394,000,000 | ||||||||||
ACC/Allianz Joint Venture Transaction | Owned Properties | Disposal group, not discontinued operations | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number Of Available Beds | Bed | 4,611 | ||||||||||
Number of properties sold | Property | 7 | 7 |
Debt - Summary of Bonds payable
Debt - Summary of Bonds payable (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Principal | $ 759,526,000 | $ 817,237,000 |
Weighted Average Rate | 4.44% | |
Bonds Payable | ||
Debt Instrument [Line Items] | ||
Original | $ 64,590,000 | |
Principal | $ 23,215,000 | |
Weighted Average Rate | 7.55% | |
Required Monthly Debt Service | $ 488,000 | |
Bonds Payable | Series 1999 | ||
Debt Instrument [Line Items] | ||
Mortgaged Facilities Subject to Leases | University Village-PVAMU/TAMIU | |
Original | $ 39,270,000 | |
Principal | $ 12,065,000 | |
Weighted Average Rate | 7.76% | |
Required Monthly Debt Service | $ 302,000 | |
Bonds Payable | Series 2001 | ||
Debt Instrument [Line Items] | ||
Mortgaged Facilities Subject to Leases | University College–PVAMU | |
Original | $ 20,995,000 | |
Principal | $ 8,885,000 | |
Weighted Average Rate | 7.62% | |
Required Monthly Debt Service | $ 158,000 | |
Bonds Payable | Series 2003 | ||
Debt Instrument [Line Items] | ||
Mortgaged Facilities Subject to Leases | University College–PVAMU | |
Original | $ 4,325,000 | |
Principal | $ 2,265,000 | |
Weighted Average Rate | 6.20% | |
Required Monthly Debt Service | $ 28,000 |
Debt - Summary of Unsecured Not
Debt - Summary of Unsecured Notes (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jan. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||||||
Proceeds from unsecured notes | $ 398,816,000 | $ 0 | $ 399,648,000 | |||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from unsecured notes | 398,816,000 | $ 0 | $ 399,648,000 | |||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Amount | 2,000,000,000 | |||||
Original Issue Discount | 4,212,000 | |||||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior Notes - April 2013 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 400,000,000 | |||||
Percentage of par value | 99.659% | |||||
Coupon | 3.75% | |||||
Yield | 3.791% | |||||
Original Issue Discount | $ 1,364,000 | |||||
Term (Years) | 10 years | |||||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior Notes - June 2014 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 400,000,000 | |||||
Percentage of par value | 99.861% | |||||
Coupon | 4.125% | |||||
Yield | 4.269% | |||||
Original Issue Discount | $ 556,000 | |||||
Term (Years) | 10 years | |||||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior Notes - September 2015 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 400,000,000 | |||||
Percentage of par value | 99.811% | |||||
Coupon | 3.35% | |||||
Yield | 3.391% | |||||
Original Issue Discount | $ 756,000 | |||||
Term (Years) | 5 years | |||||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior Notes - October 2017 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 400,000,000 | |||||
Percentage of par value | 99.912% | |||||
Coupon | 3.625% | |||||
Yield | 3.635% | |||||
Original Issue Discount | $ 352,000 | |||||
Term (Years) | 10 years | |||||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior Notes - June 2019 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 400,000,000 | $ 400,000,000 | ||||
Percentage of par value | 99.704% | 99.704% | ||||
Coupon | 3.30% | 3.30% | ||||
Yield | 3.68% | |||||
Original Issue Discount | $ 1,184,000 | |||||
Term (Years) | 7 years | 7 years | ||||
Proceeds from unsecured notes | $ 394,000,000 | |||||
Subsequent Event | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior Notes - September 2015 | ||||||
Debt Instrument [Line Items] | ||||||
Coupon | 3.35% | |||||
Pay-off of unsecured term loans | $ 400,000,000 | |||||
Subsequent Event | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior Notes - January 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Amount | $ 400,000,000 | |||||
Percentage of par value | 99.81% | |||||
Coupon | 2.85% | |||||
Yield | 2.872% | |||||
Term (Years) | 10 years | |||||
Proceeds from unsecured notes | $ 394,300,000 | |||||
Pay-off of unsecured term loans | $ 400,000,000 |
Debt - Summary of Debt Maturiti
Debt - Summary of Debt Maturities (Details) - Scheduled Principal $ in Thousands | Mar. 31, 2019USD ($) |
Debt Instrument [Line Items] | |
2019 | $ 446,164 |
2020 | 196,996 |
2021 | 658,853 |
2022 | 408,599 |
2023 | 529,139 |
Thereafter | 1,168,690 |
Total debt | $ 3,408,441 |
Stockholders' Equity _ Partne_2
Stockholders' Equity / Partners' Capital - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | May 31, 2018 | |
ATM Equity Program | ||
Class Of Stock [Line Items] | ||
ATM equity program, aggregate offering price authorized (up to $500 million) | $ 500 | $ 500 |
At The Market Program Expired May 2018, Included In ATM Equity Program | ||
Class Of Stock [Line Items] | ||
ATM equity program, aggregate offering price authorized (up to $500 million) | $ 233 | |
Deferred Compensation Plan | ||
Class Of Stock [Line Items] | ||
Shares held in deferred compensation plan (in shares) | 77,928 | |
Deferred Compensation Plan | Treasury Stock | ||
Class Of Stock [Line Items] | ||
Shares of common stock deposited into deferred compensation plan (in shares) | 15,670 | |
Number of shares withdrawn from deferred compensation plan (in shares) | 7,345 |
Incentive Award Plan - Narrativ
Incentive Award Plan - Narrative (Details) | 1 Months Ended | 12 Months Ended | |||||
Jul. 31, 2019USD ($) | May 31, 2019USD ($) | Jun. 30, 2017shares | Dec. 31, 2019USD ($)employee$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($) | |
Restricted Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated share-based compensation | $ 900,000 | $ 1,100,000 | $ 900,000 | $ 900,000 | |||
Weighted-average grant date fair value, granted (in dollars per share) | $ / shares | $ 47.34 | $ 39.45 | $ 46.67 | ||||
Restricted Stock Units | Newly Appointed Board Member | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based awards, stock granted during period, value | $ 117,500 | ||||||
Restricted Stock Units | Chairman of the Board of Directors | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based awards, stock granted during period, value | $ 162,500 | ||||||
Restricted Stock Units | All other members | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based awards, stock granted during period, value | $ 117,500 | ||||||
Restricted Stock Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated share-based compensation | $ 12,700,000 | $ 11,100,000 | $ 13,100,000 | ||||
Weighted-average grant date fair value, granted (in dollars per share) | $ / shares | $ 44.08 | $ 39.41 | $ 48.55 | ||||
Restricted stock award vesting period (in years) | 5 years | ||||||
Number of shares vested (in shares) | shares | 266,556 | 249,102 | |||||
Weighted average grant date fair value, fair value (in dollars per share) | $ / shares | $ 42.91 | $ 43.64 | $ 42.36 | ||||
Total fair value of RSAs vested | $ 11,200,000 | ||||||
Total unrecognized compensation cost | $ 30,900,000 | ||||||
Total unrecognized compensation cost, weighted-average period (in years) | 3 years 2 months 12 days | ||||||
Minimum age to meet retirement qualification (under Company Plan) | 50 years | ||||||
Minimum combination of employee service years and employee age to meet retirement qualification (under Company Plan) | 70 years | ||||||
Minimum notification period of intention to retire (under Company Plan) | 6 months | ||||||
Number of employees holding unvested awards which will vest upon retirement | employee | 19 | ||||||
Number of unvested awards held by individual (in shares) | shares | 330,134 | ||||||
Restricted Stock Awards | Chief Financial Officer | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated share-based compensation | $ 2,400,000 | ||||||
Number of shares vested (in shares) | shares | 46,976 | ||||||
Minimum | Restricted Stock Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Minimum number of full years of service to qualify for retirement (under Company Plan) | 120 months | ||||||
2018 Incentive Award Plan | Select Employees and Directors | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock reserved for issuance (in shares) | shares | 3,500,000 | ||||||
Stock-based awards, number of shares available for issuance (in shares) | shares | 3,100,000 |
Incentive Award Plan - Summary
Incentive Award Plan - Summary of Restricted Stock Units (Details) - Restricted Stock Units - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of RSUs | |||
Nonvested, beginning balance (in shares) | 0 | ||
Granted (in shares) | 20,812 | 27,376 | |
Settled in common shares (in shares) | (18,318) | (27,376) | |
Settled in cash (in shares) | (2,494) | ||
Nonvested, ending balance (in shares) | 0 | ||
Weighted-Average Grant Date Fair Value Per RSU | |||
Nonvested, Weighted-Average Grant Date Fair Value, beginning balance (in dollars per share) | $ 0 | $ 0 | |
Granted, Weighted-Average Grant Date Fair Value (in dollars per share) | 47.34 | 39.45 | $ 46.67 |
Settled in common shares, Weighted-Average Grant Date Fair Value (in dollars per share) | 47.37 | 39.45 | |
Settled in cash, Weighted-Average Grant Date Fair Value (in dollars per share) | 47.11 | ||
Nonvested, Weighted-Average Grant Date Fair Value, ending balance (in dollars per share) | $ 0 | $ 0 | $ 0 |
Incentive Award Plan - Summar_2
Incentive Award Plan - Summary of Restricted Stock Awards (Details) - Restricted Stock Awards - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of RSAs | |||
Nonvested, beginning balance (in shares) | 862,680 | 810,870 | |
Granted (in shares) | 387,341 | 357,387 | |
Vested (in shares) | (266,556) | (249,102) | |
Forfeited (in shares) | (16,124) | (56,475) | |
Nonvested, ending balance (in shares) | 967,341 | 862,680 | 810,870 |
Weighted-Average Grant Date Fair Value Per RSA | |||
Nonvested, Weighted-Average Grant Date Fair Value, beginning balance (in dollars per share) | $ 42.46 | $ 44.16 | |
Granted, Weighted-Average Grant Date Fair Value (in dollars per share) | 44.08 | 39.41 | $ 48.55 |
Vested, Weighted-Average Grant Date Fair Value (in dollars per share) | 41.86 | 43.36 | |
Forfeited, Weighted-Average Grant Date Fair Value (in dollars per share) | 42.91 | 43.64 | 42.36 |
Nonvested, Weighted-Average Grant Date Fair Value, ending balance (in dollars per share) | $ 43.27 | $ 42.46 | $ 44.16 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Summary of Outstanding Interest Rate Swap Contracts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Jan. 31, 2019 | |
Derivative [Line Items] | ||
Pay Fixed Rate | 4.00% | |
Current Notional Amount | $ 332,813 | |
Fair Value | $ (2,693) | |
Interest Rate Swap - 2.275% Fixed Rate | ||
Derivative [Line Items] | ||
Effective Date | Feb. 18, 2014 | |
Maturity Date | Feb. 15, 2021 | |
Pay Fixed Rate | 2.275% | |
Receive Floating Rate Index | LIBOR - 1 month | |
Current Notional Amount | $ 12,592 | |
Fair Value | $ (94) | |
Interest Rate Swap - 2.275% Fixed Rate | ||
Derivative [Line Items] | ||
Effective Date | Feb. 18, 2014 | |
Maturity Date | Feb. 15, 2021 | |
Pay Fixed Rate | 2.275% | |
Receive Floating Rate Index | LIBOR - 1 month | |
Current Notional Amount | $ 12,721 | |
Fair Value | $ (95) | |
Interest Rate Swap - 2.7475% Fixed Rate | ||
Derivative [Line Items] | ||
Effective Date | Feb. 1, 2019 | |
Maturity Date | Jan. 16, 2024 | |
Pay Fixed Rate | 2.7475% | |
Receive Floating Rate Index | LIBOR - 1 month | |
Current Notional Amount | $ 70,000 | |
Fair Value | $ (3,247) | |
Interest Rate Swap 1.2570% Due October 2022 | ||
Derivative [Line Items] | ||
Effective Date | Oct. 16, 2019 | |
Maturity Date | Oct. 16, 2022 | |
Pay Fixed Rate | 1.257% | |
Receive Floating Rate Index | LIBOR - 1 month, with 1 day lookback | |
Current Notional Amount | $ 37,500 | |
Fair Value | $ 289 | |
Interest Rate Swap 1.4685% Due June 2022 | ||
Derivative [Line Items] | ||
Effective Date | Nov. 4, 2019 | |
Maturity Date | Jun. 27, 2022 | |
Pay Fixed Rate | 1.4685% | |
Receive Floating Rate Index | LIBOR - 1 month | |
Current Notional Amount | $ 100,000 | |
Fair Value | $ 168 | |
Interest Rate Swap 1.4203% Due June 2022 | ||
Derivative [Line Items] | ||
Effective Date | Dec. 2, 2019 | |
Maturity Date | Jun. 27, 2022 | |
Pay Fixed Rate | 1.4203% | |
Receive Floating Rate Index | LIBOR - 1 month | |
Current Notional Amount | $ 100,000 | |
Fair Value | $ 286 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Fair Value of Derivative Financial Instruments and Classification on Consolidated Balance Sheet (Details) - Designated as hedging instrument - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 743 | $ 101 |
Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 3,436 | 2,287 |
Interest rate swap contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 743 | 101 |
Interest rate swap contracts | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 3,436 | 0 |
Forward starting swap contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 0 |
Forward starting swap contracts | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 0 | $ 2,287 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities Narrative (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)Contract | Dec. 31, 2017USD ($) | |
Derivative [Line Items] | ||||
Current Notional Amount | $ 332,813 | |||
Payments for Termination of Derivative Instrument | 13,159 | $ 0 | $ 0 | |
Interest Rate Swap | ||||
Derivative [Line Items] | ||||
Number of Interest Rate Derivatives Held | Contract | 3 | |||
Current Notional Amount | $ 200,000 | |||
Payments for Termination of Derivative Instrument | $ 13,200 | |||
Interest Rate Swap 1.2570% Due October 2022 | ||||
Derivative [Line Items] | ||||
Current Notional Amount | 37,500 | |||
Interest Rate Swap 1.4685% Due June 2022 | ||||
Derivative [Line Items] | ||||
Current Notional Amount | 100,000 | |||
Interest Rate Swap 1.4203% Due June 2022 | ||||
Derivative [Line Items] | ||||
Current Notional Amount | $ 100,000 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Schedule of Effect of Derivative Financial Instruments On The Income Statement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ (523) | $ (2,108) | $ 954 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification Of Termination Of Interest Rate Swaps, Before Tax | (13,159) | 0 | 0 |
Change in fair value of interest rate swaps and other | (12,549) | (1,696) | 1,366 |
Interest Expense | 111,287 | 99,228 | 71,122 |
Interest Expense | |||
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | $ 1,133 | $ 412 | $ 412 |
Fair Value Disclosures - Financ
Fair Value Disclosures - Financial instruments measured at fair value (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Derivative financial instruments | $ 743 | $ 101 |
Liabilities | ||
Derivative financial instruments | 3,436 | 2,287 |
Mezzanine | ||
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) | 104,381 | 184,446 |
Level 2 | ||
Assets | ||
Derivative financial instruments | 743 | 101 |
Liabilities | ||
Derivative financial instruments | 3,436 | 2,287 |
Mezzanine | ||
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) | 23,690 | 27,828 |
Level 3 | ||
Assets | ||
Derivative financial instruments | 0 | 0 |
Liabilities | ||
Derivative financial instruments | 0 | 0 |
Mezzanine | ||
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) | $ 80,691 | $ 156,618 |
Fair Value Disclosures - Estima
Fair Value Disclosures - Estimated fair value and related carrying amounts for mortgage loans and bonds payable (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)Loan | Dec. 31, 2018USD ($)Loan | |
Liabilities (2) | ||
Principal | $ 759,526 | $ 817,237 |
Carrying Amount | ||
Assets | ||
Loans receivable | 50,553 | 54,611 |
Liabilities (2) | ||
Unsecured notes | 1,985,603 | 1,588,446 |
Mortgage loans payable | 761,296 | 693,384 |
Bonds payable | 23,001 | 26,741 |
Unsecured Term Loans (fixed rate) | 199,121 | |
Owned Properties | Mortgage loans payable | ||
Liabilities (2) | ||
Principal | $ 693,584 | $ 727,163 |
Owned Properties | Mortgage loans payable | Variable Rate Mortgage Loans | ||
Liabilities (2) | ||
Number Of Loans | Loan | 1 | 2 |
Principal | $ 3,100 | $ 111,400 |
Fair Value, Inputs, Level 2 | Estimated Fair Value | ||
Liabilities (2) | ||
Unsecured notes | 2,069,817 | 1,566,900 |
Mortgage loans payable | 766,821 | 668,911 |
Bonds payable | 25,110 | 28,805 |
Unsecured Term Loans (fixed rate) | 198,687 | |
Fair Value, Inputs, Level 3 | Estimated Fair Value | ||
Assets | ||
Loans receivable | $ 48,307 | $ 50,993 |
Lease Commitments - Narrative (
Lease Commitments - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)agreement | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Operating Leased Assets [Line Items] | |||
Number of ground/facility and office space lease agreements | agreement | 49 | ||
Operating Lease, Weighted Average Discount Rate, Percent | 5.35% | ||
Operating Lease, Weighted Average Remaining Lease Term | 62 years 4 months 24 days | ||
Minimum | |||
Operating Leased Assets [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 7 years | ||
Maximum | |||
Operating Leased Assets [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 102 years | ||
Student Lease Property [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating Lease, Lease Income | $ 852 | $ 794.7 | $ 711.3 |
Commercial Lease Property [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating Lease, Lease Income | $ 13.2 | $ 13.1 | $ 12.8 |
On-Campus Participating Properties | |||
Operating Leased Assets [Line Items] | |||
Percentage of net cash flow receivable per agreement | 50.00% |
Lease Commitments - Schedule of
Lease Commitments - Schedule of lease cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Leases [Abstract] | |||
Straight-line rent expense | $ 10,009 | $ 8,798 | $ 5,544 |
Variable rent expense | 8,996 | 7,234 | 7,566 |
Capitalized rent cost | $ 12,889 | $ 2,296 | $ 2,003 |
Lease Commitments - Future mini
Lease Commitments - Future minimum commitments over life (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 11,814 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
2019 | $ 9,463 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 16,749 | |
2020 | 12,092 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 23,664 | |
2021 | 16,653 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 28,776 | |
2022 | 18,999 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 29,371 | |
2023 | 18,903 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 1,661,648 | |
Thereafter | 1,042,842 | |
Lessee, Operating Lease, Liability, Payments, Due | 1,772,022 | |
Total minimum lease payments | $ 1,118,952 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (1,298,952) | |
Operating lease liabilities | $ 473,070 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Aug. 31, 2013USD ($)Contract | Sep. 30, 2017USD ($)Property | Dec. 31, 2019USD ($)Property | Dec. 31, 2017USD ($) | |
Commitments and Contingencies Disclosure [Line Items] | ||||
Number of properties, under development | Property | 3 | |||
Alternate Housing Guarantees and Project Cost Guarantees | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Project cost guarantees expiration (within years following project completion) | 5 days | |||
Project Cost Guarantees | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Project cost guarantees expiration (within years following project completion) | 1 year | |||
Third-Party Development Projects [Member] | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Commitment under third-party development project | $ 10,600,000 | |||
Performance guarantee | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Project cost guarantees expiration (within years following project completion) | 60 days | |||
Estimate of possible loss | $ 614,600,000 | |||
Earnest Money Deposits | 2,100,000 | |||
Purchase And Sale Agreement Upon Exercise Of Option | 28,700,000 | |||
Drexel University Property | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Lease term | 40 years | |||
Number of renewal options | Contract | 3 | |||
Lease extension period | 10 years | |||
Commitment to pay real estate transfer taxes, amount | $ 1,800,000 | |||
Real estate transfer taxes paid upon conveyance of land | 600,000 | |||
Maximum | Drexel University Property | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Commitment to pay real estate transfer taxes, amount | $ 2,400,000 | |||
Construction Contracts | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Construction contacts, amount to complete projects | 446,400,000 | |||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Core Transaction | Consolidated Properties | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Number of operating properties purchased through joint venture arrangement | Property | 2 | |||
Joint venture term | 2 years | |||
Core Transaction | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Number of operating properties purchased through joint venture arrangement | Property | 2 | |||
Asset acquisition, consideration transferred | $ 306,000,000 | 76,800,000 | $ 144,300,000 | |
Disney College Program Phases I-V (ACE) | Performance guarantee | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Development guarantee, damages due per bed each day of a delay | 20 | |||
Guarantee, maximum exposure | $ 200,000 |
Segments - Narrative (Details)
Segments - Narrative (Details) | 12 Months Ended |
Dec. 31, 2019Segment | |
Segment Reporting [Abstract] | |
Identified reportable segments | 4 |
Segments - Schedule of Segment
Segments - Schedule of Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 255,835 | $ 227,705 | $ 217,371 | $ 242,131 | $ 245,873 | $ 213,469 | $ 201,059 | $ 220,409 | $ 943,042 | $ 880,810 | $ 796,447 |
Ground/facility lease expense | (14,151) | (11,855) | (10,213) | ||||||||
Interest expense, net | (111,287) | (99,228) | (71,122) | ||||||||
Operating expenses | (763,152) | (668,215) | (654,541) | ||||||||
Depreciation, Depletion and Amortization, Nonproduction | (275,046) | (263,203) | (234,955) | ||||||||
Total consolidated revenues, including interest income | 946,728 | 885,644 | 801,392 | ||||||||
Segment income before depreciation and amortization | 55,743 | 27,307 | 37,841 | 58,999 | 67,520 | 21,501 | 73,168 | 50,406 | 179,890 | 212,595 | 141,906 |
Loss (gain) from disposition of real estate | (53) | 42,314 | (632) | ||||||||
Other operating and nonoperating income | 0 | 2,648 | 0 | ||||||||
Provision for impairment | (17,214) | 0 | (15,317) | ||||||||
Gain from extinguishment of debt | 20,992 | 7,867 | 0 | ||||||||
Income tax provision | (1,507) | (2,429) | (989) | ||||||||
Net income | 25,848 | $ 19,336 | $ 10,210 | $ 31,368 | 49,621 | $ (2,737) | $ 45,990 | $ 26,250 | 86,762 | 119,124 | 70,121 |
Total assets | 7,559,754 | 7,038,846 | 7,559,754 | 7,038,846 | 6,897,370 | ||||||
Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 943,682 | 882,379 | 798,057 | ||||||||
Depreciation, Depletion and Amortization, Nonproduction | (270,318) | (258,534) | (231,476) | ||||||||
Segment income before depreciation and amortization | 482,131 | 447,102 | 416,883 | ||||||||
Total assets | 7,466,613 | 6,951,652 | 7,466,613 | 6,951,652 | 6,806,091 | ||||||
Operating segments | Owned Properties | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Rental revenues and other income | 880,709 | 829,119 | 741,909 | ||||||||
Interest income | 473 | 1,436 | 1,545 | ||||||||
Total revenues | 881,182 | 830,555 | 743,454 | ||||||||
Operating expenses before depreciation, amortization, and ground/facility lease expense | (390,664) | (373,521) | (332,429) | ||||||||
Ground/facility lease expense | (11,084) | (8,927) | (7,372) | ||||||||
Interest expense, net | (16,859) | (14,742) | (3,659) | ||||||||
Income before depreciation and amortization | 462,575 | 433,365 | 399,994 | ||||||||
Depreciation, Depletion and Amortization, Nonproduction | (261,938) | (250,715) | 223,940 | ||||||||
Capital expenditures | 514,043 | 546,147 | 617,552 | ||||||||
Total assets | 7,346,625 | 6,841,222 | 7,346,625 | 6,841,222 | 6,691,758 | ||||||
Operating segments | On-Campus Participating Properties | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Rental revenues and other income | 36,346 | 34,596 | 33,945 | ||||||||
Interest income | 167 | 133 | 65 | ||||||||
Total revenues | 36,513 | 34,729 | 34,010 | ||||||||
Operating expenses before depreciation, amortization, and ground/facility lease expense | (15,028) | (14,602) | (14,384) | ||||||||
Ground/facility lease expense | (3,067) | (2,928) | (2,841) | ||||||||
Interest expense, net | (4,934) | (5,098) | (5,264) | ||||||||
Income before depreciation and amortization | 13,484 | 12,101 | 11,521 | ||||||||
Depreciation, Depletion and Amortization, Nonproduction | (8,380) | (7,819) | 7,536 | ||||||||
Capital expenditures | 2,898 | 3,654 | 3,533 | ||||||||
Total assets | 97,561 | 93,917 | 97,561 | 93,917 | 100,031 | ||||||
Operating segments | Development Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Development and construction management fees | 13,051 | 7,281 | 10,761 | ||||||||
Operating expenses | (8,658) | (8,031) | (7,618) | ||||||||
Income before depreciation and amortization | 4,393 | (750) | 3,143 | ||||||||
Total assets | 13,539 | 10,087 | 13,539 | 10,087 | 6,726 | ||||||
Operating segments | Property Management Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating expenses | (11,257) | (7,428) | (7,607) | ||||||||
Income before depreciation and amortization | 1,679 | 2,386 | 2,225 | ||||||||
Total assets | 8,888 | 6,426 | 8,888 | 6,426 | 7,576 | ||||||
Unallocated | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 3,046 | 3,265 | 3,335 | ||||||||
Operating expenses | (117,529) | (110,660) | (90,250) | ||||||||
Depreciation and amortization | (4,728) | (4,669) | (3,479) | ||||||||
Total assets | $ 93,141 | $ 87,194 | 93,141 | 87,194 | 91,279 | ||||||
Segment Reconciling Items [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Other operating and nonoperating income | 0 | 3,949 | 0 | ||||||||
Amortization of deferred financing costs | (5,012) | (5,816) | (4,619) | ||||||||
Third-party management services | Operating segments | Property Management Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 12,936 | $ 9,814 | $ 9,832 |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Quarterly Financial Information [Line Items] | |||||||||||
Total revenues | $ 255,835 | $ 227,705 | $ 217,371 | $ 242,131 | $ 245,873 | $ 213,469 | $ 201,059 | $ 220,409 | $ 943,042 | $ 880,810 | $ 796,447 |
Operating income | 55,743 | 27,307 | 37,841 | 58,999 | 67,520 | 21,501 | 73,168 | 50,406 | 179,890 | 212,595 | 141,906 |
Net income | 25,848 | 19,336 | 10,210 | 31,368 | 49,621 | (2,737) | 45,990 | 26,250 | 86,762 | 119,124 | 70,121 |
Net (income) loss attributable to noncontrolling interests | (1,128) | 887 | 176 | (1,728) | (2,117) | 392 | 19 | (323) | (1,793) | (2,029) | (1,083) |
Net income attributable to ACC, Inc. and Subsidiaries common stockholders | $ 24,720 | $ 20,223 | $ 10,386 | $ 29,640 | $ 47,504 | $ (2,345) | $ 46,009 | $ 25,927 | $ 84,969 | $ 117,095 | $ 69,038 |
Net income (loss) attributable to common stockholders per share - basic (in dollars per share) | $ 0.18 | $ 0.14 | $ 0.07 | $ 0.21 | $ 0.34 | $ (0.02) | $ 0.33 | $ 0.19 | $ 0.61 | $ 0.84 | $ 0.50 |
Net income (loss) attributable to common stockholders per share - diluted (in dollars per share) | $ 0.18 | $ 0.14 | $ 0.07 | $ 0.21 | $ 0.34 | $ (0.02) | $ 0.33 | $ 0.18 | $ 0.60 | $ 0.84 | $ 0.50 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | |||||||||||
Schedule Of Quarterly Financial Information [Line Items] | |||||||||||
Total revenues | $ 255,835 | $ 227,705 | $ 217,371 | $ 242,131 | $ 245,873 | $ 213,469 | $ 201,059 | $ 220,409 | $ 943,042 | $ 880,810 | $ 796,447 |
Operating income | 55,743 | 27,307 | 37,841 | 58,999 | 67,520 | 21,501 | 73,168 | 50,406 | 179,890 | 212,595 | 141,906 |
Net income | 25,848 | 19,336 | 10,210 | 31,368 | 49,621 | (2,737) | 45,990 | 26,250 | 86,762 | 119,124 | 70,121 |
Net (income) loss attributable to noncontrolling interests | (1,030) | 970 | 230 | (1,568) | (1,880) | 413 | 366 | (114) | (1,398) | (1,215) | |
Series A preferred unit distributions | (14) | (14) | (9) | (31) | (31) | (31) | (31) | (31) | (68) | (124) | (124) |
Net income attributable to ACC, Inc. and Subsidiaries common stockholders | 85,364 | 117,909 | 69,686 | ||||||||
Net income attributable to common unitholders | $ 24,804 | $ 20,292 | $ 10,431 | $ 29,769 | $ 47,710 | $ (2,355) | $ 46,325 | $ 26,105 | $ 85,296 | $ 117,785 | $ 69,562 |
Net income (loss) per unit attributable to common unitholders - basic (in dollars per unit) | $ 0.18 | $ 0.14 | $ 0.07 | $ 0.21 | $ 0.34 | $ (0.02) | $ 0.33 | $ 0.19 | $ 0.61 | $ 0.85 | $ 0.50 |
Net income (loss) per unit attributable to common unitholders - diluted (in dollars per unit) | $ 0.18 | $ 0.14 | $ 0.07 | $ 0.21 | $ 0.34 | $ (0.02) | $ 0.33 | $ 0.18 | $ 0.60 | $ 0.84 | $ 0.50 |
Subsequent Events (Details)
Subsequent Events (Details) | Feb. 14, 2020 | Jan. 30, 2020 | Jan. 20, 2020$ / shares | Jan. 31, 2020USD ($) | Feb. 29, 2020USD ($)Property | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($)Property$ / shares | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($)$ / shares | Sep. 30, 2017 |
Subsequent Event [Line Items] | ||||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 1.87 | $ 1.82 | $ 1.74 | |||||||
Proceeds from unsecured notes | $ 398,816,000 | $ 0 | $ 399,648,000 | |||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 0 | 2,726,000 | 0 | |||||||
Number of properties | Property | 167 | |||||||||
Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Dividends Payable, Date Declared | Jan. 20, 2020 | |||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.47 | |||||||||
Dividends Payable, Date to be Paid | Feb. 14, 2020 | |||||||||
Dividends Payable, Date of Record | Jan. 30, 2020 | |||||||||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Proceeds from unsecured notes | $ 398,816,000 | 0 | 399,648,000 | |||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 0 | $ 2,726,000 | $ 0 | |||||||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior Notes - September 2015 | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 400,000,000 | |||||||||
Term (Years) | 5 years | |||||||||
Percentage of par value | 99.811% | |||||||||
Coupon | 3.35% | |||||||||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Subsequent Event | Senior Notes - January 2020 | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 400,000,000 | |||||||||
Term (Years) | 10 years | |||||||||
Percentage of par value | 99.81% | |||||||||
Coupon | 2.85% | |||||||||
Proceeds from unsecured notes | $ 394,300,000 | |||||||||
Pay-off of unsecured term loans | $ 400,000,000 | |||||||||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Subsequent Event | Senior Notes - September 2015 | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Coupon | 3.35% | |||||||||
Pay-off of unsecured term loans | $ 400,000,000 | |||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 4,800,000 | |||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Property, Plant and Equipment, Net | $ 97,900,000 | |||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of properties | Property | 1 | |||||||||
Core Transaction | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of properties | 3 | 2 | ||||||||
Core Transaction | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of properties | 2 | |||||||||
Payments for Repurchase of Redeemable Noncontrolling Interest | $ 76,800,000 |
Schedule of Real Estate and A_2
Schedule of Real Estate and Accumulated Depreciation - Schedule of Real Estate Properties (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)land_parcelBedPropertyUnitphase | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 36,803 | |||
Beds | Bed | 112,781 | |||
Initial Cost, Land | $ 649,403 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 7,145,299 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 512,301 | |||
Total Costs, Land | 654,985 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 7,652,018 | |||
Total Costs, Total | 8,307,003 | |||
Accumulated Depreciation | 1,537,100 | |||
Encumbrances | 782,741 | |||
Aggregate costs for federal income tax purposes | $ 8,700,000 | |||
Number of properties | Property | 167 | |||
Owned Properties | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 34,680 | |||
Beds | Bed | 107,551 | |||
Initial Cost, Land | $ 649,403 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 6,998,527 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 489,574 | |||
Total Costs, Land | 654,985 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 7,482,519 | |||
Total Costs, Total | 8,137,504 | |||
Accumulated Depreciation | 1,442,789 | $ 1,230,562 | $ 1,035,027 | $ 864,106 |
Encumbrances | $ 693,584 | |||
Owned Properties | The Callaway House - College Station | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 173 | |||
Beds | Bed | 538 | |||
Initial Cost, Land | $ 5,081 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,499 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 7,923 | |||
Total Costs, Land | 5,002 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 28,501 | |||
Total Costs, Total | 33,503 | |||
Accumulated Depreciation | 13,913 | |||
Encumbrances | $ 0 | |||
Owned Properties | The Village at Science Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 192 | |||
Beds | Bed | 732 | |||
Initial Cost, Land | $ 4,673 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 19,021 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 7,510 | |||
Total Costs, Land | 4,673 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,531 | |||
Total Costs, Total | 31,204 | |||
Accumulated Depreciation | 11,198 | |||
Encumbrances | $ 0 | |||
Owned Properties | University Village at Boulder Creek | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 82 | |||
Beds | Bed | 309 | |||
Initial Cost, Land | $ 1,035 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,393 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 984 | |||
Total Costs, Land | 1,035 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,377 | |||
Total Costs, Total | 18,412 | |||
Accumulated Depreciation | 7,694 | |||
Encumbrances | $ 0 | |||
Owned Properties | University Village - Fresno | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 105 | |||
Beds | Bed | 406 | |||
Initial Cost, Land | $ 929 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 15,168 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 654 | |||
Total Costs, Land | 929 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 15,822 | |||
Total Costs, Total | 16,751 | |||
Accumulated Depreciation | 6,255 | |||
Encumbrances | $ 0 | |||
Owned Properties | University Village - Temple | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 220 | |||
Beds | Bed | 749 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,119 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,137 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 43,256 | |||
Total Costs, Total | 43,256 | |||
Accumulated Depreciation | 16,955 | |||
Encumbrances | $ 0 | |||
Owned Properties | University Club Apartments | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 94 | |||
Beds | Bed | 376 | |||
Initial Cost, Land | $ 1,416 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 11,848 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,075 | |||
Total Costs, Land | 1,416 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,923 | |||
Total Costs, Total | 14,339 | |||
Accumulated Depreciation | 5,117 | |||
Encumbrances | $ 0 | |||
Owned Properties | City Parc at Fry Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 136 | |||
Beds | Bed | 418 | |||
Initial Cost, Land | $ 1,902 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,678 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 4,104 | |||
Total Costs, Land | 1,902 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,782 | |||
Total Costs, Total | 23,684 | |||
Accumulated Depreciation | 8,018 | |||
Encumbrances | $ 0 | |||
Owned Properties | Entrada Real | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 98 | |||
Beds | Bed | 363 | |||
Initial Cost, Land | $ 1,475 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 15,859 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,189 | |||
Total Costs, Land | 1,475 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,048 | |||
Total Costs, Total | 19,523 | |||
Accumulated Depreciation | 7,058 | |||
Encumbrances | $ 0 | |||
Owned Properties | University Village at Sweethome | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 269 | |||
Beds | Bed | 828 | |||
Initial Cost, Land | $ 2,473 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 34,448 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,270 | |||
Total Costs, Land | 2,473 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,718 | |||
Total Costs, Total | 39,191 | |||
Accumulated Depreciation | 13,301 | |||
Encumbrances | $ 0 | |||
Owned Properties | University Village - Tallahassee | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 217 | |||
Beds | Bed | 716 | |||
Initial Cost, Land | $ 4,322 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,225 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 4,770 | |||
Total Costs, Land | 4,322 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,995 | |||
Total Costs, Total | 35,317 | |||
Accumulated Depreciation | 11,564 | |||
Encumbrances | $ 0 | |||
Owned Properties | Royal Village - Gainesville | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 118 | |||
Beds | Bed | 448 | |||
Initial Cost, Land | $ 2,386 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 15,153 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 5,232 | |||
Total Costs, Land | 2,363 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,408 | |||
Total Costs, Total | 22,771 | |||
Accumulated Depreciation | 7,107 | |||
Encumbrances | $ 0 | |||
Owned Properties | Royal Lexington | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 94 | |||
Beds | Bed | 364 | |||
Initial Cost, Land | $ 2,848 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,783 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 4,250 | |||
Total Costs, Land | 2,848 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,033 | |||
Total Costs, Total | 19,881 | |||
Accumulated Depreciation | 6,374 | |||
Encumbrances | $ 0 | |||
Owned Properties | Raiders Pass | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 264 | |||
Beds | Bed | 828 | |||
Initial Cost, Land | $ 3,877 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 32,445 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 4,836 | |||
Total Costs, Land | 3,877 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 37,281 | |||
Total Costs, Total | 41,158 | |||
Accumulated Depreciation | 13,465 | |||
Encumbrances | $ 0 | |||
Owned Properties | Aggie Station | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 156 | |||
Beds | Bed | 450 | |||
Initial Cost, Land | $ 1,634 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,821 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 3,329 | |||
Total Costs, Land | 1,634 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,150 | |||
Total Costs, Total | 23,784 | |||
Accumulated Depreciation | 7,973 | |||
Encumbrances | $ 0 | |||
Owned Properties | The Outpost - San Antonio | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 276 | |||
Beds | Bed | 828 | |||
Initial Cost, Land | $ 3,262 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,252 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 10,276 | |||
Total Costs, Land | 3,262 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 46,528 | |||
Total Costs, Total | 49,790 | |||
Accumulated Depreciation | 15,242 | |||
Encumbrances | $ 0 | |||
Owned Properties | Callaway Villas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 236 | |||
Beds | Bed | 704 | |||
Initial Cost, Land | $ 3,903 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 31,953 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 404 | |||
Total Costs, Land | 3,903 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 32,357 | |||
Total Costs, Total | 36,260 | |||
Accumulated Depreciation | 10,996 | |||
Encumbrances | $ 0 | |||
Owned Properties | The Village on Sixth Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 248 | |||
Beds | Bed | 752 | |||
Initial Cost, Land | $ 2,763 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,480 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 8,749 | |||
Total Costs, Land | 2,763 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 31,229 | |||
Total Costs, Total | 33,992 | |||
Accumulated Depreciation | 11,025 | |||
Encumbrances | $ 0 | |||
Owned Properties | Newtown Crossing | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 356 | |||
Beds | Bed | 942 | |||
Initial Cost, Land | $ 7,013 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 53,597 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 96 | |||
Total Costs, Land | 7,013 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 53,693 | |||
Total Costs, Total | 60,706 | |||
Accumulated Depreciation | 17,362 | |||
Encumbrances | $ 0 | |||
Owned Properties | Olde Towne University Square | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 224 | |||
Beds | Bed | 550 | |||
Initial Cost, Land | $ 2,277 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 24,614 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | (509) | |||
Total Costs, Land | 2,277 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 24,105 | |||
Total Costs, Total | 26,382 | |||
Accumulated Depreciation | 8,023 | |||
Encumbrances | $ 0 | |||
Owned Properties | Peninsular Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 183 | |||
Beds | Bed | 478 | |||
Initial Cost, Land | $ 2,306 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,559 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,069 | |||
Total Costs, Land | 2,306 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,628 | |||
Total Costs, Total | 19,934 | |||
Accumulated Depreciation | 5,656 | |||
Encumbrances | $ 0 | |||
Owned Properties | University Centre | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 234 | |||
Beds | Bed | 838 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 77,378 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 238 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 77,616 | |||
Total Costs, Total | 77,616 | |||
Accumulated Depreciation | 24,690 | |||
Encumbrances | $ 0 | |||
Owned Properties | The Summit & Jacob Heights | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 258 | |||
Beds | Bed | 930 | |||
Initial Cost, Land | $ 2,318 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,464 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,983 | |||
Total Costs, Land | 2,318 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 39,447 | |||
Total Costs, Total | 41,765 | |||
Accumulated Depreciation | 12,404 | |||
Encumbrances | $ 0 | |||
Owned Properties | GrandMarc Seven Corners | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 186 | |||
Beds | Bed | 440 | |||
Initial Cost, Land | $ 4,491 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 28,807 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,666 | |||
Total Costs, Land | 4,491 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,473 | |||
Total Costs, Total | 34,964 | |||
Accumulated Depreciation | 9,612 | |||
Encumbrances | $ 0 | |||
Owned Properties | Aztec Corner | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 180 | |||
Beds | Bed | 606 | |||
Initial Cost, Land | $ 17,460 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 32,209 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,263 | |||
Total Costs, Land | 17,460 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 34,472 | |||
Total Costs, Total | 51,932 | |||
Accumulated Depreciation | 11,106 | |||
Encumbrances | $ 0 | |||
Owned Properties | The Tower at Third | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 188 | |||
Beds | Bed | 375 | |||
Initial Cost, Land | $ 1,145 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 19,128 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 12,653 | |||
Total Costs, Land | 1,267 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 31,659 | |||
Total Costs, Total | 32,926 | |||
Accumulated Depreciation | 11,194 | |||
Encumbrances | $ 0 | |||
Owned Properties | Willowtree Apartments and Tower | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 473 | |||
Beds | Bed | 851 | |||
Initial Cost, Land | $ 9,807 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,880 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 4,954 | |||
Total Costs, Land | 9,806 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,835 | |||
Total Costs, Total | 36,641 | |||
Accumulated Depreciation | 9,655 | |||
Encumbrances | $ 0 | |||
Owned Properties | University Pointe | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 204 | |||
Beds | Bed | 682 | |||
Initial Cost, Land | $ 989 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 27,576 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 4,438 | |||
Total Costs, Land | 989 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 32,014 | |||
Total Costs, Total | 33,003 | |||
Accumulated Depreciation | 10,901 | |||
Encumbrances | $ 0 | |||
Owned Properties | University Trails | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 240 | |||
Beds | Bed | 684 | |||
Initial Cost, Land | $ 1,183 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,173 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 4,236 | |||
Total Costs, Land | 1,183 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 29,409 | |||
Total Costs, Total | 30,592 | |||
Accumulated Depreciation | 10,226 | |||
Encumbrances | $ 0 | |||
Owned Properties | Campus Trails | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 156 | |||
Beds | Bed | 480 | |||
Initial Cost, Land | $ 1,358 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 11,291 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 7,267 | |||
Total Costs, Land | 1,358 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,558 | |||
Total Costs, Total | 19,916 | |||
Accumulated Depreciation | 5,834 | |||
Encumbrances | $ 0 | |||
Owned Properties | University Crossings (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 260 | |||
Beds | Bed | 1,016 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 50,668 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 42,469 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 93,137 | |||
Total Costs, Total | 93,137 | |||
Accumulated Depreciation | 31,148 | |||
Encumbrances | $ 0 | |||
Owned Properties | Vista del Sol (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 613 | |||
Beds | Bed | 1,866 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 135,939 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 5,980 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 141,919 | |||
Total Costs, Total | 141,919 | |||
Accumulated Depreciation | 45,289 | |||
Encumbrances | $ 0 | |||
Owned Properties | Villas at Chestnut Ridge | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 196 | |||
Beds | Bed | 552 | |||
Initial Cost, Land | $ 2,756 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,510 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,929 | |||
Total Costs, Land | 2,756 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 35,439 | |||
Total Costs, Total | 38,195 | |||
Accumulated Depreciation | 11,862 | |||
Encumbrances | $ 0 | |||
Owned Properties | Barrett Honors College (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 604 | |||
Beds | Bed | 1,721 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 131,302 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 22,594 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 153,896 | |||
Total Costs, Total | 153,896 | |||
Accumulated Depreciation | 47,876 | |||
Encumbrances | $ 0 | |||
Owned Properties | Sanctuary Lofts | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 201 | |||
Beds | Bed | 487 | |||
Initial Cost, Land | $ 2,960 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,180 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 4,758 | |||
Total Costs, Land | 2,959 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,939 | |||
Total Costs, Total | 25,898 | |||
Accumulated Depreciation | 7,784 | |||
Encumbrances | $ 0 | |||
Owned Properties | The Edge - Charlotte | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 180 | |||
Beds | Bed | 720 | |||
Initial Cost, Land | $ 3,076 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 23,395 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 9,702 | |||
Total Costs, Land | 3,076 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,097 | |||
Total Costs, Total | 36,173 | |||
Accumulated Depreciation | 11,417 | |||
Encumbrances | $ 0 | |||
Owned Properties | University Walk | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 120 | |||
Beds | Bed | 480 | |||
Initial Cost, Land | $ 2,016 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 14,599 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 3,557 | |||
Total Costs, Land | 2,016 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,156 | |||
Total Costs, Total | 20,172 | |||
Accumulated Depreciation | 6,044 | |||
Encumbrances | $ 0 | |||
Owned Properties | Uptown | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 180 | |||
Beds | Bed | 528 | |||
Initial Cost, Land | $ 3,031 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,685 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 4,289 | |||
Total Costs, Land | 3,031 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,974 | |||
Total Costs, Total | 29,005 | |||
Accumulated Depreciation | 7,201 | |||
Encumbrances | $ 0 | |||
Owned Properties | 2nd Avenue Centre | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 274 | |||
Beds | Bed | 868 | |||
Initial Cost, Land | $ 4,434 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 27,236 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 4,250 | |||
Total Costs, Land | 4,434 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 31,486 | |||
Total Costs, Total | 35,920 | |||
Accumulated Depreciation | 10,159 | |||
Encumbrances | $ 0 | |||
Owned Properties | Villas at Babcock | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 204 | |||
Beds | Bed | 792 | |||
Initial Cost, Land | $ 4,642 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,901 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 448 | |||
Total Costs, Land | 4,642 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 31,349 | |||
Total Costs, Total | 35,991 | |||
Accumulated Depreciation | 11,452 | |||
Encumbrances | $ 0 | |||
Owned Properties | Lobo Village (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 216 | |||
Beds | Bed | 864 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 42,490 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,266 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 43,756 | |||
Total Costs, Total | 43,756 | |||
Accumulated Depreciation | 11,603 | |||
Encumbrances | $ 0 | |||
Owned Properties | Villas on Sycamore | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 170 | |||
Beds | Bed | 680 | |||
Initial Cost, Land | $ 3,000 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 24,640 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 517 | |||
Total Costs, Land | 3,000 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,157 | |||
Total Costs, Total | 28,157 | |||
Accumulated Depreciation | 9,714 | |||
Encumbrances | $ 0 | |||
Owned Properties | 26 West | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 367 | |||
Beds | Bed | 1,026 | |||
Initial Cost, Land | $ 21,396 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 63,994 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 8,298 | |||
Total Costs, Land | 21,396 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 72,292 | |||
Total Costs, Total | 93,688 | |||
Accumulated Depreciation | 18,764 | |||
Encumbrances | $ 66,938 | |||
Owned Properties | The Varsity | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 258 | |||
Beds | Bed | 901 | |||
Initial Cost, Land | $ 11,605 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 108,529 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,095 | |||
Total Costs, Land | 11,605 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 110,624 | |||
Total Costs, Total | 122,229 | |||
Accumulated Depreciation | 24,284 | |||
Encumbrances | $ 0 | |||
Owned Properties | Avalon Heights | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 210 | |||
Beds | Bed | 754 | |||
Initial Cost, Land | $ 4,968 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 24,345 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 15,193 | |||
Total Costs, Land | 4,968 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 39,538 | |||
Total Costs, Total | 44,506 | |||
Accumulated Depreciation | 10,768 | |||
Encumbrances | $ 0 | |||
Owned Properties | University Commons | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 164 | |||
Beds | Bed | 480 | |||
Initial Cost, Land | $ 12,559 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 19,010 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 3,325 | |||
Total Costs, Land | 12,559 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,335 | |||
Total Costs, Total | 34,894 | |||
Accumulated Depreciation | 5,865 | |||
Encumbrances | $ 0 | |||
Owned Properties | Casas del Rio (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 283 | |||
Beds | Bed | 1,028 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 40,639 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,997 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 43,636 | |||
Total Costs, Total | 43,636 | |||
Accumulated Depreciation | 17,115 | |||
Encumbrances | $ 0 | |||
Owned Properties | The Suites (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 439 | |||
Beds | Bed | 878 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 45,296 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 817 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 46,113 | |||
Total Costs, Total | 46,113 | |||
Accumulated Depreciation | 13,377 | |||
Encumbrances | $ 0 | |||
Owned Properties | Hilltop Townhomes (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 144 | |||
Beds | Bed | 576 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 31,507 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 655 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 32,162 | |||
Total Costs, Total | 32,162 | |||
Accumulated Depreciation | 10,780 | |||
Encumbrances | $ 0 | |||
Owned Properties | U Club on Frey | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 216 | |||
Beds | Bed | 864 | |||
Initial Cost, Land | $ 8,703 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,873 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,595 | |||
Total Costs, Land | 8,703 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 38,468 | |||
Total Costs, Total | 47,171 | |||
Accumulated Depreciation | 11,190 | |||
Encumbrances | $ 0 | |||
Owned Properties | Campus Edge on UTA Boulevard | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 128 | |||
Beds | Bed | 488 | |||
Initial Cost, Land | $ 2,661 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,233 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,167 | |||
Total Costs, Land | 2,663 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,398 | |||
Total Costs, Total | 25,061 | |||
Accumulated Depreciation | 7,522 | |||
Encumbrances | $ 0 | |||
Owned Properties | U Club Townhomes on Marion Pugh | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 160 | |||
Beds | Bed | 640 | |||
Initial Cost, Land | $ 6,722 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,546 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,912 | |||
Total Costs, Land | 6,722 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 28,458 | |||
Total Costs, Total | 35,180 | |||
Accumulated Depreciation | 9,854 | |||
Encumbrances | $ 0 | |||
Owned Properties | Villas on Rensch | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 153 | |||
Beds | Bed | 610 | |||
Initial Cost, Land | $ 10,231 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,852 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,477 | |||
Total Costs, Land | 10,231 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 35,329 | |||
Total Costs, Total | 45,560 | |||
Accumulated Depreciation | 10,940 | |||
Encumbrances | $ 0 | |||
Owned Properties | The Village at Overton Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 163 | |||
Beds | Bed | 612 | |||
Initial Cost, Land | $ 5,262 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 29,374 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,412 | |||
Total Costs, Land | 5,262 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,786 | |||
Total Costs, Total | 36,048 | |||
Accumulated Depreciation | 10,504 | |||
Encumbrances | $ 0 | |||
Owned Properties | Casa de Oro (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 109 | |||
Beds | Bed | 365 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,362 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 301 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,663 | |||
Total Costs, Total | 12,663 | |||
Accumulated Depreciation | 4,589 | |||
Encumbrances | $ 0 | |||
Owned Properties | The Villas at Vista del Sol (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 104 | |||
Beds | Bed | 400 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,421 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 511 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,932 | |||
Total Costs, Total | 20,932 | |||
Accumulated Depreciation | 7,675 | |||
Encumbrances | $ 0 | |||
Owned Properties | The Block | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 669 | |||
Beds | Bed | 1,555 | |||
Initial Cost, Land | $ 22,270 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 141,430 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 14,963 | |||
Total Costs, Land | 22,497 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 156,166 | |||
Total Costs, Total | 178,663 | |||
Accumulated Depreciation | 32,538 | |||
Encumbrances | $ 94,117 | |||
Owned Properties | University Pointe at College Station (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 282 | |||
Beds | Bed | 978 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 84,657 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,531 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 87,188 | |||
Total Costs, Total | 87,188 | |||
Accumulated Depreciation | 30,227 | |||
Encumbrances | $ 0 | |||
Owned Properties | 309 Green | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 110 | |||
Beds | Bed | 416 | |||
Initial Cost, Land | $ 5,351 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 49,987 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 4,209 | |||
Total Costs, Land | 5,351 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 54,196 | |||
Total Costs, Total | 59,547 | |||
Accumulated Depreciation | 12,098 | |||
Encumbrances | $ 28,929 | |||
Owned Properties | The Retreat | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 187 | |||
Beds | Bed | 780 | |||
Initial Cost, Land | $ 5,265 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 46,236 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 4,226 | |||
Total Costs, Land | 5,265 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 50,462 | |||
Total Costs, Total | 55,727 | |||
Accumulated Depreciation | 11,567 | |||
Encumbrances | $ 0 | |||
Owned Properties | Lofts54 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 43 | |||
Beds | Bed | 172 | |||
Initial Cost, Land | $ 430 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 14,741 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 4,354 | |||
Total Costs, Land | 430 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 19,095 | |||
Total Costs, Total | 19,525 | |||
Accumulated Depreciation | 4,402 | |||
Encumbrances | $ 0 | |||
Owned Properties | Campustown Rentals | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 264 | |||
Beds | Bed | 746 | |||
Initial Cost, Land | $ 2,382 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 40,190 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 4,559 | |||
Total Costs, Land | 2,382 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 44,749 | |||
Total Costs, Total | 47,131 | |||
Accumulated Depreciation | 11,872 | |||
Encumbrances | $ 0 | |||
Owned Properties | Chauncey Square | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 158 | |||
Beds | Bed | 386 | |||
Initial Cost, Land | $ 2,522 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 40,013 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,955 | |||
Total Costs, Land | 2,522 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,968 | |||
Total Costs, Total | 44,490 | |||
Accumulated Depreciation | 9,627 | |||
Encumbrances | $ 0 | |||
Owned Properties | Texan & Vintage | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 124 | |||
Beds | Bed | 311 | |||
Initial Cost, Land | $ 5,937 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 11,906 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 16,193 | |||
Total Costs, Land | 5,962 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 28,074 | |||
Total Costs, Total | 34,036 | |||
Accumulated Depreciation | 6,107 | |||
Encumbrances | $ 18,796 | |||
Owned Properties | The Castilian | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 371 | |||
Beds | Bed | 623 | |||
Initial Cost, Land | $ 3,663 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 59,772 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 35,992 | |||
Total Costs, Land | 3,663 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 95,764 | |||
Total Costs, Total | 99,427 | |||
Accumulated Depreciation | 23,875 | |||
Encumbrances | $ 46,052 | |||
Owned Properties | Bishops Square | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 134 | |||
Beds | Bed | 315 | |||
Initial Cost, Land | $ 1,206 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,878 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,598 | |||
Total Costs, Land | 1,206 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,476 | |||
Total Costs, Total | 21,682 | |||
Accumulated Depreciation | 5,242 | |||
Encumbrances | $ 10,634 | |||
Owned Properties | Union | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 54 | |||
Beds | Bed | 120 | |||
Initial Cost, Land | $ 169 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 6,348 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,148 | |||
Total Costs, Land | 169 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 7,496 | |||
Total Costs, Total | 7,665 | |||
Accumulated Depreciation | 1,889 | |||
Encumbrances | $ 3,328 | |||
Owned Properties | 922 Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 132 | |||
Beds | Bed | 468 | |||
Initial Cost, Land | $ 3,363 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 34,947 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 3,552 | |||
Total Costs, Land | 3,363 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 38,499 | |||
Total Costs, Total | 41,862 | |||
Accumulated Depreciation | 9,804 | |||
Encumbrances | $ 0 | |||
Owned Properties | Campustown | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 452 | |||
Beds | Bed | 1,217 | |||
Initial Cost, Land | $ 1,818 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 77,894 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 10,465 | |||
Total Costs, Land | 1,818 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 88,359 | |||
Total Costs, Total | 90,177 | |||
Accumulated Depreciation | 19,055 | |||
Encumbrances | $ 0 | |||
Owned Properties | River Mill | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 243 | |||
Beds | Bed | 461 | |||
Initial Cost, Land | $ 1,741 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,806 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 5,023 | |||
Total Costs, Land | 1,741 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 27,829 | |||
Total Costs, Total | 29,570 | |||
Accumulated Depreciation | 6,809 | |||
Encumbrances | $ 0 | |||
Owned Properties | The Province - Greensboro | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 219 | |||
Beds | Bed | 696 | |||
Initial Cost, Land | $ 2,226 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 48,567 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,817 | |||
Total Costs, Land | 2,226 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 50,384 | |||
Total Costs, Total | 52,610 | |||
Accumulated Depreciation | 11,849 | |||
Encumbrances | $ 26,471 | |||
Owned Properties | RAMZ Apartments on Broad | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 88 | |||
Beds | Bed | 172 | |||
Initial Cost, Land | $ 785 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,303 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 870 | |||
Total Costs, Land | 785 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 13,173 | |||
Total Costs, Total | 13,958 | |||
Accumulated Depreciation | 2,998 | |||
Encumbrances | $ 0 | |||
Owned Properties | The Lofts at Capital Garage | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 36 | |||
Beds | Bed | 144 | |||
Initial Cost, Land | $ 313 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 3,581 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 799 | |||
Total Costs, Land | 313 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 4,380 | |||
Total Costs, Total | 4,693 | |||
Accumulated Depreciation | 1,212 | |||
Encumbrances | $ 0 | |||
Owned Properties | 25Twenty | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 249 | |||
Beds | Bed | 562 | |||
Initial Cost, Land | $ 2,226 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,429 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,447 | |||
Total Costs, Land | 2,226 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 34,876 | |||
Total Costs, Total | 37,102 | |||
Accumulated Depreciation | 9,308 | |||
Encumbrances | $ 24,723 | |||
Owned Properties | The Province - Louisville | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 366 | |||
Beds | Bed | 858 | |||
Initial Cost, Land | $ 4,392 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 63,068 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,202 | |||
Total Costs, Land | 4,392 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 65,270 | |||
Total Costs, Total | 69,662 | |||
Accumulated Depreciation | 15,743 | |||
Encumbrances | $ 34,353 | |||
Owned Properties | The Province - Rochester | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 336 | |||
Beds | Bed | 816 | |||
Initial Cost, Land | $ 3,798 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 70,955 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 3,732 | |||
Total Costs, Land | 3,798 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 74,687 | |||
Total Costs, Total | 78,485 | |||
Accumulated Depreciation | 17,668 | |||
Encumbrances | $ 32,313 | |||
Owned Properties | 5 Twenty Four and 5 Twenty Five Angliana | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 376 | |||
Beds | Bed | 1,060 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 60,448 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 7,401 | |||
Total Costs, Land | 5,214 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 62,635 | |||
Total Costs, Total | 67,849 | |||
Accumulated Depreciation | 15,386 | |||
Encumbrances | $ 0 | |||
Owned Properties | The Province - Tampa | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 287 | |||
Beds | Bed | 947 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 52,943 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 5,394 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 58,337 | |||
Total Costs, Total | 58,337 | |||
Accumulated Depreciation | 13,637 | |||
Encumbrances | $ 30,840 | |||
Owned Properties | U Pointe Kennesaw | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 216 | |||
Beds | Bed | 795 | |||
Initial Cost, Land | $ 1,482 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 61,654 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 6,385 | |||
Total Costs, Land | 1,482 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 68,039 | |||
Total Costs, Total | 69,521 | |||
Accumulated Depreciation | 17,301 | |||
Encumbrances | $ 0 | |||
Owned Properties | The Cottages of Durham | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 141 | |||
Beds | Bed | 619 | |||
Initial Cost, Land | $ 3,955 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,421 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,758 | |||
Total Costs, Land | 3,955 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 44,179 | |||
Total Costs, Total | 48,134 | |||
Accumulated Depreciation | 12,655 | |||
Encumbrances | $ 0 | |||
Owned Properties | University Edge | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 201 | |||
Beds | Bed | 608 | |||
Initial Cost, Land | $ 4,500 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,385 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,576 | |||
Total Costs, Land | 4,500 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 27,961 | |||
Total Costs, Total | 32,461 | |||
Accumulated Depreciation | 6,309 | |||
Encumbrances | $ 0 | |||
Owned Properties | The Lodges of East Lansing | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 364 | |||
Beds | Bed | 1,049 | |||
Initial Cost, Land | $ 6,472 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 89,231 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,973 | |||
Total Costs, Land | 6,472 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 92,204 | |||
Total Costs, Total | 98,676 | |||
Accumulated Depreciation | 20,607 | |||
Encumbrances | $ 27,935 | |||
Owned Properties | 7th Street Station | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 82 | |||
Beds | Bed | 309 | |||
Initial Cost, Land | $ 9,792 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,472 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 615 | |||
Total Costs, Land | 9,792 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,087 | |||
Total Costs, Total | 26,879 | |||
Accumulated Depreciation | 4,212 | |||
Encumbrances | $ 0 | |||
Owned Properties | The Callaway House - Austin | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 219 | |||
Beds | Bed | 753 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 61,550 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,224 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 62,774 | |||
Total Costs, Total | 62,774 | |||
Accumulated Depreciation | 16,211 | |||
Encumbrances | $ 80,726 | |||
Owned Properties | Manzanita Hall (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 241 | |||
Beds | Bed | 816 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 48,781 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,488 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 50,269 | |||
Total Costs, Total | 50,269 | |||
Accumulated Depreciation | 14,061 | |||
Encumbrances | $ 0 | |||
Owned Properties | University View (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 96 | |||
Beds | Bed | 336 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 14,683 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 251 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 14,934 | |||
Total Costs, Total | 14,934 | |||
Accumulated Depreciation | 4,141 | |||
Encumbrances | $ 0 | |||
Owned Properties | U Club Townhomes at Overton Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 112 | |||
Beds | Bed | 448 | |||
Initial Cost, Land | $ 7,775 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,483 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,014 | |||
Total Costs, Land | 7,775 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,497 | |||
Total Costs, Total | 30,272 | |||
Accumulated Depreciation | 6,179 | |||
Encumbrances | $ 0 | |||
Owned Properties | 601 Copeland | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 81 | |||
Beds | Bed | 283 | |||
Initial Cost, Land | $ 1,457 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,699 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 591 | |||
Total Costs, Land | 1,457 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 27,290 | |||
Total Costs, Total | 28,747 | |||
Accumulated Depreciation | 6,315 | |||
Encumbrances | $ 0 | |||
Owned Properties | The Townhomes at Newtown Crossing | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 152 | |||
Beds | Bed | 608 | |||
Initial Cost, Land | $ 7,745 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 32,074 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 656 | |||
Total Costs, Land | 7,745 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 32,730 | |||
Total Costs, Total | 40,475 | |||
Accumulated Depreciation | 7,716 | |||
Encumbrances | $ 0 | |||
Owned Properties | Chestnut Square (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 220 | |||
Beds | Bed | 861 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 98,369 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,964 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 101,333 | |||
Total Costs, Total | 101,333 | |||
Accumulated Depreciation | 24,574 | |||
Encumbrances | $ 0 | |||
Owned Properties | Park Point - Rochester | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 300 | |||
Beds | Bed | 924 | |||
Initial Cost, Land | $ 7,827 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 73,495 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 5,235 | |||
Total Costs, Land | 7,827 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 78,730 | |||
Total Costs, Total | 86,557 | |||
Accumulated Depreciation | 18,069 | |||
Encumbrances | $ 70,000 | |||
Owned Properties | U Centre at Fry Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 194 | |||
Beds | Bed | 614 | |||
Initial Cost, Land | $ 2,902 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 47,700 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,901 | |||
Total Costs, Land | 2,902 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 50,601 | |||
Total Costs, Total | 53,503 | |||
Accumulated Depreciation | 10,077 | |||
Encumbrances | $ 0 | |||
Owned Properties | Cardinal Towne | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 255 | |||
Beds | Bed | 545 | |||
Initial Cost, Land | $ 6,547 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 53,809 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 3,942 | |||
Total Costs, Land | 6,547 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 57,751 | |||
Total Costs, Total | 64,298 | |||
Accumulated Depreciation | 11,408 | |||
Encumbrances | $ 0 | |||
Owned Properties | Merwick Stanworth (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 325 | |||
Beds | Bed | 595 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 79,598 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | (692) | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 78,906 | |||
Total Costs, Total | 78,906 | |||
Accumulated Depreciation | 10,921 | |||
Encumbrances | $ 0 | |||
Owned Properties | Plaza on University | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 364 | |||
Beds | Bed | 1,313 | |||
Initial Cost, Land | $ 23,987 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 85,584 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 4,373 | |||
Total Costs, Land | 23,987 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 89,957 | |||
Total Costs, Total | 113,944 | |||
Accumulated Depreciation | 19,308 | |||
Encumbrances | $ 0 | |||
Owned Properties | U Centre at Northgate (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 196 | |||
Beds | Bed | 784 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 35,663 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 503 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,166 | |||
Total Costs, Total | 36,166 | |||
Accumulated Depreciation | 8,088 | |||
Encumbrances | $ 0 | |||
Owned Properties | University Walk | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 177 | |||
Beds | Bed | 526 | |||
Initial Cost, Land | $ 4,341 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 29,073 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 938 | |||
Total Costs, Land | 4,341 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,011 | |||
Total Costs, Total | 34,352 | |||
Accumulated Depreciation | 5,185 | |||
Encumbrances | $ 0 | |||
Owned Properties | U Club on Woodward | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 236 | |||
Beds | Bed | 944 | |||
Initial Cost, Land | $ 16,350 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 46,982 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 867 | |||
Total Costs, Land | 16,349 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 47,850 | |||
Total Costs, Total | 64,199 | |||
Accumulated Depreciation | 10,937 | |||
Encumbrances | $ 0 | |||
Owned Properties | Park Point - Syracuse | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 66 | |||
Beds | Bed | 226 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,725 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 3,582 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 29,307 | |||
Total Costs, Total | 29,307 | |||
Accumulated Depreciation | 4,671 | |||
Encumbrances | $ 10,586 | |||
Owned Properties | 1200 West Marshall | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 136 | |||
Beds | Bed | 406 | |||
Initial Cost, Land | $ 4,397 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,908 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,020 | |||
Total Costs, Land | 4,397 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 35,928 | |||
Total Costs, Total | 40,325 | |||
Accumulated Depreciation | 6,104 | |||
Encumbrances | $ 0 | |||
Owned Properties | 8 1/2 Canal Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 160 | |||
Beds | Bed | 540 | |||
Initial Cost, Land | $ 2,797 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 45,394 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,359 | |||
Total Costs, Land | 2,797 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 47,753 | |||
Total Costs, Total | 50,550 | |||
Accumulated Depreciation | 7,272 | |||
Encumbrances | $ 0 | |||
Owned Properties | Vistas San Marcos | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 255 | |||
Beds | Bed | 600 | |||
Initial Cost, Land | $ 586 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 45,761 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 6,157 | |||
Total Costs, Land | 586 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 51,918 | |||
Total Costs, Total | 52,504 | |||
Accumulated Depreciation | 10,791 | |||
Encumbrances | $ 0 | |||
Owned Properties | Crest at Pearl | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 141 | |||
Beds | Bed | 343 | |||
Initial Cost, Land | $ 4,395 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,268 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,959 | |||
Total Costs, Land | 4,491 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 38,131 | |||
Total Costs, Total | 42,622 | |||
Accumulated Depreciation | 6,122 | |||
Encumbrances | $ 23,372 | |||
Owned Properties | U Club Binghamton | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 326 | |||
Beds | Bed | 1,272 | |||
Initial Cost, Land | $ 15,858 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 92,372 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 3,194 | |||
Total Costs, Land | 15,858 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 95,566 | |||
Total Costs, Total | 111,424 | |||
Accumulated Depreciation | 11,154 | |||
Encumbrances | $ 0 | |||
Owned Properties | Stadium Centre | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 447 | |||
Beds | Bed | 970 | |||
Initial Cost, Land | $ 9,249 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 100,854 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 7,641 | |||
Total Costs, Land | 9,249 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 108,495 | |||
Total Costs, Total | 117,744 | |||
Accumulated Depreciation | 15,299 | |||
Encumbrances | $ 63,471 | |||
Owned Properties | 160 Ross | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 182 | |||
Beds | Bed | 642 | |||
Initial Cost, Land | $ 2,962 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 38,478 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,013 | |||
Total Costs, Land | 2,962 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 39,491 | |||
Total Costs, Total | 42,453 | |||
Accumulated Depreciation | 7,060 | |||
Encumbrances | $ 0 | |||
Owned Properties | The Summit at University City (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 351 | |||
Beds | Bed | 1,315 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 154,770 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,786 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 156,556 | |||
Total Costs, Total | 156,556 | |||
Accumulated Depreciation | 22,183 | |||
Encumbrances | $ 0 | |||
Owned Properties | 2125 Franklin | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 192 | |||
Beds | Bed | 734 | |||
Initial Cost, Land | $ 8,299 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 55,716 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 587 | |||
Total Costs, Land | 8,299 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 56,303 | |||
Total Costs, Total | 64,602 | |||
Accumulated Depreciation | 8,757 | |||
Encumbrances | $ 0 | |||
Owned Properties | University Crossings - Charlotte | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 187 | |||
Beds | Bed | 546 | |||
Initial Cost, Land | $ 645 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,838 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 4,618 | |||
Total Costs, Land | 645 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,456 | |||
Total Costs, Total | 42,101 | |||
Accumulated Depreciation | 4,908 | |||
Encumbrances | $ 0 | |||
Owned Properties | U Club on 28th | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 100 | |||
Beds | Bed | 398 | |||
Initial Cost, Land | $ 9,725 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 45,788 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 396 | |||
Total Costs, Land | 9,725 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 46,184 | |||
Total Costs, Total | 55,909 | |||
Accumulated Depreciation | 5,490 | |||
Encumbrances | $ 0 | |||
Owned Properties | Currie Hall (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 178 | |||
Beds | Bed | 456 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 49,987 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 344 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 50,331 | |||
Total Costs, Total | 50,331 | |||
Accumulated Depreciation | 6,384 | |||
Encumbrances | $ 0 | |||
Owned Properties | University Pointe (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 134 | |||
Beds | Bed | 531 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 44,035 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 262 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 44,297 | |||
Total Costs, Total | 44,297 | |||
Accumulated Depreciation | 5,377 | |||
Encumbrances | $ 0 | |||
Owned Properties | Fairview House (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 107 | |||
Beds | Bed | 633 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 38,144 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 193 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 38,337 | |||
Total Costs, Total | 38,337 | |||
Accumulated Depreciation | 5,544 | |||
Encumbrances | $ 0 | |||
Owned Properties | U Club Sunnyside | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 134 | |||
Beds | Bed | 534 | |||
Initial Cost, Land | $ 7,423 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,582 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 550 | |||
Total Costs, Land | 7,423 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 42,132 | |||
Total Costs, Total | 49,555 | |||
Accumulated Depreciation | 5,130 | |||
Encumbrances | $ 0 | |||
Owned Properties | U Point | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 54 | |||
Beds | Bed | 163 | |||
Initial Cost, Land | $ 1,425 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,325 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,406 | |||
Total Costs, Land | 1,425 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 19,731 | |||
Total Costs, Total | 21,156 | |||
Accumulated Depreciation | 2,278 | |||
Encumbrances | $ 0 | |||
Owned Properties | The Arlie | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 169 | |||
Beds | Bed | 598 | |||
Initial Cost, Land | $ 1,350 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 43,352 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,905 | |||
Total Costs, Land | 1,350 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 45,257 | |||
Total Costs, Total | 46,607 | |||
Accumulated Depreciation | 5,014 | |||
Encumbrances | $ 0 | |||
Owned Properties | TWELVE at U District | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 283 | |||
Beds | Bed | 384 | |||
Initial Cost, Land | $ 13,013 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 98,115 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 3,494 | |||
Total Costs, Land | 13,013 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 101,609 | |||
Total Costs, Total | 114,622 | |||
Accumulated Depreciation | 7,136 | |||
Encumbrances | $ 0 | |||
Owned Properties | The 515 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 183 | |||
Beds | Bed | 513 | |||
Initial Cost, Land | $ 1,611 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 68,953 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,542 | |||
Total Costs, Land | 1,611 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 70,495 | |||
Total Costs, Total | 72,106 | |||
Accumulated Depreciation | 4,879 | |||
Encumbrances | $ 0 | |||
Owned Properties | State | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 220 | |||
Beds | Bed | 665 | |||
Initial Cost, Land | $ 3,448 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 66,774 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,409 | |||
Total Costs, Land | 3,448 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 69,183 | |||
Total Costs, Total | 72,631 | |||
Accumulated Depreciation | 5,635 | |||
Encumbrances | $ 0 | |||
Owned Properties | The James | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 366 | |||
Beds | Bed | 850 | |||
Initial Cost, Land | $ 18,871 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 118,096 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,048 | |||
Total Costs, Land | 18,871 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 120,144 | |||
Total Costs, Total | 139,015 | |||
Accumulated Depreciation | 9,354 | |||
Encumbrances | $ 0 | |||
Owned Properties | Bridges @ 11th | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 184 | |||
Beds | Bed | 258 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 58,825 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,413 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 60,238 | |||
Total Costs, Total | 60,238 | |||
Accumulated Depreciation | 3,695 | |||
Encumbrances | $ 0 | |||
Owned Properties | Hub U District Seattle | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 111 | |||
Beds | Bed | 248 | |||
Initial Cost, Land | $ 5,700 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 56,355 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,318 | |||
Total Costs, Land | 5,700 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 57,673 | |||
Total Costs, Total | 63,373 | |||
Accumulated Depreciation | 4,265 | |||
Encumbrances | $ 0 | |||
Owned Properties | Tooker House (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 429 | |||
Beds | Bed | 1,594 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 103,897 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | (179) | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 103,718 | |||
Total Costs, Total | 103,718 | |||
Accumulated Depreciation | 9,541 | |||
Encumbrances | $ 0 | |||
Owned Properties | SkyView (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 163 | |||
Beds | Bed | 626 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 57,578 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 247 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 57,825 | |||
Total Costs, Total | 57,825 | |||
Accumulated Depreciation | 4,750 | |||
Encumbrances | $ 0 | |||
Owned Properties | University Square (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 143 | |||
Beds | Bed | 466 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,635 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 8 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,643 | |||
Total Costs, Total | 25,643 | |||
Accumulated Depreciation | 2,384 | |||
Encumbrances | $ 0 | |||
Owned Properties | U Centre on Turner | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 182 | |||
Beds | Bed | 718 | |||
Initial Cost, Land | $ 14,000 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 55,456 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 36 | |||
Total Costs, Land | 14,001 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 55,491 | |||
Total Costs, Total | 69,492 | |||
Accumulated Depreciation | 4,792 | |||
Encumbrances | $ 0 | |||
Owned Properties | U Pointe on Speight | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 180 | |||
Beds | Bed | 700 | |||
Initial Cost, Land | $ 4,705 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 46,160 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 333 | |||
Total Costs, Land | 4,705 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 46,493 | |||
Total Costs, Total | 51,198 | |||
Accumulated Depreciation | 3,897 | |||
Encumbrances | $ 0 | |||
Owned Properties | 21Hundred at Overton Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 296 | |||
Beds | Bed | 1,204 | |||
Initial Cost, Land | $ 16,767 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 64,057 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 834 | |||
Total Costs, Land | 16,767 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 64,891 | |||
Total Costs, Total | 81,658 | |||
Accumulated Depreciation | 5,766 | |||
Encumbrances | $ 0 | |||
Owned Properties | The Suites at Third | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 63 | |||
Beds | Bed | 251 | |||
Initial Cost, Land | $ 831 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,384 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | (37) | |||
Total Costs, Land | 831 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,347 | |||
Total Costs, Total | 23,178 | |||
Accumulated Depreciation | 1,924 | |||
Encumbrances | $ 0 | |||
Owned Properties | Callaway House Apartments | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 386 | |||
Beds | Bed | 915 | |||
Initial Cost, Land | $ 12,651 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 78,220 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 582 | |||
Total Costs, Land | 12,651 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 78,802 | |||
Total Costs, Total | 91,453 | |||
Accumulated Depreciation | 6,910 | |||
Encumbrances | $ 0 | |||
Owned Properties | U Centre on College | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 127 | |||
Beds | Bed | 418 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,607 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | (187) | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,420 | |||
Total Costs, Total | 41,420 | |||
Accumulated Depreciation | 3,332 | |||
Encumbrances | $ 0 | |||
Owned Properties | David Blackwell Hall (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 412 | |||
Beds | Bed | 780 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 96,891 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 0 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 96,891 | |||
Total Costs, Total | 96,891 | |||
Accumulated Depreciation | 4,430 | |||
Encumbrances | $ 0 | |||
Owned Properties | Gladding Residence Center (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 592 | |||
Beds | Bed | 1,524 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 94,368 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 418 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 94,786 | |||
Total Costs, Total | 94,786 | |||
Accumulated Depreciation | 4,723 | |||
Encumbrances | $ 0 | |||
Owned Properties | Irvington House (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 197 | |||
Beds | Bed | 648 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,187 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 0 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,187 | |||
Total Costs, Total | 36,187 | |||
Accumulated Depreciation | 1,848 | |||
Encumbrances | $ 0 | |||
Owned Properties | U Club Townhomes at Oxford | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 111 | |||
Beds | Bed | 413 | |||
Initial Cost, Land | $ 10,000 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,885 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 19 | |||
Total Costs, Land | 10,000 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,904 | |||
Total Costs, Total | 40,904 | |||
Accumulated Depreciation | 1,325 | |||
Encumbrances | $ 0 | |||
Owned Properties | Greek Leadership Village (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 498 | |||
Beds | Bed | 957 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 69,351 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 44 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 69,395 | |||
Total Costs, Total | 69,395 | |||
Accumulated Depreciation | 3,480 | |||
Encumbrances | $ 0 | |||
Owned Properties | NAU Honors College (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 318 | |||
Beds | Bed | 636 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,222 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 0 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,222 | |||
Total Costs, Total | 41,222 | |||
Accumulated Depreciation | 2,147 | |||
Encumbrances | $ 0 | |||
Owned Properties | U Club Townhomes at Oxford | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 132 | |||
Beds | Bed | 528 | |||
Initial Cost, Land | $ 5,115 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 39,239 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 0 | |||
Total Costs, Land | 5,115 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 39,239 | |||
Total Costs, Total | 44,354 | |||
Accumulated Depreciation | 2,035 | |||
Encumbrances | $ 0 | |||
Owned Properties | Hub Ann Arbor | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 124 | |||
Beds | Bed | 310 | |||
Initial Cost, Land | $ 7,050 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 42,865 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,314 | |||
Total Costs, Land | 7,050 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 44,179 | |||
Total Costs, Total | 51,229 | |||
Accumulated Depreciation | 2,107 | |||
Encumbrances | $ 0 | |||
Owned Properties | Hub Flagstaff | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 198 | |||
Beds | Bed | 591 | |||
Initial Cost, Land | $ 5,397 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 56,626 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 660 | |||
Total Costs, Land | 5,397 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 57,286 | |||
Total Costs, Total | 62,683 | |||
Accumulated Depreciation | 2,712 | |||
Encumbrances | $ 0 | |||
Owned Properties | Campus Edge on Pierce | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 289 | |||
Beds | Bed | 598 | |||
Initial Cost, Land | $ 6,881 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 55,818 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 734 | |||
Total Costs, Land | 6,881 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 56,552 | |||
Total Costs, Total | 63,433 | |||
Accumulated Depreciation | 2,855 | |||
Encumbrances | $ 0 | |||
Owned Properties | 191 College | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 127 | |||
Beds | Bed | 495 | |||
Initial Cost, Land | $ 5,434 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 55,620 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 0 | |||
Total Costs, Land | 5,434 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 55,620 | |||
Total Costs, Total | 61,054 | |||
Accumulated Depreciation | 787 | |||
Encumbrances | $ 0 | |||
Owned Properties | LightView (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 214 | |||
Beds | Bed | 825 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 152,040 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 0 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 152,040 | |||
Total Costs, Total | 152,040 | |||
Accumulated Depreciation | 1,957 | |||
Encumbrances | $ 0 | |||
Owned Properties | University of Arizona Honors College (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 319 | |||
Beds | Bed | 1,056 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 76,166 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 0 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 76,166 | |||
Total Costs, Total | 76,166 | |||
Accumulated Depreciation | 1,152 | |||
Encumbrances | $ 0 | |||
Owned Properties | The Flex-Stadium Centre | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 78 | |||
Beds | Bed | 340 | |||
Initial Cost, Land | $ 8,559 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,516 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 0 | |||
Total Costs, Land | 8,559 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,516 | |||
Total Costs, Total | 35,075 | |||
Accumulated Depreciation | 374 | |||
Encumbrances | $ 0 | |||
Owned Properties | 959 Franklin | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 230 | |||
Beds | Bed | 443 | |||
Initial Cost, Land | $ 5,026 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 63,040 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 0 | |||
Total Costs, Land | 5,026 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 63,040 | |||
Total Costs, Total | 68,066 | |||
Accumulated Depreciation | 635 | |||
Encumbrances | $ 0 | |||
Owned Properties | Disney College Program Phases I-V (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 2,614 | |||
Beds | Bed | 10,440 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 224,185 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 0 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 224,185 | |||
Total Costs, Total | 224,185 | |||
Accumulated Depreciation | 0 | |||
Encumbrances | $ 0 | |||
Number of project phases | phase | 10 | |||
Owned Properties | Currie Hall Phase II [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 95 | |||
Beds | Bed | 272 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,681 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 0 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,681 | |||
Total Costs, Total | 22,681 | |||
Accumulated Depreciation | 0 | |||
Encumbrances | $ 0 | |||
Owned Properties | Holloway Residences (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 169 | |||
Beds | Bed | 584 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 89,615 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 0 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 89,615 | |||
Total Costs, Total | 89,615 | |||
Accumulated Depreciation | 0 | |||
Encumbrances | $ 0 | |||
Owned Properties | Undeveloped land parcels | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 0 | |||
Beds | Bed | 0 | |||
Initial Cost, Land | $ 55,896 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 651 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 0 | |||
Total Costs, Land | 55,896 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 651 | |||
Total Costs, Total | 56,547 | |||
Accumulated Depreciation | 543 | |||
Encumbrances | $ 0 | |||
Number of Land Parcels Disposed | land_parcel | 2 | |||
On-campus participating properties, net | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 2,123 | |||
Beds | Bed | 5,230 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 146,772 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 22,727 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 169,499 | |||
Total Costs, Total | 169,499 | |||
Accumulated Depreciation | 94,311 | 84,925 | $ 78,192 | $ 77,132 |
Encumbrances | 89,157 | |||
Unamortized deferred financing costs | $ (418) | (525) | ||
Number of properties | Property | 6 | |||
On-campus participating properties, net | University Village & University Village Northwest at Prairie View (9) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 648 | |||
Beds | Bed | 2,064 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 40,734 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 9,960 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 50,694 | |||
Total Costs, Total | 50,694 | |||
Accumulated Depreciation | 38,663 | |||
Encumbrances | $ 10,464 | |||
Number of properties | Property | 2 | |||
Number of properties converted | Property | 1 | |||
On-campus participating properties, net | University Village at Laredo | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 84 | |||
Beds | Bed | 250 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 5,844 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,433 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 7,277 | |||
Total Costs, Total | 7,277 | |||
Accumulated Depreciation | 5,866 | |||
Encumbrances | $ 1,601 | |||
On-campus participating properties, net | University College at Prairie View | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 756 | |||
Beds | Bed | 1,470 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,650 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 6,579 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 29,229 | |||
Total Costs, Total | 29,229 | |||
Accumulated Depreciation | 20,824 | |||
Encumbrances | $ 11,150 | |||
On-campus participating properties, net | Cullen Oaks | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 411 | |||
Beds | Bed | 879 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,910 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,995 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,905 | |||
Total Costs, Total | 36,905 | |||
Accumulated Depreciation | 19,166 | |||
Encumbrances | $ 25,313 | |||
On-campus participating properties, net | College Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 224 | |||
Beds | Bed | 567 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 43,634 | |||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,760 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 45,394 | |||
Total Costs, Total | 45,394 | |||
Accumulated Depreciation | 9,792 | |||
Encumbrances | 40,629 | |||
Mortgages | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Unamortized debt premiums | 6,400 | 11,600 | ||
Unamortized deferred financing costs | (1,700) | |||
Mortgages | Owned Properties | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Unamortized debt premiums | 6,596 | 11,579 | ||
Unamortized deferred financing costs | $ (1,294) | $ (1,757) |
Schedule of Real Estate and A_3
Schedule of Real Estate and Accumulated Depreciation - Changes in investments in real estate and related accumulated depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Depreciation: | |||
Balance, end of year | $ (1,537,100) | ||
On-campus participating properties, net | |||
Investments in Real Estate: | |||
Balance, beginning of year | 162,562 | $ 159,996 | $ 162,929 |
Acquisition of land for development | 0 | 0 | 0 |
Acquisition of properties | 0 | 0 | 0 |
Improvements and development expenditures | 2,900 | 3,654 | 3,544 |
Write-off of fully depreciated or damaged assets | (306) | (1,088) | (6,477) |
Provision for real estate impairment | 0 | 0 | 0 |
Disposition of real estate | 0 | 0 | 0 |
Transfer of property from owned to OCPP structure | 4,343 | 0 | 0 |
Balance, end of year | 169,499 | 162,562 | 159,996 |
Accumulated Depreciation: | |||
Balance, beginning of year | (84,925) | (78,192) | (77,132) |
Depreciation for the year | (8,380) | (7,819) | (7,536) |
Write-off of fully depreciated or damaged assets | 306 | 1,086 | 6,476 |
Disposition of properties | 0 | 0 | 0 |
Transfer of property from owned to OCPP structure | (1,312) | 0 | 0 |
Balance, end of year | (94,311) | (84,925) | (78,192) |
Owned Properties | |||
Investments in Real Estate: | |||
Balance, beginning of year | 7,813,959 | 7,485,391 | 6,316,470 |
Acquisition of land for development | 10,219 | 26,758 | 24,049 |
Acquisition of properties | 0 | 0 | 618,183 |
Improvements and development expenditures | 484,949 | 549,635 | 621,793 |
Write-off of fully depreciated or damaged assets | (3,831) | (16,758) | (40,923) |
Provision for real estate impairment | (3,201) | 0 | (15,317) |
Disposition of real estate | (160,248) | (231,067) | (38,864) |
Transfer of property from owned to OCPP structure | (4,343) | 0 | 0 |
Balance, end of year | 8,137,504 | 7,813,959 | 7,485,391 |
Accumulated Depreciation: | |||
Balance, beginning of year | (1,230,562) | (1,035,027) | (864,106) |
Depreciation for the year | (255,796) | (242,123) | (213,660) |
Write-off of fully depreciated or damaged assets | 3,831 | 16,242 | 37,761 |
Disposition of properties | 38,426 | 30,346 | 4,978 |
Transfer of property from owned to OCPP structure | 1,312 | 0 | 0 |
Balance, end of year | $ (1,442,789) | $ (1,230,562) | $ (1,035,027) |