Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'AMERICAN CAMPUS COMMUNITIES INC | ' |
Entity Central Index Key | '0001283630 | ' |
Trading Symbol | 'acc | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock Shares Outstanding | ' | 104,782,817 |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' | ' |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'American Campus Communities Operating Partnership LP | ' |
Entity Central Index Key | '0001357369 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Investments in real estate: | ' | ' | ||
Investments in real estate, net | $5,089,042 | $4,928,722 | ||
Cash and cash equivalents | 25,267 | 21,454 | ||
Restricted cash | 37,480 | 36,790 | ||
Student contracts receivable, net | 17,207 | 14,122 | ||
Other assets | 151,090 | 117,874 | ||
Total assets | 5,320,086 | 5,118,962 | ||
Liabilities: | ' | ' | ||
Secured mortgage, construction and bond debt | 1,414,943 | 1,509,105 | ||
Secured agency facility | 95,355 | 104,000 | ||
Unsecured notes | 398,692 | ' | ||
Unsecured term loan | 350,000 | 350,000 | ||
Unsecured revolving credit facility | 175,300 | 258,000 | ||
Accounts payable and accrued expenses | 63,895 | 56,046 | ||
Other liabilities | 135,788 | 107,223 | ||
Total liabilities | 2,633,973 | 2,384,374 | ||
Commitments and contingencies (Note 14) | ' | ' | ||
Redeemable noncontrolling interests | 49,790 | 57,534 | ||
American Campus Communities, Inc. stockholders' equity: | ' | ' | ||
Common stock, $.01 par value, 800,000,000 shares authorized, 104,782,817 and 104,665,212 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively | 1,043 | 1,043 | ||
Additional paid in capital | 3,014,239 | 3,001,520 | ||
Accumulated earnings and dividends | -382,231 | -347,521 | ||
Accumulated other comprehensive loss | -2,210 | -6,661 | ||
Total American Campus Communities, Inc. stockholders’ equity | 2,630,841 | 2,648,381 | ||
Total equity | 2,636,323 | 2,677,054 | ||
Partners' capital: | ' | ' | ||
Accumulated other comprehensive loss | -2,210 | -6,661 | ||
Total liabilities and equity | 5,320,086 | 5,118,962 | ||
Wholly-owned properties, net | ' | ' | ||
Investments in real estate: | ' | ' | ||
Investments in real estate, net | 5,003,173 | [1] | 4,871,376 | [1] |
Liabilities: | ' | ' | ||
Secured mortgage, construction and bond debt | 1,292,468 | 1,375,067 | ||
Wholly-owned properties held for sale | ' | ' | ||
Investments in real estate: | ' | ' | ||
Investments in real estate, net | 23,707 | 0 | ||
On-campus participating properties, net | ' | ' | ||
Investments in real estate: | ' | ' | ||
Investments in real estate, net | 62,162 | 57,346 | ||
Partially owned properties | ' | ' | ||
American Campus Communities, Inc. stockholders' equity: | ' | ' | ||
Noncontrolling interests - partially owned properties | 5,482 | 28,673 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' | ' | ||
Investments in real estate: | ' | ' | ||
Investments in real estate, net | 5,089,042 | 4,928,722 | ||
Cash and cash equivalents | 25,267 | 21,454 | ||
Restricted cash | 37,480 | 36,790 | ||
Student contracts receivable, net | 17,207 | 14,122 | ||
Other assets | 151,090 | 117,874 | ||
Total assets | 5,320,086 | 5,118,962 | ||
Liabilities: | ' | ' | ||
Secured mortgage, construction and bond debt | 1,414,943 | 1,509,105 | ||
Secured agency facility | 95,355 | 104,000 | ||
Unsecured notes | 398,692 | ' | ||
Unsecured term loan | 350,000 | 350,000 | ||
Unsecured revolving credit facility | 175,300 | 258,000 | ||
Accounts payable and accrued expenses | 63,895 | 56,046 | ||
Other liabilities | 135,788 | 107,223 | ||
Total liabilities | 2,633,973 | 2,384,374 | ||
Commitments and contingencies (Note 14) | ' | ' | ||
Redeemable noncontrolling interests | 49,790 | 57,534 | ||
American Campus Communities, Inc. stockholders' equity: | ' | ' | ||
Accumulated other comprehensive loss | -2,210 | -6,661 | ||
Partners' capital: | ' | ' | ||
General partner – 12,222 OP units outstanding at both September 30, 2013 and December 31, 2012 | 112 | 116 | ||
Limited partner – 104,770,595 and 104,652,990 OP units outstanding at September 30, 2013 and December 31, 2012, respectively | 2,632,939 | 2,654,926 | ||
Accumulated other comprehensive loss | -2,210 | -6,661 | ||
Total partners’ capital | 2,630,841 | 2,648,381 | ||
Total capital | 2,636,323 | 2,677,054 | ||
Total liabilities and equity | 5,320,086 | 5,118,962 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties, net | ' | ' | ||
Investments in real estate: | ' | ' | ||
Investments in real estate, net | 5,003,173 | 4,871,376 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties held for sale | ' | ' | ||
Investments in real estate: | ' | ' | ||
Investments in real estate, net | 23,707 | ' | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties, net | ' | ' | ||
Investments in real estate: | ' | ' | ||
Investments in real estate, net | 62,162 | 57,346 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially owned properties | ' | ' | ||
Partners' capital: | ' | ' | ||
Noncontrolling interests | $5,482 | $28,673 | ||
[1] | The balances above exclude the net book value of two properties, University Mills and Campus Ridge which are classified as wholly-owned properties Held for Sale in the accompanying consolidated balance sheet as of September 30, 2013. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (shares) | 800,000,000 | 800,000,000 |
Common stock, shares issued (shares) | 104,781,317 | 104,665,212 |
Common stock, shares outstanding (shares) | 104,781,317 | 104,665,212 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' | ' |
General partner, OP units outstanding (shares) | 12,222 | 12,222 |
Limited partner, OP units outstanding (shares) | 104,770,595 | 104,652,990 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | ' | ' | ' | ' |
Third-party development services | $622 | $1,467 | $1,656 | $7,427 |
Third-party management services | 1,792 | 1,687 | 5,425 | 5,083 |
Resident services | 883 | 454 | 1,912 | 982 |
Total revenues | 159,031 | 112,757 | 476,643 | 318,190 |
Operating expenses | ' | ' | ' | ' |
Third-party development and management services | 3,058 | 2,602 | 7,786 | 8,013 |
General and administrative | 3,934 | 7,582 | 12,366 | 15,760 |
Depreciation and amortization | 45,248 | 27,165 | 138,373 | 73,355 |
Ground/facility leases | 1,386 | 1,093 | 3,749 | 2,861 |
Total operating expenses | 143,836 | 99,393 | 393,496 | 250,067 |
Operating income | 15,195 | 13,364 | 83,147 | 68,123 |
Nonoperating income and (expenses) | ' | ' | ' | ' |
Interest income | 792 | 428 | 2,165 | 1,355 |
Interest expense | -19,819 | -13,530 | -57,063 | -38,742 |
Amortization of deferred financing costs | -1,413 | -1,060 | -4,143 | -3,012 |
Income from unconsolidated joint ventures | 0 | 0 | 0 | 444 |
Other nonoperating income (expense) | 134 | 136 | -2,666 | 14 |
Total nonoperating expenses | -20,306 | -14,026 | -61,707 | -39,941 |
(Loss) income before income taxes and discontinued operations | -5,111 | -662 | 21,440 | 28,182 |
Income tax provision | -255 | -181 | -765 | -493 |
(Loss) income from continuing operations | -5,366 | -843 | 20,675 | 27,689 |
Income attributable to discontinued operations | 367 | 1,865 | 5,373 | 7,062 |
Gain from disposition of real estate | 52,831 | 0 | 52,831 | 83 |
Total discontinued operations | 53,198 | 1,865 | 58,204 | 7,145 |
Net income | 47,832 | 1,022 | 78,879 | 34,834 |
Net income attributable to noncontrolling interests | -656 | -395 | -2,064 | -1,853 |
Net income attributable to common shareholders | 47,176 | 627 | 76,815 | 32,981 |
Other comprehensive income (loss) | ' | ' | ' | ' |
Comprehensive income (loss) | -1,163 | -2,386 | 4,451 | -4,191 |
Comprehensive income | 46,013 | -1,759 | 81,266 | 28,790 |
Income per share/unit attributable to common shareholders/unitholders - basic | ' | ' | ' | ' |
(Loss) income from continuing operations per share | ($0.05) | ($0.02) | $0.18 | $0.32 |
Net income per share/unit (in dollars per share/unit) | $0.45 | $0 | $0.73 | $0.41 |
Income per share/unit attributable to common shareholders/unitholders - basic | ' | ' | ' | ' |
Income from continuing operations per share/unit (in dollars per share/unit) | ($0.05) | ($0.02) | $0.18 | $0.32 |
Net income per share/unit (in dollars per share/unit) | $0.45 | $0 | $0.73 | $0.41 |
Income per share/unit attributable to common shareholders/unitholders - diluted | ' | ' | ' | ' |
Income from continuing operations per share/unit (in dollars per share/unit) | ($0.05) | ($0.02) | $0.18 | $0.31 |
Net income per share/unit (in dollars per share/unit) | $0.45 | $0 | $0.72 | $0.40 |
Income per share/unit attributable to common shareholders/unitholders - diluted | ' | ' | ' | ' |
Income from continuing operations per share/unit (in dollars per share/unit) | ($0.05) | ($0.02) | $0.18 | $0.31 |
Net income per share/unit (in dollars per share/unit) | $0.45 | $0 | $0.72 | $0.40 |
Weighted-average common shares/units outstanding | ' | ' | ' | ' |
Basic (in shares/units) | 104,781,431 | 89,169,868 | 104,752,982 | 79,404,323 |
Diluted (in shares/units) | 104,781,431 | 89,169,868 | 105,381,053 | 80,009,463 |
Redeemable noncontrolling interests | ' | ' | ' | ' |
Nonoperating income and (expenses) | ' | ' | ' | ' |
Net income attributable to noncontrolling interests | -573 | -66 | -986 | -541 |
Wholly-owned properties | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Operating lease revenue | 150,668 | 104,062 | 449,779 | 286,932 |
Operating expenses | ' | ' | ' | ' |
Operating expenses excluding general, administrative, depreciation and lease expense | 87,189 | 57,941 | 222,768 | 141,772 |
On-campus participating properties | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Operating lease revenue | 5,066 | 5,087 | 17,871 | 17,766 |
Operating expenses | ' | ' | ' | ' |
Operating expenses excluding general, administrative, depreciation and lease expense | 3,021 | 3,010 | 8,454 | 8,306 |
Partially owned properties | ' | ' | ' | ' |
Nonoperating income and (expenses) | ' | ' | ' | ' |
Net income attributable to noncontrolling interests | -83 | -329 | -1,078 | -1,312 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Third-party development services | 622 | 1,467 | 1,656 | 7,427 |
Third-party management services | 1,792 | 1,687 | 5,425 | 5,083 |
Resident services | 883 | 454 | 1,912 | 982 |
Total revenues | 159,031 | 112,757 | 476,643 | 318,190 |
Operating expenses | ' | ' | ' | ' |
Third-party development and management services | 3,058 | 2,602 | 7,786 | 8,013 |
General and administrative | 3,934 | 7,582 | 12,366 | 15,760 |
Depreciation and amortization | 45,248 | 27,165 | 138,373 | 73,355 |
Ground/facility leases | 1,386 | 1,093 | 3,749 | 2,861 |
Total operating expenses | 143,836 | 99,393 | 393,496 | 250,067 |
Operating income | 15,195 | 13,364 | 83,147 | 68,123 |
Nonoperating income and (expenses) | ' | ' | ' | ' |
Interest income | 792 | 428 | 2,165 | 1,355 |
Interest expense | -19,819 | -13,530 | -57,063 | -38,742 |
Amortization of deferred financing costs | -1,413 | -1,060 | -4,143 | -3,012 |
Income from unconsolidated joint ventures | 0 | 0 | 0 | 444 |
Other nonoperating income (expense) | 134 | 136 | -2,666 | 14 |
Total nonoperating expenses | -20,306 | -14,026 | -61,707 | -39,941 |
(Loss) income before income taxes and discontinued operations | -5,111 | -662 | 21,440 | 28,182 |
Income tax provision | -255 | -181 | -765 | -493 |
(Loss) income from continuing operations | -5,366 | -843 | 20,675 | 27,689 |
Income attributable to discontinued operations | 367 | 1,865 | 5,373 | 7,062 |
Gain from disposition of real estate | 52,831 | 0 | 52,831 | 83 |
Total discontinued operations | 53,198 | 1,865 | 58,204 | 7,145 |
Net income | 47,832 | 1,022 | 78,879 | 34,834 |
Net income attributable to common shareholders | 47,749 | 693 | 77,801 | 33,522 |
Series A preferred unit distributions | -46 | -46 | -137 | -137 |
Net income available to common shareholders/unitholders | 47,703 | 647 | 77,664 | 33,385 |
Other comprehensive income (loss) | ' | ' | ' | ' |
Comprehensive income (loss) | -1,163 | -2,386 | 4,451 | -4,191 |
Comprehensive income | 46,540 | -1,739 | 82,115 | 29,194 |
Income per share/unit attributable to common shareholders/unitholders - basic | ' | ' | ' | ' |
Income from continuing operations per share/unit (in dollars per share/unit) | ($0.05) | ($0.02) | $0.18 | $0.32 |
Net income per share/unit (in dollars per share/unit) | $0.45 | $0 | $0.73 | $0.41 |
Income per share/unit attributable to common shareholders/unitholders - diluted | ' | ' | ' | ' |
Income from continuing operations per share/unit (in dollars per share/unit) | ($0.05) | ($0.02) | $0.18 | $0.31 |
Net income per share/unit (in dollars per share/unit) | $0.45 | $0 | $0.72 | $0.40 |
Weighted-average common shares/units outstanding | ' | ' | ' | ' |
Basic (in shares/units) | 105,919,787 | 90,069,204 | 105,887,837 | 80,291,801 |
Diluted (in shares/units) | 105,919,787 | 90,069,204 | 106,515,908 | 80,896,941 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Operating lease revenue | 150,668 | 104,062 | 449,779 | 286,932 |
Operating expenses | ' | ' | ' | ' |
Operating expenses excluding general, administrative, depreciation and lease expense | 87,189 | 57,941 | 222,768 | 141,772 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Operating lease revenue | 5,066 | 5,087 | 17,871 | 17,766 |
Operating expenses | ' | ' | ' | ' |
Operating expenses excluding general, administrative, depreciation and lease expense | 3,021 | 3,010 | 8,454 | 8,306 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially owned properties | ' | ' | ' | ' |
Nonoperating income and (expenses) | ' | ' | ' | ' |
Net income attributable to noncontrolling interests | ($83) | ($329) | ($1,078) | ($1,312) |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY/ CAPITAL (USD $) | Total | Common Shares | Additional Paid in Capital | Accumulated Earnings and Dividends | Accumulated Other Comprehensive Loss | Noncontrolling Interests – | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. |
In Thousands, except Share data, unless otherwise specified | Partially owned properties | Accumulated Other Comprehensive Loss | Noncontrolling Interests – | General Partner | Limited Partner | ||||||
Partially owned properties | |||||||||||
Beginning Balance at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of preferred units to common stock (shares) | ' | ' | ' | ' | ' | ' | 88,457 | ' | ' | ' | ' |
Ending Balance at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | $2,677,054 | ($6,661) | $28,673 | $116 | $2,654,926 |
Beginning Balance at Dec. 31, 2012 | 2,677,054 | 1,043 | 3,001,520 | -347,521 | -6,661 | 28,673 | ' | ' | ' | ' | ' |
Beginning Balance (in units) at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,222 | 104,652,990 |
Beginning Balance (in shares) at Dec. 31, 2012 | ' | 104,665,212 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to reflect redeemable limited partners' / noncontrolling interests at fair value | 10,823 | ' | 10,823 | ' | ' | ' | 10,823 | ' | ' | ' | 10,823 |
Amortization of restricted stock awards | 4,806 | ' | 4,806 | ' | ' | ' | 4,806 | ' | ' | ' | 4,806 |
Vesting of restricted stock awards and restricted stock units (in shares) | ' | 116,105 | ' | ' | ' | ' | ' | ' | ' | ' | 116,105 |
Vesting of restricted stock awards and restricted stock units | -2,928 | 0 | -2,928 | ' | ' | ' | -2,928 | ' | ' | ' | -2,928 |
Distributions to common and restricted stockholders | -111,525 | ' | ' | -111,525 | ' | ' | -111,525 | ' | ' | -13 | -111,512 |
Distributions to noncontrolling joint venture partners | -861 | ' | ' | ' | ' | -861 | -861 | ' | -861 | ' | ' |
Contributions by noncontrolling partners | 1,500 | ' | ' | ' | ' | 1,500 | 1,500 | ' | 1,500 | ' | ' |
Increase in ownership of consolidated subsidiary | -24,908 | ' | ' | ' | ' | -24,908 | -24,908 | ' | -24,908 | ' | ' |
Conversion of preferred units to common stock (shares) | ' | 1,500 | ' | ' | ' | ' | 1,500 | ' | ' | ' | 1,500 |
Conversion of preferred units to common stock | 18 | ' | 18 | ' | ' | ' | 18 | ' | ' | ' | 18 |
Change in fair value of interest rate swaps | 4,451 | ' | ' | ' | 4,451 | ' | 4,451 | 4,451 | ' | ' | ' |
Net income | 77,893 | ' | ' | 76,815 | ' | 1,078 | 77,893 | ' | 1,078 | 9 | 76,806 |
Ending Balance at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | 2,636,323 | -2,210 | 5,482 | 112 | 2,632,939 |
Ending Balance at Sep. 30, 2013 | $2,636,323 | $1,043 | $3,014,239 | ($382,231) | ($2,210) | $5,482 | ' | ' | ' | ' | ' |
Ending Balance (in shares) at Sep. 30, 2013 | ' | 104,782,817 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance (in units) at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,222 | 104,770,595 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities | ' | ' |
Net income | $78,879 | $34,834 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Gain from disposition of real estate | -52,831 | -83 |
Loss on remeasurement of equity method investment | 0 | 122 |
Depreciation and amortization | 140,059 | 77,407 |
Amortization of deferred financing costs and debt premiums/discounts | -6,397 | 1,904 |
Share-based compensation | 5,008 | 3,948 |
Income from unconsolidated joint ventures | 0 | -444 |
Income tax provision | 765 | 493 |
Changes in operating assets and liabilities: | ' | ' |
Restricted cash | 1,468 | -2,772 |
Student contracts receivable, net | -3,333 | -4,088 |
Other assets | -16,315 | 1,224 |
Accounts payable and accrued expenses | 3,577 | 8,930 |
Other liabilities | 25,919 | 11,877 |
Net cash provided by operating activities | 176,799 | 133,352 |
Investing activities | ' | ' |
Proceeds from disposition of real estate | 155,234 | 28,167 |
Cash paid for property acquisitions | -92,508 | -634,581 |
Cash paid for land acquisitions | -9,920 | -25,103 |
Investment in on-campus participating properties under development | -7,045 | 0 |
Investment in loans receivable | -52,038 | 0 |
Investment in mezzanine loans | -8,750 | -2,000 |
Repayment of mezzanine loan | 0 | 4,000 |
Increase in escrow deposits | -2,500 | -19,170 |
Change in restricted cash related to capital reserves | -1,156 | -366 |
Proceeds from insurance settlement | 636 | 0 |
Purchase of corporate furniture, fixtures and equipment | -1,997 | -1,396 |
Net cash used in investing activities | -292,990 | -937,968 |
Financing activities | ' | ' |
Proceeds from unsecured notes | 398,636 | 0 |
Proceeds from sale of common stock | 0 | 838,313 |
Offering costs | 0 | -33,223 |
Pay-off of mortgage loans and construction loans | -61,891 | -62,182 |
Proceeds from unsecured term loan | 0 | 150,000 |
Proceeds from credit facilities | 364,855 | 371,000 |
Pay downs of credit facilities | -456,200 | -438,000 |
Proceeds from construction loans | 3,917 | 72,583 |
Principal payments on debt | -11,353 | -8,064 |
Redemption of common units for cash | 0 | -132 |
Debt issuance and assumption costs | -4,239 | -5,655 |
Distributions to common and restricted stockholders | -111,525 | -82,083 |
Distributions to noncontrolling partners | -2,196 | -2,329 |
Net cash provided by financing activities | 120,004 | 800,228 |
Net change in cash and cash equivalents | 3,813 | -4,388 |
Cash and cash equivalents at beginning of period | 21,454 | 22,399 |
Cash and cash equivalents at end of period | 25,267 | 18,011 |
Supplemental disclosure of non-cash investing and financing activities | ' | ' |
Loans assumed in connection with property acquisitions | 0 | -250,073 |
Issuance of common units in connection with property acquisitions | -3,451 | -15,000 |
Change in fair value of derivative instruments, net | 4,451 | -4,191 |
Supplemental disclosure of cash flow information | ' | ' |
Interest paid | 70,226 | 48,390 |
Wholly-owned properties | ' | ' |
Investing activities | ' | ' |
Capital expenditures for wholly-owned properties/on-campus participating properties | -52,587 | -20,739 |
Investments in wholly-owned properties under development | -219,036 | -265,070 |
On-campus participating properties | ' | ' |
Investing activities | ' | ' |
Capital expenditures for wholly-owned properties/on-campus participating properties | -1,323 | -1,710 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' | ' |
Operating activities | ' | ' |
Net income | 78,879 | 34,834 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Gain from disposition of real estate | -52,831 | -83 |
Loss on remeasurement of equity method investment | 0 | 122 |
Depreciation and amortization | 140,059 | 77,407 |
Amortization of deferred financing costs and debt premiums/discounts | -6,397 | 1,904 |
Share-based compensation | 5,008 | 3,948 |
Income from unconsolidated joint ventures | 0 | -444 |
Income tax provision | 765 | 493 |
Changes in operating assets and liabilities: | ' | ' |
Restricted cash | 1,468 | -2,772 |
Student contracts receivable, net | -3,333 | -4,088 |
Other assets | -16,315 | 1,224 |
Accounts payable and accrued expenses | 3,577 | 8,930 |
Other liabilities | 25,919 | 11,877 |
Net cash provided by operating activities | 176,799 | 133,352 |
Investing activities | ' | ' |
Proceeds from disposition of real estate | 155,234 | 28,167 |
Cash paid for property acquisitions | -92,508 | -634,581 |
Cash paid for land acquisitions | -9,920 | -25,103 |
Investment in on-campus participating properties under development | -7,045 | 0 |
Investment in loans receivable | -52,038 | 0 |
Repayment of mezzanine loan | 0 | 4,000 |
Increase in escrow deposits | -2,500 | -19,170 |
Change in restricted cash related to capital reserves | -1,156 | -366 |
Proceeds from insurance settlement | 636 | 0 |
Purchase of corporate furniture, fixtures and equipment | -1,997 | -1,396 |
Net cash used in investing activities | -292,990 | -937,968 |
Financing activities | ' | ' |
Proceeds from unsecured notes | 398,636 | 0 |
Proceeds from issuance of common units in exchange for contributions, net | 0 | 805,090 |
Pay-off of mortgage loans and construction loans | -61,891 | -62,182 |
Proceeds from unsecured term loan | 0 | 150,000 |
Proceeds from credit facilities | 364,855 | 371,000 |
Pay downs of credit facilities | -456,200 | -438,000 |
Proceeds from construction loans | 3,917 | 72,583 |
Principal payments on debt | -11,353 | -8,064 |
Redemption of common units for cash | 0 | -132 |
Debt issuance and assumption costs | -4,239 | -5,655 |
Net cash provided by financing activities | 120,004 | 800,228 |
Net change in cash and cash equivalents | 3,813 | -4,388 |
Cash and cash equivalents at beginning of period | 21,454 | 22,399 |
Cash and cash equivalents at end of period | 25,267 | 18,011 |
Supplemental disclosure of non-cash investing and financing activities | ' | ' |
Loans assumed in connection with property acquisitions | 0 | -250,073 |
Issuance of common units in connection with property acquisitions | -3,451 | -15,000 |
Change in fair value of derivative instruments, net | 4,451 | -4,191 |
Supplemental disclosure of cash flow information | ' | ' |
Interest paid | 70,226 | 48,390 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Unvested Restricted Awards | ' | ' |
Financing activities | ' | ' |
Distributions paid | -710 | -652 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Common units | ' | ' |
Financing activities | ' | ' |
Distributions paid | -112,013 | -82,301 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Preferred units | ' | ' |
Financing activities | ' | ' |
Distributions paid | -137 | -137 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially owned properties | ' | ' |
Financing activities | ' | ' |
Distributions to noncontrolling partners | -861 | -1,322 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties | ' | ' |
Investing activities | ' | ' |
Capital expenditures for wholly-owned properties/on-campus participating properties | -52,587 | -20,739 |
Investments in wholly-owned properties under development | -219,036 | -265,070 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties | ' | ' |
Investing activities | ' | ' |
Capital expenditures for wholly-owned properties/on-campus participating properties | ($1,323) | ($1,710) |
Organization_and_Description_o
Organization and Description of Business | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization and Description of Business | ' |
Organization and Description of Business | |
American Campus Communities, Inc. (“ACC”) is a real estate investment trust (“REIT”) that commenced operations effective with the completion of an initial public offering (“IPO”) on August 17, 2004. Through ACC’s controlling interest in American Campus Communities Operating Partnership, L.P. (“ACCOP”), ACC is one of the largest owners, managers and developers of high quality student housing properties in the United States in terms of beds owned and under management. ACC is a fully integrated, self-managed and self-administered equity REIT with expertise in the acquisition, design, financing, development, construction management, leasing and management of student housing properties. ACC’s common stock is publicly traded on the New York Stock Exchange (“NYSE”) under the ticker symbol “ACC.” | |
The general partner of ACCOP is American Campus Communities Holdings, LLC (“ACC Holdings”), an entity that is wholly-owned by ACC. As of September 30, 2013, ACC Holdings held an ownership interest in ACCOP of less than 1%. The limited partners of ACCOP are ACC and other limited partners consisting of current and former members of management and nonaffiliated third parties. As of September 30, 2013, ACC owned an approximate 98.7% limited partnership interest in ACCOP. As the sole member of the general partner of ACCOP, ACC has exclusive control of ACCOP’s day-to-day management. Management operates ACC and ACCOP as one business. The management of ACC consists of the same members as the management of ACCOP. ACC consolidates ACCOP for financial reporting purposes, and ACC does not have significant assets other than its investment in ACCOP. Therefore, the assets and liabilities of ACC and ACCOP are the same on their respective financial statements. References to the “Company,” “we,” “us” or “our” mean collectively ACC, ACCOP and those entities/subsidiaries owned or controlled by ACC and/or ACCOP. References to the “Operating Partnership” mean collectively ACCOP and those entities/subsidiaries owned or controlled by ACCOP. Unless otherwise indicated, the accompanying Notes to the Consolidated Financial Statements apply to both the Company and the Operating Partnership. | |
As of September 30, 2013, our property portfolio contained 165 properties with approximately 100,600 beds in approximately 32,700 apartment units. Our property portfolio consisted of 142 owned off-campus student housing properties that are in close proximity to colleges and universities, 18 American Campus Equity (“ACE®”) properties operated under ground/facility leases with eight university systems and five on-campus participating properties operated under ground/facility leases with the related university systems. Of the 165 properties, eight were under development as of September 30, 2013, and when completed will consist of a total of approximately 5,500 beds in approximately 1,700 units. Our communities contain modern housing units and are supported by a resident assistant system and other student-oriented programming, with many offering resort-style amenities. | |
Through one of ACC’s taxable REIT subsidiaries (“TRSs”), we also provide construction management and development services, primarily for student housing properties owned by colleges and universities, charitable foundations, and others. As of September 30, 2013, also through one of ACC’s TRSs, we provided third-party management and leasing services for 35 properties that represented approximately 25,900 beds in approximately 10,500 units. Third-party management and leasing services are typically provided pursuant to management contracts that have initial terms that range from one to five years. As of September 30, 2013, our total owned and third-party managed portfolio included 200 properties with approximately 126,500 beds in approximately 43,200 units. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||
Summary of Significant Accounting Policies | |||||||||||||||||
Basis of Presentation | |||||||||||||||||
The accompanying consolidated financial statements, presented in U.S. dollars, are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and revenue and expenses during the reporting periods. Our actual results could differ from those estimates and assumptions. All material intercompany transactions among consolidated entities have been eliminated. All dollar amounts in the tables herein, except share, per share, unit and per unit amounts, are stated in thousands unless otherwise indicated. Certain prior period amounts have been reclassified to conform to the current period presentation. | |||||||||||||||||
Interim Financial Statements | |||||||||||||||||
The accompanying interim financial statements are unaudited, but have been prepared in accordance with GAAP for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements of the Company for these interim periods have been included. Because of the seasonal nature of the Company’s operations, the results of operations and cash flows for any interim period are not necessarily indicative of results for other interim periods or for the full year. These financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | |||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||
Investments in Real Estate | |||||||||||||||||
Investments in real estate are recorded at historical cost. Major improvements that extend the life of an asset are capitalized and depreciated over the remaining useful life of the asset. The cost of ordinary repairs and maintenance are charged to expense when incurred. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: | |||||||||||||||||
Buildings and improvements | 7-40 years | ||||||||||||||||
Leasehold interest - on-campus | 25-34 years (shorter of useful life or respective lease term) | ||||||||||||||||
participating properties | |||||||||||||||||
Furniture, fixtures and equipment | 3-7 years | ||||||||||||||||
Project costs directly associated with the development and construction of an owned real estate project, which include interest, property taxes, and amortization of deferred finance costs, are capitalized as construction in progress. Upon completion of the project, costs are transferred into the applicable asset category and depreciation commences. Interest totaling approximately $2.8 million and $2.4 million was capitalized during the three months ended September 30, 2013 and 2012, respectively, and $8.6 million and $8.3 million was capitalized during the nine months ended September 30, 2013 and 2012, respectively. Amortization of deferred financing costs totaling approximately $0.1 and was capitalized as construction in progress during both the three months ended September 30, 2013 and 2012, and $0.2 million and was capitalized as construction in progress during both the nine months ended September 30, 2013 and 2012. | |||||||||||||||||
Management assesses whether there has been an impairment in the value of the Company’s investments in real estate whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment is recognized when estimated expected future undiscounted cash flows are less than the carrying value of the property. The estimation of expected future net cash flows is inherently uncertain and relies on assumptions regarding current and future economics and market conditions. If such conditions change, then an adjustment to the carrying value of the Company’s long-lived assets could occur in the future period in which the conditions change. To the extent that a property is impaired, the excess of the carrying amount of the property over its estimated fair value is charged to earnings. The Company believes that there were no impairments of the carrying values of its investments in real estate as of September 30, 2013. | |||||||||||||||||
The Company allocates the purchase price of acquired properties to net tangible and identified intangible assets based on relative fair values. Fair value estimates are based on information obtained from a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired and existing comparable properties in our portfolio, and other market data. Information obtained about each property as a result of due diligence, marketing and leasing activities is also considered. The value allocated to land is generally based on the actual purchase price adjusted to fair value (as necessary) if acquired separately, or market research / comparables if acquired as part of an existing operating property. The value allocated to building is based on the fair value determined on an “as-if vacant” basis, which is estimated using an income, or discounted cash flow, approach that relies upon internally determined assumptions that we believe are consistent with current market conditions for similar properties. The value allocated to furniture, fixtures, and equipment is based on an estimate of the fair value of the appliances and fixtures inside the units. | |||||||||||||||||
Long-Lived Assets–Held for Sale | |||||||||||||||||
Long-lived assets to be disposed of are classified as Held for Sale in the period in which all of the following criteria are met: | |||||||||||||||||
a. | Management, having the authority to approve the action, commits to a plan to sell the asset. | ||||||||||||||||
b. | The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. | ||||||||||||||||
c. | An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated. | ||||||||||||||||
d. | The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year. | ||||||||||||||||
e. | The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. | ||||||||||||||||
f. | Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. | ||||||||||||||||
Concurrent with this classification, the asset is recorded at the lower of cost or fair value less estimated selling costs, and depreciation ceases. | |||||||||||||||||
Loans Receivable | |||||||||||||||||
Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan purchase discounts, and net of an allowance for loan losses when such loan is deemed to be impaired. Loan purchase discounts are amortized over the term of the loan. The Company considers a loan impaired when, based upon current information and events, it is probable that it will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. Significant judgments are required in determining whether impairment has occurred. The Company performs an impairment analysis by comparing either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable current market price or the fair value of the underlying collateral to the net carrying value of the loan, which may result in an allowance and corresponding loan loss charge. Loans receivable are included in other assets on the accompanying consolidated balance sheets. | |||||||||||||||||
Intangible Assets | |||||||||||||||||
A portion of the purchase price of acquired properties is allocated to the value of in-place leases for both student and commercial tenants, which is based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued “as-if” vacant. As lease terms for student leases are typically one year or less, rates on in-place leases generally approximate market rental rates. Factors considered in the valuation of in-place leases include an estimate of the carrying costs during the expected lease-up period considering current market conditions, nature of the tenancy, and costs to execute similar leases. Carrying costs include estimates of lost rentals at market rates during the expected lease-up period, as well as marketing and other operating expenses. The value of in-place leases is amortized over the remaining initial term of the respective leases. The purchase price of property acquisitions is not expected to be allocated to student tenant relationships, considering the terms of the leases and the expected levels of renewals. | |||||||||||||||||
Amortization expense related to in-place leases was approximately $2.1 million and $1.4 million for the three months ended September 30, 2013 and 2012, respectively, and $13.0 million and $3.5 million for the nine months ended September 30, 2013 and 2012, respectively. Accumulated amortization at September 30, 2013 and December 31, 2012 was approximately $24.8 million and $12.4 million, respectively. Intangible assets, net of amortization, are included in other assets on the accompanying consolidated balance sheets and the amortization of intangible assets is included in depreciation and amortization expense in the accompanying consolidated statements of comprehensive income. | |||||||||||||||||
Mortgage Debt - Premiums and Discounts | |||||||||||||||||
Mortgage debt premiums and discounts represent fair value adjustments to account for the difference between the stated rates and market rates of mortgage debt assumed in connection with the Company’s property acquisitions. The mortgage debt premiums and discounts are amortized to interest expense over the term of the related mortgage loans using the effective-interest method. The amortization of mortgage debt premiums and discounts resulted in a net decrease to interest expense of approximately $3.4 million and $0.6 million for the three months ended September 30, 2013 and 2012, respectively, and $10.6 million and $1.2 million for the nine months ended September 30, 2013 and 2012, respectively. Mortgage debt premiums and discounts are included in secured mortgage, construction and bond debt on the accompanying consolidated balance sheets and amortization of mortgage debt premiums and discounts is included in interest expense on the accompanying consolidated statements of comprehensive income. | |||||||||||||||||
Unsecured Notes - Original Issue Discount | |||||||||||||||||
In April 2013, the Company issued $400 million of senior unsecured notes at 99.659 percent of par value (see Note 8) and recorded an original issue discount of approximately $1.4 million. The original issue discount is amortized to interest expense over the term of the unsecured notes using the effective-interest method. The unamortized original issue discount was approximately $1.3 million as of September 30, 2013 and is included in unsecured notes on the accompanying consolidated balance sheets and amortization of the original issue discount of $28,000 and $56,000 for the three and nine months ended September 30, 2013, respectively, is included in interest expense on the accompanying consolidated statements of comprehensive income. | |||||||||||||||||
Pre-development Expenditures | |||||||||||||||||
Pre-development expenditures such as architectural fees, permits and deposits associated with the pursuit of third-party and owned development projects are expensed as incurred, until such time that management believes it is probable that the contract will be executed and/or construction will commence. Because the Company frequently incurs these pre-development expenditures before a financing commitment and/or required permits and authorizations have been obtained, the Company bears the risk of loss of these pre-development expenditures if financing cannot ultimately be arranged on acceptable terms or the Company is unable to successfully obtain the required permits and authorizations. As such, management evaluates the status of third-party and owned projects that have not yet commenced construction on a periodic basis and expenses any deferred costs related to projects whose current status indicates the commencement of construction is unlikely and/or the costs may not provide future value to the Company in the form of revenues. Such write-offs are included in third-party development and management services expenses (in the case of third-party development projects) or general and administrative expenses (in the case of owned development projects) on the accompanying consolidated statements of comprehensive income. As of September 30, 2013, the Company has deferred approximately $2.4 million in pre-development costs related to third-party and owned development projects that have not yet commenced construction. Such costs are included in other assets on the accompanying consolidated balance sheets. | |||||||||||||||||
Earnings per Share – Company | |||||||||||||||||
Basic earnings per share is computed using net income attributable to common shareholders and the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings per share reflect common shares issuable from the assumed conversion of OP Units and common share awards granted. Only those items having a dilutive impact on basic earnings per share are included in diluted earnings per share. | |||||||||||||||||
The following potentially dilutive securities were outstanding for the three and nine months ended September 30, 2013 and 2012, but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Common OP Units (Note 10) | 1,138,356 | 899,336 | 1,134,855 | 887,478 | |||||||||||||
Preferred OP Units (Note 10) | 114,014 | 114,128 | 114,090 | 114,128 | |||||||||||||
Restricted Stock Awards (Note 11) | 606,024 | 581,627 | — | — | |||||||||||||
Total potentially dilutive securities | 1,858,394 | 1,595,091 | 1,248,945 | 1,001,606 | |||||||||||||
The following is a summary of the elements used in calculating basic and diluted earnings per share: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator – basic and diluted earnings per share: | |||||||||||||||||
(Loss) income from continuing operations | $ | (5,366 | ) | $ | (843 | ) | $ | 20,675 | $ | 27,689 | |||||||
Income from continuing operations attributable to noncontrolling interests | (30 | ) | (374 | ) | (1,380 | ) | (1,762 | ) | |||||||||
(Loss) income from continuing operations attributable to common shareholders | (5,396 | ) | (1,217 | ) | 19,295 | 25,927 | |||||||||||
Amount allocated to participating securities | (218 | ) | (196 | ) | (710 | ) | (652 | ) | |||||||||
(Loss) income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | (5,614 | ) | (1,413 | ) | 18,585 | 25,275 | |||||||||||
Income from discontinued operations | 53,198 | 1,865 | 58,204 | 7,145 | |||||||||||||
Income from discontinued operations attributable to noncontrolling interests | (626 | ) | (21 | ) | (684 | ) | (91 | ) | |||||||||
Income from discontinued operations attributable to common shareholders | 52,572 | 1,844 | 57,520 | 7,054 | |||||||||||||
Net income attributable to common shareholders | $ | 46,958 | $ | 431 | $ | 76,105 | $ | 32,329 | |||||||||
Denominator: | |||||||||||||||||
Basic weighted average common shares outstanding | 104,781,431 | 89,169,868 | 104,752,982 | 79,404,323 | |||||||||||||
Restricted Stock Awards (Note 11) | — | — | 628,071 | 605,140 | |||||||||||||
Diluted weighted average common shares outstanding | 104,781,431 | 89,169,868 | 105,381,053 | 80,009,463 | |||||||||||||
Earnings per share – basic: | |||||||||||||||||
(Loss) income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | $ | (0.05 | ) | $ | (0.02 | ) | $ | 0.18 | $ | 0.32 | |||||||
Income from discontinued operations attributable to common shareholders | $ | 0.5 | $ | 0.02 | $ | 0.55 | $ | 0.09 | |||||||||
Net income attributable to common shareholders | $ | 0.45 | $ | — | $ | 0.73 | $ | 0.41 | |||||||||
Earnings per share – diluted: | |||||||||||||||||
(Loss) income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | $ | (0.05 | ) | $ | (0.02 | ) | $ | 0.18 | $ | 0.31 | |||||||
Income from discontinued operations attributable to common shareholders | $ | 0.5 | $ | 0.02 | $ | 0.54 | $ | 0.09 | |||||||||
Net income attributable to common shareholders | $ | 0.45 | $ | — | $ | 0.72 | $ | 0.4 | |||||||||
Earnings per Unit – Operating Partnership | |||||||||||||||||
Basic earnings per OP Unit is computed using net income attributable to common unitholders and the weighted average number of common units outstanding during the period. Diluted earnings per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units or resulted in the issuance of OP Units and then shared in the earnings of the Operating Partnership. | |||||||||||||||||
The following potentially dilutive securities were outstanding for the three months ended September 30, 2013 and 2012, but were not included in the computation of diluted earnings per unit because the effects of their inclusion would be anti-dilutive. | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Restricted Stock Awards (Note 11) | 606,024 | 581,627 | — | — | |||||||||||||
Total potentially dilutive securities | 606,024 | 581,627 | — | — | |||||||||||||
The following is a summary of the elements used in calculating basic and diluted earnings per unit: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator – basic and diluted earnings per unit: | |||||||||||||||||
(Loss) income from continuing operations | $ | (5,366 | ) | $ | (843 | ) | $ | 20,675 | $ | 27,689 | |||||||
Income from continuing operations attributable to noncontrolling interests – partially owned properties | (83 | ) | (329 | ) | (1,078 | ) | (1,312 | ) | |||||||||
Loss (income) from continuing operations attributable to Series A preferred units | 11 | (44 | ) | (76 | ) | (127 | ) | ||||||||||
Amount allocated to participating securities | (218 | ) | (196 | ) | (710 | ) | (652 | ) | |||||||||
(Loss) income from continuing operations attributable to common unitholders, net of amount allocated to participating securities | (5,656 | ) | (1,412 | ) | 18,811 | 25,598 | |||||||||||
Income from discontinued operations | 53,198 | 1,865 | 58,204 | 7,145 | |||||||||||||
Income from discontinued operations attributable to Series A preferred units | (57 | ) | (2 | ) | (61 | ) | (10 | ) | |||||||||
Income from discontinued operations attributable to common unitholders | 53,141 | 1,863 | 58,143 | 7,135 | |||||||||||||
Net income attributable to common unitholders | $ | 47,485 | $ | 451 | $ | 76,954 | $ | 32,733 | |||||||||
Denominator: | |||||||||||||||||
Basic weighted average common units outstanding | 105,919,787 | 90,069,204 | 105,887,837 | 80,291,801 | |||||||||||||
Restricted Stock Awards (Note 11) | — | — | 628,071 | 605,140 | |||||||||||||
Diluted weighted average common units outstanding | 105,919,787 | 90,069,204 | 106,515,908 | 80,896,941 | |||||||||||||
Earnings per unit - basic: | |||||||||||||||||
(Loss) income from continuing operations attributable to common unitholders, net of amount allocated to participating securities | $ | (0.05 | ) | $ | (0.02 | ) | $ | 0.18 | $ | 0.32 | |||||||
Income from discontinued operations attributable to common unitholders | $ | 0.5 | $ | 0.02 | $ | 0.55 | $ | 0.09 | |||||||||
Net income attributable to common unitholders | $ | 0.45 | $ | — | $ | 0.73 | $ | 0.41 | |||||||||
Earnings per unit - diluted: | |||||||||||||||||
(Loss) income from continuing operations attributable to common unitholders, net of amount allocated to participating securities | $ | (0.05 | ) | $ | (0.02 | ) | $ | 0.18 | $ | 0.31 | |||||||
Income from discontinued operations attributable to common unitholders | $ | 0.5 | $ | 0.02 | $ | 0.54 | $ | 0.09 | |||||||||
Net income attributable to common unitholders | $ | 0.45 | $ | — | $ | 0.72 | $ | 0.4 | |||||||||
Property_Acquisitions
Property Acquisitions | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Property Acquisitions | ' | |||||||||||||||
Property Acquisitions | ||||||||||||||||
The Company previously provided mezzanine financing of $2.0 million to a private developer and was obligated to purchase a 152-unit, 608-bed property (Townhomes at Newtown Crossing) once construction was completed and certain closing conditions were met. The property opened for operations in August 2013, and the Company acquired Townhomes at Newtown Crossing on September 26, 2013 for a purchase price of $38.8 million, at which time the Company's mezzanine investment along with accrued but unpaid interest was credited to the Company. As part of the transaction, the Company issued 97,143 common OP units to the seller, valued at $35.53 per unit and the Company did not assume any property-level debt. Townhomes at Newtown Crossing is located in Lexington, Kentucky near the University of Kentucky campus. | ||||||||||||||||
On August 20, 2013, the Company acquired The Plaza Apartments, a 289-unit, 359-bed wholly-owned property located near the campus of Florida State University, for a purchase price of $10.4 million. The Company will operate the property until the current leases are vacated, which will be no later than July 31, 2014. Once the property is vacated, it will be demolished and developed into a 496-bed community scheduled to open for occupancy in August 2015. The Company did not assume any property-level debt as part of this transaction. | ||||||||||||||||
On July 31, 2013, the Company acquired a 366-bed additional phase at an existing property, The Lodges of East Lansing, for a purchase price of $32.3 million. Concurrent with the purchase of the Kayne Anderson Portfolio on November 30, 2012, the Company entered into a purchase and sale agreement whereby the Company was obligated to purchase this additional phase as long as the developer met certain construction completion deadlines and other completion deadlines. This additional phase opened for operations in August 2013 and serves students attending Michigan State University. The Company deposited $8.3 million towards the purchase price of this additional phase on November 30, 2012 and the remaining $24.0 million was paid at closing. The Company did not assume any property-level debt as part of this transaction. | ||||||||||||||||
On July 25, 2013, the Company acquired 7th Street Station, an 82-unit, 309-bed wholly-owned property located near the campus of Oregon State University, for a purchase price of $26.5 million, which excludes approximately $0.5 million of anticipated transaction costs, initial integration expenses and capital expenditures necessary to bring this property up to the Company’s operating standards. The Company did not assume any property-level debt as part of this transaction. | ||||||||||||||||
The acquired property’s results of operations have been included in the accompanying consolidated statements of comprehensive income since their respective acquisition closing dates, with the exception of properties subject to pre-sale/mezzanine investment agreements. As a result of applying accounting guidance related to variable interest entities ("VIEs"), we include properties subject to pre-sale/mezzanine investment agreements in our consolidated financial statements during the construction period. As a result, Townhomes at Newtown Crossing’s results of operations have been included in the accompanying consolidated statements of comprehensive income from the date of project completion in August 2013 through the acquisition date in September 2013. The following pro forma information for the three and nine months ended September 30, 2013 and 2012, presents consolidated financial information for the Company as if the property acquisitions discussed above had occurred at the beginning of the earliest period presented. The unaudited pro forma information is provided for informational purposes only and is not indicative of results that would have occurred or which may occur in the future: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Total revenues | $ | 159,859 | $ | 113,484 | $ | 479,332 | $ | 319,972 | ||||||||
Net income attributable to common Shareholders | $ | 47,574 | $ | 589 | $ | 77,582 | $ | 32,871 | ||||||||
Net income per share attributable to common shareholders, as adjusted - basic | $ | 0.45 | $ | — | $ | 0.73 | $ | 0.41 | ||||||||
Net income per share attributable to common shareholders, as adjusted - diluted | $ | 0.45 | $ | — | $ | 0.73 | $ | 0.4 | ||||||||
Property_Dispositions_and_Disc
Property Dispositions and Discontinued Operations | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Property Dispositions and Discontinued Operations | ' | ||||||||||||||||
Property Dispositions and Discontinued Operations | |||||||||||||||||
The following two owned off-campus properties were classified as Held for Sale on the accompanying consolidated balance sheet as of September 30, 2013: | |||||||||||||||||
Property | Location | Primary University Served | Units | Beds | |||||||||||||
University Mills | Cedar Falls, IA | University of Northern Iowa | 121 | 481 | |||||||||||||
Campus Ridge (1) | Johnson City, TN | University of Tennessee | 132 | 528 | |||||||||||||
(1) | Property was sold in October 2013 (see Note 16). | ||||||||||||||||
Concurrent with this classification, these properties were recorded at the lower of cost or fair value less estimated selling costs. The net income attributable to these properties is included in discontinued operations on the accompanying consolidated statements of comprehensive income for all periods presented. | |||||||||||||||||
In July 2013, the following four owned off-campus properties were sold for a combined sales price of $157.4 million resulting in proceeds of approximately $155.2 million. The resulting gain on disposition of approximately $52.8 million is included in discontinued operations on the accompanying consolidated statements of comprehensive income for the three and nine months ended September 30, 2013. | |||||||||||||||||
Property | Location | Primary University Served | Units | Beds | |||||||||||||
The Village at Blacksburg | Blacksburg, VA | Virginia Tech University | 288 | 1,056 | |||||||||||||
State College Park | State College, PA | Penn State University | 196 | 752 | |||||||||||||
University Pines | Statesboro, GA | Georgia Southern University | 144 | 552 | |||||||||||||
Northgate Lakes (1) | Orlando, FL | The University of Central Florida | 194 | 710 | |||||||||||||
(1) | This property was included in the 9-property Collateral Pool which secures our agency facility (see Note 8). As a result, concurrent with the sale of this property, $15.5 million of the secured agency facility's outstanding balance was paid down. | ||||||||||||||||
In 2012, the Company sold three owned off-campus properties, located in Wilmington, North Carolina (Brookstone Village and Campus Walk) and Greenville, North Carolina (Pirates Cove) containing 1,584 beds for a combined sales price of approximately $54.1 million. The net income attributable to these properties is included in discontinued operations on the accompanying consolidated statements of comprehensive income for the three and nine months ended September 30, 2012. | |||||||||||||||||
The properties discussed above are included in the wholly-owned properties segment (see Note 15). Below is a summary of the results of operations for the properties discussed above: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Total revenues | $ | 1,762 | $ | 7,039 | $ | 13,418 | $ | 21,734 | |||||||||
Total operating expenses | (1,140 | ) | (3,360 | ) | (5,785 | ) | (9,261 | ) | |||||||||
Depreciation and amortization | (131 | ) | (1,361 | ) | (1,686 | ) | (4,052 | ) | |||||||||
Operating income | 491 | 2,318 | 5,947 | 8,421 | |||||||||||||
Total nonoperating expenses | (124 | ) | (453 | ) | (574 | ) | (1,359 | ) | |||||||||
Net income | $ | 367 | $ | 1,865 | $ | 5,373 | $ | 7,062 | |||||||||
Investments_in_WhollyOwned_Pro
Investments in Wholly-Owned Properties (Village at Blacksburg, State College Park and University Pines) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Village at Blacksburg, State College Park and University Pines | ' | ||||||||
Real Estate Properties [Line Items] | ' | ||||||||
Real Estate Disclosure | ' | ||||||||
Investments in Wholly-Owned Properties | |||||||||
Wholly-owned properties consisted of the following: | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
Land (1) (2) | $ | 563,467 | $ | 550,274 | |||||
Buildings and improvements | 4,596,433 | 4,351,239 | |||||||
Furniture, fixtures and equipment (2) | 258,707 | 227,409 | |||||||
Construction in progress (2) | 70,483 | 138,923 | |||||||
5,489,090 | 5,267,845 | ||||||||
Less accumulated depreciation | (485,917 | ) | (396,469 | ) | |||||
Wholly-owned properties, net (3) | $ | 5,003,173 | $ | 4,871,376 | |||||
(1) | The land balance above includes undeveloped land parcels with book values of approximately $34.6 million and $30.7 million as of September 30, 2013 and December 31, 2012, respectively. Also includes land totaling approximately $31.1 million and $41.6 million as of September 30, 2013 and December 31, 2012, respectively, related to properties under development. | ||||||||
(2) | Land, furniture, fixtures and equipment and construction in progress as of September 30, 2013 include $3.4 million, $0.4 million and $2.3 million, respectively, related to the University Walk property located in Knoxville, Tennessee, that will serve students attending the University of Tennessee. In July 2013, the Company entered into a purchase and contribution agreement with a private developer whereby the Company is obligated to purchase the property as long as the developer meets certain construction completion deadlines and other closing conditions. The development of the property is anticipated to be completed in August 2014. The entity that owns University Walk is deemed to be a variable interest entity (“VIE”), and the Company is determined to be the primary beneficiary of the VIE. As such, the assets and liabilities of the entity owning the property are included in the Company’s and the Operating Partnership’s consolidated financial statements. | ||||||||
(3) | The balances above exclude the net book value of two properties, University Mills and Campus Ridge which are classified as wholly-owned properties Held for Sale in the accompanying consolidated balance sheet as of September 30, 2013. |
OnCampus_Participating_Propert
On-Campus Participating Properties (On-campus participating properties) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
On-campus participating properties | ' | ||||||||||||
Real Estate Properties [Line Items] | ' | ||||||||||||
Real Estate Disclosure | ' | ||||||||||||
On-Campus Participating Properties | |||||||||||||
On-campus participating properties are as follows: | |||||||||||||
Historical Cost | |||||||||||||
Lessor/University | Lease | Required Debt | 30-Sep-13 | 31-Dec-12 | |||||||||
Commencement | Repayment (1) | ||||||||||||
Texas A&M University System / Prairie View A&M University (2) | 2/1/96 | 9/1/23 | $ | 42,211 | $ | 41,485 | |||||||
Texas A&M University System / Texas A&M International | 2/1/96 | 9/1/23 | 6,701 | 6,651 | |||||||||
Texas A&M University System / Prairie View A&M University (3) | 10/1/99 | 8/31/25 | 26,172 | 25,766 | |||||||||
8/31/28 | |||||||||||||
University of Houston System / University of Houston (4) | 9/27/00 | 8/31/35 | 36,077 | 35,936 | |||||||||
West Virginia University Project / West Virginia University (5) | 7/16/13 | 7/16/45 | 7,045 | — | |||||||||
118,206 | 109,838 | ||||||||||||
Less accumulated amortization | (56,044 | ) | (52,492 | ) | |||||||||
On-campus participating properties, net | $ | 62,162 | $ | 57,346 | |||||||||
(1) | Represents the effective lease termination date. The Leases terminate upon the earlier to occur of the final repayment of the related debt or the end of the contractual lease term. | ||||||||||||
(2) | Consists of three phases placed in service between 1996 and 1998. | ||||||||||||
(3) | Consists of two phases placed in service in 2000 and 2003. | ||||||||||||
(4) | Consists of two phases placed in service in 2001 and 2005. | ||||||||||||
(5) | In July 2013, the Company entered into long-term ground and facility leases with the University to finance, construct and manage this on-campus participating property. Under the terms of the leases, title to the constructed facility will be held by the University/lessor and the University will receive 50% of defined net cash flows on an annual basis through the term of the leases. Due to our involvement in the construction of the facility, any fees paid to the Company/lessee for development and construction management services during the construction period are deferred and amortized to revenue over the lease term. This facility is scheduled to be placed in service in August 2014. |
Investments_in_Unconsolidated_
Investments in Unconsolidated Joint Ventures | 9 Months Ended |
Sep. 30, 2013 | |
Equity Method Investments and Joint Ventures [Abstract] | ' |
Investments in Unconsolidated Joint Ventures | ' |
Investments in Unconsolidated Joint Ventures | |
As of September 30, 2013, the Company owned a noncontrolling interest in one unconsolidated joint venture that is accounted for utilizing the equity method of accounting. The investment consists of a noncontrolling equity interest in a joint venture with the United States Navy that owns military housing privatization projects located on naval bases in Norfolk and Newport News, Virginia. In 2010, the Company discontinued applying the equity method in regards to its investment in this joint venture as a result of the Company’s share of losses exceeding its investment in the joint venture. Because the Company had not guaranteed any obligations of the investee and was not otherwise committed to provide further financial support to the investee, it therefore suspended recording its share of losses once the investment was reduced to zero. We also earn fees for providing management services to this joint venture, which totaled approximately $0.4 million for each of the three month periods ended September 30, 2013 and 2012 and $1.2 million for each of the nine month periods ended September 30, 2013 and 2012 . |
Debt
Debt | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
Debt | |||||||||
A summary of the Company’s outstanding consolidated indebtedness, including unamortized debt premiums and discounts, is as follows: | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
Debt secured by wholly-owned properties: | |||||||||
Mortgage loans payable | |||||||||
Unpaid principal balance | $ | 1,216,503 | $ | 1,288,482 | |||||
Unamortized debt premiums | 78,370 | 90,091 | |||||||
Unamortized debt discounts | (2,405 | ) | (3,506 | ) | |||||
1,292,468 | 1,375,067 | ||||||||
Construction loans payable (1) | 44,638 | 57,355 | |||||||
1,337,106 | 1,432,422 | ||||||||
Debt secured by on-campus participating properties: | |||||||||
Mortgage loan payable | 31,480 | 31,768 | |||||||
Bonds payable | 42,440 | 44,915 | |||||||
Construction loan payable | 3,917 | — | |||||||
77,837 | 76,683 | ||||||||
Secured agency facility | 95,355 | 104,000 | |||||||
Unsecured notes, net of unamortized original issue discount | 398,692 | — | |||||||
Unsecured revolving credit facility | 175,300 | 258,000 | |||||||
Unsecured term loan | 350,000 | 350,000 | |||||||
Total debt | $ | 2,434,290 | $ | 2,221,105 | |||||
(1) | Construction loans payable as of December 31, 2012 includes $12.7 million related to two constructions loans that financed the development and construction of Townhomes at Newtown Crossing and The Lodges of East Lansing Phase II, VIEs that the Company included in its consolidated financial statements during the construction phase. The sellers/developers paid off their respective construction loans with proceeds from the Company's purchase of the properties in the third quarter of 2013 (see Note 3). | ||||||||
Unsecured Notes | |||||||||
In April 2013, the Operating Partnership issued $400 million in senior unsecured notes under its existing shelf registration. These 10-year notes were issued at 99.659 percent of par value with a coupon of 3.750 percent and a yield of 3.791 percent, and are fully and unconditionally guaranteed by the Company. Interest on the notes is payable semi-annually on April 15 and October 15, with the first payment beginning on October 15, 2013. The notes will mature on April 15, 2023. Net proceeds from the sale of the unsecured notes totaled approximately $394.4 million after deducting the underwriting discount and estimated offering expenses. The Company used $321.0 million of the offering proceeds to pay down the outstanding balance on its revolving credit facility in full. The terms of the unsecured notes include certain financial covenants that require the Operating Partnership to limit the amount of total debt and secured debt as a percentage of total asset value, as defined. In addition, the Operating Partnership must maintain a minimum ratio of unencumbered asset value to unsecured debt, as well as a minimum interest coverage level. As of September 30, 2013, the Company was in compliance with all such covenants. | |||||||||
Unsecured Credit Facility | |||||||||
The Company has an aggregate Credit Facility of $800 million, which is composed of a $350 million unsecured term loan and a $450 million unsecured revolving credit facility, and may be expanded by up to an additional $100 million upon the satisfaction of certain conditions. The maturity dates of the unsecured term loan and unsecured revolving credit facility are January 10, 2017 and January 10, 2016, respectively. The maturity date of the unsecured revolving credit facility can be extended for an additional 12 months to January 10, 2017, subject to the satisfaction of certain conditions. | |||||||||
Each loan bears interest at a variable rate, at the Company’s option, based upon a base rate or one-, two-, three- or six-month LIBOR, plus, in each case, a spread based upon the Company’s investment grade rating from either Moody’s Investor Services, Inc. or Standard & Poor’s Rating Group. The Company has entered into multiple interest rate swaps with notional amounts totaling $350 million that effectively fix the interest rate to 2.54% (0.89% +1.65% spread) on the outstanding balance of the unsecured term loan (see Note 12 for more details). | |||||||||
Availability under the revolving credit facility is limited to an “aggregate borrowing base amount” equal to 60% of the value of the Company’s unencumbered properties, calculated as set forth in the Credit Facility. Additionally, the Company is required to pay a facility fee of 0.30% per annum on the $450 million revolving credit facility. As of September 30, 2013, the revolving credit facility bore interest at a weighted average annual rate of 1.93% (inclusive of the facility fee discussed above), and availability under the revolving credit facility totaled $274.7 million. | |||||||||
The terms of the Credit Facility include certain restrictions and covenants, which limit, among other items, the incurrence of additional indebtedness, liens, and the disposition of assets. The facility contains customary affirmative and negative covenants and also contains financial covenants that, among other things, require the Company to maintain certain minimum ratios of “EBITDA” (earnings before interest, taxes, depreciation and amortization) to fixed charges and total indebtedness. The Company may not pay distributions that exceed a specified percentage of funds from operations, as adjusted, for any four consecutive quarters. The financial covenants also include consolidated net worth and leverage ratio tests. As of September 30, 2013, the Company was in compliance with all such covenants. | |||||||||
Secured Agency Facility | |||||||||
The Company has a $125 million secured revolving credit facility with a Freddie Mac lender. The facility has a 5-year term and is currently secured by 9 properties referred to as the “Collateral Pool.” The facility bears interest at one- or three-month LIBOR plus a spread that varies based on the debt service ratio of the Collateral Pool. Additionally, the Company is required to pay an unused commitment fee of 1.0% per annum. As of September 30, 2013, the secured agency facility bore interest at a weighted average annual rate of 2.22%. The secured agency facility includes some, but not all, of the same financial covenants as the unsecured credit facility, described above. As of September 30, 2013, the Company was in compliance with all such covenants. |
Stockholders_Equity_Partners_C
Stockholders' Equity / Partners' Capital | 9 Months Ended |
Sep. 30, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity / Partners' Capital | ' |
Stockholders’ Equity / Partners’ Capital | |
In March 2013, the Company established a new at-the-market share offering program (the “ATM Equity Program”) through which the Company may issue and sell, from time to time, shares of common stock having an aggregate offering price of up to $500 million. Actual sales under the program will depend on a variety of factors, including, but not limited to, market conditions, the trading price of the Company’s common stock and determinations of the appropriate sources of funding for the Company. The Company has not sold any shares under the ATM Equity Program and has $500 million available for issuance under this program as of September 30, 2013. |
Noncontrolling_Interests
Noncontrolling Interests | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Noncontrolling Interest [Abstract] | ' | |||
Noncontrolling Interests | ' | |||
Noncontrolling Interests | ||||
Operating Partnership | ||||
Partially-owned properties: As of September 30, 2013, the Operating Partnership consolidates three joint ventures that own and operate University Village at Sweet Home, University Centre and Villas at Chestnut Ridge owned-off campus properties. The portion of net assets attributable to the third-party partners in these joint ventures is classified as “noncontrolling interests - partially owned properties” within capital on the accompanying consolidated balance sheets of the Operating Partnership. Accordingly, the third-party partners’ share of the income or loss of the joint ventures is reported on the consolidated statements of comprehensive income of the Operating Partnership as “net income attributable to noncontrolling interests – partially owned properties.” | ||||
In July 2013, the Company acquired the remaining 20.5% noncontrolling interest from the third-party partner in the joint venture that owns and operates The Varsity. | ||||
In July 2013, the Company entered into a purchase and contribution agreement with a private developer whereby the Company is obligated to purchase the property (University Walk) as long as the developer meets certain construction completion deadlines and other closing conditions. The development of the property is anticipated to be completed in August 2014. The entity that owns University Walk is deemed to be a variable interest entity (“VIE”), and the Company is determined to be the primary beneficiary of the VIE. As such, the assets and liabilities of the entity owning the property are included in the Company’s and the Operating Partnership’s consolidated financial statements. The entity is financed with an $8.8 million mezzanine loan from the Company, a $19.0 million construction loan from a third-party lender and a $1.5 million equity contribution from the developer. This contribution from the developer is reflected as noncontrolling interests - partially owned properties within capital on the accompanying consolidated balance sheet of the Operating Partnership as of September 30, 2013. | ||||
OP Units: For the portion of OP Units that the Operating Partnership is required, either by contract or securities law, to deliver registered common shares of ACC to the exchanging OP unit holder, or for which the Operating Partnership has the intent or history of exchanging such units for cash, we classify the units as “redeemable limited partners” in the mezzanine section of the consolidated balance sheets of the Operating Partnership. The units classified as such include Series A preferred units as well as common units that are not held by ACC or ACC Holdings. The value of redeemable limited partners on the consolidated balance sheets of the Operating Partnership is reported at the greater of fair value or historical cost at the end of each reporting period. Changes in the value from period to period are charged to limited partner’s capital on the consolidated statement of changes in capital of the Operating Partnership. Below is a table summarizing the activity of redeemable limited partners for the nine months ended September 30, 2013: | ||||
31-Dec-12 | $ | 57,534 | ||
Net income | 986 | |||
Distributions | (1,335 | ) | ||
Redeemable limited partner units issued as consideration (see Note 3) | 3,451 | |||
Conversion of redeemable limited partner units into shares of ACC common stock | (23 | ) | ||
Adjustments to reflect redeemable limited partner units at fair value | (10,823 | ) | ||
30-Sep-13 | $ | 49,790 | ||
During the nine months ended September 30, 2013, 1,500 Series A preferred units were converted into an equal number of shares of ACC's common stock and during the year ended December 31, 2012, 88,457 common OP units were converted into an equal number of shares of ACC’s common stock. As of September 30, 2013 and December 31, 2012, approximately 1.3% and 1.2%, respectively, of the equity interests of the Operating Partnership were held by owners of common OP Units and Series A preferred units not held by ACC or ACC Holdings. | ||||
Company | ||||
The noncontrolling interests of the Company include the third-party equity interests in partially-owned properties, as discussed above, which are presented as a component of equity in the Company’s consolidated balance sheets. The Company’s noncontrolling interests also include the redeemable limited partners presented in the consolidated balance sheets of the Operating Partnership, which are referred to as “redeemable noncontrolling interests” in the mezzanine section of the Company’s consolidated balance sheets. Noncontrolling interests on the Company’s consolidated statements of comprehensive income include the income/loss attributable to third-party equity interests in partially-owned properties, as well as the income/loss attributable to redeemable noncontrolling interests (i.e. OP Units not held by ACC or ACC Holdings.) |
Incentive_Award_Plan
Incentive Award Plan | 9 Months Ended | ||
Sep. 30, 2013 | |||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||
Incentive Award Plan | ' | ||
Incentive Award Plan | |||
Restricted Stock Units (“RSUs”) | |||
Upon reelection to the Board of Directors in May 2013, all members of the Company’s Board of Directors were granted restricted stock units (“RSUs”) in accordance with the American Campus Communities, Inc. 2010 Incentive Award Plan (the “Plan”). These RSUs were valued at $95,000 for the Chairman of the Board of Directors and at $71,500 for all other members. The number of RSUs was determined based on the fair market value of the Company’s stock on the date of grant, as defined in the Plan. All awards vested and settled immediately on the date of grant, and the Company delivered shares of common stock and cash, as determined by the Compensation Committee of the Board of Directors. A compensation charge of approximately $0.5 million was recorded during the nine months ended September 30, 2013 related to these awards. | |||
A summary of ACC’s RSUs under the Plan as of September 30, 2013 and activity during the nine months then ended is presented below: | |||
Number of RSUs | |||
Outstanding at December 31, 2012 | — | ||
Granted | 10,265 | ||
Settled in common shares | (4,572 | ) | |
Settled in cash | (5,693 | ) | |
Outstanding at September 30, 2013 | — | ||
Restricted Stock Awards (“RSAs”) | |||
A summary of ACC’s RSAs under the Plan as of September 30, 2013 and activity during the nine months then ended, is presented below: | |||
Number of RSAs | |||
Nonvested balance at December 31, 2012 | 575,668 | ||
Granted | 230,800 | ||
Vested | (111,533 | ) | |
Forfeited | (90,189 | ) | |
Nonvested balance at September 30, 2013 | 604,746 | ||
The fair value of RSA’s is calculated based on the closing market value of ACC’s common stock on the date of grant. The fair value of these awards is amortized to expense over the vesting periods, which amounted to approximately $1.6 million and $1.3 million for the three months ended September 30, 2013 and 2012, respectively, and $4.8 million and $3.9 million for the nine months ended September 30, 2013 and 2012, respectively. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivatives Instruments and Hedging Activities | ' | ||||||||||||||||
Derivative Instruments and Hedging Activities | |||||||||||||||||
The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. | |||||||||||||||||
Cash Flow Hedges of Interest Rate Risk | |||||||||||||||||
The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated Other Comprehensive Loss and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. No portion of designated hedges was ineffective during the nine months ended September 30, 2013 and 2012. | |||||||||||||||||
As discussed in Note 8, the Company has four interest rate swap contracts with notional amounts totaling $350 million to hedge the variable cash flows associated with interest payments on the LIBOR-based unsecured term loan. In addition, the Company has an interest rate swap contract with a notional amount of $31.5 million used to hedge the variable cash flows associated with the Cullen Oaks Phase I and Phase II loans. | |||||||||||||||||
The following table summarizes the Company’s outstanding interest rate swap contracts as of September 30, 2013: | |||||||||||||||||
Date Entered | Effective Date | Maturity Date | Pay Fixed Rate | Receive Floating | Notional | Fair Value | |||||||||||
Rate Index | Amount | ||||||||||||||||
Feb 12, 2007 | Feb 15, 2007 | Feb 15, 2014 | 6.69% | LIBOR – 1 mo. plus 1.35% | $ | 31,480 | $ | (623 | ) | ||||||||
Feb 2, 2012 | Feb 2, 2012 | Jan 2, 2017 | 0.87% | LIBOR – 1 month | 125,000 | (522 | ) | ||||||||||
Feb 2, 2012 | Feb 2, 2012 | Jan 2, 2017 | 0.88% | LIBOR – 1 month | 100,000 | (457 | ) | ||||||||||
Feb 2, 2012 | Feb 2, 2012 | Jan 2, 2017 | 0.89% | LIBOR – 1 month | 62,500 | (304 | ) | ||||||||||
Feb 2, 2012 | Feb 2, 2012 | Jan 2, 2017 | 0.89% | LIBOR – 1 month | 62,500 | (304 | ) | ||||||||||
Total | $ | 381,480 | $ | (2,210 | ) | ||||||||||||
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of September 30, 2013 and December 31, 2012: | |||||||||||||||||
Liability Derivatives | |||||||||||||||||
Fair Value as of | |||||||||||||||||
Description | Balance Sheet | September 30, 2013 | 31-Dec-12 | ||||||||||||||
Location | |||||||||||||||||
Interest rate swaps contracts | Other liabilities | $ | 2,210 | $ | 6,661 | ||||||||||||
Total derivatives designated | $ | 2,210 | $ | 6,661 | |||||||||||||
as hedging instruments | |||||||||||||||||
Fair_Value_Disclosures
Fair Value Disclosures | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||
Fair Value Disclosures | ' | ||||||||||||||||||||||||||||||||
Fair Value Disclosures | |||||||||||||||||||||||||||||||||
The following table presents information about the Company’s financial instruments measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability, such as interest rates and yield curves observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. | |||||||||||||||||||||||||||||||||
In instances in which the inputs used to measure fair value may fall into different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement in its entirety has been determined is based on the lowest level input significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | |||||||||||||||||||||||||||||||||
Disclosures concerning financial instruments measured at fair value are as follows: | |||||||||||||||||||||||||||||||||
Fair Value Measurements as of | |||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Quoted Prices in | Significant | Significant | Total | Quoted Prices in | Significant | Significant | |||||||||||||||||||||||||||
Active Markets for | Other | Unobservable | Active Markets for | Other | Unobservable | ||||||||||||||||||||||||||||
Identical Assets and | Observable | Inputs | Identical Assets and | Observable | Inputs | Total | |||||||||||||||||||||||||||
Liabilities (Level 1) | Inputs (Level 2) | (Level 3) | Liabilities (Level 1) | Inputs (Level 2) | (Level 3) | ||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Derivative financial | $ | — | $ | 2,210 | $ | — | $ | 2,210 | $ | — | $ | 6,661 | $ | — | $ | 6,661 | |||||||||||||||||
instruments | |||||||||||||||||||||||||||||||||
Mezzanine: | |||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests (Company)/ | $ | — | $ | 49,790 | $ | — | $ | 49,790 | $ | — | $ | 57,534 | $ | — | $ | 57,534 | |||||||||||||||||
Redeemable limited partners | |||||||||||||||||||||||||||||||||
(Operating Partnership) | |||||||||||||||||||||||||||||||||
The Company uses derivative financial instruments, specifically interest rate swaps, for nontrading purposes. The Company uses interest rate swaps to manage interest rate risk arising from previously unhedged interest payments associated with variable rate debt. Through September 30, 2013, derivative financial instruments were designated and qualified as cash flow hedges. Derivative contracts with positive net fair values inclusive of net accrued interest receipts or payments are recorded in other assets. Derivative contracts with negative net fair values, inclusive of net accrued interest payments or receipts, are recorded in other liabilities. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. | |||||||||||||||||||||||||||||||||
The Company incorporates credit valuation adjustments to appropriately reflect its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees. | |||||||||||||||||||||||||||||||||
Although the Company has determined the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparty. However, as of September 30, 2013 and December 31, 2012, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivative financial instruments. As a result, the Company has determined each of its derivative valuations in its entirety is classified in Level 2 of the fair value hierarchy. | |||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests in the Operating Partnership have a redemption feature and are marked to their redemption value. The redemption value is based on the fair value of the Company’s common stock at the redemption date, and therefore, is calculated based on the fair value of the Company’s common stock at the balance sheet date. Since the valuation is based on observable inputs such as quoted prices for similar instruments in active markets, redeemable noncontrolling interests in the Operating Partnership are classified in Level 2 of the fair value hierarchy. | |||||||||||||||||||||||||||||||||
Other Fair Value Disclosures | |||||||||||||||||||||||||||||||||
Cash and Cash Equivalents, Restricted Cash, Student Contracts Receivable, Mezzanine Loans Receivable, Other Assets, Accounts Payable and Accrued Expenses and Other Liabilities: The Company estimates that the carrying amount approximates fair value, due to the short maturity of these instruments. | |||||||||||||||||||||||||||||||||
Derivative Instruments: These instruments are reported on the balance sheet at fair value, which is based on calculations provided by independent, third-party financial institutions and represent the discounted future cash flows expected, based on the projected future interest rate curves over the life of the instrument. | |||||||||||||||||||||||||||||||||
Secured Agency Facility, Unsecured Term Loan, Unsecured Revolving Credit Facility and Construction Loans: The fair value of these instruments approximates carrying values due to the variable interest rate feature of these instruments. | |||||||||||||||||||||||||||||||||
Loans Receivable: In April 2013, the Company acquired a protective advance note and outstanding bond insurer claim (collectively “loans receivable”). See Note 14 herein for additional details regarding this transaction. The fair value of loans receivable is based on a discounted cash flow analysis consisting of scheduled cash flows and discount rate estimates to approximate those that a willing buyer and seller might use. These financial instruments utilize Level 3 inputs. | |||||||||||||||||||||||||||||||||
Unsecured Notes: In calculating the fair value of unsecured notes, interest rate and spread assumptions reflect current creditworthiness and market conditions available for the issuance of unsecured notes with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs. | |||||||||||||||||||||||||||||||||
Mortgage Loans Payable: The fair value of mortgage loans payable is based on the present value of the cash flows at current market interest rates through maturity. The Company has concluded the fair value of these financial instruments are Level 2 as the majority of the inputs used to value these instruments fall within Level 2 of the fair value hierarchy. | |||||||||||||||||||||||||||||||||
Bonds Payable: The fair value of bonds payable is based on quoted prices in markets that are not active due to the unique characteristics of these financial instruments, as such, the Company has concluded the inputs used to measure fair value fall within Level 2 of the fair value hierarchy. | |||||||||||||||||||||||||||||||||
The table below contains the estimated fair value and related carrying amounts for the Company’s financial instruments as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Estimated | Carrying | Estimated | Carrying | ||||||||||||||||||||||||||||||
Fair Value | Amount | Fair Value | Amount | ||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Loans receivable | $ | 49,154 | $ | 50,438 | $ | — | $ | — | |||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Unsecured notes | $ | 381,827 | $ | 398,692 | $ | — | $ | — | |||||||||||||||||||||||||
Mortgage loans | 1,322,320 | 1,323,948 | 1,437,851 | 1,406,835 | |||||||||||||||||||||||||||||
Bonds payable | 44,964 | 42,440 | 52,778 | 44,915 | |||||||||||||||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Commitments | |
Development-related guarantees: For its third-party development projects, the Company commonly provides alternate housing and project cost guarantees, subject to force majeure. These guarantees are typically limited, on an aggregate basis, to the amount of the projects’ related development fees or a contractually agreed-upon maximum exposure amount. Alternate housing guarantees typically expire five days after construction is complete and generally require the Company to provide substitute living quarters and transportation for students to and from the university if the project is not complete by an agreed-upon completion date. Under project cost guarantees, the Company is responsible for the construction cost of a project in excess of an approved budget. The budget consists primarily of costs included in the general contractors’ guaranteed maximum price contract (“GMP”). In most cases, the GMP obligates the general contractor, subject to force majeure and approved change orders, to provide completion date guarantees and to cover cost overruns and liquidated damages. In addition, the GMP is typically secured with payment and performance bonds. Project cost guarantees expire upon completion of certain developer obligations, which are normally satisfied within one year after completion of the project. | |
In the normal course of business, the Company enters into various development-related purchase commitments with parties that provide development-related goods and services. In the event that the Company was to terminate development services prior to the completion of projects under construction, the Company could potentially be committed to satisfy outstanding purchase orders with such parties. At September 30, 2013, management did not anticipate any material deviations from schedule or budget related to third-party development projects currently in progress. | |
The Company has estimated the fair value of guarantees entered into to be immaterial. The Company’s estimated maximum exposure amount under the above guarantees is approximately $2.6 million as of September 30, 2013. | |
Contingencies | |
Litigation: The Company is subject to various claims, lawsuits and legal proceedings, including the matter discussed below as well as other matters that have not been fully resolved and that have arisen in the ordinary course of business. While it is not possible to ascertain the ultimate outcome of such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on the consolidated financial position or results of operations of the Company. However, the outcome of claims, lawsuits and legal proceedings brought against the Company is subject to significant uncertainty. Therefore, although management considers the likelihood of such an outcome to be remote, the ultimate results of these matters cannot be predicted with certainty. | |
The Company and three of its subsidiaries were parties to a lawsuit brought by National Public Finance Guaranty Corporation, as assignee of the claims of CaPFA Capital Corp. 2000F (“CaPFA”), in May 2010 in the Orange County Florida, Complex Business Division, relating to a student housing property located near the University of Central Florida (“UCF”) in Orlando, Florida. The property was managed by a subsidiary of GMH Communities Trust (“GMH”, which subsidiary was indirectly acquired by the Company as part of the acquisition of GMH in June 2008) pursuant to a property management agreement between such subsidiary and CaPFA. The suit alleged, among other things, a breach of such management agreement, breach of contract implied in fact and breach of fiduciary obligations by the Company and such subsidiaries. The complaint sought unspecified compensatory damages, including lost profits and attorneys’ fees. | |
The litigation was settled and dismissed on April 22, 2013. Pursuant to the terms of the settlement agreement, the Company acquired a protective advance note and outstanding bond insurer claim (collectively, “loans receivable”) from National Public Finance Guarantee Corporation for an aggregate of approximately $52.8 million. The loans receivable are secured by a lien on, and the cash flows from, two student housing properties in close proximity to the University of Central Florida and carry an interest rate of 5.12%. In connection with our purchase of these loans receivable, the Company recorded a purchase discount of approximately $3.6 million to reflect the difference between the face value of the loans receivable and the present value of the cash flows anticipated to be received under the loans receivable, based on management’s estimate of market interest rates in place as of the settlement date. Concurrent with recording this $3.6 million purchase discount, the Company recognized litigation settlement costs of $2.8 million in excess of amounts provided by insurance. | |
Letters of Intent: In the ordinary course of the Company’s business, the Company enters into letters of intent indicating a willingness to negotiate for acquisitions, dispositions, joint ventures, or other investment transactions. Such letters of intent are non-binding, and neither party to the letter of intent is obligated to pursue negotiations unless and until a definitive contract is entered into by the parties. Even if definitive contracts are entered into, the letters of intent relating to the acquisition and disposition of real property and resulting contracts generally contemplate that such contracts will provide the acquirer with time to evaluate the property and conduct due diligence, during which periods the acquirer will have the ability to terminate the contracts without penalty or forfeiture of any deposit or earnest money. There can be no assurance that definitive contracts will be entered into with respect to any matter covered by letters of intent or that the Company will consummate any transaction contemplated by any definitive contract. Furthermore, due diligence periods for real property are frequently extended as needed. Once the due diligence period expires, the Company is then at risk under a real property acquisition contract, but only to the extent of any earnest money deposits associated with the contract. | |
Environmental Matters: The Company is not aware of any environmental liability with respect to the properties that would have a material adverse effect on the Company’s business, assets or results of operations. However, there can be no assurance that such a material environmental liability does not exist. The existence of any such material environmental liability could have an adverse effect on the Company’s results of operations and cash flows. |
Segments
Segments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segments | ' | ||||||||||||||||
Segments | |||||||||||||||||
The Company defines business segments by their distinct customer base and service provided. The Company has identified four reportable segments: Wholly-Owned Properties, On-Campus Participating Properties, Development Services, and Property Management Services. Management evaluates each segment’s performance based on operating income before depreciation, amortization, minority interests and allocation of corporate overhead. Intercompany fees are reflected at the contractually stipulated amounts. | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Wholly-Owned Properties | |||||||||||||||||
Rental revenues | $ | 151,551 | $ | 104,516 | $ | 451,691 | $ | 287,914 | |||||||||
Interest and other income | 14 | 7 | 36 | 31 | |||||||||||||
Total revenues from external customers | 151,565 | 104,523 | 451,727 | 287,945 | |||||||||||||
Operating expenses before depreciation, amortization, ground/facility lease and allocation of corporate overhead | (88,353 | ) | (58,348 | ) | (225,392 | ) | (142,222 | ) | |||||||||
Ground/facility leases | (759 | ) | (564 | ) | (2,063 | ) | (1,259 | ) | |||||||||
Interest expense | (11,062 | ) | (8,224 | ) | (33,936 | ) | (22,549 | ) | |||||||||
Operating income before depreciation, amortization, and allocation of corporate overhead | $ | 51,391 | $ | 37,387 | $ | 190,336 | $ | 121,915 | |||||||||
Depreciation and amortization | $ | 43,577 | $ | 25,633 | $ | 133,465 | $ | 68,785 | |||||||||
Capital expenditures | $ | 96,770 | $ | 99,049 | $ | 271,623 | $ | 285,809 | |||||||||
Total segment assets at September 30, | $ | 5,133,137 | $ | 4,053,250 | $ | 5,133,137 | $ | 4,053,250 | |||||||||
On-Campus Participating Properties | |||||||||||||||||
Rental revenues | $ | 5,066 | $ | 5,087 | $ | 17,871 | $ | 17,766 | |||||||||
Interest and other income | 8 | 4 | 12 | 12 | |||||||||||||
Total revenues from external customers | 5,074 | 5,091 | 17,883 | 17,778 | |||||||||||||
Operating expenses before depreciation, amortization, ground/facility lease and allocation of corporate overhead | (2,850 | ) | (2,856 | ) | (7,915 | ) | (7,763 | ) | |||||||||
Ground/facility lease | (627 | ) | (529 | ) | (1,686 | ) | (1,602 | ) | |||||||||
Interest expense | (1,365 | ) | (1,419 | ) | (4,120 | ) | (4,276 | ) | |||||||||
Operating income before depreciation, amortization and allocation of corporate overhead | $ | 232 | $ | 287 | $ | 4,162 | $ | 4,137 | |||||||||
Depreciation and amortization | $ | 1,197 | $ | 1,167 | $ | 3,553 | $ | 3,481 | |||||||||
Capital expenditures | $ | 7,660 | $ | 948 | $ | 8,368 | $ | 1,710 | |||||||||
Total segment assets at September 30, | $ | 77,250 | $ | 74,245 | $ | 77,250 | $ | 74,245 | |||||||||
Development Services | |||||||||||||||||
Development and construction management fees | $ | 622 | $ | 1,467 | $ | 1,656 | $ | 7,427 | |||||||||
Operating expenses | (3,159 | ) | (2,767 | ) | (8,541 | ) | (7,867 | ) | |||||||||
Operating loss before depreciation, amortization and allocation of corporate overhead | $ | (2,537 | ) | $ | (1,300 | ) | $ | (6,885 | ) | $ | (440 | ) | |||||
Total segment assets at September 30, | $ | 5,113 | $ | 4,340 | $ | 5,113 | $ | 4,340 | |||||||||
Property Management Services | |||||||||||||||||
Property management fees from external customers | $ | 1,792 | $ | 1,687 | $ | 5,425 | $ | 5,083 | |||||||||
Intersegment revenues | 5,293 | 4,049 | 15,879 | 11,657 | |||||||||||||
Total revenues | 7,085 | 5,736 | 21,304 | 16,740 | |||||||||||||
Operating expenses | (2,413 | ) | (2,360 | ) | (7,534 | ) | (7,494 | ) | |||||||||
Operating income before depreciation, amortization and allocation of corporate overhead | $ | 4,672 | $ | 3,376 | $ | 13,770 | $ | 9,246 | |||||||||
Total segment assets at September 30, | $ | 6,960 | $ | 4,688 | $ | 6,960 | $ | 4,688 | |||||||||
Reconciliations | |||||||||||||||||
Total segment revenues | $ | 164,346 | $ | 116,817 | $ | 492,570 | $ | 329,890 | |||||||||
Unallocated interest income earned on corporate cash | 770 | 417 | 2,117 | 1,312 | |||||||||||||
Elimination of intersegment revenues | (5,293 | ) | (4,049 | ) | (15,879 | ) | (11,657 | ) | |||||||||
Total consolidated revenues, including interest income | $ | 159,823 | $ | 113,185 | $ | 478,808 | $ | 319,545 | |||||||||
Segment operating income before depreciation, amortization and allocation of corporate overhead | $ | 53,758 | $ | 39,750 | $ | 201,383 | $ | 134,858 | |||||||||
Depreciation and amortization | (46,661 | ) | (28,225 | ) | (142,516 | ) | (76,367 | ) | |||||||||
Net unallocated expenses relating to corporate overhead | (12,342 | ) | (12,323 | ) | (34,761 | ) | (30,767 | ) | |||||||||
Income from unconsolidated joint ventures | — | — | — | 444 | |||||||||||||
Other nonoperating income (expense) | 134 | 136 | (2,666 | ) | 14 | ||||||||||||
Income tax provision | (255 | ) | (181 | ) | (765 | ) | (493 | ) | |||||||||
(Loss) income from continuing operations | $ | (5,366 | ) | $ | (843 | ) | $ | 20,675 | $ | 27,689 | |||||||
Total segment assets | $ | 5,222,460 | $ | 4,136,523 | $ | 5,222,460 | $ | 4,136,523 | |||||||||
Unallocated corporate assets | 97,626 | 78,049 | 97,626 | 78,049 | |||||||||||||
Total assets at September 30, | $ | 5,320,086 | $ | 4,214,572 | $ | 5,320,086 | $ | 4,214,572 | |||||||||
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
Property Disposition: On October 4, 2013, the Company sold Campus Ridge for a sales price of approximately $12.5 million resulting in proceeds of approximately $11.6 million. This property was included in the 9-property Collateral Pool which secures our agency facility (see Note 8). As a result, concurrent with the sale of this property, $7.6 million of the secured agency facility was paid down. | |
Property Acquisitions: On October 8, 2013, the Company acquired Park Point, a 300-unit, 924-bed wholly-owned property located near the Rochester Institute of Technology campus in Rochester, New York, for a purchase price of approximately $100.3 million. In conjunction with the purchase of this property the Company assumed an existing $59.8 million mortgage loan and borrowed an additional $10.2 million resulting in a new $70.0 million mortgage loan. | |
On November 6, 2013, the Company acquired U Centre at Fry Street, a 194-unit, 614-bed wholly-owned property located near the University of North Texas campus in Denton, Texas, for a purchase price of approximately $51.3 million. The Company did not assume any property-level debt as part of this transaction. | |
Distributions: On October 30, 2013, the Company declared a third quarter 2013 distribution per share of $0.36 which will be paid on November 27, 2013 to all common stockholders of record as of November 13, 2013. At the same time, the Operating Partnership will pay an equivalent amount per unit to holders of common OP Units, as well as the quarterly cumulative preferential distribution to holders of Series A preferred units (see Note 10). |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | ||
Sep. 30, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Basis of Presentation | ' | ||
Basis of Presentation | |||
The accompanying consolidated financial statements, presented in U.S. dollars, are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and revenue and expenses during the reporting periods. Our actual results could differ from those estimates and assumptions. All material intercompany transactions among consolidated entities have been eliminated. All dollar amounts in the tables herein, except share, per share, unit and per unit amounts, are stated in thousands unless otherwise indicated. Certain prior period amounts have been reclassified to conform to the current period presentation. | |||
Interim Financial Statements | ' | ||
Interim Financial Statements | |||
The accompanying interim financial statements are unaudited, but have been prepared in accordance with GAAP for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements of the Company for these interim periods have been included. Because of the seasonal nature of the Company’s operations, the results of operations and cash flows for any interim period are not necessarily indicative of results for other interim periods or for the full year. These financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 | |||
Use of Estimates | ' | ||
Use of Estimates | |||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||
Investments in Real Estate | ' | ||
Investments in Real Estate | |||
Investments in real estate are recorded at historical cost. Major improvements that extend the life of an asset are capitalized and depreciated over the remaining useful life of the asset. The cost of ordinary repairs and maintenance are charged to expense when incurred. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: | |||
Buildings and improvements | 7-40 years | ||
Leasehold interest - on-campus | 25-34 years (shorter of useful life or respective lease term) | ||
participating properties | |||
Furniture, fixtures and equipment | 3-7 years | ||
Project costs directly associated with the development and construction of an owned real estate project, which include interest, property taxes, and amortization of deferred finance costs, are capitalized as construction in progress. Upon completion of the project, costs are transferred into the applicable asset category and depreciation commences. Interest totaling approximately $2.8 million and $2.4 million was capitalized during the three months ended September 30, 2013 and 2012, respectively, and $8.6 million and $8.3 million was capitalized during the nine months ended September 30, 2013 and 2012, respectively. Amortization of deferred financing costs totaling approximately $0.1 and was capitalized as construction in progress during both the three months ended September 30, 2013 and 2012, and $0.2 million and was capitalized as construction in progress during both the nine months ended September 30, 2013 and 2012. | |||
Management assesses whether there has been an impairment in the value of the Company’s investments in real estate whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment is recognized when estimated expected future undiscounted cash flows are less than the carrying value of the property. The estimation of expected future net cash flows is inherently uncertain and relies on assumptions regarding current and future economics and market conditions. If such conditions change, then an adjustment to the carrying value of the Company’s long-lived assets could occur in the future period in which the conditions change. To the extent that a property is impaired, the excess of the carrying amount of the property over its estimated fair value is charged to earnings. The Company believes that there were no impairments of the carrying values of its investments in real estate as of September 30, 2013. | |||
The Company allocates the purchase price of acquired properties to net tangible and identified intangible assets based on relative fair values. Fair value estimates are based on information obtained from a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired and existing comparable properties in our portfolio, and other market data. Information obtained about each property as a result of due diligence, marketing and leasing activities is also considered. The value allocated to land is generally based on the actual purchase price adjusted to fair value (as necessary) if acquired separately, or market research / comparables if acquired as part of an existing operating property. The value allocated to building is based on the fair value determined on an “as-if vacant” basis, which is estimated using an income, or discounted cash flow, approach that relies upon internally determined assumptions that we believe are consistent with current market conditions for similar properties. The value allocated to furniture, fixtures, and equipment is based on an estimate of the fair value of the appliances and fixtures inside the units. | |||
Long-Lived Assets-Held for Sale | ' | ||
Long-Lived Assets–Held for Sale | |||
Long-lived assets to be disposed of are classified as Held for Sale in the period in which all of the following criteria are met: | |||
a. | Management, having the authority to approve the action, commits to a plan to sell the asset. | ||
b. | The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. | ||
c. | An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated. | ||
d. | The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year. | ||
e. | The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. | ||
f. | Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. | ||
Concurrent with this classification, the asset is recorded at the lower of cost or fair value less estimated selling costs, and depreciation ceases. | |||
Loans Receivable | ' | ||
Loans Receivable | |||
Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan purchase discounts, and net of an allowance for loan losses when such loan is deemed to be impaired. Loan purchase discounts are amortized over the term of the loan. The Company considers a loan impaired when, based upon current information and events, it is probable that it will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. Significant judgments are required in determining whether impairment has occurred. The Company performs an impairment analysis by comparing either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable current market price or the fair value of the underlying collateral to the net carrying value of the loan, which may result in an allowance and corresponding loan loss charge. Loans receivable are included in other assets on the accompanying consolidated balance sheets. | |||
Intangible Assets | ' | ||
Intangible Assets | |||
A portion of the purchase price of acquired properties is allocated to the value of in-place leases for both student and commercial tenants, which is based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued “as-if” vacant. As lease terms for student leases are typically one year or less, rates on in-place leases generally approximate market rental rates. Factors considered in the valuation of in-place leases include an estimate of the carrying costs during the expected lease-up period considering current market conditions, nature of the tenancy, and costs to execute similar leases. Carrying costs include estimates of lost rentals at market rates during the expected lease-up period, as well as marketing and other operating expenses. The value of in-place leases is amortized over the remaining initial term of the respective leases. The purchase price of property acquisitions is not expected to be allocated to student tenant relationships, considering the terms of the leases and the expected levels of renewals. | |||
Mortgage Debt - Premiums and Discounts | ' | ||
Mortgage Debt - Premiums and Discounts | |||
Mortgage debt premiums and discounts represent fair value adjustments to account for the difference between the stated rates and market rates of mortgage debt assumed in connection with the Company’s property acquisitions. The mortgage debt premiums and discounts are amortized to interest expense over the term of the related mortgage loans using the effective-interest method. The amortization of mortgage debt premiums and discounts resulted in a net decrease to interest expense of approximately $3.4 million and $0.6 million for the three months ended September 30, 2013 and 2012, respectively, and $10.6 million and $1.2 million for the nine months ended September 30, 2013 and 2012, respectively. Mortgage debt premiums and discounts are included in secured mortgage, construction and bond debt on the accompanying consolidated balance sheets and amortization of mortgage debt premiums and discounts is included in interest expense on the accompanying consolidated statements of comprehensive income. | |||
Pre-development Expenditures | ' | ||
Pre-development Expenditures | |||
Pre-development expenditures such as architectural fees, permits and deposits associated with the pursuit of third-party and owned development projects are expensed as incurred, until such time that management believes it is probable that the contract will be executed and/or construction will commence. Because the Company frequently incurs these pre-development expenditures before a financing commitment and/or required permits and authorizations have been obtained, the Company bears the risk of loss of these pre-development expenditures if financing cannot ultimately be arranged on acceptable terms or the Company is unable to successfully obtain the required permits and authorizations. As such, management evaluates the status of third-party and owned projects that have not yet commenced construction on a periodic basis and expenses any deferred costs related to projects whose current status indicates the commencement of construction is unlikely and/or the costs may not provide future value to the Company in the form of revenues. Such write-offs are included in third-party development and management services expenses (in the case of third-party development projects) or general and administrative expenses (in the case of owned development projects) on the accompanying consolidated statements of comprehensive income. | |||
Earnings per Share | ' | ||
Earnings per Share – Company | |||
Basic earnings per share is computed using net income attributable to common shareholders and the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings per share reflect common shares issuable from the assumed conversion of OP Units and common share awards granted. Only those items having a dilutive impact on basic earnings per share are included in diluted earnings per share. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Schedule of estimated useful lives of assets | ' | ||||||||||||||||
Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: | |||||||||||||||||
Buildings and improvements | 7-40 years | ||||||||||||||||
Leasehold interest - on-campus | 25-34 years (shorter of useful life or respective lease term) | ||||||||||||||||
participating properties | |||||||||||||||||
Furniture, fixtures and equipment | 3-7 years | ||||||||||||||||
Schedule of potentially dilutive securities not included in calculating diluted earnings per share | ' | ||||||||||||||||
The following potentially dilutive securities were outstanding for the three months ended September 30, 2013 and 2012, but were not included in the computation of diluted earnings per unit because the effects of their inclusion would be anti-dilutive. | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Restricted Stock Awards (Note 11) | 606,024 | 581,627 | — | — | |||||||||||||
Total potentially dilutive securities | 606,024 | 581,627 | — | — | |||||||||||||
The following potentially dilutive securities were outstanding for the three and nine months ended September 30, 2013 and 2012, but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Common OP Units (Note 10) | 1,138,356 | 899,336 | 1,134,855 | 887,478 | |||||||||||||
Preferred OP Units (Note 10) | 114,014 | 114,128 | 114,090 | 114,128 | |||||||||||||
Restricted Stock Awards (Note 11) | 606,024 | 581,627 | — | — | |||||||||||||
Total potentially dilutive securities | 1,858,394 | 1,595,091 | 1,248,945 | 1,001,606 | |||||||||||||
Schedule of summary of elements used in calculating basic earnings per share/unit | ' | ||||||||||||||||
The following is a summary of the elements used in calculating basic and diluted earnings per unit: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator – basic and diluted earnings per unit: | |||||||||||||||||
(Loss) income from continuing operations | $ | (5,366 | ) | $ | (843 | ) | $ | 20,675 | $ | 27,689 | |||||||
Income from continuing operations attributable to noncontrolling interests – partially owned properties | (83 | ) | (329 | ) | (1,078 | ) | (1,312 | ) | |||||||||
Loss (income) from continuing operations attributable to Series A preferred units | 11 | (44 | ) | (76 | ) | (127 | ) | ||||||||||
Amount allocated to participating securities | (218 | ) | (196 | ) | (710 | ) | (652 | ) | |||||||||
(Loss) income from continuing operations attributable to common unitholders, net of amount allocated to participating securities | (5,656 | ) | (1,412 | ) | 18,811 | 25,598 | |||||||||||
Income from discontinued operations | 53,198 | 1,865 | 58,204 | 7,145 | |||||||||||||
Income from discontinued operations attributable to Series A preferred units | (57 | ) | (2 | ) | (61 | ) | (10 | ) | |||||||||
Income from discontinued operations attributable to common unitholders | 53,141 | 1,863 | 58,143 | 7,135 | |||||||||||||
Net income attributable to common unitholders | $ | 47,485 | $ | 451 | $ | 76,954 | $ | 32,733 | |||||||||
Denominator: | |||||||||||||||||
Basic weighted average common units outstanding | 105,919,787 | 90,069,204 | 105,887,837 | 80,291,801 | |||||||||||||
Restricted Stock Awards (Note 11) | — | — | 628,071 | 605,140 | |||||||||||||
Diluted weighted average common units outstanding | 105,919,787 | 90,069,204 | 106,515,908 | 80,896,941 | |||||||||||||
Earnings per unit - basic: | |||||||||||||||||
(Loss) income from continuing operations attributable to common unitholders, net of amount allocated to participating securities | $ | (0.05 | ) | $ | (0.02 | ) | $ | 0.18 | $ | 0.32 | |||||||
Income from discontinued operations attributable to common unitholders | $ | 0.5 | $ | 0.02 | $ | 0.55 | $ | 0.09 | |||||||||
Net income attributable to common unitholders | $ | 0.45 | $ | — | $ | 0.73 | $ | 0.41 | |||||||||
Earnings per unit - diluted: | |||||||||||||||||
(Loss) income from continuing operations attributable to common unitholders, net of amount allocated to participating securities | $ | (0.05 | ) | $ | (0.02 | ) | $ | 0.18 | $ | 0.31 | |||||||
Income from discontinued operations attributable to common unitholders | $ | 0.5 | $ | 0.02 | $ | 0.54 | $ | 0.09 | |||||||||
Net income attributable to common unitholders | $ | 0.45 | $ | — | $ | 0.72 | $ | 0.4 | |||||||||
The following is a summary of the elements used in calculating basic and diluted earnings per share: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator – basic and diluted earnings per share: | |||||||||||||||||
(Loss) income from continuing operations | $ | (5,366 | ) | $ | (843 | ) | $ | 20,675 | $ | 27,689 | |||||||
Income from continuing operations attributable to noncontrolling interests | (30 | ) | (374 | ) | (1,380 | ) | (1,762 | ) | |||||||||
(Loss) income from continuing operations attributable to common shareholders | (5,396 | ) | (1,217 | ) | 19,295 | 25,927 | |||||||||||
Amount allocated to participating securities | (218 | ) | (196 | ) | (710 | ) | (652 | ) | |||||||||
(Loss) income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | (5,614 | ) | (1,413 | ) | 18,585 | 25,275 | |||||||||||
Income from discontinued operations | 53,198 | 1,865 | 58,204 | 7,145 | |||||||||||||
Income from discontinued operations attributable to noncontrolling interests | (626 | ) | (21 | ) | (684 | ) | (91 | ) | |||||||||
Income from discontinued operations attributable to common shareholders | 52,572 | 1,844 | 57,520 | 7,054 | |||||||||||||
Net income attributable to common shareholders | $ | 46,958 | $ | 431 | $ | 76,105 | $ | 32,329 | |||||||||
Denominator: | |||||||||||||||||
Basic weighted average common shares outstanding | 104,781,431 | 89,169,868 | 104,752,982 | 79,404,323 | |||||||||||||
Restricted Stock Awards (Note 11) | — | — | 628,071 | 605,140 | |||||||||||||
Diluted weighted average common shares outstanding | 104,781,431 | 89,169,868 | 105,381,053 | 80,009,463 | |||||||||||||
Earnings per share – basic: | |||||||||||||||||
(Loss) income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | $ | (0.05 | ) | $ | (0.02 | ) | $ | 0.18 | $ | 0.32 | |||||||
Income from discontinued operations attributable to common shareholders | $ | 0.5 | $ | 0.02 | $ | 0.55 | $ | 0.09 | |||||||||
Net income attributable to common shareholders | $ | 0.45 | $ | — | $ | 0.73 | $ | 0.41 | |||||||||
Earnings per share – diluted: | |||||||||||||||||
(Loss) income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | $ | (0.05 | ) | $ | (0.02 | ) | $ | 0.18 | $ | 0.31 | |||||||
Income from discontinued operations attributable to common shareholders | $ | 0.5 | $ | 0.02 | $ | 0.54 | $ | 0.09 | |||||||||
Net income attributable to common shareholders | $ | 0.45 | $ | — | $ | 0.72 | $ | 0.4 | |||||||||
Property_Acquisitions_Tables
Property Acquisitions (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Schedule of earnings per share | ' | |||||||||||||||
The Company did not assume any property-level debt as part of this transaction. | ||||||||||||||||
The acquired property’s results of operations have been included in the accompanying consolidated statements of comprehensive income since their respective acquisition closing dates, with the exception of properties subject to pre-sale/mezzanine investment agreements. As a result of applying accounting guidance related to variable interest entities ("VIEs"), we include properties subject to pre-sale/mezzanine investment agreements in our consolidated financial statements during the construction period. As a result, Townhomes at Newtown Crossing’s results of operations have been included in the accompanying consolidated statements of comprehensive income from the date of project completion in August 2013 through the acquisition date in September 2013. The following pro forma information for the three and nine months ended September 30, 2013 and 2012, presents consolidated financial information for the Company as if the property acquisitions discussed above had occurred at the beginning of the earliest period presented. The unaudited pro forma information is provided for informational purposes only and is not indicative of results that would have occurred or which may occur in the future: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Total revenues | $ | 159,859 | $ | 113,484 | $ | 479,332 | $ | 319,972 | ||||||||
Net income attributable to common Shareholders | $ | 47,574 | $ | 589 | $ | 77,582 | $ | 32,871 | ||||||||
Net income per share attributable to common shareholders, as adjusted - basic | $ | 0.45 | $ | — | $ | 0.73 | $ | 0.41 | ||||||||
Net income per share attributable to common shareholders, as adjusted - diluted | $ | 0.45 | $ | — | $ | 0.73 | $ | 0.4 | ||||||||
Property_Dispositions_and_Disc1
Property Dispositions and Discontinued Operations (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Schedule of owned off-campus properties were classified as Held for Sale on the accompanying consolidated balance sheet | ' | ||||||||||||||||
The following two owned off-campus properties were classified as Held for Sale on the accompanying consolidated balance sheet as of September 30, 2013: | |||||||||||||||||
Property | Location | Primary University Served | Units | Beds | |||||||||||||
University Mills | Cedar Falls, IA | University of Northern Iowa | 121 | 481 | |||||||||||||
Campus Ridge (1) | Johnson City, TN | University of Tennessee | 132 | 528 | |||||||||||||
Schedule of summary of results of disposition and discontinued operations | ' | ||||||||||||||||
Below is a summary of the results of operations for the properties discussed above: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Total revenues | $ | 1,762 | $ | 7,039 | $ | 13,418 | $ | 21,734 | |||||||||
Total operating expenses | (1,140 | ) | (3,360 | ) | (5,785 | ) | (9,261 | ) | |||||||||
Depreciation and amortization | (131 | ) | (1,361 | ) | (1,686 | ) | (4,052 | ) | |||||||||
Operating income | 491 | 2,318 | 5,947 | 8,421 | |||||||||||||
Total nonoperating expenses | (124 | ) | (453 | ) | (574 | ) | (1,359 | ) | |||||||||
Net income | $ | 367 | $ | 1,865 | $ | 5,373 | $ | 7,062 | |||||||||
Investments_in_WhollyOwned_Pro1
Investments in Wholly-Owned Properties (Tables) (Wholly-owned properties) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Wholly-owned properties | ' | ||||||||
Real Estate Properties [Line Items] | ' | ||||||||
Schedule of Real Estate Properties | ' | ||||||||
Wholly-owned properties consisted of the following: | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
Land (1) (2) | $ | 563,467 | $ | 550,274 | |||||
Buildings and improvements | 4,596,433 | 4,351,239 | |||||||
Furniture, fixtures and equipment (2) | 258,707 | 227,409 | |||||||
Construction in progress (2) | 70,483 | 138,923 | |||||||
5,489,090 | 5,267,845 | ||||||||
Less accumulated depreciation | (485,917 | ) | (396,469 | ) | |||||
Wholly-owned properties, net (3) | $ | 5,003,173 | $ | 4,871,376 | |||||
(1) | The land balance above includes undeveloped land parcels with book values of approximately $34.6 million and $30.7 million as of September 30, 2013 and December 31, 2012, respectively. Also includes land totaling approximately $31.1 million and $41.6 million as of September 30, 2013 and December 31, 2012, respectively, related to properties under development. | ||||||||
(2) | Land, furniture, fixtures and equipment and construction in progress as of September 30, 2013 include $3.4 million, $0.4 million and $2.3 million, respectively, related to the University Walk property located in Knoxville, Tennessee, that will serve students attending the University of Tennessee. In July 2013, the Company entered into a purchase and contribution agreement with a private developer whereby the Company is obligated to purchase the property as long as the developer meets certain construction completion deadlines and other closing conditions. The development of the property is anticipated to be completed in August 2014. The entity that owns University Walk is deemed to be a variable interest entity (“VIE”), and the Company is determined to be the primary beneficiary of the VIE. As such, the assets and liabilities of the entity owning the property are included in the Company’s and the Operating Partnership’s consolidated financial statements. | ||||||||
(3) | The balances above exclude the net book value of two properties, University Mills and Campus Ridge which are classified as wholly-owned properties Held for Sale in the accompanying consolidated balance sheet as of September 30, 2013. |
OnCampus_Participating_Propert1
On-Campus Participating Properties (Tables) (On-campus participating properties) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
On-campus participating properties | ' | ||||||||||||
Real Estate Properties [Line Items] | ' | ||||||||||||
Schedule of Real Estate Properties | ' | ||||||||||||
On-campus participating properties are as follows: | |||||||||||||
Historical Cost | |||||||||||||
Lessor/University | Lease | Required Debt | 30-Sep-13 | 31-Dec-12 | |||||||||
Commencement | Repayment (1) | ||||||||||||
Texas A&M University System / Prairie View A&M University (2) | 2/1/96 | 9/1/23 | $ | 42,211 | $ | 41,485 | |||||||
Texas A&M University System / Texas A&M International | 2/1/96 | 9/1/23 | 6,701 | 6,651 | |||||||||
Texas A&M University System / Prairie View A&M University (3) | 10/1/99 | 8/31/25 | 26,172 | 25,766 | |||||||||
8/31/28 | |||||||||||||
University of Houston System / University of Houston (4) | 9/27/00 | 8/31/35 | 36,077 | 35,936 | |||||||||
West Virginia University Project / West Virginia University (5) | 7/16/13 | 7/16/45 | 7,045 | — | |||||||||
118,206 | 109,838 | ||||||||||||
Less accumulated amortization | (56,044 | ) | (52,492 | ) | |||||||||
On-campus participating properties, net | $ | 62,162 | $ | 57,346 | |||||||||
(1) | Represents the effective lease termination date. The Leases terminate upon the earlier to occur of the final repayment of the related debt or the end of the contractual lease term. | ||||||||||||
(2) | Consists of three phases placed in service between 1996 and 1998. | ||||||||||||
(3) | Consists of two phases placed in service in 2000 and 2003. | ||||||||||||
(4) | Consists of two phases placed in service in 2001 and 2005. |
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of summary of outstanding consolidated indebtedness, including unamortized debt premiums and discounts | ' | ||||||||
A summary of the Company’s outstanding consolidated indebtedness, including unamortized debt premiums and discounts, is as follows: | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
Debt secured by wholly-owned properties: | |||||||||
Mortgage loans payable | |||||||||
Unpaid principal balance | $ | 1,216,503 | $ | 1,288,482 | |||||
Unamortized debt premiums | 78,370 | 90,091 | |||||||
Unamortized debt discounts | (2,405 | ) | (3,506 | ) | |||||
1,292,468 | 1,375,067 | ||||||||
Construction loans payable (1) | 44,638 | 57,355 | |||||||
1,337,106 | 1,432,422 | ||||||||
Debt secured by on-campus participating properties: | |||||||||
Mortgage loan payable | 31,480 | 31,768 | |||||||
Bonds payable | 42,440 | 44,915 | |||||||
Construction loan payable | 3,917 | — | |||||||
77,837 | 76,683 | ||||||||
Secured agency facility | 95,355 | 104,000 | |||||||
Unsecured notes, net of unamortized original issue discount | 398,692 | — | |||||||
Unsecured revolving credit facility | 175,300 | 258,000 | |||||||
Unsecured term loan | 350,000 | 350,000 | |||||||
Total debt | $ | 2,434,290 | $ | 2,221,105 | |||||
(1) | Construction loans payable as of December 31, 2012 includes $12.7 million related to two constructions loans that financed the development and construction of Townhomes at Newtown Crossing and The Lodges of East Lansing Phase II, VIEs that the Company included in its consolidated financial statements during the construction phase. |
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Noncontrolling Interest [Abstract] | ' | |||
Schedule of summarized activity of redeemable limited partners | ' | |||
Below is a table summarizing the activity of redeemable limited partners for the nine months ended September 30, 2013: | ||||
31-Dec-12 | $ | 57,534 | ||
Net income | 986 | |||
Distributions | (1,335 | ) | ||
Redeemable limited partner units issued as consideration (see Note 3) | 3,451 | |||
Conversion of redeemable limited partner units into shares of ACC common stock | (23 | ) | ||
Adjustments to reflect redeemable limited partner units at fair value | (10,823 | ) | ||
30-Sep-13 | $ | 49,790 | ||
Incentive_Award_Plan_Tables
Incentive Award Plan (Tables) | 9 Months Ended | ||
Sep. 30, 2013 | |||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||
Schedule of restricted stock units | ' | ||
A summary of ACC’s RSUs under the Plan as of September 30, 2013 and activity during the nine months then ended is presented below: | |||
Number of RSUs | |||
Outstanding at December 31, 2012 | — | ||
Granted | 10,265 | ||
Settled in common shares | (4,572 | ) | |
Settled in cash | (5,693 | ) | |
Outstanding at September 30, 2013 | — | ||
Schedule of summary of restricted stock awards | ' | ||
A summary of ACC’s RSAs under the Plan as of September 30, 2013 and activity during the nine months then ended, is presented below: | |||
Number of RSAs | |||
Nonvested balance at December 31, 2012 | 575,668 | ||
Granted | 230,800 | ||
Vested | (111,533 | ) | |
Forfeited | (90,189 | ) | |
Nonvested balance at September 30, 2013 | 604,746 | ||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of summary of outstanding interest rate swap contracts | ' | ||||||||||||||||
The following table summarizes the Company’s outstanding interest rate swap contracts as of September 30, 2013: | |||||||||||||||||
Date Entered | Effective Date | Maturity Date | Pay Fixed Rate | Receive Floating | Notional | Fair Value | |||||||||||
Rate Index | Amount | ||||||||||||||||
Feb 12, 2007 | Feb 15, 2007 | Feb 15, 2014 | 6.69% | LIBOR – 1 mo. plus 1.35% | $ | 31,480 | $ | (623 | ) | ||||||||
Feb 2, 2012 | Feb 2, 2012 | Jan 2, 2017 | 0.87% | LIBOR – 1 month | 125,000 | (522 | ) | ||||||||||
Feb 2, 2012 | Feb 2, 2012 | Jan 2, 2017 | 0.88% | LIBOR – 1 month | 100,000 | (457 | ) | ||||||||||
Feb 2, 2012 | Feb 2, 2012 | Jan 2, 2017 | 0.89% | LIBOR – 1 month | 62,500 | (304 | ) | ||||||||||
Feb 2, 2012 | Feb 2, 2012 | Jan 2, 2017 | 0.89% | LIBOR – 1 month | 62,500 | (304 | ) | ||||||||||
Total | $ | 381,480 | $ | (2,210 | ) | ||||||||||||
Schedule of fair value of derivative financial instruments and classification on consolidated balance sheet | ' | ||||||||||||||||
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of September 30, 2013 and December 31, 2012: | |||||||||||||||||
Liability Derivatives | |||||||||||||||||
Fair Value as of | |||||||||||||||||
Description | Balance Sheet | September 30, 2013 | 31-Dec-12 | ||||||||||||||
Location | |||||||||||||||||
Interest rate swaps contracts | Other liabilities | $ | 2,210 | $ | 6,661 | ||||||||||||
Total derivatives designated | $ | 2,210 | $ | 6,661 | |||||||||||||
as hedging instruments | |||||||||||||||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of financial instruments measured at fair value | ' | ||||||||||||||||||||||||||||||||
Disclosures concerning financial instruments measured at fair value are as follows: | |||||||||||||||||||||||||||||||||
Fair Value Measurements as of | |||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Quoted Prices in | Significant | Significant | Total | Quoted Prices in | Significant | Significant | |||||||||||||||||||||||||||
Active Markets for | Other | Unobservable | Active Markets for | Other | Unobservable | ||||||||||||||||||||||||||||
Identical Assets and | Observable | Inputs | Identical Assets and | Observable | Inputs | Total | |||||||||||||||||||||||||||
Liabilities (Level 1) | Inputs (Level 2) | (Level 3) | Liabilities (Level 1) | Inputs (Level 2) | (Level 3) | ||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Derivative financial | $ | — | $ | 2,210 | $ | — | $ | 2,210 | $ | — | $ | 6,661 | $ | — | $ | 6,661 | |||||||||||||||||
instruments | |||||||||||||||||||||||||||||||||
Mezzanine: | |||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests (Company)/ | $ | — | $ | 49,790 | $ | — | $ | 49,790 | $ | — | $ | 57,534 | $ | — | $ | 57,534 | |||||||||||||||||
Redeemable limited partners | |||||||||||||||||||||||||||||||||
(Operating Partnership) | |||||||||||||||||||||||||||||||||
Schedule of estimated fair value and related carrying amounts of mortgage loans and bonds payable | ' | ||||||||||||||||||||||||||||||||
The table below contains the estimated fair value and related carrying amounts for the Company’s financial instruments as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Estimated | Carrying | Estimated | Carrying | ||||||||||||||||||||||||||||||
Fair Value | Amount | Fair Value | Amount | ||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Loans receivable | $ | 49,154 | $ | 50,438 | $ | — | $ | — | |||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Unsecured notes | $ | 381,827 | $ | 398,692 | $ | — | $ | — | |||||||||||||||||||||||||
Mortgage loans | 1,322,320 | 1,323,948 | 1,437,851 | 1,406,835 | |||||||||||||||||||||||||||||
Bonds payable | 44,964 | 42,440 | 52,778 | 44,915 | |||||||||||||||||||||||||||||
Segments_Tables
Segments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of segment information | ' | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Wholly-Owned Properties | |||||||||||||||||
Rental revenues | $ | 151,551 | $ | 104,516 | $ | 451,691 | $ | 287,914 | |||||||||
Interest and other income | 14 | 7 | 36 | 31 | |||||||||||||
Total revenues from external customers | 151,565 | 104,523 | 451,727 | 287,945 | |||||||||||||
Operating expenses before depreciation, amortization, ground/facility lease and allocation of corporate overhead | (88,353 | ) | (58,348 | ) | (225,392 | ) | (142,222 | ) | |||||||||
Ground/facility leases | (759 | ) | (564 | ) | (2,063 | ) | (1,259 | ) | |||||||||
Interest expense | (11,062 | ) | (8,224 | ) | (33,936 | ) | (22,549 | ) | |||||||||
Operating income before depreciation, amortization, and allocation of corporate overhead | $ | 51,391 | $ | 37,387 | $ | 190,336 | $ | 121,915 | |||||||||
Depreciation and amortization | $ | 43,577 | $ | 25,633 | $ | 133,465 | $ | 68,785 | |||||||||
Capital expenditures | $ | 96,770 | $ | 99,049 | $ | 271,623 | $ | 285,809 | |||||||||
Total segment assets at September 30, | $ | 5,133,137 | $ | 4,053,250 | $ | 5,133,137 | $ | 4,053,250 | |||||||||
On-Campus Participating Properties | |||||||||||||||||
Rental revenues | $ | 5,066 | $ | 5,087 | $ | 17,871 | $ | 17,766 | |||||||||
Interest and other income | 8 | 4 | 12 | 12 | |||||||||||||
Total revenues from external customers | 5,074 | 5,091 | 17,883 | 17,778 | |||||||||||||
Operating expenses before depreciation, amortization, ground/facility lease and allocation of corporate overhead | (2,850 | ) | (2,856 | ) | (7,915 | ) | (7,763 | ) | |||||||||
Ground/facility lease | (627 | ) | (529 | ) | (1,686 | ) | (1,602 | ) | |||||||||
Interest expense | (1,365 | ) | (1,419 | ) | (4,120 | ) | (4,276 | ) | |||||||||
Operating income before depreciation, amortization and allocation of corporate overhead | $ | 232 | $ | 287 | $ | 4,162 | $ | 4,137 | |||||||||
Depreciation and amortization | $ | 1,197 | $ | 1,167 | $ | 3,553 | $ | 3,481 | |||||||||
Capital expenditures | $ | 7,660 | $ | 948 | $ | 8,368 | $ | 1,710 | |||||||||
Total segment assets at September 30, | $ | 77,250 | $ | 74,245 | $ | 77,250 | $ | 74,245 | |||||||||
Development Services | |||||||||||||||||
Development and construction management fees | $ | 622 | $ | 1,467 | $ | 1,656 | $ | 7,427 | |||||||||
Operating expenses | (3,159 | ) | (2,767 | ) | (8,541 | ) | (7,867 | ) | |||||||||
Operating loss before depreciation, amortization and allocation of corporate overhead | $ | (2,537 | ) | $ | (1,300 | ) | $ | (6,885 | ) | $ | (440 | ) | |||||
Total segment assets at September 30, | $ | 5,113 | $ | 4,340 | $ | 5,113 | $ | 4,340 | |||||||||
Property Management Services | |||||||||||||||||
Property management fees from external customers | $ | 1,792 | $ | 1,687 | $ | 5,425 | $ | 5,083 | |||||||||
Intersegment revenues | 5,293 | 4,049 | 15,879 | 11,657 | |||||||||||||
Total revenues | 7,085 | 5,736 | 21,304 | 16,740 | |||||||||||||
Operating expenses | (2,413 | ) | (2,360 | ) | (7,534 | ) | (7,494 | ) | |||||||||
Operating income before depreciation, amortization and allocation of corporate overhead | $ | 4,672 | $ | 3,376 | $ | 13,770 | $ | 9,246 | |||||||||
Total segment assets at September 30, | $ | 6,960 | $ | 4,688 | $ | 6,960 | $ | 4,688 | |||||||||
Reconciliations | |||||||||||||||||
Total segment revenues | $ | 164,346 | $ | 116,817 | $ | 492,570 | $ | 329,890 | |||||||||
Unallocated interest income earned on corporate cash | 770 | 417 | 2,117 | 1,312 | |||||||||||||
Elimination of intersegment revenues | (5,293 | ) | (4,049 | ) | (15,879 | ) | (11,657 | ) | |||||||||
Total consolidated revenues, including interest income | $ | 159,823 | $ | 113,185 | $ | 478,808 | $ | 319,545 | |||||||||
Segment operating income before depreciation, amortization and allocation of corporate overhead | $ | 53,758 | $ | 39,750 | $ | 201,383 | $ | 134,858 | |||||||||
Depreciation and amortization | (46,661 | ) | (28,225 | ) | (142,516 | ) | (76,367 | ) | |||||||||
Net unallocated expenses relating to corporate overhead | (12,342 | ) | (12,323 | ) | (34,761 | ) | (30,767 | ) | |||||||||
Income from unconsolidated joint ventures | — | — | — | 444 | |||||||||||||
Other nonoperating income (expense) | 134 | 136 | (2,666 | ) | 14 | ||||||||||||
Income tax provision | (255 | ) | (181 | ) | (765 | ) | (493 | ) | |||||||||
(Loss) income from continuing operations | $ | (5,366 | ) | $ | (843 | ) | $ | 20,675 | $ | 27,689 | |||||||
Total segment assets | $ | 5,222,460 | $ | 4,136,523 | $ | 5,222,460 | $ | 4,136,523 | |||||||||
Unallocated corporate assets | 97,626 | 78,049 | 97,626 | 78,049 | |||||||||||||
Total assets at September 30, | $ | 5,320,086 | $ | 4,214,572 | $ | 5,320,086 | $ | 4,214,572 | |||||||||
Organization_and_Description_o1
Organization and Description of Business - Additional Information (Details Textuals) | 9 Months Ended |
Sep. 30, 2013 | |
Wholly-owned properties | ' |
Real Estate Properties [Line Items] | ' |
Number of properties (properties) | 165 |
Number of beds (beds) | 100,600 |
Number of units (units) | 32,700 |
Wholly-owned properties | Off Campus Properties | ' |
Real Estate Properties [Line Items] | ' |
Number of properties (properties) | 142 |
Wholly-owned properties | American Campus Equity | ' |
Real Estate Properties [Line Items] | ' |
Number of properties (properties) | 18 |
Number of university systems (university systems) | 8 |
Wholly-owned properties | On-campus participating properties | ' |
Real Estate Properties [Line Items] | ' |
Number of properties (properties) | 5 |
Wholly-owned properties | Under Development | ' |
Real Estate Properties [Line Items] | ' |
Number of properties (properties) | 8 |
Number of beds (beds) | 5,500 |
Number of units (units) | 2,000 |
Management And Leasing Services | ' |
Real Estate Properties [Line Items] | ' |
Number of properties (properties) | 35 |
Number of beds (beds) | 25,900 |
Number of units (units) | 10,500 |
Management And Leasing Services | Minimum | ' |
Real Estate Properties [Line Items] | ' |
Initial terms of contract | '1 year |
Management And Leasing Services | Maximum | ' |
Real Estate Properties [Line Items] | ' |
Initial terms of contract | '5 years |
Real Estate Investment | ' |
Real Estate Properties [Line Items] | ' |
Number of properties (properties) | 200 |
Number of beds (beds) | 126,500 |
Number of units (units) | 43,200 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' |
Real Estate Properties [Line Items] | ' |
Limited Partner ownership interest (percent) | 98.70% |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Maximum | ' |
Real Estate Properties [Line Items] | ' |
General Partner ownership interest (percent) | 1.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Minimum | Buildings and improvements | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '7 years |
Minimum | Leasehold interest - on-campus participating | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '25 years |
Minimum | Furniture, fixtures and equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '3 years |
Maximum | Buildings and improvements | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '40 years |
Maximum | Leasehold interest - on-campus participating | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '34 years |
Maximum | Furniture, fixtures and equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '7 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Potentially Dilutive Securities Not Included in Calculating Diluted Earnings Per Share (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Potential dilutive securities (shares) | 1,858,394 | 1,595,091 | 1,248,945 | 1,001,606 |
Common OP Units | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Potential dilutive securities (shares) | 1,138,356 | 899,336 | 1,134,855 | 887,478 |
Preferred OP Units | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Potential dilutive securities (shares) | 114,014 | 114,128 | 114,090 | 114,128 |
Restricted Stock Awards | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Potential dilutive securities (shares) | 606,024 | 581,627 | 0 | 0 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Summary of Elements Used in Calculating Basic and Diluted Earnings per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator - basic and diluted earnings per share: | ' | ' | ' | ' |
(Loss) income from continuing operations | ($5,366) | ($843) | $20,675 | $27,689 |
Income from continuing operations attributable to noncontrolling interests | -30 | -374 | -1,380 | -1,762 |
(Loss) income from continuing operations attributable to common shareholders | -5,396 | -1,217 | 19,295 | 25,927 |
Amount allocated to participating securities | -218 | -196 | -710 | -652 |
(Loss) income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | -5,614 | -1,413 | 18,585 | 25,275 |
Income from discontinued operations | 53,198 | 1,865 | 58,204 | 7,145 |
Income from discontinued operations attributable to noncontrolling interests | -626 | -21 | -684 | -91 |
Income from discontinued operations attributable to common shareholders | 52,572 | 1,844 | 57,520 | 7,054 |
Net income attributable to common shareholders | 46,958 | 431 | 76,105 | 32,329 |
Denominator: | ' | ' | ' | ' |
Basic weighted average common shares outstanding (in shares) | 104,781,431 | 89,169,868 | 104,752,982 | 79,404,323 |
Restricted Stock Awards (Note 11) (in shares) | 0 | 0 | 628,071 | 605,140 |
Diluted weighted average common shares outstanding (in shares) | 104,781,431 | 89,169,868 | 105,381,053 | 80,009,463 |
Earnings per share - basic: | ' | ' | ' | ' |
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities (in dollars per share/unit) | ($0.05) | ($0.02) | $0.18 | $0.32 |
Income from discontinued operations attributable to common shareholders (in dollars per share/unit) | $0.50 | $0.02 | $0.55 | $0.09 |
Net income attributable to common unitholders (in dollars per share/unit) | $0.45 | $0 | $0.73 | $0.41 |
Earnings per share - diluted: | ' | ' | ' | ' |
(Loss) Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities (in dollars per share/unit) | ($0.05) | ($0.02) | $0.18 | $0.31 |
Income from discontinued operations attributable to common shareholders (in dollars per share/unit) | $0.50 | $0.02 | $0.54 | $0.09 |
Net income attributable to common shareholders (in dollars per share/unit) | $0.45 | $0 | $0.72 | $0.40 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' | ' | ' | ' |
Numerator - basic and diluted earnings per share: | ' | ' | ' | ' |
(Loss) income from continuing operations | -5,366 | -843 | 20,675 | 27,689 |
Amount allocated to participating securities | -218 | -196 | -710 | -652 |
(Loss) income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | -5,656 | -1,412 | 18,811 | 25,598 |
Income from discontinued operations | 53,198 | 1,865 | 58,204 | 7,145 |
Income from discontinued operations attributable to common shareholders | 53,141 | 1,863 | 58,143 | 7,135 |
Net income attributable to common shareholders | $47,485 | $451 | $76,954 | $32,733 |
Earnings per share - basic: | ' | ' | ' | ' |
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities (in dollars per share/unit) | ($0.05) | ($0.02) | $0.18 | $0.32 |
Net income attributable to common unitholders (in dollars per share/unit) | $0.45 | $0 | $0.73 | $0.41 |
Earnings per share - diluted: | ' | ' | ' | ' |
(Loss) Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities (in dollars per share/unit) | ($0.05) | ($0.02) | $0.18 | $0.31 |
Net income attributable to common shareholders (in dollars per share/unit) | $0.45 | $0 | $0.72 | $0.40 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Potential dilutive securities (shares) | 1,858,394 | 1,595,091 | 1,248,945 | 1,001,606 |
Restricted Stock Awards | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Potential dilutive securities (shares) | 606,024 | 581,627 | 0 | 0 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Potential dilutive securities (shares) | 606,024 | 581,627 | 0 | 0 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Restricted Stock Awards | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Potential dilutive securities (shares) | 606,024 | 581,627 | 0 | 0 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Summary of Elements Used in Calculating Basic and Diluted Earnings per Unit (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator - basic and diluted earnings per unit: | ' | ' | ' | ' |
(Loss) income from continuing operations | ($5,366) | ($843) | $20,675 | $27,689 |
Income from continuing operations attributable to noncontrolling interests | -30 | -374 | -1,380 | -1,762 |
Amount allocated to participating securities | -218 | -196 | -710 | -652 |
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities | -5,614 | -1,413 | 18,585 | 25,275 |
Income from discontinued operations | 53,198 | 1,865 | 58,204 | 7,145 |
Income from discontinued operations attributable to common shareholders | 52,572 | 1,844 | 57,520 | 7,054 |
Net income attributable to common shareholders | 46,958 | 431 | 76,105 | 32,329 |
Earnings per unit - basic | ' | ' | ' | ' |
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities (in dollars per share/unit) | ($0.05) | ($0.02) | $0.18 | $0.32 |
Net income attributable to common unitholders (in dollars per share/unit) | $0.45 | $0 | $0.73 | $0.41 |
Earnings per unit - diluted: | ' | ' | ' | ' |
(Loss) Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities (in dollars per share/unit) | ($0.05) | ($0.02) | $0.18 | $0.31 |
Net income attributable to common shareholders (in dollars per share/unit) | $0.45 | $0 | $0.72 | $0.40 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' | ' | ' | ' |
Numerator - basic and diluted earnings per unit: | ' | ' | ' | ' |
(Loss) income from continuing operations | -5,366 | -843 | 20,675 | 27,689 |
Income from continuing operations attributable to Series A preferred units | 11 | -44 | -76 | -127 |
Amount allocated to participating securities | -218 | -196 | -710 | -652 |
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities | -5,656 | -1,412 | 18,811 | 25,598 |
Income from discontinued operations | 53,198 | 1,865 | 58,204 | 7,145 |
Income from discontinued operations attributable to Series A preferred unit distributions | -57 | -2 | -61 | -10 |
Income from discontinued operations attributable to common shareholders | 53,141 | 1,863 | 58,143 | 7,135 |
Net income attributable to common shareholders | 47,485 | 451 | 76,954 | 32,733 |
Denominator: | ' | ' | ' | ' |
Basic weighted average common units outstanding (in units) | 105,919,787 | 90,069,204 | 105,887,837 | 80,291,801 |
Restricted Stock Awards (Note 10) (in units) | 0 | 0 | 628,071 | 605,140 |
Diluted weighted average common units outstanding (in units) | 105,919,787 | 90,069,204 | 106,515,908 | 80,896,941 |
Earnings per unit - basic | ' | ' | ' | ' |
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities (in dollars per share/unit) | ($0.05) | ($0.02) | $0.18 | $0.32 |
Income from discontinued operations attributable to common unitholders (in dollars per share/unit) | $0.50 | $0.02 | $0.55 | $0.09 |
Net income attributable to common unitholders (in dollars per share/unit) | $0.45 | $0 | $0.73 | $0.41 |
Earnings per unit - diluted: | ' | ' | ' | ' |
(Loss) Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities (in dollars per share/unit) | ($0.05) | ($0.02) | $0.18 | $0.31 |
Income from discontinued operations attributable to common unitholders (in dollars per share/unit) | $0.50 | $0.02 | $0.54 | $0.09 |
Net income attributable to common shareholders (in dollars per share/unit) | $0.45 | $0 | $0.72 | $0.40 |
Partially owned properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' | ' | ' | ' |
Numerator - basic and diluted earnings per unit: | ' | ' | ' | ' |
Income from continuing operations attributable to noncontrolling interests | ($83) | ($329) | ($1,078) | ($1,312) |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies - Additional Information (Detail Textuals) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Apr. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Senior unsecured notes | Senior unsecured notes | Senior unsecured notes | In-place leases assumed | In-place leases assumed | In-place leases assumed | In-place leases assumed | In-place leases assumed | ||||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized Interest | $2,800,000 | $2,400,000 | $8,600,000 | $8,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred financing costs capitalized as construction in progress | 100,000 | 100,000 | 200,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense of acquired intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | 1,400,000 | 13,000,000 | 3,500,000 | ' |
Accumulated amortization | ' | ' | ' | ' | ' | ' | ' | ' | 24,800,000 | ' | 24,800,000 | ' | 12,400,000 |
Increase (Decrease) to interest expense from amortization of debt premiums and discounts | -3,400,000 | -600,000 | -10,600,000 | -1,200,000 | ' | ' | 28,000 | 56,000 | ' | ' | ' | ' | ' |
Senior unsecured notes issued | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured notes at percentage of par value (percent) | ' | ' | ' | ' | ' | 99.66% | ' | ' | ' | ' | ' | ' | ' |
Original issue discount on senior unsecured notes | ' | ' | ' | ' | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' |
Unamortized debt discounts | ' | ' | ' | ' | ' | ' | 1,300,000 | 1,300,000 | ' | ' | ' | ' | ' |
Deferred pre-development costs | $2,400,000 | ' | $2,400,000 | ' | $500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Property_Acquisitions_Details
Property Acquisitions (Details) (USD $) | 0 Months Ended | 1 Months Ended | |||||
Sep. 26, 2013 | Aug. 20, 2013 | Jul. 31, 2013 | Nov. 30, 2012 | Jul. 25, 2013 | Sep. 26, 2013 | Sep. 26, 2013 | |
Townhomes Newtown Crossing Property [Member] | The Plaza Apartments [Member] | Lodges Of East Lansing [Member] | Lodges Of East Lansing [Member] | Seventh Street Station [Member] | Common OP Units | Mezzanine Financing [Member] | |
Bed | Bed | Bed | Bed | Townhomes Newtown Crossing Property [Member] | Townhomes Newtown Crossing Property [Member] | ||
Unit | Unit | Unit | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Face amount | ' | ' | ' | ' | ' | ' | $2,000,000 |
Number of units (units) | 152 | 289 | ' | ' | 82 | ' | ' |
Number of beds (beds) | 608 | 359 | 366 | ' | 309 | ' | ' |
Purchase price | 38,800,000 | 10,400,000 | 32,300,000 | ' | 26,500,000 | ' | ' |
Shares, Issued | ' | ' | ' | ' | ' | 97,143 | ' |
Share Price | ' | ' | ' | ' | ' | $35.53 | ' |
Number of beds in future development (units) | ' | 496 | ' | ' | ' | ' | ' |
Cash paid for acquisition | ' | ' | 24,000,000 | 8,300,000 | ' | ' | ' |
Transaction costs | ' | ' | ' | ' | $500,000 | ' | ' |
Property_Acquisitions_Property
Property Acquisitions Property Acquisitions-EPS Table (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Business Combinations [Abstract] | ' | ' | ' | ' |
Total revenues | $160 | $113 | $479 | $320 |
Net income attributable to common Shareholders | $48 | $1 | $78 | $33 |
Net income per share attributable to common shareholders, as adjusted - basic (usd per share) | $0.45 | $0 | $0.73 | $0.41 |
Net income per share attributable to common shareholders, as adjusted - diluted (usd per share) | $0.45 | $0 | $0.73 | $0.40 |
Property_Dispositions_and_Disc2
Property Dispositions and Discontinued Operations (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | |
Property | ||
Off Campus Properties | Campus Ridge | State College, PA | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |
Number of units (units) | 132 | [1] |
Number of beds (beds) | 528 | [1] |
Off Campus Properties | University Mills | Cedar Falls, IA | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |
Number of units (units) | 121 | |
Number of beds (beds) | 481 | |
Off Campus Properties | The Village at Blacksburg | Blacksburg, VA | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |
Number of units (units) | 288 | |
Number of beds (beds) | 1,056 | |
Off Campus Properties | State College Park | State College, PA | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |
Number of units (units) | 196 | |
Number of beds (beds) | 752 | |
Off Campus Properties | University Pines | Statesboro, GA | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |
Number of units (units) | 144 | |
Number of beds (beds) | 552 | |
Off Campus Properties | Northgate Lakes | Orlando, FL | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |
Number of units (units) | 194 | [2] |
Number of beds (beds) | 710 | [2] |
Secured Agency Facility | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | |
Number of collateral properties (properties) | 9 | |
Repayments of secured agency facility | $16 | |
[1] | The land balance above includes undeveloped land parcels with book values of approximately $34.6 million and $30.7 million as of September 30, 2013 and December 31, 2012, respectively. Also includes land totaling approximately $31.1 million and $41.6 million as of September 30, 2013 and December 31, 2012, respectively, related to properties under development. | |
[2] | This property was included in the 9-property Collateral Pool which secures our agency facility (see Note 8). As a result, concurrent with the sale of this property, $15.5 million of the secured agency facility's outstanding balance was paid down. |
Property_Dispositions_and_Disc3
Property Dispositions and Discontinued Operations - Additional Information (Detail Textuals) (Off Campus Properties, USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jul. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Property | Property | Property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number of owned property (properties) | ' | 2 | ' |
Number of properties sold (properties) | 4 | ' | 3 |
Sales price | $157.40 | ' | $54.10 |
Net proceeds from dispositions of real estate | 155.2 | ' | ' |
Gain on disposition of property | $52.80 | ' | ' |
Pirates Cove | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number of beds (beds) | ' | ' | 1,584 |
Property_Dispositions_and_Disc4
Property Dispositions and Discontinued Operations- Summary of summary of results of operations for properties (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' | ' |
Total revenues | $1,762 | $7,039 | $13,418 | $21,734 |
Total operating expenses | -1,140 | -3,360 | -5,785 | -9,261 |
Depreciation and amortization | -131 | -1,361 | -1,686 | -4,052 |
Operating income | 491 | 2,318 | 5,947 | 8,421 |
Total nonoperating expenses | -124 | -453 | -574 | -1,359 |
Net income | $367 | $1,865 | $5,373 | $7,062 |
Investments_in_WhollyOwned_Pro2
Investments in Wholly-Owned Properties - Summary (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Real Estate Properties [Line Items] | ' | ' | ||
Investment Property, Net | $5,089,042 | $4,928,722 | ||
Wholly-owned properties | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Land | 563,467 | [1],[2] | 550,274 | [1],[2] |
Buildings and improvements | 4,596,433 | 4,351,239 | ||
Furniture, fixtures and equipment | 258,707 | [1] | 227,409 | [1] |
Construction in progress | 70,483 | [1] | 138,923 | [1] |
Real estate properties gross | 5,489,090 | 5,267,845 | ||
Less accumulated depreciation | -485,917 | -396,469 | ||
Investment Property, Net | $5,003,173 | [3] | $4,871,376 | [3] |
[1] | Land, furniture, fixtures and equipment and construction in progress as of September 30, 2013 include $3.4 million, $0.4 million and $2.3 million, respectively, related to the University Walk property located in Knoxville, Tennessee, that will serve students attending the University of Tennessee. In July 2013, the Company entered into a purchase and contribution agreement with a private developer whereby the Company is obligated to purchase the property as long as the developer meets certain construction completion deadlines and other closing conditions. The development of the property is anticipated to be completed in August 2014. The entity that owns University Walk is deemed to be a variable interest entity (“VIEâ€), and the Company is determined to be the primary beneficiary of the VIE. As such, the assets and liabilities of the entity owning the property are included in the Company’s and the Operating Partnership’s consolidated financial statements. | |||
[2] | The land balance above includes undeveloped land parcels with book values of approximately $34.6 million and $30.7 million as of September 30, 2013 and December 31, 2012, respectively. Also includes land totaling approximately $31.1 million and $41.6 million as of September 30, 2013 and December 31, 2012, respectively, related to properties under development. | |||
[3] | The balances above exclude the net book value of two properties, University Mills and Campus Ridge which are classified as wholly-owned properties Held for Sale in the accompanying consolidated balance sheet as of September 30, 2013. |
Investments_in_WhollyOwned_Pro3
Investments in Wholly-Owned Properties - Summary (Parentheticals) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Real Estate Properties [Line Items] | ' | ' |
Undeveloped land parcels | $34,600,000 | $30,700,000 |
Under Development | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Undeveloped land parcels | 31,100,000 | 41,600,000 |
Townhomes Newtown Crossing Property | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Land | 3,400,000 | ' |
Furniture, fixtures and equipment | 400,000 | ' |
Construction in progress | $2,300,000 | ' |
OnCampus_Participating_Propert2
On-Campus Participating Properties (Details) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | ||
Real Estate Properties [Line Items] | ' | ' | ||
Investment Property, Net | $5,089,042 | $4,928,722 | ||
On-campus participating properties | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Real Estate Investment Property, at Cost | 118,206 | 109,838 | ||
Real Estate Investment Property Accumulated Amortization | -56,044 | -52,492 | ||
Investment Property, Net | 62,162 | 57,346 | ||
On-campus participating properties | Texas A and M International [Member] | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Lease Commencement Date | 1-Feb-96 | ' | ||
Required Debt Repayment Date | 1-Sep-23 | [1] | ' | |
Real Estate Investment Property, at Cost | 6,701 | 6,651 | ||
Phases Placed In Service Between 1996 and 1998 [Member] | On-campus participating properties | Prairie View A and M University [Member] | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Lease Commencement Date | 1-Feb-96 | [2] | ' | |
Required Debt Repayment Date | 1-Sep-23 | [1],[2] | ' | |
Real Estate Investment Property, at Cost | 42,211 | [2] | 41,485 | [2] |
Phases Placed In Service In 2000 and 2003 [Member] | On-campus participating properties | Prairie View A and M University [Member] | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Lease Commencement Date | 1-Oct-99 | [3] | ' | |
Real Estate Investment Property, at Cost | 26,172 | [3] | 25,766 | [3] |
Phases Placed In Service In 2001 and 2005 [Member] | On-campus participating properties | University Of Houston [Member] | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Lease Commencement Date | 27-Sep-00 | [4] | ' | |
Required Debt Repayment Date | 31-Aug-35 | [1],[4] | ' | |
Real Estate Investment Property, at Cost | 36,077 | [4] | 35,936 | [4] |
Phases Placed in Service in 2013 [Member] | On-campus participating properties | University Of Houston [Member] | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Lease Commencement Date | 16-Jul-13 | [5] | ' | |
Required Debt Repayment Date | 16-Jul-45 | [1],[5] | ' | |
Real Estate Investment Property, at Cost | $7,045 | [5] | $0 | [5] |
Minimum | Phases Placed In Service In 2000 and 2003 [Member] | On-campus participating properties | Prairie View A and M University [Member] | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Required Debt Repayment Date | 31-Aug-25 | [1],[3] | ' | |
Maximum | Phases Placed In Service In 2000 and 2003 [Member] | On-campus participating properties | Prairie View A and M University [Member] | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Required Debt Repayment Date | 31-Aug-28 | [1],[3] | ' | |
[1] | Represents the effective lease termination date. The Leases terminate upon the earlier to occur of the final repayment of the related debt or the end of the contractual lease term. | |||
[2] | Consists of three phases placed in service between 1996 and 1998. | |||
[3] | Consists of two phases placed in service in 2000 and 2003. | |||
[4] | Consists of two phases placed in service in 2001 and 2005. | |||
[5] | In July 2013, the Company entered into long-term ground and facility leases with the University to finance, construct and manage this on-campus participating property. Under the terms of the leases, title to the constructed facility will be held by the University/lessor and the University will receive 50% of defined net cash flows on an annual basis through the term of the leases. Due to our involvement in the construction of the facility, any fees paid to the Company/lessee for development and construction management services during the construction period are deferred and amortized to revenue over the lease term. This facility is scheduled to be placed in service in August 2014. |
Investment_in_Unconsolidated_J
Investment in Unconsolidated Joint Ventures - Additional Information (Detail Textuals) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Management fee earned | $1,792 | $1,687 | $5,425 | $5,083 |
Equity Method Investments | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Management fee earned | $400 | $400 | $1,200 | $1,100 |
Debt_Summary_of_Outstanding_Co
Debt - Summary of Outstanding Consolidated Indebtedness, Including Unamortized Debt Premiums and Discounts (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Secured mortgage, construction and bond debt | $1,414,943 | $1,509,105 | ||
Secured agency facility | 95,355 | 104,000 | ||
Unsecured notes, net of unamortized original issue discount | 398,692 | ' | ||
Unsecured revolving credit facility | 175,300 | 258,000 | ||
Unsecured term loan | 350,000 | 350,000 | ||
Total debt | 2,434,290 | 2,221,105 | ||
Debt secured by wholly-owned properties | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured mortgage, construction and bond debt | 1,292,468 | 1,375,067 | ||
Unamortized debt premiums | 78,370 | 90,091 | ||
Unamortized debt discounts | -2,405 | -3,506 | ||
Total debt | 1,337,106 | 1,432,422 | ||
Debt secured by wholly-owned properties | Mortgage loans payable | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured mortgage, construction and bond debt | 1,216,503 | 1,288,482 | ||
Debt secured by wholly-owned properties | Construction loans payable | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured mortgage, construction and bond debt | 44,638 | [1] | 57,355 | [1] |
Debt secured by on-campus participating properties | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total debt | 77,837 | 76,683 | ||
Debt secured by on-campus participating properties | Mortgage loans payable | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured mortgage, construction and bond debt | 31,480 | 31,768 | ||
Debt secured by on-campus participating properties | Construction loans payable | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured mortgage, construction and bond debt | 3,917 | 0 | ||
Debt secured by on-campus participating properties | Bonds payable | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured mortgage, construction and bond debt | $42,440 | $44,915 | ||
[1] | Construction loans payable as of December 31, 2012 includes $12.7 million related to two constructions loans that financed the development and construction of Townhomes at Newtown Crossing and The Lodges of East Lansing Phase II, VIEs that the Company included in its consolidated financial statements during the construction phase. The sellers/developers paid off their respective construction loans with proceeds from the Company's purchase of the properties in the third quarter of 2013 (see Note 3). |
Debt_Summary_of_Outstanding_Co1
Debt - Summary of Outstanding Consolidated Indebtedness, Including Unamortized Debt Premiums and Discounts (Parentheticals) (Detail Textuals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Loan | Townhomes Newtown Crossing Property |
Debt Instrument [Line Items] | ' | ' |
Construction loans payable | ' | $12.70 |
Number of construction loan (loans) | 2 | ' |
Debt_Additional_Information_De
Debt - Additional Information (Detail Textuals 1) (USD $) | Sep. 30, 2013 | Apr. 30, 2013 | Apr. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Unsecured Notes | Unsecured Notes | Unsecured Term Loan Facility | Unsecured Term Loan Facility | Unsecured Revolving Credit Facility | Secured Agency Facility | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Interest Rate Swap | Property | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Face amount | ' | $400,000,000 | ' | ' | ' | ' | ' |
Maturity period | ' | ' | '10 years | ' | ' | ' | ' |
Debt instrument proceeds as percentage of par value (percent) | ' | ' | 99.66% | ' | ' | ' | ' |
Interest rate of note and outstanding bond (percent) | ' | ' | 3.75% | ' | ' | ' | ' |
Yield rate (percent) | ' | ' | 3.79% | ' | ' | ' | ' |
Net proceeds from sale of notes | ' | ' | 394,400,000 | ' | ' | ' | ' |
Offering proceeds to pay down outstanding balance | ' | ' | 321,000,000 | ' | ' | ' | ' |
Credit facility | 800,000,000 | ' | ' | ' | ' | 450,000,000 | 125,000,000 |
Unsecured term loan facility | ' | ' | ' | 350,000,000 | ' | ' | ' |
Additional borrowing capacity of unsecured facility | 100,000,000 | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity date | ' | ' | ' | 10-Jan-17 | ' | 10-Jan-16 | ' |
Debt instrument, extension of maturity period | ' | ' | ' | ' | ' | '12 months | ' |
Debt instrument, extension of maturity date | ' | ' | ' | ' | ' | 10-Jan-17 | ' |
Notional amount | 381,480,000 | ' | ' | ' | 350,000,000 | ' | ' |
Fixed rate interest swap agreement (percent) | ' | ' | ' | ' | 2.54% | ' | ' |
Fixed interest rate, floor (percent) | ' | ' | ' | ' | 0.89% | ' | ' |
Fixed interest rate, spread (percent) | ' | ' | ' | ' | 1.65% | ' | ' |
Ratio of borrowing amount to value of properties (percent) | ' | ' | ' | ' | ' | 60.00% | ' |
Line of credit, required unused commitment fee per annum (percent) | ' | ' | ' | ' | ' | 0.30% | 1.00% |
Line of credit, weighted average annual interest rate (percent) | ' | ' | ' | ' | ' | 1.93% | 2.22% |
Line of credit facility, remaining borrowing capacity | ' | ' | ' | ' | ' | $274,700,000 | ' |
Term of credit facility, in years | ' | ' | ' | ' | ' | ' | '5 years |
Number of properties used to secure debt (properties) | ' | ' | ' | ' | ' | ' | 9 |
Line of credit, description of variable rate basis | ' | ' | ' | ' | 'one-, two-, three- or six-month LIBOR, plus | ' | 'one- or three-month LIBOR plus |
Stockholders_Equity_Partners_C1
Stockholders' Equity / Partners' Capital - Additional Information (Detail Textuals) (ATM Equity Program, USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
ATM Equity Program | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
ATM equity program, aggregate offering price authorized | ' | $500,000,000 |
Aggregate common stock available for issuance | $500,000,000 | ' |
Noncontrolling_Interests_Addit
Noncontrolling Interests - Additional Information (Detail Textuals) (USD $) | 9 Months Ended | 12 Months Ended | 1 Months Ended | |||
Sep. 30, 2013 | Dec. 31, 2012 | Jul. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2013 | |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | University Walk [Member] | University Walk [Member] | University Walk [Member] | |
Entity | Mezzanine Financing [Member] | Construction Loans [Member] | ||||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' |
Number of third-party joint venture partners (entities) | 3 | ' | ' | ' | ' | ' |
Percentage of noncontrolling interest acquired (percent) | ' | ' | 20.50% | ' | ' | ' |
Conversion of common units to ACC common stock (shares) | 1,500 | 88,457 | ' | ' | ' | ' |
Equity interests held by owners of common units and series A preferred units/ retained by seller (percent) | 1.30% | 1.20% | ' | ' | ' | ' |
Face amount | ' | ' | ' | ' | $8,800,000 | $19,000,000 |
Equity contribution from developer | ' | ' | ' | $1,500,000 | ' | ' |
Noncontrolling_Interests_Summa
Noncontrolling Interests - Summarized Activity of Redeemable Limited Partners (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Increase (Decrease) in Temporary Equity [Roll Forward] | ' |
Beginning balance | $57,534 |
Distributions | -861 |
Adjustments to reflect redeemable limited partner units at fair value | 10,823 |
Ending balance | 49,790 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' |
Increase (Decrease) in Temporary Equity [Roll Forward] | ' |
Beginning balance | 57,534 |
Distributions | -861 |
Adjustments to reflect redeemable limited partner units at fair value | 10,823 |
Ending balance | 49,790 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Redeemable noncontrolling interests | ' |
Increase (Decrease) in Temporary Equity [Roll Forward] | ' |
Beginning balance | 57,534 |
Net income | 986 |
Distributions | -1,335 |
Redeemable limited partner units issued as consideration (see Note 3) | 3,451 |
Conversion of redeemable limited partner units into shares of ACC common stock | -23 |
Adjustments to reflect redeemable limited partner units at fair value | -10,823 |
Ending balance | $49,790 |
Incentive_Award_Plan_Additiona
Incentive Award Plan - Additional Information (Detail Textuals) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2012 | 31-May-13 | 31-May-13 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Restricted Stock Units | Restricted Stock Units | Restricted Stock Awards | Restricted Stock Awards | Restricted Stock Awards | Restricted Stock Awards | ||
Incentive Award Plan 2010 | Incentive Award Plan 2010 | ||||||
Board of Directors Chairman | Other members of Board of Directors | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Value of restricted stock units issued | ' | $95,000 | $71,500 | ' | ' | ' | ' |
Allocated share-based compensation | $500,000 | ' | ' | $1,600,000 | $1,300,000 | $4,800,000 | $3,900,000 |
Incentive_Award_Plan_Summary_o
Incentive Award Plan - Summary of restricted stock units (Details) (Incentive Award Plan 2010, Restricted Stock Units) | 9 Months Ended |
Sep. 30, 2013 | |
Incentive Award Plan 2010 | Restricted Stock Units | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Beginning nonvested balance (shares) | ' |
Granted (shares) | 10,265 |
Settled in common shares (shares) | -4,572 |
Settled in cash (shares) | -5,693 |
Ending nonvested balance (shares) | ' |
Incentive_Award_Plan_Summary_o1
Incentive Award Plan - Summary of Restricted Stock Awards (Details 1) (Restricted Stock Awards) | 9 Months Ended |
Sep. 30, 2013 | |
Restricted Stock Awards | ' |
Number of RSUs | ' |
Beginning nonvested balance (shares) | 575,668 |
Granted (shares) | 230,800 |
Vested (shares) | -111,533 |
Forfeited (shares) | -90,189 |
Ending nonvested balance (shares) | 604,746 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Additional Information (Detail Textuals 1) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Derivative [Line Items] | ' |
Notional amount | $381,480 |
Interest Rate Swap | ' |
Derivative [Line Items] | ' |
Number of interest rate swap contracts (contracts) | 4 |
Interest Rate Swap | Unsecured Term Loan Facility | ' |
Derivative [Line Items] | ' |
Notional amount | 350,000 |
Interest Rate Swap - 6.689% Fixed Rate | ' |
Derivative [Line Items] | ' |
Notional amount | $31,480 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities - Summary of Outstanding Interest Rate Swap Contracts (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Derivative [Line Items] | ' |
Notional Amount | $381,480 |
Fair Value | -2,210 |
Interest Rate Swap - 6.689% Fixed Rate | ' |
Derivative [Line Items] | ' |
Date Entered | 12-Feb-07 |
Effective Date | 15-Feb-07 |
Maturity Date | 15-Feb-14 |
Pay Fixed Rate (percent) | 6.69% |
Receive Floating Rate Index | 'LIBOR – 1 mo. plus 1.35% |
Notional Amount | 31,480 |
Fair Value | -623 |
Interest Rate Swap - 0.8695% Fixed Rate | ' |
Derivative [Line Items] | ' |
Date Entered | 2-Feb-12 |
Effective Date | 2-Feb-12 |
Maturity Date | 2-Jan-17 |
Pay Fixed Rate (percent) | 0.87% |
Receive Floating Rate Index | 'LIBOR – 1 month |
Notional Amount | 125,000 |
Fair Value | -522 |
Interest Rate Swap - 0.88% Fixed Rate | ' |
Derivative [Line Items] | ' |
Date Entered | 2-Feb-12 |
Effective Date | 2-Feb-12 |
Maturity Date | 2-Jan-17 |
Pay Fixed Rate (percent) | 0.88% |
Receive Floating Rate Index | 'LIBOR – 1 month |
Notional Amount | 100,000 |
Fair Value | -457 |
Interest Rate Swap - 0.8875% Fixed Rate | ' |
Derivative [Line Items] | ' |
Date Entered | 2-Feb-12 |
Effective Date | 2-Feb-12 |
Maturity Date | 2-Jan-17 |
Pay Fixed Rate (percent) | 0.89% |
Receive Floating Rate Index | 'LIBOR – 1 month |
Notional Amount | 62,500 |
Fair Value | -304 |
Interest Rate Swap - 0.889% Fixed Rate | ' |
Derivative [Line Items] | ' |
Date Entered | 2-Feb-12 |
Effective Date | 2-Feb-12 |
Maturity Date | 2-Jan-17 |
Pay Fixed Rate (percent) | 0.89% |
Receive Floating Rate Index | 'LIBOR – 1 month |
Notional Amount | 62,500 |
Fair Value | ($304) |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities - Summary of Outstanding Interest Rate Swap Contracts (Parentheticals) (Detail Textuals) (Interest Rate Swap - 6.689% Fixed Rate) | Sep. 30, 2013 |
Interest Rate Swap - 6.689% Fixed Rate | ' |
Derivative [Line Items] | ' |
Receive Floating Rate Index, spread rate (percent) | 1.35% |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activities - Fair Value of Derivative Financial Instruments and Classification on Consolidated Balance Sheet (Details 1) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivatives liabilities designated as hedging instruments | $2,210 | $6,661 |
Interest rate swaps contracts | Other Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivatives liabilities designated as hedging instruments | $2,210 | $6,661 |
Fair_Value_Disclosures_Financi
Fair Value Disclosures - Financial Instruments Measured at Fair Value (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Liabilities: | ' | ' |
Derivative financial instruments, Liabilities | $2,210 | $6,661 |
Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited Partners (Operating Partnership) | 49,790 | 57,534 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | ' | ' |
Liabilities: | ' | ' |
Derivative financial instruments, Liabilities | ' | ' |
Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited Partners (Operating Partnership) | ' | ' |
Significant Other Observable Inputs (Level 2) | ' | ' |
Liabilities: | ' | ' |
Derivative financial instruments, Liabilities | 2,210 | 6,661 |
Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited Partners (Operating Partnership) | 49,790 | 57,534 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Liabilities: | ' | ' |
Derivative financial instruments, Liabilities | ' | ' |
Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited Partners (Operating Partnership) | ' | ' |
Fair_Value_Disclosures_Estimat
Fair Value Disclosures - Estimated Fair Value and Related Carrying Amounts of Mortgage Loans and Bonds Payable (Details 1) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Estimated Fair Value | ' | ' |
Assets: | ' | ' |
Loans receivable | $49,154 | ' |
Liabilities: | ' | ' |
Unsecured notes | 381,827 | ' |
Mortgage loans | 1,322,320 | 1,437,851 |
Bonds payable | 44,964 | 52,778 |
Carrying Amount | ' | ' |
Assets: | ' | ' |
Loans receivable | 50,438 | ' |
Liabilities: | ' | ' |
Unsecured notes | 398,692 | ' |
Mortgage loans | 1,323,948 | 1,406,835 |
Bonds payable | $42,440 | $44,915 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail Textuals) (USD $) | Sep. 30, 2013 | Apr. 22, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Collectibility of receivables | Alternate Housing Guarantees | Project Cost Guarantees | |
Property | Subsidary | |||
Loss Contingencies [Line Items] | ' | ' | ' | ' |
Guarantee expiration period | ' | ' | '5 days | '1 year |
Estimated maximum exposure amount under guarantee | $2.60 | ' | ' | ' |
Number of subsidiaries (subsidiaries) | ' | ' | 3 | ' |
Note and outstanding bond acquired | ' | 52.8 | ' | ' |
Number of student housing properties under lien (properties) | ' | 2 | ' | ' |
Interest rate of note and outstanding bond (percent) | ' | 5.12% | ' | ' |
Discount on purchase of loan receivables | ' | 3.6 | ' | ' |
Litigation settlement costs | ' | $2.80 | ' | ' |
Segments_Additional_Informatio
Segments - Additional Information (Detail Textuals) | 9 Months Ended |
Sep. 30, 2013 | |
Segment | |
Segment Reporting [Abstract] | ' |
Identified reportable segments (segments) | 4 |
Segment_Information_Summary_De
Segment Information - Summary (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Property management fees from external customers | $1,792 | $1,687 | $5,425 | $5,083 | ' |
Total revenues | 159,031 | 112,757 | 476,643 | 318,190 | ' |
Operating expenses | -143,836 | -99,393 | -393,496 | -250,067 | ' |
Interest expense | -19,819 | -13,530 | -57,063 | -38,742 | ' |
(Loss) income from continuing operations | -5,366 | -843 | 20,675 | 27,689 | ' |
Total assets | 5,320,086 | ' | 5,320,086 | ' | 5,118,962 |
Operating segments | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total revenues | 164,346 | 116,817 | 492,570 | 329,890 | ' |
(Loss) income from continuing operations | -5,366 | -843 | 20,675 | 27,689 | ' |
Total segment assets | 5,222,460 | 4,136,523 | 5,222,460 | 4,136,523 | ' |
Unallocated corporate assets | 97,626 | 78,049 | 97,626 | 78,049 | ' |
Total assets | 5,320,086 | 4,214,572 | 5,320,086 | 4,214,572 | ' |
Operating segments | Wholly-owned properties | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Rental revenues | 151,551 | 104,516 | 451,691 | 287,914 | ' |
Interest and other income | 14 | 7 | 36 | 31 | ' |
Total revenues | 151,565 | 104,523 | 451,727 | 287,945 | ' |
Operating expenses before depreciation, amortization, ground/facility lease and allocation of corporate overhead | -88,353 | -58,348 | -225,392 | -142,222 | ' |
Ground/facility leases | -759 | -564 | -2,063 | -1,259 | ' |
Interest expense | -11,062 | -8,224 | -33,936 | -22,549 | ' |
Operating income before depreciation, amortization, and allocation of corporate overhead | 51,391 | 37,387 | 190,336 | 121,915 | ' |
Depreciation and amortization | 43,577 | 25,633 | 133,465 | 68,785 | ' |
Capital expenditures | 96,770 | 99,049 | 271,623 | 285,809 | ' |
Total segment assets | 5,133,137 | 4,053,250 | 5,133,137 | 4,053,250 | ' |
Operating segments | On-Campus Participating Properties | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Rental revenues | 5,066 | 5,087 | 17,871 | 17,766 | ' |
Interest and other income | 8 | 4 | 12 | 12 | ' |
Total revenues | 5,074 | 5,091 | 17,883 | 17,778 | ' |
Operating expenses before depreciation, amortization, ground/facility lease and allocation of corporate overhead | -2,850 | -2,856 | -7,915 | -7,763 | ' |
Ground/facility leases | -627 | -529 | -1,686 | -1,602 | ' |
Interest expense | -1,365 | -1,419 | -4,120 | -4,276 | ' |
Operating income before depreciation, amortization, and allocation of corporate overhead | 232 | 287 | 4,162 | 4,137 | ' |
Depreciation and amortization | 1,197 | 1,167 | 3,553 | 3,481 | ' |
Capital expenditures | 7,660 | 948 | 8,368 | 1,710 | ' |
Total segment assets | 77,250 | 74,245 | 77,250 | 74,245 | ' |
Operating segments | Development Services | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Development and construction management fees | 622 | 1,467 | 1,656 | 7,427 | ' |
Operating expenses | -3,159 | -2,767 | -8,541 | -7,867 | ' |
Operating income before depreciation, amortization, and allocation of corporate overhead | -2,537 | -1,300 | -6,885 | -440 | ' |
Total segment assets | 5,113 | 4,340 | 5,113 | 4,340 | ' |
Operating segments | Property Management Services | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Property management fees from external customers | 1,792 | 1,687 | 5,425 | 5,083 | ' |
Intersegment revenues | 5,293 | 4,049 | 15,879 | 11,657 | ' |
Total revenues | 7,085 | 5,736 | 21,304 | 16,740 | ' |
Operating expenses | -2,413 | -2,360 | -7,534 | -7,494 | ' |
Operating income before depreciation, amortization, and allocation of corporate overhead | 4,672 | 3,376 | 13,770 | 9,246 | ' |
Total segment assets | 6,960 | 4,688 | 6,960 | 4,688 | ' |
Unallocated interest income earned on corporate cash | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total revenues | 770 | 417 | 2,117 | 1,312 | ' |
(Loss) income from continuing operations | -12,342 | -12,323 | -34,761 | -30,767 | ' |
Elimination of intersegment revenues | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total revenues | -5,293 | -4,049 | -15,879 | -11,657 | ' |
Total consolidated revenues, including interest income | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total revenues | 159,823 | 113,185 | 478,808 | 319,545 | ' |
Segment operating income before depreciation, amortization and allocation of corporate overhead | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
(Loss) income from continuing operations | 53,758 | 39,750 | 201,383 | 134,858 | ' |
Depreciation and amortization | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
(Loss) income from continuing operations | -46,661 | -28,225 | -142,516 | -76,367 | ' |
Income from unconsolidated joint ventures | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
(Loss) income from continuing operations | ' | ' | ' | 444 | ' |
Other nonoperating expense | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
(Loss) income from continuing operations | 134 | 136 | -2,666 | 14 | ' |
Income tax provision | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
(Loss) income from continuing operations | ($255) | ($181) | ($765) | ($493) | ' |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail Textuals) (USD $) | 9 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | |||
Sep. 30, 2013 | Oct. 30, 2013 | Oct. 04, 2013 | Oct. 04, 2013 | Oct. 08, 2013 | Oct. 08, 2013 | Nov. 06, 2013 | |
Secured Agency Facility | Subsequent Event | Subsequent Event | Subsequent Event | Park Point | Park Point | U Centre at Fry Street | |
Property | Dividend Declared | Northgate Lakes | Northgate Lakes | Subsequent Event | Subsequent Event | Subsequent Event | |
Property | Secured Agency Facility | Bed | Mortgage Loan | Bed | |||
Unit | Unit | ||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Gross proceeds from sale of properties | ' | ' | $12,500,000 | ' | ' | ' | ' |
Net proceeds from sale of properties | ' | ' | 11,600,000 | ' | ' | ' | ' |
Number of collateral properties (properties) | 9 | ' | 9 | ' | ' | ' | ' |
Properties collateral against secured agency facility | ' | ' | ' | 7,600,000 | ' | ' | ' |
Number of units acquired (units) | ' | ' | ' | ' | 300 | ' | 194 |
Number of bed acquired (beds) | ' | ' | ' | ' | 924 | ' | 614 |
Purchase price of Acquisitions | ' | ' | ' | ' | 100,300,000 | ' | 51,300,000 |
Assumed property-level debt | ' | ' | ' | ' | ' | 59,800,000 | ' |
Increase in mortgage loan | ' | ' | ' | ' | ' | 10,200,000 | ' |
Face amount | ' | ' | ' | ' | ' | $70,000,000 | ' |
Common Stock, dividends per share, declared (usd per share) | ' | $0.36 | ' | ' | ' | ' | ' |
Dividend distribution date | ' | 27-Nov-13 | ' | ' | ' | ' | ' |
Dividend payable, date of record | ' | 13-Nov-13 | ' | ' | ' | ' | ' |