Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 19, 2014 | Jun. 28, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'AMERICAN CAMPUS COMMUNITIES INC | ' | ' |
Entity Central Index Key | '0001283630 | ' | ' |
Trading Symbol | 'acc | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Well-Known Seasoned Issuer | 'Yes | ' | ' |
Entity Common Stock Shares Outstanding | ' | 104,782,817 | ' |
Entity Public Float | ' | ' | $3,715,337,507 |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
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 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Entity Well-Known Seasoned Issuer | 'No | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Investments in real estate: | ' | ' | ||
Investments in real estate, net | $5,286,872 | $4,928,722 | ||
Cash and cash equivalents | 38,751 | 21,454 | ||
Restricted cash | 35,451 | 36,790 | ||
Student contracts receivable, net | 9,238 | 14,122 | ||
Other assets | 227,728 | 117,874 | ||
Total assets | 5,598,040 | 5,118,962 | ||
Liabilities: | ' | ' | ||
Secured mortgage, construction and bond debt | 1,507,216 | 1,509,105 | ||
Unsecured notes | 398,721 | 0 | ||
Unsecured term loans | 600,000 | 350,000 | ||
Unsecured revolving credit facility | 150,700 | 258,000 | ||
Secured agency facility | 87,750 | 104,000 | ||
Accounts payable and accrued expenses | 65,088 | 56,046 | ||
Other liabilities | 110,036 | 107,223 | ||
Total liabilities | 2,919,511 | 2,384,374 | ||
Commitments and contingencies (Note 17) | ' | ' | ||
Redeemable noncontrolling interests | 47,964 | 57,534 | ||
American Campus Communities, Inc. stockholders' equity: | ' | ' | ||
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 December 31, 2013 and 2012, respectively | 1,043 | 1,043 | ||
Additional paid in capital | 3,017,631 | 3,001,520 | ||
Accumulated earnings and dividends | -392,338 | -347,521 | ||
Accumulated other comprehensive loss | -1,435 | -6,661 | ||
Total American Campus Communities, Inc. stockholders’ equity | 2,624,901 | 2,648,381 | ||
Total equity | 2,630,565 | 2,677,054 | ||
Partners' capital: | ' | ' | ||
Accumulated other comprehensive loss | -1,435 | -6,661 | ||
Total liabilities and equity/capital | 5,598,040 | 5,118,962 | ||
Wholly-owned properties, net | ' | ' | ||
Investments in real estate: | ' | ' | ||
Investments in real estate, net | 5,199,008 | [1] | 4,871,376 | [1] |
Liabilities: | ' | ' | ||
Secured mortgage, construction and bond debt | 1,417,563 | 1,432,422 | ||
Wholly-owned property held for sale | ' | ' | ||
Investments in real estate: | ' | ' | ||
Investments in real estate, net | 14,408 | 0 | ||
On-campus participating properties | ' | ' | ||
Investments in real estate: | ' | ' | ||
Investments in real estate, net | 73,456 | 57,346 | ||
Liabilities: | ' | ' | ||
Secured mortgage, construction and bond debt | 89,653 | 76,683 | ||
Partially-owned properties | ' | ' | ||
American Campus Communities, Inc. stockholders' equity: | ' | ' | ||
Noncontrolling interests – partially owned properties | 5,664 | 28,673 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' | ' | ||
Investments in real estate: | ' | ' | ||
Investments in real estate, net | 5,286,872 | 4,928,722 | ||
Cash and cash equivalents | 38,751 | 21,454 | ||
Restricted cash | 35,451 | 36,790 | ||
Student contracts receivable, net | 9,238 | 14,122 | ||
Other assets | 227,728 | 117,874 | ||
Total assets | 5,598,040 | 5,118,962 | ||
Liabilities: | ' | ' | ||
Secured mortgage, construction and bond debt | 1,507,216 | 1,509,105 | ||
Unsecured notes | 398,721 | 0 | ||
Unsecured term loans | 600,000 | 350,000 | ||
Unsecured revolving credit facility | 150,700 | 258,000 | ||
Secured agency facility | 87,750 | 104,000 | ||
Accounts payable and accrued expenses | 65,088 | 56,046 | ||
Other liabilities | 110,036 | 107,223 | ||
Total liabilities | 2,919,511 | 2,384,374 | ||
Commitments and contingencies (Note 17) | ' | ' | ||
Redeemable noncontrolling interests | 47,964 | 57,534 | ||
American Campus Communities, Inc. stockholders' equity: | ' | ' | ||
Accumulated other comprehensive loss | -1,435 | -6,661 | ||
Partners' capital: | ' | ' | ||
General partner - 12,222 OP units outstanding at both December 31, 2013 and 2012 | 111 | 116 | ||
Limited partner – 104,770,595 and 104, 652, 990 OP units outstanding at December 31, 2013 and 2012, respectively | 2,626,225 | 2,654,926 | ||
Accumulated other comprehensive loss | -1,435 | -6,661 | ||
Total partners' capital | 2,624,901 | 2,648,381 | ||
Total capital | 2,630,565 | 2,677,054 | ||
Total liabilities and equity/capital | 5,598,040 | 5,118,962 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties, net | ' | ' | ||
Investments in real estate: | ' | ' | ||
Investments in real estate, net | 5,199,008 | 4,871,376 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned property held for sale | ' | ' | ||
Investments in real estate: | ' | ' | ||
Investments in real estate, net | 14,408 | 0 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties | ' | ' | ||
Investments in real estate: | ' | ' | ||
Investments in real estate, net | 73,456 | 57,346 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially-owned properties | ' | ' | ||
Partners' capital: | ' | ' | ||
Noncontrolling interests – partially owned properties | $5,664 | $28,673 | ||
[1] | The balance above excludes Hawks Landing which was classified as wholly-owned property Held for Sale in the accompanying consolidated balance sheet as of December 31, 2013. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 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) | 104,782,817 | 104,665,212 |
Common stock, shares outstanding (shares) | 104,782,817 | 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 (USD $) | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Revenues: | ' | ' | ' | ||
Third-party development services | $2,483 | $8,574 | $7,497 | ||
Third-party management services | 7,514 | 6,893 | 7,254 | ||
Resident services | 2,614 | 1,605 | 1,353 | ||
Total revenues | 657,462 | 465,655 | 361,910 | ||
Operating expenses: | ' | ' | ' | ||
Third-party development and management services | 10,810 | 10,898 | 11,368 | ||
General and administrative | 16,666 | 22,965 | 12,752 | ||
Depreciation and amortization | 184,988 | 110,499 | 80,840 | ||
Ground/facility leases | 5,402 | 4,248 | 3,608 | ||
Total operating expenses | 525,709 | 359,809 | 272,771 | ||
Operating income | 131,753 | 105,846 | 89,139 | ||
Nonoperating income and (expenses): | ' | ' | ' | ||
Interest income | 3,005 | 1,756 | 579 | ||
Interest expense | -78,028 | -54,518 | -49,601 | ||
Amortization of deferred financing costs | -5,608 | -4,425 | -5,032 | ||
Income (loss) from unconsolidated joint ventures | 0 | 444 | -641 | ||
Other nonoperating (expense) income | -2,666 | 411 | 0 | ||
Total nonoperating expenses | -83,297 | -56,332 | -54,695 | ||
Income before income taxes and discontinued operations | 48,456 | 49,514 | 34,444 | ||
Income tax provision | -1,020 | -725 | -433 | ||
Income from continuing operations | 47,436 | 48,789 | 34,011 | ||
Discontinued operations: | ' | ' | ' | ||
Income attributable to discontinued operations | 4,824 | 8,728 | 9,155 | ||
Loss from early extinguishment of debt | -332 | -1,591 | 0 | ||
Gain from disposition of real estate | 55,263 | 4,312 | 14,806 | ||
Total discontinued operations | 59,755 | 11,449 | 23,961 | ||
Net income | 107,191 | 60,238 | 57,972 | ||
Net income attributable to noncontrolling interests – partially owned properties | -2,547 | -3,602 | -1,343 | ||
Net income attributable to common shareholders | 104,644 | 56,636 | 56,629 | ||
Other comprehensive income (loss) | ' | ' | ' | ||
Change in fair value of interest rate swaps | 5,226 | -3,301 | 2,143 | ||
Comprehensive income | 109,870 | 53,335 | 58,772 | ||
Income per share/unit attributable to common shareholders/unitholders - basic | ' | ' | ' | ||
Income from continuing operations per share/unit (in dollars per share/unit) | $0.43 | $0.53 | $0.47 | ||
Net income per share/unit (in dollars per share/unit) | $0.99 | [1] | $0.66 | [1] | $0.81 |
Income per share/unit attributable to common shareholders/unitholders - diluted | ' | ' | ' | ||
Income from continuing operations per share/unit (in dollars per share/unit) | $0.42 | $0.52 | $0.46 | ||
Net income per share/unit (in dollars per share/unit) | $0.98 | [1] | $0.65 | [1] | $0.80 |
Weighted-average common shares/units outstanding: | ' | ' | ' | ||
Basic weighted average common shares outstanding (in shares) | 104,760,502 | 84,711,584 | 69,243,203 | ||
Diluted weighted average common shares outstanding (in shares) | 105,382,320 | 85,309,451 | 69,807,394 | ||
Redeemable noncontrolling interests | ' | ' | ' | ||
Discontinued operations: | ' | ' | ' | ||
Net income attributable to noncontrolling interests – partially owned properties | -1,359 | -847 | -930 | ||
Wholly-owned properties, net | ' | ' | ' | ||
Revenues: | ' | ' | ' | ||
Operating lease revenue | 618,503 | 422,417 | 320,554 | ||
Operating expenses: | ' | ' | ' | ||
Operating expenses excluding general, administrative, depreciation and lease expense | 296,794 | 200,126 | 154,023 | ||
On-campus participating properties, net | ' | ' | ' | ||
Revenues: | ' | ' | ' | ||
Operating lease revenue | 26,348 | 26,166 | 25,252 | ||
Operating expenses: | ' | ' | ' | ||
Operating expenses excluding general, administrative, depreciation and lease expense | 11,049 | 11,073 | 10,180 | ||
Partially-owned properties | ' | ' | ' | ||
Discontinued operations: | ' | ' | ' | ||
Net income attributable to noncontrolling interests – partially owned properties | -1,188 | -2,755 | -413 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' | ' | ' | ||
Revenues: | ' | ' | ' | ||
Third-party development services | 2,483 | 8,574 | 7,497 | ||
Third-party management services | 7,514 | 6,893 | 7,254 | ||
Resident services | 2,614 | 1,605 | 1,353 | ||
Total revenues | 657,462 | 465,655 | 361,910 | ||
Operating expenses: | ' | ' | ' | ||
Third-party development and management services | 10,810 | 10,898 | 11,368 | ||
General and administrative | 16,666 | 22,965 | 12,752 | ||
Depreciation and amortization | 184,988 | 110,499 | 80,840 | ||
Ground/facility leases | 5,402 | 4,248 | 3,608 | ||
Total operating expenses | 525,709 | 359,809 | 272,771 | ||
Operating income | 131,753 | 105,846 | 89,139 | ||
Nonoperating income and (expenses): | ' | ' | ' | ||
Interest income | 3,005 | 1,756 | 579 | ||
Interest expense | -78,028 | -54,518 | -49,601 | ||
Amortization of deferred financing costs | -5,608 | -4,425 | -5,032 | ||
Income (loss) from unconsolidated joint ventures | 0 | 444 | -641 | ||
Other nonoperating (expense) income | -2,666 | 411 | 0 | ||
Total nonoperating expenses | -83,297 | -56,332 | -54,695 | ||
Income before income taxes and discontinued operations | 48,456 | 49,514 | 34,444 | ||
Income tax provision | -1,020 | -725 | -433 | ||
Income from continuing operations | 47,436 | 48,789 | 34,011 | ||
Discontinued operations: | ' | ' | ' | ||
Income attributable to discontinued operations | 4,824 | 8,728 | 9,155 | ||
Loss from early extinguishment of debt | -332 | -1,591 | 0 | ||
Gain from disposition of real estate | 55,263 | 4,312 | 14,806 | ||
Total discontinued operations | 59,755 | 11,449 | 23,961 | ||
Net income | 107,191 | 60,238 | 57,972 | ||
Net income attributable to common shareholders | 106,003 | 57,483 | 57,559 | ||
Series A preferred units distributions | -182 | -183 | -183 | ||
Net income available to common shareholders/unitholders | 105,821 | 57,300 | 57,376 | ||
Other comprehensive income (loss) | ' | ' | ' | ||
Change in fair value of interest rate swaps | 5,226 | -3,301 | 2,143 | ||
Comprehensive income | 111,047 | 53,999 | 59,519 | ||
Income per share/unit attributable to common shareholders/unitholders - basic | ' | ' | ' | ||
Income from continuing operations per share/unit (in dollars per share/unit) | $0.43 | $0.53 | $0.47 | ||
Net income per share/unit (in dollars per share/unit) | $0.99 | $0.66 | $0.81 | ||
Income per share/unit attributable to common shareholders/unitholders - diluted | ' | ' | ' | ||
Income from continuing operations per share/unit (in dollars per share/unit) | $0.42 | $0.52 | $0.46 | ||
Net income per share/unit (in dollars per share/unit) | $0.98 | $0.65 | $0.80 | ||
Income per share/unit attributable to common shareholders/unitholders - basic | ' | ' | ' | ||
Income from continuing operations per share/unit (in dollars per share/unit) | $0.43 | $0.53 | $0.47 | ||
Net income per share/unit (in dollars per share/unit) | $0.99 | [1] | $0.66 | [1] | $0.81 |
Income per share/unit attributable to common shareholders/unitholders - diluted | ' | ' | ' | ||
Income from continuing operations per share/unit (in dollars per share/unit) | $0.42 | $0.52 | $0.46 | ||
Net income per share/unit (in dollars per share/unit) | $0.98 | [1] | $0.65 | [1] | $0.80 |
Weighted-average common shares/units outstanding: | ' | ' | ' | ||
Basic (in units) | 105,919,394 | 85,663,475 | 70,156,335 | ||
Diluted (in units) | 106,541,212 | 86,261,342 | 70,720,526 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties, net | ' | ' | ' | ||
Revenues: | ' | ' | ' | ||
Operating lease revenue | 618,503 | 422,417 | 320,554 | ||
Operating expenses: | ' | ' | ' | ||
Operating expenses excluding general, administrative, depreciation and lease expense | 296,794 | 200,126 | 154,023 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties, net | ' | ' | ' | ||
Revenues: | ' | ' | ' | ||
Operating lease revenue | 26,348 | 26,166 | 25,252 | ||
Operating expenses: | ' | ' | ' | ||
Operating expenses excluding general, administrative, depreciation and lease expense | 11,049 | 11,073 | 10,180 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially-owned properties | ' | ' | ' | ||
Discontinued operations: | ' | ' | ' | ||
Net income attributable to noncontrolling interests – partially owned properties | ($1,188) | ($2,755) | ($413) | ||
[1] | Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year. |
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 | Accumulated Other Comprehensive Loss | Noncontrolling Interests | General Partner | Limited Partner | |||||||
Beginning Balance at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' | $1,217,895 | ($5,503) | $3,933 | $132 | $1,219,333 |
Beginning Balance at Dec. 31, 2010 | 1,217,895 | 667 | 1,468,179 | -249,381 | -5,503 | 3,933 | ' | ' | ' | ' | ' |
Beginning Balance (in shares) at Dec. 31, 2010 | ' | 66,875,663 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance (in units) at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,222 | 66,863,441 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from sale of common stock (in shares) | ' | 5,716,760 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from sale of common stock | 205,025 | 57 | 204,968 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of units in exchange for contributions of equity offering proceeds (in units) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,716,760 |
Issuance of units in exchange for contributions of equity offering proceeds | ' | ' | ' | ' | ' | ' | 205,025 | ' | ' | ' | 205,025 |
Adjustments to reflect redeemable noncontrolling interests at fair value | -9,876 | ' | -9,876 | ' | ' | ' | -9,876 | ' | ' | ' | -9,876 |
Amortization of restricted stock awards | 4,252 | ' | 4,252 | ' | ' | ' | 4,252 | ' | ' | ' | 4,252 |
Vesting of restricted stock awards and restricted stock units (in shares) | ' | 102,522 | ' | ' | ' | ' | ' | ' | ' | ' | 102,522 |
Vesting of restricted stock awards and restricted stock units | -1,269 | ' | -1,269 | ' | ' | ' | -1,269 | ' | ' | ' | -1,269 |
Distributions to common and restricted stockholders | -93,813 | ' | ' | -93,813 | ' | ' | ' | ' | ' | ' | ' |
Distributions | ' | ' | ' | ' | ' | ' | -93,813 | ' | ' | -16 | -93,797 |
Distributions to noncontrolling interests - partially owned properties | -335 | ' | ' | ' | ' | -335 | -335 | ' | -335 | ' | ' |
Noncontrolling interest retained by seller - property acquisition | 24,908 | ' | ' | ' | ' | 24,908 | 24,908 | ' | 24,908 | ' | ' |
Conversion of common units to common stock (in shares) | ' | 64,601 | ' | ' | ' | ' | ' | ' | ' | ' | 64,601 |
Conversion of common units to common stock | 1,102 | 1 | 1,101 | ' | ' | ' | 1,102 | ' | ' | ' | 1,102 |
Increase in ownership of consolidated joint venture | -3,275 | ' | -2,939 | ' | ' | -336 | -3,275 | ' | -336 | ' | -2,939 |
Change in fair value of interest rate swaps | 2,143 | ' | ' | ' | 2,143 | ' | 2,143 | 2,143 | ' | ' | ' |
Net income | 57,042 | ' | ' | 56,629 | ' | 413 | 57,042 | ' | 413 | 9 | 56,620 |
Ending Balance at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | 1,403,799 | -3,360 | 28,583 | 125 | 1,378,451 |
Ending Balance at Dec. 31, 2011 | 1,403,799 | 725 | 1,664,416 | -286,565 | -3,360 | 28,583 | ' | ' | ' | ' | ' |
Ending Balance (in shares) at Dec. 31, 2011 | ' | 72,759,546 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance (in units) at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,222 | 72,747,324 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from sale of common stock (in shares) | ' | 31,702,306 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from sale of common stock | 1,334,907 | 317 | 1,334,590 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of units in exchange for contributions of equity offering proceeds (in units) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,702,306 |
Issuance of units in exchange for contributions of equity offering proceeds | ' | ' | ' | ' | ' | ' | 1,334,907 | ' | ' | ' | 1,334,907 |
Adjustments to reflect redeemable noncontrolling interests at fair value | -1,958 | ' | -1,958 | ' | ' | ' | -1,868 | ' | ' | ' | -1,868 |
Amortization of restricted stock awards | 5,279 | ' | 5,279 | ' | ' | ' | 5,279 | ' | ' | ' | 5,279 |
Vesting of restricted stock awards and restricted stock units (in shares) | ' | 114,903 | ' | ' | ' | ' | ' | ' | ' | ' | 114,903 |
Vesting of restricted stock awards and restricted stock units | -2,023 | ' | -2,023 | ' | ' | ' | -2,023 | ' | ' | ' | -2,023 |
Distributions to common and restricted stockholders | -117,592 | ' | ' | -117,592 | ' | ' | ' | ' | ' | ' | ' |
Distributions | ' | ' | ' | ' | ' | ' | -117,592 | ' | ' | -16 | -117,576 |
Distributions to noncontrolling interests - partially owned properties | -2,665 | ' | ' | ' | ' | -2,665 | -2,665 | ' | -2,665 | ' | ' |
Conversion of common units to common stock (in shares) | ' | 88,457 | ' | ' | ' | ' | ' | ' | ' | ' | 88,457 |
Conversion of common units to common stock | 1,217 | 1 | 1,216 | ' | ' | ' | 1,217 | ' | ' | ' | 1,217 |
Redemption of common units | ' | ' | ' | ' | ' | ' | -90 | ' | ' | ' | -90 |
Change in fair value of interest rate swaps | -3,301 | ' | ' | ' | -3,301 | ' | -3,301 | -3,301 | ' | ' | ' |
Net income | 59,391 | ' | ' | 56,636 | ' | 2,755 | 59,391 | ' | 2,755 | 7 | 56,629 |
Ending Balance at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | 2,677,054 | -6,661 | 28,673 | 116 | 2,654,926 |
Ending Balance at Dec. 31, 2012 | 2,677,054 | 1,043 | 3,001,520 | -347,521 | -6,661 | 28,673 | ' | ' | ' | ' | ' |
Ending Balance (in shares) at Dec. 31, 2012 | ' | 104,665,212 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance (in units) at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,222 | 104,652,990 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to reflect redeemable noncontrolling interests at fair value | 12,534 | ' | 12,534 | ' | ' | ' | 12,534 | ' | ' | ' | 12,534 |
Amortization of restricted stock awards | 6,423 | ' | 6,423 | ' | ' | ' | 6,423 | ' | ' | ' | 6,423 |
Vesting of restricted stock awards and restricted stock units (in shares) | ' | 116,105 | ' | ' | ' | ' | ' | ' | ' | ' | 116,105 |
Vesting of restricted stock awards and restricted stock units | -2,869 | ' | -2,869 | ' | ' | ' | -2,869 | ' | ' | ' | -2,869 |
Distributions to common and restricted stockholders | -149,461 | ' | ' | -149,461 | ' | ' | ' | ' | ' | ' | ' |
Distributions | ' | ' | ' | ' | ' | ' | -149,461 | ' | ' | -17 | -149,444 |
Distributions to noncontrolling interests - partially owned properties | -789 | ' | ' | ' | ' | -789 | -789 | ' | -789 | ' | ' |
Conversion of common units to common stock (in shares) | ' | 1,500 | ' | ' | ' | ' | ' | ' | ' | ' | 1,500 |
Conversion of common units to common stock | 23 | ' | 23 | ' | ' | ' | 23 | ' | ' | ' | 23 |
Increase in ownership of consolidated joint venture | -24,908 | ' | ' | ' | ' | -24,908 | -24,908 | ' | -24,908 | ' | ' |
Contributions by noncontrolling partners | 1,500 | ' | ' | ' | ' | 1,500 | 1,500 | ' | 1,500 | ' | ' |
Change in fair value of interest rate swaps | 5,226 | ' | ' | ' | 5,226 | ' | 5,226 | 5,226 | ' | ' | ' |
Net income | 105,832 | ' | ' | 104,644 | ' | 1,188 | 105,832 | 0 | 1,188 | 12 | 104,632 |
Ending Balance at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | 2,630,565 | -1,435 | 5,664 | 111 | 2,626,225 |
Ending Balance at Dec. 31, 2013 | $2,630,565 | $1,043 | $3,017,631 | ($392,338) | ($1,435) | $5,664 | ' | ' | ' | ' | ' |
Ending Balance (in shares) at Dec. 31, 2013 | ' | 104,782,817 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance (in units) at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,222 | 104,770,595 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities | ' | ' | ' |
Net income | $107,191 | $60,238 | $57,972 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Gain from disposition of real estate | -55,263 | -4,312 | -14,806 |
Loss from early extinguishment of debt | 332 | 1,591 | 0 |
Loss on remeasurement of equity method investments | 0 | 122 | 0 |
Depreciation and amortization | 187,475 | 116,490 | 89,271 |
Provision for asset impairment | 0 | 0 | 559 |
Amortization of deferred financing costs and debt premiums/discounts | -8,288 | 1,316 | 326 |
Share-based compensation | 6,625 | 5,350 | 4,367 |
(Income) loss from unconsolidated joint ventures | 0 | -444 | 641 |
Income tax provision | 1,020 | 725 | 433 |
Changes in operating assets and liabilities: | ' | ' | ' |
Restricted cash | 3,263 | -1,041 | 865 |
Student contracts receivable, net | 4,621 | -8,733 | 394 |
Other assets | -15,072 | 11,458 | -17,671 |
Accounts payable and accrued expenses | 5,036 | 5,362 | 358 |
Other liabilities | 9,738 | 7,009 | 4,035 |
Net cash provided by operating activities | 246,678 | 195,131 | 126,744 |
Investing activities | ' | ' | ' |
Proceeds from disposition of properties | 180,465 | 42,279 | 80,376 |
Proceeds from disposition of land | 2,000 | 1,064 | 0 |
Cash paid for property acquisitions | -234,326 | -1,106,047 | -236,865 |
Cash paid for land acquisitions | -25,649 | -29,353 | -8,257 |
Loan made to noncontrolling partner of consolidated subsidiary | 0 | 0 | -24,908 |
Investment in on-campus participating property under development | ' | 0 | 0 |
Cash paid for increased ownership in consolidated subsidiaries | 0 | 0 | -3,275 |
Investment in loans receivable | -52,138 | 0 | 0 |
Investment in mezzanine loans | -8,750 | -2,000 | -7,100 |
Proceeds from mezzanine loans | 0 | 4,000 | 0 |
Change in restricted cash related to capital reserves | -1,461 | -129 | 1,523 |
(Increase) decrease in escrow deposits | -970 | 405 | -975 |
Proceeds from insurance settlement | 636 | 0 | 1,907 |
Purchase of corporate furniture, fixtures and equipment | -2,594 | -1,436 | -10,239 |
Net cash used in investing activities | -509,999 | -1,447,562 | -423,584 |
Financing activities | ' | ' | ' |
Proceeds from unsecured notes | 398,636 | 0 | 0 |
Proceeds from sale of common stock | 0 | 1,391,750 | 208,980 |
Offering costs | 0 | -56,320 | -3,602 |
Pay-off of mortgage and construction loans | -82,066 | -137,529 | -299,838 |
Proceeds from unsecured term loans | 250,000 | 150,000 | 200,000 |
Pay-off of secured term loan | 0 | 0 | -100,000 |
Proceeds from revolving credit facilities | 609,055 | 638,000 | 378,000 |
Paydowns of revolving credit facilities | -732,605 | -665,000 | -90,000 |
Proceeds from construction loans | 15,833 | 75,392 | 24,430 |
Principal payments on debt | -15,323 | -11,575 | -9,603 |
Loss from early extinguishment of debt | -332 | -1,591 | 0 |
Debt issuance and assumption costs | -10,507 | -9,806 | -6,766 |
Distributions to common and restricted stockholders | -149,461 | -117,592 | -93,813 |
Distributions to noncontrolling partners | -2,612 | -4,111 | -1,750 |
Redemption of common units for cash | 0 | -132 | -306 |
Net cash provided by financing activities | 280,618 | 1,251,486 | 205,732 |
Net change in cash and cash equivalents | 17,297 | -945 | -91,108 |
Cash and cash equivalents at beginning of period | 21,454 | 22,399 | 113,507 |
Cash and cash equivalents at end of period | 38,751 | 21,454 | 22,399 |
Supplemental disclosure of non-cash investing and financing activities | ' | ' | ' |
Loans assumed in connection with property acquisitions | -107,250 | -645,823 | 0 |
Issuance of common units in connection with property acquisitions | -3,451 | -15,000 | 0 |
Financing of equipment through capital lease obligations | 0 | 0 | 281 |
Change in fair value of derivative instruments, net | 5,226 | -3,301 | 2,143 |
Supplemental disclosure of cash flow information | ' | ' | ' |
Interest paid | 100,305 | 66,599 | 63,601 |
Income taxes paid | 668 | 466 | 420 |
Wholly owned properties | ' | ' | ' |
Investing activities | ' | ' | ' |
Capital expenditures for wholly-owned/on-campus participating properties under development | -68,628 | -31,453 | -24,568 |
Investments in wholly-owned properties under development | -281,490 | -322,751 | -189,371 |
On-campus participating properties | ' | ' | ' |
Investing activities | ' | ' | ' |
Capital expenditures for wholly-owned/on-campus participating properties under development | -1,618 | -2,141 | -1,832 |
Investment in on-campus participating property under development | -15,476 | ' | ' |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' | ' | ' |
Operating activities | ' | ' | ' |
Net income | 107,191 | 60,238 | 57,972 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Gain from disposition of real estate | -55,263 | -4,312 | -14,806 |
Loss from early extinguishment of debt | 332 | 1,591 | 0 |
Loss on remeasurement of equity method investments | 0 | 122 | 0 |
Depreciation and amortization | 187,475 | 116,490 | 89,271 |
Provision for asset impairment | 0 | 0 | 559 |
Amortization of deferred financing costs and debt premiums/discounts | -8,288 | 1,316 | 326 |
Share-based compensation | 6,625 | 5,350 | 4,367 |
(Income) loss from unconsolidated joint ventures | 0 | -444 | 641 |
Income tax provision | 1,020 | 725 | 433 |
Changes in operating assets and liabilities: | ' | ' | ' |
Restricted cash | 3,263 | -1,041 | 865 |
Student contracts receivable, net | 4,621 | -8,733 | 394 |
Other assets | -15,072 | 11,458 | -17,671 |
Accounts payable and accrued expenses | 5,036 | 5,362 | 358 |
Other liabilities | 9,738 | 7,009 | 4,035 |
Net cash provided by operating activities | 246,678 | 195,131 | 126,744 |
Investing activities | ' | ' | ' |
Proceeds from disposition of properties | 180,465 | 42,279 | 80,376 |
Proceeds from disposition of land | 2,000 | 1,064 | 0 |
Cash paid for property acquisitions | -234,326 | -1,106,047 | -236,865 |
Cash paid for land acquisitions | -25,649 | -29,353 | -8,257 |
Loan made to noncontrolling partner of consolidated subsidiary | 0 | 0 | -24,908 |
Cash paid for increased ownership in consolidated subsidiaries | 0 | 0 | -3,275 |
Investment in loans receivable | -52,138 | 0 | 0 |
Investment in mezzanine loans | -8,750 | -2,000 | -7,100 |
Proceeds from mezzanine loans | 0 | 4,000 | 0 |
Change in restricted cash related to capital reserves | -1,461 | -129 | 1,523 |
(Increase) decrease in escrow deposits | -970 | 405 | -975 |
Proceeds from insurance settlement | 636 | 0 | 1,907 |
Purchase of corporate furniture, fixtures and equipment | -2,594 | -1,436 | -10,239 |
Net cash used in investing activities | -509,999 | -1,447,562 | -423,584 |
Financing activities | ' | ' | ' |
Proceeds from unsecured notes | 398,636 | 0 | 0 |
Proceeds from issuance of common units in exchange for contributions, net | 0 | 1,335,430 | 205,378 |
Pay-off of mortgage and construction loans | -82,066 | -137,529 | -299,838 |
Proceeds from unsecured term loans | 250,000 | 150,000 | 200,000 |
Pay-off of secured term loan | 0 | 0 | -100,000 |
Proceeds from revolving credit facilities | 609,055 | 638,000 | 378,000 |
Paydowns of revolving credit facilities | -732,605 | -665,000 | -90,000 |
Proceeds from construction loans | 15,833 | 75,392 | 24,430 |
Principal payments on debt | -15,323 | -11,575 | -9,603 |
Loss from early extinguishment of debt | -332 | -1,591 | 0 |
Debt issuance and assumption costs | -10,507 | -9,806 | -6,766 |
Redemption of common units for cash | 0 | -132 | -306 |
Net cash provided by financing activities | 280,618 | 1,251,486 | 205,732 |
Net change in cash and cash equivalents | 17,297 | -945 | -91,108 |
Cash and cash equivalents at beginning of period | 21,454 | 22,399 | 113,507 |
Cash and cash equivalents at end of period | 38,751 | 21,454 | 22,399 |
Supplemental disclosure of non-cash investing and financing activities | ' | ' | ' |
Loans assumed in connection with property acquisitions | -107,250 | -645,823 | 0 |
Issuance of common units in connection with property acquisitions | -3,451 | -15,000 | 0 |
Financing of equipment through capital lease obligations | 0 | 0 | 281 |
Change in fair value of derivative instruments, net | 5,226 | -3,301 | 2,143 |
Supplemental disclosure of cash flow information | ' | ' | ' |
Interest paid | 100,305 | 66,599 | 63,601 |
Income taxes paid | 668 | 466 | 420 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Unvested Restricted Awards | ' | ' | ' |
Financing activities | ' | ' | ' |
Distributions paid | -927 | -848 | -773 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Common units | ' | ' | ' |
Financing activities | ' | ' | ' |
Distributions paid | -150,175 | -118,007 | -94,272 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Preferred units | ' | ' | ' |
Financing activities | ' | ' | ' |
Distributions paid | -182 | -183 | -183 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially-owned properties | ' | ' | ' |
Financing activities | ' | ' | ' |
Distributions paid | -789 | -2,665 | -335 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly owned properties | ' | ' | ' |
Investing activities | ' | ' | ' |
Capital expenditures for wholly-owned/on-campus participating properties under development | -68,628 | -31,453 | -24,568 |
Investments in wholly-owned properties under development | -281,490 | -322,751 | -189,371 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties | ' | ' | ' |
Investing activities | ' | ' | ' |
Capital expenditures for wholly-owned/on-campus participating properties under development | -1,618 | -2,141 | -1,832 |
Investment in on-campus participating property under development | ($15,476) | $0 | $0 |
Organization_and_Description_o
Organization and Description of Business | 12 Months Ended |
Dec. 31, 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 December 31, 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 December 31, 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 December 31, 2013, our property portfolio contained 167 properties with approximately 102,400 beds in approximately 33,400 apartment units. Our property portfolio consisted of 144 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 167 properties, nine were under development as of December 31, 2013, and when completed will consist of a total of approximately 6,200 beds in approximately 1,900 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 December 31, 2013, also through one of ACC’s TRSs, we provided third-party management and leasing services for 36 properties that represented approximately 26,100 beds in approximately 10,600 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 December 31, 2013, our total owned and third-party managed portfolio included 203 properties with approximately 128,500 beds in approximately 44,000 units. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Dec. 31, 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. | |||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||
There were no new accounting pronouncements issued or effective during the fiscal year which have had or are expected to have a material impact on the Consolidated Financial Statements. | |||||||||||||||||
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 $10.0 million, $9.8 million and $6.6 million was capitalized during the years ended December 31, 2013, 2012 and 2011, respectively. Amortization of deferred financing costs totaling approximately $-0-, $0.2 million and $0.3 million was capitalized as construction in progress during the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||
Management assesses whether there has been an impairment in the value of the Company’s investments in real estate whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment is recognized when estimated expected future undiscounted cash flows are less than the carrying value of the property. 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 December 31, 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 / comparable 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. We have determined these estimates to have been primarily based upon unobservable inputs and therefore are considered to be Level 3 inputs within the fair value hierarchy. | |||||||||||||||||
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. | |||||||||||||||||
Owned On-Campus Properties | |||||||||||||||||
Under its ACE program, the Company, as lessee, has entered into ground/facility lease agreements with eight university systems to finance, construct, and manage 18 student housing properties. Four properties were under construction as of December 31, 2013 with three scheduled to open for occupancy in fall 2014 and one in fall 2015. The terms of the leases, including extension options, range from 30 to 85 years, and the lessor has title to the land and usually any improvements placed thereon. The Company’s involvement in construction requires the lessor’s post construction ownership of the improvements to be treated as a sale with a subsequent leaseback by the Company. However, these sale-leaseback transactions do not qualify for sale-leaseback accounting because of the Company’s continuing involvement in the constructed assets. As a result of the Company’s continuing involvement, these leases are accounted for by the deposit method, in which the assets subject to the ground/facility leases are reflected at historical cost, less amortization, and the financing obligations are reflected at the terms of the underlying financing. | |||||||||||||||||
On-Campus Participating Properties | |||||||||||||||||
The Company has entered into ground and facility leases with three university systems and colleges to finance, construct, and manage five on-campus student housing facilities. Under the terms of the leases, the lessor has title to the land and any improvements placed thereon. Each lease terminates upon final repayment of the construction related financing, the amortization period of which is contractually stipulated. The Company’s involvement in construction requires the lessor’s post construction ownership of the improvements to be treated as a sale with a subsequent leaseback by the Company. The sale-leaseback transaction has been accounted for as a financing, and as a result, any fee earned during construction is deferred and recognized over the term of the lease. The resulting financing obligation is reflected at the terms of the underlying financing, i.e., interest is accrued at the contractual rates and principal reduces in accordance with the contractual principal repayment schedules. | |||||||||||||||||
The entities that own the on-campus participating properties are determined to be Variable Interest Entities (“VIEs”), with the Company being the primary beneficiary. As such, the Company reflects these assets subject to ground/facility leases at historical cost, less amortization. Costs are amortized, and deferred fee revenue in excess of the cost of providing the service is recognized, over the lease term. | |||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company maintains cash balances in various banks. At times the Company’s balances may exceed the amount insured by the FDIC. As the Company only uses money-centered financial institutions, the Company does not believe it is exposed to any significant credit risk related to its cash and cash equivalents. | |||||||||||||||||
Restricted Cash | |||||||||||||||||
Restricted cash consists of funds held in trust and invested in low risk investments, generally consisting of government backed securities, as permitted by the indentures of trusts, which were established in connection with three bond issues. Additionally, restricted cash includes escrow accounts held by lenders and resident security deposits, as required by law in certain states. Restricted cash also consists of escrow deposits made in connection with potential property acquisitions and development opportunities. These escrow deposits are invested in interest-bearing accounts at federally-insured banks. Realized and unrealized gains and losses are not material for the periods presented. | |||||||||||||||||
Loans Receivable | |||||||||||||||||
Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan purchase discounts, and net of an allowance for loan losses when such loan is deemed to be impaired. Loan purchase discounts are amortized over the term of the loan. The 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. | |||||||||||||||||
In connection with the property acquisitions discussed in Note 5 herein, the Company capitalized approximately $3.2 million, $18.6 million and $2.6 million for the years December 31, 2013, 2012 and 2011, respectively, related to management’s estimate of the fair value of in-place leases assumed. Amortization expense was approximately $13.7 million, $6.8 million and $4.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. Accumulated amortization at December 31, 2013 and 2012 was approximately $25.5 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. See Note 5 herein for a detailed discussion of the property acquisitions completed during 2013, 2012 and 2011. | |||||||||||||||||
Deferred Financing Costs | |||||||||||||||||
The Company defers financing costs and amortizes the costs over the terms of the related debt using the effective interest method. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to earnings. Deferred finance costs at December 31, 2013 and 2012 was approximately $37.8 million and $31.9 million, respectively, and accumulated amortization at December 31, 2013 and 2012 was approximately $14.2 million and $13.3 million, respectively. Deferred financing costs, net of amortization, are included in other assets on the accompanying consolidated balance sheets. | |||||||||||||||||
Joint Ventures | |||||||||||||||||
The Company holds interests in both consolidated and unconsolidated joint ventures. The Company consolidates joint ventures when it exhibits financial or operational control, which is determined using accounting standards related to the consolidation of joint ventures and VIEs. For joint ventures that are defined as VIEs, the primary beneficiary consolidates the entity. The Company considers itself to be the primary beneficiary of a VIE when it has the power to direct the activities that most significantly impact the performance of the VIE, such as management of day-to-day operations, preparing and approving operating and capital budgets, and encumbering or selling the related properties. In instances where the Company is not the primary beneficiary, it does not consolidate the joint venture for financial reporting purposes. | |||||||||||||||||
For joint ventures that are not defined as VIEs, management first considers whether the Company is the general partner or a limited partner (or the equivalent in such investments which are not structured as partnerships). The Company consolidates joint ventures where it is the general partner and the limited partners in such investments do not have rights which would preclude control and, therefore, consolidation for financial reporting purposes. For joint ventures where the Company is the general partner, but does not control the joint venture as the other partners hold substantive participating rights, the Company uses the equity method of accounting. For joint ventures where the Company is a limited partner, management considers factors such as ownership interest, voting control, authority to make decisions, and contractual and substantive participating rights of the partners to determine if the presumption that the general partner controls the entity is overcome. In instances where these factors indicate the Company controls the joint venture, the Company consolidates the joint venture; otherwise it uses the equity method of accounting. | |||||||||||||||||
Mortgage Debt - Premiums and Discounts | |||||||||||||||||
Mortgage debt premiums and discounts 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 $14.0 million, $3.2 million and $4.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013 and 2012, net unamortized mortgage debt premiums were approximately $74.6 million and $90.1 million, respectively, and net unamortized mortgage debt discounts were approximately $2.0 million and $3.5 million, 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 11) 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 December 31, 2013 and is included in unsecured notes on the accompanying consolidated balance sheets and amortization of the original issue discount of approximately $0.1 million for the year ended December 31, 2013 is included in interest expense on the accompanying consolidated statements of comprehensive income. | |||||||||||||||||
Redeemable Noncontrolling Interests (Company) / Redeemable Limited Partners (Operating Partnership) | |||||||||||||||||
ACC classifies Redeemable Noncontrolling Interests (referred to as Redeemable Limited Partners for ACCOP) in the mezzanine section of the accompanying consolidated balance sheets for the portion of common and preferred Operating Partnership units (“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. The redeemable noncontrolling interest units / redeemable limited partner units are adjusted to the greater of carrying value or fair market value based on the common share price of ACC at the end of each respective reporting period. | |||||||||||||||||
Rental Revenues and Related Receivables | |||||||||||||||||
Students are required to execute lease contracts with payment schedules that vary from single to monthly payments. Receivables are recorded when billed, revenues and related lease incentives are recognized on a straight-line basis over the term of the contracts, and balances are considered past due when payment is not received on the contractual due date. The Company generally requires each executed contract to be accompanied by a signed parental guaranty, and in certain cases a refundable security deposit. Security deposits are refundable, net of any outstanding charges, upon expiration of the underlying contract. | |||||||||||||||||
As of December 31, 2012, student contracts receivable, net included approximately $6.6 million related to receivables due from Arizona State University for two owned on-campus ACE properties (Barrett Honors College and Casa de Oro). At these properties, the University is responsible for collecting student rent and remitting funds to the Company. These receivables were collected from Arizona State University subsequent to December 31, 2012. | |||||||||||||||||
Allowances for receivables are established when management determines that collection of such receivables are doubtful. When management has determined receivables to be uncollectible, they are removed as an asset with a corresponding reduction in the allowance for doubtful accounts. | |||||||||||||||||
The allowance for doubtful accounts is summarized as follows: | |||||||||||||||||
Balance, Beginning | Charged to | Write-Offs | Balance, End | ||||||||||||||
of Period | Expense | of Period | |||||||||||||||
Year ended December 31, 2011 | $ | 8,621 | $ | 5,740 | $ | (4,865 | ) | $ | 9,496 | ||||||||
Year ended December 31, 2012 | $ | 9,496 | $ | 6,472 | $ | (5,366 | ) | $ | 10,602 | ||||||||
Year ended December 31, 2013 | $ | 10,602 | $ | 9,871 | $ | (4,547 | ) | $ | 15,926 | ||||||||
Third-Party Development Services Revenue and Costs | |||||||||||||||||
Development revenues are generally recognized based on a proportional performance method based on contract deliverables, while construction revenues are recognized using the percentage of completion method, as determined by construction costs incurred relative to total estimated construction costs. Costs associated with such projects are deferred and recognized in relation to the revenues earned on executed contracts. For projects where the Company’s fee is based on a fixed price, any cost overruns incurred during construction, as compared to the original budget, will reduce the net fee generated on those projects. Incentive fees are generally recognized when the project is complete and performance has been agreed upon by all parties, or when performance has been verified by an independent third-party. The Company also evaluates the collectability of fee income and expense reimbursements generated through the provision of development and construction management services based upon the individual facts and circumstances, including the contractual right to receive such amounts in accordance with the terms of the various projects, and reserves any amounts that are deemed to be uncollectible. | |||||||||||||||||
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 December 31, 2013, the Company has deferred approximately $2.3 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. | |||||||||||||||||
Third-Party Management Services Revenue | |||||||||||||||||
Management fees are recognized when earned in accordance with each management contract. Incentive management fees are recognized when the incentive criteria have been met. | |||||||||||||||||
Advertising Costs | |||||||||||||||||
Advertising costs are expensed during the period incurred, or as the advertising takes place, depending on the nature and term of the specific advertising arrangements. Advertising expense approximated $18.0 million, $10.8 million and $8.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||
Derivative Instruments and Hedging Activities | |||||||||||||||||
The Company records all derivative financial instruments on the balance sheet at fair value. Changes in fair value are recognized either in earnings or as other comprehensive income, depending on whether the derivative has been designated as a fair value or cash flow hedge and whether it qualifies as part of a hedging relationship, the nature of the exposure being hedged, and how effective the derivative is at offsetting movements in underlying exposure. The Company discontinues hedge accounting when: (i) it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item; (ii) the derivative expires or is sold, terminated, or exercised; (iii) it is no longer probable that the forecasted transaction will occur; or (iv) management determines that designating the derivative as a hedging instrument is no longer appropriate. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company will carry the derivative at its fair value on the balance sheet, recognizing changes in the fair value in current-period earnings. The Company uses interest rate swaps to effectively convert a portion of its floating rate debt to fixed rate, thus reducing the impact of rising interest rates on interest payments. These instruments are designated as cash flow hedges and the interest differential to be paid or received is accrued as interest expense. The Company’s counter-parties are major financial institutions. See Note 14 for an expanded discussion on derivative instruments and hedging activities. | |||||||||||||||||
Common Stock Issuances and Costs | |||||||||||||||||
Specific incremental costs directly attributable to the Company’s equity offerings are deferred and charged against the gross proceeds of the offering. As such, underwriting commissions and other common stock issuance costs are reflected as a reduction of additional paid in capital. See Note 12 for an expanded discussion on common stock issuances and costs. | |||||||||||||||||
Share-Based Compensation | |||||||||||||||||
The Company has recognized compensation expense related to certain stock-based awards (see Note 13) over the underlying vesting periods, which amounted to approximately $6.9 million, $5.8 million and $4.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||
Income Taxes | |||||||||||||||||
The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted taxable income to its stockholders. As a REIT, the Company will generally not be subject to corporate level federal income tax on taxable income it currently distributes to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for the subsequent four taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local income and excise taxes on its income and property, and to federal income and excise taxes on its undistributed income. | |||||||||||||||||
The Company owns two TRSs, one of which manages the Company’s non-REIT activities and each is subject to federal, state and local income taxes. | |||||||||||||||||
Other Nonoperating (Expense) Income | |||||||||||||||||
Other nonoperating expense of approximately $2.7 million for the year ended December 31, 2013 represents the following items: (i) $2.8 million expense relating to litigation settlement costs, in excess of amounts provided by insurance, recorded subsequent to the purchase of $52.8 million in loans receivable acquired from National Public Finance Guarantee Corporation (“National”) which facilitated the settlement of a lawsuit brought by National against us. In connection with our purchase of the loans receivable, we 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, offset by a (ii) $0.1 million gain recognized upon our purchase of Townhomes at Newtown Crossing in September 2013, a property previously subject to a pre-sale/mezzanine investment agreement. We included the property in our consolidated financial statements during the construction period, as a result of applying accounting guidance related to variable interest entities. The property completed construction in August 2013 and the gain recorded upon our purchase of the property primarily relates to interest income earned on our mezzanine investment during the construction period. | |||||||||||||||||
Other nonoperating income of $0.4 million for the year ended December 31, 2012 represents the following items: gains of approximately $0.4 million and $0.1 million, respectively, recorded in connection with the Company’s acquisition of University Edge and The Retreat, as a result of the deferred recognition of interest income earned on mezzanine financing provided to third-party developers upon closing of the purchase of these properties (see Note 5); offset by a $0.1 million loss recorded as a result of remeasuring the Company’s equity method investment in a joint venture, in which the Company previously held a 10% interest, to fair value immediately prior to the Company’s acquisition of the remaining 90% interest in University Heights (see Note 10). |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
Earnings Per Share | |||||||||||||
Earnings per Share –Company | |||||||||||||
Basic earnings per share is computed using net income attributable to common shareholders and the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings per share 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 years ended December 31, 2013, 2012 and 2011, but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Common OP Units (Note 9) | 1,158,892 | 951,891 | 913,132 | ||||||||||
Preferred OP Units (Note 9) | 113,721 | 114,128 | 114,263 | ||||||||||
Total potentially dilutive securities | 1,272,613 | 1,066,019 | 1,027,395 | ||||||||||
The following is a summary of the elements used in calculating basic and diluted earnings per share: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator - basic and diluted earnings per share: | |||||||||||||
Income from continuing operations | $ | 47,436 | $ | 48,789 | $ | 34,011 | |||||||
Income from continuing operations attributable to | (1,843 | ) | (3,460 | ) | (990 | ) | |||||||
noncontrolling interests | |||||||||||||
Income from continuing operations attributable to | 45,593 | 45,329 | 33,021 | ||||||||||
common shareholders | |||||||||||||
Amount allocated to participating securities | (927 | ) | (848 | ) | (773 | ) | |||||||
Income from continuing operations attributable to | 44,666 | 44,481 | 32,248 | ||||||||||
common shareholders, net of amount allocated to | |||||||||||||
participating securities | |||||||||||||
Income from discontinued operations | 59,755 | 11,449 | 23,961 | ||||||||||
Income from discontinued operations attributable to noncontrolling interests | (704 | ) | (142 | ) | (353 | ) | |||||||
Income from discontinued operations attributable | 59,051 | 11,307 | 23,608 | ||||||||||
to common shareholders | |||||||||||||
Net income attributable to common shareholders | $ | 103,717 | $ | 55,788 | $ | 55,856 | |||||||
Denominator: | |||||||||||||
Basic weighted average common shares outstanding | 104,760,502 | 84,711,584 | 69,243,203 | ||||||||||
Unvested Restricted Stock Awards (Note 13) | 621,818 | 597,867 | 564,191 | ||||||||||
Diluted weighted average common shares outstanding | 105,382,320 | 85,309,451 | 69,807,394 | ||||||||||
Earnings per share – basic: | |||||||||||||
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | $ | 0.43 | $ | 0.53 | $ | 0.47 | |||||||
Income from discontinued operations attributable to common shareholders | $ | 0.56 | $ | 0.13 | $ | 0.34 | |||||||
Net income attributable to common shareholders | $ | 0.99 | $ | 0.66 | $ | 0.81 | |||||||
Earnings per share – diluted: | |||||||||||||
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | $ | 0.42 | $ | 0.52 | $ | 0.46 | |||||||
Income from discontinued operations attributable to common shareholders | $ | 0.56 | $ | 0.13 | $ | 0.34 | |||||||
Net income attributable to common shareholders | $ | 0.98 | $ | 0.65 | $ | 0.8 | |||||||
Distributions declared per common share | $ | 1.42 | $ | 1.35 | $ | 1.35 | |||||||
Earnings per Unit – Operating Partnership | |||||||||||||
Basic earnings per OP Unit is computed using net income attributable to common unitholders and the weighted average number of common units outstanding during the period. Diluted earnings per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units or resulted in the issuance of OP Units and then shared in the earnings of the Operating Partnership. | |||||||||||||
The following is a summary of the elements used in calculating basic and diluted earnings per unit: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator - basic and diluted earnings per unit: | |||||||||||||
Income from continuing operations | $ | 47,436 | $ | 48,789 | $ | 34,011 | |||||||
Income from continuing operations attributable to | (1,188 | ) | (2,755 | ) | (413 | ) | |||||||
noncontrolling interests - partially owned properties | |||||||||||||
Income from continuing operations attributable to | (119 | ) | (168 | ) | (144 | ) | |||||||
Series A preferred units | |||||||||||||
Amount allocated to participating securities | (927 | ) | (848 | ) | (773 | ) | |||||||
Income from continuing operations attributable to | 45,202 | 45,018 | 32,681 | ||||||||||
common unitholders, net of amount allocated to | |||||||||||||
participating securities | |||||||||||||
Income from discontinued operations | 59,755 | 11,449 | 23,961 | ||||||||||
Income from discontinued operations attributable to Series A preferred units | (63 | ) | (15 | ) | (39 | ) | |||||||
Income from discontinued operations attributable | 59,692 | 11,434 | 23,922 | ||||||||||
to common unitholders | |||||||||||||
Net income attributable to common unitholders | $ | 104,894 | $ | 56,452 | $ | 56,603 | |||||||
Denominator: | |||||||||||||
Basic weighted average common units outstanding | 105,919,394 | 85,663,475 | 70,156,335 | ||||||||||
Unvested Restricted Stock Awards (Note 13) | 621,818 | 597,867 | 564,191 | ||||||||||
Diluted weighted average common units outstanding | 106,541,212 | 86,261,342 | 70,720,526 | ||||||||||
Earnings per unit – basic: | |||||||||||||
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities | $ | 0.43 | $ | 0.53 | $ | 0.47 | |||||||
Income from discontinued operations attributable to common unitholders | $ | 0.56 | $ | 0.13 | $ | 0.34 | |||||||
Net income attributable to common unitholders | $ | 0.99 | $ | 0.66 | $ | 0.81 | |||||||
Earnings per unit – diluted: | |||||||||||||
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities | $ | 0.42 | $ | 0.52 | $ | 0.46 | |||||||
Income from discontinued operations attributable to common unitholders | $ | 0.56 | $ | 0.13 | $ | 0.34 | |||||||
Net income attributable to common unitholders | $ | 0.98 | $ | 0.65 | $ | 0.8 | |||||||
Distributions declared per common unit | $ | 1.42 | $ | 1.35 | $ | 1.35 | |||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
As mentioned in Note 2, the Company qualifies as a REIT under the Code. As a REIT, the Company is not subject to federal income tax as long as it distributes at least 90% of its taxable income to its shareholders each year. Therefore, no provision for federal income taxes for the REIT has been included in the accompanying consolidated financial statements. If the Company fails to qualify as a REIT, the Company will be subject to federal income tax (including any applicable alternative minimum tax) on its taxable income and to federal income and excise taxes on its undistributed income. | |||||||||||||
The Company’s TRSs are subject to federal, state, and local income taxes. As such, deferred income taxes result from temporary differences between the carrying amounts of assets and liabilities of the TRSs for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are measured using enacted tax rates in effect in the years in which those temporary differences are expected to reverse. Significant components of the deferred tax assets and liabilities of the TRSs are as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Fixed and intangible assets | $ | 3,461 | $ | 3,429 | |||||||||
Net operating loss carryforwards | 5,786 | 4,518 | |||||||||||
Prepaid and deferred rent | 2,437 | 2,598 | |||||||||||
Bad debt reserves | 716 | 754 | |||||||||||
Accrued expenses and other | 2,759 | 2,216 | |||||||||||
Stock compensation | 2,040 | 1,669 | |||||||||||
Total deferred tax assets | 17,199 | 15,184 | |||||||||||
Valuation allowance for deferred tax assets | (16,916 | ) | (14,856 | ) | |||||||||
Deferred tax assets, net of valuation allowance | 283 | 328 | |||||||||||
Deferred tax liability: | |||||||||||||
Deferred financing costs | 283 | 328 | |||||||||||
Net deferred tax liabilities | $ | — | $ | — | |||||||||
Significant components of the Company’s income tax provision are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | — | $ | — | $ | — | |||||||
State | (1,020 | ) | (725 | ) | (433 | ) | |||||||
Deferred: | |||||||||||||
Federal | — | — | — | ||||||||||
State | — | — | — | ||||||||||
Total provision -- continuing | $ | (1,020 | ) | $ | (725 | ) | $ | (433 | ) | ||||
operations | |||||||||||||
TRS earnings subject to tax consisted of losses of approximately $4.4 million, $1.1 million and $6.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. The reconciliation of income tax attributable to continuing operations for the TRSs computed at the U.S. statutory rate to income tax provision is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Tax benefit at U.S. statutory rates on TRS income | $ | 2,060 | $ | 60 | $ | 121 | |||||||
subject to tax | |||||||||||||
State income tax, net of federal income tax benefit | 76 | — | 1 | ||||||||||
Effect of permanent differences and other | (76 | ) | (46 | ) | (60 | ) | |||||||
Decrease in valuation allowance | (2,060 | ) | (14 | ) | (62 | ) | |||||||
TRS income tax provision | $ | — | $ | — | $ | — | |||||||
At December 31, 2013, the TRSs had net operating loss carryforwards (“NOLs”) of approximately $18.8 million for income tax purposes that begin to expire in 2026. These NOLs may be used to offset future taxable income generated by each of the respective TRSs. Due to the various limitations to which the use of NOLs are subject, the Company has applied a valuation allowance to the NOLs given the likelihood that the NOLs will expire unused. Of the NOLs, approximately $3.0 million may be credited directly to additional paid in capital should subsequent tax benefits be recognized. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states’ jurisdictions as required and, as of December 31, 2013, the 2012, 2011 and 2010 calendar tax years are subject to examination by the tax authorities. | |||||||||||||
Beginning on January 1, 2007, the Company adopted accounting guidance related to uncertainty in income taxes, which clarifies the accounting and disclosure for uncertainty in tax positions and seeks to reduce the diversity of practice associated with certain aspects of the recognition and measurement related to accounting for income taxes. The Company had no material unrecognized tax benefits for the years ended December 31, 2013, 2012, or 2011, and as of December 31, 2013, the Company does not expect to record any unrecognized tax benefits. Because no unrecognized tax benefits have been recorded, no related interest or penalties have been calculated and this guidance had no impact on the Company’s consolidated financial statements. |
Property_Acquisitions
Property Acquisitions | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Property Acquisitions | ' | ||||||||||||
Property Acquisitions | |||||||||||||
2013 Acquisitions | |||||||||||||
On November 22, 2013, the Company acquired Cardinal Towne, a 255-unit, 545-bed wholly-owned property located near the University of Louisville campus, for a purchase price of approximately $59.2 million, which excludes approximately $2.4 million of anticipated transaction costs, initial integration expenses and capital expenditures necessary to bring this property up to the Company’s operating standards. In connection with this acquisition, the Company assumed $37.2 million of secured debt associated with a New Markets Tax Credit (“NMTC”) structure inherited from the seller. This debt is partially offset by a loan receivable of $28.3 million that was also assumed by the Company as part of the NMTC structure. | |||||||||||||
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, for a purchase price of approximately $51.3 million, which excludes approximately $0.7 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. | |||||||||||||
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, for a purchase price of approximately $100.3 million, which excludes approximately $4.3 million of anticipated transaction costs, initial integration expenses and capital expenditures necessary to bring this property up to the Company’s operating standards. As part of this transaction, the Company assumed an existing $59.8 million variable-rate mortgage loan and borrowed an additional $10.2 million resulting in a new $70.0 million variable-rate mortgage loan. In addition, the Company assumed an interest rate swap contract from the seller which had a negative fair value of approximately $2.1 million at the acquisition date. The Company paid a counterparty lender to terminate this interest rate swap contract on the acquisition date resulting in total consideration of approximately $102.4 million. | |||||||||||||
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 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, resulting in total consideration of approximately $40.1 million after taking into account certain Company elected upgrades to the property. The Company's mezzanine investment along with accrued but unpaid interest was credited to the Company at closing. 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 a 19-property student housing portfolio (hereinafter referred to as 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. | |||||||||||||
Since their respective acquisition dates, the acquired properties discussed above contributed a combined $8.3 million of revenues for the year ended December 31, 2013. These properties had a combined net loss of $0.3 million for the year ended December 31, 2013, which includes $2.4 million of acquisition-related costs such as broker fees, due diligence costs and legal and accounting fees that are included in wholly-owned properties operating expense on the accompanying consolidated statements of comprehensive income. The following table summarizes our allocation of total consideration to the assets and liabilities acquired from the properties discussed above: | |||||||||||||
Description | Amount (000s) | ||||||||||||
Land | $ | 47,851 | |||||||||||
Buildings | 227,236 | ||||||||||||
Building improvements | 16,262 | ||||||||||||
Furniture, fixtures and equipment | 9,694 | ||||||||||||
In-place leases - student and retail | 3,180 | ||||||||||||
Other assets and liabilities, net | 17,960 | ||||||||||||
Total aggregate consideration | $ | 322,183 | |||||||||||
Less: mortgage debt assumed (1) | (70,000 | ) | |||||||||||
Net assets acquired | $ | 252,183 | |||||||||||
(1) Excludes $37.2 million of NMTC debt assumed in connection with the acquisition of Cardinal Towne in November 2013. | |||||||||||||
The net difference between the mortgage debt assumed and the $28.3 million loan receivable also assumed in connection | |||||||||||||
with the acquisition is reflected in Other assets and liabilities, net in the preceding table. | |||||||||||||
2012 Acquisitions | |||||||||||||
On November 30, 2012, the Company completed the acquisition of the Kayne Anderson Portfolio for an aggregate purchase price of $830.5 million, resulting in total consideration of approximately $828.0 million after taking into account certain purchase price adjustments received at closing. The Kayne Anderson Portfolio contains 11,683 beds located in various markets throughout the country. As part of the transaction, the Company assumed approximately $395.8 million of fixed-rate mortgage debt with a weighted average annual interest rate of 5.28%. The remaining consideration was paid in cash which was funded with proceeds from the Company’s October 2012 equity offering (see Note 12) and borrowings under its unsecured revolving credit facility. | |||||||||||||
On September 14, 2012, the Company completed the acquisition of a 15-property student housing portfolio (hereinafter referred to as the “Campus Acquisitions Portfolio”) for a purchase price of $627.0 million, resulting in total consideration of approximately $623.1 million after taking into account certain purchase price adjustments received at closing. The Campus Acquisitions Portfolio contains 6,579 beds located in various markets throughout the country. As part of the transaction, the Company assumed approximately $231.1 million of fixed-rate mortgage debt with a weighted average annual interest rate of 5.61%. In addition, the Company issued 325,098 common OP Units to the seller, valued at $46.14 per unit. The remaining consideration was paid in cash which was funded with proceeds from the Company’s July 2012 equity offering (see Note 12) and borrowings under its unsecured revolving credit facility. | |||||||||||||
Also during 2012, the Company acquired six additional properties for a combined purchase price of approximately $323.7 million. As part of these transactions, the Company assumed approximately $19.0 million in fixed-rate mortgage debt with an annual interest rate of 5.54%. | |||||||||||||
2011 Acquisitions | |||||||||||||
In December 2011, the Company acquired a 79.5% interest in a partnership that owns The Varsity, a property located near the campus of the University of Maryland in College Park. The seller retained a 20.5% noncontrolling interest in the property, which was funded by a note from the Company totaling $24.9 million. The note bears interest at an annual rate of 12% and is due on the earlier of the date the Company calls the note (to occur no earlier than June 28, 2013) or December 28, 2016. The note is secured by the noncontrolling partner’s membership interests in The Varsity and is included in other assets on the accompanying consolidated balance sheets. Effective July 1, 2013, the Company acquired the minority partner's interest in this property and now owns 100% of the property. | |||||||||||||
Also during 2011, the Company acquired three additional properties and a retail shopping center which is currently being redeveloped for a combined purchase price of approximately $140.4 million. The Company did not assume any property-level debt as part of these transactions. | |||||||||||||
The acquired property’s results of operations have been included in the accompanying consolidated statements of comprehensive income since the respective acquisition closing dates. The following pro forma information for the years ended December 31, 2013, 2012 and 2011, 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: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Total revenues | $ | 678,333 | $ | 608,691 | $ | 541,333 | |||||||
Net income attributable to common shareholders | $ | 111,535 | $ | 89,642 | $ | 80,873 | |||||||
Net income per share attributable to common shareholders, as adjusted - basic | $ | 1.06 | $ | 0.85 | $ | 0.81 | |||||||
Net income per share attributable to common shareholders, as adjusted - diluted | $ | 1.05 | $ | 0.84 | $ | 0.8 | |||||||
Property_Dispositions_and_Disc
Property Dispositions and Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Property Dispositions and Discontinued Operations | ' | ||||||||||||
Property Dispositions and Discontinued Operations | |||||||||||||
The following owned off-campus property was classified as Held for Sale on the accompanying consolidated balance sheet as of December 31, 2013: | |||||||||||||
Property | Location | Primary University Served | Units | Beds | |||||||||
Hawks Landing (1) | Oxford, OH | Miami University of Ohio | 122 | 484 | |||||||||
(1) | Property was sold in February 2014 (see Note 20). | ||||||||||||
Concurrent with this classification, this property was recorded at the lower of cost or fair value less estimated selling costs. The net income attributable to this property is included in discontinued operations on the accompanying consolidated statements of comprehensive income for all periods presented. | |||||||||||||
2013 Dispositions | |||||||||||||
In 2013, the Company sold the following six owned off-campus properties for a combined sales price of approximately $184.2 million resulting in total proceeds of approximately $180.5 million. The combined gain on these dispositions of approximately $55.3 million is included in discontinued operations on the accompanying consolidated statements of comprehensive income for the year ended December 31, 2013. | |||||||||||||
Property | Disposition Date | Location | Primary University Served | Units | Beds | ||||||||
University Mills (1) | 13-Nov-13 | Cedar Falls, IA | University of Northern Iowa | 121 | 481 | ||||||||
Campus Ridge (2) | 4-Oct-13 | Johnson City, TN | East Tennessee State University | 132 | 528 | ||||||||
Northgate Lakes (2) | 24-Jul-13 | Orlando, FL | University of Central Florida | 194 | 710 | ||||||||
The Village at Blacksburg | 10-Jul-13 | Blacksburg, VA | Virginia Tech University | 288 | 1,056 | ||||||||
State College Park | 10-Jul-13 | State College, PA | Penn State University | 196 | 752 | ||||||||
University Pines | 10-Jul-13 | Statesboro, GA | Georgia Southern University | 144 | 552 | ||||||||
(1) | Concurrent with this transaction, the Company paid off outstanding mortgage debt of approximately $8.1 million and incurred related defeasance costs of approximately $0.3 million. The defeasance costs are reflected as a loss from early extinguishment of debt in discontinued operations on the accompanying consolidated statements of comprehensive income for the year ended December 31, 2013. | ||||||||||||
(2) | These properties were included in the property Collateral Pool which secures our agency facility (see Note 11). As a result, concurrent with the sale of these properties, $23.1 million of the secured agency facility's outstanding balance was paid down. | ||||||||||||
2012 Dispositions | |||||||||||||
In 2012, the Company sold the following three owned off-campus properties for a combined sales price of approximately $54.1 million resulting in total proceeds of approximately $42.3 million. The combined gain on these dispositions of approximately $4.3 million is included in discontinued operations on the accompanying consolidated statements of comprehensive income for the year ended December 31, 2012. | |||||||||||||
Property | Location | Primary University Served | Units | Beds | |||||||||
Brookstone Village (1) | Wilmington, NC | UNC - Wilmington | 124 | 238 | |||||||||
Campus Walk (1) | Wilmington, NC | UNC - Wilmington | 289 | 290 | |||||||||
Pirates Cove | Greenville, NC | East Carolina University | 264 | 1,056 | |||||||||
(1) | Concurrent with this transaction, the Company paid off outstanding mortgage debt totaling approximately $10.8 million and incurred related defeasance costs of approximately $1.6 million. The defeasance costs are reflected as a loss from early extinguishment of debt in discontinued operations on the accompanying consolidated statements of comprehensive income for the year ended December 31, 2012. | ||||||||||||
2011 Dispositions | |||||||||||||
In 2011, the Company sold the following four owned off-campus properties for a combined sales price of approximately $82.0 million resulting in total proceeds of approximately $80.4 million. The combined gain on these dispositions of approximately $14.8 million is included in discontinued operations on the accompanying consolidated statements of comprehensive income for the year ended December 31, 2011. | |||||||||||||
Property | Location | Primary University Served | Units | Beds | |||||||||
River Walk Townhomes | Athens, GA | The University of Georgia | 100 | 336 | |||||||||
River Club Apartments | Athens, GA | The University of Georgia | 266 | 792 | |||||||||
Villas on Apache | Tempe, AZ | Arizona State University | 111 | 288 | |||||||||
Campus Club - Statesboro | Statesboro, GA | Georgia Southern University | 276 | 984 | |||||||||
The properties discussed above are included in the wholly-owned properties segment (see Note 18). Below is a summary of the results of operations for the properties discussed above through their respective disposition dates for all periods presented: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Total revenues | $ | 16,191 | $ | 30,144 | $ | 37,036 | |||||||
Total operating expenses | (7,220 | ) | (12,641 | ) | (16,195 | ) | |||||||
Depreciation and amortization | (2,487 | ) | (5,991 | ) | (8,431 | ) | |||||||
Provision for asset impairment | — | — | (559 | ) | |||||||||
Operating income | 6,484 | 11,512 | 11,851 | ||||||||||
Total nonoperating expenses | (1,660 | ) | (2,784 | ) | (2,696 | ) | |||||||
Net income | $ | 4,824 | $ | 8,728 | $ | 9,155 | |||||||
Investments_in_WhollyOwned_Pro
Investments in Wholly-Owned Properties (Wholly owned properties) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Wholly owned properties | ' | ||||||||
Real Estate Properties [Line Items] | ' | ||||||||
Investments in Wholly-Owned Properties | ' | ||||||||
Investments in Wholly-Owned Properties | |||||||||
Wholly-owned properties consisted of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Land (1) (2) | $ | 575,944 | $ | 550,274 | |||||
Buildings and improvements | 4,759,879 | 4,351,239 | |||||||
Furniture, fixtures and equipment (2) | 267,022 | 227,409 | |||||||
Construction in progress (2) | 121,923 | 138,923 | |||||||
5,724,768 | 5,267,845 | ||||||||
Less accumulated depreciation | (525,760 | ) | (396,469 | ) | |||||
Wholly-owned properties, net (3) | $ | 5,199,008 | $ | 4,871,376 | |||||
(1) | The land balance above includes undeveloped land parcels with book values of approximately $40.6 million and $30.7 million as of December 31, 2013 and 2012, respectively. Also includes land totaling approximately $39.4 million and $41.6 million as of December 31, 2013 and 2012, respectively, related to properties under development. | ||||||||
(2) | Land, furniture, fixtures and equipment and construction in progress as of December 31, 2013 include $3.6 million, $0.5 million and $6.6 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 deadlines and other closing conditions. The development of the property is anticipated to be completed in August 2014. 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. The Company is responsible for leasing, management, and initial operations of the project while the third-party developer is responsible for the development of the property. 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 balance above excludes Hawks Landing which was classified as wholly-owned property Held for Sale in the accompanying consolidated balance sheet as of December 31, 2013. |
OnCampus_Participating_Propert
On-Campus Participating Properties (On-campus participating properties, net) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
On-campus participating properties, net | ' | ||||||||||||
Real Estate Properties [Line Items] | ' | ||||||||||||
On-Campus Participating Properties | ' | ||||||||||||
On-Campus Participating Properties | |||||||||||||
The Company is a party to ground/facility lease agreements (“Leases”) with three university systems (each, a “Lessor”) for the purpose of developing, constructing, and operating student housing facilities on university campuses. Under the terms of the Leases, title to the constructed facilities is held by the applicable Lessor and such Lessor receives a de minimis base rent paid at inception and 50% of defined net cash flows on an annual basis through the term of the lease. The Leases with the Texas A&M University and University of Houston systems terminate upon the earlier to occur of the final repayment of the related debt, the amortization period of which is contractually stipulated, or the end of the lease term. The Lease with West Virginia University has an initial term of 40 years with two 10-year extensions at the Company's option. | |||||||||||||
Pursuant to the Leases with the Texas A&M University and University of Houston systems, in the event the leasehold estates do not achieve Financial Break Even (defined as revenues less operating expenses, excluding management fees, less debt service), the applicable Lessor would be required to make a rental payment, also known as the Contingent Payment, sufficient to achieve Financial Break Even. The Contingent Payment provision remains in effect until such time as any financing placed on the facilities would receive an investment grade rating without the Contingent Payment provision. In the event that the Lessor is required to make a Contingent Payment, future net cash flow distributions would be first applied to repay such Contingent Payments and then to unpaid management fees prior to normal distributions. Beginning in November 1999 and December 2002, as a result of the debt financing on the facilities achieving investment grade ratings without the Contingent Payment provision, the Texas A&M University System is no longer required to make Contingent Payments under either the Prairie View A&M University Village or University College Leases. The Contingent Payment obligation continues to be in effect for the Texas A&M International University and University of Houston leases. | |||||||||||||
The Company may not sell, assign, convey or transfer its leasehold interest in the West Virginia University student housing facility. In the event the Company seeks to sell its leasehold interest in the other four facilities, the Leases provide the applicable Lessor the right of first refusal of a bona fide purchase offer and an option to purchase the lessee’s rights under the applicable Lease. Additionally, as discussed in Note 11, three of the on-campus participating properties are 100% financed with project-based taxable bonds. | |||||||||||||
In conjunction with the execution of each Lease, the Company has entered into separate agreements to manage the related facilities for a fee equal to a percentage of defined gross receipts. The terms of the management agreements are not contingent upon the continuation of the Leases. | |||||||||||||
On-campus participating properties are as follows: | |||||||||||||
Historical Cost – December 31, | |||||||||||||
Lessor/University | Lease | Required Debt | 2013 | 2012 | |||||||||
Commencement | Repayment | ||||||||||||
Texas A&M University System / | 2/1/96 | 9/1/23 | $ | 42,288 | $ | 41,485 | |||||||
Prairie View A&M University (1) | |||||||||||||
Texas A&M University System / | 2/1/96 | 9/1/23 | 6,767 | 6,651 | |||||||||
Texas A&M International | |||||||||||||
Texas A&M University System / | 10/1/99 | 8/31/25 | 26,275 | 25,766 | |||||||||
Prairie View A&M University (2) | 8/31/28 | ||||||||||||
University of Houston System / | 9/27/00 | 8/31/35 | 36,126 | 35,936 | |||||||||
University of Houston (3) | |||||||||||||
West Virginia University Project / West Virginia University (4) | 7/16/13 | 7/16/45 | 19,249 | — | |||||||||
130,705 | 109,838 | ||||||||||||
Less accumulated amortization | (57,249 | ) | (52,492 | ) | |||||||||
On-campus participating properties, net | $ | 73,456 | $ | 57,346 | |||||||||
(1) | Consists of three phases placed in service between 1996 and 1998. | ||||||||||||
(2) | Consists of two phases placed in service in 2000 and 2003. | ||||||||||||
(3) | Consists of two phases placed in service in 2001 and 2005. | ||||||||||||
(4) | In July 2013, construction commenced on this facility which is scheduled to be placed in service in August 2014. 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. |
Noncontrolling_Interests
Noncontrolling Interests | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Noncontrolling Interest [Abstract] | ' | |||
Noncontrolling Interests | ' | |||
Operating Partnership | ||||
Partially-owned properties: As of December 31, 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. | ||||
As discussed in more detail in Note 7, 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 $1.5 million equity 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 December 31, 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 years ended December 31, 2013 and 2012: | ||||
Balance, December 31, 2011 | $ | 42,529 | ||
Net income | 847 | |||
Distributions | (1,446 | ) | ||
Redeemable limited partner units issued as consideration (see Note 5) | 15,000 | |||
Conversion of redeemable limited partner units into shares of ACC common stock | (1,222 | ) | ||
Redemption of redeemable limited partner units for cash | (132 | ) | ||
Adjustments to reflect redeemable limited partner units at fair value | 1,958 | |||
Balance, December 31, 2012 | $ | 57,534 | ||
Net income | 1,359 | |||
Distributions | (1,823 | ) | ||
Redeemable limited partner units issued as consideration (see Note 5) | 3,451 | |||
Conversion of redeemable limited partner units into shares of ACC common stock | (23 | ) | ||
Adjustments to reflect redeemable limited partner units at fair value | (12,534 | ) | ||
Balance, December 31, 2013 | $ | 47,964 | ||
During the year ended December 31, 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 December 31, 2013 and 2012, approximately 1.3% and 1.2%, respectively, of the equity interests of the Operating Partnership was 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.) |
Investments_in_Unconsolidated_
Investments in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2013 | |
Equity Method Investments and Joint Ventures [Abstract] | ' |
Investments in Unconsolidated Joint Ventures | ' |
Investments in Unconsolidated Joint Ventures | |
As of December 31, 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 has not guaranteed any obligations of the investee and is 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 $1.6 million for each of the years ended December 31, 2013, 2012 and 2011, respectively. | |
In January 2012, we acquired full ownership interest in University Heights from a joint venture with Fidelity in which we previously held a 10% interest (hereinafter referred to as "Fund II"). The acquisition of the property was accounted for as a business combination achieved in stages and as a result, the Company was required to remeasure its equity method investment in University Heights to its acquisition-date fair value and recognize the resulting loss in earnings. The Company recorded a loss of approximately $0.1 million which is included in other nonoperating income on the accompanying consolidated statements of comprehensive income for the year ended December 31, 2012. As University Heights represented the only property owned by Fund II, subsequent to the acquisition we no longer have an equity method investment in Fund II. |
Debt
Debt | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||
Debt | ' | |||||||||||||||||||
Debt | ||||||||||||||||||||
A summary of the Company’s outstanding consolidated indebtedness, including unamortized debt premiums and discounts, is as follows: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Debt secured by wholly-owned properties: | ||||||||||||||||||||
Mortgage loans payable: | ||||||||||||||||||||
Unpaid principal balance | $ | 1,300,371 | $ | 1,288,482 | ||||||||||||||||
Unamortized debt premiums | 74,575 | 90,091 | ||||||||||||||||||
Unamortized debt discounts | (2,021 | ) | (3,506 | ) | ||||||||||||||||
1,372,925 | 1,375,067 | |||||||||||||||||||
Construction loans payable (1) | 44,638 | 57,355 | ||||||||||||||||||
1,417,563 | 1,432,422 | |||||||||||||||||||
Debt secured by on-campus participating properties: | ||||||||||||||||||||
Mortgage loans payable | 31,380 | 31,768 | ||||||||||||||||||
Bonds payable | 42,440 | 44,915 | ||||||||||||||||||
Construction loan payable | 15,833 | — | ||||||||||||||||||
89,653 | 76,683 | |||||||||||||||||||
Secured mortgage, construction and bond debt | 1,507,216 | 1,509,105 | ||||||||||||||||||
Secured agency facility | 87,750 | 104,000 | ||||||||||||||||||
Unsecured notes, net of unamortized original issue discount | 398,721 | — | ||||||||||||||||||
Unsecured revolving credit facility | 150,700 | 258,000 | ||||||||||||||||||
Unsecured term loans | 600,000 | 350,000 | ||||||||||||||||||
Total debt | $ | 2,744,387 | $ | 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 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 5). | |||||||||||||||||||
Mortgage and Construction Loans Payable | ||||||||||||||||||||
Mortgage loans payable generally feature either monthly interest and principal payments or monthly interest-only payments with balloon payments due at maturity. For purposes of classification in the following table, variable rate mortgage loans subject to interest rate swaps are deemed to be fixed rate, due to the Company having effectively fixed the interest rate for the underlying debt instrument. Construction loans payable generally feature monthly payments of interest only during the term of the loan and any accrued interest and outstanding borrowings become due at maturity. Mortgage and construction loans payable, excluding debt premiums and discounts, consisted of the following as of December 31, 2013: | ||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Principal Outstanding | Weighted | Weighted | Number of | |||||||||||||||||
December 31, | Average | Average | Properties | |||||||||||||||||
2013 | 2012 | Interest Rate | Years to Maturity | Encumbered | ||||||||||||||||
Fixed Rate: | ||||||||||||||||||||
Mortgage loans payable (1) | $ | 1,331,751 | $ | 1,320,250 | 5.31 | % | 4.3 years | 62 | ||||||||||||
Construction loan payable (2) | 15,833 | — | 3.85 | % | 31.6 years | 1 | ||||||||||||||
Variable Rate: | ||||||||||||||||||||
Construction loans payable (3) | 44,638 | 57,355 | 1.62 | % | 0.4 years | 3 | ||||||||||||||
Total | $ | 1,392,222 | $ | 1,377,605 | 5.18 | % | 4.5 years | 66 | ||||||||||||
(1) | Fixed rate mortgage loans payable mature at various dates from February 2014 through November 2041 and carry interest rates ranging from 3.05% to 7.15%. | |||||||||||||||||||
(2) | Interest rate is fixed for the first five years and variable for the remaining term of loan. | |||||||||||||||||||
(3) | Variable rate construction loans payable mature at various dates from May 2014 through December 2015 and carry interest rates based on LIBOR plus a spread, which translate into interest rates ranging from 1.62% to 2.94% at December 31, 2013. Includes a construction loan used to finance the development and construction of University Walk, a VIE the Company includes in its consolidated financial statements during the construction phase. This construction loan had a one thousand dollar balance at December 31, 2013. | |||||||||||||||||||
During the twelve months ended December 31, 2013, the following transactions occurred: | ||||||||||||||||||||
Mortgage Loans | Construction Loans | |||||||||||||||||||
Payable | Payable | |||||||||||||||||||
Balance, December 31, 2012 | $ | 1,406,835 | $ | 57,355 | ||||||||||||||||
Additions: | ||||||||||||||||||||
Assumption of mortgage loans payable (1) | 97,000 | — | ||||||||||||||||||
Additional mortgage borrowing upon acquisition of property (2) | 10,250 | — | ||||||||||||||||||
Draws under advancing construction notes payable (3) | — | 15,833 | ||||||||||||||||||
Draws under advancing construction notes payable (non-cash) VIEs (4) | — | 32,788 | ||||||||||||||||||
Deductions: | ||||||||||||||||||||
Payoff of maturing mortgage notes payable (5) | (82,066 | ) | — | |||||||||||||||||
Payoff of construction notes payable (non-cash) VIEs (4) | — | (45,505 | ) | |||||||||||||||||
Scheduled repayments of principal | (13,682 | ) | — | |||||||||||||||||
Amortization of debt premiums and discounts | (14,032 | ) | — | |||||||||||||||||
Balance, December 31, 2013 | $ | 1,404,305 | $ | 60,471 | ||||||||||||||||
(1) | In connection with the Company's purchase of Cardinal Towne in November 2013, we assumed an existing $37.2 million fixed rate mortgage loan associated with a New Markets Tax Credit ("NMTC") structure inherited from the seller. The debt is partially offset by a loan receivable of approximately $28.3 million that was also assumed by the Company as part of the NMTC structure. In connection with the Company's purchase of Park Point in October 2013, we assumed an existing $59.8 million variable rate mortgage loan. | |||||||||||||||||||
(2) | In connection with the Company's purchase of Park Point in October 2013, we borrowed an additional $10.2 million resulting in a new $70.0 million variable rate mortgage loan (see preceding note). On the acquisition date, the Company entered into an interest rate swap contract to hedge the variable cash flows associated with interest payments on this LIBOR-based mortgage loan (see Note 14 for more details). | |||||||||||||||||||
(3) | Represents draws from one construction loan used to finance the development and construction of an on-campus participating property located in Morgantown, West Virginia, which is scheduled to open for occupancy in August 2014. | |||||||||||||||||||
(4) | Represents draws from two construction loans used to finance the development and construction of Townhomes at Newtown Crossing and The Lodges of East Lansing Phase II, VIEs 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 5). | |||||||||||||||||||
(5) | The Company paid off fixed rate mortgage debt secured by the following wholly-owned properties: University Pines, University Gables, University Crossings, The Outpost San Marcos and University Mills. | |||||||||||||||||||
Bonds Payable | ||||||||||||||||||||
Three of the on-campus participating properties are 100% financed with outstanding project-based taxable bonds. Under the terms of these financings, one of the Company’s special purpose subsidiaries publicly issued three series of taxable bonds and loaned the proceeds to three special purpose subsidiaries that each hold a separate leasehold interest. The bonds encumbering the leasehold interests are non-recourse, subject to customary exceptions. Although a default in payment by these special purpose subsidiaries could result in a default under one or more series of bonds, indebtedness of any of these special purpose subsidiaries is not cross-defaulted or cross-collateralized with indebtedness of the Company, the Operating Partnership or other special purpose subsidiaries. Repayment of principal and interest on these bonds is insured by MBIA, Inc. Interest and principal are paid semi-annually and annually, respectively, through maturity. Covenants include, among other items, budgeted and actual debt service coverage ratios. Bonds payable at December 31, 2013 consisted of the following: | ||||||||||||||||||||
Principal | Weighted | Required | ||||||||||||||||||
Mortgaged Facilities | December 31, | Average | Maturity | Monthly | ||||||||||||||||
Series | Subject to Leases | Original | 2013 | Rate | Date | Debt Service | ||||||||||||||
1999 | University Village-PVAMU/TAMIU | $ | 39,270 | $ | 24,590 | 7.75 | % | Sep-23 | $ | 302 | ||||||||||
2001 | University College–PVAMU | 20,995 | 14,620 | 7.55 | % | Aug-25 | 158 | |||||||||||||
2003 | University College–PVAMU | 4,325 | 3,230 | 6.08 | % | Aug-28 | 28 | |||||||||||||
Total/weighted average rate | $ | 64,590 | $ | 42,440 | 7.55 | % | $ | 488 | ||||||||||||
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 and 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 December 31, 2013, the Company was in compliance with all such covenants. | ||||||||||||||||||||
Unsecured Credit Facility | ||||||||||||||||||||
On December 18, 2013, the Company entered into a Fourth Amended and Restated Credit Agreement (the “Agreement”). Pursuant to the Agreement, the Company borrowed $250 million under a new term loan facility (“Term Loan II Facility”) and increased the size of its existing unsecured revolving credit facility to $500 million, such that, when combined with the Company’s existing $350 million term loan facility (“Term Loan I Facility”), the Company has an aggregate unsecured credit facility of $1.1 billion, which may be expanded by up to an additional $500 million upon the satisfaction of certain conditions. The Company used the proceeds from the $250 million Term Loan II Facility to repay outstanding amounts on the revolving credit facility. | ||||||||||||||||||||
In addition, in connection with the Agreement, the maturity date of the revolving credit facility was extended from January 10, 2016 to March 1, 2018, and can be extended for an additional 12 months to March 1, 2019, subject to the satisfaction of certain conditions. The maturity date of the Term Loan I Facility remained the same but can be extended to January 10, 2019 through the exercise of two 12-month extension options, subject to the satisfaction of certain conditions. The maturity date of the Term Loan II Facility is March 1, 2019. | ||||||||||||||||||||
The Agreement provides for the interest rate on each loan 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. As of December 31, 2013, the Term Loan II Facility bore interest at a variable rate of 1.67% per annum (0.17% + 1.50% spread). The Company has entered into multiple interest rate swap contracts with notional amounts totaling $350 million that effectively fix the interest rate to a weighted average annual rate of 0.88% on the outstanding balance of the Term Loan I Facility. Including the current spread of 1.50%, the all-in weighted average annual rate on the Term Loan I Facility was 2.38% at December 31, 2013. Refer to Note 14 for more information on the interest rate swap contracts mentioned above. | ||||||||||||||||||||
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 0.25% per annum on the $500 million revolving credit facility. As of December 31, 2013, the revolving credit facility bore interest at a weighted average annual rate of 1.72% (0.17% + 1.30% spread + 0.25% facility fee), and availability under the revolving credit facility totaled $349.3 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 December 31, 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 five-year term and is currently secured by 8 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 December 31, 2013, the secured agency facility bore interest at a weighted average annual rate of 2.20%. The secured agency facility includes some, but not all, of the same financial covenants as the unsecured credit facility, described above. As of December 31, 2013, the Company was in compliance with all such covenants. | ||||||||||||||||||||
Schedule of Debt Maturities | ||||||||||||||||||||
Scheduled debt maturities (reflecting automatic extensions where applicable) for each of the five years subsequent to December 31, 2013 and thereafter, are as follows: | ||||||||||||||||||||
Scheduled | Due at | |||||||||||||||||||
Principal | Maturity | Total | ||||||||||||||||||
2014 | $ | 15,729 | $ | 309,158 | $ | 324,887 | ||||||||||||||
2015 | 13,439 | 213,403 | 226,842 | |||||||||||||||||
2016 | 12,541 | 201,896 | 214,437 | |||||||||||||||||
2017 | 12,537 | 467,277 | 479,814 | |||||||||||||||||
2018 | 11,873 | 311,904 | 323,777 | |||||||||||||||||
Thereafter | 51,176 | 1,052,179 | 1,103,355 | |||||||||||||||||
$ | 117,295 | $ | 2,555,817 | $ | 2,673,112 | |||||||||||||||
Payment of principal and interest were current at December 31, 2013. Certain of the mortgage notes and bonds payable are subject to prepayment penalties. |
Stockholders_Equity_Partners_C
Stockholders' Equity / Partners' Capital | 12 Months Ended |
Dec. 31, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity / Partners' Capital | ' |
Stockholders’ Equity / Partners’ Capital | |
Stockholders’ Equity – Company | |
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 December 31, 2013. | |
On October 31, 2012, ACC completed an equity offering, consisting of the sale of 12,650,000 shares of ACC’s common stock at a price of $43.75 per share, including 1,650,000 shares issued as a result of the exercise of the underwriters’ overallotment option in full at closing. The offering generated gross proceeds of approximately $553.4 million. The aggregate proceeds to ACC, net of the underwriting discount and estimated expenses of the offering, were approximately $530.5 million. | |
On July 16, 2012, ACC completed an equity offering, consisting of the sale of 17,250,000 shares of ACC’s common stock at a price of $44.25 per share, including 2,250,000 shares issued as a result of the exercise of the underwriters’ overallotment option in full at closing. The offering generated gross proceeds of approximately $763.3 million. The aggregate proceeds to ACC, net of the underwriting discount and expenses of the offering, were approximately $731.9 million. | |
During the year ended December 31, 2012, ACC sold approximately 1.8 million shares at a weighted average price of $41.61 per share under its 2011 at-the-market share offering program (the “2011 ATM Equity Program”). Net proceeds received under this program during the year ended December 31, 2012, totaled approximately $73.9 million, after payment of approximately $1.1 million of commissions paid to sales agents. As of December 31, 2012, no further common shares were available for issuance under the 2011 ATM Equity Program. | |
During the year ended December 31, 2011, ACC sold approximately 5.7 million shares at a weighted average price of $36.56 per share under its 2011 ATM Equity Program discussed above and its previous at-the-market share offering program (the “2010 ATM Equity Program”). Net proceeds received under both programs during the year ended December 31, 2011, totaled approximately $205.8 million, after payment of approximately $3.1 million of commissions paid to sales agents. | |
Partners’ Capital – Operating Partnership | |
In connection with the purchase of Townhomes at Newtown Crossing in September 2013, we issued 97,143 common units to the seller, valued at $35.53 per unit. See Note 5 for more details. | |
In connection with our purchase of the Campus Acquisitions Portfolio in September 2012, we issued 325,098 common OP units to the seller, valued at $46.14 per unit. See Note 5 for more details. | |
In connection with the July and October 2012 equity offerings and 2011 and 2010 ATM Equity Programs discussed above, ACCOP issued a number of common OP Units to ACC equivalent to the number of shares issued by ACC. |
Incentive_Award_Plan
Incentive Award Plan | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Incentive Award Plan | ' | |||||||
Incentive Award Plan | ||||||||
In May 2010, the Company’s stockholders approved the American Campus Communities, Inc. 2010 Incentive Award Plan (the “Plan”). The Plan provides for the grant of various stock-based incentive awards to selected employees and directors of the Company and the Company’s affiliates. The types of awards that may be granted under the Plan include incentive stock options, nonqualified stock options, restricted stock awards (“RSAs”), restricted stock units (“RSUs”), profits interest units (“PIUs”) and other stock-based awards. The Company has reserved a total of 1.7 million shares of the Company’s common stock for issuance pursuant to the Plan, subject to certain adjustments for changes in the Company’s capital structure, as defined in the Plan. As of December 31, 2013, 1,295,625 shares were available for issuance under the Plan. | ||||||||
Restricted Stock Units | ||||||||
Upon initial appointment to the Board of Directors and reelection to the Board of Directors at each Annual Meeting of Stockholders, each outside member of the Board of Directors is granted RSUs. On the Settlement Date, the Company will deliver to the recipients a number of shares of common stock or cash, as determined by the Compensation Committee of the Board of Directors, equal to the number of RSUs held by the recipients. In addition, recipients of RSUs are entitled to dividend equivalents equal to the cash distributions paid by the Company on one share of common stock for each RSU issued, payable currently or on the Settlement Date, as determined by the Compensation Committee of the Board of Directors. | ||||||||
Upon reelection to the Board of Directors in May 2013, all members of the Company’s Board of Directors were granted RSUs in accordance with 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 summary of the Company’s RSUs under the Plan for the years ended December 31, 2013 and 2012 is presented below: | ||||||||
Number of | Weighted-Average | |||||||
RSUs | Grant Date Fair Value | |||||||
Per RSU | ||||||||
Outstanding at December 31, 2011 | — | $ | — | |||||
Granted | 10,015 | 45.04 | ||||||
Settled in common shares | (1,558 | ) | 45.04 | |||||
Settled in cash | (8,457 | ) | 45.04 | |||||
Outstanding at December 31, 2012 | — | $ | — | |||||
Granted | 10,265 | 44.09 | ||||||
Settled in common shares | (4,572 | ) | 44.09 | |||||
Settled in cash | (5,693 | ) | 44.09 | |||||
Outstanding at December 31, 2013 | — | $ | — | |||||
The Company recognized expense of approximately $0.5 million, $0.5 million and $0.3 million for the years ended December 31, 2013, 2012 and 2011, respectively, reflecting the fair value of the RSUs issued on the date of grant. The weighted-average grant-date fair value for each RSU granted during the year ended December 31, 2011 was $35.02. | ||||||||
Restricted Stock Awards | ||||||||
The Company awards RSAs to its executive officers and certain employees that generally vest in equal annual installments over a five year period. Unvested awards are forfeited upon the termination of an individual’s employment with the Company under specified circumstances. Recipients of RSAs receive dividends, as declared by the Company’s Board of Directors, on unvested shares, provided that the recipient continues to be employed by the Company. A summary of the Company’s RSAs under the Plan for the years ended December 31, 2013 and 2012 is presented below: | ||||||||
Number of | Weighted-Average | |||||||
RSAs | Grant Date Fair Value | |||||||
Per RSA | ||||||||
Nonvested balance at December 31, 2011 | 549,300 | $ | 27.02 | |||||
Granted | 220,265 | 41.37 | ||||||
Vested | (113,345 | ) | 26.65 | |||||
Forfeited (1) | (80,552 | ) | 28.34 | |||||
Nonvested balance at December 31, 2012 | 575,668 | $ | 32.4 | |||||
Granted | 232,966 | 47.64 | ||||||
Vested | (111,533 | ) | 29.64 | |||||
Forfeited (1) | (94,910 | ) | 32.15 | |||||
Nonvested balance at December 31, 2013 | 602,191 | $ | 38.84 | |||||
(1) Includes shares withheld to satisfy tax obligations upon vesting. | ||||||||
The fair value of RSA’s is calculated based on the closing market value of the Company’s common stock on the date of grant. The fair value of these awards is amortized to expense over the vesting periods, which amounted to approximately $6.4 million, $5.3 million and $4.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. The weighted-average grant date fair value for each RSA granted and forfeited during the year ended December 31, 2011 was $31.55 and $25.52, respectively. | ||||||||
The total fair value of RSAs vested during the year ended December 31, 2013, was approximately $8.2 million. Additionally, as of December 31, 2013, the Company had approximately $17.6 million of total unrecognized compensation cost related to these RSAs, which is expected to be recognized over a remaining weighted-average period of 3.0 years. | ||||||||
Under the Plan, if an employee experiences a termination of service on account of death, disability or retirement, the employee’s unvested RSAs become fully vested. As defined in the Plan, retirement means a termination of service following the date on which the sum of an employee’s full years of service (a minimum of 120 contiguous full months) and the employee’s age on the date of termination (a minimum of 50 years of age) equals or exceeds 70 years. Under the Plan’s definition of retirement, the Company’s chief executive officer will become retirement eligible in 2014. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 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 years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||
As discussed in Note 11, in connection with the Company's purchase of Park Point on October 8, 2013, we assumed an existing mortgage loan which carries a variable interest rate based on one-month LIBOR plus a 1.50% spread. As part of this transaction, the Company assumed an existing interest rate swap agreement from the seller which was terminated on the acquisition date and a termination payment of approximately $2.1 million was made by the Company to the counterparty lender. Immediately following the Company's termination of the existing interest rate swap agreement, we entered into a new swap contract with a notional amount of $70.0 million, used to hedge the variable cash flows associated with interest payments on this LIBOR-based mortgage loan. | |||||||||||||||||||||
The Company also has four interest rate swap contracts with notional amounts totaling $350 million used to hedge the variable cash flows associated with interest payments on the LIBOR-based Term Loan I Facility. In addition, the Company has an interest rate swap contract with a current notional amount of $31.4 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 December 31, 2013: | |||||||||||||||||||||
Hedged Debt Instrument | Effective Date | Maturity Date | Pay Fixed Rate | Receive Floating | Current Notional Amount | Fair Value | |||||||||||||||
Rate Index | |||||||||||||||||||||
Cullen Oaks mortgage loans | Feb 15, 2007 | Feb 15, 2014 | 6.69% | LIBOR – 1 mo. plus 1.35% | $ | 31,380 | $ | (215 | ) | ||||||||||||
Term Loan I Facility | Feb 2, 2012 | Jan 2, 2017 | 0.87% | LIBOR – 1 month | 125,000 | (409 | ) | ||||||||||||||
Term Loan I Facility | Feb 2, 2012 | Jan 2, 2017 | 0.88% | LIBOR – 1 month | 100,000 | (359 | ) | ||||||||||||||
Term Loan I Facility | Feb 2, 2012 | Jan 2, 2017 | 0.89% | LIBOR – 1 month | 62,500 | (241 | ) | ||||||||||||||
Term Loan I Facility | Feb 2, 2012 | Jan 2, 2017 | 0.89% | LIBOR – 1 month | 62,500 | (242 | ) | ||||||||||||||
Park Point mortgage loan | Nov 1, 2013 | Oct 5, 2018 | 1.55% | LIBOR – 1 month | 70,000 | 31 | |||||||||||||||
Total | $ | 451,380 | $ | (1,435 | ) | ||||||||||||||||
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 December 31, 2013 and 2012: | |||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||
Fair Value as of | Fair Value as of | ||||||||||||||||||||
Description | Balance Sheet Location | 31-Dec-13 | 31-Dec-12 | Balance Sheet Location | 31-Dec-13 | 31-Dec-12 | |||||||||||||||
Interest rate swap contracts | Other assets | $ | 31 | $ | — | Other liabilities | $ | 1,466 | $ | 6,661 | |||||||||||
Total derivatives designated | $ | 31 | $ | — | $ | 1,466 | $ | 6,661 | |||||||||||||
as hedging instruments | |||||||||||||||||||||
Fair_Value_Disclosures
Fair Value Disclosures | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 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 December 31, 2013 and 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 | |||||||||||||||||||||||||||||||||
December 31, 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) | ||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Derivative financial | $ | — | $ | 31 | $ | — | $ | 31 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
instruments | |||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Derivative financial instruments | $ | — | $ | 1,466 | $ | — | $ | 1,466 | $ | — | $ | 6,661 | $ | — | $ | 6,661 | |||||||||||||||||
Mezzanine: | |||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) | $ | — | $ | 47,964 | $ | — | $ | 47,964 | $ | — | $ | 57,534 | $ | — | $ | 57,534 | |||||||||||||||||
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 December 31, 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 December 31, 2013 and 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 Loans, 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 17 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 December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Estimated Fair Value | Carrying Amount | Estimated Fair Value | Carrying Amount | ||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Loans receivable | $ | 49,154 | $ | 51,192 | $ | — | $ | — | |||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Unsecured notes | $ | 372,420 | $ | 398,721 | $ | — | $ | — | |||||||||||||||||||||||||
Mortgage loans | $ | 1,382,773 | $ | 1,404,305 | $ | 1,437,851 | $ | 1,406,835 | |||||||||||||||||||||||||
Bonds payable | $ | 44,908 | $ | 42,440 | $ | 52,778 | $ | 44,915 | |||||||||||||||||||||||||
Lease_Commitments
Lease Commitments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Leases [Abstract] | ' | ||||||||||||||||
Lease Commitments | ' | ||||||||||||||||
Lease Commitments | |||||||||||||||||
The Company as lessee has entered into ground/facility lease agreements with university systems and other third parties for the purpose of financing, constructing and operating student housing properties. Under the terms of the ground/facility leases, the lessor typically receives annual minimum rent during the earlier years and variable rent based upon the operating performance of the property during the latter years. The Company recognizes rent expense under the straight-line method over the term of the lease and any difference between the straight-line rent amount and amount payable under the lease terms is recorded as prepaid or deferred rent. As of December 31, 2013 and 2012, prepaid ground rent totaled approximately $2.3 million and $1.4 million, respectively. | |||||||||||||||||
A summary of the Company’s ground/facility lease agreements and related rent expense and/or capitalized rent for the year ended December 31, 2013 is summarized below: | |||||||||||||||||
Property | Primary University Served | Lease | Lease | Extension Option | 2013 Rent | 2013 Rent | |||||||||||
Commencement Date | Term | Expense | Capitalized | ||||||||||||||
On-campus ACE properties: (1) | |||||||||||||||||
Barrett Honors College | Arizona State University | Oct-07 | 65 years | 2, 10 year options | $ | 37 | $ | — | |||||||||
Vista del Sol | Arizona State University | Dec-06 | 65 years | 2, 10 year options | 1,209 | — | |||||||||||
Lobo Village | University of New Mexico | May-10 | 40 years | 3, 10 year options | 340 | — | |||||||||||
Casas del Rio | University of New Mexico | May-11 | 40 years | 3, 10 year options | 494 | ||||||||||||
Hilltop Townhomes | Northern Arizona University | May-11 | 40 years | 4, 10 year options | 335 | — | |||||||||||
The Suites | Northern Arizona University | May-11 | 40 years | 4, 10 year options | 212 | — | |||||||||||
University Pointe at College | Portland State University | Dec-10 | 65 years | 2, 10 year options | 269 | — | |||||||||||
Station | |||||||||||||||||
University Crossings (2) | Drexel University | Aug-13 | 40 years | 3, 10 year options | 98 | — | |||||||||||
University Village Northwest | Prairie View A&M University | Mar-11 | 30 years | none | 11 | — | |||||||||||
Off-campus properties: (1) | |||||||||||||||||
University Centre | Rutgers University | Aug-05 | 95 years | none | 340 | — | |||||||||||
University Village | Temple University | Oct-03 | 75 years | 4, 6 year options | 184 | — | |||||||||||
The Province – Tampa | University of South Florida | Nov-12 | 45 yrs. | 5, 10 year options | 887 | — | |||||||||||
5 Twenty Four Angliana | University of Kentucky | Nov-12 | 30 yrs. | none | 160 | — | |||||||||||
5 Twenty Five Angliana | University of Kentucky | Nov-12 | 35 yrs. | none | 163 | — | |||||||||||
2013 Deliveries: | |||||||||||||||||
Callaway House at Austin (3) | University of Texas at Austin | Feb-11 | 99 years | 2, 30 year options | 133 | 149 | |||||||||||
Chestnut Square (ACE) (4) | Drexel University | Jan-12 | 40 years | 3, 10 year options | 85 | 169 | |||||||||||
University View (ACE) (3) | Prairie View A&M University | Oct-12 | 40 years | none | 8 | 11 | |||||||||||
2014 / 2015 Deliveries: | |||||||||||||||||
U Centre at Northgate (ACE) (5) | Texas A&M University | Jul-13 | 40 years | 2, 10 year options | — | 491 | |||||||||||
The Suites Phase II (ACE) (5) | Northern Arizona University | Sep-13 | 40 years | 4, 10 year options | — | 14 | |||||||||||
Lancaster Project (ACE) (6) | Drexel University | Aug-13 | 40 years | 3, 10 year options | — | 236 | |||||||||||
Total | $ | 4,965 | $ | 1,070 | |||||||||||||
(1) | These student housing properties were operational for the entire year ended December 31, 2013. | ||||||||||||||||
(2) | In August 2013, the Company entered into an agreement to convey fee interest in a parcel of land, on which one of our student housing properties resides, to Drexel University (the “University”). Concurrent with the land conveyance, the Company as lessee entered into a ground lease agreement with the University as lessor for an initial term of 40 years, with three 10-year extensions, at the Company’s option. The Company is not required to make ground lease payments to the University during the lease term unless the University is able to negotiate a reduction in real estate taxes with the city of Philadelphia. In such case, the ground lease payment will equal any real estate tax savings. | ||||||||||||||||
(3) | Straight-lined rental amounts were capitalized during the construction period and expensed upon the commencement of operations in August 2013. | ||||||||||||||||
(4) | Straight-lined rental amounts were capitalized during the construction period and expensed upon the commencement of operations in September 2013. | ||||||||||||||||
(5) | Scheduled to open for occupancy in August 2014. | ||||||||||||||||
(6) | Scheduled to open for occupancy in September 2015. | ||||||||||||||||
The Company is a party to a lease for corporate office space beginning December 17, 2010, and expiring December 31, 2020. The terms of leases provide for a period of free rent and scheduled rental rate increases and common area maintenance charges upon expiration of the free rent period. The Company also has various operating leases for furniture, office and technology equipment, which expire through 2022. | |||||||||||||||||
Rental expense under the operating lease agreements (including ground/facility leases) approximated $6.5 million, $4.1 million and $3.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. There were no capital lease obligations outstanding as of December 31, 2013. Future minimum commitments over the life of all leases subsequent to December 31, 2013, are as follows: | |||||||||||||||||
Operating | |||||||||||||||||
2014 | $ | 6,644 | |||||||||||||||
2015 | 6,587 | ||||||||||||||||
2016 | 7,122 | ||||||||||||||||
2017 | 6,970 | ||||||||||||||||
2018 | 6,917 | ||||||||||||||||
Thereafter | 239,904 | ||||||||||||||||
Total minimum lease payments | $ | 274,144 | |||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Commitments | |
Development-related guarantees: For certain of its third-party development projects, the Company commonly provides alternate housing and project cost guarantees, subject to force majeure. These guarantees are typically limited, on an aggregate basis, to the amount of the projects’ related development fees or a contractually agreed-upon maximum exposure amount. Alternate housing guarantees 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. The Company’s estimated maximum exposure amount under the above guarantees is immaterial as of December 31, 2013. | |
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 December 31, 2013, management did not anticipate any material deviations from schedule or budget related to third-party development projects currently in progress. | |
In August 2013, the Company entered into an agreement to convey fee interest in a parcel of land, on which one of our student housing properties resides, to Drexel University (the “University”). Concurrent with the land conveyance, the Company as lessee entered into a ground lease agreement with the University as lessor for an initial term of 40 years, with three 10-year extensions, at the Company’s option (see Note 16). As part of the ground lease agreement, the Company committed to spend a minimum of $22.3 million in renovation and capital improvement costs over a five year period to improve the unit finishes, expand and improve amenity space and upgrade the exterior façade and other systems. In addition, the Company also agreed to convey the building and improvements to the University at an undetermined date in the future and to pay real estate transfer taxes not to exceed $2.4 million. The Company paid approximately $0.6 million in real estate transfer taxes upon the conveyance of land to the University leaving approximately $1.8 million to be paid by the Company upon the transfer of the building and improvements to the University. | |
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 or joint ventures. 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 | 12 Months Ended | ||||||||||||
Dec. 31, 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. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Wholly-Owned Properties | |||||||||||||
Rental revenues | $ | 621,117 | $ | 424,022 | $ | 321,907 | |||||||
Interest and other income | 152 | 40 | 63 | ||||||||||
Total revenues from external customers | 621,269 | 424,062 | 321,970 | ||||||||||
Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead | (300,207 | ) | (200,799 | ) | (154,674 | ) | |||||||
Ground/facility leases | (2,956 | ) | (2,148 | ) | (1,329 | ) | |||||||
Interest expense | (45,401 | ) | (32,624 | ) | (33,912 | ) | |||||||
Operating income before depreciation, amortization and allocation of corporate overhead | $ | 272,705 | $ | 188,491 | $ | 132,055 | |||||||
Depreciation and amortization | $ | 178,396 | $ | 104,205 | $ | 75,052 | |||||||
Capital expenditures | $ | 350,118 | $ | 354,204 | $ | 213,939 | |||||||
Total segment assets at December 31, | $ | 5,394,029 | $ | 4,958,314 | $ | 2,843,749 | |||||||
On-Campus Participating Properties | |||||||||||||
Rental revenues | $ | 26,348 | $ | 26,166 | $ | 25,252 | |||||||
Interest and other income | 16 | 16 | 15 | ||||||||||
Total revenues from external customers | 26,364 | 26,182 | 25,267 | ||||||||||
Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead | (10,322 | ) | (10,367 | ) | (9,437 | ) | |||||||
Ground/facility lease | (2,446 | ) | (2,100 | ) | (2,279 | ) | |||||||
Interest expense | (5,463 | ) | (5,671 | ) | (5,840 | ) | |||||||
Operating income before depreciation, amortization and allocation of | $ | 8,133 | $ | 8,044 | $ | 7,711 | |||||||
corporate overhead | |||||||||||||
Depreciation and amortization | $ | 4,756 | $ | 4,644 | $ | 4,469 | |||||||
Capital expenditures | $ | 17,094 | $ | 2,141 | $ | 1,832 | |||||||
Total segment assets at December 31, | $ | 88,777 | $ | 72,922 | $ | 73,109 | |||||||
Development Services | |||||||||||||
Development and construction management fees | $ | 2,483 | $ | 8,574 | $ | 7,497 | |||||||
Operating expenses | (11,172 | ) | (10,739 | ) | (9,820 | ) | |||||||
Operating loss before depreciation, amortization and allocation of corporate overhead | $ | (8,689 | ) | $ | (2,165 | ) | $ | (2,323 | ) | ||||
Total segment assets at December 31, | $ | 1,848 | $ | 1,804 | $ | 14,159 | |||||||
Property Management Services | |||||||||||||
Property management fees from external customers | $ | 7,514 | $ | 6,893 | $ | 7,254 | |||||||
Intersegment revenues | 21,396 | 16,349 | 13,867 | ||||||||||
Total revenues | 28,910 | 23,242 | 21,121 | ||||||||||
Operating expenses | (10,349 | ) | (10,098 | ) | (9,532 | ) | |||||||
Operating income before depreciation, amortization and allocation of | $ | 18,561 | $ | 13,144 | $ | 11,589 | |||||||
corporate overhead | |||||||||||||
Total segment assets at December 31, | $ | 7,033 | $ | 4,532 | $ | 4,535 | |||||||
Reconciliations | |||||||||||||
Total segment revenues | $ | 679,026 | $ | 482,060 | $ | 375,855 | |||||||
Unallocated interest income earned on corporate cash | 2,837 | 1,700 | 501 | ||||||||||
Elimination of intersegment revenues | (21,396 | ) | (16,349 | ) | (13,867 | ) | |||||||
Total consolidated revenues, including interest income | $ | 660,467 | $ | 467,411 | $ | 362,489 | |||||||
Segment operating income before depreciation, amortization and allocation of corporate overhead | $ | 290,710 | $ | 207,514 | $ | 149,032 | |||||||
Depreciation and amortization | (190,596 | ) | (114,924 | ) | (85,872 | ) | |||||||
Net unallocated expenses relating to corporate overhead | (48,992 | ) | (43,931 | ) | (28,075 | ) | |||||||
Income (loss) from unconsolidated joint ventures | — | 444 | (641 | ) | |||||||||
Other nonoperating (expense) income | (2,666 | ) | 411 | — | |||||||||
Income tax provision | (1,020 | ) | (725 | ) | (433 | ) | |||||||
Income from continuing operations | $ | 47,436 | $ | 48,789 | $ | 34,011 | |||||||
Total segment assets | $ | 5,491,687 | $ | 5,037,572 | $ | 2,935,552 | |||||||
Unallocated corporate assets | 106,353 | 81,390 | 73,030 | ||||||||||
Total assets at December 31, | $ | 5,598,040 | $ | 5,118,962 | $ | 3,008,582 | |||||||
Quarterly_Financial_Informatio
Quarterly Financial Information (Unaudited) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||||
Quarterly Financial Information (Unaudited) | ' | |||||||||||||||||||||
Quarterly Financial Information (Unaudited) | ||||||||||||||||||||||
American Campus Communities, Inc. | ||||||||||||||||||||||
The information presented below represents the quarterly consolidated financial results of the Company for the years ended December 31, 2013 and 2012. The results below differ from previously disclosed quarterly results due to certain reclassifications associated with discontinued operations during the periods presented. | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Total | ||||||||||||||||||
Total revenues | $ | 163,163 | $ | 153,212 | $ | 158,393 | $ | 182,694 | $ | 657,462 | ||||||||||||
Net income attributable to common shareholders | $ | 21,590 | $ | 8,049 | $ | 47,176 | $ | 27,829 | $ | 104,644 | ||||||||||||
Net income attributable to common shareholders per share - basic | $ | 0.2 | $ | 0.07 | $ | 0.45 | $ | 0.26 | $ | 0.99 | (1) | |||||||||||
Net income attributable to common shareholders per share - diluted | $ | 0.2 | $ | 0.07 | $ | 0.45 | $ | 0.26 | $ | 0.98 | (1) | |||||||||||
2012 | ||||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Total | ||||||||||||||||||
Total revenues | $ | 104,536 | $ | 99,719 | $ | 112,117 | $ | 149,283 | $ | 465,655 | ||||||||||||
Net income attributable to common shareholders | $ | 20,026 | $ | 12,328 | $ | 627 | $ | 23,655 | $ | 56,636 | ||||||||||||
Net income attributable to common shareholders per share - basic | $ | 0.27 | $ | 0.16 | $ | 0 | $ | 0.23 | $ | 0.66 | (1) | |||||||||||
Net income attributable to common shareholders per share - diluted | $ | 0.26 | $ | 0.16 | $ | 0 | $ | 0.23 | $ | 0.65 | (1) | |||||||||||
American Campus Communities Operating Partnership, L.P. | ||||||||||||||||||||||
The information presented below represents the quarterly consolidated financial results of the Operating Partnership for the years ended December 31, 2013 and 2012. The results below differ from previously disclosed quarterly results due to certain reclassifications associated with discontinued operations during the periods presented. | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Total | ||||||||||||||||||
Total revenues | $ | 163,163 | $ | 153,212 | $ | 158,393 | $ | 182,694 | $ | 657,462 | ||||||||||||
Net income attributable to common unitholders | $ | 21,823 | $ | 8,138 | $ | 47,703 | $ | 28,157 | $ | 105,821 | ||||||||||||
Net income attributable to common unitholders per unit - basic | $ | 0.2 | $ | 0.07 | $ | 0.45 | $ | 0.26 | $ | 0.99 | (1) | |||||||||||
Net income attributable to common unitholders per unit - diluted | $ | 0.2 | $ | 0.07 | $ | 0.45 | $ | 0.26 | $ | 0.98 | (1) | |||||||||||
2012 | ||||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Total | ||||||||||||||||||
Total revenues | $ | 104,536 | $ | 99,719 | $ | 112,117 | $ | 149,283 | $ | 465,655 | ||||||||||||
Net income attributable to common unitholders | $ | 20,267 | $ | 12,471 | $ | 647 | $ | 23,915 | $ | 57,300 | ||||||||||||
Net income attributable to common unitholders per unit - basic | $ | 0.27 | $ | 0.16 | $ | 0 | $ | 0.23 | $ | 0.66 | (1) | |||||||||||
Net income attributable to common unitholders per unit - diluted | $ | 0.26 | $ | 0.16 | $ | 0 | $ | 0.23 | $ | 0.65 | (1) | |||||||||||
(1) | Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
Distributions: On January 28, 2014, the Company declared a fourth quarter 2013 distribution per share of $0.36 which was paid on February 21, 2014 to all common stockholders of record as of February 10, 2014. At the same time, the Operating Partnership paid an equivalent amount per unit to holders of Common Units, as well as the quarterly cumulative preferential distribution to holders of Series A Preferred Units (see Note 9). | |
Property Disposition: On February 11, 2014, the Company sold Hawks Landing for a sales price of approximately $17.3 million, including the assumption of an existing $15.6 million mortgage loan by the purchaser, resulting in net proceeds of approximately $1.2 million. | |
Acquisition for Future Development: On January 10, 2014, the Company acquired the Boulder Outlook Hotel property, which is located near the University of Colorado campus, for a purchase price of approximately $9.3 million. The seller will operate the hotel until the fourth quarter 2014 or first quarter 2015, at which point the hotel will be demolished and construction on a new student housing facility will commence. | |
Cullen Oaks Mortgage Loans: In February 2014, the Company renewed the Cullen Oaks Phase I and Phase II mortgage loans and extended the maturity date to February 15, 2021. The renewed loans bear interest at a rate of LIBOR plus 1.75% and require monthly payments of principal and interest. In connection with these loan renewals, the Company entered into two new interest rate swap contracts that are designated to hedge the Company's exposure to fluctuations on interest payments attributed to changes in interest rates associated with payments on the Cullen Oaks Phase I and Phase II loans. Under the terms of the interest rate swap contracts, the Company pays a fixed rate of 2.275% per annum and receives a floating rate of 1-month LIBOR. |
Schedule_of_Real_Estate_and_Ac
Schedule of Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Schedule of Real Estate and Accumulated Depreciation | ' | ||||||||||||||||||||||||||||||||||||||||
Schedule of Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||||||
Initial Cost (1) | Total Costs | ||||||||||||||||||||||||||||||||||||||||
Units | Beds | Land | Buildings and | Costs | Land | Buildings and | Total (2) | Accumulated Depreciation | Encumbrances (3) | Year Built | |||||||||||||||||||||||||||||||
Improvements | Capitalized | Improvements | |||||||||||||||||||||||||||||||||||||||
and Furniture, | Subsequent to | and Furniture, | |||||||||||||||||||||||||||||||||||||||
Fixtures and | Acquisition / Initial Development | Fixtures and | |||||||||||||||||||||||||||||||||||||||
Equipment | Equipment | ||||||||||||||||||||||||||||||||||||||||
Wholly-Owned Properties | |||||||||||||||||||||||||||||||||||||||||
The Callaway House | 173 | 538 | $ | 5,081 | $ | 20,499 | $ | 5,593 | $ | 5,081 | $ | 26,092 | $ | 31,173 | $ | 9,312 | $ | — | 1999 | ||||||||||||||||||||||
The Village at Alafaya Club | 228 | 839 | 3,788 | 21,851 | 2,745 | 3,788 | 24,596 | 28,384 | 9,374 | — | 1999 | ||||||||||||||||||||||||||||||
The Village at Science Drive | 192 | 732 | 4,673 | 19,021 | 1,915 | 4,673 | 20,936 | 25,609 | 7,185 | — | 2000 | ||||||||||||||||||||||||||||||
University Village at Boulder Creek | 82 | 309 | 1,035 | 16,393 | 1,404 | 1,035 | 17,797 | 18,832 | 5,994 | — | 2002 | ||||||||||||||||||||||||||||||
University Village- Fresno | 105 | 406 | 929 | 15,553 | 539 | 929 | 16,092 | 17,021 | 4,920 | — | 2004 | ||||||||||||||||||||||||||||||
University Village- Temple | 220 | 749 | — | 41,119 | 1,349 | — | 42,468 | 42,468 | 11,669 | — | 2004 | ||||||||||||||||||||||||||||||
University Village at Sweethome | 269 | 828 | 2,473 | 34,626 | 1,300 | 2,473 | 35,926 | 38,399 | 9,773 | — | 2005 | ||||||||||||||||||||||||||||||
University Club Townhomes (4) | 216 | 736 | 4,665 | 23,103 | 5,080 | 4,665 | 28,183 | 32,848 | 9,220 | — | 2000/2002 | ||||||||||||||||||||||||||||||
College Club Townhomes (5) | 136 | 544 | 2,099 | 16,049 | 2,574 | 2,099 | 18,623 | 20,722 | 6,109 | — | 2001/2004 | ||||||||||||||||||||||||||||||
University Club Apartments | 94 | 376 | 1,416 | 11,848 | 1,380 | 1,416 | 13,228 | 14,644 | 3,602 | — | 1999 | ||||||||||||||||||||||||||||||
The Estates | 396 | 1,044 | 4,254 | 43,164 | 2,834 | 4,254 | 45,998 | 50,252 | 12,109 | 33,346 | 2002 | ||||||||||||||||||||||||||||||
City Parc at Fry Street | 136 | 418 | 1,902 | 17,678 | 1,408 | 1,902 | 19,086 | 20,988 | 5,295 | 10,095 | 2004 | ||||||||||||||||||||||||||||||
Entrada Real | 98 | 363 | 1,475 | 15,859 | 1,009 | 1,475 | 16,868 | 18,343 | 3,885 | — | 2000 | ||||||||||||||||||||||||||||||
University Village- Tallahassee (6) | 217 | 716 | 4,322 | 26,225 | 2,783 | 4,322 | 29,008 | 33,330 | 7,079 | — | 1990/91/92 | ||||||||||||||||||||||||||||||
Royal Village Gainesville | 118 | 448 | 2,484 | 15,153 | 1,386 | 2,484 | 16,539 | 19,023 | 4,158 | — | 1996 | ||||||||||||||||||||||||||||||
Royal Lexington | 94 | 364 | 2,848 | 12,783 | 2,893 | 2,848 | 15,676 | 18,524 | 3,721 | — | 1994 | ||||||||||||||||||||||||||||||
The Woods at Greenland | 78 | 276 | 1,050 | 7,286 | 876 | 1,050 | 8,162 | 9,212 | 2,117 | — | 2001 | ||||||||||||||||||||||||||||||
Raiders Crossing | 96 | 276 | 1,089 | 8,404 | 844 | 1,089 | 9,248 | 10,337 | 2,356 | — | 2002 | ||||||||||||||||||||||||||||||
Raiders Pass | 264 | 828 | 3,877 | 32,445 | 2,327 | 3,877 | 34,772 | 38,649 | 8,233 | — | 2002 | ||||||||||||||||||||||||||||||
Aggie Station | 156 | 450 | 1,634 | 18,821 | 1,064 | 1,634 | 19,885 | 21,519 | 4,587 | — | 2002 | ||||||||||||||||||||||||||||||
The Outpost- San Marcos | 162 | 486 | 1,987 | 18,973 | 1,478 | 1,987 | 20,451 | 22,438 | 4,611 | — | 2004 | ||||||||||||||||||||||||||||||
The Outpost- San Antonio | 276 | 828 | 3,262 | 36,252 | 1,471 | 3,262 | 37,723 | 40,985 | 8,390 | 21,110 | 2005 | ||||||||||||||||||||||||||||||
Callaway Villas | 236 | 704 | 3,903 | 32,286 | 703 | 3,903 | 32,989 | 36,892 | 8,076 | — | 2006 | ||||||||||||||||||||||||||||||
The Village on Sixth Avenue | 248 | 752 | 2,763 | 22,480 | 2,708 | 2,763 | 25,188 | 27,951 | 5,981 | 15,476 | 2000/2006 | ||||||||||||||||||||||||||||||
Newtown Crossing | 356 | 942 | 7,013 | 53,597 | 1,290 | 7,013 | 54,887 | 61,900 | 12,264 | 28,922 | 2005/2007 | ||||||||||||||||||||||||||||||
Olde Towne University Square | 224 | 550 | 2,277 | 24,614 | 1,052 | 2,277 | 25,666 | 27,943 | 6,290 | 18,725 | 2005 | ||||||||||||||||||||||||||||||
Peninsular Place | 183 | 478 | 2,306 | 16,559 | 704 | 2,306 | 17,263 | 19,569 | 4,468 | 15,384 | 2005 | ||||||||||||||||||||||||||||||
University Centre | 234 | 838 | — | 77,378 | 2,366 | — | 79,744 | 79,744 | 15,787 | — | 2007 | ||||||||||||||||||||||||||||||
Sunnyside Commons | 68 | 161 | 6,933 | 768 | 400 | 6,933 | 1,168 | 8,101 | 292 | — | 1925/2001 | ||||||||||||||||||||||||||||||
Pirates Place Townhomes | 144 | 528 | 1,159 | 9,652 | 1,931 | 1,159 | 11,583 | 12,742 | 2,462 | 5,216 | 1996 | ||||||||||||||||||||||||||||||
The Highlands | 216 | 732 | 4,821 | 24,822 | 1,691 | 4,821 | 26,513 | 31,334 | 5,143 | — | 2004 | ||||||||||||||||||||||||||||||
The Summit & Jacob Heights (7) | 258 | 930 | 2,318 | 36,464 | 1,122 | 2,318 | 37,586 | 39,904 | 6,303 | 30,623 | 2003 | ||||||||||||||||||||||||||||||
GrandMarc Seven Corners | 186 | 440 | 4,491 | 28,807 | 1,480 | 4,491 | 30,287 | 34,778 | 5,111 | 16,709 | 2000 | ||||||||||||||||||||||||||||||
University Village- Sacramento | 250 | 394 | 7,275 | 12,639 | 1,834 | 7,275 | 14,473 | 21,748 | 2,982 | 14,740 | 1979 | ||||||||||||||||||||||||||||||
Initial Cost (1) | Total Costs | ||||||||||||||||||||||||||||||||||||||||
Units | Beds | Land | Buildings and | Costs | Land | Buildings and | Total (2) | Accumulated Depreciation | Encumbrances (3) | Year Built | |||||||||||||||||||||||||||||||
Improvements | Capitalized | Improvements | |||||||||||||||||||||||||||||||||||||||
and Furniture, | Subsequent to | and Furniture, | |||||||||||||||||||||||||||||||||||||||
Fixtures and | Acquisition / Initial Development | Fixtures and | |||||||||||||||||||||||||||||||||||||||
Equipment | Equipment | ||||||||||||||||||||||||||||||||||||||||
Aztec Corner | 180 | 606 | $ | 17,460 | $ | 32,209 | $ | 863 | $ | 17,460 | $ | 33,072 | $ | 50,532 | $ | 5,374 | $ | 27,807 | 1995 | ||||||||||||||||||||||
University Crossings | 260 | 1,016 | — | 47,830 | 7,005 | — | 54,835 | 54,835 | 9,315 | — | 1926/2003 | ||||||||||||||||||||||||||||||
Campus Corner | 254 | 796 | 1,591 | 20,928 | 1,680 | 1,591 | 22,608 | 24,199 | 4,244 | 22,266 | 1997 | ||||||||||||||||||||||||||||||
Tower at Third | 188 | 375 | 1,145 | 19,128 | 9,808 | 1,145 | 28,936 | 30,081 | 5,143 | 14,491 | 1973 | ||||||||||||||||||||||||||||||
University Manor | 168 | 600 | 1,387 | 14,889 | 2,033 | 1,387 | 16,922 | 18,309 | 3,769 | 13,089 | 2002 | ||||||||||||||||||||||||||||||
Lakeside Apartments | 244 | 776 | 2,347 | 22,999 | 2,628 | 2,347 | 25,627 | 27,974 | 5,211 | 14,100 | 1991 | ||||||||||||||||||||||||||||||
The Club | 120 | 480 | 1,164 | 11,979 | 1,995 | 1,164 | 13,974 | 15,138 | 3,198 | — | 1989 | ||||||||||||||||||||||||||||||
The Edge- Orlando | 306 | 930 | 6,053 | 37,802 | 2,868 | 6,053 | 40,670 | 46,723 | 7,422 | — | 1999 | ||||||||||||||||||||||||||||||
University Place | 144 | 528 | 2,794 | 15,639 | 1,647 | 2,794 | 17,286 | 20,080 | 3,235 | — | 2003 | ||||||||||||||||||||||||||||||
South View | 240 | 960 | 3,492 | 41,760 | 3,869 | 3,492 | 45,629 | 49,121 | 8,892 | 18,918 | 1998 | ||||||||||||||||||||||||||||||
Stone Gate | 168 | 672 | 2,929 | 28,164 | 2,151 | 2,929 | 30,315 | 33,244 | 5,783 | 14,264 | 2000 | ||||||||||||||||||||||||||||||
The Commons | 132 | 528 | 2,173 | 17,786 | 2,007 | 2,173 | 19,793 | 21,966 | 3,965 | 4,476 | 1991 | ||||||||||||||||||||||||||||||
University Gables | 168 | 648 | 1,309 | 13,148 | 2,276 | 1,309 | 15,424 | 16,733 | 3,740 | — | 2001 | ||||||||||||||||||||||||||||||
The Enclave | 120 | 480 | 582 | 9,205 | 1,269 | 582 | 10,474 | 11,056 | 2,213 | 8,977 | 2002 | ||||||||||||||||||||||||||||||
Hawks Landing (8) | 122 | 484 | 1,445 | 13,735 | 3,023 | 1,445 | 16,758 | 18,203 | 3,795 | 15,600 | 1994 | ||||||||||||||||||||||||||||||
Willowtree Apartments and Towers (9) | 473 | 851 | 9,807 | 21,880 | 1,887 | 9,807 | 23,767 | 33,574 | 4,409 | — | 1968/1974 | ||||||||||||||||||||||||||||||
Abbott Place | 222 | 654 | 1,833 | 18,313 | 2,280 | 1,833 | 20,593 | 22,426 | 4,500 | 17,850 | 1999 | ||||||||||||||||||||||||||||||
The Centre | 232 | 700 | 1,804 | 19,395 | 1,471 | 1,804 | 20,866 | 22,670 | 4,204 | 19,875 | 2004 | ||||||||||||||||||||||||||||||
University Meadows | 184 | 616 | 1,426 | 14,870 | 1,705 | 1,426 | 16,575 | 18,001 | 3,349 | 9,633 | 2001 | ||||||||||||||||||||||||||||||
Campus Way | 194 | 680 | 1,581 | 21,845 | 2,212 | 1,581 | 24,057 | 25,638 | 4,853 | 15,375 | 1993 | ||||||||||||||||||||||||||||||
University Pointe | 204 | 682 | 989 | 27,576 | 1,371 | 989 | 28,947 | 29,936 | 5,070 | 21,300 | 2004 | ||||||||||||||||||||||||||||||
University Trails | 240 | 684 | 1,183 | 25,173 | 1,433 | 1,183 | 26,606 | 27,789 | 4,852 | — | 2003 | ||||||||||||||||||||||||||||||
Vista del Sol (ACE) | 613 | 1,866 | — | 135,939 | 1,837 | — | 137,776 | 137,776 | 22,856 | — | 2008 | ||||||||||||||||||||||||||||||
Villas at Chestnut Ridge | 196 | 552 | 2,756 | 33,510 | 433 | 2,756 | 33,943 | 36,699 | 5,766 | — | 2008 | ||||||||||||||||||||||||||||||
Barrett Honors College (ACE) | 604 | 1,721 | — | 131,302 | 677 | — | 131,979 | 131,979 | 17,221 | — | 2009 | ||||||||||||||||||||||||||||||
Campus Trails | 156 | 480 | 1,358 | 11,291 | 3,490 | 1,358 | 14,781 | 16,139 | 2,696 | 7,486 | 1991 | ||||||||||||||||||||||||||||||
Lions Crossing | 204 | 696 | 4,453 | 32,824 | 1,738 | 4,453 | 34,562 | 39,015 | 3,400 | — | 1996 | ||||||||||||||||||||||||||||||
Nittany Crossing | 204 | 684 | 4,337 | 31,920 | 2,391 | 4,337 | 34,311 | 38,648 | 3,346 | — | 1996 | ||||||||||||||||||||||||||||||
The View | 157 | 590 | 1,499 | 11,004 | 1,220 | 1,499 | 12,224 | 13,723 | 1,387 | — | 2003 | ||||||||||||||||||||||||||||||
Chapel Ridge | 180 | 544 | 4,244 | 30,792 | 897 | 4,244 | 31,689 | 35,933 | 3,003 | — | 2003 | ||||||||||||||||||||||||||||||
Chapel View | 224 | 358 | 2,161 | 16,062 | 797 | 2,161 | 16,859 | 19,020 | 1,655 | 9,690 | 1986 | ||||||||||||||||||||||||||||||
University Oaks | 181 | 662 | 2,150 | 17,369 | 866 | 2,150 | 18,235 | 20,385 | 2,002 | 22,150 | 2004 | ||||||||||||||||||||||||||||||
Blanton Common | 276 | 860 | 3,788 | 29,662 | 1,141 | 3,788 | 30,803 | 34,591 | 3,105 | 28,586 | 2005/2007 | ||||||||||||||||||||||||||||||
University Heights | 176 | 528 | 1,387 | 8,236 | 1,047 | 1,387 | 9,283 | 10,670 | 1,410 | — | 2001 | ||||||||||||||||||||||||||||||
Burbank Commons | 134 | 532 | 2,512 | 20,063 | 2,382 | 2,512 | 22,445 | 24,957 | 2,416 | 14,888 | 1995 | ||||||||||||||||||||||||||||||
University Crescent | 192 | 612 | 3,548 | 28,403 | 1,717 | 3,548 | 30,120 | 33,668 | 3,175 | 24,150 | 1999 | ||||||||||||||||||||||||||||||
University Greens | 156 | 516 | 1,117 | 9,244 | 1,108 | 1,117 | 10,352 | 11,469 | 1,227 | — | 1999 | ||||||||||||||||||||||||||||||
The Edge- Charlotte | 180 | 720 | 3,076 | 22,841 | 2,396 | 3,076 | 25,237 | 28,313 | 2,600 | — | 1999 | ||||||||||||||||||||||||||||||
Initial Cost (1) | Total Costs | ||||||||||||||||||||||||||||||||||||||||
Units | Beds | Land | Buildings and | Costs | Land | Buildings and | Total (2) | Accumulated Depreciation | Encumbrances (3) | Year Built | |||||||||||||||||||||||||||||||
Improvements | Capitalized | Improvements | |||||||||||||||||||||||||||||||||||||||
and Furniture, | Subsequent to | and Furniture, | |||||||||||||||||||||||||||||||||||||||
Fixtures and | Acquisition / Initial Development | Fixtures and | |||||||||||||||||||||||||||||||||||||||
Equipment | Equipment | ||||||||||||||||||||||||||||||||||||||||
University Walk | 120 | 480 | $ | 2,016 | $ | 14,599 | $ | 1,619 | $ | 2,016 | $ | 16,218 | $ | 18,234 | $ | 1,762 | $ | — | 2002 | ||||||||||||||||||||||
Uptown Apartments | 180 | 528 | 3,031 | 21,685 | 1,330 | 3,031 | 23,015 | 26,046 | 2,093 | — | 2004 | ||||||||||||||||||||||||||||||
Sanctuary Lofts | 201 | 487 | 2,960 | 18,180 | 2,760 | 2,960 | 20,940 | 23,900 | 2,859 | — | 2006 | ||||||||||||||||||||||||||||||
2nd Ave Centre | 274 | 868 | 4,434 | 27,236 | 2,606 | 4,434 | 29,842 | 34,276 | 3,178 | — | 2008 | ||||||||||||||||||||||||||||||
Villas at Babcock | 204 | 792 | 4,642 | 30,901 | 112 | 4,642 | 31,013 | 35,655 | 3,551 | — | 2011 | ||||||||||||||||||||||||||||||
Lobo Village (ACE) | 216 | 864 | — | 42,490 | 281 | — | 42,771 | 42,771 | 3,337 | — | 2011 | ||||||||||||||||||||||||||||||
Villas on Sycamore | 170 | 680 | 3,000 | 24,640 | 193 | 3,000 | 24,833 | 27,833 | 2,986 | — | 2011 | ||||||||||||||||||||||||||||||
University Village Northwest (ACE) | 36 | 144 | — | 4,228 | 16 | — | 4,244 | 4,244 | 422 | — | 2011 | ||||||||||||||||||||||||||||||
Eagles Trail | 216 | 792 | 608 | 19,061 | 3,139 | 608 | 22,200 | 22,808 | 1,784 | — | 2007 | ||||||||||||||||||||||||||||||
26 West | 367 | 1,026 | 21,396 | 63,994 | 4,096 | 21,396 | 68,090 | 89,486 | 4,293 | — | 2008 | ||||||||||||||||||||||||||||||
The Varsity | 258 | 901 | 11,605 | 108,529 | 1,283 | 11,605 | 109,812 | 121,417 | 6,309 | — | 2011 | ||||||||||||||||||||||||||||||
University Heights | 204 | 636 | 1,625 | 12,585 | 3,286 | 1,625 | 15,871 | 17,496 | 1,048 | — | 1999 | ||||||||||||||||||||||||||||||
Avalon Heights | 210 | 754 | 4,968 | 24,345 | 3,677 | 4,968 | 28,022 | 32,990 | 1,560 | — | 2002 | ||||||||||||||||||||||||||||||
University Commons | 164 | 480 | 12,559 | 19,010 | 1,937 | 12,559 | 20,947 | 33,506 | 989 | 18,469 | 2003 | ||||||||||||||||||||||||||||||
The Block | 669 | 1,555 | 22,270 | 141,430 | 4,114 | 22,270 | 145,544 | 167,814 | 5,236 | — | 2007/2008 | ||||||||||||||||||||||||||||||
University Pointe at College Station (ACE) | 282 | 978 | — | 84,657 | 365 | — | 85,022 | 85,022 | 5,447 | — | 2012 | ||||||||||||||||||||||||||||||
Casas del Rio (ACE) | 283 | 1,028 | — | 40,639 | 252 | — | 40,891 | 40,891 | 3,182 | — | 2012 | ||||||||||||||||||||||||||||||
The Suites (ACE) | 275 | 550 | — | 27,080 | 83 | — | 27,163 | 27,163 | 1,783 | 20,756 | 2012 | ||||||||||||||||||||||||||||||
Hilltop Townhomes (ACE) | 144 | 576 | — | 31,507 | 71 | — | 31,578 | 31,578 | 2,076 | 23,881 | 2012 | ||||||||||||||||||||||||||||||
U Club on Frey | 114 | 456 | 3,300 | 18,182 | 33 | 3,300 | 18,215 | 21,515 | 1,433 | — | 2012 | ||||||||||||||||||||||||||||||
Campus Edge on UTA Boulevard | 128 | 488 | 2,661 | 21,233 | 40 | 2,661 | 21,273 | 23,934 | 1,371 | — | 2012 | ||||||||||||||||||||||||||||||
U Club Townhomes on Marion Pugh | 160 | 640 | 6,722 | 26,546 | 128 | 6,722 | 26,674 | 33,396 | 1,843 | — | 2012 | ||||||||||||||||||||||||||||||
Villas on Rensch | 153 | 610 | 10,231 | 33,852 | 69 | 10,231 | 33,921 | 44,152 | 2,053 | — | 2012 | ||||||||||||||||||||||||||||||
The Village at Overton Park | 163 | 612 | 5,262 | 29,374 | 94 | 5,262 | 29,468 | 34,730 | 1,918 | — | 2012 | ||||||||||||||||||||||||||||||
Casa de Oro (ACE) | 109 | 365 | — | 12,362 | 14 | — | 12,376 | 12,376 | 887 | — | 2012 | ||||||||||||||||||||||||||||||
The Villas at Vista del Sol (ACE) | 104 | 400 | — | 20,421 | 16 | — | 20,437 | 20,437 | 1,471 | — | 2012 | ||||||||||||||||||||||||||||||
Icon Plaza | 56 | 253 | 6,292 | 65,857 | 1,301 | 6,292 | 67,158 | 73,450 | 2,313 | — | 2012 | ||||||||||||||||||||||||||||||
Chauncey Square | 158 | 386 | 2,522 | 40,013 | 875 | 2,522 | 40,888 | 43,410 | 1,587 | — | 2007/2012 | ||||||||||||||||||||||||||||||
309 Green | 110 | 416 | 5,351 | 49,987 | 1,009 | 5,351 | 50,996 | 56,347 | 1,862 | 32,410 | 2008 | ||||||||||||||||||||||||||||||
Lofts54 | 43 | 172 | 430 | 14,741 | 566 | 430 | 15,307 | 15,737 | 588 | 11,149 | 2008 | ||||||||||||||||||||||||||||||
Campustown Rentals | 280 | 766 | 2,520 | 40,190 | 3,149 | 2,520 | 43,339 | 45,859 | 1,682 | 23,163 | 1920/1987 | ||||||||||||||||||||||||||||||
Campustown | 452 | 1,217 | 1,818 | 77,894 | 1,182 | 1,818 | 79,076 | 80,894 | 2,929 | 41,896 | 1910/2004 | ||||||||||||||||||||||||||||||
Garnet River Walk | 170 | 476 | 1,427 | 28,616 | 695 | 1,427 | 29,311 | 30,738 | 1,318 | 17,465 | 2006 | ||||||||||||||||||||||||||||||
River Mill | 243 | 461 | 1,741 | 22,806 | 408 | 1,741 | 23,214 | 24,955 | 958 | — | 1972 | ||||||||||||||||||||||||||||||
Landmark | 173 | 606 | 3,002 | 118,168 | 251 | 3,002 | 118,419 | 121,421 | 4,244 | — | 2012 | ||||||||||||||||||||||||||||||
922 Place | 132 | 468 | 3,363 | 34,947 | 1,764 | 3,363 | 36,711 | 40,074 | 1,456 | 32,384 | 2009 | ||||||||||||||||||||||||||||||
Vintage West Campus | 62 | 121 | 2,572 | 11,906 | 245 | 2,572 | 12,151 | 14,723 | 461 | 8,998 | 2009 | ||||||||||||||||||||||||||||||
Initial Cost (1) | Total Costs | ||||||||||||||||||||||||||||||||||||||||
Units | Beds | Land | Buildings and | Costs | Land | Buildings and | Total (2) | Accumulated Depreciation | Encumbrances (3) | Year Built | |||||||||||||||||||||||||||||||
Improvements | Capitalized | Improvements | |||||||||||||||||||||||||||||||||||||||
and Furniture, | Subsequent to | and Furniture, | |||||||||||||||||||||||||||||||||||||||
Fixtures and | Acquisition / Initial Development | Fixtures and | |||||||||||||||||||||||||||||||||||||||
Equipment | Equipment | ||||||||||||||||||||||||||||||||||||||||
Texan West Campus | 62 | 190 | $ | 3,365 | $ | 14,360 | $ | 158 | $ | 3,365 | $ | 14,518 | $ | 17,883 | $ | 523 | $ | 16,100 | 2005 | ||||||||||||||||||||||
The Castilian | 371 | 623 | 3,663 | 59,772 | 4,195 | 3,663 | 63,967 | 67,630 | 2,079 | 28,300 | 1967 | ||||||||||||||||||||||||||||||
Bishops Square | 134 | 315 | 1,206 | 17,878 | 737 | 1,206 | 18,615 | 19,821 | 797 | 12,019 | 2002 | ||||||||||||||||||||||||||||||
Union | 54 | 120 | 169 | 6,348 | 241 | 169 | 6,589 | 6,758 | 286 | 3,711 | 2007 | ||||||||||||||||||||||||||||||
The Retreat | 187 | 780 | 5,265 | 46,236 | 570 | 5,265 | 46,806 | 52,071 | 1,778 | — | 2012 | ||||||||||||||||||||||||||||||
West 27th Place | 161 | 475 | 13,900 | 76,720 | 348 | 13,900 | 77,068 | 90,968 | 2,386 | 40,147 | 2011 | ||||||||||||||||||||||||||||||
The Cottages of Durham | 141 | 619 | 3,955 | 41,421 | 572 | 3,955 | 41,993 | 45,948 | 1,777 | — | 2012 | ||||||||||||||||||||||||||||||
The Province - Rochester | 336 | 816 | 3,798 | 70,955 | 791 | 3,798 | 71,746 | 75,544 | 2,524 | 36,085 | 2010 | ||||||||||||||||||||||||||||||
The Province - Greensboro | 219 | 696 | 2,226 | 48,567 | 370 | 2,226 | 48,937 | 51,163 | 1,723 | 29,000 | 2011 | ||||||||||||||||||||||||||||||
U Point Kennesaw | 216 | 795 | 1,482 | 61,654 | 2,746 | 1,482 | 64,400 | 65,882 | 2,203 | — | 2012 | ||||||||||||||||||||||||||||||
The Province - Tampa | 287 | 947 | — | 52,943 | 1,792 | — | 54,735 | 54,735 | 1,917 | 33,447 | 2009 | ||||||||||||||||||||||||||||||
The Lofts at Capital Garage | 36 | 144 | 313 | 3,581 | 292 | 313 | 3,873 | 4,186 | 142 | 4,563 | 1920/2000 | ||||||||||||||||||||||||||||||
RAMZ Apts on Broad | 88 | 172 | 785 | 12,303 | 304 | 785 | 12,607 | 13,392 | 423 | 9,686 | 2004 | ||||||||||||||||||||||||||||||
5 Twenty Four & 5 Twenty Five Angliana (10) | 376 | 1,060 | — | 60,448 | 391 | — | 60,839 | 60,839 | 2,205 | 26,733 | 2009/2011 | ||||||||||||||||||||||||||||||
The Province - Louisville | 366 | 858 | 4,392 | 63,068 | 538 | 4,392 | 63,606 | 67,998 | 2,302 | 38,612 | 2009 | ||||||||||||||||||||||||||||||
The Province - Dayton | 200 | 657 | 1,211 | 32,983 | 486 | 1,211 | 33,469 | 34,680 | 1,261 | — | 2009 | ||||||||||||||||||||||||||||||
The Lodges of East Lansing (11) | 364 | 1,049 | 6,472 | 89,231 | 628 | 6,472 | 89,859 | 96,331 | 2,487 | 31,174 | 2011/2013 | ||||||||||||||||||||||||||||||
The Cottages of Baton Rouge | 382 | 1,290 | 6,524 | 113,912 | 879 | 6,524 | 114,791 | 121,315 | 4,017 | 64,530 | 2010/2011 | ||||||||||||||||||||||||||||||
U Club Cottages | 105 | 308 | 1,744 | 22,134 | 442 | 1,744 | 22,576 | 24,320 | 885 | 16,160 | 2011 | ||||||||||||||||||||||||||||||
The Cottages of Columbia | 145 | 513 | 2,695 | 27,574 | 423 | 2,695 | 27,997 | 30,692 | 1,049 | 20,200 | 2008 | ||||||||||||||||||||||||||||||
Forest Village and Woodlake | 352 | 704 | 3,125 | 18,041 | 622 | 3,125 | 18,663 | 21,788 | 700 | — | 1982/1983 | ||||||||||||||||||||||||||||||
Grindstone Canyon | 201 | 384 | 1,631 | 21,641 | 451 | 1,631 | 22,092 | 23,723 | 850 | 14,403 | 2003 | ||||||||||||||||||||||||||||||
25Twenty | 249 | 562 | 2,226 | 33,429 | 165 | 2,226 | 33,594 | 35,820 | 1,345 | 27,000 | 2011 | ||||||||||||||||||||||||||||||
University Edge | 201 | 608 | 4,500 | 26,385 | 401 | 4,500 | 26,786 | 31,286 | 890 | — | 2012 | ||||||||||||||||||||||||||||||
Manzanita (ACE) | 241 | 816 | — | 48,212 | 7 | — | 48,219 | 48,219 | 798 | — | 2013 | ||||||||||||||||||||||||||||||
The Callaway House Austin and The Penthouse at Callaway | 219 | 753 | — | 61,468 | 46 | — | 61,514 | 61,514 | 928 | — | 2013 | ||||||||||||||||||||||||||||||
Chestnut Square (ACE) | 220 | 861 | — | 100,489 | 5 | — | 100,494 | 100,494 | 1,101 | — | 2013 | ||||||||||||||||||||||||||||||
U Club on Woodward | 112 | 448 | 6,703 | 21,712 | 11 | 6,703 | 21,723 | 28,426 | 352 | — | 2013 | ||||||||||||||||||||||||||||||
U Club Townhomes at Overton Park | 112 | 448 | 7,759 | 21,397 | 13 | 7,759 | 21,410 | 29,169 | 376 | — | 2013 | ||||||||||||||||||||||||||||||
601 Copeland | 81 | 283 | 1,457 | 26,721 | 5 | 1,457 | 26,726 | 28,183 | 354 | — | 2013 | ||||||||||||||||||||||||||||||
University View (ACE) | 96 | 336 | — | 14,692 | 6 | — | 14,698 | 14,698 | 260 | — | 2013 | ||||||||||||||||||||||||||||||
The Townhomes at Newtown | 152 | 608 | 7,745 | 32,307 | 13 | 7,745 | 32,320 | 40,065 | 297 | — | 2013 | ||||||||||||||||||||||||||||||
Crossing | |||||||||||||||||||||||||||||||||||||||||
7th Street Station | 82 | 309 | 9,792 | 16,472 | 67 | 9,792 | 16,539 | 26,331 | 281 | — | 2012 | ||||||||||||||||||||||||||||||
The Plaza Apartments | 289 | 359 | 9,647 | 655 | 11 | 9,647 | 666 | 10,313 | 247 | — | 1990 | ||||||||||||||||||||||||||||||
Park Point | 300 | 924 | 7,827 | 73,495 | 132 | 7,827 | 73,627 | 81,454 | 574 | 70,000 | 2008 | ||||||||||||||||||||||||||||||
U Centre at Fry Street | 194 | 614 | 2,902 | 47,700 | 53 | 2,902 | 47,753 | 50,655 | 241 | — | 2012 | ||||||||||||||||||||||||||||||
Initial Cost (1) | Total Costs | ||||||||||||||||||||||||||||||||||||||||
Units | Beds | Land | Buildings and | Costs | Land | Buildings and | Total (2) | Accumulated Depreciation | Encumbrances (3) | Year Built | |||||||||||||||||||||||||||||||
Improvements | Capitalized | Improvements | |||||||||||||||||||||||||||||||||||||||
and Furniture, | Subsequent to | and Furniture, | |||||||||||||||||||||||||||||||||||||||
Fixtures and | Acquisition / Initial Development | Fixtures and | |||||||||||||||||||||||||||||||||||||||
Equipment | Equipment | ||||||||||||||||||||||||||||||||||||||||
Cardinal Towne | 255 | 545 | $ | 6,547 | $ | 53,809 | $ | 5 | $ | 6,547 | $ | 53,814 | $ | 60,361 | $ | 238 | $ | 37,250 | 2010/2011 | ||||||||||||||||||||||
Properties Under Development (12) | |||||||||||||||||||||||||||||||||||||||||
The Plaza on University | 364 | 1,313 | 25,668 | 45,316 | — | 25,668 | 45,316 | 70,984 | — | — | 2014 | ||||||||||||||||||||||||||||||
Stanworth Commons Phase I - ACE | 127 | 214 | — | 19,005 | — | — | 19,005 | 19,005 | — | — | 2014 | ||||||||||||||||||||||||||||||
U Club on Frey Phase II | 102 | 408 | 5,400 | 8,704 | — | 5,400 | 8,704 | 14,104 | — | — | 2014 | ||||||||||||||||||||||||||||||
The Suites Phase II - ACE | 164 | 328 | — | 3,538 | — | — | 3,538 | 3,538 | — | — | 2014 | ||||||||||||||||||||||||||||||
U Centre at Northgate - ACE | 196 | 784 | — | 13,073 | — | — | 13,073 | 13,073 | — | — | 2014 | ||||||||||||||||||||||||||||||
University Walk | 177 | 526 | 3,577 | 7,041 | — | 3,577 | 7,041 | 10,618 | — | 1 | 2014 | ||||||||||||||||||||||||||||||
Lancaster Project - ACE | 351 | 1,316 | — | 17,021 | — | — | 17,021 | 17,021 | — | — | 2015 | ||||||||||||||||||||||||||||||
Eugene, OR Development | 192 | 734 | 8,299 | 2,268 | — | 8,299 | 2,268 | 10,567 | 31 | — | 2015 | ||||||||||||||||||||||||||||||
Undeveloped land parcels | — | — | 40,609 | — | — | 40,609 | — | 40,609 | — | — | N/A | ||||||||||||||||||||||||||||||
Subtotal | 31,347 | 97,314 | $ | 577,389 | $ | 4,960,456 | $ | 205,126 | $ | 577,389 | (13) | $ | 5,165,582 | (13) | $ | 5,742,971 | (13) | $ | 529,555 | (13) | $ | 1,345,009 | |||||||||||||||||||
On-Campus Participating Properties | |||||||||||||||||||||||||||||||||||||||||
University Village – PVAMU | 612 | 1,920 | $ | — | $ | 36,506 | $ | 5,782 | $ | — | $ | 42,288 | $ | 42,288 | $ | 25,975 | $ | 21,328 | 1996/97/98 | ||||||||||||||||||||||
University College - PVAMU | 756 | 1,470 | — | 22,650 | 3,625 | — | 26,275 | 26,275 | 13,782 | 17,850 | 2000/2003 | ||||||||||||||||||||||||||||||
University Village - TAMIU | 84 | 250 | — | 5,844 | 923 | — | 6,767 | 6,767 | 4,167 | 3,262 | 1997 | ||||||||||||||||||||||||||||||
Cullen Oaks Phase I and II | 411 | 879 | — | 33,910 | 2,216 | — | 36,126 | 36,126 | 13,325 | 31,380 | 2001/2005 | ||||||||||||||||||||||||||||||
West Virginia University Project (12) | 224 | 567 | — | 19,249 | — | — | 19,249 | 19,249 | — | 15,833 | 2014 | ||||||||||||||||||||||||||||||
Subtotal | 2,087 | 5,086 | $ | — | $ | 118,159 | $ | 12,546 | $ | — | $ | 130,705 | $ | 130,705 | $ | 57,249 | $ | 89,653 | |||||||||||||||||||||||
Total | 33,434 | 102,400 | $ | 577,389 | $ | 5,078,615 | $ | 217,672 | $ | 577,389 | $ | 5,296,287 | $ | 5,873,676 | $ | 586,804 | $ | 1,434,662 | |||||||||||||||||||||||
(1) | Initial cost for certain properties owned as of the date of the Companies initial public offering in August 2004 include a basis step-up recorded to bring the value of those properties to fair market value at that time. | ||||||||||||||||||||||||||||||||||||||||
(2) | Total aggregate costs for Federal income tax purposes is approximately $5,891.0 million. | ||||||||||||||||||||||||||||||||||||||||
(3) | Total encumbrances exclude net unamortized debt premiums of approximately $74.6 million and net unamortized debt discounts of approximately $2.0 million as of December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||
(4) | For property portfolio count purposes (as described in Note 1) University Club Townhomes includes two properties: University Club Tallahassee and The Grove at University Club. For lease administration purposes these two properties are reported combined. | ||||||||||||||||||||||||||||||||||||||||
(5) | For property portfolio count purposes (as described in Note 1) College Club Townhomes includes two properties: College Club Tallahassee and The Greens at College Club. For lease administration purposes these two properties are reported combined. | ||||||||||||||||||||||||||||||||||||||||
(6) | For property portfolio count purposes (as described in Note 1) University Village - Tallahassee includes three properties: Royal Oaks, Royal Pavilion and Royal Village Tallahassee. For lease administration purposes these three properties are reported combined. | ||||||||||||||||||||||||||||||||||||||||
(7) | For property portfolio count purposes (as described in Note 1) The Summit and Jacob Heights includes three properties: Jacob Heights I, Jacob Heights III and The Summit. For lease administration purposes these three properties are reported combined. | ||||||||||||||||||||||||||||||||||||||||
(8) | Hawks Landing is classified as Held for Sale as of December 31, 2013 and was sold in February 2014 (see Note 20). | ||||||||||||||||||||||||||||||||||||||||
(9) | For property portfolio count purposes (as described in Note 1) Willowtree Apartments and Towers includes two properties: Willowtree Apartments and Willowtree Towers. For lease administration purposes these two properties are reported combined. | ||||||||||||||||||||||||||||||||||||||||
(10) | For property portfolio count purposes (as described in Note 1) 5Twenty Four & 5Twenty Five Angliana includes two properties: 5Twenty Four Angliana and 5Twenty Five Angliana. For lease administration purposes these two properties are reported combined. | ||||||||||||||||||||||||||||||||||||||||
(11) | Includes an additional 366-bed phase purchased in July 2013. | ||||||||||||||||||||||||||||||||||||||||
(12) | Initial costs represent construction costs associated with the development of these properties. Year built represents the scheduled completion date. | ||||||||||||||||||||||||||||||||||||||||
(13) | Total costs and accumulated depreciation reported in Note 21 include Hawks Landing which was classified as Held for Sale as of December 31, 2013. Real estate and accumulated depreciation balances reported in Note 7 exclude Hawks Landing. Therefore, exclude Hawks Landing balances reported in this schedule to reconcile reported balances between Note 21 and Note 7. | ||||||||||||||||||||||||||||||||||||||||
The changes in the Company’s investments in real estate and related accumulated depreciation for each of the years ended December 31, 2013, 2012 and 2011 are as follows: | |||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
Wholly- | On-Campus (3) | Wholly- | On-Campus (3) | Wholly- | On-Campus (3) | ||||||||||||||||||||||||||||||||||||
Owned (1) (2) | Owned (1) | Owned (1) | |||||||||||||||||||||||||||||||||||||||
Investments in Real Estate: | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 5,267,845 | $ | 109,838 | $ | 3,089,267 | $ | 107,698 | $ | 2,674,204 | $ | 105,865 | |||||||||||||||||||||||||||||
Acquisition of land for development | 25,649 | — | 29,353 | — | 8,257 | — | |||||||||||||||||||||||||||||||||||
Acquisition of properties | 288,191 | — | 1,847,366 | — | 269,258 | — | |||||||||||||||||||||||||||||||||||
Improvements and development expenditures | 340,033 | 20,867 | 359,296 | 2,140 | 223,796 | 1,833 | |||||||||||||||||||||||||||||||||||
Write off of fully depreciated assets | (1,862 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Provision for asset impairment | — | — | — | — | (559 | ) | — | ||||||||||||||||||||||||||||||||||
Disposition of real estate | (176,885 | ) | — | (57,437 | ) | — | (85,689 | ) | — | ||||||||||||||||||||||||||||||||
Balance, end of year | $ | 5,742,971 | (4) | $ | 130,705 | $ | 5,267,845 | $ | 109,838 | $ | 3,089,267 | $ | 107,698 | ||||||||||||||||||||||||||||
Accumulated Depreciation: | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | (396,469 | ) | $ | (52,492 | ) | $ | (300,210 | ) | $ | (47,848 | ) | $ | (240,360 | ) | $ | (43,379 | ) | |||||||||||||||||||||||
Depreciation for the year | (162,230 | ) | (4,757 | ) | (103,306 | ) | (4,644 | ) | (79,096 | ) | (4,469 | ) | |||||||||||||||||||||||||||||
Write off of fully depreciated assets | 1,862 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Disposition of properties | 27,282 | — | 7,047 | — | 19,246 | — | |||||||||||||||||||||||||||||||||||
Balance, end of year | $ | (529,555 | ) | (4) | $ | (57,249 | ) | $ | (396,469 | ) | $ | (52,492 | ) | $ | (300,210 | ) | $ | (47,848 | ) | ||||||||||||||||||||||
(1) | Includes owned off-campus properties and owned on-campus properties. | ||||||||||||||||||||||||||||||||||||||||
(2) | The investments in real estate and accumulated depreciation balances include Hawks Landing which was classified as wholly-owned property Held for Sale in the accompanying consolidated balance sheets as of December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||
(3) | Includes on-campus participating properties. | ||||||||||||||||||||||||||||||||||||||||
(4) | Investments in real estate and accumulated depreciation balances reported in Note 21 include Hawks Landing which was classified as Held for Sale as of December 31, 2013. Real estate and accumulated depreciation balances reported in Note 7 exclude Hawks Landing. Therefore, exclude Hawks Landing balances reported in the Schedule of Real Estate and Accumulated Depreciation to reconcile reported balances between Note 21 and Note 7. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Real Estate Properties [Line Items] | ' | ||||||||||||||||
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. | |||||||||||||||||
Recent Accounting Pronouncements | ' | ||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||
There were no new accounting pronouncements issued or effective during the fiscal year which have had or are expected to have a material impact on the Consolidated Financial Statements. | |||||||||||||||||
Use of Estimates | ' | ||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||
Investments in Real Estate and On-Campus Properties | ' | ||||||||||||||||
Investments in Real Estate | |||||||||||||||||
Investments in real estate are recorded at historical cost. Major improvements that extend the life of an asset are capitalized and depreciated over the remaining useful life of the asset. The cost of ordinary repairs and maintenance are 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 $10.0 million, $9.8 million and $6.6 million was capitalized during the years ended December 31, 2013, 2012 and 2011, respectively. Amortization of deferred financing costs totaling approximately $-0-, $0.2 million and $0.3 million was capitalized as construction in progress during the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||
Management assesses whether there has been an impairment in the value of the Company’s investments in real estate whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment is recognized when estimated expected future undiscounted cash flows are less than the carrying value of the property. 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 December 31, 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 / comparable 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. We have determined these estimates to have been primarily based upon unobservable inputs and therefore are considered to be Level 3 inputs within the fair value hierarchy. | |||||||||||||||||
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. | |||||||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company maintains cash balances in various banks. At times the Company’s balances may exceed the amount insured by the FDIC. As the Company only uses money-centered financial institutions, the Company does not believe it is exposed to any significant credit risk related to its cash and cash equivalents. | |||||||||||||||||
Restricted Cash | ' | ||||||||||||||||
Restricted Cash | |||||||||||||||||
Restricted cash consists of funds held in trust and invested in low risk investments, generally consisting of government backed securities, as permitted by the indentures of trusts, which were established in connection with three bond issues. Additionally, restricted cash includes escrow accounts held by lenders and resident security deposits, as required by law in certain states. Restricted cash also consists of escrow deposits made in connection with potential property acquisitions and development opportunities. These escrow deposits are invested in interest-bearing accounts at federally-insured banks. Realized and unrealized gains and losses are not material for the periods presented. | |||||||||||||||||
Loans Receivable | ' | ||||||||||||||||
Loans Receivable | |||||||||||||||||
Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan purchase discounts, and net of an allowance for loan losses when such loan is deemed to be impaired. Loan purchase discounts are amortized over the term of the loan. The 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. | |||||||||||||||||
In connection with the property acquisitions discussed in Note 5 herein, the Company capitalized approximately $3.2 million, $18.6 million and $2.6 million for the years December 31, 2013, 2012 and 2011, respectively, related to management’s estimate of the fair value of in-place leases assumed. Amortization expense was approximately $13.7 million, $6.8 million and $4.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. Accumulated amortization at December 31, 2013 and 2012 was approximately $25.5 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. See Note 5 herein for a detailed discussion of the property acquisitions completed during 2013, 2012 and 2011. | |||||||||||||||||
Deferred Financing Costs | ' | ||||||||||||||||
Deferred Financing Costs | |||||||||||||||||
The Company defers financing costs and amortizes the costs over the terms of the related debt using the effective interest method. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to earnings. Deferred finance costs at December 31, 2013 and 2012 was approximately $37.8 million and $31.9 million, respectively, and accumulated amortization at December 31, 2013 and 2012 was approximately $14.2 million and $13.3 million, respectively. Deferred financing costs, net of amortization, are included in other assets on the accompanying consolidated balance sheets. | |||||||||||||||||
Joint Ventures | ' | ||||||||||||||||
Joint Ventures | |||||||||||||||||
The Company holds interests in both consolidated and unconsolidated joint ventures. The Company consolidates joint ventures when it exhibits financial or operational control, which is determined using accounting standards related to the consolidation of joint ventures and VIEs. For joint ventures that are defined as VIEs, the primary beneficiary consolidates the entity. The Company considers itself to be the primary beneficiary of a VIE when it has the power to direct the activities that most significantly impact the performance of the VIE, such as management of day-to-day operations, preparing and approving operating and capital budgets, and encumbering or selling the related properties. In instances where the Company is not the primary beneficiary, it does not consolidate the joint venture for financial reporting purposes. | |||||||||||||||||
For joint ventures that are not defined as VIEs, management first considers whether the Company is the general partner or a limited partner (or the equivalent in such investments which are not structured as partnerships). The Company consolidates joint ventures where it is the general partner and the limited partners in such investments do not have rights which would preclude control and, therefore, consolidation for financial reporting purposes. For joint ventures where the Company is the general partner, but does not control the joint venture as the other partners hold substantive participating rights, the Company uses the equity method of accounting. For joint ventures where the Company is a limited partner, management considers factors such as ownership interest, voting control, authority to make decisions, and contractual and substantive participating rights of the partners to determine if the presumption that the general partner controls the entity is overcome. In instances where these factors indicate the Company controls the joint venture, the Company consolidates the joint venture; otherwise it uses the equity method of accounting. | |||||||||||||||||
Mortgage Debt - Premiums and Discounts | ' | ||||||||||||||||
Mortgage Debt - Premiums and Discounts | |||||||||||||||||
Mortgage debt premiums and discounts represent fair value adjustments to account for the difference between the stated rates and market rates of mortgage debt assumed in connection with the Company’s property acquisitions. The mortgage debt premiums and discounts are 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 $14.0 million, $3.2 million and $4.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013 and 2012, net unamortized mortgage debt premiums were approximately $74.6 million and $90.1 million, respectively, and net unamortized mortgage debt discounts were approximately $2.0 million and $3.5 million, 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 | ' | ||||||||||||||||
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 11) 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 December 31, 2013 and is included in unsecured notes on the accompanying consolidated balance sheets and amortization of the original issue discount of approximately $0.1 million for the year ended December 31, 2013 is included in interest expense on the accompanying consolidated statements of comprehensive income. | |||||||||||||||||
Redeemable Noncontrolling Interests (Company) / Redeemable Limited Partners (Operating Partnership) | ' | ||||||||||||||||
Redeemable Noncontrolling Interests (Company) / Redeemable Limited Partners (Operating Partnership) | |||||||||||||||||
ACC classifies Redeemable Noncontrolling Interests (referred to as Redeemable Limited Partners for ACCOP) in the mezzanine section of the accompanying consolidated balance sheets for the portion of common and preferred Operating Partnership units (“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. The redeemable noncontrolling interest units / redeemable limited partner units are adjusted to the greater of carrying value or fair market value based on the common share price of ACC at the end of each respective reporting period. | |||||||||||||||||
Rental Revenues and Related Receivables | ' | ||||||||||||||||
Rental Revenues and Related Receivables | |||||||||||||||||
Students are required to execute lease contracts with payment schedules that vary from single to monthly payments. Receivables are recorded when billed, revenues and related lease incentives are recognized on a straight-line basis over the term of the contracts, and balances are considered past due when payment is not received on the contractual due date. The Company generally requires each executed contract to be accompanied by a signed parental guaranty, and in certain cases a refundable security deposit. Security deposits are refundable, net of any outstanding charges, upon expiration of the underlying contract. | |||||||||||||||||
As of December 31, 2012, student contracts receivable, net included approximately $6.6 million related to receivables due from Arizona State University for two owned on-campus ACE properties (Barrett Honors College and Casa de Oro). At these properties, the University is responsible for collecting student rent and remitting funds to the Company. These receivables were collected from Arizona State University subsequent to December 31, 2012. | |||||||||||||||||
Allowances for receivables are established when management determines that collection of such receivables are doubtful. When management has determined receivables to be uncollectible, they are removed as an asset with a corresponding reduction in the allowance for doubtful accounts. | |||||||||||||||||
The allowance for doubtful accounts is summarized as follows: | |||||||||||||||||
Balance, Beginning | Charged to | Write-Offs | Balance, End | ||||||||||||||
of Period | Expense | of Period | |||||||||||||||
Year ended December 31, 2011 | $ | 8,621 | $ | 5,740 | $ | (4,865 | ) | $ | 9,496 | ||||||||
Year ended December 31, 2012 | $ | 9,496 | $ | 6,472 | $ | (5,366 | ) | $ | 10,602 | ||||||||
Year ended December 31, 2013 | $ | 10,602 | $ | 9,871 | $ | (4,547 | ) | $ | 15,926 | ||||||||
Third-Party Development Services Revenue and Costs | ' | ||||||||||||||||
Third-Party Development Services Revenue and Costs | |||||||||||||||||
Development revenues are generally recognized based on a proportional performance method based on contract deliverables, while construction revenues are recognized using the percentage of completion method, as determined by construction costs incurred relative to total estimated construction costs. Costs associated with such projects are deferred and recognized in relation to the revenues earned on executed contracts. For projects where the Company’s fee is based on a fixed price, any cost overruns incurred during construction, as compared to the original budget, will reduce the net fee generated on those projects. Incentive fees are generally recognized when the project is complete and performance has been agreed upon by all parties, or when performance has been verified by an independent third-party. The Company also evaluates the collectability of fee income and expense reimbursements generated through the provision of development and construction management services based upon the individual facts and circumstances, including the contractual right to receive such amounts in accordance with the terms of the various projects, and reserves any amounts that are deemed to be uncollectible. | |||||||||||||||||
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 December 31, 2013, the Company has deferred approximately $2.3 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. | |||||||||||||||||
Third-Party Management Services Revenue | ' | ||||||||||||||||
Third-Party Management Services Revenue | |||||||||||||||||
Management fees are recognized when earned in accordance with each management contract. Incentive management fees are recognized when the incentive criteria have been met. | |||||||||||||||||
Advertising Costs | ' | ||||||||||||||||
Advertising Costs | |||||||||||||||||
Advertising costs are expensed during the period incurred, or as the advertising takes place, depending on the nature and term of the specific advertising arrangements. Advertising expense approximated $18.0 million, $10.8 million and $8.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||||||
Derivative Instruments and Hedging Activities | |||||||||||||||||
The Company records all derivative financial instruments on the balance sheet at fair value. Changes in fair value are recognized either in earnings or as other comprehensive income, depending on whether the derivative has been designated as a fair value or cash flow hedge and whether it qualifies as part of a hedging relationship, the nature of the exposure being hedged, and how effective the derivative is at offsetting movements in underlying exposure. The Company discontinues hedge accounting when: (i) it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item; (ii) the derivative expires or is sold, terminated, or exercised; (iii) it is no longer probable that the forecasted transaction will occur; or (iv) management determines that designating the derivative as a hedging instrument is no longer appropriate. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company will carry the derivative at its fair value on the balance sheet, recognizing changes in the fair value in current-period earnings. The Company uses interest rate swaps to effectively convert a portion of its floating rate debt to fixed rate, thus reducing the impact of rising interest rates on interest payments. These instruments are designated as cash flow hedges and the interest differential to be paid or received is accrued as interest expense. The Company’s counter-parties are major financial institutions. See Note 14 for an expanded discussion on derivative instruments and hedging activities. | |||||||||||||||||
Common Stock Issuances and Costs | ' | ||||||||||||||||
Common Stock Issuances and Costs | |||||||||||||||||
Specific incremental costs directly attributable to the Company’s equity offerings are deferred and charged against the gross proceeds of the offering. As such, underwriting commissions and other common stock issuance costs are reflected as a reduction of additional paid in capital. See Note 12 for an expanded discussion on common stock issuances and costs. | |||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||
Share-Based Compensation | |||||||||||||||||
The Company has recognized compensation expense related to certain stock-based awards (see Note 13) over the underlying vesting periods, which amounted to approximately $6.9 million, $5.8 million and $4.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||
Income Taxes | ' | ||||||||||||||||
Income Taxes | |||||||||||||||||
The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted taxable income to its stockholders. As a REIT, the Company will generally not be subject to corporate level federal income tax on taxable income it currently distributes to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for the subsequent four taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local income and excise taxes on its income and property, and to federal income and excise taxes on its undistributed income. | |||||||||||||||||
The Company owns two TRSs, one of which manages the Company’s non-REIT activities and each is subject to federal, state and local income taxes. | |||||||||||||||||
Other Nonoperating (Expense) Income | ' | ||||||||||||||||
Other Nonoperating (Expense) Income | |||||||||||||||||
Other nonoperating expense of approximately $2.7 million for the year ended December 31, 2013 represents the following items: (i) $2.8 million expense relating to litigation settlement costs, in excess of amounts provided by insurance, recorded subsequent to the purchase of $52.8 million in loans receivable acquired from National Public Finance Guarantee Corporation (“National”) which facilitated the settlement of a lawsuit brought by National against us. In connection with our purchase of the loans receivable, we 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, offset by a (ii) $0.1 million gain recognized upon our purchase of Townhomes at Newtown Crossing in September 2013, a property previously subject to a pre-sale/mezzanine investment agreement. We included the property in our consolidated financial statements during the construction period, as a result of applying accounting guidance related to variable interest entities. The property completed construction in August 2013 and the gain recorded upon our purchase of the property primarily relates to interest income earned on our mezzanine investment during the construction period. | |||||||||||||||||
Other nonoperating income of $0.4 million for the year ended December 31, 2012 represents the following items: gains of approximately $0.4 million and $0.1 million, respectively, recorded in connection with the Company’s acquisition of University Edge and The Retreat, as a result of the deferred recognition of interest income earned on mezzanine financing provided to third-party developers upon closing of the purchase of these properties (see Note 5); offset by a $0.1 million loss recorded as a result of remeasuring the Company’s equity method investment in a joint venture, in which the Company previously held a 10% interest, to fair value immediately prior to the Company’s acquisition of the remaining 90% interest in University Heights (see Note 10). | |||||||||||||||||
Owned On Campus Properties | ' | ||||||||||||||||
Real Estate Properties [Line Items] | ' | ||||||||||||||||
Investments in Real Estate and On-Campus Properties | ' | ||||||||||||||||
Owned On-Campus Properties | |||||||||||||||||
Under its ACE program, the Company, as lessee, has entered into ground/facility lease agreements with eight university systems to finance, construct, and manage 18 student housing properties. Four properties were under construction as of December 31, 2013 with three scheduled to open for occupancy in fall 2014 and one in fall 2015. The terms of the leases, including extension options, range from 30 to 85 years, and the lessor has title to the land and usually any improvements placed thereon. The Company’s involvement in construction requires the lessor’s post construction ownership of the improvements to be treated as a sale with a subsequent leaseback by the Company. However, these sale-leaseback transactions do not qualify for sale-leaseback accounting because of the Company’s continuing involvement in the constructed assets. As a result of the Company’s continuing involvement, these leases are accounted for by the deposit method, in which the assets subject to the ground/facility leases are reflected at historical cost, less amortization, and the financing obligations are reflected at the terms of the underlying financing. | |||||||||||||||||
On-campus participating properties | ' | ||||||||||||||||
Real Estate Properties [Line Items] | ' | ||||||||||||||||
Investments in Real Estate and On-Campus Properties | ' | ||||||||||||||||
On-Campus Participating Properties | |||||||||||||||||
The Company has entered into ground and facility leases with three university systems and colleges to finance, construct, and manage five on-campus student housing facilities. Under the terms of the leases, the lessor has title to the land and any improvements placed thereon. Each lease terminates upon final repayment of the construction related financing, the amortization period of which is contractually stipulated. The Company’s involvement in construction requires the lessor’s post construction ownership of the improvements to be treated as a sale with a subsequent leaseback by the Company. The sale-leaseback transaction has been accounted for as a financing, and as a result, any fee earned during construction is deferred and recognized over the term of the lease. The resulting financing obligation is reflected at the terms of the underlying financing, i.e., interest is accrued at the contractual rates and principal reduces in accordance with the contractual principal repayment schedules. | |||||||||||||||||
The entities that own the on-campus participating properties are determined to be Variable Interest Entities (“VIEs”), with the Company being the primary beneficiary. As such, the Company reflects these assets subject to ground/facility leases at historical cost, less amortization. Costs are amortized, and deferred fee revenue in excess of the cost of providing the service is recognized, over the lease term. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 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 allowance for doubtful accounts | ' | ||||||||||||||||
The allowance for doubtful accounts is summarized as follows: | |||||||||||||||||
Balance, Beginning | Charged to | Write-Offs | Balance, End | ||||||||||||||
of Period | Expense | of Period | |||||||||||||||
Year ended December 31, 2011 | $ | 8,621 | $ | 5,740 | $ | (4,865 | ) | $ | 9,496 | ||||||||
Year ended December 31, 2012 | $ | 9,496 | $ | 6,472 | $ | (5,366 | ) | $ | 10,602 | ||||||||
Year ended December 31, 2013 | $ | 10,602 | $ | 9,871 | $ | (4,547 | ) | $ | 15,926 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share Disclosure [Line Items] | ' | ||||||||||||
Schedule of potentially dilutive securities not included in calculating diluted earnings per share | ' | ||||||||||||
The following potentially dilutive securities were outstanding for the years ended December 31, 2013, 2012 and 2011, but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Common OP Units (Note 9) | 1,158,892 | 951,891 | 913,132 | ||||||||||
Preferred OP Units (Note 9) | 113,721 | 114,128 | 114,263 | ||||||||||
Total potentially dilutive securities | 1,272,613 | 1,066,019 | 1,027,395 | ||||||||||
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 share: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator - basic and diluted earnings per share: | |||||||||||||
Income from continuing operations | $ | 47,436 | $ | 48,789 | $ | 34,011 | |||||||
Income from continuing operations attributable to | (1,843 | ) | (3,460 | ) | (990 | ) | |||||||
noncontrolling interests | |||||||||||||
Income from continuing operations attributable to | 45,593 | 45,329 | 33,021 | ||||||||||
common shareholders | |||||||||||||
Amount allocated to participating securities | (927 | ) | (848 | ) | (773 | ) | |||||||
Income from continuing operations attributable to | 44,666 | 44,481 | 32,248 | ||||||||||
common shareholders, net of amount allocated to | |||||||||||||
participating securities | |||||||||||||
Income from discontinued operations | 59,755 | 11,449 | 23,961 | ||||||||||
Income from discontinued operations attributable to noncontrolling interests | (704 | ) | (142 | ) | (353 | ) | |||||||
Income from discontinued operations attributable | 59,051 | 11,307 | 23,608 | ||||||||||
to common shareholders | |||||||||||||
Net income attributable to common shareholders | $ | 103,717 | $ | 55,788 | $ | 55,856 | |||||||
Denominator: | |||||||||||||
Basic weighted average common shares outstanding | 104,760,502 | 84,711,584 | 69,243,203 | ||||||||||
Unvested Restricted Stock Awards (Note 13) | 621,818 | 597,867 | 564,191 | ||||||||||
Diluted weighted average common shares outstanding | 105,382,320 | 85,309,451 | 69,807,394 | ||||||||||
Earnings per share – basic: | |||||||||||||
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | $ | 0.43 | $ | 0.53 | $ | 0.47 | |||||||
Income from discontinued operations attributable to common shareholders | $ | 0.56 | $ | 0.13 | $ | 0.34 | |||||||
Net income attributable to common shareholders | $ | 0.99 | $ | 0.66 | $ | 0.81 | |||||||
Earnings per share – diluted: | |||||||||||||
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | $ | 0.42 | $ | 0.52 | $ | 0.46 | |||||||
Income from discontinued operations attributable to common shareholders | $ | 0.56 | $ | 0.13 | $ | 0.34 | |||||||
Net income attributable to common shareholders | $ | 0.98 | $ | 0.65 | $ | 0.8 | |||||||
Distributions declared per common share | $ | 1.42 | $ | 1.35 | $ | 1.35 | |||||||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' | ||||||||||||
Earnings Per Share Disclosure [Line Items] | ' | ||||||||||||
Schedule of potentially dilutive securities not included in calculating diluted earnings per share | ' | ||||||||||||
The following is a summary of the elements used in calculating basic and diluted earnings per unit: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator - basic and diluted earnings per unit: | |||||||||||||
Income from continuing operations | $ | 47,436 | $ | 48,789 | $ | 34,011 | |||||||
Income from continuing operations attributable to | (1,188 | ) | (2,755 | ) | (413 | ) | |||||||
noncontrolling interests - partially owned properties | |||||||||||||
Income from continuing operations attributable to | (119 | ) | (168 | ) | (144 | ) | |||||||
Series A preferred units | |||||||||||||
Amount allocated to participating securities | (927 | ) | (848 | ) | (773 | ) | |||||||
Income from continuing operations attributable to | 45,202 | 45,018 | 32,681 | ||||||||||
common unitholders, net of amount allocated to | |||||||||||||
participating securities | |||||||||||||
Income from discontinued operations | 59,755 | 11,449 | 23,961 | ||||||||||
Income from discontinued operations attributable to Series A preferred units | (63 | ) | (15 | ) | (39 | ) | |||||||
Income from discontinued operations attributable | 59,692 | 11,434 | 23,922 | ||||||||||
to common unitholders | |||||||||||||
Net income attributable to common unitholders | $ | 104,894 | $ | 56,452 | $ | 56,603 | |||||||
Denominator: | |||||||||||||
Basic weighted average common units outstanding | 105,919,394 | 85,663,475 | 70,156,335 | ||||||||||
Unvested Restricted Stock Awards (Note 13) | 621,818 | 597,867 | 564,191 | ||||||||||
Diluted weighted average common units outstanding | 106,541,212 | 86,261,342 | 70,720,526 | ||||||||||
Earnings per unit – basic: | |||||||||||||
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities | $ | 0.43 | $ | 0.53 | $ | 0.47 | |||||||
Income from discontinued operations attributable to common unitholders | $ | 0.56 | $ | 0.13 | $ | 0.34 | |||||||
Net income attributable to common unitholders | $ | 0.99 | $ | 0.66 | $ | 0.81 | |||||||
Earnings per unit – diluted: | |||||||||||||
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities | $ | 0.42 | $ | 0.52 | $ | 0.46 | |||||||
Income from discontinued operations attributable to common unitholders | $ | 0.56 | $ | 0.13 | $ | 0.34 | |||||||
Net income attributable to common unitholders | $ | 0.98 | $ | 0.65 | $ | 0.8 | |||||||
Distributions declared per common unit | $ | 1.42 | $ | 1.35 | $ | 1.35 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of significant components of deferred tax assets and liabilities of TRSs | ' | ||||||||||||
Significant components of the deferred tax assets and liabilities of the TRSs are as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Fixed and intangible assets | $ | 3,461 | $ | 3,429 | |||||||||
Net operating loss carryforwards | 5,786 | 4,518 | |||||||||||
Prepaid and deferred rent | 2,437 | 2,598 | |||||||||||
Bad debt reserves | 716 | 754 | |||||||||||
Accrued expenses and other | 2,759 | 2,216 | |||||||||||
Stock compensation | 2,040 | 1,669 | |||||||||||
Total deferred tax assets | 17,199 | 15,184 | |||||||||||
Valuation allowance for deferred tax assets | (16,916 | ) | (14,856 | ) | |||||||||
Deferred tax assets, net of valuation allowance | 283 | 328 | |||||||||||
Deferred tax liability: | |||||||||||||
Deferred financing costs | 283 | 328 | |||||||||||
Net deferred tax liabilities | $ | — | $ | — | |||||||||
Schedule of significant components of income tax provision | ' | ||||||||||||
Significant components of the Company’s income tax provision are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | — | $ | — | $ | — | |||||||
State | (1,020 | ) | (725 | ) | (433 | ) | |||||||
Deferred: | |||||||||||||
Federal | — | — | — | ||||||||||
State | — | — | — | ||||||||||
Total provision -- continuing | $ | (1,020 | ) | $ | (725 | ) | $ | (433 | ) | ||||
operations | |||||||||||||
Schedule of reconciliation of income tax attributable to continuing operations for the TRSs computed at the U.S. statutory rate to income tax provision | ' | ||||||||||||
The reconciliation of income tax attributable to continuing operations for the TRSs computed at the U.S. statutory rate to income tax provision is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Tax benefit at U.S. statutory rates on TRS income | $ | 2,060 | $ | 60 | $ | 121 | |||||||
subject to tax | |||||||||||||
State income tax, net of federal income tax benefit | 76 | — | 1 | ||||||||||
Effect of permanent differences and other | (76 | ) | (46 | ) | (60 | ) | |||||||
Decrease in valuation allowance | (2,060 | ) | (14 | ) | (62 | ) | |||||||
TRS income tax provision | $ | — | $ | — | $ | — | |||||||
Property_Acquisitions_Tables
Property Acquisitions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Schedule of allocation of total consideration to the assets and liabilities acquired | ' | ||||||||||||
The following table summarizes our allocation of total consideration to the assets and liabilities acquired from the properties discussed above: | |||||||||||||
Description | Amount (000s) | ||||||||||||
Land | $ | 47,851 | |||||||||||
Buildings | 227,236 | ||||||||||||
Building improvements | 16,262 | ||||||||||||
Furniture, fixtures and equipment | 9,694 | ||||||||||||
In-place leases - student and retail | 3,180 | ||||||||||||
Other assets and liabilities, net | 17,960 | ||||||||||||
Total aggregate consideration | $ | 322,183 | |||||||||||
Less: mortgage debt assumed (1) | (70,000 | ) | |||||||||||
Net assets acquired | $ | 252,183 | |||||||||||
Schedule of unaudited pro forma information | ' | ||||||||||||
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: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Total revenues | $ | 678,333 | $ | 608,691 | $ | 541,333 | |||||||
Net income attributable to common shareholders | $ | 111,535 | $ | 89,642 | $ | 80,873 | |||||||
Net income per share attributable to common shareholders, as adjusted - basic | $ | 1.06 | $ | 0.85 | $ | 0.81 | |||||||
Net income per share attributable to common shareholders, as adjusted - diluted | $ | 1.05 | $ | 0.84 | $ | 0.8 | |||||||
Property_Dispositions_and_Disc1
Property Dispositions and Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Schedule of properties sold during period | ' | ||||||||||||
The following owned off-campus property was classified as Held for Sale on the accompanying consolidated balance sheet as of December 31, 2013: | |||||||||||||
Property | Location | Primary University Served | Units | Beds | |||||||||
Hawks Landing (1) | Oxford, OH | Miami University of Ohio | 122 | 484 | |||||||||
(1) | Property was sold in February 2014 (see Note 20). | ||||||||||||
Concurrent with this classification, this property was recorded at the lower of cost or fair value less estimated selling costs. The net income attributable to this property is included in discontinued operations on the accompanying consolidated statements of comprehensive income for all periods presented. | |||||||||||||
2013 Dispositions | |||||||||||||
In 2013, the Company sold the following six owned off-campus properties for a combined sales price of approximately $184.2 million resulting in total proceeds of approximately $180.5 million. The combined gain on these dispositions of approximately $55.3 million is included in discontinued operations on the accompanying consolidated statements of comprehensive income for the year ended December 31, 2013. | |||||||||||||
Property | Disposition Date | Location | Primary University Served | Units | Beds | ||||||||
University Mills (1) | 13-Nov-13 | Cedar Falls, IA | University of Northern Iowa | 121 | 481 | ||||||||
Campus Ridge (2) | 4-Oct-13 | Johnson City, TN | East Tennessee State University | 132 | 528 | ||||||||
Northgate Lakes (2) | 24-Jul-13 | Orlando, FL | University of Central Florida | 194 | 710 | ||||||||
The Village at Blacksburg | 10-Jul-13 | Blacksburg, VA | Virginia Tech University | 288 | 1,056 | ||||||||
State College Park | 10-Jul-13 | State College, PA | Penn State University | 196 | 752 | ||||||||
University Pines | 10-Jul-13 | Statesboro, GA | Georgia Southern University | 144 | 552 | ||||||||
(1) | Concurrent with this transaction, the Company paid off outstanding mortgage debt of approximately $8.1 million and incurred related defeasance costs of approximately $0.3 million. The defeasance costs are reflected as a loss from early extinguishment of debt in discontinued operations on the accompanying consolidated statements of comprehensive income for the year ended December 31, 2013. | ||||||||||||
(2) | These properties were included in the property Collateral Pool which secures our agency facility (see Note 11). As a result, concurrent with the sale of these properties, $23.1 million of the secured agency facility's outstanding balance was paid down. | ||||||||||||
2012 Dispositions | |||||||||||||
In 2012, the Company sold the following three owned off-campus properties for a combined sales price of approximately $54.1 million resulting in total proceeds of approximately $42.3 million. The combined gain on these dispositions of approximately $4.3 million is included in discontinued operations on the accompanying consolidated statements of comprehensive income for the year ended December 31, 2012. | |||||||||||||
Property | Location | Primary University Served | Units | Beds | |||||||||
Brookstone Village (1) | Wilmington, NC | UNC - Wilmington | 124 | 238 | |||||||||
Campus Walk (1) | Wilmington, NC | UNC - Wilmington | 289 | 290 | |||||||||
Pirates Cove | Greenville, NC | East Carolina University | 264 | 1,056 | |||||||||
(1) | Concurrent with this transaction, the Company paid off outstanding mortgage debt totaling approximately $10.8 million and incurred related defeasance costs of approximately $1.6 million. The defeasance costs are reflected as a loss from early extinguishment of debt in discontinued operations on the accompanying consolidated statements of comprehensive income for the year ended December 31, 2012. | ||||||||||||
2011 Dispositions | |||||||||||||
In 2011, the Company sold the following four owned off-campus properties for a combined sales price of approximately $82.0 million resulting in total proceeds of approximately $80.4 million. The combined gain on these dispositions of approximately $14.8 million is included in discontinued operations on the accompanying consolidated statements of comprehensive income for the year ended December 31, 2011. | |||||||||||||
Property | Location | Primary University Served | Units | Beds | |||||||||
River Walk Townhomes | Athens, GA | The University of Georgia | 100 | 336 | |||||||||
River Club Apartments | Athens, GA | The University of Georgia | 266 | 792 | |||||||||
Villas on Apache | Tempe, AZ | Arizona State University | 111 | 288 | |||||||||
Campus Club - Statesboro | Statesboro, GA | Georgia Southern University | 276 | 984 | |||||||||
Schedule of summary of results of disposition and discontinued operations | ' | ||||||||||||
The properties discussed above are included in the wholly-owned properties segment (see Note 18). Below is a summary of the results of operations for the properties discussed above through their respective disposition dates for all periods presented: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Total revenues | $ | 16,191 | $ | 30,144 | $ | 37,036 | |||||||
Total operating expenses | (7,220 | ) | (12,641 | ) | (16,195 | ) | |||||||
Depreciation and amortization | (2,487 | ) | (5,991 | ) | (8,431 | ) | |||||||
Provision for asset impairment | — | — | (559 | ) | |||||||||
Operating income | 6,484 | 11,512 | 11,851 | ||||||||||
Total nonoperating expenses | (1,660 | ) | (2,784 | ) | (2,696 | ) | |||||||
Net income | $ | 4,824 | $ | 8,728 | $ | 9,155 | |||||||
Investments_in_WhollyOwned_Pro1
Investments in Wholly-Owned Properties (Tables) (Wholly owned properties) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Wholly owned properties | ' | ||||||||
Real Estate Properties [Line Items] | ' | ||||||||
Schedule of real estate properties | ' | ||||||||
Wholly-owned properties consisted of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Land (1) (2) | $ | 575,944 | $ | 550,274 | |||||
Buildings and improvements | 4,759,879 | 4,351,239 | |||||||
Furniture, fixtures and equipment (2) | 267,022 | 227,409 | |||||||
Construction in progress (2) | 121,923 | 138,923 | |||||||
5,724,768 | 5,267,845 | ||||||||
Less accumulated depreciation | (525,760 | ) | (396,469 | ) | |||||
Wholly-owned properties, net (3) | $ | 5,199,008 | $ | 4,871,376 | |||||
(1) | The land balance above includes undeveloped land parcels with book values of approximately $40.6 million and $30.7 million as of December 31, 2013 and 2012, respectively. Also includes land totaling approximately $39.4 million and $41.6 million as of December 31, 2013 and 2012, respectively, related to properties under development. | ||||||||
(2) | Land, furniture, fixtures and equipment and construction in progress as of December 31, 2013 include $3.6 million, $0.5 million and $6.6 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 deadlines and other closing conditions. The development of the property is anticipated to be completed in August 2014. 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. The Company is responsible for leasing, management, and initial operations of the project while the third-party developer is responsible for the development of the property. 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 balance above excludes Hawks Landing which was classified as wholly-owned property Held for Sale in the accompanying consolidated balance sheet as of December 31, 2013. |
OnCampus_Participating_Propert1
On-Campus Participating Properties (Tables) (On-campus participating properties) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
On-campus participating properties | ' | ||||||||||||
Real Estate Properties [Line Items] | ' | ||||||||||||
Schedule of real estate properties | ' | ||||||||||||
On-campus participating properties are as follows: | |||||||||||||
Historical Cost – December 31, | |||||||||||||
Lessor/University | Lease | Required Debt | 2013 | 2012 | |||||||||
Commencement | Repayment | ||||||||||||
Texas A&M University System / | 2/1/96 | 9/1/23 | $ | 42,288 | $ | 41,485 | |||||||
Prairie View A&M University (1) | |||||||||||||
Texas A&M University System / | 2/1/96 | 9/1/23 | 6,767 | 6,651 | |||||||||
Texas A&M International | |||||||||||||
Texas A&M University System / | 10/1/99 | 8/31/25 | 26,275 | 25,766 | |||||||||
Prairie View A&M University (2) | 8/31/28 | ||||||||||||
University of Houston System / | 9/27/00 | 8/31/35 | 36,126 | 35,936 | |||||||||
University of Houston (3) | |||||||||||||
West Virginia University Project / West Virginia University (4) | 7/16/13 | 7/16/45 | 19,249 | — | |||||||||
130,705 | 109,838 | ||||||||||||
Less accumulated amortization | (57,249 | ) | (52,492 | ) | |||||||||
On-campus participating properties, net | $ | 73,456 | $ | 57,346 | |||||||||
(1) | Consists of three phases placed in service between 1996 and 1998. | ||||||||||||
(2) | Consists of two phases placed in service in 2000 and 2003. | ||||||||||||
(3) | Consists of two phases placed in service in 2001 and 2005. | ||||||||||||
(4) | In July 2013, construction commenced on this facility which is scheduled to be placed in service in August 2014. 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. |
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 12 Months Ended | |||
Dec. 31, 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 years ended December 31, 2013 and 2012: | ||||
Balance, December 31, 2011 | $ | 42,529 | ||
Net income | 847 | |||
Distributions | (1,446 | ) | ||
Redeemable limited partner units issued as consideration (see Note 5) | 15,000 | |||
Conversion of redeemable limited partner units into shares of ACC common stock | (1,222 | ) | ||
Redemption of redeemable limited partner units for cash | (132 | ) | ||
Adjustments to reflect redeemable limited partner units at fair value | 1,958 | |||
Balance, December 31, 2012 | $ | 57,534 | ||
Net income | 1,359 | |||
Distributions | (1,823 | ) | ||
Redeemable limited partner units issued as consideration (see Note 5) | 3,451 | |||
Conversion of redeemable limited partner units into shares of ACC common stock | (23 | ) | ||
Adjustments to reflect redeemable limited partner units at fair value | (12,534 | ) | ||
Balance, December 31, 2013 | $ | 47,964 | ||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 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: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Debt secured by wholly-owned properties: | ||||||||||||||||||||
Mortgage loans payable: | ||||||||||||||||||||
Unpaid principal balance | $ | 1,300,371 | $ | 1,288,482 | ||||||||||||||||
Unamortized debt premiums | 74,575 | 90,091 | ||||||||||||||||||
Unamortized debt discounts | (2,021 | ) | (3,506 | ) | ||||||||||||||||
1,372,925 | 1,375,067 | |||||||||||||||||||
Construction loans payable (1) | 44,638 | 57,355 | ||||||||||||||||||
1,417,563 | 1,432,422 | |||||||||||||||||||
Debt secured by on-campus participating properties: | ||||||||||||||||||||
Mortgage loans payable | 31,380 | 31,768 | ||||||||||||||||||
Bonds payable | 42,440 | 44,915 | ||||||||||||||||||
Construction loan payable | 15,833 | — | ||||||||||||||||||
89,653 | 76,683 | |||||||||||||||||||
Secured mortgage, construction and bond debt | 1,507,216 | 1,509,105 | ||||||||||||||||||
Secured agency facility | 87,750 | 104,000 | ||||||||||||||||||
Unsecured notes, net of unamortized original issue discount | 398,721 | — | ||||||||||||||||||
Unsecured revolving credit facility | 150,700 | 258,000 | ||||||||||||||||||
Unsecured term loans | 600,000 | 350,000 | ||||||||||||||||||
Total debt | $ | 2,744,387 | $ | 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 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 5). | |||||||||||||||||||
Schedule of mortgage and construction loans payable | ' | |||||||||||||||||||
Mortgage and construction loans payable, excluding debt premiums and discounts, consisted of the following as of December 31, 2013: | ||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Principal Outstanding | Weighted | Weighted | Number of | |||||||||||||||||
December 31, | Average | Average | Properties | |||||||||||||||||
2013 | 2012 | Interest Rate | Years to Maturity | Encumbered | ||||||||||||||||
Fixed Rate: | ||||||||||||||||||||
Mortgage loans payable (1) | $ | 1,331,751 | $ | 1,320,250 | 5.31 | % | 4.3 years | 62 | ||||||||||||
Construction loan payable (2) | 15,833 | — | 3.85 | % | 31.6 years | 1 | ||||||||||||||
Variable Rate: | ||||||||||||||||||||
Construction loans payable (3) | 44,638 | 57,355 | 1.62 | % | 0.4 years | 3 | ||||||||||||||
Total | $ | 1,392,222 | $ | 1,377,605 | 5.18 | % | 4.5 years | 66 | ||||||||||||
(1) | Fixed rate mortgage loans payable mature at various dates from February 2014 through November 2041 and carry interest rates ranging from 3.05% to 7.15%. | |||||||||||||||||||
(2) | Interest rate is fixed for the first five years and variable for the remaining term of loan. | |||||||||||||||||||
(3) | Variable rate construction loans payable mature at various dates from May 2014 through December 2015 and carry interest rates based on LIBOR plus a spread, which translate into interest rates ranging from 1.62% to 2.94% at December 31, 2013. | |||||||||||||||||||
Schedule of debt transactions | ' | |||||||||||||||||||
During the twelve months ended December 31, 2013, the following transactions occurred: | ||||||||||||||||||||
Mortgage Loans | Construction Loans | |||||||||||||||||||
Payable | Payable | |||||||||||||||||||
Balance, December 31, 2012 | $ | 1,406,835 | $ | 57,355 | ||||||||||||||||
Additions: | ||||||||||||||||||||
Assumption of mortgage loans payable (1) | 97,000 | — | ||||||||||||||||||
Additional mortgage borrowing upon acquisition of property (2) | 10,250 | — | ||||||||||||||||||
Draws under advancing construction notes payable (3) | — | 15,833 | ||||||||||||||||||
Draws under advancing construction notes payable (non-cash) VIEs (4) | — | 32,788 | ||||||||||||||||||
Deductions: | ||||||||||||||||||||
Payoff of maturing mortgage notes payable (5) | (82,066 | ) | — | |||||||||||||||||
Payoff of construction notes payable (non-cash) VIEs (4) | — | (45,505 | ) | |||||||||||||||||
Scheduled repayments of principal | (13,682 | ) | — | |||||||||||||||||
Amortization of debt premiums and discounts | (14,032 | ) | — | |||||||||||||||||
Balance, December 31, 2013 | $ | 1,404,305 | $ | 60,471 | ||||||||||||||||
(1) | In connection with the Company's purchase of Cardinal Towne in November 2013, we assumed an existing $37.2 million fixed rate mortgage loan associated with a New Markets Tax Credit ("NMTC") structure inherited from the seller. The debt is partially offset by a loan receivable of approximately $28.3 million that was also assumed by the Company as part of the NMTC structure. In connection with the Company's purchase of Park Point in October 2013, we assumed an existing $59.8 million variable rate mortgage loan. | |||||||||||||||||||
(2) | In connection with the Company's purchase of Park Point in October 2013, we borrowed an additional $10.2 million resulting in a new $70.0 million variable rate mortgage loan (see preceding note). On the acquisition date, the Company entered into an interest rate swap contract to hedge the variable cash flows associated with interest payments on this LIBOR-based mortgage loan (see Note 14 for more details). | |||||||||||||||||||
(3) | Represents draws from one construction loan used to finance the development and construction of an on-campus participating property located in Morgantown, West Virginia, which is scheduled to open for occupancy in August 2014. | |||||||||||||||||||
(4) | Represents draws from two construction loans used to finance the development and construction of Townhomes at Newtown Crossing and The Lodges of East Lansing Phase II, VIEs 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 5). | |||||||||||||||||||
(5) | The Company paid off fixed rate mortgage debt secured by the following wholly-owned properties: University Pines, University Gables, University Crossings, The Outpost San Marcos and University Mills. | |||||||||||||||||||
Schedule of bonds payable | ' | |||||||||||||||||||
Bonds payable at December 31, 2013 consisted of the following: | ||||||||||||||||||||
Principal | Weighted | Required | ||||||||||||||||||
Mortgaged Facilities | December 31, | Average | Maturity | Monthly | ||||||||||||||||
Series | Subject to Leases | Original | 2013 | Rate | Date | Debt Service | ||||||||||||||
1999 | University Village-PVAMU/TAMIU | $ | 39,270 | $ | 24,590 | 7.75 | % | Sep-23 | $ | 302 | ||||||||||
2001 | University College–PVAMU | 20,995 | 14,620 | 7.55 | % | Aug-25 | 158 | |||||||||||||
2003 | University College–PVAMU | 4,325 | 3,230 | 6.08 | % | Aug-28 | 28 | |||||||||||||
Total/weighted average rate | $ | 64,590 | $ | 42,440 | 7.55 | % | $ | 488 | ||||||||||||
Schedule of debt maturities | ' | |||||||||||||||||||
Scheduled debt maturities (reflecting automatic extensions where applicable) for each of the five years subsequent to December 31, 2013 and thereafter, are as follows: | ||||||||||||||||||||
Scheduled | Due at | |||||||||||||||||||
Principal | Maturity | Total | ||||||||||||||||||
2014 | $ | 15,729 | $ | 309,158 | $ | 324,887 | ||||||||||||||
2015 | 13,439 | 213,403 | 226,842 | |||||||||||||||||
2016 | 12,541 | 201,896 | 214,437 | |||||||||||||||||
2017 | 12,537 | 467,277 | 479,814 | |||||||||||||||||
2018 | 11,873 | 311,904 | 323,777 | |||||||||||||||||
Thereafter | 51,176 | 1,052,179 | 1,103,355 | |||||||||||||||||
$ | 117,295 | $ | 2,555,817 | $ | 2,673,112 | |||||||||||||||
Incentive_Award_Plan_Tables
Incentive Award Plan (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Schedule of summary of restricted stock units | ' | |||||||
A summary of the Company’s RSUs under the Plan for the years ended December 31, 2013 and 2012 is presented below: | ||||||||
Number of | Weighted-Average | |||||||
RSUs | Grant Date Fair Value | |||||||
Per RSU | ||||||||
Outstanding at December 31, 2011 | — | $ | — | |||||
Granted | 10,015 | 45.04 | ||||||
Settled in common shares | (1,558 | ) | 45.04 | |||||
Settled in cash | (8,457 | ) | 45.04 | |||||
Outstanding at December 31, 2012 | — | $ | — | |||||
Granted | 10,265 | 44.09 | ||||||
Settled in common shares | (4,572 | ) | 44.09 | |||||
Settled in cash | (5,693 | ) | 44.09 | |||||
Outstanding at December 31, 2013 | — | $ | — | |||||
Schedule of summary of restricted stock awards | ' | |||||||
A summary of the Company’s RSAs under the Plan for the years ended December 31, 2013 and 2012 is presented below: | ||||||||
Number of | Weighted-Average | |||||||
RSAs | Grant Date Fair Value | |||||||
Per RSA | ||||||||
Nonvested balance at December 31, 2011 | 549,300 | $ | 27.02 | |||||
Granted | 220,265 | 41.37 | ||||||
Vested | (113,345 | ) | 26.65 | |||||
Forfeited (1) | (80,552 | ) | 28.34 | |||||
Nonvested balance at December 31, 2012 | 575,668 | $ | 32.4 | |||||
Granted | 232,966 | 47.64 | ||||||
Vested | (111,533 | ) | 29.64 | |||||
Forfeited (1) | (94,910 | ) | 32.15 | |||||
Nonvested balance at December 31, 2013 | 602,191 | $ | 38.84 | |||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 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 December 31, 2013: | |||||||||||||||||||||
Hedged Debt Instrument | Effective Date | Maturity Date | Pay Fixed Rate | Receive Floating | Current Notional Amount | Fair Value | |||||||||||||||
Rate Index | |||||||||||||||||||||
Cullen Oaks mortgage loans | Feb 15, 2007 | Feb 15, 2014 | 6.69% | LIBOR – 1 mo. plus 1.35% | $ | 31,380 | $ | (215 | ) | ||||||||||||
Term Loan I Facility | Feb 2, 2012 | Jan 2, 2017 | 0.87% | LIBOR – 1 month | 125,000 | (409 | ) | ||||||||||||||
Term Loan I Facility | Feb 2, 2012 | Jan 2, 2017 | 0.88% | LIBOR – 1 month | 100,000 | (359 | ) | ||||||||||||||
Term Loan I Facility | Feb 2, 2012 | Jan 2, 2017 | 0.89% | LIBOR – 1 month | 62,500 | (241 | ) | ||||||||||||||
Term Loan I Facility | Feb 2, 2012 | Jan 2, 2017 | 0.89% | LIBOR – 1 month | 62,500 | (242 | ) | ||||||||||||||
Park Point mortgage loan | Nov 1, 2013 | Oct 5, 2018 | 1.55% | LIBOR – 1 month | 70,000 | 31 | |||||||||||||||
Total | $ | 451,380 | $ | (1,435 | ) | ||||||||||||||||
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 December 31, 2013 and 2012: | |||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||
Fair Value as of | Fair Value as of | ||||||||||||||||||||
Description | Balance Sheet Location | 31-Dec-13 | 31-Dec-12 | Balance Sheet Location | 31-Dec-13 | 31-Dec-12 | |||||||||||||||
Interest rate swap contracts | Other assets | $ | 31 | $ | — | Other liabilities | $ | 1,466 | $ | 6,661 | |||||||||||
Total derivatives designated | $ | 31 | $ | — | $ | 1,466 | $ | 6,661 | |||||||||||||
as hedging instruments | |||||||||||||||||||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 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 | |||||||||||||||||||||||||||||||||
December 31, 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) | ||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Derivative financial | $ | — | $ | 31 | $ | — | $ | 31 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
instruments | |||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Derivative financial instruments | $ | — | $ | 1,466 | $ | — | $ | 1,466 | $ | — | $ | 6,661 | $ | — | $ | 6,661 | |||||||||||||||||
Mezzanine: | |||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) | $ | — | $ | 47,964 | $ | — | $ | 47,964 | $ | — | $ | 57,534 | $ | — | $ | 57,534 | |||||||||||||||||
Schedule of estimated fair value and related carrying amounts of mortgage loans and bonds payable | ' | ||||||||||||||||||||||||||||||||
The table below contains the estimated fair value and related carrying amounts for the Company’s financial instruments as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Estimated Fair Value | Carrying Amount | Estimated Fair Value | Carrying Amount | ||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Loans receivable | $ | 49,154 | $ | 51,192 | $ | — | $ | — | |||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Unsecured notes | $ | 372,420 | $ | 398,721 | $ | — | $ | — | |||||||||||||||||||||||||
Mortgage loans | $ | 1,382,773 | $ | 1,404,305 | $ | 1,437,851 | $ | 1,406,835 | |||||||||||||||||||||||||
Bonds payable | $ | 44,908 | $ | 42,440 | $ | 52,778 | $ | 44,915 | |||||||||||||||||||||||||
Lease_Commitments_Tables
Lease Commitments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Leases [Abstract] | ' | ||||||||||||||||
Future Minimum Commitments For Capital and Operating Lease | ' | ||||||||||||||||
Future minimum commitments over the life of all leases subsequent to December 31, 2013, are as follows: | |||||||||||||||||
Operating | |||||||||||||||||
2014 | $ | 6,644 | |||||||||||||||
2015 | 6,587 | ||||||||||||||||
2016 | 7,122 | ||||||||||||||||
2017 | 6,970 | ||||||||||||||||
2018 | 6,917 | ||||||||||||||||
Thereafter | 239,904 | ||||||||||||||||
Total minimum lease payments | $ | 274,144 | |||||||||||||||
Schedule of summary of ground/facility lease agreements and related rent expense and/or capitalized rent | ' | ||||||||||||||||
A summary of the Company’s ground/facility lease agreements and related rent expense and/or capitalized rent for the year ended December 31, 2013 is summarized below: | |||||||||||||||||
Property | Primary University Served | Lease | Lease | Extension Option | 2013 Rent | 2013 Rent | |||||||||||
Commencement Date | Term | Expense | Capitalized | ||||||||||||||
On-campus ACE properties: (1) | |||||||||||||||||
Barrett Honors College | Arizona State University | Oct-07 | 65 years | 2, 10 year options | $ | 37 | $ | — | |||||||||
Vista del Sol | Arizona State University | Dec-06 | 65 years | 2, 10 year options | 1,209 | — | |||||||||||
Lobo Village | University of New Mexico | May-10 | 40 years | 3, 10 year options | 340 | — | |||||||||||
Casas del Rio | University of New Mexico | May-11 | 40 years | 3, 10 year options | 494 | ||||||||||||
Hilltop Townhomes | Northern Arizona University | May-11 | 40 years | 4, 10 year options | 335 | — | |||||||||||
The Suites | Northern Arizona University | May-11 | 40 years | 4, 10 year options | 212 | — | |||||||||||
University Pointe at College | Portland State University | Dec-10 | 65 years | 2, 10 year options | 269 | — | |||||||||||
Station | |||||||||||||||||
University Crossings (2) | Drexel University | Aug-13 | 40 years | 3, 10 year options | 98 | — | |||||||||||
University Village Northwest | Prairie View A&M University | Mar-11 | 30 years | none | 11 | — | |||||||||||
Off-campus properties: (1) | |||||||||||||||||
University Centre | Rutgers University | Aug-05 | 95 years | none | 340 | — | |||||||||||
University Village | Temple University | Oct-03 | 75 years | 4, 6 year options | 184 | — | |||||||||||
The Province – Tampa | University of South Florida | Nov-12 | 45 yrs. | 5, 10 year options | 887 | — | |||||||||||
5 Twenty Four Angliana | University of Kentucky | Nov-12 | 30 yrs. | none | 160 | — | |||||||||||
5 Twenty Five Angliana | University of Kentucky | Nov-12 | 35 yrs. | none | 163 | — | |||||||||||
2013 Deliveries: | |||||||||||||||||
Callaway House at Austin (3) | University of Texas at Austin | Feb-11 | 99 years | 2, 30 year options | 133 | 149 | |||||||||||
Chestnut Square (ACE) (4) | Drexel University | Jan-12 | 40 years | 3, 10 year options | 85 | 169 | |||||||||||
University View (ACE) (3) | Prairie View A&M University | Oct-12 | 40 years | none | 8 | 11 | |||||||||||
2014 / 2015 Deliveries: | |||||||||||||||||
U Centre at Northgate (ACE) (5) | Texas A&M University | Jul-13 | 40 years | 2, 10 year options | — | 491 | |||||||||||
The Suites Phase II (ACE) (5) | Northern Arizona University | Sep-13 | 40 years | 4, 10 year options | — | 14 | |||||||||||
Lancaster Project (ACE) (6) | Drexel University | Aug-13 | 40 years | 3, 10 year options | — | 236 | |||||||||||
Total | $ | 4,965 | $ | 1,070 | |||||||||||||
(1) | These student housing properties were operational for the entire year ended December 31, 2013. | ||||||||||||||||
(2) | In August 2013, the Company entered into an agreement to convey fee interest in a parcel of land, on which one of our student housing properties resides, to Drexel University (the “University”). Concurrent with the land conveyance, the Company as lessee entered into a ground lease agreement with the University as lessor for an initial term of 40 years, with three 10-year extensions, at the Company’s option. The Company is not required to make ground lease payments to the University during the lease term unless the University is able to negotiate a reduction in real estate taxes with the city of Philadelphia. In such case, the ground lease payment will equal any real estate tax savings. | ||||||||||||||||
(3) | Straight-lined rental amounts were capitalized during the construction period and expensed upon the commencement of operations in August 2013. | ||||||||||||||||
(4) | Straight-lined rental amounts were capitalized during the construction period and expensed upon the commencement of operations in September 2013. | ||||||||||||||||
(5) | Scheduled to open for occupancy in August 2014. | ||||||||||||||||
(6) | Scheduled to open for occupancy in September 2015. |
Segments_Tables
Segments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Schedule of segment information | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Wholly-Owned Properties | |||||||||||||
Rental revenues | $ | 621,117 | $ | 424,022 | $ | 321,907 | |||||||
Interest and other income | 152 | 40 | 63 | ||||||||||
Total revenues from external customers | 621,269 | 424,062 | 321,970 | ||||||||||
Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead | (300,207 | ) | (200,799 | ) | (154,674 | ) | |||||||
Ground/facility leases | (2,956 | ) | (2,148 | ) | (1,329 | ) | |||||||
Interest expense | (45,401 | ) | (32,624 | ) | (33,912 | ) | |||||||
Operating income before depreciation, amortization and allocation of corporate overhead | $ | 272,705 | $ | 188,491 | $ | 132,055 | |||||||
Depreciation and amortization | $ | 178,396 | $ | 104,205 | $ | 75,052 | |||||||
Capital expenditures | $ | 350,118 | $ | 354,204 | $ | 213,939 | |||||||
Total segment assets at December 31, | $ | 5,394,029 | $ | 4,958,314 | $ | 2,843,749 | |||||||
On-Campus Participating Properties | |||||||||||||
Rental revenues | $ | 26,348 | $ | 26,166 | $ | 25,252 | |||||||
Interest and other income | 16 | 16 | 15 | ||||||||||
Total revenues from external customers | 26,364 | 26,182 | 25,267 | ||||||||||
Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead | (10,322 | ) | (10,367 | ) | (9,437 | ) | |||||||
Ground/facility lease | (2,446 | ) | (2,100 | ) | (2,279 | ) | |||||||
Interest expense | (5,463 | ) | (5,671 | ) | (5,840 | ) | |||||||
Operating income before depreciation, amortization and allocation of | $ | 8,133 | $ | 8,044 | $ | 7,711 | |||||||
corporate overhead | |||||||||||||
Depreciation and amortization | $ | 4,756 | $ | 4,644 | $ | 4,469 | |||||||
Capital expenditures | $ | 17,094 | $ | 2,141 | $ | 1,832 | |||||||
Total segment assets at December 31, | $ | 88,777 | $ | 72,922 | $ | 73,109 | |||||||
Development Services | |||||||||||||
Development and construction management fees | $ | 2,483 | $ | 8,574 | $ | 7,497 | |||||||
Operating expenses | (11,172 | ) | (10,739 | ) | (9,820 | ) | |||||||
Operating loss before depreciation, amortization and allocation of corporate overhead | $ | (8,689 | ) | $ | (2,165 | ) | $ | (2,323 | ) | ||||
Total segment assets at December 31, | $ | 1,848 | $ | 1,804 | $ | 14,159 | |||||||
Property Management Services | |||||||||||||
Property management fees from external customers | $ | 7,514 | $ | 6,893 | $ | 7,254 | |||||||
Intersegment revenues | 21,396 | 16,349 | 13,867 | ||||||||||
Total revenues | 28,910 | 23,242 | 21,121 | ||||||||||
Operating expenses | (10,349 | ) | (10,098 | ) | (9,532 | ) | |||||||
Operating income before depreciation, amortization and allocation of | $ | 18,561 | $ | 13,144 | $ | 11,589 | |||||||
corporate overhead | |||||||||||||
Total segment assets at December 31, | $ | 7,033 | $ | 4,532 | $ | 4,535 | |||||||
Reconciliations | |||||||||||||
Total segment revenues | $ | 679,026 | $ | 482,060 | $ | 375,855 | |||||||
Unallocated interest income earned on corporate cash | 2,837 | 1,700 | 501 | ||||||||||
Elimination of intersegment revenues | (21,396 | ) | (16,349 | ) | (13,867 | ) | |||||||
Total consolidated revenues, including interest income | $ | 660,467 | $ | 467,411 | $ | 362,489 | |||||||
Segment operating income before depreciation, amortization and allocation of corporate overhead | $ | 290,710 | $ | 207,514 | $ | 149,032 | |||||||
Depreciation and amortization | (190,596 | ) | (114,924 | ) | (85,872 | ) | |||||||
Net unallocated expenses relating to corporate overhead | (48,992 | ) | (43,931 | ) | (28,075 | ) | |||||||
Income (loss) from unconsolidated joint ventures | — | 444 | (641 | ) | |||||||||
Other nonoperating (expense) income | (2,666 | ) | 411 | — | |||||||||
Income tax provision | (1,020 | ) | (725 | ) | (433 | ) | |||||||
Income from continuing operations | $ | 47,436 | $ | 48,789 | $ | 34,011 | |||||||
Total segment assets | $ | 5,491,687 | $ | 5,037,572 | $ | 2,935,552 | |||||||
Unallocated corporate assets | 106,353 | 81,390 | 73,030 | ||||||||||
Total assets at December 31, | $ | 5,598,040 | $ | 5,118,962 | $ | 3,008,582 | |||||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Document Information [Line Items] | ' | |||||||||||||||||||||
Schedule of quarterly financial information | ' | |||||||||||||||||||||
2013 | ||||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Total | ||||||||||||||||||
Total revenues | $ | 163,163 | $ | 153,212 | $ | 158,393 | $ | 182,694 | $ | 657,462 | ||||||||||||
Net income attributable to common shareholders | $ | 21,590 | $ | 8,049 | $ | 47,176 | $ | 27,829 | $ | 104,644 | ||||||||||||
Net income attributable to common shareholders per share - basic | $ | 0.2 | $ | 0.07 | $ | 0.45 | $ | 0.26 | $ | 0.99 | (1) | |||||||||||
Net income attributable to common shareholders per share - diluted | $ | 0.2 | $ | 0.07 | $ | 0.45 | $ | 0.26 | $ | 0.98 | (1) | |||||||||||
2012 | ||||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Total | ||||||||||||||||||
Total revenues | $ | 104,536 | $ | 99,719 | $ | 112,117 | $ | 149,283 | $ | 465,655 | ||||||||||||
Net income attributable to common shareholders | $ | 20,026 | $ | 12,328 | $ | 627 | $ | 23,655 | $ | 56,636 | ||||||||||||
Net income attributable to common shareholders per share - basic | $ | 0.27 | $ | 0.16 | $ | 0 | $ | 0.23 | $ | 0.66 | (1) | |||||||||||
Net income attributable to common shareholders per share - diluted | $ | 0.26 | $ | 0.16 | $ | 0 | $ | 0.23 | $ | 0.65 | (1) | |||||||||||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' | |||||||||||||||||||||
Document Information [Line Items] | ' | |||||||||||||||||||||
Schedule of quarterly financial information | ' | |||||||||||||||||||||
2013 | ||||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Total | ||||||||||||||||||
Total revenues | $ | 163,163 | $ | 153,212 | $ | 158,393 | $ | 182,694 | $ | 657,462 | ||||||||||||
Net income attributable to common unitholders | $ | 21,823 | $ | 8,138 | $ | 47,703 | $ | 28,157 | $ | 105,821 | ||||||||||||
Net income attributable to common unitholders per unit - basic | $ | 0.2 | $ | 0.07 | $ | 0.45 | $ | 0.26 | $ | 0.99 | (1) | |||||||||||
Net income attributable to common unitholders per unit - diluted | $ | 0.2 | $ | 0.07 | $ | 0.45 | $ | 0.26 | $ | 0.98 | (1) | |||||||||||
2012 | ||||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Total | ||||||||||||||||||
Total revenues | $ | 104,536 | $ | 99,719 | $ | 112,117 | $ | 149,283 | $ | 465,655 | ||||||||||||
Net income attributable to common unitholders | $ | 20,267 | $ | 12,471 | $ | 647 | $ | 23,915 | $ | 57,300 | ||||||||||||
Net income attributable to common unitholders per unit - basic | $ | 0.27 | $ | 0.16 | $ | 0 | $ | 0.23 | $ | 0.66 | (1) | |||||||||||
Net income attributable to common unitholders per unit - diluted | $ | 0.26 | $ | 0.16 | $ | 0 | $ | 0.23 | $ | 0.65 | (1) | |||||||||||
(1) | Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year. |
Organization_and_Description_o1
Organization and Description of Business - Additional Information (Detail Textuals) | 12 Months Ended |
Dec. 31, 2013 | |
On-campus participating properties, net | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' |
Number of properties (properties) | 5 |
Number of university systems (university systems) | 3 |
Under Development | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' |
Number of beds (beds) | 496 |
Wholly-owned properties, net | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' |
Number of properties (properties) | 167 |
Number of beds (beds) | 102,400 |
Number of units (units) | 33,400 |
Wholly-owned properties, net | Off Campus Properties | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' |
Number of properties (properties) | 144 |
Wholly-owned properties, net | American Campus Equity | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' |
Number of properties (properties) | 18 |
Wholly-owned properties, net | On-campus participating properties, net | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' |
Number of properties (properties) | 5 |
Wholly-owned properties, net | Under Development | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' |
Number of properties (properties) | 9 |
Number of beds (beds) | 6,200 |
Number of units (units) | 1,900 |
Management And Leasing Services | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' |
Number of properties (properties) | 36 |
Number of beds (beds) | 26,100 |
Number of units (units) | 10,600 |
Management And Leasing Services | Minimum | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' |
Initial terms of contract | '1 year |
Management And Leasing Services | Maximum | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' |
Initial terms of contract | '5 years |
Third-party managed portfolio | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' |
Number of properties (properties) | 203 |
Number of beds (beds) | 128,500 |
Number of units (units) | 44,000 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' |
Limited partner ownership interest (percent) | 98.70% |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Maximum | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' |
General partner ownership interest (percent) | 1.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Estimated useful lives of assets (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Buildings and improvements | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '7 years |
Buildings and improvements | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '40 years |
Leasehold interest - on-campus participating properties | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '25 years |
Leasehold interest - on-campus participating properties | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '34 years |
Furniture, fixtures and equipment | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '3 years |
Furniture, fixtures and equipment | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '7 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Allowance for doubtful accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' |
Balance, Beginning of Period | $10,602 | $9,496 | $8,621 |
Charged to Expense | 9,871 | 6,472 | 5,740 |
Write-Offs | -4,547 | -5,366 | -4,865 |
Balance, End of Period | $15,926 | $10,602 | $9,496 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Additional Information (Detail Textuals) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||
Entity | On-campus ACE properties | Two joint ventures | In-place leases assumed | In-place leases assumed | In-place leases assumed | Townhomes at Newtown Crossing | University Edge | The Retreat | University Heights | University Heights | Mortgages | Mortgages | Mortgages | Senior notes | Unsecured notes | Interest expense | National Public Finance Guarantee Corporation | ||||||
Two joint ventures | Senior notes | Senior notes | |||||||||||||||||||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Amortization method of intangible assets | 'straight-line basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Capitalized amount of acquired intangible assets | ' | ' | ' | ' | ' | $3,200,000 | $18,600,000 | $2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Capitalized interest | 10,000,000 | 9,800,000 | 6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Amortization of deferred financing costs capitalized as construction in progress | 0 | 200,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Amortization expense of acquired intangible assets | ' | ' | ' | ' | ' | 13,700,000 | 6,800,000 | 4,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Accumulated amortization | 25,500,000 | 12,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Deferred finance costs | 37,800,000 | 31,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Accumulated amortization, deferred finance costs | 14,200,000 | 13,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Amortization of debt discounts (premiums) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -14,032,000 | [1],[2] | -3,200,000 | [1],[2] | -4,800,000 | [1],[2] | ' | ' | 100,000 | ' |
Net unamortized debt premiums | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74,575,000 | [1],[2] | 90,091,000 | [1],[2] | ' | ' | ' | ' | ' | |
Net unamortized debt discounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,021,000 | [1],[2] | 3,506,000 | [1],[2] | ' | ' | 1,300,000 | ' | ' | |
Percentage of par value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.66% | ' | ' | ' | |||
Original issue discount of debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' | ' | |||
Student contracts receivable, net | 9,238,000 | 14,122,000 | ' | 6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Deferred pre-development costs | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Advertising costs | 18,000,000 | 10,800,000 | 8,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share-based compensation | 6,900,000 | 5,800,000 | 4,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Percentage of income (loss) available to common stockholders | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of entities | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other nonoperating income (expense) | -2,700,000 | 400,000 | ' | ' | ' | ' | ' | ' | 100,000 | 400,000 | 100,000 | -100,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Litigation settlement costs | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Payment to acquire loans receivable | 52,138,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,800,000 | |||
Purchase discount on loans acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,600,000 | |||
Ownership percentage | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | |||
Original | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400,000,000 | ' | ' | ' | |||
[1] | In connection with the Company's purchase of Cardinal Towne in November 2013, we assumed an existing $37.2 million fixed rate mortgage loan associated with a New Markets Tax Credit ("NMTC") structure inherited from the seller. The debt is partially offset by a loan receivable of approximately $28.3 million that was also assumed by the Company as part of the NMTC structure. In connection with the Company's purchase of Park Point in October 2013, we assumed an existing $59.8 million variable rate mortgage loan. | ||||||||||||||||||||||
[2] | In connection with the Company's purchase of Park Point in October 2013, we borrowed an additional $10.2 million resulting in a new $70.0 million variable rate mortgage loan (see preceding note). On the acquisition date, the Company entered into an interest rate swap contract to hedge the variable cash flows associated with interest payments on this LIBOR-based mortgage loan (see Note 14 for more details). |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Additional Information (Detail Textuals 1) | 12 Months Ended |
Dec. 31, 2013 | |
American Campus Equity | Owned On Campus Properties | ' |
Significant Accounting Policies [Line Items] | ' |
Number of university systems (university systems) | 8 |
Number of student housing properties | 18 |
American Campus Equity | Owned On Campus Properties | Maximum | ' |
Significant Accounting Policies [Line Items] | ' |
Term of agreement | '85 years |
American Campus Equity | Owned On Campus Properties | Minimum | ' |
Significant Accounting Policies [Line Items] | ' |
Term of agreement | '30 years |
On-campus participating properties | ' |
Significant Accounting Policies [Line Items] | ' |
Number of university systems (university systems) | 3 |
Number of properties (properties) | 5 |
Wholly-owned properties, net | ' |
Significant Accounting Policies [Line Items] | ' |
Number of properties (properties) | 167 |
Wholly-owned properties, net | American Campus Equity | ' |
Significant Accounting Policies [Line Items] | ' |
Number of student housing properties | 13 |
Number of properties (properties) | 18 |
Wholly-owned properties, net | On-campus participating properties | ' |
Significant Accounting Policies [Line Items] | ' |
Number of properties (properties) | 5 |
Wholly-owned properties, net | Under Development | ' |
Significant Accounting Policies [Line Items] | ' |
Number of properties scheduled to be open for occupancy in fall 2014 | 3 |
Number of properties scheduled to be open for occupancy in fall 2015 | 1 |
Number of properties (properties) | 9 |
Earnings_Per_Share_Potentially
Earnings Per Share - Potentially dilutive securities not included in calculating diluted earnings per share (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Potentially dilutive securities (shares) | 1,272,613 | 1,066,019 | 1,027,395 |
Common OP Units | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Potentially dilutive securities (shares) | 1,158,892 | 951,891 | 913,132 |
Preferred OP Units | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Potentially dilutive securities (shares) | 113,721 | 114,128 | 114,263 |
Earnings_Per_Share_Summary_of_
Earnings Per Share - Summary of Elements Used in Calculating Basic and Diluted Earnings per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Numerator - basic and diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | $47,436 | $48,789 | $34,011 | ||
Income from continuing operations attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -1,843 | -3,460 | -990 | ||
Income from continuing operations attributable to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 45,593 | 45,329 | 33,021 | ||
Amount allocated to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | -927 | -848 | -773 | ||
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | 44,666 | 44,481 | 32,248 | ||
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 59,755 | 11,449 | 23,961 | ||
Income from discontinued operations attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -704 | -142 | -353 | ||
Income from discontinued operations attributable to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 59,051 | 11,307 | 23,608 | ||
Net income attributable to common shareholders, as adjusted - basic | ' | ' | ' | ' | ' | ' | ' | ' | $103,717 | $55,788 | $55,856 | ||
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Basic weighted average common shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 104,760,502 | 84,711,584 | 69,243,203 | ||
Potentially dilutive securities (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 1,272,613 | 1,066,019 | 1,027,395 | ||
Diluted weighted average common shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 105,382,320 | 85,309,451 | 69,807,394 | ||
Earnings per share – basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | $0.43 | $0.53 | $0.47 | ||
Income from discontinued operations attributable to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $0.56 | $0.13 | $0.34 | ||
Net income attributable to common shareholders | $0.26 | $0.45 | $0.07 | $0.20 | $0.23 | $0 | $0.16 | $0.27 | $0.99 | [1] | $0.66 | [1] | $0.81 |
Earnings per share – diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
(Loss) income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | $0.42 | $0.52 | $0.46 | ||
Income (loss) from discontinued operations attributable to common shareholders - per share | ' | ' | ' | ' | ' | ' | ' | ' | $0.56 | $0.13 | $0.34 | ||
Net income attributable to common shareholders per share - diluted | $0.26 | $0.45 | $0.07 | $0.20 | $0.23 | $0 | $0.16 | $0.26 | $0.98 | [1] | $0.65 | [1] | $0.80 |
Distributions declared per common share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $1.42 | $1.35 | $1.35 | ||
Restricted Stock Awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Potentially dilutive securities (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 621,818 | 597,867 | 564,191 | ||
[1] | Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year. |
Earnings_Per_Share_Summary_of_1
Earnings Per Share- Summary of Elements Used in Calculating Basic and Diluted Earnings per Unit (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Numerator - basic and diluted earnings per unit: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | $47,436 | $48,789 | $34,011 | ||
Income from continuing operations attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -1,843 | -3,460 | -990 | ||
Amount allocated to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | -927 | -848 | -773 | ||
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | 44,666 | 44,481 | 32,248 | ||
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 59,755 | 11,449 | 23,961 | ||
Income from discontinued operations attributable to unitholders | ' | ' | ' | ' | ' | ' | ' | ' | 59,051 | 11,307 | 23,608 | ||
Net income attributable to common shareholders, as adjusted - basic | ' | ' | ' | ' | ' | ' | ' | ' | 103,717 | 55,788 | 55,856 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Numerator - basic and diluted earnings per unit: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 47,436 | 48,789 | 34,011 | ||
Income from continuing operations attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -1,188 | -2,755 | -413 | ||
Income from continuing operations attributable to Series A preferred units | ' | ' | ' | ' | ' | ' | ' | ' | -119 | -168 | -144 | ||
Amount allocated to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | -927 | -848 | -773 | ||
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | 45,202 | 45,018 | 32,681 | ||
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 59,755 | 11,449 | 23,961 | ||
Income from discontinued operations attributable to Series A preferred units | ' | ' | ' | ' | ' | ' | ' | ' | -63 | -15 | -39 | ||
Income from discontinued operations attributable to unitholders | ' | ' | ' | ' | ' | ' | ' | ' | 59,692 | 11,434 | 23,922 | ||
Net income attributable to common shareholders, as adjusted - basic | ' | ' | ' | ' | ' | ' | ' | ' | $104,894 | $56,452 | $56,603 | ||
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Basic (in units) | ' | ' | ' | ' | ' | ' | ' | ' | 105,919,394 | 85,663,475 | 70,156,335 | ||
Diluted (in units) | ' | ' | ' | ' | ' | ' | ' | ' | 106,541,212 | 86,261,342 | 70,720,526 | ||
Earnings per unit – basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Income from continuing operations attributable to common unitholders, as adjusted - per unit | ' | ' | ' | ' | ' | ' | ' | ' | $0.43 | $0.53 | $0.47 | ||
Income from discontinued operations attributable to common unitholders - per unit | ' | ' | ' | ' | ' | ' | ' | ' | $0.56 | $0.13 | $0.34 | ||
Net income attributable to common unitholders, as adjusted - per unit | $0.26 | $0.45 | $0.07 | $0.20 | $0.23 | $0 | $0.16 | $0.27 | $0.99 | [1] | $0.66 | [1] | $0.81 |
Earnings per unit – diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities - per unit | ' | ' | ' | ' | ' | ' | ' | ' | $0.42 | $0.52 | $0.46 | ||
Income from discontinued operations attributable to common unitholders - per unit | ' | ' | ' | ' | ' | ' | ' | ' | $0.56 | $0.13 | $0.34 | ||
Net income attributable to common unitholders-per unit | $0.26 | $0.45 | $0.07 | $0.20 | $0.23 | $0 | $0.16 | $0.26 | $0.98 | [1] | $0.65 | [1] | $0.80 |
Distributions declared per common unit ( in dollars per unit) | ' | ' | ' | ' | ' | ' | ' | ' | $1.42 | $1.35 | $1.35 | ||
Restricted Stock Awards | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Restricted Stock Awards (Note 13) | ' | ' | ' | ' | ' | ' | ' | ' | 621,818 | 597,867 | 564,191 | ||
[1] | Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year. |
Income_Taxes_Components_of_def
Income Taxes - Components of deferred tax assets and liabilities of TRSs (Details) (TRS, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
TRS | ' | ' |
Deferred tax assets: | ' | ' |
Fixed and intangible assets | $3,461 | $3,429 |
Net operating loss carryforwards | 5,786 | 4,518 |
Prepaid and deferred rent | 2,437 | 2,598 |
Bad debt reserves | 716 | 754 |
Accrued expenses and other | 2,759 | 2,216 |
Stock compensation | 2,040 | 1,669 |
Total deferred tax assets | 17,199 | 15,184 |
Valuation allowance for deferred tax assets | -16,916 | -14,856 |
Deferred tax assets, net of valuation allowance | 283 | 328 |
Deferred tax liability: | ' | ' |
Deferred financing costs | 283 | 328 |
Net deferred tax liabilities | ' | ' |
Income_Taxes_Components_of_inc
Income Taxes - Components of income tax provision (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | ' | ' | ' |
State | -1,020 | -725 | -433 |
Deferred: | ' | ' | ' |
Federal | ' | ' | ' |
State | ' | ' | ' |
TRS income tax provision | ($1,020) | ($725) | ($433) |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of income tax attributable to continuing operations for TRSs (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Line Items] | ' | ' | ' |
TRS income tax provision | $1,020 | $725 | $433 |
TRS | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Tax benefit at U.S. statutory rates on TRS income subject to tax | 2,060 | 60 | 121 |
State income tax, net of federal income tax benefit | 76 | 0 | 1 |
Effect of permanent differences and other | -76 | -46 | -60 |
Decrease in valuation allowance | -2,060 | -14 | -62 |
TRS income tax provision | ' | ' | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail Textuals) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes [Line Items] | ' | ' | ' |
Earnings subject to tax | $48,456,000 | $49,514,000 | $34,444,000 |
TRS | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Percent of taxable income to be distributed to shareholders for tax exemption (percent) | 90.00% | ' | ' |
Earnings subject to tax | -4,400,000 | -1,100,000 | -6,700,000 |
Net operating loss carryforwards | 18,800,000 | ' | ' |
Valuation allowance credited to additional paid in capital | $3,000,000 | ' | ' |
Property_Acquisitions_Property
Property Acquisitions Property Acquisition - Allocation of assets and liabilities acquired as part of aquisitions (Details) (USD $) | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | ||
Business Combinations [Abstract] | ' | |
Land | $47,851 | |
Buildings | 227,236 | |
Building improvements | 16,262 | |
Furniture, fixtures and equipment | 9,694 | |
In-place leases - student and retail | 3,180 | |
Other assets and liabilities, net | 17,960 | |
Total aggregate consideration | 322,183 | |
Less: mortgage debt assumed (1) | -70,000 | [1] |
Net assets acquired | $252,183 | |
[1] | Excludes $37.2 million of NMTC debt assumed in connection with the acquisition of Cardinal Towne in November 2013. The net difference between the mortgage debt assumed and the $28.3 million loan receivable also assumed in connection with the acquisition is reflected in Other assets and liabilities, net in the preceding table.2012 Acquisitions On |
Property_Acquisitions_Unaudite
Property Acquisitions - Unaudited pro forma information (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Business Combinations [Abstract] | ' | ' | ' |
Total revenues | $678,333 | $608,691 | $541,333 |
Net income attributable to common shareholders | $111,535 | $89,642 | $80,873 |
Net income per share attributable to common shareholders, as adjusted - basic (usd per share) | $1.06 | $0.85 | $0.81 |
Net income per share attributable to common shareholders, as adjusted - diluted (usd per share) | $1.05 | $0.84 | $0.80 |
Property_Acquisitions_Property1
Property Acquisitions Property Acquisitions-Additional Information (Details Textuals) (USD $) | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2013 | Nov. 22, 2013 | Nov. 06, 2013 | Oct. 08, 2013 | Oct. 31, 2013 | Sep. 26, 2013 | Dec. 31, 2013 | Aug. 20, 2013 | Jul. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2013 | Jul. 25, 2013 | Dec. 31, 2013 | Nov. 22, 2013 | Nov. 06, 2013 | Oct. 08, 2013 | Aug. 20, 2013 | Jul. 25, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 08, 2013 | Sep. 30, 2013 | Sep. 26, 2013 | Dec. 31, 2013 | Oct. 08, 2013 | ||
Cardinal Towne | Cardinal Towne | U Centre at Fry Street | Park Point | Park Point | Townhomes at Newtown Crossing | Townhomes at Newtown Crossing | The Plaza Apartments | The Lodges Of East Lansing | Kayne Anderson Portfolio | Kayne Anderson Portfolio | Kayne Anderson Portfolio | 7th Street Station | Wholly-owned properties, net | Wholly-owned properties, net | Wholly-owned properties, net | Wholly-owned properties, net | Wholly-owned properties, net | Wholly-owned properties, net | Under Development | Under Development | Variable rate mortgage loan | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Interest Rate Swap | Interest Rate Swap | ||||
Bed | Unit | Unit | Unit | Unit | Bed | Bed | Property | Unit | Bed | Cardinal Towne | U Centre at Fry Street | Park Point | The Plaza Apartments | 7th Street Station | Bed | Wholly-owned properties, net | Park Point | Townhomes at Newtown Crossing | Townhomes at Newtown Crossing | Park Point | Park Point | ||||||||
Bed | Property | Bed | Bed | Bed | Bed | Bed | Bed | ||||||||||||||||||||||
Unit | Property | ||||||||||||||||||||||||||||
Unit | |||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of units acquired properties (units) | ' | ' | ' | 255 | 194 | 300 | ' | ' | 152 | 289 | 366 | ' | ' | ' | 82 | 33,400 | ' | ' | ' | ' | ' | ' | 1,900 | ' | ' | ' | ' | ' | |
Number of beds (beds) | ' | ' | ' | ' | ' | ' | ' | ' | 608 | ' | ' | 11,683 | ' | ' | ' | 102,400 | 545 | 614 | 924 | 359 | 309 | 496 | 6,200 | ' | ' | ' | ' | ' | |
Business acquisition, purchase price | ' | ' | ' | ' | ' | ' | ' | $38,800,000 | ' | ' | ' | $830,500,000 | ' | ' | ' | ' | ' | ' | $100,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business acquisition, total consideration transferred | ' | ' | ' | ' | ' | ' | ' | 40,100,000 | ' | ' | 32,300,000 | 828,000,000 | ' | ' | ' | ' | 59,200,000 | 51,300,000 | 102,400,000 | 10,400,000 | 26,500,000 | ' | ' | ' | ' | ' | ' | ' | |
Business acquisition, anticipated transaction costs | 2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | 700,000 | 4,300,000 | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | |
Assumed debt resulting from property acquisition | 70,000,000 | [1] | ' | 37,200,000 | ' | ' | 59,800,000 | 59,800,000 | ' | ' | ' | ' | 395,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan receivable assumed | ' | ' | 28,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Additional amount borrowed | ' | ' | ' | ' | ' | 10,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Amount of mortgage loan | 2,744,387,000 | 2,221,105,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,000,000 | ' | ' | ' | ' | |
Interest rate swap contract, fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,100,000 | |
Termination payment, interest rate swap agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | ' | |
Mezzanine loan | 8,800,000 | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Common unit issued of limited partnership interest (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97,143 | 97,143 | ' | ' | |
Limited partnership interest common stock per unit value (usd per unit) | ' | ' | ' | ' | ' | ' | ' | 35.53 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.53 | ' | ' | ' | |
Number of properties (properties) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19 | ' | 167 | ' | ' | ' | ' | ' | ' | 9 | ' | ' | ' | ' | ' | |
Amount deposited towards purchase price of property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Amount paid at closing of acquired property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business acquisition combined revenue | 8,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business acquisition combined net income | $300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | Excludes $37.2 million of NMTC debt assumed in connection with the acquisition of Cardinal Towne in November 2013. The net difference between the mortgage debt assumed and the $28.3 million loan receivable also assumed in connection with the acquisition is reflected in Other assets and liabilities, net in the preceding table.2012 Acquisitions On |
Property_Acquisitions_Addition
Property Acquisitions - Additional Information (Detail Textuals 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2012 | Nov. 30, 2012 | Nov. 30, 2013 | Sep. 14, 2012 | Sep. 14, 2012 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 14, 2012 | |
Under Development | Kayne Anderson Portfolio | Kayne Anderson Portfolio | Kayne Anderson Portfolio | Campus Acquisitions Portfolio | Campus Acquisitions Portfolio | Series of individually immaterial business acquisitions, 2012 | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||
Bed | Bed | Bed | Property | Bed | Bed | Campus Acquisitions Portfolio | Campus Acquisitions Portfolio | ||||
Property | Property | ||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business acquisition, total consideration transferred | ' | ' | $828,000,000 | ' | ' | $623,100,000 | ' | $323,700,000 | ' | ' | |
Number of units acquired properties (units) | ' | ' | ' | ' | ' | 15 | 15 | ' | ' | ' | |
Business acquisition, purchase price | ' | ' | 830,500,000 | ' | ' | 627,000,000 | ' | ' | ' | ' | |
Number of beds (beds) | ' | 496 | 11,683 | 11,683 | ' | 6,579 | 6,579 | ' | ' | ' | |
Assumed debt resulting from property acquisition | $70,000,000 | [1] | ' | $395,800,000 | $395,800,000 | ' | $231,100,000 | $231,100,000 | $19,000,000 | ' | ' |
Annual interest rate of fixed-rate mortgage debt (percent) | ' | ' | ' | 5.28% | ' | ' | 5.61% | 5.54% | ' | ' | |
Common unit issued of limited partnership interest (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 325,098 | 325,098 | |
Limited partnership interest common stock per unit value (usd per unit) | ' | ' | ' | ' | ' | 46.14 | 46.14 | ' | 46.14 | ' | |
Number of properties (properties) | ' | ' | ' | ' | 19 | ' | ' | 0 | ' | ' | |
[1] | Excludes $37.2 million of NMTC debt assumed in connection with the acquisition of Cardinal Towne in November 2013. The net difference between the mortgage debt assumed and the $28.3 million loan receivable also assumed in connection with the acquisition is reflected in Other assets and liabilities, net in the preceding table.2012 Acquisitions On |
Property_Acquisitions_Addition1
Property Acquisitions - Additional Information (Detail Textuals 2) (USD $) | Dec. 31, 2013 | Jul. 02, 2013 | Dec. 31, 2011 | Dec. 31, 2011 |
In Millions, unless otherwise specified | Wholly-owned properties, net | The Varsity | The Varsity | Series of individually immaterial business acquisitions, 2011 |
Property | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Percentage of noncontrolling interest acquired | ' | ' | 79.50% | ' |
Percentage of ownership interests before acquisition | ' | ' | 20.50% | ' |
Note receivable, amount | ' | ' | $24.90 | ' |
Stated Interest rate on note (percent) | ' | ' | 12.00% | ' |
Ownership percentage after acquisition of minority partner's interest | ' | 100.00% | ' | ' |
Number of properties (properties) | 167 | ' | ' | 0 |
Business acquisition, combined purchase price | ' | ' | ' | $140.40 |
Property_Dispositions_and_Disc2
Property Dispositions and Discontinued Operations - Summary of results of operations for properties (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' |
Total revenues | $16,191 | $30,144 | $37,036 |
Total operating expenses | -7,220 | -12,641 | -16,195 |
Depreciation and amortization | -2,487 | -5,991 | -8,431 |
Provision for asset impairment | ' | 0 | -559 |
Operating income | 6,484 | 11,512 | 11,851 |
Total nonoperating expenses | -1,660 | -2,784 | -2,696 |
Net income | $4,824 | $8,728 | $9,155 |
Property_Dispositions_and_Disc3
Property Dispositions and Discontinued Operations - Additional Information (Detail Textuals) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Outstanding debt | $1,392,222,000 | $1,377,605,000 | ' |
Total proceeds from disposition of real estate | 180,465,000 | 42,279,000 | 80,376,000 |
Gain (loss) from disposition of real estate included in statements of comprehensive income | 55,263,000 | 4,312,000 | 14,806,000 |
University Mills | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Defeasance costs | 300,000 | ' | ' |
Brookstone Village and Campus Walk-Wilmington | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Defeasance costs | ' | 1,600,000 | ' |
Wholly-owned properties, net | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number of beds (beds) | 102,400 | ' | ' |
Off Campus Properties | University Mills, Campus Ridge, The Village at Blacksburg, State College Park, University Pines, Northgate Lakes | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number of properties sold (properties) | 6 | ' | ' |
Sale price of disposed property | 184,200,000 | ' | ' |
Total proceeds from disposition of real estate | 180,500,000 | ' | ' |
Gain (loss) from disposition of real estate included in statements of comprehensive income | 55,300,000 | ' | ' |
Off Campus Properties | Brookstone Village, Campus Walk Wilmington, Pirates Cove | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number of properties sold (properties) | ' | 0 | ' |
Sale price of disposed property | ' | 54,100,000 | ' |
Total proceeds from disposition of real estate | ' | 42,300,000 | ' |
Gain (loss) from disposition of real estate included in statements of comprehensive income | ' | 4,300,000 | ' |
Off Campus Properties | Campus Club Statesboro River Club Apartments River Walk Townhomes And Villas On Apache | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number of properties sold (properties) | ' | ' | 0 |
Sale price of disposed property | ' | ' | 82,000,000 |
Total proceeds from disposition of real estate | ' | ' | 80,400,000 |
Gain (loss) from disposition of real estate included in statements of comprehensive income | ' | ' | 14,800,000 |
Secured Agency Facility | Campus Ridge and Northgate Lakes | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Amount of secured agency facility paid down | 23,100,000 | ' | ' |
Mortgages | University Mills | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Amount of outstanding mortgage debt paid off | 8,100,000 | ' | ' |
Mortgages | Brookstone Village and Campus Walk-Wilmington | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Amount of outstanding mortgage debt paid off | $10,800,000 | ' | ' |
Property_Dispositions_and_Disc4
Property Dispositions and Discontinued Operations Property Dispositions and Discontinued Operations - Summary of Dispositions (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | |||||||||||
Hawks Landing | Off Campus Properties | Oxford | Cedar Falls | Cedar Falls | Johnson City | Johnson City | Orlando | Orlando | Blacksburg | Blacksburg | State College | State College | Statesboro | Statesboro | Statesboro | Wilmington | Wilmington | Greenville | Athens | Athens | Tempe | |||||||||||
Bed | Campus Club-Statesboro | Hawks Landing | Off Campus Properties | Off Campus Properties | Off Campus Properties | Off Campus Properties | Off Campus Properties | Off Campus Properties | Off Campus Properties | Off Campus Properties | Off Campus Properties | Off Campus Properties | Off Campus Properties | Off Campus Properties | Off Campus Properties | Off Campus Properties | Off Campus Properties | Off Campus Properties | Off Campus Properties | Off Campus Properties | Off Campus Properties | |||||||||||
Bed | Unit | University Mills | University Mills | Campus Ridge | Campus Ridge | Northgate Lakes | Northgate Lakes | Village At Blacksburg | Village At Blacksburg | State College Park | State College Park | University Pines | University Pines | Campus Club-Statesboro | Brookstone Village | Campus Walk - Wilmington | Pirates Cove | River Walk Townhomes | River Club Apartments | Villas on Apache | ||||||||||||
Unit | Unit | Bed | Unit | Unit | Unit | Bed | Bed | Bed | Bed | Unit | Bed | Unit | ||||||||||||||||||||
Bed | Unit | Bed | Bed | Bed | Unit | Unit | Unit | Unit | Bed | Unit | Bed | |||||||||||||||||||||
Schedule of Properties Sold During Period [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Primary University Served | 'Miami University of Ohio | ' | ' | 'University of Northern Iowa | [1] | ' | 'East Tennessee State University | [2] | ' | 'University of Central Florida | [2] | ' | 'Virginia Tech University | ' | 'Penn State University | ' | 'Georgia Southern University | ' | 'Georgia Southern University | 'UNC - Wilmington | [3] | 'UNC - Wilmington | [3] | 'East Carolina University | 'The University of Georgia | 'The University of Georgia | 'Arizona State University | |||||
Number Of Units | ' | 276 | 122 | [4] | ' | 121 | [1] | ' | 132 | [2] | ' | 194 | [2] | ' | 288 | ' | 196 | ' | 144 | ' | 124 | [3] | 289 | [3] | 264 | 100 | 266 | 111 | ||||
Number of beds (beds) | 484 | [4] | 984 | ' | ' | 481 | [1] | ' | 528 | [2] | ' | 710 | [2] | ' | 1,056 | ' | 752 | ' | 552 | ' | 238 | [3] | 290 | [3] | 1,056 | 336 | 792 | 288 | ||||
[1] | Concurrent with this transaction, the Company paid off outstanding mortgage debt of approximately $8.1 million and incurred related defeasance costs of approximately $0.3 million. The defeasance costs are reflected as a loss from early extinguishment of debt in discontinued operations on the accompanying consolidated statements of comprehensive income for the year ended December 31, 2013. | |||||||||||||||||||||||||||||||
[2] | These properties were included in the property Collateral Pool which secures our agency facility (see Note 11). As a result, concurrent with the sale of these properties, $23.1 million of the secured agency facility's outstanding balance was paid down. | |||||||||||||||||||||||||||||||
[3] | Concurrent with this transaction, the Company paid off outstanding mortgage debt totaling approximately $10.8 million and incurred related defeasance costs of approximately $1.6 million. The defeasance costs are reflected as a loss from early extinguishment of debt in discontinued operations on the accompanying consolidated statements of comprehensive income for the year ended December 31, 2012. | |||||||||||||||||||||||||||||||
[4] | Property was sold in February 2014 (see Note 20). |
Investments_in_WhollyOwned_Pro2
Investments in Wholly-Owned Properties - Summary of wholly-owned properties (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Real Estate Properties [Line Items] | ' | ' | ||
Wholly-owned properties, net | $5,286,872 | $4,928,722 | ||
Wholly-owned properties, net | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Land | 575,944 | [1],[2] | 550,274 | [1],[2] |
Buildings and improvements | 4,759,879 | 4,351,239 | ||
Furniture, fixtures and equipment | 267,022 | [1] | 227,409 | [1] |
Construction in progress | 121,923 | [1] | 138,923 | [1] |
Real estate properties gross | 5,724,768 | 5,267,845 | ||
Less accumulated depreciation | -525,760 | -396,469 | ||
Wholly-owned properties, net | $5,199,008 | [3] | $4,871,376 | [3] |
[1] | Land, furniture, fixtures and equipment and construction in progress as of December 31, 2013 include $3.6 million, $0.5 million and $6.6 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 deadlines and other closing conditions. The development of the property is anticipated to be completed in August 2014. 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. The Company is responsible for leasing, management, and initial operations of the project while the third-party developer is responsible for the development of the property. 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. | |||
[2] | The land balance above includes undeveloped land parcels with book values of approximately $40.6 million and $30.7 million as of December 31, 2013 and 2012, respectively. Also includes land totaling approximately $39.4 million and $41.6 million as of December 31, 2013 and 2012, respectively, related to properties under development. | |||
[3] | The balance above excludes Hawks Landing which was classified as wholly-owned property Held for Sale in the accompanying consolidated balance sheet as of December 31, 2013. |
Investments_in_WhollyOwned_Pro3
Investments in Wholly-Owned Properties - Summary of wholly-owned properties (Parentheticals) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Real Estate Properties [Line Items] | ' | ' |
Undeveloped land parcels | $40,600,000 | $30,700,000 |
Mezzanine loan | 8,800,000 | ' |
Contributions by noncontrolling partners | 1,500,000 | ' |
Under Development | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Land | 39,400,000 | 41,600,000 |
University Walk | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Land | 3,600,000 | ' |
Furniture, fixtures and equipment | 500,000 | ' |
Construction in progress | 6,600,000 | ' |
Noncontrolling Interests | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Contributions by noncontrolling partners | 1,500,000 | ' |
Construction loans | University Walk - Knoxville, TN Property | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $19,000,000 | ' |
OnCampus_Participating_Propert2
On-Campus Participating Properties (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Real Estate Properties [Line Items] | ' | ' | ||
On-campus participating properties, net | $5,286,872 | $4,928,722 | ||
Texas A And M International | Phases Placed In Service Between 1996 And 1998 | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Number of Project Phases | 3 | ' | ||
Texas A And M International | Phases Placed In Service In 2000 And 2003 | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Number of Project Phases | 2 | ' | ||
University Of Houston | Phases Placed In Service in 2001 And 2005 | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Number of Project Phases | 2 | ' | ||
On-campus participating properties, net | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Real estate properties gross | 130,705 | 109,838 | ||
Less accumulated amortization | -57,249 | -52,492 | ||
On-campus participating properties, net | 73,456 | 57,346 | ||
On-campus participating properties, net | Prairie View A And M University | Phases Placed In Service Between 1996 And 1998 | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Lease commencement | 1-Feb-96 | [1] | ' | |
Required debt repayment | 1-Sep-23 | [1] | ' | |
Real estate properties gross | 42,288 | [1] | 41,485 | [1] |
On-campus participating properties, net | Prairie View A And M University | Phases Placed In Service In 2000 And 2003 | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Lease commencement | 1-Oct-99 | [1] | ' | |
Real estate properties gross | 26,275 | [1] | 25,766 | [1] |
On-campus participating properties, net | Prairie View A And M University | Phases Placed In Service In 2000 And 2003 | Minimum | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Required debt repayment | 31-Aug-25 | [1] | ' | |
On-campus participating properties, net | Prairie View A And M University | Phases Placed In Service In 2000 And 2003 | Maximum | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Required debt repayment | 31-Aug-28 | [1] | ' | |
On-campus participating properties, net | Texas A And M International | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Lease commencement | 1-Feb-96 | ' | ||
Required debt repayment | 1-Sep-23 | ' | ||
Real estate properties gross | 6,767 | 6,651 | ||
On-campus participating properties, net | University Of Houston | Phases Placed In Service in 2001 And 2005 | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Lease commencement | 27-Sep-00 | [2] | ' | |
Required debt repayment | 31-Aug-35 | [2] | ' | |
Real estate properties gross | 36,126 | [2] | 35,936 | [2] |
On-campus participating properties, net | West Virginia University | Place In Service in August 2014 | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Lease commencement | 16-Jul-13 | [3] | ' | |
Required debt repayment | 16-Jul-45 | [3] | ' | |
Real estate properties gross | $19,249 | [3] | $0 | [3] |
[1] | Consists of two phases placed in service in 2000 and 2003. | |||
[2] | Consists of two phases placed in service in 2001 and 2005. | |||
[3] | In July 2013, construction commenced on this facility which is scheduled to be placed in service in August 2014. 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. |
OnCampus_Participating_Propert3
On-Campus Participating Properties- Additional Information (Detail Textuals) (On-campus participating properties, net) | 12 Months Ended |
Dec. 31, 2013 | |
Property | |
Entity | |
Real Estate Properties [Line Items] | ' |
Number of university systems (university systems) | 3 |
Percentage of future net cash flows (percent) | 50.00% |
Number of properties (properties) | 3 |
Percentage of financing (percent) | 100.00% |
West Virginia University | ' |
Real Estate Properties [Line Items] | ' |
Lease term | '40 years |
Number Of Renewal Options | 2 |
Lease Extension Period | '10 years |
Noncontrolling_Interests_Summa
Noncontrolling Interests - Summarized Activity of Redeemable Limited Partners (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Noncontrolling Interest [Roll Forward] | ' | ' | ' |
Balance | $57,534 | ' | ' |
Conversion of redeemable limited partner units into shares of ACC common stock | -23 | -1,217 | -1,102 |
Redemption of redeemable limited partner units for cash | -24,908 | ' | -3,275 |
Adjustments to reflect redeemable limited partner units at fair value | 12,534 | -1,958 | -9,876 |
Balance | 47,964 | 57,534 | ' |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' | ' | ' |
Noncontrolling Interest [Roll Forward] | ' | ' | ' |
Balance | 57,534 | ' | ' |
Conversion of redeemable limited partner units into shares of ACC common stock | -23 | -1,217 | -1,102 |
Redemption of redeemable limited partner units for cash | -24,908 | ' | -3,275 |
Adjustments to reflect redeemable limited partner units at fair value | 12,534 | -1,868 | -9,876 |
Balance | 47,964 | 57,534 | ' |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Redeemable noncontrolling interests | ' | ' | ' |
Noncontrolling Interest [Roll Forward] | ' | ' | ' |
Balance | 57,534 | 42,529 | ' |
Net income | 1,359 | 847 | ' |
Distributions | -1,823 | -1,446 | ' |
Redeemable limited partner units issued as consideration (see Note 5) | 3,451 | 15,000 | ' |
Conversion of redeemable limited partner units into shares of ACC common stock | -23 | -1,222 | ' |
Redemption of redeemable limited partner units for cash | ' | -132 | ' |
Adjustments to reflect redeemable limited partner units at fair value | -12,534 | 1,958 | ' |
Balance | $47,964 | $57,534 | ' |
Noncontrolling_Interests_Addit
Noncontrolling Interests - Additional Information (Detail Textuals) | Dec. 31, 2013 | Sep. 30, 2013 | Jul. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
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. | Series A preferred units | Common OP Units | |
Entity | ||||||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' |
Number of third-party joint venture partners (joint venture) | ' | 3 | ' | ' | ' | ' |
Percentage of noncontrolling interest acquired | ' | ' | 20.50% | ' | ' | ' |
Conversion of common units to common stock (in 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% | ' | ' |
Noncontrolling_Interests_Addit1
Noncontrolling Interests - Additional Information (Detail Textuals 2) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Noncontrolling Interest [Line Items] | ' |
Mezzanine loan | $8,800,000 |
Contributions by noncontrolling partners | $1,500,000 |
Investments_in_Unconsolidated_1
Investments in Unconsolidated Joint Ventures (Detail Textuals) (USD $) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jan. 31, 2012 |
Equity Method Investments | Equity Method Investments | Equity Method Investments | Equity Method Investments | Equity Method Investments | ||||
University Heights | University Heights | |||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Management fee earned | $7,514 | $6,893 | $7,254 | $1,600 | $1,600 | $1,600 | ' | ' |
Noncontrolling interest in a joint venture (percent) | ' | ' | ' | ' | ' | ' | ' | 10.00% |
Income (loss) from unconsolidated joint ventures | $0 | $444 | ($641) | ' | ' | ' | $100 | ' |
Debt_Summary_of_outstanding_co
Debt - Summary of outstanding consolidated indebtedness (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Secured mortgage, construction and bond debt | $1,507,216 | $1,509,105 | ||
Outstanding debt | 1,392,222 | 1,377,605 | ||
Secured agency facility | 87,750 | 104,000 | ||
Unsecured notes | 398,721 | 0 | ||
Unsecured revolving credit facility | 150,700 | 258,000 | ||
Unsecured term loans | 600,000 | 350,000 | ||
Long-term Debt | 2,744,387 | 2,221,105 | ||
Mortgage loans payable | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured mortgage, construction and bond debt | 1,372,925 | 1,375,067 | ||
Unamortized debt premiums | 74,575 | [1],[2] | 90,091 | [1],[2] |
Unamortized debt discounts | -2,021 | [1],[2] | -3,506 | [1],[2] |
Long-term Debt | 1,404,305 | 1,406,835 | ||
Construction loans payable | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term Debt | 60,471 | 57,355 | ||
Wholly-owned properties, net | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured mortgage, construction and bond debt | 1,417,563 | 1,432,422 | ||
Wholly-owned properties, net | Mortgage loans payable | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured mortgage, construction and bond debt | 1,300,371 | 1,288,482 | ||
Unamortized debt premiums | 74,575 | 90,091 | ||
Unamortized debt discounts | -2,021 | -3,506 | ||
Wholly-owned properties, net | Construction loans payable | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured mortgage, construction and bond debt | 44,638 | [3] | 57,355 | [3] |
On-campus participating properties, net | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured mortgage, construction and bond debt | 89,653 | 76,683 | ||
On-campus participating properties, net | Mortgage loans payable | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured mortgage, construction and bond debt | 31,380 | 31,768 | ||
On-campus participating properties, net | Bonds payable | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured mortgage, construction and bond debt | 42,440 | 44,915 | ||
On-campus participating properties, net | Construction loans payable | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Outstanding debt | $15,833 | [4] | ' | |
[1] | In connection with the Company's purchase of Cardinal Towne in November 2013, we assumed an existing $37.2 million fixed rate mortgage loan associated with a New Markets Tax Credit ("NMTC") structure inherited from the seller. The debt is partially offset by a loan receivable of approximately $28.3 million that was also assumed by the Company as part of the NMTC structure. In connection with the Company's purchase of Park Point in October 2013, we assumed an existing $59.8 million variable rate mortgage loan. | |||
[2] | In connection with the Company's purchase of Park Point in October 2013, we borrowed an additional $10.2 million resulting in a new $70.0 million variable rate mortgage loan (see preceding note). On the acquisition date, the Company entered into an interest rate swap contract to hedge the variable cash flows associated with interest payments on this LIBOR-based mortgage loan (see Note 14 for more details). | |||
[3] | 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 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 5). | |||
[4] | Interest rate is fixed for the first five years and variable for the remaining term of loan. |
Debt_Summary_of_outstanding_co1
Debt - Summary of outstanding consolidated indebtedness (Parenthetical) (Details) (Townhomes at Newtown Crossing and The Lodges of East Lansing Phase II Properties, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Loan | |
Townhomes at Newtown Crossing and The Lodges of East Lansing Phase II Properties | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Construction loan payable | ' | $12.70 |
Number of construction loans | 2 | ' |
Debt_Mortgage_and_construction
Debt - Mortgage and construction loans payable (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Property | ||||
Debt Instrument [Line Items] | ' | ' | ||
Principal outstanding | $1,392,222 | $1,377,605 | ||
Weighted average interest rate | 5.18% | ' | ||
Weighted average years to maturity | '4 years 6 months | ' | ||
Number of properties encumbered | 66 | ' | ||
Mortgage loans payable | Fixed Rate | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Principal outstanding | 1,331,751 | [1] | 1,320,250 | [1] |
Weighted average interest rate | 5.31% | [1] | ' | |
Weighted average years to maturity | '4 years 3 months 18 days | [1] | ' | |
Number of properties encumbered | 62 | [1] | ' | |
Construction loans payable | Fixed Rate | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Principal outstanding | 15,833 | 0 | [2] | |
Weighted average interest rate | 3.85% | [2] | ' | |
Weighted average years to maturity | '31 years 7 months 6 days | [2] | ' | |
Number of properties encumbered | 1 | [1] | ' | |
Construction loans payable | Variable Rate | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Principal outstanding | $44,638 | $57,355 | [3] | |
Weighted average interest rate | 1.62% | [3] | ' | |
Weighted average years to maturity | '4 months 24 days | [3] | ' | |
Number of properties encumbered | 3 | [3] | ' | |
[1] | Fixed rate mortgage loans payable mature at various dates from February 2014 through November 2041 and carry interest rates ranging from 3.05% to 7.15%. | |||
[2] | Interest rate is fixed for the first five years and variable for the remaining term of loan. | |||
[3] | Variable rate construction loans payable mature at various dates from May 2014 through December 2015 and carry interest rates based on LIBOR plus a spread, which translate into interest rates ranging from 1.62% to 2.94% at December 31, 2013. |
Debt_Mortgage_and_construction1
Debt - Mortgage and construction loans payable (Parentheticals) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' | |
Debt instrument fixed interest rate | 5.18% | |
Mortgage loans payable | Fixed Rate | ' | |
Debt Instrument [Line Items] | ' | |
Debt instrument fixed interest rate | 5.31% | [1] |
Mortgage loans payable | Fixed Rate | Maximum | ' | |
Debt Instrument [Line Items] | ' | |
Debt instrument fixed interest rate | 7.15% | |
Mortgage loans payable | Fixed Rate | Minimum | ' | |
Debt Instrument [Line Items] | ' | |
Debt instrument fixed interest rate | 3.05% | |
Construction loans payable | Fixed Rate | ' | |
Debt Instrument [Line Items] | ' | |
Debt instrument fixed interest rate | 3.85% | [2] |
Construction loans payable | Variable Rate | ' | |
Debt Instrument [Line Items] | ' | |
Debt instrument fixed interest rate | 1.62% | [3] |
Description of variable rate basis | 'LIBOR plus a spread | |
Construction loans payable | Variable Rate | Maximum | ' | |
Debt Instrument [Line Items] | ' | |
Debt instrument variable interest rate | 2.94% | |
Construction loans payable | Variable Rate | Minimum | ' | |
Debt Instrument [Line Items] | ' | |
Debt instrument variable interest rate | 1.62% | |
University Walk - Knoxville, TN Property | Construction loans | ' | |
Debt Instrument [Line Items] | ' | |
Amount borrowed under construction loan | 1 | |
[1] | Fixed rate mortgage loans payable mature at various dates from February 2014 through November 2041 and carry interest rates ranging from 3.05% to 7.15%. | |
[2] | Interest rate is fixed for the first five years and variable for the remaining term of loan. | |
[3] | Variable rate construction loans payable mature at various dates from May 2014 through December 2015 and carry interest rates based on LIBOR plus a spread, which translate into interest rates ranging from 1.62% to 2.94% at December 31, 2013. |
Debt_Mortgage_and_construction2
Debt - Mortgage and construction loans payable transactions occurred (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Long Term Debt Transactions [Roll Forward] | ' | ' | ' | |||
Balance, December 31, 2012 | $2,221,105 | ' | ' | |||
Additions: | ' | ' | ' | |||
Draws under advancing construction notes payable | 15,833 | 75,392 | 24,430 | |||
Deductions: | ' | ' | ' | |||
Balance, December 31, 2013 | 2,744,387 | 2,221,105 | ' | |||
Mortgage loans payable | ' | ' | ' | |||
Long Term Debt Transactions [Roll Forward] | ' | ' | ' | |||
Balance, December 31, 2012 | 1,406,835 | ' | ' | |||
Additions: | ' | ' | ' | |||
Assumption of mortgage loans payable | 97,000 | [1] | ' | ' | ||
Additional mortgage borrowing upon acquisition of property | 10,250 | [2] | ' | ' | ||
Deductions: | ' | ' | ' | |||
Payoff of maturing mortgage notes payable | -82,066 | [3] | ' | ' | ||
Scheduled repayments of principal | -13,682 | ' | ' | |||
Amortization of debt premiums and discounts | -14,032 | [1],[2] | -3,200 | [1],[2] | -4,800 | [1],[2] |
Balance, December 31, 2013 | 1,404,305 | 1,406,835 | ' | |||
Construction Loans Payable | ' | ' | ' | |||
Long Term Debt Transactions [Roll Forward] | ' | ' | ' | |||
Balance, December 31, 2012 | 57,355 | ' | ' | |||
Additions: | ' | ' | ' | |||
Draws under advancing construction notes payable | 15,833 | [4] | ' | ' | ||
Deductions: | ' | ' | ' | |||
Balance, December 31, 2013 | 60,471 | ' | ' | |||
Townhomes at Newtown Crossing and The Lodges of East Lansing Phase II Properties | Construction Loans Payable | ' | ' | ' | |||
Additions: | ' | ' | ' | |||
Draws under advancing construction notes payable (non-cash) VIEs | 32,788 | ' | ' | |||
Deductions: | ' | ' | ' | |||
Payoff of construction notes payable | ($45,505) | [5] | ' | ' | ||
[1] | In connection with the Company's purchase of Cardinal Towne in November 2013, we assumed an existing $37.2 million fixed rate mortgage loan associated with a New Markets Tax Credit ("NMTC") structure inherited from the seller. The debt is partially offset by a loan receivable of approximately $28.3 million that was also assumed by the Company as part of the NMTC structure. In connection with the Company's purchase of Park Point in October 2013, we assumed an existing $59.8 million variable rate mortgage loan. | |||||
[2] | In connection with the Company's purchase of Park Point in October 2013, we borrowed an additional $10.2 million resulting in a new $70.0 million variable rate mortgage loan (see preceding note). On the acquisition date, the Company entered into an interest rate swap contract to hedge the variable cash flows associated with interest payments on this LIBOR-based mortgage loan (see Note 14 for more details). | |||||
[3] | The Company paid off fixed rate mortgage debt secured by the following wholly-owned properties: University Pines, University Gables, University Crossings, The Outpost San Marcos and University Mills. | |||||
[4] | Represents draws from one construction loan used to finance the development and construction of an on-campus participating property located in Morgantown, West Virginia, which is scheduled to open for occupancy in August 2014. | |||||
[5] | Represents draws from two construction loans used to finance the development and construction of Townhomes at Newtown Crossing and The Lodges of East Lansing Phase II, VIEs 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 5). |
Debt_Mortgage_and_construction3
Debt - Mortgage and construction loans payable transactions occurred (Parentheticals)(Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Sep. 14, 2012 | Oct. 08, 2013 | Oct. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 08, 2013 | ||
In Thousands, unless otherwise specified | Cardinal Towne | Kayne Anderson Portfolio | Campus Acquisitions Portfolio | Park Point | Park Point | Mortgage loans payable | Mortgage loans payable | Construction Loans Payable | Construction Loans Payable | Variable rate mortgage loan | ||||
Park Point | ||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Assumed debt resulting from property acquisition | $70,000 | [1] | ' | $37,200 | $395,800 | $231,100 | $59,800 | $59,800 | ' | ' | ' | ' | ' | |
Additional amount borrowed | ' | ' | ' | ' | ' | 10,200 | ' | 10,250 | [2] | ' | ' | ' | ' | |
Long-term Debt | $2,744,387 | $2,221,105 | ' | ' | ' | ' | ' | $1,404,305 | $1,406,835 | $60,471 | $57,355 | $70,000 | ||
[1] | Excludes $37.2 million of NMTC debt assumed in connection with the acquisition of Cardinal Towne in November 2013. The net difference between the mortgage debt assumed and the $28.3 million loan receivable also assumed in connection with the acquisition is reflected in Other assets and liabilities, net in the preceding table.2012 Acquisitions On | |||||||||||||
[2] | In connection with the Company's purchase of Park Point in October 2013, we borrowed an additional $10.2 million resulting in a new $70.0 million variable rate mortgage loan (see preceding note). On the acquisition date, the Company entered into an interest rate swap contract to hedge the variable cash flows associated with interest payments on this LIBOR-based mortgage loan (see Note 14 for more details). |
Debt_Bonds_payable_Details
Debt - Bonds payable (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Bonds Payable | Bonds Payable | Bonds Payable | Bonds Payable | |||
Series 1999 | Series 2001 | Series 2003 | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Mortgaged facilities subject to leases | ' | ' | ' | 'University Village-PVAMU/TAMIU | 'University College–PVAMU | 'University College–PVAMU |
Original | ' | ' | $64,590,000 | $39,270,000 | $20,995,000 | $4,325,000 |
Principal outstanding | 1,392,222,000 | 1,377,605,000 | 42,440,000 | 24,590,000 | 14,620,000 | 3,230,000 |
Weighted average rate | 5.18% | ' | 7.55% | 7.75% | 7.55% | 6.08% |
Maturity date | ' | ' | ' | 30-Sep-23 | 31-Aug-25 | 31-Aug-28 |
Required monthly debt service | ' | ' | $488,000 | $302,000 | $158,000 | $28,000 |
Debt_Additional_Information_De
Debt - Additional Information (Detail Textuals) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jan. 31, 2012 | Nov. 30, 2013 | Dec. 18, 2013 | Dec. 31, 2013 | Jan. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2012 | Apr. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 30, 2013 | Jan. 31, 2012 | Dec. 31, 2013 | Dec. 18, 2013 | Dec. 18, 2013 | Dec. 18, 2013 | |
Interest Rate Swap | Interest Rate Swap | Cardinal Towne | Term Loan II Facility | Term Loan II Facility | Unsecured Term Loan Facility | Secured Agency Facility | Term Loan I Facility | Unsecured Revolving Credit Facility | Unsecured Revolving Credit Facility | Senior notes | 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. | Unsecured Revolving Credit Facility | Unsecured Revolving Credit Facility | Unsecured Revolving Credit Facility | Unsecured Revolving Credit Facility | Unsecured Revolving Credit Facility | ||||
Interest Rate Swap | Property | Senior notes | Term Loan II Facility | Term Loan I Facility | |||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan receivable assumed | ' | ' | ' | ' | ' | $28,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issued amount of senior unsecured notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured notes maturity period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' |
Par value of senior unsecured notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.66% | ' | ' | ' | ' | ' |
Stated Interest rate on note (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.75% | ' | ' | ' | ' | ' |
Effective interest rate on note (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.79% | ' | ' | ' | ' | ' |
Net proceeds from sale of unsecured notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 394,400,000 | ' | ' | ' | ' | ' |
Proceeds used to repay outstanding debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 321,000,000 | ' | ' | ' | ' | ' |
Amount borrowed under new term loan facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' |
Credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | 1,100,000,000 | 500,000,000 | 350,000,000 |
Additional borrowing capacity of unsecured facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' |
Proceeds from revolving credit facilities | 609,055,000 | 638,000,000 | 378,000,000 | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | 609,055,000 | 638,000,000 | 378,000,000 | ' | ' | ' | ' | ' | ' |
Credit facility, additional extension period | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable interest rate at period end | ' | ' | ' | ' | ' | ' | ' | 1.67% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reference rate | ' | ' | ' | ' | ' | ' | ' | 0.17% | ' | ' | ' | 0.17% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount | 451,380,000 | ' | ' | 350,000,000 | 31,400,000 | ' | ' | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio of borrowing amount to value of properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, remaining borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $349,300,000 | ' | ' | ' |
Term of credit facility, in years | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties used to secure debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'one- or three-month LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, required unused commitment fee per annum | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | 0.25% | ' | ' | ' |
Weighted average annual interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.20% | 0.88% | 1.72% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate spread | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | 1.30% | ' | ' | ' |
Debt_Scheduled_debt_maturities
Debt - Scheduled debt maturities (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Instrument [Line Items] | ' |
2014 | $324,887 |
2015 | 226,842 |
2016 | 214,437 |
2017 | 479,814 |
2018 | 323,777 |
Thereafter | 1,103,355 |
Total debt | 2,673,112 |
Scheduled Principal | ' |
Debt Instrument [Line Items] | ' |
2014 | 15,729 |
2015 | 13,439 |
2016 | 12,541 |
2017 | 12,537 |
2018 | 11,873 |
Thereafter | 51,176 |
Total debt | 117,295 |
Due at Maturity | ' |
Debt Instrument [Line Items] | ' |
2014 | 309,158 |
2015 | 213,403 |
2016 | 201,896 |
2017 | 467,277 |
2018 | 311,904 |
Thereafter | 1,052,179 |
Total debt | $2,555,817 |
Stockholders_Equity_Partners_C1
Stockholders' Equity / Partners' Capital - Additional Information (Detail Textuals) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 26, 2013 | Sep. 14, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Mar. 31, 2013 | Oct. 31, 2012 | Jul. 16, 2012 | Sep. 30, 2013 | Sep. 26, 2013 | Sep. 30, 2012 | Sep. 14, 2012 | |
Townhomes at Newtown Crossing | Campus Acquisitions Portfolio | 2011 ATM Equity Program | 2011 ATM Equity Program | 2011 ATM Equity Program | 2011 ATM Equity Program | 2011 ATM Equity Program | Equity Offering | Equity Offering | 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. | ||||
Townhomes at Newtown Crossing | Townhomes at Newtown Crossing | Campus Acquisitions Portfolio | Campus Acquisitions Portfolio | |||||||||||||
Class Of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
At The Market Share Offering Program, Aggregate Offering Price Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500,000,000 | ' | ' | ' | ' | ' | ' |
Common Stock Capital Value Reserved For Future Issuance | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' |
Shares/units of common stock sold | ' | ' | ' | ' | ' | 1,800,000 | ' | 5,700,000 | ' | ' | 12,650,000 | 17,250,000 | ' | ' | ' | ' |
Common stock price per share/unit | ' | ' | ' | ' | ' | $41.61 | ' | $36.56 | ' | ' | $43.75 | $44.25 | ' | ' | ' | ' |
Common stock issued as a result of exercise of underwriters' overallotment option in full at closing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,650,000 | 2,250,000 | ' | ' | ' | ' |
Gross proceeds from equity offerings | 0 | 1,391,750,000 | 208,980,000 | ' | ' | ' | ' | ' | ' | ' | 553,400,000 | 763,300,000 | ' | ' | ' | ' |
Aggregate proceeds net of underwriting discount and expenses | ' | ' | ' | ' | ' | ' | 73,900,000 | 205,800,000 | ' | ' | 530,500,000 | 731,900,000 | ' | ' | ' | ' |
Commissions paid to sales agents | $0 | $56,320,000 | $3,602,000 | ' | ' | ' | $1,100,000 | $3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common unit issued of limited partnership interest (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97,143 | 97,143 | 325,098 | 325,098 |
Limited partnership interest common stock per unit value (usd per unit) | ' | ' | ' | 35.53 | 46.14 | ' | ' | ' | ' | ' | ' | ' | 35.53 | ' | 46.14 | ' |
Incentive_Award_Plan_Summary_o
Incentive Award Plan - Summary of restricted stock units (Details) (Restricted Stock Units, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock Units | ' | ' | ' |
Number of RSUs | ' | ' | ' |
Nonvested, Number of RSAs, beginning balance | ' | ' | ' |
Granted | 10,265 | 10,015 | ' |
Settled in common shares | -4,572 | -1,558 | ' |
Settled in cash | -5,693 | -8,457 | ' |
Nonvested, Number of RSAs, ending balance | ' | ' | ' |
Weighted-Average Grant Date Fair Value Per RSU | ' | ' | ' |
Nonvested, Weighted-Average Grant Date Fair Value Per RSA, beginning balance | ' | ' | ' |
Granted, Weighted-Average Grant Date Fair Value Per RSA | $44.09 | $45.04 | $35.02 |
Settled in common shares, Weighted-Average Grant Date Fair Value Per RSU | $44.09 | $45.04 | ' |
Settled in cash, Weighted-Average Grant Date Fair Value Per RSU | $44.09 | $45.04 | ' |
Nonvested, Weighted-Average Grant Date Fair Value Per RSA, ending balance | $0 | ' | ' |
Incentive_Award_Plan_Summary_o1
Incentive Award Plan - Summary of restricted stock awards (Details) (Restricted Stock Awards, USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Restricted Stock Awards | ' | ' | ' | ||
Number of RSUs | ' | ' | ' | ||
Nonvested, Number of RSAs, beginning balance | 575,668 | 549,300 | ' | ||
Granted | 232,966 | 220,265 | ' | ||
Vested | -111,533 | -113,345 | ' | ||
Forfeited | -94,910 | [1] | -80,552 | [1] | ' |
Nonvested, Number of RSAs, ending balance | 602,191 | 575,668 | 549,300 | ||
Weighted-Average Grant Date Fair Value Per RSA | ' | ' | ' | ||
Nonvested, Weighted-Average Grant Date Fair Value Per RSA, beginning balance | $32.40 | $27.02 | ' | ||
Granted, Weighted-Average Grant Date Fair Value Per RSA | $47.64 | $41.37 | $31.55 | ||
Vested, Weighted-Average Grant Date Fair Value Per RSA | $29.64 | $26.65 | ' | ||
Forfeited, Weighted-Average Grant Date Fair Value Per RSA | $32.15 | [1] | $28.34 | [1] | $25.52 |
Nonvested, Weighted-Average Grant Date Fair Value Per RSA, ending balance | $38.84 | $32.40 | $27.02 | ||
[1] | Includes shares withheld to satisfy tax obligations upon vesting. |
Incentive_Award_Plan_Additiona
Incentive Award Plan - Additional Information (Detail Textuals) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | 31-May-10 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-12 | 31-May-12 | Dec. 31, 2013 | |||
2010 Incentive Award Plan | 2010 Incentive Award Plan | Restricted Stock Awards | Restricted Stock Awards | Restricted Stock Awards | Restricted Stock Units | Restricted Stock Units | Restricted Stock Units | Restricted Stock Units | Restricted Stock Units | Minimum | ||||||
Chairman of the Board of Directors | All other members | Restricted Stock Awards | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stock-based awards, number of shares reserved for issuance | ' | ' | ' | ' | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stock-based awards, number of shares available for issuance | ' | ' | ' | 1,295,625 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stock-based awards, stock granted during period, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $95,000 | $71,500 | ' | ||
Allocated share-based compensation | 6,900,000 | 5,800,000 | 4,600,000 | ' | ' | 6,400,000 | 5,300,000 | 4,300,000 | 500,000 | 500,000 | 300,000 | ' | ' | ' | ||
Weighted-average grant date fair value, granted | ' | ' | ' | ' | ' | $47.64 | $41.37 | $31.55 | $44.09 | $45.04 | $35.02 | ' | ' | ' | ||
Weighted-average grant date fair value, forfeited | ' | ' | ' | ' | ' | $32.15 | [1] | $28.34 | [1] | $25.52 | ' | ' | ' | ' | ' | ' |
Restricted stock award vesting period (in years) | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total fair value of RSAs vested | ' | ' | ' | ' | ' | 8,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total unrecognized compensation cost | ' | ' | ' | ' | ' | $17,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total unrecognized compensation cost, weighted-average period (in years) | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ||
Minimum number of full years of service to qualify for retirement (under Company Plan) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '120 months | ||
Minimum age to meet retirement qualification (under Company Plan) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '50 years | ||
Minimum combination of employee service years and employee age to meet retirement qualification (under Company Plan) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '70 years | ||
[1] | Includes shares withheld to satisfy tax obligations upon vesting. |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Summary of outstanding interest rate swap contracts (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Derivative [Line Items] | ' |
Notional amount | $451,380 |
Fair Value | -1,435 |
Interest Rate Swap - 6.689% Fixed Rate | ' |
Derivative [Line Items] | ' |
Effective Date | 15-Feb-07 |
Maturity Date | 15-Feb-14 |
Pay Fixed Rate | 6.69% |
Receive Floating Rate Index | 'LIBOR – 1 mo. plus 1.35% |
Notional amount | 31,380 |
Fair Value | -215 |
Interest Rate Swap - 0.8695% Fixed Rate | ' |
Derivative [Line Items] | ' |
Effective Date | 2-Feb-12 |
Maturity Date | 2-Jan-17 |
Pay Fixed Rate | 0.87% |
Receive Floating Rate Index | 'LIBOR – 1 month |
Notional amount | 125,000 |
Fair Value | -409 |
Interest Rate Swap - 0.88% Fixed Rate | ' |
Derivative [Line Items] | ' |
Effective Date | 2-Feb-12 |
Maturity Date | 2-Jan-17 |
Pay Fixed Rate | 0.88% |
Receive Floating Rate Index | 'LIBOR – 1 month |
Notional amount | 100,000 |
Fair Value | -359 |
Interest Rate Swap - 0.8875% Fixed Rate | ' |
Derivative [Line Items] | ' |
Effective Date | 2-Feb-12 |
Maturity Date | 2-Jan-17 |
Pay Fixed Rate | 0.89% |
Receive Floating Rate Index | 'LIBOR – 1 month |
Notional amount | 62,500 |
Fair Value | -241 |
Interest Rate Swap - 0.889% Fixed Rate | ' |
Derivative [Line Items] | ' |
Effective Date | 2-Feb-12 |
Maturity Date | 2-Jan-17 |
Pay Fixed Rate | 0.89% |
Receive Floating Rate Index | 'LIBOR – 1 month |
Notional amount | 62,500 |
Fair Value | -242 |
Interest Rate Swap - 1.545% Fixed Rate | ' |
Derivative [Line Items] | ' |
Effective Date | 1-Nov-13 |
Maturity Date | 5-Oct-18 |
Pay Fixed Rate | 1.55% |
Receive Floating Rate Index | 'LIBOR – 1 month |
Notional amount | 70,000 |
Fair Value | $31 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities - Fair value of derivative financial instruments and classification on consolidated balance sheet (Details) (Designated as hedging instrument, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, Interest rate swaps contracts | $31 | ' |
Other liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives, Interest rate swaps contracts | 1,466 | 6,661 |
Interest Rate Swap Contracts | Other assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, Interest rate swaps contracts | 31 | ' |
Interest Rate Swap Contracts | Other liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives, Interest rate swaps contracts | $1,466 | $6,661 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities - Additional Information (Detail Textuals) (Interest Rate Swap - 6.689% Fixed Rate) | Dec. 31, 2013 |
Interest Rate Swap - 6.689% Fixed Rate | ' |
Derivative [Line Items] | ' |
Receive Floating Rate Index, spread rate | 1.35% |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activities - Additional Information (Detail Textuals 1) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Unsecured Term Loan Facility | Interest Rate Swap - 1.545% Fixed Rate | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | Park Point | Park Point | ||||
Contract | Unsecured Term Loan Facility | Interest Rate Swap | ||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
One-month LIBOR spread rate | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' |
Termination payment, interest rate swap agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,100,000 |
Unsecured term loan increased amount | 609,055,000 | 638,000,000 | 378,000,000 | ' | ' | ' | ' | ' | ' | ' |
Number of interest rate swap contracts | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' |
Notional amount | $451,380,000 | ' | ' | ' | $70,000,000 | $350,000,000 | $31,400,000 | $350,000,000 | ' | ' |
Fair_Value_Disclosures_Financi
Fair Value Disclosures - Financial instruments measured at fair value (Details) (Recurring, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | ' | ' |
Asset | ' | ' |
Derivative Assets: financial instruments | ' | ' |
Liabilities: | ' | ' |
Derivative Liabilities: financial instruments | ' | ' |
Mezzanine Redeemable noncontrolling interests - Operating Partnership/ redeemable limited partners | ' | ' |
Significant Other Observable Inputs (Level 2) | ' | ' |
Asset | ' | ' |
Derivative Assets: financial instruments | 31 | 0 |
Liabilities: | ' | ' |
Derivative Liabilities: financial instruments | 1,466 | 6,661 |
Mezzanine Redeemable noncontrolling interests - Operating Partnership/ redeemable limited partners | 47,964 | 57,534 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Asset | ' | ' |
Derivative Assets: financial instruments | ' | ' |
Liabilities: | ' | ' |
Derivative Liabilities: financial instruments | ' | ' |
Mezzanine Redeemable noncontrolling interests - Operating Partnership/ redeemable limited partners | ' | ' |
Total | ' | ' |
Asset | ' | ' |
Derivative Assets: financial instruments | 31 | 0 |
Liabilities: | ' | ' |
Derivative Liabilities: financial instruments | 1,466 | 6,661 |
Mezzanine Redeemable noncontrolling interests - Operating Partnership/ redeemable limited partners | $47,964 | $57,534 |
Fair_Value_Disclosures_Estimat
Fair Value Disclosures - Estimated fair value and related carrying amounts for mortgage loans and bonds payable (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value | ' | ' |
Assets: | ' | ' |
Loans receivable | $49,154 | ' |
Liabilities: | ' | ' |
Unsecured Notes Fair Value Disclosure | 372,420 | ' |
Mortgage loans | 1,382,773 | 1,437,851 |
Bonds payable | 44,908 | 52,778 |
Carrying Amount | ' | ' |
Assets: | ' | ' |
Loans receivable | 51,192 | ' |
Liabilities: | ' | ' |
Unsecured Notes Fair Value Disclosure | 398,721 | ' |
Mortgage loans | 1,404,305 | 1,406,835 |
Bonds payable | $42,440 | $44,915 |
Lease_Commitments_Groundfacili
Lease Commitments - Ground/facility lease agreements and related rent expense and/or capitalized rent (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | |
Leases Disclosure [Line Items] | ' | |
Rental expense | $4,965 | |
2013 rent capitalized | 1,070 | |
Barrett Honors College (ACE) | ' | |
Leases Disclosure [Line Items] | ' | |
Primary university served | 'Arizona State University | [1] |
Lease commencement date | 'October 2007 | [1] |
Lease term | '65 years | [1] |
Number Of Renewal Options | 2 | [1] |
Lease extension period | '10 years | [1] |
Rental expense | 37 | [1] |
2013 rent capitalized | 0 | [1] |
Vista del Sol (ACE) | ' | |
Leases Disclosure [Line Items] | ' | |
Primary university served | 'Arizona State University | [1] |
Lease commencement date | 'December 2006 | [1] |
Lease term | '65 years | [1] |
Number Of Renewal Options | 2 | [1] |
Lease extension period | '10 years | [1] |
Rental expense | 1,209 | [1] |
2013 rent capitalized | 0 | [1] |
Lobo Village (ACE) | ' | |
Leases Disclosure [Line Items] | ' | |
Primary university served | 'University of New Mexico | [1] |
Lease commencement date | 'May 2010 | [1] |
Lease term | '40 years | [1] |
Number Of Renewal Options | 3 | [1] |
Lease extension period | '10 years | [1] |
Rental expense | 340 | [1] |
2013 rent capitalized | 0 | [1] |
Casas del Rio (ACE) | ' | |
Leases Disclosure [Line Items] | ' | |
Primary university served | 'University of New Mexico | [1] |
Lease commencement date | 'May 2011 | [1] |
Lease term | '40 years | [1] |
Number Of Renewal Options | 3 | [1] |
Lease extension period | '10 years | [1] |
Rental expense | 494 | [1] |
Hilltop Townhomes (ACE) | ' | |
Leases Disclosure [Line Items] | ' | |
Primary university served | 'Northern Arizona University | [1] |
Lease commencement date | 'May 2011 | [1] |
Lease term | '40 years | [1] |
Number Of Renewal Options | 4 | [1] |
Lease extension period | '10 years | [1] |
Rental expense | 335 | [1] |
2013 rent capitalized | 0 | [1] |
The Suites (ACE) | ' | |
Leases Disclosure [Line Items] | ' | |
Primary university served | 'Northern Arizona University | [1] |
Lease commencement date | 'May 2011 | [1] |
Lease term | '40 years | [1] |
Number Of Renewal Options | 4 | [1] |
Lease extension period | '10 years | [1] |
Rental expense | 212 | [1] |
2013 rent capitalized | 0 | [1] |
University Pointe at College Station (ACE) | ' | |
Leases Disclosure [Line Items] | ' | |
Primary university served | 'Portland State University | [1] |
Lease commencement date | 'December 2010 | [1] |
Lease term | '65 years | [1] |
Number Of Renewal Options | 2 | [1] |
Lease extension period | '10 years | [1] |
Rental expense | 269 | [1] |
2013 rent capitalized | 0 | [1] |
University Crossings (ACE) | ' | |
Leases Disclosure [Line Items] | ' | |
Primary university served | 'Drexel University | [1],[2] |
Lease commencement date | 'August 2013 | [1],[2] |
Lease term | '40 years | [1],[2] |
Number Of Renewal Options | 3 | [1],[2] |
Lease extension period | '10 years | [1],[2] |
Rental expense | 98 | [1],[2] |
2013 rent capitalized | 0 | [1],[2] |
University Village Northwest (ACE) | ' | |
Leases Disclosure [Line Items] | ' | |
Primary university served | 'Prairie View A&M University | [1] |
Lease commencement date | 'March 2011 | [1] |
Lease term | '30 years | [1] |
Rental expense | 11 | [1] |
2013 rent capitalized | 0 | [1] |
University Centre | ' | |
Leases Disclosure [Line Items] | ' | |
Primary university served | 'Rutgers University | [1] |
Lease commencement date | 'August 2005 | [1] |
Lease term | '95 years | [1] |
Rental expense | 340 | [1] |
2013 rent capitalized | 0 | [1] |
University Village-Temple | ' | |
Leases Disclosure [Line Items] | ' | |
Primary university served | 'Temple University | [1] |
Lease commencement date | 'October 2003 | [1] |
Lease term | '75 years | [1] |
Number Of Renewal Options | 4 | [1] |
Lease extension period | '6 years | [1] |
Rental expense | 184 | [1] |
2013 rent capitalized | 0 | [1] |
The Province - Tampa | ' | |
Leases Disclosure [Line Items] | ' | |
Primary university served | 'University of South Florida | [1] |
Lease commencement date | 'November 5, 2012 | [1] |
Lease term | '45 years | [1] |
Number Of Renewal Options | 5 | [1] |
Lease extension period | '10 years | [1] |
Rental expense | 887 | [1] |
2013 rent capitalized | 0 | [1] |
5 Twenty Four Angliana | ' | |
Leases Disclosure [Line Items] | ' | |
Primary university served | 'University of Kentucky | [1] |
Lease commencement date | 'November 2012 | [1] |
Lease term | '30 years | [1] |
Rental expense | 160 | [1] |
2013 rent capitalized | 0 | [1] |
5 Twenty Five Angliana | ' | |
Leases Disclosure [Line Items] | ' | |
Primary university served | 'University of Kentucky | [1] |
Lease commencement date | 'November 2012 | [1] |
Lease term | '35 years | [1] |
Rental expense | 163 | [1] |
2013 rent capitalized | 0 | [1] |
Callaway House at Austin | ' | |
Leases Disclosure [Line Items] | ' | |
Primary university served | 'University of Texas at Austin | [3] |
Lease commencement date | 'February 2011 | [3] |
Lease term | '99 years | [3] |
Number Of Renewal Options | 2 | [3] |
Lease extension period | '30 years | [3] |
Rental expense | 133 | [3] |
2013 rent capitalized | 149 | [3] |
Chestnut Square (ACE) | ' | |
Leases Disclosure [Line Items] | ' | |
Primary university served | 'Drexel University | [4] |
Lease commencement date | 'January 2012 | [4] |
Lease term | '40 years | [4] |
Number Of Renewal Options | 3 | [4] |
Lease extension period | '10 years | [4] |
Rental expense | 85 | [4] |
2013 rent capitalized | 169 | [4] |
University View (ACE) | ' | |
Leases Disclosure [Line Items] | ' | |
Primary university served | 'Prairie View A&M University | [3] |
Lease commencement date | 'October 2012 | [3] |
Lease term | '40 years | [3] |
Rental expense | 8 | [3] |
2013 rent capitalized | 11 | [3] |
U Centre at Northgate - ACE | ' | |
Leases Disclosure [Line Items] | ' | |
Primary university served | 'Texas A&M University | [5] |
Lease commencement date | 'July 2013 | [5] |
Lease term | '40 years | [5] |
Number Of Renewal Options | 2 | [5] |
Lease extension period | '10 years | [5] |
Rental expense | 0 | [5] |
2013 rent capitalized | 491 | [5] |
The Suites Phase II - ACE | ' | |
Leases Disclosure [Line Items] | ' | |
Primary university served | 'Northern Arizona University | [5] |
Lease commencement date | 'September 2013 | [5] |
Lease term | '40 years | [5] |
Number Of Renewal Options | 4 | [5] |
Lease extension period | '10 years | [5] |
Rental expense | 0 | [5] |
2013 rent capitalized | 14 | [5] |
Lancaster Project (ACE) | ' | |
Leases Disclosure [Line Items] | ' | |
Primary university served | 'Drexel University | [6] |
Lease commencement date | 'August 2013 | [6] |
Lease term | '40 years | [6] |
Number Of Renewal Options | 3 | [6] |
Lease extension period | '10 years | [6] |
Rental expense | 0 | [6] |
2013 rent capitalized | $236 | [6] |
[1] | These student housing properties were operational for the entire year ended December 31, 2013. | |
[2] | In August 2013, the Company entered into an agreement to convey fee interest in a parcel of land, on which one of our student housing properties resides, to Drexel University (the “Universityâ€). Concurrent with the land conveyance, the Company as lessee entered into a ground lease agreement with the University as lessor for an initial term of 40 years, with three 10-year extensions, at the Company’s option. The Company is not required to make ground lease payments to the University during the lease term unless the University is able to negotiate a reduction in real estate taxes with the city of Philadelphia. In such case, the ground lease payment will equal any real estate tax savings. | |
[3] | Straight-lined rental amounts were capitalized during the construction period and expensed upon the commencement of operations in August 2013. | |
[4] | Straight-lined rental amounts were capitalized during the construction period and expensed upon the commencement of operations in September 2013. | |
[5] | Scheduled to open for occupancy in August 2014. | |
[6] | Scheduled to open for occupancy in September 2015. |
Lease_Commitments_Future_minim
Lease Commitments - Future minimum commitments over life (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
2014 | $6,644 |
2015 | 6,587 |
2016 | 7,122 |
2017 | 6,970 |
2018 | 6,917 |
Thereafter | 239,904 |
Total minimum lease payments | $274,144 |
Lease_Commitments_Additional_I
Lease Commitments - Additional Information (Detail Textuals) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Leases Disclosure [Line Items] | ' | ' | ' |
Prepaid ground rent | $2,300,000 | $1,400,000 | ' |
Ground/facility leases | 4,965,000 | ' | ' |
Furniture, office and technology equipment | ' | ' | ' |
Leases Disclosure [Line Items] | ' | ' | ' |
Lease agreement termination date | '2022 | ' | ' |
Ground/facility leases | $6,500,000 | $4,100,000 | $3,200,000 |
Corporate Office | Expire in 2020 | ' | ' | ' |
Leases Disclosure [Line Items] | ' | ' | ' |
Lease agreement entry date | 17-Dec-10 | ' | ' |
Lease agreement termination date | 'December 31, 2020 | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail Textuals) (USD $) | 12 Months Ended | 1 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | ||
Subsidary | Alternate Housing Guarantees | Project Cost Guarantees | National Public Finance Guarantee Corporation | Drexel University Property | Renovation and capital improvements | Maximum | ||||
Contract | Drexel University Property | Drexel University Property | ||||||||
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Project cost guarantees expiration (within years following project completion) | ' | ' | ' | '5 days | '1 year | ' | ' | ' | ' | |
Lease Term | ' | ' | ' | ' | ' | ' | '40 years | [1],[2] | ' | ' |
Number Of Renewal Options | ' | ' | ' | ' | ' | ' | 3 | ' | ' | |
Lease extension period | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | |
Commitment as part of ground lease agreement, amount | ' | ' | ' | ' | ' | ' | ' | $22,300,000 | ' | |
Time period company is committed to improvements | ' | ' | ' | ' | ' | ' | 'P5Y | ' | ' | |
Commitment to pay real estate transfer taxes, amount | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | 2,400,000 | |
Real estate transfer taxes paid upon conveyance of land | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | |
Number of subsidiaries | 3 | ' | ' | ' | ' | ' | ' | ' | ' | |
Payment to acquire loans receivable | 52,138,000 | 0 | 0 | ' | ' | 52,800,000 | ' | ' | ' | |
Interest rate on loans receivable | 5.12% | ' | ' | ' | ' | ' | ' | ' | ' | |
Purchase discount on loans acquired | ' | ' | ' | ' | ' | 3,600,000 | ' | ' | ' | |
Litigation settlement costs | $2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | These student housing properties were operational for the entire year ended December 31, 2013. | |||||||||
[2] | Scheduled to open for occupancy in August 2014. |
Segment_Summary_of_business_se
Segment - Summary of business segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property management fees from external customers | ' | ' | ' | ' | ' | ' | ' | ' | $7,514 | $6,893 | $7,254 |
Total revenues | 182,694 | 158,393 | 153,212 | 163,163 | 149,283 | 112,117 | 99,719 | 104,536 | 657,462 | 465,655 | 361,910 |
Ground/facility leases | ' | ' | ' | ' | ' | ' | ' | ' | -4,965 | ' | ' |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -525,709 | -359,809 | -272,771 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -78,028 | -54,518 | -49,601 |
Income (loss) from unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 444 | -641 |
Income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | -1,020 | -725 | -433 |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 47,436 | 48,789 | 34,011 |
Total assets | 5,598,040 | ' | ' | ' | 5,118,962 | ' | ' | ' | 5,598,040 | 5,118,962 | ' |
Wholly-Owned Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental revenues | ' | ' | ' | ' | ' | ' | ' | ' | 621,117 | 424,022 | 321,907 |
Interest and other income | ' | ' | ' | ' | ' | ' | ' | ' | 152 | 40 | 63 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 621,269 | 424,062 | 321,970 |
Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead | ' | ' | ' | ' | ' | ' | ' | ' | -300,207 | -200,799 | -154,674 |
Ground/facility leases | ' | ' | ' | ' | ' | ' | ' | ' | -2,956 | -2,148 | -1,329 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -45,401 | -32,624 | -33,912 |
Operating income (loss) before depreciation, amortization and allocation of corporate overhead | ' | ' | ' | ' | ' | ' | ' | ' | 272,705 | 188,491 | 132,055 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -178,396 | -104,205 | -75,052 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 350,118 | 354,204 | 213,939 |
Total segment assets | 5,394,029 | ' | ' | ' | 4,958,314 | ' | ' | ' | 5,394,029 | 4,958,314 | 2,843,749 |
On-campus participating properties, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental revenues | ' | ' | ' | ' | ' | ' | ' | ' | 26,348 | 26,166 | 25,252 |
Interest and other income | ' | ' | ' | ' | ' | ' | ' | ' | 16 | 16 | 15 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 26,364 | 26,182 | 25,267 |
Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead | ' | ' | ' | ' | ' | ' | ' | ' | -10,322 | -10,367 | -9,437 |
Ground/facility leases | ' | ' | ' | ' | ' | ' | ' | ' | -2,446 | -2,100 | -2,279 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -5,463 | -5,671 | -5,840 |
Operating income (loss) before depreciation, amortization and allocation of corporate overhead | ' | ' | ' | ' | ' | ' | ' | ' | 8,133 | 8,044 | 7,711 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -4,756 | -4,644 | -4,469 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 17,094 | 2,141 | 1,832 |
Total segment assets | 88,777 | ' | ' | ' | 72,922 | ' | ' | ' | 88,777 | 72,922 | 73,109 |
Development Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Development and construction management fees | ' | ' | ' | ' | ' | ' | ' | ' | 2,483 | 8,574 | 7,497 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -11,172 | -10,739 | -9,820 |
Operating income (loss) before depreciation, amortization and allocation of corporate overhead | ' | ' | ' | ' | ' | ' | ' | ' | -8,689 | -2,165 | -2,323 |
Total segment assets | 1,848 | ' | ' | ' | 1,804 | ' | ' | ' | 1,848 | 1,804 | 14,159 |
Property Management Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property management fees from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 7,514 | 6,893 | 7,254 |
Intersegment revenues | ' | ' | ' | ' | ' | ' | ' | ' | 21,396 | 16,349 | 13,867 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 28,910 | 23,242 | 21,121 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -10,349 | -10,098 | -9,532 |
Operating income (loss) before depreciation, amortization and allocation of corporate overhead | ' | ' | ' | ' | ' | ' | ' | ' | 18,561 | 13,144 | 11,589 |
Total segment assets | 7,033 | ' | ' | ' | 4,532 | ' | ' | ' | 7,033 | 4,532 | 4,535 |
Reconciliations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 679,026 | 482,060 | 375,855 |
Unallocated interest income earned on corporate cash | ' | ' | ' | ' | ' | ' | ' | ' | 2,837 | 1,700 | 501 |
Elimination of intersegment revenues | ' | ' | ' | ' | ' | ' | ' | ' | -21,396 | -16,349 | -13,867 |
Total consolidated revenues, including interest income | ' | ' | ' | ' | ' | ' | ' | ' | 660,467 | 467,411 | 362,489 |
Operating income (loss) before depreciation, amortization and allocation of corporate overhead | ' | ' | ' | ' | ' | ' | ' | ' | 290,710 | 207,514 | 149,032 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -190,596 | -114,924 | -85,872 |
Net unallocated expenses relating to corporate overhead | ' | ' | ' | ' | ' | ' | ' | ' | -48,992 | -43,931 | -28,075 |
Income (loss) from unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 444 | -641 |
Other nonoperating income | ' | ' | ' | ' | ' | ' | ' | ' | -2,666 | 411 | 0 |
Income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | -1,020 | -725 | -433 |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 47,436 | 48,789 | 34,011 |
Total segment assets | 5,491,687 | ' | ' | ' | 5,037,572 | ' | ' | ' | 5,491,687 | 5,037,572 | 2,935,552 |
Unallocated corporate assets | 106,353 | ' | ' | ' | 81,390 | ' | ' | ' | 106,353 | 81,390 | 73,030 |
Total assets | $5,598,040 | ' | ' | ' | $5,118,962 | ' | ' | ' | $5,598,040 | $5,118,962 | $3,008,582 |
Segments_Additional_Informatio
Segments - Additional Information (Detail Textuals) | 12 Months Ended |
Dec. 31, 2013 | |
Segment | |
Disclosure Segments Additional Information [Abstract] | ' |
Identified reportable segments | 4 |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) - Information related to quarterly consolidated financial results(Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Total revenues | $182,694 | $158,393 | $153,212 | $163,163 | $149,283 | $112,117 | $99,719 | $104,536 | $657,462 | $465,655 | $361,910 | ||
Net income attributable to common shareholders | 27,829 | 47,176 | 8,049 | 21,590 | 23,655 | 627 | 12,328 | 20,026 | 104,644 | 56,636 | 56,629 | ||
Net income attributable to common shareholders per share - basic | $0.26 | $0.45 | $0.07 | $0.20 | $0.23 | $0 | $0.16 | $0.27 | $0.99 | [1] | $0.66 | [1] | $0.81 |
Net income attributable to common shareholders per share - diluted | $0.26 | $0.45 | $0.07 | $0.20 | $0.23 | $0 | $0.16 | $0.26 | $0.98 | [1] | $0.65 | [1] | $0.80 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total revenues | 182,694 | 158,393 | 153,212 | 163,163 | 149,283 | 112,117 | 99,719 | 104,536 | 657,462 | 465,655 | 361,910 | ||
Net income attributable to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 106,003 | 57,483 | 57,559 | ||
Net income attributable to common shareholders/unitholders | $28,157 | $47,703 | $8,138 | $21,823 | $23,915 | $647 | $12,471 | $20,267 | $105,821 | $57,300 | $57,376 | ||
Net income attributable to common shareholders per share - basic | ' | ' | ' | ' | ' | ' | ' | ' | $0.99 | $0.66 | $0.81 | ||
Net income attributable to common unitholders per unit - basic | $0.26 | $0.45 | $0.07 | $0.20 | $0.23 | $0 | $0.16 | $0.27 | $0.99 | [1] | $0.66 | [1] | $0.81 |
Net income attributable to common shareholders per share - diluted | ' | ' | ' | ' | ' | ' | ' | ' | $0.98 | $0.65 | $0.80 | ||
Net income attributable to common unitholders per unit - diluted | $0.26 | $0.45 | $0.07 | $0.20 | $0.23 | $0 | $0.16 | $0.26 | $0.98 | [1] | $0.65 | [1] | $0.80 |
[1] | Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year. |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail Textuals) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 21, 2014 | Jan. 29, 2014 | Feb. 11, 2014 | Jan. 10, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | ||
Subsequent Event | Subsequent Event | Hawks Landing | Boulder Outlook Hotel | Cullen Oaks Phase I and Phase II Loans | Mortgages | |||||
Subsequent Event | Subsequent Event | Subsequent Event | Cullen Oaks Phase I and Phase II Loans | |||||||
Contract | Subsequent Event | |||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Company declared dividend | $1.42 | $1.35 | $1.35 | ' | $0.36 | ' | ' | ' | ' | |
Company dividend paid | ' | ' | ' | $0.36 | ' | ' | ' | ' | ' | |
Sale price of disposed property | ' | ' | ' | ' | ' | $17,300,000 | ' | ' | ' | |
Assumed debt resulting from property disposition | 70,000,000 | [1] | ' | ' | ' | ' | 15,600,000 | ' | ' | ' |
Proceeds from disposition of properties | 180,465,000 | 42,279,000 | 80,376,000 | ' | ' | 1,200,000 | ' | ' | ' | |
Business acquisition, total consideration transferred | ' | ' | ' | ' | ' | ' | $9,300,000 | ' | ' | |
One-month LIBOR spread rate | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | |
Number of interest rate swap contracts | ' | ' | ' | ' | ' | ' | ' | 2 | ' | |
Fixed interest rate on derivative | ' | ' | ' | ' | ' | ' | ' | ' | 2.28% | |
[1] | Excludes $37.2 million of NMTC debt assumed in connection with the acquisition of Cardinal Towne in November 2013. The net difference between the mortgage debt assumed and the $28.3 million loan receivable also assumed in connection with the acquisition is reflected in Other assets and liabilities, net in the preceding table.2012 Acquisitions On |
Schedule_of_Real_Estate_and_Ac1
Schedule of Real Estate and Accumulated Depreciation (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Bed | Undeveloped land parcels | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | Wholly owned properties | On-campus participating properties | On-campus participating properties | On-campus participating properties | On-campus participating properties | On-campus participating properties | On-campus participating properties | On-campus participating properties | On-campus participating properties | On-campus participating properties | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unit | Unit | Unit | The Callaway House | The Village at Alafaya Club | The Village at Science Drive | University Village at Boulder Creek | University Village- Fresno | University Village-Temple | University Village at Sweethome | University Club Townhomes | College Club Townhomes | University Club Apartments | The Estates | City Parc at Fry Street | Entrada Real | University Village- Tallahassee | Royal Village Gainesville | Royal Lexington | The Woods at Greenland | Raiders Crossing | Raiders Pass | Aggie Station | The Outpost- San Marcos | The Outpost- San Antonio | Callaway Villas | The Village on Sixth Avenue | Newtown Crossing | Olde Town University Square | Peninsular Place | University Centre | Sunnyside Commons | Pirates Place Townhomes | The Highlands | The Summit and Jacob Heights | GrandMarc Seven Corners | University Village- Sacramento | Aztec Corner | University Crossings | Campus Corner | Tower at Third | University Manor | Lakeside Apartments | The Club | The Edge- Orlando | University Heights | South View | Stone Gate | The Commons | University Gables | The Enclave | Hawks Landing | Willowtree Apartments and Towers | Abbott Place | The Centre | University Meadows | Campus Way | University Pointe | University Trails | Vista del Sol (ACE) | Villas at Chestnut Ridge | Barrett Honors College (ACE) | Campus Trails | Lions Crossing | Nittany Crossing | The View | Chapel Ridge | Chapel View | University Oaks | Blanton Common | University Place | Burbank Commons | University Crescent | University Greens | The Edge- Charlotte | University Walk | Uptown Apartments | Sanctuary Lofts | 2nd Ave Centre | Villas at Babcock | Lobo Village (ACE) | Villas on Sycamore | University Village (ACE) | Eagles Trail | 26 West | The Varsity | University Heights | Avalon Heights | University Commons | The Block | University Pointe at College Station (ACE) | Casas del Rio (ACE) | The Suites (ACE) | Hilltop Townhomes (ACE) | U Club on Frey | Campus Edge on UTA Boulevard | U Club Townhomes on Marion Pugh | Villas on Rensch | The Village at Overton Park | Casa de Oro (ACE) | The Villas at Vista del Sol (ACE) | Icon Plaza | Chauncey Square | 309 Green | Lofts54 | Campustown Rentals | Campustown | Garnet River Walk | River Mill | Landmark | 922 Place | Vintage West Campus | Texan West Campus | The Castilian | Bishops Square | Union | The Retreat | West 27th Place | The Cottages of Durham | The Province - Rochester | The Province - Greensboro | U Point Kennesaw | The Province - Tampa | The Lofts at Capital Garage | RAMZ Apts. on Broad | 5 Twenty Four and 5 Twenty Five Angliana | The Province - Louisville | The Province - Dayton | The Lodges Of East Lansing | The Cottages of Baton Rouge | U Club Cottages | The Cottages of Columbia | Forest Village and Woodlake | Grindstone Canyon | 25Twenty | University Edge | Manzanita (ACE) | The Callaway House Austin and The Penthouse at Callaway | Chestnut Square (ACE) | U Club on Woodward | U Club Townhomes at Overton Park | 601 Copeland | University View (ACE) | The Townhomes at Newtown Crossing | 7th Street Station | The Plaza Apartments | Park Point | U Centre at Fry Street | The Plaza on University | Cardinal Towne | Stanworth Commons Phase I - ACE | Kennesaw State University Phase II | The Suites Phase II - ACE | U Centre at Northgate - ACE | University Walk | Lancaster Project (ACE) | Eugene, OR Development | Undeveloped land parcels | Unit | University Village - PVAMU | University College - PVAMU | University Village - TAMIU | Cullen Oaks Phase I and II | West Virginia University Project | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bed | Bed | Unit | Bed | Bed | Unit | Bed | Unit | Bed | Unit | Unit | Bed | Bed | Unit | Unit | Bed | Unit | Bed | Unit | Unit | Bed | Unit | Unit | Bed | Bed | Unit | Bed | Bed | Bed | Bed | Bed | Bed | Unit | Unit | Bed | Bed | Bed | Bed | Bed | Bed | Unit | Unit | Unit | Unit | Bed | Bed | Unit | Bed | Bed | Unit | Bed | Unit | Unit | Bed | Unit | Bed | Bed | Unit | Unit | Bed | Unit | Unit | Unit | Unit | Bed | Bed | Unit | Bed | Bed | Unit | Bed | Bed | Bed | Unit | Bed | Bed | Bed | Bed | Unit | Bed | Unit | Unit | Bed | Bed | Unit | Bed | Bed | Unit | Unit | Unit | Unit | Bed | Unit | Unit | Unit | Bed | Unit | Unit | Unit | Unit | Bed | Bed | Unit | Bed | Bed | Bed | Bed | Bed | Unit | Bed | Unit | Bed | Bed | Unit | Unit | Unit | Unit | Unit | Unit | Bed | Unit | Unit | Bed | Unit | Unit | Bed | Unit | Bed | Bed | Bed | Unit | Unit | Bed | Bed | Unit | Bed | Bed | Unit | Bed | Bed | Unit | Bed | Bed | Unit | Bed | Unit | Bed | Unit | Unit | Bed | Unit | Unit | Unit | Bed | Unit | Unit | Bed | Bed | Unit | Unit | Unit | Bed | Unit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bed | Unit | Unit | Bed | Unit | Bed | Unit | Bed | Bed | Unit | Unit | Bed | Bed | Unit | Bed | Unit | Bed | Bed | Unit | Bed | Bed | Unit | Unit | Bed | Unit | Unit | Unit | Unit | Unit | Unit | Bed | Bed | Unit | Unit | Unit | Unit | Unit | Unit | Bed | Bed | Bed | Bed | Unit | Unit | Bed | Unit | Unit | Bed | Unit | Bed | Bed | Unit | Bed | Unit | Unit | Bed | Bed | Unit | Bed | Bed | Bed | Bed | Unit | Unit | Bed | Unit | Unit | Bed | Unit | Unit | Unit | Bed | Unit | Unit | Unit | Unit | Bed | Unit | Bed | Bed | Unit | Unit | Bed | Unit | Unit | Bed | Bed | Bed | Bed | Unit | Bed | Bed | Bed | Unit | Bed | Bed | Bed | Bed | Unit | Unit | Bed | Unit | Unit | Unit | Unit | Unit | Bed | Unit | Bed | Unit | Unit | Bed | Bed | Bed | Bed | Bed | Bed | Unit | Bed | Bed | Unit | Bed | Bed | Unit | Bed | Unit | Unit | Unit | Bed | Bed | Unit | Unit | Bed | Unit | Unit | Bed | Unit | Unit | Bed | Unit | Unit | Bed | Unit | Bed | Unit | Bed | Bed | Unit | Bed | Bed | Bed | Unit | Bed | Bed | Unit | Bed | Bed | Bed | Unit | Bed | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units | 33,434 | ' | 31,347 | [1] | ' | ' | ' | 173 | 228 | 192 | 82 | 105 | 220 | 269 | 216 | [2] | 136 | [3] | 94 | 396 | 136 | 98 | 217 | [4] | 118 | 94 | 78 | 96 | 264 | 156 | 162 | 276 | 236 | 248 | 356 | 224 | 183 | 234 | 68 | 144 | 216 | 258 | [5] | 186 | 250 | 180 | 260 | 254 | 188 | 168 | 244 | 120 | 306 | 144 | 240 | 168 | 132 | 168 | 120 | 122 | [6] | 473 | [7] | 222 | 232 | 184 | 194 | 204 | 240 | 613 | 196 | 604 | 156 | 204 | 204 | 157 | 180 | 224 | 181 | 276 | 176 | 134 | 192 | 156 | 180 | 120 | 180 | 201 | 274 | 204 | 216 | 170 | 36 | 216 | 367 | 258 | 204 | 210 | 164 | 669 | 282 | 283 | 275 | 144 | 114 | 128 | 160 | 153 | 163 | 109 | 104 | 56 | 158 | 110 | 43 | 280 | 452 | 170 | 243 | 173 | 132 | 62 | 62 | 371 | 134 | 54 | 187 | 161 | 141 | 336 | 219 | 216 | 287 | 36 | 88 | 376 | [8] | 366 | 200 | 364 | [9] | 382 | 105 | 145 | 352 | 201 | 249 | 201 | 241 | 219 | 220 | 112 | 112 | 81 | 96 | 152 | 82 | 289 | 300 | 194 | 364 | [1] | 255 | 127 | [1] | 102 | [1] | 164 | [1] | 196 | [1] | 177 | [1] | 351 | [1] | 192 | [1] | ' | [1] | 2,087 | ' | ' | ' | 612 | 756 | 84 | 411 | 224 | [1] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beds | 102,400 | ' | 97,314 | [1] | ' | ' | ' | 538 | 839 | 732 | 309 | 406 | 749 | 828 | 736 | [2] | 544 | [3] | 376 | 1,044 | 418 | 363 | 716 | [4] | 448 | 364 | 276 | 276 | 828 | 450 | 486 | 828 | 704 | 752 | 942 | 550 | 478 | 838 | 161 | 528 | 732 | 930 | [5] | 440 | 394 | 606 | 1,016 | 796 | 375 | 600 | 776 | 480 | 930 | 528 | 960 | 672 | 528 | 648 | 480 | 484 | [6] | 851 | [7] | 654 | 700 | 616 | 680 | 682 | 684 | 1,866 | 552 | 1,721 | 480 | 696 | 684 | 590 | 544 | 358 | 662 | 860 | 528 | 532 | 612 | 516 | 720 | 480 | 528 | 487 | 868 | 792 | 864 | 680 | 144 | 792 | 1,026 | 901 | 636 | 754 | 480 | 1,555 | 978 | 1,028 | 550 | 576 | 456 | 488 | 640 | 610 | 612 | 365 | 400 | 253 | 386 | 416 | 172 | 766 | 1,217 | 476 | 461 | 606 | 468 | 121 | 190 | 623 | 315 | 120 | 780 | 475 | 619 | 816 | 696 | 795 | 947 | 144 | 172 | 1,060 | [8] | 858 | 657 | 1,049 | [9] | 1,290 | 308 | 513 | 704 | 384 | 562 | 608 | 816 | 753 | 861 | 448 | 448 | 283 | 336 | 608 | 309 | 359 | 924 | 614 | 1,313 | [1] | 545 | 214 | [1] | 408 | [1] | 328 | [1] | 784 | [1] | 526 | [1] | 1,316 | [1] | 734 | [1] | ' | [1] | 5,086 | ' | ' | ' | 1,920 | 1,470 | 250 | 879 | 567 | [1] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost, Land | $577,389 | ' | $577,389 | [1] | ' | ' | ' | $5,081 | $3,788 | $4,673 | $1,035 | $929 | ' | $2,473 | $4,665 | [2] | $2,099 | [3] | $1,416 | $4,254 | $1,902 | $1,475 | $4,322 | [4] | $2,484 | $2,848 | $1,050 | $1,089 | $3,877 | $1,634 | $1,987 | $3,262 | $3,903 | $2,763 | $7,013 | $2,277 | $2,306 | ' | $6,933 | $1,159 | $4,821 | $2,318 | [5] | $4,491 | $7,275 | $17,460 | ' | $1,591 | $1,145 | $1,387 | $2,347 | $1,164 | $6,053 | $2,794 | $3,492 | $2,929 | $2,173 | $1,309 | $582 | $1,445 | [6] | $9,807 | [7] | $1,833 | $1,804 | $1,426 | $1,581 | $989 | $1,183 | ' | $2,756 | ' | $1,358 | $4,453 | $4,337 | $1,499 | $4,244 | $2,161 | $2,150 | $3,788 | $1,387 | $2,512 | $3,548 | $1,117 | $3,076 | $2,016 | $3,031 | $2,960 | $4,434 | $4,642 | ' | $3,000 | ' | $608 | $21,396 | $11,605 | $1,625 | $4,968 | $12,559 | $22,270 | ' | ' | ' | ' | $3,300 | $2,661 | $6,722 | $10,231 | $5,262 | ' | ' | $6,292 | $2,522 | $5,351 | $430 | $2,520 | $1,818 | $1,427 | $1,741 | $3,002 | $3,363 | $2,572 | $3,365 | $3,663 | $1,206 | $169 | $5,265 | $13,900 | $3,955 | $3,798 | $2,226 | $1,482 | ' | $313 | $785 | ' | [8] | $4,392 | $1,211 | $6,472 | [9] | $6,524 | $1,744 | $2,695 | $3,125 | $1,631 | $2,226 | $4,500 | ' | $0 | ' | $6,703 | $7,759 | $1,457 | ' | $7,745 | $9,792 | $9,647 | $7,827 | $2,902 | $25,668 | [1] | $6,547 | ' | [1] | $5,400 | [1] | ' | [1] | ' | [1] | $3,577 | [1] | ' | [1] | $8,299 | [1] | $40,609 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | [1] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 5,078,615 | [10] | ' | [10] | 4,960,456 | [1],[10] | ' | ' | ' | 20,499 | [10] | 21,851 | [10] | 19,021 | [10] | 16,393 | [10] | 15,553 | [10] | 41,119 | [10] | 34,626 | [10] | 23,103 | [10],[2] | 16,049 | [10],[3] | 11,848 | [10] | 43,164 | [10] | 17,678 | [10] | 15,859 | [10] | 26,225 | [10],[4] | 15,153 | [10] | 12,783 | [10] | 7,286 | [10] | 8,404 | [10] | 32,445 | [10] | 18,821 | [10] | 18,973 | [10] | 36,252 | [10] | 32,286 | [10] | 22,480 | [10] | 53,597 | [10] | 24,614 | [10] | 16,559 | [10] | 77,378 | [10] | 768 | [10] | 9,652 | [10] | 24,822 | [10] | 36,464 | [10],[5] | 28,807 | [10] | 12,639 | [10] | 32,209 | [10] | 47,830 | [10] | 20,928 | [10] | 19,128 | [10] | 14,889 | [10] | 22,999 | [10] | 11,979 | [10] | 37,802 | [10] | 15,639 | [10] | 41,760 | [10] | 28,164 | [10] | 17,786 | [10] | 13,148 | [10] | 9,205 | [10] | 13,735 | [10],[6] | 21,880 | [10],[7] | 18,313 | [10] | 19,395 | [10] | 14,870 | [10] | 21,845 | [10] | 27,576 | [10] | 25,173 | [10] | 135,939 | [10] | 33,510 | [10] | 131,302 | [10] | 11,291 | [10] | 32,824 | [10] | 31,920 | [10] | 11,004 | [10] | 30,792 | [10] | 16,062 | [10] | 17,369 | [10] | 29,662 | [10] | 8,236 | [10] | 20,063 | [10] | 28,403 | [10] | 9,244 | [10] | 22,841 | [10] | 14,599 | [10] | 21,685 | [10] | 18,180 | [10] | 27,236 | [10] | 30,901 | [10] | 42,490 | [10] | 24,640 | [10] | 4,228 | [10] | 19,061 | [10] | 63,994 | [10] | 108,529 | [10] | 12,585 | [10] | 24,345 | [10] | 19,010 | [10] | 141,430 | [10] | 84,657 | [10] | 40,639 | [10] | 27,080 | [10] | 31,507 | [10] | 18,182 | [10] | 21,233 | [10] | 26,546 | [10] | 33,852 | [10] | 29,374 | [10] | 12,362 | [10] | 20,421 | [10] | 65,857 | [10] | 40,013 | [10] | 49,987 | [10] | 14,741 | [10] | 40,190 | [10] | 77,894 | [10] | 28,616 | [10] | 22,806 | [10] | 118,168 | [10] | 34,947 | [10] | 11,906 | [10] | 14,360 | [10] | 59,772 | [10] | 17,878 | [10] | 6,348 | [10] | 46,236 | [10] | 76,720 | [10] | 41,421 | [10] | 70,955 | [10] | 48,567 | [10] | 61,654 | [10] | 52,943 | [10] | 3,581 | [10] | 12,303 | [10] | 60,448 | [10],[8] | 63,068 | [10] | 32,983 | [10] | 89,231 | [10],[9] | 113,912 | [10] | 22,134 | [10] | 27,574 | [10] | 18,041 | [10] | 21,641 | [10] | 33,429 | [10] | 26,385 | [10] | 48,212 | [10] | 61,468 | [10] | 100,489 | [10] | 21,712 | [10] | 21,397 | [10] | 26,721 | [10] | 14,692 | [10] | 32,307 | [10] | 16,472 | [10] | 655 | [10] | 73,495 | [10] | 47,700 | [10] | 45,316 | [1],[10] | 53,809 | [10] | 19,005 | [1],[10] | 8,704 | [1],[10] | 3,538 | [1],[10] | 13,073 | [1],[10] | 7,041 | [1],[10] | 17,021 | [1],[10] | 2,268 | [1],[10] | 0 | [1],[10] | 118,159 | [10] | ' | ' | ' | 36,506 | [10] | 22,650 | [10] | 5,844 | [10] | 33,910 | [10] | 19,249 | [1],[10] | ||||||
Costs Capitalized Subsequent to Acquisition | 217,672 | ' | 205,126 | [1] | ' | ' | ' | 5,593 | 2,745 | 1,915 | 1,404 | 539 | 1,349 | 1,300 | 5,080 | [2] | 2,574 | [3] | 1,380 | 2,834 | 1,408 | 1,009 | 2,783 | [4] | 1,386 | 2,893 | 876 | 844 | 2,327 | 1,064 | 1,478 | 1,471 | 703 | 2,708 | 1,290 | 1,052 | 704 | 2,366 | 400 | 1,931 | 1,691 | 1,122 | [5] | 1,480 | 1,834 | 863 | 7,005 | 1,680 | 9,808 | 2,033 | 2,628 | 1,995 | 2,868 | 1,647 | 3,869 | 2,151 | 2,007 | 2,276 | 1,269 | 3,023 | [6] | 1,887 | [7] | 2,280 | 1,471 | 1,705 | 2,212 | 1,371 | 1,433 | 1,837 | 433 | 677 | 3,490 | 1,738 | 2,391 | 1,220 | 897 | 797 | 866 | 1,141 | 1,047 | 2,382 | 1,717 | 1,108 | 2,396 | 1,619 | 1,330 | 2,760 | 2,606 | 112 | 281 | 193 | 16 | 3,139 | 4,096 | 1,283 | 3,286 | 3,677 | 1,937 | 4,114 | 365 | 252 | 83 | 71 | 33 | 40 | 128 | 69 | 94 | 14 | 16 | 1,301 | 875 | 1,009 | 566 | 3,149 | 1,182 | 695 | 408 | 251 | 1,764 | 245 | 158 | 4,195 | 737 | 241 | 570 | 348 | 572 | 791 | 370 | 2,746 | 1,792 | 292 | 304 | 391 | [8] | 538 | 486 | 628 | [9] | 879 | 442 | 423 | 622 | 451 | 165 | 401 | 7 | 46 | 5 | 11 | 13 | 5 | 6 | 13 | 67 | 11 | 132 | 53 | ' | [1] | 5 | ' | [1] | ' | [1] | ' | [1] | ' | [1] | ' | [1] | ' | [1] | ' | [1] | ' | [1] | 12,546 | ' | ' | ' | 5,782 | 3,625 | 923 | 2,216 | ' | [1] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Costs, Land | 577,389 | ' | 577,389 | [1],[11] | ' | ' | ' | 5,081 | 3,788 | 4,673 | 1,035 | 929 | ' | 2,473 | 4,665 | [2] | 2,099 | [3] | 1,416 | 4,254 | 1,902 | 1,475 | 4,322 | [4] | 2,484 | 2,848 | 1,050 | 1,089 | 3,877 | 1,634 | 1,987 | 3,262 | 3,903 | 2,763 | 7,013 | 2,277 | 2,306 | ' | 6,933 | 1,159 | 4,821 | 2,318 | [5] | 4,491 | 7,275 | 17,460 | 0 | 1,591 | 1,145 | 1,387 | 2,347 | 1,164 | 6,053 | 2,794 | 3,492 | 2,929 | 2,173 | 1,309 | 582 | 1,445 | [6] | 9,807 | [7] | 1,833 | 1,804 | 1,426 | 1,581 | 989 | 1,183 | ' | 2,756 | ' | 1,358 | 4,453 | 4,337 | 1,499 | 4,244 | 2,161 | 2,150 | 3,788 | 1,387 | 2,512 | 3,548 | 1,117 | 3,076 | 2,016 | 3,031 | 2,960 | 4,434 | 4,642 | ' | 3,000 | ' | 608 | 21,396 | 11,605 | 1,625 | 4,968 | 12,559 | 22,270 | ' | ' | ' | ' | 3,300 | 2,661 | 6,722 | 10,231 | 5,262 | ' | ' | 6,292 | 2,522 | 5,351 | 430 | 2,520 | 1,818 | 1,427 | 1,741 | 3,002 | 3,363 | 2,572 | 3,365 | 3,663 | 1,206 | 169 | 5,265 | 13,900 | 3,955 | 3,798 | 2,226 | 1,482 | ' | 313 | 785 | ' | [8] | 4,392 | 1,211 | 6,472 | [9] | 6,524 | 1,744 | 2,695 | 3,125 | 1,631 | 2,226 | 4,500 | ' | ' | ' | 6,703 | 7,759 | 1,457 | ' | 7,745 | 9,792 | 9,647 | 7,827 | 2,902 | 25,668 | [1] | 6,547 | ' | [1] | 5,400 | [1] | ' | [1] | ' | [1] | 3,577 | [1] | ' | [1] | 8,299 | [1] | 40,609 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | [1] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 5,296,287 | ' | 5,165,582 | [1],[11] | ' | ' | ' | 26,092 | 24,596 | 20,936 | 17,797 | 16,092 | 42,468 | 35,926 | 28,183 | [2] | 18,623 | [3] | 13,228 | 45,998 | 19,086 | 16,868 | 29,008 | [4] | 16,539 | 15,676 | 8,162 | 9,248 | 34,772 | 19,885 | 20,451 | 37,723 | 32,989 | 25,188 | 54,887 | 25,666 | 17,263 | 79,744 | 1,168 | 11,583 | 26,513 | 37,586 | [5] | 30,287 | 14,473 | 33,072 | 54,835 | 22,608 | 28,936 | 16,922 | 25,627 | 13,974 | 40,670 | 17,286 | 45,629 | 30,315 | 19,793 | 15,424 | 10,474 | 16,758 | [6] | 23,767 | [7] | 20,593 | 20,866 | 16,575 | 24,057 | 28,947 | 26,606 | 137,776 | 33,943 | 131,979 | 14,781 | 34,562 | 34,311 | 12,224 | 31,689 | 16,859 | 18,235 | 30,803 | 9,283 | 22,445 | 30,120 | 10,352 | 25,237 | 16,218 | 23,015 | 20,940 | 29,842 | 31,013 | 42,771 | 24,833 | 4,244 | 22,200 | 68,090 | 109,812 | 15,871 | 28,022 | 20,947 | 145,544 | 85,022 | 40,891 | 27,163 | 31,578 | 18,215 | 21,273 | 26,674 | 33,921 | 29,468 | 12,376 | 20,437 | 67,158 | 40,888 | 50,996 | 15,307 | 43,339 | 79,076 | 29,311 | 23,214 | 118,419 | 36,711 | 12,151 | 14,518 | 63,967 | 18,615 | 6,589 | 46,806 | 77,068 | 41,993 | 71,746 | 48,937 | 64,400 | 54,735 | 3,873 | 12,607 | 60,839 | [8] | 63,606 | 33,469 | 89,859 | [9] | 114,791 | 22,576 | 27,997 | 18,663 | 22,092 | 33,594 | 26,786 | 48,219 | 61,514 | 100,494 | 21,723 | 21,410 | 26,726 | 14,698 | 32,320 | 16,539 | 666 | 73,627 | 47,753 | 45,316 | [1] | 53,814 | 19,005 | [1] | 8,704 | [1] | 3,538 | [1] | 13,073 | [1] | 7,041 | [1] | 17,021 | [1] | 2,268 | [1] | 0 | [1] | 130,705 | ' | ' | ' | 42,288 | 26,275 | 6,767 | 36,126 | 19,249 | [1] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Costs, Total | 5,873,676 | [12] | ' | [12] | 5,742,971 | [1],[11],[12] | ' | ' | ' | 31,173 | [12] | 28,384 | [12] | 25,609 | [12] | 18,832 | [12] | 17,021 | [12] | 42,468 | [12] | 38,399 | [12] | 32,848 | [12],[2] | 20,722 | [12],[3] | 14,644 | [12] | 50,252 | [12] | 20,988 | [12] | 18,343 | [12] | 33,330 | [12],[4] | 19,023 | [12] | 18,524 | [12] | 9,212 | [12] | 10,337 | [12] | 38,649 | [12] | 21,519 | [12] | 22,438 | [12] | 40,985 | [12] | 36,892 | [12] | 27,951 | [12] | 61,900 | [12] | 27,943 | [12] | 19,569 | [12] | 79,744 | [12] | 8,101 | [12] | 12,742 | [12] | 31,334 | [12] | 39,904 | [12],[5] | 34,778 | [12] | 21,748 | [12] | 50,532 | [12] | 54,835 | [12] | 24,199 | [12] | 30,081 | [12] | 18,309 | [12] | 27,974 | [12] | 15,138 | [12] | 46,723 | [12] | 20,080 | [12] | 49,121 | [12] | 33,244 | [12] | 21,966 | [12] | 16,733 | [12] | 11,056 | [12] | 18,203 | [12],[6] | 33,574 | [12],[7] | 22,426 | [12] | 22,670 | [12] | 18,001 | [12] | 25,638 | [12] | 29,936 | [12] | 27,789 | [12] | 137,776 | [12] | 36,699 | [12] | 131,979 | [12] | 16,139 | [12] | 39,015 | [12] | 38,648 | [12] | 13,723 | [12] | 35,933 | [12] | 19,020 | [12] | 20,385 | [12] | 34,591 | [12] | 10,670 | [12] | 24,957 | [12] | 33,668 | [12] | 11,469 | [12] | 28,313 | [12] | 18,234 | [12] | 26,046 | [12] | 23,900 | [12] | 34,276 | [12] | 35,655 | [12] | 42,771 | [12] | 27,833 | [12] | 4,244 | [12] | 22,808 | [12] | 89,486 | [12] | 121,417 | [12] | 17,496 | [12] | 32,990 | [12] | 33,506 | [12] | 167,814 | [12] | 85,022 | [12] | 40,891 | [12] | 27,163 | [12] | 31,578 | [12] | 21,515 | [12] | 23,934 | [12] | 33,396 | [12] | 44,152 | [12] | 34,730 | [12] | 12,376 | [12] | 20,437 | [12] | 73,450 | [12] | 43,410 | [12] | 56,347 | [12] | 15,737 | [12] | 45,859 | [12] | 80,894 | [12] | 30,738 | [12] | 24,955 | [12] | 121,421 | [12] | 40,074 | [12] | 14,723 | [12] | 17,883 | [12] | 67,630 | [12] | 19,821 | [12] | 6,758 | [12] | 52,071 | [12] | 90,968 | [12] | 45,948 | [12] | 75,544 | [12] | 51,163 | [12] | 65,882 | [12] | 54,735 | [12] | 4,186 | [12] | 13,392 | [12] | 60,839 | [12],[8] | 67,998 | [12] | 34,680 | [12] | 96,331 | [12],[9] | 121,315 | [12] | 24,320 | [12] | 30,692 | [12] | 21,788 | [12] | 23,723 | [12] | 35,820 | [12] | 31,286 | [12] | 48,219 | [12] | 61,514 | [12] | 100,494 | [12] | 28,426 | [12] | 29,169 | [12] | 28,183 | [12] | 14,698 | [12] | 40,065 | [12] | 26,331 | [12] | 10,313 | [12] | 81,454 | [12] | 50,655 | [12] | 70,984 | [1],[12] | 60,361 | [12] | 19,005 | [1],[12] | 14,104 | [1],[12] | 3,538 | [1],[12] | 13,073 | [1],[12] | 10,618 | [1],[12] | 17,021 | [1],[12] | 10,567 | [1],[12] | 40,609 | [1],[12] | 130,705 | [12] | ' | ' | ' | 42,288 | [12] | 26,275 | [12] | 6,767 | [12] | 36,126 | [12] | 19,249 | [1],[12] | ||||||
Accumulated Depreciation | 586,804 | ' | 529,555 | [1],[11],[13],[14],[15] | 396,469 | [14] | 300,210 | [14] | 240,360 | [14] | 9,312 | 9,374 | 7,185 | 5,994 | 4,920 | 11,669 | 9,773 | 9,220 | [2] | 6,109 | [3] | 3,602 | 12,109 | 5,295 | 3,885 | 7,079 | [4] | 4,158 | 3,721 | 2,117 | 2,356 | 8,233 | 4,587 | 4,611 | 8,390 | 8,076 | 5,981 | 12,264 | 6,290 | 4,468 | 15,787 | 292 | 2,462 | 5,143 | 6,303 | [5] | 5,111 | 2,982 | 5,374 | 9,315 | 4,244 | 5,143 | 3,769 | 5,211 | 3,198 | 7,422 | 3,235 | 8,892 | 5,783 | 3,965 | 3,740 | 2,213 | 3,795 | [6] | 4,409 | [7] | 4,500 | 4,204 | 3,349 | 4,853 | 5,070 | 4,852 | 22,856 | 5,766 | 17,221 | 2,696 | 3,400 | 3,346 | 1,387 | 3,003 | 1,655 | 2,002 | 3,105 | 1,410 | 2,416 | 3,175 | 1,227 | 2,600 | 1,762 | 2,093 | 2,859 | 3,178 | 3,551 | 3,337 | 2,986 | 422 | 1,784 | 4,293 | 6,309 | 1,048 | 1,560 | 989 | 5,236 | 5,447 | 3,182 | 1,783 | 2,076 | 1,433 | 1,371 | 1,843 | 2,053 | 1,918 | 887 | 1,471 | 2,313 | 1,587 | 1,862 | 588 | 1,682 | 2,929 | 1,318 | 958 | 4,244 | 1,456 | 461 | 523 | 2,079 | 797 | 286 | 1,778 | 2,386 | 1,777 | 2,524 | 1,723 | 2,203 | 1,917 | 142 | 423 | 2,205 | [8] | 2,302 | 1,261 | 2,487 | [9] | 4,017 | 885 | 1,049 | 700 | 850 | 1,345 | 890 | 798 | 928 | 1,101 | 352 | 376 | 354 | 260 | 297 | 281 | 247 | 574 | 241 | ' | [1] | 238 | ' | [1] | ' | [1] | ' | [1] | ' | [1] | ' | [1] | ' | [1] | 31 | [1] | ' | [1] | 57,249 | [16] | 52,492 | [16] | 47,848 | [13],[16] | 43,379 | [16] | 25,975 | 13,782 | 4,167 | 13,325 | ' | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Encumbrances | $1,434,662 | [17] | ' | [17] | $1,345,009 | [1],[17] | ' | ' | ' | ' | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17],[2] | ' | [17],[3] | ' | [17] | $33,346 | [17] | $10,095 | [17] | ' | [17] | ' | [17],[4] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | $21,110 | [17] | ' | [17] | $15,476 | [17] | $28,922 | [17] | $18,725 | [17] | $15,384 | [17] | ' | [17] | ' | [17] | $5,216 | [17] | ' | [17] | $30,623 | [17],[5] | $16,709 | [17] | $14,740 | [17] | $27,807 | [17] | $0 | [17] | $22,266 | [17] | $14,491 | [17] | $13,089 | [17] | $14,100 | [17] | ' | [17] | ' | [17] | ' | [17] | $18,918 | [17] | $14,264 | [17] | $4,476 | [17] | $0 | [17] | $8,977 | [17] | $15,600 | [17],[6] | ' | [17],[7] | $17,850 | [17] | $19,875 | [17] | $9,633 | [17] | $15,375 | [17] | $21,300 | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | $7,486 | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | $9,690 | [17] | $22,150 | [17] | $28,586 | [17] | ' | [17] | $14,888 | [17] | $24,150 | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | $18,469 | [17] | ' | [17] | ' | [17] | ' | [17] | $20,756 | [17] | $23,881 | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | $32,410 | [17] | $11,149 | [17] | $23,163 | [17] | $41,896 | [17] | $17,465 | [17] | ' | [17] | ' | [17] | $32,384 | [17] | $8,998 | [17] | $16,100 | [17] | $28,300 | [17] | $12,019 | [17] | $3,711 | [17] | ' | [17] | $40,147 | [17] | ' | [17] | $36,085 | [17] | $29,000 | [17] | ' | [17] | $33,447 | [17] | $4,563 | [17] | $9,686 | [17] | $26,733 | [17],[8] | $38,612 | [17] | ' | [17] | $31,174 | [17],[9] | $64,530 | [17] | $16,160 | [17] | $20,200 | [17] | $0 | [17] | $14,403 | [17] | $27,000 | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | ' | [17] | $70,000 | [17] | ' | [17] | ' | [1],[17] | $37,250 | [17] | ' | [1],[17] | ' | [1],[17] | ' | [1],[17] | ' | [1],[17] | $1 | [1],[17] | ' | [1],[17] | ' | [1],[17] | ' | [1],[17] | $89,653 | [17] | ' | ' | ' | $21,328 | [17] | $17,850 | [17] | $3,262 | [17] | $31,380 | [17] | $15,833 | [1],[17] | ||||||
Year Built | ' | ' | ' | ' | ' | ' | '1999 | '1999 | '2000 | '2002 | '2004 | '2004 | '2005 | '2000/2002 | [2] | '2001/2004 | [3] | '1999 | '2002 | '2004 | '2000 | '1990/91/92 | [4] | '1996 | '1994 | '2001 | '2002 | '2002 | '2002 | '2004 | '2005 | '2006 | '2000/2006 | '2005/2007 | '2005 | '2005 | '2007 | '1925/2001 | '1996 | '2004 | '2003 | [5] | '2000 | '1979 | '1995 | '1926/2003 | '1997 | '1973 | '2002 | '1991 | '1989 | '1999 | '2003 | '1998 | '2000 | '1991 | '2001 | '2002 | '1994 | [6] | '1968/1974 | [7] | '1999 | '2004 | '2001 | '1993 | '2004 | '2003 | '2008 | '2008 | '2009 | '1991 | '1996 | '1996 | '2003 | '2003 | '1986 | '2004 | '2005/2007 | '2001 | '1995 | '1999 | '1999 | '1999 | '2002 | '2004 | '2006 | '2008 | '2011 | '2011 | '2011 | '2011 | '2007 | '2008 | '2011 | '1999 | '2002 | '2003 | '2007/2008 | '2012 | '2012 | '2012 | '2012 | '2012 | '2012 | '2012 | '2012 | '2012 | '2012 | '2012 | '2012 | '2007/2012 | '2008 | '2008 | '1920/1987 | '1910/2004 | '2006 | '1972 | '2012 | '2009 | '2009 | '2005 | '1967 | '2002 | '2007 | '2012 | '2011 | '2012 | '2010 | '2011 | '2012 | '2009 | '1920/2000 | '2004 | '2009/2011 | [8] | '2009 | '2009 | '2011/2013 | [9] | '2010/2011 | '2011 | '2008 | '1982/1983 | '2003 | '2011 | '2012 | '2013 | '2013 | '2013 | '2013 | '2013 | '2013 | '2013 | '2013 | '2012 | '1990 | '2008 | '2012 | '2014 | [1] | '2010/2011 | '2014 | [1] | '2014 | [1] | '2014 | [1] | '2014 | [1] | '2014 | [1] | '2015 | [1] | '2015 | [1] | ' | ' | ' | ' | ' | '1996/97/98 | '2000/2003 | '1997 | '2001/2005 | '2014 | [1] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | Initial costs represent construction costs associated with the development of these properties. Year built represents the scheduled completion date. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | For property portfolio count purposes (as described in Note 1) University Club Townhomes includes two properties: University Club Tallahassee and The Grove at University Club. For lease administration purposes these two properties are reported combined. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | For property portfolio count purposes (as described in Note 1) College Club Townhomes includes two properties: College Club Tallahassee and The Greens at College Club. For lease administration purposes these two properties are reported combined. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | For property portfolio count purposes (as described in Note 1) University Village - Tallahassee includes three properties: Royal Oaks, Royal Pavilion and Royal Village Tallahassee. For lease administration purposes these three properties are reported combined | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | For property portfolio count purposes (as described in Note 1) The Summit and Jacob Heights includes three properties: Jacob Heights I, Jacob Heights III and The Summit. For lease administration purposes these three properties are reported combined. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | Hawks Landing is classified as Held for Sale as of December 31, 2013 and was sold in February 2014 (see Note 20). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | For property portfolio count purposes (as described in Note 1) Willowtree Apartments and Towers includes two properties: Willowtree Apartments and Willowtree Towers. For lease administration purposes these two properties are reported combined. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | For property portfolio count purposes (as described in Note 1) 5Twenty Four & 5Twenty Five Angliana includes two properties: 5Twenty Four Angliana and 5Twenty Five Angliana. For lease administration purposes these two properties are reported combined. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | Includes an additional 366-bed phase purchased in July 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | Initial cost for certain properties owned as of the date of the Companies initial public offering in August 2004 include a basis step-up recorded to bring the value of those properties to fair market value at that time. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[11] | Total costs and accumulated depreciation reported in Note 21 include Hawks Landing which was classified as Held for Sale as of December 31, 2013. Real estate and accumulated depreciation balances reported in Note 7 exclude Hawks Landing. Therefore, exclude Hawks Landing balances reported in this schedule to reconcile reported balances between Note 21 and Note 7. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[12] | Total aggregate costs for Federal income tax purposes is approximately $5,891.0 million. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[13] | The investments in real estate and accumulated depreciation balances include Hawks Landing which was classified as wholly-owned property Held for Sale in the accompanying consolidated balance sheets as of December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[14] | Includes owned off-campus properties and owned on-campus properties. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[15] | Investments in real estate and accumulated depreciation balances reported in Note 21 include Hawks Landing which was classified as Held for Sale as of December 31, 2013. Real estate and accumulated depreciation balances reported in Note 7 exclude Hawks Landing. Therefore, exclude Hawks Landing balances reported in the Schedule of Real Estate and Accumulated Depreciation to reconcile reported balances between Note 21 and Note 7. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[16] | Includes on-campus participating properties. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[17] | Total encumbrances exclude net unamortized debt premiums of approximately $74.6 million and net unamortized debt discounts of approximately $2.0 million as of December 31, 2013. |
Schedule_of_Real_Estate_and_Ac2
Schedule of Real Estate and Accumulated Depreciation (Parenthetical) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
Property | ||||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ||
Aggregate costs for federal income tax purposes | $5,891,000,000 | ' | ||
Wholly owned properties | ' | ' | ||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ||
Number of properties (properties) | 167 | ' | ||
Land | 575,944,000 | [1],[2] | 550,274,000 | [1],[2] |
Wholly owned properties | University Club Townhomes | ' | ' | ||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ||
Number of properties (properties) | 2 | ' | ||
Wholly owned properties | College Club Townhomes | ' | ' | ||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ||
Number of properties (properties) | 2 | ' | ||
Wholly owned properties | University Village- Tallahassee | ' | ' | ||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ||
Number of properties (properties) | 3 | ' | ||
Wholly owned properties | The Summit and Jacob Heights | ' | ' | ||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ||
Number of properties (properties) | 3 | ' | ||
Wholly owned properties | Willowtree Apartments and Willowtree Towers | ' | ' | ||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ||
Number of properties (properties) | 2 | ' | ||
Wholly owned properties | 5 Twenty Four and 5 Twenty Five Angliana | ' | ' | ||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ||
Number of properties (properties) | 2 | ' | ||
Mortgages | ' | ' | ||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ||
Unamortized debt premiums | 74,575,000 | [3],[4] | 90,091,000 | [3],[4] |
Unamortized debt discounts | 2,021,000 | [3],[4] | 3,506,000 | [3],[4] |
Mortgages | Wholly owned properties | ' | ' | ||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ||
Unamortized debt premiums | 74,575,000 | 90,091,000 | ||
Unamortized debt discounts | $2,021,000 | $3,506,000 | ||
[1] | Land, furniture, fixtures and equipment and construction in progress as of December 31, 2013 include $3.6 million, $0.5 million and $6.6 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 deadlines and other closing conditions. The development of the property is anticipated to be completed in August 2014. 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. The Company is responsible for leasing, management, and initial operations of the project while the third-party developer is responsible for the development of the property. 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. | |||
[2] | The land balance above includes undeveloped land parcels with book values of approximately $40.6 million and $30.7 million as of December 31, 2013 and 2012, respectively. Also includes land totaling approximately $39.4 million and $41.6 million as of December 31, 2013 and 2012, respectively, related to properties under development. | |||
[3] | In connection with the Company's purchase of Cardinal Towne in November 2013, we assumed an existing $37.2 million fixed rate mortgage loan associated with a New Markets Tax Credit ("NMTC") structure inherited from the seller. The debt is partially offset by a loan receivable of approximately $28.3 million that was also assumed by the Company as part of the NMTC structure. In connection with the Company's purchase of Park Point in October 2013, we assumed an existing $59.8 million variable rate mortgage loan. | |||
[4] | In connection with the Company's purchase of Park Point in October 2013, we borrowed an additional $10.2 million resulting in a new $70.0 million variable rate mortgage loan (see preceding note). On the acquisition date, the Company entered into an interest rate swap contract to hedge the variable cash flows associated with interest payments on this LIBOR-based mortgage loan (see Note 14 for more details). |
Schedule_of_Real_Estate_and_Ac3
Schedule of Real Estate and Accumulated Depreciation - Changes in investments in real estate and related accumulated depreciation (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Accumulated Depreciation: | ' | ' | ' | |||
Balance, end of year | ($586,804) | ' | ' | |||
Wholly owned properties | ' | ' | ' | |||
Investments in Real Estate: | ' | ' | ' | |||
Balance, beginning of year | 5,267,845 | [1] | 3,089,267 | [1] | 2,674,204 | [1] |
Acquisition of land for development | 25,649 | [1],[2] | 29,353 | [1] | 8,257 | [1] |
Acquisition of properties | 288,191 | [1],[2] | 1,847,366 | [1] | 269,258 | [1] |
Improvements and development expenditures | 340,033 | [1],[2] | 359,296 | [1] | 223,796 | [1] |
Write off of fully depreciated assets | -1,862 | [1],[2] | ' | ' | ||
Write off of fully depreciated assets | ' | [1],[2] | ' | [1] | -559 | [1] |
Disposition of real estate | -176,885 | [1],[2] | -57,437 | [1] | -85,689 | [1] |
Balance, end of year | 5,742,971 | [1],[2],[3] | 5,267,845 | [1] | 3,089,267 | [1] |
Accumulated Depreciation: | ' | ' | ' | |||
Balance, beginning of year | -396,469 | [1] | -300,210 | [1] | -240,360 | [1] |
Depreciation for the year | -162,230 | [1],[2] | -103,306 | [1] | -79,096 | [1] |
Write off of fully depreciated assets | 1,862 | [1],[2] | 0 | [1] | 0 | [1] |
Disposition of properties | 27,282 | [1],[2] | 7,047 | [1] | 19,246 | [1] |
Balance, end of year | -529,555 | [1],[2],[3],[4],[5] | -396,469 | [1] | -300,210 | [1] |
On-campus participating properties | ' | ' | ' | |||
Investments in Real Estate: | ' | ' | ' | |||
Balance, beginning of year | 109,838 | [6] | 107,698 | [2],[6] | 105,865 | [6] |
Improvements and development expenditures | 20,867 | [6] | 2,140 | [6] | 1,833 | [6] |
Write off of fully depreciated assets | ' | [6] | ' | [6] | ' | [6] |
Balance, end of year | 130,705 | [6] | 109,838 | [6] | 107,698 | [2],[6] |
Accumulated Depreciation: | ' | ' | ' | |||
Balance, beginning of year | -52,492 | [6] | -47,848 | [2],[6] | -43,379 | [6] |
Depreciation for the year | -4,757 | [6] | -4,644 | [6] | -4,469 | [6] |
Disposition of properties | ' | [6] | ' | [6] | ' | [6] |
Balance, end of year | ($57,249) | [6] | ($52,492) | [6] | ($47,848) | [2],[6] |
[1] | Includes owned off-campus properties and owned on-campus properties. | |||||
[2] | The investments in real estate and accumulated depreciation balances include Hawks Landing which was classified as wholly-owned property Held for Sale in the accompanying consolidated balance sheets as of December 31, 2013. | |||||
[3] | Investments in real estate and accumulated depreciation balances reported in Note 21 include Hawks Landing which was classified as Held for Sale as of December 31, 2013. Real estate and accumulated depreciation balances reported in Note 7 exclude Hawks Landing. Therefore, exclude Hawks Landing balances reported in the Schedule of Real Estate and Accumulated Depreciation to reconcile reported balances between Note 21 and Note 7. | |||||
[4] | Initial costs represent construction costs associated with the development of these properties. Year built represents the scheduled completion date. | |||||
[5] | Total costs and accumulated depreciation reported in Note 21 include Hawks Landing which was classified as Held for Sale as of December 31, 2013. Real estate and accumulated depreciation balances reported in Note 7 exclude Hawks Landing. Therefore, exclude Hawks Landing balances reported in this schedule to reconcile reported balances between Note 21 and Note 7. | |||||
[6] | Includes on-campus participating properties. |