Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 06, 2015 | Jun. 30, 2014 | |
Document Information [Line Items] | |||
Entity Registrant Name | AMERICAN CAMPUS COMMUNITIES INC | ||
Entity Central Index Key | 1283630 | ||
Trading Symbol | acc | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-Known Seasoned Issuer | Yes | ||
Entity Common Stock Shares Outstanding | 112,185,084 | ||
Entity Public Float | $3,454,575,864 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||
Document Information [Line Items] | |||
Entity Registrant Name | American Campus Communities Operating Partnership LP | ||
Entity Central Index Key | 1357369 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-Known Seasoned Issuer | No |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
Investments in real estate: | ||||
Investments in real estate, net | $5,533,849,000 | $5,286,872,000 | ||
Cash and cash equivalents | 25,062,000 | 38,751,000 | ||
Restricted cash | 31,937,000 | 35,451,000 | ||
Student contracts receivable, net | 10,145,000 | 9,238,000 | ||
Other assets | 233,755,000 | 227,728,000 | ||
Total assets | 5,834,748,000 | 5,598,040,000 | ||
Liabilities: | ||||
Secured mortgage, construction and bond debt | 1,331,914,000 | 1,507,216,000 | ||
Secured agency facility | 0 | 87,750,000 | ||
Unsecured notes | 798,305,000 | 398,721,000 | ||
Unsecured term loans | 600,000,000 | 600,000,000 | ||
Unsecured revolving credit facility | 242,500,000 | 150,700,000 | ||
Accounts payable and accrued expenses | 70,629,000 | 65,088,000 | ||
Other liabilities | 121,645,000 | 110,036,000 | ||
Total liabilities | 3,164,993,000 | 2,919,511,000 | ||
Commitments and contingencies (Note 17) | ||||
Redeemable noncontrolling interests | 54,472,000 | 47,964,000 | ||
American Campus Communities, Inc. stockholders' equity: | ||||
American Campus Communities, Inc. stockholders’ equity: Common stock, $.01 par value, 800,000,000 shares authorized, 107,175,236 and 104,782,817 shares issued and outstanding at December 31, 2014 and 2013, respectively | 1,072,000 | 1,043,000 | ||
Additional paid in capital | 3,102,540,000 | 3,017,631,000 | ||
Accumulated earnings and dividends | -487,986,000 | -392,338,000 | ||
Accumulated other comprehensive loss | -6,072,000 | -1,435,000 | ||
Total American Campus Communities, Inc. stockholders’ equity | 2,609,554,000 | 2,624,901,000 | ||
Total equity | 2,615,283,000 | 2,630,565,000 | ||
Partners' capital: | ||||
Accumulated other comprehensive loss | -6,072,000 | -1,435,000 | ||
Total liabilities and equity/capital | 5,834,748,000 | 5,598,040,000 | ||
Wholly owned properties | ||||
Investments in real estate: | ||||
Investments in real estate, net | 5,308,707,000 | [1] | 5,199,008,000 | [1] |
Liabilities: | ||||
Secured mortgage, construction and bond debt | 1,153,997,000 | 1,372,925,000 | ||
Wholly-owned properties held for sale | ||||
Investments in real estate: | ||||
Investments in real estate, net | 131,014,000 | 14,408,000 | ||
On-campus participating properties | ||||
Investments in real estate: | ||||
Investments in real estate, net | 94,128,000 | 73,456,000 | ||
Partially-owned properties | ||||
American Campus Communities, Inc. stockholders' equity: | ||||
Noncontrolling interests – partially owned properties | 5,729,000 | 5,664,000 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ||||
Investments in real estate: | ||||
Investments in real estate, net | 5,533,849,000 | 5,286,872,000 | ||
Cash and cash equivalents | 25,062,000 | 38,751,000 | ||
Restricted cash | 31,937,000 | 35,451,000 | ||
Student contracts receivable, net | 10,145,000 | 9,238,000 | ||
Other assets | 233,755,000 | 227,728,000 | ||
Total assets | 5,834,748,000 | 5,598,040,000 | ||
Liabilities: | ||||
Secured mortgage, construction and bond debt | 1,331,914,000 | 1,507,216,000 | ||
Secured agency facility | 0 | 87,750,000 | ||
Unsecured notes | 798,305,000 | 398,721,000 | ||
Unsecured term loans | 600,000,000 | 600,000,000 | ||
Unsecured revolving credit facility | 242,500,000 | 150,700,000 | ||
Accounts payable and accrued expenses | 70,629,000 | 65,088,000 | ||
Other liabilities | 121,645,000 | 110,036,000 | ||
Total liabilities | 3,164,993,000 | 2,919,511,000 | ||
Commitments and contingencies (Note 17) | ||||
Redeemable noncontrolling interests | 54,472,000 | 47,964,000 | ||
American Campus Communities, Inc. stockholders' equity: | ||||
Accumulated other comprehensive loss | -6,072,000 | -1,435,000 | ||
Partners' capital: | ||||
General partner - 12,222 OP units outstanding at both December 31, 2014 and 2013 | 100,000 | 111,000 | ||
Limited partner - 107,163,014 and 104,770,595 OP units outstanding at December 31, 2014 and 2013, respectively | 2,615,526,000 | 2,626,225,000 | ||
Accumulated other comprehensive loss | -6,072,000 | -1,435,000 | ||
Total partners’ capital | 2,609,554,000 | 2,624,901,000 | ||
Total capital | 2,615,283,000 | 2,630,565,000 | ||
Total liabilities and equity/capital | 5,834,748,000 | 5,598,040,000 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly owned properties | ||||
Investments in real estate: | ||||
Investments in real estate, net | 5,308,707,000 | 5,199,008,000 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties held for sale | ||||
Investments in real estate: | ||||
Investments in real estate, net | 131,014,000 | 14,408,000 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties | ||||
Investments in real estate: | ||||
Investments in real estate, net | 94,128,000 | 73,456,000 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially-owned properties | ||||
Partners' capital: | ||||
Noncontrolling interests – partially owned properties | $5,729,000 | $5,664,000 | ||
[1] | The balance above excludes the net book value of seven wholly-owned properties classified as held for sale in the accompanying consolidated balance sheet as of December 31, 2014 (see Note 6). The properties were sold in January 2015 (see Note 20). |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 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) | 107,175,236 | 104,782,817 |
Common stock, shares outstanding (shares) | 107,175,236 | 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) | 107,163,014 | 104,770,595 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Revenues: | |||||
Third-party development services | $4,018 | $2,483 | $8,574 | ||
Third-party management services | 7,669 | 7,514 | 6,893 | ||
Resident services | 3,112 | 2,614 | 1,605 | ||
Total revenues | 733,915 | 657,462 | 465,655 | ||
Operating expenses: | |||||
Third-party development and management services | 11,754 | 10,810 | 10,898 | ||
General and administrative | 18,935 | 16,666 | 22,965 | ||
Depreciation and amortization | 197,495 | 184,988 | 110,499 | ||
Ground/facility leases | 7,397 | 5,402 | 4,248 | ||
Provision for real estate impairment | 2,443 | 0 | 0 | ||
Total operating expenses | 578,929 | 525,709 | 359,809 | ||
Operating income | 154,986 | 131,753 | 105,846 | ||
Nonoperating income and (expenses): | |||||
Interest income | 4,168 | 3,005 | 1,756 | ||
Interest expense | -90,362 | -78,028 | -54,518 | ||
Amortization of deferred financing costs | -5,918 | -5,608 | -4,425 | ||
Loss from disposition of real estate | -368 | 0 | 0 | ||
Income from unconsolidated joint ventures | 0 | 0 | 444 | ||
Other nonoperating income (expense) | 186 | -2,666 | 411 | ||
Total nonoperating expenses | -92,294 | -83,297 | -56,332 | ||
Income before income taxes and discontinued operations | 62,692 | 48,456 | 49,514 | ||
Income tax provision | -1,308 | -1,020 | -725 | ||
Income from continuing operations | 61,384 | 47,436 | 48,789 | ||
Discontinued operations: | |||||
(Loss) income attributable to discontinued operations | -123 | 4,824 | 8,728 | ||
Loss from early extinguishment of debt | 0 | -332 | -1,591 | ||
Gain from disposition of real estate | 2,843 | 55,263 | 4,312 | ||
Total discontinued operations | 2,720 | 59,755 | 11,449 | ||
Net income | 64,104 | 107,191 | 60,238 | ||
Net income attributable to noncontrolling interests – partially owned properties | -1,265 | -2,547 | -3,602 | ||
Net income attributable to common shareholders | 62,839 | 104,644 | 56,636 | ||
Other comprehensive (loss) income | |||||
Change in fair value of interest rate swaps | -4,859 | 5,226 | -3,301 | ||
Comprehensive income | 57,980 | 109,870 | 53,335 | ||
Income per share/unit attributable to common shareholders/unitholders - basic | |||||
Income from continuing operations per share/unit (in dollars per share/unit) | $0.56 | $0.43 | $0.53 | ||
Net income per share/unit (in dollars per share/unit) | $0.59 | [1] | $0.99 | [1] | $0.66 |
Income per share/unit attributable to common shareholders/unitholders - diluted | |||||
Income from continuing operations per share/unit (in dollars per share/unit) | $0.56 | $0.42 | $0.52 | ||
Net income per share/unit (in dollars per share/unit) | $0.58 | [1] | $0.98 | [1] | $0.65 |
Weighted-average common shares/units outstanding: | |||||
Basic weighted average common shares outstanding (in shares) | 105,032,155 | 104,760,502 | 84,711,584 | ||
Diluted weighted average common shares outstanding (in shares) | 105,711,420 | 105,382,320 | 85,309,451 | ||
Redeemable noncontrolling interests | |||||
Discontinued operations: | |||||
Net income attributable to noncontrolling interests – partially owned properties | -913 | -1,359 | -847 | ||
Wholly-owned properties, net | |||||
Revenues: | |||||
Operating lease revenue | 690,582 | 618,503 | 422,417 | ||
Operating expenses: | |||||
Operating expenses excluding general, administrative, depreciation and lease expense | 329,615 | 296,794 | 200,126 | ||
On-campus participating properties, net | |||||
Revenues: | |||||
Operating lease revenue | 28,534 | 26,348 | 26,166 | ||
Operating expenses: | |||||
Operating expenses excluding general, administrative, depreciation and lease expense | 11,290 | 11,049 | 11,073 | ||
Partially-owned properties | |||||
Discontinued operations: | |||||
Net income attributable to noncontrolling interests – partially owned properties | -352 | -1,188 | -2,755 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||||
Revenues: | |||||
Third-party development services | 4,018 | 2,483 | 8,574 | ||
Third-party management services | 7,669 | 7,514 | 6,893 | ||
Resident services | 3,112 | 2,614 | 1,605 | ||
Total revenues | 733,915 | 657,462 | 465,655 | ||
Operating expenses: | |||||
Third-party development and management services | 11,754 | 10,810 | 10,898 | ||
General and administrative | 18,935 | 16,666 | 22,965 | ||
Depreciation and amortization | 197,495 | 184,988 | 110,499 | ||
Ground/facility leases | 7,397 | 5,402 | 4,248 | ||
Provision for real estate impairment | 2,443 | 0 | 0 | ||
Total operating expenses | 578,929 | 525,709 | 359,809 | ||
Operating income | 154,986 | 131,753 | 105,846 | ||
Nonoperating income and (expenses): | |||||
Interest income | 4,168 | 3,005 | 1,756 | ||
Interest expense | -90,362 | -78,028 | -54,518 | ||
Amortization of deferred financing costs | -5,918 | -5,608 | -4,425 | ||
Loss from disposition of real estate | -368 | 0 | 0 | ||
Income from unconsolidated joint ventures | 0 | 0 | 444 | ||
Other nonoperating income (expense) | 186 | -2,666 | 411 | ||
Total nonoperating expenses | -92,294 | -83,297 | -56,332 | ||
Income before income taxes and discontinued operations | 62,692 | 48,456 | 49,514 | ||
Income tax provision | -1,308 | -1,020 | -725 | ||
Income from continuing operations | 61,384 | 47,436 | 48,789 | ||
Discontinued operations: | |||||
(Loss) income attributable to discontinued operations | -123 | 4,824 | 8,728 | ||
Loss from early extinguishment of debt | 0 | -332 | -1,591 | ||
Gain from disposition of real estate | 2,843 | 55,263 | 4,312 | ||
Total discontinued operations | 2,720 | 59,755 | 11,449 | ||
Net income | 64,104 | 107,191 | 60,238 | ||
Net income attributable to noncontrolling interests – partially owned properties | 352 | 1,188 | |||
Net income attributable to common shareholders | 63,752 | 106,003 | 57,483 | ||
Series A preferred units distributions | -178 | -182 | -183 | ||
Net income available to common shareholders/unitholders | 63,574 | 105,821 | 57,300 | ||
Other comprehensive (loss) income | |||||
Change in fair value of interest rate swaps | -4,859 | 5,226 | -3,301 | ||
Comprehensive income | 58,715 | 111,047 | 53,999 | ||
Income per share/unit attributable to common shareholders/unitholders - basic | |||||
Income from continuing operations per share/unit (in dollars per share/unit) | $0.56 | $0.43 | $0.53 | ||
Net income per share/unit (in dollars per share/unit) | $0.59 | $0.99 | $0.66 | ||
Income per share/unit attributable to common shareholders/unitholders - diluted | |||||
Income from continuing operations per share/unit (in dollars per share/unit) | $0.56 | $0.42 | $0.52 | ||
Net income per share/unit (in dollars per share/unit) | $0.58 | $0.98 | $0.65 | ||
Income per share/unit attributable to common shareholders/unitholders - basic | |||||
Income from continuing operations per share/unit (in dollars per share/unit) | $0.56 | $0.43 | $0.53 | ||
Net income per share/unit (in dollars per share/unit) | $0.59 | [1] | $0.99 | [1] | $0.66 |
Income per share/unit attributable to common shareholders/unitholders - diluted | |||||
Income from continuing operations per share/unit (in dollars per share/unit) | $0.56 | $0.42 | $0.52 | ||
Net income per share/unit (in dollars per share/unit) | $0.58 | [1] | $0.98 | [1] | $0.65 |
Weighted-average common shares/units outstanding: | |||||
Basic (in units) | 106,245,664 | 105,919,394 | 85,663,475 | ||
Diluted (in units) | 106,924,929 | 106,541,212 | 86,261,342 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties, net | |||||
Revenues: | |||||
Operating lease revenue | 690,582 | 618,503 | 422,417 | ||
Operating expenses: | |||||
Operating expenses excluding general, administrative, depreciation and lease expense | 329,615 | 296,794 | 200,126 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties, net | |||||
Revenues: | |||||
Operating lease revenue | 28,534 | 26,348 | 26,166 | ||
Operating expenses: | |||||
Operating expenses excluding general, administrative, depreciation and lease expense | 11,290 | 11,049 | 11,073 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially-owned properties | |||||
Discontinued operations: | |||||
Net income attributable to noncontrolling interests – partially owned properties | ($352) | ($1,188) | ($2,755) | ||
[1] | Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year. |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY/ CAPITAL (USD $) | Total | Common Shares | Additional Paid in Capital | Accumulated Earnings and Dividends | Accumulated Other Comprehensive Loss | Noncontrolling Interests | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. |
In Thousands, except Share data, unless otherwise specified | Accumulated Other Comprehensive Loss | Noncontrolling Interests | General Partner | Limited Partner | |||||||
Beginning Balance at Dec. 31, 2011 | $1,403,799 | ($3,360) | $28,583 | $125 | $1,378,451 | ||||||
Beginning Balance at Dec. 31, 2011 | 1,403,799 | 725 | 1,664,416 | -286,565 | -3,360 | 28,583 | |||||
Beginning Balance (in shares) at Dec. 31, 2011 | 72,759,546 | ||||||||||
Beginning Balance (in units) at Dec. 31, 2011 | 12,222 | 72,747,324 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net proceeds from sale of common stock (in shares) | 31,702,306 | ||||||||||
Net proceeds from sale of common stock | 1,334,907 | 317 | 1,334,590 | ||||||||
Adjustments to reflect redeemable noncontrolling interests at fair value | -1,958 | -1,958 | -1,868 | -1,868 | |||||||
Amortization of restricted stock awards | 5,279 | 5,279 | 5,279 | 5,279 | |||||||
Issuance of units in exchange for contributions of equity offering proceeds (in units) | 31,702,306 | ||||||||||
Issuance of units in exchange for contributions of equity offering proceeds | 1,334,907 | 1,334,907 | |||||||||
Vesting of restricted stock awards and restricted stock units (in shares) | 114,903 | 114,903 | |||||||||
Vesting of restricted stock awards and restricted stock units | -2,023 | -2,023 | -2,023 | -2,023 | |||||||
Distributions to common and restricted stockholders | -117,592 | -117,592 | |||||||||
Distributions | -117,592 | -16 | -117,576 | ||||||||
Distributions to noncontrolling interests - partially owned properties | -2,665 | -2,665 | -2,665 | -2,665 | |||||||
Conversion of common units to common stock (in shares) | 88,457 | 88,457 | |||||||||
Conversion of common units to common stock | 1,217 | 1 | 1,216 | 1,217 | 1,217 | ||||||
Redemption of common units | -90 | -90 | |||||||||
Change in fair value of interest rate swaps | -3,301 | -3,301 | -3,301 | -3,301 | |||||||
Net income | 59,391 | 56,636 | 2,755 | 59,391 | 2,755 | 7 | 56,629 | ||||
Ending Balance at Dec. 31, 2012 | 2,677,054 | -6,661 | 28,673 | 116 | 2,654,926 | ||||||
Ending Balance at Dec. 31, 2012 | 2,677,054 | 1,043 | 3,001,520 | -347,521 | -6,661 | 28,673 | |||||
Ending Balance (in shares) at Dec. 31, 2012 | 104,665,212 | ||||||||||
Ending Balance (in units) at Dec. 31, 2012 | 12,222 | 104,652,990 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Adjustments to reflect redeemable noncontrolling interests at fair value | 12,534 | 12,534 | 12,534 | 12,534 | |||||||
Amortization of restricted stock awards | 6,423 | 6,423 | 6,423 | 6,423 | |||||||
Vesting of restricted stock awards and restricted stock units (in shares) | 116,105 | 116,105 | |||||||||
Vesting of restricted stock awards and restricted stock units | -2,869 | -2,869 | -2,869 | -2,869 | |||||||
Distributions to common and restricted stockholders | -149,461 | -149,461 | |||||||||
Distributions | -149,461 | -17 | -149,444 | ||||||||
Distributions to noncontrolling interests - partially owned properties | -789 | -789 | -789 | -789 | |||||||
Increase in ownership of consolidated joint venture | -24,908 | -24,908 | -24,908 | -24,908 | |||||||
Contributions by noncontrolling partners | 1,500 | 1,500 | 1,500 | 1,500 | |||||||
Conversion of common units to common stock (in shares) | 1,500 | 1,500 | |||||||||
Conversion of common units to common stock | 23 | 23 | 23 | 23 | |||||||
Change in fair value of interest rate swaps | 5,226 | 5,226 | 5,226 | 5,226 | |||||||
Net income | 105,832 | 104,644 | 1,188 | 105,832 | 1,188 | 12 | 104,632 | ||||
Ending Balance at Dec. 31, 2013 | 2,630,565 | -1,435 | 5,664 | 111 | 2,626,225 | ||||||
Ending Balance at Dec. 31, 2013 | 2,630,565 | 1,043 | 3,017,631 | -392,338 | -1,435 | 5,664 | |||||
Ending Balance (in shares) at Dec. 31, 2013 | 104,782,817 | ||||||||||
Ending Balance (in units) at Dec. 31, 2013 | 12,222 | 104,770,595 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net proceeds from sale of common stock (in shares) | 2,206,240 | ||||||||||
Net proceeds from sale of common stock | 87,718 | 22 | 87,696 | ||||||||
Adjustments to reflect redeemable noncontrolling interests at fair value | -8,200 | -8,200 | -8,200 | -8,200 | |||||||
Amortization of restricted stock awards | 6,816 | 6,816 | 6,816 | 6,816 | |||||||
Issuance of units in exchange for contributions of equity offering proceeds (in units) | 2,206,240 | ||||||||||
Issuance of units in exchange for contributions of equity offering proceeds | 87,718 | 87,718 | |||||||||
Vesting of restricted stock awards and restricted stock units (in shares) | 133,910 | 133,910 | |||||||||
Vesting of restricted stock awards and restricted stock units | -1,998 | 6 | -2,004 | -1,998 | -1,998 | ||||||
Distributions to common and restricted stockholders | -158,487 | -158,487 | |||||||||
Distributions | -158,487 | -18 | -158,469 | ||||||||
Distributions to noncontrolling interests - partially owned properties | -287 | -287 | -287 | -287 | |||||||
Contributions by noncontrolling partners | 1,500 | ||||||||||
Conversion of common units to common stock (in shares) | 52,269 | 52,269 | |||||||||
Conversion of common units to common stock | 602 | 1 | 601 | 602 | 602 | ||||||
Change in fair value of interest rate swaps | -4,859 | -4,859 | -4,859 | -4,859 | |||||||
Amortization of interest rate swap terminations | 222 | 222 | 222 | 222 | |||||||
Net income | 63,191 | 62,839 | 352 | 63,191 | 0 | 352 | 7 | 62,832 | |||
Ending Balance at Dec. 31, 2014 | 2,615,283 | -6,072 | 5,729 | 100 | 2,615,526 | ||||||
Ending Balance at Dec. 31, 2014 | $2,615,283 | $1,072 | $3,102,540 | ($487,986) | ($6,072) | $5,729 | |||||
Ending Balance (in shares) at Dec. 31, 2014 | 107,175,236 | ||||||||||
Ending Balance (in units) at Dec. 31, 2014 | 12,222 | 107,163,014 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities | |||
Net income | $64,104 | $107,191 | $60,238 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Gain from disposition of real estate | -2,475 | -55,263 | -4,312 |
Gain from insurance settlement | -186 | 0 | 0 |
Loss from early extinguishment of debt | 0 | 332 | 1,591 |
Loss on remeasurement of equity method investments | 0 | 0 | 122 |
Impairment of real estate | 2,443 | 0 | 0 |
Depreciation and amortization | 197,542 | 187,475 | 116,490 |
Amortization of deferred financing costs and debt premiums/discounts | -6,769 | -8,288 | 1,316 |
Share-based compensation | 7,164 | 6,625 | 5,350 |
Income from unconsolidated joint ventures | 0 | 0 | -444 |
Income tax provision | 1,308 | 1,020 | 725 |
Amortization of interest rate swap terminations | 222 | 0 | 0 |
Changes in operating assets and liabilities: | |||
Restricted cash | 1,507 | 3,263 | -1,041 |
Student contracts receivable, net | -959 | 4,621 | -8,733 |
Other assets | -12,632 | -15,072 | 11,458 |
Accounts payable and accrued expenses | 1,453 | 5,036 | 5,362 |
Other liabilities | 7,176 | 9,738 | 7,009 |
Net cash provided by operating activities | 259,898 | 246,678 | 195,131 |
Investing activities | |||
Proceeds from disposition of properties | 8,599 | 180,465 | 42,279 |
Proceeds from disposition of land | 1,502 | 2,000 | 1,064 |
Cash paid for property acquisitions | -74,641 | -234,326 | -1,106,047 |
Cash paid for land acquisitions | -3,627 | -25,649 | -29,353 |
Investment in on-campus participating property under development | -27,668 | -15,476 | 0 |
Investment in loans receivable | 0 | -60,888 | -2,000 |
Proceeds from loans receivable | 2,984 | 0 | 4,000 |
Change in restricted cash related to capital reserves | 1,623 | -1,461 | -129 |
Decrease (increase) in escrow deposits for real estate investments | 894 | -970 | 405 |
Proceeds from insurance settlement | 758 | 636 | 0 |
Purchase of corporate furniture, fixtures and equipment | -3,457 | -2,594 | -1,436 |
Net cash used in investing activities | -429,235 | -509,999 | -1,447,562 |
Financing activities | |||
Proceeds from unsecured notes | 399,444 | 398,636 | 0 |
Proceeds from sale of common stock | 89,317 | 0 | 1,391,750 |
Offering costs | -1,340 | 0 | -56,320 |
Pay-off of mortgage and construction loans | -178,002 | -82,066 | -137,529 |
Proceeds from unsecured term loans | 0 | 250,000 | 150,000 |
Proceeds from revolving credit facilities | 615,900 | 609,055 | 638,000 |
Paydowns of revolving credit facilities | -611,850 | -732,605 | -665,000 |
Proceeds from construction loans | 28,109 | 15,833 | 75,392 |
Scheduled principal payments on debt | -16,015 | -15,323 | -11,575 |
Loss from early extinguishment of debt | 0 | -332 | -1,591 |
Debt issuance and assumption costs | -5,021 | -10,507 | -9,806 |
Termination of forward starting interest rate swaps | -4,122 | 0 | 0 |
Distributions to common and restricted stockholders | -158,487 | -149,461 | -117,592 |
Distributions to noncontrolling partners | -2,285 | -2,612 | -4,111 |
Redemption of common units for cash | 0 | 0 | -132 |
Net cash provided by financing activities | 155,648 | 280,618 | 1,251,486 |
Net change in cash and cash equivalents | -13,689 | 17,297 | -945 |
Cash and cash equivalents at beginning of period | 38,751 | 21,454 | 22,399 |
Cash and cash equivalents at end of period | 25,062 | 38,751 | 21,454 |
Supplemental disclosure of non-cash investing and financing activities | |||
Loans assumed in connection with property acquisitions | 0 | -107,250 | -645,823 |
Issuance of common units in connection with property acquisitions | 0 | -3,451 | -15,000 |
Change in fair value of derivative instruments, net | -740 | 5,226 | -3,301 |
Supplemental disclosure of cash flow information | |||
Interest paid | 113,251 | 100,305 | 66,599 |
Income taxes paid | 1,066 | 668 | 466 |
Wholly owned properties | |||
Investing activities | |||
Capital expenditures for wholly-owned/on-campus participating properties under development | -77,072 | -68,628 | -31,453 |
Investments in wholly-owned properties under development | -257,177 | -281,490 | -322,751 |
On-campus participating properties | |||
Investing activities | |||
Capital expenditures for wholly-owned/on-campus participating properties under development | -1,953 | -1,618 | -2,141 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||
Operating activities | |||
Net income | 64,104 | 107,191 | 60,238 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Gain from disposition of real estate | -2,475 | -55,263 | -4,312 |
Gain from insurance settlement | -186 | 0 | 0 |
Loss from early extinguishment of debt | 0 | 332 | 1,591 |
Loss on remeasurement of equity method investments | 0 | 0 | 122 |
Impairment of real estate | 2,443 | 0 | 0 |
Depreciation and amortization | 197,542 | 187,475 | 116,490 |
Amortization of deferred financing costs and debt premiums/discounts | -6,769 | -8,288 | 1,316 |
Share-based compensation | 7,164 | 6,625 | 5,350 |
Income from unconsolidated joint ventures | 0 | 0 | -444 |
Income tax provision | 1,308 | 1,020 | 725 |
Amortization of interest rate swap terminations | 222 | 0 | 0 |
Changes in operating assets and liabilities: | |||
Restricted cash | 1,507 | 3,263 | -1,041 |
Student contracts receivable, net | -959 | 4,621 | -8,733 |
Other assets | -12,632 | -15,072 | 11,458 |
Accounts payable and accrued expenses | 1,453 | 5,036 | 5,362 |
Other liabilities | 7,176 | 9,738 | 7,009 |
Net cash provided by operating activities | 259,898 | 246,678 | 195,131 |
Investing activities | |||
Proceeds from disposition of properties | 8,599 | 180,465 | 42,279 |
Proceeds from disposition of land | 1,502 | 2,000 | 1,064 |
Cash paid for property acquisitions | -74,641 | -234,326 | -1,106,047 |
Cash paid for land acquisitions | -3,627 | -25,649 | -29,353 |
Investment in loans receivable | 0 | -60,888 | -2,000 |
Proceeds from loans receivable | 2,984 | 0 | 4,000 |
Change in restricted cash related to capital reserves | 1,623 | -1,461 | -129 |
Decrease (increase) in escrow deposits for real estate investments | 894 | -970 | 405 |
Proceeds from insurance settlement | 758 | 636 | 0 |
Purchase of corporate furniture, fixtures and equipment | -3,457 | -2,594 | -1,436 |
Net cash used in investing activities | -429,235 | -509,999 | -1,447,562 |
Financing activities | |||
Proceeds from unsecured notes | 399,444 | 398,636 | 0 |
Proceeds from issuance of common units in exchange for contributions, net | 87,977 | 0 | 1,335,430 |
Pay-off of mortgage and construction loans | -178,002 | -82,066 | -137,529 |
Proceeds from unsecured term loans | 0 | 250,000 | 150,000 |
Proceeds from revolving credit facilities | 615,900 | 609,055 | 638,000 |
Paydowns of revolving credit facilities | -611,850 | -732,605 | -665,000 |
Proceeds from construction loans | 28,109 | 15,833 | 75,392 |
Scheduled principal payments on debt | -16,015 | -15,323 | -11,575 |
Loss from early extinguishment of debt | 0 | -332 | -1,591 |
Debt issuance and assumption costs | -5,021 | -10,507 | -9,806 |
Termination of forward starting interest rate swaps | -4,122 | 0 | 0 |
Redemption of common units for cash | 0 | 0 | -132 |
Net cash provided by financing activities | 155,648 | 280,618 | 1,251,486 |
Net change in cash and cash equivalents | -13,689 | 17,297 | -945 |
Cash and cash equivalents at beginning of period | 38,751 | 21,454 | 22,399 |
Cash and cash equivalents at end of period | 25,062 | 38,751 | 21,454 |
Supplemental disclosure of non-cash investing and financing activities | |||
Loans assumed in connection with property acquisitions | 0 | -107,250 | -645,823 |
Issuance of common units in connection with property acquisitions | 0 | -3,451 | -15,000 |
Change in fair value of derivative instruments, net | 740 | 5,226 | -3,301 |
Supplemental disclosure of cash flow information | |||
Interest paid | 113,251 | 100,305 | 66,599 |
Income taxes paid | 1,066 | 668 | 466 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Unvested Restricted Awards | |||
Financing activities | |||
Distributions paid | -1,076 | -927 | -848 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Common and preferred units | |||
Financing activities | |||
Distributions paid | -159,409 | -150,357 | -118,190 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially-owned properties | |||
Financing activities | |||
Distributions paid | -287 | -789 | -2,665 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly owned properties | |||
Investing activities | |||
Capital expenditures for wholly-owned/on-campus participating properties under development | -77,072 | -68,628 | -31,453 |
Investments in wholly-owned properties under development | -257,177 | -281,490 | -322,751 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties | |||
Investing activities | |||
Capital expenditures for wholly-owned/on-campus participating properties under development | -1,953 | -1,618 | -2,141 |
Investment in on-campus participating property under development | ($27,668) | ($15,476) | $0 |
Organization_and_Description_o
Organization and Description of Business | 12 Months Ended |
Dec. 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 December 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 December 31, 2014, ACC owned an approximate 98.8% limited partnership interest in ACCOP. As the sole member of the general partner of ACCOP, ACC has exclusive control of ACCOP’s day-to-day management. Management operates ACC and ACCOP as one business. The management of ACC consists of the same members as the management of ACCOP. ACC consolidates ACCOP for financial reporting purposes, and ACC does not have significant assets other than its investment in ACCOP. Therefore, the assets and liabilities of ACC and ACCOP are the same on their respective financial statements. References to the “Company,” “we,” “us” or “our” mean collectively ACC, ACCOP and those entities/subsidiaries owned or controlled by ACC and/or ACCOP. References to the “Operating Partnership” mean collectively ACCOP and those entities/subsidiaries owned or controlled by ACCOP. Unless otherwise indicated, the accompanying Notes to the Consolidated Financial Statements apply to both the Company and the Operating Partnership. | |
As of December 31, 2014, our property portfolio contained 169 properties with approximately 103,700 beds in approximately 33,700 apartment units. Our property portfolio consisted of 145 owned off-campus student housing properties that are in close proximity to colleges and universities, 19 American Campus Equity (“ACE®”) properties operated under ground/facility leases with nine university systems and five on-campus participating properties operated under ground/facility leases with the related university systems. Of the 169 properties, six were under development as of December 31, 2014, and when completed will consist of a total of approximately 4,000 beds in approximately 1,100 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 December 31, 2014, also through one of ACC’s TRSs, we provided third-party management and leasing services for 35 properties that represented approximately 27,000 beds in approximately 10,600 units. Third-party management and leasing services are typically provided pursuant to management contracts that have initial terms that range from one to five years. As of December 31, 2014, our total owned and third-party managed portfolio included 204 properties with approximately 130,700 beds in approximately 44,300 units. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Dec. 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 January 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2015-01 (“ASU 2015-01”) ASU 2015-01 issues final guidance on the FASB's initiative to simplify income statement presentation by eliminating the concept of extraordinary items. Under the guidance an entity will no longer be able to segregate an extraordinary item from the results of operations, separately present an extraordinary item on the income statement, or disclose income taxes or earnings-per-share data applicable to an extraordinary item. The ASU is effective for all entities for reporting periods (including interim periods) beginning after December 15, 2015, and early adoption is permitted. The Company will adopt the guidance effective January 1, 2016 and the guidance is not anticipated to have a material impact on our consolidated financial statements or notes to our consolidated financial statements. | |||||||||||||||||
In May 2014, the FASB issued Accounting Standards Update 2014-09 (“ASU 2014-09”), "Revenue From Contracts With Customers (Topic 606)". ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The ASU is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. ASU 2014-09 is effective for the Company at the beginning of its 2017 fiscal year; early adoption is not permitted. We are currently assessing the impact that this standard will have on our consolidated financial statements. | |||||||||||||||||
In April 2014, the 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 as of 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 $8.8 million, $10.0 million and $9.8 million was capitalized during the years ended December 31, 2014, 2013 and 2012, respectively. Amortization of deferred financing costs totaling approximately $-0-, $-0- and $0.2 million was capitalized as construction in progress during the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||
Management assesses whether there has been an impairment in the value of the Company’s investments in real estate whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment is recognized when estimated expected future undiscounted cash flows are less than the carrying value of the property, or when it is probable that a property will be sold prior to the end of its estimated useful life, at which time an impairment charge is recognized for any excess of the carrying value of the property over the expected net proceeds from the disposal. The estimation of expected future net cash flows is inherently uncertain and relies on assumptions regarding current and future economics and market conditions. If such conditions change, then an adjustment to the carrying value of the Company’s long-lived assets could occur in the future period in which the conditions change. To the extent that a property is impaired, the excess of the carrying amount of the property over its estimated fair value is charged to earnings. The Company believes that there were no impairments of the carrying values of its investments in real estate as of December 31, 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. We have determined these estimates to have been primarily based upon unobservable inputs and therefore are considered to be Level 3 inputs within the fair value hierarchy. | |||||||||||||||||
We record the acquisition of undeveloped land parcels that do not meet the accounting criteria to be accounted for as business combinations at the purchase price paid and capitalize the associated acquisition costs. | |||||||||||||||||
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. As discussed in more detail in Note 6, prior to the sale of a wholly-owned property in September 2014, the Company reduced the property's carrying amount to its estimated fair value less estimated selling costs which resulted in an impairment charge. | |||||||||||||||||
Owned On-Campus Properties | |||||||||||||||||
Under its ACE program, the Company, as lessee, has entered into ground/facility lease agreements with nine university systems to finance, construct, and manage 19 student housing properties. Two properties were under construction as of December 31, 2014 with one scheduled to open for occupancy in Fall 2015 and one in Fall 2016. The terms of the leases, including extension options, range from 30 to 85 years, and the lessor has title to the land and generally any improvements placed thereon. The Company’s involvement in construction requires the lessor’s post construction ownership of the improvements to be treated as a sale with a subsequent leaseback by the Company. However, these sale-leaseback transactions do not qualify for sale-leaseback accounting because of the Company’s continuing involvement in the constructed assets. As a result of the Company’s continuing involvement, these leases are accounted for by the deposit method, in which the assets subject to the ground/facility leases are reflected at historical cost, less amortization, and the financing obligations are reflected at the terms of the underlying financing. | |||||||||||||||||
On-Campus Participating Properties | |||||||||||||||||
The Company has entered into ground and facility leases with three university systems and colleges to finance, construct, and manage five on-campus student housing facilities. Under the terms of the leases, the lessor has title to the land and any improvements placed thereon. With the exception of the Company's lease with West Virginia University, each lease terminates upon final repayment of the construction related financing, the amortization period of which is contractually stipulated. The Company's lease with West Virgina University has an initial term of 40 years with two 10-year extensions at the Company's option. The Company’s involvement in construction requires the lessor’s post construction ownership of the improvements to be treated as a sale with a subsequent leaseback by the Company. The sale-leaseback transaction has been accounted for as a financing, and as a result, any fee earned during construction is deferred and recognized over the term of the lease. The resulting financing obligation is reflected at the terms of the underlying financing, i.e., interest is accrued at the contractual rates and principal reduces in accordance with the contractual principal repayment schedules. | |||||||||||||||||
The entities that own the on-campus participating properties are determined to be Variable Interest Entities (“VIEs”), with the Company being the primary beneficiary. As such, the Company consolidates these properties for financial reporting purposes. | |||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company maintains cash balances in various banks. At times the Company’s balances may exceed the amount insured by the FDIC. As the Company only uses money-centered financial institutions, the Company does not believe it is exposed to any significant credit risk related to its cash and cash equivalents. | |||||||||||||||||
Restricted Cash | |||||||||||||||||
Restricted cash consists of funds held in trust and invested in low risk investments, generally consisting of government backed securities, as permitted by the indentures of trusts, which were established in connection with three bond issues. Additionally, restricted cash includes escrow accounts held by lenders and resident security deposits, as required by law in certain states. Restricted cash also consists of escrow deposits made in connection with potential property acquisitions and development opportunities. These escrow deposits are invested in interest-bearing accounts at federally-insured banks. Realized and unrealized gains and losses are not material for the periods presented. | |||||||||||||||||
Loans Receivable | |||||||||||||||||
Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan purchase discounts, and net of an allowance for loan losses when such loan is deemed to be impaired. Loan purchase discounts are amortized over the term of the loan. The Company considers a loan impaired when, based upon current information and events, it is probable that it will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. Management’s estimate of the collectability of principal and interest payments under the company’s loans receivable from CaPFA Capital Corp. 2000F (“CaPFA”), which mature in December 2040 and carry a balance of approximately $54.3 million as of December 31, 2014, are highly dependent on the future operating performance of the properties securing the loans. As future economic conditions and/or market conditions at the properties change, management will continue to evaluate the collectability of such amounts. The Company believes there were no impairments of the carrying value of its loans receivable as of December 31, 2014. Loans receivable are included in other assets on the accompanying consolidated balance sheets. | |||||||||||||||||
Intangible Assets | |||||||||||||||||
A portion of the purchase price of acquired properties is allocated to the value of in-place leases for both student and commercial tenants, which is based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued “as-if” vacant. As lease terms for student leases are typically one year or less, rates on in-place leases generally approximate market rental rates. Factors considered in the valuation of in-place leases include an estimate of the carrying costs during the expected lease-up period considering current market conditions, nature of the tenancy, and costs to execute similar leases. Carrying costs include estimates of lost rentals at market rates during the expected lease-up period, as well as marketing and other operating expenses. The value of in-place leases is amortized over the remaining initial term of the respective leases. The purchase price of property acquisitions is not expected to be allocated to student tenant relationships, considering the terms of the leases and the expected levels of renewals. | |||||||||||||||||
In connection with the property acquisitions discussed in Note 5 herein, the Company capitalized approximately $0.9 million, $3.2 million and $18.6 million for the years December 31, 2014, 2013 and 2012, respectively, related to management’s estimate of the fair value of in-place leases assumed. Amortization expense was approximately $2.4 million, $13.7 million and $6.8 million for the years ended December 31, 2014, 2013 and 2012, respectively. Accumulated amortization at December 31, 2014 and 2013 was approximately $27.9 million and $25.5 million, respectively. The value of in-place leases, net of amortization, is included in other assets on the accompanying consolidated balance sheets and the amortization of in-place leases is included in depreciation and amortization expense in the accompanying consolidated statements of comprehensive income. See Note 5 herein for an expanded discussion of the property acquisitions completed during 2014, 2013 and 2012. | |||||||||||||||||
For acquired properties subject to an in-place property tax incentive arrangement, a portion of the purchase price is allocated to the present value of expected future property tax savings over the projected incentive arrangement period. Unamortized in-place property tax incentive arrangements as of December 31, 2014 and 2013 were approximately $36.7 million and $37.2 million, respectively, and are included in other assets on the accompanying consolidated balance sheets. Amortization of in-place property tax incentive arrangements is included in wholly-owned properties operating expense in the accompanying consolidated statements of comprehensive income. As of December 31, 2014, the remaining weighted average tax incentive arrangement period was 23.9 years. | |||||||||||||||||
Deferred Financing Costs | |||||||||||||||||
The Company defers financing costs and amortizes the costs over the terms of the related debt using the effective interest method. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to earnings. Deferred financing costs at December 31, 2014 and 2013 were approximately $39.5 million and $37.8 million, respectively, and accumulated amortization at December 31, 2014 and 2013 was approximately $16.9 million and $14.2 million, respectively. Deferred financing costs, net of amortization, are included in other assets on the accompanying consolidated balance sheets. | |||||||||||||||||
Joint Ventures | |||||||||||||||||
The Company holds interests in both consolidated and unconsolidated joint ventures. The Company consolidates joint ventures when it exhibits financial or operational control, which is determined using accounting standards related to the consolidation of joint ventures and VIEs. For joint ventures that are defined as VIEs, the primary beneficiary consolidates the entity. The Company considers itself to be the primary beneficiary of a VIE when it has the power to direct the activities that most significantly impact the performance of the VIE, such as management of day-to-day operations, preparing and approving operating and capital budgets, and encumbering or selling the related properties. In instances where the Company is not the primary beneficiary, it does not consolidate the joint venture for financial reporting purposes. | |||||||||||||||||
For joint ventures that are not defined as VIEs, management first considers whether the Company is the general partner or a limited partner (or the equivalent in such investments which are not structured as partnerships). The Company consolidates joint ventures where it is the general partner and the limited partners in such investments do not have rights which would preclude control and, therefore, consolidation for financial reporting purposes. For joint ventures where the Company is the general partner, but does not control the joint venture as the other partners hold substantive participating rights, the Company uses the equity method of accounting. For joint ventures where the Company is a limited partner, management considers factors such as ownership interest, voting control, authority to make decisions, and contractual and substantive participating rights of the partners to determine if the presumption that the general partner controls the entity is overcome. In instances where these factors indicate the Company controls the joint venture, the Company consolidates the joint venture; otherwise it uses the equity method of accounting. | |||||||||||||||||
Mortgage Debt - Premiums and Discounts | |||||||||||||||||
Mortgage debt premiums and discounts represent fair value adjustments to account for the difference between the stated rates and market rates of mortgage debt assumed in connection with the Company’s property acquisitions. The mortgage debt premiums and discounts are amortized to interest expense over the term of the related mortgage loans using the effective-interest method. The amortization of mortgage debt premiums and discounts resulted in a net decrease to interest expense of approximately $12.9 million, $14.0 million and $3.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. As of December 31, 2014 and 2013, net unamortized mortgage debt premiums were approximately $60.6 million and $74.6 million, respectively, and net unamortized mortgage debt discounts were approximately $0.9 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 and again in June 2014, the Company issued $400 million of senior unsecured notes (see Note 11) at 99.659 percent and 99.861 percent of par value, respectively, and recorded an original issue discount of approximately $1.4 million and $0.6 million, respectively. The total unamortized original issue discount was approximately $1.7 million and $1.3 million as of December 31, 2014 and 2013, respectively, and is included in unsecured notes on the accompanying consolidated balance sheets. Amortization of the original issue discounts of approximately $0.1 million for both of the years ended December 31, 2014 and 2013, and is included in interest expense on the accompanying consolidated statements of comprehensive income. | |||||||||||||||||
Rental Revenues and Related Receivables | |||||||||||||||||
Students are required to execute lease contracts with payment schedules that vary from single to monthly payments. Receivables are recorded when billed, revenues and related lease incentives are recognized on a straight-line basis over the term of the contracts, and balances are considered past due when payment is not received on the contractual due date. The Company generally requires each executed contract to be accompanied by a signed parental guaranty, and in certain cases a refundable security deposit. Security deposits are refundable, net of any outstanding charges, upon expiration of the underlying contract. | |||||||||||||||||
Allowances for receivables are established when management determines that collection of such receivables are doubtful. Management's determination of the adequacy of the allowances is based primarily on an analysis of the aging of receivables, historical bad debts, and current economic trends. When management has determined receivables to be uncollectible, which is typically after two years, they are removed as an asset with a corresponding reduction in the allowance for doubtful accounts. | |||||||||||||||||
The allowance for doubtful accounts is summarized as follows: | |||||||||||||||||
Balance, Beginning | Charged to | Write-Offs | Balance, End | ||||||||||||||
of Period | Expense | of Period | |||||||||||||||
Year ended December 31, 2012 | $ | 9,496 | $ | 6,472 | $ | (5,366 | ) | $ | 10,602 | ||||||||
Year ended December 31, 2013 | $ | 10,602 | $ | 9,871 | $ | (4,547 | ) | $ | 15,926 | ||||||||
Year ended December 31, 2014 | $ | 15,926 | $ | 10,894 | $ | (7,109 | ) | $ | 19,711 | ||||||||
Tenant Reimbursements | |||||||||||||||||
Reimbursements from tenants, consisting of amounts due from tenants for utilities, are recognized as revenue in the period the recoverable costs are incurred. Tenant reimbursements are recognized and recorded on a gross basis, as we are generally the primary obligor with respect to purchasing goods and services from third-party suppliers, have discretion in selecting the supplier, and have credit risk. | |||||||||||||||||
Third-Party Development Services Revenue and Costs | |||||||||||||||||
Development revenues are generally recognized based on a proportional performance method based on contract deliverables, while construction revenues are recognized using the percentage of completion method, as determined by construction costs incurred relative to total estimated construction costs. Costs associated with such projects are deferred and recognized in relation to the revenues earned on executed contracts. For projects where the Company’s fee is based on a fixed price, any cost overruns incurred during construction, as compared to the original budget, will reduce the net fee generated on those projects. Incentive fees are generally recognized when the project is complete and performance has been agreed upon by all parties, or when performance has been verified by an independent third-party. The Company also evaluates the collectability of fee income and expense reimbursements generated through the provision of development and construction management services based upon the individual facts and circumstances, including the contractual right to receive such amounts in accordance with the terms of the various projects, and reserves any amounts that are deemed to be uncollectible. | |||||||||||||||||
Pre-development expenditures such as architectural fees, permits and deposits associated with the pursuit of third-party and owned development projects are expensed as incurred, until such time that management believes it is probable that the contract will be executed and/or construction will commence. Because the Company frequently incurs these pre-development expenditures before a financing commitment and/or required permits and authorizations have been obtained, the Company bears the risk of loss of these pre-development expenditures if financing cannot ultimately be arranged on acceptable terms or the Company is unable to successfully obtain the required permits and authorizations. As such, management evaluates the status of third-party and owned projects that have not yet commenced construction on a periodic basis and expenses any deferred costs related to projects whose current status indicates the commencement of construction is unlikely and/or the costs may not provide future value to the Company in the form of revenues. Such write-offs are included in third-party development and management services expenses (in the case of third-party development projects) or general and administrative expenses (in the case of owned development projects) on the accompanying consolidated statements of comprehensive income. As of December 31, 2014, the Company has deferred approximately $2.5 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. | |||||||||||||||||
Third-Party Management Services Revenue | |||||||||||||||||
Management fees are recognized when earned in accordance with each management contract. Incentive management fees are recognized when the incentive criteria have been met. The Company evaluates the collectability of revenue earned from third-party management contracts and reserves any amounts deemed to be uncollectible based on the individual facts and circumstances of the projects and associated contracts. | |||||||||||||||||
Advertising Costs | |||||||||||||||||
Advertising costs are expensed during the period incurred, or as the advertising takes place, depending on the nature and term of the specific advertising arrangements. Advertising expense approximated $14.2 million, $18.0 million and $10.8 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||
Derivative Instruments and Hedging Activities | |||||||||||||||||
The Company records all derivative financial instruments on the balance sheet at fair value. Changes in fair value are recognized either in earnings or as other comprehensive income, depending on whether the derivative has been designated as a fair value or cash flow hedge and whether it qualifies as part of a hedging relationship, the nature of the exposure being hedged, and how effective the derivative is at offsetting movements in underlying exposure. The Company discontinues hedge accounting when: (i) it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item; (ii) the derivative expires or is sold, terminated, or exercised; (iii) it is no longer probable that the forecasted transaction will occur; or (iv) management determines that designating the derivative as a hedging instrument is no longer appropriate. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company will carry the derivative at its fair value on the balance sheet, recognizing changes in the fair value in current-period earnings. The Company uses interest rate swaps to effectively convert a portion of its floating rate debt to fixed rate, thus reducing the impact of rising interest rates on interest payments. These instruments are designated as cash flow hedges and the interest differential to be paid or received is accrued as interest expense. The Company’s counter-parties are major financial institutions. See Note 14 for an expanded discussion on derivative instruments and hedging activities. | |||||||||||||||||
Common Stock Issuances and Costs | |||||||||||||||||
Specific incremental costs directly attributable to the Company’s equity offerings are deferred and charged against the gross proceeds of the offering. As such, underwriting commissions and other common stock issuance costs are reflected as a reduction of additional paid in capital. See Note 12 for an expanded discussion on common stock issuances and costs. | |||||||||||||||||
Share-Based Compensation | |||||||||||||||||
Compensation expense associated with share-based awards is recognized in our consolidated statements of comprehensive income based on the grant-date fair values. Compensation expense is recognized over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. | |||||||||||||||||
Income Taxes | |||||||||||||||||
The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted taxable income to its stockholders. As a REIT, the Company will generally not be subject to corporate level federal income tax on taxable income it currently distributes to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for the subsequent four taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local income and excise taxes on its income and property, and to federal income and excise taxes on its undistributed income. | |||||||||||||||||
The Company owns two TRSs, one of which manages the Company’s non-REIT activities and each is subject to federal, state and local income taxes. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share | Earnings Per Share | ||||||||||||
Earnings per Share –Company | |||||||||||||
Basic earnings per share is computed using net income attributable to common shareholders and the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings per share reflect common shares issuable from the assumed conversion of OP Units and common share awards granted. Only those items having a dilutive impact on basic earnings per share are included in diluted earnings per share. | |||||||||||||
The following potentially dilutive securities were outstanding for the years ended December 31, 2014, 2013 and 2012, but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Common OP Units (Note 9) | 1,213,509 | 1,158,892 | 951,891 | ||||||||||
Preferred OP Units (Note 9) | 111,279 | 113,721 | 114,128 | ||||||||||
Total potentially dilutive securities | 1,324,788 | 1,272,613 | 1,066,019 | ||||||||||
The following is a summary of the elements used in calculating basic and diluted earnings per share: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator - basic and diluted earnings per share: | |||||||||||||
Income from continuing operations | $ | 61,384 | $ | 47,436 | $ | 48,789 | |||||||
Income from continuing operations attributable to | (1,231 | ) | (1,843 | ) | (3,460 | ) | |||||||
noncontrolling interests | |||||||||||||
Income from continuing operations attributable to | 60,153 | 45,593 | 45,329 | ||||||||||
common shareholders | |||||||||||||
Amount allocated to participating securities | (1,076 | ) | (927 | ) | (848 | ) | |||||||
Income from continuing operations attributable to | 59,077 | 44,666 | 44,481 | ||||||||||
common shareholders, net of amount allocated to | |||||||||||||
participating securities | |||||||||||||
Income from discontinued operations | 2,720 | 59,755 | 11,449 | ||||||||||
Income from discontinued operations attributable to noncontrolling interests | (34 | ) | (704 | ) | (142 | ) | |||||||
Income from discontinued operations attributable | 2,686 | 59,051 | 11,307 | ||||||||||
to common shareholders | |||||||||||||
Net income attributable to common shareholders | $ | 61,763 | $ | 103,717 | $ | 55,788 | |||||||
Denominator: | |||||||||||||
Basic weighted average common shares outstanding | 105,032,155 | 104,760,502 | 84,711,584 | ||||||||||
Unvested Restricted Stock Awards (Note 13) | 679,265 | 621,818 | 597,867 | ||||||||||
Diluted weighted average common shares outstanding | 105,711,420 | 105,382,320 | 85,309,451 | ||||||||||
Earnings per share – basic: | |||||||||||||
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | $ | 0.56 | $ | 0.43 | $ | 0.53 | |||||||
Income from discontinued operations attributable to common shareholders | $ | 0.03 | $ | 0.56 | $ | 0.13 | |||||||
Net income attributable to common shareholders | $ | 0.59 | $ | 0.99 | $ | 0.66 | |||||||
Earnings per share – diluted: | |||||||||||||
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | $ | 0.56 | $ | 0.42 | $ | 0.52 | |||||||
Income from discontinued operations attributable to common shareholders | $ | 0.02 | $ | 0.56 | $ | 0.13 | |||||||
Net income attributable to common shareholders | $ | 0.58 | $ | 0.98 | $ | 0.65 | |||||||
Distributions declared per common share | $ | 1.5 | $ | 1.42 | $ | 1.35 | |||||||
Earnings per Unit – Operating Partnership | |||||||||||||
Basic earnings per OP Unit is computed using net income attributable to common unitholders and the weighted average number of common units outstanding during the period. Diluted earnings per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units or resulted in the issuance of OP Units and then shared in the earnings of the Operating Partnership. | |||||||||||||
The following is a summary of the elements used in calculating basic and diluted earnings per unit: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator - basic and diluted earnings per unit: | |||||||||||||
Income from continuing operations | $ | 61,384 | $ | 47,436 | $ | 48,789 | |||||||
Income from continuing operations attributable to | (352 | ) | (1,188 | ) | (2,755 | ) | |||||||
noncontrolling interests - partially owned properties | |||||||||||||
Income from continuing operations attributable to | (175 | ) | (119 | ) | (168 | ) | |||||||
Series A preferred units | |||||||||||||
Amount allocated to participating securities | (1,076 | ) | (927 | ) | (848 | ) | |||||||
Income from continuing operations attributable to | 59,781 | 45,202 | 45,018 | ||||||||||
common unitholders, net of amount allocated to | |||||||||||||
participating securities | |||||||||||||
Income from discontinued operations | 2,720 | 59,755 | 11,449 | ||||||||||
Income from discontinued operations attributable to Series A preferred units | (3 | ) | (63 | ) | (15 | ) | |||||||
Income from discontinued operations attributable | 2,717 | 59,692 | 11,434 | ||||||||||
to common unitholders | |||||||||||||
Net income attributable to common unitholders | $ | 62,498 | $ | 104,894 | $ | 56,452 | |||||||
Denominator: | |||||||||||||
Basic weighted average common units outstanding | 106,245,664 | 105,919,394 | 85,663,475 | ||||||||||
Unvested Restricted Stock Awards (Note 13) | 679,265 | 621,818 | 597,867 | ||||||||||
Diluted weighted average common units outstanding | 106,924,929 | 106,541,212 | 86,261,342 | ||||||||||
Earnings per unit – basic: | |||||||||||||
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities | $ | 0.56 | $ | 0.43 | $ | 0.53 | |||||||
Income from discontinued operations attributable to common unitholders | $ | 0.03 | $ | 0.56 | $ | 0.13 | |||||||
Net income attributable to common unitholders | $ | 0.59 | $ | 0.99 | $ | 0.66 | |||||||
Earnings per unit – diluted: | |||||||||||||
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities | $ | 0.56 | $ | 0.42 | $ | 0.52 | |||||||
Income from discontinued operations attributable to common unitholders | $ | 0.02 | $ | 0.56 | $ | 0.13 | |||||||
Net income attributable to common unitholders | $ | 0.58 | $ | 0.98 | $ | 0.65 | |||||||
Distributions declared per common unit | $ | 1.5 | $ | 1.42 | $ | 1.35 | |||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | Income Taxes | ||||||||||||
As mentioned in Note 2, the Company qualifies as a REIT under the Code. As a REIT, the Company is not subject to federal income tax as long as it distributes at least 90% of its taxable income to its shareholders each year. Therefore, no provision for federal income taxes for the REIT has been included in the accompanying consolidated financial statements. If the Company fails to qualify as a REIT, the Company will be subject to federal income tax (including any applicable alternative minimum tax) on its taxable income and to federal income and excise taxes on its undistributed income. In addition, ACCOP is a flow-through entity and is not subject to federal income taxes at the entity level. Historically, the Company has incurred only state and local income, franchise and margin taxes. | |||||||||||||
The Company’s TRSs are subject to federal, state, and local income taxes. As such, deferred income taxes result from temporary differences between the carrying amounts of assets and liabilities of the TRSs for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are measured using enacted tax rates in effect in the years in which those temporary differences are expected to reverse. Significant components of the deferred tax assets and liabilities of the TRSs are as follows: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Fixed and intangible assets | $ | 3,283 | $ | 3,461 | |||||||||
Net operating loss carryforwards | 6,552 | 5,786 | |||||||||||
Prepaid and deferred income | 2,265 | 2,437 | |||||||||||
Bad debt reserves | 687 | 716 | |||||||||||
Accrued expenses and other | 3,770 | 2,759 | |||||||||||
Stock compensation | 2,099 | 2,040 | |||||||||||
Total deferred tax assets | 18,656 | 17,199 | |||||||||||
Valuation allowance for deferred tax assets | (18,415 | ) | (16,916 | ) | |||||||||
Deferred tax assets, net of valuation allowance | 241 | 283 | |||||||||||
Deferred tax liability: | |||||||||||||
Deferred financing costs | 241 | 283 | |||||||||||
Net deferred tax liabilities | $ | — | $ | — | |||||||||
Significant components of the Company’s income tax provision are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | — | $ | — | $ | — | |||||||
State | (1,308 | ) | (1,020 | ) | (725 | ) | |||||||
Deferred: | |||||||||||||
Federal | — | — | — | ||||||||||
State | — | — | — | ||||||||||
Total provision -- continuing | $ | (1,308 | ) | $ | (1,020 | ) | $ | (725 | ) | ||||
operations | |||||||||||||
TRS earnings subject to tax consisted of losses of approximately $3.2 million, $4.4 million and $1.1 million for the years ended December 31, 2014, 2013 and 2012, respectively. The reconciliation of income tax attributable to continuing operations for the TRSs computed at the U.S. statutory rate to income tax provision is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Tax benefit at U.S. statutory rates on TRS income | $ | 1,928 | $ | 2,060 | $ | 60 | |||||||
subject to tax | |||||||||||||
State income tax, net of federal income tax benefit | 71 | 76 | — | ||||||||||
Effect of permanent differences and other | (72 | ) | (76 | ) | (46 | ) | |||||||
Increase in valuation allowance | (1,927 | ) | (2,060 | ) | (14 | ) | |||||||
TRS income tax provision | $ | — | $ | — | $ | — | |||||||
At December 31, 2014, the TRSs had net operating loss carryforwards (“NOLs”) of approximately $21.1 million for income tax purposes that begin to expire in 2026. These NOLs may be used to offset future taxable income generated by each of the respective TRSs. Due to the various limitations to which the use of NOLs are subject, the Company has applied a valuation allowance to the NOLs given the likelihood that the NOLs will expire unused. Of the NOLs, approximately $3.1 million may be credited directly to additional paid in capital should subsequent tax benefits be recognized. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states’ jurisdictions as required and, as of December 31, 2014, the 2013, 2012 and 2011 calendar tax years are subject to examination by the tax authorities. | |||||||||||||
The Company had no material unrecognized tax benefits for the years ended December 31, 2014, 2013 or 2012, and as of December 31, 2014, the Company does not expect to record any material unrecognized tax benefits. Because no material unrecognized tax benefits have been recorded, no related interest or penalties have been calculated. | |||||||||||||
A schedule of per share distributions the Company paid and reported to its shareholders, which is unaudited, is set forth in the following table: | |||||||||||||
Year Ended December 31, | |||||||||||||
Tax Treatment of Distributions: | 2014 | 2013 | 2012 | ||||||||||
Ordinary income | $ | 0.9016 | $ | 0.799 | $ | 0.8664 | |||||||
Long-term capital gain (1) | 0.0107 | 0.5229 | 0.0388 | ||||||||||
Return of capital | 0.5877 | 0.0956 | 0.4448 | ||||||||||
Total per common share outstanding | $ | 1.5 | $ | 1.4175 | $ | 1.35 | |||||||
(1) | Unrecaptured Sec. 1250 gains of $0.0248, $0.2189 and $0.0360 were reported for the years ended December | ||||||||||||
31, 2014, 2013 and 2012, respectively. |
Property_Acquisitions
Property Acquisitions | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Property Acquisitions | Property Acquisitions | ||||||||||||
In October 2014, the Company acquired The Standard, a 190-unit, 610-bed wholly owned property located near the University of Georgia campus and in January 2014, the Company acquired the Boulder Outlook Hotel located near the University of Colorado campus. The hotel was operated by the seller until the fourth quarter 2014, at which point the Company began to abate and demolish the existing structure. Construction on a new 400-bed student housing facility is expected to commence in March 2015 and is scheduled to open for occupancy in August 2016. The total consideration for these two acquisitions was approximately $75.1 million. | |||||||||||||
Since their respective acquisition dates, the acquired properties discussed above contributed a combined $3.8 million of revenues for the year ended December 31, 2014. These properties had combined net income of $0.3 million for the year ended December 31, 2014, which includes $0.8 million of acquisition-related costs such as broker fees, due diligence costs and legal and accounting fees that are included in wholly-owned properties operating expense on the accompanying consolidated statements of comprehensive income. | |||||||||||||
During 2013, the Company acquired six properties and an additional phase at an existing property comprised of 3,725 beds located in various markets throughout the country for approximately $322.2 million. | |||||||||||||
The following table summarizes the fair values of the assets acquired and liabilities assumed from the properties discussed above: | |||||||||||||
2014 | 2013 | ||||||||||||
Assets acquired: | |||||||||||||
Land | $ | 13,469 | $ | 47,851 | |||||||||
Buildings and improvements | 54,163 | 243,498 | |||||||||||
Furniture, fixtures and equipment | 3,637 | 9,694 | |||||||||||
Intangible and other assets | 3,796 | 30,067 | |||||||||||
Total assets acquired | $ | 75,065 | $ | 331,110 | |||||||||
Liabilities assumed: | |||||||||||||
Mortgage debt | $ | — | $ | 70,000 | (1) | ||||||||
Other liabilities | — | 8,927 | |||||||||||
Total liabilities assumed: | $ | — | $ | 78,927 | |||||||||
Net assets acquired | $ | 75,065 | $ | 252,183 | |||||||||
(1) | Excludes $37.2 million of secured debt associated with a New Markets Tax Credit (“NMTC”) structure inherited from the seller of Cardinal Towne. The net difference between the mortgage debt assumed and a $28.3 million loan receivable acquired in connection with the acquisition of Cardinal Towne is reflected in other liabilities in the preceding table. | ||||||||||||
During 2012, the Company acquired 40 properties comprised of 23,075 beds located in various markets throughout the country for approximately $1,774.8 million. | |||||||||||||
The acquired property’s results of operations have been included in the accompanying consolidated statements of comprehensive income since the respective acquisition closing dates. The following pro forma information for the years ended December 31, 2014, 2013 and 2012, presents consolidated financial information for the Company as if the property acquisitions discussed above had occurred at the beginning of the earliest period presented. The unaudited pro forma information is provided for informational purposes only and is not indicative of results that would have occurred or which may occur in the future: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Total revenues | $ | 733,915 | $ | 678,333 | $ | 608,691 | |||||||
Net income attributable to common shareholders | $ | 62,839 | $ | 111,535 | $ | 89,642 | |||||||
Net income per share attributable to common shareholders, as adjusted - basic | $ | 0.59 | $ | 1.06 | $ | 0.85 | |||||||
Net income per share attributable to common shareholders, as adjusted - diluted | $ | 0.58 | $ | 1.05 | $ | 0.84 | |||||||
Property_Dispositions_and_Disc
Property Dispositions and Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Property Dispositions and Discontinued Operations | Property Dispositions and Discontinued Operations | ||||||||||||
Dispositions Subject to New Guidance for Discontinued Operations | |||||||||||||
As discussed in more detail in Note 2, due to a recent change in accounting guidance, the following property dispositions along with future disposals of individual operating properties or portfolios that do not represent a strategic shift in the Company’s operations will no longer qualify as discontinued operations and will be classified within income from continuing operations on the accompanying consolidated statements of comprehensive income for all periods presented. | |||||||||||||
The following seven wholly-owned properties were classified as held for sale on the accompanying consolidated balance sheet as of December 31, 2014, all of which were sold in January 2015 (see Note 20): | |||||||||||||
Property | Location | Primary University Served | Units | Beds | |||||||||
The Highlands | Reno, NV | University of Nevada at Reno | 216 | 732 | |||||||||
The View | Lincoln, NE | University of Nebraska | 157 | 590 | |||||||||
Chapel Ridge | Chapel Hill, NC | University of North Carolina | 180 | 544 | |||||||||
Chapel View | Chapel Hill, NC | University of North Carolina | 224 | 358 | |||||||||
The Village at Alafaya Club | Orlando, FL | University of Central Florida | 228 | 839 | |||||||||
University Place | Charlottesville, VA | University of Virginia | 144 | 528 | |||||||||
University Greens | Norman, OK | University of Oklahoma | 156 | 516 | |||||||||
Concurrent with this classification, these properties were recorded at the lower of cost or fair value less estimated selling costs. | |||||||||||||
In October 2014, the Company sold one building containing 20 beds at Campustown Rentals in Champaign, Illinois, and in September 2014 the Company sold The Enclave, a 480-bed wholly-owned property located near the campus of Bowling Green State University. The combined sales price was approximately $8.2 million, resulting in net proceeds of approximately $7.3 million. Prior to the sale of The Enclave, the Company recorded the property at the lower of cost or fair value less estimated selling costs, resulting in an impairment charge of approximately $2.4 million. The properties' operations along with the impairment charge and resulting loss on disposition of approximately $0.2 million are included within income from continuing operations on the accompanying consolidated statements of comprehensive income for the year ended December 31, 2014. | |||||||||||||
In addition, the Company disposed of two land parcels in 2014 for approximately $1.7 million, resulting in net proceeds of approximately $1.5 million and a loss on disposition of approximately $0.2 million, which is included within income from continuing operations on the accompanying consolidated statements of comprehensive income for the year ended December 31, 2014. | |||||||||||||
Dispositions Not Subject to New Guidance for Discontinued Operations | |||||||||||||
As discussed in more detail in Note 2, the operations for any properties sold during 2012 and 2013 along with any properties sold in 2014 that were classified as held for sale as of December 31, 2013, are not subject to the new accounting guidance for discontinued operations and have been presented in discontinued operations in the accompanying consolidated statements of comprehensive income. | |||||||||||||
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. Because Hawks Landing was classified as held for sale as of December 31, 2013, 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 year ended December 31, 2014. | |||||||||||||
In 2013, the Company sold six wholly-owned properties comprised of 4,079 beds for a combined sales price of approximately $184.2 million resulting in total proceeds of approximately $180.5 million. The combined gain on these dispositions of approximately $55.3 million is included in discontinued operations on the accompanying consolidated statements of comprehensive income for the year ended December 31, 2013. | |||||||||||||
In 2012, the Company sold three wholly-owned properties comprised of 1,584 beds for a combined sales price of approximately $54.1 million resulting in total proceeds of approximately $42.3 million. The combined gain on these dispositions of approximately $4.3 million is included in discontinued operations on the accompanying consolidated statements of comprehensive income for the year ended December 31, 2012. | |||||||||||||
The properties discussed above are included in the wholly-owned properties segment (see Note 18). The following is a summary of (loss) income attributable to discontinued operations for the periods presented: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Total revenues | $ | 279 | $ | 16,191 | $ | 30,144 | |||||||
Total operating expenses | (239 | ) | (7,220 | ) | (12,641 | ) | |||||||
Depreciation and amortization | — | (2,487 | ) | (5,991 | ) | ||||||||
Operating income | 40 | 6,484 | 11,512 | ||||||||||
Total nonoperating expenses | (163 | ) | (1,660 | ) | (2,784 | ) | |||||||
Net (loss) income | $ | (123 | ) | $ | 4,824 | $ | 8,728 | ||||||
Investments_in_WhollyOwned_Pro
Investments in Wholly-Owned Properties (Wholly owned properties) | 12 Months Ended | ||||||||
Dec. 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: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Land (1) (2) | $ | 571,242 | $ | 575,944 | |||||
Buildings and improvements (2) | 4,937,345 | 4,759,879 | |||||||
Furniture, fixtures and equipment (2) | 289,168 | 267,022 | |||||||
Construction in progress | 185,414 | 121,923 | |||||||
5,983,169 | 5,724,768 | ||||||||
Less accumulated depreciation | (674,462 | ) | (525,760 | ) | |||||
Wholly-owned properties, net (3) | $ | 5,308,707 | $ | 5,199,008 | |||||
(1) | The land balance above includes undeveloped land parcels with book values of approximately $40.6 million as of both December 31, 2014 and 2013. Also includes land totaling approximately $30.2 million and $39.4 million as of December 31, 2014 and 2013, respectively, related to properties under development. | ||||||||
(2) | Land, buildings and improvements and furniture, fixtures and equipment as of December 31, 2014 include $4.2 million, $27.6 million and $1.9 million, respectively, related to University Walk, a property located in Knoxville, Tennessee that serves 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 was obligated to purchase the property as long as the developer met certain construction completion deadlines and other closing conditions. The property opened for operations in August 2014 and the Company purchased the property in February 2015. The entity was financed with an $8.8 million mezzanine loan from the Company, a $19 million construction loan from a third-party lender and a $1.5 million equity contribution from the developer. The Company was responsible for leasing, management, and initial operations of the project while the third-party developer was responsible for development of the property. The entity that owned University Walk was deemed to be a variable interest entity (“VIE”), and the Company was 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 seven wholly-owned properties classified as held for sale in the accompanying consolidated balance sheet as of December 31, 2014 (see Note 6). The properties were sold in January 2015 (see Note 20). |
OnCampus_Participating_Propert
On-Campus Participating Properties (On-campus participating properties, net) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
On-campus participating properties, net | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
On-Campus Participating Properties | On-Campus Participating Properties | ||||||||||||
The Company is a party to ground/facility lease agreements (“Leases”) with three university systems (each, a “Lessor”) for the purpose of developing, constructing, and operating student housing facilities on university campuses. Under the terms of the Leases, title to the constructed facilities is held by the applicable Lessor and such Lessor receives a de minimis base rent paid at inception and 50% of defined net cash flows on an annual basis through the term of the lease. The Leases with the Texas A&M University and University of Houston systems terminate upon the earlier to occur of the final repayment of the related debt, the amortization period of which is contractually stipulated, or the end of the lease term. The Lease with West Virginia University has an initial term of 40 years with two 10-year extensions at the Company's option. | |||||||||||||
The Company may not sell, assign, convey or transfer its leasehold interest in the West Virginia University student housing facility. In the event the Company seeks to sell its leasehold interest in the other four facilities, the Leases provide the applicable Lessor the right of first refusal of a bona fide purchase offer and an option to purchase the lessee’s rights under the applicable Lease. Additionally, as discussed in Note 11, three of the on-campus participating properties are 100% financed with project-based taxable bonds. | |||||||||||||
In conjunction with the execution of each Lease, the Company has entered into separate agreements to manage the related facilities for a fee equal to a percentage of defined gross receipts. The terms of the management agreements are not contingent upon the continuation of the Leases. | |||||||||||||
On-campus participating properties are as follows: | |||||||||||||
Historical Cost – December 31, | |||||||||||||
Lessor/University | Lease | Required Debt | 2014 | 2013 | |||||||||
Commencement | Repayment | ||||||||||||
Texas A&M University System / | 2/1/96 | 9/1/23 | $ | 43,036 | $ | 42,288 | |||||||
Prairie View A&M University (1) | |||||||||||||
Texas A&M University System / | 2/1/96 | 9/1/23 | 6,937 | 6,767 | |||||||||
Texas A&M International | |||||||||||||
Texas A&M University System / | 10/1/99 | 8/31/25 | 26,828 | 26,275 | |||||||||
Prairie View A&M University (2) | 8/31/28 | ||||||||||||
University of Houston System / | 9/27/00 | 8/31/35 | 36,606 | 36,126 | |||||||||
University of Houston (3) | |||||||||||||
West Virginia University / West Virginia University (4) | 7/16/13 | 7/16/45 | 43,636 | 19,249 | |||||||||
157,043 | 130,705 | ||||||||||||
Less accumulated amortization | (62,915 | ) | (57,249 | ) | |||||||||
On-campus participating properties, net | $ | 94,128 | $ | 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) | This property commenced operations in August 2014. Due to our involvement in the construction of the facility, fees paid to the Company/lessee for development and construction management services during the construction period were deferred and amortized to revenue over the lease term. |
Noncontrolling_Interests
Noncontrolling Interests | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Noncontrolling Interest [Abstract] | ||||
Noncontrolling Interests | Noncontrolling Interests | |||
Operating Partnership | ||||
Partially-owned properties: As of December 31, 2014, the Operating Partnership consolidates three joint ventures that own and operate the 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 7, the Company entered into a purchase and contribution agreement with a private developer whereby the Company was obligated to purchase the property (University Walk) as long as the developer met certain construction completion deadlines and other closing conditions. The $1.5 million equity contribution from the developer is reflected as noncontrolling interests - partially owned properties within capital on the accompanying consolidated balance sheet of the Operating Partnership as of December 31, 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, which is based on the closing market value of the Company's common stock, or historical cost at the end of each reporting period. Changes in the value from period to period are charged to limited partner’s capital on the consolidated statement of changes in capital of the Operating Partnership. | ||||
Below is a table summarizing the activity of redeemable limited partners for the years ended December 31, 2014 and 2013: | ||||
Balance, December 31, 2012 | $ | 57,534 | ||
Net income | 1,359 | |||
Distributions | (1,823 | ) | ||
Redeemable limited partner units issued as consideration (see Note 12) | 3,451 | |||
Conversion of redeemable limited partner units into shares of ACC common stock | (23 | ) | ||
Adjustments to reflect redeemable limited partner units at fair value | (12,534 | ) | ||
Balance, December 31, 2013 | $ | 47,964 | ||
Net income | 913 | |||
Distributions | (1,998 | ) | ||
Conversion of redeemable limited partner units into shares of ACC common stock | (607 | ) | ||
Adjustments to reflect redeemable limited partner units at fair value | 8,200 | |||
Balance, December 31, 2014 | $ | 54,472 | ||
During the year ended December 31, 2014, 50,000 common OP units and 2,269 Series A preferred units were converted into an equal number of shares of ACC’s common stock and 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. As of December 31, 2014 and 2013, approximately 1.2% and 1.3%, respectively, of the equity interests of the Operating Partnership was held by owners of common OP Units and Series A preferred units not held by ACC or ACC Holdings. | ||||
Company | ||||
The noncontrolling interests of the Company include the third-party equity interests in partially-owned properties, as discussed above, which are presented as a component of equity in the Company’s consolidated balance sheets. The Company’s noncontrolling interests also include the redeemable limited partners presented in the consolidated balance sheets of the Operating Partnership, which are referred to as “redeemable noncontrolling interests” in the mezzanine section of the Company’s consolidated balance sheets. Noncontrolling interests on the Company’s consolidated statements of comprehensive income include the income/loss attributable to third-party equity interests in partially-owned properties, as well as the income/loss attributable to redeemable noncontrolling interests (i.e. OP Units not held by ACC or ACC Holdings.) |
Investments_in_Unconsolidated_
Investments in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures |
As of December 31, 2014, the Company owned a noncontrolling interest in one unconsolidated joint venture that is accounted for | |
utilizing the equity method of accounting. 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. The Company also earns a fee for providing management services to this joint venture, which totaled approximately $1.3 million for the year ended December 31, 2014 and $1.6 million for each of the years ended December 31, 2013 and 2012, respectively. |
Debt
Debt | 12 Months Ended | |||||||||||||||||||
Dec. 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: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Debt secured by wholly-owned properties: | ||||||||||||||||||||
Mortgage loans payable: | ||||||||||||||||||||
Unpaid principal balance | $ | 1,094,306 | $ | 1,300,371 | ||||||||||||||||
Unamortized debt premiums | 60,586 | 74,575 | ||||||||||||||||||
Unamortized debt discounts | (895 | ) | (2,021 | ) | ||||||||||||||||
1,153,997 | 1,372,925 | |||||||||||||||||||
Construction loans payable (1) | 63,637 | 44,638 | ||||||||||||||||||
1,217,634 | 1,417,563 | |||||||||||||||||||
Debt secured by on-campus participating properties: | ||||||||||||||||||||
Mortgage loans payable | 30,553 | 31,380 | ||||||||||||||||||
Bonds payable | 39,785 | 42,440 | ||||||||||||||||||
Construction loan payable | 43,942 | 15,833 | ||||||||||||||||||
114,280 | 89,653 | |||||||||||||||||||
Total secured mortgage, construction and bond debt | 1,331,914 | 1,507,216 | ||||||||||||||||||
Secured agency facility | — | 87,750 | ||||||||||||||||||
Unsecured notes, net of unamortized original issue discount | 798,305 | 398,721 | ||||||||||||||||||
Unsecured revolving credit facility | 242,500 | 150,700 | ||||||||||||||||||
Unsecured term loans | 600,000 | 600,000 | ||||||||||||||||||
Total debt | $ | 2,972,719 | $ | 2,744,387 | ||||||||||||||||
(1) | Construction loans payable as of December 31, 2014 includes $19.0 million related to a construction loan that partially financed 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. | |||||||||||||||||||
Mortgage and Construction Loans Payable | ||||||||||||||||||||
Mortgage loans payable generally feature either monthly interest and principal payments or monthly interest-only payments with balloon payments due at maturity. For purposes of classification in the following table, variable rate mortgage loans subject to interest rate swaps are deemed to be fixed rate, due to the Company having effectively fixed the interest rate for the underlying debt instrument. Construction loans payable generally feature monthly payments of interest only during the term of the loan and any accrued interest and outstanding borrowings become due at maturity. Mortgage and construction loans payable, excluding debt premiums and discounts, consisted of the following as of December 31, 2014: | ||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||
Principal Outstanding | Weighted | Weighted | Number of | |||||||||||||||||
December 31, | Average | Average | Properties | |||||||||||||||||
2014 | 2013 | Interest Rate | Years to Maturity | Encumbered | ||||||||||||||||
Fixed Rate: | ||||||||||||||||||||
Mortgage loans payable (1) | $ | 1,124,859 | $ | 1,331,751 | 5.21 | % | 4.1 years | 52 | ||||||||||||
Construction loan payable (2) | 43,942 | 15,833 | 3.85 | % | 30.6 years | 1 | ||||||||||||||
Variable Rate: | ||||||||||||||||||||
Construction loans payable (3) | 63,637 | 44,638 | 1.99 | % | 0.6 years | 3 | ||||||||||||||
Total | $ | 1,232,438 | $ | 1,392,222 | 4.99 | % | 4.8 years | 56 | ||||||||||||
(1) | Fixed rate mortgage loans payable mature at various dates from February 2015 through November 2041 and carry interest rates ranging from 3.05% to 7.15%. | |||||||||||||||||||
(2) | Interest rate is fixed for the first five years and variable for the remaining term of the loan. | |||||||||||||||||||
(3) | Variable rate construction loans payable mature at various dates from May 2015 through December 2015 and carry interest rates based on LIBOR plus a spread, which translate into interest rates ranging from 1.61% to 2.91% at December 31, 2014. Includes a construction loan used to finance the development and construction of University Walk, a VIE the Company includes in its consolidated financial statements. | |||||||||||||||||||
During the twelve months ended December 31, 2014, the following transactions occurred: | ||||||||||||||||||||
Mortgage Loans | Construction Loans | |||||||||||||||||||
Payable (1) | Payable | |||||||||||||||||||
Balance, December 31, 2013 | $ | 1,404,305 | $ | 60,471 | ||||||||||||||||
Additions: | ||||||||||||||||||||
Draws under advancing construction notes payable (2) | — | 28,109 | ||||||||||||||||||
Draws under advancing construction notes payable (non-cash) VIEs (3) | — | 18,999 | ||||||||||||||||||
Deductions: | ||||||||||||||||||||
Payoff of maturing mortgage notes payable (4) | (178,002 | ) | — | |||||||||||||||||
Scheduled repayments of principal | (13,290 | ) | — | |||||||||||||||||
Amortization of debt premiums and discounts | (12,863 | ) | — | |||||||||||||||||
Property dispositions (5) | (15,600 | ) | — | |||||||||||||||||
Balance, December 31, 2014 | $ | 1,184,550 | $ | 107,579 | ||||||||||||||||
(1) | Balance includes unamortized debt premiums and discounts. | |||||||||||||||||||
(2) | Represents draws from one construction loan used to finance the development and construction of an on-campus participating property located in Morgantown, West Virginia, which was completed and opened for occupancy in August 2014. | |||||||||||||||||||
(3) | Represents draws from one construction loan used to finance the development and construction of University Walk, a VIE the Company includes in its consolidated financial statements. The seller/developer paid off this construction loan with proceeds from the Company's purchase of the property in February 2015 (see Note 20). | |||||||||||||||||||
(4) | The Company paid off fixed rate mortgage debt secured by the following wholly-owned properties: University Commons, GrandMarc Seven Corners, Campustown Rentals, University Manor, RAMZ Apts on Broad, The Village on Sixth Avenue, The Enclave, Texan West Campus, The Castilian, The Outpost - San Antonio and CityParc at Fry Street. | |||||||||||||||||||
(5) | In February 2014, the Company sold Hawks Landing, an owned off-campus property located near the campus of Miami University of Ohio (see Note 6). | |||||||||||||||||||
Bonds Payable | ||||||||||||||||||||
Three of the on-campus participating properties are 100% financed with outstanding project-based taxable bonds. Under the terms of these financings, one of the Company’s special purpose subsidiaries publicly issued three series of taxable bonds and loaned the proceeds to three special purpose subsidiaries that each hold a separate leasehold interest. The bonds encumbering the leasehold interests are non-recourse, subject to customary exceptions. Although a default in payment by these special purpose subsidiaries could result in a default under one or more series of bonds, indebtedness of any of these special purpose subsidiaries is not cross-defaulted or cross-collateralized with indebtedness of the Company, the Operating Partnership or other special purpose subsidiaries. Repayment of principal and interest on these bonds is insured by MBIA, Inc. Interest and principal are paid semi-annually and annually, respectively, through maturity. Covenants include, among other items, budgeted and actual debt service coverage ratios. Bonds payable at December 31, 2014 consisted of the following: | ||||||||||||||||||||
Principal | Weighted | Required | ||||||||||||||||||
Mortgaged Facilities | 31-Dec-14 | Average | Maturity | Monthly | ||||||||||||||||
Series | Subject to Leases | Original | Rate | Date | Debt Service | |||||||||||||||
1999 | University Village-PVAMU/TAMIU | $ | 39,270 | $ | 22,870 | 7.75 | % | Sep-23 | $ | 302 | ||||||||||
2001 | University College–PVAMU | 20,995 | 13,825 | 7.57 | % | Aug-25 | 158 | |||||||||||||
2003 | University College–PVAMU | 4,325 | 3,090 | 6.09 | % | Aug-28 | 28 | |||||||||||||
Total/weighted average rate | $ | 64,590 | $ | 39,785 | 7.56 | % | $ | 488 | ||||||||||||
Unsecured Notes | ||||||||||||||||||||
In June 2014, the Operating Partnership issued an additional $400 million in senior unsecured notes under its existing shelf registration. These 10-year notes were issued at 99.861 percent of par value with a coupon of 4.125 percent and a yield of 4.142 percent, and are fully and unconditionally guaranteed by the Company. Interest on the notes is payable semi-annually on January 1 and July 1, with the first payment beginning on January 1, 2015. The notes will mature on July 1, 2024. Net proceeds from the sale of the unsecured notes totaled approximately $395.3 million after deducting the underwriting discount and offering expenses. The underwriting discount and offering expenses were capitalized to deferred financing costs and will be amortized over the term of the unsecured notes. The Company used $340 million of the offering proceeds to pay down the outstanding balance on its revolving credit facility in full. | ||||||||||||||||||||
In connection with the issuance of unsecured notes discussed above, the Company terminated two forward starting interest rate swap contracts with notional amounts totaling $200 million, resulting in payments to both counterparties totaling approximately $4.1 million, which were recorded in accumulated other comprehensive loss and will be amortized to interest expense over the term of the unsecured notes. When including the effect of these interest rate swap terminations, the effective yield on the unsecured notes is 4.269%. Refer to Note 14 for more information on the interest rate swap contracts mentioned above. | ||||||||||||||||||||
The Company also issued $400 million in senior unsecured notes in April 2013. Interest on the notes is payable semi-annually on April 15 and October 15 and the notes will mature on April 15, 2023. Net proceeds from the sale of the unsecured notes totaled approximately $394.4 million after deducting the underwriting discount and estimated offering expenses. The Company used $321 million of the offering proceeds to pay down the outstanding balance on its revolving credit facility in full. | ||||||||||||||||||||
The terms of the unsecured notes include certain financial covenants that require the Operating Partnership to limit the amount of total debt and secured debt as a percentage of total asset value, as defined. In addition, the Operating Partnership must maintain a minimum ratio of unencumbered asset value to unsecured debt, as well as a minimum interest coverage level. As of December 31, 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 comprised 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 December 31, 2014, the Term Loan II Facility bore interest at a variable rate of 1.67% per annum (0.17% + 1.50% spread). The Company has entered into multiple interest rate swap contracts with notional amounts totaling $350 million that effectively fix the interest rate to a weighted average annual rate of 0.88% on the outstanding balance of the Term Loan I Facility. Including the current spread of 1.50%, the all-in weighted average annual rate on the Term Loan I Facility was 2.38% at December 31, 2014. Refer to Note 14 for more information on the interest rate swap contracts mentioned above. Availability under the revolving credit facility is limited to an “aggregate borrowing base amount” equal to 60% of the value of the Company’s unencumbered properties, calculated as set forth in the 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 December 31, 2014, the revolving credit facility bore interest at a weighted average annual rate of 1.72% (0.17% + 1.30% spread + 0.25% facility fee), and availability under the revolving credit facility totaled $257.5 million as of December 31, 2014. | ||||||||||||||||||||
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 December 31, 2014, the Company was in compliance with all such covenants. | ||||||||||||||||||||
Secured Agency Facility | ||||||||||||||||||||
The Company borrowed funds from its $500 million unsecured revolving credit facility to pay off the outstanding balance on the secured agency facility on the scheduled maturity date of September 1, 2014. | ||||||||||||||||||||
Debt Maturities | ||||||||||||||||||||
The following table summarizes the stated debt maturities and scheduled amortization payments, excluding debt premiums and discounts, for each of the five years subsequent to December 31, 2014 and thereafter: | ||||||||||||||||||||
2015 | $ | 259,378 | (1) | |||||||||||||||||
2016 | 199,836 | |||||||||||||||||||
2017 | 480,811 | |||||||||||||||||||
2018 | 416,607 | |||||||||||||||||||
2019 | 263,557 | |||||||||||||||||||
Thereafter | 1,294,534 | |||||||||||||||||||
$ | 2,914,723 | |||||||||||||||||||
(1) | Includes $19.0 million used to finance the development and construction of University Walk, a VIE the Company includes in its consolidated financial statements. The seller/developer paid off this construction loan with proceeds from the Company's purchase of the property in February 2015 (see Note 20). | |||||||||||||||||||
Payment of principal and interest were current at December 31, 2014. Certain of the mortgage notes and bonds payable are subject to prepayment penalties. |
Stockholders_Equity_Partners_C
Stockholders' Equity / Partners' Capital | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Stockholders' Equity Note [Abstract] | ||||||
Stockholders' Equity / Partners' Capital | Stockholders’ Equity / Partners’ Capital | |||||
Stockholders’ Equity – Company | ||||||
In March 2013, the Company established a new at-the-market share offering program (the “ATM Equity Program”) through which the Company may issue and sell, from time to time, shares of common stock having an aggregate offering price of up to $500 million. Actual sales under the program will depend on a variety of factors, including, but not limited to, market conditions, the trading price of the Company’s common stock and determinations of the appropriate sources of funding for the Company. | ||||||
The following table presents activity under the Company’s ATM Equity Program since its inception: | ||||||
Year Ended | ||||||
December 31, 2014 | ||||||
Total net proceeds | $ | 87,977 | ||||
Commissions paid to sales agents | $ | 1,340 | ||||
Weighted average price per share | $ | 40.48 | ||||
Shares of common stock sold | 2,206,240 | |||||
The Company did not sell any shares under the ATM Equity Program in 2013. As of December 31, 2014, the Company had approximately $410.7 million available for issuance under its ATM Equity Program. Refer to Note 20 for a discussion of activity under the Company's ATM Equity Program subsequent to December 31, 2014. | ||||||
Partners’ Capital – Operating Partnership | ||||||
In connection with the ATM Equity Program discussed above, ACCOP issued a number of common OP units to ACC equivalent to the number of shares issued by ACC. | ||||||
During the year ended December 31, 2014, 50,000 common OP units and 2,269 Series A preferred units were converted into an equal number of shares of ACC’s common stock. |
Incentive_Award_Plan
Incentive Award Plan | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||
Incentive Award Plan | Incentive Award Plan | |||||||
In May 2010, the Company’s stockholders approved the American Campus Communities, Inc. 2010 Incentive Award Plan (the “Plan”). The Plan provides for the grant of various stock-based incentive awards to selected employees and directors of the Company and the Company’s affiliates. The types of awards that may be granted under the Plan include incentive stock options, nonqualified stock options, restricted stock awards (“RSAs”), restricted stock units (“RSUs”), profits interest units (“PIUs”) and other stock-based awards. The Company has reserved a total of 1.7 million shares of the Company’s common stock for issuance pursuant to the Plan, subject to certain adjustments for changes in the Company’s capital structure, as defined in the Plan. As of December 31, 2014, 1,154,393 shares were available for issuance under the Plan. | ||||||||
Restricted Stock Units | ||||||||
Upon initial appointment to the Board of Directors and reelection to the Board of Directors at each Annual Meeting of Stockholders, each outside member of the Board of Directors is granted RSUs. On the Settlement Date, the Company will deliver to the recipients a number of shares of common stock or cash, as determined by the Compensation Committee of the Board of Directors, equal to the number of RSUs held by the recipients. In addition, recipients of RSUs are entitled to dividend equivalents equal to the cash distributions paid by the Company on one share of common stock for each RSU issued, payable currently or on the Settlement Date, as determined by the Compensation Committee of the Board of Directors. | ||||||||
Upon reelection to the Board of Directors in May 2014, all members of the Company’s Board of Directors were granted RSUs in accordance with the Plan. These RSUs were valued at $95,000 for the Chairman of the Board of Directors and at $71,500 for all other members. The number of RSUs was determined based on the fair market value of the Company’s stock on the date of grant, as defined in the Plan. All awards vested and settled immediately on the date of grant, and the Company delivered shares of common stock and cash, as determined by the Compensation Committee of the Board of Directors. | ||||||||
A summary of the Company’s RSUs under the Plan for the years ended December 31, 2014 and 2013 is presented below: | ||||||||
Number of | Weighted-Average | |||||||
RSUs | Grant Date Fair Value | |||||||
Per RSU | ||||||||
Outstanding at December 31, 2012 | — | $ | — | |||||
Granted | 10,265 | 44.09 | ||||||
Settled in common shares | (4,572 | ) | 44.09 | |||||
Settled in cash | (5,693 | ) | 44.09 | |||||
Outstanding at December 31, 2013 | — | $ | — | |||||
Granted | 15,457 | 38.54 | ||||||
Settled in common shares | (9,027 | ) | 38.54 | |||||
Settled in cash | (6,430 | ) | 38.54 | |||||
Outstanding at December 31, 2014 | — | $ | — | |||||
The Company recognized expense of approximately $0.6 million, $0.5 million and $0.5 million for the years ended December 31, 2014, 2013 and 2012, respectively, reflecting the fair value of the RSUs issued on the date of grant. The weighted-average grant-date fair value for each RSU granted during the year ended December 31, 2012 was $45.04. | ||||||||
Restricted Stock Awards | ||||||||
The Company awards RSAs to its executive officers and certain employees that generally vest in equal annual installments over a five year period. Unvested awards are forfeited upon the termination of an individual’s employment with the Company under specified circumstances. Recipients of RSAs receive dividends, as declared by the Company’s Board of Directors, on unvested shares, provided that the recipient continues to be employed by the Company. A summary of the Company’s RSAs under the Plan for the years ended December 31, 2014 and 2013 is presented below: | ||||||||
Number of | Weighted-Average | |||||||
RSAs | Grant Date Fair Value | |||||||
Per RSA | ||||||||
Nonvested balance at December 31, 2012 | 575,668 | $ | 32.4 | |||||
Granted | 232,966 | 47.64 | ||||||
Vested | (111,533 | ) | 29.64 | |||||
Forfeited (1) | (94,910 | ) | 32.15 | |||||
Nonvested balance at December 31, 2013 | 602,191 | $ | 38.84 | |||||
Granted | 292,526 | 34.52 | ||||||
Vested | (124,883 | ) | 34 | |||||
Forfeited (1) | (160,320 | ) | 36.75 | |||||
Nonvested balance at December 31, 2014 | 609,514 | $ | 38.31 | |||||
(1) Includes shares withheld to satisfy tax obligations upon vesting. | ||||||||
The fair value of RSA’s is calculated based on the closing market value of the Company’s common stock on the date of grant. The fair value of these awards is amortized to expense over the vesting periods, which amounted to approximately $6.8 million, $6.4 million and $5.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. The weighted-average grant date fair value for each RSA granted and forfeited during the year ended December 31, 2012 was $41.37 and $28.34, respectively. | ||||||||
The total fair value of RSAs vested during the year ended December 31, 2014, was approximately $7.2 million. Additionally, as of December 31, 2014, the Company had approximately $17.3 million of total unrecognized compensation cost related to these RSAs, which is expected to be recognized over a remaining weighted-average period of 3.1 years. | ||||||||
Per the provisions of the Plan, an employee becomes retirement eligible when (i) the sum of an employee’s full years of service (a minimum of 120 contiguous full months) and the employee’s age on the date of termination (a minimum of 50 years of age) equals or exceeds 70 years (hereinafter referred to as the “Rule of 70”); (ii) the employee gives at least six months prior written notice to the Company of his or her intention to retire; and (iii) the employee enters into a noncompetition agreement and a general release of all claims in a form that is reasonably satisfactory to the Company. As of December 31, 2014, three employees have met the Rule of 70 and a total of 154,690 unvested RSAs are held by such employees. Once the other two conditions of retirement eligibility are met, the shares held by these employees will be subject to accelerated vesting. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | ||||||||||||||||||||
Dec. 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 the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||||||
The following table summarizes the Company’s outstanding interest rate swap contracts as of December 31, 2014: | |||||||||||||||||||||
Hedged Debt Instrument | Effective Date | Maturity Date | Pay Fixed Rate | Receive Floating | Current Notional Amount | Fair Value | |||||||||||||||
Rate Index | |||||||||||||||||||||
Cullen Oaks mortgage loan (1) | Feb 18, 2014 | Feb 15, 2021 | 2.28% | LIBOR – 1 month | $ | 15,198 | $ | (427 | ) | ||||||||||||
Cullen Oaks mortgage loan (1) | Feb 18, 2014 | Feb 15, 2021 | 2.28% | LIBOR – 1 month | 15,355 | (431 | ) | ||||||||||||||
Term Loan I Facility | Feb 2, 2012 | Jan 2, 2017 | 0.87% | LIBOR – 1 month | 125,000 | (307 | ) | ||||||||||||||
Term Loan I Facility | Feb 2, 2012 | Jan 2, 2017 | 0.88% | LIBOR – 1 month | 100,000 | (266 | ) | ||||||||||||||
Term Loan I Facility | Feb 2, 2012 | Jan 2, 2017 | 0.89% | LIBOR – 1 month | 62,500 | (177 | ) | ||||||||||||||
Term Loan I Facility | Feb 2, 2012 | Jan 2, 2017 | 0.89% | LIBOR – 1 month | 62,500 | (178 | ) | ||||||||||||||
Park Point mortgage loan | Nov 1, 2013 | Oct 5, 2018 | 1.55% | LIBOR – 1 month | 70,000 | (520 | ) | ||||||||||||||
Total | $ | 450,553 | $ | (2,306 | ) | ||||||||||||||||
(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. | ||||||||||||||||||||
In March 2014, the Company entered into two forward starting interest rate swap contracts with notional amounts totaling $200 million designated to hedge the Company's exposure to increasing interest rates related to interest payments on an anticipated issuance of unsecured notes. As discussed in Note 11, in connection with the issuance of unsecured notes in June 2014, the Company terminated both swap contracts resulting in payments to both counterparties totaling approximately $4.1 million, which were recorded in accumulated other comprehensive loss and will be amortized to interest expense over the term of the unsecured notes. Amortization of the loss totaled approximately $0.2 million for the year ended December 31, 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 December 31, 2014 and 2013: | |||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||
Fair Value as of | Fair Value as of | ||||||||||||||||||||
Description | Balance Sheet Location | 31-Dec-14 | 31-Dec-13 | Balance Sheet Location | 31-Dec-14 | 31-Dec-13 | |||||||||||||||
Interest rate swap contracts | Other assets | $ | — | $ | 31 | Other liabilities | $ | 2,306 | $ | 1,466 | |||||||||||
Total derivatives designated | $ | — | $ | 31 | $ | 2,306 | $ | 1,466 | |||||||||||||
as hedging instruments | |||||||||||||||||||||
Fair_Value_Disclosures
Fair Value Disclosures | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 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 December 31, 2014 and 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 | |||||||||||||||||||||||||||||||||
December 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 | $ | — | $ | — | $ | — | $ | — | $ | 31 | $ | — | $ | 31 | |||||||||||||||||||
instruments | |||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Derivative financial instruments | $ | — | $ | 2,306 | $ | — | $ | 2,306 | $ | — | $ | 1,466 | $ | — | $ | 1,466 | |||||||||||||||||
Mezzanine: | |||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) | $ | — | $ | 54,472 | $ | — | $ | 54,472 | $ | — | $ | 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 December 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 December 31, 2014 and 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. | |||||||||||||||||||||||||||||||||
Derivative Instruments: These instruments are reported on the balance sheet at fair value, which is based on calculations provided by independent, third-party financial institutions and represent the discounted future cash flows expected, based on the projected future interest rate curves over the life of the instrument. | |||||||||||||||||||||||||||||||||
Secured Agency Facility, Unsecured Term Loans, Unsecured Revolving Credit Facility, and Construction Loans: The fair value of these instruments approximates carrying values due to the variable interest rate feature of these instruments. | |||||||||||||||||||||||||||||||||
Loans Receivable: The fair value of loans receivable is based on a discounted cash flow analysis consisting of scheduled cash flows and discount rate estimates to approximate those that a willing buyer and seller might use. These financial instruments utilize Level 3 inputs. | |||||||||||||||||||||||||||||||||
Unsecured Notes: In calculating the fair value of unsecured notes, interest rate and spread assumptions reflect current creditworthiness and market conditions available for the issuance of unsecured notes with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs. | |||||||||||||||||||||||||||||||||
Mortgage Loans Payable: The fair value of mortgage loans payable is based on the present value of the cash flows at current market interest rates through maturity. The Company has concluded the fair value of these financial instruments are Level 2 as the majority of the inputs used to value these instruments fall within Level 2 of the fair value hierarchy. | |||||||||||||||||||||||||||||||||
Bonds Payable: The fair value of bonds payable is based on quoted prices in markets that are not active due to the unique characteristics of these financial instruments, as such, the Company has concluded the inputs used to measure fair value fall within Level 2 of the fair value hierarchy. | |||||||||||||||||||||||||||||||||
The table below contains the estimated fair value and related carrying amounts for the Company’s financial instruments as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Estimated Fair Value | Carrying Amount | Estimated Fair Value | Carrying Amount | ||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Loans receivable | $ | 47,092 | $ | 54,260 | $ | 49,154 | $ | 51,192 | |||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Unsecured notes | $ | 802,943 | $ | 798,305 | $ | 372,420 | $ | 398,721 | |||||||||||||||||||||||||
Mortgage loans | $ | 1,182,501 | $ | 1,184,550 | $ | 1,382,773 | $ | 1,404,305 | |||||||||||||||||||||||||
Bonds payable | $ | 45,176 | $ | 39,785 | $ | 44,908 | $ | 42,440 | |||||||||||||||||||||||||
Lease_Commitments
Lease Commitments | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Leases [Abstract] | ||||||
Lease Commitments | Lease Commitments | |||||
The Company as lessee has entered into ground/facility lease agreements with university systems and other third parties for the purpose of financing, constructing and operating student housing properties. Under the terms of the ground/facility leases, the lessor typically receives annual minimum rent during the earlier years and variable rent based upon the operating performance of the property during the latter years. The Company records rent under the straight-line method over the term of the lease and any difference between the straight-line rent amount and amount payable under the lease terms is recorded as prepaid or deferred rent. As of December 31, 2014 and 2013, prepaid ground rent totaled approximately $1.8 million and $2.3 million, respectively, and is included in other assets on the accompanying consolidated balance sheets. Straight-lined rental amounts are capitalized during the construction period and expensed upon the commencement of operations. Under these ground/facility leases, the Company recognized rent expense of approximately $6.2 million, $5.0 million and $2.8 million for the years end December 31, 2014, 2013 and 2012, respectively, and capitalized rent of approximately $1.4 million, $1.1 million and $1.3 million for the years end December 31, 2014, 2013 and 2012, respectively. | ||||||
The Company is a party to a lease for corporate office space beginning December 17, 2010, and expiring December 31, 2020. The terms of leases provide for a period of free rent and scheduled rental rate increases and common area maintenance charges upon expiration of the free rent period. The Company also has various operating leases for furniture, office and technology equipment, which expire through 2022. | ||||||
Rental expense under the operating lease agreements discussed above totaled approximately $7.8 million, $6.5 million and $4.1 million for the years ended December 31, 2014, 2013 and 2012, respectively. There were no capital lease obligations outstanding as of December 31, 2014. Future minimum commitments over the life of all leases subsequent to December 31, 2014 are as follows: | ||||||
Operating | ||||||
2015 | $ | 6,692 | ||||
2016 | 7,217 | |||||
2017 | 7,069 | |||||
2018 | 6,978 | |||||
2019 | 6,715 | |||||
Thereafter | 234,138 | |||||
Total minimum lease payments | $ | 268,809 | ||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
Commitments | |
Construction Contracts: As of December 31, 2014, the Company estimates additional costs to complete six wholly-owned development projects currently under construction to be approximately $203.3 million. The Company expects to fund this amount through a combination of cash flows generated from operations, draws under the Company's unsecured revolving credit facility, issuance of securities under the Company's ATM Equity Program and potential debt or equity offerings under the Company's automatic shelf registration statement. | |
Development-related Guarantees: For certain of its third-party development projects, the Company commonly provides alternate housing and project cost guarantees, subject to force majeure. These guarantees are typically limited, on an aggregate basis, to the amount of the projects’ related development fees or a contractually agreed-upon maximum exposure amount. Alternate housing guarantees typically expire five days after construction is complete and generally require the Company to provide substitute living quarters and transportation for students to and from the university if the project is not complete by an agreed-upon completion date. Under project cost guarantees, the Company is responsible for the construction cost of a project in excess of an approved budget. The budget consists primarily of costs included in the general contractors’ guaranteed maximum price contract (“GMP”). In most cases, the GMP obligates the general contractor, subject to force majeure and approved change orders, to provide completion date guarantees and to cover cost overruns and liquidated damages. In addition, the GMP is typically secured with payment and performance bonds. Project cost guarantees expire upon completion of certain developer obligations, which are normally satisfied within one year after completion of the project. The Company’s estimated maximum exposure amount under the above guarantees is approximately $2.7 million as of December 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 December 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 (University Crossings), to Drexel University (the “University”). Concurrent with the land conveyance, the Company as lessee entered into a ground lease agreement with the University as lessor for an initial term of 40 years, with three 10-year extensions, at the Company’s option. 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 facade and other systems. As of December 31, 2014, the Company has spent approximately $11.2 million in renovations and capital improvements and anticipates spending an additional $24.7 million in 2015. 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. | |
In addition, in connection with certain property acquisitions, the Company has assumed the obligation to fund future infrastructure improvements located near the acquired properties. Because the ultimate cost of such obligations was not determinable as of the property acquisition date, it is likely that such payments made by the Company will be expensed at such time the local municipalities decide to move forward with the projects. As of December 31, 2014, the timing and amount of such obligations was not determinable and, as such, the Company has not accrued any liabilities associated with such payments. | |
Contingencies | |
Litigation: The Company is subject to various claims, lawsuits and legal proceedings, 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 or joint ventures. Such letters of intent are non-binding, and neither party to the letter of intent is obligated to pursue negotiations unless and until a definitive contract is entered into by the parties. Even if definitive contracts are entered into, the letters of intent relating to the acquisition and disposition of real property and resulting contracts generally contemplate that such contracts will provide the acquirer with time to evaluate the property and conduct due diligence, during which periods the acquirer will have the ability to terminate the contracts without penalty or forfeiture of any deposit or earnest money. There can be no assurance that definitive contracts will be entered into with respect to any matter covered by letters of intent or that the Company will consummate any transaction contemplated by any definitive contract. Furthermore, due diligence periods for real property are frequently extended as needed. Once the due diligence period expires, the Company is then at risk under a real property acquisition contract, but only to the extent of any earnest money deposits associated with the contract. | |
Environmental Matters: The Company is not aware of any environmental liability with respect to the properties that would have a material adverse effect on the Company’s business, assets or results of operations. However, there can be no assurance that such a material environmental liability does not exist. The existence of any such material environmental liability could have an adverse effect on the Company’s results of operations and cash flows. |
Segments
Segments | 12 Months Ended | ||||||||||||
Dec. 31, 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. | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Wholly-Owned Properties | |||||||||||||
Rental revenues and other income | $ | 693,694 | $ | 621,117 | $ | 424,022 | |||||||
Interest income | 1,079 | 152 | 40 | ||||||||||
Total revenues from external customers | 694,773 | 621,269 | 424,062 | ||||||||||
Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead | (331,046 | ) | (300,207 | ) | (200,799 | ) | |||||||
Ground/facility leases | (4,196 | ) | (2,956 | ) | (2,148 | ) | |||||||
Interest expense | (42,906 | ) | (45,401 | ) | (32,624 | ) | |||||||
Operating income before depreciation, amortization and allocation of corporate overhead | $ | 316,625 | $ | 272,705 | $ | 188,491 | |||||||
Depreciation and amortization | $ | 189,424 | $ | 178,396 | $ | 104,205 | |||||||
Capital expenditures | $ | 334,249 | $ | 350,118 | $ | 354,204 | |||||||
Total segment assets at December 31, | $ | 5,604,358 | $ | 5,394,029 | $ | 4,958,314 | |||||||
On-Campus Participating Properties | |||||||||||||
Rental revenues and other income | $ | 28,534 | $ | 26,348 | $ | 26,166 | |||||||
Interest income | 3 | 16 | 16 | ||||||||||
Total revenues from external customers | 28,537 | 26,364 | 26,182 | ||||||||||
Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead | (10,437 | ) | (10,322 | ) | (10,367 | ) | |||||||
Ground/facility lease | (3,201 | ) | (2,446 | ) | (2,100 | ) | |||||||
Interest expense | (5,131 | ) | (5,463 | ) | (5,671 | ) | |||||||
Operating income before depreciation, amortization and allocation of | $ | 9,768 | $ | 8,133 | $ | 8,044 | |||||||
corporate overhead | |||||||||||||
Depreciation and amortization | $ | 5,688 | $ | 4,756 | $ | 4,644 | |||||||
Capital expenditures | $ | 29,621 | $ | 17,094 | $ | 2,141 | |||||||
Total segment assets at December 31, | $ | 110,017 | $ | 88,777 | $ | 72,922 | |||||||
Development Services | |||||||||||||
Development and construction management fees | $ | 4,018 | $ | 2,483 | $ | 8,574 | |||||||
Operating expenses | (11,883 | ) | (11,172 | ) | (10,739 | ) | |||||||
Operating loss before depreciation, amortization and allocation of corporate overhead | $ | (7,865 | ) | $ | (8,689 | ) | $ | (2,165 | ) | ||||
Total segment assets at December 31, | $ | 1,530 | $ | 1,848 | $ | 1,804 | |||||||
Property Management Services | |||||||||||||
Property management fees from external customers | $ | 7,669 | $ | 7,514 | $ | 6,893 | |||||||
Intersegment revenues | 22,889 | 21,396 | 16,349 | ||||||||||
Total revenues | 30,558 | 28,910 | 23,242 | ||||||||||
Operating expenses | (12,400 | ) | (10,349 | ) | (10,098 | ) | |||||||
Operating income before depreciation, amortization and allocation of | $ | 18,158 | $ | 18,561 | $ | 13,144 | |||||||
corporate overhead | |||||||||||||
Total segment assets at December 31, | $ | 6,513 | $ | 7,033 | $ | 4,532 | |||||||
Reconciliations | |||||||||||||
Total segment revenues and other income | $ | 757,886 | $ | 679,026 | $ | 482,060 | |||||||
Unallocated interest income earned on investments and corporate cash | 3,086 | 2,837 | 1,700 | ||||||||||
Elimination of intersegment revenues | (22,889 | ) | (21,396 | ) | (16,349 | ) | |||||||
Total consolidated revenues, including interest income | $ | 738,083 | $ | 660,467 | $ | 467,411 | |||||||
Segment operating income before depreciation, amortization and allocation of corporate overhead | $ | 336,686 | $ | 290,710 | $ | 207,514 | |||||||
Depreciation and amortization | (203,413 | ) | (190,596 | ) | (114,924 | ) | |||||||
Net unallocated expenses relating to corporate interest and overhead | (67,956 | ) | (48,992 | ) | (43,931 | ) | |||||||
Income from unconsolidated joint ventures | — | — | 444 | ||||||||||
Loss from disposition of real estate | (368 | ) | — | — | |||||||||
Provision for real estate impairment | (2,443 | ) | — | — | |||||||||
Other nonoperating income (expense) | 186 | (2,666 | ) | 411 | |||||||||
Income tax provision | (1,308 | ) | (1,020 | ) | (725 | ) | |||||||
Income from continuing operations | $ | 61,384 | $ | 47,436 | $ | 48,789 | |||||||
Total segment assets | $ | 5,722,418 | $ | 5,491,687 | $ | 5,037,572 | |||||||
Unallocated corporate assets | 112,330 | 106,353 | 81,390 | ||||||||||
Total assets at December 31, | $ | 5,834,748 | $ | 5,598,040 | $ | 5,118,962 | |||||||
Quarterly_Financial_Informatio
Quarterly Financial Information (Unaudited) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) | |||||||||||||||||||||
American Campus Communities, Inc. | ||||||||||||||||||||||
The information presented below represents the quarterly consolidated financial results of the Company for the years ended December 31, 2014 and 2013. The results below differ from previously disclosed quarterly results due to certain reclassifications associated with discontinued operations during the periods presented. | ||||||||||||||||||||||
2014 | ||||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Total | ||||||||||||||||||
Total revenues | $ | 183,183 | $ | 171,977 | $ | 181,936 | $ | 196,819 | $ | 733,915 | ||||||||||||
Operating income | 47,995 | 35,433 | 18,854 | 52,704 | 154,986 | |||||||||||||||||
Income (loss) from continuing operations | 26,147 | 13,731 | (5,785 | ) | 27,291 | 61,384 | ||||||||||||||||
Discontinued operations | 2,720 | — | — | — | 2,720 | |||||||||||||||||
Net income (loss) | 28,867 | 13,731 | (5,785 | ) | 27,291 | 64,104 | ||||||||||||||||
Net income attributable to noncontrolling interests | (469 | ) | (293 | ) | (62 | ) | (441 | ) | (1,265 | ) | ||||||||||||
Net income (loss) attributable to common shareholders | $ | 28,398 | $ | 13,438 | $ | (5,847 | ) | $ | 26,850 | $ | 62,839 | |||||||||||
Net income attributable to common shareholders per share - basic | $ | 0.27 | $ | 0.13 | $ | (0.06 | ) | $ | 0.25 | $ | 0.59 | (1) | ||||||||||
Net income attributable to common shareholders per share - diluted | $ | 0.27 | $ | 0.12 | $ | (0.06 | ) | $ | 0.25 | $ | 0.58 | (1) | ||||||||||
2013 | ||||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Total | ||||||||||||||||||
Total revenues | $ | 163,162 | $ | 153,212 | $ | 158,394 | $ | 182,694 | $ | 657,462 | ||||||||||||
Operating income | 41,684 | 26,000 | 15,101 | 48,968 | 131,753 | |||||||||||||||||
Income (loss) from continuing operations | 20,333 | 5,910 | (5,222 | ) | 26,415 | 47,436 | ||||||||||||||||
Discontinued operations | 2,048 | 2,756 | 53,054 | 1,897 | 59,755 | |||||||||||||||||
Net income | 22,381 | 8,666 | 47,832 | 28,312 | 107,191 | |||||||||||||||||
Net income attributable to noncontrolling interests | (791 | ) | (617 | ) | (656 | ) | (483 | ) | (2,547 | ) | ||||||||||||
Net income attributable to common shareholders | $ | 21,590 | $ | 8,049 | $ | 47,176 | $ | 27,829 | $ | 104,644 | ||||||||||||
Net income attributable to common shareholders per share - basic | $ | 0.2 | $ | 0.07 | $ | 0.45 | $ | 0.26 | $ | 0.99 | (1) | |||||||||||
Net income attributable to common shareholders per share - diluted | $ | 0.2 | $ | 0.07 | $ | 0.45 | $ | 0.26 | $ | 0.98 | (1) | |||||||||||
(1) | Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year. | |||||||||||||||||||||
American Campus Communities Operating Partnership, L.P. | ||||||||||||||||||||||
The information presented below represents the quarterly consolidated financial results of the Operating Partnership for the years ended December 31, 2014 and 2013. The results below differ from previously disclosed quarterly results due to certain reclassifications associated with discontinued operations during the periods presented. | ||||||||||||||||||||||
2014 | ||||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Total | ||||||||||||||||||
Total revenues | $ | 183,183 | $ | 171,977 | $ | 181,936 | $ | 196,819 | $ | 733,915 | ||||||||||||
Operating income | 47,995 | 35,433 | 18,854 | 52,704 | 154,986 | |||||||||||||||||
Income (loss) from continuing operations | 26,147 | 13,731 | (5,785 | ) | 27,291 | 61,384 | ||||||||||||||||
Discontinued operations | 2,720 | — | — | — | 2,720 | |||||||||||||||||
Net income (loss) | 28,867 | 13,731 | (5,785 | ) | 27,291 | 64,104 | ||||||||||||||||
Net income attributable to noncontrolling interests | (88 | ) | (88 | ) | (81 | ) | (95 | ) | (352 | ) | ||||||||||||
Series A preferred unit distributions | (45 | ) | (45 | ) | (44 | ) | (44 | ) | (178 | ) | ||||||||||||
Net income (loss) attributable to common unitholders | $ | 28,734 | $ | 13,598 | $ | (5,910 | ) | $ | 27,152 | $ | 63,574 | |||||||||||
Net income attributable to common unitholders per unit - basic | $ | 0.27 | $ | 0.13 | $ | (0.06 | ) | $ | 0.25 | $ | 0.59 | (1) | ||||||||||
Net income attributable to common unitholders per unit - diluted | $ | 0.27 | $ | 0.12 | $ | (0.06 | ) | $ | 0.25 | $ | 0.58 | (1) | ||||||||||
2013 | ||||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Total | ||||||||||||||||||
Total revenues | $ | 163,162 | $ | 153,212 | $ | 158,394 | $ | 182,694 | $ | 657,462 | ||||||||||||
Operating income | 41,684 | 26,000 | 15,101 | 48,968 | 131,753 | |||||||||||||||||
Income (loss) from continuing operations | 20,333 | 5,910 | (5,222 | ) | 26,415 | 47,436 | ||||||||||||||||
Discontinued operations | 2,048 | 2,756 | 53,054 | 1,897 | 59,755 | |||||||||||||||||
Net income | 22,381 | 8,666 | 47,832 | 28,312 | 107,191 | |||||||||||||||||
Net income attributable to noncontrolling interests | (512 | ) | (483 | ) | (83 | ) | (110 | ) | (1,188 | ) | ||||||||||||
Series A preferred unit distributions | (46 | ) | (45 | ) | (46 | ) | (45 | ) | (182 | ) | ||||||||||||
Net income attributable to common unitholders | $ | 21,823 | $ | 8,138 | $ | 47,703 | $ | 28,157 | $ | 105,821 | ||||||||||||
Net income attributable to common unitholders per unit - basic | $ | 0.2 | $ | 0.07 | $ | 0.45 | $ | 0.26 | $ | 0.99 | (1) | |||||||||||
Net income attributable to common unitholders per unit - diluted | $ | 0.2 | $ | 0.07 | $ | 0.45 | $ | 0.26 | $ | 0.98 | (1) | |||||||||||
(1) | Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
Distributions: On January 28, 2015, the Company declared a fourth quarter 2014 distribution per share of $0.38 which was paid on February 20, 2015 to all common stockholders of record as of February 9, 2015. At the same time, the Operating Partnership paid an equivalent amount per unit to holders of Common Units, as well as the quarterly cumulative preferential distribution to holders of Series A Preferred Units (see Note 9). | |
ATM Equity Program: Subsequent to December 31, 2014, the Company sold approximately 4.9 million shares under the ATM Equity Program for net proceeds of approximately $213.4 million after payment of approximately $3.3 million of commissions paid to sales agents. | |
Property Dispositions: In January 2015, the Company sold seven wholly-owned properties containing 4,107 beds for approximately $173.9 million. Refer to Note 6 for additional information about these properties. | |
Property Acquisitions: In February 2015, the Company acquired University Walk, a 177-unit, 526-bed wholly-owned property located near the University of Tennessee campus and Park Point, a 66-unit, 226-bed wholly owned property located on the campus of Syracuse University, for approximately $59.8 million. |
Schedule_of_Real_Estate_and_Ac
Schedule of Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Schedule of Real Estate and Accumulated Depreciation | Schedule of Real Estate and Accumulated Depreciation | ||||||||||||||||||||||||||||||||||||||||
Initial Cost | Total Costs | ||||||||||||||||||||||||||||||||||||||||
Units | Beds | Land | Buildings and | Costs | Land | Buildings and | Total (1) | Accumulated Depreciation | Encumbrances (2) | Year Built | |||||||||||||||||||||||||||||||
Improvements | Capitalized | Improvements | |||||||||||||||||||||||||||||||||||||||
and Furniture, | Subsequent to | and Furniture, | |||||||||||||||||||||||||||||||||||||||
Fixtures and | Acquisition / Initial Development | Fixtures and | |||||||||||||||||||||||||||||||||||||||
Equipment | Equipment | ||||||||||||||||||||||||||||||||||||||||
Wholly-Owned Properties | |||||||||||||||||||||||||||||||||||||||||
The Callaway House | 173 | 538 | $ | 5,081 | $ | 20,499 | $ | 6,689 | $ | 5,081 | $ | 27,188 | $ | 32,269 | $ | 10,345 | $ | — | 1999 | ||||||||||||||||||||||
The Village at Alafaya Club (3) | 228 | 839 | 3,787 | 21,851 | 3,049 | 3,787 | 24,900 | 28,687 | 10,176 | — | 1999 | ||||||||||||||||||||||||||||||
The Village at Science Drive | 192 | 732 | 4,673 | 19,021 | 2,206 | 4,673 | 21,227 | 25,900 | 7,878 | — | 2000 | ||||||||||||||||||||||||||||||
University Village at Boulder Creek | 82 | 309 | 1,035 | 16,393 | 1,518 | 1,035 | 17,911 | 18,946 | 6,514 | — | 2002 | ||||||||||||||||||||||||||||||
University Village - Fresno | 105 | 406 | 929 | 15,553 | 703 | 929 | 16,256 | 17,185 | 5,377 | — | 2004 | ||||||||||||||||||||||||||||||
University Village - Temple | 220 | 749 | — | 41,119 | 2,183 | — | 43,302 | 43,302 | 12,823 | — | 2004 | ||||||||||||||||||||||||||||||
University Village at Sweethome | 269 | 828 | 2,473 | 34,626 | 1,518 | 2,473 | 36,144 | 38,617 | 10,783 | — | 2005 | ||||||||||||||||||||||||||||||
University Club Townhomes | 216 | 736 | 4,665 | 23,103 | 5,420 | 4,665 | 28,523 | 33,188 | 10,141 | — | 2000/2002 | ||||||||||||||||||||||||||||||
College Club Townhomes | 136 | 544 | 1,967 | 16,049 | 2,707 | 1,967 | 18,756 | 20,723 | 6,645 | — | 2001/2004 | ||||||||||||||||||||||||||||||
University Club Apartments | 94 | 376 | 1,416 | 11,848 | 1,552 | 1,416 | 13,400 | 14,816 | 4,093 | — | 1999 | ||||||||||||||||||||||||||||||
The Estates | 396 | 1,044 | 4,254 | 43,164 | 3,180 | 4,254 | 46,344 | 50,598 | 13,467 | 32,528 | 2002 | ||||||||||||||||||||||||||||||
City Parc at Fry Street | 136 | 418 | 1,902 | 17,678 | 1,593 | 1,902 | 19,271 | 21,173 | 5,852 | — | 2004 | ||||||||||||||||||||||||||||||
Entrada Real | 98 | 363 | 1,475 | 15,859 | 1,787 | 1,475 | 17,646 | 19,121 | 4,434 | — | 2000 | ||||||||||||||||||||||||||||||
University Village- Tallahassee | 217 | 716 | 4,322 | 26,225 | 3,307 | 4,322 | 29,532 | 33,854 | 8,083 | — | 1990/91/92 | ||||||||||||||||||||||||||||||
Royal Village Gainesville | 118 | 448 | 2,484 | 15,153 | 1,513 | 2,484 | 16,666 | 19,150 | 4,663 | — | 1996 | ||||||||||||||||||||||||||||||
Royal Lexington | 94 | 364 | 2,848 | 12,783 | 5,068 | 2,848 | 17,851 | 20,699 | 4,345 | — | 1994 | ||||||||||||||||||||||||||||||
The Woods at Greenland | 78 | 276 | 1,050 | 7,286 | 979 | 1,050 | 8,265 | 9,315 | 2,392 | — | 2001 | ||||||||||||||||||||||||||||||
Raiders Crossing | 96 | 276 | 1,089 | 8,404 | 948 | 1,089 | 9,352 | 10,441 | 2,650 | — | 2002 | ||||||||||||||||||||||||||||||
Raiders Pass | 264 | 828 | 3,877 | 32,445 | 2,821 | 3,877 | 35,266 | 39,143 | 9,269 | — | 2002 | ||||||||||||||||||||||||||||||
Aggie Station | 156 | 450 | 1,634 | 18,821 | 1,182 | 1,634 | 20,003 | 21,637 | 5,151 | — | 2002 | ||||||||||||||||||||||||||||||
The Outpost- San Marcos | 162 | 486 | 1,987 | 18,973 | 1,615 | 1,987 | 20,588 | 22,575 | 5,269 | — | 2004 | ||||||||||||||||||||||||||||||
The Outpost- San Antonio | 276 | 828 | 3,262 | 36,252 | 1,645 | 3,262 | 37,897 | 41,159 | 9,473 | — | 2005 | ||||||||||||||||||||||||||||||
Callaway Villas | 236 | 704 | 3,903 | 32,286 | 796 | 3,903 | 33,082 | 36,985 | 8,922 | — | 2006 | ||||||||||||||||||||||||||||||
The Village on Sixth Avenue | 248 | 752 | 2,763 | 22,480 | 2,889 | 2,763 | 25,369 | 28,132 | 6,849 | 1,276 | 2000/2006 | ||||||||||||||||||||||||||||||
Newtown Crossing | 356 | 942 | 7,013 | 53,597 | 1,484 | 7,013 | 55,081 | 62,094 | 13,771 | 28,283 | 2005/2007 | ||||||||||||||||||||||||||||||
Olde Towne University Square | 224 | 550 | 2,277 | 24,614 | 1,128 | 2,277 | 25,742 | 28,019 | 7,039 | 18,311 | 2005 | ||||||||||||||||||||||||||||||
Peninsular Place | 183 | 478 | 2,306 | 16,559 | 874 | 2,306 | 17,433 | 19,739 | 4,977 | 15,044 | 2005 | ||||||||||||||||||||||||||||||
University Centre | 234 | 838 | — | 77,378 | 2,577 | — | 79,955 | 79,955 | 18,141 | — | 2007 | ||||||||||||||||||||||||||||||
Sunnyside Commons | 68 | 161 | 6,933 | 768 | 473 | 6,933 | 1,241 | 8,174 | 381 | — | 1925/2001 | ||||||||||||||||||||||||||||||
Pirates Place Townhomes | 144 | 528 | 1,159 | 9,652 | 2,139 | 1,159 | 11,791 | 12,950 | 3,006 | 4,833 | 1996 | ||||||||||||||||||||||||||||||
The Highlands (3) | 216 | 732 | 4,821 | 24,822 | 1,884 | 4,821 | 26,706 | 31,527 | 6,147 | — | 2004 | ||||||||||||||||||||||||||||||
The Summit & Jacob Heights | 258 | 930 | 2,318 | 36,464 | 1,310 | 2,318 | 37,774 | 40,092 | 7,506 | 30,623 | 2003 | ||||||||||||||||||||||||||||||
GrandMarc Seven Corners | 186 | 440 | 4,491 | 28,807 | 1,652 | 4,491 | 30,459 | 34,950 | 6,108 | — | 2000 | ||||||||||||||||||||||||||||||
University Village- Sacramento | 250 | 394 | 7,275 | 12,639 | 1,966 | 7,275 | 14,605 | 21,880 | 3,626 | 14,740 | 1979 | ||||||||||||||||||||||||||||||
Initial Cost | Total Costs | ||||||||||||||||||||||||||||||||||||||||
Units | Beds | Land | Buildings and | Costs | Land | Buildings and | Total (1) | Accumulated Depreciation | Encumbrances (2) | Year Built | |||||||||||||||||||||||||||||||
Improvements | Capitalized | Improvements | |||||||||||||||||||||||||||||||||||||||
and Furniture, | Subsequent to | and Furniture, | |||||||||||||||||||||||||||||||||||||||
Fixtures and | Acquisition / Initial Development | Fixtures and | |||||||||||||||||||||||||||||||||||||||
Equipment | Equipment | ||||||||||||||||||||||||||||||||||||||||
Aztec Corner | 180 | 606 | $ | 17,460 | $ | 32,209 | $ | 1,243 | $ | 17,460 | $ | 33,452 | 50,912 | $ | 6,442 | $ | 27,428 | 1995 | |||||||||||||||||||||||
University Crossings | 260 | 1,016 | — | 47,830 | 18,276 | — | 66,106 | 66,106 | 11,408 | — | 1926/2003 | ||||||||||||||||||||||||||||||
Campus Corner | 254 | 796 | 1,591 | 20,928 | 2,021 | 1,591 | 22,949 | 24,540 | 5,161 | 22,266 | 1997 | ||||||||||||||||||||||||||||||
Tower at Third | 188 | 375 | 1,145 | 19,128 | 10,037 | 1,748 | 28,562 | 30,310 | 6,224 | 14,491 | 1973 | ||||||||||||||||||||||||||||||
University Manor | 168 | 600 | 1,387 | 14,889 | 2,196 | 1,387 | 17,085 | 18,472 | 4,525 | — | 2002 | ||||||||||||||||||||||||||||||
Lakeside Apartments | 244 | 776 | 2,347 | 22,999 | 3,096 | 2,347 | 26,095 | 28,442 | 6,294 | 14,100 | 1991 | ||||||||||||||||||||||||||||||
The Club | 120 | 480 | 1,164 | 11,979 | 2,125 | 1,164 | 14,104 | 15,268 | 3,864 | — | 1989 | ||||||||||||||||||||||||||||||
The Edge- Orlando | 306 | 930 | 6,053 | 37,802 | 3,769 | 6,053 | 41,571 | 47,624 | 8,982 | — | 1999 | ||||||||||||||||||||||||||||||
University Place (3) | 144 | 528 | 2,794 | 15,639 | 1,784 | 2,794 | 17,423 | 20,217 | 3,948 | — | 2003 | ||||||||||||||||||||||||||||||
South View | 240 | 960 | 3,492 | 41,760 | 4,065 | 3,492 | 45,825 | 49,317 | 10,440 | 18,918 | 1998 | ||||||||||||||||||||||||||||||
Stone Gate | 168 | 672 | 2,929 | 28,164 | 2,286 | 2,929 | 30,450 | 33,379 | 6,938 | 14,264 | 2000 | ||||||||||||||||||||||||||||||
The Commons | 132 | 528 | 2,173 | 17,786 | 3,188 | 2,173 | 20,974 | 23,147 | 4,815 | 4,156 | 1991 | ||||||||||||||||||||||||||||||
University Gables | 168 | 648 | 1,309 | 13,148 | 2,423 | 1,309 | 15,571 | 16,880 | 4,502 | — | 2001 | ||||||||||||||||||||||||||||||
Willowtree Apartments and Towers | 473 | 851 | 9,807 | 21,880 | 2,411 | 9,807 | 24,291 | 34,098 | 5,374 | — | 1968/1974 | ||||||||||||||||||||||||||||||
Abbott Place | 222 | 654 | 1,833 | 18,313 | 2,499 | 1,833 | 20,812 | 22,645 | 5,390 | 17,850 | 1999 | ||||||||||||||||||||||||||||||
The Centre | 232 | 700 | 1,804 | 19,395 | 1,824 | 1,804 | 21,219 | 23,023 | 5,045 | 19,875 | 2004 | ||||||||||||||||||||||||||||||
University Meadows | 184 | 616 | 1,426 | 14,870 | 2,819 | 1,426 | 17,689 | 19,115 | 4,070 | 9,633 | 2001 | ||||||||||||||||||||||||||||||
Campus Way | 194 | 680 | 1,581 | 21,845 | 2,703 | 1,581 | 24,548 | 26,129 | 5,840 | 15,375 | 1993 | ||||||||||||||||||||||||||||||
University Pointe | 204 | 682 | 989 | 27,576 | 1,656 | 989 | 29,232 | 30,221 | 6,078 | 21,300 | 2004 | ||||||||||||||||||||||||||||||
University Trails | 240 | 684 | 1,183 | 25,173 | 2,588 | 1,183 | 27,761 | 28,944 | 5,868 | — | 2003 | ||||||||||||||||||||||||||||||
Vista del Sol (ACE) | 613 | 1,866 | — | 135,939 | 2,228 | — | 138,167 | 138,167 | 27,182 | — | 2008 | ||||||||||||||||||||||||||||||
Villas at Chestnut Ridge | 196 | 552 | 2,756 | 33,510 | 613 | 2,756 | 34,123 | 36,879 | 6,886 | — | 2008 | ||||||||||||||||||||||||||||||
Barrett Honors College (ACE) | 604 | 1,721 | — | 131,302 | 876 | — | 132,178 | 132,178 | 21,280 | — | 2009 | ||||||||||||||||||||||||||||||
Campus Trails | 156 | 480 | 1,358 | 11,291 | 3,613 | 1,358 | 14,904 | 16,262 | 3,314 | 7,486 | 1991 | ||||||||||||||||||||||||||||||
Lions Crossing | 204 | 696 | 4,453 | 32,824 | 1,952 | 4,453 | 34,776 | 39,229 | 4,553 | — | 1996 | ||||||||||||||||||||||||||||||
Nittany Crossing | 204 | 684 | 4,337 | 31,920 | 2,631 | 4,337 | 34,551 | 38,888 | 4,518 | — | 1996 | ||||||||||||||||||||||||||||||
The View (3) | 157 | 590 | 1,499 | 11,004 | 1,369 | 1,499 | 12,373 | 13,872 | 1,892 | — | 2003 | ||||||||||||||||||||||||||||||
Chapel Ridge (3) | 180 | 544 | 4,244 | 30,792 | 1,004 | 4,244 | 31,796 | 36,040 | 3,977 | — | 2003 | ||||||||||||||||||||||||||||||
Chapel View (3) | 224 | 358 | 2,161 | 16,062 | 944 | 2,161 | 17,006 | 19,167 | 2,235 | 9,690 | 1986 | ||||||||||||||||||||||||||||||
University Oaks | 181 | 662 | 2,150 | 17,369 | 1,125 | 2,150 | 18,494 | 20,644 | 2,681 | 22,150 | 2004 | ||||||||||||||||||||||||||||||
Blanton Common | 276 | 860 | 3,788 | 29,662 | 1,351 | 3,788 | 31,013 | 34,801 | 4,133 | 28,250 | 2005/2007 | ||||||||||||||||||||||||||||||
University Heights - Birmingham | 176 | 528 | 1,387 | 8,236 | 1,198 | 1,387 | 9,434 | 10,821 | 1,831 | — | 2001 | ||||||||||||||||||||||||||||||
Burbank Commons | 134 | 532 | 2,512 | 20,063 | 2,491 | 2,512 | 22,554 | 25,066 | 3,313 | 14,888 | 1995 | ||||||||||||||||||||||||||||||
University Crescent | 192 | 612 | 3,548 | 28,403 | 1,876 | 3,548 | 30,279 | 33,827 | 4,281 | 24,150 | 1999 | ||||||||||||||||||||||||||||||
University Greens (3) | 156 | 516 | 1,117 | 9,244 | 1,202 | 1,117 | 10,446 | 11,563 | 1,684 | — | 1999 | ||||||||||||||||||||||||||||||
The Edge - Charlotte | 180 | 720 | 3,076 | 22,841 | 1,984 | 3,076 | 24,825 | 27,901 | 3,500 | — | 1999 | ||||||||||||||||||||||||||||||
University Walk | 120 | 480 | 2,016 | 14,599 | 1,771 | 2,016 | 16,370 | 18,386 | 2,411 | — | 2002 | ||||||||||||||||||||||||||||||
Uptown Apartments | 180 | 528 | 3,031 | 21,685 | 1,459 | 3,031 | 23,144 | 26,175 | 2,883 | — | 2004 | ||||||||||||||||||||||||||||||
Initial Cost | Total Costs | ||||||||||||||||||||||||||||||||||||||||
Units | Beds | Land | Buildings and | Costs | Land | Buildings and | Total (1) | Accumulated Depreciation | Encumbrances (2) | Year Built | |||||||||||||||||||||||||||||||
Improvements | Capitalized | Improvements | |||||||||||||||||||||||||||||||||||||||
and Furniture, | Subsequent to | and Furniture, | |||||||||||||||||||||||||||||||||||||||
Fixtures and | Acquisition / Initial Development | Fixtures and | |||||||||||||||||||||||||||||||||||||||
Equipment | Equipment | ||||||||||||||||||||||||||||||||||||||||
Sanctuary Lofts | 201 | 487 | $ | 2,960 | $ | 18,180 | $ | 2,885 | $ | 2,960 | $ | 21,065 | 24,025 | $ | 3,791 | $ | — | 2006 | |||||||||||||||||||||||
2nd Ave Centre | 274 | 868 | 4,434 | 27,236 | 2,814 | 4,434 | 30,050 | 34,484 | 4,371 | — | 2008 | ||||||||||||||||||||||||||||||
Villas at Babcock | 204 | 792 | 4,642 | 30,901 | 172 | 4,642 | 31,073 | 35,715 | 5,033 | — | 2011 | ||||||||||||||||||||||||||||||
Lobo Village (ACE) | 216 | 864 | — | 42,490 | 358 | — | 42,848 | 42,848 | 4,750 | — | 2011 | ||||||||||||||||||||||||||||||
Villas on Sycamore | 170 | 680 | 3,000 | 24,640 | 257 | 3,000 | 24,897 | 27,897 | 4,250 | — | 2011 | ||||||||||||||||||||||||||||||
University Village Northwest (ACE) | 36 | 144 | — | 4,228 | 24 | — | 4,252 | 4,252 | 602 | — | 2011 | ||||||||||||||||||||||||||||||
Eagles Trail | 216 | 792 | 608 | 19,061 | 3,304 | 608 | 22,365 | 22,973 | 2,729 | — | 2007 | ||||||||||||||||||||||||||||||
26 West | 367 | 1,026 | 21,396 | 63,994 | 4,313 | 21,396 | 68,307 | 89,703 | 6,547 | — | 2008 | ||||||||||||||||||||||||||||||
The Varsity | 258 | 901 | 11,605 | 108,529 | 1,457 | 11,605 | 109,986 | 121,591 | 9,439 | — | 2011 | ||||||||||||||||||||||||||||||
University Heights - Knoxville | 204 | 636 | 1,625 | 12,585 | 3,373 | 1,625 | 15,958 | 17,583 | 1,845 | — | 1999 | ||||||||||||||||||||||||||||||
Avalon Heights | 210 | 754 | 4,968 | 24,345 | 3,934 | 4,968 | 28,279 | 33,247 | 2,690 | — | 2002 | ||||||||||||||||||||||||||||||
University Commons | 164 | 480 | 12,559 | 19,010 | 2,067 | 12,559 | 21,077 | 33,636 | 1,767 | — | 2003 | ||||||||||||||||||||||||||||||
The Block | 669 | 1,555 | 22,270 | 141,430 | 7,126 | 22,270 | 148,556 | 170,826 | 9,346 | — | 2007/2008 | ||||||||||||||||||||||||||||||
University Pointe at College Station (ACE) | 282 | 978 | — | 84,657 | 728 | — | 85,385 | 85,385 | 9,563 | — | 2012 | ||||||||||||||||||||||||||||||
Casas del Rio (ACE) | 283 | 1,028 | — | 40,639 | 432 | — | 41,071 | 41,071 | 5,540 | — | 2012 | ||||||||||||||||||||||||||||||
The Suites (ACE) | 275 | 550 | — | 27,080 | 110 | — | 27,190 | 27,190 | 3,052 | 20,756 | 2012 | ||||||||||||||||||||||||||||||
Hilltop Townhomes (ACE) | 144 | 576 | — | 31,507 | 104 | — | 31,611 | 31,611 | 3,548 | 23,881 | 2012 | ||||||||||||||||||||||||||||||
U Club on Frey | 114 | 456 | 3,300 | 18,182 | 79 | 3,300 | 18,261 | 21,561 | 2,449 | — | 2012 | ||||||||||||||||||||||||||||||
Campus Edge on UTA Boulevard | 128 | 488 | 2,663 | 21,233 | 82 | 2,663 | 21,315 | 23,978 | 2,369 | — | 2012 | ||||||||||||||||||||||||||||||
U Club Townhomes on Marion Pugh | 160 | 640 | 6,722 | 26,546 | 165 | 6,722 | 26,711 | 33,433 | 3,154 | — | 2012 | ||||||||||||||||||||||||||||||
Villas on Rensch | 153 | 610 | 10,231 | 33,852 | 178 | 10,231 | 34,030 | 44,261 | 3,510 | — | 2012 | ||||||||||||||||||||||||||||||
The Village at Overton Park | 163 | 612 | 5,262 | 29,374 | 165 | 5,262 | 29,539 | 34,801 | 3,326 | — | 2012 | ||||||||||||||||||||||||||||||
Casa de Oro (ACE) | 109 | 365 | — | 12,362 | 23 | — | 12,385 | 12,385 | 1,515 | — | 2012 | ||||||||||||||||||||||||||||||
The Villas at Vista del Sol (ACE) | 104 | 400 | — | 20,421 | 72 | — | 20,493 | 20,493 | 2,523 | — | 2012 | ||||||||||||||||||||||||||||||
Icon Plaza | 56 | 253 | 6,292 | 65,857 | 2,854 | 6,292 | 68,711 | 75,003 | 4,259 | — | 2012 | ||||||||||||||||||||||||||||||
Chauncey Square | 158 | 386 | 2,522 | 40,013 | 1,161 | 2,522 | 41,174 | 43,696 | 2,907 | — | 2007/2012 | ||||||||||||||||||||||||||||||
309 Green | 110 | 416 | 5,351 | 49,987 | 1,771 | 5,351 | 51,758 | 57,109 | 3,451 | 31,906 | 2008 | ||||||||||||||||||||||||||||||
Lofts54 | 43 | 172 | 430 | 14,741 | 735 | 430 | 15,476 | 15,906 | 1,112 | 10,978 | 2008 | ||||||||||||||||||||||||||||||
Campustown Rentals | 264 | 746 | 2,409 | 38,422 | 4,940 | 2,409 | 43,362 | 45,771 | 3,219 | — | 1920/1987 | ||||||||||||||||||||||||||||||
Campustown | 452 | 1,217 | 1,818 | 77,894 | 2,104 | 1,818 | 79,998 | 81,816 | 5,340 | 41,365 | 1910/2004 | ||||||||||||||||||||||||||||||
Garnet River Walk | 170 | 476 | 1,427 | 28,616 | 842 | 1,427 | 29,458 | 30,885 | 2,417 | 17,168 | 2006 | ||||||||||||||||||||||||||||||
River Mill | 243 | 461 | 1,741 | 22,806 | 2,525 | 1,741 | 25,331 | 27,072 | 1,794 | — | 1972 | ||||||||||||||||||||||||||||||
Landmark | 173 | 606 | 3,002 | 118,168 | 469 | 3,002 | 118,637 | 121,639 | 7,563 | — | 2012 | ||||||||||||||||||||||||||||||
922 Place | 132 | 468 | 3,363 | 34,947 | 2,316 | 3,363 | 37,263 | 40,626 | 2,756 | 31,918 | 2009 | ||||||||||||||||||||||||||||||
Vintage & Texan West Campus | 124 | 311 | 5,937 | 26,266 | 509 | 5,937 | 26,775 | 32,712 | 1,787 | 8,857 | 2009/2005 | ||||||||||||||||||||||||||||||
The Castilian | 371 | 623 | 3,663 | 59,772 | 18,041 | 3,663 | 77,813 | 81,476 | 4,151 | — | 1967 | ||||||||||||||||||||||||||||||
Bishops Square | 134 | 315 | 1,206 | 17,878 | 879 | 1,206 | 18,757 | 19,963 | 1,475 | 11,815 | 2002 | ||||||||||||||||||||||||||||||
Union | 54 | 120 | 169 | 6,348 | 286 | 169 | 6,634 | 6,803 | 531 | 3,656 | 2007 | ||||||||||||||||||||||||||||||
Initial Cost | Total Costs | ||||||||||||||||||||||||||||||||||||||||
Units | Beds | Land | Buildings and | Costs | Land | Buildings and | Total (1) | Accumulated Depreciation | Encumbrances (2) | Year Built | |||||||||||||||||||||||||||||||
Improvements | Capitalized | Improvements | |||||||||||||||||||||||||||||||||||||||
and Furniture, | Subsequent to | and Furniture, | |||||||||||||||||||||||||||||||||||||||
Fixtures and | Acquisition / Initial Development | Fixtures and | |||||||||||||||||||||||||||||||||||||||
Equipment | Equipment | ||||||||||||||||||||||||||||||||||||||||
The Retreat | 187 | 780 | $ | 5,265 | $ | 46,236 | $ | 982 | $ | 5,265 | $ | 47,218 | $ | 52,483 | $ | 3,240 | $ | — | 2012 | ||||||||||||||||||||||
West 27th Place | 161 | 475 | 13,900 | 76,720 | 678 | 13,900 | 77,398 | 91,298 | 4,647 | 39,519 | 2011 | ||||||||||||||||||||||||||||||
The Cottages of Durham | 141 | 619 | 3,955 | 41,421 | 1,432 | 3,955 | 42,853 | 46,808 | 3,489 | — | 2012 | ||||||||||||||||||||||||||||||
The Province - Rochester | 336 | 816 | 3,798 | 70,955 | 1,062 | 3,798 | 72,017 | 75,815 | 4,916 | 35,542 | 2010 | ||||||||||||||||||||||||||||||
The Province - Greensboro | 219 | 696 | 2,226 | 48,567 | 486 | 2,226 | 49,053 | 51,279 | 3,350 | 29,000 | 2011 | ||||||||||||||||||||||||||||||
U Pointe Kennesaw | 216 | 795 | 1,482 | 61,654 | 3,158 | 1,482 | 64,812 | 66,294 | 4,596 | — | 2012 | ||||||||||||||||||||||||||||||
The Province - Tampa | 287 | 947 | — | 52,943 | 2,117 | — | 55,060 | 55,060 | 3,844 | 33,079 | 2009 | ||||||||||||||||||||||||||||||
The Lofts at Capital Garage | 36 | 144 | 313 | 3,581 | 345 | 313 | 3,926 | 4,239 | 300 | 4,486 | 1920/2000 | ||||||||||||||||||||||||||||||
RAMZ Apts on Broad | 88 | 172 | 785 | 12,303 | 354 | 785 | 12,657 | 13,442 | 843 | — | 2004 | ||||||||||||||||||||||||||||||
5 Twenty Four & 5 Twenty Five Angliana | 376 | 1,060 | — | 60,448 | 772 | — | 61,220 | 61,220 | 4,308 | 26,319 | 2009/2011 | ||||||||||||||||||||||||||||||
The Province - Louisville | 366 | 858 | 4,392 | 63,068 | 693 | 4,392 | 63,761 | 68,153 | 4,477 | 37,998 | 2009 | ||||||||||||||||||||||||||||||
The Province - Dayton | 200 | 657 | 1,211 | 32,983 | 626 | 1,211 | 33,609 | 34,820 | 2,478 | — | 2009 | ||||||||||||||||||||||||||||||
The Lodges of East Lansing | 364 | 1,049 | 6,472 | 89,231 | 826 | 6,472 | 90,057 | 96,529 | 5,441 | 30,699 | 2011/2013 | ||||||||||||||||||||||||||||||
The Cottages of Baton Rouge | 382 | 1,290 | 6,524 | 113,912 | 4,682 | 6,524 | 118,594 | 125,118 | 7,814 | 63,760 | 2010/2011 | ||||||||||||||||||||||||||||||
U Club Cottages | 105 | 308 | 1,744 | 22,134 | 569 | 1,744 | 22,703 | 24,447 | 1,736 | 15,881 | 2011 | ||||||||||||||||||||||||||||||
The Cottages of Columbia | 145 | 513 | 2,695 | 27,574 | 1,138 | 2,695 | 28,712 | 31,407 | 2,099 | 20,029 | 2008 | ||||||||||||||||||||||||||||||
Forest Village and Woodlake | 352 | 704 | 3,125 | 18,041 | 2,669 | 3,125 | 20,710 | 23,835 | 1,529 | — | 1982/1983 | ||||||||||||||||||||||||||||||
Grindstone Canyon | 201 | 384 | 1,631 | 21,641 | 822 | 1,631 | 22,463 | 24,094 | 1,709 | 14,173 | 2003 | ||||||||||||||||||||||||||||||
25 Twenty | 249 | 562 | 2,226 | 33,429 | 375 | 2,226 | 33,804 | 36,030 | 2,617 | 27,000 | 2011 | ||||||||||||||||||||||||||||||
University Edge | 201 | 608 | 4,500 | 26,385 | 443 | 4,500 | 26,828 | 31,328 | 1,716 | — | 2012 | ||||||||||||||||||||||||||||||
Manzanita (ACE) | 241 | 816 | — | 48,781 | 58 | — | 48,839 | 48,839 | 2,950 | — | 2013 | ||||||||||||||||||||||||||||||
The Callaway House Austin | 219 | 753 | — | 61,550 | 170 | — | 61,720 | 61,720 | 3,417 | — | 2013 | ||||||||||||||||||||||||||||||
Chestnut Square (ACE) | 220 | 861 | — | 99,106 | 1,614 | — | 100,720 | 100,720 | 4,938 | — | 2013 | ||||||||||||||||||||||||||||||
U Club on Woodward | 112 | 448 | 6,703 | 21,654 | 164 | 6,703 | 21,818 | 28,521 | 1,295 | — | 2013 | ||||||||||||||||||||||||||||||
U Club Townhomes at Overton Park | 112 | 448 | 7,775 | 21,483 | 63 | 7,775 | 21,546 | 29,321 | 1,288 | — | 2013 | ||||||||||||||||||||||||||||||
601 Copeland | 81 | 283 | 1,457 | 27,133 | 140 | 1,457 | 27,273 | 28,730 | 1,321 | — | 2013 | ||||||||||||||||||||||||||||||
University View (ACE) | 96 | 336 | — | 14,683 | 47 | — | 14,730 | 14,730 | 888 | — | 2013 | ||||||||||||||||||||||||||||||
The Townhomes at Newtown Crossing | 152 | 608 | 7,745 | 32,074 | 117 | 7,745 | 32,191 | 39,936 | 1,487 | — | 2013 | ||||||||||||||||||||||||||||||
7th Street Station | 82 | 309 | 9,792 | 16,472 | 233 | 9,792 | 16,705 | 26,497 | 902 | — | 2012 | ||||||||||||||||||||||||||||||
Park Point | 300 | 924 | 7,827 | 73,495 | 2,073 | 7,827 | 75,568 | 83,395 | 3,153 | 70,000 | 2008 | ||||||||||||||||||||||||||||||
U Centre at Fry Street | 194 | 614 | 2,902 | 47,700 | 568 | 2,902 | 48,268 | 51,170 | 1,750 | — | 2012 | ||||||||||||||||||||||||||||||
Cardinal Towne | 255 | 545 | 6,547 | 53,809 | 283 | 6,547 | 54,092 | 60,639 | 1,791 | 37,250 | 2010/2011 | ||||||||||||||||||||||||||||||
The Plaza on University | 364 | 1,313 | 23,987 | 84,763 | 602 | 23,987 | 85,365 | 109,352 | 1,228 | — | 2014 | ||||||||||||||||||||||||||||||
Stanworth Commons Phase I (ACE) | 127 | 214 | — | 30,932 | 11 | — | 30,943 | 30,943 | 557 | — | 2014 | ||||||||||||||||||||||||||||||
U Club on Frey Phase II | 102 | 408 | 5,403 | 18,691 | 9 | 5,403 | 18,700 | 24,103 | 292 | — | 2014 | ||||||||||||||||||||||||||||||
The Suites Phase II (ACE) | 164 | 328 | — | 18,342 | 7 | — | 18,349 | 18,349 | 280 | — | 2014 | ||||||||||||||||||||||||||||||
U Centre at Northgate (ACE) | 196 | 784 | — | 35,663 | 12 | — | 35,675 | 35,675 | 609 | — | 2014 | ||||||||||||||||||||||||||||||
University Walk (4) | 177 | 526 | 4,229 | 29,456 | 32 | 4,229 | 29,488 | 33,717 | 429 | 19,000 | 2014 | ||||||||||||||||||||||||||||||
Initial Cost | Total Costs | ||||||||||||||||||||||||||||||||||||||||
Units | Beds | Land | Buildings and | Costs | Land | Buildings and | Total (1) | Accumulated Depreciation | Encumbrances (2) | Year Built | |||||||||||||||||||||||||||||||
Improvements | Capitalized | Improvements | |||||||||||||||||||||||||||||||||||||||
and Furniture, | Subsequent to | and Furniture, | |||||||||||||||||||||||||||||||||||||||
Fixtures and | Acquisition / Initial Development | Fixtures and | |||||||||||||||||||||||||||||||||||||||
Equipment | Equipment | ||||||||||||||||||||||||||||||||||||||||
The Standard | 190 | 610 | $ | 4,674 | $ | 57,310 | $ | 59 | $ | 4,674 | $ | 57,369 | $ | 62,043 | $ | 268 | $ | — | 2014 | ||||||||||||||||||||||
Properties Under Development (5) | |||||||||||||||||||||||||||||||||||||||||
The Summit at University City (ACE) | 351 | 1,316 | — | 105,703 | — | — | 105,703 | 105,703 | — | — | 2015 | ||||||||||||||||||||||||||||||
2125 Franklin | 192 | 734 | 8,299 | 34,665 | — | 8,299 | 34,665 | 42,964 | — | — | 2015 | ||||||||||||||||||||||||||||||
160 Ross | 182 | 642 | 2,962 | 19,402 | — | 2,962 | 19,402 | 22,364 | — | — | 2015 | ||||||||||||||||||||||||||||||
U Club on Woodward Phase II | 124 | 496 | 9,647 | 13,910 | — | 9,647 | 13,910 | 23,557 | — | — | 2015 | ||||||||||||||||||||||||||||||
Boulder, CO Development | 100 | 400 | 9,289 | 1,737 | — | 9,289 | 1,737 | 11,026 | — | — | 2016 | ||||||||||||||||||||||||||||||
USC Health Sciences Campus (ACE) | 178 | 456 | — | 4,817 | — | — | 4,817 | 4,817 | — | — | 2016 | ||||||||||||||||||||||||||||||
Undeveloped land parcels | — | — | 40,636 | — | — | 40,636 | — | 40,636 | — | — | N/A | ||||||||||||||||||||||||||||||
Subtotal | 31,574 | 98,575 | $ | 591,062 | $ | 5,273,984 | $ | 279,196 | $ | 591,665 | $ | 5,552,577 | $ | 6,144,242 | $ | 704,521 | $ | 1,157,943 | |||||||||||||||||||||||
On-Campus Participating Properties | |||||||||||||||||||||||||||||||||||||||||
University Village – PVAMU | 612 | 1,920 | $ | — | $ | 36,506 | $ | 6,530 | $ | — | 43,036 | 43,036 | $ | 28,018 | $ | 19,836 | 1996/97/98 | ||||||||||||||||||||||||
University College - PVAMU | 756 | 1,470 | — | 22,650 | 4,178 | — | 26,828 | 26,828 | 15,071 | 16,915 | 2000/2003 | ||||||||||||||||||||||||||||||
University Village - TAMIU | 84 | 250 | — | 5,844 | 1,093 | — | 6,937 | 6,937 | 4,508 | 3,034 | 1997 | ||||||||||||||||||||||||||||||
Cullen Oaks Phase I and II | 411 | 879 | — | 33,910 | 2,696 | — | 36,606 | 36,606 | 14,594 | 30,553 | 2001/2005 | ||||||||||||||||||||||||||||||
College Park | 224 | 567 | — | 43,634 | 2 | — | 43,636 | 43,636 | 724 | 43,942 | 2014 | ||||||||||||||||||||||||||||||
Subtotal | 2,087 | 5,086 | $ | — | $ | 142,544 | $ | 14,499 | $ | — | $ | 157,043 | $ | 157,043 | $ | 62,915 | $ | 114,280 | |||||||||||||||||||||||
Total | 33,661 | 103,661 | $ | 591,062 | $ | 5,416,528 | $ | 293,695 | $ | 591,665 | $ | 5,709,620 | $ | 6,301,285 | $ | 767,436 | $ | 1,272,223 | |||||||||||||||||||||||
(1) | Total aggregate costs for Federal income tax purposes is approximately $6,257.7 million. | ||||||||||||||||||||||||||||||||||||||||
(2) | Total encumbrances exclude net unamortized debt premiums of approximately $60.6 million and net unamortized debt discounts of approximately $0.9 million as of December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||
(3) | These properties are classified as held for sale as of December 31, 2014 and were sold in January 2015 (see Note 20). | ||||||||||||||||||||||||||||||||||||||||
(4) | University Walk is a property that was subject to a pre-sale arrangement that we did not own as of December 31, 2014 but were obligated to purchase as long as the developer met certain construction deadlines and closing conditions. The property opened for operations in August 2014 and we purchased the property in February 2015. This property is consolidated for financial reporting purposes (see Note 7). | ||||||||||||||||||||||||||||||||||||||||
(5) | Initial costs represent construction costs incurred to date associated with the development of these properties. Year built represents the scheduled completion date. | ||||||||||||||||||||||||||||||||||||||||
The changes in the Company’s investments in real estate and related accumulated depreciation for each of the years ended December 31, 2014, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
Wholly- | On-Campus (4) | Wholly- | On-Campus (4) | Wholly- | On-Campus (4) | ||||||||||||||||||||||||||||||||||||
Owned (1) (2) | Owned (1) (3) | Owned (1) | |||||||||||||||||||||||||||||||||||||||
Investments in Real Estate: | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 5,742,971 | $ | 130,705 | $ | 5,267,845 | $ | 109,838 | $ | 3,089,267 | $ | 107,698 | |||||||||||||||||||||||||||||
Acquisition of land for development | 3,627 | — | 25,649 | — | 29,353 | — | |||||||||||||||||||||||||||||||||||
Acquisition of properties | 71,269 | — | 288,191 | — | 1,847,366 | — | |||||||||||||||||||||||||||||||||||
Improvements and development expenditures | 361,369 | 26,338 | 340,033 | 20,867 | 359,296 | 2,140 | |||||||||||||||||||||||||||||||||||
Write off of fully depreciated or damaged assets | (1,853 | ) | — | (1,862 | ) | — | — | — | |||||||||||||||||||||||||||||||||
Provision for real estate impairment | (2,443 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Disposition of real estate | (30,698 | ) | — | (176,885 | ) | — | (57,437 | ) | — | ||||||||||||||||||||||||||||||||
Balance, end of year | $ | 6,144,242 | $ | 157,043 | $ | 5,742,971 | $ | 130,705 | $ | 5,267,845 | $ | 109,838 | |||||||||||||||||||||||||||||
Accumulated Depreciation: | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | (529,555 | ) | $ | (57,249 | ) | $ | (396,469 | ) | $ | (52,492 | ) | $ | (300,210 | ) | $ | (47,848 | ) | |||||||||||||||||||||||
Depreciation for the year | (182,756 | ) | (5,666 | ) | (162,230 | ) | (4,757 | ) | (103,306 | ) | (4,644 | ) | |||||||||||||||||||||||||||||
Write off of fully depreciated or damaged assets | 1,281 | — | 1,862 | — | — | — | |||||||||||||||||||||||||||||||||||
Disposition of properties | 6,509 | — | 27,282 | — | 7,047 | — | |||||||||||||||||||||||||||||||||||
Balance, end of year | $ | (704,521 | ) | $ | (62,915 | ) | $ | (529,555 | ) | $ | (57,249 | ) | $ | (396,469 | ) | $ | (52,492 | ) | |||||||||||||||||||||||
(1) | Includes owned off-campus properties and owned on-campus properties. | ||||||||||||||||||||||||||||||||||||||||
(2) | The investments in real estate and accumulated depreciation balances include The Highlands, Chapel Ridge, Chapel View, University Place, The Village at Alafaya Club, The View and University Greens, which were classified as wholly-owned properties held for sale in the accompanying consolidated balance sheets as of December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||
(3) | The investments in real estate and accumulated depreciation balances include Hawks Landing which was classified as a wholly-owned property held for sale in the accompanying consolidated balance sheets as of December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||
(4) | Includes on-campus participating properties. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Real Estate Properties [Line Items] | |||
Basis of Presentation | Basis of Presentation | ||
The accompanying consolidated financial statements, presented in U.S. dollars, are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and revenue and expenses during the reporting periods. Our actual results could differ from those estimates and assumptions. All material intercompany transactions among consolidated entities have been eliminated. All dollar amounts in the tables herein, except share, per share, unit and per unit amounts, are stated in thousands unless otherwise indicated. Certain prior period amounts have been reclassified to conform to the current period presentation. | |||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | ||
In January 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2015-01 (“ASU 2015-01”) ASU 2015-01 issues final guidance on the FASB's initiative to simplify income statement presentation by eliminating the concept of extraordinary items. Under the guidance an entity will no longer be able to segregate an extraordinary item from the results of operations, separately present an extraordinary item on the income statement, or disclose income taxes or earnings-per-share data applicable to an extraordinary item. The ASU is effective for all entities for reporting periods (including interim periods) beginning after December 15, 2015, and early adoption is permitted. The Company will adopt the guidance effective January 1, 2016 and the guidance is not anticipated to have a material impact on our consolidated financial statements or notes to our consolidated financial statements. | |||
In May 2014, the FASB issued Accounting Standards Update 2014-09 (“ASU 2014-09”), "Revenue From Contracts With Customers (Topic 606)". ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The ASU is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. ASU 2014-09 is effective for the Company at the beginning of its 2017 fiscal year; early adoption is not permitted. We are currently assessing the impact that this standard will have on our consolidated financial statements. | |||
In April 2014, the 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 as of 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 and On-Campus Properties | Investments in Real Estate | ||
Investments in real estate are recorded at historical cost. Major improvements that extend the life of an asset are capitalized and depreciated over the remaining useful life of the asset. The cost of ordinary repairs and maintenance are charged to expense when incurred. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: | |||
Buildings and improvements | 7-40 years | ||
Leasehold interest - on-campus | 25-34 years (shorter of useful life or respective lease term) | ||
participating properties | |||
Furniture, fixtures and equipment | 3-7 years | ||
Project costs directly associated with the development and construction of an owned real estate project, which include interest, property taxes, and amortization of deferred finance costs, are capitalized as construction in progress. Upon completion of the project, costs are transferred into the applicable asset category and depreciation commences. Interest totaling approximately $8.8 million, $10.0 million and $9.8 million was capitalized during the years ended December 31, 2014, 2013 and 2012, respectively. Amortization of deferred financing costs totaling approximately $-0-, $-0- and $0.2 million was capitalized as construction in progress during the years ended December 31, 2014, 2013 and 2012, respectively. | |||
Management assesses whether there has been an impairment in the value of the Company’s investments in real estate whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment is recognized when estimated expected future undiscounted cash flows are less than the carrying value of the property, or when it is probable that a property will be sold prior to the end of its estimated useful life, at which time an impairment charge is recognized for any excess of the carrying value of the property over the expected net proceeds from the disposal. The estimation of expected future net cash flows is inherently uncertain and relies on assumptions regarding current and future economics and market conditions. If such conditions change, then an adjustment to the carrying value of the Company’s long-lived assets could occur in the future period in which the conditions change. To the extent that a property is impaired, the excess of the carrying amount of the property over its estimated fair value is charged to earnings. The Company believes that there were no impairments of the carrying values of its investments in real estate as of December 31, 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. We have determined these estimates to have been primarily based upon unobservable inputs and therefore are considered to be Level 3 inputs within the fair value hierarchy. | |||
We record the acquisition of undeveloped land parcels that do not meet the accounting criteria to be accounted for as business combinations at the purchase price paid and capitalize the associated acquisition costs. | |||
Long-Lived Assets-Held for Sale | Long-Lived Assets–Held for Sale | ||
Long-lived assets to be disposed of are classified as held for sale in the period in which all of the following criteria are met: | |||
a. | Management, having the authority to approve the action, commits to a plan to sell the asset. | ||
b. | The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. | ||
c. | An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated. | ||
d. | The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year. | ||
e. | The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. | ||
f. | Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. | ||
Concurrent with this classification, the asset is recorded at the lower of cost or fair value less estimated selling costs, and depreciation ceases. | |||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company maintains cash balances in various banks. At times the Company’s balances may exceed the amount insured by the FDIC. As the Company only uses money-centered financial institutions, the Company does not believe it is exposed to any significant credit risk related to its cash and cash equivalents. | |||
Restricted Cash | Restricted Cash | ||
Restricted cash consists of funds held in trust and invested in low risk investments, generally consisting of government backed securities, as permitted by the indentures of trusts, which were established in connection with three bond issues. Additionally, restricted cash includes escrow accounts held by lenders and resident security deposits, as required by law in certain states. Restricted cash also consists of escrow deposits made in connection with potential property acquisitions and development opportunities. These escrow deposits are invested in interest-bearing accounts at federally-insured banks. Realized and unrealized gains and losses are not material for the periods presented. | |||
Loans Receivable | Loans Receivable | ||
Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan purchase discounts, and net of an allowance for loan losses when such loan is deemed to be impaired. Loan purchase discounts are amortized over the term of the loan. The Company considers a loan impaired when, based upon current information and events, it is probable that it will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. Management’s estimate of the collectability of principal and interest payments under the company’s loans receivable from CaPFA Capital Corp. 2000F (“CaPFA”), which mature in December 2040 and carry a balance of approximately $54.3 million as of December 31, 2014, are highly dependent on the future operating performance of the properties securing the loans. As future economic conditions and/or market conditions at the properties change, management will continue to evaluate the collectability of such amounts. The Company believes there were no impairments of the carrying value of its loans receivable as of December 31, 2014. 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. | |||
Deferred Financing Costs | Deferred Financing Costs | ||
The Company defers financing costs and amortizes the costs over the terms of the related debt using the effective interest method. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to earnings. | |||
Joint Ventures | Joint Ventures | ||
The Company holds interests in both consolidated and unconsolidated joint ventures. The Company consolidates joint ventures when it exhibits financial or operational control, which is determined using accounting standards related to the consolidation of joint ventures and VIEs. For joint ventures that are defined as VIEs, the primary beneficiary consolidates the entity. The Company considers itself to be the primary beneficiary of a VIE when it has the power to direct the activities that most significantly impact the performance of the VIE, such as management of day-to-day operations, preparing and approving operating and capital budgets, and encumbering or selling the related properties. In instances where the Company is not the primary beneficiary, it does not consolidate the joint venture for financial reporting purposes. | |||
For joint ventures that are not defined as VIEs, management first considers whether the Company is the general partner or a limited partner (or the equivalent in such investments which are not structured as partnerships). The Company consolidates joint ventures where it is the general partner and the limited partners in such investments do not have rights which would preclude control and, therefore, consolidation for financial reporting purposes. For joint ventures where the Company is the general partner, but does not control the joint venture as the other partners hold substantive participating rights, the Company uses the equity method of accounting. For joint ventures where the Company is a limited partner, management considers factors such as ownership interest, voting control, authority to make decisions, and contractual and substantive participating rights of the partners to determine if the presumption that the general partner controls the entity is overcome. In instances where these factors indicate the Company controls the joint venture, the Company consolidates the joint venture; otherwise it uses the equity method of accounting. | |||
Mortgage Debt - Premiums and Discounts | Mortgage Debt - Premiums and Discounts | ||
Mortgage debt premiums and discounts represent fair value adjustments to account for the difference between the stated rates and market rates of mortgage debt assumed in connection with the Company’s property acquisitions. The mortgage debt premiums and discounts are amortized to interest expense over the term of the related mortgage loans using the effective-interest method. | |||
Unsecured Notes - Original Issue Discount | Unsecured Notes - Original Issue Discount | ||
In April 2013 and again in June 2014, the Company issued $400 million of senior unsecured notes (see Note 11) at 99.659 percent and 99.861 percent of par value, respectively, and recorded an original issue discount of approximately $1.4 million and $0.6 million, respectively. The total unamortized original issue discount was approximately $1.7 million and $1.3 million as of December 31, 2014 and 2013, respectively, and is included in unsecured notes on the accompanying consolidated balance sheets. Amortization of the original issue discounts of approximately $0.1 million for both of the years ended December 31, 2014 and 2013, and is included in interest expense on the accompanying consolidated statements of comprehensive income. | |||
Rental Revenues and Related Receivables | Rental Revenues and Related Receivables | ||
Students are required to execute lease contracts with payment schedules that vary from single to monthly payments. Receivables are recorded when billed, revenues and related lease incentives are recognized on a straight-line basis over the term of the contracts, and balances are considered past due when payment is not received on the contractual due date. The Company generally requires each executed contract to be accompanied by a signed parental guaranty, and in certain cases a refundable security deposit. Security deposits are refundable, net of any outstanding charges, upon expiration of the underlying contract. | |||
Allowances for receivables are established when management determines that collection of such receivables are doubtful. Management's determination of the adequacy of the allowances is based primarily on an analysis of the aging of receivables, historical bad debts, and current economic trends. When management has determined receivables to be uncollectible, which is typically after two years, they are removed as an asset with a corresponding reduction in the allowance for doubtful accounts. | |||
Tenant Reimbursements | Tenant Reimbursements | ||
Reimbursements from tenants, consisting of amounts due from tenants for utilities, are recognized as revenue in the period the recoverable costs are incurred. Tenant reimbursements are recognized and recorded on a gross basis, as we are generally the primary obligor with respect to purchasing goods and services from third-party suppliers, have discretion in selecting the supplier, and have credit risk. | |||
Third-Party Development Services Revenue and Costs | Third-Party Development Services Revenue and Costs | ||
Development revenues are generally recognized based on a proportional performance method based on contract deliverables, while construction revenues are recognized using the percentage of completion method, as determined by construction costs incurred relative to total estimated construction costs. Costs associated with such projects are deferred and recognized in relation to the revenues earned on executed contracts. For projects where the Company’s fee is based on a fixed price, any cost overruns incurred during construction, as compared to the original budget, will reduce the net fee generated on those projects. Incentive fees are generally recognized when the project is complete and performance has been agreed upon by all parties, or when performance has been verified by an independent third-party. The Company also evaluates the collectability of fee income and expense reimbursements generated through the provision of development and construction management services based upon the individual facts and circumstances, including the contractual right to receive such amounts in accordance with the terms of the various projects, and reserves any amounts that are deemed to be uncollectible. | |||
Pre-development expenditures such as architectural fees, permits and deposits associated with the pursuit of third-party and owned development projects are expensed as incurred, until such time that management believes it is probable that the contract will be executed and/or construction will commence. Because the Company frequently incurs these pre-development expenditures before a financing commitment and/or required permits and authorizations have been obtained, the Company bears the risk of loss of these pre-development expenditures if financing cannot ultimately be arranged on acceptable terms or the Company is unable to successfully obtain the required permits and authorizations. As such, management evaluates the status of third-party and owned projects that have not yet commenced construction on a periodic basis and expenses any deferred costs related to projects whose current status indicates the commencement of construction is unlikely and/or the costs may not provide future value to the Company in the form of revenues. Such write-offs are included in third-party development and management services expenses (in the case of third-party development projects) or general and administrative expenses (in the case of owned development projects) on the accompanying consolidated statements of comprehensive income. As of December 31, 2014, the Company has deferred approximately $2.5 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. | |||
Third-Party Management Services Revenue | Third-Party Management Services Revenue | ||
Management fees are recognized when earned in accordance with each management contract. Incentive management fees are recognized when the incentive criteria have been met. The Company evaluates the collectability of revenue earned from third-party management contracts and reserves any amounts deemed to be uncollectible based on the individual facts and circumstances of the projects and associated contracts. | |||
Advertising Costs | Advertising Costs | ||
Advertising costs are expensed during the period incurred, or as the advertising takes place, depending on the nature and term of the specific advertising arrangements. | |||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities | ||
The Company records all derivative financial instruments on the balance sheet at fair value. Changes in fair value are recognized either in earnings or as other comprehensive income, depending on whether the derivative has been designated as a fair value or cash flow hedge and whether it qualifies as part of a hedging relationship, the nature of the exposure being hedged, and how effective the derivative is at offsetting movements in underlying exposure. The Company discontinues hedge accounting when: (i) it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item; (ii) the derivative expires or is sold, terminated, or exercised; (iii) it is no longer probable that the forecasted transaction will occur; or (iv) management determines that designating the derivative as a hedging instrument is no longer appropriate. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company will carry the derivative at its fair value on the balance sheet, recognizing changes in the fair value in current-period earnings. The Company uses interest rate swaps to effectively convert a portion of its floating rate debt to fixed rate, thus reducing the impact of rising interest rates on interest payments. These instruments are designated as cash flow hedges and the interest differential to be paid or received is accrued as interest expense. The Company’s counter-parties are major financial institutions. See Note 14 for an expanded discussion on derivative instruments and hedging activities. | |||
Common Stock Issuances and Costs | Common Stock Issuances and Costs | ||
Specific incremental costs directly attributable to the Company’s equity offerings are deferred and charged against the gross proceeds of the offering. As such, underwriting commissions and other common stock issuance costs are reflected as a reduction of additional paid in capital. See Note 12 for an expanded discussion on common stock issuances and costs. | |||
Share-Based Compensation | Share-Based Compensation | ||
Compensation expense associated with share-based awards is recognized in our consolidated statements of comprehensive income based on the grant-date fair values. Compensation expense is recognized over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. | |||
Income Taxes | Income Taxes | ||
The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted taxable income to its stockholders. As a REIT, the Company will generally not be subject to corporate level federal income tax on taxable income it currently distributes to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for the subsequent four taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local income and excise taxes on its income and property, and to federal income and excise taxes on its undistributed income. | |||
The Company owns two TRSs, one of which manages the Company’s non-REIT activities and each is subject to federal, state and local income taxes. | |||
Owned On Campus Properties | |||
Real Estate Properties [Line Items] | |||
Investments in Real Estate and On-Campus Properties | Owned On-Campus Properties | ||
Under its ACE program, the Company, as lessee, has entered into ground/facility lease agreements with nine university systems to finance, construct, and manage 19 student housing properties. Two properties were under construction as of December 31, 2014 with one scheduled to open for occupancy in Fall 2015 and one in Fall 2016. The terms of the leases, including extension options, range from 30 to 85 years, and the lessor has title to the land and generally any improvements placed thereon. The Company’s involvement in construction requires the lessor’s post construction ownership of the improvements to be treated as a sale with a subsequent leaseback by the Company. However, these sale-leaseback transactions do not qualify for sale-leaseback accounting because of the Company’s continuing involvement in the constructed assets. As a result of the Company’s continuing involvement, these leases are accounted for by the deposit method, in which the assets subject to the ground/facility leases are reflected at historical cost, less amortization, and the financing obligations are reflected at the terms of the underlying financing. | |||
On-campus participating properties | |||
Real Estate Properties [Line Items] | |||
Investments in Real Estate and On-Campus Properties | On-Campus Participating Properties | ||
The Company has entered into ground and facility leases with three university systems and colleges to finance, construct, and manage five on-campus student housing facilities. Under the terms of the leases, the lessor has title to the land and any improvements placed thereon. With the exception of the Company's lease with West Virginia University, each lease terminates upon final repayment of the construction related financing, the amortization period of which is contractually stipulated. The Company's lease with West Virgina University has an initial term of 40 years with two 10-year extensions at the Company's option. The Company’s involvement in construction requires the lessor’s post construction ownership of the improvements to be treated as a sale with a subsequent leaseback by the Company. The sale-leaseback transaction has been accounted for as a financing, and as a result, any fee earned during construction is deferred and recognized over the term of the lease. The resulting financing obligation is reflected at the terms of the underlying financing, i.e., interest is accrued at the contractual rates and principal reduces in accordance with the contractual principal repayment schedules. | |||
The entities that own the on-campus participating properties are determined to be Variable Interest Entities (“VIEs”), with the Company being the primary beneficiary. As such, the Company consolidates these properties for financial reporting purposes. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 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 allowance for doubtful accounts | The allowance for doubtful accounts is summarized as follows: | ||||||||||||||||
Balance, Beginning | Charged to | Write-Offs | Balance, End | ||||||||||||||
of Period | Expense | of Period | |||||||||||||||
Year ended December 31, 2012 | $ | 9,496 | $ | 6,472 | $ | (5,366 | ) | $ | 10,602 | ||||||||
Year ended December 31, 2013 | $ | 10,602 | $ | 9,871 | $ | (4,547 | ) | $ | 15,926 | ||||||||
Year ended December 31, 2014 | $ | 15,926 | $ | 10,894 | $ | (7,109 | ) | $ | 19,711 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share Disclosure [Line Items] | |||||||||||||
Schedule of potentially dilutive securities not included in calculating diluted earnings per share | The following potentially dilutive securities were outstanding for the years ended December 31, 2014, 2013 and 2012, but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Common OP Units (Note 9) | 1,213,509 | 1,158,892 | 951,891 | ||||||||||
Preferred OP Units (Note 9) | 111,279 | 113,721 | 114,128 | ||||||||||
Total potentially dilutive securities | 1,324,788 | 1,272,613 | 1,066,019 | ||||||||||
Schedule of summary of elements used in calculating basic earnings per share/unit | The following is a summary of the elements used in calculating basic and diluted earnings per share: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator - basic and diluted earnings per share: | |||||||||||||
Income from continuing operations | $ | 61,384 | $ | 47,436 | $ | 48,789 | |||||||
Income from continuing operations attributable to | (1,231 | ) | (1,843 | ) | (3,460 | ) | |||||||
noncontrolling interests | |||||||||||||
Income from continuing operations attributable to | 60,153 | 45,593 | 45,329 | ||||||||||
common shareholders | |||||||||||||
Amount allocated to participating securities | (1,076 | ) | (927 | ) | (848 | ) | |||||||
Income from continuing operations attributable to | 59,077 | 44,666 | 44,481 | ||||||||||
common shareholders, net of amount allocated to | |||||||||||||
participating securities | |||||||||||||
Income from discontinued operations | 2,720 | 59,755 | 11,449 | ||||||||||
Income from discontinued operations attributable to noncontrolling interests | (34 | ) | (704 | ) | (142 | ) | |||||||
Income from discontinued operations attributable | 2,686 | 59,051 | 11,307 | ||||||||||
to common shareholders | |||||||||||||
Net income attributable to common shareholders | $ | 61,763 | $ | 103,717 | $ | 55,788 | |||||||
Denominator: | |||||||||||||
Basic weighted average common shares outstanding | 105,032,155 | 104,760,502 | 84,711,584 | ||||||||||
Unvested Restricted Stock Awards (Note 13) | 679,265 | 621,818 | 597,867 | ||||||||||
Diluted weighted average common shares outstanding | 105,711,420 | 105,382,320 | 85,309,451 | ||||||||||
Earnings per share – basic: | |||||||||||||
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | $ | 0.56 | $ | 0.43 | $ | 0.53 | |||||||
Income from discontinued operations attributable to common shareholders | $ | 0.03 | $ | 0.56 | $ | 0.13 | |||||||
Net income attributable to common shareholders | $ | 0.59 | $ | 0.99 | $ | 0.66 | |||||||
Earnings per share – diluted: | |||||||||||||
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | $ | 0.56 | $ | 0.42 | $ | 0.52 | |||||||
Income from discontinued operations attributable to common shareholders | $ | 0.02 | $ | 0.56 | $ | 0.13 | |||||||
Net income attributable to common shareholders | $ | 0.58 | $ | 0.98 | $ | 0.65 | |||||||
Distributions declared per common share | $ | 1.5 | $ | 1.42 | $ | 1.35 | |||||||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||||||||||||
Earnings Per Share Disclosure [Line Items] | |||||||||||||
Schedule of potentially dilutive securities not included in calculating diluted earnings per share | The following is a summary of the elements used in calculating basic and diluted earnings per unit: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator - basic and diluted earnings per unit: | |||||||||||||
Income from continuing operations | $ | 61,384 | $ | 47,436 | $ | 48,789 | |||||||
Income from continuing operations attributable to | (352 | ) | (1,188 | ) | (2,755 | ) | |||||||
noncontrolling interests - partially owned properties | |||||||||||||
Income from continuing operations attributable to | (175 | ) | (119 | ) | (168 | ) | |||||||
Series A preferred units | |||||||||||||
Amount allocated to participating securities | (1,076 | ) | (927 | ) | (848 | ) | |||||||
Income from continuing operations attributable to | 59,781 | 45,202 | 45,018 | ||||||||||
common unitholders, net of amount allocated to | |||||||||||||
participating securities | |||||||||||||
Income from discontinued operations | 2,720 | 59,755 | 11,449 | ||||||||||
Income from discontinued operations attributable to Series A preferred units | (3 | ) | (63 | ) | (15 | ) | |||||||
Income from discontinued operations attributable | 2,717 | 59,692 | 11,434 | ||||||||||
to common unitholders | |||||||||||||
Net income attributable to common unitholders | $ | 62,498 | $ | 104,894 | $ | 56,452 | |||||||
Denominator: | |||||||||||||
Basic weighted average common units outstanding | 106,245,664 | 105,919,394 | 85,663,475 | ||||||||||
Unvested Restricted Stock Awards (Note 13) | 679,265 | 621,818 | 597,867 | ||||||||||
Diluted weighted average common units outstanding | 106,924,929 | 106,541,212 | 86,261,342 | ||||||||||
Earnings per unit – basic: | |||||||||||||
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities | $ | 0.56 | $ | 0.43 | $ | 0.53 | |||||||
Income from discontinued operations attributable to common unitholders | $ | 0.03 | $ | 0.56 | $ | 0.13 | |||||||
Net income attributable to common unitholders | $ | 0.59 | $ | 0.99 | $ | 0.66 | |||||||
Earnings per unit – diluted: | |||||||||||||
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities | $ | 0.56 | $ | 0.42 | $ | 0.52 | |||||||
Income from discontinued operations attributable to common unitholders | $ | 0.02 | $ | 0.56 | $ | 0.13 | |||||||
Net income attributable to common unitholders | $ | 0.58 | $ | 0.98 | $ | 0.65 | |||||||
Distributions declared per common unit | $ | 1.5 | $ | 1.42 | $ | 1.35 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of significant components of deferred tax assets and liabilities of TRSs | Significant components of the deferred tax assets and liabilities of the TRSs are as follows: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Fixed and intangible assets | $ | 3,283 | $ | 3,461 | |||||||||
Net operating loss carryforwards | 6,552 | 5,786 | |||||||||||
Prepaid and deferred income | 2,265 | 2,437 | |||||||||||
Bad debt reserves | 687 | 716 | |||||||||||
Accrued expenses and other | 3,770 | 2,759 | |||||||||||
Stock compensation | 2,099 | 2,040 | |||||||||||
Total deferred tax assets | 18,656 | 17,199 | |||||||||||
Valuation allowance for deferred tax assets | (18,415 | ) | (16,916 | ) | |||||||||
Deferred tax assets, net of valuation allowance | 241 | 283 | |||||||||||
Deferred tax liability: | |||||||||||||
Deferred financing costs | 241 | 283 | |||||||||||
Net deferred tax liabilities | $ | — | $ | — | |||||||||
Schedule of significant components of income tax provision | Significant components of the Company’s income tax provision are as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | — | $ | — | $ | — | |||||||
State | (1,308 | ) | (1,020 | ) | (725 | ) | |||||||
Deferred: | |||||||||||||
Federal | — | — | — | ||||||||||
State | — | — | — | ||||||||||
Total provision -- continuing | $ | (1,308 | ) | $ | (1,020 | ) | $ | (725 | ) | ||||
operations | |||||||||||||
Schedule of reconciliation of income tax attributable to continuing operations for the TRSs computed at the U.S. statutory rate to income tax provision | The reconciliation of income tax attributable to continuing operations for the TRSs computed at the U.S. statutory rate to income tax provision is as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Tax benefit at U.S. statutory rates on TRS income | $ | 1,928 | $ | 2,060 | $ | 60 | |||||||
subject to tax | |||||||||||||
State income tax, net of federal income tax benefit | 71 | 76 | — | ||||||||||
Effect of permanent differences and other | (72 | ) | (76 | ) | (46 | ) | |||||||
Increase in valuation allowance | (1,927 | ) | (2,060 | ) | (14 | ) | |||||||
TRS income tax provision | $ | — | $ | — | $ | — | |||||||
Schedule of distributions to shareholders | A schedule of per share distributions the Company paid and reported to its shareholders, which is unaudited, is set forth in the following table: | ||||||||||||
Year Ended December 31, | |||||||||||||
Tax Treatment of Distributions: | 2014 | 2013 | 2012 | ||||||||||
Ordinary income | $ | 0.9016 | $ | 0.799 | $ | 0.8664 | |||||||
Long-term capital gain (1) | 0.0107 | 0.5229 | 0.0388 | ||||||||||
Return of capital | 0.5877 | 0.0956 | 0.4448 | ||||||||||
Total per common share outstanding | $ | 1.5 | $ | 1.4175 | $ | 1.35 | |||||||
(1) | Unrecaptured Sec. 1250 gains of $0.0248, $0.2189 and $0.0360 were reported for the years ended December | ||||||||||||
31, 2014, 2013 and 2012, respectively. |
Property_Acquisitions_Tables
Property Acquisitions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Summary of the assets acquired and liabilities assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed from the properties discussed above: | ||||||||||||
2014 | 2013 | ||||||||||||
Assets acquired: | |||||||||||||
Land | $ | 13,469 | $ | 47,851 | |||||||||
Buildings and improvements | 54,163 | 243,498 | |||||||||||
Furniture, fixtures and equipment | 3,637 | 9,694 | |||||||||||
Intangible and other assets | 3,796 | 30,067 | |||||||||||
Total assets acquired | $ | 75,065 | $ | 331,110 | |||||||||
Liabilities assumed: | |||||||||||||
Mortgage debt | $ | — | $ | 70,000 | (1) | ||||||||
Other liabilities | — | 8,927 | |||||||||||
Total liabilities assumed: | $ | — | $ | 78,927 | |||||||||
Net assets acquired | $ | 75,065 | $ | 252,183 | |||||||||
Schedule of unaudited pro forma information | The unaudited pro forma information is provided for informational purposes only and is not indicative of results that would have occurred or which may occur in the future: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Total revenues | $ | 733,915 | $ | 678,333 | $ | 608,691 | |||||||
Net income attributable to common shareholders | $ | 62,839 | $ | 111,535 | $ | 89,642 | |||||||
Net income per share attributable to common shareholders, as adjusted - basic | $ | 0.59 | $ | 1.06 | $ | 0.85 | |||||||
Net income per share attributable to common shareholders, as adjusted - diluted | $ | 0.58 | $ | 1.05 | $ | 0.84 | |||||||
Property_Dispositions_and_Disc1
Property Dispositions and Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Schedule of properties sold during period | The following seven wholly-owned properties were classified as held for sale on the accompanying consolidated balance sheet as of December 31, 2014, all of which were sold in January 2015 (see Note 20): | ||||||||||||
Property | Location | Primary University Served | Units | Beds | |||||||||
The Highlands | Reno, NV | University of Nevada at Reno | 216 | 732 | |||||||||
The View | Lincoln, NE | University of Nebraska | 157 | 590 | |||||||||
Chapel Ridge | Chapel Hill, NC | University of North Carolina | 180 | 544 | |||||||||
Chapel View | Chapel Hill, NC | University of North Carolina | 224 | 358 | |||||||||
The Village at Alafaya Club | Orlando, FL | University of Central Florida | 228 | 839 | |||||||||
University Place | Charlottesville, VA | University of Virginia | 144 | 528 | |||||||||
University Greens | Norman, OK | University of Oklahoma | 156 | 516 | |||||||||
Schedule of summary of results of disposition and discontinued operations | The properties discussed above are included in the wholly-owned properties segment (see Note 18). The following is a summary of (loss) income attributable to discontinued operations for the periods presented: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Total revenues | $ | 279 | $ | 16,191 | $ | 30,144 | |||||||
Total operating expenses | (239 | ) | (7,220 | ) | (12,641 | ) | |||||||
Depreciation and amortization | — | (2,487 | ) | (5,991 | ) | ||||||||
Operating income | 40 | 6,484 | 11,512 | ||||||||||
Total nonoperating expenses | (163 | ) | (1,660 | ) | (2,784 | ) | |||||||
Net (loss) income | $ | (123 | ) | $ | 4,824 | $ | 8,728 | ||||||
Investments_in_WhollyOwned_Pro1
Investments in Wholly-Owned Properties (Tables) (Wholly owned properties) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Wholly owned properties | |||||||||
Real Estate Properties [Line Items] | |||||||||
Schedule of real estate properties | Wholly-owned properties consisted of the following: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Land (1) (2) | $ | 571,242 | $ | 575,944 | |||||
Buildings and improvements (2) | 4,937,345 | 4,759,879 | |||||||
Furniture, fixtures and equipment (2) | 289,168 | 267,022 | |||||||
Construction in progress | 185,414 | 121,923 | |||||||
5,983,169 | 5,724,768 | ||||||||
Less accumulated depreciation | (674,462 | ) | (525,760 | ) | |||||
Wholly-owned properties, net (3) | $ | 5,308,707 | $ | 5,199,008 | |||||
(1) | The land balance above includes undeveloped land parcels with book values of approximately $40.6 million as of both December 31, 2014 and 2013. Also includes land totaling approximately $30.2 million and $39.4 million as of December 31, 2014 and 2013, respectively, related to properties under development. | ||||||||
(2) | Land, buildings and improvements and furniture, fixtures and equipment as of December 31, 2014 include $4.2 million, $27.6 million and $1.9 million, respectively, related to University Walk, a property located in Knoxville, Tennessee that serves 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 was obligated to purchase the property as long as the developer met certain construction completion deadlines and other closing conditions. The property opened for operations in August 2014 and the Company purchased the property in February 2015. The entity was financed with an $8.8 million mezzanine loan from the Company, a $19 million construction loan from a third-party lender and a $1.5 million equity contribution from the developer. The Company was responsible for leasing, management, and initial operations of the project while the third-party developer was responsible for development of the property. The entity that owned University Walk was deemed to be a variable interest entity (“VIE”), and the Company was 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 |
OnCampus_Participating_Propert1
On-Campus Participating Properties (Tables) (On-campus participating properties) | 12 Months Ended | ||||||||||||
Dec. 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 – December 31, | |||||||||||||
Lessor/University | Lease | Required Debt | 2014 | 2013 | |||||||||
Commencement | Repayment | ||||||||||||
Texas A&M University System / | 2/1/96 | 9/1/23 | $ | 43,036 | $ | 42,288 | |||||||
Prairie View A&M University (1) | |||||||||||||
Texas A&M University System / | 2/1/96 | 9/1/23 | 6,937 | 6,767 | |||||||||
Texas A&M International | |||||||||||||
Texas A&M University System / | 10/1/99 | 8/31/25 | 26,828 | 26,275 | |||||||||
Prairie View A&M University (2) | 8/31/28 | ||||||||||||
University of Houston System / | 9/27/00 | 8/31/35 | 36,606 | 36,126 | |||||||||
University of Houston (3) | |||||||||||||
West Virginia University / West Virginia University (4) | 7/16/13 | 7/16/45 | 43,636 | 19,249 | |||||||||
157,043 | 130,705 | ||||||||||||
Less accumulated amortization | (62,915 | ) | (57,249 | ) | |||||||||
On-campus participating properties, net | $ | 94,128 | $ | 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) | This property commenced operations in August 2014. Due to our involvement in the construction of the facility, fees paid to the Company/lessee for development and construction management services during the construction period were deferred and amortized to revenue over the lease term. |
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 12 Months Ended | |||
Dec. 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 years ended December 31, 2014 and 2013: | |||
Balance, December 31, 2012 | $ | 57,534 | ||
Net income | 1,359 | |||
Distributions | (1,823 | ) | ||
Redeemable limited partner units issued as consideration (see Note 12) | 3,451 | |||
Conversion of redeemable limited partner units into shares of ACC common stock | (23 | ) | ||
Adjustments to reflect redeemable limited partner units at fair value | (12,534 | ) | ||
Balance, December 31, 2013 | $ | 47,964 | ||
Net income | 913 | |||
Distributions | (1,998 | ) | ||
Conversion of redeemable limited partner units into shares of ACC common stock | (607 | ) | ||
Adjustments to reflect redeemable limited partner units at fair value | 8,200 | |||
Balance, December 31, 2014 | $ | 54,472 | ||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 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: | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Debt secured by wholly-owned properties: | ||||||||||||||||||||
Mortgage loans payable: | ||||||||||||||||||||
Unpaid principal balance | $ | 1,094,306 | $ | 1,300,371 | ||||||||||||||||
Unamortized debt premiums | 60,586 | 74,575 | ||||||||||||||||||
Unamortized debt discounts | (895 | ) | (2,021 | ) | ||||||||||||||||
1,153,997 | 1,372,925 | |||||||||||||||||||
Construction loans payable (1) | 63,637 | 44,638 | ||||||||||||||||||
1,217,634 | 1,417,563 | |||||||||||||||||||
Debt secured by on-campus participating properties: | ||||||||||||||||||||
Mortgage loans payable | 30,553 | 31,380 | ||||||||||||||||||
Bonds payable | 39,785 | 42,440 | ||||||||||||||||||
Construction loan payable | 43,942 | 15,833 | ||||||||||||||||||
114,280 | 89,653 | |||||||||||||||||||
Total secured mortgage, construction and bond debt | 1,331,914 | 1,507,216 | ||||||||||||||||||
Secured agency facility | — | 87,750 | ||||||||||||||||||
Unsecured notes, net of unamortized original issue discount | 798,305 | 398,721 | ||||||||||||||||||
Unsecured revolving credit facility | 242,500 | 150,700 | ||||||||||||||||||
Unsecured term loans | 600,000 | 600,000 | ||||||||||||||||||
Total debt | $ | 2,972,719 | $ | 2,744,387 | ||||||||||||||||
(1) | Construction loans payable as of December 31, 2014 | |||||||||||||||||||
Schedule of mortgage and construction loans payable | Mortgage and construction loans payable, excluding debt premiums and discounts, consisted of the following as of December 31, 2014: | |||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||
Principal Outstanding | Weighted | Weighted | Number of | |||||||||||||||||
December 31, | Average | Average | Properties | |||||||||||||||||
2014 | 2013 | Interest Rate | Years to Maturity | Encumbered | ||||||||||||||||
Fixed Rate: | ||||||||||||||||||||
Mortgage loans payable (1) | $ | 1,124,859 | $ | 1,331,751 | 5.21 | % | 4.1 years | 52 | ||||||||||||
Construction loan payable (2) | 43,942 | 15,833 | 3.85 | % | 30.6 years | 1 | ||||||||||||||
Variable Rate: | ||||||||||||||||||||
Construction loans payable (3) | 63,637 | 44,638 | 1.99 | % | 0.6 years | 3 | ||||||||||||||
Total | $ | 1,232,438 | $ | 1,392,222 | 4.99 | % | 4.8 years | 56 | ||||||||||||
(1) | Fixed rate mortgage loans payable mature at various dates from February 2015 through November 2041 and carry interest rates ranging from 3.05% to 7.15%. | |||||||||||||||||||
(2) | Interest rate is fixed for the first five years and variable for the remaining term of the loan. | |||||||||||||||||||
(3) | Variable rate construction loans payable mature at various dates from May 2015 through December 2015 and carry interest rates based on LIBOR plus a spread, which translate into interest rates ranging from 1.61% to 2.91% at December 31, 2014. Includes a construction loan used to finance the development and construction of University Walk, a VIE the Company includes in its consolidated financial statements. | |||||||||||||||||||
Schedule of debt transactions | During the twelve months ended December 31, 2014, the following transactions occurred: | |||||||||||||||||||
Mortgage Loans | Construction Loans | |||||||||||||||||||
Payable (1) | Payable | |||||||||||||||||||
Balance, December 31, 2013 | $ | 1,404,305 | $ | 60,471 | ||||||||||||||||
Additions: | ||||||||||||||||||||
Draws under advancing construction notes payable (2) | — | 28,109 | ||||||||||||||||||
Draws under advancing construction notes payable (non-cash) VIEs (3) | — | 18,999 | ||||||||||||||||||
Deductions: | ||||||||||||||||||||
Payoff of maturing mortgage notes payable (4) | (178,002 | ) | — | |||||||||||||||||
Scheduled repayments of principal | (13,290 | ) | — | |||||||||||||||||
Amortization of debt premiums and discounts | (12,863 | ) | — | |||||||||||||||||
Property dispositions (5) | (15,600 | ) | — | |||||||||||||||||
Balance, December 31, 2014 | $ | 1,184,550 | $ | 107,579 | ||||||||||||||||
(1) | Balance includes unamortized debt premiums and discounts. | |||||||||||||||||||
(2) | Represents draws from one construction loan used to finance the development and construction of an on-campus participating property located in Morgantown, West Virginia, which was completed and opened for occupancy in August 2014. | |||||||||||||||||||
(3) | Represents draws from one construction loan used to finance the development and construction of University Walk, a VIE the Company includes in its consolidated financial statements. The seller/developer paid off this construction loan with proceeds from the Company's purchase of the property in February 2015 (see Note 20). | |||||||||||||||||||
(4) | The Company paid off fixed rate mortgage debt secured by the following wholly-owned properties: University Commons, GrandMarc Seven Corners, Campustown Rentals, University Manor, RAMZ Apts on Broad, The Village on Sixth Avenue, The Enclave, Texan West Campus, The Castilian, The Outpost - San Antonio and CityParc at Fry Street. | |||||||||||||||||||
(5) | In February 2014, the Company sold Hawks Landing, an owned off-campus property located near the campus of Miami University of Ohio (see Note 6). | |||||||||||||||||||
Schedule of bonds payable | Bonds payable at December 31, 2014 consisted of the following: | |||||||||||||||||||
Principal | Weighted | Required | ||||||||||||||||||
Mortgaged Facilities | 31-Dec-14 | Average | Maturity | Monthly | ||||||||||||||||
Series | Subject to Leases | Original | Rate | Date | Debt Service | |||||||||||||||
1999 | University Village-PVAMU/TAMIU | $ | 39,270 | $ | 22,870 | 7.75 | % | Sep-23 | $ | 302 | ||||||||||
2001 | University College–PVAMU | 20,995 | 13,825 | 7.57 | % | Aug-25 | 158 | |||||||||||||
2003 | University College–PVAMU | 4,325 | 3,090 | 6.09 | % | Aug-28 | 28 | |||||||||||||
Total/weighted average rate | $ | 64,590 | $ | 39,785 | 7.56 | % | $ | 488 | ||||||||||||
Schedule of debt maturities | for each of the five years subsequent to December 31, 2014 and thereafter: | |||||||||||||||||||
2015 | $ | 259,378 | (1) | |||||||||||||||||
2016 | 199,836 | |||||||||||||||||||
2017 | 480,811 | |||||||||||||||||||
2018 | 416,607 | |||||||||||||||||||
2019 | 263,557 | |||||||||||||||||||
Thereafter | 1,294,534 | |||||||||||||||||||
$ | 2,914,723 | |||||||||||||||||||
Stockholders_Equity_Partners_C1
Stockholders' Equity / Partners' Capital Stockholders' Equity / Partners' Capital (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Stockholders' Equity Note [Abstract] | ||||||
Summary of Equity Program Activity | The following table presents activity under the Company’s ATM Equity Program since its inception: | |||||
Year Ended | ||||||
December 31, 2014 | ||||||
Total net proceeds | $ | 87,977 | ||||
Commissions paid to sales agents | $ | 1,340 | ||||
Weighted average price per share | $ | 40.48 | ||||
Shares of common stock sold | 2,206,240 | |||||
Incentive_Award_Plan_Tables
Incentive Award Plan (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||
Schedule of summary of restricted stock units | A summary of the Company’s RSUs under the Plan for the years ended December 31, 2014 and 2013 is presented below: | |||||||
Number of | Weighted-Average | |||||||
RSUs | Grant Date Fair Value | |||||||
Per RSU | ||||||||
Outstanding at December 31, 2012 | — | $ | — | |||||
Granted | 10,265 | 44.09 | ||||||
Settled in common shares | (4,572 | ) | 44.09 | |||||
Settled in cash | (5,693 | ) | 44.09 | |||||
Outstanding at December 31, 2013 | — | $ | — | |||||
Granted | 15,457 | 38.54 | ||||||
Settled in common shares | (9,027 | ) | 38.54 | |||||
Settled in cash | (6,430 | ) | 38.54 | |||||
Outstanding at December 31, 2014 | — | $ | — | |||||
Schedule of summary of restricted stock awards | A summary of the Company’s RSAs under the Plan for the years ended December 31, 2014 and 2013 is presented below: | |||||||
Number of | Weighted-Average | |||||||
RSAs | Grant Date Fair Value | |||||||
Per RSA | ||||||||
Nonvested balance at December 31, 2012 | 575,668 | $ | 32.4 | |||||
Granted | 232,966 | 47.64 | ||||||
Vested | (111,533 | ) | 29.64 | |||||
Forfeited (1) | (94,910 | ) | 32.15 | |||||
Nonvested balance at December 31, 2013 | 602,191 | $ | 38.84 | |||||
Granted | 292,526 | 34.52 | ||||||
Vested | (124,883 | ) | 34 | |||||
Forfeited (1) | (160,320 | ) | 36.75 | |||||
Nonvested balance at December 31, 2014 | 609,514 | $ | 38.31 | |||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 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 contracts as of December 31, 2014: | ||||||||||||||||||||
Hedged Debt Instrument | Effective Date | Maturity Date | Pay Fixed Rate | Receive Floating | Current Notional Amount | Fair Value | |||||||||||||||
Rate Index | |||||||||||||||||||||
Cullen Oaks mortgage loan (1) | Feb 18, 2014 | Feb 15, 2021 | 2.28% | LIBOR – 1 month | $ | 15,198 | $ | (427 | ) | ||||||||||||
Cullen Oaks mortgage loan (1) | Feb 18, 2014 | Feb 15, 2021 | 2.28% | LIBOR – 1 month | 15,355 | (431 | ) | ||||||||||||||
Term Loan I Facility | Feb 2, 2012 | Jan 2, 2017 | 0.87% | LIBOR – 1 month | 125,000 | (307 | ) | ||||||||||||||
Term Loan I Facility | Feb 2, 2012 | Jan 2, 2017 | 0.88% | LIBOR – 1 month | 100,000 | (266 | ) | ||||||||||||||
Term Loan I Facility | Feb 2, 2012 | Jan 2, 2017 | 0.89% | LIBOR – 1 month | 62,500 | (177 | ) | ||||||||||||||
Term Loan I Facility | Feb 2, 2012 | Jan 2, 2017 | 0.89% | LIBOR – 1 month | 62,500 | (178 | ) | ||||||||||||||
Park Point mortgage loan | Nov 1, 2013 | Oct 5, 2018 | 1.55% | LIBOR – 1 month | 70,000 | (520 | ) | ||||||||||||||
Total | $ | 450,553 | $ | (2,306 | ) | ||||||||||||||||
Schedule of fair value of derivative financial instruments and classification on consolidated balance sheet | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2014 and 2013: | ||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||
Fair Value as of | Fair Value as of | ||||||||||||||||||||
Description | Balance Sheet Location | 31-Dec-14 | 31-Dec-13 | Balance Sheet Location | 31-Dec-14 | 31-Dec-13 | |||||||||||||||
Interest rate swap contracts | Other assets | $ | — | $ | 31 | Other liabilities | $ | 2,306 | $ | 1,466 | |||||||||||
Total derivatives designated | $ | — | $ | 31 | $ | 2,306 | $ | 1,466 | |||||||||||||
as hedging instruments | |||||||||||||||||||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 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 | |||||||||||||||||||||||||||||||||
December 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 | $ | — | $ | — | $ | — | $ | — | $ | 31 | $ | — | $ | 31 | |||||||||||||||||||
instruments | |||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Derivative financial instruments | $ | — | $ | 2,306 | $ | — | $ | 2,306 | $ | — | $ | 1,466 | $ | — | $ | 1,466 | |||||||||||||||||
Mezzanine: | |||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) | $ | — | $ | 54,472 | $ | — | $ | 54,472 | $ | — | $ | 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 December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Estimated Fair Value | Carrying Amount | Estimated Fair Value | Carrying Amount | ||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Loans receivable | $ | 47,092 | $ | 54,260 | $ | 49,154 | $ | 51,192 | |||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Unsecured notes | $ | 802,943 | $ | 798,305 | $ | 372,420 | $ | 398,721 | |||||||||||||||||||||||||
Mortgage loans | $ | 1,182,501 | $ | 1,184,550 | $ | 1,382,773 | $ | 1,404,305 | |||||||||||||||||||||||||
Bonds payable | $ | 45,176 | $ | 39,785 | $ | 44,908 | $ | 42,440 | |||||||||||||||||||||||||
Lease_Commitments_Tables
Lease Commitments (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Leases [Abstract] | ||||||
Future Minimum Commitments For Capital and Operating Lease | Future minimum commitments over the life of all leases subsequent to December 31, 2014 are as follows: | |||||
Operating | ||||||
2015 | $ | 6,692 | ||||
2016 | 7,217 | |||||
2017 | 7,069 | |||||
2018 | 6,978 | |||||
2019 | 6,715 | |||||
Thereafter | 234,138 | |||||
Total minimum lease payments | $ | 268,809 | ||||
Segments_Tables
Segments (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Segment Reporting [Abstract] | |
Schedule of segment information | h |
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Document Information [Line Items] | ||||||||||||||||||||||
Schedule of quarterly financial information | ||||||||||||||||||||||
2014 | ||||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Total | ||||||||||||||||||
Total revenues | $ | 183,183 | $ | 171,977 | $ | 181,936 | $ | 196,819 | $ | 733,915 | ||||||||||||
Operating income | 47,995 | 35,433 | 18,854 | 52,704 | 154,986 | |||||||||||||||||
Income (loss) from continuing operations | 26,147 | 13,731 | (5,785 | ) | 27,291 | 61,384 | ||||||||||||||||
Discontinued operations | 2,720 | — | — | — | 2,720 | |||||||||||||||||
Net income (loss) | 28,867 | 13,731 | (5,785 | ) | 27,291 | 64,104 | ||||||||||||||||
Net income attributable to noncontrolling interests | (469 | ) | (293 | ) | (62 | ) | (441 | ) | (1,265 | ) | ||||||||||||
Net income (loss) attributable to common shareholders | $ | 28,398 | $ | 13,438 | $ | (5,847 | ) | $ | 26,850 | $ | 62,839 | |||||||||||
Net income attributable to common shareholders per share - basic | $ | 0.27 | $ | 0.13 | $ | (0.06 | ) | $ | 0.25 | $ | 0.59 | (1) | ||||||||||
Net income attributable to common shareholders per share - diluted | $ | 0.27 | $ | 0.12 | $ | (0.06 | ) | $ | 0.25 | $ | 0.58 | (1) | ||||||||||
2013 | ||||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Total | ||||||||||||||||||
Total revenues | $ | 163,162 | $ | 153,212 | $ | 158,394 | $ | 182,694 | $ | 657,462 | ||||||||||||
Operating income | 41,684 | 26,000 | 15,101 | 48,968 | 131,753 | |||||||||||||||||
Income (loss) from continuing operations | 20,333 | 5,910 | (5,222 | ) | 26,415 | 47,436 | ||||||||||||||||
Discontinued operations | 2,048 | 2,756 | 53,054 | 1,897 | 59,755 | |||||||||||||||||
Net income | 22,381 | 8,666 | 47,832 | 28,312 | 107,191 | |||||||||||||||||
Net income attributable to noncontrolling interests | (791 | ) | (617 | ) | (656 | ) | (483 | ) | (2,547 | ) | ||||||||||||
Net income attributable to common shareholders | $ | 21,590 | $ | 8,049 | $ | 47,176 | $ | 27,829 | $ | 104,644 | ||||||||||||
Net income attributable to common shareholders per share - basic | $ | 0.2 | $ | 0.07 | $ | 0.45 | $ | 0.26 | $ | 0.99 | (1) | |||||||||||
Net income attributable to common shareholders per share - diluted | $ | 0.2 | $ | 0.07 | $ | 0.45 | $ | 0.26 | $ | 0.98 | (1) | |||||||||||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ||||||||||||||||||||||
Document Information [Line Items] | ||||||||||||||||||||||
Schedule of quarterly financial information | ||||||||||||||||||||||
2014 | ||||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Total | ||||||||||||||||||
Total revenues | $ | 183,183 | $ | 171,977 | $ | 181,936 | $ | 196,819 | $ | 733,915 | ||||||||||||
Operating income | 47,995 | 35,433 | 18,854 | 52,704 | 154,986 | |||||||||||||||||
Income (loss) from continuing operations | 26,147 | 13,731 | (5,785 | ) | 27,291 | 61,384 | ||||||||||||||||
Discontinued operations | 2,720 | — | — | — | 2,720 | |||||||||||||||||
Net income (loss) | 28,867 | 13,731 | (5,785 | ) | 27,291 | 64,104 | ||||||||||||||||
Net income attributable to noncontrolling interests | (88 | ) | (88 | ) | (81 | ) | (95 | ) | (352 | ) | ||||||||||||
Series A preferred unit distributions | (45 | ) | (45 | ) | (44 | ) | (44 | ) | (178 | ) | ||||||||||||
Net income (loss) attributable to common unitholders | $ | 28,734 | $ | 13,598 | $ | (5,910 | ) | $ | 27,152 | $ | 63,574 | |||||||||||
Net income attributable to common unitholders per unit - basic | $ | 0.27 | $ | 0.13 | $ | (0.06 | ) | $ | 0.25 | $ | 0.59 | (1) | ||||||||||
Net income attributable to common unitholders per unit - diluted | $ | 0.27 | $ | 0.12 | $ | (0.06 | ) | $ | 0.25 | $ | 0.58 | (1) | ||||||||||
2013 | ||||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Total | ||||||||||||||||||
Total revenues | $ | 163,162 | $ | 153,212 | $ | 158,394 | $ | 182,694 | $ | 657,462 | ||||||||||||
Operating income | 41,684 | 26,000 | 15,101 | 48,968 | 131,753 | |||||||||||||||||
Income (loss) from continuing operations | 20,333 | 5,910 | (5,222 | ) | 26,415 | 47,436 | ||||||||||||||||
Discontinued operations | 2,048 | 2,756 | 53,054 | 1,897 | 59,755 | |||||||||||||||||
Net income | 22,381 | 8,666 | 47,832 | 28,312 | 107,191 | |||||||||||||||||
Net income attributable to noncontrolling interests | (512 | ) | (483 | ) | (83 | ) | (110 | ) | (1,188 | ) | ||||||||||||
Series A preferred unit distributions | (46 | ) | (45 | ) | (46 | ) | (45 | ) | (182 | ) | ||||||||||||
Net income attributable to common unitholders | $ | 21,823 | $ | 8,138 | $ | 47,703 | $ | 28,157 | $ | 105,821 | ||||||||||||
Net income attributable to common unitholders per unit - basic | $ | 0.2 | $ | 0.07 | $ | 0.45 | $ | 0.26 | $ | 0.99 | (1) | |||||||||||
Net income attributable to common unitholders per unit - diluted | $ | 0.2 | $ | 0.07 | $ | 0.45 | $ | 0.26 | $ | 0.98 | (1) | |||||||||||
(1) | Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year. |
Organization_and_Description_o1
Organization and Description of Business - Additional Information (Detail Textuals) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Bed | Bed | ||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Number of properties (properties) | 169 | ||
Number of beds (beds) | 103,700 | 4,079 | 1,584 |
Number of units (units) | 33,700 | ||
Minimum | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Initial terms of contract | 1 year | ||
Maximum | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Initial terms of contract | 5 years | ||
On-campus participating properties, net | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Number of properties (properties) | 5 | ||
Number of university systems (university systems) | 3 | ||
Wholly-owned properties, net | Off Campus Properties | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Number of properties (properties) | 145 | ||
Wholly-owned properties, net | On-campus participating properties, net | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Number of properties (properties) | 5 | ||
Wholly-owned properties, net | Under Development | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Number of beds (beds) | 4,000 | ||
Number of units (units) | 1,100 | ||
Management And Leasing Services | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Number of properties (properties) | 35 | ||
Number of beds (beds) | 27,000 | ||
Number of units (units) | 10,600 | ||
Third-party managed portfolio | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Number of properties (properties) | 204 | ||
Number of beds (beds) | 130,700 | ||
Number of units (units) | 44,300 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Limited partner ownership interest (percent) | 98.80% | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Maximum | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
General partner ownership interest (percent) | 1.20% | ||
Owned On Campus Properties | American Campus Equity | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Number of student housing properties | 19 | ||
Number of university systems (university systems) | 9 | ||
Number of properties under construction | 2 | ||
Owned On Campus Properties | Under Development | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Number of properties under construction | 6 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Estimated useful lives of assets (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Buildings and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
Leasehold interest - on-campus participating properties | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 25 years |
Leasehold interest - on-campus participating properties | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 34 years |
Furniture, fixtures and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Furniture, fixtures and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Allowance for doubtful accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance, Beginning of Period | $15,926 | $10,602 | $9,496 |
Charged to Expense | 10,894 | 9,871 | 6,472 |
Write-Offs | -7,109 | -4,547 | -5,366 |
Balance, End of Period | $19,711 | $15,926 | $10,602 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Additional Information (Detail Textuals) (USD $) | 12 Months Ended | 1 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Apr. 30, 2013 | ||||
Entity | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Amortization method of intangible assets | straight-line basis | |||||||
Capitalized interest | $8,800,000 | $10,000,000 | $9,800,000 | |||||
Amortization of deferred financing costs capitalized as construction in progress | 0 | 0 | 200,000 | |||||
Loans receivable | 54,300,000 | |||||||
Accumulated amortization | 27,900,000 | 25,500,000 | ||||||
Deferred finance costs | 39,500,000 | 37,800,000 | ||||||
Accumulated amortization, deferred finance costs | 16,900,000 | 14,200,000 | ||||||
Deferred pre-development costs | 2,500,000 | |||||||
Advertising costs | 14,200,000 | 18,000,000 | 10,800,000 | |||||
Percentage of income (loss) available to common stockholders | 90.00% | |||||||
Number of entities | 2 | |||||||
In-place leases assumed | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Capitalized amount of acquired intangible assets | 900,000 | 3,200,000 | 18,600,000 | |||||
Amortization expense of acquired intangible assets | 2,400,000 | 13,700,000 | 6,800,000 | |||||
Property tax abatement | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Unamortized tax abatement | 36,700,000 | 37,200,000 | ||||||
Weighted average tax abatement period | 23 years 10 months 24 days | |||||||
Mortgages | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Amortization of debt discounts (premiums) | -12,863,000 | [1],[2] | -14,032,000 | [1],[2] | 3,200,000 | [1],[2] | ||
Net unamortized debt premiums | 60,586,000 | [1],[2] | 74,575,000 | [1],[2] | ||||
Net unamortized debt discounts | 895,000 | [1],[2] | 2,021,000 | [1],[2] | ||||
Senior notes | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Issued amount of senior unsecured notes | 400,000,000 | 400,000,000 | ||||||
Percentage of par value | 99.86% | 99.66% | ||||||
Original issue discount of debt instrument | 600,000 | 1,400,000 | ||||||
Unsecured notes | Senior notes | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Net unamortized debt discounts | 1,700,000 | 1,300,000 | ||||||
Interest expense | Senior notes | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Amortization of debt discounts (premiums) | $100,000 | $100,000 | ||||||
[1] | Balance includes unamortized debt premiums and discounts. | |||||||
[2] | Represents draws from one construction loan used to finance the development and construction of an on-campus participating property located in Morgantown, West Virginia, which was completed and opened for occupancy in August 2014. |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Additional Information (Detail Textuals 1) | 12 Months Ended |
Dec. 31, 2014 | |
Significant Accounting Policies [Line Items] | |
Number of properties (properties) | 169 |
On-campus participating properties | |
Significant Accounting Policies [Line Items] | |
Number of university systems (university systems) | 3 |
American Campus Equity | Owned On Campus Properties | |
Significant Accounting Policies [Line Items] | |
Number of university systems (university systems) | 9 |
Number of student housing properties | 19 |
Number of properties under construction | 2 |
American Campus Equity | Owned On Campus Properties | Minimum | |
Significant Accounting Policies [Line Items] | |
Term of agreement | 30 years |
American Campus Equity | Owned On Campus Properties | Maximum | |
Significant Accounting Policies [Line Items] | |
Term of agreement | 85 years |
On-campus participating properties | |
Significant Accounting Policies [Line Items] | |
Number of university systems (university systems) | 3 |
Number of properties (properties) | 5 |
Under Development | Owned On Campus Properties | |
Significant Accounting Policies [Line Items] | |
Number of properties under construction | 6 |
Wholly-owned properties, net | On-campus participating properties | |
Significant Accounting Policies [Line Items] | |
Number of properties (properties) | 5 |
Wholly-owned properties, net | Under Development | |
Significant Accounting Policies [Line Items] | |
Number of properties scheduled to be open for occupancy in fall 2015 | 1 |
Number of properties scheduled to be open for occupancy in fall 2016 | 1 |
West Virginia University | On-campus participating properties | |
Significant Accounting Policies [Line Items] | |
Lease term | 40 years |
Number Of Renewal Options | 2 |
Lease Extension Period | 10 years |
Earnings_Per_Share_Potentially
Earnings Per Share - Potentially dilutive securities not included in calculating diluted earnings per share (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (shares) | 1,324,788 | 1,272,613 | 1,066,019 |
Common OP Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (shares) | 1,213,509 | 1,158,892 | 951,891 |
Preferred OP Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (shares) | 111,279 | 113,721 | 114,128 |
Earnings_Per_Share_Summary_of_
Earnings Per Share - Summary of Elements Used in Calculating Basic and Diluted Earnings per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||
Numerator - basic and diluted earnings per share: | |||||||||||||||||||||
Income from continuing operations | $27,291 | ($5,785) | $13,731 | $26,147 | $26,415 | ($5,222) | $5,910 | $20,333 | $61,384 | $47,436 | $48,789 | ||||||||||
Income from continuing operations attributable to noncontrolling interests | -1,231 | -1,843 | -3,460 | ||||||||||||||||||
Income from continuing operations attributable to common shareholders | 60,153 | 45,593 | 45,329 | ||||||||||||||||||
Amount allocated to participating securities | -1,076 | -927 | -848 | ||||||||||||||||||
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities | 59,077 | 44,666 | 44,481 | ||||||||||||||||||
Income from discontinued operations | 0 | 0 | 0 | 2,720 | 1,897 | 53,054 | 2,756 | 2,048 | 2,720 | 59,755 | 11,449 | ||||||||||
Income from discontinued operations attributable to noncontrolling interests | -34 | -704 | -142 | ||||||||||||||||||
Income from discontinued operations attributable to common shareholders | 2,686 | 59,051 | 11,307 | ||||||||||||||||||
Net income attributable to common unitholders | $61,763 | $103,717 | $55,788 | ||||||||||||||||||
Denominator: | |||||||||||||||||||||
Basic weighted average common shares outstanding (in shares) | 105,032,155 | 104,760,502 | 84,711,584 | ||||||||||||||||||
Potentially dilutive securities (shares) | 1,324,788 | 1,272,613 | 1,066,019 | ||||||||||||||||||
Diluted weighted average common shares outstanding (in shares) | 105,711,420 | 105,382,320 | 85,309,451 | ||||||||||||||||||
Earnings per share b basic: | |||||||||||||||||||||
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities, Basic (in dollars per share) | $0.56 | $0.43 | $0.53 | ||||||||||||||||||
Income from discontinued operations attributable to common shareholders, Basic (in dollars per share) | $0.03 | $0.56 | $0.13 | ||||||||||||||||||
Net income attributable to common shareholders, Basic (in dollars per share) | $0.25 | [1] | ($0.06) | [1] | $0.13 | [1] | $0.27 | [1] | $0.26 | [1] | $0.45 | [1] | $0.07 | [1] | $0.20 | [1] | $0.59 | [1] | $0.99 | [1] | $0.66 |
Earnings per share b diluted: | |||||||||||||||||||||
(Loss) income from continuing operations attributable to common shareholders, net of amount allocated to participating securities, Diluted (in dollars per share) | $0.56 | $0.42 | $0.52 | ||||||||||||||||||
Income (loss) from discontinued operations attributable to common shareholders, Diluted (in dollars per share) | $0.02 | $0.56 | $0.13 | ||||||||||||||||||
Net income attributable to common shareholders, Diluted (in dollars per share) | $0.25 | [1] | ($0.06) | [1] | $0.12 | [1] | $0.27 | [1] | $0.26 | [1] | $0.45 | [1] | $0.07 | [1] | $0.20 | [1] | $0.58 | [1] | $0.98 | [1] | $0.65 |
Distributions declared per common share (in dollars per share) | $1.50 | $1.42 | $1.35 | ||||||||||||||||||
Unvested Restricted Stock Awards | |||||||||||||||||||||
Denominator: | |||||||||||||||||||||
Potentially dilutive securities (shares) | 679,265 | 621,818 | 597,867 | ||||||||||||||||||
[1] | Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year. |
Earnings_Per_Share_Summary_of_1
Earnings Per Share- Summary of Elements Used in Calculating Basic and Diluted Earnings per Unit (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||
Numerator - basic and diluted earnings per unit: | |||||||||||||||||||||
Income from continuing operations | $27,291 | ($5,785) | $13,731 | $26,147 | $26,415 | ($5,222) | $5,910 | $20,333 | $61,384 | $47,436 | $48,789 | ||||||||||
Income from continuing operations attributable to noncontrolling interests | -1,231 | -1,843 | -3,460 | ||||||||||||||||||
Amount allocated to participating securities | -1,076 | -927 | -848 | ||||||||||||||||||
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities | 59,077 | 44,666 | 44,481 | ||||||||||||||||||
Income from discontinued operations | 0 | 0 | 0 | 2,720 | 1,897 | 53,054 | 2,756 | 2,048 | 2,720 | 59,755 | 11,449 | ||||||||||
Income from discontinued operations attributable to unitholders | 2,686 | 59,051 | 11,307 | ||||||||||||||||||
Net income attributable to common unitholders | 61,763 | 103,717 | 55,788 | ||||||||||||||||||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||||||||||||||||||||
Numerator - basic and diluted earnings per unit: | |||||||||||||||||||||
Income from continuing operations | 27,291 | -5,785 | 13,731 | 26,147 | 26,415 | -5,222 | 5,910 | 20,333 | 61,384 | 47,436 | 48,789 | ||||||||||
Income from continuing operations attributable to noncontrolling interests | -352 | -1,188 | -2,755 | ||||||||||||||||||
Income from continuing operations attributable to Series A preferred units | -175 | -119 | -168 | ||||||||||||||||||
Amount allocated to participating securities | -1,076 | -927 | -848 | ||||||||||||||||||
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities | 59,781 | 45,202 | 45,018 | ||||||||||||||||||
Income from discontinued operations | 0 | 0 | 0 | 2,720 | 1,897 | 53,054 | 2,756 | 2,048 | 2,720 | 59,755 | 11,449 | ||||||||||
Income from discontinued operations attributable to Series A preferred units | -3 | -63 | -15 | ||||||||||||||||||
Income from discontinued operations attributable to unitholders | 2,717 | 59,692 | 11,434 | ||||||||||||||||||
Net income attributable to common unitholders | $62,498 | $104,894 | $56,452 | ||||||||||||||||||
Denominator: | |||||||||||||||||||||
Basic (in units) | 106,245,664 | 105,919,394 | 85,663,475 | ||||||||||||||||||
Diluted (in units) | 106,924,929 | 106,541,212 | 86,261,342 | ||||||||||||||||||
Earnings per unit b basic: | |||||||||||||||||||||
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities, Basic (in dollars per share) | $0.56 | $0.43 | $0.53 | ||||||||||||||||||
Income from discontinued operations attributable to common unitholders, Basic (in dollars per unit) | $0.03 | $0.56 | $0.13 | ||||||||||||||||||
Net income attributable to common unitholders, Basic (in dollars per unit) | $0.25 | [1] | ($0.06) | [1] | $0.13 | [1] | $0.27 | [1] | $0.26 | [1] | $0.45 | [1] | $0.07 | [1] | $0.20 | [1] | $0.59 | [1] | $0.99 | [1] | $0.66 |
Earnings per unit b diluted: | |||||||||||||||||||||
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities, Diluted (in dollars per unit) | $0.56 | $0.42 | $0.52 | ||||||||||||||||||
Income from discontinued operations attributable to common unitholders, Diluted (in dollars per unit) | $0.02 | $0.56 | $0.13 | ||||||||||||||||||
Net income attributable to common unitholders, Diluted (in dollars per unit) | $0.25 | [1] | ($0.06) | [1] | $0.12 | [1] | $0.27 | [1] | $0.26 | [1] | $0.45 | [1] | $0.07 | [1] | $0.20 | [1] | $0.58 | [1] | $0.98 | [1] | $0.65 |
Distributions declared per common unit ( in dollars per unit) | $1.50 | $1.42 | $1.35 | ||||||||||||||||||
Unvested Restricted Stock Awards | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||||||||||||||||||||
Denominator: | |||||||||||||||||||||
Restricted Stock Awards (Note 13) | 679,265 | 621,818 | 597,867 | ||||||||||||||||||
[1] | Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year. |
Income_Taxes_Components_of_def
Income Taxes - Components of deferred tax assets and liabilities of TRSs (Details) (TRS, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
TRS | ||
Deferred tax assets: | ||
Fixed and intangible assets | $3,283 | $3,461 |
Net operating loss carryforwards | 6,552 | 5,786 |
Prepaid and deferred income | 2,265 | 2,437 |
Bad debt reserves | 687 | 716 |
Accrued expenses and other | 3,770 | 2,759 |
Stock compensation | 2,099 | 2,040 |
Total deferred tax assets | 18,656 | 17,199 |
Valuation allowance for deferred tax assets | -18,415 | -16,916 |
Deferred tax assets, net of valuation allowance | 241 | 283 |
Deferred tax liability: | ||
Deferred financing costs | 241 | 283 |
Net deferred tax liabilities | $0 | $0 |
Income_Taxes_Components_of_inc
Income Taxes - Components of income tax provision (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
Federal | $0 | $0 | $0 |
State | -1,308 | -1,020 | -725 |
Deferred: | |||
Federal | 0 | 0 | 0 |
State | 0 | 0 | 0 |
TRS income tax provision | ($1,308) | ($1,020) | ($725) |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of income tax attributable to continuing operations for TRSs (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | |||
TRS income tax provision | $1,308 | $1,020 | $725 |
TRS | |||
Income Taxes [Line Items] | |||
Tax benefit at U.S. statutory rates on TRS income subject to tax | 1,928 | 2,060 | 60 |
State income tax, net of federal income tax benefit | 71 | 76 | |
Effect of permanent differences and other | -72 | -76 | -46 |
Increase in valuation allowance | -1,927 | -2,060 | -14 |
TRS income tax provision | $0 | $0 | $0 |
Income_Taxes_Tax_treatment_of_
Income Taxes - Tax treatment of distributions to shareholders (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Ordinary income, per share (in USD per share) | $0.90 | $0.80 | $0.87 |
Long-term capital gain, per share (in USD per share) | $0.01 | $0.52 | $0.04 |
Return of capital, per share (in USD per share) | $0.59 | $0.10 | $0.44 |
Total per common share outstanding (in USD per share) | $1.50 | $1.42 | $1.35 |
Unrecaptured Section 1250 gains, per share (in USD per share) | $0.02 | $0.22 | $0.04 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail Textuals) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Line Items] | |||
(Loss) subject to TRS earnings tax | $62,692,000 | $48,456,000 | $49,514,000 |
TRS | |||
Income Taxes [Line Items] | |||
Percent of taxable income to be distributed to shareholders for tax exemption (percent) | 90.00% | ||
(Loss) subject to TRS earnings tax | -3,200,000 | -4,400,000 | -1,100,000 |
Net operating loss carryforwards | 21,100,000 | ||
Valuation allowance credited to additional paid in capital | $3,100,000 |
Property_Acquisitions_Addition
Property Acquisitions - Additional Information (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2014 | Jan. 31, 2014 |
Property | Property | Bed | Bed | Bed | |
Bed | Bed | Property | Unit | ||
Unit | |||||
Business Acquisition [Line Items] | |||||
Number of units (units) | 33,700 | ||||
Number of beds (beds) | 103,700 | 4,079 | 1,584 | ||
Combined revenues | $3.80 | ||||
Combined net income | 0.3 | ||||
Acquisition-related costs | 0.8 | ||||
Number of properties (properties) | 169 | ||||
The Standard and Boulder Outlook Hotel | |||||
Business Acquisition [Line Items] | |||||
Number of Businesses Acquired | 2 | ||||
Total purchase price | 75.1 | ||||
The Standard at Athens | |||||
Business Acquisition [Line Items] | |||||
Number of units (units) | 190 | ||||
Number of beds (beds) | 610 | ||||
Boulder Outlook Hotel | |||||
Business Acquisition [Line Items] | |||||
Number of bed in new housing facility | 400 | ||||
2013 - Business acquisitions | |||||
Business Acquisition [Line Items] | |||||
Number of beds (beds) | 3,725 | ||||
Total purchase price | 322.2 | ||||
Number of properties (properties) | 6 | ||||
2012 - Business acquisitions | |||||
Business Acquisition [Line Items] | |||||
Number of beds (beds) | 23,075 | ||||
Total purchase price | $1,774.80 | ||||
Number of properties (properties) | 40 |
Property_Acquisitions_Summary_
Property Acquisitions - Summary of Assets Acquired and Liabilities Assumed (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
Assets acquired: | ||||
Land | $13,469,000 | $47,851,000 | ||
Buildings and improvements | 54,163,000 | 243,498,000 | ||
Furniture, fixtures and equipment | 3,637,000 | 9,694,000 | ||
Intangible and other assets | 3,796,000 | 30,067,000 | ||
Total assets acquired | 75,065,000 | 331,110,000 | ||
Liabilities assumed: | ||||
Mortgage debt | 0 | [1] | -70,000,000 | [1] |
Other liabilities | 0 | 8,927,000 | ||
Total liabilities assumed: | 0 | 78,927,000 | ||
Net assets acquired | 75,065,000 | 252,183,000 | ||
Cardinal Towne | ||||
Liabilities assumed: | ||||
Secured debt | 37,200,000 | |||
Loan receivable acquired | $28,300,000 | |||
[1] | Excludes $37.2 million of secured debt associated with a New Markets Tax Credit (bNMTCb) structure inherited from the seller of Cardinal Towne. The net difference between the mortgage debt assumed and a $28.3 million loan receivable acquired in connection with the acquisition of Cardinal Towne is reflected in other liabilities in the preceding table. |
Property_Acquisitions_Unaudite
Property Acquisitions - Unaudited pro forma information (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Business Combinations [Abstract] | |||
Total revenues | $733,915 | $678,333 | $608,691 |
Net income attributable to common shareholders | $62,839 | $111,535 | $89,642 |
Net income per share attributable to common shareholders, as adjusted - basic (usd per share) | $0.59 | $1.06 | $0.85 |
Net income per share attributable to common shareholders, as adjusted - diluted (usd per share) | $0.58 | $1.05 | $0.84 |
Property_Dispositions_and_Disc2
Property Dispositions and Discontinued Operations - Summary of Dispositions (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Bed | Bed | Bed | |
Schedule of Properties Sold During Period [Line Items] | |||
Number of beds (beds) | 103,700 | 4,079 | 1,584 |
Wholly owned properties | |||
Schedule of Properties Sold During Period [Line Items] | |||
Number of properties, held for sale | 7 | ||
Wholly-owned properties held for sale | The Highlands | |||
Schedule of Properties Sold During Period [Line Items] | |||
Number of Units | 216 | ||
Number of beds (beds) | 732 | ||
Wholly-owned properties held for sale | The View | |||
Schedule of Properties Sold During Period [Line Items] | |||
Number of Units | 157 | ||
Number of beds (beds) | 590 | ||
Wholly-owned properties held for sale | Chapel Ridge | |||
Schedule of Properties Sold During Period [Line Items] | |||
Number of Units | 180 | ||
Number of beds (beds) | 544 | ||
Wholly-owned properties held for sale | Chapel View | |||
Schedule of Properties Sold During Period [Line Items] | |||
Number of Units | 224 | ||
Number of beds (beds) | 358 | ||
Wholly-owned properties held for sale | The Village at Alafaya Club | |||
Schedule of Properties Sold During Period [Line Items] | |||
Number of Units | 228 | ||
Number of beds (beds) | 839 | ||
Wholly-owned properties held for sale | University Place | |||
Schedule of Properties Sold During Period [Line Items] | |||
Number of Units | 144 | ||
Number of beds (beds) | 528 | ||
Wholly-owned properties held for sale | University Greens | |||
Schedule of Properties Sold During Period [Line Items] | |||
Number of Units | 156 | ||
Number of beds (beds) | 516 |
Property_Dispositions_and_Disc3
Property Dispositions and Discontinued Operations - Additional Information (Detail Textuals) (USD $) | 12 Months Ended | 1 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2014 | 31-May-14 | Sep. 30, 2014 | Feb. 28, 2014 | |
land_parcel | Property | Property | building | Bed | |||
Unit | Bed | Bed | Bed | Unit | |||
Bed | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of beds (beds) | 103,700 | 4,079 | 1,584 | ||||
Sale price of disposed property | $184,200,000 | $54,100,000 | |||||
Gain (loss) from disposition of real estate included in statements of comprehensive income | 2,843,000 | 55,263,000 | 4,312,000 | ||||
Number of land parcels disposed | 2 | ||||||
Total proceeds from disposition of real estate | 8,599,000 | 180,465,000 | 42,279,000 | ||||
Number of units (units) | 33,700 | ||||||
Number of properties sold (properties) | 6 | 3 | |||||
Campustown Rentals, Champaign, IL | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of buildings sold | 1 | ||||||
Number of beds (beds) | 20 | ||||||
Land parcels disposed, 2014 | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Net proceeds from disposition of real estate | 1,500,000 | ||||||
Gain (loss) from disposition of real estate included in statements of comprehensive income | 0 | ||||||
Total proceeds from disposition of real estate | 1,700,000 | ||||||
Wholly owned properties | The Enclave and Campustown Rentals | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Sale price of disposed property | 8,200,000 | ||||||
Net proceeds from disposition of real estate | 7,300,000 | ||||||
Wholly owned properties | The Enclave | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of beds (beds) | 480 | ||||||
Gain (loss) from disposition of real estate included in statements of comprehensive income | 200,000 | ||||||
Impairment charge | 2,400,000 | ||||||
Off Campus Properties | Hawks Landing | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of beds (beds) | 484 | ||||||
Sale price of disposed property | 17,300,000 | ||||||
Gain (loss) from disposition of real estate included in statements of comprehensive income | 2,800,000 | ||||||
Total proceeds from disposition of real estate | 1,300,000 | ||||||
Number of units (units) | 122 | ||||||
Assumed debt resulting from property acquisition | $15,600,000 |
Property_Dispositions_and_Disc4
Property Dispositions and Discontinued Operations - Summary of results of operations for properties (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Discontinued Operations and Disposal Groups [Abstract] | |||
Total revenues | $279 | $16,191 | $30,144 |
Total operating expenses | -239 | -7,220 | -12,641 |
Depreciation and amortization | 0 | -2,487 | -5,991 |
Operating income | 40 | 6,484 | 11,512 |
Total nonoperating expenses | -163 | -1,660 | -2,784 |
Net income | ($123) | $4,824 | $8,728 |
Investments_in_WhollyOwned_Pro2
Investments in Wholly-Owned Properties - Summary of wholly-owned properties (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Real Estate Properties [Line Items] | ||||
Properties, net | $5,533,849 | $5,286,872 | ||
Wholly-owned properties, net | ||||
Real Estate Properties [Line Items] | ||||
Land | 571,242 | [1],[2] | 575,944 | [1],[2] |
Buildings and improvements | 4,937,345 | [1] | 4,759,879 | [1] |
Furniture, fixtures and equipment | 289,168 | [1] | 267,022 | [1] |
Construction in progress | 185,414 | [1] | 121,923 | [1] |
Real estate properties gross | 5,983,169 | 5,724,768 | ||
Less accumulated depreciation | -674,462 | -525,760 | ||
Properties, net | $5,308,707 | [3] | $5,199,008 | [3] |
[1] | Land, buildings and improvements and furniture, fixtures and equipment as of DecemberB 31, 2014 include $4.2 million, $27.6 million and $1.9 million, respectively, related to University Walk, a property located in Knoxville, Tennessee that serves 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 was obligated to purchase the property as long as the developer met certain construction completion deadlines and other closing conditions. The property opened for operations in August 2014 and the Company purchased the property in February 2015. The entity was financed with an $8.8 million mezzanine loan from the Company, a $19 million construction loan from a third-party lender and a $1.5 million equity contribution from the developer. The Company was responsible for leasing, management, and initial operations of the project while the third-party developer was responsible for development of the property. The entity that owned University Walk was deemed to be a variable interest entity (bVIEb), and the Company was 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 Companybs and the Operating Partnershipbs consolidated financial statements. | |||
[2] | The land balance above includes undeveloped land parcels with book values of approximately $40.6 million as of both DecemberB 31, 2014 and 2013. Also includes land totaling approximately $30.2 million and $39.4 million as of DecemberB 31, 2014 and 2013, respectively, related to properties under development. | |||
[3] | The balance above excludes the net book value of seven wholly-owned properties classified as held for sale in the accompanying consolidated balance sheet as of DecemberB 31, 2014 (see Note 6). The properties were sold in January 2015 (see Note 20). |
Investments_in_WhollyOwned_Pro3
Investments in Wholly-Owned Properties - Summary of wholly-owned properties (Additional Information) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Real Estate Properties [Line Items] | ||
Undeveloped land parcels | $40,600,000 | $40,600,000 |
Mezzanine loan | 8,800,000 | |
Contributions by noncontrolling partners | 1,500,000 | 1,500,000 |
Under Development | ||
Real Estate Properties [Line Items] | ||
Land | 30,200,000 | 39,400,000 |
University Walk | ||
Real Estate Properties [Line Items] | ||
Land | 4,200,000 | |
Furniture, fixtures and equipment | 1,900,000 | |
Construction in progress | 27,600,000 | |
Wholly owned properties | ||
Real Estate Properties [Line Items] | ||
Number of properties, held for sale | 7 | |
Construction loans | University Walk - Knoxville, TN Property | ||
Real Estate Properties [Line Items] | ||
Credit facility | $19,000,000 |
OnCampus_Participating_Propert2
On-Campus Participating Properties (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Real Estate Properties [Line Items] | ||||
Properties, net | $5,533,849 | $5,286,872 | ||
Texas A And M International | Phases Placed In Service Between 1996 And 1998 | ||||
Real Estate Properties [Line Items] | ||||
Number of Project Phases | 3 | |||
Texas A And M International | Phases Placed In Service In 2000 And 2003 | ||||
Real Estate Properties [Line Items] | ||||
Number of Project Phases | 2 | |||
University Of Houston | Phases Placed In Service in 2001 And 2005 | ||||
Real Estate Properties [Line Items] | ||||
Number of Project Phases | 2 | |||
On-campus participating properties, net | ||||
Real Estate Properties [Line Items] | ||||
Real estate properties gross | 157,043 | 130,705 | ||
Less accumulated amortization | -62,915 | -57,249 | ||
Properties, net | 94,128 | 73,456 | ||
On-campus participating properties, net | Prairie View A And M University | Phases Placed In Service Between 1996 And 1998 | ||||
Real Estate Properties [Line Items] | ||||
Lease commencement | 1-Feb-96 | [1] | ||
Required debt repayment | 1-Sep-23 | [1] | ||
Real estate properties gross | 43,036 | [1] | 42,288 | [1] |
On-campus participating properties, net | Prairie View A And M University | Phases Placed In Service In 2000 And 2003 | ||||
Real Estate Properties [Line Items] | ||||
Lease commencement | 1-Oct-99 | [1] | ||
Real estate properties gross | 26,828 | [1] | 26,275 | [1] |
On-campus participating properties, net | Prairie View A And M University | Phases Placed In Service In 2000 And 2003 | Minimum | ||||
Real Estate Properties [Line Items] | ||||
Required debt repayment | 31-Aug-25 | [1] | ||
On-campus participating properties, net | Prairie View A And M University | Phases Placed In Service In 2000 And 2003 | Maximum | ||||
Real Estate Properties [Line Items] | ||||
Required debt repayment | 31-Aug-28 | [1] | ||
On-campus participating properties, net | Texas A And M International | ||||
Real Estate Properties [Line Items] | ||||
Lease commencement | 1-Feb-96 | |||
Required debt repayment | 1-Sep-23 | |||
Real estate properties gross | 6,937 | 6,767 | ||
On-campus participating properties, net | University Of Houston | Phases Placed In Service in 2001 And 2005 | ||||
Real Estate Properties [Line Items] | ||||
Lease commencement | 27-Sep-00 | [2] | ||
Required debt repayment | 31-Aug-35 | [2] | ||
Real estate properties gross | 36,606 | [2] | 36,126 | [2] |
On-campus participating properties, net | West Virginia University | Place In Service in August 2014 | ||||
Real Estate Properties [Line Items] | ||||
Lease commencement | 16-Jul-13 | [3] | ||
Required debt repayment | 16-Jul-45 | [3] | ||
Real estate properties gross | $43,636 | [3] | $19,249 | [3] |
[1] | Consists of two phases placed in service in 2000 and 2003. | |||
[2] | Consists of two phases placed in service in 2001 and 2005. | |||
[3] | This property commenced operations in August 2014. Due to our involvement in the construction of the facility, fees paid to the Company/lessee for development and construction management services during the construction period were deferred and amortized to revenue over the lease term. |
OnCampus_Participating_Propert3
On-Campus Participating Properties- Additional Information (Detail Textuals) | 12 Months Ended |
Dec. 31, 2014 | |
Property | |
Real Estate Properties [Line Items] | |
Number of properties (properties) | 3 |
Percentage of financing (percent) | 100.00% |
On-campus participating properties, net | |
Real Estate Properties [Line Items] | |
Number of university systems (university systems) | 3 |
Percentage of future net cash flows (percent) | 50.00% |
West Virginia University | On-campus participating properties, net | |
Real Estate Properties [Line Items] | |
Lease term | 40 years |
Number Of Renewal Options | 2 |
Lease Extension Period | 10 years |
Noncontrolling_Interests_Summa
Noncontrolling Interests - Summarized Activity of Redeemable Limited Partners (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Noncontrolling Interest [Roll Forward] | |||
Balance | $47,964 | ||
Distributions | -287 | -789 | -2,665 |
Conversion of redeemable limited partner units into shares of ACC common stock | -602 | -23 | -1,217 |
Adjustments to reflect redeemable limited partner units at fair value | -8,200 | 12,534 | -1,958 |
Balance | 54,472 | 47,964 | |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||
Noncontrolling Interest [Roll Forward] | |||
Balance | 47,964 | ||
Distributions | -287 | -789 | -2,665 |
Conversion of redeemable limited partner units into shares of ACC common stock | -602 | -23 | -1,217 |
Adjustments to reflect redeemable limited partner units at fair value | -8,200 | 12,534 | -1,868 |
Balance | 54,472 | 47,964 | |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Redeemable noncontrolling interests | |||
Noncontrolling Interest [Roll Forward] | |||
Balance | 47,964 | 57,534 | |
Net income | 913 | 1,359 | |
Distributions | -1,998 | -1,823 | |
Redeemable limited partner units issued as consideration (see Note 5) | 3,451 | ||
Conversion of redeemable limited partner units into shares of ACC common stock | -607 | -23 | |
Adjustments to reflect redeemable limited partner units at fair value | 8,200 | -12,534 | |
Balance | $54,472 | $47,964 |
Noncontrolling_Interests_Addit
Noncontrolling Interests - Additional Information (Detail Textuals) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
Entity | |||
Noncontrolling Interest [Line Items] | |||
Contributions by noncontrolling partners | $1,500 | $1,500 | |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||
Noncontrolling Interest [Line Items] | |||
Number of third-party joint venture partners (joint venture) | 3 | ||
Contributions by noncontrolling partners | $1,500 | ||
Equity interests held by owners of common units and series A preferred units/ retained by seller (percent) | 1.20% | 1.30% | |
Common OP units | |||
Noncontrolling Interest [Line Items] | |||
Conversion of common units to common stock (in shares) | 50,000 | ||
Series A preferred units | |||
Noncontrolling Interest [Line Items] | |||
Conversion of common units to common stock (in shares) | 2,269 | 1,500 | |
Common shares | |||
Noncontrolling Interest [Line Items] | |||
Conversion of Stock, Shares Issued | 52,269 | 1,500 |
Investments_in_Unconsolidated_1
Investments in Unconsolidated Joint Ventures (Detail Textuals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Joint_Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of unconsolidated joint ventures | 1 | ||
Management fee earned | $7,669 | $7,514 | $6,893 |
Equity method investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Management fee earned | $1,300 | $1,600 | $1,600 |
Debt_Summary_of_outstanding_co
Debt - Summary of outstanding consolidated indebtedness (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
Debt Instrument [Line Items] | ||||
Secured mortgage, construction and bond debt | $1,331,914,000 | $1,507,216,000 | ||
Outstanding debt | 1,232,438,000 | 1,392,222,000 | ||
Secured agency facility | 0 | 87,750,000 | ||
Unsecured notes | 798,305,000 | 398,721,000 | ||
Unsecured revolving credit facility | 242,500,000 | 150,700,000 | ||
Unsecured Term Loans | 600,000,000 | 600,000,000 | ||
Long-term Debt | 2,972,719,000 | 2,744,387,000 | ||
Mortgage loans payable | ||||
Debt Instrument [Line Items] | ||||
Unamortized debt premiums | 60,586,000 | [1],[2] | 74,575,000 | [1],[2] |
Unamortized debt discounts | -895,000 | [1],[2] | -2,021,000 | [1],[2] |
Long-term Debt | 1,184,550,000 | [1] | 1,404,305,000 | [1] |
Construction loans payable | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 107,579,000 | 60,471,000 | ||
Wholly-owned properties, net | ||||
Debt Instrument [Line Items] | ||||
Secured mortgage, construction and bond debt | 1,153,997,000 | 1,372,925,000 | ||
Long-term Debt | 1,217,634,000 | 1,417,563,000 | ||
Wholly-owned properties, net | Mortgage loans payable | ||||
Debt Instrument [Line Items] | ||||
Secured mortgage, construction and bond debt | 1,094,306,000 | 1,300,371,000 | ||
Unamortized debt premiums | 60,586,000 | 74,575,000 | ||
Unamortized debt discounts | -895,000 | -2,021,000 | ||
Wholly-owned properties, net | Construction loans payable | ||||
Debt Instrument [Line Items] | ||||
Secured mortgage, construction and bond debt | 63,637,000 | [3] | 44,638,000 | [3] |
On-campus participating properties, net | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 114,280,000 | 89,653,000 | ||
On-campus participating properties, net | Mortgage loans payable | ||||
Debt Instrument [Line Items] | ||||
Secured mortgage, construction and bond debt | 30,553,000 | 31,380,000 | ||
On-campus participating properties, net | Construction loans payable | ||||
Debt Instrument [Line Items] | ||||
Secured mortgage, construction and bond debt | 43,942,000 | 15,833,000 | ||
On-campus participating properties, net | Bonds payable | ||||
Debt Instrument [Line Items] | ||||
Secured mortgage, construction and bond debt | $39,785,000 | $42,440,000 | ||
[1] | Balance includes unamortized debt premiums and discounts. | |||
[2] | Represents draws from one construction loan used to finance the development and construction of an on-campus participating property located in Morgantown, West Virginia, which was completed and opened for occupancy in August 2014. | |||
[3] | Construction loans payable as of December 31, 2014 includes $19.0 million related to a construction loan that partially financed 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 (Additional Information) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | Loan |
University Walk | |
Debt Instrument [Line Items] | |
Construction loan payable | $19 |
Number of construction loans | 1 |
Morgantown, West Virginia | |
Debt Instrument [Line Items] | |
Number of construction loans | 1 |
Debt_Mortgage_and_construction
Debt - Mortgage and construction loans payable (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Property | ||||
Debt Instrument [Line Items] | ||||
Principal outstanding | $1,232,438 | $1,392,222 | ||
Weighted average interest rate | 4.99% | |||
Weighted average years to maturity | 4 years 9 months 18 days | |||
Number of properties encumbered | 56 | |||
Mortgage loans payable | Fixed Rate | ||||
Debt Instrument [Line Items] | ||||
Principal outstanding | 1,124,859 | [1] | 1,331,751 | [1] |
Weighted average interest rate | 5.21% | [1] | ||
Weighted average years to maturity | 4 years 1 month 6 days | [1] | ||
Number of properties encumbered | 52 | [1] | ||
Construction loans payable | Fixed Rate | ||||
Debt Instrument [Line Items] | ||||
Principal outstanding | 43,942 | [2] | 15,833 | [2] |
Weighted average interest rate | 3.85% | [2] | ||
Weighted average years to maturity | 30 years 7 months 6 days | [2] | ||
Number of properties encumbered | 1 | [2] | ||
Construction loans payable | Variable Rate | ||||
Debt Instrument [Line Items] | ||||
Principal outstanding | $63,637 | [3] | $44,638 | [3] |
Weighted average interest rate | 1.99% | [3] | ||
Weighted average years to maturity | 0 years 7 months 6 days | [3] | ||
Number of properties encumbered | 3 | [3] | ||
[1] | Fixed rate mortgage loans payable mature at various dates from February 2015 through November 2041 and carry interest rates ranging from 3.05% to 7.15%. | |||
[2] | Interest rate is fixed for the first five years and variable for the remaining term of the loan. | |||
[3] | Variable rate construction loans payable mature at various dates fromB May 2015 through December 2015 and carry interest rates based on LIBOR plus a spread, which translate into interest rates ranging from 1.61% to 2.91% at DecemberB 31, 2014. Includes a construction loan used to finance the development and construction of University Walk, a VIE the Company includes in its consolidated financial statements. |
Debt_Mortgage_and_construction1
Debt - Mortgage and construction loans payable (Additional Information) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | ||
Debt Instrument [Line Items] | |||
Debt instrument fixed interest rate | 4.99% | ||
Amount borrowed under construction loan | 0 | $87,750,000 | |
Mortgage loans payable | Fixed Rate | |||
Debt Instrument [Line Items] | |||
Debt instrument fixed interest rate | 5.21% | [1] | |
Mortgage loans payable | Fixed Rate | Minimum | |||
Debt Instrument [Line Items] | |||
Debt instrument fixed interest rate | 3.05% | ||
Mortgage loans payable | Fixed Rate | Maximum | |||
Debt Instrument [Line Items] | |||
Debt instrument fixed interest rate | 7.15% | ||
Construction loans payable | Fixed Rate | |||
Debt Instrument [Line Items] | |||
Debt instrument fixed interest rate | 3.85% | [2] | |
Construction loans payable | Variable Rate | |||
Debt Instrument [Line Items] | |||
Debt instrument fixed interest rate | 1.99% | [3] | |
Description of variable rate basis | LIBOR plus a spread | ||
Construction loans payable | Variable Rate | Minimum | |||
Debt Instrument [Line Items] | |||
Debt instrument variable interest rate | 1.61% | ||
Construction loans payable | Variable Rate | Maximum | |||
Debt Instrument [Line Items] | |||
Debt instrument variable interest rate | 2.91% | ||
[1] | Fixed rate mortgage loans payable mature at various dates from February 2015 through November 2041 and carry interest rates ranging from 3.05% to 7.15%. | ||
[2] | Interest rate is fixed for the first five years and variable for the remaining term of the loan. | ||
[3] | Variable rate construction loans payable mature at various dates fromB May 2015 through December 2015 and carry interest rates based on LIBOR plus a spread, which translate into interest rates ranging from 1.61% to 2.91% at DecemberB 31, 2014. Includes a construction loan used to finance the development and construction of University Walk, a VIE the Company includes in its consolidated financial statements. |
Debt_Mortgage_and_construction2
Debt - Mortgage and construction loans payable transactions occurred (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Long Term Debt Transactions [Roll Forward] | ||||||
Balance, December 31, 2013 | $2,744,387 | |||||
Additions: | ||||||
Draws under advancing construction notes payable | 28,109 | 15,833 | 75,392 | |||
Deductions: | ||||||
Balance, December 31, 2014 | 2,972,719 | 2,744,387 | ||||
Mortgage loans payable | ||||||
Long Term Debt Transactions [Roll Forward] | ||||||
Balance, December 31, 2013 | 1,404,305 | [1] | ||||
Deductions: | ||||||
Payoff of maturing mortgage notes payable | -178,002 | [1],[2] | ||||
Scheduled repayments of principal | -13,290 | [1] | ||||
Amortization of debt premiums and discounts | -12,863 | [1],[3] | -14,032 | [1],[3] | 3,200 | [1],[3] |
Property dispositions | -15,600 | [1],[4] | ||||
Balance, December 31, 2014 | 1,184,550 | [1] | 1,404,305 | [1] | ||
Construction Loans Payable | ||||||
Long Term Debt Transactions [Roll Forward] | ||||||
Balance, December 31, 2013 | 60,471 | |||||
Additions: | ||||||
Draws under advancing construction notes payable | 28,109 | [3] | ||||
Deductions: | ||||||
Balance, December 31, 2014 | 107,579 | |||||
University Walk | Construction Loans Payable | ||||||
Additions: | ||||||
Draws under advancing construction notes payable (non-cash) VIEs | $18,999 | [5] | ||||
[1] | Balance includes unamortized debt premiums and discounts. | |||||
[2] | The Company paid off fixed rate mortgage debt secured by the following wholly-owned properties: University Commons, GrandMarc Seven Corners, Campustown Rentals, University Manor, RAMZ Apts on Broad, The Village on Sixth Avenue, The Enclave, Texan West Campus, The Castilian, The Outpost - San Antonio and CityParc at Fry Street. | |||||
[3] | Represents draws from one construction loan used to finance the development and construction of an on-campus participating property located in Morgantown, West Virginia, which was completed and opened for occupancy in August 2014. | |||||
[4] | In February 2014, the Company sold Hawks Landing, an owned off-campus property located near the campus of Miami University of Ohio (see Note 6). | |||||
[5] | Represents draws from one construction loan used to finance the development and construction of University Walk, a VIE the Company includes in its consolidated financial statements. The seller/developer paid off this construction loan with proceeds from the Company's purchase of the property in February 2015 (see Note 20). |
Debt_Bonds_payable_Details
Debt - Bonds payable (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Subsidary | ||
Property | ||
bond_series | ||
Debt Instrument [Line Items] | ||
Number of on-campus participating properties financed with outstanding project-based taxable bonds | 3 | |
On-campus participating properties financed with taxable bonds, percentage of financing | 100.00% | |
Number of bond series issued by special purpose subsidiaries | 3 | |
Number of special purpose subsidiaries that hold a separate leasehold interest | 3 | |
Principal outstanding | $1,232,438,000 | $1,392,222,000 |
Weighted average rate | 4.99% | |
Bonds Payable | ||
Debt Instrument [Line Items] | ||
Original | 64,590,000 | |
Principal outstanding | 39,785,000 | |
Weighted average rate | 7.56% | |
Required monthly debt service | 488,000 | |
Bonds Payable | Series 1999 | ||
Debt Instrument [Line Items] | ||
Mortgaged facilities subject to leases | University Village-PVAMU/TAMIU | |
Original | 39,270,000 | |
Principal outstanding | 22,870,000 | |
Weighted average rate | 7.75% | |
Maturity date | 1-Sep-23 | |
Required monthly debt service | 302,000 | |
Bonds Payable | Series 2001 | ||
Debt Instrument [Line Items] | ||
Mortgaged facilities subject to leases | University CollegebPVAMU | |
Original | 20,995,000 | |
Principal outstanding | 13,825,000 | |
Weighted average rate | 7.57% | |
Maturity date | 1-Aug-25 | |
Required monthly debt service | 158,000 | |
Bonds Payable | Series 2003 | ||
Debt Instrument [Line Items] | ||
Mortgaged facilities subject to leases | University CollegebPVAMU | |
Original | 4,325,000 | |
Principal outstanding | 3,090,000 | |
Weighted average rate | 6.09% | |
Maturity date | 1-Aug-28 | |
Required monthly debt service | $28,000 |
Debt_Additional_Information_De
Debt - Additional Information (Detail Textuals) (USD $) | 12 Months Ended | 1 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Apr. 30, 2013 | Sep. 30, 2014 | Mar. 31, 2014 | |
Debt Instrument [Line Items] | |||||||
Notional amount | $450,553,000 | ||||||
Payment for termination of derivative instrument | 4,122,000 | 0 | 0 | ||||
Secured agency facility | 0 | 87,750,000 | |||||
Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Ratio of borrowing amount to value of properties | 60.00% | ||||||
Term Loan II Facility | |||||||
Debt Instrument [Line Items] | |||||||
Variable interest rate at period end | 1.67% | ||||||
Reference rate | 0.17% | ||||||
Weighted average interest rate spread | 1.50% | ||||||
Term Loan I Facility | |||||||
Debt Instrument [Line Items] | |||||||
Number of loan extension options | 2 | ||||||
Duration of loan extension options | 12 years | ||||||
Variable interest rate | 2.38% | ||||||
Weighted average annual interest rate | 0.88% | ||||||
Senior notes | |||||||
Debt Instrument [Line Items] | |||||||
Issued amount of senior unsecured notes | 400,000,000 | 400,000,000 | |||||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||||||
Debt Instrument [Line Items] | |||||||
Payment for termination of derivative instrument | 4,122,000 | 0 | 0 | ||||
Secured agency facility | 0 | 87,750,000 | |||||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Senior notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate after effect of derivative instruments (percentage) | 4.27% | ||||||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Senior notes | Senior Notes - June 2014 | |||||||
Debt Instrument [Line Items] | |||||||
Issued amount of senior unsecured notes | 400,000,000 | ||||||
Senior unsecured notes maturity period | 10 years | ||||||
Par value of senior unsecured notes | 99.86% | ||||||
Stated Interest rate on note (percent) | 4.13% | ||||||
Effective interest rate on note (percent) | 4.14% | ||||||
Net proceeds from debt issuance | 395,300,000 | ||||||
Proceeds from debt issuance used to repay outstanding debt | 340,000,000 | ||||||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Senior notes | Senior Notes - April 2013 | |||||||
Debt Instrument [Line Items] | |||||||
Issued amount of senior unsecured notes | 400,000,000 | ||||||
Net proceeds from debt issuance | 394,400,000 | ||||||
Proceeds from debt issuance used to repay outstanding debt | 321,000,000 | ||||||
Unsecured Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility | 1,100,000,000 | ||||||
Additional borrowing capacity of unsecured facility | 500,000,000 | ||||||
Unsecured Revolving Credit Facility | Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility | 600,000,000 | ||||||
Number of Loans | 2 | ||||||
Unsecured Revolving Credit Facility | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility | 500,000,000 | 500,000,000 | |||||
Variable interest rate at period end | 1.72% | ||||||
Reference rate | 0.17% | ||||||
Weighted average interest rate spread | 1.30% | ||||||
Line of credit, required unused commitment fee per annum | 0.25% | ||||||
Line of credit facility, remaining borrowing capacity | 257,500,000 | ||||||
Unsecured Revolving Credit Facility | Term Loan II Facility | |||||||
Debt Instrument [Line Items] | |||||||
Secured agency facility | 250,000,000 | ||||||
Unsecured Revolving Credit Facility | Term Loan I Facility | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility | 350,000,000 | ||||||
Forward contracts | |||||||
Debt Instrument [Line Items] | |||||||
Payment for termination of derivative instrument | 4,100,000 | ||||||
Forward contracts | Interest Rate Swap | |||||||
Debt Instrument [Line Items] | |||||||
Number of derivative instruments terminated | 2 | ||||||
Notional amount | 200,000,000 | 200,000,000 | |||||
Payment for termination of derivative instrument | $4,100,000 |
Debt_Scheduled_debt_maturities
Debt - Scheduled debt maturities (Details) (USD $) | Dec. 31, 2014 | |
Scheduled Principal | ||
Debt Instrument [Line Items] | ||
2015 | $259,378,000 | [1] |
2016 | 199,836,000 | |
2017 | 480,811,000 | |
2018 | 416,607,000 | |
2019 | 263,557,000 | |
Thereafter | 1,294,534,000 | |
Total debt | 2,914,723,000 | |
University Walk | ||
Debt Instrument [Line Items] | ||
Construction loan payable | $19,000,000 | |
[1] | Includes $19.0 million used to finance the development and construction of University Walk, a VIE the Company includes in its consolidated financial statements. The seller/developer paid off this construction loan with proceeds from the Company's purchase of the property in February 2015 (see Note 20). |
Stockholders_Equity_Partners_C2
Stockholders' Equity / Partners' Capital - Additional Information (Detail Textuals) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | |
Class Of Stock [Line Items] | ||||
Total net proceeds | $89,317,000 | $0 | $1,391,750,000 | |
At the Market Equity Program | ||||
Class Of Stock [Line Items] | ||||
Aggregate offering price of equity program (maximum) | 410,700,000 | 500,000,000 | ||
ATM Equity Program | ||||
Class Of Stock [Line Items] | ||||
Total net proceeds | 87,977,000 | |||
Commissions paid to sales agents | $1,340,000 | |||
Weighted average price per share (in usd per share) | $40.48 | |||
Weighted average price per share | 2,206,240 | |||
Common shares | ||||
Class Of Stock [Line Items] | ||||
Conversion of Stock, Shares Issued | 52,269 | 1,500 |
Incentive_Award_Plan_Summary_o
Incentive Award Plan - Summary of restricted stock units (Details) (Restricted Stock Units, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock Units | |||
Number of RSUs | |||
Granted | 15,457 | 10,265 | |
Settled in common shares | -9,027 | -4,572 | |
Settled in cash | -6,430 | -5,693 | |
Weighted-Average Grant Date Fair Value Per RSU | |||
Nonvested, Weighted-Average Grant Date Fair Value Per RSA, beginning balance | $0 | $0 | |
Granted, Weighted-Average Grant Date Fair Value Per RSA | $38.54 | $44.09 | $45.04 |
Settled in common shares, Weighted-Average Grant Date Fair Value Per RSU | $38.54 | $44.09 | |
Settled in cash, Weighted-Average Grant Date Fair Value Per RSU | $38.54 | $44.09 | |
Nonvested, Weighted-Average Grant Date Fair Value Per RSA, ending balance | $0 | $0 | $0 |
Incentive_Award_Plan_Summary_o1
Incentive Award Plan - Summary of restricted stock awards (Details) (Restricted Stock Awards, USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Restricted Stock Awards | |||||
Number of RSUs | |||||
Nonvested, Number of RSAs, beginning balance | 602,191 | 575,668 | |||
Granted | 292,526 | 232,966 | |||
Vested | -124,883 | -111,533 | |||
Forfeited | -160,320 | [1] | -94,910 | [1] | |
Nonvested, Number of RSAs, ending balance | 609,514 | 602,191 | 575,668 | ||
Weighted-Average Grant Date Fair Value Per RSA | |||||
Nonvested, Weighted-Average Grant Date Fair Value Per RSA, beginning balance | $38.84 | $32.40 | |||
Granted, Weighted-Average Grant Date Fair Value Per RSA | $34.52 | $47.64 | $41.37 | ||
Vested, Weighted-Average Grant Date Fair Value Per RSA | $34 | $29.64 | |||
Forfeited, Weighted-Average Grant Date Fair Value Per RSA | $36.75 | [1] | $32.15 | [1] | $28.34 |
Nonvested, Weighted-Average Grant Date Fair Value Per RSA, ending balance | $38.31 | $38.84 | $32.40 | ||
[1] | Includes shares withheld to satisfy tax obligations upon vesting. |
Incentive_Award_Plan_Additiona
Incentive Award Plan - Additional Information (Detail Textuals) (USD $) | 12 Months Ended | 1 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-14 | 31-May-10 | |||
employee | |||||||
2010 Incentive Award Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based awards, number of shares reserved for issuance | 1,700,000 | ||||||
Stock-based awards, number of shares available for issuance | 1,154,393 | ||||||
Restricted Stock Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated share-based compensation | $6,800,000 | $6,400,000 | $5,300,000 | ||||
Restricted stock award vesting period (in years) | 5 years | ||||||
Weighted-average grant date fair value, granted | $34.52 | $47.64 | $41.37 | ||||
Weighted-average grant date fair value, forfeited | $36.75 | [1] | $32.15 | [1] | $28.34 | ||
Total fair value of RSAs vested | 7,200,000 | ||||||
Total unrecognized compensation cost | 17,300,000 | ||||||
Total unrecognized compensation cost, weighted-average period (in years) | 3 years 1 month 6 days | ||||||
Minimum age to meet retirement qualification (under Company Plan) | 50 years | ||||||
Minimum combination of employee service years and employee age to meet retirement qualification (under Company Plan) | 70 years | ||||||
Minimum notification period of intention to retire (under Company Plan) | 6 months | ||||||
Number of unvested awards held by individual | 154,690 | ||||||
Number of employees holding unvested awards which will vest upon retirement | 3 | ||||||
Restricted Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated share-based compensation | 600,000 | 500,000 | 500,000 | ||||
Weighted-average grant date fair value, granted | $38.54 | $44.09 | $45.04 | ||||
Restricted Stock Units | Chairman of the Board of Directors | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based awards, stock granted during period, value | 95,000 | ||||||
Restricted Stock Units | All other members | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based awards, stock granted during period, value | $71,500 | ||||||
Minimum | Restricted Stock Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Minimum number of full years of service to qualify for retirement (under Company Plan) | 120 months | ||||||
[1] | Includes shares withheld to satisfy tax obligations upon vesting. |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Summary of outstanding interest rate swap contracts (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | ||
Derivative [Line Items] | ||
Notional amount | $450,553,000 | |
Fair Value | -2,306,000 | |
Interest Rate Swap - 2.275% Fixed Rate | ||
Derivative [Line Items] | ||
Effective Date | 18-Feb-14 | [1] |
Maturity Date | 15-Feb-21 | [1] |
Pay Fixed Rate | 2.28% | [1] |
Receive Floating Rate Index | LIBOR b 1 month | [1] |
Notional amount | 15,198,000 | [1] |
Fair Value | -427,000 | [1] |
Interest Rate Swap - 2.275% Fixed Rate | ||
Derivative [Line Items] | ||
Effective Date | 18-Feb-14 | [1] |
Maturity Date | 15-Feb-21 | [1] |
Pay Fixed Rate | 2.28% | [1] |
Receive Floating Rate Index | LIBOR b 1 month | [1] |
Notional amount | 15,355,000 | [1] |
Fair Value | -431,000 | [1] |
Interest Rate Swap - 0.8695% Fixed Rate | ||
Derivative [Line Items] | ||
Effective Date | 2-Feb-12 | |
Maturity Date | 2-Jan-17 | |
Pay Fixed Rate | 0.87% | |
Receive Floating Rate Index | LIBOR b 1 month | |
Notional amount | 125,000,000 | |
Fair Value | -307,000 | |
Interest Rate Swap - 0.88% Fixed Rate | ||
Derivative [Line Items] | ||
Effective Date | 2-Feb-12 | |
Maturity Date | 2-Jan-17 | |
Pay Fixed Rate | 0.88% | |
Receive Floating Rate Index | LIBOR b 1 month | |
Notional amount | 100,000,000 | |
Fair Value | -266,000 | |
Interest Rate Swap - 0.8875% Fixed Rate | ||
Derivative [Line Items] | ||
Effective Date | 2-Feb-12 | |
Maturity Date | 2-Jan-17 | |
Pay Fixed Rate | 0.89% | |
Receive Floating Rate Index | LIBOR b 1 month | |
Notional amount | 62,500,000 | |
Fair Value | -177,000 | |
Interest Rate Swap - 0.889% Fixed Rate | ||
Derivative [Line Items] | ||
Effective Date | 2-Feb-12 | |
Maturity Date | 2-Jan-17 | |
Pay Fixed Rate | 0.89% | |
Receive Floating Rate Index | LIBOR b 1 month | |
Notional amount | 62,500,000 | |
Fair Value | -178,000 | |
Interest Rate Swap - 1.545% Fixed Rate | ||
Derivative [Line Items] | ||
Effective Date | 1-Nov-13 | |
Maturity Date | 5-Oct-18 | |
Pay Fixed Rate | 1.55% | |
Receive Floating Rate Index | LIBOR b 1 month | |
Notional amount | 70,000,000 | |
Fair Value | ($520,000) | |
[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. |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities - Fair value of derivative financial instruments and classification on consolidated balance sheet (Details) (Designated as hedging instrument, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Interest rate swaps contracts | $0 | $31 |
Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Interest rate swaps contracts | 2,306 | 1,466 |
Interest Rate Swap Contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Interest rate swaps contracts | 0 | 31 |
Interest Rate Swap Contracts | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Interest rate swaps contracts | $2,306 | $1,466 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities - Additional Information (Detail Textuals 1) (USD $) | 12 Months Ended | 1 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | |
Contract | ||||||
Derivative [Line Items] | ||||||
Interest rate swap fair value | -200,000 | |||||
Notional amount | 450,553,000 | |||||
Payment for termination of derivative instrument | 4,122,000 | 0 | 0 | |||
Amortization of interest rate swap terminations | 222,000 | 0 | 0 | |||
Interest Rate Swap - 1.545% Fixed Rate | ||||||
Derivative [Line Items] | ||||||
Notional amount | 70,000,000 | |||||
Mortgages | Cullen Oaks Phase I and Phase II Loans | ||||||
Derivative [Line Items] | ||||||
One-month LIBOR spread rate | 1.75% | |||||
Swap | ||||||
Derivative [Line Items] | ||||||
Number of interest rate swap contracts | 2 | |||||
Forward contracts | ||||||
Derivative [Line Items] | ||||||
Number of interest rate swap contracts | 2 | |||||
Payment for termination of derivative instrument | 4,100,000 | |||||
Forward contracts | Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Notional amount | 200,000,000 | 200,000,000 | ||||
Payment for termination of derivative instrument | $4,100,000 |
Fair_Value_Disclosures_Financi
Fair Value Disclosures - Financial instruments measured at fair value (Details) (Recurring, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Asset | ||
Derivative Assets: financial instruments | $0 | $31 |
Liabilities: | ||
Derivative Liabilities: financial instruments | 2,306 | 1,466 |
Mezzanine Redeemable noncontrolling interests - Operating Partnership/ redeemable limited partners | 54,472 | 47,964 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | ||
Liabilities: | ||
Derivative Liabilities: financial instruments | 0 | |
Significant Other Observable Inputs (Level 2) | ||
Asset | ||
Derivative Assets: financial instruments | 31 | |
Liabilities: | ||
Derivative Liabilities: financial instruments | 2,306 | 1,466 |
Mezzanine Redeemable noncontrolling interests - Operating Partnership/ redeemable limited partners | 54,472 | 47,964 |
Significant Unobservable Inputs (Level 3) | ||
Asset | ||
Derivative Assets: financial instruments | 0 | 0 |
Liabilities: | ||
Derivative Liabilities: financial instruments | 0 | 0 |
Mezzanine Redeemable noncontrolling interests - Operating Partnership/ redeemable limited partners | $0 | $0 |
Fair_Value_Disclosures_Estimat
Fair Value Disclosures - Estimated fair value and related carrying amounts for mortgage loans and bonds payable (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Estimated Fair Value | ||
Assets: | ||
Loans receivable | $47,092 | $49,154 |
Liabilities: | ||
Unsecured notes | 802,943 | 372,420 |
Mortgage loans | 1,182,501 | 1,382,773 |
Bonds payable | 45,176 | 44,908 |
Carrying Amount | ||
Assets: | ||
Loans receivable | 54,260 | 51,192 |
Liabilities: | ||
Unsecured notes | 798,305 | 398,721 |
Mortgage loans | 1,184,550 | 1,404,305 |
Bonds payable | $39,785 | $42,440 |
Lease_Commitments_Future_minim
Lease Commitments - Future minimum commitments over life (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2015 | $6,692 |
2016 | 7,217 |
2017 | 7,069 |
2018 | 6,978 |
2019 | 6,715 |
Thereafter | 234,138 |
Total minimum lease payments | $268,809 |
Lease_Commitments_Additional_I
Lease Commitments - Additional Information (Detail Textuals) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Leases Disclosure [Line Items] | |||
Prepaid ground rent | $1,800,000 | $2,300,000 | |
Ground/facility leases | 6,200,000 | 5,000,000 | 2,800,000 |
Capitalized rent | 1,400,000 | 1,100,000 | 1,300,000 |
Furniture, office and technology equipment | |||
Leases Disclosure [Line Items] | |||
Ground/facility leases | $7,800,000 | $6,500,000 | $4,100,000 |
Lease agreement termination date | 2022 | ||
Corporate Office | Expire in 2020 | |||
Leases Disclosure [Line Items] | |||
Lease agreement entry date | 17-Dec-10 | ||
Lease agreement termination date | 31-Dec-20 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail Textuals) (USD $) | 1 Months Ended | 12 Months Ended |
Aug. 31, 2013 | Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Line Items] | ||
Number of under development properties | 6 | |
Construction contacts, amount to complete projects | $203,300,000 | |
Alternate Housing Guarantees and Project Cost Guarantees | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Estimated maximum exposure under guarantee, amount | 2,700,000 | |
Alternate Housing Guarantees | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Project cost guarantees expiration (within years following project completion) | 5 days | |
Project Cost Guarantees | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Project cost guarantees expiration (within years following project completion) | 1 year | |
Drexel University Property | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Lease Term | 40 years | |
Number Of Renewal Options | 3 | |
Lease extension period | 10 years | |
Time period company is committed to improvements | 5 years | |
Commitment to pay real estate transfer taxes, amount | 1,800,000 | |
Real estate transfer taxes paid upon conveyance of land | 600,000 | |
Renovation and capital improvements | Drexel University Property | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Commitment as part of ground lease agreement, amount | 22,300,000 | |
Payments for capital improvements and renovations | 11,200,000 | |
Anticipated spending in next twelve month | 24,700,000 | |
Maximum | Drexel University Property | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Commitment to pay real estate transfer taxes, amount | $2,400,000 |
Segment_Summary_of_business_se
Segment - Summary of business segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Property management fees from external customers | $7,669 | $7,514 | $6,893 | ||||||||
Total revenues | 196,819 | 181,936 | 171,977 | 183,183 | 182,694 | 158,394 | 153,212 | 163,162 | 733,915 | 657,462 | 465,655 |
Ground/facility leases | -6,200 | -5,000 | -2,800 | ||||||||
Operating expenses | -578,929 | -525,709 | -359,809 | ||||||||
Interest expense | -90,362 | -78,028 | -54,518 | ||||||||
Income (loss) from unconsolidated joint ventures | 0 | 0 | 444 | ||||||||
Loss from disposition of real estate | 2,843 | 55,263 | 4,312 | ||||||||
Provision for real estate impairment | -2,443 | 0 | 0 | ||||||||
Income tax provision | -1,308 | -1,020 | -725 | ||||||||
Income from continuing operations | 27,291 | -5,785 | 13,731 | 26,147 | 26,415 | -5,222 | 5,910 | 20,333 | 61,384 | 47,436 | 48,789 |
Total assets | 5,834,748 | 5,598,040 | 5,834,748 | 5,598,040 | |||||||
Wholly owned properties | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Rental revenues and other income | 693,694 | 621,117 | 424,022 | ||||||||
Interest and other income | 1,079 | 152 | 40 | ||||||||
Total revenues | 694,773 | 621,269 | 424,062 | ||||||||
Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead | -331,046 | -300,207 | -200,799 | ||||||||
Ground/facility leases | -4,196 | -2,956 | -2,148 | ||||||||
Interest expense | -42,906 | -45,401 | -32,624 | ||||||||
Segment operating income (loss) before depreciation, amortization and allocation of corporate overhead | 316,625 | 272,705 | 188,491 | ||||||||
Depreciation and amortization | 189,424 | 178,396 | 104,205 | ||||||||
Capital expenditures | 334,249 | 350,118 | 354,204 | ||||||||
Total segment assets | 5,604,358 | 5,394,029 | 5,604,358 | 5,394,029 | 4,958,314 | ||||||
On-campus participating properties, net | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Rental revenues and other income | 28,534 | 26,348 | 26,166 | ||||||||
Interest and other income | 3 | 16 | 16 | ||||||||
Total revenues | 28,537 | 26,364 | 26,182 | ||||||||
Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead | -10,437 | -10,322 | -10,367 | ||||||||
Ground/facility leases | -3,201 | -2,446 | -2,100 | ||||||||
Interest expense | -5,131 | -5,463 | -5,671 | ||||||||
Segment operating income (loss) before depreciation, amortization and allocation of corporate overhead | 9,768 | 8,133 | 8,044 | ||||||||
Depreciation and amortization | 5,688 | 4,756 | 4,644 | ||||||||
Capital expenditures | 29,621 | 17,094 | 2,141 | ||||||||
Total segment assets | 110,017 | 88,777 | 110,017 | 88,777 | 72,922 | ||||||
Development Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Development and construction management fees | 4,018 | 2,483 | 8,574 | ||||||||
Operating expenses | -11,883 | -11,172 | -10,739 | ||||||||
Segment operating income (loss) before depreciation, amortization and allocation of corporate overhead | -7,865 | -8,689 | -2,165 | ||||||||
Total segment assets | 1,530 | 1,848 | 1,530 | 1,848 | 1,804 | ||||||
Property Management Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property management fees from external customers | 7,669 | 7,514 | 6,893 | ||||||||
Intersegment revenues | 22,889 | 21,396 | 16,349 | ||||||||
Total revenues | 30,558 | 28,910 | 23,242 | ||||||||
Operating expenses | -12,400 | -10,349 | -10,098 | ||||||||
Segment operating income (loss) before depreciation, amortization and allocation of corporate overhead | 18,158 | 18,561 | 13,144 | ||||||||
Total segment assets | 6,513 | 7,033 | 6,513 | 7,033 | 4,532 | ||||||
Reconciliations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 757,886 | 679,026 | 482,060 | ||||||||
Unallocated interest income earned on investments and corporate cash | 3,086 | 2,837 | 1,700 | ||||||||
Elimination of intersegment revenues | -22,889 | -21,396 | -16,349 | ||||||||
Total consolidated revenues, including interest income | 738,083 | 660,467 | 467,411 | ||||||||
Segment operating income (loss) before depreciation, amortization and allocation of corporate overhead | 336,686 | 290,710 | 207,514 | ||||||||
Depreciation and amortization | -203,413 | -190,596 | -114,924 | ||||||||
Net unallocated expenses relating to corporate overhead | -67,956 | -48,992 | -43,931 | ||||||||
Income (loss) from unconsolidated joint ventures | 0 | 0 | 444 | ||||||||
Loss from disposition of real estate | -368 | 0 | 0 | ||||||||
Other nonoperating income (expense) | 186 | -2,666 | 411 | ||||||||
Income tax provision | -1,308 | -1,020 | -725 | ||||||||
Income from continuing operations | 61,384 | 47,436 | 48,789 | ||||||||
Total segment assets | 5,722,418 | 5,491,687 | 5,722,418 | 5,491,687 | 5,037,572 | ||||||
Unallocated corporate assets | 112,330 | 106,353 | 112,330 | 106,353 | 81,390 | ||||||
Total assets | $5,834,748 | $5,598,040 | $5,834,748 | $5,598,040 | $5,118,962 |
Segments_Additional_Informatio
Segments - Additional Information (Detail Textuals) | 12 Months Ended |
Dec. 31, 2014 | |
Segment | |
Segment Reporting [Abstract] | |
Identified reportable segments | 4 |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) - Information related to quarterly consolidated financial results(Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||
Total segment revenues and other income | $196,819 | $181,936 | $171,977 | $183,183 | $182,694 | $158,394 | $153,212 | $163,162 | $733,915 | $657,462 | $465,655 | ||||||||||
Operating income | 52,704 | 18,854 | 35,433 | 47,995 | 48,968 | 15,101 | 26,000 | 41,684 | 154,986 | 131,753 | 105,846 | ||||||||||
Income (loss) from continuing operations | 27,291 | -5,785 | 13,731 | 26,147 | 26,415 | -5,222 | 5,910 | 20,333 | 61,384 | 47,436 | 48,789 | ||||||||||
Discontinued operations | 0 | 0 | 0 | 2,720 | 1,897 | 53,054 | 2,756 | 2,048 | 2,720 | 59,755 | 11,449 | ||||||||||
Net income (loss) | 27,291 | -5,785 | 13,731 | 28,867 | 28,312 | 47,832 | 8,666 | 22,381 | 64,104 | 107,191 | 60,238 | ||||||||||
Net income attributable to noncontrolling interests | -441 | -62 | -293 | -469 | -483 | -656 | -617 | -791 | -1,265 | -2,547 | -3,602 | ||||||||||
Net income attributable to common shareholders | 26,850 | -5,847 | 13,438 | 28,398 | 27,829 | 47,176 | 8,049 | 21,590 | 62,839 | 104,644 | 56,636 | ||||||||||
Net income attributable to common shareholders per share - basic | $0.25 | [1] | ($0.06) | [1] | $0.13 | [1] | $0.27 | [1] | $0.26 | [1] | $0.45 | [1] | $0.07 | [1] | $0.20 | [1] | $0.59 | [1] | $0.99 | [1] | $0.66 |
Net income attributable to common shareholders per share - diluted | $0.25 | [1] | ($0.06) | [1] | $0.12 | [1] | $0.27 | [1] | $0.26 | [1] | $0.45 | [1] | $0.07 | [1] | $0.20 | [1] | $0.58 | [1] | $0.98 | [1] | $0.65 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||||||||||||||||||||
Total segment revenues and other income | 196,819 | 181,936 | 171,977 | 183,183 | 182,694 | 158,394 | 153,212 | 163,162 | 733,915 | 657,462 | 465,655 | ||||||||||
Operating income | 52,704 | 18,854 | 35,433 | 47,995 | 48,968 | 15,101 | 26,000 | 41,684 | 154,986 | 131,753 | 105,846 | ||||||||||
Income (loss) from continuing operations | 27,291 | -5,785 | 13,731 | 26,147 | 26,415 | -5,222 | 5,910 | 20,333 | 61,384 | 47,436 | 48,789 | ||||||||||
Discontinued operations | 0 | 0 | 0 | 2,720 | 1,897 | 53,054 | 2,756 | 2,048 | 2,720 | 59,755 | 11,449 | ||||||||||
Net income (loss) | 27,291 | -5,785 | 13,731 | 28,867 | 28,312 | 47,832 | 8,666 | 22,381 | 64,104 | 107,191 | 60,238 | ||||||||||
Net income attributable to noncontrolling interests | 95 | 81 | 88 | 88 | 110 | 83 | 483 | 512 | 352 | 1,188 | |||||||||||
Series A preferred unit distributions | -44 | -44 | -45 | -45 | -45 | -46 | -45 | -46 | -178 | -182 | -183 | ||||||||||
Net income attributable to common shareholders | 63,752 | 106,003 | 57,483 | ||||||||||||||||||
Net income attributable to common shareholders/unitholders | $27,152 | ($5,910) | $13,598 | $28,734 | $28,157 | $47,703 | $8,138 | $21,823 | $63,574 | $105,821 | $57,300 | ||||||||||
Net income attributable to common shareholders per share - basic | $0.59 | $0.99 | $0.66 | ||||||||||||||||||
Net income attributable to common unitholders per unit - basic | $0.25 | [1] | ($0.06) | [1] | $0.13 | [1] | $0.27 | [1] | $0.26 | [1] | $0.45 | [1] | $0.07 | [1] | $0.20 | [1] | $0.59 | [1] | $0.99 | [1] | $0.66 |
Net income attributable to common shareholders per share - diluted | $0.58 | $0.98 | $0.65 | ||||||||||||||||||
Net income attributable to common unitholders per unit - diluted | $0.25 | [1] | ($0.06) | [1] | $0.12 | [1] | $0.27 | [1] | $0.26 | [1] | $0.45 | [1] | $0.07 | [1] | $0.20 | [1] | $0.58 | [1] | $0.98 | [1] | $0.65 |
[1] | Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year. |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail Textuals) (USD $) | 12 Months Ended | 0 Months Ended | 2 Months Ended | 1 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 20, 2015 | Jan. 28, 2015 | Feb. 26, 2015 | Jan. 31, 2015 | Feb. 26, 2015 | |
Bed | Property | Property | Property | |||||
Unit | Bed | Bed | Bed | |||||
Subsequent Event [Line Items] | ||||||||
Company declared dividend | $1.50 | $1.42 | $1.35 | |||||
Total net proceeds | $89,317,000 | $0 | $1,391,750,000 | |||||
Number of properties sold (properties) | 6 | 3 | ||||||
Sale price of disposed properties | 184,200,000 | 54,100,000 | ||||||
Number of units (units) | 33,700 | |||||||
Number of beds (beds) | 103,700 | 4,079 | 1,584 | |||||
Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Company declared dividend | $0.38 | |||||||
Company dividend paid | $0.38 | |||||||
ATM Equity Program | ||||||||
Subsequent Event [Line Items] | ||||||||
Total net proceeds | 87,977,000 | |||||||
Commissions paid to sales agents | 1,340,000 | |||||||
ATM Equity Program | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares sold during period under share offering program, value | 4,900,000 | |||||||
Total net proceeds | 213,400,000 | |||||||
Commissions paid to sales agents | 3,300,000 | |||||||
Wholly owned properties | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of properties sold (properties) | 7 | |||||||
Number of beds in properties sold | 4,107 | |||||||
Sale price of disposed properties | 173,900,000 | |||||||
University Walk and Park Point | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Total purchase price | $59,800,000 | |||||||
University Walk | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of units (units) | 177 | 177 | ||||||
Number of beds (beds) | 526 | 526 | ||||||
Park Point | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of units (units) | 66 | 66 | ||||||
Number of beds (beds) | 226 | 226 |
Schedule_of_Real_Estate_and_Ac1
Schedule of Real Estate and Accumulated Depreciation (Details) (USD $) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Bed | ||||||||
Unit | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 33,661 | |||||||
Beds | 103,661 | |||||||
Initial Cost, Land | $591,062 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 5,416,528 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 293,695 | |||||||
Total Costs, Land | 591,665 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 5,709,620 | |||||||
Total Costs, Total | 6,301,285 | [1] | ||||||
Accumulated Depreciation | 767,436 | |||||||
Encumbrances | 1,272,223 | [2] | ||||||
Wholly owned properties | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 31,574 | [3] | ||||||
Beds | 98,575 | [3] | ||||||
Initial Cost, Land | 591,062 | [3] | ||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 5,273,984 | [3] | ||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 279,196 | [3] | ||||||
Total Costs, Land | 591,665 | [3] | ||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 5,552,577 | [3] | ||||||
Total Costs, Total | 6,144,242 | [1],[3] | ||||||
Accumulated Depreciation | 704,521 | [3],[4],[5],[6] | 529,555 | [4],[7] | 396,469 | [4],[7] | 300,210 | [4] |
Encumbrances | 1,157,943 | [2],[3] | ||||||
Wholly owned properties | The Callaway House | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 173 | |||||||
Beds | 538 | |||||||
Initial Cost, Land | 5,081 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,499 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 6,689 | |||||||
Total Costs, Land | 5,081 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 27,188 | |||||||
Total Costs, Total | 32,269 | [1] | ||||||
Accumulated Depreciation | 10,345 | |||||||
Year Built | 1999 | |||||||
Wholly owned properties | The Village at Alafaya Club | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 228 | [8] | ||||||
Beds | 839 | [8] | ||||||
Initial Cost, Land | 3,787 | [8] | ||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,851 | [8] | ||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 3,049 | [8] | ||||||
Total Costs, Land | 3,787 | [8] | ||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 24,900 | [8] | ||||||
Total Costs, Total | 28,687 | [1],[8] | ||||||
Accumulated Depreciation | 10,176 | [8] | ||||||
Year Built | 1999 | [8] | ||||||
Wholly owned properties | The Village at Science Drive | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 192 | |||||||
Beds | 732 | |||||||
Initial Cost, Land | 4,673 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 19,021 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,206 | |||||||
Total Costs, Land | 4,673 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,227 | |||||||
Total Costs, Total | 25,900 | [1] | ||||||
Accumulated Depreciation | 7,878 | |||||||
Year Built | 2000 | |||||||
Wholly owned properties | University Village at Boulder Creek | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 82 | |||||||
Beds | 309 | |||||||
Initial Cost, Land | 1,035 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,393 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,518 | |||||||
Total Costs, Land | 1,035 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,911 | |||||||
Total Costs, Total | 18,946 | [1] | ||||||
Accumulated Depreciation | 6,514 | |||||||
Year Built | 2002 | |||||||
Wholly owned properties | University Village- Fresno | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 105 | |||||||
Beds | 406 | |||||||
Initial Cost, Land | 929 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 15,553 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 703 | |||||||
Total Costs, Land | 929 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,256 | |||||||
Total Costs, Total | 17,185 | [1] | ||||||
Accumulated Depreciation | 5,377 | |||||||
Year Built | 2004 | |||||||
Wholly owned properties | University Village-Temple | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 220 | |||||||
Beds | 749 | |||||||
Initial Cost, Land | 0 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,119 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,183 | |||||||
Total Costs, Land | 0 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 43,302 | |||||||
Total Costs, Total | 43,302 | [1] | ||||||
Accumulated Depreciation | 12,823 | |||||||
Year Built | 2004 | |||||||
Wholly owned properties | University Village at Sweethome | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 269 | |||||||
Beds | 828 | |||||||
Initial Cost, Land | 2,473 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 34,626 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,518 | |||||||
Total Costs, Land | 2,473 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,144 | |||||||
Total Costs, Total | 38,617 | [1] | ||||||
Accumulated Depreciation | 10,783 | |||||||
Year Built | 2005 | |||||||
Wholly owned properties | University Club Townhomes | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 216 | |||||||
Beds | 736 | |||||||
Initial Cost, Land | 4,665 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 23,103 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 5,420 | |||||||
Total Costs, Land | 4,665 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 28,523 | |||||||
Total Costs, Total | 33,188 | [1] | ||||||
Accumulated Depreciation | 10,141 | |||||||
Year Built | 2000/2002 | |||||||
Wholly owned properties | College Club Townhomes | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 136 | |||||||
Beds | 544 | |||||||
Initial Cost, Land | 1,967 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,049 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,707 | |||||||
Total Costs, Land | 1,967 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,756 | |||||||
Total Costs, Total | 20,723 | [1] | ||||||
Accumulated Depreciation | 6,645 | |||||||
Year Built | 2001/2004 | |||||||
Wholly owned properties | University Club Apartments | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 94 | |||||||
Beds | 376 | |||||||
Initial Cost, Land | 1,416 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 11,848 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,552 | |||||||
Total Costs, Land | 1,416 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 13,400 | |||||||
Total Costs, Total | 14,816 | [1] | ||||||
Accumulated Depreciation | 4,093 | |||||||
Year Built | 1999 | |||||||
Wholly owned properties | The Estates | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 396 | |||||||
Beds | 1,044 | |||||||
Initial Cost, Land | 4,254 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 43,164 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 3,180 | |||||||
Total Costs, Land | 4,254 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 46,344 | |||||||
Total Costs, Total | 50,598 | [1] | ||||||
Accumulated Depreciation | 13,467 | |||||||
Encumbrances | 32,528 | [2] | ||||||
Year Built | 2002 | |||||||
Wholly owned properties | City Parc at Fry Street | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 136 | |||||||
Beds | 418 | |||||||
Initial Cost, Land | 1,902 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,678 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,593 | |||||||
Total Costs, Land | 1,902 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 19,271 | |||||||
Total Costs, Total | 21,173 | [1] | ||||||
Accumulated Depreciation | 5,852 | |||||||
Encumbrances | 0 | [2] | ||||||
Year Built | 2004 | |||||||
Wholly owned properties | Entrada Real | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 98 | |||||||
Beds | 363 | |||||||
Initial Cost, Land | 1,475 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 15,859 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,787 | |||||||
Total Costs, Land | 1,475 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,646 | |||||||
Total Costs, Total | 19,121 | [1] | ||||||
Accumulated Depreciation | 4,434 | |||||||
Year Built | 2000 | |||||||
Wholly owned properties | University Village- Tallahassee | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 217 | |||||||
Beds | 716 | |||||||
Initial Cost, Land | 4,322 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,225 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 3,307 | |||||||
Total Costs, Land | 4,322 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 29,532 | |||||||
Total Costs, Total | 33,854 | [1] | ||||||
Accumulated Depreciation | 8,083 | |||||||
Year Built | 1990/91/92 | |||||||
Wholly owned properties | Royal Village Gainesville | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 118 | |||||||
Beds | 448 | |||||||
Initial Cost, Land | 2,484 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 15,153 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,513 | |||||||
Total Costs, Land | 2,484 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,666 | |||||||
Total Costs, Total | 19,150 | [1] | ||||||
Accumulated Depreciation | 4,663 | |||||||
Year Built | 1996 | |||||||
Wholly owned properties | Royal Lexington | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 94 | |||||||
Beds | 364 | |||||||
Initial Cost, Land | 2,848 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,783 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 5,068 | |||||||
Total Costs, Land | 2,848 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,851 | |||||||
Total Costs, Total | 20,699 | [1] | ||||||
Accumulated Depreciation | 4,345 | |||||||
Year Built | 1994 | |||||||
Wholly owned properties | The Woods at Greenland | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 78 | |||||||
Beds | 276 | |||||||
Initial Cost, Land | 1,050 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 7,286 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 979 | |||||||
Total Costs, Land | 1,050 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 8,265 | |||||||
Total Costs, Total | 9,315 | [1] | ||||||
Accumulated Depreciation | 2,392 | |||||||
Year Built | 2001 | |||||||
Wholly owned properties | Raiders Crossing | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 96 | |||||||
Beds | 276 | |||||||
Initial Cost, Land | 1,089 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 8,404 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 948 | |||||||
Total Costs, Land | 1,089 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 9,352 | |||||||
Total Costs, Total | 10,441 | [1] | ||||||
Accumulated Depreciation | 2,650 | |||||||
Year Built | 2002 | |||||||
Wholly owned properties | Raiders Pass | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 264 | |||||||
Beds | 828 | |||||||
Initial Cost, Land | 3,877 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 32,445 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,821 | |||||||
Total Costs, Land | 3,877 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 35,266 | |||||||
Total Costs, Total | 39,143 | [1] | ||||||
Accumulated Depreciation | 9,269 | |||||||
Year Built | 2002 | |||||||
Wholly owned properties | Aggie Station | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 156 | |||||||
Beds | 450 | |||||||
Initial Cost, Land | 1,634 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,821 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,182 | |||||||
Total Costs, Land | 1,634 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,003 | |||||||
Total Costs, Total | 21,637 | [1] | ||||||
Accumulated Depreciation | 5,151 | |||||||
Year Built | 2002 | |||||||
Wholly owned properties | The Outpost- San Marcos | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 162 | |||||||
Beds | 486 | |||||||
Initial Cost, Land | 1,987 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,973 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,615 | |||||||
Total Costs, Land | 1,987 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,588 | |||||||
Total Costs, Total | 22,575 | [1] | ||||||
Accumulated Depreciation | 5,269 | |||||||
Year Built | 2004 | |||||||
Wholly owned properties | The Outpost- San Antonio | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 276 | |||||||
Beds | 828 | |||||||
Initial Cost, Land | 3,262 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,252 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,645 | |||||||
Total Costs, Land | 3,262 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 37,897 | |||||||
Total Costs, Total | 41,159 | [1] | ||||||
Accumulated Depreciation | 9,473 | |||||||
Year Built | 2005 | |||||||
Wholly owned properties | Callaway Villas | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 236 | |||||||
Beds | 704 | |||||||
Initial Cost, Land | 3,903 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 32,286 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 796 | |||||||
Total Costs, Land | 3,903 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,082 | |||||||
Total Costs, Total | 36,985 | [1] | ||||||
Accumulated Depreciation | 8,922 | |||||||
Year Built | 2006 | |||||||
Wholly owned properties | The Village on Sixth Avenue | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 248 | |||||||
Beds | 752 | |||||||
Initial Cost, Land | 2,763 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,480 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,889 | |||||||
Total Costs, Land | 2,763 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,369 | |||||||
Total Costs, Total | 28,132 | [1] | ||||||
Accumulated Depreciation | 6,849 | |||||||
Encumbrances | 1,276 | [2] | ||||||
Year Built | 2000/2006 | |||||||
Wholly owned properties | Newtown Crossing | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 356 | |||||||
Beds | 942 | |||||||
Initial Cost, Land | 7,013 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 53,597 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,484 | |||||||
Total Costs, Land | 7,013 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 55,081 | |||||||
Total Costs, Total | 62,094 | [1] | ||||||
Accumulated Depreciation | 13,771 | |||||||
Encumbrances | 28,283 | [2] | ||||||
Year Built | 2005/2007 | |||||||
Wholly owned properties | Olde Town University Square | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 224 | |||||||
Beds | 550 | |||||||
Initial Cost, Land | 2,277 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 24,614 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,128 | |||||||
Total Costs, Land | 2,277 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,742 | |||||||
Total Costs, Total | 28,019 | [1] | ||||||
Accumulated Depreciation | 7,039 | |||||||
Encumbrances | 18,311 | [2] | ||||||
Year Built | 2005 | |||||||
Wholly owned properties | Peninsular Place | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 183 | |||||||
Beds | 478 | |||||||
Initial Cost, Land | 2,306 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,559 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 874 | |||||||
Total Costs, Land | 2,306 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,433 | |||||||
Total Costs, Total | 19,739 | [1] | ||||||
Accumulated Depreciation | 4,977 | |||||||
Encumbrances | 15,044 | [2] | ||||||
Year Built | 2005 | |||||||
Wholly owned properties | University Centre | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 234 | |||||||
Beds | 838 | |||||||
Initial Cost, Land | 0 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 77,378 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,577 | |||||||
Total Costs, Land | 0 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 79,955 | |||||||
Total Costs, Total | 79,955 | [1] | ||||||
Accumulated Depreciation | 18,141 | |||||||
Year Built | 2007 | |||||||
Wholly owned properties | Sunnyside Commons | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 68 | |||||||
Beds | 161 | |||||||
Initial Cost, Land | 6,933 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 768 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 473 | |||||||
Total Costs, Land | 6,933 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 1,241 | |||||||
Total Costs, Total | 8,174 | [1] | ||||||
Accumulated Depreciation | 381 | |||||||
Year Built | 1925/2001 | |||||||
Wholly owned properties | Pirates Place Townhomes | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 144 | |||||||
Beds | 528 | |||||||
Initial Cost, Land | 1,159 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 9,652 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,139 | |||||||
Total Costs, Land | 1,159 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 11,791 | |||||||
Total Costs, Total | 12,950 | [1] | ||||||
Accumulated Depreciation | 3,006 | |||||||
Encumbrances | 4,833 | [2] | ||||||
Year Built | 1996 | |||||||
Wholly owned properties | The Highlands | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 216 | [8] | ||||||
Beds | 732 | [8] | ||||||
Initial Cost, Land | 4,821 | [8] | ||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 24,822 | [8] | ||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,884 | [8] | ||||||
Total Costs, Land | 4,821 | [8] | ||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,706 | [8] | ||||||
Total Costs, Total | 31,527 | [1],[8] | ||||||
Accumulated Depreciation | 6,147 | [8] | ||||||
Year Built | 2004 | [8] | ||||||
Wholly owned properties | The Summit and Jacob Heights | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 258 | |||||||
Beds | 930 | |||||||
Initial Cost, Land | 2,318 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,464 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,310 | |||||||
Total Costs, Land | 2,318 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 37,774 | |||||||
Total Costs, Total | 40,092 | [1] | ||||||
Accumulated Depreciation | 7,506 | |||||||
Encumbrances | 30,623 | [2] | ||||||
Year Built | 2003 | |||||||
Wholly owned properties | GrandMarc Seven Corners | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 186 | |||||||
Beds | 440 | |||||||
Initial Cost, Land | 4,491 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 28,807 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,652 | |||||||
Total Costs, Land | 4,491 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,459 | |||||||
Total Costs, Total | 34,950 | [1] | ||||||
Accumulated Depreciation | 6,108 | |||||||
Encumbrances | 0 | [2] | ||||||
Year Built | 2000 | |||||||
Wholly owned properties | University Village- Sacramento | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 250 | |||||||
Beds | 394 | |||||||
Initial Cost, Land | 7,275 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,639 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,966 | |||||||
Total Costs, Land | 7,275 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 14,605 | |||||||
Total Costs, Total | 21,880 | [1] | ||||||
Accumulated Depreciation | 3,626 | |||||||
Encumbrances | 14,740 | [2] | ||||||
Year Built | 1979 | |||||||
Wholly owned properties | Aztec Corner | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 180 | |||||||
Beds | 606 | |||||||
Initial Cost, Land | 17,460 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 32,209 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,243 | |||||||
Total Costs, Land | 17,460 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,452 | |||||||
Total Costs, Total | 50,912 | [1] | ||||||
Accumulated Depreciation | 6,442 | |||||||
Encumbrances | 27,428 | [2] | ||||||
Year Built | 1995 | |||||||
Wholly owned properties | University Crossings | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 260 | |||||||
Beds | 1,016 | |||||||
Initial Cost, Land | 0 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 47,830 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 18,276 | |||||||
Total Costs, Land | 0 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 66,106 | |||||||
Total Costs, Total | 66,106 | [1] | ||||||
Accumulated Depreciation | 11,408 | |||||||
Encumbrances | 0 | [2] | ||||||
Year Built | 1926/2003 | |||||||
Wholly owned properties | Campus Corner | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 254 | |||||||
Beds | 796 | |||||||
Initial Cost, Land | 1,591 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,928 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,021 | |||||||
Total Costs, Land | 1,591 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,949 | |||||||
Total Costs, Total | 24,540 | [1] | ||||||
Accumulated Depreciation | 5,161 | |||||||
Encumbrances | 22,266 | [2] | ||||||
Year Built | 1997 | |||||||
Wholly owned properties | Tower at Third | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 188 | |||||||
Beds | 375 | |||||||
Initial Cost, Land | 1,145 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 19,128 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 10,037 | |||||||
Total Costs, Land | 1,748 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 28,562 | |||||||
Total Costs, Total | 30,310 | [1] | ||||||
Accumulated Depreciation | 6,224 | |||||||
Encumbrances | 14,491 | [2] | ||||||
Year Built | 1973 | |||||||
Wholly owned properties | University Manor | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 168 | |||||||
Beds | 600 | |||||||
Initial Cost, Land | 1,387 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 14,889 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,196 | |||||||
Total Costs, Land | 1,387 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,085 | |||||||
Total Costs, Total | 18,472 | [1] | ||||||
Accumulated Depreciation | 4,525 | |||||||
Encumbrances | 0 | [2] | ||||||
Year Built | 2002 | |||||||
Wholly owned properties | Lakeside Apartments | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 244 | |||||||
Beds | 776 | |||||||
Initial Cost, Land | 2,347 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,999 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 3,096 | |||||||
Total Costs, Land | 2,347 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,095 | |||||||
Total Costs, Total | 28,442 | [1] | ||||||
Accumulated Depreciation | 6,294 | |||||||
Encumbrances | 14,100 | [2] | ||||||
Year Built | 1991 | |||||||
Wholly owned properties | The Club | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 120 | |||||||
Beds | 480 | |||||||
Initial Cost, Land | 1,164 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 11,979 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,125 | |||||||
Total Costs, Land | 1,164 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 14,104 | |||||||
Total Costs, Total | 15,268 | [1] | ||||||
Accumulated Depreciation | 3,864 | |||||||
Year Built | 1989 | |||||||
Wholly owned properties | The Edge- Orlando | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 306 | |||||||
Beds | 930 | |||||||
Initial Cost, Land | 6,053 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 37,802 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 3,769 | |||||||
Total Costs, Land | 6,053 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,571 | |||||||
Total Costs, Total | 47,624 | [1] | ||||||
Accumulated Depreciation | 8,982 | |||||||
Year Built | 1999 | |||||||
Wholly owned properties | University Place | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 144 | [8] | ||||||
Beds | 528 | [8] | ||||||
Initial Cost, Land | 2,794 | [8] | ||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 15,639 | [8] | ||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,784 | [8] | ||||||
Total Costs, Land | 2,794 | [8] | ||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,423 | [8] | ||||||
Total Costs, Total | 20,217 | [1],[8] | ||||||
Accumulated Depreciation | 3,948 | [8] | ||||||
Year Built | 2003 | [8] | ||||||
Wholly owned properties | South View | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 240 | |||||||
Beds | 960 | |||||||
Initial Cost, Land | 3,492 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,760 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 4,065 | |||||||
Total Costs, Land | 3,492 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 45,825 | |||||||
Total Costs, Total | 49,317 | [1] | ||||||
Accumulated Depreciation | 10,440 | |||||||
Encumbrances | 18,918 | [2] | ||||||
Year Built | 1998 | |||||||
Wholly owned properties | Stone Gate | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 168 | |||||||
Beds | 672 | |||||||
Initial Cost, Land | 2,929 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 28,164 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,286 | |||||||
Total Costs, Land | 2,929 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,450 | |||||||
Total Costs, Total | 33,379 | [1] | ||||||
Accumulated Depreciation | 6,938 | |||||||
Encumbrances | 14,264 | [2] | ||||||
Year Built | 2000 | |||||||
Wholly owned properties | The Commons | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 132 | |||||||
Beds | 528 | |||||||
Initial Cost, Land | 2,173 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,786 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 3,188 | |||||||
Total Costs, Land | 2,173 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,974 | |||||||
Total Costs, Total | 23,147 | [1] | ||||||
Accumulated Depreciation | 4,815 | |||||||
Encumbrances | 4,156 | [2] | ||||||
Year Built | 1991 | |||||||
Wholly owned properties | University Gables | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 168 | |||||||
Beds | 648 | |||||||
Initial Cost, Land | 1,309 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 13,148 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,423 | |||||||
Total Costs, Land | 1,309 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 15,571 | |||||||
Total Costs, Total | 16,880 | [1] | ||||||
Accumulated Depreciation | 4,502 | |||||||
Encumbrances | 0 | [2] | ||||||
Year Built | 2001 | |||||||
Wholly owned properties | Willowtree Apartments and Towers | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 473 | |||||||
Beds | 851 | |||||||
Initial Cost, Land | 9,807 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,880 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,411 | |||||||
Total Costs, Land | 9,807 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 24,291 | |||||||
Total Costs, Total | 34,098 | [1] | ||||||
Accumulated Depreciation | 5,374 | |||||||
Encumbrances | 0 | [2] | ||||||
Year Built | 1968/1974 | |||||||
Wholly owned properties | Abbott Place | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 222 | |||||||
Beds | 654 | |||||||
Initial Cost, Land | 1,833 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,313 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,499 | |||||||
Total Costs, Land | 1,833 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,812 | |||||||
Total Costs, Total | 22,645 | [1] | ||||||
Accumulated Depreciation | 5,390 | |||||||
Encumbrances | 17,850 | [2] | ||||||
Year Built | 1999 | |||||||
Wholly owned properties | The Centre | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 232 | |||||||
Beds | 700 | |||||||
Initial Cost, Land | 1,804 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 19,395 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,824 | |||||||
Total Costs, Land | 1,804 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,219 | |||||||
Total Costs, Total | 23,023 | [1] | ||||||
Accumulated Depreciation | 5,045 | |||||||
Encumbrances | 19,875 | [2] | ||||||
Year Built | 2004 | |||||||
Wholly owned properties | University Meadows | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 184 | |||||||
Beds | 616 | |||||||
Initial Cost, Land | 1,426 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 14,870 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,819 | |||||||
Total Costs, Land | 1,426 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,689 | |||||||
Total Costs, Total | 19,115 | [1] | ||||||
Accumulated Depreciation | 4,070 | |||||||
Encumbrances | 9,633 | [2] | ||||||
Year Built | 2001 | |||||||
Wholly owned properties | Campus Way | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 194 | |||||||
Beds | 680 | |||||||
Initial Cost, Land | 1,581 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,845 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,703 | |||||||
Total Costs, Land | 1,581 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 24,548 | |||||||
Total Costs, Total | 26,129 | [1] | ||||||
Accumulated Depreciation | 5,840 | |||||||
Encumbrances | 15,375 | [2] | ||||||
Year Built | 1993 | |||||||
Wholly owned properties | University Pointe | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 204 | |||||||
Beds | 682 | |||||||
Initial Cost, Land | 989 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 27,576 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,656 | |||||||
Total Costs, Land | 989 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 29,232 | |||||||
Total Costs, Total | 30,221 | [1] | ||||||
Accumulated Depreciation | 6,078 | |||||||
Encumbrances | 21,300 | [2] | ||||||
Year Built | 2004 | |||||||
Wholly owned properties | University Trails | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 240 | |||||||
Beds | 684 | |||||||
Initial Cost, Land | 1,183 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,173 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,588 | |||||||
Total Costs, Land | 1,183 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 27,761 | |||||||
Total Costs, Total | 28,944 | [1] | ||||||
Accumulated Depreciation | 5,868 | |||||||
Encumbrances | 0 | [2] | ||||||
Year Built | 2003 | |||||||
Wholly owned properties | Vista del Sol (ACE) | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 613 | |||||||
Beds | 1,866 | |||||||
Initial Cost, Land | 0 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 135,939 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,228 | |||||||
Total Costs, Land | 0 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 138,167 | |||||||
Total Costs, Total | 138,167 | [1] | ||||||
Accumulated Depreciation | 27,182 | |||||||
Encumbrances | 0 | [2] | ||||||
Year Built | 2008 | |||||||
Wholly owned properties | Villas at Chestnut Ridge | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 196 | |||||||
Beds | 552 | |||||||
Initial Cost, Land | 2,756 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,510 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 613 | |||||||
Total Costs, Land | 2,756 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 34,123 | |||||||
Total Costs, Total | 36,879 | [1] | ||||||
Accumulated Depreciation | 6,886 | |||||||
Year Built | 2008 | |||||||
Wholly owned properties | Barrett Honors College (ACE) | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 604 | |||||||
Beds | 1,721 | |||||||
Initial Cost, Land | 0 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 131,302 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 876 | |||||||
Total Costs, Land | 0 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 132,178 | |||||||
Total Costs, Total | 132,178 | [1] | ||||||
Accumulated Depreciation | 21,280 | |||||||
Year Built | 2009 | |||||||
Wholly owned properties | Campus Trails | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 156 | |||||||
Beds | 480 | |||||||
Initial Cost, Land | 1,358 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 11,291 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 3,613 | |||||||
Total Costs, Land | 1,358 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 14,904 | |||||||
Total Costs, Total | 16,262 | [1] | ||||||
Accumulated Depreciation | 3,314 | |||||||
Encumbrances | 7,486 | [2] | ||||||
Year Built | 1991 | |||||||
Wholly owned properties | Lions Crossing | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 204 | |||||||
Beds | 696 | |||||||
Initial Cost, Land | 4,453 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 32,824 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,952 | |||||||
Total Costs, Land | 4,453 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 34,776 | |||||||
Total Costs, Total | 39,229 | [1] | ||||||
Accumulated Depreciation | 4,553 | |||||||
Year Built | 1996 | |||||||
Wholly owned properties | Nittany Crossing | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 204 | |||||||
Beds | 684 | |||||||
Initial Cost, Land | 4,337 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 31,920 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,631 | |||||||
Total Costs, Land | 4,337 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 34,551 | |||||||
Total Costs, Total | 38,888 | [1] | ||||||
Accumulated Depreciation | 4,518 | |||||||
Encumbrances | 0 | [2] | ||||||
Year Built | 1996 | |||||||
Wholly owned properties | The View | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 157 | [8] | ||||||
Beds | 590 | [8] | ||||||
Initial Cost, Land | 1,499 | [8] | ||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 11,004 | [8] | ||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,369 | [8] | ||||||
Total Costs, Land | 1,499 | [8] | ||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,373 | [8] | ||||||
Total Costs, Total | 13,872 | [1],[8] | ||||||
Accumulated Depreciation | 1,892 | [8] | ||||||
Year Built | 2003 | [8] | ||||||
Wholly owned properties | Chapel Ridge | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 180 | [8] | ||||||
Beds | 544 | [8] | ||||||
Initial Cost, Land | 4,244 | [8] | ||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,792 | [8] | ||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,004 | [8] | ||||||
Total Costs, Land | 4,244 | [8] | ||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 31,796 | [8] | ||||||
Total Costs, Total | 36,040 | [1],[8] | ||||||
Accumulated Depreciation | 3,977 | [8] | ||||||
Year Built | 2003 | [8] | ||||||
Wholly owned properties | Chapel View | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 224 | [8] | ||||||
Beds | 358 | [8] | ||||||
Initial Cost, Land | 2,161 | [8] | ||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,062 | [8] | ||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 944 | [8] | ||||||
Total Costs, Land | 2,161 | [8] | ||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,006 | [8] | ||||||
Total Costs, Total | 19,167 | [1],[8] | ||||||
Accumulated Depreciation | 2,235 | [8] | ||||||
Encumbrances | 9,690 | [2],[8] | ||||||
Year Built | 1986 | [8] | ||||||
Wholly owned properties | University Oaks | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 181 | |||||||
Beds | 662 | |||||||
Initial Cost, Land | 2,150 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,369 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,125 | |||||||
Total Costs, Land | 2,150 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,494 | |||||||
Total Costs, Total | 20,644 | [1] | ||||||
Accumulated Depreciation | 2,681 | |||||||
Encumbrances | 22,150 | [2] | ||||||
Year Built | 2004 | |||||||
Wholly owned properties | Blanton Common | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 276 | |||||||
Beds | 860 | |||||||
Initial Cost, Land | 3,788 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 29,662 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,351 | |||||||
Total Costs, Land | 3,788 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 31,013 | |||||||
Total Costs, Total | 34,801 | [1] | ||||||
Accumulated Depreciation | 4,133 | |||||||
Encumbrances | 28,250 | [2] | ||||||
Year Built | 2005/2007 | |||||||
Wholly owned properties | University Heights - Birmingham | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 176 | |||||||
Beds | 528 | |||||||
Initial Cost, Land | 1,387 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 8,236 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,198 | |||||||
Total Costs, Land | 1,387 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 9,434 | |||||||
Total Costs, Total | 10,821 | [1] | ||||||
Accumulated Depreciation | 1,831 | |||||||
Encumbrances | 0 | [2] | ||||||
Year Built | 2001 | |||||||
Wholly owned properties | Burbank Commons | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 134 | |||||||
Beds | 532 | |||||||
Initial Cost, Land | 2,512 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,063 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,491 | |||||||
Total Costs, Land | 2,512 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,554 | |||||||
Total Costs, Total | 25,066 | [1] | ||||||
Accumulated Depreciation | 3,313 | |||||||
Encumbrances | 14,888 | [2] | ||||||
Year Built | 1995 | |||||||
Wholly owned properties | University Crescent | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 192 | |||||||
Beds | 612 | |||||||
Initial Cost, Land | 3,548 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 28,403 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,876 | |||||||
Total Costs, Land | 3,548 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,279 | |||||||
Total Costs, Total | 33,827 | [1] | ||||||
Accumulated Depreciation | 4,281 | |||||||
Encumbrances | 24,150 | [2] | ||||||
Year Built | 1999 | |||||||
Wholly owned properties | University Greens | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 156 | [8] | ||||||
Beds | 516 | [8] | ||||||
Initial Cost, Land | 1,117 | [8] | ||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 9,244 | [8] | ||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,202 | [8] | ||||||
Total Costs, Land | 1,117 | [8] | ||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 10,446 | [8] | ||||||
Total Costs, Total | 11,563 | [1],[8] | ||||||
Accumulated Depreciation | 1,684 | [8] | ||||||
Encumbrances | 0 | [2],[8] | ||||||
Year Built | 1999 | [8] | ||||||
Wholly owned properties | The Edge- Charlotte | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 180 | |||||||
Beds | 720 | |||||||
Initial Cost, Land | 3,076 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,841 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,984 | |||||||
Total Costs, Land | 3,076 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 24,825 | |||||||
Total Costs, Total | 27,901 | [1] | ||||||
Accumulated Depreciation | 3,500 | |||||||
Encumbrances | 0 | [2] | ||||||
Year Built | 1999 | |||||||
Wholly owned properties | University Walk | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 120 | |||||||
Beds | 480 | |||||||
Initial Cost, Land | 2,016 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 14,599 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,771 | |||||||
Total Costs, Land | 2,016 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,370 | |||||||
Total Costs, Total | 18,386 | [1] | ||||||
Accumulated Depreciation | 2,411 | |||||||
Year Built | 2002 | |||||||
Wholly owned properties | Uptown Apartments | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 180 | |||||||
Beds | 528 | |||||||
Initial Cost, Land | 3,031 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,685 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,459 | |||||||
Total Costs, Land | 3,031 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 23,144 | |||||||
Total Costs, Total | 26,175 | [1] | ||||||
Accumulated Depreciation | 2,883 | |||||||
Year Built | 2004 | |||||||
Wholly owned properties | Sanctuary Lofts | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 201 | |||||||
Beds | 487 | |||||||
Initial Cost, Land | 2,960 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,180 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,885 | |||||||
Total Costs, Land | 2,960 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,065 | |||||||
Total Costs, Total | 24,025 | [1] | ||||||
Accumulated Depreciation | 3,791 | |||||||
Year Built | 2006 | |||||||
Wholly owned properties | 2nd Ave Centre | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 274 | |||||||
Beds | 868 | |||||||
Initial Cost, Land | 4,434 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 27,236 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,814 | |||||||
Total Costs, Land | 4,434 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,050 | |||||||
Total Costs, Total | 34,484 | [1] | ||||||
Accumulated Depreciation | 4,371 | |||||||
Year Built | 2008 | |||||||
Wholly owned properties | Villas at Babcock | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 204 | |||||||
Beds | 792 | |||||||
Initial Cost, Land | 4,642 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,901 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 172 | |||||||
Total Costs, Land | 4,642 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 31,073 | |||||||
Total Costs, Total | 35,715 | [1] | ||||||
Accumulated Depreciation | 5,033 | |||||||
Year Built | 2011 | |||||||
Wholly owned properties | Lobo Village (ACE) | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 216 | |||||||
Beds | 864 | |||||||
Initial Cost, Land | 0 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 42,490 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 358 | |||||||
Total Costs, Land | 0 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 42,848 | |||||||
Total Costs, Total | 42,848 | [1] | ||||||
Accumulated Depreciation | 4,750 | |||||||
Year Built | 2011 | |||||||
Wholly owned properties | Villas on Sycamore | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 170 | |||||||
Beds | 680 | |||||||
Initial Cost, Land | 3,000 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 24,640 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 257 | |||||||
Total Costs, Land | 3,000 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 24,897 | |||||||
Total Costs, Total | 27,897 | [1] | ||||||
Accumulated Depreciation | 4,250 | |||||||
Year Built | 2011 | |||||||
Wholly owned properties | University Village Northwest (ACE) | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 36 | |||||||
Beds | 144 | |||||||
Initial Cost, Land | 0 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 4,228 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 24 | |||||||
Total Costs, Land | 0 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 4,252 | |||||||
Total Costs, Total | 4,252 | [1] | ||||||
Accumulated Depreciation | 602 | |||||||
Year Built | 2011 | |||||||
Wholly owned properties | Eagles Trail | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 216 | |||||||
Beds | 792 | |||||||
Initial Cost, Land | 608 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 19,061 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 3,304 | |||||||
Total Costs, Land | 608 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,365 | |||||||
Total Costs, Total | 22,973 | [1] | ||||||
Accumulated Depreciation | 2,729 | |||||||
Year Built | 2007 | |||||||
Wholly owned properties | 26 West | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 367 | |||||||
Beds | 1,026 | |||||||
Initial Cost, Land | 21,396 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 63,994 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 4,313 | |||||||
Total Costs, Land | 21,396 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 68,307 | |||||||
Total Costs, Total | 89,703 | [1] | ||||||
Accumulated Depreciation | 6,547 | |||||||
Year Built | 2008 | |||||||
Wholly owned properties | The Varsity | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 258 | |||||||
Beds | 901 | |||||||
Initial Cost, Land | 11,605 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 108,529 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,457 | |||||||
Total Costs, Land | 11,605 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 109,986 | |||||||
Total Costs, Total | 121,591 | [1] | ||||||
Accumulated Depreciation | 9,439 | |||||||
Year Built | 2011 | |||||||
Wholly owned properties | University Heights - Knoxville | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 204 | |||||||
Beds | 636 | |||||||
Initial Cost, Land | 1,625 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,585 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 3,373 | |||||||
Total Costs, Land | 1,625 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 15,958 | |||||||
Total Costs, Total | 17,583 | [1] | ||||||
Accumulated Depreciation | 1,845 | |||||||
Year Built | 1999 | |||||||
Wholly owned properties | Avalon Heights | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 210 | |||||||
Beds | 754 | |||||||
Initial Cost, Land | 4,968 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 24,345 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 3,934 | |||||||
Total Costs, Land | 4,968 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 28,279 | |||||||
Total Costs, Total | 33,247 | [1] | ||||||
Accumulated Depreciation | 2,690 | |||||||
Year Built | 2002 | |||||||
Wholly owned properties | University Commons | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 164 | |||||||
Beds | 480 | |||||||
Initial Cost, Land | 12,559 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 19,010 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,067 | |||||||
Total Costs, Land | 12,559 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,077 | |||||||
Total Costs, Total | 33,636 | [1] | ||||||
Accumulated Depreciation | 1,767 | |||||||
Year Built | 2003 | |||||||
Wholly owned properties | The Block | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 669 | |||||||
Beds | 1,555 | |||||||
Initial Cost, Land | 22,270 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 141,430 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 7,126 | |||||||
Total Costs, Land | 22,270 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 148,556 | |||||||
Total Costs, Total | 170,826 | [1] | ||||||
Accumulated Depreciation | 9,346 | |||||||
Year Built | 2007/2008 | |||||||
Wholly owned properties | University Pointe at College Station (ACE) | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 282 | |||||||
Beds | 978 | |||||||
Initial Cost, Land | 0 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 84,657 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 728 | |||||||
Total Costs, Land | 0 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 85,385 | |||||||
Total Costs, Total | 85,385 | [1] | ||||||
Accumulated Depreciation | 9,563 | |||||||
Encumbrances | 0 | [2] | ||||||
Year Built | 2012 | |||||||
Wholly owned properties | Casas del Rio (ACE) | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 283 | |||||||
Beds | 1,028 | |||||||
Initial Cost, Land | 0 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 40,639 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 432 | |||||||
Total Costs, Land | 0 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,071 | |||||||
Total Costs, Total | 41,071 | [1] | ||||||
Accumulated Depreciation | 5,540 | |||||||
Year Built | 2012 | |||||||
Wholly owned properties | The Suites (ACE) | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 275 | |||||||
Beds | 550 | |||||||
Initial Cost, Land | 0 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 27,080 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 110 | |||||||
Total Costs, Land | 0 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 27,190 | |||||||
Total Costs, Total | 27,190 | [1] | ||||||
Accumulated Depreciation | 3,052 | |||||||
Encumbrances | 20,756 | [2] | ||||||
Year Built | 2012 | |||||||
Wholly owned properties | Hilltop Townhomes (ACE) | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 144 | |||||||
Beds | 576 | |||||||
Initial Cost, Land | 0 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 31,507 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 104 | |||||||
Total Costs, Land | 0 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 31,611 | |||||||
Total Costs, Total | 31,611 | [1] | ||||||
Accumulated Depreciation | 3,548 | |||||||
Encumbrances | 23,881 | [2] | ||||||
Year Built | 2012 | |||||||
Wholly owned properties | U Club on Frey | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 114 | |||||||
Beds | 456 | |||||||
Initial Cost, Land | 3,300 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,182 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 79 | |||||||
Total Costs, Land | 3,300 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,261 | |||||||
Total Costs, Total | 21,561 | [1] | ||||||
Accumulated Depreciation | 2,449 | |||||||
Encumbrances | 0 | [2] | ||||||
Year Built | 2012 | |||||||
Wholly owned properties | Campus Edge on UTA Boulevard | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 128 | |||||||
Beds | 488 | |||||||
Initial Cost, Land | 2,663 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,233 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 82 | |||||||
Total Costs, Land | 2,663 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,315 | |||||||
Total Costs, Total | 23,978 | [1] | ||||||
Accumulated Depreciation | 2,369 | |||||||
Encumbrances | 0 | [2] | ||||||
Year Built | 2012 | |||||||
Wholly owned properties | U Club Townhomes on Marion Pugh | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 160 | |||||||
Beds | 640 | |||||||
Initial Cost, Land | 6,722 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,546 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 165 | |||||||
Total Costs, Land | 6,722 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,711 | |||||||
Total Costs, Total | 33,433 | [1] | ||||||
Accumulated Depreciation | 3,154 | |||||||
Year Built | 2012 | |||||||
Wholly owned properties | Villas on Rensch | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 153 | |||||||
Beds | 610 | |||||||
Initial Cost, Land | 10,231 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,852 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 178 | |||||||
Total Costs, Land | 10,231 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 34,030 | |||||||
Total Costs, Total | 44,261 | [1] | ||||||
Accumulated Depreciation | 3,510 | |||||||
Year Built | 2012 | |||||||
Wholly owned properties | The Village at Overton Park | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 163 | |||||||
Beds | 612 | |||||||
Initial Cost, Land | 5,262 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 29,374 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 165 | |||||||
Total Costs, Land | 5,262 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 29,539 | |||||||
Total Costs, Total | 34,801 | [1] | ||||||
Accumulated Depreciation | 3,326 | |||||||
Year Built | 2012 | |||||||
Wholly owned properties | Casa de Oro (ACE) | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 109 | |||||||
Beds | 365 | |||||||
Initial Cost, Land | 0 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,362 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 23 | |||||||
Total Costs, Land | 0 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,385 | |||||||
Total Costs, Total | 12,385 | [1] | ||||||
Accumulated Depreciation | 1,515 | |||||||
Year Built | 2012 | |||||||
Wholly owned properties | The Villas at Vista del Sol (ACE) | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 104 | |||||||
Beds | 400 | |||||||
Initial Cost, Land | 0 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,421 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 72 | |||||||
Total Costs, Land | 0 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,493 | |||||||
Total Costs, Total | 20,493 | [1] | ||||||
Accumulated Depreciation | 2,523 | |||||||
Year Built | 2012 | |||||||
Wholly owned properties | Icon Plaza | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 56 | |||||||
Beds | 253 | |||||||
Initial Cost, Land | 6,292 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 65,857 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,854 | |||||||
Total Costs, Land | 6,292 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 68,711 | |||||||
Total Costs, Total | 75,003 | [1] | ||||||
Accumulated Depreciation | 4,259 | |||||||
Year Built | 2012 | |||||||
Wholly owned properties | Chauncey Square | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 158 | |||||||
Beds | 386 | |||||||
Initial Cost, Land | 2,522 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 40,013 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,161 | |||||||
Total Costs, Land | 2,522 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,174 | |||||||
Total Costs, Total | 43,696 | [1] | ||||||
Accumulated Depreciation | 2,907 | |||||||
Year Built | 2007/2012 | |||||||
Wholly owned properties | 309 Green | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 110 | |||||||
Beds | 416 | |||||||
Initial Cost, Land | 5,351 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 49,987 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,771 | |||||||
Total Costs, Land | 5,351 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 51,758 | |||||||
Total Costs, Total | 57,109 | [1] | ||||||
Accumulated Depreciation | 3,451 | |||||||
Encumbrances | 31,906 | [2] | ||||||
Year Built | 2008 | |||||||
Wholly owned properties | Lofts54 | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 43 | |||||||
Beds | 172 | |||||||
Initial Cost, Land | 430 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 14,741 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 735 | |||||||
Total Costs, Land | 430 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 15,476 | |||||||
Total Costs, Total | 15,906 | [1] | ||||||
Accumulated Depreciation | 1,112 | |||||||
Encumbrances | 10,978 | [2] | ||||||
Year Built | 2008 | |||||||
Wholly owned properties | Campustown Rentals | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 264 | |||||||
Beds | 746 | |||||||
Initial Cost, Land | 2,409 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 38,422 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 4,940 | |||||||
Total Costs, Land | 2,409 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 43,362 | |||||||
Total Costs, Total | 45,771 | [1] | ||||||
Accumulated Depreciation | 3,219 | |||||||
Encumbrances | 0 | [2] | ||||||
Year Built | 1920/1987 | |||||||
Wholly owned properties | Campustown | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 452 | |||||||
Beds | 1,217 | |||||||
Initial Cost, Land | 1,818 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 77,894 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,104 | |||||||
Total Costs, Land | 1,818 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 79,998 | |||||||
Total Costs, Total | 81,816 | [1] | ||||||
Accumulated Depreciation | 5,340 | |||||||
Encumbrances | 41,365 | [2] | ||||||
Year Built | 1910/2004 | |||||||
Wholly owned properties | Garnet River Walk | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 170 | |||||||
Beds | 476 | |||||||
Initial Cost, Land | 1,427 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 28,616 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 842 | |||||||
Total Costs, Land | 1,427 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 29,458 | |||||||
Total Costs, Total | 30,885 | [1] | ||||||
Accumulated Depreciation | 2,417 | |||||||
Encumbrances | 17,168 | [2] | ||||||
Year Built | 2006 | |||||||
Wholly owned properties | River Mill | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 243 | |||||||
Beds | 461 | |||||||
Initial Cost, Land | 1,741 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,806 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,525 | |||||||
Total Costs, Land | 1,741 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,331 | |||||||
Total Costs, Total | 27,072 | [1] | ||||||
Accumulated Depreciation | 1,794 | |||||||
Encumbrances | 0 | [2] | ||||||
Year Built | 1972 | |||||||
Wholly owned properties | Landmark | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 173 | |||||||
Beds | 606 | |||||||
Initial Cost, Land | 3,002 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 118,168 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 469 | |||||||
Total Costs, Land | 3,002 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 118,637 | |||||||
Total Costs, Total | 121,639 | [1] | ||||||
Accumulated Depreciation | 7,563 | |||||||
Encumbrances | 0 | [2] | ||||||
Year Built | 2012 | |||||||
Wholly owned properties | 922 Place | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 132 | |||||||
Beds | 468 | |||||||
Initial Cost, Land | 3,363 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 34,947 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,316 | |||||||
Total Costs, Land | 3,363 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 37,263 | |||||||
Total Costs, Total | 40,626 | [1] | ||||||
Accumulated Depreciation | 2,756 | |||||||
Encumbrances | 31,918 | [2] | ||||||
Year Built | 2009 | |||||||
Wholly owned properties | Vintage and Texan West Campus | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 124 | |||||||
Beds | 311 | |||||||
Initial Cost, Land | 5,937 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,266 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 509 | |||||||
Total Costs, Land | 5,937 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,775 | |||||||
Total Costs, Total | 32,712 | [1] | ||||||
Accumulated Depreciation | 1,787 | |||||||
Encumbrances | 8,857 | [2] | ||||||
Year Built | 2009/2005 | |||||||
Wholly owned properties | The Castilian | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 371 | |||||||
Beds | 623 | |||||||
Initial Cost, Land | 3,663 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 59,772 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 18,041 | |||||||
Total Costs, Land | 3,663 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 77,813 | |||||||
Total Costs, Total | 81,476 | [1] | ||||||
Accumulated Depreciation | 4,151 | |||||||
Encumbrances | 0 | [2] | ||||||
Year Built | 1967 | |||||||
Wholly owned properties | Bishops Square | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 134 | |||||||
Beds | 315 | |||||||
Initial Cost, Land | 1,206 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,878 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 879 | |||||||
Total Costs, Land | 1,206 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,757 | |||||||
Total Costs, Total | 19,963 | |||||||
Accumulated Depreciation | 1,475 | |||||||
Encumbrances | 11,815 | |||||||
Year Built | 2002 | |||||||
Wholly owned properties | Union | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 54 | |||||||
Beds | 120 | |||||||
Initial Cost, Land | 169 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 6,348 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 286 | |||||||
Total Costs, Land | 169 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 6,634 | |||||||
Total Costs, Total | 6,803 | [1] | ||||||
Accumulated Depreciation | 531 | |||||||
Encumbrances | 3,656 | [2] | ||||||
Year Built | 2007 | |||||||
Wholly owned properties | The Retreat | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 187 | |||||||
Beds | 780 | |||||||
Initial Cost, Land | 5,265 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 46,236 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 982 | |||||||
Total Costs, Land | 5,265 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 47,218 | |||||||
Total Costs, Total | 52,483 | [1] | ||||||
Accumulated Depreciation | 3,240 | |||||||
Encumbrances | 0 | [2] | ||||||
Year Built | 2012 | |||||||
Wholly owned properties | West 27th Place | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 161 | |||||||
Beds | 475 | |||||||
Initial Cost, Land | 13,900 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 76,720 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 678 | |||||||
Total Costs, Land | 13,900 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 77,398 | |||||||
Total Costs, Total | 91,298 | [1] | ||||||
Accumulated Depreciation | 4,647 | |||||||
Encumbrances | 39,519 | [2] | ||||||
Year Built | 2011 | |||||||
Wholly owned properties | The Cottages of Durham | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 141 | |||||||
Beds | 619 | |||||||
Initial Cost, Land | 3,955 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,421 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,432 | |||||||
Total Costs, Land | 3,955 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 42,853 | |||||||
Total Costs, Total | 46,808 | [1] | ||||||
Accumulated Depreciation | 3,489 | |||||||
Encumbrances | 0 | [2] | ||||||
Year Built | 2012 | |||||||
Wholly owned properties | The Province - Rochester | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 336 | |||||||
Beds | 816 | |||||||
Initial Cost, Land | 3,798 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 70,955 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,062 | |||||||
Total Costs, Land | 3,798 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 72,017 | |||||||
Total Costs, Total | 75,815 | [1] | ||||||
Accumulated Depreciation | 4,916 | |||||||
Encumbrances | 35,542 | [2] | ||||||
Year Built | 2010 | |||||||
Wholly owned properties | The Province - Greensboro | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 219 | |||||||
Beds | 696 | |||||||
Initial Cost, Land | 2,226 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 48,567 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 486 | |||||||
Total Costs, Land | 2,226 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 49,053 | |||||||
Total Costs, Total | 51,279 | [1] | ||||||
Accumulated Depreciation | 3,350 | |||||||
Encumbrances | 29,000 | [2] | ||||||
Year Built | 2011 | |||||||
Wholly owned properties | U Pointe Kennesaw | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 216 | |||||||
Beds | 795 | |||||||
Initial Cost, Land | 1,482 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 61,654 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 3,158 | |||||||
Total Costs, Land | 1,482 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 64,812 | |||||||
Total Costs, Total | 66,294 | [1] | ||||||
Accumulated Depreciation | 4,596 | |||||||
Year Built | 2012 | |||||||
Wholly owned properties | The Province - Tampa | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 287 | |||||||
Beds | 947 | |||||||
Initial Cost, Land | 0 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 52,943 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,117 | |||||||
Total Costs, Land | 0 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 55,060 | |||||||
Total Costs, Total | 55,060 | [1] | ||||||
Accumulated Depreciation | 3,844 | |||||||
Encumbrances | 33,079 | [2] | ||||||
Year Built | 2009 | |||||||
Wholly owned properties | The Lofts at Capital Garage | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 36 | |||||||
Beds | 144 | |||||||
Initial Cost, Land | 313 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 3,581 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 345 | |||||||
Total Costs, Land | 313 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 3,926 | |||||||
Total Costs, Total | 4,239 | [1] | ||||||
Accumulated Depreciation | 300 | |||||||
Encumbrances | 4,486 | [2] | ||||||
Year Built | 1920/2000 | |||||||
Wholly owned properties | RAMZ Apts. on Broad | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 88 | |||||||
Beds | 172 | |||||||
Initial Cost, Land | 785 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,303 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 354 | |||||||
Total Costs, Land | 785 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,657 | |||||||
Total Costs, Total | 13,442 | [1] | ||||||
Accumulated Depreciation | 843 | |||||||
Year Built | 2004 | |||||||
Wholly owned properties | 5 Twenty Four and 5 Twenty Five Angliana | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 376 | |||||||
Beds | 1,060 | |||||||
Initial Cost, Land | 0 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 60,448 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 772 | |||||||
Total Costs, Land | 0 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 61,220 | |||||||
Total Costs, Total | 61,220 | [1] | ||||||
Accumulated Depreciation | 4,308 | |||||||
Encumbrances | 26,319 | [2] | ||||||
Year Built | 2009/2011 | |||||||
Wholly owned properties | The Province - Louisville | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 366 | |||||||
Beds | 858 | |||||||
Initial Cost, Land | 4,392 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 63,068 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 693 | |||||||
Total Costs, Land | 4,392 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 63,761 | |||||||
Total Costs, Total | 68,153 | [1] | ||||||
Accumulated Depreciation | 4,477 | |||||||
Encumbrances | 37,998 | [2] | ||||||
Year Built | 2009 | |||||||
Wholly owned properties | The Province - Dayton | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 200 | |||||||
Beds | 657 | |||||||
Initial Cost, Land | 1,211 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 32,983 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 626 | |||||||
Total Costs, Land | 1,211 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,609 | |||||||
Total Costs, Total | 34,820 | [1] | ||||||
Accumulated Depreciation | 2,478 | |||||||
Encumbrances | 0 | [2] | ||||||
Year Built | 2009 | |||||||
Wholly owned properties | The Lodges Of East Lansing | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 364 | |||||||
Beds | 1,049 | |||||||
Initial Cost, Land | 6,472 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 89,231 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 826 | |||||||
Total Costs, Land | 6,472 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 90,057 | |||||||
Total Costs, Total | 96,529 | [1] | ||||||
Accumulated Depreciation | 5,441 | |||||||
Encumbrances | 30,699 | [2] | ||||||
Year Built | 2011/2013 | |||||||
Wholly owned properties | The Cottages of Baton Rouge | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 382 | |||||||
Beds | 1,290 | |||||||
Initial Cost, Land | 6,524 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 113,912 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 4,682 | |||||||
Total Costs, Land | 6,524 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 118,594 | |||||||
Total Costs, Total | 125,118 | [1] | ||||||
Accumulated Depreciation | 7,814 | |||||||
Encumbrances | 63,760 | [2] | ||||||
Year Built | 2010/2011 | |||||||
Wholly owned properties | U Club Cottages | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 105 | |||||||
Beds | 308 | |||||||
Initial Cost, Land | 1,744 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,134 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 569 | |||||||
Total Costs, Land | 1,744 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,703 | |||||||
Total Costs, Total | 24,447 | [1] | ||||||
Accumulated Depreciation | 1,736 | |||||||
Encumbrances | 15,881 | [2] | ||||||
Year Built | 2011 | |||||||
Wholly owned properties | The Cottages of Columbia | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 145 | |||||||
Beds | 513 | |||||||
Initial Cost, Land | 2,695 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 27,574 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,138 | |||||||
Total Costs, Land | 2,695 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 28,712 | |||||||
Total Costs, Total | 31,407 | [1] | ||||||
Accumulated Depreciation | 2,099 | |||||||
Encumbrances | 20,029 | [2] | ||||||
Year Built | 2008 | |||||||
Wholly owned properties | Forest Village and Woodlake | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 352 | |||||||
Beds | 704 | |||||||
Initial Cost, Land | 3,125 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,041 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,669 | |||||||
Total Costs, Land | 3,125 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,710 | |||||||
Total Costs, Total | 23,835 | [1] | ||||||
Accumulated Depreciation | 1,529 | |||||||
Encumbrances | 0 | [2] | ||||||
Year Built | 1982/1983 | |||||||
Wholly owned properties | Grindstone Canyon | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 201 | |||||||
Beds | 384 | |||||||
Initial Cost, Land | 1,631 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,641 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 822 | |||||||
Total Costs, Land | 1,631 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,463 | |||||||
Total Costs, Total | 24,094 | [1] | ||||||
Accumulated Depreciation | 1,709 | |||||||
Encumbrances | 14,173 | [2] | ||||||
Year Built | 2003 | |||||||
Wholly owned properties | 25Twenty | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 249 | |||||||
Beds | 562 | |||||||
Initial Cost, Land | 2,226 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,429 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 375 | |||||||
Total Costs, Land | 2,226 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,804 | |||||||
Total Costs, Total | 36,030 | [1] | ||||||
Accumulated Depreciation | 2,617 | |||||||
Encumbrances | 27,000 | [2] | ||||||
Year Built | 2011 | |||||||
Wholly owned properties | University Edge | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 201 | |||||||
Beds | 608 | |||||||
Initial Cost, Land | 4,500 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,385 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 443 | |||||||
Total Costs, Land | 4,500 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,828 | |||||||
Total Costs, Total | 31,328 | [1] | ||||||
Accumulated Depreciation | 1,716 | |||||||
Encumbrances | 0 | [2] | ||||||
Year Built | 2012 | |||||||
Wholly owned properties | Manzanita (ACE) | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 241 | |||||||
Beds | 816 | |||||||
Initial Cost, Land | 0 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 48,781 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 58 | |||||||
Total Costs, Land | 0 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 48,839 | |||||||
Total Costs, Total | 48,839 | [1] | ||||||
Accumulated Depreciation | 2,950 | |||||||
Encumbrances | 0 | [2] | ||||||
Year Built | 2013 | |||||||
Wholly owned properties | The Callaway House Austin | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 219 | |||||||
Beds | 753 | |||||||
Initial Cost, Land | 0 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 61,550 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 170 | |||||||
Total Costs, Land | 0 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 61,720 | |||||||
Total Costs, Total | 61,720 | [1] | ||||||
Accumulated Depreciation | 3,417 | |||||||
Encumbrances | 0 | [2] | ||||||
Year Built | 2013 | |||||||
Wholly owned properties | Chestnut Square (ACE) | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 220 | |||||||
Beds | 861 | |||||||
Initial Cost, Land | 0 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 99,106 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,614 | |||||||
Total Costs, Land | 0 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 100,720 | |||||||
Total Costs, Total | 100,720 | [1] | ||||||
Accumulated Depreciation | 4,938 | |||||||
Year Built | 2013 | |||||||
Wholly owned properties | U Club on Woodward | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 112 | |||||||
Beds | 448 | |||||||
Initial Cost, Land | 6,703 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,654 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 164 | |||||||
Total Costs, Land | 6,703 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,818 | |||||||
Total Costs, Total | 28,521 | [1] | ||||||
Accumulated Depreciation | 1,295 | |||||||
Year Built | 2013 | |||||||
Wholly owned properties | U Club Townhomes at Overton Park | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 112 | |||||||
Beds | 448 | |||||||
Initial Cost, Land | 7,775 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,483 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 63 | |||||||
Total Costs, Land | 7,775 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,546 | |||||||
Total Costs, Total | 29,321 | [1] | ||||||
Accumulated Depreciation | 1,288 | |||||||
Year Built | 2013 | |||||||
Wholly owned properties | 601 Copeland | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 81 | |||||||
Beds | 283 | |||||||
Initial Cost, Land | 1,457 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 27,133 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 140 | |||||||
Total Costs, Land | 1,457 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 27,273 | |||||||
Total Costs, Total | 28,730 | [1] | ||||||
Accumulated Depreciation | 1,321 | |||||||
Year Built | 2013 | |||||||
Wholly owned properties | University View (ACE) | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 96 | |||||||
Beds | 336 | |||||||
Initial Cost, Land | 0 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 14,683 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 47 | |||||||
Total Costs, Land | 0 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 14,730 | |||||||
Total Costs, Total | 14,730 | [1] | ||||||
Accumulated Depreciation | 888 | |||||||
Year Built | 2013 | |||||||
Wholly owned properties | The Townhomes at Newtown Crossing | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 152 | |||||||
Beds | 608 | |||||||
Initial Cost, Land | 7,745 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 32,074 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 117 | |||||||
Total Costs, Land | 7,745 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 32,191 | |||||||
Total Costs, Total | 39,936 | [1] | ||||||
Accumulated Depreciation | 1,487 | |||||||
Year Built | 2013 | |||||||
Wholly owned properties | 7th Street Station | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 82 | |||||||
Beds | 309 | |||||||
Initial Cost, Land | 9,792 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,472 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 233 | |||||||
Total Costs, Land | 9,792 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,705 | |||||||
Total Costs, Total | 26,497 | [1] | ||||||
Accumulated Depreciation | 902 | |||||||
Year Built | 2012 | |||||||
Wholly owned properties | Park Point | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 300 | |||||||
Beds | 924 | |||||||
Initial Cost, Land | 7,827 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 73,495 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,073 | |||||||
Total Costs, Land | 7,827 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 75,568 | |||||||
Total Costs, Total | 83,395 | [1] | ||||||
Accumulated Depreciation | 3,153 | |||||||
Encumbrances | 70,000 | [2] | ||||||
Year Built | 2008 | |||||||
Wholly owned properties | U Centre at Fry Street | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 194 | |||||||
Beds | 614 | |||||||
Initial Cost, Land | 2,902 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 47,700 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 568 | |||||||
Total Costs, Land | 2,902 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 48,268 | |||||||
Total Costs, Total | 51,170 | [1] | ||||||
Accumulated Depreciation | 1,750 | |||||||
Year Built | 2012 | |||||||
Wholly owned properties | Cardinal Towne | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 255 | |||||||
Beds | 545 | |||||||
Initial Cost, Land | 6,547 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 53,809 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 283 | |||||||
Total Costs, Land | 6,547 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 54,092 | |||||||
Total Costs, Total | 60,639 | [1] | ||||||
Accumulated Depreciation | 1,791 | |||||||
Encumbrances | 37,250 | [2] | ||||||
Year Built | 2010/2011 | |||||||
Wholly owned properties | The Plaza on University | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 364 | |||||||
Beds | 1,313 | |||||||
Initial Cost, Land | 23,987 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 84,763 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 602 | |||||||
Total Costs, Land | 23,987 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 85,365 | |||||||
Total Costs, Total | 109,352 | [1] | ||||||
Accumulated Depreciation | 1,228 | |||||||
Year Built | 2014 | |||||||
Wholly owned properties | Stanworth Commons Phase I - ACE | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 127 | |||||||
Beds | 214 | |||||||
Initial Cost, Land | 0 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,932 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 11 | |||||||
Total Costs, Land | 0 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,943 | |||||||
Total Costs, Total | 30,943 | [1] | ||||||
Accumulated Depreciation | 557 | |||||||
Encumbrances | 0 | [2] | ||||||
Year Built | 2014 | |||||||
Wholly owned properties | U Club on Frey Phase II | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 102 | |||||||
Beds | 408 | |||||||
Initial Cost, Land | 5,403 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,691 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 9 | |||||||
Total Costs, Land | 5,403 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,700 | |||||||
Total Costs, Total | 24,103 | [1] | ||||||
Accumulated Depreciation | 292 | |||||||
Year Built | 2014 | |||||||
Wholly owned properties | The Suites Phase II - ACE | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 164 | |||||||
Beds | 328 | |||||||
Initial Cost, Land | 0 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,342 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 7 | |||||||
Total Costs, Land | 0 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,349 | |||||||
Total Costs, Total | 18,349 | [1] | ||||||
Accumulated Depreciation | 280 | |||||||
Encumbrances | 0 | [2] | ||||||
Year Built | 2014 | |||||||
Wholly owned properties | U Centre at Northgate - ACE | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 196 | |||||||
Beds | 784 | |||||||
Initial Cost, Land | 0 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 35,663 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 12 | |||||||
Total Costs, Land | 0 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 35,675 | |||||||
Total Costs, Total | 35,675 | [1] | ||||||
Accumulated Depreciation | 609 | |||||||
Year Built | 2014 | |||||||
Wholly owned properties | University Walk | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 177 | [9] | ||||||
Beds | 526 | [9] | ||||||
Initial Cost, Land | 4,229 | [9] | ||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 29,456 | [9] | ||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 32 | [9] | ||||||
Total Costs, Land | 4,229 | [9] | ||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 29,488 | [9] | ||||||
Total Costs, Total | 33,717 | [1],[9] | ||||||
Accumulated Depreciation | 429 | [9] | ||||||
Encumbrances | 19,000 | [2],[9] | ||||||
Year Built | 2014 | [9] | ||||||
Wholly owned properties | The Standard | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 190 | |||||||
Beds | 610 | |||||||
Initial Cost, Land | 4,674 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 57,310 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 59 | |||||||
Total Costs, Land | 4,674 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 57,369 | |||||||
Total Costs, Total | 62,043 | [1] | ||||||
Accumulated Depreciation | 268 | |||||||
Encumbrances | 0 | [2] | ||||||
Year Built | 2014 | |||||||
Wholly owned properties | The Summit at University City - ACE | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 351 | [3] | ||||||
Beds | 1,316 | [3] | ||||||
Initial Cost, Land | 0 | [3] | ||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 105,703 | [3] | ||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 0 | [3] | ||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 105,703 | [3] | ||||||
Total Costs, Total | 105,703 | [1],[3] | ||||||
Accumulated Depreciation | 0 | [3] | ||||||
Encumbrances | 0 | [2],[3] | ||||||
Year Built | 2015 | [3] | ||||||
Wholly owned properties | 2125 Franklin | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 192 | [3] | ||||||
Beds | 734 | [3] | ||||||
Initial Cost, Land | 8,299 | [3] | ||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 34,665 | [3] | ||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 0 | [3] | ||||||
Total Costs, Land | 8,299 | [3] | ||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 34,665 | [3] | ||||||
Total Costs, Total | 42,964 | [1],[3] | ||||||
Accumulated Depreciation | 0 | [3] | ||||||
Encumbrances | 0 | [2],[3] | ||||||
Year Built | 2015 | [3] | ||||||
Wholly owned properties | 160 Ross | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 182 | [3] | ||||||
Beds | 642 | [3] | ||||||
Initial Cost, Land | 2,962 | [3] | ||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 19,402 | [3] | ||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 0 | [3] | ||||||
Total Costs, Land | 2,962 | [3] | ||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 19,402 | [3] | ||||||
Total Costs, Total | 22,364 | [1],[3] | ||||||
Accumulated Depreciation | 0 | [3] | ||||||
Encumbrances | 0 | [2],[3] | ||||||
Year Built | 2015 | [3] | ||||||
Wholly owned properties | U Club on Woodward Phase II | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 124 | [3] | ||||||
Beds | 496 | [3] | ||||||
Initial Cost, Land | 9,647 | [3] | ||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 13,910 | [3] | ||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 0 | [3] | ||||||
Total Costs, Land | 9,647 | [3] | ||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 13,910 | [3] | ||||||
Total Costs, Total | 23,557 | [1],[3] | ||||||
Accumulated Depreciation | 0 | [3] | ||||||
Encumbrances | 0 | [2],[3] | ||||||
Year Built | 2015 | [3] | ||||||
Wholly owned properties | Boulder, CO Development | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 100 | [3] | ||||||
Beds | 400 | [3] | ||||||
Initial Cost, Land | 9,289 | [3] | ||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 1,737 | [3] | ||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 0 | [3] | ||||||
Total Costs, Land | 9,289 | [3] | ||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 1,737 | [3] | ||||||
Total Costs, Total | 11,026 | [1],[3] | ||||||
Accumulated Depreciation | 0 | [3] | ||||||
Encumbrances | 0 | [2],[3] | ||||||
Year Built | 2016 | [3] | ||||||
Wholly owned properties | USC Health Sciences Campus - ACE | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 178 | [3] | ||||||
Beds | 456 | [3] | ||||||
Initial Cost, Land | 0 | [3] | ||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 4,817 | [3] | ||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 0 | [3] | ||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 4,817 | [3] | ||||||
Total Costs, Total | 4,817 | [1],[3] | ||||||
Accumulated Depreciation | 0 | [3] | ||||||
Encumbrances | 0 | [2],[3] | ||||||
Year Built | 2016 | [3] | ||||||
Wholly owned properties | Undeveloped land parcels | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 0 | [3] | ||||||
Beds | 0 | [3] | ||||||
Initial Cost, Land | 40,636 | [3] | ||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 0 | [3] | ||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 0 | [3] | ||||||
Total Costs, Land | 40,636 | [3] | ||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 0 | [3] | ||||||
Total Costs, Total | 40,636 | [1],[3] | ||||||
Accumulated Depreciation | 0 | [3] | ||||||
Encumbrances | 0 | [2],[3] | ||||||
Year Built | N/A | [3] | ||||||
On-campus participating properties | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 2,087 | |||||||
Beds | 5,086 | |||||||
Initial Cost, Land | 0 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 142,544 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 14,499 | |||||||
Total Costs, Land | 0 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 157,043 | |||||||
Total Costs, Total | 157,043 | [1] | ||||||
Accumulated Depreciation | 62,915 | [10] | 57,249 | [10] | 52,492 | [10],[8] | 47,848 | [8] |
Encumbrances | 114,280 | [2] | ||||||
On-campus participating properties | University Village - PVAMU | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 612 | |||||||
Beds | 1,920 | |||||||
Initial Cost, Land | 0 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,506 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 6,530 | |||||||
Total Costs, Land | 0 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 43,036 | |||||||
Total Costs, Total | 43,036 | [1] | ||||||
Accumulated Depreciation | 28,018 | |||||||
Encumbrances | 19,836 | [2] | ||||||
Year Built | 1996/97/98 | |||||||
On-campus participating properties | University College - PVAMU | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 756 | |||||||
Beds | 1,470 | |||||||
Initial Cost, Land | 0 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,650 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 4,178 | |||||||
Total Costs, Land | 0 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,828 | |||||||
Total Costs, Total | 26,828 | [1] | ||||||
Accumulated Depreciation | 15,071 | |||||||
Encumbrances | 16,915 | [2] | ||||||
Year Built | 2000/2003 | |||||||
On-campus participating properties | University Village - TAMIU | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 84 | |||||||
Beds | 250 | |||||||
Initial Cost, Land | 0 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 5,844 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,093 | |||||||
Total Costs, Land | 0 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 6,937 | |||||||
Total Costs, Total | 6,937 | [1] | ||||||
Accumulated Depreciation | 4,508 | |||||||
Encumbrances | 3,034 | [2] | ||||||
Year Built | 1997 | |||||||
On-campus participating properties | Cullen Oaks Phase I and II | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 411 | |||||||
Beds | 879 | |||||||
Initial Cost, Land | 0 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,910 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,696 | |||||||
Total Costs, Land | 0 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,606 | |||||||
Total Costs, Total | 36,606 | [1] | ||||||
Accumulated Depreciation | 14,594 | |||||||
Encumbrances | 30,553 | [2] | ||||||
Year Built | 2001/2005 | |||||||
On-campus participating properties | College Park | ||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||
Units | 224 | |||||||
Beds | 567 | |||||||
Initial Cost, Land | 0 | |||||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 43,634 | |||||||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2 | |||||||
Total Costs, Land | 0 | |||||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 43,636 | |||||||
Total Costs, Total | 43,636 | [1] | ||||||
Accumulated Depreciation | 724 | |||||||
Encumbrances | $43,942 | [2] | ||||||
Year Built | 2014 | |||||||
[1] | Total aggregate costs for Federal income tax purposes is approximately $6,257.7 million. | |||||||
[2] | Total encumbrances exclude net unamortized debt premiums of approximately $60.6 million and net unamortized debt discounts of approximately $0.9 million as of December 31, 2014. | |||||||
[3] | Initial costs represent construction costs incurred to date associated with the development of these properties. Year built represents the scheduled completion date. | |||||||
[4] | Includes owned off-campus properties and owned on-campus properties. | |||||||
[5] | The investments in real estate and accumulated depreciation balances include The Highlands, Chapel Ridge, Chapel View, University Place, The Village at Alafaya Club, The View and University Greens, which were classified as wholly-owned properties held for sale in the accompanying consolidated balance sheets as of DecemberB 31, 2014. | |||||||
[6] | Text selection found with no content. | |||||||
[7] | The investments in real estate and accumulated depreciation balances include Hawks Landing which was classified as a wholly-owned property held for sale in the accompanying consolidated balance sheets as of DecemberB 31, 2013. | |||||||
[8] | These properties are classified as held for sale as of December 31, 2014 and were sold in January 2015 (see Note 20). | |||||||
[9] | University Walk is a property that was subject to a pre-sale arrangement that we did not own as of DecemberB 31, 2014 but were obligated to purchase as long as the developer met certain construction deadlines and closing conditions. The property opened for operations in August 2014 and we purchased the property in February 2015. This property is consolidated for financial reporting purposes (see Note 7). | |||||||
[10] | Includes on-campus participating properties. |
Schedule_of_Real_Estate_and_Ac2
Schedule of Real Estate and Accumulated Depreciation (Additional Information) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Aggregate costs for federal income tax purposes | $6,257,700,000 | |||
Mortgages | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Unamortized debt premiums | 60,586,000 | [1],[2] | 74,575,000 | [1],[2] |
Unamortized debt discounts | 895,000 | [1],[2] | 2,021,000 | [1],[2] |
Mortgages | Wholly owned properties | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Unamortized debt premiums | 60,586,000 | 74,575,000 | ||
Unamortized debt discounts | $895,000 | $2,021,000 | ||
[1] | Balance includes unamortized debt premiums and discounts. | |||
[2] | Represents draws from one construction loan used to finance the development and construction of an on-campus participating property located in Morgantown, West Virginia, which was completed and opened for occupancy in August 2014. |
Schedule_of_Real_Estate_and_Ac3
Schedule of Real Estate and Accumulated Depreciation - Changes in investments in real estate and related accumulated depreciation (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Accumulated Depreciation: | ||||||
Balance, end of year | ($767,436) | |||||
Wholly owned properties | ||||||
Investments in Real Estate: | ||||||
Balance, beginning of year | 5,742,971 | [1],[2] | 5,267,845 | [1],[3] | 3,089,267 | [1] |
Acquisition of land for development | 3,627 | [1],[2] | 25,649 | [1],[3] | 29,353 | [1] |
Acquisition of properties | 71,269 | [1],[2] | 288,191 | [1],[3] | 1,847,366 | [1] |
Improvements and development expenditures | 361,369 | [1],[2] | 340,033 | [1],[3] | 359,296 | [1] |
Write off of fully depreciated or damaged assets | -1,853 | [1],[2] | -1,862 | [1],[3] | ||
Provision for real estate impairment | -2,443 | [1],[2] | ||||
Disposition of real estate | -30,698 | [1],[2] | -176,885 | [1],[3] | -57,437 | [1] |
Balance, end of year | 6,144,242 | [1],[2],[4] | 5,742,971 | [1],[2] | 5,267,845 | [1],[3] |
Accumulated Depreciation: | ||||||
Balance, beginning of year | -529,555 | [1],[3] | -396,469 | [1],[3] | -300,210 | [1] |
Depreciation for the year | -182,756 | [1],[2] | -162,230 | [1],[3] | -103,306 | [1] |
Write off of fully depreciated or damaged assets | 1,281 | [1],[2] | 1,862 | [1],[3] | 0 | [1] |
Disposition of properties | 6,509 | [1],[2] | 27,282 | [1],[3] | 7,047 | [1] |
Balance, end of year | -704,521 | [1],[2],[4],[5] | -529,555 | [1],[3] | -396,469 | [1],[3] |
On-campus participating properties | ||||||
Investments in Real Estate: | ||||||
Balance, beginning of year | 130,705 | [6] | 109,838 | [6] | 107,698 | [6] |
Acquisition of land for development | 0 | 0 | 0 | |||
Acquisition of properties | 0 | 0 | 0 | |||
Improvements and development expenditures | 26,338 | [6] | 20,867 | [6] | 2,140 | [6] |
Disposition of real estate | 0 | 0 | 0 | |||
Balance, end of year | 157,043 | [6] | 130,705 | [6] | 109,838 | [6] |
Accumulated Depreciation: | ||||||
Balance, beginning of year | -57,249 | [6] | -52,492 | [6],[7] | -47,848 | [7] |
Depreciation for the year | -5,666 | [6] | -4,757 | [6] | -4,644 | [7] |
Balance, end of year | ($62,915) | [6] | ($57,249) | [6] | ($52,492) | [6],[7] |
[1] | Includes owned off-campus properties and owned on-campus properties. | |||||
[2] | The investments in real estate and accumulated depreciation balances include The Highlands, Chapel Ridge, Chapel View, University Place, The Village at Alafaya Club, The View and University Greens, which were classified as wholly-owned properties held for sale in the accompanying consolidated balance sheets as of DecemberB 31, 2014. | |||||
[3] | The investments in real estate and accumulated depreciation balances include Hawks Landing which was classified as a wholly-owned property held for sale in the accompanying consolidated balance sheets as of DecemberB 31, 2013. | |||||
[4] | Text selection found with no content. | |||||
[5] | Initial costs represent construction costs incurred to date associated with the development of these properties. Year built represents the scheduled completion date. | |||||
[6] | Includes on-campus participating properties. | |||||
[7] | These properties are classified as held for sale as of December 31, 2014 and were sold in January 2015 (see Note 20). |