76-0753089 | |||||||||
(State or Other Jurisdiction of Incorporation or Organization) | (IRS Employer Identification No.) | ||||||||
12700 Hill Country Blvd. | Suite T-200 Austin, TX | 78738 | |||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of | Trading | Name of | ||||||||||||
Common Stock, par value $.01 per share | ACC | New York Stock Exchange |
Yes | ☒ | No | ☐ | |||||||||||
Yes | ☐ | No | ☒ | |||||||||||
Yes | ☒ | No | ☐ | |||||||||||
Yes | ☒ | No | ☐ | |||||||||||
Large accelerated filer | ☒ | Accelerated Filer | ☐ | ||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||
Emerging growth company | ☐ |
Yes | ☐ | No | ☒ | |||||||||||
PAGE NO. | ||||||||
PART I. | ||||||||
Item 1. | Business | |||||||
Item 1A. | Risk Factors | |||||||
Item 1B. | Unresolved Staff Comments | |||||||
Item 2. | Properties | |||||||
Item 3. | Legal Proceedings | |||||||
Item 4. | Mine Safety Disclosures | |||||||
PART II. | ||||||||
Item 5. | Market for Registrant’s Common Equity and Related Stockholder Matters | |||||||
Item 6. | ||||||||
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | |||||||
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk | |||||||
Item 8. | Financial Statements and Supplementary Data | |||||||
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | |||||||
Item 9A. | Controls and Procedures | |||||||
Item 9B. | Other Information | |||||||
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | ||||||||
PART III. | ||||||||
Item 10. | Directors, Executive Officers and Corporate Governance | |||||||
Item 11. | Executive Compensation | |||||||
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | |||||||
Item 13. | Certain Relationships, Related Transactions, and Director Independence | |||||||
Item 14. | Principal Accountant Fees and Services | |||||||
PART IV. | ||||||||
Item 15. | Exhibits and Financial Statement Schedules | |||||||
SIGNATURES |
Property (1) | Year Built (2) | Date Acquired/ Developed | Primary University Served | Typical Number of Rental Payments/ Year | Year Ended December 31, 2021 Revenue (3) | Average Monthly Base Rental Revenue/ Bed (4) | # of Units | # of Beds | ||||||||||||||||||||||||||||||||||||||||||
OWNED PROPERTIES | ||||||||||||||||||||||||||||||||||||||||||||||||||
Same Store Owned Properties (5) | ||||||||||||||||||||||||||||||||||||||||||||||||||
The Callaway House College Station | 1999 | Mar-01 | Texas A&M University | 9 | $ | 10,027 | (6) | $ | 1,686 | (6) | 173 | 538 | ||||||||||||||||||||||||||||||||||||||
The Village at Science Drive | 2000 | Nov-01 | The University of Central Florida | 12 | 7,113 | 787 | 192 | 732 | ||||||||||||||||||||||||||||||||||||||||||
University Village at Boulder Creek | 2002 | Aug-02 | The University of Colorado at Boulder | 12 | 4,429 | 1,220 | 82 | 309 | ||||||||||||||||||||||||||||||||||||||||||
University Village | 2004 | Aug-04 | California State University - Fresno | 12 | 2,880 | 586 | 105 | 406 | ||||||||||||||||||||||||||||||||||||||||||
University Village | 2004 | Aug-04 | Temple University | 12 | 6,083 | 694 | 220 | 749 | ||||||||||||||||||||||||||||||||||||||||||
University Club Apartments | 1999 | Feb-05 | University of Florida | 12 | 2,546 | 592 | 94 | 376 | ||||||||||||||||||||||||||||||||||||||||||
City Parc at Fry Street | 2004 | Mar-05 | University of North Texas | 12 | 3,194 | 686 | 137 | 420 | ||||||||||||||||||||||||||||||||||||||||||
Entrada Real | 2000 | Mar-05 | University of Arizona | 12 | 2,167 | 553 | 98 | 363 | ||||||||||||||||||||||||||||||||||||||||||
University Village at Sweethome | 2005 | Aug-05 | State University of New York at Buffalo | 12 | 7,155 | 737 | 269 | 830 | ||||||||||||||||||||||||||||||||||||||||||
University Village | 1991 | Mar-06 | Florida State University | 12 | 3,966 | 499 | 217 | 716 | ||||||||||||||||||||||||||||||||||||||||||
Royal Village | 1996 | Mar-06 | University of Florida | 12 | 3,513 | 719 | 118 | 448 | ||||||||||||||||||||||||||||||||||||||||||
Royal Lexington | 1994 | Mar-06 | The University of Kentucky | 12 | 2,276 | 578 | 94 | 364 | ||||||||||||||||||||||||||||||||||||||||||
Raiders Pass | 2001 | Mar-06 | Texas Tech University | 12 | 4,497 | 433 | 264 | 828 | ||||||||||||||||||||||||||||||||||||||||||
Aggie Station | 2003 | Mar-06 | Texas A&M University | 12 | 3,149 | 568 | 156 | 450 | ||||||||||||||||||||||||||||||||||||||||||
The Outpost | 2005 | Mar-06 | University of Texas – San Antonio | 12 | 5,190 | 597 | 276 | 828 | ||||||||||||||||||||||||||||||||||||||||||
Callaway Villas | 2006 | Aug-06 | Texas A&M University | 12 | 4,852 | 590 | 236 | 704 | ||||||||||||||||||||||||||||||||||||||||||
The Village on Sixth Avenue | 1999 | Jan-07 | Marshall University | 12 | 3,735 | 457 | 248 | 752 | ||||||||||||||||||||||||||||||||||||||||||
Newtown Crossing | 2005 | Feb-07 | University of Kentucky | 12 | 7,091 | 648 | 356 | 942 | ||||||||||||||||||||||||||||||||||||||||||
Olde Towne University Square | 2005 | Feb-07 | University of Toledo | 12 | 3,857 | 613 | 224 | 550 | ||||||||||||||||||||||||||||||||||||||||||
Peninsular Place | 2005 | Feb-07 | Eastern Michigan University | 12 | 3,559 | 594 | 183 | 478 | ||||||||||||||||||||||||||||||||||||||||||
University Centre | 2007 | Aug-07 | Rutgers University, NJIT | 12 | 6,712 | 836 | 234 | 840 | ||||||||||||||||||||||||||||||||||||||||||
The Summit & Jacob Heights | 2004 | Jun-08 | Minnesota State University | 12 | 5,223 | 476 | 258 | 930 | ||||||||||||||||||||||||||||||||||||||||||
GrandMarc Seven Corners | 2000 | Jun-08 | University of Minnesota | 12 | 3,680 | 717 | 186 | 440 | ||||||||||||||||||||||||||||||||||||||||||
Aztec Corner | 2001 | Jun-08 | San Diego State University | 12 | 6,055 | 818 | 180 | 606 |
Property (1) | Year Built (2) | Date Acquired/ Developed | Primary University Served | Typical Number of Rental Payments/ Year | Year Ended December 31, 2019 Revenue (3) | Average Monthly Base Rental Revenue/ Bed (4) | # of Units | # of Beds | ||||||||||||
OWNED PROPERTIES | ||||||||||||||||||||
Same Store Owned Properties: (5) | ||||||||||||||||||||
The Callaway House - College Station | 1999 | Mar-01 | Texas A&M University | 9 | $ | 9,092 | (6) | $ | 1,576 | (6) | 173 | 538 | ||||||||
The Village at Science Drive | 2000 | Nov-01 | The University of Central Florida | 12 | 6,625 | 730 | 192 | 732 | ||||||||||||
University Village at Boulder Creek | 2002 | Aug-02 | The University of Colorado at Boulder | 12 | 4,102 | 1,075 | 82 | 309 | ||||||||||||
University Village - Fresno | 2004 | Aug-04 | California State University - Fresno | 12 | 2,941 | 568 | 105 | 406 | ||||||||||||
University Village - Temple | 2004 | Aug-04 | Temple University | 12 | 6,592 | 718 | 220 | 749 | ||||||||||||
University Club Apartments | 1999 | Feb-05 | University of Florida | 12 | 2,549 | 547 | 94 | 376 | ||||||||||||
City Parc at Fry Street | 2004 | Mar-05 | University of North Texas | 12 | 3,503 | 692 | 136 | 418 | ||||||||||||
Entrada Real | 2000 | Mar-05 | University of Arizona | 12 | 2,390 | 578 | 98 | 363 | ||||||||||||
University Village at Sweethome | 2005 | Aug-05 | State University of New York at Buffalo | 12 | 7,178 | 707 | 269 | 828 | ||||||||||||
University Village - Tallahassee | 1991 | Mar-06 | Florida State University | 12 | 4,482 | 541 | 217 | 716 | ||||||||||||
Royal Village - Gainesville | 1996 | Mar-06 | University of Florida | 12 | 3,693 | 663 | 118 | 448 | ||||||||||||
Royal Lexington | 1994 | Mar-06 | The University of Kentucky | 12 | 2,496 | 567 | 94 | 364 | ||||||||||||
Raiders Pass | 2001 | Mar-06 | Texas Tech University | 12 | 4,041 | 417 | 264 | 828 | ||||||||||||
Aggie Station | 2003 | Mar-06 | Texas A&M University | 12 | 2,927 | 535 | 156 | 450 | ||||||||||||
The Outpost - San Antonio | 2005 | Mar-06 | University of Texas – San Antonio | 12 | 6,250 | 630 | 276 | 828 | ||||||||||||
Callaway Villas | 2006 | Aug-06 | Texas A&M University | 12 | 4,505 | 547 | 236 | 704 | ||||||||||||
The Village on Sixth Avenue | 1999 | Jan-07 | Marshall University | 12 | 3,504 | 459 | 248 | 752 | ||||||||||||
Newtown Crossing | 2005 | Feb-07 | University of Kentucky | 12 | 7,221 | 632 | 356 | 942 | ||||||||||||
Olde Towne University Square | 2005 | Feb-07 | University of Toledo | 12 | 3,837 | 598 | 224 | 550 | ||||||||||||
Peninsular Place | 2005 | Feb-07 | Eastern Michigan University | 12 | 3,341 | 565 | 183 | 478 | ||||||||||||
University Centre | 2007 | Aug-07 | Rutgers University, NJIT | 12 | 7,789 | 865 | 234 | 838 | ||||||||||||
The Summit & Jacob Heights | 2004 | Jun-08 | Minnesota State University | 12 | 5,210 | 455 | 258 | 930 | ||||||||||||
GrandMarc Seven Corners | 2000 | Jun-08 | University of Minnesota | 12 | 4,819 | 657 | 186 | 440 | ||||||||||||
Aztec Corner | 2001 | Jun-08 | San Diego State University | 12 | 5,890 | 775 | 180 | 606 | ||||||||||||
The Tower at Third | 1973 | Jun-08 | University of Illinois | 12 | 3,414 | 732 | 188 | 375 | ||||||||||||
Willowtree Apartments and Tower | 1970 | Jun-08 | University of Michigan | 12 | 6,894 | 659 | 473 | 851 |
Property (1) | Year Built (2) | Date Acquired/ Developed | Primary University Served | Typical Number of Rental Payments/ Year | Year Ended December 31, 2021 Revenue (3) | Average Monthly Base Rental Revenue/ Bed (4) | # of Units | # of Beds | ||||||||||||||||||||||||||||||||||||||||||
The Tower at Third | 1973 | Jun-08 | University of Illinois | 12 | $ | 3,040 | $ | 697 | 188 | 375 | ||||||||||||||||||||||||||||||||||||||||
Willowtree Apartments and Tower | 1970 | Jun-08 | University of Michigan | 12 | 7,773 | 724 | 473 | 851 | ||||||||||||||||||||||||||||||||||||||||||
University Pointe | 2004 | Jun-08 | Texas Tech University | 12 | 4,570 | 536 | 204 | 682 | ||||||||||||||||||||||||||||||||||||||||||
University Trails | 2003 | Jun-08 | Texas Tech University | 12 | 4,688 | 535 | 240 | 684 | ||||||||||||||||||||||||||||||||||||||||||
Campus Trails | 1991 | Jun-08 | Mississippi State University | 12 | 2,199 | 422 | 156 | 480 | ||||||||||||||||||||||||||||||||||||||||||
University Crossings (ACE) | 2003 | Jun-08 | Drexel University | 12 | 9,609 | 735 | 260 | 1,016 | ||||||||||||||||||||||||||||||||||||||||||
Vista del Sol (ACE) | 2008 | Aug-08 | Arizona State University | 12 | 20,446 | 826 | 613 | 1,866 | ||||||||||||||||||||||||||||||||||||||||||
Villas at Chestnut Ridge | 2008 | Aug-08 | State Univ. of New York at Buffalo | 12 | 5,379 | 818 | 196 | 554 | ||||||||||||||||||||||||||||||||||||||||||
Barrett Honors College (ACE) | 2009 | Aug-09 | Arizona State University | 10 | 13,635 | 1,059 | 604 | 1,721 | ||||||||||||||||||||||||||||||||||||||||||
Sanctuary Lofts | 2006 | Jun-10 | Texas State University | 12 | 4,257 | 701 | 201 | 485 | ||||||||||||||||||||||||||||||||||||||||||
The Edge - Charlotte | 1999 | Nov-10 | UNC - Charlotte | 12 | 4,376 | 623 | 180 | 720 | ||||||||||||||||||||||||||||||||||||||||||
University Walk | 2002 | Nov-10 | UNC - Charlotte | 12 | 3,618 | 634 | 120 | 480 | ||||||||||||||||||||||||||||||||||||||||||
Uptown | 2004 | Nov-10 | University of North Texas | 12 | 3,510 | 654 | 180 | 528 | ||||||||||||||||||||||||||||||||||||||||||
2nd Avenue Centre | 2008 | Dec-10 | University of Florida | 12 | 7,936 | 782 | 274 | 868 | ||||||||||||||||||||||||||||||||||||||||||
Villas at Babcock | 2011 | Aug-11 | University of Texas – San Antonio | 12 | 4,555 | 526 | 204 | 792 | ||||||||||||||||||||||||||||||||||||||||||
Lobo Village (ACE) | 2011 | Aug-11 | University of New Mexico | 12 | 5,492 | 536 | 216 | 864 | ||||||||||||||||||||||||||||||||||||||||||
Villas on Sycamore | 2011 | Aug-11 | Sam Houston State University | 12 | 4,523 | 553 | 170 | 682 | ||||||||||||||||||||||||||||||||||||||||||
26 West | 2008 | Dec-11 | University of Texas at Austin | 12 | 13,270 | 1,045 | 367 | 1,026 | ||||||||||||||||||||||||||||||||||||||||||
Avalon Heights | 2002 | May-12 | University of South Florida in Tampa | 12 | 6,532 | 719 | 210 | 754 | ||||||||||||||||||||||||||||||||||||||||||
University Commons | 2003 | Jun-12 | Univ. of Minnesota in Minneapolis | 12 | 4,470 | 662 | 164 | 480 | ||||||||||||||||||||||||||||||||||||||||||
Casas del Rio (ACE) | 2012 | Aug-12 | University of New Mexico | 10 | 4,168 | 547 | 283 | 1,028 | ||||||||||||||||||||||||||||||||||||||||||
The Suites (ACE) | 2013 | Aug-12 | Northern Arizona University | 10 | 5,832 | 773 | 439 | 878 | ||||||||||||||||||||||||||||||||||||||||||
Hilltop Townhomes (ACE) | 2012 | Aug-12 | Northern Arizona University | 12 | 5,718 | 800 | 144 | 576 | ||||||||||||||||||||||||||||||||||||||||||
U Club on Frey | 2013 | Aug-12 | Kennesaw State University | 12 | 7,794 | 759 | 216 | 866 | ||||||||||||||||||||||||||||||||||||||||||
Campus Edge on UTA Boulevard | 2012 | Aug-12 | University of Texas - Arlington | 12 | 3,378 | 609 | 128 | 488 | ||||||||||||||||||||||||||||||||||||||||||
U Club Townhomes on Marion Pugh | 2012 | Aug-12 | Texas A&M University | 12 | 4,637 | 607 | 160 | 640 | ||||||||||||||||||||||||||||||||||||||||||
Villas on Rensch | 2012 | Aug-12 | State Univ. of New York at Buffalo | 12 | 5,577 | 798 | 153 | 610 | ||||||||||||||||||||||||||||||||||||||||||
The Village at Overton Park | 2012 | Aug-12 | Texas Tech University | 12 | 4,212 | 555 | 163 | 612 | ||||||||||||||||||||||||||||||||||||||||||
Casa de Oro (ACE) | 2012 | Aug-12 | Arizona State University | 10 | 2,028 | 806 | 109 | 365 | ||||||||||||||||||||||||||||||||||||||||||
The Villas at Vista del Sol (ACE) | 2012 | Aug-12 | Arizona State University | 12 | 4,386 | 893 | 104 | 400 | ||||||||||||||||||||||||||||||||||||||||||
The Block | 2008 | Aug-12 | The University of Texas at Austin | 12 | 16,928 | 871 | 669 | 1,555 | ||||||||||||||||||||||||||||||||||||||||||
University Pointe at College Station (ACE) | 2012 | Sep-12 | Portland State University | 12 | 5,459 | 712 | 282 | 978 | ||||||||||||||||||||||||||||||||||||||||||
309 Green | 2008 | Sep-12 | University of Illinois | 12 | 4,022 | 782 | 110 | 416 | ||||||||||||||||||||||||||||||||||||||||||
The Retreat | 2012 | Sep-12 | Texas State University | 12 | 6,817 | 701 | 187 | 780 | ||||||||||||||||||||||||||||||||||||||||||
Lofts54 | 2008 | Sep-12 | University of Illinois | 12 | 1,440 | 651 | 43 | 172 | ||||||||||||||||||||||||||||||||||||||||||
Campustown Rentals | 1982 | Sep-12 | University of Illinois | 12 | 3,929 | 440 | 264 | 746 | ||||||||||||||||||||||||||||||||||||||||||
Chauncey Square | 2011 | Sep-12 | Purdue University | 12 | 4,551 | 921 | 158 | 386 | ||||||||||||||||||||||||||||||||||||||||||
Texan & Vintage | 2008 | Sep-12 | The University of Texas at Austin | 12 | 3,343 | 1,014 | 124 | 311 |
Property (1) | Year Built (2) | Date Acquired/ Developed | Primary University Served | Typical Number of Rental Payments/ Year | Year Ended December 31, 2019 Revenue (3) | Average Monthly Base Rental Revenue/ Bed (4) | # of Units | # of Beds | ||||||||||||
University Pointe | 2004 | Jun-08 | Texas Tech University | 12 | $ | 4,152 | $ | 508 | 204 | 682 | ||||||||||
University Trails | 2003 | Jun-08 | Texas Tech University | 12 | 4,213 | 503 | 240 | 684 | ||||||||||||
Campus Trails | 1991 | Jun-08 | Mississippi State University | 12 | 2,336 | 431 | 156 | 480 | ||||||||||||
University Crossings (ACE) | 2003 | Jun-08 | Drexel University | 12 | 12,281 | 897 | 260 | 1,016 | ||||||||||||
Vista del Sol (ACE) | 2008 | Aug-08 | Arizona State University | 12 | 19,651 | 793 | 613 | 1,866 | ||||||||||||
Villas at Chestnut Ridge | 2008 | Aug-08 | State Univ. of New York at Buffalo | 12 | 5,371 | 790 | 196 | 552 | ||||||||||||
Barrett Honors College (ACE) | 2009 | Aug-09 | Arizona State University | 10 | 15,788 | 982 | 604 | 1,721 | ||||||||||||
Sanctuary Lofts | 2006 | Jul-10 | Texas State University | 12 | 4,628 | 731 | 201 | 487 | ||||||||||||
The Edge - Charlotte | 1999 | Nov-10 | UNC - Charlotte | 12 | 5,112 | 605 | 180 | 720 | ||||||||||||
University Walk | 2002 | Nov-10 | UNC - Charlotte | 12 | 3,540 | 607 | 120 | 480 | ||||||||||||
Uptown | �� | 2004 | Nov-10 | University of North Texas | 12 | 4,288 | 681 | 180 | 528 | |||||||||||
2nd Avenue Centre | 2008 | Dec-10 | University of Florida | 12 | 8,122 | 751 | 274 | 868 | ||||||||||||
Villas at Babcock | 2011 | Aug-11 | University of Texas – San Antonio | 12 | 5,462 | 575 | 204 | 792 | ||||||||||||
Lobo Village (ACE) | 2011 | Aug-11 | University of New Mexico | 12 | 6,042 | 567 | 216 | 864 | ||||||||||||
Villas on Sycamore | 2011 | Aug-11 | Sam Houston State University | 12 | 5,001 | 568 | 170 | 680 | ||||||||||||
26 West | 2008 | Dec-11 | University of Texas at Austin | 12 | 14,182 | 1,033 | 367 | 1,026 | ||||||||||||
The Varsity | 2011 | Dec-11 | University of Maryland | 12 | 12,554 | 998 | 258 | 901 | ||||||||||||
Avalon Heights | 2002 | May-12 | University of South Florida in Tampa | 12 | 6,620 | 709 | 210 | 754 | ||||||||||||
University Commons | 2003 | Jun-12 | Univ. of Minnesota in Minneapolis | 12 | 4,500 | 607 | 164 | 480 | ||||||||||||
Casas del Rio (ACE) | 2012 | Aug-12 | University of New Mexico | 10 | 4,608 | 573 | 283 | 1,028 | ||||||||||||
The Suites (ACE) | 2013 | Aug-12 | Northern Arizona University | 10 | 6,376 | 768 | 439 | 878 | ||||||||||||
Hilltop Townhomes (ACE) | 2012 | Aug-12 | Northern Arizona University | 12 | 5,431 | 749 | 144 | 576 | ||||||||||||
U Club on Frey | 2013 | Aug-12 | Kennesaw State University | 12 | 7,600 | 728 | 216 | 864 | ||||||||||||
Campus Edge on UTA Boulevard | 2012 | Aug-12 | University of Texas - Arlington | 12 | 3,602 | 623 | 128 | 488 | ||||||||||||
U Club Townhomes on Marion Pugh | 2012 | Aug-12 | Texas A&M University | 12 | 4,218 | 562 | 160 | 640 | ||||||||||||
Villas on Rensch | 2012 | Aug-12 | State Univ. of New York at Buffalo | 12 | 5,933 | 797 | 153 | 610 | ||||||||||||
The Village at Overton Park | 2012 | Aug-12 | Texas Tech University | 12 | 3,891 | 524 | 163 | 612 | ||||||||||||
Casa de Oro (ACE) | 2012 | Aug-12 | Arizona State University | 10 | 2,432 | 745 | 109 | 365 | ||||||||||||
The Villas at Vista del Sol (ACE) | 2012 | Aug-12 | Arizona State University | 12 | 4,180 | 857 | 104 | 400 | ||||||||||||
The Block | 2008 | Aug-12 | The University of Texas at Austin | 12 | 19,176 | 975 | 669 | 1,555 | ||||||||||||
University Pointe at College Station (ACE) | 2012 | Sep-12 | Portland State University | 12 | 8,484 | 733 | 282 | 978 | ||||||||||||
309 Green | 2008 | Sep-12 | University of Illinois | 12 | 4,001 | 777 | 110 | 416 | ||||||||||||
The Retreat | 2012 | Sep-12 | Texas State University | 12 | 6,608 | 669 | 187 | 780 | ||||||||||||
Lofts54 | 2008 | Sep-12 | University of Illinois | 12 | 1,519 | 658 | 43 | 172 | ||||||||||||
Campustown Rentals | 1982 | Sep-12 | University of Illinois | 12 | 3,566 | 442 | 264 | 746 | ||||||||||||
Chauncey Square | 2011 | Sep-12 | Purdue University | 12 | 4,631 | 935 | 158 | 386 | ||||||||||||
Texan & Vintage | 2008 | Sep-12 | The University of Texas at Austin | 12 | 3,993 | 981 | 124 | 311 | ||||||||||||
The Castilian | 1967 | Sep-12 | The University of Texas at Austin | 10 | 8,895 | (6) | 1,571 | (6) | 371 | 623 | ||||||||||
Bishops Square | 2002 | Sep-12 | Texas State University | 12 | 2,642 | 657 | 134 | 315 | ||||||||||||
Union | 2006 | Sep-12 | Baylor University | 12 | 753 | 594 | 54 | 120 |
Property (1) | Year Built (2) | Date Acquired/ Developed | Primary University Served | Typical Number of Rental Payments/ Year | Year Ended December 31, 2021 Revenue (3) | Average Monthly Base Rental Revenue/ Bed (4) | # of Units | # of Beds | ||||||||||||||||||||||||||||||||||||||||||
The Castilian | 1967 | Sep-12 | The University of Texas at Austin | 10 | $ | 8,198 | (6) | $ | 1,320 | (6) | 371 | 623 | ||||||||||||||||||||||||||||||||||||||
Bishops Square | 2002 | Sep-12 | Texas State University | 12 | 2,533 | 643 | 134 | 315 | ||||||||||||||||||||||||||||||||||||||||||
Union | 2006 | Sep-12 | Baylor University | 12 | 769 | 585 | 54 | 120 | ||||||||||||||||||||||||||||||||||||||||||
922 Place | 2009 | Sep-12 | Arizona State University | 12 | 5,153 | 840 | 132 | 468 | ||||||||||||||||||||||||||||||||||||||||||
Campustown | 1997 | Sep-12 | Iowa State University | 12 | 7,679 | 548 | 452 | 1,216 | ||||||||||||||||||||||||||||||||||||||||||
River Mill | 1972 | Sep-12 | University of Georgia | 12 | 3,582 | 655 | 243 | 461 | ||||||||||||||||||||||||||||||||||||||||||
The Province | 2011 | Nov-12 | UNC - Greensboro | 12 | 5,648 | 680 | 219 | 696 | ||||||||||||||||||||||||||||||||||||||||||
RAMZ Apartments on Broad | 2004 | Nov-12 | Virginia Commonwealth University | 12 | 1,940 | 785 | 88 | 172 | ||||||||||||||||||||||||||||||||||||||||||
The Lofts at Capital Garage | 2000 | Nov-12 | Virginia Commonwealth University | 12 | 731 | 518 | 36 | 144 | ||||||||||||||||||||||||||||||||||||||||||
25Twenty | 2011 | Nov-12 | Texas Tech University | 12 | 4,469 | 652 | 249 | 562 | ||||||||||||||||||||||||||||||||||||||||||
The Province | 2009 | Nov-12 | University of Louisville | 12 | 6,383 | 650 | 366 | 858 | ||||||||||||||||||||||||||||||||||||||||||
The Province | 2010 | Nov-12 | Rochester Institute of Technology | 12 | 8,213 | 833 | 336 | 816 | ||||||||||||||||||||||||||||||||||||||||||
5 Twenty Four and 5 Twenty Five Angliana | 2010 | Nov-12 | University of Kentucky | 12 | 7,309 | 568 | 376 | 1,060 | ||||||||||||||||||||||||||||||||||||||||||
The Province | 2009 | Nov-12 | University of South Florida | 12 | 8,544 | 726 | 287 | 947 | ||||||||||||||||||||||||||||||||||||||||||
U Pointe Kennesaw | 2012 | Nov-12 | Kennesaw State University | 12 | 6,590 | 714 | 216 | 797 | ||||||||||||||||||||||||||||||||||||||||||
The Cottages of Durham | 2012 | Nov-12 | University of New Hampshire | 12 | 6,892 | 897 | 141 | 619 | ||||||||||||||||||||||||||||||||||||||||||
University Edge | 2012 | Dec-12 | Kent State University | 12 | 5,273 | 710 | 201 | 608 | ||||||||||||||||||||||||||||||||||||||||||
The Lodges of East Lansing | 2012 | Jul-13 | Michigan State University | 12 | 9,339 | 781 | 364 | 1,049 | ||||||||||||||||||||||||||||||||||||||||||
7th Street Station | 2012 | Jul-13 | Oregon State University | 12 | 2,491 | 749 | 82 | 309 | ||||||||||||||||||||||||||||||||||||||||||
The Callaway House - Austin | 2013 | Aug-13 | The University of Texas at Austin | 10 | 15,549 | (6) | 2,406 | (6) | 219 | 753 | ||||||||||||||||||||||||||||||||||||||||
Manzanita Hall (ACE) | 2013 | Aug-13 | Arizona State University | 10 | 5,599 | 1,024 | 241 | 816 | ||||||||||||||||||||||||||||||||||||||||||
University View (ACE) | 2013 | Aug-13 | Prairie View A&M University | 10 | 2,792 | 809 | 96 | 336 | ||||||||||||||||||||||||||||||||||||||||||
U Club Townhomes at Overton Park | 2013 | Aug-13 | Texas Tech University | 12 | 3,243 | 589 | 112 | 448 | ||||||||||||||||||||||||||||||||||||||||||
601 Copeland | 2013 | Aug-13 | Florida State University | 12 | 2,786 | 797 | 81 | 283 | ||||||||||||||||||||||||||||||||||||||||||
The Townhomes at Newtown Crossing | 2013 | Aug-13 | University of Kentucky | 12 | 4,767 | 646 | 152 | 608 | ||||||||||||||||||||||||||||||||||||||||||
Chestnut Square (ACE) | 2013 | Sep-13 | Drexel University | 12 | 9,787 | 895 | 220 | 861 | ||||||||||||||||||||||||||||||||||||||||||
Park Point | 2008 | Oct-13 | Rochester Institute of Technology | 12 | 9,322 | 803 | 300 | 924 | ||||||||||||||||||||||||||||||||||||||||||
U Centre at Fry Street | 2012 | Nov-13 | University of North Texas | 12 | 5,288 | 754 | 194 | 614 | ||||||||||||||||||||||||||||||||||||||||||
Cardinal Towne | 2010 | Nov-13 | University of Louisville | 12 | 5,120 | 664 | 255 | 545 | ||||||||||||||||||||||||||||||||||||||||||
Merwick Stanworth (ACE) | 2014 | Jul-14 | Princeton University | 12 | 7,969 | 1,164 | 325 | 595 | ||||||||||||||||||||||||||||||||||||||||||
Plaza on University | 2014 | Aug-14 | University of Central Florida | 12 | 14,667 | 823 | 364 | 1,313 | ||||||||||||||||||||||||||||||||||||||||||
U Centre at Northgate (ACE) | 2014 | Aug-14 | Texas A&M University | 12 | 6,698 | 688 | 196 | 784 | ||||||||||||||||||||||||||||||||||||||||||
University Walk | 2014 | Aug-14 | University of Tennessee | 12 | 4,835 | 726 | 177 | 526 | ||||||||||||||||||||||||||||||||||||||||||
U Club on Woodward | 2014 | Aug-14 | Florida State University | 12 | 8,295 | 717 | 236 | 944 | ||||||||||||||||||||||||||||||||||||||||||
Park Point | 2010 | Feb-15 | Syracuse University | 12 | 3,429 | 1,262 | 66 | 226 | ||||||||||||||||||||||||||||||||||||||||||
1200 West Marshall | 2013 | Mar-15 | Virginia Commonwealth University | 12 | 3,803 | 844 | 136 | 406 | ||||||||||||||||||||||||||||||||||||||||||
8 1/2 Canal Street | 2011 | Mar-15 | Virginia Commonwealth University | 12 | 4,760 | 781 | 160 | 540 | ||||||||||||||||||||||||||||||||||||||||||
Vistas San Marcos | 2013 | Mar-15 | Texas State University | 12 | 5,618 | 746 | 255 | 600 |
Property (1) | Year Built (2) | Date Acquired/ Developed | Primary University Served | Typical Number of Rental Payments/ Year | Year Ended December 31, 2019 Revenue (3) | Average Monthly Base Rental Revenue/ Bed (4) | # of Units | # of Beds | ||||||||||||
922 Place | 2009 | Sep-12 | Arizona State University | 12 | $ | 4,969 | $ | 805 | 132 | 468 | ||||||||||
Campustown | 1997 | Sep-12 | Iowa State University | 12 | 9,021 | 569 | 452 | 1,217 | ||||||||||||
River Mill | 1972 | Sep-12 | University of Georgia | 12 | 3,514 | 630 | 243 | 461 | ||||||||||||
The Province - Greensboro | 2011 | Nov-12 | UNC - Greensboro | 12 | 5,313 | 638 | 219 | 696 | ||||||||||||
RAMZ Apartments on Broad | 2004 | Nov-12 | Virginia Commonwealth University | 12 | 2,138 | 784 | 88 | 172 | ||||||||||||
The Lofts at Capital Garage | 2000 | Nov-12 | Virginia Commonwealth University | 12 | 920 | 515 | 36 | 144 | ||||||||||||
25Twenty | 2011 | Nov-12 | Texas Tech University | 12 | 4,065 | 634 | 249 | 562 | ||||||||||||
The Province - Louisville | 2009 | Nov-12 | University of Louisville | 12 | 6,685 | 632 | 366 | 858 | ||||||||||||
The Province - Rochester | 2010 | Nov-12 | Rochester Institute of Technology | 12 | 7,863 | 795 | 336 | 816 | ||||||||||||
5 Twenty Four and 5 Twenty Five Angliana | 2010 | Nov-12 | University of Kentucky | 12 | 7,245 | 565 | 376 | 1,060 | ||||||||||||
The Province - Tampa | 2009 | Nov-12 | University of South Florida | 12 | 8,276 | 695 | 287 | 947 | ||||||||||||
U Pointe Kennesaw | 2012 | Nov-12 | Kennesaw State University | 12 | 6,556 | 700 | 216 | 795 | ||||||||||||
The Cottages of Durham | 2012 | Nov-12 | University of New Hampshire | 12 | 6,434 | 876 | 141 | 619 | ||||||||||||
University Edge | 2012 | Dec-12 | Kent State University | 12 | 5,181 | 723 | 201 | 608 | ||||||||||||
The Lodges of East Lansing | 2012 | Jul-13 | Michigan State University | 12 | 9,491 | 775 | 364 | 1,049 | ||||||||||||
7th Street Station | 2012 | Jul-13 | Oregon State University | 12 | 2,960 | 757 | 82 | 309 | ||||||||||||
The Callaway House - Austin | 2013 | Aug-13 | The University of Texas at Austin | 10 | 16,829 | (6) | 2,250 | (6) | 219 | 753 | ||||||||||
Manzanita Hall (ACE) | 2013 | Aug-13 | Arizona State University | 10 | 6,712 | 905 | 241 | 816 | ||||||||||||
University View (ACE) | 2013 | Aug-13 | Prairie View A&M University | 10 | 2,418 | 742 | 96 | 336 | ||||||||||||
U Club Townhomes at Overton Park | 2013 | Aug-13 | Texas Tech University | 12 | 2,975 | 546 | 112 | 448 | ||||||||||||
601 Copeland | 2013 | Aug-13 | Florida State University | 12 | 2,827 | 801 | 81 | 283 | ||||||||||||
The Townhomes at Newtown Crossing | 2013 | Aug-13 | University of Kentucky | 12 | 4,534 | 628 | 152 | 608 | ||||||||||||
Chestnut Square (ACE) | 2013 | Sep-13 | Drexel University | 12 | 11,626 | 1,055 | 220 | 861 | ||||||||||||
Park Point - Rochester | 2008 | Oct-13 | Rochester Institute of Technology | 12 | 9,706 | 777 | 300 | 924 | ||||||||||||
U Centre at Fry Street | 2012 | Nov-13 | University of North Texas | 12 | 6,133 | 771 | 194 | 614 | ||||||||||||
Cardinal Towne | 2010 | Nov-13 | University of Louisville | 12 | 5,005 | 638 | 255 | 545 | ||||||||||||
Merwick Stanworth (ACE) | 2014 | Jul-14 | Princeton University | 12 | 7,794 | 1,166 | 325 | 595 | ||||||||||||
Plaza on University | 2014 | Aug-14 | University of Central Florida | 12 | 15,259 | 798 | 364 | 1,313 | ||||||||||||
U Centre at Northgate (ACE) | 2014 | Aug-14 | Texas A&M University | 12 | 6,072 | 630 | 196 | 784 | ||||||||||||
University Walk | 2014 | Aug-14 | University of Tennessee | 12 | 4,344 | 685 | 177 | 526 | ||||||||||||
U Club on Woodward | 2014 | Aug-14 | Florida State University | 12 | 8,382 | 734 | 236 | 944 | ||||||||||||
Park Point - Syracuse | 2010 | Feb-15 | Syracuse University | 12 | 3,316 | 1,239 | 66 | 226 | ||||||||||||
1200 West Marshall | 2013 | Mar-15 | Virginia Commonwealth University | 12 | 4,278 | 848 | 136 | 406 | ||||||||||||
8 1/2 Canal Street | 2011 | Mar-15 | Virginia Commonwealth University | 12 | 5,093 | 762 | 160 | 540 | ||||||||||||
Vistas San Marcos | 2013 | Mar-15 | Texas State University | 12 | 5,989 | 766 | 255 | 600 | ||||||||||||
Crest at Pearl | 2014 | Jun-15 | University of Texas at Austin | 12 | 4,829 | 1,057 | 141 | 343 | ||||||||||||
U Club Binghamton | 2005 | Jun-15 | SUNY Binghamton University | 12 | 12,394 | 803 | 326 | 1,272 | ||||||||||||
Stadium Centre | 2014 | Jul-15 | Florida State University | 12 | 9,669 | 814 | 447 | 970 | ||||||||||||
160 Ross | 2015 | Aug-15 | Auburn University | 12 | 5,777 | 751 | 182 | 642 | ||||||||||||
The Summit at University City (ACE) | 2015 | Sep-15 | Drexel University | 12 | 17,262 | 1,023 | 351 | 1,315 |
Property (1) | Year Built (2) | Date Acquired/ Developed | Primary University Served | Typical Number of Rental Payments/ Year | Year Ended December 31, 2021 Revenue (3) | Average Monthly Base Rental Revenue/ Bed (4) | # of Units | # of Beds | ||||||||||||||||||||||||||||||||||||||||||
Crest at Pearl | 2014 | Jun-15 | University of Texas at Austin | 12 | $ | 4,376 | $ | 1,068 | 141 | 343 | ||||||||||||||||||||||||||||||||||||||||
U Club Binghamton | 2005 | Jun-15 | SUNY Binghamton University | 12 | 12,658 | 876 | 326 | 1,272 | ||||||||||||||||||||||||||||||||||||||||||
160 Ross | 2015 | Aug-15 | Auburn University | 12 | 5,310 | 685 | 182 | 642 | ||||||||||||||||||||||||||||||||||||||||||
The Summit at University City (ACE) | 2015 | Sep-15 | Drexel University | 12 | 14,513 | 861 | 351 | 1,315 | ||||||||||||||||||||||||||||||||||||||||||
2125 Franklin | 2015 | Sep-15 | University of Oregon | 12 | 7,219 | 785 | 192 | 734 | ||||||||||||||||||||||||||||||||||||||||||
University Crossings | 2014 | Aug-16 | University of North Carolina - Charlotte | 12 | 4,674 | 724 | 187 | 546 | ||||||||||||||||||||||||||||||||||||||||||
U Club on 28th | 2016 | Aug-16 | University of Colorado | 12 | 6,630 | 1,340 | 100 | 398 | ||||||||||||||||||||||||||||||||||||||||||
Currie Hall (ACE) | 2016 | Aug-16 | University of Southern California | 12 | 7,456 | 1,376 | 178 | 456 | ||||||||||||||||||||||||||||||||||||||||||
University Pointe (ACE) | 2016 | Aug-16 | University of Louisville | 12 | 4,019 | 625 | 134 | 531 | ||||||||||||||||||||||||||||||||||||||||||
Fairview House (ACE) | 2016 | Aug-16 | Butler University | 10 | 4,741 | 940 | 107 | 633 | ||||||||||||||||||||||||||||||||||||||||||
U Club Sunnyside | 2016 | Aug-16 | West Virginia University | 12 | 3,793 | 663 | 134 | 534 | ||||||||||||||||||||||||||||||||||||||||||
Stadium Centre | 2016 | Aug-16 | Florida State University | 12 | 18,658 | 814 | 636 | 1,723 | ||||||||||||||||||||||||||||||||||||||||||
U Point | 2016 | Oct-16 | Syracuse University | 12 | 1,942 | 932 | 54 | 163 | ||||||||||||||||||||||||||||||||||||||||||
The Arlie | 2016 | Apr-17 | University of Texas Arlington | 12 | 4,309 | 648 | 169 | 598 | ||||||||||||||||||||||||||||||||||||||||||
TWELVE at U District | 2014 | Jun-17 | University of Washington | 12 | 6,316 | 1,550 | 283 | 384 | ||||||||||||||||||||||||||||||||||||||||||
The 515 | 2015 | Aug-17 | University of Oregon | 12 | 5,838 | 898 | 183 | 513 | ||||||||||||||||||||||||||||||||||||||||||
State | 2013 | Aug-17 | Colorado State University | 12 | 5,321 | 690 | 220 | 665 | ||||||||||||||||||||||||||||||||||||||||||
Tooker House (ACE) | 2017 | Aug-17 | Arizona State University | 10 | 11,762 | 999 | 429 | 1,594 | ||||||||||||||||||||||||||||||||||||||||||
SkyView (ACE) | 2017 | Aug-17 | Northern Arizona University | 12 | 6,308 | 798 | 163 | 626 | ||||||||||||||||||||||||||||||||||||||||||
University Square (ACE) | 2017 | Aug-17 | Prairie View A&M University | 10 | 3,546 | 840 | 143 | 466 | ||||||||||||||||||||||||||||||||||||||||||
U Centre on Turner | 2017 | Aug-17 | University of Missouri | 12 | 7,453 | 804 | 182 | 718 | ||||||||||||||||||||||||||||||||||||||||||
U Pointe on Speight | 2017 | Aug-17 | Baylor University | 12 | 5,026 | 589 | 180 | 700 | ||||||||||||||||||||||||||||||||||||||||||
21Hundred at Overton Park | 2017 | Aug-17 | Texas Tech University | 12 | 8,251 | 559 | 296 | 1,204 | ||||||||||||||||||||||||||||||||||||||||||
The Suites at Third | 2017 | Aug-17 | University of Illinois | 12 | 2,363 | 775 | 63 | 251 | ||||||||||||||||||||||||||||||||||||||||||
Callaway House Apartments | 2017 | Aug-17 | University of Oklahoma | 12 | 8,575 | 724 | 386 | 915 | ||||||||||||||||||||||||||||||||||||||||||
U Centre on College | 2017 | Aug-17 | Clemson University | 12 | 4,878 | 894 | 127 | 418 | ||||||||||||||||||||||||||||||||||||||||||
The James | 2017 | Sep-17 | University of Wisconsin - Madison | 12 | 11,786 | 990 | 366 | 850 | ||||||||||||||||||||||||||||||||||||||||||
Bridges @ 11th | 2015 | Oct-17 | University of Washington | 12 | 3,962 | 1,488 | 184 | 258 | ||||||||||||||||||||||||||||||||||||||||||
Hub U District Seattle | 2017 | Nov-17 | University of Washington | 12 | 4,113 | 1,430 | 111 | 248 | ||||||||||||||||||||||||||||||||||||||||||
David Blackwell Hall (ACE) | 2018 | Aug-18 | University of California, Berkeley | 10 | 8,017 | 1,568 | 412 | 780 | ||||||||||||||||||||||||||||||||||||||||||
Gladding Residence Center (ACE) | 2018 | Aug-18 | Virginia Commonwealth University | 10 | 10,085 | 840 | 592 | 1,524 | ||||||||||||||||||||||||||||||||||||||||||
Irvington House (ACE) | 2018 | Aug-18 | Butler University | 10 | 4,798 | 826 | 197 | 648 | ||||||||||||||||||||||||||||||||||||||||||
Greek Leadership Village (ACE) | 2018 | Aug-18 | Arizona State University | 10 | 8,271 | 949 | 498 | 957 | ||||||||||||||||||||||||||||||||||||||||||
NAU Honors College (ACE) | 2018 | Aug-18 | Northern Arizona University | 10 | 4,502 | 778 | 318 | 636 | ||||||||||||||||||||||||||||||||||||||||||
U Club Townhomes at Oxford | 2018 | Aug-18 | University of Mississippi | 12 | 2,791 | 447 | 132 | 528 | ||||||||||||||||||||||||||||||||||||||||||
Hub Ann Arbor | 2018 | Aug-18 | University of Michigan | 12 | 5,216 | 1,389 | 124 | 310 | ||||||||||||||||||||||||||||||||||||||||||
The Jack | 2018 | Aug-18 | Northern Arizona University | 12 | 5,982 | 871 | 198 | 591 | ||||||||||||||||||||||||||||||||||||||||||
Campus Edge on Pierce | 2018 | Aug-18 | Purdue University | 12 | 6,252 | 856 | 289 | 598 |
Property (1) | Year Built (2) | Date Acquired/ Developed | Primary University Served | Typical Number of Rental Payments/ Year | Year Ended December 31, 2019 Revenue (3) | Average Monthly Base Rental Revenue/ Bed (4) | # of Units | # of Beds | ||||||||||||
2125 Franklin | 2015 | Sep-15 | University of Oregon | 12 | $ | 6,843 | $ | 738 | 192 | 734 | ||||||||||
University Crossings - Charlotte | 2014 | Aug-16 | University of North Carolina - Charlotte | 12 | 4,662 | 683 | 187 | 546 | ||||||||||||
U Club on 28th | 2016 | Aug-16 | University of Colorado | 12 | 5,694 | 1,144 | 100 | 398 | ||||||||||||
Currie Hall (ACE) | 2016 | Aug-16 | University of Southern California | 12 | 6,618 | 1,186 | 178 | 456 | ||||||||||||
University Pointe (ACE) | 2016 | Aug-16 | University of Louisville | 12 | 3,929 | 610 | 134 | 531 | ||||||||||||
Fairview House (ACE) | 2016 | Aug-16 | Butler University | 10 | 5,023 | 878 | 107 | 633 | ||||||||||||
U Club Sunnyside | 2016 | Aug-16 | West Virginia University | 12 | 4,425 | 640 | 134 | 534 | ||||||||||||
U Point | 2016 | Oct-16 | Syracuse University | 12 | 1,643 | 863 | 54 | 163 | ||||||||||||
The Arlie | 2016 | Apr-17 | University of Texas Arlington | 12 | 4,731 | 661 | 169 | 598 | ||||||||||||
TWELVE at U District | 2014 | Jun-17 | University of Washington | 12 | 8,770 | 1,412 | 283 | 384 | ||||||||||||
The 515 | 2015 | Aug-17 | University of Oregon | 12 | 5,063 | 866 | 183 | 513 | ||||||||||||
State | 2013 | Aug-17 | Colorado State University | 12 | 5,976 | 690 | 220 | 665 | ||||||||||||
The James | 2017 | Sep-17 | University of Wisconsin - Madison | 12 | 10,695 | 917 | 366 | 850 | ||||||||||||
Bridges @ 11th | 2015 | Oct-17 | University of Washington | 12 | 5,062 | 1,803 | 184 | 258 | ||||||||||||
Hub U District Seattle | 2017 | Nov-17 | University of Washington | 12 | 4,575 | 1,316 | 111 | 248 | ||||||||||||
Tooker House (ACE) | 2017 | Aug-17 | Arizona State University | 10 | 13,467 | 924 | 429 | 1,594 | ||||||||||||
SkyView (ACE) | 2017 | Aug-17 | Northern Arizona University | 12 | 5,993 | 751 | 163 | 626 | ||||||||||||
University Square (ACE) | 2017 | Aug-17 | Prairie View A&M University | 10 | 3,428 | 774 | 143 | 466 | ||||||||||||
U Centre on Turner | 2017 | Aug-17 | University of Missouri | 12 | 7,462 | 797 | 182 | 718 | ||||||||||||
U Pointe on Speight | 2017 | Aug-17 | Baylor University | 12 | 4,442 | 526 | 180 | 700 | ||||||||||||
21Hundred at Overton Park | 2017 | Aug-17 | Texas Tech University | 12 | 7,060 | 509 | 296 | 1,204 | ||||||||||||
The Suites at Third | 2017 | Aug-17 | University of Illinois | 12 | 2,420 | 759 | 63 | 251 | ||||||||||||
Callaway House Apartments | 2017 | Aug-17 | University of Oklahoma | 12 | 7,812 | 667 | 386 | 915 | ||||||||||||
U Centre on College | 2017 | Aug-17 | Clemson University | 12 | 4,166 | 775 | 127 | 418 | ||||||||||||
Subtotal - Same Store Owned Properties | $ | 791,480 | $ | 757 | 27,963 | 86,111 | ||||||||||||||
New Owned Properties: | ||||||||||||||||||||
2018 and 2019 Completed Development Projects: | ||||||||||||||||||||
David Blackwell Hall (ACE) | 2018 | Aug-18 | University of California, Berkeley | 10 | $ | 10,807 | $ | 1,484 | 412 | 780 | ||||||||||
Gladding Residence Center (ACE) | 2018 | Aug-18 | Virginia Commonwealth University | 10 | 11,247 | 778 | 592 | 1,524 | ||||||||||||
Irvington House (ACE) | 2018 | Aug-18 | Butler University | 10 | 4,615 | 775 | 197 | 648 | ||||||||||||
The Edge - Stadium Centre | 2018 | Aug-18 | Florida State University | 12 | 3,942 | 757 | 111 | 413 | ||||||||||||
Greek Leadership Village (ACE) | 2018 | Aug-18 | Arizona State University | 10 | 7,820 | 892 | 498 | 957 | ||||||||||||
NAU Honors College (ACE) | 2018 | Aug-18 | Northern Arizona University | 10 | 4,390 | 722 | 318 | 636 | ||||||||||||
U Club Townhomes at Oxford | 2018 | Aug-18 | University of Mississippi | 12 | 2,708 | 446 | 132 | 528 | ||||||||||||
Hub Ann Arbor | 2018 | Aug-18 | University of Michigan | 12 | 4,994 | 1,319 | 124 | 310 | ||||||||||||
Hub Flagstaff | 2018 | Aug-18 | Northern Arizona University | 12 | 5,790 | 832 | 198 | 591 | ||||||||||||
Campus Edge on Pierce | 2018 | Aug-18 | Purdue University | 12 | 6,283 | 959 | 289 | 598 | ||||||||||||
191 College | 2019 | Jul-19 | Auburn University | 12 | 2,035 | 840 | 127 | 495 | ||||||||||||
LightView (ACE) | 2019 | Aug-19 | Northeastern University | 12 | 5,220 | 1,446 | 214 | 825 |
Property (1) | Year Built (2) | Date Acquired/ Developed | Primary University Served | Typical Number of Rental Payments/ Year | Year Ended December 31, 2021 Revenue (3) | Average Monthly Base Rental Revenue/ Bed (4) | # of Units | # of Beds | ||||||||||||||||||||||||||||||||||||||||||
191 College | 2019 | Jul-19 | Auburn University | 12 | $ | 5,194 | $ | 861 | 127 | 495 | ||||||||||||||||||||||||||||||||||||||||
LightView (ACE) | 2019 | Aug-19 | Northeastern University | 12 | 15,429 | 1,559 | 214 | 825 | ||||||||||||||||||||||||||||||||||||||||||
University of Arizona Honors College (ACE) | 2019 | Aug-19 | University of Arizona | 10 | 9,712 | 1,012 | 319 | 1,056 | ||||||||||||||||||||||||||||||||||||||||||
959 Franklin | 2019 | Sep-19 | University of Oregon | 12 | 5,779 | 1,015 | 230 | 443 | ||||||||||||||||||||||||||||||||||||||||||
Subtotal - Same Store Owned Properties | $ | 854,933 | $ | 786 | 31,545 | 95,365 | ||||||||||||||||||||||||||||||||||||||||||||
New Owned Properties | ||||||||||||||||||||||||||||||||||||||||||||||||||
2020 and 2021 Completed Development Projects | ||||||||||||||||||||||||||||||||||||||||||||||||||
Currie Hall Phase II (ACE) | 2020 | Jul-20 | University of Southern California | 12 | $ | 3,834 | $ | 1,268 | 95 | 272 | ||||||||||||||||||||||||||||||||||||||||
Manzanita Square (ACE) | 2020 | Aug-20 | San Francisco State University | 12 | 7,654 | 1,526 | 169 | 597 | ||||||||||||||||||||||||||||||||||||||||||
Disney College Program Phases I-V (ACE) | 2020-21 | Multiple | Walt Disney World® Resort | Various | 20,664 | 787 | 1,323 | 5,284 | ||||||||||||||||||||||||||||||||||||||||||
Projects Under Development | ||||||||||||||||||||||||||||||||||||||||||||||||||
Disney College Program Phases VI-X (ACE) (7) | 2022-23 | Multiple | Walt Disney World® Resort | Various | — | — | 1,291 | 5,156 | ||||||||||||||||||||||||||||||||||||||||||
Subtotal – New Owned Properties | $ | 32,152 | $ | 919 | 2,878 | 11,309 | ||||||||||||||||||||||||||||||||||||||||||||
TOTAL – OWNED PROPERTIES | $ | 887,085 | (8) | $ | 790 | 34,423 | 106,674 | |||||||||||||||||||||||||||||||||||||||||||
ON-CAMPUS PARTICIPATING PROPERTIES | ||||||||||||||||||||||||||||||||||||||||||||||||||
University Village & University Village Northwest at Prairie View | 1998 | Aug-98 | Prairie View A&M University | 9 | $ | 11,916 | $ | 693 | 648 | 2,064 | ||||||||||||||||||||||||||||||||||||||||
University Village at Laredo | 1997 | Aug-97 | Texas A&M International University | 9 | 1,793 | 732 | 84 | 250 | ||||||||||||||||||||||||||||||||||||||||||
University College at Prairie View | 2001 | Aug-00 | Prairie View A&M University | 9 | 8,159 | 665 | 756 | 1,470 | ||||||||||||||||||||||||||||||||||||||||||
Cullen Oaks | 2003 | Aug-01 | The University of Houston | 9 | 4,936 | 916 | 411 | 879 | ||||||||||||||||||||||||||||||||||||||||||
College Park | 2014 | Aug-14 | West Virginia University | 12 | 4,403 | 717 | 224 | 567 | ||||||||||||||||||||||||||||||||||||||||||
TOTAL - ON-CAMPUS PARTICIPATING PROPERTIES | $ | 31,207 | $ | 719 | 2,123 | 5,230 | ||||||||||||||||||||||||||||||||||||||||||||
GRAND TOTAL- ALL PROPERTIES | $ | 918,292 | $ | 787 | 36,546 | 111,904 |
Property (1) | Year Built (2) | Date Acquired/ Developed | Primary University Served | Typical Number of Rental Payments/ Year | Year Ended December 31, 2019 Revenue (3) | Average Monthly Base Rental Revenue/ Bed (4) | # of Units | # of Beds | ||||||||||||
University of Arizona Honors College (ACE) | 2019 | Aug-19 | University of Arizona | 10 | $ | 4,709 | $ | 979 | 319 | 1,056 | ||||||||||
The Flex - Stadium Centre | 2019 | Aug-19 | Florida State University | 12 | 1,298 | 773 | 78 | 340 | ||||||||||||
959 Franklin | 2019 | Sep-19 | University of Oregon | 12 | 1,556 | 955 | 230 | 443 | ||||||||||||
Projects Under Development | ||||||||||||||||||||
Disney College Program Phases I-X (ACE) (7) | 2020-23 | Multiple | Walt Disney World® Resort | Various | — | n/a | 2,614 | 10,440 | ||||||||||||
Currie Hall Phase II (ACE) | 2020 | Aug-20 | University of Southern California | 12 | — | n/a | 95 | 272 | ||||||||||||
Holloway Residences (ACE) | 2020 | Aug-20 | San Francisco State University | 12 | — | n/a | 169 | 584 | ||||||||||||
Subtotal – New Owned Properties | $ | 77,414 | $ | 907 | 6,717 | 21,440 | ||||||||||||||
TOTAL – OWNED PROPERTIES | $ | 868,894 | (8) | $ | 768 | 34,680 | 107,551 | |||||||||||||
ON-CAMPUS PARTICIPATING PROPERTIES | ||||||||||||||||||||
University Village & University Village Northwest at Prairie View (9) | 1998 | Aug-98 | Prairie View A&M University | 9 | $ | 13,260 | $ | 650 | 648 | 2,064 | ||||||||||
University Village at Laredo | 1997 | Aug-97 | Texas A&M International University | 9 | 1,665 | 719 | 84 | 250 | ||||||||||||
University College at Prairie View | 2001 | Aug-00 | Prairie View A&M University | 9 | 9,159 | 645 | 756 | 1,470 | ||||||||||||
Cullen Oaks | 2003 | Aug-01 | The University of Houston | 9 | 7,876 | 951 | 411 | 879 | ||||||||||||
College Park | 2014 | Aug-14 | West Virginia University | 12 | 4,386 | 669 | 224 | 567 | ||||||||||||
TOTAL - ON-CAMPUS PARTICIPATING PROPERTIES | $ | 36,346 | $ | 705 | 2,123 | 5,230 | ||||||||||||||
GRAND TOTAL- ALL PROPERTIES | $ | 905,240 | $ | 766 | 36,803 | 112,781 |
2021 Weighted Average Occupancy (1) | Occupancy as of December 31, 2021 | |||||||||||||
OWNED PROPERTIES | ||||||||||||||
Same store properties (2) | 89.2% | 95.9% | ||||||||||||
New properties | 53.6% (3) | 84.5% | ||||||||||||
TOTAL – OWNED PROPERTIES | 87.4% | 95.2% | ||||||||||||
ON-CAMPUS PARTICIPATING PROPERTIES | 66.8% | 94.8% |
2019 Average Occupancy (1) | Occupancy as of December 31, 2019 | |||
OWNED PROPERTIES | ||||
Same-store Properties (2) | 94.0% | 97.0% | ||
New Properties | 83.6% | 97.0% | ||
TOTAL – OWNED PROPERTIES | 93.1% | 97.0% | ||
ON-CAMPUS PARTICIPATING PROPERTIES | 76.3% | 98.3% |
As of and for the year ended December 31, | |||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Statements of Comprehensive Income Information | |||||||||||||||||||
Owned property revenue (1) (2) | $ | 880,709 | $ | 829,119 | $ | 741,909 | $ | 738,598 | $ | 708,018 | |||||||||
Owned property operating expenses (2) | 390,664 | 373,521 | 332,429 | 337,296 | 331,836 | ||||||||||||||
On-campus participating property revenue (2) | 36,346 | 34,596 | 33,945 | 33,433 | 31,586 | ||||||||||||||
On-campus participating property operating expenses (2) | 15,028 | 14,602 | 14,384 | 13,447 | 12,437 | ||||||||||||||
Third-party development and management services revenues | 25,987 | 17,095 | 20,593 | 14,330 | 13,777 | ||||||||||||||
Third-party development and management services expenses | 19,915 | 15,459 | 15,225 | 14,533 | 14,346 | ||||||||||||||
Total other operating expenses (3) | 337,545 | 264,633 | 292,503 | 226,745 | 185,159 | ||||||||||||||
Net income | 86,762 | 119,124 | 70,121 | 100,623 | 118,061 | ||||||||||||||
Net income attributable to noncontrolling interests | (1,793 | ) | (2,029 | ) | (1,083 | ) | (1,562 | ) | (2,070 | ) | |||||||||
Net income attributable to ACC, Inc. and Subsidiaries common stockholders | 84,969 | 117,095 | 69,038 | 99,061 | 115,991 | ||||||||||||||
Per Share and Distribution Data | |||||||||||||||||||
Earnings per share: | |||||||||||||||||||
Net income - basic | 0.61 | 0.84 | 0.50 | 0.76 | 1.03 | ||||||||||||||
Net income - diluted | 0.60 | 0.84 | 0.50 | 0.75 | 1.02 | ||||||||||||||
Cash distributions declared per common share / unit | 1.87 | 1.82 | 1.74 | 1.66 | 1.58 | ||||||||||||||
Cash distributions declared | 258,620 | 250,521 | 236,545 | 218,697 | 178,506 | ||||||||||||||
Balance Sheet Data | |||||||||||||||||||
Total assets | $ | 7,559,754 | $ | 7,038,846 | $ | 6,897,370 | $ | 5,865,913 | $ | 6,006,248 | |||||||||
Secured mortgage, construction and bond debt | 787,426 | 853,084 | 664,020 | 688,195 | 1,094,962 | ||||||||||||||
Term loans and revolving credit facility | 624,821 | 586,069 | 774,644 | 248,365 | 666,619 | ||||||||||||||
Unsecured notes | 1,985,603 | 1,588,446 | 1,585,855 | 1,188,737 | 1,186,700 | ||||||||||||||
Stockholders’ equity | 3,294,676 | 3,481,051 | 3,484,985 | 3,444,985 | 2,770,196 | ||||||||||||||
Other Data | |||||||||||||||||||
Cash flows provided by (used in) | |||||||||||||||||||
Operating activities | $ | 370,379 | $ | 376,621 | $ | 318,677 | $ | 306,057 | $ | 259,330 | |||||||||
Investing activities | (416,140 | ) | (335,812 | ) | (977,772 | ) | (38,465 | ) | (236,138 | ) | |||||||||
Financing activities | 20,592 | 936 | 676,910 | (270,969 | ) | (29,857 | ) | ||||||||||||
Funds from operations (“FFO”) (4) | 350,292 | 329,436 | 317,358 | 292,597 | 271,381 | ||||||||||||||
Funds from operations - modified (“FFOM”) (4) | 336,172 | 319,837 | 317,886 | 297,694 | 269,259 | ||||||||||||||
Property Data | |||||||||||||||||||
Owned properties | 167 | 170 | 169 | 154 | 162 | ||||||||||||||
Beds | 112,781 | 109,074 | 104,049 | 95,193 | 99,388 | ||||||||||||||
Total owned properties occupancy at December 31, | 97.0 | % | 97.2 | % | 95.7 | % | 97.2 | % | 97.3 | % |
Property portfolio | Properties | Beds | ||||||||||||
Owned operating properties | ||||||||||||||
Off-campus properties | 126 | 70,234 | ||||||||||||
On-campus ACE® (1) (2) (3) | 33 | 32,023 | ||||||||||||
Subtotal – operating properties | 159 | 102,257 | ||||||||||||
Owned properties under development | ||||||||||||||
On-campus ACE® (2) (4) | 1 | 4,417 | ||||||||||||
Subtotal – properties under development | 1 | 4,417 | ||||||||||||
Total owned properties | 160 | 106,674 | ||||||||||||
On-campus participating properties | 6 | 5,230 | ||||||||||||
Total owned property portfolio | 166 | 111,904 | ||||||||||||
Managed properties | 37 | 28,968 | ||||||||||||
Total property portfolio | 203 | 140,872 | ||||||||||||
Property portfolio: | Properties | Beds | ||||
Owned operating properties | ||||||
Off-campus properties | 127 | 71,124 | ||||
On-campus ACE (1) (2) | 31 | 25,131 | ||||
Subtotal – operating properties | 158 | 96,255 | ||||
Owned properties under development | ||||||
On-campus ACE (2) | 3 | 11,296 | ||||
Subtotal – properties under development | 3 | 11,296 | ||||
Total owned properties | 161 | 107,551 | ||||
On-campus participating properties | 6 | 5,230 | ||||
Total owned property portfolio | 167 | 112,781 | ||||
Managed properties | 36 | 26,497 | ||||
Total property portfolio | 203 | 139,278 | ||||
(2)Includes 33 properties operated under ground/facility leases with 16 university systems and one property operated under a ground/facility lease with Walt Disney World® Resort which consists of ten phases, six of which were delivered as of December 31, 2021, with the remainder anticipated to be delivered in 2022 and 2023. (3)Includes 739 beds for which construction was substantially complete as of December 31, 2021 but were not open for occupancy until January 2022. (4)The Walt Disney World®Resort project consists of one property with multiple phases delivered through 2023; as such, only the beds for remaining phases to be completed are included in the beds for owned properties under development. Beds for any completed phases of this project are included in owned operating properties beds. |
University / Market Served | Project | Location | Beds | Total Project Cost | Construction Completed | |||||||||||||||||||||||||||||||||
Walt Disney World® Resort | Disney College Program Phase III | Orlando, FL | 984 | $ | 54,400 | January 2021 | ||||||||||||||||||||||||||||||||
Disney College Program Phases IV | Orlando, FL | 1,521 | 84,500 | May 2021 | ||||||||||||||||||||||||||||||||||
Disney College Program Phases V (1) | Orlando, FL | 1,152 | 71,900 | July 2021 | ||||||||||||||||||||||||||||||||||
Disney College Program Phases VI (1) (2) | Orlando, FL | 739 | 49,800 | December 2021 | ||||||||||||||||||||||||||||||||||
4,396 | $ | 260,600 |
University / Market Served | Project | Location | Beds | Estimated Project Cost | Total Costs Incurred | Scheduled Completion | ||||||||||||||||||||||||||||||||||||||
Walt Disney World® Resort | Disney College Program Phases VII-VIII | Orlando, FL | 2,208 | $ | 122,800 | $ | 113,587 | May & Aug 2022 | ||||||||||||||||||||||||||||||||||||
Disney College Program Phases IX-X | Orlando, FL | 2,209 | 122,700 | 99,164 | Jan & May 2023 | |||||||||||||||||||||||||||||||||||||||
4,417 | $ | 245,500 | $ | 212,751 |
University / Market Served | Project | Location | Beds | Total Fees | Construction Completed | |||||||||||||||||||||||||||
University of California, Riverside | North District Phase I | Riverside, CA | 1,506 | $ | 6,700 | August 2021 | ||||||||||||||||||||||||||
Project | Location | Primary University Served | Project Type | Beds | Total Project Cost | Opened for Occupancy | ||||||||
191 College | Auburn, AL | Auburn University | Off-campus | 495 | $ | 61,900 | August 2019 | |||||||
LightView | Boston, MA | Northeastern University | ACE | 825 | 150,700 | August 2019 | ||||||||
University of Arizona Honors College | Tucson, AZ | University of Arizona | ACE | 1,056 | 84,500 | August 2019 | ||||||||
TOTAL – 2019 DELIVERIES | 2,376 | $ | 297,100 |
Project | Location | Primary University Served | Project Type | Beds | Estimated Project Cost | Total Costs Incurred | Scheduled Completion | |||||||||||
Disney College Program Phases I-II (1) | Orlando, FL | Walt Disney World® Resort | ACE | 1,627 | $ | 108,500 | $ | 81,517 | May & Aug 2020 | |||||||||
Currie Hall Phase II | Los Angeles, CA | Univ. of Southern California | ACE | 272 | 42,000 | 22,837 | August 2020 | |||||||||||
Holloway Residences | San Francisco, CA | San Francisco State Univ. | ACE | 584 | 129,200 | 89,983 | August 2020 | |||||||||||
SUBTOTAL - 2020 DELIVERIES | 2,483 | $ | 279,700 | $ | 194,337 | |||||||||||||
Disney College Program Phases III-V (1) | Orlando, FL | Walt Disney World® Resort | ACE | 3,369 | $ | 190,400 | $ | 102,366 | Jan, May & Aug 2021 | |||||||||
SUBTOTAL - 2021 DELIVERIES | 3,369 | $ | 190,400 | $ | 102,366 | |||||||||||||
Disney College Program Phases VI - VIII (1) | Orlando, FL | Walt Disney World® Resort | ACE | 3,235 | $ | 193,000 | $ | 27,448 | Jan, May & Aug 2022 | |||||||||
SUBTOTAL - 2022 DELIVERIES | 3,235 | $ | 193,000 | $ | 27,448 | |||||||||||||
Disney College Program Phases IX-X (1) | Orlando, FL | Walt Disney World® Resort | ACE | 2,209 | $ | 122,700 | $ | 15,298 | Jan & May 2023 | |||||||||
SUBTOTAL - 2023 DELIVERIES | 2,209 | $ | 122,700 | $ | 15,298 |
Project | Location | Primary University Served | Project Type | Beds | Purchase Price | Opened for Occupancy | ||||||||
The Flex at Stadium Centre | Tallahassee, FL | Florida State University | Off-campus | 340 | $ | 36,400 | August 2019 | |||||||
959 Franklin (1) | Eugene, OR | University of Oregon | Off-campus | 443 | 73,800 | September 2019 | ||||||||
783 | $ | 110,200 |
Project | Location | Primary University Served | Beds | Total Fees | Completed | |||||||
University of Arizona Honors College (1) | Tucson, AZ | University of Arizona | — | (1) | $ | 2,400 | July 2019 | |||||
The Academic & Residential Complex | Chicago, IL | University of Illinois, Chicago | 548 | 5,100 | July 2019 | |||||||
Plaza Verde | Irvine, CA | University of California, Irvine | 1,441 | 5,900 | August 2019 | |||||||
Tubman Laws Hall | Dover, DE | Delaware State University | 620 | 2,500 | August 2019 | |||||||
Calhoun Hall (2) | Philadelphia, PA | Drexel University | 406 | 1,750 | Sept 2019 & Apr 2020 | |||||||
3,015 | $ | 17,650 |
Year Ended December 31, | ||||||||||||||||||||||||||
2021 | 2020 | Change ($) | Change (%) | |||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||
Owned properties | $ | 889,052 | $ | 820,699 | $ | 68,353 | 8.3 | % | ||||||||||||||||||
On-campus participating properties | 31,207 | 29,906 | 1,301 | 4.4 | % | |||||||||||||||||||||
Third-party development services | 10,191 | 7,543 | 2,648 | 35.1 | % | |||||||||||||||||||||
Third-party management services | 11,959 | 12,436 | (477) | (3.8) | % | |||||||||||||||||||||
Total revenues | 942,409 | 870,584 | 71,825 | 8.3 | % | |||||||||||||||||||||
Operating expenses (income) | ||||||||||||||||||||||||||
Owned properties | 407,648 | 378,454 | 29,194 | 7.7 | % | |||||||||||||||||||||
On-campus participating properties | 14,333 | 13,521 | 812 | 6.0 | % | |||||||||||||||||||||
Third-party development and management services | 20,613 | 21,700 | (1,087) | (5.0) | % | |||||||||||||||||||||
General and administrative | 45,452 | 35,774 | 9,678 | 27.1 | % | |||||||||||||||||||||
Depreciation and amortization | 275,597 | 267,703 | 7,894 | 2.9 | % | |||||||||||||||||||||
Ground/facility leases | 17,673 | 13,513 | 4,160 | 30.8 | % | |||||||||||||||||||||
Gain from disposition of real estate | — | (48,525) | 48,525 | (100.0) | % | |||||||||||||||||||||
Other operating expenses | 4,533 | 1,100 | 3,433 | 312.1 | % | |||||||||||||||||||||
Total operating expenses | 785,849 | 683,240 | 102,609 | 15.0 | % | |||||||||||||||||||||
Operating income | 156,560 | 187,344 | (30,784) | (16.4) | % | |||||||||||||||||||||
Nonoperating income (expenses) | ||||||||||||||||||||||||||
Interest income | 1,374 | 2,939 | (1,565) | (53.2) | % | |||||||||||||||||||||
Interest expense | (117,793) | (112,507) | (5,286) | 4.7 | % | |||||||||||||||||||||
Amortization of deferred financing costs | (5,824) | (5,259) | (565) | 10.7 | % | |||||||||||||||||||||
Loss from extinguishment of debt | — | (4,827) | 4,827 | (100.0) | % | |||||||||||||||||||||
Other nonoperating income | 328 | 3,507 | (3,179) | (90.6) | % | |||||||||||||||||||||
Total nonoperating expenses | (121,915) | (116,147) | (5,768) | 5.0 | % | |||||||||||||||||||||
Income before income taxes | 34,645 | 71,197 | (36,552) | (51.3) | % | |||||||||||||||||||||
Income tax provision | (1,361) | (1,349) | (12) | 0.9 | % | |||||||||||||||||||||
Net income | 33,284 | 69,848 | (36,564) | (52.3) | % | |||||||||||||||||||||
Net loss attributable to noncontrolling interests | 2,205 | 2,955 | (750) | (25.4) | % | |||||||||||||||||||||
Net income attributable to ACC, Inc. and Subsidiaries common stockholders | $ | 35,489 | $ | 72,803 | $ | (37,314) | (51.3) | % |
Year Ended December 31, | |||||||||||||||
2019 | 2018 | Change ($) | Change (%) | ||||||||||||
Revenues: | |||||||||||||||
Owned properties | $ | 877,565 | $ | 825,959 | $ | 51,606 | 6.2 | % | |||||||
On-campus participating properties | 36,346 | 34,596 | 1,750 | 5.1 | % | ||||||||||
Third-party development services | 13,051 | 7,281 | 5,770 | 79.2 | % | ||||||||||
Third-party management services | 12,936 | 9,814 | 3,122 | 31.8 | % | ||||||||||
Resident services | 3,144 | 3,160 | (16 | ) | (0.5 | )% | |||||||||
Total revenues | 943,042 | 880,810 | 62,232 | 7.1 | % | ||||||||||
Operating expenses (income): | |||||||||||||||
Owned properties | 390,664 | 373,521 | 17,143 | 4.6 | % | ||||||||||
On-campus participating properties | 15,028 | 14,602 | 426 | 2.9 | % | ||||||||||
Third-party development and management services | 19,915 | 15,459 | 4,456 | 28.8 | % | ||||||||||
General and administrative | 31,081 | 34,537 | (3,456 | ) | (10.0 | )% | |||||||||
Depreciation and amortization | 275,046 | 263,203 | 11,843 | 4.5 | % | ||||||||||
Ground/facility leases | 14,151 | 11,855 | 2,296 | 19.4 | % | ||||||||||
Loss (gain) from disposition of real estate, net | 53 | (42,314 | ) | 42,367 | (100.1 | )% | |||||||||
Provision for real estate impairment | 17,214 | — | 17,214 | 100.0 | % | ||||||||||
Other operating income | — | (2,648 | ) | 2,648 | (100.0 | )% | |||||||||
Total operating expenses | 763,152 | 668,215 | 94,937 | 14.2 | % | ||||||||||
Operating income | 179,890 | 212,595 | (32,705 | ) | (15.4 | )% | |||||||||
Nonoperating income (expenses): | |||||||||||||||
Interest income | 3,686 | 4,834 | (1,148 | ) | (23.7 | )% | |||||||||
Interest expense | (111,287 | ) | (99,228 | ) | (12,059 | ) | 12.2 | % | |||||||
Amortization of deferred financing costs | (5,012 | ) | (5,816 | ) | 804 | (13.8 | )% | ||||||||
Gain from extinguishment of debt, net | 20,992 | 7,867 | 13,125 | 166.8 | % | ||||||||||
Other nonoperating income | — | 1,301 | (1,301 | ) | (100.0 | )% | |||||||||
Total nonoperating expenses | (91,621 | ) | (91,042 | ) | (579 | ) | 0.6 | % | |||||||
Income before income taxes | 88,269 | 121,553 | (33,284 | ) | (27.4 | )% | |||||||||
Income tax provision | (1,507 | ) | (2,429 | ) | 922 | (38.0 | )% | ||||||||
Net income | 86,762 | 119,124 | (32,362 | ) | (27.2 | )% | |||||||||
Net income attributable to noncontrolling interests | (1,793 | ) | (2,029 | ) | 236 | (11.6 | )% | ||||||||
Net income attributable to ACC, Inc. and Subsidiaries common stockholders | $ | 84,969 | $ | 117,095 | $ | (32,126 | ) | (27.4 | )% |
Same Store Properties | New Properties (1) | Sold/Other Properties (2) | Total - All Properties | |||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||
Number of properties (3) | 157 | 157 | 2 | 2 | — | 1 | 159 | 160 | ||||||||||||||||||||||||||||||||||||||||||
Number of beds (3) | 95,365 | 95,365 | 6,153 | 2,496 | — | 901 | 101,518 | 98,762 | ||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 854,933 | $ | 813,182 | $ | 34,119 | $ | 4,816 | $ | — | $ | 2,701 | $ | 889,052 | $ | 820,699 | ||||||||||||||||||||||||||||||||||
Operating expenses | $ | 390,587 | $ | 371,732 | $ | 16,787 | $ | 5,341 | $ | 274 | $ | 1,381 | $ | 407,648 | $ | 378,454 |
Same Store Properties | New Properties | Sold/Other Properties(1) | Total - All Properties | ||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 (2) | 2018 (3) | 2019 | 2018 | ||||||||||||||||||||||||||
Number of properties | 143 | 143 | 15 | 10 | 4 | 8 | 162 | 161 | |||||||||||||||||||||||||
Number of beds | 86,111 | 86,111 | 10,144 | 6,985 | 2,010 | 3,492 | 98,265 | 96,588 | |||||||||||||||||||||||||
Revenues (4) | $ | 791,480 | $ | 770,510 | $ | 78,290 | $ | 28,360 | $ | 10,939 | $ | 23,100 | $ | 880,709 | $ | 821,970 | (5) | ||||||||||||||||
Operating expenses | 353,944 | 344,509 | 30,557 | 10,250 | 6,163 | 11,613 | 390,664 | 366,372 | (5) |
(2)Does not include the allocation of payroll and other administrative costs related to corporate management and oversight. Includes professional fees related to the operation of consolidated joint ventures that are included in owned properties operating expenses in the accompanying consolidated statements of comprehensive income. (3)Does not include properties under construction or undergoing redevelopment. |
Property | Location | University / Market Served | Beds | Opening Date / Construction Completed | ||||||||||||||||||||||
Walt Disney World® Resort | ||||||||||||||||||||||||||
Walt Disney World® Resort | August | |||||||||||||||||||||||||
August | ||||||||||||||||||||||||||
Walt Disney World® Resort | ||||||||||||||||||||||||||
Walt Disney World® Resort | ||||||||||||||||||||||||||
Walt Disney World® Resort | ||||||||||||||||||||||||||
Total - New Properties |
Amount | % of Total | Weighted Average Rates (1) | Weighted Average Maturities | |||||||||
Secured | $ | 782,741 | 23.0 | % | 4.5 | % | 6.2 Years | |||||
Unsecured | 2,625,700 | 77.0 | % | 3.4 | % | 4.0 Years | ||||||
Total consolidated debt | $ | 3,408,441 | 100.0 | % | 3.7 | % | 4.5 Years | |||||
Fixed rate debt | ||||||||||||
Secured | ||||||||||||
Project-based taxable bonds | $ | 23,215 | 0.7 | % | 7.6 | % | 4.9 years | |||||
Mortgage | 756,397 | 22.2 | % | 4.4 | % | 6.2 years | ||||||
Unsecured | ||||||||||||
April 2013 Notes | 400,000 | 11.7 | % | 3.8 | % | 3.3 years | ||||||
June 2014 Notes | 400,000 | 11.7 | % | 4.1 | % | 4.5 years | ||||||
September 2015 Notes (2) | 400,000 | 11.7 | % | 3.4 | % | 0.8 years | ||||||
October 2017 Notes | 400,000 | 11.7 | % | 3.6 | % | 7.9 years | ||||||
June 2019 Notes | 400,000 | 11.7 | % | 3.3 | % | 6.5 years | ||||||
Term loans | 200,000 | 6.0 | % | 2.5 | % | 2.5 years | ||||||
Total - fixed rate debt | 2,979,612 | 87.4 | % | 3.6 | % | 4.4 years | ||||||
Variable rate debt: | ||||||||||||
Secured | ||||||||||||
Mortgage | 3,129 | 0.1 | % | 4.2 | % | 25.6 years | ||||||
Unsecured | ||||||||||||
Unsecured revolving credit facility | 425,700 | 12.5 | % | 3.0 | % | 2.2 years | ||||||
Total - variable rate debt | 428,829 | 12.6 | % | 3.0 | % | 2.4 years | ||||||
Total consolidated debt | $ | 3,408,441 | 100.0 | % | 3.7 | % | 4.5 years | |||||
Amount | % of Total | Weighted Average Rates (1) | Weighted Average Maturities | |||||||||||||||||||||||
Secured | $ | 536,506 | 15.2 | % | 4.1 | % | 6.6 Years | |||||||||||||||||||
Unsecured | 3,000,000 | 84.8 | % | 3.3 | % | 5.2 Years | ||||||||||||||||||||
Total consolidated debt | $ | 3,536,506 | 100.0 | % | 3.5 | % | 5.4 Years | |||||||||||||||||||
Fixed rate debt | ||||||||||||||||||||||||||
Secured | ||||||||||||||||||||||||||
Project-based taxable bonds | $ | 14,695 | 0.4 | % | 7.5 | % | 3.1 Years | |||||||||||||||||||
Mortgage | 520,888 | 14.7 | % | 4.0 | % | 6.6 years | ||||||||||||||||||||
Unsecured | ||||||||||||||||||||||||||
April 2013 Notes | 400,000 | 11.3 | % | 3.8 | % | 1.3 Years | ||||||||||||||||||||
June 2014 Notes | 400,000 | 11.3 | % | 4.1 | % | 2.5 Years | ||||||||||||||||||||
October 2017 Notes | 400,000 | 11.3 | % | 3.6 | % | 5.9 Years | ||||||||||||||||||||
June 2019 Notes | 400,000 | 11.3 | % | 3.3 | % | 4.5 Years | ||||||||||||||||||||
January 2020 Notes | 400,000 | 11.3 | % | 2.9 | % | 8.1 Years | ||||||||||||||||||||
June 2020 Notes | 400,000 | 11.3 | % | 3.9 | % | 9.1 Years | ||||||||||||||||||||
October 2021 Notes | 400,000 | 11.3 | % | 2.3 | % | 7.1 Years | ||||||||||||||||||||
Term loans | 200,000 | 5.7 | % | 2.5 | % | .5 Years | ||||||||||||||||||||
Total - fixed rate debt | 3,535,583 | 99.9 | % | 3.5 | % | 5.4 Years | ||||||||||||||||||||
Variable rate debt | ||||||||||||||||||||||||||
Secured mortgage | 923 | 0.1 | % | 2.6 | % | 23.6 years | ||||||||||||||||||||
Unsecured revolving credit facility (2) | — | — | % | — | % | 3.4 Years | ||||||||||||||||||||
Total - variable rate debt | 923 | 0.1 | % | 2.6 | % | 23.6 Years | ||||||||||||||||||||
Total consolidated debt | $ | 3,536,506 | 100.0 | % | 3.5 | % | 5.4 Years | |||||||||||||||||||
As of and for the Year Ended December 31, | |||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||
Non-recurring and other | $ | 32,260 | $ | 23,708 | $ | 22,412 | |||||||||||||||||
Recurring | 23,104 | 20,799 | 21,321 | ||||||||||||||||||||
Renovations and strategic repositioning | 13,593 | 13,009 | 20,029 | ||||||||||||||||||||
Acquisition-related | — | 750 | 5,543 | ||||||||||||||||||||
Disposition-related (1) | — | 46 | 1,541 | ||||||||||||||||||||
Total | $ | 68,957 | $ | 58,312 | $ | 70,846 | |||||||||||||||||
Average beds (2) | 100,435 | 96,568 | 93,343 | ||||||||||||||||||||
Average recurring capital expenditures per bed | $ | 230 | $ | 215 | $ | 228 |
As of and for the Year Ended December 31, | |||||||||||||
2019 | 2018 | 2017 | |||||||||||
Recurring capital expenditures | $ | 21,534 | $ | 19,922 | $ | 17,634 | |||||||
Acquisition-related | 5,543 | 8,095 | 6,194 | ||||||||||
Renovations and strategic repositioning | 20,045 | 24,665 | 26,588 | ||||||||||
Non-recurring and other | 22,467 | 17,365 | 30,016 | ||||||||||
Disposition-related (1) | 1,257 | 762 | 2,290 | ||||||||||
Total | $ | 70,846 | $ | 70,809 | $ | 82,722 | |||||||
Average beds (2) | 94,244 | 87,985 | 79,389 | ||||||||||
Average recurring capital expenditures per bed | $ | 228 | $ | 226 | $ | 222 |
Total | Less than 1 Year | 1 - 3 Years | 3 - 5 Years | More than 5 Years | ||||||||||||||||
Long-term debt (1) (2) (3) | $ | 3,408,441 | $ | 446,164 | $ | 855,849 | $ | 937,738 | $ | 1,168,690 | ||||||||||
Interest on long-term debt | 561,850 | 120,714 | 189,306 | 123,759 | 128,071 | |||||||||||||||
Development projects (4) | 458,652 | 316,974 | 131,526 | 10,152 | — | |||||||||||||||
Lease obligations (5) | 1,772,022 | 11,814 | 40,413 | 58,147 | 1,661,648 | |||||||||||||||
Joint venture agreements (6) | 76,754 | 76,754 | — | — | — | |||||||||||||||
$ | 6,277,719 | $ | 972,420 | $ | 1,217,094 | $ | 1,129,796 | $ | 2,958,409 |
Year Ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Net income attributable to ACC, Inc. and Subsidiaries common stockholders | $ | 35,489 | $ | 72,803 | $ | 84,969 | ||||||||||||||
Noncontrolling interests' share of net (loss) income | (2,205) | (2,955) | 1,793 | |||||||||||||||||
Joint Venture ("JV") partners' share of FFO | ||||||||||||||||||||
JV partners' share of net loss (income) | 2,382 | 3,259 | (1,398) | |||||||||||||||||
JV partners' share of depreciation and amortization | (7,598) | (7,747) | (8,644) | |||||||||||||||||
(5,216) | (4,488) | (10,042) | ||||||||||||||||||
(Gain) loss from disposition of real estate, net | — | (48,525) | 53 | |||||||||||||||||
Elimination of provision for real estate impairment | — | — | 3,201 | |||||||||||||||||
Total depreciation and amortization | 275,597 | 267,703 | 275,046 | |||||||||||||||||
Corporate depreciation (1) | (2,871) | (3,450) | (4,728) | |||||||||||||||||
FFO attributable to common stockholders and OP unitholders | 300,794 | 281,088 | 350,292 | |||||||||||||||||
Elimination of operations of OCPPs | ||||||||||||||||||||
Net income from OCPPs | (4,922) | (3,716) | (6,587) | |||||||||||||||||
Amortization of investment in OCPPs | (8,039) | (8,015) | (8,380) | |||||||||||||||||
287,833 | 269,357 | 335,325 | ||||||||||||||||||
Modifications to reflect operational performance of OCPPs | ||||||||||||||||||||
Our share of net cash flow (2) | 2,026 | 1,359 | 3,067 | |||||||||||||||||
Management fees and other | 2,015 | 1,873 | 2,249 | |||||||||||||||||
Contribution from OCPPs | 4,041 | 3,232 | 5,316 | |||||||||||||||||
Transaction costs (3) | — | — | 598 | |||||||||||||||||
Elimination of provision for impairment of intangible asset (4) | — | — | 14,013 | |||||||||||||||||
Elimination of FFO from property in receivership (5) | — | — | 1,912 | |||||||||||||||||
Elimination of loss (gain) from extinguishment of debt, net (6) | — | 4,827 | (20,992) | |||||||||||||||||
Elimination of gain from early repayment of loan receivable | — | (2,136) | — | |||||||||||||||||
Executive retirement charges (7) | 2,588 | — | — | |||||||||||||||||
Elimination of charitable donation (8) | 2,500 | — | — | |||||||||||||||||
Elimination of litigation settlements (9) | 2,033 | — | — | |||||||||||||||||
Stockholder engagement and other proxy advisory costs (10) | 1,558 | 215 | — | |||||||||||||||||
FFOM attributable to common stockholders and OP unitholders | $ | 300,553 | $ | 275,495 | $ | 336,172 | ||||||||||||||
FFO per share – diluted | $ | 2.15 | $ | 2.02 | $ | 2.52 | ||||||||||||||
FFOM per share – diluted | $ | 2.14 | $ | 1.98 | $ | 2.42 | ||||||||||||||
Weighted-average common shares outstanding - diluted | 140,207,352 | 139,214,147 | 138,860,311 |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Net income attributable to ACC, Inc. and Subsidiaries common stockholders | $ | 84,969 | $ | 117,095 | $ | 69,038 | ||||||
Noncontrolling interests' share of net income | 1,793 | 2,029 | 1,083 | |||||||||
JV ("Joint Venture") partners' share of net income | (1,398 | ) | (773 | ) | (7 | ) | ||||||
JV partners' share of depreciation and amortization | (8,644 | ) | (5,135 | ) | (181 | ) | ||||||
JV partners' share of FFO | (10,042 | ) | (5,908 | ) | (188 | ) | ||||||
Loss (gain) from disposition of real estate | 53 | (42,314 | ) | 632 | ||||||||
Elimination of provision for real estate impairment | 3,201 | — | 15,317 | |||||||||
Total depreciation and amortization | 275,046 | 263,203 | 234,955 | |||||||||
Corporate depreciation (1) | (4,728 | ) | (4,669 | ) | (3,479 | ) | ||||||
FFO attributable to common stockholders and OP unitholders | 350,292 | 329,436 | 317,358 | |||||||||
Elimination of operations of on-campus participating properties ("OCPPs") | ||||||||||||
Net income from OCPPs | (6,587 | ) | (5,516 | ) | (5,133 | ) | ||||||
Amortization of investment in OCPPs | (8,380 | ) | (7,819 | ) | (7,536 | ) | ||||||
335,325 | 316,101 | 304,689 | ||||||||||
Modifications to reflect operational performance of OCPPs | ||||||||||||
Our share of net cash flow (2) | 3,067 | 2,928 | 2,841 | |||||||||
Management fees and other | 2,249 | 1,564 | 1,534 | |||||||||
Contribution from OCPPs | 5,316 | 4,492 | 4,375 | |||||||||
Transaction costs (3) | 598 | 7,586 | 2,855 | |||||||||
Elimination of gain from extinguishment of debt (4) | (20,992 | ) | (7,867 | ) | — | |||||||
Elimination of provision for impairment of intangible asset (5) | 14,013 | — | — | |||||||||
Elimination of gain from litigation settlement (6) | — | (3,323 | ) | — | ||||||||
Elimination of FFO from property in receivership (7) | 1,912 | 2,848 | 1,452 | |||||||||
Contractual executive separation and retirement charges (8) | — | — | 4,515 | |||||||||
Funds from operations-modified ("FFOM") attributable to common stockholders and OP unitholders | $ | 336,172 | $ | 319,837 | $ | 317,886 | ||||||
FFO per share – diluted | $ | 2.52 | $ | 2.38 | $ | 2.31 | ||||||
FFOM per share – diluted | $ | 2.42 | $ | 2.31 | $ | 2.32 | ||||||
Weighted-average common shares outstanding - diluted | 138,860,311 | 138,571,270 | 137,099,084 |
2022 | 2023 | 2024 | 2025 | 2026 | Total Thereafter | Total / Weighted Average | Fair Value Liability | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate (1) | $200,000 | $406,485 | $530,825 | $6,345 | $400,000 | $1,991,928 | $3,535,583 | $3,669,267 | (2) | ||||||||||||||||||||||||||||||||||||||||||||
Average interest rate | 2.5 | % | 3.8 | % | 4.2 | % | 7.6 | % | 3.7 | % | 3.3 | % | 3.5 | % | |||||||||||||||||||||||||||||||||||||||
Variable rate (3) | — | — | — | — | — | $923 | $923 | $923 | (4) | ||||||||||||||||||||||||||||||||||||||||||||
Average interest rate (5) | — | % | — | % | — | % | — | % | — | % | 2.6 | % | 2.6 | % |
December 31, 2019 | December 31, 2018 | |||||||||||||||||||
Amount (in 000s) | Weighted Average Maturity (in years) | Weighted Average Interest Rate | % of Total | Amount (in 000s) | Weighted Average Maturity (in years) | Weighted Average Interest Rate | % of Total | |||||||||||||
Fixed rate debt | $ | 2,646,799 | 4.8 Years | 3.9% | 77.6% | $ | 2,284,193 | 5.4 Years | 4.0% | 75.3% | ||||||||||
Variable rate debt (1) | 428,829 | 2.4 Years | 3.0% | 12.6% | 720,922 | 4.2 Years | 3.8% | 23.8% | ||||||||||||
Hedged debt (2) | 332,813 | 5.3 Years | 3.1% | 9.8% | 26,452 | 2.1 Years | 4.0% | 0.9% | ||||||||||||
Total consolidated debt | $ | 3,408,441 | 4.5 Years | 3.7% | 100.0% | $ | 3,031,567 | 5.1 Years | 4.0% | 100.0% |
Estimated Carrying Value | |||||||||||||||||||
Hedged Debt Instrument | Notional Amount | Maturity Date | Carrying and Estimated Fair Value of (Liability) Asset | + 100 Basis Points | - 100 Basis Points | ||||||||||||||
Cullen Oaks mortgage loan | $ | 12,592 | Feb 15, 2021 | $ | (94 | ) | $ | 39 | $ | (230 | ) | ||||||||
Cullen Oaks mortgage loan | 12,721 | Feb 15, 2021 | (95 | ) | 40 | (232 | ) | ||||||||||||
Park Point mortgage loan | 70,000 | Jan 16, 2024 | (3,247 | ) | (620 | ) | (6,046 | ) | |||||||||||
College Park mortgage loan | 37,500 | Oct 16, 2022 | 289 | 1,269 | (723 | ) | |||||||||||||
Unsecured term loan | 100,000 | Jun 27, 2022 | 168 | 2,451 | (2,188 | ) | |||||||||||||
Unsecured term loan | 100,000 | Jun 27, 2022 | 286 | 2,568 | (2,067 | ) | |||||||||||||
Total cash flow hedges | $ | 332,813 | $ | (2,693 | ) | $ | 5,747 | $ | (11,486 | ) |
# of Securities to be Issued Upon Exercise of Outstanding Options, Warrants, and Rights | Weighted-Average Exercise Price of Outstanding Options, Warrants, and Rights | # of Securities Remaining Available for Future Issuance Under Equity Compensation Plans | |||||||||||||||||||||
Equity Compensation Plans Approved by Security Holders | 1,210,876 | (1) | n/a | 2,202,059 | |||||||||||||||||||
Equity Compensation Plans Not Approved by Security Holders | n/a | n/a | n/a |
# of Securities to be Issued Upon Exercise of Outstanding Options, Warrants, and Rights | Weighted-Average Exercise Price of Outstanding Options, Warrants, and Rights | # of Securities Remaining Available for Future Issuance Under Equity Compensation Plans | |||||||
Equity Compensation Plans Approved by Security Holders | 1,067,118 | (1) | n/a | 3,121,536 | |||||
Equity Compensation Plans Not Approved by Security Holders | n/a | n/a | n/a |
Page No. | |||||
F- | |||||
Consolidated Financial Statements of American Campus Communities, Inc. and Subsidiaries | |||||
Consolidated Balance Sheets as of December 31, | F- | ||||
Consolidated Statements of Comprehensive Income for the years ended December 31, | F- | ||||
Consolidated Statements of Changes in Equity for the years ended December 31, | F- | ||||
Consolidated Statements of Cash Flows for the years ended December 31, | F- | ||||
Notes to Consolidated Financial Statements of American Campus Communities, Inc. and Subsidiaries | F- |
Exhibit Number | Description of Document |
Articles of Amendment and Restatement of American Campus Communities, Inc. Incorporated by reference to Exhibit 3.1 to the Registration Statement on Form S-11 (Registration No. 333-114813) of American Campus Communities, Inc. | ||||||||
American Campus Communities, Inc. Articles Supplementary. Incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on March 6, 2017. | ||||||||
Bylaws of American Campus Communities, Inc. Incorporated by reference to Exhibit 3.2 to the Registration Statement on Form S-11 (Registration No. 333-114813) of American Campus Communities, Inc. | ||||||||
Amendment to Bylaws of American Campus Communities, Inc. Incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on February 24, 2014. | ||||||||
Second Amendment to the Bylaws of American Campus Communities, Inc. Incorporated by reference to Exhibit 3.2 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on March 6, 2017. | ||||||||
Third Amendment to the Bylaws of American Campus Communities, Inc. Incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on April 21, 2017. | ||||||||
Form of Certificate for Common Stock of American Campus Communities, Inc. Incorporated by reference to Exhibit 4.1 to the Registration Statement on Form S-11 (Registration No. 333-114813) of American Campus Communities, Inc. | ||||||||
Indenture, dated as of April 2, 2013, among American Campus Communities Operating Partnership LP, as issuer, American Campus Communities, Inc., as guarantor, and U.S. Bank National Association, as trustee. Incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on April 3, 2013. | ||||||||
First Supplemental Indenture, dated as of April 2, 2013, among American Campus Communities Operating Partnership LP, as issuer, American Campus Communities, Inc., as guarantor, and U.S. Bank National Association, as trustee. Incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on April 3, 2013. | ||||||||
Second Supplemental Indenture, dated as of June 21, 2019, among American Campus Communities Operating Partnership LP, as issuer, American Campus Communities, Inc., as guarantor, and U.S. Bank National Association, as trustee. Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on June 21, 2019. | ||||||||
American Campus Communities Operating Partnership LP 3.750% Senior Notes due 2023. Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on April 3, 2013. | ||||||||
American Campus Communities Operating Partnership LP 4.125% Senior Notes due 2024. Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on June 25, 2014. | ||||||||
American Campus Communities Operating Partnership LP 3.625% Senior Notes due 2027. Incorporated by reference to Exhibit 4.3 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on October 11, 2017. | ||||||||
American Campus Communities Operating Partnership LP 3.300% Senior Note due 2026. Incorporated by reference to Exhibit 4.4 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on June 21, 2019. | ||||||||
American Campus Communities Operating Partnership LP 2.850% Senior Note due 2030. Incorporated by reference to Exhibit 4.4 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on January 30, 2020. | ||||||||
American Campus Communities Operating Partnership LP 3.875% Senior Note due 2031. Incorporated by reference to Exhibit 4.4 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on June 11, 2020. | ||||||||
American Campus Communities Operating Partnership LP 2.250% Senior Note due 2029. Incorporated by reference to Exhibit 4.4 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) filed on October 7, 2021. | ||||||||
Form of Guarantee of American Campus Communities, Inc. of Senior Debt Securities. Incorporated by reference to Exhibit 4.4 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on April 3, 2013. | ||||||||
Form of Registration Rights and Lock-Up Agreement, dated as of March 1, 2006, between American Campus Communities, Inc. and each of the persons who are signatory thereto. Incorporated by reference to Exhibit 99.3 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) filed on March 7, 2006. | ||||||||
Form of Registration Rights and Lock-Up Agreement, dated as of September 14, 2012, between American Campus Communities, Inc., American Campus Communities Operating Partnership, L.P. and each of the persons who are signatories thereto. Incorporated by reference to Exhibit 10.1 to Quarterly Report on Form 10-Q of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) for the quarter ended September 30, 2012. | ||||||||
Letter Agreement Regarding Issuance of OP Units, dated September 26, 2013, between Hallmark Student Housing Lexington, LLC, on one hand, and ACC OP (Lexington) LLC and American Campus Communities Operating Partnership, L.P., on the other hand. Incorporated by reference to Exhibit 4.1 to Quarterly Report on Form 10-Q of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) for the quarter ended September 30, 2013. | ||||||||
Description of American Campus Communities, Inc. Common Stock Registered Under Section 12 of the Securities Exchange Act of 1934. | ||||||||
Form of Amended and Restated Partnership Agreement of American Campus Communities Operating Partnership LP. Incorporated by reference to Exhibit 10.1 to the Registration Statement on Form S-11 (Registration No. 333-114813) of American Campus Communities, Inc. | ||||||||
Form of First Amendment to Amended and Restated Agreement of Limited Partnership of American Campus Communities Operating Partnership LP, dated as of March 1, 2006, between American Campus Communities Holdings LLC and those persons who have executed such amendment as limited partners. Incorporated by reference to Exhibit 99.2 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) filed on March 7, 2006. | ||||||||
10.3* | American Campus Communities, Inc. 2004 Incentive Award Plan. Incorporated by reference to Exhibit 10.2 to the Registration Statement on Form S-11 (Registration No. 333-114813) of American Campus Communities, Inc. | |||||||
10.4* | Amendment No. 1 to American Campus Communities, Inc. 2004 Incentive Award Plan. Incorporated by reference to Exhibit 99.7 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) filed on November 5, 2007. | |||||||
10.5* | Amendment No. 2 to American Campus Communities, Inc. 2004 Incentive Award Plan. Incorporated by reference to Exhibit 99.1 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) filed on March 11, 2008. | |||||||
10.6* | American Campus Communities, Inc. 2010 Incentive Award Plan. Incorporated by reference to Exhibit 99.1 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) filed on May 7, 2010. | |||||||
10.7* | American Campus Communities, Inc. 2018 Incentive Award Plan. Incorporated by reference to Exhibit 10.1 to Registration Statement on Form S-8 (Registration No. 333-224656) of American Campus Communities, Inc. | |||||||
10.8* | American Campus Communities Services, Inc. Deferred Compensation Plan, as amended and restated, effective January 1, 2020. Incorporated by reference to Exhibit 99.1 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on November 22, 2019. | |||||||
Form of PIU Grant Notice (including Registration Rights). Incorporated by reference to Exhibit 10.4 to the Registration Statement on Form S-11 (Registration No. 333-114813) of American Campus Communities, Inc. | ||||||||
Form of PIU Grant Notice (including Registration Rights), dated as of August 20, 2007. Incorporated by reference to Exhibit 99.1 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) filed on August 23, 2007. | ||||||||
Form of Indemnification Agreement between American Campus Communities, Inc. and certain of its directors and officers. Incorporated by reference to Exhibit 10.5 to the Registration Statement on Form S-11 (Registration No. 333-114813) of American Campus Communities, Inc. | ||||||||
Form of Employment Agreement between American Campus Communities, Inc. and William C. Bayless, Jr. Incorporated by reference to Exhibit 10.6 to the Registration Statement on Form S-11 (Registration No. 333-114813) of American Campus Communities, Inc. | ||||||||
Amendment No. 1 to Employment Agreement, dated as of April 28, 2005, between American Campus Communities, Inc. and William C. Bayless, Jr. Incorporated by reference to Exhibit 99.6 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) filed on May 3, 2005. | ||||||||
Amendment No. 2 to Employment Agreement, dated as of November 1, 2007, between American Campus Communities, Inc. and William C. Bayless, Jr. Incorporated by reference to Exhibit 99.3 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) filed on November 5, 2007. | ||||||||
Third Amendment to Employment Agreement, dated as of March 23, 2010, between William C. Bayless, Jr. and American Campus Communities, Inc. Incorporated by reference to Exhibit 99.1 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) filed on March 24, 2010. | ||||||||
Fourth Amendment to Employment Agreement, dated as of January 10, 2017, between American Campus Communities, Inc. and William C. Bayless, Jr. Incorporated by reference to Exhibit 99.2 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on January 10, 2017. | ||||||||
Sixth Amendment to Employment Agreement, dated as of | ||||||||
Employment Agreement, dated as of May 4, 2011, between William W. Talbot and American Campus Communities, Inc. Incorporated by reference to Exhibit 99.1 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on March 21, 2013. | ||||||||
First Amendment to Employment Agreement, dated as of November 2, 2012, between William W. Talbot and American Campus Communities, Inc. Incorporated by reference to Exhibit 99.2 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on March 21, 2013. | ||||||||
Employment Agreement, dated as of May 4, 2011, between Daniel B. Perry and American Campus Communities, Inc. Incorporated by reference to Exhibit 10.24 to Annual Report on Form 10-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. (File No. 333-181102-01) for the year ended December 31, 2014. | ||||||||
First Amendment to Employment Agreement, dated as of November 2, 2012, between Daniel B. Perry and American Campus Communities, Inc. Incorporated by reference to Exhibit 10.25 to Annual Report on Form 10-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. (File No. 333-181102-01) for the year ended December 31, 2014. | ||||||||
Second Amendment to Employment Agreement, dated as of January 10, 2017, between American Campus Communities, Inc. and Daniel B. Perry. Incorporated by reference to Exhibit 99.4 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on January 10, 2017. | ||||||||
Employment Agreement, dated as of October 16, 2013, between American Campus Communities, Inc. and Jennifer Beese. Incorporated by reference to Exhibit 10.27 to Annual Report on Form 10-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) for the year ended December 31, 2017. | ||||||||
First Amendment to Employment Agreement, dated as of January 10, 2017, between American Campus Communities, Inc. and Jennifer Beese. Incorporated by reference to Exhibit 10.28 to Annual Report on Form 10-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) for the year ended December 31, 2017. | ||||||||
Second Amendment to Employment Agreement, dated as of August 24, 2021, between American Campus Communities, Inc. and Jennifer Beese. Incorporated by reference to Exhibit 99.1 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on August 26, 2021. | ||||||||
Employment Agreement, dated as of May 6, 2015, between American Campus Communities, Inc. and Kim K. Voss. | ||||||||
First Amendment to Employment Agreement, dated as of January 10, 2017, between American Campus Communities, Inc. and Kim K. Voss. | ||||||||
Form of Confidentiality and Noncompetition Agreement. Incorporated by reference to Exhibit 10.9 to the Registration Statement on Form S-11 (Registration No. 333-114813) of American Campus Communities, Inc. | ||||||||
Sixth Amended and Restated Credit Agreement, dated as of | ||||||||
Form of Tax Matters Agreement, dated as of March 1, 2006, among American Campus Communities Operating Partnership LP, American Campus Communities, Inc., American Campus Communities Holdings LLC and each of the limited partners of American Campus Communities Operating Partnership LP who have executed a signature page thereto. Incorporated by reference to Exhibit 99.4 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) filed on March 7, 2006. | ||||||||
Equity Distribution Agreement, dated May | ||||||||
Equity Distribution Agreement, dated May | ||||||||
Equity Distribution Agreement, dated May | ||||||||
Equity Distribution Agreement, dated May | ||||||||
Cooperation Agreement, date as of January 27, 2021, between American Campus Communities, Inc., on one hand, and Land & Buildings Capital Growth Fund, LP, L & B Real Estate Opportunity Fund, LP, Land & Buildings GP LP, L&B Opportunity Fund, LLC, Land & Buildings Investment Management, LLC and Jonathan Litt, on the other hand. Incorporated by reference to Exhibit 99.1 to Current Report on Form 8-K of American Campus Communities, Inc. (File No. 001-32265) and American Campus Communities Operating Partnership LP (File No. 333-181102-01) filed on January 28, 2021. | ||||||||
List of Subsidiaries of the Registrant. | ||||||||
List of Subsidiary Issuer Guarantees | ||||||||
Consent of Ernst & Young LLP - American Campus Communities, Inc. | ||||||||
American Campus Communities, Inc. - Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||||||||
American Campus Communities, Inc. - Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||||||||
American Campus Communities, Inc. - Certification of Chief Executive Officer Pursuant to 18 U. S. C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||||||||
American Campus Communities, Inc. - Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) | |||||||
* | Indicates management compensation plan. |
Dated: | February |
AMERICAN CAMPUS COMMUNITIES, INC. | |||||
By: | /s/ William C. Bayless, Jr. | ||||
William C. Bayless, Jr. Chief Executive Officer |
Name | Title | Date | ||||||||||||
/s/ William C. Bayless, Jr. | February 28, 2022 | |||||||||||||
William C. Bayless, Jr. | Chief Executive Officer and Director (Principal Executive Officer) | |||||||||||||
/s/ Daniel B. Perry | February 28, 2022 | |||||||||||||
Daniel B. Perry | Executive Vice President, Chief Financial Officer, Treasurer, and Secretary (Principal Financial Officer) | |||||||||||||
/s/ Kim K. Voss | February 28, 2022 | |||||||||||||
Kim K. Voss | Executive Vice President and Chief Accounting Officer (Principal Accounting Officer) | |||||||||||||
/s/ Cydney C. Donnell | February 28, 2022 | |||||||||||||
/s/ Herman Bulls | February 28, 2022 | |||||||||||||
Herman Bulls | Director | |||||||||||||
/s/ Mary C. Egan | February | |||||||||||||
Mary C. Egan | Director | |||||||||||||
/s/ G. Steven Dawson | February | |||||||||||||
G. Steven Dawson | Director | |||||||||||||
/s/ | February | |||||||||||||
Director | ||||||||||||||
/s/ Craig Leupold | February 28, 2022 | |||||||||||||
Craig Leupold | Director | |||||||||||||
/s/ Oliver Luck | February | |||||||||||||
Oliver Luck | Director | |||||||||||||
/s/ C. Patrick Oles, Jr. | February | |||||||||||||
C. Patrick Oles, Jr. | Director | |||||||||||||
/s/ John T. Rippel | February | |||||||||||||
John T. Rippel | Director | |||||||||||||
Impairment of Long-Lived Assets | |||||
Description of the Matter | As more fully described in Note 2 to the consolidated financial statements, on a periodic basis, management assessed whether there were any indicators that the value of the Company’s investments in real estate were impaired. Management evaluated whether there was an impairment in the value of the Company’s investments in real estate when events or changes in circumstances indicated that the carrying amount of an asset may not be recoverable. The Company identified indicators of impairment for certain long-lived assets and thus, further analyzed such for impairment using an undiscounted cash flow model. Upon assessment, the Company concluded that aggregate future undiscounted cash flows to be generated by each property were greater than the respective carrying values. For the year ended December 31, Auditing the Company’s assessment of impairment indicators relating to its investments in real estate involved significant judgment in evaluating management’s identification of impairment indicators. Further, auditing the Company’s undiscounted cash flow model was especially challenging as estimates underlying the calculation, including capitalization rates and growth rates, were based on assumptions affected by expected future market and economic conditions. |
How We Addressed the Matter in Our Audit | We tested the design and operating effectiveness of controls over the Company’s process of identifying potential indicators of impairment of its real estate assets and of determining the recoverability of the carrying value of identified assets using the undiscounted cash flow model. For example, we tested controls over management’s identification of impairment indicators and review of the significant assumptions used in estimating the undiscounted cash flows, including qualitative and quantitative considerations such as economic and market factors and asset performance. To test whether any indicators of impairment were present, our audit procedures included evaluating management’s analysis, including testing the completeness and accuracy of the underlying data. In addition, we performed an independent assessment using both internally and externally available information to identify evidence that was either corroborative or contrary to management’s analysis. For example, we considered historical trends and current year property level performance such as net operating income, rental rate variances, and cost overruns for development properties and challenged management’s estimates by comparing to industry and market data. For the Company’s investments in real estate that were assessed by management using an undiscounted cash flow model, we inspected relevant industry and market outlook data to consider market conditions. Further, we also involved our valuation specialists to assist in testing that the significant assumptions utilized in estimating property level fair values, such as capitalization rates and growth rates, were within an observable market range, as well as performed sensitivity analyses on such assumptions. |
/s/ Ernst & Young LLP |
/s/ Ernst & Young LLP |
December 31, 2021 | December 31, 2020 | |||||||||||||
Assets | ||||||||||||||
Investments in real estate | ||||||||||||||
Owned properties, net | $ | 6,676,811 | $ | 6,721,744 | ||||||||||
On-campus participating properties, net | 65,559 | 69,281 | ||||||||||||
Investments in real estate, net | 6,742,370 | 6,791,025 | ||||||||||||
Cash and cash equivalents | 120,351 | 54,017 | ||||||||||||
Restricted cash | 14,326 | 19,955 | ||||||||||||
Student contracts receivable, net | 14,187 | 11,090 | ||||||||||||
Operating lease right of use assets | 456,239 | 457,573 | ||||||||||||
Other assets | 227,113 | 197,500 | ||||||||||||
Total assets | $ | 7,574,586 | $ | 7,531,160 | ||||||||||
Liabilities and equity | ||||||||||||||
Liabilities | ||||||||||||||
Secured mortgage and bond debt, net | $ | 535,836 | $ | 646,827 | ||||||||||
Unsecured notes, net | 2,773,855 | 2,375,603 | ||||||||||||
Unsecured term loan, net | 199,824 | 199,473 | ||||||||||||
Unsecured revolving credit facility | — | 371,100 | ||||||||||||
Accounts payable and accrued expenses | 93,067 | 85,070 | ||||||||||||
Operating lease liabilities | 496,821 | 486,631 | ||||||||||||
Other liabilities | 173,898 | 185,352 | ||||||||||||
Total liabilities | 4,273,301 | 4,350,056 | ||||||||||||
Commitments and contingencies (Note 15) | 0 | 0 | ||||||||||||
Redeemable noncontrolling interests | 31,858 | 24,567 | ||||||||||||
Equity | ||||||||||||||
American Campus Communities, Inc. and Subsidiaries stockholders’ equity | ||||||||||||||
Common stock, $0.01 par value, 800,000,000 shares authorized, 139,064,213 and 137,540,345 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively | 1,391 | 1,375 | ||||||||||||
Additional paid in capital | 4,694,242 | 4,472,170 | ||||||||||||
Common stock held in rabbi trust, 92,700 and 91,746 shares at December 31, 2021 and December 31, 2020, respectively | (3,943) | (3,951) | ||||||||||||
Accumulated earnings and dividends | (1,559,765) | (1,332,689) | ||||||||||||
Accumulated other comprehensive loss | (14,547) | (22,777) | ||||||||||||
Total American Campus Communities, Inc. and Subsidiaries stockholders’ equity | 3,117,378 | 3,114,128 | ||||||||||||
Noncontrolling interests – partially owned properties | 152,049 | 42,409 | ||||||||||||
Total equity | 3,269,427 | 3,156,537 | ||||||||||||
Total liabilities and equity | $ | 7,574,586 | $ | 7,531,160 |
Consolidated variable interest entities’ assets and liabilities included in the above balances | ||||||||||||||
Investments in real estate, net | $ | 819,795 | $ | 592,787 | ||||||||||
Cash, cash equivalents, and restricted cash | $ | 46,234 | $ | 41,248 | ||||||||||
Other assets | $ | 23,743 | $ | 13,078 | ||||||||||
Secured mortgage debt, net | $ | 404,790 | $ | 410,837 | ||||||||||
Accounts payable, accrued expenses, and other liabilities | $ | 52,407 | $ | 46,645 |
December 31, 2019 | December 31, 2018 | |||||||
Assets | ||||||||
Investments in real estate: | ||||||||
Owned properties, net | $ | 6,694,715 | $ | 6,583,397 | ||||
On-campus participating properties, net | 75,188 | 77,637 | ||||||
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 and equity | ||||||||
Liabilities: | ||||||||
Secured mortgage, construction and bond debt, net | $ | 787,426 | $ | 853,084 | ||||
Unsecured notes, net | 1,985,603 | 1,588,446 | ||||||
Unsecured term loans, net | 199,121 | 198,769 | ||||||
Unsecured revolving credit facility | 425,700 | 387,300 | ||||||
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 | ||||||
Equity: | ||||||||
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 | ||||||
Total liabilities and equity | $ | 7,559,754 | $ | 7,038,846 |
Consolidated variable interest entities’ assets and debt included in the above balances: | ||||||||
Investments in real estate, net | $ | 788,393 | $ | 1,042,585 | ||||
Cash, cash equivalents, and restricted cash | $ | 59,908 | $ | 72,218 | ||||
Other assets | $ | 18,387 | $ | 11,918 | ||||
Secured mortgage and construction debt, net | $ | 418,241 | $ | 447,292 | ||||
Accounts payable, accrued expenses and other liabilities | $ | 56,976 | $ | 53,432 |
Year Ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Revenues | ||||||||||||||||||||
Owned properties | $ | 889,052 | $ | 820,699 | $ | 880,709 | ||||||||||||||
On-campus participating properties | 31,207 | 29,906 | 36,346 | |||||||||||||||||
Third-party development services | 10,191 | 7,543 | 13,051 | |||||||||||||||||
Third-party management services | 11,959 | 12,436 | 12,936 | |||||||||||||||||
Total revenues | 942,409 | 870,584 | 943,042 | |||||||||||||||||
Operating expenses (income) | ||||||||||||||||||||
Owned properties | 407,648 | 378,454 | 390,664 | |||||||||||||||||
On-campus participating properties | 14,333 | 13,521 | 15,028 | |||||||||||||||||
Third-party development and management services | 20,613 | 21,700 | 19,915 | |||||||||||||||||
General and administrative | 45,452 | 35,774 | 31,081 | |||||||||||||||||
Depreciation and amortization | 275,597 | 267,703 | 275,046 | |||||||||||||||||
Ground/facility leases | 17,673 | 13,513 | 14,151 | |||||||||||||||||
(Gain) loss from disposition of real estate, net | — | (48,525) | 53 | |||||||||||||||||
Provision for impairment | — | — | 17,214 | |||||||||||||||||
Other operating expenses | 4,533 | 1,100 | — | |||||||||||||||||
Total operating expenses | 785,849 | 683,240 | 763,152 | |||||||||||||||||
Operating income | 156,560 | 187,344 | 179,890 | |||||||||||||||||
Nonoperating income (expenses) | ||||||||||||||||||||
Interest income | 1,374 | 2,939 | 3,686 | |||||||||||||||||
Interest expense | (117,793) | (112,507) | (111,287) | |||||||||||||||||
Amortization of deferred financing costs | (5,824) | (5,259) | (5,012) | |||||||||||||||||
(Loss) gain from extinguishment of debt, net | — | (4,827) | 20,992 | |||||||||||||||||
Other nonoperating income | 328 | 3,507 | — | |||||||||||||||||
Total nonoperating expenses | (121,915) | (116,147) | (91,621) | |||||||||||||||||
Income before income taxes | 34,645 | 71,197 | 88,269 | |||||||||||||||||
Income tax provision | (1,361) | (1,349) | (1,507) | |||||||||||||||||
Net income | 33,284 | 69,848 | 86,762 | |||||||||||||||||
Net loss (income) attributable to noncontrolling interests | 2,205 | 2,955 | (1,793) | |||||||||||||||||
Net income attributable to ACC, Inc. and Subsidiaries common stockholders | $ | 35,489 | $ | 72,803 | $ | 84,969 | ||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||
Change in fair value of interest rate swaps and other | 8,230 | (5,831) | (12,549) | |||||||||||||||||
Comprehensive income | $ | 43,719 | $ | 66,972 | $ | 72,420 | ||||||||||||||
Net income per share attributable to ACC, Inc. and Subsidiaries common stockholders | ||||||||||||||||||||
Basic | $ | 0.24 | $ | 0.51 | $ | 0.61 | ||||||||||||||
Diluted | $ | 0.24 | $ | 0.51 | $ | 0.60 | ||||||||||||||
Weighted-average common shares outstanding | ||||||||||||||||||||
Basic | 138,503,705 | 137,588,964 | 137,295,837 | |||||||||||||||||
Diluted | 139,703,635 | 138,710,430 | 138,286,778 | |||||||||||||||||
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Revenues: | ||||||||||||
Owned properties | $ | 877,565 | $ | 825,959 | $ | 738,710 | ||||||
On-campus participating properties | 36,346 | 34,596 | 33,945 | |||||||||
Third-party development services | 13,051 | 7,281 | 10,761 | |||||||||
Third-party management services | 12,936 | 9,814 | 9,832 | |||||||||
Resident services | 3,144 | 3,160 | 3,199 | |||||||||
Total revenues | 943,042 | 880,810 | 796,447 | |||||||||
Operating expenses (income): | ||||||||||||
Owned properties | 390,664 | 373,521 | 332,429 | |||||||||
On-campus participating properties | 15,028 | 14,602 | 14,384 | |||||||||
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 | — | 15,317 | |||||||||
Other operating income | — | (2,648 | ) | — | ||||||||
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 | — | |||||||||
Other nonoperating income | — | 1,301 | — | |||||||||
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 | (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 | $ | 0.61 | $ | 0.84 | $ | 0.50 | ||||||
Diluted | $ | 0.60 | $ | 0.84 | $ | 0.50 | ||||||
Weighted-average common shares outstanding: | ||||||||||||
Basic | 137,295,837 | 136,815,051 | 135,141,423 | |||||||||
Diluted | 138,286,778 | 137,722,049 | 136,002,385 | |||||||||
Common Shares | Par Value of Common Shares | Additional Paid in Capital | Common Shares Held in Rabbi Trust | Common Shares Held in Rabbi Trust at Cost | Accumulated Earnings and Dividends | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interests - Partially Owned Properties | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity, December 31, 2018 | 136,967,286 | $ | 1,370 | $ | 4,458,240 | 69,603 | $ | (3,092) | $ | (971,070) | $ | (4,397) | $ | 65,750 | $ | 3,546,801 | ||||||||||||||||||||||||||||||||||||||||
Adjustments to reflect redeemable noncontrolling interests at fair value | — | — | (14,350) | — | — | — | — | — | (14,350) | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock awards and vesting of restricted stock units | 18,318 | — | 13,617 | — | — | — | — | — | 13,617 | |||||||||||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock awards | 180,961 | 2 | (3,977) | — | — | — | — | — | (3,975) | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions to common and restricted stockholders ($1.87 per common share) | — | — | — | — | — | (258,620) | — | — | (258,620) | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions by noncontrolling interests - partially owned properties | — | — | — | — | — | — | — | 924 | 924 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests - partially owned properties | — | — | — | — | — | — | — | (8,425) | (8,425) | |||||||||||||||||||||||||||||||||||||||||||||||
Change in ownership of consolidated subsidiary | — | — | (1,544) | — | — | — | — | (15,261) | (16,805) | |||||||||||||||||||||||||||||||||||||||||||||||
Conversion of common and preferred operating partnership units to common stock | 168,584 | 1 | 6,076 | — | — | — | — | — | 6,077 | |||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | — | — | — | — | — | — | 610 | — | 610 | |||||||||||||||||||||||||||||||||||||||||||||||
Termination of interest rate swaps | — | — | — | — | — | — | (13,159) | — | (13,159) | |||||||||||||||||||||||||||||||||||||||||||||||
Deposits to deferred compensation plan, net of withdrawals | (8,325) | — | 394 | 8,325 | (394) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 84,969 | — | 1,010 | 85,979 | |||||||||||||||||||||||||||||||||||||||||||||||
Equity, December 31, 2019 | 137,326,824 | $ | 1,373 | $ | 4,458,456 | 77,928 | $ | (3,486) | $ | (1,144,721) | $ | (16,946) | $ | 43,998 | $ | 3,338,674 | ||||||||||||||||||||||||||||||||||||||||
Adjustments to reflect redeemable noncontrolling interests at fair value | — | — | 2,002 | — | — | — | — | — | 2,002 | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock awards and vesting of restricted stock units | 27,644 | — | 15,424 | — | — | — | — | — | 15,424 | |||||||||||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock awards | 199,695 | 2 | (4,177) | — | — | — | — | — | (4,175) | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions to common and restricted stockholders ($1.88 per common share) | — | — | — | — | — | (260,771) | — | — | (260,771) | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions by noncontrolling interests - partially owned properties | — | — | — | — | — | — | — | 6,110 | 6,110 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests - partially owned properties | — | — | — | — | — | — | — | (4,419) | (4,419) | |||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | — | — | — | — | — | — | (5,831) | — | (5,831) | |||||||||||||||||||||||||||||||||||||||||||||||
Deposits to deferred compensation plan, net of withdrawals | (13,818) | — | 465 | 13,818 | (465) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | 72,803 | — | (3,280) | 69,523 | |||||||||||||||||||||||||||||||||||||||||||||||
Equity, December 31, 2020 | 137,540,345 | $ | 1,375 | $ | 4,472,170 | 91,746 | $ | (3,951) | $ | (1,332,689) | $ | (22,777) | $ | 42,409 | $ | 3,156,537 | ||||||||||||||||||||||||||||||||||||||||
Adjustments to reflect redeemable noncontrolling interests at fair value | — | — | (8,051) | — | — | — | — | — | (8,051) | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock awards and vesting of restricted stock units | 33,514 | — | 19,853 | — | — | — | — | — | 19,853 | |||||||||||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock awards | 274,708 | 4 | (5,993) | — | — | — | — | — | (5,989) | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions to common and restricted stockholders ($1.88 per common share) | — | — | — | — | — | (262,565) | — | — | (262,565) | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions by noncontrolling interests - partially owned properties | — | — | — | — | — | — | — | 114,385 | 114,385 | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests - partially owned properties | — | — | — | — | — | — | — | (2,363) | (2,363) | |||||||||||||||||||||||||||||||||||||||||||||||
Change in ownership of consolidated subsidiary | — | — | 157,805 | — | — | — | — | — | 157,805 | |||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | — | — | — | — | — | — | 8,230 | — | 8,230 | |||||||||||||||||||||||||||||||||||||||||||||||
Net proceeds from sale of common stock | 1,216,600 | 12 | 58,466 | — | — | — | — | — | 58,478 | |||||||||||||||||||||||||||||||||||||||||||||||
Deposits to deferred compensation plan, net of withdrawals | (954) | — | (8) | 954 | 8 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | 35,489 | — | (2,382) | 33,107 | |||||||||||||||||||||||||||||||||||||||||||||||
Equity, December 31, 2021 | 139,064,213 | $ | 1,391 | $ | 4,694,242 | 92,700 | (3,943) | (1,559,765) | (14,547) | 152,049 | 3,269,427 |
Common Shares | Par Value of Common Shares | Additional Paid in Capital | Common Shares Held in Rabbi Trust | Common Shares Held in Rabbi Trust at Cost | Accumulated Earnings and Dividends | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interests - Partially Owned Properties | Total | ||||||||||||||||||||||||||
Equity, December 31, 2016 | 132,225,488 | $ | 1,322 | $ | 4,118,842 | 20,181 | $ | (975 | ) | $ | (670,137 | ) | $ | (4,067 | ) | $ | 5,502 | $ | 3,450,487 | |||||||||||||||
Adjustments to reflect redeemable noncontrolling interests at fair value | — | — | 9,172 | — | — | — | — | — | 9,172 | |||||||||||||||||||||||||
Amortization of restricted stock awards and vesting of restricted stock units | 16,295 | — | 13,854 | — | — | — | — | — | 13,854 | |||||||||||||||||||||||||
Vesting of restricted stock awards | 193,186 | 2 | (4,922 | ) | — | — | — | — | — | (4,920 | ) | |||||||||||||||||||||||
Distributions to common and restricted stockholders and other ($1.74 per common share) | — | — | — | — | — | (236,545 | ) | — | — | (236,545 | ) | |||||||||||||||||||||||
Contributions by noncontrolling interests - partially owned properties | — | — | — | — | — | — | — | 8,254 | 8,254 | |||||||||||||||||||||||||
Distributions to noncontrolling interests - partially owned properties | — | — | — | — | — | — | — | (212 | ) | (212 | ) | |||||||||||||||||||||||
Conversion of common and preferred operating partnership units to common stock | 22,000 | — | 154 | — | — | — | — | — | 154 | |||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | — | — | — | — | — | — | 1,366 | — | 1,366 | |||||||||||||||||||||||||
Net proceeds from sale of common stock | 3,949,356 | 40 | 187,841 | — | — | — | — | — | 187,881 | |||||||||||||||||||||||||
Deposits to deferred compensation plan, net of withdrawals | (43,597 | ) | 1,969 | 43,597 | (1,969 | ) | — | — | — | — | ||||||||||||||||||||||||
Net income | — | — | — | — | — | 69,038 | — | 429 | 69,467 | |||||||||||||||||||||||||
Equity, December 31, 2017 | 136,362,728 | 1,364 | 4,326,910 | 63,778 | (2,944 | ) | (837,644 | ) | (2,701 | ) | 13,973 | 3,498,958 | ||||||||||||||||||||||
Adjustments to reflect redeemable noncontrolling interests at fair value | — | — | (66,079 | ) | — | — | — | — | — | (66,079 | ) | |||||||||||||||||||||||
Amortization of restricted stock awards and vesting of restricted stock units | 27,376 | — | 12,176 | — | — | — | — | — | 12,176 | |||||||||||||||||||||||||
Vesting of restricted stock awards | 170,664 | 2 | (2,758 | ) | — | — | — | — | — | (2,756 | ) | |||||||||||||||||||||||
Distributions to common and restricted stockholders and other ($1.82 per common share) | — | — | — | — | — | (250,521 | ) | — | — | (250,521 | ) | |||||||||||||||||||||||
Contributions by noncontrolling interests - partially owned properties | — | — | — | — | — | — | — | 212,481 | 212,481 | |||||||||||||||||||||||||
Distributions to noncontrolling interests - partially owned properties | — | — | — | — | — | — | — | (152,325 | ) | (152,325 | ) | |||||||||||||||||||||||
Change in ownership of consolidated subsidiary | — | — | 174,515 | — | — | — | — | (9,472 | ) | 165,043 | ||||||||||||||||||||||||
Conversion of common and preferred operating partnership units to common stock | 412,343 | 4 | 13,328 | — | — | — | — | — | 13,332 | |||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | — | — | — | — | — | — | (1,696 | ) | — | (1,696 | ) | |||||||||||||||||||||||
Deposits to deferred compensation plan, net of withdrawals | (5,825 | ) | — | 148 | 5,825 | (148 | ) | — | — | — | — | |||||||||||||||||||||||
Net income | — | — | — | — | — | 117,095 | — | 1,093 | 118,188 | |||||||||||||||||||||||||
Equity, December 31, 2018 | 136,967,286 | 1,370 | 4,458,240 | 69,603 | (3,092 | ) | (971,070 | ) | (4,397 | ) | 65,750 | 3,546,801 | ||||||||||||||||||||||
Adjustments to reflect redeemable noncontrolling interests at fair value | — | — | (14,350 | ) | — | — | — | — | — | (14,350 | ) | |||||||||||||||||||||||
Amortization of restricted stock awards and vesting of restricted stock units | 18,318 | — | 13,617 | — | — | — | — | — | 13,617 | |||||||||||||||||||||||||
Vesting of restricted stock awards | 180,961 | 2 | (3,977 | ) | — | — | — | — | — | (3,975 | ) | |||||||||||||||||||||||
Distributions to common and restricted stockholders and other ($1.87 per common share) | — | — | — | — | — | (258,620 | ) | — | — | (258,620 | ) | |||||||||||||||||||||||
Contributions by noncontrolling interests - partially owned properties | — | — | — | — | — | — | — | 924 | 924 | |||||||||||||||||||||||||
Distributions to noncontrolling interests - partially owned properties | — | — | — | — | — | — | — | (8,425 | ) | (8,425 | ) | |||||||||||||||||||||||
Change in ownership of consolidated subsidiary | — | — | (1,544 | ) | — | — | — | — | (15,261 | ) | (16,805 | ) | ||||||||||||||||||||||
Conversion of common and preferred operating partnership units to common stock | 168,584 | 1 | 6,076 | — | — | — | — | — | 6,077 | |||||||||||||||||||||||||
Change in fair value of interest rate swaps and other | — | — | — | — | — | — | 610 | — | 610 | |||||||||||||||||||||||||
Termination of interest rate swaps | — | — | — | — | — | — | (13,159 | ) | — | (13,159 | ) | |||||||||||||||||||||||
Deposits to deferred compensation plan, net of withdrawals | (8,325 | ) | — | 394 | 8,325 | (394 | ) | — | — | — | — | |||||||||||||||||||||||
Net income | — | — | — | — | — | 84,969 | — | 1,010 | 85,979 | |||||||||||||||||||||||||
Equity, December 31, 2019 | 137,326,824 | $ | 1,373 | $ | 4,458,456 | 77,928 | $ | (3,486 | ) | $ | (1,144,721 | ) | $ | (16,946 | ) | $ | 43,998 | $ | 3,338,674 |
Year Ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Operating activities | ||||||||||||||||||||
Net income | $ | 33,284 | $ | 69,848 | $ | 86,762 | ||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
(Gain) loss from disposition of real estate, net | — | (48,525) | 53 | |||||||||||||||||
Gain from insurance and litigation settlements | (328) | (1,100) | — | |||||||||||||||||
Loss (gain) from extinguishment of debt | — | 4,827 | (20,992) | |||||||||||||||||
Gain from early repayment of notes receivable | — | (2,136) | — | |||||||||||||||||
Provision for impairment | — | — | 17,214 | |||||||||||||||||
Depreciation and amortization | 275,597 | 267,703 | 275,046 | |||||||||||||||||
Amortization of deferred financing costs and debt premiums/discounts | 5,344 | 1,140 | 538 | |||||||||||||||||
Share-based compensation | 19,853 | 15,424 | 13,617 | |||||||||||||||||
Income tax provision | 1,361 | 1,349 | 1,507 | |||||||||||||||||
Amortization of interest rate swap terminations | 1,724 | 1,705 | 1,133 | |||||||||||||||||
Termination of interest rate swaps | — | — | (13,159) | |||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||
Student contracts receivable, net | (3,097) | 2,340 | (5,407) | |||||||||||||||||
Other assets | (26,370) | 10,757 | (4,445) | |||||||||||||||||
Accounts payable and accrued expenses | 6,361 | (5,308) | (1,532) | |||||||||||||||||
Other liabilities | 21,066 | 33,093 | 20,044 | |||||||||||||||||
Net cash provided by operating activities | 334,795 | 351,117 | 370,379 | |||||||||||||||||
Investing activities | ||||||||||||||||||||
Proceeds from disposition of properties | — | 146,144 | 108,562 | |||||||||||||||||
Cash paid for acquisition of land parcels | (13,184) | (22,032) | (8,559) | |||||||||||||||||
Capital expenditures for owned properties | (68,957) | (58,312) | (70,846) | |||||||||||||||||
Investments in owned properties under development | (159,165) | (315,586) | (444,362) | |||||||||||||||||
Proceeds from notes receivable | — | 45,432 | 5,333 | |||||||||||||||||
Other investing activities | 1,866 | (3,078) | (6,268) | |||||||||||||||||
Net cash used in investing activities | (239,440) | (207,432) | (416,140) | |||||||||||||||||
Financing activities | ||||||||||||||||||||
Proceeds from unsecured notes | 399,712 | 795,808 | 398,816 | |||||||||||||||||
Proceeds from sale of common stock | 59,674 | — | — | |||||||||||||||||
Offering costs | (747) | — | — | |||||||||||||||||
Pay-off of unsecured notes | — | (400,000) | — | |||||||||||||||||
Pay-off of mortgage and construction loans | (99,819) | (124,559) | (53,818) | |||||||||||||||||
Defeasance costs related to early extinguishment of debt | — | (4,156) | — | |||||||||||||||||
Proceeds from revolving credit facility | 723,600 | 1,902,600 | 949,000 | |||||||||||||||||
Paydowns of revolving credit facility | (1,094,700) | (1,957,200) | (910,600) | |||||||||||||||||
Proceeds from construction loans | — | — | 31,611 | |||||||||||||||||
Scheduled principal payments on debt | (10,004) | (11,852) | (11,938) | |||||||||||||||||
Debt issuance costs | (12,702) | (9,614) | (6,462) | |||||||||||||||||
Increase in ownership of consolidated subsidiary | — | (77,200) | (105,109) | |||||||||||||||||
Contribution by noncontrolling interests | 273,597 | 5,414 | 1,174 | |||||||||||||||||
Transaction costs associated with change in ownership interest of consolidated subsidiary | (1,407) | — | — | |||||||||||||||||
Taxes paid on net-share settlements | (5,989) | (4,175) | (3,975) | |||||||||||||||||
Distributions paid to common and restricted stockholders | (262,565) | (260,771) | (258,620) | |||||||||||||||||
Distributions paid to noncontrolling interests | (3,300) | (5,356) | (9,487) | |||||||||||||||||
Net cash (used in) provided by financing activities | (34,650) | (151,061) | 20,592 | |||||||||||||||||
Net change in cash, cash equivalents, and restricted cash | 60,705 | (7,376) | (25,169) | |||||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 73,972 | 81,348 | 106,517 | |||||||||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 134,677 | $ | 73,972 | $ | 81,348 | ||||||||||||||
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets | ||||||||||||||||||||
Cash and cash equivalents | $ | 120,351 | $ | 54,017 | $ | 54,650 | ||||||||||||||
Restricted cash | 14,326 | 19,955 | 26,698 | |||||||||||||||||
Total cash, cash equivalents, and restricted cash at end of period | $ | 134,677 | $ | 73,972 | $ | 81,348 | ||||||||||||||
Year Ended December 31, | ||||||||||||
2019 | 2018 | 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 | — | (1,245 | ) | — | ||||||||
Gain from extinguishment of debt | (20,992 | ) | (7,867 | ) | — | |||||||
Provision for impairment | 17,214 | — | 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 | ) | — | — | ||||||||
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 | ) | ||||||
Capital expenditures for owned properties | (70,846 | ) | (70,809 | ) | (82,722 | ) | ||||||
Investments in owned properties under development | (444,362 | ) | (475,338 | ) | (534,830 | ) | ||||||
Capital expenditures for on-campus participating properties | (2,898 | ) | (3,654 | ) | (3,533 | ) | ||||||
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 | — | 399,648 | |||||||||
Proceeds from sale of common stock | — | — | 190,912 | |||||||||
Offering costs | — | — | (2,374 | ) | ||||||||
Pay-off of mortgage and construction loans | (53,818 | ) | (186,347 | ) | (147,960 | ) | ||||||
Defeasance costs related to early extinguishment of debt | — | (2,726 | ) | — | ||||||||
Pay-off of unsecured term loans | — | (450,000 | ) | — | ||||||||
Proceeds from unsecured term loans | — | — | 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 | — | 330,000 | — | |||||||||
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 | ) | — | |||||||
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 common and restricted stockholders | (258,620 | ) | (250,521 | ) | (236,545 | ) | ||||||
Distributions paid to noncontrolling interests | (9,487 | ) | (153,841 | ) | (77,243 | ) | ||||||
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 |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets | ||||||||||||
Cash and cash equivalents | $ | 54,650 | $ | 71,238 | $ | 41,182 | ||||||
Restricted cash | 26,698 | 35,279 | 23,590 | |||||||||
Total cash, cash equivalents, and restricted cash at end of period | $ | 81,348 | $ | 106,517 | $ | 64,772 | ||||||
Supplemental disclosure of non-cash investing and financing activities | ||||||||||||
Loans associated with investment in joint ventures | $ | — | $ | — | $ | (104,056 | ) | |||||
Conversion of common and preferred operating partnership units to common stock | $ | 6,077 | $ | 13,332 | $ | 154 | ||||||
Non-cash contribution from noncontrolling interest | $ | — | $ | 8,729 | $ | 159,247 | ||||||
Non-cash consideration exchanged in purchase of land parcel | $ | — | $ | — | $ | (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 | $ | — | $ | (175,529 | ) | $ | — | |||||
Initial recognition of operating lease right of use assets | $ | 463,445 | $ | — | $ | — | ||||||
Initial recognition of operating lease liabilities | $ | 462,495 | $ | — | $ | — | ||||||
Non-cash extinguishment of debt, including accrued interest | $ | (34,570 | ) | $ | — | $ | — | |||||
Net assets surrendered in conjunction with extinguishment of debt | $ | 13,578 | $ | — | $ | — | ||||||
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 |
December 31, 2019 | December 31, 2018 | |||||||
Assets | ||||||||
Investments in real estate: | ||||||||
Owned properties, net | $ | 6,694,715 | $ | 6,583,397 | ||||
On-campus participating properties, net | 75,188 | 77,637 | ||||||
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 and capital | ||||||||
Liabilities: | ||||||||
Secured mortgage, construction and bond debt, net | $ | 787,426 | $ | 853,084 | ||||
Unsecured notes, net | 1,985,603 | 1,588,446 | ||||||
Unsecured term loans, net | 199,121 | 198,769 | ||||||
Unsecured revolving credit facility | 425,700 | 387,300 | ||||||
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 limited partners | 104,381 | 184,446 | ||||||
Capital: | ||||||||
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 capital | $ | 7,559,754 | $ | 7,038,846 |
Consolidated variable interest entities’ assets and debt included in the above balances: | ||||||||
Investments in real estate, net | $ | 788,393 | $ | 1,042,585 | ||||
Cash, cash equivalents, and restricted cash | $ | 59,908 | $ | 72,218 | ||||
Other assets | $ | 18,387 | $ | 11,918 | ||||
Secured mortgage and construction debt, net | $ | 418,241 | $ | 447,292 | ||||
Accounts payable, accrued expenses and other liabilities | $ | 56,976 | $ | 53,432 |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Revenues: | ||||||||||||
Owned properties | $ | 877,565 | $ | 825,959 | $ | 738,710 | ||||||
On-campus participating properties | 36,346 | 34,596 | 33,945 | |||||||||
Third-party development services | 13,051 | 7,281 | 10,761 | |||||||||
Third-party management services | 12,936 | 9,814 | 9,832 | |||||||||
Resident services | 3,144 | 3,160 | 3,199 | |||||||||
Total revenues | 943,042 | 880,810 | 796,447 | |||||||||
Operating expenses (income): | ||||||||||||
Owned properties | 390,664 | 373,521 | 332,429 | |||||||||
On-campus participating properties | 15,028 | 14,602 | 14,384 | |||||||||
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 | — | 15,317 | |||||||||
Other operating income | — | (2,648 | ) | — | ||||||||
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 | — | |||||||||
Other nonoperating income | — | 1,301 | — | |||||||||
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 | ) | (435 | ) | ||||||
Net income attributable to American Campus Communities Operating Partnership LP | 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 | $ | 0.61 | $ | 0.85 | $ | 0.50 | ||||||
Diluted | $ | 0.60 | $ | 0.84 | $ | 0.50 | ||||||
Weighted-average common units outstanding | ||||||||||||
Basic | 137,826,949 | 137,586,759 | 136,160,609 | |||||||||
Diluted | 138,817,890 | 138,493,757 | 137,021,571 |
Accumulated | Noncontrolling | |||||||||||||||||||||||||
General Partner | Limited Partner | Other | Interests – | |||||||||||||||||||||||
Units | Amount | Units | Amount | Comprehensive (Loss) Income | Partially Owned Properties | Total | ||||||||||||||||||||
Capital, December 31, 2016 | 12,222 | $ | 82 | 132,233,447 | $ | 3,448,970 | $ | (4,067 | ) | $ | 5,502 | 3,450,487 | ||||||||||||||
Adjustments to reflect redeemable limited partners’ interest at fair value | — | — | — | 9,172 | — | — | 9,172 | |||||||||||||||||||
Amortization of restricted stock awards and vesting of restricted stock units | — | — | 16,295 | 13,854 | — | — | 13,854 | |||||||||||||||||||
Vesting of restricted stock awards | — | — | 193,186 | (4,920 | ) | — | — | (4,920 | ) | |||||||||||||||||
Distributions to common and restricted unit holders and other ($1.74 per common share) | — | (21 | ) | — | (236,524 | ) | — | — | (236,545 | ) | ||||||||||||||||
Contribution by noncontrolling interests - partially owned properties | — | — | — | — | — | 8,254 | 8,254 | |||||||||||||||||||
Distributions to noncontrolling interests - partially owned properties | — | — | — | — | — | (212 | ) | (212 | ) | |||||||||||||||||
Conversion of common and preferred operating partnership units to common stock | — | — | 22,000 | 154 | — | — | 154 | |||||||||||||||||||
Issuance of units in exchange for contributions of equity offering proceeds | — | — | 3,949,356 | 187,881 | — | — | 187,881 | |||||||||||||||||||
Change in fair value of interest rate swaps and other | — | — | — | — | 1,366 | — | 1,366 | |||||||||||||||||||
Net income | — | 6 | — | 69,032 | — | 429 | 69,467 | |||||||||||||||||||
Capital, December 31, 2017 | 12,222 | 67 | 136,414,284 | 3,487,619 | (2,701 | ) | 13,973 | 3,498,958 | ||||||||||||||||||
Adjustments to reflect redeemable limited partners’ interest at fair value | — | — | — | (66,079 | ) | — | — | (66,079 | ) | |||||||||||||||||
Amortization of restricted stock awards and vesting of restricted stock units | — | — | 27,376 | 12,176 | — | — | 12,176 | |||||||||||||||||||
Vesting of restricted stock awards | — | — | 170,664 | (2,756 | ) | — | — | (2,756 | ) | |||||||||||||||||
Distributions to common and restricted unit holders and other ($1.82 per common unit) | — | (22 | ) | — | (250,499 | ) | — | — | (250,521 | ) | ||||||||||||||||
Contribution by noncontrolling interests - partially owned properties | — | — | — | — | — | 212,481 | 212,481 | |||||||||||||||||||
Distributions to noncontrolling joint venture partners | — | — | — | — | — | (152,325 | ) | (152,325 | ) | |||||||||||||||||
Change in ownership of consolidated subsidiary | — | — | — | 174,515 | — | (9,472 | ) | 165,043 | ||||||||||||||||||
Conversion of common and preferred operating partnership units to common stock | — | — | 412,343 | 13,332 | — | — | 13,332 | |||||||||||||||||||
Change in fair value of interest rate swaps and other | — | — | — | — | (1,696 | ) | — | (1,696 | ) | |||||||||||||||||
Net income | — | 10 | — | 117,085 | — | 1,093 | 118,188 | |||||||||||||||||||
Capital, December 31, 2018 | 12,222 | 55 | 137,024,667 | 3,485,393 | (4,397 | ) | 65,750 | 3,546,801 | ||||||||||||||||||
Adjustments to reflect redeemable limited partners’ interest at fair value | — | — | — | (14,350 | ) | — | — | (14,350 | ) | |||||||||||||||||
Amortization of restricted stock awards and vesting of restricted stock units | — | — | 18,318 | 13,617 | — | — | 13,617 | |||||||||||||||||||
Vesting of restricted stock awards | — | — | 180,961 | (3,975 | ) | — | — | (3,975 | ) | |||||||||||||||||
Distributions to common and restricted unit holders and other ($1.87 per common unit) | — | (23 | ) | — | (258,597 | ) | — | — | (258,620 | ) | ||||||||||||||||
Contributions by noncontrolling interests - partially owned properties | — | — | — | — | — | 924 | 924 | |||||||||||||||||||
Distributions to noncontrolling interests - partially owned properties | — | — | — | — | — | (8,425 | ) | (8,425 | ) | |||||||||||||||||
Change in ownership of consolidated subsidiary | — | — | — | (1,544 | ) | — | (15,261 | ) | (16,805 | ) | ||||||||||||||||
Conversion of common and preferred operating partnership units to common stock | — | — | 168,584 | 6,077 | — | — | 6,077 | |||||||||||||||||||
Change in fair value of interest rate swaps and other | — | — | — | — | 610 | — | 610 | |||||||||||||||||||
Termination of interest rate swaps | — | — | — | — | (13,159 | ) | — | (13,159 | ) | |||||||||||||||||
Net income | — | 8 | — | 84,961 | — | 1,010 | 85,979 | |||||||||||||||||||
Capital, December 31, 2019 | 12,222 | $ | 40 | 137,392,530 | $ | 3,311,582 | $ | (16,946 | ) | $ | 43,998 | $ | 3,338,674 | |||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Supplemental disclosure of non-cash investing and financing activities | ||||||||||||||||||||
Conversion of common and preferred operating partnership units to common stock | $ | — | $ | — | $ | 6,077 | ||||||||||||||
Non-cash contribution from noncontrolling interest | $ | — | $ | 696 | $ | — | ||||||||||||||
Accrued development costs and capital expenditures | $ | 13,191 | $ | 28,994 | $ | 37,260 | ||||||||||||||
Change in fair value of redeemable noncontrolling interest | $ | (8,051) | $ | 2,002 | $ | (14,350) | ||||||||||||||
Change in ownership of consolidated subsidiary | $ | (157,805) | $ | — | $ | — | ||||||||||||||
Initial recognition of operating lease right of use assets | $ | 1,559 | $ | — | $ | 463,445 | ||||||||||||||
Initial recognition of operating lease liabilities | $ | 1,559 | $ | — | $ | 462,495 | ||||||||||||||
Non-cash extinguishment of debt, including accrued interest | $ | — | $ | — | $ | (34,570) | ||||||||||||||
Net assets surrendered in conjunction with extinguishment of debt | $ | — | $ | — | $ | 13,578 | ||||||||||||||
Supplemental disclosure of cash flow information | ||||||||||||||||||||
Interest paid, net of amounts capitalized | $ | 119,188 | $ | 108,791 | $ | 114,450 | ||||||||||||||
Income taxes paid | $ | 1,200 | $ | 1,455 | $ | 3,041 |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 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 | — | (1,245 | ) | — | ||||||||
Gain from extinguishment of debt | (20,992 | ) | (7,867 | ) | — | |||||||
Provision for impairment | 17,214 | — | 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 | ) | — | — | ||||||||
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 | ) | ||||||
Capital expenditures for owned properties | (70,846 | ) | (70,809 | ) | (82,722 | ) | ||||||
Investments in owned properties under development | (444,362 | ) | (475,338 | ) | (534,830 | ) | ||||||
Capital expenditures for on-campus participating properties | (2,898 | ) | (3,654 | ) | (3,533 | ) | ||||||
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 | — | 399,648 | |||||||||
Proceeds from issuance of common units in exchange for contributions, net | — | — | 188,538 | |||||||||
Pay-off of mortgage and construction loans | (53,818 | ) | (186,347 | ) | (147,960 | ) | ||||||
Defeasance costs related to early extinguishment of debt | — | (2,726 | ) | — | ||||||||
Pay-off of unsecured term loans | — | (450,000 | ) | — | ||||||||
Proceeds from unsecured term loans | — | — | 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 | — | 330,000 | — | |||||||||
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 | ) | — | |||||||
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 common and preferred unitholders | (257,780 | ) | (250,515 | ) | (236,905 | ) | ||||||
Distributions paid on unvested restricted stock awards | (1,902 | ) | (1,522 | ) | (1,536 | ) | ||||||
Distributions paid to noncontrolling interests - partially owned properties | (8,425 | ) | (152,325 | ) | (75,347 | ) | ||||||
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 | ||||||||||||
Cash and cash equivalents | $ | 54,650 | $ | 71,238 | $ | 41,182 | ||||||
Restricted cash | 26,698 | 35,279 | 23,590 | |||||||||
Total cash, cash equivalents, and restricted cash at end of period | $ | 81,348 | $ | 106,517 | $ | 64,772 | ||||||
Supplemental disclosure of non-cash investing and financing activities | ||||||||||||
Loans associated with investment in joint ventures | $ | — | $ | — | $ | (104,056 | ) | |||||
Conversion of common and preferred operating partnership units to common stock | $ | 6,077 | $ | 13,332 | $ | 154 | ||||||
Non-cash contribution from noncontrolling interest | $ | — | $ | 8,729 | $ | 159,247 | ||||||
Non-cash consideration exchanged in purchase of land parcel | $ | — | $ | — | $ | (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 | $ | — | $ | (175,529 | ) | $ | — | |||||
Initial recognition of operating lease right of use assets | $ | 463,445 | $ | — | $ | — | ||||||
Initial recognition of operating lease liabilities | $ | 462,495 | $ | — | $ | — | ||||||
Non-cash extinguishment of debt, including accrued interest | $ | (34,570 | ) | $ | — | $ | — | |||||
Net assets surrendered in conjunction with extinguishment of debt | $ | 13,578 | $ | — | $ | — | ||||||
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 |
Accounting Standards Update | Effective Date | |||||||
ASU 2020-06 “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity" | January 1, 2022 | |||||||
ASU | January 1, 2022 | |||||||
ASU 2021-08 “Business Combinations (Topic 805): Accounting for | January 1, | |||||||
Buildings and improvements | ||||||
Leasehold interest - on-campus participating properties | ||||||
Furniture, fixtures, and equipment |
Year Ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Common OP Units (Note 10) | 468,475 | 468,475 | 531,112 | |||||||||||||||||
Preferred OP Units (Note 10) | 35,242 | 35,242 | 42,421 | |||||||||||||||||
Total potentially dilutive securities | 503,717 | 503,717 | 573,533 |
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 |
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 |
Year Ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Numerator - basic and diluted earnings per share | ||||||||||||||||||||
Net income | $ | 33,284 | $ | 69,848 | $ | 86,762 | ||||||||||||||
Net loss (income) attributable to noncontrolling interests | 2,205 | 2,955 | (1,793) | |||||||||||||||||
Net income attributable to ACC, Inc. and Subsidiaries common stockholders | 35,489 | 72,803 | 84,969 | |||||||||||||||||
Amount allocated to participating securities | (2,285) | (2,142) | (1,902) | |||||||||||||||||
Net income attributable to common stockholders | $ | 33,204 | $ | 70,661 | $ | 83,067 | ||||||||||||||
Denominator | ||||||||||||||||||||
Basic weighted average common shares outstanding | 138,503,705 | 137,588,964 | 137,295,837 | |||||||||||||||||
Unvested restricted stock awards (Note 11) | 1,199,930 | 1,121,466 | 990,941 | |||||||||||||||||
Diluted weighted average common shares outstanding | 139,703,635 | 138,710,430 | 138,286,778 | |||||||||||||||||
Earnings per share | ||||||||||||||||||||
Net income attributable to common stockholders - basic | $ | 0.24 | $ | 0.51 | $ | 0.61 | ||||||||||||||
Net income attributable to common stockholders - diluted | $ | 0.24 | $ | 0.51 | $ | 0.60 |
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 |
December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Deferred tax assets | ||||||||||||||
Fixed and intangible assets | $ | 1,664 | $ | 1,669 | ||||||||||
Net operating loss carryforwards | 7,952 | 8,207 | ||||||||||||
Prepaid and deferred income | 1,140 | 1,060 | ||||||||||||
Bad debt reserves | 691 | 675 | ||||||||||||
Leases | 3,089 | 3,314 | ||||||||||||
Accrued expenses and other | 5,060 | 3,795 | ||||||||||||
Stock compensation | 2,963 | 3,084 | ||||||||||||
Total deferred tax assets | 22,559 | 21,804 | ||||||||||||
Valuation allowance for deferred tax assets | (19,743) | (18,578) | ||||||||||||
Deferred tax assets, net of valuation allowance | 2,816 | 3,226 | ||||||||||||
Deferred tax liabilities | ||||||||||||||
Leases | (2,793) | (3,189) | ||||||||||||
Deferred financing costs | (23) | (37) | ||||||||||||
Net deferred tax liabilities | $ | — | $ | — |
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 | $ | — | $ | — |
Year Ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Current | ||||||||||||||||||||
Federal | $ | (112) | $ | (103) | $ | (157) | ||||||||||||||
State | (1,249) | (1,246) | (1,350) | |||||||||||||||||
Deferred | ||||||||||||||||||||
Federal | — | — | — | |||||||||||||||||
State | — | — | — | |||||||||||||||||
Total provision | $ | (1,361) | $ | (1,349) | $ | (1,507) |
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 | ) |
Year Ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Tax benefit (provision) at U.S. statutory rates on TRS income subject to tax | $ | 1,347 | $ | 1,536 | $ | (789) | ||||||||||||||
State income tax, net of federal income tax benefit (provision) | 206 | 278 | (57) | |||||||||||||||||
Effect of permanent differences and other | (53) | (8) | 5 | |||||||||||||||||
(Increase) decrease in valuation allowance | (1,500) | (1,806) | 841 | |||||||||||||||||
TRS income tax provision | $ | — | $ | — | $ | — |
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 | $ | — | $ | — | $ | — |
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 |
Year Ended December 31, | ||||||||||||||||||||
Tax Treatment of Distributions | 2021 | 2020 | 2019 | |||||||||||||||||
Ordinary income | $ | 0.4500 | $ | 1.1004 | $ | 0.6625 | ||||||||||||||
Long-term capital gain (1) | 1.2248 | 0.3560 | 1.2075 | |||||||||||||||||
Return of capital | 0.2052 | 0.4236 | — | |||||||||||||||||
Total per common share outstanding | $ | 1.8800 | $ | 1.8800 | $ | 1.8700 |
December 31, 2021 | December 31, 2020 | |||||||||||||
Land | $ | 678,254 | $ | 664,879 | ||||||||||
Buildings and improvements | 7,241,918 | 6,949,781 | ||||||||||||
Furniture, fixtures, and equipment | 425,469 | 405,843 | ||||||||||||
Construction in progress | 242,566 | 361,893 | ||||||||||||
8,588,207 | 8,382,396 | |||||||||||||
Less accumulated depreciation | (1,911,396) | (1,660,652) | ||||||||||||
Owned properties, net | $ | 6,676,811 | $ | 6,721,744 |
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 |
December 31, 2021 | December 31, 2020 | |||||||||||||
Buildings and improvements | $ | 160,275 | $ | 157,218 | ||||||||||
Furniture, fixtures, and equipment | 14,213 | 14,389 | ||||||||||||
Construction in progress | 60 | — | ||||||||||||
174,548 | 171,607 | |||||||||||||
Less accumulated depreciation | (108,989) | (102,326) | ||||||||||||
On-campus participating properties, net | $ | 65,559 | $ | 69,281 |
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 |
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 |
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 |
December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Debt secured by owned properties | ||||||||||||||
Mortgage loans payable | ||||||||||||||
Unpaid principal balance | $ | 460,825 | $ | 563,506 | ||||||||||
Unamortized deferred financing costs | (596) | (848) | ||||||||||||
Unamortized debt premiums | 540 | 1,819 | ||||||||||||
Unamortized debt discounts | (103) | (151) | ||||||||||||
460,666 | 564,326 | |||||||||||||
Debt secured by OCPPs | ||||||||||||||
Mortgage loans payable (1) | 60,986 | 63,714 | ||||||||||||
Bonds payable (1) | 14,695 | 19,110 | ||||||||||||
Unamortized deferred financing costs | (511) | (323) | ||||||||||||
75,170 | 82,501 | |||||||||||||
Total secured mortgage and bond debt, net | 535,836 | 646,827 | ||||||||||||
Unsecured notes, net of unamortized OID and deferred financing costs (2) | 2,773,855 | 2,375,603 | ||||||||||||
Unsecured term loan, net of unamortized deferred financing costs (3) | 199,824 | 199,473 | ||||||||||||
Unsecured revolving credit facility | — | 371,100 | ||||||||||||
Total debt, net | $ | 3,509,515 | $ | 3,593,003 |
(2)Includes net unamortized original issue discount (“OID”) of $5.3 million and $5.8 million at December 31, 2021 and 2020, respectively, and net unamortized deferred financing costs of $20.8 million and $18.6 million at December 31, 2021 and 2020, respectively. (3)Includes net unamortized deferred financing costs of $0.2 million and $0.5 million at December 31, 2021 and 2020, respectively. |
December 31, 2021 | ||||||||||||||||||||||||||||||||
Principal Outstanding | Weighted | Weighted | Number of | |||||||||||||||||||||||||||||
December 31, | Average | Average Years | Properties | |||||||||||||||||||||||||||||
2021 | 2020 | Interest Rate | to Maturity | Encumbered | ||||||||||||||||||||||||||||
Fixed Rate | ||||||||||||||||||||||||||||||||
Mortgage loans payable (1) | $ | 520,888 | $ | 625,136 | 4.03 | % | 6.6 years | 10 | ||||||||||||||||||||||||
Variable Rate | ||||||||||||||||||||||||||||||||
Mortgage loans payable (2) | 923 | 2,084 | 2.61 | % | 23.6 years | — | ||||||||||||||||||||||||||
Total | $ | 521,811 | $ | 627,220 | 4.03 | % | 6.7 years | 10 |
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 |
(2)Represents 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. |
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 | $ | — |