Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 3-May-14 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'AMERICAN CAMPUS COMMUNITIES INC | ' |
Entity Central Index Key | '0001283630 | ' |
Trading Symbol | 'acc | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock Shares Outstanding | ' | 104,907,700 |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' | ' |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'American Campus Communities Operating Partnership LP | ' |
Entity Central Index Key | '0001357369 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Investments in real estate: | ' | ' | ||
Investments in real estate, net | $5,323,742 | $5,286,872 | ||
Cash and cash equivalents | 31,211 | 38,751 | ||
Restricted cash | 36,163 | 35,451 | ||
Student contracts receivable, net | 8,004 | 9,238 | ||
Other assets | 221,595 | 227,728 | ||
Total assets | 5,620,715 | 5,598,040 | ||
Liabilities: | ' | ' | ||
Secured mortgage, construction and bond debt | 1,432,387 | 1,507,216 | ||
Secured agency facility | 87,750 | 87,750 | ||
Unsecured notes | 398,750 | 398,721 | ||
Unsecured term loans | 600,000 | 600,000 | ||
Unsecured revolving credit facility | 271,700 | 150,700 | ||
Accounts payable and accrued expenses | 49,861 | 65,088 | ||
Other liabilities | 113,176 | 110,036 | ||
Total liabilities | 2,953,624 | 2,919,511 | ||
Commitments and contingencies | ' | ' | ||
Redeemable noncontrolling interests | 52,813 | 47,964 | ||
American Campus Communities, Inc. stockholders' equity: | ' | ' | ||
Common stock, $.01 par value, 800,000,000 shares authorized, 104,907,700 and 104,782,817 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively | 1,043 | 1,043 | ||
Additional paid in capital | 3,011,951 | 3,017,631 | ||
Accumulated earnings and dividends | -401,983 | -392,338 | ||
Accumulated other comprehensive loss | -2,428 | -1,435 | ||
Total American Campus Communities, Inc. stockholders’ equity | 2,608,583 | 2,624,901 | ||
Total equity | 2,614,278 | 2,630,565 | ||
Partners' capital: | ' | ' | ||
Accumulated other comprehensive loss | -2,428 | -1,435 | ||
Total liabilities and equity | 5,620,715 | 5,598,040 | ||
Wholly-owned properties, net | ' | ' | ||
Investments in real estate: | ' | ' | ||
Investments in real estate, net | 5,240,032 | [1] | 5,199,008 | [1] |
Liabilities: | ' | ' | ||
Secured mortgage, construction and bond debt | 1,282,091 | 1,372,925 | ||
Wholly-owned property held for sale | ' | ' | ||
Investments in real estate: | ' | ' | ||
Investments in real estate, net | 0 | 14,408 | ||
On-campus participating properties, net | ' | ' | ||
Investments in real estate: | ' | ' | ||
Investments in real estate, net | 83,710 | 73,456 | ||
Partially owned properties | ' | ' | ||
American Campus Communities, Inc. stockholders' equity: | ' | ' | ||
Noncontrolling interests - partially owned properties | 5,695 | 5,664 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' | ' | ||
Investments in real estate: | ' | ' | ||
Investments in real estate, net | 5,323,742 | 5,286,872 | ||
Cash and cash equivalents | 31,211 | 38,751 | ||
Restricted cash | 36,163 | 35,451 | ||
Student contracts receivable, net | 8,004 | 9,238 | ||
Other assets | 221,595 | 227,728 | ||
Total assets | 5,620,715 | 5,598,040 | ||
Liabilities: | ' | ' | ||
Secured mortgage, construction and bond debt | 1,432,387 | 1,507,216 | ||
Secured agency facility | 87,750 | 87,750 | ||
Unsecured notes | 398,750 | 398,721 | ||
Unsecured term loans | 600,000 | 600,000 | ||
Unsecured revolving credit facility | 271,700 | 150,700 | ||
Accounts payable and accrued expenses | 49,861 | 65,088 | ||
Other liabilities | 113,176 | 110,036 | ||
Total liabilities | 2,953,624 | 2,919,511 | ||
Commitments and contingencies | ' | ' | ||
Redeemable noncontrolling interests | 52,813 | 47,964 | ||
American Campus Communities, Inc. stockholders' equity: | ' | ' | ||
Accumulated other comprehensive loss | -2,428 | -1,435 | ||
Partners' capital: | ' | ' | ||
General partner – 12,222 OP units outstanding at both March 31, 2014 and December 31, 2013 | 110 | 111 | ||
Limited partner – 104,895,478 and 104,770,595 OP units outstanding at March 31, 2014 and December 31, 2013, respectively | 2,610,901 | 2,626,225 | ||
Accumulated other comprehensive loss | -2,428 | -1,435 | ||
Total partners’ capital | 2,608,583 | 2,624,901 | ||
Total capital | 2,614,278 | 2,630,565 | ||
Total liabilities and equity | 5,620,715 | 5,598,040 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties, net | ' | ' | ||
Investments in real estate: | ' | ' | ||
Investments in real estate, net | 5,240,032 | 5,199,008 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned property held for sale | ' | ' | ||
Investments in real estate: | ' | ' | ||
Investments in real estate, net | 0 | 14,408 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties, net | ' | ' | ||
Investments in real estate: | ' | ' | ||
Investments in real estate, net | 83,710 | 73,456 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially owned properties | ' | ' | ||
Partners' capital: | ' | ' | ||
Noncontrolling interests | $5,695 | $5,664 | ||
[1] | The balance above excludes the net book value of Hawks Landing which was classified as a wholly-owned property held for sale in the accompanying consolidated balance sheet as of December 31, 2013. The property was sold in February 2014. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
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) | 104,907,700 | 104,782,817 |
Common stock, shares outstanding (shares) | 104,907,700 | 104,782,817 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' | ' |
General partner, OP units outstanding (shares) | 12,222 | 12,222 |
Limited partner, OP units outstanding (shares) | 104,895,478 | 104,770,595 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues | ' | ' |
Third-party development services | $187 | $479 |
Third-party management services | 1,985 | 1,709 |
Resident services | 873 | 597 |
Total revenues | 183,183 | 163,162 |
Operating expenses | ' | ' |
Third-party development and management services | 2,786 | 2,306 |
General and administrative | 4,374 | 3,806 |
Depreciation and amortization | 48,175 | 45,602 |
Ground/facility leases | 1,563 | 1,203 |
Total operating expenses | 135,188 | 121,478 |
Operating income | 47,995 | 41,684 |
Nonoperating income and (expenses) | ' | ' |
Interest income | 1,031 | 426 |
Interest expense | -21,090 | -17,411 |
Amortization of deferred financing costs | -1,499 | -1,311 |
Other nonoperating expense | 0 | -2,800 |
Total nonoperating expenses | -21,558 | -21,096 |
Income before income taxes and discontinued operations | 26,437 | 20,588 |
Income tax provision | -290 | -255 |
Income from continuing operations | 26,147 | 20,333 |
Discontinued operations: | ' | ' |
(Loss) income attributable to discontinued operations | -123 | 2,048 |
Gain from disposition of real estate | 2,843 | 0 |
Total discontinued operations | 2,720 | 2,048 |
Net income | 28,867 | 22,381 |
Net income attributable to noncontrolling interests | -469 | -791 |
Net income attributable to common shareholders | 28,398 | 21,590 |
Other comprehensive income (loss) | ' | ' |
Change in fair value of interest rate swaps | -993 | 813 |
Comprehensive income | 27,405 | 22,403 |
Income per share attributable to common shareholders - basic and diluted | ' | ' |
Income from continuing operations per share (in dollars per share) | $0.24 | $0.18 |
Net income per share (in dollars per share) | $0.27 | $0.20 |
Weighted-average common shares/units outstanding | ' | ' |
Basic (in shares/units) | 104,821,669 | 104,697,433 |
Diluted (in shares/units) | 105,556,833 | 105,364,769 |
Redeemable noncontrolling interests | ' | ' |
Discontinued operations: | ' | ' |
Net income attributable to noncontrolling interests | -381 | -279 |
Wholly-owned properties | ' | ' |
Revenues | ' | ' |
Operating lease revenue | 171,950 | 152,275 |
Operating expenses | ' | ' |
Operating expenses excluding general, administrative, depreciation and lease expense | 75,808 | 66,057 |
On-campus participating properties | ' | ' |
Revenues | ' | ' |
Operating lease revenue | 8,188 | 8,102 |
Operating expenses | ' | ' |
Operating expenses excluding general, administrative, depreciation and lease expense | 2,482 | 2,504 |
Partially owned properties | ' | ' |
Discontinued operations: | ' | ' |
Net income attributable to noncontrolling interests | -88 | -512 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' | ' |
Revenues | ' | ' |
Third-party development services | 187 | 479 |
Third-party management services | 1,985 | 1,709 |
Resident services | 873 | 597 |
Total revenues | 183,183 | 163,162 |
Operating expenses | ' | ' |
Third-party development and management services | 2,786 | 2,306 |
General and administrative | 4,374 | 3,806 |
Depreciation and amortization | 48,175 | 45,602 |
Ground/facility leases | 1,563 | 1,203 |
Total operating expenses | 135,188 | 121,478 |
Operating income | 47,995 | 41,684 |
Nonoperating income and (expenses) | ' | ' |
Interest income | 1,031 | 426 |
Interest expense | -21,090 | -17,411 |
Amortization of deferred financing costs | -1,499 | -1,311 |
Other nonoperating expense | 0 | -2,800 |
Total nonoperating expenses | -21,558 | -21,096 |
Income before income taxes and discontinued operations | 26,437 | 20,588 |
Income tax provision | -290 | -255 |
Income from continuing operations | 26,147 | 20,333 |
Discontinued operations: | ' | ' |
(Loss) income attributable to discontinued operations | -123 | 2,048 |
Gain from disposition of real estate | 2,843 | 0 |
Total discontinued operations | 2,720 | 2,048 |
Net income | 28,867 | 22,381 |
Net income attributable to common shareholders | 28,779 | 21,869 |
Series A preferred unit distributions | -45 | -46 |
Net income available to common shareholders/unitholders | 28,734 | 21,823 |
Other comprehensive income (loss) | ' | ' |
Change in fair value of interest rate swaps | -993 | 813 |
Comprehensive income | 27,741 | 22,636 |
Income per unit attributable to common unitholders - basic and diluted | ' | ' |
Income from continuing operations per unit (in dollars per share) | $0.24 | $0.18 |
Net income per unit (in dollars per share) | $0.27 | $0.20 |
Weighted-average common shares/units outstanding | ' | ' |
Basic (in shares/units) | 106,051,888 | 105,830,509 |
Diluted (in shares/units) | 106,787,052 | 106,497,845 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties | ' | ' |
Revenues | ' | ' |
Operating lease revenue | 171,950 | 152,275 |
Operating expenses | ' | ' |
Operating expenses excluding general, administrative, depreciation and lease expense | 75,808 | 66,057 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties | ' | ' |
Revenues | ' | ' |
Operating lease revenue | 8,188 | 8,102 |
Operating expenses | ' | ' |
Operating expenses excluding general, administrative, depreciation and lease expense | 2,482 | 2,504 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially owned properties | ' | ' |
Discontinued operations: | ' | ' |
Net income attributable to noncontrolling interests | ($88) | ($512) |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY/ CAPITAL (unaudited) (USD $) | Total | Common Shares | Additional Paid in Capital | Accumulated Earnings and Dividends | Accumulated Other Comprehensive Loss | Noncontrolling Interests | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. |
In Thousands, except Share data, unless otherwise specified | Partially owned properties | Accumulated Other Comprehensive Loss | Noncontrolling Interests | General Partner | Limited Partner | ||||||
Partially owned properties | |||||||||||
Capital, December 31, 2013 at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | $2,630,565 | ($1,435) | $5,664 | $111 | $2,626,225 |
Equity, December 31, 2013 at Dec. 31, 2013 | 2,630,565 | 1,043 | 3,017,631 | -392,338 | -1,435 | 5,664 | ' | ' | ' | ' | ' |
Equity, December 31, 2013 (in shares) at Dec. 31, 2013 | ' | 104,782,817 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital, December 31, 2013 (in units) at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,222 | 104,770,595 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to reflect redeemable limited partners' / noncontrolling interests at fair value | -4,955 | ' | -4,955 | ' | ' | ' | -4,955 | ' | ' | ' | -4,955 |
Amortization of restricted stock awards | 1,864 | ' | 1,864 | ' | ' | ' | 1,864 | ' | ' | ' | 1,864 |
Vesting of restricted stock awards and restricted stock units (in shares) | ' | 124,883 | ' | ' | ' | ' | ' | ' | ' | ' | 124,883 |
Vesting of restricted stock awards and restricted stock units | -2,589 | ' | -2,589 | ' | ' | ' | -2,589 | ' | ' | ' | -2,589 |
Distributions to common and restricted stockholders | -38,043 | ' | ' | -38,043 | ' | ' | -38,043 | ' | ' | -4 | -38,039 |
Distributions to noncontrolling interests - partially owned properties | -57 | ' | ' | ' | ' | -57 | -57 | ' | -57 | ' | ' |
Change in fair value of interest rate swaps | -993 | ' | ' | ' | -993 | ' | -993 | -993 | ' | ' | ' |
Net income | 28,486 | ' | ' | 28,398 | ' | 88 | 28,486 | ' | 88 | 3 | 28,395 |
Capital, March 31, 2014 at Mar. 31, 2014 | ' | ' | ' | ' | ' | ' | 2,614,278 | -2,428 | 5,695 | 110 | 2,610,901 |
Equity, March 31, 2014 at Mar. 31, 2014 | $2,614,278 | $1,043 | $3,011,951 | ($401,983) | ($2,428) | $5,695 | ' | ' | ' | ' | ' |
Equity, March 31, 2014 (in shares) at Mar. 31, 2014 | ' | 104,907,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital, March 31, 2014 (in units) at Mar. 31, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,222 | 104,895,478 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating activities | ' | ' |
Net income | $28,867 | $22,381 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Gain from disposition of real estate | -2,843 | 0 |
Non-cash litigation settlement expense | 0 | 2,800 |
Depreciation and amortization | 48,222 | 46,971 |
Amortization of deferred financing costs and debt premiums/discounts | -1,666 | -2,284 |
Share-based compensation | 1,864 | 1,578 |
Income tax provision | 290 | 255 |
Changes in operating assets and liabilities: | ' | ' |
Restricted cash | -2,911 | -922 |
Student contracts receivable, net | 1,211 | 7,647 |
Other assets | 4,585 | -1,962 |
Accounts payable and accrued expenses | -19,990 | -17,395 |
Other liabilities | 3,437 | -2,080 |
Net cash provided by operating activities | 61,066 | 56,989 |
Investing activities | ' | ' |
Proceeds from disposition of properties | 1,327 | 0 |
Cash paid for property acquisitions | -9,117 | -263 |
Cash paid for land acquisitions | -2,952 | 0 |
Investment in on-campus participating properties under development | -11,959 | 0 |
Decrease in escrow deposits | 520 | 0 |
Change in restricted cash related to capital reserves | 2,208 | -486 |
Purchase of corporate furniture, fixtures and equipment | -878 | -743 |
Net cash used in investing activities | -89,989 | -84,682 |
Financing activities | ' | ' |
Pay-off of mortgage loans | -68,574 | 0 |
Proceeds from revolving credit facilities | 143,400 | 63,000 |
Pay downs of revolving credit facilities | -22,400 | 0 |
Proceeds from construction loans | 12,162 | 0 |
Principal payments on debt | -4,221 | -4,252 |
Debt issuance and assumption costs | -396 | -996 |
Distributions to common and restricted stockholders | -38,043 | -35,644 |
Distributions to noncontrolling partners | -545 | -836 |
Net cash provided by financing activities | 21,383 | 21,272 |
Net change in cash and cash equivalents | -7,540 | -6,421 |
Cash and cash equivalents at beginning of period | 38,751 | 21,454 |
Cash and cash equivalents at end of period | 31,211 | 15,033 |
Supplemental disclosure of non-cash investing and financing activities | ' | ' |
Change in fair value of derivative instruments, net | -993 | 813 |
Supplemental disclosure of cash flow information | ' | ' |
Interest paid | 24,300 | 24,497 |
Wholly-owned properties | ' | ' |
Investing activities | ' | ' |
Capital expenditures for wholly-owned properties/on-campus participating properties | -8,815 | -11,830 |
Investments in wholly-owned properties under development | -59,990 | -71,025 |
On-campus participating properties | ' | ' |
Investing activities | ' | ' |
Capital expenditures for wholly-owned properties/on-campus participating properties | -333 | -335 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' | ' |
Operating activities | ' | ' |
Net income | 28,867 | 22,381 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Gain from disposition of real estate | -2,843 | 0 |
Non-cash litigation settlement expense | 0 | 2,800 |
Depreciation and amortization | 48,222 | 46,971 |
Amortization of deferred financing costs and debt premiums/discounts | -1,666 | -2,284 |
Share-based compensation | 1,864 | 1,578 |
Income tax provision | 290 | 255 |
Changes in operating assets and liabilities: | ' | ' |
Restricted cash | -2,911 | -922 |
Student contracts receivable, net | 1,211 | 7,647 |
Other assets | 4,585 | -1,962 |
Accounts payable and accrued expenses | -19,990 | -17,395 |
Other liabilities | 3,437 | -2,080 |
Net cash provided by operating activities | 61,066 | 56,989 |
Investing activities | ' | ' |
Proceeds from disposition of properties | 1,327 | 0 |
Cash paid for property acquisitions | -9,117 | -263 |
Cash paid for land acquisitions | -2,952 | 0 |
Investment in on-campus participating properties under development | -11,959 | 0 |
Decrease in escrow deposits | 520 | 0 |
Change in restricted cash related to capital reserves | 2,208 | -486 |
Purchase of corporate furniture, fixtures and equipment | -878 | -743 |
Net cash used in investing activities | -89,989 | -84,682 |
Financing activities | ' | ' |
Pay-off of mortgage loans | -68,574 | 0 |
Proceeds from revolving credit facilities | 143,400 | 63,000 |
Pay downs of revolving credit facilities | -22,400 | 0 |
Proceeds from construction loans | 12,162 | 0 |
Principal payments on debt | -4,221 | -4,252 |
Debt issuance and assumption costs | -396 | -996 |
Net cash provided by financing activities | 21,383 | 21,272 |
Net change in cash and cash equivalents | -7,540 | -6,421 |
Cash and cash equivalents at beginning of period | 38,751 | 21,454 |
Cash and cash equivalents at end of period | 31,211 | 15,033 |
Supplemental disclosure of non-cash investing and financing activities | ' | ' |
Change in fair value of derivative instruments, net | -993 | 813 |
Supplemental disclosure of cash flow information | ' | ' |
Interest paid | 24,300 | 24,497 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Unvested Restricted Awards | ' | ' |
Financing activities | ' | ' |
Distributions paid | -321 | -272 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Common units | ' | ' |
Financing activities | ' | ' |
Distributions paid | -38,165 | -35,754 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Preferred units | ' | ' |
Financing activities | ' | ' |
Distributions paid | -45 | -46 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially owned properties | ' | ' |
Financing activities | ' | ' |
Distributions to noncontrolling partners | -57 | -408 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties | ' | ' |
Investing activities | ' | ' |
Capital expenditures for wholly-owned properties/on-campus participating properties | -8,815 | -11,830 |
Investments in wholly-owned properties under development | -59,990 | -71,025 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties | ' | ' |
Investing activities | ' | ' |
Capital expenditures for wholly-owned properties/on-campus participating properties | ($333) | ($335) |
Organization_and_Description_o
Organization and Description of Business | 3 Months Ended |
Mar. 31, 2014 | |
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 March 31, 2014, 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 March 31, 2014, 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 March 31, 2014, our property portfolio contained 168 properties with approximately 102,600 beds in approximately 33,500 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, five on-campus participating properties operated under ground/facility leases with the related university systems and one property containing a hotel which we plan to redevelop into a new student housing facility. Of the 168 properties, ten were under development as of March 31, 2014, and when completed will consist of a total of approximately 6,800 beds in approximately 2,100 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 March 31, 2014, also through one of ACC’s TRSs, we provided third-party management and leasing services for 33 properties that represented approximately 25,400 beds in approximately 10,200 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 March 31, 2014, our total owned and third-party managed portfolio included 201 properties with approximately 128,000 beds in approximately 43,700 units. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 | |||||||||
In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2014-08 ("ASU 2014-08"), “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) - Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” ASU 2014-08 changes the threshold for disclosing discontinued operations and the related disclosure requirements, requiring only disposals representing a strategic shift, such as a major line of business, a major geographical area or a major equity investment, to be presented as a discontinued operation. If the disposal does qualify as a discontinued operation under ASU 2014-08, the Company will be required to provide expanded disclosures. The guidance will be applied prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. ASU 2014-08 is effective for the Company beginning January 1, 2015 with early adoption permitted but only for disposals or classifications as held for sale which have not been reported in financial statements previously issued or available for issuance. While we have elected early adoption for our consolidated financial statements and footnote disclosures and believe future sales of our individual operating properties will no longer qualify as discontinued operations, the sale of Hawks Landing in February 2014 has continued to be presented in discontinued operations as the property was classified as held for sale in our consolidated financial statements for the year ended December 31, 2013. | |||||||||
Interim Financial Statements | |||||||||
The accompanying interim financial statements are unaudited, but have been prepared in accordance with GAAP for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements of the Company for these interim periods have been included. Because of the seasonal nature of the Company’s operations, the results of operations and cash flows for any interim period are not necessarily indicative of results for other interim periods or for the full year. These financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |||||||||
Use of Estimates | |||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||
Investments in Real Estate | |||||||||
Investments in real estate are recorded at historical cost. Major improvements that extend the life of an asset are capitalized and depreciated over the remaining useful life of the asset. The cost of ordinary repairs and maintenance are charged to expense when incurred. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: | |||||||||
Buildings and improvements | 7-40 years | ||||||||
Leasehold interest - on-campus | 25-34 years (shorter of useful life or respective lease term) | ||||||||
participating properties | |||||||||
Furniture, fixtures and equipment | 3-7 years | ||||||||
Project costs directly associated with the development and construction of an owned real estate project, which include interest, property taxes, and amortization of deferred finance costs, are capitalized as construction in progress. Upon completion of the project, costs are transferred into the applicable asset category and depreciation commences. Interest totaling approximately $2.2 million and $2.3 million was capitalized during the three months ended March 31, 2014 and 2013, respectively. Amortization of deferred financing costs totaling approximately $5,000 and $0.1 million was capitalized as construction in progress during the three months ended March 31, 2014 and 2013, 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 March 31, 2014. | |||||||||
The Company allocates the purchase price of acquired properties to net tangible and identified intangible assets based on relative fair values. Fair value estimates are based on information obtained from a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired and existing comparable properties in our portfolio, and other market data. Information obtained about each property as a result of due diligence, marketing and leasing activities is also considered. The value allocated to land is generally based on the actual purchase price adjusted to fair value (as necessary) if acquired separately, or market research / comparables if acquired as part of an existing operating property. The value allocated to building is based on the fair value determined on an “as-if vacant” basis, which is estimated using an income, or discounted cash flow, approach that relies upon internally determined assumptions that we believe are consistent with current market conditions for similar properties. The value allocated to furniture, fixtures, and equipment is based on an estimate of the fair value of the appliances and fixtures inside the units. | |||||||||
Long-Lived Assets–Held for Sale | |||||||||
Long-lived assets to be disposed of are classified as Held for Sale in the period in which all of the following criteria are met: | |||||||||
a. | Management, having the authority to approve the action, commits to a plan to sell the asset. | ||||||||
b. | The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. | ||||||||
c. | An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated. | ||||||||
d. | The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year. | ||||||||
e. | The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. | ||||||||
f. | Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. | ||||||||
Concurrent with this classification, the asset is recorded at the lower of cost or fair value less estimated selling costs, and depreciation ceases. | |||||||||
Loans Receivable | |||||||||
Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan purchase discounts, and net of an allowance for loan losses when such loan is deemed to be impaired. Loan purchase discounts are amortized over the term of the loan. The Company considers a loan impaired when, based upon current information and events, it is probable that it will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. Significant judgments are required in determining whether impairment has occurred. The Company performs an impairment analysis by comparing either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable current market price or the fair value of the underlying collateral to the net carrying value of the loan, which may result in an allowance and corresponding loan loss charge. Loans receivable are included in other assets on the accompanying consolidated balance sheets. | |||||||||
Intangible Assets | |||||||||
A portion of the purchase price of acquired properties is allocated to the value of in-place leases for both student and commercial tenants, which is based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued “as-if” vacant. As lease terms for student leases are typically one year or less, rates on in-place leases generally approximate market rental rates. Factors considered in the valuation of in-place leases include an estimate of the carrying costs during the expected lease-up period considering current market conditions, nature of the tenancy, and costs to execute similar leases. Carrying costs include estimates of lost rentals at market rates during the expected lease-up period, as well as marketing and other operating expenses. The value of in-place leases is amortized over the remaining initial term of the respective leases. The purchase price of property acquisitions is not expected to be allocated to student tenant relationships, considering the terms of the leases and the expected levels of renewals. | |||||||||
Amortization expense related to in-place leases was approximately $0.9 million and $5.5 million for the three months ended March 31, 2014 and 2013, respectively. Accumulated amortization at March 31, 2014 and December 31, 2013 was approximately $26.4 million and $25.5 million, respectively. Intangible assets, net of amortization, are included in other assets on the accompanying consolidated balance sheets and the amortization of intangible assets is included in depreciation and amortization expense in the accompanying consolidated statements of comprehensive income. | |||||||||
Mortgage Debt - Premiums and Discounts | |||||||||
Mortgage debt premiums and discounts represent fair value adjustments to account for the difference between the stated rates and market rates of mortgage debt assumed in connection with the Company’s property acquisitions. The mortgage debt premiums and discounts are amortized to interest expense over the term of the related mortgage loans using the effective-interest method. The amortization of mortgage debt premiums and discounts resulted in a net decrease to interest expense of approximately $3.2 million and $3.6 million for the three months ended March 31, 2014 and 2013, respectively. As of March 31, 2014 and December 31, 2013, net unamortized mortgage debt premiums were approximately $71.0 million and $74.6 million, respectively, and net unamortized mortgage debt discounts were approximately $1.7 million and $2.0 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 8) and recorded an original issue discount of approximately $1.4 million. The original issue discount is amortized to interest expense over the term of the unsecured notes using the effective-interest method. The unamortized original issue discount was approximately $1.3 million as of March 31, 2014 and is included in unsecured notes on the accompanying consolidated balance sheets and amortization of the original issue discount of $29,000 is included in interest expense on the accompanying consolidated statements of comprehensive income for the three months ended March 31, 2014. | |||||||||
Pre-development Expenditures | |||||||||
Pre-development expenditures such as architectural fees, permits and deposits associated with the pursuit of third-party and owned development projects are expensed as incurred, until such time that management believes it is probable that the contract will be executed and/or construction will commence. Because the Company frequently incurs these pre-development expenditures before a financing commitment and/or required permits and authorizations have been obtained, the Company bears the risk of loss of these pre-development expenditures if financing cannot ultimately be arranged on acceptable terms or the Company is unable to successfully obtain the required permits and authorizations. As such, management evaluates the status of third-party and owned projects that have not yet commenced construction on a periodic basis and expenses any deferred costs related to projects whose current status indicates the commencement of construction is unlikely and/or the costs may not provide future value to the Company in the form of revenues. Such write-offs are included in third-party development and management services expenses (in the case of third-party development projects) or general and administrative expenses (in the case of owned development projects) on the accompanying consolidated statements of comprehensive income. As of March 31, 2014, the Company has deferred approximately $3.5 million in pre-development costs related to third-party and owned development projects that have not yet commenced construction. Such costs are included in other assets on the accompanying consolidated balance sheets. | |||||||||
Earnings per Share – Company | |||||||||
Basic earnings per share is computed using net income attributable to common shareholders and the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings per share reflect common shares issuable from the assumed conversion of OP Units and common share awards granted. Only those items having a dilutive impact on basic earnings per share are included in diluted earnings per share. | |||||||||
The following potentially dilutive securities were outstanding for the three months ended March 31, 2014 and 2013, but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Common OP Units (Note 10) | 1,230,219 | 1,133,076 | |||||||
Preferred OP Units (Note 10) | 112,628 | 114,128 | |||||||
Total potentially dilutive securities | 1,342,847 | 1,247,204 | |||||||
The following is a summary of the elements used in calculating basic and diluted earnings per share: | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Numerator – basic and diluted earnings per share: | |||||||||
Income from continuing operations | $ | 26,147 | $ | 20,333 | |||||
Income from continuing operations attributable to noncontrolling interests | (435 | ) | (767 | ) | |||||
Income from continuing operations attributable to common shareholders | 25,712 | 19,566 | |||||||
Amount allocated to participating securities | (321 | ) | (272 | ) | |||||
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | 25,391 | 19,294 | |||||||
Income from discontinued operations | 2,720 | 2,048 | |||||||
Income from discontinued operations attributable to noncontrolling interests | (34 | ) | (24 | ) | |||||
Income from discontinued operations attributable to common shareholders | 2,686 | 2,024 | |||||||
Net income attributable to common shareholders | $ | 28,077 | $ | 21,318 | |||||
Denominator: | |||||||||
Basic weighted average common shares outstanding | 104,821,669 | 104,697,433 | |||||||
Unvested Restricted Stock Awards (Note 11) | 735,164 | 667,336 | |||||||
Diluted weighted average common shares outstanding | 105,556,833 | 105,364,769 | |||||||
Earnings per share – basic and diluted: | |||||||||
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | $ | 0.24 | $ | 0.18 | |||||
Income from discontinued operations attributable to common shareholders | $ | 0.03 | $ | 0.02 | |||||
Net income attributable to common shareholders | $ | 0.27 | $ | 0.2 | |||||
Distributions declared per common share | $ | 0.36 | $ | 0.3375 | |||||
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: | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Numerator – basic and diluted earnings per unit: | |||||||||
Income from continuing operations | $ | 26,147 | $ | 20,333 | |||||
Income from continuing operations attributable to noncontrolling interests – partially owned properties | (88 | ) | (512 | ) | |||||
Income from continuing operations attributable to Series A preferred units | (42 | ) | (44 | ) | |||||
Amount allocated to participating securities | (321 | ) | (272 | ) | |||||
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities | 25,696 | 19,505 | |||||||
Income from discontinued operations | 2,720 | 2,048 | |||||||
Income from discontinued operations attributable to Series A preferred units | (3 | ) | (2 | ) | |||||
Income from discontinued operations attributable to common unitholders | 2,717 | 2,046 | |||||||
Net income attributable to common unitholders | $ | 28,413 | $ | 21,551 | |||||
Denominator: | |||||||||
Basic weighted average common units outstanding | 106,051,888 | 105,830,509 | |||||||
Unvested Restricted Stock Awards (Note 11) | 735,164 | 667,336 | |||||||
Diluted weighted average common units outstanding | 106,787,052 | 106,497,845 | |||||||
Earnings per unit - basic and diluted: | |||||||||
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities | $ | 0.24 | $ | 0.18 | |||||
Income from discontinued operations attributable to common unitholders | $ | 0.03 | $ | 0.02 | |||||
Net income attributable to common unitholders | $ | 0.27 | $ | 0.2 | |||||
Distributions declared per common unit | $ | 0.36 | $ | 0.3375 | |||||
Property_Acquisitions
Property Acquisitions | 3 Months Ended |
Mar. 31, 2014 | |
Business Combinations [Abstract] | ' |
Property Acquisitions | ' |
Property Acquisitions | |
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. |
Property_Dispositions_and_Disc
Property Dispositions and Discontinued Operations | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Property Dispositions and Discontinued Operations | ' | ||||||||
Property Dispositions and Discontinued Operations | |||||||||
2014 Dispositions | |||||||||
In February 2014, the Company sold Hawks Landing, a 122-unit, 484-bed owned off-campus property located near the campus of Miami University of Ohio 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 $1.3 million. The resulting gain on disposition of approximately $2.8 million is included in discontinued operations on the accompanying consolidated statements of comprehensive income for the three months ended March 31, 2014. | |||||||||
2013 Dispositions | |||||||||
In 2013, the Company sold six owned off-campus properties containing 4,079 beds for a combined sales price of approximately $184.2 million resulting in total proceeds of approximately $180.5 million. The net income attributable to these properties is included in discontinued operations on the accompanying consolidated statements of comprehensive income for the three months ended March 31, 2013. | |||||||||
The properties discussed above are included in the wholly-owned properties segment (see Note 15). Below is a summary of the results of operations for the properties discussed above: | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Total revenues | $ | 279 | $ | 6,440 | |||||
Total operating expenses | (239 | ) | (2,511 | ) | |||||
Depreciation and amortization | — | (1,369 | ) | ||||||
Operating income | 40 | 2,560 | |||||||
Total nonoperating expenses | (163 | ) | (512 | ) | |||||
Net (loss) income | $ | (123 | ) | $ | 2,048 | ||||
Investments_in_WhollyOwned_Pro
Investments in Wholly-Owned Properties (Wholly-owned properties) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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: | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
Land (1) (2) | $ | 587,691 | $ | 575,944 | |||||
Buildings and improvements | 4,762,874 | 4,759,879 | |||||||
Furniture, fixtures and equipment (2) | 268,601 | 267,022 | |||||||
Construction in progress (2) | 190,901 | 121,923 | |||||||
5,810,067 | 5,724,768 | ||||||||
Less accumulated depreciation | (570,035 | ) | (525,760 | ) | |||||
Wholly-owned properties, net (3) | $ | 5,240,032 | $ | 5,199,008 | |||||
(1) | The land balance above includes undeveloped land parcels with book values of approximately $40.6 million as of both March 31, 2014 and December 31, 2013. Also includes land totaling approximately $42.3 million and $39.4 million as of March 31, 2014 and December 31, 2013, respectively, related to properties under development. | ||||||||
(2) | Land, furniture, fixtures and equipment and construction in progress as of March 31, 2014 include $3.6 million, $0.5 million and $12.7 million, respectively, related to the University Walk property located in Knoxville, Tennessee that will serve students attending the University of Tennessee. In July 2013, the Company entered into a purchase and contribution agreement with a private developer whereby the Company is obligated to purchase the property as long as the developer meets certain construction completion deadlines and other closing conditions. The development of the property is anticipated to be completed in August 2014. The entity 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 the net book value of Hawks Landing which was classified as a wholly-owned property held for sale in the accompanying consolidated balance sheet as of December 31, 2013. The property was sold in February 2014. |
OnCampus_Participating_Propert
On-Campus Participating Properties (On-campus participating properties) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
On-campus participating properties | ' | ||||||||||||
Real Estate Properties [Line Items] | ' | ||||||||||||
On-Campus Participating Properties | ' | ||||||||||||
On-Campus Participating Properties | |||||||||||||
On-campus participating properties are as follows: | |||||||||||||
Historical Cost | |||||||||||||
Lessor/University | Lease | Required Debt | March 31, 2014 | December 31, 2013 | |||||||||
Commencement | Repayment | ||||||||||||
Texas A&M University System / Prairie View A&M University (1) | 2/1/96 | 9/1/23 | $ | 42,563 | $ | 42,288 | |||||||
Texas A&M University System / Texas A&M International | 2/1/96 | 9/1/23 | 6,776 | 6,767 | |||||||||
Texas A&M University System / Prairie View A&M University (2) | 10/1/99 | 8/31/25 | 26,304 | 26,275 | |||||||||
8/31/28 | |||||||||||||
University of Houston System / University of Houston (3) | 9/27/00 | 8/31/35 | 36,146 | 36,126 | |||||||||
West Virginia University Project / West Virginia University (4) | 7/16/13 | 7/16/45 | 30,382 | 19,249 | |||||||||
142,171 | 130,705 | ||||||||||||
Less accumulated amortization | (58,461 | ) | (57,249 | ) | |||||||||
On-campus participating properties, net | $ | 83,710 | $ | 73,456 | |||||||||
(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. |
Investments_in_Unconsolidated_
Investments in Unconsolidated Joint Ventures | 3 Months Ended |
Mar. 31, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | ' |
Investments in Unconsolidated Joint Ventures | ' |
Investments in Unconsolidated Joint Ventures | |
As of March 31, 2014, the Company owned a noncontrolling interest in one unconsolidated joint venture that is accounted for utilizing the equity method of accounting. The investment consists of a noncontrolling equity interest in a joint venture with the United States Navy that owns military housing privatization projects located on naval bases in Norfolk and Newport News, Virginia. In 2010, the Company discontinued applying the equity method in regards to its investment in this joint venture as a result of the Company’s share of losses exceeding its investment in the joint venture. Because the Company had not guaranteed any obligations of the investee and was not otherwise committed to provide further financial support to the investee, it therefore suspended recording its share of losses once the investment was reduced to zero. We also earn fees for providing management services to this joint venture, which totaled approximately $0.4 million for each of the three month periods ended March 31, 2014 and 2013. |
Debt
Debt | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
Debt | |||||||||
A summary of the Company’s outstanding consolidated indebtedness, including unamortized debt premiums and discounts, is as follows: | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
Debt secured by wholly-owned properties: | |||||||||
Mortgage loans payable: | |||||||||
Unpaid principal balance | $ | 1,212,765 | $ | 1,300,371 | |||||
Unamortized debt premiums | 70,991 | 74,575 | |||||||
Unamortized debt discounts | (1,665 | ) | (2,021 | ) | |||||
1,282,091 | 1,372,925 | ||||||||
Construction loans payable (1) | 48,606 | 44,638 | |||||||
1,330,697 | 1,417,563 | ||||||||
Debt secured by on-campus participating properties: | |||||||||
Mortgage loan payable | 31,255 | 31,380 | |||||||
Bonds payable | 42,440 | 42,440 | |||||||
Construction loan payable | 27,995 | 15,833 | |||||||
101,690 | 89,653 | ||||||||
Secured mortgage, construction and bond debt | 1,432,387 | 1,507,216 | |||||||
Secured agency facility | 87,750 | 87,750 | |||||||
Unsecured notes, net of unamortized original issue discount | 398,750 | 398,721 | |||||||
Unsecured revolving credit facility | 271,700 | 150,700 | |||||||
Unsecured term loans | 600,000 | 600,000 | |||||||
Total debt | $ | 2,790,587 | $ | 2,744,387 | |||||
(1) | Construction loans payable as of March 31, 2014 includes $4.0 million related to a construction loan that is partially financing the development and construction of University Walk, a VIE the Company is including in its consolidated financial statements (see Note 5). The creditor of this construction loan does not have recourse to the assets of the Company. | ||||||||
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 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 March 31, 2014, the Company was in compliance with all such covenants. | |||||||||
Unsecured Credit Facility | |||||||||
The Company has an aggregate unsecured credit facility totaling $1.1 billion which is composed of two unsecured term loans totaling $600 million and a $500 million unsecured revolving credit facility, which may be expanded by up to an additional $500 million upon the satisfaction of certain conditions. The maturity date of the unsecured revolving credit facility is 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 $350 million term loan facility ("Term Loan I Facility") is January 10, 2017 and 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 $250 million term loan ("Term Loan II Facility") is March 1, 2019. | |||||||||
Each loan bears interest at a variable rate, at the Company’s option, based upon a base rate or one-, two-, three- or six-month LIBOR, plus, in each case, a spread based upon the Company’s investment grade rating from either Moody’s Investor Services, Inc. or Standard & Poor’s Rating Group. As of March 31, 2014, the Term Loan II Facility bore interest at a variable rate of 1.66% per annum (0.16% + 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 March 31, 2014. Refer to Note 12 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 unsecured 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 March 31, 2014, the revolving credit facility bore interest at a weighted average annual rate of 1.71% (0.16% + 1.30% spread + 0.25% facility fee), and availability under the revolving credit facility totaled $228.3 million. | |||||||||
The terms of the unsecured 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 March 31, 2014, 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 which is scheduled to mature on September 1, 2014 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 March 31, 2014, the secured agency facility bore interest at a weighted average annual rate of 2.19%. The secured agency facility includes some, but not all, of the same financial covenants as the unsecured credit facility, described above. As of March 31, 2014, the Company was in compliance with all such covenants. |
Stockholders_Equity_Partners_C
Stockholders' Equity / Partners' Capital | 3 Months Ended |
Mar. 31, 2014 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity / Partners' Capital | ' |
Stockholders' Equity / Partners' Capital | |
In March 2013, the Company established a new at-the-market share offering program (the “ATM Equity Program”) through which the Company may issue and sell, from time to time, shares of common stock having an aggregate offering price of up to $500 million. Actual sales under the program will depend on a variety of factors, including, but not limited to, market conditions, the trading price of the Company’s common stock and determinations of the appropriate sources of funding for the Company. The Company has not sold any shares under the ATM Equity Program and has $500 million available for issuance as of March 31, 2014. |
Noncontrolling_Interests
Noncontrolling Interests | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Noncontrolling Interest [Abstract] | ' | |||
Noncontrolling Interests | ' | |||
Noncontrolling Interests | ||||
Operating Partnership | ||||
Partially-owned properties: As of March 31, 2014, 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.” | ||||
As discussed in more detail in Note 5, 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 March 31, 2014. | ||||
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 three months ended March 31, 2014: | ||||
31-Dec-13 | $ | 47,964 | ||
Net income | 381 | |||
Distributions | (487 | ) | ||
Adjustments to reflect redeemable limited partner units at fair value | 4,955 | |||
31-Mar-14 | $ | 52,813 | ||
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 none were converted during three months ended March 31, 2014. As of March 31, 2014 and December 31, 2013, approximately 1.3% of the equity interests of the Operating Partnership were held by owners of common OP Units and Series A preferred units not held by ACC or ACC Holdings. | ||||
Company | ||||
The noncontrolling interests of the Company include the third-party equity interests in partially-owned properties, as discussed above, which are presented as a component of equity in the Company’s consolidated balance sheets. The Company’s noncontrolling interests also include the redeemable limited partners presented in the consolidated balance sheets of the Operating Partnership, which are referred to as “redeemable noncontrolling interests” in the mezzanine section of the Company’s consolidated balance sheets. Noncontrolling interests on the Company’s consolidated statements of comprehensive income include the income/loss attributable to third-party equity interests in partially-owned properties, as well as the income/loss attributable to redeemable noncontrolling interests (i.e. OP Units not held by ACC or ACC Holdings.) |
Incentive_Award_Plan
Incentive Award Plan | 3 Months Ended | ||
Mar. 31, 2014 | |||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||
Incentive Award Plan | ' | ||
Incentive Award Plan | |||
Restricted Stock Awards (“RSAs”) | |||
A summary of ACC’s RSAs under the Plan as of March 31, 2014 and activity during the three months then ended, is presented below: | |||
Number of RSAs | |||
Nonvested balance at December 31, 2013 | 602,191 | ||
Granted | 292,526 | ||
Vested | (124,883 | ) | |
Forfeited (1) | (75,907 | ) | |
Nonvested balance at March 31, 2014 | 693,927 | ||
(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 ACC’s common stock on the date of grant. The fair value of these awards is amortized to expense over the vesting periods, which amounted to approximately $1.9 million and $1.6 million for the three months ended March 31, 2014 and 2013, respectively. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
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 and forward starting swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Forward starting swaps are used to protect the Company against adverse fluctuations in interest rates by reducing its exposure to variability in cash flows relating to interest payments on a forecasted issuance of debt. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in other comprehensive income (outside of earnings) and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. Ineffectiveness resulting from the derivative instruments summarized below was immaterial for both three month periods ended March 31, 2014 and 2013. | ||||||||||||||||||||
The following table summarizes the Company’s outstanding interest rate swap and forward starting swap contracts as of March 31, 2014: | ||||||||||||||||||||
Hedged Debt Instrument | Effective Date | Maturity Date | Pay Fixed Rate | Receive Floating | Notional | Fair Value | ||||||||||||||
Rate Index | Amount | |||||||||||||||||||
Cullen Oaks mortgage loan (1) | Feb 18, 2014 | Feb 15, 2021 | 2.28% | LIBOR - 1 month | $ | 15,548 | $ | (178 | ) | |||||||||||
Cullen Oaks mortgage loan (1) | Feb 18, 2014 | Feb 15, 2021 | 2.28% | LIBOR - 1 month | 15,708 | (180 | ) | |||||||||||||
Term Loan I Facility | Feb 2, 2012 | Jan 2, 2017 | 0.87% | LIBOR – 1 month | 125,000 | (423 | ) | |||||||||||||
Term Loan I Facility | Feb 2, 2012 | Jan 2, 2017 | 0.88% | LIBOR – 1 month | 100,000 | (367 | ) | |||||||||||||
Term Loan I Facility | Feb 2, 2012 | Jan 2, 2017 | 0.89% | LIBOR – 1 month | 62,500 | (244 | ) | |||||||||||||
Term Loan I Facility | Feb 2, 2012 | Jan 2, 2017 | 0.89% | LIBOR – 1 month | 62,500 | (245 | ) | |||||||||||||
Park Point mortgage loan | Nov 1, 2013 | Oct 5, 2018 | 1.55% | LIBOR - 1 month | 70,000 | (91 | ) | |||||||||||||
Forward starting swap (2) | Jun 3, 2014 | Jun 3, 2024 | 2.94% | LIBOR - 3 month | 100,000 | (428 | ) | |||||||||||||
Forward starting swap (2) | Jun 3, 2014 | Jun 3, 2024 | 2.94% | LIBOR - 3 month | 100,000 | (425 | ) | |||||||||||||
Total | $ | 651,256 | $ | (2,581 | ) | |||||||||||||||
(1) | 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 terminated the existing interest rate swap contract scheduled to mature on February 15, 2014, and entered into two new interest rate swap contracts described in the table above. Upon termination, the existing interest rate swap had a negative fair value of approximately $0.2 million, which the Company settled by structuring the financing into the terms of new interest rate swaps (commonly referred to as a "blend and extend"). As a result, the two new interest rate swaps had a negative fair value of approximately $0.2 million at inception of the hedging relationship. | |||||||||||||||||||
(2) | In March 2014, the Company entered into two forward starting swap contracts designated to hedge the Company's exposure to increasing interest rates related to interest payments on an anticipated issuance of unsecured notes in 2014. | |||||||||||||||||||
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 March 31, 2014 and December 31, 2013: | ||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||
Fair Value as of | Fair Value as of | |||||||||||||||||||
Description | Balance Sheet | March 31, 2014 | December 31, 2013 | Balance Sheet | 31-Mar-14 | 31-Dec-13 | ||||||||||||||
Location | Location | |||||||||||||||||||
Interest rate swaps contracts | Other assets | $ | — | $ | 31 | Other liabilities | $ | 1,728 | $ | 1,466 | ||||||||||
Forward starting swap contracts | Other assets | — | — | Other liabilities | 853 | — | ||||||||||||||
Total derivatives designated | $ | — | $ | 31 | $ | 2,581 | $ | 1,466 | ||||||||||||
as hedging instruments | ||||||||||||||||||||
Fair_Value_Disclosures
Fair Value Disclosures | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
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 March 31, 2014 and December 31, 2013, 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 | |||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
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 instruments | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 31 | $ | — | $ | 31 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Derivative financial instruments | $ | — | $ | 2,581 | $ | — | $ | 2,581 | $ | — | $ | 1,466 | $ | — | $ | 1,466 | |||||||||||||||||
Mezzanine: | |||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) | $ | — | $ | 52,813 | $ | — | $ | 52,813 | $ | — | $ | 47,964 | $ | — | $ | 47,964 | |||||||||||||||||
The Company uses derivative financial instruments, specifically interest rate swaps and forward starting 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 and forward starting swaps to reduce exposure to variability in cash flows relating to interest payments on forecasted issuances of debt. Through March 31, 2014, 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 March 31, 2014 and December 31, 2013, 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. | |||||||||||||||||||||||||||||||||
Secured Agency Facility, Unsecured Term Loan Facility II, 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: 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 March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Estimated | Carrying | Estimated | Carrying | ||||||||||||||||||||||||||||||
Fair Value | Amount | Fair Value | Amount | ||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Loans receivable | $ | 49,154 | $ | 51,947 | $ | 49,154 | $ | 51,192 | |||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Unsecured notes | $ | 379,932 | $ | 398,750 | $ | 372,420 | $ | 398,721 | |||||||||||||||||||||||||
Mortgage loans | 1,300,399 | 1,313,346 | 1,382,773 | 1,404,305 | |||||||||||||||||||||||||||||
Bonds payable | 45,856 | 42,440 | 44,908 | 42,440 | |||||||||||||||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Commitments | |
Development-related guarantees: For its third-party development projects, the Company commonly provides alternate housing and project cost guarantees, subject to force majeure. These guarantees are typically limited, on an aggregate basis, to the amount of the projects’ related development fees or a contractually agreed-upon maximum exposure amount. Alternate housing guarantees typically expire five days after construction is complete and generally require the Company to provide substitute living quarters and transportation for students to and from the university if the project is not complete by an agreed-upon completion date. Under project cost guarantees, the Company is responsible for the construction cost of a project in excess of an approved budget. The budget consists primarily of costs included in the general contractors’ guaranteed maximum price contract (“GMP”). In most cases, the GMP obligates the general contractor, subject to force majeure and approved change orders, to provide completion date guarantees and to cover cost overruns and liquidated damages. In addition, the GMP is typically secured with payment and performance bonds. Project cost guarantees expire upon completion of certain developer obligations, which are normally satisfied within one year after completion of the project. The Company’s estimated maximum exposure amount under the above guarantees is immaterial as of March 31, 2014. | |
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 March 31, 2014, 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. 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. | |
Letters of Intent: In the ordinary course of the Company’s business, the Company enters into letters of intent indicating a willingness to negotiate for acquisitions, dispositions, joint ventures, or other investment transactions. Such letters of intent are non-binding, and neither party to the letter of intent is obligated to pursue negotiations unless and until a definitive contract is entered into by the parties. Even if definitive contracts are entered into, the letters of intent relating to the acquisition and disposition of real property and resulting contracts generally contemplate that such contracts will provide the acquirer with time to evaluate the property and conduct due diligence, during which periods the acquirer will have the ability to terminate the contracts without penalty or forfeiture of any deposit or earnest money. There can be no assurance that definitive contracts will be entered into with respect to any matter covered by letters of intent or that the Company will consummate any transaction contemplated by any definitive contract. Furthermore, due diligence periods for real property are frequently extended as needed. Once the due diligence period expires, the Company is then at risk under a real property acquisition contract, but only to the extent of any earnest money deposits associated with the contract. | |
Environmental Matters: The Company is not aware of any environmental liability with respect to the properties that would have a material adverse effect on the Company’s business, assets or results of operations. However, there can be no assurance that such a material environmental liability does not exist. The existence of any such material environmental liability could have an adverse effect on the Company’s results of operations and cash flows. |
Segments
Segments | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segments | ' | ||||||||
Segments | |||||||||
The Company defines business segments by their distinct customer base and service provided. The Company has identified four reportable segments: Wholly-Owned Properties, On-Campus Participating Properties, Development Services, and Property Management Services. Management evaluates each segment’s performance based on operating income before depreciation, amortization, minority interests and allocation of corporate overhead. Intercompany fees are reflected at the contractually stipulated amounts. | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Wholly-Owned Properties | |||||||||
Rental revenues | $ | 172,823 | $ | 152,872 | |||||
Interest and other income | 272 | 14 | |||||||
Total revenues from external customers | 173,095 | 152,886 | |||||||
Operating expenses before depreciation, amortization, ground/facility lease and allocation of corporate overhead | (76,380 | ) | (66,863 | ) | |||||
Ground/facility leases | (936 | ) | (664 | ) | |||||
Interest expense | (11,392 | ) | (11,614 | ) | |||||
Operating income before depreciation, amortization, and allocation of corporate overhead | $ | 84,387 | $ | 73,745 | |||||
Depreciation and amortization | $ | 46,509 | $ | 43,987 | |||||
Capital expenditures | $ | 68,805 | $ | 82,855 | |||||
Total segment assets at March 31, | $ | 5,417,680 | $ | 5,013,062 | |||||
On-Campus Participating Properties | |||||||||
Rental revenues | $ | 8,188 | $ | 8,102 | |||||
Interest and other income | 3 | 2 | |||||||
Total revenues from external customers | 8,191 | 8,104 | |||||||
Operating expenses before depreciation, amortization, ground/facility lease and allocation of corporate overhead | (2,297 | ) | (2,323 | ) | |||||
Ground/facility lease | (627 | ) | (539 | ) | |||||
Interest expense | (1,149 | ) | (1,375 | ) | |||||
Operating income before depreciation, amortization and allocation of corporate overhead | $ | 4,118 | $ | 3,867 | |||||
Depreciation and amortization | $ | 1,212 | $ | 1,175 | |||||
Capital expenditures | $ | 12,292 | $ | 335 | |||||
Total segment assets at March 31, | $ | 101,238 | $ | 72,475 | |||||
Development Services | |||||||||
Development and construction management fees | $ | 187 | $ | 479 | |||||
Operating expenses | (2,843 | ) | (2,589 | ) | |||||
Operating loss before depreciation, amortization and allocation of corporate overhead | $ | (2,656 | ) | $ | (2,110 | ) | |||
Total segment assets at March 31, | $ | 2,459 | $ | 796 | |||||
Property Management Services | |||||||||
Property management fees from external customers | $ | 1,985 | $ | 1,709 | |||||
Intersegment revenues | 5,687 | 5,375 | |||||||
Total revenues | 7,672 | 7,084 | |||||||
Operating expenses | (3,096 | ) | (2,572 | ) | |||||
Operating income before depreciation, amortization and allocation of corporate overhead | $ | 4,576 | $ | 4,512 | |||||
Total segment assets at March 31, | $ | 7,353 | $ | 4,928 | |||||
Reconciliations | |||||||||
Total segment revenues | $ | 189,145 | $ | 168,553 | |||||
Unallocated interest income earned on corporate cash | 756 | 410 | |||||||
Elimination of intersegment revenues | (5,687 | ) | (5,375 | ) | |||||
Total consolidated revenues, including interest income | $ | 184,214 | $ | 163,588 | |||||
Segment operating income before depreciation, amortization and allocation of corporate overhead | $ | 90,425 | $ | 80,014 | |||||
Depreciation and amortization | (49,674 | ) | (46,913 | ) | |||||
Net unallocated expenses relating to corporate overhead | (14,314 | ) | (9,713 | ) | |||||
Other nonoperating expense | — | (2,800 | ) | ||||||
Income tax provision | (290 | ) | (255 | ) | |||||
Income from continuing operations | $ | 26,147 | $ | 20,333 | |||||
Total segment assets | $ | 5,528,730 | $ | 5,091,261 | |||||
Unallocated corporate assets | 91,985 | 68,880 | |||||||
Total assets at March 31, | $ | 5,620,715 | $ | 5,160,141 | |||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
Distributions: On April 30, 2014, the Company declared a first quarter 2014 distribution per share of $0.38 which will be paid on May 30, 2014 to all common stockholders of record as of May 16, 2014. At the same time, the Operating Partnership will pay 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 10). |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | ||
Mar. 31, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Basis of Presentation | ' | ||
Basis of Presentation | |||
The accompanying consolidated financial statements, presented in U.S. dollars, are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and revenue and expenses during the reporting periods. Our actual results could differ from those estimates and assumptions. All material intercompany transactions among consolidated entities have been eliminated. All dollar amounts in the tables herein, except share, per share, unit and per unit amounts, are stated in thousands unless otherwise indicated. Certain prior period amounts have been reclassified to conform to the current period presentation. | |||
Recent Accounting Pronouncements | ' | ||
Recent Accounting Pronouncements | |||
In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2014-08 ("ASU 2014-08"), “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) - Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” ASU 2014-08 changes the threshold for disclosing discontinued operations and the related disclosure requirements, requiring only disposals representing a strategic shift, such as a major line of business, a major geographical area or a major equity investment, to be presented as a discontinued operation. If the disposal does qualify as a discontinued operation under ASU 2014-08, the Company will be required to provide expanded disclosures. The guidance will be applied prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. ASU 2014-08 is effective for the Company beginning January 1, 2015 with early adoption permitted but only for disposals or classifications as held for sale which have not been reported in financial statements previously issued or available for issuance. While we have elected early adoption for our consolidated financial statements and footnote disclosures and believe future sales of our individual operating properties will no longer qualify as discontinued operations, the sale of Hawks Landing in February 2014 has continued to be presented in discontinued operations as the property was classified as held for sale in our consolidated financial statements for the year ended December 31, 2013. | |||
Interim Financial Statements | ' | ||
Interim Financial Statements | |||
The accompanying interim financial statements are unaudited, but have been prepared in accordance with GAAP for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements of the Company for these interim periods have been included. Because of the seasonal nature of the Company’s operations, the results of operations and cash flows for any interim period are not necessarily indicative of results for other interim periods or for the full year. These financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 | |||
Use of Estimates | ' | ||
Use of Estimates | |||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||
Investments in Real Estate | ' | ||
Investments in Real Estate | |||
Investments in real estate are recorded at historical cost. Major improvements that extend the life of an asset are capitalized and depreciated over the remaining useful life of the asset. The cost of ordinary repairs and maintenance are charged to expense when incurred. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: | |||
Buildings and improvements | 7-40 years | ||
Leasehold interest - on-campus | 25-34 years (shorter of useful life or respective lease term) | ||
participating properties | |||
Furniture, fixtures and equipment | 3-7 years | ||
Project costs directly associated with the development and construction of an owned real estate project, which include interest, property taxes, and amortization of deferred finance costs, are capitalized as construction in progress. Upon completion of the project, costs are transferred into the applicable asset category and depreciation commences. Interest totaling approximately $2.2 million and $2.3 million was capitalized during the three months ended March 31, 2014 and 2013, respectively. Amortization of deferred financing costs totaling approximately $5,000 and $0.1 million was capitalized as construction in progress during the three months ended March 31, 2014 and 2013, 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 March 31, 2014. | |||
The Company allocates the purchase price of acquired properties to net tangible and identified intangible assets based on relative fair values. Fair value estimates are based on information obtained from a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired and existing comparable properties in our portfolio, and other market data. Information obtained about each property as a result of due diligence, marketing and leasing activities is also considered. The value allocated to land is generally based on the actual purchase price adjusted to fair value (as necessary) if acquired separately, or market research / comparables if acquired as part of an existing operating property. The value allocated to building is based on the fair value determined on an “as-if vacant” basis, which is estimated using an income, or discounted cash flow, approach that relies upon internally determined assumptions that we believe are consistent with current market conditions for similar properties. The value allocated to furniture, fixtures, and equipment is based on an estimate of the fair value of the appliances and fixtures inside the units. | |||
Long-Lived Assets-Held for Sale | ' | ||
Long-Lived Assets–Held for Sale | |||
Long-lived assets to be disposed of are classified as Held for Sale in the period in which all of the following criteria are met: | |||
a. | Management, having the authority to approve the action, commits to a plan to sell the asset. | ||
b. | The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. | ||
c. | An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated. | ||
d. | The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year. | ||
e. | The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. | ||
f. | Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. | ||
Concurrent with this classification, the asset is recorded at the lower of cost or fair value less estimated selling costs, and depreciation ceases. | |||
Loans Receivable | ' | ||
Loans Receivable | |||
Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan purchase discounts, and net of an allowance for loan losses when such loan is deemed to be impaired. Loan purchase discounts are amortized over the term of the loan. The Company considers a loan impaired when, based upon current information and events, it is probable that it will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. Significant judgments are required in determining whether impairment has occurred. The Company performs an impairment analysis by comparing either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable current market price or the fair value of the underlying collateral to the net carrying value of the loan, which may result in an allowance and corresponding loan loss charge. Loans receivable are included in other assets on the accompanying consolidated balance sheets. | |||
Intangible Assets | ' | ||
Intangible Assets | |||
A portion of the purchase price of acquired properties is allocated to the value of in-place leases for both student and commercial tenants, which is based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued “as-if” vacant. As lease terms for student leases are typically one year or less, rates on in-place leases generally approximate market rental rates. Factors considered in the valuation of in-place leases include an estimate of the carrying costs during the expected lease-up period considering current market conditions, nature of the tenancy, and costs to execute similar leases. Carrying costs include estimates of lost rentals at market rates during the expected lease-up period, as well as marketing and other operating expenses. The value of in-place leases is amortized over the remaining initial term of the respective leases. The purchase price of property acquisitions is not expected to be allocated to student tenant relationships, considering the terms of the leases and the expected levels of renewals. | |||
Mortgage Debt - Premiums and Discounts | ' | ||
Mortgage Debt - Premiums and Discounts | |||
Mortgage debt premiums and discounts represent fair value adjustments to account for the difference between the stated rates and market rates of mortgage debt assumed in connection with the Company’s property acquisitions. The mortgage debt premiums and discounts are amortized to interest expense over the term of the related mortgage loans using the effective-interest method. The amortization of mortgage debt premiums and discounts resulted in a net decrease to interest expense of approximately $3.2 million and $3.6 million for the three months ended March 31, 2014 and 2013, respectively. As of March 31, 2014 and December 31, 2013, net unamortized mortgage debt premiums were approximately $71.0 million and $74.6 million, respectively, and net unamortized mortgage debt discounts were approximately $1.7 million and $2.0 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. | |||
Pre-development Expenditures | ' | ||
Pre-development Expenditures | |||
Pre-development expenditures such as architectural fees, permits and deposits associated with the pursuit of third-party and owned development projects are expensed as incurred, until such time that management believes it is probable that the contract will be executed and/or construction will commence. Because the Company frequently incurs these pre-development expenditures before a financing commitment and/or required permits and authorizations have been obtained, the Company bears the risk of loss of these pre-development expenditures if financing cannot ultimately be arranged on acceptable terms or the Company is unable to successfully obtain the required permits and authorizations. As such, management evaluates the status of third-party and owned projects that have not yet commenced construction on a periodic basis and expenses any deferred costs related to projects whose current status indicates the commencement of construction is unlikely and/or the costs may not provide future value to the Company in the form of revenues. Such write-offs are included in third-party development and management services expenses (in the case of third-party development projects) or general and administrative expenses (in the case of owned development projects) on the accompanying consolidated statements of comprehensive income. | |||
Earnings per Share - Company | ' | ||
Earnings per Share – Company | |||
Basic earnings per share is computed using net income attributable to common shareholders and the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings per share reflect common shares issuable from the assumed conversion of OP Units and common share awards granted. Only those items having a dilutive impact on basic earnings per share are included in diluted earnings per share. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Schedule of estimated useful lives of assets | ' | ||||||||
Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: | |||||||||
Buildings and improvements | 7-40 years | ||||||||
Leasehold interest - on-campus | 25-34 years (shorter of useful life or respective lease term) | ||||||||
participating properties | |||||||||
Furniture, fixtures and equipment | 3-7 years | ||||||||
Schedule of potentially dilutive securities not included in calculating diluted earnings per share | ' | ||||||||
The following potentially dilutive securities were outstanding for the three months ended March 31, 2014 and 2013, but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Common OP Units (Note 10) | 1,230,219 | 1,133,076 | |||||||
Preferred OP Units (Note 10) | 112,628 | 114,128 | |||||||
Total potentially dilutive securities | 1,342,847 | 1,247,204 | |||||||
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: | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Numerator – basic and diluted earnings per share: | |||||||||
Income from continuing operations | $ | 26,147 | $ | 20,333 | |||||
Income from continuing operations attributable to noncontrolling interests | (435 | ) | (767 | ) | |||||
Income from continuing operations attributable to common shareholders | 25,712 | 19,566 | |||||||
Amount allocated to participating securities | (321 | ) | (272 | ) | |||||
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | 25,391 | 19,294 | |||||||
Income from discontinued operations | 2,720 | 2,048 | |||||||
Income from discontinued operations attributable to noncontrolling interests | (34 | ) | (24 | ) | |||||
Income from discontinued operations attributable to common shareholders | 2,686 | 2,024 | |||||||
Net income attributable to common shareholders | $ | 28,077 | $ | 21,318 | |||||
Denominator: | |||||||||
Basic weighted average common shares outstanding | 104,821,669 | 104,697,433 | |||||||
Unvested Restricted Stock Awards (Note 11) | 735,164 | 667,336 | |||||||
Diluted weighted average common shares outstanding | 105,556,833 | 105,364,769 | |||||||
Earnings per share – basic and diluted: | |||||||||
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | $ | 0.24 | $ | 0.18 | |||||
Income from discontinued operations attributable to common shareholders | $ | 0.03 | $ | 0.02 | |||||
Net income attributable to common shareholders | $ | 0.27 | $ | 0.2 | |||||
Distributions declared per common share | $ | 0.36 | $ | 0.3375 | |||||
The following is a summary of the elements used in calculating basic and diluted earnings per unit: | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Numerator – basic and diluted earnings per unit: | |||||||||
Income from continuing operations | $ | 26,147 | $ | 20,333 | |||||
Income from continuing operations attributable to noncontrolling interests – partially owned properties | (88 | ) | (512 | ) | |||||
Income from continuing operations attributable to Series A preferred units | (42 | ) | (44 | ) | |||||
Amount allocated to participating securities | (321 | ) | (272 | ) | |||||
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities | 25,696 | 19,505 | |||||||
Income from discontinued operations | 2,720 | 2,048 | |||||||
Income from discontinued operations attributable to Series A preferred units | (3 | ) | (2 | ) | |||||
Income from discontinued operations attributable to common unitholders | 2,717 | 2,046 | |||||||
Net income attributable to common unitholders | $ | 28,413 | $ | 21,551 | |||||
Denominator: | |||||||||
Basic weighted average common units outstanding | 106,051,888 | 105,830,509 | |||||||
Unvested Restricted Stock Awards (Note 11) | 735,164 | 667,336 | |||||||
Diluted weighted average common units outstanding | 106,787,052 | 106,497,845 | |||||||
Earnings per unit - basic and diluted: | |||||||||
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities | $ | 0.24 | $ | 0.18 | |||||
Income from discontinued operations attributable to common unitholders | $ | 0.03 | $ | 0.02 | |||||
Net income attributable to common unitholders | $ | 0.27 | $ | 0.2 | |||||
Distributions declared per common unit | $ | 0.36 | $ | 0.3375 | |||||
Property_Dispositions_and_Disc1
Property Dispositions and Discontinued Operations (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Schedule of summary of results of disposition and discontinued operations | ' | ||||||||
Below is a summary of the results of operations for the properties discussed above: | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Total revenues | $ | 279 | $ | 6,440 | |||||
Total operating expenses | (239 | ) | (2,511 | ) | |||||
Depreciation and amortization | — | (1,369 | ) | ||||||
Operating income | 40 | 2,560 | |||||||
Total nonoperating expenses | (163 | ) | (512 | ) | |||||
Net (loss) income | $ | (123 | ) | $ | 2,048 | ||||
Investments_in_WhollyOwned_Pro1
Investments in Wholly-Owned Properties (Tables) (Wholly-owned properties) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Wholly-owned properties | ' | ||||||||
Real Estate Properties [Line Items] | ' | ||||||||
Schedule of Real Estate Properties | ' | ||||||||
Wholly-owned properties consisted of the following: | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
Land (1) (2) | $ | 587,691 | $ | 575,944 | |||||
Buildings and improvements | 4,762,874 | 4,759,879 | |||||||
Furniture, fixtures and equipment (2) | 268,601 | 267,022 | |||||||
Construction in progress (2) | 190,901 | 121,923 | |||||||
5,810,067 | 5,724,768 | ||||||||
Less accumulated depreciation | (570,035 | ) | (525,760 | ) | |||||
Wholly-owned properties, net (3) | $ | 5,240,032 | $ | 5,199,008 | |||||
(1) | The land balance above includes undeveloped land parcels with book values of approximately $40.6 million as of both March 31, 2014 and December 31, 2013. Also includes land totaling approximately $42.3 million and $39.4 million as of March 31, 2014 and December 31, 2013, respectively, related to properties under development. | ||||||||
(2) | Land, furniture, fixtures and equipment and construction in progress as of March 31, 2014 include $3.6 million, $0.5 million and $12.7 million, respectively, related to the University Walk property located in Knoxville, Tennessee that will serve students attending the University of Tennessee. In July 2013, the Company entered into a purchase and contribution agreement with a private developer whereby the Company is obligated to purchase the property as long as the developer meets certain construction completion deadlines and other closing conditions. The development of the property is anticipated to be completed in August 2014. The entity 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 the net book value of Hawks Landing which was classified as a wholly-owned property held for sale in the accompanying consolidated balance sheet as of December 31, 2013. The property was sold in February 2014. |
OnCampus_Participating_Propert1
On-Campus Participating Properties (Tables) (On-campus participating properties) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
On-campus participating properties | ' | ||||||||||||
Real Estate Properties [Line Items] | ' | ||||||||||||
Schedule of Real Estate Properties | ' | ||||||||||||
On-campus participating properties are as follows: | |||||||||||||
Historical Cost | |||||||||||||
Lessor/University | Lease | Required Debt | March 31, 2014 | December 31, 2013 | |||||||||
Commencement | Repayment | ||||||||||||
Texas A&M University System / Prairie View A&M University (1) | 2/1/96 | 9/1/23 | $ | 42,563 | $ | 42,288 | |||||||
Texas A&M University System / Texas A&M International | 2/1/96 | 9/1/23 | 6,776 | 6,767 | |||||||||
Texas A&M University System / Prairie View A&M University (2) | 10/1/99 | 8/31/25 | 26,304 | 26,275 | |||||||||
8/31/28 | |||||||||||||
University of Houston System / University of Houston (3) | 9/27/00 | 8/31/35 | 36,146 | 36,126 | |||||||||
West Virginia University Project / West Virginia University (4) | 7/16/13 | 7/16/45 | 30,382 | 19,249 | |||||||||
142,171 | 130,705 | ||||||||||||
Less accumulated amortization | (58,461 | ) | (57,249 | ) | |||||||||
On-campus participating properties, net | $ | 83,710 | $ | 73,456 | |||||||||
(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. |
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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: | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
Debt secured by wholly-owned properties: | |||||||||
Mortgage loans payable: | |||||||||
Unpaid principal balance | $ | 1,212,765 | $ | 1,300,371 | |||||
Unamortized debt premiums | 70,991 | 74,575 | |||||||
Unamortized debt discounts | (1,665 | ) | (2,021 | ) | |||||
1,282,091 | 1,372,925 | ||||||||
Construction loans payable (1) | 48,606 | 44,638 | |||||||
1,330,697 | 1,417,563 | ||||||||
Debt secured by on-campus participating properties: | |||||||||
Mortgage loan payable | 31,255 | 31,380 | |||||||
Bonds payable | 42,440 | 42,440 | |||||||
Construction loan payable | 27,995 | 15,833 | |||||||
101,690 | 89,653 | ||||||||
Secured mortgage, construction and bond debt | 1,432,387 | 1,507,216 | |||||||
Secured agency facility | 87,750 | 87,750 | |||||||
Unsecured notes, net of unamortized original issue discount | 398,750 | 398,721 | |||||||
Unsecured revolving credit facility | 271,700 | 150,700 | |||||||
Unsecured term loans | 600,000 | 600,000 | |||||||
Total debt | $ | 2,790,587 | $ | 2,744,387 | |||||
(1) | Construction loans payable as of March 31, 2014 includes $4.0 million related to a construction loan that is partially financing the development and construction of University Walk, a VIE the Company is including in its consolidated financial statements (see Note 5). The creditor of this construction loan does not have recourse to the assets of the Company. |
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Noncontrolling Interest [Abstract] | ' | |||
Schedule of summarized activity of redeemable limited partners | ' | |||
Below is a table summarizing the activity of redeemable limited partners for the three months ended March 31, 2014: | ||||
31-Dec-13 | $ | 47,964 | ||
Net income | 381 | |||
Distributions | (487 | ) | ||
Adjustments to reflect redeemable limited partner units at fair value | 4,955 | |||
31-Mar-14 | $ | 52,813 | ||
Incentive_Award_Plan_Tables
Incentive Award Plan (Tables) | 3 Months Ended | ||
Mar. 31, 2014 | |||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||
Schedule of summary of restricted stock awards | ' | ||
A summary of ACC’s RSAs under the Plan as of March 31, 2014 and activity during the three months then ended, is presented below: | |||
Number of RSAs | |||
Nonvested balance at December 31, 2013 | 602,191 | ||
Granted | 292,526 | ||
Vested | (124,883 | ) | |
Forfeited (1) | (75,907 | ) | |
Nonvested balance at March 31, 2014 | 693,927 | ||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
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 and forward starting swap contracts as of March 31, 2014: | ||||||||||||||||||||
Hedged Debt Instrument | Effective Date | Maturity Date | Pay Fixed Rate | Receive Floating | Notional | Fair Value | ||||||||||||||
Rate Index | Amount | |||||||||||||||||||
Cullen Oaks mortgage loan (1) | Feb 18, 2014 | Feb 15, 2021 | 2.28% | LIBOR - 1 month | $ | 15,548 | $ | (178 | ) | |||||||||||
Cullen Oaks mortgage loan (1) | Feb 18, 2014 | Feb 15, 2021 | 2.28% | LIBOR - 1 month | 15,708 | (180 | ) | |||||||||||||
Term Loan I Facility | Feb 2, 2012 | Jan 2, 2017 | 0.87% | LIBOR – 1 month | 125,000 | (423 | ) | |||||||||||||
Term Loan I Facility | Feb 2, 2012 | Jan 2, 2017 | 0.88% | LIBOR – 1 month | 100,000 | (367 | ) | |||||||||||||
Term Loan I Facility | Feb 2, 2012 | Jan 2, 2017 | 0.89% | LIBOR – 1 month | 62,500 | (244 | ) | |||||||||||||
Term Loan I Facility | Feb 2, 2012 | Jan 2, 2017 | 0.89% | LIBOR – 1 month | 62,500 | (245 | ) | |||||||||||||
Park Point mortgage loan | Nov 1, 2013 | Oct 5, 2018 | 1.55% | LIBOR - 1 month | 70,000 | (91 | ) | |||||||||||||
Forward starting swap (2) | Jun 3, 2014 | Jun 3, 2024 | 2.94% | LIBOR - 3 month | 100,000 | (428 | ) | |||||||||||||
Forward starting swap (2) | Jun 3, 2014 | Jun 3, 2024 | 2.94% | LIBOR - 3 month | 100,000 | (425 | ) | |||||||||||||
Total | $ | 651,256 | $ | (2,581 | ) | |||||||||||||||
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 March 31, 2014 and December 31, 2013: | ||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||
Fair Value as of | Fair Value as of | |||||||||||||||||||
Description | Balance Sheet | March 31, 2014 | December 31, 2013 | Balance Sheet | 31-Mar-14 | 31-Dec-13 | ||||||||||||||
Location | Location | |||||||||||||||||||
Interest rate swaps contracts | Other assets | $ | — | $ | 31 | Other liabilities | $ | 1,728 | $ | 1,466 | ||||||||||
Forward starting swap contracts | Other assets | — | — | Other liabilities | 853 | — | ||||||||||||||
Total derivatives designated | $ | — | $ | 31 | $ | 2,581 | $ | 1,466 | ||||||||||||
as hedging instruments | ||||||||||||||||||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
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 instruments | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 31 | $ | — | $ | 31 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Derivative financial instruments | $ | — | $ | 2,581 | $ | — | $ | 2,581 | $ | — | $ | 1,466 | $ | — | $ | 1,466 | |||||||||||||||||
Mezzanine: | |||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) | $ | — | $ | 52,813 | $ | — | $ | 52,813 | $ | — | $ | 47,964 | $ | — | $ | 47,964 | |||||||||||||||||
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 March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Estimated | Carrying | Estimated | Carrying | ||||||||||||||||||||||||||||||
Fair Value | Amount | Fair Value | Amount | ||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Loans receivable | $ | 49,154 | $ | 51,947 | $ | 49,154 | $ | 51,192 | |||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Unsecured notes | $ | 379,932 | $ | 398,750 | $ | 372,420 | $ | 398,721 | |||||||||||||||||||||||||
Mortgage loans | 1,300,399 | 1,313,346 | 1,382,773 | 1,404,305 | |||||||||||||||||||||||||||||
Bonds payable | 45,856 | 42,440 | 44,908 | 42,440 | |||||||||||||||||||||||||||||
Segments_Tables
Segments (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Schedule of segment information | ' | ||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Wholly-Owned Properties | |||||||||
Rental revenues | $ | 172,823 | $ | 152,872 | |||||
Interest and other income | 272 | 14 | |||||||
Total revenues from external customers | 173,095 | 152,886 | |||||||
Operating expenses before depreciation, amortization, ground/facility lease and allocation of corporate overhead | (76,380 | ) | (66,863 | ) | |||||
Ground/facility leases | (936 | ) | (664 | ) | |||||
Interest expense | (11,392 | ) | (11,614 | ) | |||||
Operating income before depreciation, amortization, and allocation of corporate overhead | $ | 84,387 | $ | 73,745 | |||||
Depreciation and amortization | $ | 46,509 | $ | 43,987 | |||||
Capital expenditures | $ | 68,805 | $ | 82,855 | |||||
Total segment assets at March 31, | $ | 5,417,680 | $ | 5,013,062 | |||||
On-Campus Participating Properties | |||||||||
Rental revenues | $ | 8,188 | $ | 8,102 | |||||
Interest and other income | 3 | 2 | |||||||
Total revenues from external customers | 8,191 | 8,104 | |||||||
Operating expenses before depreciation, amortization, ground/facility lease and allocation of corporate overhead | (2,297 | ) | (2,323 | ) | |||||
Ground/facility lease | (627 | ) | (539 | ) | |||||
Interest expense | (1,149 | ) | (1,375 | ) | |||||
Operating income before depreciation, amortization and allocation of corporate overhead | $ | 4,118 | $ | 3,867 | |||||
Depreciation and amortization | $ | 1,212 | $ | 1,175 | |||||
Capital expenditures | $ | 12,292 | $ | 335 | |||||
Total segment assets at March 31, | $ | 101,238 | $ | 72,475 | |||||
Development Services | |||||||||
Development and construction management fees | $ | 187 | $ | 479 | |||||
Operating expenses | (2,843 | ) | (2,589 | ) | |||||
Operating loss before depreciation, amortization and allocation of corporate overhead | $ | (2,656 | ) | $ | (2,110 | ) | |||
Total segment assets at March 31, | $ | 2,459 | $ | 796 | |||||
Property Management Services | |||||||||
Property management fees from external customers | $ | 1,985 | $ | 1,709 | |||||
Intersegment revenues | 5,687 | 5,375 | |||||||
Total revenues | 7,672 | 7,084 | |||||||
Operating expenses | (3,096 | ) | (2,572 | ) | |||||
Operating income before depreciation, amortization and allocation of corporate overhead | $ | 4,576 | $ | 4,512 | |||||
Total segment assets at March 31, | $ | 7,353 | $ | 4,928 | |||||
Reconciliations | |||||||||
Total segment revenues | $ | 189,145 | $ | 168,553 | |||||
Unallocated interest income earned on corporate cash | 756 | 410 | |||||||
Elimination of intersegment revenues | (5,687 | ) | (5,375 | ) | |||||
Total consolidated revenues, including interest income | $ | 184,214 | $ | 163,588 | |||||
Segment operating income before depreciation, amortization and allocation of corporate overhead | $ | 90,425 | $ | 80,014 | |||||
Depreciation and amortization | (49,674 | ) | (46,913 | ) | |||||
Net unallocated expenses relating to corporate overhead | (14,314 | ) | (9,713 | ) | |||||
Other nonoperating expense | — | (2,800 | ) | ||||||
Income tax provision | (290 | ) | (255 | ) | |||||
Income from continuing operations | $ | 26,147 | $ | 20,333 | |||||
Total segment assets | $ | 5,528,730 | $ | 5,091,261 | |||||
Unallocated corporate assets | 91,985 | 68,880 | |||||||
Total assets at March 31, | $ | 5,620,715 | $ | 5,160,141 | |||||
Organization_and_Description_o1
Organization and Description of Business - Additional Information (Details Textuals) | 3 Months Ended |
Mar. 31, 2014 | |
Real Estate Properties [Line Items] | ' |
Number of properties (properties) | 168 |
Number of beds (beds) | 102,600 |
Number of units (units) | 33,500 |
Redevelopment pending | ' |
Real Estate Properties [Line Items] | ' |
Number of properties (properties) | 1 |
Wholly-owned properties | Off Campus Properties | ' |
Real Estate Properties [Line Items] | ' |
Number of properties (properties) | 144 |
Wholly-owned properties | American Campus Equity | ' |
Real Estate Properties [Line Items] | ' |
Number of properties (properties) | 18 |
Number of university systems (university systems) | 8 |
Wholly-owned properties | On-campus participating properties | ' |
Real Estate Properties [Line Items] | ' |
Number of properties (properties) | 5 |
Wholly-owned properties | Under Development | ' |
Real Estate Properties [Line Items] | ' |
Number of properties (properties) | 10 |
Number of beds (beds) | 6,800 |
Number of units (units) | 2,100 |
Management And Leasing Services | ' |
Real Estate Properties [Line Items] | ' |
Number of properties (properties) | 33 |
Number of beds (beds) | 25,400 |
Number of units (units) | 10,200 |
Real Estate Investment | ' |
Real Estate Properties [Line Items] | ' |
Number of properties (properties) | 201 |
Number of beds (beds) | 128,000 |
Number of units (units) | 43,700 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' |
Real Estate Properties [Line Items] | ' |
Limited Partner ownership interest (percent) | 98.70% |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Maximum | ' |
Real Estate Properties [Line Items] | ' |
General Partner ownership interest (percent) | 1.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Minimum | Buildings and improvements | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '7 years |
Minimum | Furniture, fixtures and equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '3 years |
Maximum | Buildings and improvements | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '40 years |
Maximum | Furniture, fixtures and equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '7 years |
On-campus participating properties | Minimum | Leasehold interest | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '25 years |
On-campus participating properties | Maximum | Leasehold interest | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '34 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Potentially Dilutive Securities Not Included in Calculating Diluted Earnings Per Share (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Potential dilutive securities (shares) | 1,342,847 | 1,247,204 |
Common OP Units | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Potential dilutive securities (shares) | 1,230,219 | 1,133,076 |
Preferred OP Units | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Potential dilutive securities (shares) | 112,628 | 114,128 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Summary of Elements Used in Calculating Basic and Diluted Earnings per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Numerator - basic and diluted earnings per share: | ' | ' |
Income from continuing operations | $26,147 | $20,333 |
Income from continuing operations attributable to noncontrolling interests | -435 | -767 |
Income from continuing operations attributable to common shareholders | 25,712 | 19,566 |
Amount allocated to participating securities | -321 | -272 |
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | 25,391 | 19,294 |
Income from discontinued operations | 2,720 | 2,048 |
Income from discontinued operations attributable to noncontrolling interests | -34 | -24 |
Income from discontinued operations attributable to common shareholders | 2,686 | 2,024 |
Net income attributable to common shareholders | 28,077 | 21,318 |
Denominator: | ' | ' |
Basic weighted average common shares outstanding (in shares) | 104,821,669 | 104,697,433 |
Unvested Restricted Stock Awards | 1,342,847 | 1,247,204 |
Diluted weighted average common shares outstanding (in shares) | 105,556,833 | 105,364,769 |
Income per share attributable to common shareholders - basic and diluted | ' | ' |
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities (in dollars per share) | $0.24 | $0.18 |
Income from discontinued operations attributable to common shareholders (in dollars per share) | $0.03 | $0.02 |
Net income attributable to common shareholders (in dollars per share) | $0.27 | $0.20 |
Distributions declared per common share (in dollars per share) | $0.36 | $0.34 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' | ' |
Numerator - basic and diluted earnings per share: | ' | ' |
Income from continuing operations | 26,147 | 20,333 |
Amount allocated to participating securities | -321 | -272 |
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | 25,696 | 19,505 |
Income from discontinued operations | 2,720 | 2,048 |
Income from discontinued operations attributable to common shareholders | 2,717 | 2,046 |
Net income attributable to common shareholders | $28,413 | $21,551 |
Restricted Stock Awards | ' | ' |
Denominator: | ' | ' |
Unvested Restricted Stock Awards | 735,164 | 667,336 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Potential dilutive securities (shares) | 1,342,847 | 1,247,204 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Summary of Elements Used in Calculating Basic and Diluted Earnings per Unit (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Numerator - basic and diluted earnings per unit: | ' | ' |
Income from continuing operations | $26,147 | $20,333 |
Income from continuing operations attributable to noncontrolling interests | -435 | -767 |
Amount allocated to participating securities | -321 | -272 |
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities | 25,391 | 19,294 |
Income from discontinued operations | 2,720 | 2,048 |
Income from discontinued operations attributable to common shareholders | 2,686 | 2,024 |
Net income attributable to common shareholders | 28,077 | 21,318 |
Denominator: | ' | ' |
Potential dilutive securities (shares) | 1,342,847 | 1,247,204 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' | ' |
Numerator - basic and diluted earnings per unit: | ' | ' |
Income from continuing operations | 26,147 | 20,333 |
Income from continuing operations attributable to Series A preferred units | -42 | -44 |
Amount allocated to participating securities | -321 | -272 |
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities | 25,696 | 19,505 |
Income from discontinued operations | 2,720 | 2,048 |
Income from discontinued operations attributable to Series A preferred unit distributions | -3 | -2 |
Income from discontinued operations attributable to common shareholders | 2,717 | 2,046 |
Net income attributable to common shareholders | 28,413 | 21,551 |
Denominator: | ' | ' |
Basic weighted average common units outstanding (in units) | 106,051,888 | 105,830,509 |
Diluted weighted average common units outstanding (in units) | 106,787,052 | 106,497,845 |
Income per unit attributable to common unitholders - basic and diluted | ' | ' |
Income from continuing operations attributable to common unitholders, net of amount allocated to participating (in dollars per share) | $0.24 | $0.18 |
Income from discontinued operations attributable to common unitholders (in dollars per unit) | $0.03 | $0.02 |
Net income attributable to common unitholders (in dollars per share) | $0.27 | $0.20 |
Distributions declared per common unit (in dollars per unit) | $0.36 | $0.34 |
Partially owned properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' | ' |
Numerator - basic and diluted earnings per unit: | ' | ' |
Income from continuing operations attributable to noncontrolling interests | ($88) | ($512) |
Restricted Stock Awards | ' | ' |
Denominator: | ' | ' |
Potential dilutive securities (shares) | 735,164 | 667,336 |
Restricted Stock Awards | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' | ' |
Denominator: | ' | ' |
Restricted Stock Awards | 735,164 | 667,336 |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies - Additional Information (Detail Textuals) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | ||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Mortgages | Mortgages | Senior unsecured notes | Senior unsecured notes | In-place leases assumed | In-place leases assumed | In-place leases assumed | |||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized Interest | $2,200,000 | $2,300,000 | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred financing costs capitalized as construction in progress | 5,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' |
Amortization expense of acquired intangible assets | ' | ' | ' | ' | ' | ' | 900,000 | 5,500,000 | ' |
Accumulated amortization | ' | ' | ' | ' | ' | ' | 26,400,000 | ' | 25,500,000 |
Increase (decrease) to interest expense from amortization of debt premiums and discounts | -3,200,000 | -3,600,000 | ' | ' | ' | 29,000,000 | ' | ' | ' |
Unamortized debt premiums | ' | ' | 71,000,000 | 74,600,000 | ' | ' | ' | ' | ' |
Unamortized debt discounts | ' | ' | 1,700,000 | 2,000,000 | ' | 1,300,000 | ' | ' | ' |
Senior unsecured notes issued | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' |
Senior unsecured notes at percentage of par value (percent) | ' | ' | ' | ' | 99.66% | ' | ' | ' | ' |
Original issue discount on senior unsecured notes | ' | ' | ' | ' | 1,400,000 | ' | ' | ' | ' |
Deferred pre-development costs | $3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Property_Acquisitions_Details
Property Acquisitions (Details) (Boulder Outlook Hotel, USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Jan. 10, 2014 |
Boulder Outlook Hotel | ' |
Business Acquisition [Line Items] | ' |
Purchase price | $9.30 |
Property_Dispositions_and_Disc2
Property Dispositions and Discontinued Operations- Summary of results of operations for properties (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' |
Total revenues | $279 | $6,440 |
Total operating expenses | -239 | -2,511 |
Depreciation and amortization | 0 | -1,369 |
Operating income | 40 | 2,560 |
Total nonoperating expenses | -163 | -512 |
Net (loss) income | ($123) | $2,048 |
Property_Dispositions_and_Disc3
Property Dispositions and Discontinued Operations - Additional Information (Detail Textuals) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Feb. 28, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Bed | Off Campus Properties | Off Campus Properties | Off Campus Properties | ||
Unit | Hawks Landing | Hawks Landing | University Mills, Campus Ridge, The Village at Blacksburg, State College Park, University Pines, and Northgate Lakes [Member] | ||
Bed | Property | ||||
Bed | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Number of units (units) | 33,500 | ' | 122 | ' | ' |
Number of beds (beds) | 102,600 | ' | 484 | ' | 4,079 |
Sale price of disposed property | ' | ' | $17,300,000 | ' | $184,200,000 |
Assumed mortgage loan | ' | ' | 15,600,000 | ' | ' |
Proceeds from disposition of properties | 1,327,000 | 0 | 1,300,000 | ' | 180,500,000 |
Number of properties sold (properties) | ' | ' | ' | ' | 6 |
Gain from disposition of property | $2,843,000 | $0 | ' | $2,800,000 | ' |
Investments_in_WhollyOwned_Pro2
Investments in Wholly-Owned Properties - Summary (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Real Estate Properties [Line Items] | ' | ' | ||
Land | $3,600 | ' | ||
Furniture, fixtures and equipment | 500 | ' | ||
Construction in progress | 12,700 | ' | ||
Investment Property, Net | 5,323,742 | 5,286,872 | ||
Wholly-owned properties | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Land | 587,691 | [1],[2] | 575,944 | [1],[2] |
Buildings and improvements | 4,762,874 | 4,759,879 | ||
Furniture, fixtures and equipment | 268,601 | [1] | 267,022 | [1] |
Construction in progress | 190,901 | [1] | 121,923 | [1] |
Real estate properties gross | 5,810,067 | 5,724,768 | ||
Less accumulated depreciation | -570,035 | -525,760 | ||
Investment Property, Net | $5,240,032 | [3] | $5,199,008 | [3] |
[1] | Land, furniture, fixtures and equipment and construction in progress as of March 31, 2014 include $3.6 million, $0.5 million and $12.7 million, respectively, related to the University Walk property located in Knoxville, Tennessee that will serve students attending the University of Tennessee. In July 2013, the Company entered into a purchase and contribution agreement with a private developer whereby the Company is obligated to purchase the property as long as the developer meets certain construction completion deadlines and other closing conditions. The development of the property is anticipated to be completed in August 2014. The entity 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 (“VIEâ€), and the Company is determined to be the primary beneficiary of the VIE. As such, the assets and liabilities of the entity owning the property are included in the Company’s and the Operating Partnership’s consolidated financial statements. | |||
[2] | The land balance above includes undeveloped land parcels with book values of approximately $40.6 million as of both March 31, 2014 and December 31, 2013. Also includes land totaling approximately $42.3 million and $39.4 million as of March 31, 2014 and December 31, 2013, respectively, related to properties under development. | |||
[3] | The balance above excludes the net book value of Hawks Landing which was classified as a wholly-owned property held for sale in the accompanying consolidated balance sheet as of December 31, 2013. The property was sold in February 2014. |
Investments_in_WhollyOwned_Pro3
Investments in Wholly-Owned Properties - Summary (Parentheticals) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Real Estate Properties [Line Items] | ' | ' |
Undeveloped land parcels | $40,600,000 | $40,600,000 |
Land | 3,600,000 | ' |
Furniture, fixtures and equipment | 500,000 | ' |
Construction in progress | 12,700,000 | ' |
Mezzanine loan | 8,800,000 | ' |
Contributions by noncontrolling partners | 1,500,000 | ' |
Under Development | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Undeveloped land parcels | 42,300,000 | 39,400,000 |
University Walk - Knoxville, TN | Construction loans | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Construction loan balance | $19,000,000 | ' |
OnCampus_Participating_Propert2
On-Campus Participating Properties (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | ||
Real Estate Properties [Line Items] | ' | ' | ||
Investment Property, Net | $5,323,742 | $5,286,872 | ||
On-campus participating properties | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Real estate properties, gross | 142,171 | 130,705 | ||
Less accumulated depreciation | -58,461 | -57,249 | ||
Investment Property, Net | 83,710 | 73,456 | ||
On-campus participating properties | 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 | 6,776 | 6,767 | ||
Phases Placed In Service Between 1996 and 1998 | Prairie View A and M University | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Number of Project Phases | 3 | ' | ||
Phases Placed In Service Between 1996 and 1998 | On-campus participating properties | Prairie View A and M University | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Lease commencement | 1-Feb-96 | [1] | ' | |
Required debt repayment | 1-Sep-23 | [1] | ' | |
Real estate properties, gross | 42,563 | [1] | 42,288 | [1] |
Phases Placed In Service In 2000 and 2003 | Prairie View A and M University | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Number of Project Phases | 2 | ' | ||
Phases Placed In Service In 2000 and 2003 | On-campus participating properties | Prairie View A and M University | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Lease commencement | 1-Oct-99 | [2] | ' | |
Real estate properties, gross | 26,304 | [2] | 26,275 | [2] |
Phases Placed In Service In 2001 and 2005 | University Of Houston | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Number of Project Phases | 2 | ' | ||
Phases Placed In Service In 2001 and 2005 | On-campus participating properties | University Of Houston | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Lease commencement | 27-Sep-00 | [3] | ' | |
Required debt repayment | 31-Aug-35 | [3] | ' | |
Real estate properties, gross | 36,146 | [3] | 36,126 | [3] |
Phases Placed in Service in 2013 | On-campus participating properties | West Virginia University | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Lease commencement | 16-Jul-13 | [4] | ' | |
Required debt repayment | 16-Jul-45 | [4] | ' | |
Real estate properties, gross | $30,382 | [4] | $19,249 | [4] |
Minimum | Phases Placed In Service In 2000 and 2003 | On-campus participating properties | Prairie View A and M University | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Required debt repayment | 31-Aug-25 | [2] | ' | |
Maximum | Phases Placed In Service In 2000 and 2003 | On-campus participating properties | Prairie View A and M University | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ||
Required debt repayment | 31-Aug-28 | [2] | ' | |
[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. |
Investment_in_Unconsolidated_J
Investment in Unconsolidated Joint Ventures - Additional Information (Detail Textuals) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Management fee earned | $1,985 | $1,709 |
Equity Method Investments | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Management fee earned | $400 | $400 |
Debt_Summary_of_Outstanding_Co
Debt - Summary of Outstanding Consolidated Indebtedness, Including Unamortized Debt Premiums and Discounts (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Secured mortgage, construction and bond debt | $1,432,387 | $1,507,216 | ||
Secured agency facility | 87,750 | 87,750 | ||
Unsecured notes, net of unamortized original issue discount | 398,750 | 398,721 | ||
Unsecured revolving credit facility | 271,700 | 150,700 | ||
Unsecured term loans | 600,000 | 600,000 | ||
Total debt | 2,790,587 | 2,744,387 | ||
Mortgage loans payable | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Unamortized debt premiums | 71,000 | 74,600 | ||
Unamortized debt discounts | -1,700 | -2,000 | ||
Wholly-owned properties, net | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured mortgage, construction and bond debt | 1,282,091 | 1,372,925 | ||
Total debt | 1,330,697 | 1,417,563 | ||
Wholly-owned properties, net | Mortgage loans payable | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured mortgage, construction and bond debt | 1,212,765 | 1,300,371 | ||
Unamortized debt premiums | 70,991 | 74,575 | ||
Unamortized debt discounts | -1,665 | -2,021 | ||
Wholly-owned properties, net | Construction loans payable | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured mortgage, construction and bond debt | 48,606 | [1] | 44,638 | [1] |
On-campus participating properties, net | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total debt | 101,690 | 89,653 | ||
On-campus participating properties, net | Mortgage loans payable | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured mortgage, construction and bond debt | 31,255 | 31,380 | ||
On-campus participating properties, net | Construction loans payable | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured mortgage, construction and bond debt | 27,995 | 15,833 | ||
On-campus participating properties, net | Bonds payable | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured mortgage, construction and bond debt | $42,440 | $42,440 | ||
[1] | Construction loans payable as of March 31, 2014 includes $4.0 million related to a construction loan that is partially financing the development and construction of University Walk, a VIE the Company is including in its consolidated financial statements (see Note 5). The creditor of this construction loan does not have recourse to the assets of the Company. |
Debt_Summary_of_Outstanding_Co1
Debt - Summary of Outstanding Consolidated Indebtedness, Including Unamortized Debt Premiums and Discounts (Parentheticals) (Detail Textuals) (University Walk, USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
University Walk | ' |
Debt Instrument [Line Items] | ' |
Construction loans payable | $4 |
Debt_Additional_Information_De
Debt - Additional Information (Detail Textuals) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||
Dec. 31, 2013 | Mar. 31, 2014 | Apr. 30, 2013 | Apr. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
Unsecured Notes | Unsecured Notes | Interest Rate Swap | Term Loan I Facility | Term Loan I Facility | Term Loan II Facility | Revolving credit facility | Secured Agency Facility | Unsecured Revolving Credit Facility | Unsecured Revolving Credit Facility | Unsecured Revolving Credit Facility | Unsecured Revolving Credit Facility | Unsecured Revolving Credit Facility | |||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Extension_option | Property | Term loan facility | Term Loan I Facility | Term Loan II Facility | Revolving credit facility | |||||||||
Loan | |||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount | ' | ' | $400,000,000 | $400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity period | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument proceeds as percentage of par value (percent) | ' | ' | ' | 99.66% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate of note and outstanding bond (percent) | ' | ' | ' | 3.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Yield rate (percent) | ' | ' | ' | 3.79% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from sale of notes | ' | ' | ' | 394,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Offering proceeds to pay down outstanding balance | ' | ' | ' | 321,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000,000 | 1,100,000,000 | 600,000,000 | 350,000,000 | ' | 500,000,000 |
Number of loan extension options | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Duration of loan extension options | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of unsecured term loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' |
Credit facility, amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' |
Credit facility, additional borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' |
Credit facility, additional extension period | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable interest rate at period end | ' | ' | ' | ' | ' | ' | ' | 1.66% | ' | ' | ' | ' | ' | ' | ' |
Reference rate | ' | ' | ' | ' | ' | ' | ' | 0.16% | 0.16% | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | 1.50% | 1.50% | ' | ' | ' | ' | ' | ' | 1.30% |
Notional amount | ' | 651,256,000 | ' | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate during period | ' | ' | ' | ' | ' | ' | 2.38% | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, required unused commitment fee per annum (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | 0.25% |
Ratio of borrowing amount to value of properties (percent) | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' |
Line of credit, weighted average annual interest rate (percent) | ' | ' | ' | ' | ' | ' | 0.88% | ' | 1.71% | 2.19% | ' | ' | ' | ' | ' |
Line of credit facility, remaining borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | $228,300,000 | ' | ' | ' | ' | ' | ' |
Number of properties used to secure debt (properties) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' |
Line of credit, description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'one- or three-month LIBOR plus | ' | ' | ' | ' | ' |
Stockholders_Equity_Partners_C1
Stockholders' Equity / Partners' Capital - Additional Information (Detail Textuals) (ATM Equity Program, USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
ATM Equity Program | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
ATM equity program, aggregate offering price authorized (up to $500 million as of March 31, 2013) | ' | $500,000,000 |
Aggregate common stock available for issuance | $500,000,000 | ' |
Noncontrolling_Interests_Summa
Noncontrolling Interests - Summarized Activity of Redeemable Limited Partners (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Increase (Decrease) in Temporary Equity [Roll Forward] | ' |
Beginning balance | $47,964 |
Distributions | -57 |
Adjustments to reflect redeemable limited partner units at fair value | -4,955 |
Ending balance | 52,813 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' |
Increase (Decrease) in Temporary Equity [Roll Forward] | ' |
Beginning balance | 47,964 |
Distributions | -57 |
Adjustments to reflect redeemable limited partner units at fair value | -4,955 |
Ending balance | 52,813 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Redeemable noncontrolling interests | ' |
Increase (Decrease) in Temporary Equity [Roll Forward] | ' |
Beginning balance | 47,964 |
Net income | 381 |
Distributions | -487 |
Adjustments to reflect redeemable limited partner units at fair value | 4,955 |
Ending balance | $52,813 |
Noncontrolling_Interests_Addit
Noncontrolling Interests - Additional Information (Detail Textuals) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Noncontrolling Interest [Line Items] | ' | ' |
Contributions by noncontrolling partners | 1.5 | ' |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Number of third-party joint venture partners (entities) | 3 | ' |
Equity interests held by owners of common units and series A preferred units/ retained by seller (percent) | 1.30% | 1.30% |
Series A Preferred Unit | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Conversion of common units to ACC common stock (shares) | 0 | 1,500 |
Incentive_Award_Plan_Summary_o
Incentive Award Plan - Summary of Restricted Stock Awards (Details) (Restricted Stock Awards) | 3 Months Ended | |
Mar. 31, 2014 | ||
Restricted Stock Awards | ' | |
Number of RSUs | ' | |
Beginning nonvested balance (shares) | 602,191 | |
Granted (shares) | 292,526 | |
Vested (shares) | -124,883 | |
Forfeited (shares) | -75,907 | [1] |
Ending nonvested balance (shares) | 693,927 | |
[1] | Includes shares withheld to satisfy tax obligations upon vesting. |
Incentive_Award_Plan_Additiona
Incentive Award Plan - Additional Information (Detail Textuals) (Restricted Stock Awards, USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Restricted Stock Awards | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Allocated share-based compensation expense | $1.90 | $1.60 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Summary of Outstanding Interest Rate Swap Contracts (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | |
Derivative [Line Items] | ' | |
Notional Amount | $651,256 | |
Fair Value | -2,581 | |
Interest Rate Swap One - 2.2750 Fixed Rate | ' | |
Derivative [Line Items] | ' | |
Effective Date | 18-Feb-14 | [1] |
Maturity Date | 15-Feb-21 | [1] |
Pay Fixed Rate (percent) | 2.28% | [1] |
Receive Floating Rate Index | 'LIBOR - 1 month | [1] |
Notional Amount | 15,548 | [1] |
Fair Value | -178 | [1] |
Interest Rate Swap Two - 2.2750 Fixed Rate | ' | |
Derivative [Line Items] | ' | |
Effective Date | 18-Feb-14 | [1] |
Maturity Date | 15-Feb-21 | [1] |
Pay Fixed Rate (percent) | 2.28% | [1] |
Receive Floating Rate Index | 'LIBOR - 1 month | [1] |
Notional Amount | 15,708 | [1] |
Fair Value | -180 | [1] |
Interest Rate Swap - 0.8695% Fixed Rate | ' | |
Derivative [Line Items] | ' | |
Effective Date | 2-Feb-12 | |
Maturity Date | 2-Jan-17 | |
Pay Fixed Rate (percent) | 0.87% | |
Receive Floating Rate Index | 'LIBOR – 1 month | |
Notional Amount | 125,000 | |
Fair Value | -423 | |
Interest Rate Swap - 0.88% Fixed Rate | ' | |
Derivative [Line Items] | ' | |
Effective Date | 2-Feb-12 | |
Maturity Date | 2-Jan-17 | |
Pay Fixed Rate (percent) | 0.88% | |
Receive Floating Rate Index | 'LIBOR – 1 month | |
Notional Amount | 100,000 | |
Fair Value | -367 | |
Interest Rate Swap - 0.8875% Fixed Rate | ' | |
Derivative [Line Items] | ' | |
Effective Date | 2-Feb-12 | |
Maturity Date | 2-Jan-17 | |
Pay Fixed Rate (percent) | 0.89% | |
Receive Floating Rate Index | 'LIBOR – 1 month | |
Notional Amount | 62,500 | |
Fair Value | -244 | |
Interest Rate Swap - 0.889% Fixed Rate | ' | |
Derivative [Line Items] | ' | |
Effective Date | 2-Feb-12 | |
Maturity Date | 2-Jan-17 | |
Pay Fixed Rate (percent) | 0.89% | |
Receive Floating Rate Index | 'LIBOR – 1 month | |
Notional Amount | 62,500 | |
Fair Value | -245 | |
Interest Rate Swap - 1.545% Fixed Rate | ' | |
Derivative [Line Items] | ' | |
Effective Date | 1-Nov-13 | |
Maturity Date | 5-Oct-18 | |
Pay Fixed Rate (percent) | 1.55% | |
Receive Floating Rate Index | 'LIBOR - 1 month | |
Notional Amount | 70,000 | |
Fair Value | -91 | |
Interest Rate Swap One - 2.942 Fixed Rate | ' | |
Derivative [Line Items] | ' | |
Effective Date | 3-Jun-14 | [2] |
Maturity Date | 3-Jun-24 | [2] |
Pay Fixed Rate (percent) | 2.94% | [2] |
Receive Floating Rate Index | 'LIBOR - 3 month | [2] |
Notional Amount | 100,000 | [2] |
Fair Value | -428 | [2] |
Interest Rate Swap Two - 2.942% | ' | |
Derivative [Line Items] | ' | |
Effective Date | 3-Jun-14 | [2] |
Maturity Date | 3-Jun-24 | [2] |
Pay Fixed Rate (percent) | 2.94% | [2] |
Receive Floating Rate Index | 'LIBOR - 3 month | [2] |
Notional Amount | 100,000 | [2] |
Fair Value | ($425) | [2] |
[1] | 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 terminated the existing interest rate swap contract scheduled to mature on February 15, 2014, and entered into two new interest rate swap contracts described in the table above. Upon termination, the existing interest rate swap had a negative fair value of approximately $0.2 million, which the Company settled by structuring the financing into the terms of new interest rate swaps (commonly referred to as a "blend and extend"). As a result, the two new interest rate swaps had a negative fair value of approximately $0.2 million at inception of the hedging relationship. | |
[2] | In March 2014, the Company entered into two forward starting swap contracts designated to hedge the Company's exposure to increasing interest rates related to interest payments on an anticipated issuance of unsecured notes in 2014. |
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 $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivatives assets designated as hedging instruments | $0 | $31 |
Other liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivatives liabilities designated as hedging instruments | 2,581 | 1,466 |
Interest rate swaps contracts | Other assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivatives assets designated as hedging instruments | 0 | 31 |
Interest rate swaps contracts | Other liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivatives liabilities designated as hedging instruments | 1,728 | 1,466 |
Forward starting swap contracts | Other assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivatives assets designated as hedging instruments | 0 | 0 |
Forward starting swap contracts | Other liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivatives liabilities designated as hedging instruments | $853 | $0 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities - Additional Information (Detail Textuals) (USD $) | Mar. 31, 2014 | Feb. 28, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | Mortgages | Swap | Forward starting swap contracts | |
Cullen Oaks Phase I and Phase II Loans | Contract | Contract | ||
Derivative [Line Items] | ' | ' | ' | ' |
Basis spread on variable rate | ' | 1.75% | ' | ' |
Number of interest rate swap contracts (contracts) | ' | ' | 2 | 2 |
Interest rate swap, fair value | ($0.20) | ' | ' | ' |
Fair_Value_Disclosures_Financi
Fair Value Disclosures - Financial Instruments Measured at Fair Value (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative financial instruments | $0 | $31 |
Liabilities: | ' | ' |
Derivative financial instruments, Liabilities | 2,581 | 1,466 |
Redeemable noncontrolling interests (Company)/Redeemable limited Partners (Operating Partnership) | 52,813 | 47,964 |
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests | 52,813 | 47,964 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative financial instruments | ' | ' |
Liabilities: | ' | ' |
Derivative financial instruments, Liabilities | ' | ' |
Redeemable noncontrolling interests (Company)/Redeemable limited Partners (Operating Partnership) | ' | ' |
Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative financial instruments | 0 | 31 |
Liabilities: | ' | ' |
Derivative financial instruments, Liabilities | 2,581 | 1,466 |
Redeemable noncontrolling interests (Company)/Redeemable limited Partners (Operating Partnership) | ' | 47,964 |
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests | 52,813 | ' |
Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative financial instruments | ' | ' |
Liabilities: | ' | ' |
Derivative financial instruments, Liabilities | ' | ' |
Redeemable noncontrolling interests (Company)/Redeemable limited Partners (Operating Partnership) | ' | ' |
Fair_Value_Disclosures_Estimat
Fair Value Disclosures - Estimated Fair Value and Related Carrying Amounts of Mortgage Loans and Bonds Payable (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Estimated Fair Value | ' | ' |
Assets: | ' | ' |
Loans receivable | $49,154 | $49,154 |
Liabilities: | ' | ' |
Unsecured notes | 379,932 | 372,420 |
Mortgage loans | 1,300,399 | 1,382,773 |
Bonds payable | 45,856 | 44,908 |
Carrying Amount | ' | ' |
Assets: | ' | ' |
Loans receivable | 51,947 | 51,192 |
Liabilities: | ' | ' |
Unsecured notes | 398,750 | 398,721 |
Mortgage loans | 1,313,346 | 1,404,305 |
Bonds payable | $42,440 | $42,440 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail Textuals) (USD $) | 3 Months Ended | 1 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 |
Alternate Housing Guarantees | Project Cost Guarantees | Drexel University Property | Capital Addition Purchase Commitments | Maximum | |
Contract | Drexel University Property | Drexel University Property | |||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' |
Guarantee expiration period | '5 days | '1 year | ' | ' | ' |
Lease term | ' | ' | '40 years | ' | ' |
Number of lease renewal options | ' | ' | 3 | ' | ' |
Lease extension period | ' | ' | '10 years | ' | ' |
Commitment as part of ground lease agreement, amount | ' | ' | ' | $22.30 | ' |
Time period Company to improvements | ' | ' | '5 years | ' | ' |
Commitment to pay real estate transfer taxes, amount | ' | ' | 1.8 | ' | 2.4 |
Real estate transfer taxes paid upon conveyance of land | ' | ' | $0.60 | ' | ' |
Segment_Summary_Details
Segment - Summary (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Property management fees from external customers | $1,985 | $1,709 | ' |
Total revenues | 183,183 | 163,162 | ' |
Operating expenses | -135,188 | -121,478 | ' |
Interest expense | -21,090 | -17,411 | ' |
Income from continuing operations | 26,147 | 20,333 | ' |
Total assets | 5,620,715 | ' | 5,598,040 |
Operating segments | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total revenues | 189,145 | 168,553 | ' |
Income from continuing operations | 26,147 | 20,333 | ' |
Total segment assets | 5,528,730 | 5,091,261 | ' |
Unallocated corporate assets | 91,985 | 68,880 | ' |
Total assets | 5,620,715 | 5,160,141 | ' |
Operating segments | Wholly-owned properties | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Rental revenues | 172,823 | 152,872 | ' |
Interest and other income | 272 | 14 | ' |
Total revenues | 173,095 | 152,886 | ' |
Operating expenses before depreciation, amortization, ground/facility lease and allocation of corporate overhead | -76,380 | -66,863 | ' |
Ground/facility leases | -936 | -664 | ' |
Interest expense | -11,392 | -11,614 | ' |
Operating income before depreciation, amortization, and allocation of corporate overhead | 84,387 | 73,745 | ' |
Depreciation and amortization | 46,509 | 43,987 | ' |
Capital expenditures | 68,805 | 82,855 | ' |
Total segment assets | 5,417,680 | 5,013,062 | ' |
Operating segments | On-campus participating properties | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Rental revenues | 8,188 | 8,102 | ' |
Interest and other income | 3 | 2 | ' |
Total revenues | 8,191 | 8,104 | ' |
Operating expenses before depreciation, amortization, ground/facility lease and allocation of corporate overhead | -2,297 | -2,323 | ' |
Ground/facility leases | -627 | -539 | ' |
Interest expense | -1,149 | -1,375 | ' |
Operating income before depreciation, amortization, and allocation of corporate overhead | 4,118 | 3,867 | ' |
Depreciation and amortization | 1,212 | 1,175 | ' |
Capital expenditures | 12,292 | 335 | ' |
Total segment assets | 101,238 | 72,475 | ' |
Operating segments | Development Services | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Development and construction management fees | 187 | 479 | ' |
Operating expenses | -2,843 | -2,589 | ' |
Operating income before depreciation, amortization, and allocation of corporate overhead | -2,656 | -2,110 | ' |
Total segment assets | 2,459 | 796 | ' |
Operating segments | Property Management Services | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Property management fees from external customers | 1,985 | 1,709 | ' |
Intersegment revenues | 5,687 | 5,375 | ' |
Total revenues | 7,672 | 7,084 | ' |
Operating expenses | -3,096 | -2,572 | ' |
Operating income before depreciation, amortization, and allocation of corporate overhead | 4,576 | 4,512 | ' |
Total segment assets | 7,353 | 4,928 | ' |
Unallocated interest income earned on corporate cash | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total revenues | 756 | 410 | ' |
Income from continuing operations | -14,314 | -9,713 | ' |
Elimination of intersegment revenues | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total revenues | -5,687 | -5,375 | ' |
Total consolidated revenues, including interest income | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total revenues | 184,214 | 163,588 | ' |
Segment operating income before depreciation, amortization and allocation of corporate overhead | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Income from continuing operations | 90,425 | 80,014 | ' |
Depreciation and amortization | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Income from continuing operations | -49,674 | -46,913 | ' |
Other nonoperating expense | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Income from continuing operations | 0 | -2,800 | ' |
Income tax provision | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Income from continuing operations | ($290) | ($255) | ' |
Segments_Additional_Informatio
Segments - Additional Information (Detail Textuals) | 3 Months Ended |
Mar. 31, 2014 | |
Segment | |
Segment Reporting [Abstract] | ' |
Identified reportable segments (segments) | 4 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail Textuals) (Dividend Declared, Subsequent Event, USD $) | 0 Months Ended |
Apr. 30, 2014 | |
Dividend Declared | Subsequent Event | ' |
Subsequent Event [Line Items] | ' |
Common Stock, dividends per share, declared (usd per share) | $0.38 |
Dividend distribution date | 30-May-14 |
Dividend payable, date of record | 16-May-14 |