Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 19, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Entity Registrant Name | AMERICAN CAMPUS COMMUNITIES INC | ||
Entity Central Index Key | 1,283,630 | ||
Trading Symbol | acc | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-Known Seasoned Issuer | Yes | ||
Entity Common Stock Shares Outstanding | 130,301,032 | ||
Entity Public Float | $ 3,633,281,174 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
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 | 1,357,369 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-Known Seasoned Issuer | No |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Investments in real estate: | |||
Investments in real estate, net | $ 5,667,754 | $ 5,533,849 | |
Cash and cash equivalents | 16,659 | 25,062 | |
Restricted cash | 33,675 | 31,937 | |
Student contracts receivable, net | 18,475 | 10,145 | |
Other assets | 289,384 | 233,755 | |
Total assets | 6,025,947 | 5,834,748 | |
Liabilities: | |||
Secured mortgage, construction and bond debt | 1,101,325 | 1,331,914 | |
Unsecured notes | 1,197,755 | 798,305 | |
Unsecured term loans | 600,000 | 600,000 | |
Unsecured revolving credit facility | 68,900 | 242,500 | |
Accounts payable and accrued expenses | 71,988 | 70,629 | |
Other liabilities | 144,811 | 121,645 | |
Total liabilities | $ 3,184,779 | $ 3,164,993 | |
Commitments and contingencies | |||
Redeemable noncontrolling interests | $ 59,511 | $ 54,472 | |
American Campus Communities, Inc. and Subsidiaries stockholders' equity: | |||
American Campus Communities, Inc. and Subsidiaries stockholders’ equity: Common stock, $.01 par value, 800,000,000 shares authorized, 112,350,877 and 107,175,236 shares issued and outstanding at December 31, 2015 and 2014, respectively | 1,124 | 1,072 | |
Additional paid in capital | 3,325,806 | 3,102,540 | |
Treasury stock, at cost, 10,155 shares | (403) | 0 | |
Accumulated earnings and dividends | (550,501) | (487,986) | |
Accumulated other comprehensive loss | (5,830) | (6,072) | |
Total American Campus Communities, Inc. and Subsidiaries stockholders’ equity | 2,770,196 | 2,609,554 | |
Total equity | 2,781,657 | 2,615,283 | |
Partners' capital: | |||
Accumulated other comprehensive loss | (5,830) | (6,072) | |
Total liabilities and equity/capital | 6,025,947 | 5,834,748 | |
Wholly owned properties | |||
Investments in real estate: | |||
Investments in real estate, net | [1] | 5,522,271 | 5,308,707 |
Liabilities: | |||
Secured mortgage, construction and bond debt | 985,366 | 1,153,997 | |
Wholly-owned properties held for sale | |||
Investments in real estate: | |||
Investments in real estate, net | 55,354 | 131,014 | |
On-campus participating properties | |||
Investments in real estate: | |||
Investments in real estate, net | 90,129 | 94,128 | |
Partially-owned properties | |||
American Campus Communities, Inc. and Subsidiaries stockholders' equity: | |||
Noncontrolling interests – partially owned properties | 11,461 | 5,729 | |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||
Investments in real estate: | |||
Investments in real estate, net | 5,667,754 | 5,533,849 | |
Cash and cash equivalents | 16,659 | 25,062 | |
Restricted cash | 33,675 | 31,937 | |
Student contracts receivable, net | 18,475 | 10,145 | |
Other assets | 289,384 | 233,755 | |
Total assets | 6,025,947 | 5,834,748 | |
Liabilities: | |||
Secured mortgage, construction and bond debt | 1,101,325 | 1,331,914 | |
Unsecured notes | 1,197,755 | 798,305 | |
Unsecured term loans | 600,000 | 600,000 | |
Unsecured revolving credit facility | 68,900 | 242,500 | |
Accounts payable and accrued expenses | 71,988 | 70,629 | |
Other liabilities | 144,811 | 121,645 | |
Total liabilities | $ 3,184,779 | $ 3,164,993 | |
Commitments and contingencies | |||
Redeemable noncontrolling interests | $ 59,511 | $ 54,472 | |
American Campus Communities, Inc. and Subsidiaries stockholders' equity: | |||
Accumulated other comprehensive loss | (5,830) | (6,072) | |
Partners' capital: | |||
General partner - 12,222 OP units outstanding at both December 31, 2015 and 2014 | 93 | 100 | |
Limited partner - 112,348,810 and 107,163,014 OP units outstanding at December 31, 2015 and 2014, respectively | 2,775,933 | 2,615,526 | |
Accumulated other comprehensive loss | (5,830) | (6,072) | |
Total partners’ capital | 2,770,196 | 2,609,554 | |
Total capital | 2,781,657 | 2,615,283 | |
Total liabilities and equity/capital | 6,025,947 | 5,834,748 | |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly owned properties | |||
Investments in real estate: | |||
Investments in real estate, net | 5,522,271 | 5,308,707 | |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties held for sale | |||
Investments in real estate: | |||
Investments in real estate, net | 55,354 | 131,014 | |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties | |||
Investments in real estate: | |||
Investments in real estate, net | 90,129 | 94,128 | |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially-owned properties | |||
Partners' capital: | |||
Noncontrolling interests – partially owned properties | $ 11,461 | $ 5,729 | |
[1] | The balance above excludes the net book value of two wholly-owned properties classified as held for sale in the accompanying consolidated balance sheet as of December 31, 2015 and 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 classified as held for sale at December 31, 2014 were sold in January 2015. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
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) | 112,350,877 | 107,175,236 |
Common stock, shares outstanding (shares) | 112,350,877 | 107,175,236 |
Treasury stock, shares | 10,155 | |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ||
General partner, OP units outstanding (shares) | 12,222 | 12,222 |
Limited partner, OP units outstanding (shares) | 112,348,810 | 107,163,014 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Third-party development services | $ 4,964 | $ 4,018 | $ 2,483 |
Third-party management services | 8,813 | 7,669 | 7,514 |
Resident services | 3,109 | 3,112 | 2,614 |
Total revenues | 753,381 | 733,915 | 657,462 |
Operating expenses: | |||
Third-party development and management services | 14,346 | 12,008 | 10,935 |
General and administrative | 20,838 | 18,681 | 16,541 |
Depreciation and amortization | 208,788 | 197,495 | 184,988 |
Ground/facility leases | 8,232 | 7,397 | 5,402 |
Provision for real estate impairment | 0 | 2,443 | 0 |
Total operating expenses | 596,477 | 578,929 | 525,709 |
Operating income | 156,904 | 154,986 | 131,753 |
Nonoperating income and (expenses): | |||
Interest income | 4,421 | 4,168 | 3,005 |
Interest expense | (87,789) | (90,362) | (78,028) |
Amortization of deferred financing costs | (5,550) | (5,918) | (5,608) |
Gain (loss) from disposition of real estate | 52,699 | (368) | 0 |
Loss from early extinguishment of debt | (1,770) | 0 | 0 |
Other nonoperating income (expense) | 388 | 186 | (2,666) |
Total nonoperating expenses | (37,601) | (92,294) | (83,297) |
Income before income taxes and discontinued operations | 119,303 | 62,692 | 48,456 |
Income tax provision | (1,242) | (1,308) | (1,020) |
Income from continuing operations | 118,061 | 61,384 | 47,436 |
Discontinued operations: | |||
(Loss) income attributable to discontinued operations | 0 | (123) | 4,824 |
Loss from early extinguishment of debt | 0 | 0 | (332) |
Gain from disposition of real estate | 0 | 2,843 | 55,263 |
Total discontinued operations | 0 | 2,720 | 59,755 |
Net income | 118,061 | 64,104 | 107,191 |
Net income attributable to noncontrolling interests – partially owned properties | (2,070) | (1,265) | (2,547) |
Net income attributable to ACC, Inc. and Subsidiaries common stockholders | 115,991 | 62,839 | 104,644 |
Net income available to common shareholders/unitholders | 114,905 | 61,763 | 103,717 |
Other comprehensive income (loss) | |||
Change in fair value of interest rate swaps and other | 464 | (4,859) | 5,226 |
Comprehensive income | $ 116,455 | $ 57,980 | $ 109,870 |
Income per share attributable to ACC, Inc. and Subsidiaries common stockholders – basic | |||
Income from continuing operations per share (in dollars per share) | $ 1.03 | $ 0.56 | $ 0.43 |
Net income per share (in dollars per share) | 1.03 | 0.59 | 0.99 |
Income per share attributable to ACC, Inc. and Subsidiaries common stockholders – diluted | |||
Income from continuing operations per share (in dollars per share) | 1.02 | 0.56 | 0.42 |
Net income per share (in dollars per share) | $ 1.02 | $ 0.58 | $ 0.98 |
Weighted-average common shares/units outstanding: | |||
Basic (in shares) | 111,987,361 | 105,032,155 | 104,760,502 |
Diluted (in shares) | 114,032,222 | 105,711,420 | 105,382,320 |
Weighted-average common units outstanding: | |||
Distributions declared per common Unit (in dollars per share) | $ 1.58 | $ 1.50 | $ 1.42 |
Redeemable noncontrolling interests | |||
Discontinued operations: | |||
Net income attributable to noncontrolling interests – partially owned properties | $ (1,458) | $ (913) | $ (1,359) |
Wholly-owned properties, net | |||
Revenues: | |||
Operating lease revenue | 704,909 | 690,582 | 618,503 |
Operating expenses: | |||
Operating expenses excluding general, administrative, depreciation and lease expense | 331,836 | 329,615 | 296,794 |
On-campus participating properties, net | |||
Revenues: | |||
Operating lease revenue | 31,586 | 28,534 | 26,348 |
Operating expenses: | |||
Operating expenses excluding general, administrative, depreciation and lease expense | 12,437 | 11,290 | 11,049 |
Partially-owned properties | |||
Discontinued operations: | |||
Net income attributable to noncontrolling interests – partially owned properties | (612) | (352) | (1,188) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||
Revenues: | |||
Third-party development services | 4,964 | 4,018 | 2,483 |
Third-party management services | 8,813 | 7,669 | 7,514 |
Resident services | 3,109 | 3,112 | 2,614 |
Total revenues | 753,381 | 733,915 | 657,462 |
Operating expenses: | |||
Third-party development and management services | 14,346 | 12,008 | 10,935 |
General and administrative | 20,838 | 18,681 | 16,541 |
Depreciation and amortization | 208,788 | 197,495 | 184,988 |
Ground/facility leases | 8,232 | 7,397 | 5,402 |
Provision for real estate impairment | 0 | 2,443 | 0 |
Total operating expenses | 596,477 | 578,929 | 525,709 |
Operating income | 156,904 | 154,986 | 131,753 |
Nonoperating income and (expenses): | |||
Interest income | 4,421 | 4,168 | 3,005 |
Interest expense | (87,789) | (90,362) | (78,028) |
Amortization of deferred financing costs | (5,550) | (5,918) | (5,608) |
Gain (loss) from disposition of real estate | 52,699 | (368) | 0 |
Loss from early extinguishment of debt | (1,770) | 0 | 0 |
Other nonoperating income (expense) | 388 | 186 | (2,666) |
Total nonoperating expenses | (37,601) | (92,294) | (83,297) |
Income before income taxes and discontinued operations | 119,303 | 62,692 | 48,456 |
Income tax provision | (1,242) | (1,308) | (1,020) |
Income from continuing operations | 118,061 | 61,384 | 47,436 |
Discontinued operations: | |||
(Loss) income attributable to discontinued operations | 0 | (123) | 4,824 |
Loss from early extinguishment of debt | 0 | 0 | (332) |
Gain from disposition of real estate | 0 | 2,843 | 55,263 |
Total discontinued operations | 0 | 2,720 | 59,755 |
Net income | 118,061 | 64,104 | 107,191 |
Net income attributable to noncontrolling interests – partially owned properties | 612 | 352 | |
Net income attributable to ACC, Inc. and Subsidiaries common stockholders | 117,449 | 63,752 | 106,003 |
Series A preferred units distributions | (176) | (178) | (182) |
Net income available to common shareholders/unitholders | 117,273 | 63,574 | 105,821 |
Other comprehensive income (loss) | |||
Change in fair value of interest rate swaps and other | 464 | (4,859) | 5,226 |
Comprehensive income | $ 117,737 | $ 58,715 | $ 111,047 |
Income per share attributable to ACC, Inc. and Subsidiaries common stockholders – basic | |||
Income from continuing operations per share (in dollars per share) | $ 1.03 | $ 0.56 | $ 0.43 |
Net income per share (in dollars per share) | 1.03 | 0.59 | 0.99 |
Income per share attributable to ACC, Inc. and Subsidiaries common stockholders – diluted | |||
Income from continuing operations per share (in dollars per share) | 1.02 | 0.56 | 0.42 |
Net income per share (in dollars per share) | 1.02 | 0.58 | 0.98 |
Income per unit attributable to common unitholders – basic | |||
Income from continuing operations per unit (in dollars per unit) | 1.03 | 0.56 | 0.43 |
Net income per unit (in dollars per unit) | 1.03 | 0.59 | 0.99 |
Income per unit attributable to common unitholders – diluted | |||
Income from continuing operations per unit (in dollars per unit) | 1.02 | 0.56 | 0.42 |
Net income per unit (in dollars per unit) | $ 1.02 | $ 0.58 | $ 0.98 |
Weighted-average common units outstanding: | |||
Basic (in units) | 113,351,242 | 106,245,664 | 105,919,394 |
Diluted (in units) | 114,032,222 | 106,924,929 | 106,541,212 |
Distributions declared per Common Unit (in dollars per unit) | $ 1.58 | $ 1.50 | $ 1.42 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties, net | |||
Revenues: | |||
Operating lease revenue | $ 704,909 | $ 690,582 | $ 618,503 |
Operating expenses: | |||
Operating expenses excluding general, administrative, depreciation and lease expense | 331,836 | 329,615 | 296,794 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties, net | |||
Revenues: | |||
Operating lease revenue | 31,586 | 28,534 | 26,348 |
Operating expenses: | |||
Operating expenses excluding general, administrative, depreciation and lease expense | 12,437 | 11,290 | 11,049 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially-owned properties | |||
Discontinued operations: | |||
Net income attributable to noncontrolling interests – partially owned properties | $ (612) | $ (352) | $ (1,188) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY/ CAPITAL - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-in Capital | Treasury Shares | Accumulated Earnings and Dividends | Accumulated Other Comprehensive Loss | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.Accumulated Other Comprehensive Loss | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.General Partner | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.Limited Partner | Partially Owned PropertiesNoncontrolling Interests | Partially Owned PropertiesAMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.Noncontrolling Interests |
Beginning Balance (in shares) at Dec. 31, 2012 | 104,665,212 | 0 | ||||||||||
Beginning Balance at Dec. 31, 2012 | $ 2,677,054 | $ 1,043 | $ 3,001,520 | $ 0 | $ (347,521) | $ (6,661) | $ 28,673 | |||||
Beginning Balance (in units) at Dec. 31, 2012 | 12,222 | 104,652,990 | ||||||||||
Beginning Balance at Dec. 31, 2012 | $ 2,677,054 | $ (6,661) | $ 116 | $ 2,654,926 | $ 28,673 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Adjustments to reflect redeemable noncontrolling interests at fair value | 12,534 | 12,534 | 12,534 | 12,534 | ||||||||
Adjustments to reflect redeemable noncontrolling interest at fair value (in shares) | 0 | |||||||||||
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 subsidiary | (24,908) | (24,908) | (24,908) | (24,908) | ||||||||
Contributions by noncontrolling interest 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 (in units) | 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 | 105,832 | $ 12 | $ 104,632 | 1,188 | 1,188 | |||||
Ending Balance (in shares) at Dec. 31, 2013 | 104,782,817 | 0 | ||||||||||
Ending Balance at Dec. 31, 2013 | 2,630,565 | $ 1,043 | 3,017,631 | $ 0 | (392,338) | (1,435) | 5,664 | |||||
Ending Balance (in units) at Dec. 31, 2013 | 12,222 | 104,770,595 | ||||||||||
Ending Balance at Dec. 31, 2013 | 2,630,565 | (1,435) | $ 111 | $ 2,626,225 | 5,664 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
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 | ||||||||
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) | ||||||||
Conversion of common units to common stock (in shares) | 52,269 | 52,269 | ||||||||||
Conversion of common units to common stock (in units) | 52,269 | 52,269 | ||||||||||
Conversion of common units to common stock | 602 | $ 1 | 601 | 602 | $ 602 | |||||||
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 | ||||||||||
Shares of common stock sold (in shares) | 2,206,240 | |||||||||||
Net proceeds from sale of common stock | 87,718 | $ 22 | 87,696 | |||||||||
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 | 63,191 | $ 7 | $ 62,832 | 352 | 352 | |||||
Ending Balance (in shares) at Dec. 31, 2014 | 107,175,236 | 0 | ||||||||||
Ending Balance at Dec. 31, 2014 | 2,615,283 | $ 1,072 | 3,102,540 | $ 0 | (487,986) | (6,072) | 5,729 | |||||
Ending Balance (in units) at Dec. 31, 2014 | 12,222 | 107,163,014 | ||||||||||
Ending Balance at Dec. 31, 2014 | 2,615,283 | (6,072) | $ 100 | $ 2,615,526 | 5,729 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Adjustments to reflect redeemable noncontrolling interests at fair value | (4,462) | (4,462) | 4,462 | 4,462 | ||||||||
Amortization of restricted stock awards | 7,505 | 7,505 | 7,505 | $ 7,505 | ||||||||
Vesting of restricted stock awards and restricted stock units (in shares) | 122,502 | 10,155 | 132,657 | |||||||||
Vesting of restricted stock awards and restricted stock units | (2,145) | $ 1 | (1,743) | $ (403) | (2,145) | $ (2,145) | ||||||
Distributions to common and restricted stockholders | (178,506) | (178,506) | ||||||||||
Distributions | (178,506) | (19) | (178,487) | |||||||||
Distributions to noncontrolling interests - partially owned properties | (635) | (635) | (635) | (635) | ||||||||
Increase in ownership of consolidated subsidiary | (1,065) | 435 | (1,065) | $ 435 | (1,500) | (1,500) | ||||||
Contributions by noncontrolling interest partners | 7,255 | 7,255 | 7,255 | 7,255 | ||||||||
Conversion of common units to common stock (in shares) | 119,474 | 119,474 | ||||||||||
Conversion of common units to common stock (in units) | 119,474 | 119,474 | ||||||||||
Conversion of common units to common stock | 3,036 | $ 2 | 3,034 | 3,036 | $ 3,036 | |||||||
Redemption of common units for cash | (3,061) | (3,061) | (3,061) | $ (3,061) | ||||||||
Issuance of units in exchange for contributions of equity offering proceeds (in units) | 4,933,665 | |||||||||||
Issuance of units in exchange for contributions of equity offering proceeds | 212,683 | $ 212,683 | ||||||||||
Shares of common stock sold (in shares) | 4,933,665 | |||||||||||
Net proceeds from sale of common stock | 212,683 | $ 49 | 212,634 | |||||||||
Change in fair value of interest rate swaps | (170) | (170) | (170) | (170) | ||||||||
Amortization of interest rate swap terminations | 412 | 412 | 412 | 412 | ||||||||
Net income | 116,603 | 115,991 | 116,603 | $ 12 | $ 115,979 | 612 | 612 | |||||
Ending Balance (in shares) at Dec. 31, 2015 | 112,350,877 | 10,155 | ||||||||||
Ending Balance at Dec. 31, 2015 | $ 2,781,657 | $ 1,124 | $ 3,325,806 | $ (403) | $ (550,501) | $ (5,830) | $ 11,461 | |||||
Ending Balance (in units) at Dec. 31, 2015 | 12,222 | 112,348,810 | ||||||||||
Ending Balance at Dec. 31, 2015 | $ 2,781,657 | $ (5,830) | $ 93 | $ 2,775,933 | $ 11,461 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities | |||
Net income | $ 118,061 | $ 64,104 | $ 107,191 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Gain from disposition of real estate | (52,699) | (2,475) | (55,263) |
Gain from insurance settlement | (388) | (186) | 0 |
Loss from early extinguishment of debt | 1,770 | 0 | 332 |
Provision for real estate impairment | 0 | 2,443 | 0 |
Depreciation and amortization | 208,788 | 197,542 | 187,475 |
Amortization of deferred financing costs and debt premiums/discounts | (6,280) | (6,769) | (8,288) |
Share-based compensation | 8,161 | 7,164 | 6,625 |
Income tax provision | 1,242 | 1,308 | 1,020 |
Amortization of interest rate swap terminations | 412 | 222 | 0 |
Changes in operating assets and liabilities: | |||
Restricted cash | 1,656 | 1,507 | 3,263 |
Student contracts receivable, net | (9,397) | (959) | 4,621 |
Other assets | (23,475) | (12,632) | (15,072) |
Accounts payable and accrued expenses | (4,001) | 1,453 | 5,036 |
Other liabilities | 17,136 | 7,176 | 9,738 |
Net cash provided by operating activities | 260,986 | 259,898 | 246,678 |
Investing activities | |||
Proceeds from disposition of properties | 427,055 | 8,599 | 180,465 |
Proceeds from disposition of land | 249 | 1,502 | 2,000 |
Cash paid for property acquisitions | (291,352) | (74,641) | (234,326) |
Cash paid for land acquisitions | (49,927) | (3,627) | (25,649) |
Investment in on-campus participating property under development | 0 | (27,668) | (15,476) |
Investment in loans receivable | (5,176) | 0 | (60,888) |
Proceeds from loans receivable | 7,483 | 2,984 | 0 |
Change in restricted cash related to capital reserves | 2,955 | 1,623 | (1,461) |
(Decrease) increase in escrow deposits for real estate investments | (7,033) | 894 | (970) |
Proceeds from insurance settlement | 388 | 758 | 636 |
Increase in ownership of consolidated subsidiary | (1,065) | 0 | 0 |
Purchase of corporate furniture, fixtures and equipment | (3,621) | (3,457) | (2,594) |
Net cash used in investing activities | (239,455) | (429,235) | (509,999) |
Financing activities | |||
Proceeds from unsecured notes | 399,244 | 399,444 | 398,636 |
Proceeds from sale of common stock | 216,666 | 89,317 | 0 |
Offering costs | (3,250) | (1,340) | 0 |
Pay-off of mortgage and construction loans | (263,361) | (178,002) | (82,066) |
Proceeds from unsecured term loans | 0 | 0 | 250,000 |
Proceeds from revolving credit facilities | 720,200 | 615,900 | 609,055 |
Paydowns of revolving credit facilities | (893,800) | (611,850) | (732,605) |
Proceeds from construction loans | 258 | 28,109 | 15,833 |
Scheduled principal payments on debt | (14,450) | (16,015) | (15,323) |
Loss from early extinguishment of debt | (1,770) | 0 | (332) |
Debt issuance and assumption costs | (4,330) | (5,021) | (10,507) |
Termination of forward starting interest rate swaps | 0 | (4,122) | 0 |
Distributions to common and restricted stockholders | (178,506) | (158,487) | (149,461) |
Distributions to noncontrolling partners | (2,964) | (2,285) | (2,612) |
Redemption of common units for cash | (3,871) | 0 | 0 |
Net cash (used in) provided by financing activities | (29,934) | 155,648 | 280,618 |
Net change in cash and cash equivalents | (8,403) | (13,689) | 17,297 |
Cash and cash equivalents at beginning of period | 25,062 | 38,751 | 21,454 |
Cash and cash equivalents at end of period | 16,659 | 25,062 | 38,751 |
Supplemental disclosure of non-cash investing and financing activities | |||
Loans assumed in connection with property acquisitions | (69,423) | 0 | (107,250) |
Issuance of common units in connection with property acquisitions | (14,182) | 0 | (3,451) |
Change in fair value of derivative instruments, net | (170) | (740) | 5,226 |
Supplemental disclosure of cash flow information | |||
Interest paid | 89,336 | 113,251 | 100,305 |
Income taxes paid | 1,078 | 1,066 | 668 |
Wholly owned properties | |||
Investing activities | |||
Capital expenditures for wholly-owned/on-campus participating properties under development | (96,832) | (77,072) | (68,628) |
Investments in wholly-owned properties under development | (219,636) | (257,177) | (281,490) |
On-campus participating properties | |||
Investing activities | |||
Capital expenditures for wholly-owned/on-campus participating properties under development | (2,943) | (1,953) | (1,618) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||
Operating activities | |||
Net income | 118,061 | 64,104 | 107,191 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Gain from disposition of real estate | (52,699) | (2,475) | (55,263) |
Gain from insurance settlement | (388) | (186) | 0 |
Loss from early extinguishment of debt | 1,770 | 0 | 332 |
Provision for real estate impairment | 0 | 2,443 | 0 |
Depreciation and amortization | 208,788 | 197,542 | 187,475 |
Amortization of deferred financing costs and debt premiums/discounts | (6,280) | (6,769) | (8,288) |
Share-based compensation | 8,161 | 7,164 | 6,625 |
Income tax provision | 1,242 | 1,308 | 1,020 |
Amortization of interest rate swap terminations | 412 | 222 | 0 |
Changes in operating assets and liabilities: | |||
Restricted cash | 1,656 | 1,507 | 3,263 |
Student contracts receivable, net | (9,397) | (959) | 4,621 |
Other assets | (23,475) | (12,632) | (15,072) |
Accounts payable and accrued expenses | (4,001) | 1,453 | 5,036 |
Other liabilities | 17,136 | 7,176 | 9,738 |
Net cash provided by operating activities | 260,986 | 259,898 | 246,678 |
Investing activities | |||
Proceeds from disposition of properties | 427,055 | 8,599 | 180,465 |
Proceeds from disposition of land | 249 | 1,502 | 2,000 |
Cash paid for property acquisitions | (291,352) | (74,641) | (234,326) |
Cash paid for land acquisitions | (49,927) | (3,627) | (25,649) |
Investment in loans receivable | (5,176) | 0 | (60,888) |
Proceeds from loans receivable | 7,483 | 2,984 | 0 |
Change in restricted cash related to capital reserves | 2,955 | 1,623 | (1,461) |
(Decrease) increase in escrow deposits for real estate investments | (7,033) | 894 | (970) |
Proceeds from insurance settlement | 388 | 758 | 636 |
Increase in ownership of consolidated subsidiary | (1,065) | 0 | 0 |
Purchase of corporate furniture, fixtures and equipment | (3,621) | (3,457) | (2,594) |
Net cash used in investing activities | (239,455) | (429,235) | (509,999) |
Financing activities | |||
Proceeds from unsecured notes | 399,244 | 399,444 | 398,636 |
Proceeds from issuance of common units in exchange for contributions, net | 213,416 | 87,977 | 0 |
Pay-off of mortgage and construction loans | (263,361) | (178,002) | (82,066) |
Proceeds from unsecured term loans | 0 | 0 | 250,000 |
Proceeds from revolving credit facilities | 720,200 | 615,900 | 609,055 |
Paydowns of revolving credit facilities | (893,800) | (611,850) | (732,605) |
Proceeds from construction loans | 258 | 28,109 | 15,833 |
Scheduled principal payments on debt | (14,450) | (16,015) | (15,323) |
Loss from early extinguishment of debt | (1,770) | 0 | (332) |
Debt issuance and assumption costs | (4,330) | (5,021) | (10,507) |
Termination of forward starting interest rate swaps | 0 | (4,122) | 0 |
Redemption of common units for cash | (3,871) | 0 | 0 |
Net cash (used in) provided by financing activities | (29,934) | 155,648 | 280,618 |
Net change in cash and cash equivalents | (8,403) | (13,689) | 17,297 |
Cash and cash equivalents at beginning of period | 25,062 | 38,751 | 21,454 |
Cash and cash equivalents at end of period | 16,659 | 25,062 | 38,751 |
Supplemental disclosure of non-cash investing and financing activities | |||
Loans assumed in connection with property acquisitions | (69,423) | 0 | (107,250) |
Issuance of common units in connection with property acquisitions | (14,182) | 0 | (3,451) |
Change in fair value of derivative instruments, net | (170) | 740 | 5,226 |
Supplemental disclosure of cash flow information | |||
Interest paid | 89,336 | 113,251 | 100,305 |
Income taxes paid | 1,078 | 1,066 | 668 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Unvested Restricted Awards | |||
Financing activities | |||
Distributions paid | (1,086) | (1,076) | (927) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Common and preferred units | |||
Financing activities | |||
Distributions paid | (179,749) | (159,409) | (150,357) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially-owned properties | |||
Financing activities | |||
Distributions paid | (635) | (287) | (789) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly owned properties | |||
Investing activities | |||
Capital expenditures for wholly-owned/on-campus participating properties under development | (96,832) | (77,072) | (68,628) |
Investments in wholly-owned properties under development | (219,636) | (257,177) | (281,490) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties | |||
Investing activities | |||
Capital expenditures for wholly-owned/on-campus participating properties under development | (2,943) | (1,953) | (1,618) |
Investment in on-campus participating property under development | $ 0 | $ (27,668) | $ (15,476) |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , 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, 2015 , 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, 2015 , our property portfolio contained 162 properties with approximately 99,400 beds in approximately 32,500 apartment units. Our property portfolio consisted of 134 owned off-campus student housing properties that are in close proximity to colleges and universities, 23 American Campus Equity (“ACE®”) properties operated under ground/facility leases with eleven university systems and five on-campus participating properties operated under ground/facility leases with the related university systems. Of the 162 properties, nine were under development as of December 31, 2015 , and when completed will consist of a total of approximately 5,500 beds in approximately 1,500 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, 2015 , also through one of ACC’s TRSs, we provided third-party management and leasing services for 39 properties that represented approximately 29,500 beds in approximately 10,900 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, 2015 , our total owned and third-party managed portfolio included 201 properties with approximately 128,900 beds in approximately 43,400 units. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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 February 2016, the FASB issued Accounting Standards Update 2016-02 (“ASU 2016-02”), "Leases: Amendments to the FASB Accounting Standards Codification." ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The new standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The guidance is effective for public business entities for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing whether ASU 2016-02 will have a material effect on its consolidated financial statements. In September 2015, the FASB issued Accounting Standards Update 2015-16 ("ASU 2015-16"), "Simplifying the Accounting for Measurement-Period Adjustments." ASU 2015-16 eliminates the requirement that an acquirer in a business combination account for a measurement-period adjustment retrospectively. Instead, an acquirer will recognize a measurement-period adjustment during the period in which the amount of the adjustment is determined. The guidance is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. The Company plans to adopt ASU 2015-16 as of January 1, 2016 and does not expect it to have a material impact on its consolidated financial statements. In April 2015, the FASB issued Accounting Standards Update 2015-03 ("ASU 2015-03"), "Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires all costs incurred to issue debt be presented in the balance sheet as a direct deduction from the carrying value of the debt rather than being recorded as a deferred charge and presented as an asset. ASU 2015-03 is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted, and retrospective application required. In August 2015, the FASB issued Accounting Standards Update 2015-15 ("ASU 2015-15"), "Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements." ASU 2015-15 clarifies the presentation of debt issuance costs related to credit facility arrangements. For public business entities, the final guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company plans to adopt ASU 2015-03 and ASU 2015-15 as of January 1, 2016 and does not expect it to have a material impact on its consolidated financial statements. In February 2015, the FASB issued Accounting Standards Update 2015-02 ("ASU 2015-02"), "Amendments to the Consolidation Analysis.” ASU 2015-02 changes the analysis a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 modifies whether limited partnerships and similar entities are variable interest entities ("VIEs") or voting interest entities and eliminates the presumption a general partner should consolidate a limited partnership. ASU 2015-02 is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted. The Company plans to adopt ASU 2015-02 as of January 1, 2016 and does not expect it to have a material impact on its consolidated financial statements. In May 2014, the FASB issued Accounting Standards Update 2014-09 (“ASU 2014-09”), "Revenue From Contracts With Customers". ASU 2014-09 provides a single comprehensive revenue recognition model for contracts with customers (excluding certain contracts, such as lease contracts) to improve comparability within industries. ASU 2014-09 requires an entity to recognize revenue to reflect the transfer of goods or services to customers at an amount the entity expects to be paid in exchange for those goods and services and provide enhanced disclosures, all to provide more comprehensive guidance for transactions such as service revenue and contract modifications. In July 2015, the FASB issued ASU 2015-14 ("ASU 2015-14"), "Deferral of the Effective Date". This standard deferred by one year the effective date of ASU 2014-09. The new revenue recognition standard is effective for public entities for interim and annual periods beginning after December 15, 2017 and may be applied using either a full retrospective or modified approach upon adoption. The Company plans to adopt ASU 2014-09 as of January 1, 2018 and is currently evaluating the potential impact of the new standard on its consolidated financial statements. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Investments in Real Estate Investments in real estate are recorded at historical cost. Major improvements that extend the life of an asset are capitalized and depreciated over the remaining useful life of the asset. The cost of ordinary repairs and maintenance are charged to expense when incurred. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings and improvements 7-40 years Leasehold interest - on-campus participating properties 25-34 years (shorter of useful life or respective lease term) 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 $9.6 million , $8.8 million and $10.0 million was capitalized during the years ended December 31, 2015 , 2014 and 2013 , respectively. Management assesses whether there has been an impairment in the value of the Company’s investments in real estate whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment is recognized when estimated expected future undiscounted cash flows are less than the carrying value of the property, or when a property meets the criteria to be classified as held for sale, 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, 2015 . 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. Discontinued Operations A discontinued operation represents (i) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity's operations and financial results; or (ii) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (i) a separate major line of business; (ii) a separate major geographic area of operations; (iii) a major equity method investment; or (iv) other major parts of an entity. The Company classifies disposals of real estate that do not meet the definition of a discontinued operation within income from continuing operations in the accompanying consolidated statements of comprehensive income. Owned On-Campus Properties Under its ACE program, the Company, as lessee, has entered into ground/facility lease agreements with eleven university systems to finance, construct, and manage 23 student housing properties. Five properties were under construction as of December 31, 2015 with four scheduled to open for occupancy in Fall 2016 and one in Fall 2017. The terms of the leases, including extension options, range from 30 to 100 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 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 $57.2 million as of December 31, 2015 , 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, 2015 . Loans receivable are included in other assets on the accompanying consolidated balance sheets. Intangible Assets A portion of the purchase price of acquired properties is allocated to the value of in-place leases for both student and commercial tenants, which is based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued “as-if” vacant. As lease terms for student leases are typically one year or less, rates on in-place leases generally approximate market rental rates. Factors considered in the valuation of in-place leases include an estimate of the carrying costs during the expected lease-up period considering current market conditions, nature of the tenancy, and costs to execute similar leases. Carrying costs include estimates of lost rentals at market rates during the expected lease-up period, as well as marketing and other operating expenses. The value of in-place leases is amortized over the remaining initial term of the respective leases. The purchase price of property acquisitions is not expected to be allocated to student tenant relationships, considering the terms of the leases and the expected levels of renewals. In connection with the property acquisitions discussed in Note 5 herein, the Company capitalized approximately $3.3 million , $0.9 million and $3.2 million for the years December 31, 2015 , 2014 and 2013 , respectively, related to management’s estimate of the fair value of in-place leases assumed. Amortization expense was approximately $3.7 million , $2.4 million and $13.7 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Accumulated amortization at December 31, 2015 and 2014 was approximately $30.1 million and $27.9 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 2015 , 2014 and 2013 . 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, 2015 and 2014 were approximately $56.8 million and $36.7 million , respectively, and are included in other assets on the accompanying consolidated balance sheets. Amortization expense was approximately $2.8 million , $1.3 million and $0.6 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. 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, 2015 , the remaining weighted average tax incentive arrangement period was 21.3 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, 2015 and 2014 were approximately $43.6 million and $39.5 million , respectively, and accumulated amortization at December 31, 2015 and 2014 was approximately $ 21.2 million and $16.9 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 $12.0 million , $12.9 million and $14.0 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. As of December 31, 2015 and 2014 , net unamortized mortgage debt premiums were approximately $50.8 million and $60.6 million , respectively, and net unamortized mortgage debt discounts were approximately $0.2 million and $0.9 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 The Company has completed three offerings of senior unsecured notes totaling $1.2 billion that are detailed in Note 11 herein. The total unamortized original issue discount was approximately $2.2 million and $1.7 million as of December 31, 2015 and 2014 , respectively, and is included in unsecured notes on the accompanying consolidated balance sheets. Amortization of the original issue discounts of approximately $0.2 million , $0.1 million , and $0.1 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively, 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 of Period Charged to Expense Write-Offs Balance, End of Period 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 Year ended December 31, 2015 $ 19,711 $ 10,115 $ (12,772 ) (1 ) $ 17,054 (1) Write-offs include $4.0 million related to properties previously disposed of. 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 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 third-party 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, 2015 , the Company has deferred approximately $8.1 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 $11.8 million , $14.2 million and $18.0 million for the years ended December 31, 2015 , 2014 and 2013 , 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 whi |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
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 reflects common shares issuable from the assumed conversion of American Campus Communities Operating Partnership Units ("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, 2015 , 2014 and 2013 , but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. Year Ended December 31, 2015 2014 2013 Common OP Units (Note 9) — 1,213,509 1,158,892 Preferred OP Units (Note 9) 109,775 111,279 113,721 Total potentially dilutive securities 109,775 1,324,788 1,272,613 The following is a summary of the elements used in calculating basic and diluted earnings per share: Year Ended December 31, 2015 2014 2013 Numerator - basic earnings per share: Income from continuing operations $ 118,061 $ 61,384 $ 47,436 Income from continuing operations attributable to noncontrolling interests (2,070 ) (1,231 ) (1,843 ) Income from continuing operations attributable to common shareholders 115,991 60,153 45,593 Amount allocated to participating securities (1,086 ) (1,076 ) (927 ) Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities 114,905 59,077 44,666 Income from discontinued operations — 2,720 59,755 Income from discontinued operations attributable to noncontrolling interests — (34 ) (704 ) Income from discontinued operations attributable to common shareholders — 2,686 59,051 Net income attributable to common shareholders - basic $ 114,905 $ 61,763 $ 103,717 Numerator - diluted earnings per share: Net income attributable to common shareholders - basic $ 114,905 $ 61,763 $ 103,717 Income allocated to Common OP Units 1,282 — — Net income attributable to common shareholders - diluted $ 116,187 $ 61,763 $ 103,717 Denominator: Basic weighted average common shares outstanding 111,987,361 105,032,155 104,760,502 Unvested Restricted Stock Awards (Note 13) 680,980 679,265 621,818 Common OP Units (Note 9) 1,363,881 — — Diluted weighted average common shares outstanding 114,032,222 105,711,420 105,382,320 Earnings per share – basic: Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities $ 1.03 $ 0.56 $ 0.43 Income from discontinued operations attributable to common shareholders $ — $ 0.03 $ 0.56 Net income attributable to common shareholders $ 1.03 $ 0.59 $ 0.99 Earnings per share – diluted: Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities $ 1.02 $ 0.56 $ 0.42 Income from discontinued operations attributable to common shareholders $ — $ 0.02 $ 0.56 Net income attributable to common shareholders $ 1.02 $ 0.58 $ 0.98 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, 2015 2014 2013 Numerator - basic and diluted earnings per unit: Income from continuing operations $ 118,061 $ 61,384 $ 47,436 Income from continuing operations attributable to noncontrolling interests - partially owned properties (612 ) (352 ) (1,188 ) Income from continuing operations attributable to Series A preferred units (176 ) (175 ) (119 ) Amount allocated to participating securities (1,086 ) (1,076 ) (927 ) Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities 116,187 59,781 45,202 Income from discontinued operations — 2,720 59,755 Income from discontinued operations attributable to Series A preferred units — (3 ) (63 ) Income from discontinued operations attributable to common unitholders — 2,717 59,692 Net income attributable to common unitholders $ 116,187 $ 62,498 $ 104,894 Denominator: Basic weighted average common units outstanding 113,351,242 106,245,664 105,919,394 Unvested Restricted Stock Awards (Note 13) 680,980 679,265 621,818 Diluted weighted average common units outstanding 114,032,222 106,924,929 106,541,212 Earnings per unit – basic: Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities $ 1.03 $ 0.56 $ 0.43 Income from discontinued operations attributable to common unitholders $ — $ 0.03 $ 0.56 Net income attributable to common unitholders $ 1.03 $ 0.59 $ 0.99 Earnings per unit – diluted: Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities $ 1.02 $ 0.56 $ 0.42 Income from discontinued operations attributable to common unitholders $ — $ 0.02 $ 0.56 Net income attributable to common unitholders $ 1.02 $ 0.58 $ 0.98 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 Deferred tax assets: Fixed and intangible assets $ 2,663 $ 3,283 Net operating loss carryforwards 7,887 6,552 Prepaid and deferred income 2,326 2,265 Bad debt reserves 725 687 Accrued expenses and other 4,578 3,770 Stock compensation 2,454 2,099 Total deferred tax assets 20,633 18,656 Valuation allowance for deferred tax assets (20,431 ) (18,415 ) Deferred tax assets, net of valuation allowance 202 241 Deferred tax liability: Deferred financing costs 202 241 Net deferred tax liabilities $ — $ — Significant components of the Company’s income tax provision are as follows: Year Ended December 31, 2015 2014 2013 Current: Federal $ — $ — $ — State (1,242 ) (1,308 ) (1,020 ) Deferred: Federal — — — State — — — Total provision -- continuing operations $ (1,242 ) $ (1,308 ) $ (1,020 ) TRS earnings subject to tax consisted of losses of approximately $3.3 million , $3.2 million and $4.4 million for the years ended December 31, 2015 , 2014 and 2013 , 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, 2015 2014 2013 Tax benefit at U.S. statutory rates on TRS income subject to tax $ 2,019 $ 1,928 $ 2,060 State income tax, net of federal income tax benefit 74 71 76 Effect of permanent differences and other (77 ) (72 ) (76 ) Increase in valuation allowance (2,016 ) (1,927 ) (2,060 ) TRS income tax provision $ — $ — $ — At December 31, 2015 , the TRSs had net operating loss carryforwards (“NOLs”) of approximately $25.1 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 $3.5 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, 2015 , the 2014 , 2013 and 2012 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, 2015 , the 2014 , and 2013 , and as of December 31, 2015 , 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: 2015 2014 2013 Ordinary income $ 0.4658 $ 0.9016 $ 0.7990 Long-term capital gain (1) 0.5301 0.0107 0.5229 Return of capital 0.5841 0.5877 0.0956 Total per common share outstanding $ 1.5800 $ 1.5000 $ 1.4175 (1) Unrecaptured Sec. 1250 gains of $0.5281 , $0.0248 and $0.2189 were reported for the years ended December 31, 2015 , the 2014 , and 2013 , respectively. |
Property Acquisitions
Property Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Property Acquisitions | Property Acquisitions During the year ended December 31, 2015 , the Company acquired the following wholly-owned properties for approximately $378.3 million : Property Location Primary University Served Acquisition Date Units Beds Park Point (1) Syracuse, NY Syracuse University February 2015 66 226 University Walk (2) Knoxville, TN University of Tennessee February 2015 177 526 1200 West Marshall Richmond, VA Virginia Commonwealth University March 2015 136 406 8 1/2 Canal Street (3) Richmond, VA Virginia Commonwealth University March 2015 160 540 Vistas San Marcos San Marcos, TX Texas State University March 2015 255 600 Crest at Pearl Austin, TX University of Texas June 2015 141 343 UP at Metroplex Binghamton, NY Binghamton University - SUNY June 2015 186 710 Stadium Centre (4) Tallahassee, FL Florida State University July 2015 367 710 1,488 4,061 (1) As part of this transaction, the Company assumed approximately $11.6 million of fixed rate mortgage debt. (2) University Walk completed construction and opened for operations in August 2014 and was purchased by the Company in February 2015. This property was consolidated for financial reporting purposes prior to the acquisition date because the entity that owned this property was deemed to be a VIE and the Company was determined to be the primary beneficiary of the VIE. (3) As part of this transaction, the Company issued 343,895 Common OP Units to the seller, valued at $41.24 per unit. (4) As part of this transaction, the Company assumed approximately $57.8 million of fixed rate mortgage debt. Since their respective acquisition dates, the acquired properties discussed above contributed a combined $25.1 million of revenues for the year ended December 31, 2015 . These properties had a combined net loss of $1.8 million for the year ended December 31, 2015 , which includes $2.8 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 2014, the Company acquired one property comprised of 610 beds located near the University of Georgia and a property containing a hotel near the University of Colorado campus. The existing hotel at the University of Colorado was demolished in the fourth quarter 2014 and a new 400 -bed student housing facility is currently under construction and is scheduled to open for occupancy in August 2016. The total consideration for these two acquisitions was approximately $75.1 million . The following table summarizes the fair values of the assets acquired and liabilities assumed from the properties discussed above: 2015 2014 Assets acquired: Land $ 26,766 $ 13,469 Buildings and improvements 317,627 54,163 Furniture, fixtures and equipment 16,871 3,637 Intangible assets 16,976 874 Other assets 3,117 2,922 Total assets acquired $ 381,357 $ 75,065 Liabilities assumed: Mortgage debt $ (72,365 ) (1) $ — Other liabilities (3,457 ) — Total liabilities assumed $ (75,822 ) $ — Net assets acquired $ 305,535 $ 75,065 (1) Balance includes $3.0 million in premiums recorded to reflect mortgage debt at acquisition date fair value. The difference between the contracted purchase price of $378.3 million reflected above and the net assets acquired of $305.5 million represents mortgage debt, other assets and liabilities that were not part of the contractual purchase price, but were acquired in the transactions. Consideration paid consisted of $291.4 million in cash paid at closing and stock valued at $14.2 million . 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 acquired property’s results of operations have been included in the accompanying consolidated statements of comprehensive income since the respective acquisition closing dates, with the exception of University Walk which was consolidated prior to its acquisition date. The following pro forma information for the years ended December 31, 2015 , 2014 and 2013 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, 2015 2014 2013 Total revenues $ 765,377 $ 763,073 $ 695,460 Net income attributable to common shareholders $ 122,530 $ 68,904 $ 110,861 |
Property Dispositions and Disco
Property Dispositions and Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Property Dispositions and Discontinued Operations | Property Dispositions and Discontinued Operations Dispositions Subject to New Guidance for Discontinued Operations Due to a change in accounting guidance adopted in 2014, 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 two wholly-owned properties are classified as held for sale on the accompanying consolidated balance sheet as of December 31, 2015 : Property Location Primary University Served Units Beds The Edge - Orlando Orlando, FL University of Central Florida 306 930 University Village - Sacramento Sacramento, CA California State Univ. - Sacramento 250 394 As the properties sales price exceeded their net book value, no impairment was required to be recorded with respect to these dispositions. During the year ended December 31, 2015 , the Company sold the following wholly-owned properties for approximately $436.7 million , resulting in proceeds of approximately $427.1 million . The combined net gain on these dispositions of approximately $52.7 million is included in income from continuing operations on the accompanying consolidated statements of comprehensive income for the year ended December 31, 2015 . Property Location Primary University Served Disposition Date Units Beds The Highlands Reno, NV University of Nevada at Reno January 2015 216 732 The View Lincoln, NE University of Nebraska January 2015 157 590 Chapel Ridge Chapel Hill, NC University of North Carolina January 2015 180 544 Chapel View Chapel Hill, NC University of North Carolina January 2015 224 358 The Village at Alafaya Club Orlando, FL University of Central Florida January 2015 228 839 University Place Charlottesville, VA University of Virginia January 2015 144 528 University Greens Norman, OK University of Oklahoma January 2015 156 516 The Outpost San Marcos San Marcos, TX Texas State University February 2015 162 486 University Meadows Mt. Pleasant, MI Central Michigan University February 2015 184 616 Eagles Trail Hattiesburg, MS University of Southern Mississippi March 2015 216 792 Lakeside Apartments Athens, GA University of Georgia May 2015 244 776 The Club Athens, GA University of Georgia May 2015 120 480 The Estates Gainesville, FL University of Florida May 2015 396 1,044 South View Harrisonburg, VA James Madison University May 2015 240 960 Stone Gate Harrisonburg, VA James Madison University May 2015 168 672 The Commons Harrisonburg, VA James Madison University May 2015 132 528 University Heights Knoxville, TN University of Tennessee May 2015 204 636 The Woods at Greenland Murfreesboro, TN Middle Tennessee State University July 2015 78 276 Raiders Crossing Murfreesboro, TN Middle Tennessee State University July 2015 96 276 University Gables Murfreesboro, TN Middle Tennessee State University July 2015 168 648 3,713 12,297 In 2014, the Company sold one building containing 20 beds, a 480 -bed wholly-owned property and two land parcels for a combined sales price of approximately $9.9 million , resulting in net proceeds of approximately $8.8 million . Prior to the sale of the wholly-owned property, 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 $0.4 million are 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 above, the operations for any properties sold during 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 2014, the Company sold one property containing 484 beds for a sales price of approximately $17.3 million , including the assumption of an existing $15.6 million mortgage loan by the purchaser, resulting in net proceeds of approximately $1.3 million . The resulting gain on disposition of approximately $2.8 million is included in discontinued operations on the accompanying consolidated statements of comprehensive income for the 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 . 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: 2014 2013 Total revenues $ 279 $ 16,191 Total operating expenses (239 ) (7,220 ) Depreciation and amortization — (2,487 ) Operating income 40 6,484 Total nonoperating expenses (163 ) (1,660 ) Net (loss) income $ (123 ) $ 4,824 |
Investments in Wholly-Owned Pro
Investments in Wholly-Owned Properties | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 Land (1) (2) $ 597,894 $ 571,242 Buildings and improvements 5,235,033 4,937,345 Furniture, fixtures and equipment 311,696 289,168 Construction in progress (2) 154,988 185,414 6,299,611 5,983,169 Less accumulated depreciation (777,340 ) (674,462 ) Wholly-owned properties, net (3) $ 5,522,271 $ 5,308,707 (1) The land balance above includes undeveloped land parcels with book values of approximately $66.2 million and $40.6 million as of December 31, 2015 and 2014 , respectively. It also includes land totaling approximately $33.0 million and $30.2 million as of December 31, 2015 and 2014 , respectively, related to properties under development. (2) Land and construction in progress as of December 31, 2015 includes $ 1.9 million and $12.6 million , respectively, related to The Court at Stadium Centre property located in Tallahassee, Florida that will serve students attending Florida State University. In conjunction with the purchase of Stadium Centre in July 2015, the Company entered into a pre-sale agreement to purchase this adjacent property which is anticipated to be completed in May 2016. The Company is obligated to purchase the property as long as certain construction completion deadlines and other closing conditions are met. The Company is responsible for leasing, management, and initial operations of the project while the third-party developer is responsible for the development of the property. The entity that owns The Court at Stadium Centre is deemed to be a VIE, and the Company is determined to be the primary beneficiary of the VIE. As such, the assets and liabilities of the entity owning the property are included in the Company's and the Operating Partnership's consolidated financial statements. (3) The balance above excludes the net book value of two wholly-owned properties classified as held for sale in the accompanying consolidated balance sheet as of December 31, 2015 and 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 classified as held for sale at December 31, 2014 were sold in January 2015. |
On-Campus Participating Propert
On-Campus Participating Properties | 12 Months Ended |
Dec. 31, 2015 | |
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 Commencement Required Debt Repayment 2015 2014 Texas A&M University System / Prairie View A&M University (1) 2/1/1996 9/1/2023 $ 44,147 $ 43,036 Texas A&M University System / Texas A&M International 2/1/1996 9/1/2023 7,064 6,937 Texas A&M University System / Prairie View A&M University (2) 10/1/1999 8/31/2025 27,717 26,828 8/31/2028 University of Houston System / University of Houston (3) 9/27/2000 8/31/2035 37,381 36,606 West Virginia University / West Virginia University (4) 7/16/2013 7/16/2045 43,676 43,636 159,985 157,043 Less accumulated amortization (69,856 ) (62,915 ) On-campus participating properties, net $ 90,129 $ 94,128 (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, 2015 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests Operating Partnership Partially-owned properties: As of December 31, 2015 , 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 , in July 2015, the Company entered into a purchase agreement with a private developer whereby the Company is obligated to purchase a property (The Court at Stadium Centre) as long as the developer meets certain construction completion deadlines and other conditions. The $7.3 million equity contribution from the developer is reflected as noncontrolling interest - partially owned properties within capital on the accompanying consolidated balance sheets of the Operating Partnership as of December 31, 2015 . In February 2015, the Company completed the purchase of University Walk, a property previously subject to a purchase and contribution agreement with a third-party developer whereby the Company was obligated to purchase the property if the developer met certain construction completion deadlines and other closing conditions. At the time of purchase, the Company paid $1.1 million in cash consideration for the third-party developer’s $1.5 million noncontrolling interest in the property. The difference of $0.4 million , which represented the excess of the carrying amount of the noncontrolling interest over the consideration paid, is reflected as an adjustment to additional paid in capital in the accompanying consolidated statements of changes in capital. 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 partners' 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, 2015 and 2014 : 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 Net income 1,458 Distributions (2,329 ) Redeemable limited partner units issued as consideration (see Note 5) 14,182 Conversion of redeemable limited partner units into shares of ACC common stock (3,000 ) Redemption of redeemable limited partner units for cash (810 ) Adjustments to reflect redeemable limited partner units at fair value (4,462 ) Balance, December 31, 2015 $ 59,511 During the year ended December 31, 2015 , 118,474 Common OP Units and 1,000 Series A preferred units were converted into an equal number of shares of ACC’s common stock and 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. As of both December 31, 2015 and 2014 , approximately 1.2% 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 J
Investments in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures As of December 31, 2015 , 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 $1.9 million , $1.3 million , and $1.6 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 Debt secured by wholly-owned properties: Mortgage loans payable: Unpaid principal balance $ 934,769 $ 1,094,306 Unamortized debt premiums 50,763 60,586 Unamortized debt discounts (166 ) (895 ) 985,366 1,153,997 Construction loans payable (1) 5,559 63,637 990,925 1,217,634 Debt secured by on-campus participating properties: Mortgage loans payable (2) 73,465 30,553 Bonds payable 36,935 39,785 Construction loan payable (2) — 43,942 110,400 114,280 Total secured mortgage, construction and bond debt 1,101,325 1,331,914 Unsecured notes, net of unamortized original issue discount 1,197,755 798,305 Unsecured revolving credit facility 68,900 242,500 Unsecured term loans 600,000 600,000 Total debt $ 2,967,980 $ 2,972,719 (1) Construction loans payable as of December 31, 2015 consist of $5.6 million related to a construction loan partially financing the development and construction of The Court at Stadium Centre, a VIE the Company is including in its consolidated financial statements (see Note 7). The creditor of this construction loan does not have recourse to the assets of the Company. Construction loans payable as of December 31, 2014 includes a construction loan for two ACE properties, the Suites and Hilltop Townhomes, that was paid off in 2015, in addition to $19.0 million related to a construction loan that partially financed the development and construction of University Walk, a VIE the Company included in its consolidated financial statements prior to acquisition (see Note 5 ). (2) A construction loan securing the on-campus participating property located at West Virginia University was classified as a construction loan as of December 31, 2014 and is now reflected as a mortgage loan as of December 31, 2015 , as the loan now requires principal and interest payments beginning in August 2015. 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, 2015 : December 31, 2015 Principal Outstanding Weighted Weighted Number of December 31, Average Average Properties 2015 2014 Interest Rate Years to Maturity Encumbered Fixed Rate: Mortgage loans payable (1) $ 1,008,234 $ 1,124,859 5.10 % 5.2 years 41 Construction loan payable 5,559 43,942 4.61 % 8.7 years 1 Variable Rate: Construction loans payable — 63,637 — % 0.0 years — Total $ 1,013,793 $ 1,232,438 5.09 % 5.3 years 42 (1) Fixed rate mortgage loans payable mature at various dates from May 2016 through July 2045 and carry interest rates ranging from 3.05% to 7.15% . A construction loan securing the on-campus participating property located at West Virginia University was classified as a construction loan as of December 31, 2014 and is now reflected as a mortgage loan as of December 31, 2015 , as the loan now requires principal and interest payments beginning in August 2015. Interest rate is fixed for the first five years and variable for the remaining term of the loan. During the twelve months ended December 31, 2015 , the following transactions occurred: Mortgage Loans Payable (1) Construction Loans Payable Balance, December 31, 2014 $ 1,184,550 $ 107,579 Additions: Assumption of mortgage loans payable (2) 69,421 — Mark-to-market premium/(discount) recorded upon debt assumption 2,942 — Mortgage loan formerly classified as construction loan (3) 44,200 (44,200 ) Draws under advancing construction notes payable (3) — 258 Draws under advancing construction notes payable (non-cash) VIEs (4) — 5,559 Deductions: Payoff of maturing mortgage notes payable (5) (218,724 ) — Payoff of construction notes payable (6) — (44,637 ) Payoff of construction loans payable (non-cash) VIEs (7) — (19,000 ) Scheduled repayments of principal (11,522 ) — Amortization of debt premiums and discounts (12,036 ) — Balance, December 31, 2015 $ 1,058,831 $ 5,559 (1) Balance includes unamortized debt premiums and discounts. (2) Represents debt assumed with the acquisitions of the following properties: Park Point Syracuse and Stadium Centre. (3) Represents construction loan used to finance the development and construction of on-campus participating property located in Morgantown, West Virginia. This loan was classified as a construction loan as of December 31, 2014, and is now reflected as a mortgage loan as of December 31, 2015. (4) Represents draws from one construction loan used to partially finance the development and construction of The Court at Stadium Centre, a VIE the Company is including in its consolidated financial statements. (5) The Company paid off fixed rate mortgage debt secured by the following wholly-owned properties: Chapel View, University Meadows, Lakeside, Campus Edge, Newtown Crossing, Olde Towne, Peninsular Place, The Estates, Southview, Stonegate, Tower at Third, University Pointe, University Village Sacramento, and Jacob Heights I. (6) The company paid off variable rate construction debt secured by the following wholly-owned properties: The Suites and Hilltop Townhomes. (7) Represents payoff of the construction loan used to finance the development of University Walk. The seller/developer paid off this construction loan with proceeds from the Company's purchase of the property in February 2015. 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, 2015 consisted of the following: Principal Weighted Required Series Mortgaged Facilities Subject to Leases Original December 31, 2015 Average Rate Maturity Date Monthly Debt Service 1999 University Village-PVAMU/TAMIU $ 39,270 $ 21,020 7.75 % September 2023 $ 302 2001 University College–PVAMU 20,995 12,970 7.59 % August 2025 158 2003 University College–PVAMU 4,325 2,945 6.11 % August 2028 28 Total/weighted average rate $ 64,590 $ 36,935 7.56 % $ 488 Unsecured Notes The Company has issued the following senior unsecured notes: Date Issued Amount % of Par Value Coupon Yield Original Issue Discount Term September 2015 (1) $ 400,000 99.811 3.350 % 3.391 % $ 756 5 June 2014 400,000 99.861 4.125 % 4.142 % 556 10 April 2013 400,000 99.659 3.750 % 3.791 % 1,364 10 $ 1,200,000 $ 2,676 (1) Net proceeds from the sale of the unsecured notes totaled approximately $394.4 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 $356.2 million of the offering proceeds to pay down the outstanding balance on its revolving credit facility in full. The notes are fully and unconditionally guaranteed by the Company. Interest on the notes is payable semi-annually. 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, 2015 , 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, 2015 , the Term Loan II Facility bore interest at a variable rate of 1.73% per annum ( 0.23% + 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 0.89% 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 2.39% at December 31, 2015 . 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, 2015 , the revolving credit facility bore interest at a weighted average annual rate of 1.95% ( 0.40% + 1.30% spread + 0.25% facility fee), and availability under the revolving credit facility totaled $431.1 million as of December 31, 2015 . 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, 2015 , the Company was in compliance with all such covenants. 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, 2015 and thereafter: 2016 $ 169,152 2017 482,987 2018 245,273 2019 265,916 2020 470,561 Thereafter 1,285,739 (1 ) $ 2,919,628 (1) Includes $5.6 million related to a construction loan partially financing the development and construction of The Court at Stadium Centre, a VIE the Company is including in its consolidated financial statements. Payment of principal and interest were current at December 31, 2015 . Certain of the mortgage notes and bonds payable are subject to prepayment penalties. |
Stockholders' Equity _ Partners
Stockholders' Equity / Partners' Capital | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity / Partners' Capital | Stockholders’ Equity / Partners’ Capital Stockholders’ Equity – Company In June 2015, the Company established an 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 . The shares that may be sold under this program include shares of common stock of the Company with an aggregate offering price of approximately $194 million that were not sold under the company's prior ATM program that expired in May 2015. 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 current and prior ATM Equity Programs: Years Ended December 31, 2015 2014 Total net proceeds $ 213,416 $ 87,977 Commissions paid to sales agents $ 3,250 $ 1,340 Weighted average price per share $ 43.92 $ 40.48 Shares of common stock sold 4,933,665 2,206,240 As of December 31, 2015 , the Company had approximately $500 million available for issuance under its ATM Equity Program. In 2015, the Company established a Non-Qualified Deferred Compensation Plan (“Deferred Compensation Plan”) maintained for the benefit of select employees and members of the Company’s Board of Directors, in which vested share awards (see Note 13 ), salary and other cash amounts earned may be deposited. Deferred Compensation Plan assets are held in a rabbi trust, which is subject to the claims of the Company’s creditors in the event of bankruptcy or insolvency. The value of the vested share awards held in the Deferred Compensation Plan is classified within stockholders’ equity in a manner similar to the manner in which treasury stock is accounted. Subsequent changes in the fair value of the shares are not recognized. During the year ended December 31, 2015 , 10,155 vested Restricted Stock Units (“RSUs”) with a value of $0.4 million were deposited into the Deferred Compensation Plan. 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 common shares issued by ACC. In connection with our purchase of 8 1/2 Canal Street during the first quarter of 2015, we issued 343,895 Common OP Units to the seller, valued at $41.24 per unit. See Note 5 for more details. |
Incentive Award Plan
Incentive Award Plan | 12 Months Ended |
Dec. 31, 2015 | |
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”), 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, 2015 , 975,324 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 2015 , 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. Additionally, effective July 1, 2015, the Board of Directors' compensation program was revised to reflect an increase in RSUs of $55,000 for the Chairman of the Board of Directors and $33,500 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, 2015 and 2014 is presented below: Number of RSUs Weighted-Average Grant Date Fair Value Per RSU 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 — $ — Granted 22,320 39.65 Settled in common shares (16,491 ) 39.77 Settled in cash (5,829 ) 39.34 Outstanding at December 31, 2015 — $ — The Company recognized expense of approximately $0.9 million , $0.6 million and $0.5 million for the years ended December 31, 2015 , 2014 and 2013 , 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, 2013 was $44.09 . 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, 2015 and 2014 is presented below: Number of RSAs Weighted-Average Grant Date Fair Value Per RSA Nonvested balance at December 31, 2013 602,191 $ 38.84 Granted 292,526 34.52 Vested (124,883 ) 34.00 Forfeited (1) (160,320 ) 36.75 Nonvested balance at December 31, 2014 609,514 $ 38.31 Granted 286,178 44.23 Vested (116,166 ) 36.50 Forfeited (1) (123,601 ) 38.78 Nonvested balance at December 31, 2015 655,925 $ 41.12 (1) Includes shares withheld to satisfy tax obligations upon vesting. The fair value of RSAs 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 $7.5 million , $6.8 million and $6.4 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The weighted-average grant date fair value for each RSA granted and forfeited during the year ended December 31, 2013 was $ 47.64 and $ 32.15 , respectively. The total fair value of RSAs vested during the year ended December 31, 2015 , was approximately $7.7 million . Additionally, as of December 31, 2015 , the Company had approximately $20.3 million of total unrecognized compensation cost related to these RSAs, which is expected to be recognized over a remaining weighted-average period of 3.0 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, 2015 , five employees have met the Rule of 70 and a total of 165,783 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 Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , 2014 and 2013 . The following table summarizes the Company’s outstanding interest rate swap contracts as of December 31, 2015 : Hedged Debt Instrument Effective Date Maturity Date Pay Fixed Rate Receive Floating Rate Index Current Notional Amount Fair Value Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR – 1 month $ 14,718 $ (514 ) Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR – 1 month 14,869 (519 ) Term Loan I Facility Feb 2, 2012 Jan 2, 2017 0.8695% LIBOR – 1 month 125,000 (233 ) Term Loan I Facility Feb 2, 2012 Jan 2, 2017 0.8800% LIBOR – 1 month 100,000 (197 ) Term Loan I Facility Feb 2, 2012 Jan 2, 2017 0.8875% LIBOR – 1 month 62,500 (128 ) Term Loan I Facility Feb 2, 2012 Jan 2, 2017 0.8890% LIBOR – 1 month 62,500 (129 ) Park Point mortgage loan Nov 1, 2013 Oct 5, 2018 1.5450% LIBOR – 1 month 70,000 (734 ) Total $ 449,587 $ (2,454 ) 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. When including the effect of these interest rate swap terminations, the effective yield on the unsecured notes is 4.269% . During the years ended December 31, 2015 and 2014 , $0.4 million and $0.2 million was amortized from accumulated other comprehensive loss to interest expense. As of December 31, 2015 and 2014 approximately $3.5 million and $3.9 million of the $4.1 million payment remained to be amortized. 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, 2015 and 2014 : Liability Derivatives Fair Value as of Description Balance Sheet Location December 31, 2015 December 31, 2014 Interest rate swap contracts Other liabilities $ 2,454 $ 2,306 Total derivatives designated $ 2,454 $ 2,306 |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 , 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, 2015 December 31, 2014 Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Liabilities: Derivative financial instruments $ — $ 2,454 $ — $ 2,454 $ — $ 2,306 $ — $ 2,306 Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) $ — $ 59,511 $ — $ 59,511 $ — $ 54,472 $ — $ 54,472 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, 2015 , 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, 2015 and 2014 , 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 Company (redeemable limited partners 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, these instruments 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. 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, 2015 and 2014 : December 31, 2015 December 31, 2014 Estimated Fair Value Carrying Amount Estimated Fair Value Carrying Amount Assets: Loans receivable $ 48,030 $ 57,175 $ 47,092 $ 54,260 Liabilities: Unsecured notes $ 1,191,520 $ 1,197,755 $ 802,943 $ 798,305 Mortgage loans $ 1,000,226 $ 1,058,831 $ 1,182,501 $ 1,184,550 Bonds payable $ 41,288 $ 36,935 $ 45,176 $ 39,785 |
Lease Commitments
Lease Commitments | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 , prepaid ground rent totaled approximately $5.9 million and $1.8 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 $7.5 million , $6.2 million and $5.0 million for the years end December 31, 2015 , 2014 and 2013 , respectively, and capitalized rent of approximately $0.4 million , $1.4 million and $1.1 million for the years end December 31, 2015 , 2014 and 2013 , 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 $8.9 million , $7.8 million and $6.5 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. There were no capital lease obligations outstanding as of December 31, 2015 . Future minimum commitments over the life of all leases subsequent to December 31, 2015 are as follows: Operating 2016 $ 7,246 2017 7,091 2018 6,999 2019 6,721 2020 6,705 Thereafter 227,519 Total minimum lease payments $ 262,281 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments Construction Contracts: As of December 31, 2015 , the Company estimates additional costs to complete eight wholly-owned development projects currently under construction or under contract to begin construction, to be approximately $289.5 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. Pre-sale Arrangements: In conjunction with the purchase of Stadium Centre in July 2015, the Company entered into a pre-sale agreement to purchase The Court at Stadium Centre, an adjacent property which is anticipated to be completed in May 2016 for $26.5 million (see Note 7 ). Of the $26.5 million purchase price, $6.9 million was paid in conjunction with the purchase of the adjacent property, Stadium Centre. 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 $1.5 million as of December 31, 2015 . 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, 2015 , 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, 2015 , the Company has spent approximately $34.1 million in renovations and capital improvements and as of December 31, 2015 , the project was substantially complete. 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. During the year ended December 31, 2015 , the Company recorded $0.6 million related to this obligation, which is contingent upon project completion within the initial budget, and is included in wholly-owned properties operating expenses on the accompanying consolidated statement of comprehensive income. Should additional obligations arise, 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. 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, 2015 | |
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, 2015 2014 2013 Wholly-Owned Properties Rental revenues and other income $ 708,018 $ 693,694 $ 621,117 Interest income 1,071 1,079 152 Total revenues from external customers 709,089 694,773 621,269 Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead (330,932 ) (331,046 ) (300,207 ) Ground/facility leases (5,297 ) (4,196 ) (2,956 ) Interest expense (30,147 ) (42,906 ) (45,401 ) Operating income before depreciation, amortization and allocation of corporate overhead $ 342,713 $ 316,625 $ 272,705 Depreciation and amortization $ 198,986 $ 189,424 $ 178,396 Capital expenditures $ 316,468 $ 334,249 $ 350,118 Total segment assets at December 31, $ 5,809,526 $ 5,604,358 $ 5,394,029 On-Campus Participating Properties Rental revenues and other income $ 31,586 $ 28,534 $ 26,348 Interest income 2 3 16 Total revenues from external customers 31,588 28,537 26,364 Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead (11,407 ) (10,437 ) (10,322 ) Ground/facility lease (2,935 ) (3,201 ) (2,446 ) Interest expense (5,833 ) (5,131 ) (5,463 ) Operating income before depreciation, amortization and allocation of corporate overhead $ 11,413 $ 9,768 $ 8,133 Depreciation and amortization $ 7,034 $ 5,688 $ 4,756 Capital expenditures $ 2,943 $ 29,621 $ 17,094 Total segment assets at December 31, $ 105,546 $ 110,017 $ 88,777 Development Services Development and construction management fees $ 4,964 $ 4,018 $ 2,483 Operating expenses (13,732 ) (11,883 ) (11,172 ) Operating loss before depreciation, amortization and allocation of corporate overhead $ (8,768 ) $ (7,865 ) $ (8,689 ) Total segment assets at December 31, $ 1,730 $ 1,530 $ 1,848 Property Management Services Property management fees from external customers $ 8,813 $ 7,669 $ 7,514 Intersegment revenues 23,054 22,889 21,396 Total revenues 31,867 30,558 28,910 Operating expenses (11,360 ) (12,400 ) (10,349 ) Operating income before depreciation, amortization and allocation of corporate overhead $ 20,507 $ 18,158 $ 18,561 Total segment assets at December 31, $ 9,432 $ 6,513 $ 7,033 Reconciliations Total segment revenues and other income $ 777,508 $ 757,886 $ 679,026 Unallocated interest income earned on investments and corporate cash 3,348 3,086 2,837 Elimination of intersegment revenues (23,054 ) (22,889 ) (21,396 ) Total consolidated revenues, including interest income $ 757,802 $ 738,083 $ 660,467 Segment operating income before depreciation, amortization and allocation of corporate overhead $ 365,865 $ 336,686 $ 290,710 Depreciation and amortization (214,338 ) (203,413 ) (190,596 ) Net unallocated expenses relating to corporate interest and overhead (83,541 ) (67,956 ) (48,992 ) Gain (loss) from disposition of real estate 52,699 (368 ) — Provision for real estate impairment — (2,443 ) — Other nonoperating income (expense) 388 186 (2,666 ) Loss from early extinguishment of debt (1,770 ) — — Income tax provision (1,242 ) (1,308 ) (1,020 ) Income from continuing operations $ 118,061 $ 61,384 $ 47,436 Total segment assets $ 5,926,234 $ 5,722,418 $ 5,491,687 Unallocated corporate assets 99,713 112,330 106,353 Total assets at December 31, $ 6,025,947 $ 5,834,748 $ 5,598,040 |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 . 2015 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 192,493 $ 177,874 $ 180,816 $ 202,198 $ 753,381 Operating income 50,176 34,452 18,551 53,725 156,904 Net income 71,267 15,918 2,016 28,860 118,061 Net income attributable to noncontrolling interests (1,070 ) (338 ) (161 ) (501 ) (2,070 ) Net income attributable to ACC, Inc. and Subsidiaries common stockholders $ 70,197 $ 15,580 $ 1,855 $ 28,359 $ 115,991 Net income attributable to common stockholders per share - basic $ 0.63 $ 0.14 $ 0.01 $ 0.25 $ 1.03 Net income attributable to common stockholders per share - diluted $ 0.62 $ 0.14 $ 0.01 $ 0.25 $ 1.02 2014 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th 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 ACC, Inc. and Subsidiaries common stockholders $ 28,398 $ 13,438 $ (5,847 ) $ 26,850 $ 62,839 Net income (loss) attributable to common stockholders per share - basic $ 0.27 $ 0.13 $ (0.06 ) $ 0.25 $ 0.59 Net income (loss) attributable to common stockholders per share - diluted $ 0.27 $ 0.12 $ (0.06 ) $ 0.25 $ 0.58 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, 2015 and 2014 . 2015 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 192,493 $ 177,874 $ 180,816 $ 202,198 $ 753,381 Operating income 50,176 34,452 18,551 53,725 156,904 Net income 71,267 15,918 2,016 28,860 118,061 Net income attributable to noncontrolling interests (323 ) (92 ) (92 ) (105 ) (612 ) Series A preferred unit distributions (44 ) (44 ) (44 ) (44 ) (176 ) Net income available to common unitholders $ 70,900 $ 15,782 $ 1,880 $ 28,711 $ 117,273 Net income per unit attributable to common unitholders - basic $ 0.63 $ 0.14 $ 0.01 $ 0.25 $ 1.03 Net income per unit attributable to common unitholders - diluted $ 0.63 $ 0.14 $ 0.01 $ 0.25 $ 1.02 2014 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th 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) available to common unitholders $ 28,734 $ 13,598 $ (5,910 ) $ 27,152 $ 63,574 Net income (loss) per unit attributable to common unitholders - basic $ 0.24 $ 0.13 $ (0.06 ) $ 0.25 $ 0.59 (1) Net income (loss) per unit attributable to common unitholders - diluted $ 0.27 $ 0.12 $ (0.06 ) $ 0.25 $ 0.58 (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, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Distributions : On January 26, 2016, the Company declared a fourth quarter 2015 distribution per share of $0.40 which was paid on February 19, 2016 to all common stockholders of record as of February 8, 2016. 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 ). Unsecured Term Loans: On January 29, 2016 the company refinanced $150.0 million of its $350.0 million Term Loan I Facility by extending the maturity date for this $150.0 million portion from 2017 to 2021. February 2016 Equity Offering: On February 5, 2016, ACC completed an equity offering, consisting of the sale of 17,940,000 shares of ACC’s common stock at a price of $41.25 per share, including 2,340,000 shares issued as a result of the exercise of the underwriters’ overallotment option in full at closing. The aggregate proceeds to ACC, net of the underwriting discount and estimated expenses of the offering, were approximately $708.2 million . The Company used $107.0 million of the offering proceeds to pay down the outstanding balance on its revolving credit facility in full and $250.0 million to repay, in full, the Term Loan II Facility due to mature in 2019. |
Schedule of Real Estate and Acc
Schedule of Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2015 | |
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 Improvements and Furniture, Fixtures and Equipment Costs Capitalized Subsequent to Acquisition / Initial Development Land Buildings and Improvements and Furniture, Fixtures and Equipment Total (1) Accumulated Depreciation Encumbrances (2) Year Built Wholly-Owned Properties The Callaway House 173 538 $ 5,081 $ 20,499 $ 9,136 $ 5,081 $ 29,635 $ 34,716 $ 11,467 $ — 1999 The Village at Science Drive 192 732 4,673 19,021 2,600 4,673 21,621 26,294 8,592 — 2000 University Village at Boulder Creek 82 309 1,035 16,393 1,669 1,035 18,062 19,097 7,051 — 2002 University Village - Fresno 105 406 929 15,553 841 929 16,394 17,323 5,850 — 2004 University Village 220 749 — 41,119 2,601 — 43,720 43,720 14,067 — 2004 University Club Townhomes 216 736 4,665 23,103 5,815 4,665 28,918 33,583 11,091 — 2000/2002 College Club Townhomes 136 544 1,967 16,049 2,919 1,967 18,968 20,935 7,195 — 2001/2004 University Club Apartments 94 376 1,416 11,848 1,723 1,416 13,571 14,987 4,608 — 1999 City Parc at Fry Street 136 418 1,902 17,678 1,946 1,902 19,624 21,526 6,446 — 2004 Entrada Real 98 363 1,475 15,859 2,297 1,475 18,156 19,631 5,091 — 2000 University Village at Sweethome 269 828 2,473 34,626 2,076 2,473 36,702 39,175 11,841 — 2005 University Village - Tallahassee 217 716 4,322 26,225 4,091 4,322 30,316 34,638 9,082 — 1990/91/92 Royal Village Gainesville 118 448 2,386 15,153 1,747 2,386 16,900 19,286 5,168 — 1996 Royal Lexington 94 364 2,848 12,783 5,195 2,848 17,978 20,826 5,038 — 1994 Raiders Pass 264 828 3,877 32,445 3,086 3,877 35,531 39,408 10,348 — 2002 Aggie Station 156 450 1,634 18,821 1,381 1,634 20,202 21,836 5,721 — 2002 The Outpost - San Antonio 276 828 3,262 36,252 2,148 3,262 38,400 41,662 10,585 — 2005 Callaway Villas 236 704 3,903 32,286 987 3,903 33,273 37,176 9,779 — 2006 The Village on Sixth Avenue 248 752 2,763 22,480 3,130 2,763 25,610 28,373 7,592 1,252 2000/2006 Newtown Crossing 356 942 7,013 53,597 1,718 7,013 55,315 62,328 15,222 — 2005/2007 Olde Towne University Square 224 550 2,277 24,614 1,333 2,277 25,947 28,224 7,744 — 2005 Peninsular Place 183 478 2,306 16,559 1,021 2,306 17,580 19,886 5,460 — 2005 University Centre 234 838 — 77,378 3,039 — 80,417 80,417 20,168 — 2007 Pirates Place Townhomes 144 528 1,159 9,652 2,388 1,159 12,040 13,199 3,563 4,422 1996 The Summit & Jacob Heights 258 930 2,318 36,464 1,588 2,318 38,052 40,370 8,659 26,773 4/6/2003 GrandMarc Seven Corners 186 440 4,491 28,807 1,841 4,491 30,648 35,139 7,094 — 2000 University Village- Sacramento (3) 250 394 7,275 12,639 2,139 7,275 14,778 22,053 4,247 — 1979 Aztec Corner 180 606 17,460 32,209 1,476 17,460 33,685 51,145 7,461 27,026 1995 Campus Corner 254 796 1,591 20,928 2,798 1,591 23,726 25,317 6,045 22,266 1997 Tower at Third 188 375 1,145 19,128 10,313 1,748 28,838 30,586 7,340 — 1973 University Manor 168 600 1,387 14,889 2,374 1,387 17,263 18,650 5,239 — 2002 The Edge- Orlando (3) 306 930 6,053 37,802 4,227 6,053 42,029 48,082 10,534 — 1999 Willowtree Apartments and Tower 473 851 9,807 21,880 3,217 9,807 25,097 34,904 6,322 — 1968/1974 Abbott Place 222 654 1,833 18,313 2,752 1,833 21,065 22,898 6,218 17,850 1999 Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs Capitalized Subsequent to Acquisition / Initial Development Land Buildings and Improvements and Furniture, Fixtures and Equipment Total (1) Accumulated Depreciation Encumbrances (2) Year Built The Centre 232 700 $ 1,804 $ 19,395 $ 2,142 $ 1,804 $ 21,537 23,341 $ 5,839 $ 19,875 2004 Campus Way 194 680 1,431 21,845 7,919 1,431 29,764 31,195 6,986 15,375 1993 University Pointe 204 682 989 27,576 1,997 989 29,573 30,562 7,065 — 2004 University Trails 240 684 1,183 25,173 2,877 1,183 28,050 29,233 6,922 — 2003 Campus Trails 156 480 1,358 11,291 4,073 1,358 15,364 16,722 3,917 7,486 1991 Vista del Sol (ACE) 613 1,866 — 135,939 2,646 — 138,585 138,585 31,209 — 2008 Villas at Chestnut Ridge 196 552 2,756 33,510 855 2,756 34,365 37,121 7,947 — 2008 Barrett Honors College (ACE) 604 1,721 — 131,302 1,433 — 132,735 132,735 26,606 — 2009 University Heights 176 528 1,387 8,236 1,348 1,387 9,584 10,971 2,274 — 2001 Sanctuary Lofts 201 487 2,960 18,180 3,047 2,960 21,227 24,187 4,744 — 2006 Lions Crossing 204 696 4,453 32,824 2,584 4,453 35,408 39,861 5,757 — 1996 Nittany Crossing 204 684 4,337 31,920 3,059 4,337 34,979 39,316 5,738 — 1996 University Oaks 181 662 2,150 17,369 1,511 2,150 18,880 21,030 3,435 22,150 2004 Blanton Common 276 860 3,788 29,662 1,663 3,788 31,325 35,113 5,202 27,892 2005/2007 Burbank Commons 134 532 2,512 20,063 2,669 2,512 22,732 25,244 4,228 14,888 1995 University Crescent 192 612 3,548 28,403 2,235 3,548 30,638 34,186 5,412 24,150 1999 The Edge- Charlotte 180 720 3,076 23,395 2,924 3,076 26,319 29,395 4,554 — 1999 University Walk 120 480 2,016 14,599 2,181 2,016 16,780 18,796 3,098 — 2002 Uptown Apartments 180 528 3,031 21,685 1,697 3,031 23,382 26,413 3,709 — 2004 2nd Ave Centre 274 868 4,434 27,236 2,981 4,434 30,217 34,651 5,599 — 2008 Villas at Babcock 204 792 4,642 30,901 289 4,642 31,190 35,832 6,534 — 2011 Lobo Village (ACE) 216 864 — 42,490 513 — 43,003 43,003 6,176 — 2011 Villas on Sycamore 170 680 3,000 24,640 465 3,000 25,105 28,105 5,532 — 2011 University Village Northwest (ACE) 36 144 — 4,228 29 — 4,257 4,257 783 — 2011 26 West 367 1,026 21,396 63,994 5,226 21,396 69,220 90,616 8,856 — 2008 The Varsity 258 901 11,605 108,529 1,750 11,605 110,279 121,884 12,629 — 2011 Avalon Heights 210 754 4,968 24,345 4,192 4,968 28,537 33,505 3,850 — 2002 University Commons 164 480 12,559 19,010 2,318 12,559 21,328 33,887 2,557 — 2003 Casas del Rio (ACE) 283 1,028 — 40,639 517 — 41,156 41,156 7,915 — 2012 The Suites (ACE) 275 550 — 27,080 184 — 27,264 27,264 4,328 — 2012 Hilltop Townhomes (ACE) 144 576 — 31,507 215 — 31,722 31,722 5,030 — 2012 U Club on Frey 114 456 3,300 18,182 195 3,300 18,377 21,677 3,478 — 2012 Campus Edge on UTA Boulevard 128 488 2,661 21,233 366 2,661 21,599 24,260 3,387 — 2012 U Club Townhomes on Marion Pugh 160 640 6,722 26,546 635 6,722 27,181 33,903 4,482 — 2012 Villas on Rensch 153 610 10,231 33,852 354 10,231 34,206 44,437 4,988 — 2012 The Village at Overton Park 163 612 5,262 29,374 285 5,262 29,659 34,921 4,747 — 2012 Casa de Oro (ACE) 109 365 — 12,362 64 — 12,426 12,426 2,147 — 2012 The Villas at Vista del Sol (ACE) 104 400 — 20,421 154 — 20,575 20,575 3,585 — 2012 Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs Capitalized Subsequent to Acquisition / Initial Development Land Buildings and Improvements and Furniture, Fixtures and Equipment Total (1) Accumulated Depreciation Encumbrances (2) Year Built The Block 669 1,555 $ 22,270 $ 141,430 $ 8,321 $ 22,270 $ 149,751 172,021 $ 13,723 $ — 2007/2008 University Pointe at College Station (ACE) 282 978 — 84,657 852 — 85,509 85,509 13,729 — 2012 309 Green 110 416 5,351 49,987 1,931 5,351 51,918 57,269 5,138 31,373 2008 The Retreat 187 780 5,265 46,236 1,521 5,265 47,757 53,022 4,763 — 2012 Lofts54 43 172 430 14,741 825 430 15,566 15,996 1,664 10,798 2008 Campustown Rentals 264 746 2,409 40,190 3,396 2,409 43,586 45,995 4,905 — 1920-1987 Chauncey Square 158 386 2,522 40,013 1,291 2,522 41,304 43,826 4,253 — 2007/2012 Vintage & Texan West Campus 124 311 5,937 11,906 14,923 5,937 26,829 32,766 2,597 8,707 2009 The Castilian 371 623 3,663 59,772 31,645 3,663 91,417 95,080 7,357 — 1967 Bishops Square 134 315 1,206 17,878 1,037 1,206 18,915 20,121 2,175 11,600 2002 Union 54 120 169 6,348 386 169 6,734 6,903 782 3,597 2007 922 Place 132 468 3,363 34,947 2,644 3,363 37,591 40,954 4,123 31,425 2009 Campustown 452 1,217 1,818 77,894 2,616 1,818 80,510 82,328 7,828 40,799 1910-2004 River Mill 243 461 1,741 22,806 2,822 1,741 25,628 27,369 2,718 — 1972 Garnet River Walk 170 476 1,427 28,616 1,047 1,427 29,663 31,090 3,534 16,856 2006 Landmark 173 606 3,002 118,168 641 3,002 118,809 121,811 10,911 — 2012 Icon Plaza 56 253 6,292 65,857 2,913 6,292 68,770 75,062 6,291 — 2012 The Province - Greensboro 219 696 2,226 48,567 649 2,226 49,216 51,442 4,997 28,635 2011 RAMZ Apts on Broad 88 172 785 12,303 418 785 12,721 13,506 1,266 — 2004 The Lofts at Capital Garage 36 144 313 3,581 413 313 3,994 4,307 465 4,404 1920/2000 Forest Village and Woodlake 352 704 3,125 18,041 2,922 3,125 20,963 24,088 2,443 — 1982/1983 25 Twenty 249 562 2,226 33,429 479 2,226 33,908 36,134 3,907 26,585 2011 The Province - Louisville 366 858 4,392 63,068 937 4,392 64,005 68,397 6,681 37,348 2009 West 27th Place 161 475 13,900 76,720 838 13,900 77,558 91,458 6,952 38,862 2011 The Province - Rochester 336 816 3,798 70,955 1,420 3,798 72,375 76,173 7,352 34,967 2010 5 Twenty Four & 5 Twenty Five Angliana 376 1,060 — 60,448 1,054 — 61,502 61,502 6,468 25,880 2009/2011 The Province - Tampa 287 947 — 52,943 2,251 — 55,194 55,194 5,796 32,686 2009 U Point Kennesaw 216 795 1,482 61,654 3,353 1,482 65,007 66,489 7,016 — 2012 The Cottages of Columbia 145 513 2,695 27,574 1,467 2,695 29,041 31,736 3,226 19,675 2008 Grindstone Canyon 201 384 1,631 21,641 981 1,631 22,622 24,253 2,595 13,929 2003 The Cottages of Durham 141 619 3,955 41,421 1,648 3,955 43,069 47,024 5,269 — 2012 The Province - Dayton 200 657 1,211 32,983 853 1,211 33,836 35,047 3,718 — 2009 The Cottages of Baton Rouge 382 1,290 6,524 113,912 6,469 6,524 120,381 126,905 11,901 62,940 2010/2011 U Club Cottages 105 308 1,744 22,134 661 1,744 22,795 24,539 2,599 15,588 2011 University Edge 201 608 4,500 26,385 894 4,500 27,279 31,779 2,567 — 2012 The Lodges of East Lansing phase I & II 364 1,049 6,472 89,231 949 6,472 90,180 96,652 8,420 30,199 2011/2013 7th Street Station 82 309 9,792 16,472 387 9,792 16,859 26,651 1,547 — 2012 U Club on Woodward 112 448 6,703 21,654 144 6,703 21,798 28,501 2,251 — 2013 Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs Capitalized Subsequent to Acquisition / Initial Development Land Buildings and Improvements and Furniture, Fixtures and Equipment Total (1) Accumulated Depreciation Encumbrances (2) Year Built The Callaway House Austin 219 753 $ — $ 61,550 $ 215 $ — $ 61,765 $ 61,765 $ 5,922 $ — 2013 Manzanita (ACE) 241 816 — 48,781 151 — 48,932 48,932 5,107 — 2013 University View (ACE) 96 336 — 14,683 105 — 14,788 14,788 1,526 — 2013 U Club Townhomes at Overton Park 112 448 7,775 21,483 139 7,775 21,622 29,397 2,208 — 2013 601 Copeland 81 283 1,457 26,699 192 1,457 26,891 28,348 2,275 — 2013 The Townhomes at Newtown Crossing 152 608 7,745 32,074 236 7,745 32,310 40,055 2,696 — 2013 Chestnut Square (ACE) 220 861 — 98,369 1,883 — 100,252 100,252 8,764 — 2013 Park Point 300 924 7,827 73,495 3,384 7,827 76,879 84,706 5,980 70,000 2008 U Centre at Fry Street 194 614 2,902 47,700 1,108 2,902 48,808 51,710 3,331 — 2012 Cardinal Towne 255 545 6,547 53,809 1,930 6,549 55,737 62,286 3,544 37,250 2010/2011 The Standard 190 610 4,674 57,310 438 4,674 57,748 62,422 2,221 — 2014 Stanworth Commons Phase I (ACE) 127 214 — 30,930 — — 30,930 30,930 1,586 — 2014 The Plaza on University 364 1,313 23,987 85,584 1,820 23,987 87,404 111,391 4,665 — 2014 U Club on Frey Phase II 102 408 5,403 18,691 31 5,403 18,722 24,125 929 — 2014 The Suites Phase II (ACE) 164 328 — 18,216 57 — 18,273 18,273 1,025 — 2014 U Centre at Northgate (ACE ) 196 784 — 35,663 128 — 35,791 35,791 2,077 — 2014 University Walk 177 526 4,341 29,073 530 4,341 29,603 33,944 973 — 2014 Park Point 66 226 — 25,725 1,054 — 26,779 26,779 617 11,461 2010 1200 West Marshall 136 406 4,397 33,908 220 4,397 34,128 38,525 864 — 2013 8 1/2 Canal Street 160 540 2,797 45,394 212 2,797 45,606 48,403 1,079 — 2011 Vistas San Marcos 255 600 586 45,761 3,078 586 48,839 49,425 1,351 — 2013 Crest at Pearl 141 343 4,395 36,268 199 4,395 36,467 40,862 648 — 2014 U Club Binghamton 186 710 3,584 48,559 825 3,584 49,384 52,968 696 — 2005 Stadium Centre 367 710 7,424 74,932 946 7,424 75,878 83,302 1,127 57,800 2014 160 Ross 182 642 2,962 38,478 70 2,962 38,548 41,510 637 — 2015 U Club on Woodward Phase II 124 496 9,647 25,328 45 9,647 25,373 35,020 437 — 2015 The Summit at University City (ACE) 351 1,315 — 154,770 49 — 154,819 154,819 1,666 — 2015 2125 Franklin 192 734 8,299 55,716 54 8,299 55,770 64,069 578 — 2015 Properties Under Development (4) — The Court at Stadium Centre 80 260 1,877 12,576 — 1,877 12,576 14,453 — 5,559 2016 U Club on 28th 100 400 9,725 20,338 — 9,725 20,338 30,063 — — 2016 Currie Hall (ACE) 178 456 — 29,297 — — 29,297 29,297 — — 2016 University Pointe (ACE) 134 531 — 19,154 — — 19,154 19,154 — — 2016 Fairview House (ACE) 107 633 — 23,063 — — 23,063 23,063 — — 2016 U Club Sunnyside 134 536 7,423 15,309 — 7,423 15,309 22,732 — — 2016 Merwick Stanworth Phase II (ACE) 198 379 — 16,345 — — 16,345 16,345 — — 2016 Arizona State University Residence Hall (ACE) 429 1,594 — 9,001 — — 9,001 9,001 — — 2017 U Centre on Turner 182 718 14,000 3,364 — 14,000 3,364 17,364 — — 2017 Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs Capitalized Subsequent to Acquisition / Initial Development Land Buildings and Improvements and Furniture, Fixtures and Equipment Total (1) Accumulated Depreciation Encumbrances (2) Year Built Properties Under Redevelopment — University Crossings (ACE) 260 1,016 47,830 41,053 — 88,883 88,883 14,493 — 1926/2003 Undeveloped land parcels — — 66,219 — — 66,219 — 66,219 — — N/A Subtotal 30,368 94,302 $ 610,617 $ 5,423,776 $ 335,354 $ 611,222 $ 5,758,525 $ 6,369,747 $ 792,122 $ 940,328 On-Campus Participating Properties University Village – PVAMU 612 1,920 $ — $ 36,506 $ 7,641 $ — 44,147 44,147 $ 30,157 $ 18,231 1996/97/98 University College - PVAMU 756 1,470 — 22,650 5,067 — 27,717 27,717 16,443 15,915 2000/2003 University Village - TAMIU 84 250 — 5,844 1,220 — 7,064 7,064 4,863 2,789 1997 Cullen Oaks Phase I and II 411 879 — 33,910 3,471 — 37,381 37,381 15,926 29,587 2001/2005 College Park 224 567 — 43,634 42 — 43,676 43,676 2,467 43,878 2014 Subtotal 2,087 5,086 $ — $ 142,544 $ 17,441 $ — $ 159,985 $ 159,985 $ 69,856 $ 110,400 Total 32,455 99,388 $ 610,617 $ 5,566,320 $ 352,795 $ 611,222 $ 5,918,510 $ 6,529,732 $ 861,978 $ 1,050,728 (1) Total aggregate costs for Federal income tax purposes is approximately $6,492.2 million . (2) Total encumbrances exclude net unamortized debt premiums of approximately $50.8 million and net unamortized debt discounts of approximately $0.2 million as of December 31, 2015 . (3) These properties are classified as held for sale as of December 31, 2015 (see Note 6 ). (4) 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, 2015 , 2014 and 2013 are as follows: For the Year Ended December 31, 2015 2014 2013 Wholly- (1) (2) On-Campus (3) Wholly- (1) (4) On-Campus (3) Wholly- (1) (5) On-Campus (3) Investments in Real Estate: Balance, beginning of year $ 6,144,242 $ 157,043 $ 5,742,971 $ 130,705 $ 5,267,845 $ 109,838 Acquisition of land for development 39,583 — 3,627 — 25,649 — Acquisition of properties 361,265 — 71,269 — 288,191 — Improvements and development expenditures 306,659 2,942 361,369 26,338 340,033 20,867 Write off of fully depreciated or damaged assets (1,240 ) — (1,853 ) — (1,862 ) — Provision for real estate impairment — — (2,443 ) — — — Disposition of real estate (480,762 ) — (30,698 ) — (176,885 ) — Balance, end of year $ 6,369,747 $ 159,985 $ 6,144,242 $ 157,043 $ 5,742,971 $ 130,705 Accumulated Depreciation: Balance, beginning of year $ (704,521 ) $ (62,915 ) $ (529,555 ) $ (57,249 ) $ (396,469 ) $ (52,492 ) Depreciation for the year (191,661 ) (6,941 ) (182,756 ) (5,666 ) (162,230 ) (4,757 ) Write off of fully depreciated or damaged assets 1,240 — 1,281 — 1,862 — Disposition of properties 102,820 — 6,509 — 27,282 — Balance, end of year $ (792,122 ) $ (69,856 ) $ (704,521 ) $ (62,915 ) $ (529,555 ) $ (57,249 ) (1) Includes owned off-campus properties and owned on-campus properties. (2) The investments in real estate and accumulated depreciation balances include The Edge - Orlando and University Village Sacramento which are classified as wholly-owned properties held for sale in the accompanying consolidated balance sheets as of December 31, 2015 . (3) Includes on-campus participating properties. (4) 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 . (5) 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 . |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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 February 2016, the FASB issued Accounting Standards Update 2016-02 (“ASU 2016-02”), "Leases: Amendments to the FASB Accounting Standards Codification." ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The new standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The guidance is effective for public business entities for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing whether ASU 2016-02 will have a material effect on its consolidated financial statements. In September 2015, the FASB issued Accounting Standards Update 2015-16 ("ASU 2015-16"), "Simplifying the Accounting for Measurement-Period Adjustments." ASU 2015-16 eliminates the requirement that an acquirer in a business combination account for a measurement-period adjustment retrospectively. Instead, an acquirer will recognize a measurement-period adjustment during the period in which the amount of the adjustment is determined. The guidance is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. The Company plans to adopt ASU 2015-16 as of January 1, 2016 and does not expect it to have a material impact on its consolidated financial statements. In April 2015, the FASB issued Accounting Standards Update 2015-03 ("ASU 2015-03"), "Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires all costs incurred to issue debt be presented in the balance sheet as a direct deduction from the carrying value of the debt rather than being recorded as a deferred charge and presented as an asset. ASU 2015-03 is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted, and retrospective application required. In August 2015, the FASB issued Accounting Standards Update 2015-15 ("ASU 2015-15"), "Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements." ASU 2015-15 clarifies the presentation of debt issuance costs related to credit facility arrangements. For public business entities, the final guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company plans to adopt ASU 2015-03 and ASU 2015-15 as of January 1, 2016 and does not expect it to have a material impact on its consolidated financial statements. In February 2015, the FASB issued Accounting Standards Update 2015-02 ("ASU 2015-02"), "Amendments to the Consolidation Analysis.” ASU 2015-02 changes the analysis a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 modifies whether limited partnerships and similar entities are variable interest entities ("VIEs") or voting interest entities and eliminates the presumption a general partner should consolidate a limited partnership. ASU 2015-02 is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted. The Company plans to adopt ASU 2015-02 as of January 1, 2016 and does not expect it to have a material impact on its consolidated financial statements. In May 2014, the FASB issued Accounting Standards Update 2014-09 (“ASU 2014-09”), "Revenue From Contracts With Customers". ASU 2014-09 provides a single comprehensive revenue recognition model for contracts with customers (excluding certain contracts, such as lease contracts) to improve comparability within industries. ASU 2014-09 requires an entity to recognize revenue to reflect the transfer of goods or services to customers at an amount the entity expects to be paid in exchange for those goods and services and provide enhanced disclosures, all to provide more comprehensive guidance for transactions such as service revenue and contract modifications. In July 2015, the FASB issued ASU 2015-14 ("ASU 2015-14"), "Deferral of the Effective Date". This standard deferred by one year the effective date of ASU 2014-09. The new revenue recognition standard is effective for public entities for interim and annual periods beginning after December 15, 2017 and may be applied using either a full retrospective or modified approach upon adoption. The Company plans to adopt ASU 2014-09 as of January 1, 2018 and is currently evaluating the potential impact of the new standard on its consolidated financial statements. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Investments in Real Estate and On-Campus Properties | Investments in Real Estate Investments in real estate are recorded at historical cost. Major improvements that extend the life of an asset are capitalized and depreciated over the remaining useful life of the asset. The cost of ordinary repairs and maintenance are charged to expense when incurred. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings and improvements 7-40 years Leasehold interest - on-campus participating properties 25-34 years (shorter of useful life or respective lease term) 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 $9.6 million , $8.8 million and $10.0 million was capitalized during the years ended December 31, 2015 , 2014 and 2013 , respectively. Management assesses whether there has been an impairment in the value of the Company’s investments in real estate whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment is recognized when estimated expected future undiscounted cash flows are less than the carrying value of the property, or when a property meets the criteria to be classified as held for sale, 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, 2015 . 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. |
Discontinued Operations | Discontinued Operations A discontinued operation represents (i) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity's operations and financial results; or (ii) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (i) a separate major line of business; (ii) a separate major geographic area of operations; (iii) a major equity method investment; or (iv) other major parts of an entity. The Company classifies disposals of real estate that do not meet the definition of a discontinued operation within income from continuing operations in the accompanying consolidated statements of comprehensive income. |
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. |
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. |
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 The Company has completed three offerings of senior unsecured notes totaling $1.2 billion that are detailed in Note 11 herein. The total unamortized original issue discount was approximately $2.2 million and $1.7 million as of December 31, 2015 and 2014 , respectively, and is included in unsecured notes on the accompanying consolidated balance sheets. Amortization of the original issue discounts of approximately $0.2 million , $0.1 million , and $0.1 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively, 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 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 third-party 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. |
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. |
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. |
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. |
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 eleven university systems to finance, construct, and manage 23 student housing properties. Five properties were under construction as of December 31, 2015 with four scheduled to open for occupancy in Fall 2016 and one in Fall 2017. The terms of the leases, including extension options, range from 30 to 100 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 VIEs, with the Company being the primary beneficiary. As such, the Company consolidates these properties for financial reporting purposes. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 participating properties 25-34 years (shorter of useful life or respective lease term) Furniture, fixtures and equipment 3-7 years |
Schedule of allowance for doubtful accounts | The allowance for doubtful accounts is summarized as follows: Balance, Beginning of Period Charged to Expense Write-Offs Balance, End of Period 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 Year ended December 31, 2015 $ 19,711 $ 10,115 $ (12,772 ) (1 ) $ 17,054 (1) Write-offs include $4.0 million related to properties previously disposed of. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , 2014 and 2013 , but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. Year Ended December 31, 2015 2014 2013 Common OP Units (Note 9) — 1,213,509 1,158,892 Preferred OP Units (Note 9) 109,775 111,279 113,721 Total potentially dilutive securities 109,775 1,324,788 1,272,613 |
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, 2015 2014 2013 Numerator - basic earnings per share: Income from continuing operations $ 118,061 $ 61,384 $ 47,436 Income from continuing operations attributable to noncontrolling interests (2,070 ) (1,231 ) (1,843 ) Income from continuing operations attributable to common shareholders 115,991 60,153 45,593 Amount allocated to participating securities (1,086 ) (1,076 ) (927 ) Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities 114,905 59,077 44,666 Income from discontinued operations — 2,720 59,755 Income from discontinued operations attributable to noncontrolling interests — (34 ) (704 ) Income from discontinued operations attributable to common shareholders — 2,686 59,051 Net income attributable to common shareholders - basic $ 114,905 $ 61,763 $ 103,717 Numerator - diluted earnings per share: Net income attributable to common shareholders - basic $ 114,905 $ 61,763 $ 103,717 Income allocated to Common OP Units 1,282 — — Net income attributable to common shareholders - diluted $ 116,187 $ 61,763 $ 103,717 Denominator: Basic weighted average common shares outstanding 111,987,361 105,032,155 104,760,502 Unvested Restricted Stock Awards (Note 13) 680,980 679,265 621,818 Common OP Units (Note 9) 1,363,881 — — Diluted weighted average common shares outstanding 114,032,222 105,711,420 105,382,320 Earnings per share – basic: Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities $ 1.03 $ 0.56 $ 0.43 Income from discontinued operations attributable to common shareholders $ — $ 0.03 $ 0.56 Net income attributable to common shareholders $ 1.03 $ 0.59 $ 0.99 Earnings per share – diluted: Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities $ 1.02 $ 0.56 $ 0.42 Income from discontinued operations attributable to common shareholders $ — $ 0.02 $ 0.56 Net income attributable to common shareholders $ 1.02 $ 0.58 $ 0.98 |
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, 2015 2014 2013 Numerator - basic and diluted earnings per unit: Income from continuing operations $ 118,061 $ 61,384 $ 47,436 Income from continuing operations attributable to noncontrolling interests - partially owned properties (612 ) (352 ) (1,188 ) Income from continuing operations attributable to Series A preferred units (176 ) (175 ) (119 ) Amount allocated to participating securities (1,086 ) (1,076 ) (927 ) Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities 116,187 59,781 45,202 Income from discontinued operations — 2,720 59,755 Income from discontinued operations attributable to Series A preferred units — (3 ) (63 ) Income from discontinued operations attributable to common unitholders — 2,717 59,692 Net income attributable to common unitholders $ 116,187 $ 62,498 $ 104,894 Denominator: Basic weighted average common units outstanding 113,351,242 106,245,664 105,919,394 Unvested Restricted Stock Awards (Note 13) 680,980 679,265 621,818 Diluted weighted average common units outstanding 114,032,222 106,924,929 106,541,212 Earnings per unit – basic: Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities $ 1.03 $ 0.56 $ 0.43 Income from discontinued operations attributable to common unitholders $ — $ 0.03 $ 0.56 Net income attributable to common unitholders $ 1.03 $ 0.59 $ 0.99 Earnings per unit – diluted: Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities $ 1.02 $ 0.56 $ 0.42 Income from discontinued operations attributable to common unitholders $ — $ 0.02 $ 0.56 Net income attributable to common unitholders $ 1.02 $ 0.58 $ 0.98 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 Deferred tax assets: Fixed and intangible assets $ 2,663 $ 3,283 Net operating loss carryforwards 7,887 6,552 Prepaid and deferred income 2,326 2,265 Bad debt reserves 725 687 Accrued expenses and other 4,578 3,770 Stock compensation 2,454 2,099 Total deferred tax assets 20,633 18,656 Valuation allowance for deferred tax assets (20,431 ) (18,415 ) Deferred tax assets, net of valuation allowance 202 241 Deferred tax liability: Deferred financing costs 202 241 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, 2015 2014 2013 Current: Federal $ — $ — $ — State (1,242 ) (1,308 ) (1,020 ) Deferred: Federal — — — State — — — Total provision -- continuing operations $ (1,242 ) $ (1,308 ) $ (1,020 ) |
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, 2015 2014 2013 Tax benefit at U.S. statutory rates on TRS income subject to tax $ 2,019 $ 1,928 $ 2,060 State income tax, net of federal income tax benefit 74 71 76 Effect of permanent differences and other (77 ) (72 ) (76 ) Increase in valuation allowance (2,016 ) (1,927 ) (2,060 ) 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: 2015 2014 2013 Ordinary income $ 0.4658 $ 0.9016 $ 0.7990 Long-term capital gain (1) 0.5301 0.0107 0.5229 Return of capital 0.5841 0.5877 0.0956 Total per common share outstanding $ 1.5800 $ 1.5000 $ 1.4175 (1) Unrecaptured Sec. 1250 gains of $0.5281 , $0.0248 and $0.2189 were reported for the years ended December 31, 2015 , the 2014 , and 2013 , respectively. |
Property Acquisitions (Tables)
Property Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of business acquisitions | During the year ended December 31, 2015 , the Company acquired the following wholly-owned properties for approximately $378.3 million : Property Location Primary University Served Acquisition Date Units Beds Park Point (1) Syracuse, NY Syracuse University February 2015 66 226 University Walk (2) Knoxville, TN University of Tennessee February 2015 177 526 1200 West Marshall Richmond, VA Virginia Commonwealth University March 2015 136 406 8 1/2 Canal Street (3) Richmond, VA Virginia Commonwealth University March 2015 160 540 Vistas San Marcos San Marcos, TX Texas State University March 2015 255 600 Crest at Pearl Austin, TX University of Texas June 2015 141 343 UP at Metroplex Binghamton, NY Binghamton University - SUNY June 2015 186 710 Stadium Centre (4) Tallahassee, FL Florida State University July 2015 367 710 1,488 4,061 (1) As part of this transaction, the Company assumed approximately $11.6 million of fixed rate mortgage debt. (2) University Walk completed construction and opened for operations in August 2014 and was purchased by the Company in February 2015. This property was consolidated for financial reporting purposes prior to the acquisition date because the entity that owned this property was deemed to be a VIE and the Company was determined to be the primary beneficiary of the VIE. (3) As part of this transaction, the Company issued 343,895 Common OP Units to the seller, valued at $41.24 per unit. (4) As part of this transaction, the Company assumed approximately $57.8 million of fixed rate mortgage debt. |
Schedule of d assets acquired and liabilities assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed from the properties discussed above: 2015 2014 Assets acquired: Land $ 26,766 $ 13,469 Buildings and improvements 317,627 54,163 Furniture, fixtures and equipment 16,871 3,637 Intangible assets 16,976 874 Other assets 3,117 2,922 Total assets acquired $ 381,357 $ 75,065 Liabilities assumed: Mortgage debt $ (72,365 ) (1) $ — Other liabilities (3,457 ) — Total liabilities assumed $ (75,822 ) $ — Net assets acquired $ 305,535 $ 75,065 (1) Balance includes $3.0 million in premiums recorded to reflect mortgage debt at acquisition date fair value. |
Schedule of 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, 2015 2014 2013 Total revenues $ 765,377 $ 763,073 $ 695,460 Net income attributable to common shareholders $ 122,530 $ 68,904 $ 110,861 |
Property Dispositions and Dis33
Property Dispositions and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of properties classified as held for sale | The following two wholly-owned properties are classified as held for sale on the accompanying consolidated balance sheet as of December 31, 2015 : Property Location Primary University Served Units Beds The Edge - Orlando Orlando, FL University of Central Florida 306 930 University Village - Sacramento Sacramento, CA California State Univ. - Sacramento 250 394 |
Schedule of properties sold during period | Property Location Primary University Served Disposition Date Units Beds The Highlands Reno, NV University of Nevada at Reno January 2015 216 732 The View Lincoln, NE University of Nebraska January 2015 157 590 Chapel Ridge Chapel Hill, NC University of North Carolina January 2015 180 544 Chapel View Chapel Hill, NC University of North Carolina January 2015 224 358 The Village at Alafaya Club Orlando, FL University of Central Florida January 2015 228 839 University Place Charlottesville, VA University of Virginia January 2015 144 528 University Greens Norman, OK University of Oklahoma January 2015 156 516 The Outpost San Marcos San Marcos, TX Texas State University February 2015 162 486 University Meadows Mt. Pleasant, MI Central Michigan University February 2015 184 616 Eagles Trail Hattiesburg, MS University of Southern Mississippi March 2015 216 792 Lakeside Apartments Athens, GA University of Georgia May 2015 244 776 The Club Athens, GA University of Georgia May 2015 120 480 The Estates Gainesville, FL University of Florida May 2015 396 1,044 South View Harrisonburg, VA James Madison University May 2015 240 960 Stone Gate Harrisonburg, VA James Madison University May 2015 168 672 The Commons Harrisonburg, VA James Madison University May 2015 132 528 University Heights Knoxville, TN University of Tennessee May 2015 204 636 The Woods at Greenland Murfreesboro, TN Middle Tennessee State University July 2015 78 276 Raiders Crossing Murfreesboro, TN Middle Tennessee State University July 2015 96 276 University Gables Murfreesboro, TN Middle Tennessee State University July 2015 168 648 3,713 12,297 |
Schedule of summary of results of disposition and discontinued operations | The following is a summary of (loss) income attributable to discontinued operations for the periods presented: 2014 2013 Total revenues $ 279 $ 16,191 Total operating expenses (239 ) (7,220 ) Depreciation and amortization — (2,487 ) Operating income 40 6,484 Total nonoperating expenses (163 ) (1,660 ) Net (loss) income $ (123 ) $ 4,824 |
Investments in Wholly-Owned P34
Investments in Wholly-Owned Properties (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Wholly owned properties | |
Real Estate Properties [Line Items] | |
Schedule of real estate properties | Wholly-owned properties consisted of the following: December 31, 2015 2014 Land (1) (2) $ 597,894 $ 571,242 Buildings and improvements 5,235,033 4,937,345 Furniture, fixtures and equipment 311,696 289,168 Construction in progress (2) 154,988 185,414 6,299,611 5,983,169 Less accumulated depreciation (777,340 ) (674,462 ) Wholly-owned properties, net (3) $ 5,522,271 $ 5,308,707 (1) The land balance above includes undeveloped land parcels with book values of approximately $66.2 million and $40.6 million as of December 31, 2015 and 2014 , respectively. It also includes land totaling approximately $33.0 million and $30.2 million as of December 31, 2015 and 2014 , respectively, related to properties under development. (2) Land and construction in progress as of December 31, 2015 includes $ 1.9 million and $12.6 million , respectively, related to The Court at Stadium Centre property located in Tallahassee, Florida that will serve students attending Florida State University. In conjunction with the purchase of Stadium Centre in July 2015, the Company entered into a pre-sale agreement to purchase this adjacent property which is anticipated to be completed in May 2016. The Company is obligated to purchase the property as long as certain construction completion deadlines and other closing conditions are met. The Company is responsible for leasing, management, and initial operations of the project while the third-party developer is responsible for the development of the property. The entity that owns The Court at Stadium Centre is deemed to be a VIE, and the Company is determined to be the primary beneficiary of the VIE. As such, the assets and liabilities of the entity owning the property are included in the Company's and the Operating Partnership's consolidated financial statements. (3) The balance above excludes the net book value of two wholly-owned properties classified as held for sale in the accompanying consolidated balance sheet as of December 31, 2015 and 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 classified as held for sale at December 31, 2014 were sold in January 2015. |
On-Campus Participating Prope35
On-Campus Participating Properties (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 Commencement Required Debt Repayment 2015 2014 Texas A&M University System / Prairie View A&M University (1) 2/1/1996 9/1/2023 $ 44,147 $ 43,036 Texas A&M University System / Texas A&M International 2/1/1996 9/1/2023 7,064 6,937 Texas A&M University System / Prairie View A&M University (2) 10/1/1999 8/31/2025 27,717 26,828 8/31/2028 University of Houston System / University of Houston (3) 9/27/2000 8/31/2035 37,381 36,606 West Virginia University / West Virginia University (4) 7/16/2013 7/16/2045 43,676 43,636 159,985 157,043 Less accumulated amortization (69,856 ) (62,915 ) On-campus participating properties, net $ 90,129 $ 94,128 (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, 2015 | |
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, 2015 and 2014 : 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 Net income 1,458 Distributions (2,329 ) Redeemable limited partner units issued as consideration (see Note 5) 14,182 Conversion of redeemable limited partner units into shares of ACC common stock (3,000 ) Redemption of redeemable limited partner units for cash (810 ) Adjustments to reflect redeemable limited partner units at fair value (4,462 ) Balance, December 31, 2015 $ 59,511 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of summary of outstanding consolidated indebtedness, including unamortized debt premiums and discounts | The Company has issued the following senior unsecured notes: Date Issued Amount % of Par Value Coupon Yield Original Issue Discount Term September 2015 (1) $ 400,000 99.811 3.350 % 3.391 % $ 756 5 June 2014 400,000 99.861 4.125 % 4.142 % 556 10 April 2013 400,000 99.659 3.750 % 3.791 % 1,364 10 $ 1,200,000 $ 2,676 (1) Net proceeds from the sale of the unsecured notes totaled approximately $394.4 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 $356.2 million of the offering proceeds to pay down the outstanding balance on its revolving credit facility in full. A summary of the Company’s outstanding consolidated indebtedness, including unamortized debt premiums and discounts, is as follows: December 31, 2015 2014 Debt secured by wholly-owned properties: Mortgage loans payable: Unpaid principal balance $ 934,769 $ 1,094,306 Unamortized debt premiums 50,763 60,586 Unamortized debt discounts (166 ) (895 ) 985,366 1,153,997 Construction loans payable (1) 5,559 63,637 990,925 1,217,634 Debt secured by on-campus participating properties: Mortgage loans payable (2) 73,465 30,553 Bonds payable 36,935 39,785 Construction loan payable (2) — 43,942 110,400 114,280 Total secured mortgage, construction and bond debt 1,101,325 1,331,914 Unsecured notes, net of unamortized original issue discount 1,197,755 798,305 Unsecured revolving credit facility 68,900 242,500 Unsecured term loans 600,000 600,000 Total debt $ 2,967,980 $ 2,972,719 (1) Construction loans payable as of December 31, 2015 consist of $5.6 million related to a construction loan partially financing the development and construction of The Court at Stadium Centre, a VIE the Company is including in its consolidated financial statements (see Note 7). The creditor of this construction loan does not have recourse to the assets of the Company. Construction loans payable as of December 31, 2014 includes a construction loan for two ACE properties, the Suites and Hilltop Townhomes, that was paid off in 2015, in addition to $19.0 million related to a construction loan that partially financed the development and construction of University Walk, a VIE the Company included in its consolidated financial statements prior to acquisition (see Note 5 ). (2) A construction loan securing the on-campus participating property located at West Virginia University was classified as a construction loan as of December 31, 2014 and is now reflected as a mortgage loan as of December 31, 2015 , as the loan now requires principal and interest payments beginning in August 2015. |
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, 2015 : December 31, 2015 Principal Outstanding Weighted Weighted Number of December 31, Average Average Properties 2015 2014 Interest Rate Years to Maturity Encumbered Fixed Rate: Mortgage loans payable (1) $ 1,008,234 $ 1,124,859 5.10 % 5.2 years 41 Construction loan payable 5,559 43,942 4.61 % 8.7 years 1 Variable Rate: Construction loans payable — 63,637 — % 0.0 years — Total $ 1,013,793 $ 1,232,438 5.09 % 5.3 years 42 (1) Fixed rate mortgage loans payable mature at various dates from May 2016 through July 2045 and carry interest rates ranging from 3.05% to 7.15% . A construction loan securing the on-campus participating property located at West Virginia University was classified as a construction loan as of December 31, 2014 and is now reflected as a mortgage loan as of December 31, 2015 , as the loan now requires principal and interest payments beginning in August 2015. Interest rate is fixed for the first five years and variable for the remaining term of the loan. |
Schedule of debt transactions | During the twelve months ended December 31, 2015 , the following transactions occurred: Mortgage Loans Payable (1) Construction Loans Payable Balance, December 31, 2014 $ 1,184,550 $ 107,579 Additions: Assumption of mortgage loans payable (2) 69,421 — Mark-to-market premium/(discount) recorded upon debt assumption 2,942 — Mortgage loan formerly classified as construction loan (3) 44,200 (44,200 ) Draws under advancing construction notes payable (3) — 258 Draws under advancing construction notes payable (non-cash) VIEs (4) — 5,559 Deductions: Payoff of maturing mortgage notes payable (5) (218,724 ) — Payoff of construction notes payable (6) — (44,637 ) Payoff of construction loans payable (non-cash) VIEs (7) — (19,000 ) Scheduled repayments of principal (11,522 ) — Amortization of debt premiums and discounts (12,036 ) — Balance, December 31, 2015 $ 1,058,831 $ 5,559 (1) Balance includes unamortized debt premiums and discounts. (2) Represents debt assumed with the acquisitions of the following properties: Park Point Syracuse and Stadium Centre. (3) Represents construction loan used to finance the development and construction of on-campus participating property located in Morgantown, West Virginia. This loan was classified as a construction loan as of December 31, 2014, and is now reflected as a mortgage loan as of December 31, 2015. (4) Represents draws from one construction loan used to partially finance the development and construction of The Court at Stadium Centre, a VIE the Company is including in its consolidated financial statements. (5) The Company paid off fixed rate mortgage debt secured by the following wholly-owned properties: Chapel View, University Meadows, Lakeside, Campus Edge, Newtown Crossing, Olde Towne, Peninsular Place, The Estates, Southview, Stonegate, Tower at Third, University Pointe, University Village Sacramento, and Jacob Heights I. (6) The company paid off variable rate construction debt secured by the following wholly-owned properties: The Suites and Hilltop Townhomes. (7) Represents payoff of the construction loan used to finance the development of University Walk. The seller/developer paid off this construction loan with proceeds from the Company's purchase of the property in February 2015. |
Schedule of bonds payable | Bonds payable at December 31, 2015 consisted of the following: Principal Weighted Required Series Mortgaged Facilities Subject to Leases Original December 31, 2015 Average Rate Maturity Date Monthly Debt Service 1999 University Village-PVAMU/TAMIU $ 39,270 $ 21,020 7.75 % September 2023 $ 302 2001 University College–PVAMU 20,995 12,970 7.59 % August 2025 158 2003 University College–PVAMU 4,325 2,945 6.11 % August 2028 28 Total/weighted average rate $ 64,590 $ 36,935 7.56 % $ 488 |
Schedule of 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, 2015 and thereafter: 2016 $ 169,152 2017 482,987 2018 245,273 2019 265,916 2020 470,561 Thereafter 1,285,739 (1 ) $ 2,919,628 (1) Includes $5.6 million related to a construction loan partially financing the development and construction of The Court at Stadium Centre, a VIE the Company is including in its consolidated financial statements. |
Stockholders' Equity _ Partne38
Stockholders' Equity / Partners' Capital (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Summary of Equity Program Activity | The following table presents activity under the Company’s current and prior ATM Equity Programs: Years Ended December 31, 2015 2014 Total net proceeds $ 213,416 $ 87,977 Commissions paid to sales agents $ 3,250 $ 1,340 Weighted average price per share $ 43.92 $ 40.48 Shares of common stock sold 4,933,665 2,206,240 |
Incentive Award Plan (Tables)
Incentive Award Plan (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 is presented below: Number of RSUs Weighted-Average Grant Date Fair Value Per RSU 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 — $ — Granted 22,320 39.65 Settled in common shares (16,491 ) 39.77 Settled in cash (5,829 ) 39.34 Outstanding at December 31, 2015 — $ — |
Schedule of summary of restricted stock awards | A summary of the Company’s RSAs under the Plan for the years ended December 31, 2015 and 2014 is presented below: Number of RSAs Weighted-Average Grant Date Fair Value Per RSA Nonvested balance at December 31, 2013 602,191 $ 38.84 Granted 292,526 34.52 Vested (124,883 ) 34.00 Forfeited (1) (160,320 ) 36.75 Nonvested balance at December 31, 2014 609,514 $ 38.31 Granted 286,178 44.23 Vested (116,166 ) 36.50 Forfeited (1) (123,601 ) 38.78 Nonvested balance at December 31, 2015 655,925 $ 41.12 (1) Includes shares withheld to satisfy tax obligations upon vesting. |
Derivative Instruments and He40
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 : Hedged Debt Instrument Effective Date Maturity Date Pay Fixed Rate Receive Floating Rate Index Current Notional Amount Fair Value Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR – 1 month $ 14,718 $ (514 ) Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR – 1 month 14,869 (519 ) Term Loan I Facility Feb 2, 2012 Jan 2, 2017 0.8695% LIBOR – 1 month 125,000 (233 ) Term Loan I Facility Feb 2, 2012 Jan 2, 2017 0.8800% LIBOR – 1 month 100,000 (197 ) Term Loan I Facility Feb 2, 2012 Jan 2, 2017 0.8875% LIBOR – 1 month 62,500 (128 ) Term Loan I Facility Feb 2, 2012 Jan 2, 2017 0.8890% LIBOR – 1 month 62,500 (129 ) Park Point mortgage loan Nov 1, 2013 Oct 5, 2018 1.5450% LIBOR – 1 month 70,000 (734 ) Total $ 449,587 $ (2,454 ) |
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, 2015 and 2014 : Liability Derivatives Fair Value as of Description Balance Sheet Location December 31, 2015 December 31, 2014 Interest rate swap contracts Other liabilities $ 2,454 $ 2,306 Total derivatives designated $ 2,454 $ 2,306 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 December 31, 2014 Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Liabilities: Derivative financial instruments $ — $ 2,454 $ — $ 2,454 $ — $ 2,306 $ — $ 2,306 Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) $ — $ 59,511 $ — $ 59,511 $ — $ 54,472 $ — $ 54,472 |
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, 2015 and 2014 : December 31, 2015 December 31, 2014 Estimated Fair Value Carrying Amount Estimated Fair Value Carrying Amount Assets: Loans receivable $ 48,030 $ 57,175 $ 47,092 $ 54,260 Liabilities: Unsecured notes $ 1,191,520 $ 1,197,755 $ 802,943 $ 798,305 Mortgage loans $ 1,000,226 $ 1,058,831 $ 1,182,501 $ 1,184,550 Bonds payable $ 41,288 $ 36,935 $ 45,176 $ 39,785 |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Future Minimum Commitments For Capital and Operating Lease | Future minimum commitments over the life of all leases subsequent to December 31, 2015 are as follows: Operating 2016 $ 7,246 2017 7,091 2018 6,999 2019 6,721 2020 6,705 Thereafter 227,519 Total minimum lease payments $ 262,281 |
Segments Segments (Tables)
Segments Segments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | Year Ended December 31, 2015 2014 2013 Wholly-Owned Properties Rental revenues and other income $ 708,018 $ 693,694 $ 621,117 Interest income 1,071 1,079 152 Total revenues from external customers 709,089 694,773 621,269 Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead (330,932 ) (331,046 ) (300,207 ) Ground/facility leases (5,297 ) (4,196 ) (2,956 ) Interest expense (30,147 ) (42,906 ) (45,401 ) Operating income before depreciation, amortization and allocation of corporate overhead $ 342,713 $ 316,625 $ 272,705 Depreciation and amortization $ 198,986 $ 189,424 $ 178,396 Capital expenditures $ 316,468 $ 334,249 $ 350,118 Total segment assets at December 31, $ 5,809,526 $ 5,604,358 $ 5,394,029 On-Campus Participating Properties Rental revenues and other income $ 31,586 $ 28,534 $ 26,348 Interest income 2 3 16 Total revenues from external customers 31,588 28,537 26,364 Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead (11,407 ) (10,437 ) (10,322 ) Ground/facility lease (2,935 ) (3,201 ) (2,446 ) Interest expense (5,833 ) (5,131 ) (5,463 ) Operating income before depreciation, amortization and allocation of corporate overhead $ 11,413 $ 9,768 $ 8,133 Depreciation and amortization $ 7,034 $ 5,688 $ 4,756 Capital expenditures $ 2,943 $ 29,621 $ 17,094 Total segment assets at December 31, $ 105,546 $ 110,017 $ 88,777 Development Services Development and construction management fees $ 4,964 $ 4,018 $ 2,483 Operating expenses (13,732 ) (11,883 ) (11,172 ) Operating loss before depreciation, amortization and allocation of corporate overhead $ (8,768 ) $ (7,865 ) $ (8,689 ) Total segment assets at December 31, $ 1,730 $ 1,530 $ 1,848 Property Management Services Property management fees from external customers $ 8,813 $ 7,669 $ 7,514 Intersegment revenues 23,054 22,889 21,396 Total revenues 31,867 30,558 28,910 Operating expenses (11,360 ) (12,400 ) (10,349 ) Operating income before depreciation, amortization and allocation of corporate overhead $ 20,507 $ 18,158 $ 18,561 Total segment assets at December 31, $ 9,432 $ 6,513 $ 7,033 Reconciliations Total segment revenues and other income $ 777,508 $ 757,886 $ 679,026 Unallocated interest income earned on investments and corporate cash 3,348 3,086 2,837 Elimination of intersegment revenues (23,054 ) (22,889 ) (21,396 ) Total consolidated revenues, including interest income $ 757,802 $ 738,083 $ 660,467 Segment operating income before depreciation, amortization and allocation of corporate overhead $ 365,865 $ 336,686 $ 290,710 Depreciation and amortization (214,338 ) (203,413 ) (190,596 ) Net unallocated expenses relating to corporate interest and overhead (83,541 ) (67,956 ) (48,992 ) Gain (loss) from disposition of real estate 52,699 (368 ) — Provision for real estate impairment — (2,443 ) — Other nonoperating income (expense) 388 186 (2,666 ) Loss from early extinguishment of debt (1,770 ) — — Income tax provision (1,242 ) (1,308 ) (1,020 ) Income from continuing operations $ 118,061 $ 61,384 $ 47,436 Total segment assets $ 5,926,234 $ 5,722,418 $ 5,491,687 Unallocated corporate assets 99,713 112,330 106,353 Total assets at December 31, $ 6,025,947 $ 5,834,748 $ 5,598,040 |
Quarterly Financial Informati44
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Document Information [Line Items] | |
Schedule of quarterly financial information | The information presented below represents the quarterly consolidated financial results of the Company for the years ended December 31, 2015 and 2014 . 2015 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 192,493 $ 177,874 $ 180,816 $ 202,198 $ 753,381 Operating income 50,176 34,452 18,551 53,725 156,904 Net income 71,267 15,918 2,016 28,860 118,061 Net income attributable to noncontrolling interests (1,070 ) (338 ) (161 ) (501 ) (2,070 ) Net income attributable to ACC, Inc. and Subsidiaries common stockholders $ 70,197 $ 15,580 $ 1,855 $ 28,359 $ 115,991 Net income attributable to common stockholders per share - basic $ 0.63 $ 0.14 $ 0.01 $ 0.25 $ 1.03 Net income attributable to common stockholders per share - diluted $ 0.62 $ 0.14 $ 0.01 $ 0.25 $ 1.02 2014 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th 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 ACC, Inc. and Subsidiaries common stockholders $ 28,398 $ 13,438 $ (5,847 ) $ 26,850 $ 62,839 Net income (loss) attributable to common stockholders per share - basic $ 0.27 $ 0.13 $ (0.06 ) $ 0.25 $ 0.59 Net income (loss) attributable to common stockholders per share - diluted $ 0.27 $ 0.12 $ (0.06 ) $ 0.25 $ 0.58 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |
Document Information [Line Items] | |
Schedule of quarterly financial information | The information presented below represents the quarterly consolidated financial results of the Operating Partnership for the years ended December 31, 2015 and 2014 . 2015 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 192,493 $ 177,874 $ 180,816 $ 202,198 $ 753,381 Operating income 50,176 34,452 18,551 53,725 156,904 Net income 71,267 15,918 2,016 28,860 118,061 Net income attributable to noncontrolling interests (323 ) (92 ) (92 ) (105 ) (612 ) Series A preferred unit distributions (44 ) (44 ) (44 ) (44 ) (176 ) Net income available to common unitholders $ 70,900 $ 15,782 $ 1,880 $ 28,711 $ 117,273 Net income per unit attributable to common unitholders - basic $ 0.63 $ 0.14 $ 0.01 $ 0.25 $ 1.03 Net income per unit attributable to common unitholders - diluted $ 0.63 $ 0.14 $ 0.01 $ 0.25 $ 1.02 2014 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th 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) available to common unitholders $ 28,734 $ 13,598 $ (5,910 ) $ 27,152 $ 63,574 Net income (loss) per unit attributable to common unitholders - basic $ 0.24 $ 0.13 $ (0.06 ) $ 0.25 $ 0.59 (1) Net income (loss) per unit attributable to common unitholders - diluted $ 0.27 $ 0.12 $ (0.06 ) $ 0.25 $ 0.58 (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 45
Organization and Description of Business - Additional Information (Detail Textuals) | 12 Months Ended | |
Dec. 31, 2015UnitPropertyuniversity_systemBed | Dec. 31, 2013Bed | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||
Number of properties | 162 | |
Number of beds | Bed | 99,400 | 4,079 |
Number of units | Unit | 32,500 | |
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 | 5 | |
Number of university systems | university_system | 3 | |
Wholly-owned properties, net | ||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||
Number of beds | Bed | 4,061 | |
Number of units | Unit | 1,488 | |
Wholly-owned properties, net | Off campus properties | ||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||
Number of properties | 134 | |
Wholly-owned properties, net | On-campus participating properties, net | ||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||
Number of properties | 5 | |
Wholly-owned properties, net | Under Development | ||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||
Number of beds | Bed | 5,500 | |
Number of units | Unit | 1,500 | |
Management And Leasing Services | ||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||
Number of properties | 39 | |
Number of beds | Bed | 29,500 | |
Number of units | Unit | 10,900 | |
Third-party managed portfolio | ||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||
Number of properties | 201 | |
Number of beds | Bed | 128,900 | |
Number of units | Unit | 43,400 | |
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 | 23 | |
Number of university systems | university_system | 11 | |
Number of properties under construction | 5 | |
Owned On Campus Properties | Under Development | ||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||
Number of properties under construction | 9 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies - Estimated useful lives of assets (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Building and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful Life | 7 years |
Building 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 Accoun47
Summary of Significant Accounting Policies - Allowance for doubtful accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance, Beginning of Period | $ 19,711 | $ 15,926 | $ 10,602 |
Charged to Expense | 10,115 | 10,894 | 9,871 |
Write-Offs | (12,772) | (7,109) | (4,547) |
Balance, End of Period | 17,054 | $ 19,711 | $ 15,926 |
Write-Offs related to property previously disposed off | $ 4,000 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)Entityoffering | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Significant Accounting Policies [Line Items] | |||
Capitalized interest | $ 9,600,000 | $ 8,800,000 | $ 10,000,000 |
Accumulated amortization | 30,100,000 | 27,900,000 | |
Deferred finance costs | 43,600,000 | 39,500,000 | |
Accumulated amortization, deferred finance costs | 21,200,000 | 16,900,000 | |
Deferred pre-development costs | 8,100,000 | ||
Advertising costs | $ 11,800,000 | 14,200,000 | 18,000,000 |
Percentage of income (loss) available to common stockholders | 90.00% | ||
Number of entities | Entity | 2 | ||
In-place leases assumed | |||
Significant Accounting Policies [Line Items] | |||
Capitalized amount of acquired intangible assets | $ 3,300,000 | 900,000 | 3,200,000 |
Amortization expense of acquired intangible assets | 3,700,000 | 2,400,000 | 13,700,000 |
Property tax abatement | |||
Significant Accounting Policies [Line Items] | |||
Amortization expense of acquired intangible assets | 2,800,000 | 1,300,000 | 600,000 |
Unamortized tax abatement | $ 56,800,000 | 36,700,000 | |
Weighted average tax abatement period | 21 years 4 months 5 days | ||
Mortgages | |||
Significant Accounting Policies [Line Items] | |||
Amortization of debt discounts (premiums) | $ 12,036,000 | 12,900,000 | 14,000,000 |
Net unamortized debt premiums | 50,800,000 | 60,600,000 | |
Net unamortized debt discounts | $ 200,000 | 900,000 | |
Senior notes | |||
Significant Accounting Policies [Line Items] | |||
Number of debt offerings | offering | 3 | ||
Debt face amount | $ 1,200,000,000 | ||
Unsecured notes | Senior notes | |||
Significant Accounting Policies [Line Items] | |||
Net unamortized debt discounts | 2,200,000 | 1,700,000 | |
Interest expense | Senior notes | |||
Significant Accounting Policies [Line Items] | |||
Amortization of debt discounts (premiums) | 200,000 | 100,000 | $ 100,000 |
Carrying Amount | |||
Significant Accounting Policies [Line Items] | |||
Loans receivable | $ 57,200,000 | $ 54,260,000 |
Summary of Significant Accoun49
Summary of Significant Accounting Policies - Additional Information - Owned On-Campus and Participating Properties (Details) | 12 Months Ended |
Dec. 31, 2015ContractPropertyuniversity_system | |
Significant Accounting Policies [Line Items] | |
Number of properties | 162 |
On-campus participating properties | |
Significant Accounting Policies [Line Items] | |
Number of university systems | university_system | 3 |
American campus equity | Owned On Campus Properties | |
Significant Accounting Policies [Line Items] | |
Number of university systems | university_system | 11 |
Number of student housing properties | 23 |
Number of properties under construction | 5 |
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 | 100 years |
On-campus participating properties | |
Significant Accounting Policies [Line Items] | |
Number of university systems | university_system | 3 |
Number of properties | 5 |
Under Development | Owned On Campus Properties | |
Significant Accounting Policies [Line Items] | |
Number of properties under construction | 9 |
Wholly-owned properties, net | On-campus participating properties | |
Significant Accounting Policies [Line Items] | |
Number of 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 | 4 |
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 | Contract | 2 |
Lease extension period | 10 years |
Earnings Per Share - Potentiall
Earnings Per Share - Potentially dilutive securities not included in calculating diluted earnings per share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (shares) | 109,775 | 1,324,788 | 1,272,613 |
Common OP Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (shares) | 0 | 1,213,509 | 1,158,892 |
Preferred OP Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (shares) | 109,775 | 111,279 | 113,721 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Elements Used in Calculating Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerator - basic earnings per share: | |||||||||||
Income from continuing operations | $ 27,291 | $ (5,785) | $ 13,731 | $ 26,147 | $ 118,061 | $ 61,384 | $ 47,436 | ||||
Income from continuing operations attributable to noncontrolling interests | (2,070) | (1,231) | (1,843) | ||||||||
Income from continuing operations attributable to common shareholders | 115,991 | 60,153 | 45,593 | ||||||||
Amount allocated to participating securities | (1,086) | (1,076) | (927) | ||||||||
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities | 114,905 | 59,077 | 44,666 | ||||||||
Income from discontinued operations | $ 0 | $ 0 | $ 0 | $ 2,720 | 0 | 2,720 | 59,755 | ||||
Income from discontinued operations attributable to noncontrolling interests | 0 | (34) | (704) | ||||||||
Income from discontinued operations attributable to common shareholders | 0 | 2,686 | 59,051 | ||||||||
Numerator - diluted earnings per share: | |||||||||||
Net income attributable to common shareholders - basic | 114,905 | 61,763 | 103,717 | ||||||||
Income allocated to Common OP Units | 1,282 | 0 | 0 | ||||||||
Net income attributable to common shareholders - diluted | $ 116,187 | $ 61,763 | $ 103,717 | ||||||||
Denominator: | |||||||||||
Basic weighted average common shares outstanding (shares) | 111,987,361 | 105,032,155 | 104,760,502 | ||||||||
Potentially dilutive securities (shares) | 109,775 | 1,324,788 | 1,272,613 | ||||||||
Diluted weighted average common shares outstanding (shares) | 114,032,222 | 105,711,420 | 105,382,320 | ||||||||
Earnings per share – basic: | |||||||||||
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities, Basic (in dollars per share) | $ 1.03 | $ 0.56 | $ 0.43 | ||||||||
Income from discontinued operations attributable to common shareholders (in dollars per share) | 0 | 0.03 | 0.56 | ||||||||
Net income per share (in dollars per share) | $ 0.25 | $ 0.01 | $ 0.14 | $ 0.63 | $ 0.25 | $ (0.06) | $ 0.13 | $ 0.27 | 1.03 | 0.59 | 0.99 |
Earnings per share – diluted: | |||||||||||
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities (in dollars per share) | 1.02 | 0.56 | 0.42 | ||||||||
Income from discontinued operations attributable to common shareholders (in dollars per share) | 0 | 0.02 | 0.56 | ||||||||
Net income attributable to common shareholders (in dollars per share) | $ 0.25 | $ 0.01 | $ 0.14 | $ 0.62 | $ 0.25 | $ (0.06) | $ 0.12 | $ 0.27 | $ 1.02 | $ 0.58 | $ 0.98 |
Unvested Restricted Stock Awards | |||||||||||
Denominator: | |||||||||||
Potentially dilutive securities (shares) | 680,980 | 679,265 | 621,818 | ||||||||
Common OP Units | |||||||||||
Denominator: | |||||||||||
Potentially dilutive securities (shares) | 1,363,881 | 0 | 0 |
Earnings Per Share- Summary of
Earnings Per Share- Summary of Elements Used in Calculating Basic and Diluted Earnings per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerator - basic and diluted earnings per unit: | |||||||||||
Income from continuing operations | $ 27,291 | $ (5,785) | $ 13,731 | $ 26,147 | $ 118,061 | $ 61,384 | $ 47,436 | ||||
Income from continuing operations attributable to noncontrolling interests | (2,070) | (1,231) | (1,843) | ||||||||
Amount allocated to participating securities | (1,086) | (1,076) | (927) | ||||||||
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities | 114,905 | 59,077 | 44,666 | ||||||||
Income from discontinued operations | 0 | 0 | 0 | 2,720 | 0 | 2,720 | 59,755 | ||||
Income from discontinued operations attributable to common shareholders | 0 | 2,686 | 59,051 | ||||||||
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 | 118,061 | 61,384 | 47,436 | ||||
Income from continuing operations attributable to noncontrolling interests | (612) | (352) | (1,188) | ||||||||
Income from continuing operations attributable to Series A preferred units | (176) | (175) | (119) | ||||||||
Amount allocated to participating securities | (1,086) | (1,076) | (927) | ||||||||
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities | 116,187 | 59,781 | 45,202 | ||||||||
Income from discontinued operations | $ 0 | $ 0 | $ 0 | $ 2,720 | 0 | 2,720 | 59,755 | ||||
Income from discontinued operations attributable to Series A preferred units | 0 | (3) | (63) | ||||||||
Income from discontinued operations attributable to common shareholders | 0 | 2,717 | 59,692 | ||||||||
Net income attributable to common unitholders | $ 116,187 | $ 62,498 | $ 104,894 | ||||||||
Denominator: | |||||||||||
Basic weighted average common units outstanding (units) | 113,351,242 | 106,245,664 | 105,919,394 | ||||||||
Diluted weighted average common units (units) outstanding | 114,032,222 | 106,924,929 | 106,541,212 | ||||||||
Earnings per unit – basic: | |||||||||||
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities (in dollars per unit) | $ 1.03 | $ 0.56 | $ 0.43 | ||||||||
Income from discontinued operations attributable to common unitholders (in dollars per share) | 0 | 0.03 | 0.56 | ||||||||
Net income per unit (in dollars per unit) | $ 0.25 | $ 0.01 | $ 0.14 | $ 0.63 | $ 0.25 | $ (0.06) | $ 0.13 | $ 0.24 | 1.03 | 0.59 | 0.99 |
Earnings per unit – diluted: | |||||||||||
Income from continuing operations attributable to common unitholders, net of amount allocated to participating securities (in dollars per share) | 1.02 | 0.56 | 0.42 | ||||||||
Income from discontinued operations attributable to common unitholders (in dollars per share) | 0 | 0.02 | 0.56 | ||||||||
Net income attributable to common unitholders (in dollars per share) | $ 0.25 | $ 0.01 | $ 0.14 | $ 0.63 | $ 0.25 | $ (0.06) | $ 0.12 | $ 0.27 | $ 1.02 | $ 0.58 | $ 0.98 |
Unvested Restricted Stock Awards | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||||||||||
Denominator: | |||||||||||
Unvested Restricted Stock Awards (units) | 680,980 | 679,265 | 621,818 |
Income Taxes - Components of de
Income Taxes - Components of deferred tax assets and liabilities of TRSs (Details) - TRS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Fixed and intangible assets | $ 2,663 | $ 3,283 |
Net operating loss carryforwards | 7,887 | 6,552 |
Prepaid and deferred income | 2,326 | 2,265 |
Bad debt reserves | 725 | 687 |
Accrued expenses and other | 4,578 | 3,770 |
Stock compensation | 2,454 | 2,099 |
Total deferred tax assets | 20,633 | 18,656 |
Valuation allowance for deferred tax assets | (20,431) | (18,415) |
Deferred tax assets, net of valuation allowance | 202 | 241 |
Deferred tax liability: | ||
Deferred financing costs | 202 | 241 |
Net deferred tax liabilities | $ 0 | $ 0 |
Income Taxes - Components of in
Income Taxes - Components of income tax provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
Federal | $ 0 | $ 0 | $ 0 |
State | (1,242) | (1,308) | (1,020) |
Deferred: | |||
Federal | 0 | 0 | 0 |
State | 0 | 0 | 0 |
TRS income tax provision | $ (1,242) | $ (1,308) | $ (1,020) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of income tax attributable to continuing operations for TRSs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | |||
TRS income tax provision | $ 1,242 | $ 1,308 | $ 1,020 |
TRS | |||
Income Taxes [Line Items] | |||
Tax benefit at U.S. statutory rates on TRS income subject to tax | 2,019 | 1,928 | 2,060 |
State income tax, net of federal income tax benefit | 74 | 71 | 76 |
Effect of permanent differences and other | (77) | (72) | (76) |
Increase in valuation allowance | (2,016) | (1,927) | (2,060) |
TRS income tax provision | $ 0 | $ 0 | $ 0 |
Income Taxes - Tax treatment of
Income Taxes - Tax treatment of distributions to shareholders (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Ordinary income, per share (in USD per share) | $ 0.4658 | $ 0.9016 | $ 0.7990 |
Long-term capital gain, per share (in USD per share) | 0.5301 | 0.0107 | 0.5229 |
Return of capital, per share (in USD per share) | 0.5841 | 0.5877 | 0.0956 |
Total per common share outstanding (in USD per share) | 1.58 | 1.5 | 1.4175 |
Unrecaptured Section 1250 gains, per share (in USD per share) | $ 0.5281 | $ 0.0248 | $ 0.2189 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail Textuals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | |||
(Loss) subject to TRS earnings tax | $ (119,303) | $ (62,692) | $ (48,456) |
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 | $ 3,300 | $ 3,200 | $ 4,400 |
Net operating loss carryforwards | 25,100 | ||
Valuation allowance credited to additional paid in capital | $ 3,500 |
Property Acquisitions - Acquisi
Property Acquisitions - Acquisitions (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015$ / Unitshares | Dec. 31, 2015USD ($)UnitBed$ / Unitshares | Dec. 31, 2013Bed | |
Business Acquisition [Line Items] | |||
Number of units | Unit | 32,500 | ||
Number of beds | Bed | 99,400 | 4,079 | |
Park Point | |||
Business Acquisition [Line Items] | |||
Assumed debt resulting from property acquisition | $ | $ 11.6 | ||
Canal, 8 1/2 | Common OP units | |||
Business Acquisition [Line Items] | |||
Equity issued as part of business acquisition (in shares) | shares | 343,895 | 343,895 | |
Equity issued as part of business acquisition (in dollars per share) | $ / Unit | 41.24 | 41.24 | |
Stadium Centre | |||
Business Acquisition [Line Items] | |||
Assumed debt resulting from property acquisition | $ | $ 57.8 | ||
Wholly owned properties | |||
Business Acquisition [Line Items] | |||
Total purchase price | $ | $ 378.3 | ||
Number of units | Unit | 1,488 | ||
Number of beds | Bed | 4,061 | ||
Wholly owned properties | Park Point | |||
Business Acquisition [Line Items] | |||
Number of units | Unit | 66 | ||
Number of beds | Bed | 226 | ||
Wholly owned properties | University Walk | |||
Business Acquisition [Line Items] | |||
Number of units | Unit | 177 | ||
Number of beds | Bed | 526 | ||
Wholly owned properties | West Marshall, 1200 | |||
Business Acquisition [Line Items] | |||
Number of units | Unit | 136 | ||
Number of beds | Bed | 406 | ||
Wholly owned properties | Canal, 8 1/2 | |||
Business Acquisition [Line Items] | |||
Number of units | Unit | 160 | ||
Number of beds | Bed | 540 | ||
Wholly owned properties | The Vistas | |||
Business Acquisition [Line Items] | |||
Number of units | Unit | 255 | ||
Number of beds | Bed | 600 | ||
Wholly owned properties | Crest at Pearl | |||
Business Acquisition [Line Items] | |||
Number of units | Unit | 141 | ||
Number of beds | Bed | 343 | ||
Wholly owned properties | UP at Metroplex | |||
Business Acquisition [Line Items] | |||
Number of units | Unit | 186 | ||
Number of beds | Bed | 710 | ||
Wholly owned properties | Stadium Centre | |||
Business Acquisition [Line Items] | |||
Number of units | Unit | 367 | ||
Number of beds | Bed | 710 |
Property Acquisitions - Additio
Property Acquisitions - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)PropertyBed | Dec. 31, 2013USD ($)PropertyBed | Dec. 31, 2014USD ($)PropertyBed | |
Business Acquisition [Line Items] | |||
Combined revenues | $ 25,100 | ||
Combined net income | 1,800 | ||
Acquisition-related costs | $ 2,800 | ||
Number of properties | Property | 162 | ||
Number of beds | Bed | 99,400 | 4,079 | |
Property Near University of Georgia and Property Near University of Colorado | |||
Business Acquisition [Line Items] | |||
Total purchase price | $ 75,100 | ||
Net assets acquired | 305,535 | $ 75,065 | |
Cash paid as part of business acquisition | 291,400 | ||
Cash paid at closing stock value | 14,200 | ||
Number of properties | Property | 1 | ||
Number of beds | Bed | 610 | ||
Number of Beds in New Facility | Bed | 400 | ||
Series of Individually Immaterial Business Acquisitions, 2013 | |||
Business Acquisition [Line Items] | |||
Total purchase price | $ 322,200 | ||
Number of properties | Property | 6 | ||
Number of beds | Bed | 3,725 | ||
Wholly owned properties | |||
Business Acquisition [Line Items] | |||
Total purchase price | $ 378,300 | ||
Number of beds | Bed | 4,061 | ||
Wholly owned properties | Property Near University of Georgia and Property Near University of Colorado | |||
Business Acquisition [Line Items] | |||
Total purchase price | $ 378,300 |
Property Acquisitions - Summary
Property Acquisitions - Summary of Assets Acquired and Liabilities Assumed (Details) - Property Near University of Georgia and Property Near University of Colorado - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets acquired: | ||
Land | $ 26,766 | $ 13,469 |
Buildings and improvements | 317,627 | 54,163 |
Furniture, fixtures and equipment | 16,871 | 3,637 |
Intangible assets | 16,976 | 874 |
Other assets | 3,117 | 2,922 |
Total assets acquired | 381,357 | 75,065 |
Liabilities assumed: | ||
Mortgage debt | (72,365) | 0 |
Other liabilities | (3,457) | 0 |
Total liabilities assumed | (75,822) | 0 |
Net assets acquired | 305,535 | $ 75,065 |
Secured debt | $ 3,000 |
Property Acquisitions - Unaudit
Property Acquisitions - Unaudited pro forma information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Combinations [Abstract] | |||
Total revenues | $ 765 | $ 763 | $ 695 |
Net income attributable to common shareholders | $ 123 | $ 69 | $ 111 |
Property Dispositions and Dis62
Property Dispositions and Discontinued Operations - Summary of Properties Classified as Held for Sale (Details) | Dec. 31, 2015UnitBed | Dec. 31, 2013Bed |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of beds | 99,400 | 4,079 |
The Edge- Orlando | Wholly-owned properties held for sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of units | Unit | 306 | |
Number of beds | 930 | |
University Village - Sacramento | Wholly-owned properties held for sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of units | Unit | 250 | |
Number of beds | 394 |
Property Dispositions and Dis63
Property Dispositions and Discontinued Operations - Summary of Properties Sold During Period (Details) | Dec. 31, 2015UnitBed | Dec. 31, 2014Bed | Dec. 31, 2013Bed |
Schedule of Properties Sold During Period [Line Items] | |||
Number of beds | 99,400 | 4,079 | |
Wholly owned properties | |||
Schedule of Properties Sold During Period [Line Items] | |||
Number of units | Unit | 3,713 | ||
Number of beds | 12,297 | 480 | |
The Highlands | Wholly owned properties | |||
Schedule of Properties Sold During Period [Line Items] | |||
Number of units | Unit | 216 | ||
Number of beds | 732 | ||
The View | Wholly owned properties | |||
Schedule of Properties Sold During Period [Line Items] | |||
Number of units | Unit | 157 | ||
Number of beds | 590 | ||
Chapel Ridge | Wholly owned properties | |||
Schedule of Properties Sold During Period [Line Items] | |||
Number of units | Unit | 180 | ||
Number of beds | 544 | ||
Chapel View | Wholly owned properties | |||
Schedule of Properties Sold During Period [Line Items] | |||
Number of units | Unit | 224 | ||
Number of beds | 358 | ||
The Village at Alafaya Club | Wholly owned properties | |||
Schedule of Properties Sold During Period [Line Items] | |||
Number of units | Unit | 228 | ||
Number of beds | 839 | ||
University Place | Wholly owned properties | |||
Schedule of Properties Sold During Period [Line Items] | |||
Number of units | Unit | 144 | ||
Number of beds | 528 | ||
University Greens | Wholly owned properties | |||
Schedule of Properties Sold During Period [Line Items] | |||
Number of units | Unit | 156 | ||
Number of beds | 516 | ||
The Outpost- San Marcos | Wholly owned properties | |||
Schedule of Properties Sold During Period [Line Items] | |||
Number of units | Unit | 162 | ||
Number of beds | 486 | ||
University Meadows | Wholly owned properties | |||
Schedule of Properties Sold During Period [Line Items] | |||
Number of units | Unit | 184 | ||
Number of beds | 616 | ||
Eagles Trail | Wholly owned properties | |||
Schedule of Properties Sold During Period [Line Items] | |||
Number of units | Unit | 216 | ||
Number of beds | 792 | ||
Lakeside Apartments | Wholly owned properties | |||
Schedule of Properties Sold During Period [Line Items] | |||
Number of units | Unit | 244 | ||
Number of beds | 776 | ||
The Club | Wholly owned properties | |||
Schedule of Properties Sold During Period [Line Items] | |||
Number of units | Unit | 120 | ||
Number of beds | 480 | ||
The Estates | Wholly owned properties | |||
Schedule of Properties Sold During Period [Line Items] | |||
Number of units | Unit | 396 | ||
Number of beds | 1,044 | ||
South View | Wholly owned properties | |||
Schedule of Properties Sold During Period [Line Items] | |||
Number of units | Unit | 240 | ||
Number of beds | 960 | ||
Stone Gate | Wholly owned properties | |||
Schedule of Properties Sold During Period [Line Items] | |||
Number of units | Unit | 168 | ||
Number of beds | 672 | ||
The Commons | Wholly owned properties | |||
Schedule of Properties Sold During Period [Line Items] | |||
Number of units | Unit | 132 | ||
Number of beds | 528 | ||
University Heights - Knoxville | Wholly owned properties | |||
Schedule of Properties Sold During Period [Line Items] | |||
Number of units | Unit | 204 | ||
Number of beds | 636 | ||
The Woods at Greenland | Wholly owned properties | |||
Schedule of Properties Sold During Period [Line Items] | |||
Number of units | Unit | 78 | ||
Number of beds | 276 | ||
Raiders Crossing | Wholly owned properties | |||
Schedule of Properties Sold During Period [Line Items] | |||
Number of units | Unit | 96 | ||
Number of beds | 276 | ||
University Gables | Wholly owned properties | |||
Schedule of Properties Sold During Period [Line Items] | |||
Number of units | Unit | 168 | ||
Number of beds | 648 |
Property Dispositions and Dis64
Property Dispositions and Discontinued Operations - Additional Information (Detail Textuals) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)Bed | Dec. 31, 2014USD ($)buildingPropertyland_parcelBed | Dec. 31, 2013USD ($)PropertyBed | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Sale price of disposed property | $ 184,200 | ||
Total proceeds from disposition of real estate | $ 427,055 | $ 8,599 | 180,465 |
Gain (loss) from disposition of real estate | $ 52,699 | (368) | $ 0 |
Number of beds | Bed | 99,400 | 4,079 | |
Gain from disposition of real estate | $ 0 | 2,843 | $ 55,263 |
Number of properties sold | Property | 6 | ||
Wholly owned properties | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Sale price of disposed property | 436,700 | $ 9,900 | |
Total proceeds from disposition of real estate | 427,100 | ||
Gain (loss) from disposition of real estate | $ 52,700 | ||
Number of buildings sold | building | 1 | ||
Number of beds contained in buildings sold | Bed | 20 | ||
Number of beds | Bed | 12,297 | 480 | |
Number of land parcels disposed | land_parcel | 2 | ||
Net proceeds from disposition of real estate | $ 8,800 | ||
Impairment charge | 2,400 | ||
Gain from disposition of real estate | (400) | ||
Discontinued Operations, Disposed of by Sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Sale price of disposed property | 17,300 | ||
Total proceeds from disposition of real estate | 1,300 | ||
Gain from disposition of real estate | $ 2,800 | ||
Number of beds in properties sold | Bed | 484 | ||
Assumed debt resulting from property acquisition | $ 15,600 | ||
Number of properties sold | Property | 1 |
Property Dispositions and Dis65
Property Dispositions and Discontinued Operations - Summary of results of operations for properties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Discontinued Operations and Disposal Groups [Abstract] | |||
Total revenues | $ 279 | $ 16,191 | |
Total operating expenses | (239) | (7,220) | |
Depreciation and amortization | 0 | (2,487) | |
Operating income | 40 | 6,484 | |
Total nonoperating expenses | (163) | (1,660) | |
Net (loss) income | $ 0 | $ (123) | $ 4,824 |
Investments in Wholly-Owned P66
Investments in Wholly-Owned Properties - Summary of wholly-owned properties (Details) $ in Thousands | Dec. 31, 2015USD ($)Property | Dec. 31, 2014USD ($)Property | |
Real Estate Properties [Line Items] | |||
Properties, net | $ 5,667,754 | $ 5,533,849 | |
Undeveloped land parcels | 66,200 | 40,600 | |
Wholly owned properties | |||
Real Estate Properties [Line Items] | |||
Land | 597,894 | 571,242 | |
Buildings and improvements | 5,235,033 | 4,937,345 | |
Furniture, fixtures and equipment | 311,696 | 289,168 | |
Construction in progress | 154,988 | 185,414 | |
Real estate properties gross | 6,299,611 | 5,983,169 | |
Less accumulated depreciation | (777,340) | (674,462) | |
Properties, net | [1] | $ 5,522,271 | $ 5,308,707 |
Wholly owned properties | |||
Real Estate Properties [Line Items] | |||
Number of properties, held for sale | Property | 2 | 7 | |
The Court at Stadium Centre | |||
Real Estate Properties [Line Items] | |||
Land | $ 1,900 | ||
Construction in progress | 12,600 | ||
Under Development | |||
Real Estate Properties [Line Items] | |||
Land | $ 33,000 | $ 30,200 | |
[1] | The balance above excludes the net book value of two wholly-owned properties classified as held for sale in the accompanying consolidated balance sheet as of December 31, 2015 and 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 classified as held for sale at December 31, 2014 were sold in January 2015. |
On-Campus Participating Prope67
On-Campus Participating Properties- Additional Information (Detail Textuals) | 12 Months Ended |
Dec. 31, 2015ContractPropertyuniversity_system | |
Real Estate Properties [Line Items] | |
Number of properties | Property | 3 |
Percentage of financing | 100.00% |
On-campus participating properties, net | |
Real Estate Properties [Line Items] | |
Number of university systems | university_system | 3 |
Percentage of future net cash flows | 50.00% |
West Virginia University | On-campus participating properties, net | |
Real Estate Properties [Line Items] | |
Lease term | 40 years |
Number of renewal options | Contract | 2 |
Lease extension period | 10 years |
On-Campus Participating Prope68
On-Campus Participating Properties (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)phase | Dec. 31, 2014USD ($) | |
Real Estate Properties [Line Items] | ||
Properties, net | $ 5,667,754 | $ 5,533,849 |
Texas A And M International | Phases Placed In Service Between 1996 And 1998 | ||
Real Estate Properties [Line Items] | ||
Number of Project Phases | phase | 3 | |
Texas A And M International | Phases Placed In Service In 2000 And 2003 | ||
Real Estate Properties [Line Items] | ||
Number of Project Phases | phase | 2 | |
University Of Houston | Phases Placed In Service in 2001 And 2005 | ||
Real Estate Properties [Line Items] | ||
Number of Project Phases | phase | 2 | |
On-campus participating properties, net | ||
Real Estate Properties [Line Items] | ||
Real estate properties gross | $ 159,985 | 157,043 |
Less accumulated amortization | (69,856) | (62,915) |
Properties, net | $ 90,129 | 94,128 |
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 | Feb. 1, 1996 | |
Required Debt Repayment | Sep. 1, 2023 | |
Real estate properties gross | $ 44,147 | 43,036 |
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 | Oct. 1, 1999 | |
Real estate properties gross | $ 27,717 | 26,828 |
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 | Aug. 31, 2025 | |
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 | Aug. 31, 2028 | |
On-campus participating properties, net | Texas A And M International | ||
Real Estate Properties [Line Items] | ||
Lease Commencement | Feb. 1, 1996 | |
Required Debt Repayment | Sep. 1, 2023 | |
Real estate properties gross | $ 7,064 | 6,937 |
On-campus participating properties, net | University Of Houston | Phases Placed In Service in 2001 And 2005 | ||
Real Estate Properties [Line Items] | ||
Lease Commencement | Sep. 27, 2000 | |
Required Debt Repayment | Aug. 31, 2035 | |
Real estate properties gross | $ 37,381 | 36,606 |
On-campus participating properties, net | West Virginia University | Place In Service in August 2014 | ||
Real Estate Properties [Line Items] | ||
Lease Commencement | Jul. 16, 2013 | |
Required Debt Repayment | Jul. 16, 2045 | |
Real estate properties gross | $ 43,676 | $ 43,636 |
Noncontrolling Interests - Addi
Noncontrolling Interests - Additional Information (Detail Textuals) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2015USD ($) | Dec. 31, 2015USD ($)Entityshares | Dec. 31, 2014shares | Dec. 31, 2013USD ($) | |
Noncontrolling Interest [Line Items] | ||||
Contributions by noncontrolling interest partners | $ 7,255 | $ 1,500 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ||||
Noncontrolling Interest [Line Items] | ||||
Number of third-party joint venture partners | Entity | 3 | |||
Contributions by noncontrolling interest partners | $ 7,255 | $ 1,500 | ||
Equity interests held by owners of common units and series A preferred units/ retained by seller (percent) | 1.20% | 1.20% | ||
Common OP units | ||||
Noncontrolling Interest [Line Items] | ||||
Conversion of common units to common stock (in shares) | shares | 118,474 | 50,000 | ||
Series A preferred units | ||||
Noncontrolling Interest [Line Items] | ||||
Conversion of common units to common stock (in shares) | shares | 1,000 | 2,269 | ||
University Walk | ||||
Noncontrolling Interest [Line Items] | ||||
Contributions by noncontrolling interest partners | $ 1,500 | |||
Cash paid as part of business acquisition | 1,100 | |||
Adjustment to additional paid in capital as part of business acquisition | $ 400 |
Noncontrolling Interests - Summ
Noncontrolling Interests - Summarized Activity of Redeemable Limited Partners (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Noncontrolling Interest [Roll Forward] | |||
Balance | $ 54,472 | ||
Distributions | (635) | $ (287) | $ (789) |
Conversion of redeemable limited partner units into shares of ACC common stock | (3,036) | (602) | (23) |
Increase in ownership of consolidated joint venture | (1,065) | (24,908) | |
Adjustments to reflect redeemable limited partner units at fair value | 4,462 | 8,200 | (12,534) |
Balance | 59,511 | 54,472 | |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||
Noncontrolling Interest [Roll Forward] | |||
Balance | 54,472 | ||
Distributions | (635) | (287) | (789) |
Conversion of redeemable limited partner units into shares of ACC common stock | (3,036) | (602) | (23) |
Increase in ownership of consolidated joint venture | (1,065) | (24,908) | |
Adjustments to reflect redeemable limited partner units at fair value | (4,462) | 8,200 | (12,534) |
Balance | 59,511 | 54,472 | |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Redeemable noncontrolling interests | |||
Noncontrolling Interest [Roll Forward] | |||
Balance | 54,472 | 47,964 | |
Net income | 1,458 | 913 | |
Distributions | (2,329) | (1,998) | |
Redeemable limited partner units issued as consideration | 14,182 | ||
Conversion of redeemable limited partner units into shares of ACC common stock | (3,000) | (607) | |
Increase in ownership of consolidated joint venture | (810) | ||
Adjustments to reflect redeemable limited partner units at fair value | (4,462) | 8,200 | |
Balance | $ 59,511 | $ 54,472 | $ 47,964 |
Investments in Unconsolidated71
Investments in Unconsolidated Joint Ventures (Detail Textuals) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)Joint_Venture | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Number of unconsolidated joint ventures | Joint_Venture | 1 | ||
Management fee earned | $ 8,813 | $ 7,669 | $ 7,514 |
Equity method investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Management fee earned | $ 1,900 | $ 1,300 | $ 1,600 |
Debt - Summary of outstanding c
Debt - Summary of outstanding consolidated indebtedness (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014USD ($)Property | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | ||
Secured mortgage, construction and bond debt | $ 1,331,914 | $ 1,101,325 |
Unsecured notes | 798,305 | 1,197,755 |
Unsecured revolving credit facility | 242,500 | 68,900 |
Unsecured term loans | 600,000 | 600,000 |
Long-term Debt | 2,972,719 | 2,967,980 |
Mortgage loans payable | ||
Debt Instrument [Line Items] | ||
Unamortized debt premiums | 60,600 | 50,800 |
Unamortized debt discounts | (900) | (200) |
Long-term Debt | 1,184,550 | 1,058,831 |
Construction loans payable | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 107,579 | 5,559 |
Wholly-owned properties, net | ||
Debt Instrument [Line Items] | ||
Secured mortgage, construction and bond debt | 1,153,997 | 985,366 |
Long-term Debt | 1,217,634 | 990,925 |
Wholly-owned properties, net | Mortgage loans payable | ||
Debt Instrument [Line Items] | ||
Secured mortgage, construction and bond debt | 1,094,306 | 934,769 |
Unamortized debt premiums | 60,586 | 50,763 |
Unamortized debt discounts | (895) | (166) |
Wholly-owned properties, net | Construction loans payable | ||
Debt Instrument [Line Items] | ||
Secured mortgage, construction and bond debt | 63,637 | 5,559 |
On-campus participating properties, net | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 114,280 | 110,400 |
On-campus participating properties, net | Mortgage loans payable | ||
Debt Instrument [Line Items] | ||
Secured mortgage, construction and bond debt | 30,553 | 73,465 |
On-campus participating properties, net | Construction loans payable | ||
Debt Instrument [Line Items] | ||
Secured mortgage, construction and bond debt | 43,942 | 0 |
On-campus participating properties, net | Bonds payable | ||
Debt Instrument [Line Items] | ||
Secured mortgage, construction and bond debt | 39,785 | 36,935 |
The Court at Stadium Centre | ||
Debt Instrument [Line Items] | ||
Construction loan | $ 5,600 | |
University Walk | ||
Debt Instrument [Line Items] | ||
Construction loan | $ 19,000 | |
The Suites and Hilltop Townhomes | ||
Debt Instrument [Line Items] | ||
Number of properties | Property | 2 |
Debt - Mortgage and constructio
Debt - Mortgage and construction loans payable (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)Property | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | ||
Principal outstanding | $ 1,013,793 | $ 1,232,438 |
Weighted average interest rate | 5.09% | |
Weighted average years to maturity | 5 years 3 months | |
Number of properties encumbered | Property | 42 | |
Mortgage loans payable | Fixed Rate | ||
Debt Instrument [Line Items] | ||
Principal outstanding | $ 1,008,234 | 1,124,859 |
Weighted average interest rate | 5.10% | |
Weighted average years to maturity | 5 years 2 months | |
Number of properties encumbered | Property | 41 | |
Interest rate for mortgage loan | 5 years | |
Construction loans payable | Fixed Rate | ||
Debt Instrument [Line Items] | ||
Principal outstanding | $ 5,559 | 43,942 |
Weighted average interest rate | 4.61% | |
Weighted average years to maturity | 8 years 8 months 12 days | |
Number of properties encumbered | Property | 1 | |
Construction loans payable | Variable Rate | ||
Debt Instrument [Line Items] | ||
Principal outstanding | $ 0 | $ 63,637 |
Weighted average interest rate | 0.00% | |
Weighted average years to maturity | 0 years | |
Number of properties encumbered | Property | 0 | |
The Court at Stadium Centre | ||
Debt Instrument [Line Items] | ||
Construction loan | $ 5,600 | |
Minimum | Mortgage loans payable | Fixed Rate | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 3.05% | |
Maximum | Mortgage loans payable | Fixed Rate | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 7.15% |
Debt - Mortgage and construct74
Debt - Mortgage and construction loans payable transactions occurred (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Long Term Debt Transactions [Roll Forward] | |||
Balance, December 31, 2014 | $ 2,972,719 | ||
Additions: | |||
Draws under advancing construction notes payable | 258 | $ 28,109 | $ 15,833 |
Deductions: | |||
Balance, December 31, 2015 | 2,967,980 | 2,972,719 | |
Mortgage loans payable | |||
Long Term Debt Transactions [Roll Forward] | |||
Balance, December 31, 2014 | 1,184,550 | ||
Additions: | |||
Assumption of mortgage loans payable | 69,421 | ||
Mark-to-market premium/(discount) recorded upon debt assumption | 2,942 | ||
Mortgage loan formerly classified as construction loan | 44,200 | ||
Deductions: | |||
Payoff of maturing mortgage notes payable | (218,724) | ||
Scheduled repayments of principal | (11,522) | ||
Amortization of debt premiums and discounts | (12,036) | (12,900) | $ (14,000) |
Balance, December 31, 2015 | 1,058,831 | 1,184,550 | |
Construction loans payable | |||
Long Term Debt Transactions [Roll Forward] | |||
Balance, December 31, 2014 | 107,579 | ||
Additions: | |||
Mortgage loan formerly classified as construction loan | (44,200) | ||
Draws under advancing construction notes payable | 258 | ||
Deductions: | |||
Payoff of construction notes payable | (44,637) | ||
Balance, December 31, 2015 | 5,559 | $ 107,579 | |
The Court at Stadium Centre | Construction loans payable | |||
Additions: | |||
Draws under advancing construction notes payable (non-cash) VIEs | 5,559 | ||
University Walk | Construction loans payable | |||
Deductions: | |||
Payoff of construction loans payable (non-cash) VIEs | $ (19,000) |
Debt - Bonds payable (Details)
Debt - Bonds payable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Principal outstanding | $ 1,013,793 | $ 1,232,438 |
Weighted average rate | 5.09% | |
Bonds Payable | ||
Debt Instrument [Line Items] | ||
Amount | $ 64,590 | |
Principal outstanding | $ 36,935 | |
Weighted average rate | 7.56% | |
Required monthly debt service | $ 488 | |
Bonds Payable | Series 1999 | ||
Debt Instrument [Line Items] | ||
Mortgaged facilities subject to leases | University Village-PVAMU/TAMIU | |
Amount | $ 39,270 | |
Principal outstanding | $ 21,020 | |
Weighted average rate | 7.75% | |
Maturity date | Sep. 1, 2023 | |
Required monthly debt service | $ 302 | |
Bonds Payable | Series 2001 | ||
Debt Instrument [Line Items] | ||
Mortgaged facilities subject to leases | University College–PVAMU | |
Amount | $ 20,995 | |
Principal outstanding | $ 12,970 | |
Weighted average rate | 7.59% | |
Maturity date | Aug. 1, 2025 | |
Required monthly debt service | $ 158 | |
Bonds Payable | Series 2003 | ||
Debt Instrument [Line Items] | ||
Mortgaged facilities subject to leases | University College–PVAMU | |
Amount | $ 4,325 | |
Principal outstanding | $ 2,945 | |
Weighted average rate | 6.11% | |
Maturity date | Aug. 1, 2028 | |
Required monthly debt service | $ 28 |
Debt Debt - Unsecured Notes (De
Debt Debt - Unsecured Notes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | |||
Net proceeds from sale of notes | $ 399,244,000 | $ 399,444,000 | $ 398,636,000 |
Senior notes | |||
Debt Instrument [Line Items] | |||
Amount | 1,200,000,000 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||
Debt Instrument [Line Items] | |||
Net proceeds from sale of notes | 399,244,000 | $ 399,444,000 | $ 398,636,000 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Senior notes | |||
Debt Instrument [Line Items] | |||
Amount | 1,200,000,000 | ||
Original Issue Discount | 2,676,000 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Senior Notes - September 2015 | |||
Debt Instrument [Line Items] | |||
Amount | $ 400,000,000 | ||
Percentage of par value | 99.811% | ||
Coupon (percent) | 3.35% | ||
Yield rate (percent) | 3.391% | ||
Original Issue Discount | $ 756,000 | ||
Term | 5 years | ||
Net proceeds from sale of notes | $ 394,400,000 | ||
Offering proceeds to pay down outstanding balance | 356,200,000 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Senior Notes - June 2014 | |||
Debt Instrument [Line Items] | |||
Amount | $ 400,000,000 | ||
Percentage of par value | 99.861% | ||
Coupon (percent) | 4.125% | ||
Yield rate (percent) | 4.142% | ||
Original Issue Discount | $ 556,000 | ||
Term | 10 years | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Senior Notes - April 2013 | |||
Debt Instrument [Line Items] | |||
Amount | $ 400,000,000 | ||
Percentage of par value | 99.659% | ||
Coupon (percent) | 3.75% | ||
Yield rate (percent) | 3.791% | ||
Original Issue Discount | $ 1,364,000 | ||
Term | 10 years |
Debt - Additional Information (
Debt - Additional Information (Detail Textuals) | 12 Months Ended |
Dec. 31, 2015USD ($)SubsidaryExtension_optionbond_seriesPropertyLoan | |
Debt Instrument [Line Items] | |
Number of properties | Property | 3 |
Percentage of financing | 100.00% |
Number of series of taxable bonds issued | bond_series | 3 |
Number of special purpose subsidiaries | Subsidary | 3 |
Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Ratio of borrowing amount to value of properties | 60.00% |
Term Loan I Facility | |
Debt Instrument [Line Items] | |
Number of loan extension options | Extension_option | 2 |
Duration of loan extension options | 12 years |
Weighted average annual interest rate (percent) | 0.89% |
Variable interest rate (percent) | 2.39% |
Term Loan II Facility | |
Debt Instrument [Line Items] | |
Variable interest rate at period end | 1.73% |
Reference rate | 0.23% |
Weighted average interest rate spread (percent) | 1.50% |
Unsecured Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Credit facility | $ 1,100,000,000 |
Additional borrowing capacity of unsecured facility | $ 500,000,000 |
Credit facility, additional extension period | 12 months |
Unsecured Revolving Credit Facility | Term Loan | |
Debt Instrument [Line Items] | |
Credit facility | $ 600,000,000 |
Number of unsecured loans | Loan | 2 |
Unsecured Revolving Credit Facility | Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Credit facility | $ 500,000,000 |
Variable interest rate at period end | 1.95% |
Reference rate | 0.40% |
Weighted average interest rate spread (percent) | 1.30% |
Annual unused commitment fee (percent) | 0.25% |
Revolving credit facility available | $ (431,100,000) |
Unsecured Revolving Credit Facility | Term Loan I Facility | |
Debt Instrument [Line Items] | |
Credit facility | 350,000,000 |
Unsecured Revolving Credit Facility | Term Loan II Facility | |
Debt Instrument [Line Items] | |
Secured agency facility | $ 250,000,000 |
Debt - Scheduled debt maturitie
Debt - Scheduled debt maturities (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Scheduled Principal | |
Debt Instrument [Line Items] | |
2,016 | $ 169,152 |
2,017 | 482,987 |
2,018 | 245,273 |
2,019 | 265,916 |
2,020 | 470,561 |
Thereafter | 1,285,739 |
Total debt | 2,919,628 |
The Court at Stadium Centre | |
Debt Instrument [Line Items] | |
Construction loan payable | $ 5,600 |
Stockholders' Equity _ Partne79
Stockholders' Equity / Partners' Capital - Additional Information (Detail Textuals) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2015$ / Unitshares | Dec. 31, 2015USD ($)$ / Unitshares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jun. 30, 2015USD ($) | |
Class Of Stock [Line Items] | |||||
ATM equity program, aggregate offering price authorized | $ 500,000,000 | ||||
Vesting of restricted stock awards and restricted stock units | $ 2,145,000 | $ 1,998,000 | $ 2,869,000 | ||
At Market Atm Twenty Eleven Programs | |||||
Class Of Stock [Line Items] | |||||
ATM equity program, aggregate offering price authorized | $ 500,000,000 | ||||
ATM equity program, common stock offering price | $ 194,000,000 | ||||
Treasury Shares | |||||
Class Of Stock [Line Items] | |||||
Vesting of restricted stock awards and restricted stock units (in shares) | shares | 10,155 | ||||
Vesting of restricted stock awards and restricted stock units | $ 403,000 | ||||
Common shares | |||||
Class Of Stock [Line Items] | |||||
Conversion of stock, shares issued (in shares) | shares | 119,474 | ||||
Canal, 8 1/2 | Common OP units | |||||
Class Of Stock [Line Items] | |||||
Equity issued as part of business acquisition (in shares) | shares | 343,895 | 343,895 | |||
Equity issued as part of business acquisition (in dollars per unit) | $ / Unit | 41.24 | 41.24 |
Stockholders' Equity _ Partne80
Stockholders' Equity / Partners' Capital Stockholders' Equity / Partners' Capital - Summary of Equity Program Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | |||
Total net proceeds | $ 216,666 | $ 89,317 | $ 0 |
ATM Equity Program | |||
Class of Stock [Line Items] | |||
Total net proceeds | 213,416 | 87,977 | |
Commissions paid to sales agents | $ 3,250 | $ 1,340 | |
Weighted average price per share (in dollars per share) | $ 43.92 | $ 40.48 | |
Shares of common stock sold (in shares) | 4,933,665 | 2,206,240 |
Incentive Award Plan - Addition
Incentive Award Plan - Additional Information (Detail Textuals) | Jul. 01, 2015USD ($) | May. 31, 2015USD ($) | Dec. 31, 2015USD ($)employee$ / sharesshares | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2013USD ($)$ / shares | May. 31, 2010shares |
2010 Incentive Award Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based awards, number of shares reserved for issuance | shares | 1,700,000 | |||||
Stock-based awards, number of shares available for issuance | shares | 975,324 | |||||
Restricted Stock Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Allocated share-based compensation | $ 7,500,000 | $ 6,800,000 | $ 6,400,000 | |||
Weighted-average grant date fair value, granted (in dollars per share) | $ / shares | $ 44.23 | $ 34.52 | $ 47.64 | |||
Restricted stock award vesting period (in years) | 5 years | |||||
Weighted-average grant date fair value, forfeited (in dollars per share) | $ / shares | $ 38.78 | $ 36.75 | $ 32.15 | |||
Total fair value of RSAs vested | $ 7,700,000 | |||||
Total unrecognized compensation cost | $ 20,300,000 | |||||
Total unrecognized compensation cost, weighted-average period (in years) | 3 years | |||||
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 employees holding unvested awards which will vest upon retirement | employee | 5 | |||||
Number of unvested awards held by individual | shares | 165,783 | |||||
Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Allocated share-based compensation | $ 900,000 | $ 600,000 | $ 500,000 | |||
Weighted-average grant date fair value, granted (in dollars per share) | $ / shares | $ 39.65 | $ 38.54 | $ 44.09 | |||
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 | |||||
Increase in share based compensation net of forfeitures | $ 55,000 | |||||
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 | |||||
Increase in share based compensation net of forfeitures | $ 33,500 | |||||
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 |
Incentive Award Plan - Summary
Incentive Award Plan - Summary of restricted stock units (Details) - Restricted Stock Units - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of RSUs | |||
Granted (in shares) | 22,320 | 15,457 | |
Settled in common shares (in shares) | (16,491) | (9,027) | |
Settled in cash (in shares) | (5,829) | (6,430) | |
Weighted-Average Grant Date Fair Value Per RSU | |||
Nonvested, Weighted-Average Grant Date Fair Value Per RSA, beginning balance (in dollars per share) | $ 0 | $ 0 | |
Granted, Weighted-Average Grant Date Fair Value Per RSA (in dollars per share) | 39.65 | 38.54 | $ 44.09 |
Settled in common shares, Weighted-Average Grant Date Fair Value Per RSU (in dollars per share) | 39.77 | 38.54 | |
Settled in cash, Weighted-Average Grant Date Fair Value Per RSU (in dollars per share) | 39.34 | 38.54 | |
Nonvested, Weighted-Average Grant Date Fair Value Per RSA, ending balance (in dollars per share) | $ 0 | $ 0 | $ 0 |
Incentive Award Plan - Summar83
Incentive Award Plan - Summary of restricted stock awards (Details) - Restricted Stock Awards - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of RSUs | |||
Nonvested, Number of RSAs, beginning balance (in shares) | 609,514 | 602,191 | |
Granted (in shares) | 286,178 | 292,526 | |
Vested (in shares) | (116,166) | (124,883) | |
Forfeited (in shares) | (123,601) | (160,320) | |
Nonvested, Number of RSAs, ending balance (in shares) | 655,925 | 609,514 | 602,191 |
Weighted-Average Grant Date Fair Value Per RSA | |||
Nonvested, Weighted-Average Grant Date Fair Value Per RSA, beginning balance (in dollars per share) | $ 38.31 | $ 38.84 | |
Granted, Weighted-Average Grant Date Fair Value Per RSA (in dollars per share) | 44.23 | 34.52 | $ 47.64 |
Vested, Weighted-Average Grant Date Fair Value Per RSA (in dollars per share) | 36.50 | 34 | |
Forfeited, Weighted-Average Grant Date Fair Value Per RSA (in dollars per share) | 38.78 | 36.75 | 32.15 |
Nonvested, Weighted-Average Grant Date Fair Value Per RSA, ending balance (in dollars per share) | $ 41.12 | $ 38.31 | $ 38.84 |
Derivative Instruments and He84
Derivative Instruments and Hedging Activities - Summary of outstanding interest rate swap contracts (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Derivative [Line Items] | |
Notional amount | $ 449,587 |
Fair Value | $ (2,454) |
Interest Rate Swap - 2.275% Fixed Rate | |
Derivative [Line Items] | |
Effective Date | Feb. 18, 2014 |
Maturity Date | Feb. 15, 2021 |
Pay Fixed Rate | 2.275% |
Receive Floating Rate Index | LIBOR – 1 month |
Notional amount | $ 14,718 |
Fair Value | $ (514) |
Interest Rate Swap - 2.275% Fixed Rate | |
Derivative [Line Items] | |
Effective Date | Feb. 18, 2014 |
Maturity Date | Feb. 15, 2021 |
Pay Fixed Rate | 2.275% |
Receive Floating Rate Index | LIBOR – 1 month |
Notional amount | $ 14,869 |
Fair Value | $ (519) |
Interest Rate Swap - 0.8695% Fixed Rate | |
Derivative [Line Items] | |
Effective Date | Feb. 2, 2012 |
Maturity Date | Jan. 2, 2017 |
Pay Fixed Rate | 0.8695% |
Receive Floating Rate Index | LIBOR – 1 month |
Notional amount | $ 125,000 |
Fair Value | $ (233) |
Interest Rate Swap - 0.88% Fixed Rate | |
Derivative [Line Items] | |
Effective Date | Feb. 2, 2012 |
Maturity Date | Jan. 2, 2017 |
Pay Fixed Rate | 0.88% |
Receive Floating Rate Index | LIBOR – 1 month |
Notional amount | $ 100,000 |
Fair Value | $ (197) |
Interest Rate Swap - 0.8875% Fixed Rate | |
Derivative [Line Items] | |
Effective Date | Feb. 2, 2012 |
Maturity Date | Jan. 2, 2017 |
Pay Fixed Rate | 0.8875% |
Receive Floating Rate Index | LIBOR – 1 month |
Notional amount | $ 62,500 |
Fair Value | $ (128) |
Interest Rate Swap - 0.889% Fixed Rate | |
Derivative [Line Items] | |
Effective Date | Feb. 2, 2012 |
Maturity Date | Jan. 2, 2017 |
Pay Fixed Rate | 0.889% |
Receive Floating Rate Index | LIBOR – 1 month |
Notional amount | $ 62,500 |
Fair Value | $ (129) |
Interest Rate Swap - 1.545% Fixed Rate | |
Derivative [Line Items] | |
Effective Date | Nov. 1, 2013 |
Maturity Date | Oct. 5, 2018 |
Pay Fixed Rate | 1.545% |
Receive Floating Rate Index | LIBOR – 1 month |
Notional amount | $ 70,000 |
Fair Value | $ (734) |
Derivative Instruments and He85
Derivative Instruments and Hedging Activities - Additional Information (Detail Textuals 1) | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Mar. 31, 2014USD ($)Contract | |
Derivative [Line Items] | |||||
Notional amount | $ 449,587,000 | ||||
Payment for termination of derivative instrument | 0 | $ 4,122,000 | $ 0 | ||
Amortization of interest rate swap terminations | 412,000 | 222,000 | 0 | ||
Forward contracts | |||||
Derivative [Line Items] | |||||
Number of interest rate swap contracts | Contract | 2 | ||||
Payment for termination of derivative instrument | $ 4,100,000 | ||||
Amortization of interest rate swap terminations | 400,000 | 200,000 | |||
Termination payment remaining to be amortized | 3,500,000 | 3,900,000 | |||
Forward contracts | Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Notional amount | $ 200,000,000 | ||||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||||
Derivative [Line Items] | |||||
Payment for termination of derivative instrument | 0 | 4,122,000 | 0 | ||
Amortization of interest rate swap terminations | $ 412,000 | $ 222,000 | $ 0 | ||
Senior Notes - June 2014 | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||||
Derivative [Line Items] | |||||
Effective interest rate after effect of derivative instruments | 4.269% |
Derivative Instruments and He86
Derivative Instruments and Hedging Activities - Fair value of derivative financial instruments and classification on consolidated balance sheet (Details) - Designated as hedging instrument - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Interest rate swaps contracts | $ 2,454 | $ 2,306 |
Interest Rate Swap Contracts | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Interest rate swaps contracts | $ 2,454 | $ 2,306 |
Fair Value Disclosures - Financ
Fair Value Disclosures - Financial instruments measured at fair value (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Liabilities: | ||
Derivative Liabilities: financial instruments | $ 2,454 | $ 2,306 |
Mezzanine: | ||
Mezzanine Redeemable noncontrolling interests - Operating Partnership/ redeemable limited partners | 59,511 | 54,472 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | ||
Liabilities: | ||
Derivative Liabilities: financial instruments | 0 | |
Significant Other Observable Inputs (Level 2) | ||
Liabilities: | ||
Derivative Liabilities: financial instruments | 2,454 | 2,306 |
Mezzanine: | ||
Mezzanine Redeemable noncontrolling interests - Operating Partnership/ redeemable limited partners | 59,511 | 54,472 |
Significant Unobservable Inputs (Level 3) | ||
Liabilities: | ||
Derivative Liabilities: financial instruments | 0 | 0 |
Mezzanine: | ||
Mezzanine Redeemable noncontrolling interests - Operating Partnership/ redeemable limited partners | $ 0 | $ 0 |
Fair Value Disclosures - Estima
Fair Value Disclosures - Estimated fair value and related carrying amounts for mortgage loans and bonds payable (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Estimated Fair Value | ||
Assets: | ||
Loans receivable | $ 48,030 | $ 47,092 |
Liabilities: | ||
Unsecured notes | 1,191,520 | 802,943 |
Mortgage loans | 1,000,226 | 1,182,501 |
Bonds payable | 41,288 | 45,176 |
Carrying Amount | ||
Assets: | ||
Loans receivable | 57,200 | 54,260 |
Liabilities: | ||
Unsecured notes | 1,197,755 | 798,305 |
Mortgage loans | 1,058,831 | 1,184,550 |
Bonds payable | $ 36,935 | $ 39,785 |
Lease Commitments - Additional
Lease Commitments - Additional Information (Detail Textuals) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Leases Disclosure [Line Items] | |||
Prepaid ground rent | $ 5.9 | $ 1.8 | |
Ground/facility leases | 7.5 | 6.2 | $ 5 |
Capitalized rent | 0.4 | 1.4 | 1.1 |
Furniture, office and technology equipment | |||
Leases Disclosure [Line Items] | |||
Ground/facility leases | $ 8.9 | $ 7.8 | $ 6.5 |
Lease Commitments - Future mini
Lease Commitments - Future minimum commitments over life (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,016 | $ 7,246 |
2,017 | 7,091 |
2,018 | 6,999 |
2,019 | 6,721 |
2,020 | 6,705 |
Thereafter | 227,519 |
Total minimum lease payments | $ 262,281 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail Textuals) $ in Millions | 1 Months Ended | 12 Months Ended | |
May. 31, 2016USD ($) | Aug. 31, 2013USD ($)Contract | Dec. 31, 2015USD ($)Property | |
Commitments and Contingencies Disclosure [Line Items] | |||
Number of under development properties | Property | 8 | ||
Alternate Housing Guarantees and Project Cost Guarantees | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Estimated maximum exposure under guarantee, amount | $ 1.5 | ||
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 | Contract | 3 | ||
Lease extension period | 10 years | ||
Time period company is committed to improvements | 5 years | ||
Commitment to pay real estate transfer taxes, amount | $ 1.8 | ||
Real estate transfer taxes paid upon conveyance of land | 0.6 | ||
Renovation and capital improvements | Drexel University Property | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Commitment as part of ground lease agreement, amount | 22.3 | ||
Payments for capital improvements and renovations | $ 34.1 | ||
Maximum | Drexel University Property | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Commitment to pay real estate transfer taxes, amount | $ 2.4 | ||
Construction Contracts | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Construction contacts, amount to complete projects | 289.5 | ||
Operating Expense | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Assumed obligation for infrastructure improvements expense | $ 0.6 | ||
The Court at Stadium Centre | Forecast | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Payments to Acquire Real Estate and Real Estate Joint Ventures | $ 26.5 | ||
Stadium Centre | Forecast | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Payments to Acquire Real Estate and Real Estate Joint Ventures | $ 6.9 |
Segments - Additional Informati
Segments - Additional Information (Detail Textuals) | 12 Months Ended |
Dec. 31, 2015Segment | |
Segment Reporting [Abstract] | |
Identified reportable segments | 4 |
Segment - Summary of business s
Segment - Summary of business segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Property management fees from external customers | $ 8,813 | $ 7,669 | $ 7,514 | ||||||||
Total revenues | $ 202,198 | $ 180,816 | $ 177,874 | $ 192,493 | $ 196,819 | $ 181,936 | $ 171,977 | $ 183,183 | 753,381 | 733,915 | 657,462 |
Ground/facility leases | (7,500) | (6,200) | (5,000) | ||||||||
Operating expenses | (596,477) | (578,929) | (525,709) | ||||||||
Interest expense | (87,789) | (90,362) | (78,028) | ||||||||
Income from continuing operations | 27,291 | $ (5,785) | $ 13,731 | $ 26,147 | 118,061 | 61,384 | 47,436 | ||||
Total assets | 6,025,947 | 5,834,748 | 6,025,947 | 5,834,748 | |||||||
Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 777,508 | 757,886 | 679,026 | ||||||||
Income from continuing operations | 118,061 | 61,384 | 47,436 | ||||||||
Operating segments | Wholly owned properties | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Rental revenues and other income | 708,018 | 693,694 | 621,117 | ||||||||
Interest and other income | 1,071 | 1,079 | 152 | ||||||||
Total revenues | 709,089 | 694,773 | 621,269 | ||||||||
Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead | (330,932) | (331,046) | (300,207) | ||||||||
Ground/facility leases | (5,297) | (4,196) | (2,956) | ||||||||
Interest expense | (30,147) | (42,906) | (45,401) | ||||||||
Segment operating income (loss) before depreciation, amortization and allocation of corporate overhead | 342,713 | 316,625 | 272,705 | ||||||||
Depreciation and amortization | 198,986 | 189,424 | 178,396 | ||||||||
Capital expenditures | 316,468 | 334,249 | 350,118 | ||||||||
Total segment assets | 5,809,526 | 5,604,358 | 5,809,526 | 5,604,358 | 5,394,029 | ||||||
Operating segments | On-campus participating properties, net | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Rental revenues and other income | 31,586 | 28,534 | 26,348 | ||||||||
Interest and other income | 2 | 3 | 16 | ||||||||
Total revenues | 31,588 | 28,537 | 26,364 | ||||||||
Operating expenses before depreciation, amortization, ground/facility lease, and allocation of corporate overhead | (11,407) | (10,437) | (10,322) | ||||||||
Ground/facility leases | (2,935) | (3,201) | (2,446) | ||||||||
Interest expense | (5,833) | (5,131) | (5,463) | ||||||||
Segment operating income (loss) before depreciation, amortization and allocation of corporate overhead | 11,413 | 9,768 | 8,133 | ||||||||
Depreciation and amortization | 7,034 | 5,688 | 4,756 | ||||||||
Capital expenditures | 2,943 | 29,621 | 17,094 | ||||||||
Total segment assets | 105,546 | 110,017 | 105,546 | 110,017 | 88,777 | ||||||
Operating segments | Development Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Development and construction management fees | 4,964 | 4,018 | 2,483 | ||||||||
Operating expenses | (13,732) | (11,883) | (11,172) | ||||||||
Segment operating income (loss) before depreciation, amortization and allocation of corporate overhead | (8,768) | (7,865) | (8,689) | ||||||||
Total segment assets | 1,730 | 1,530 | 1,730 | 1,530 | 1,848 | ||||||
Operating segments | Property Management Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property management fees from external customers | 8,813 | 7,669 | 7,514 | ||||||||
Intersegment revenues | 23,054 | 22,889 | 21,396 | ||||||||
Total revenues | 31,867 | 30,558 | 28,910 | ||||||||
Operating expenses | (11,360) | (12,400) | (10,349) | ||||||||
Segment operating income (loss) before depreciation, amortization and allocation of corporate overhead | 20,507 | 18,158 | 18,561 | ||||||||
Total segment assets | 9,432 | 6,513 | 9,432 | 6,513 | 7,033 | ||||||
Operating segments | Reconciliations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total segment assets | 5,926,234 | 5,722,418 | 5,926,234 | 5,722,418 | 5,491,687 | ||||||
Unallocated corporate assets | 99,713 | 112,330 | 99,713 | 112,330 | 106,353 | ||||||
Total assets | $ 6,025,947 | $ 5,834,748 | 6,025,947 | 5,834,748 | 5,598,040 | ||||||
Unallocated interest income earned on investments and corporate cash | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 3,348 | 3,086 | 2,837 | ||||||||
Elimination of intersegment revenues | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | (23,054) | (22,889) | (21,396) | ||||||||
Total consolidated revenues, including interest income | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 757,802 | 738,083 | 660,467 | ||||||||
Segment operating income before depreciation, amortization and allocation of corporate overhead | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from continuing operations | 365,865 | 336,686 | 290,710 | ||||||||
Depreciation and amortization | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from continuing operations | (214,338) | (203,413) | (190,596) | ||||||||
Net unallocated expenses relating to corporate interest and overhead | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from continuing operations | (83,541) | (67,956) | (48,992) | ||||||||
Gain (loss) from disposition of real estate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from continuing operations | 52,699 | (368) | |||||||||
Provision for real estate impairment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from continuing operations | 0 | (2,443) | 0 | ||||||||
Other nonoperating income (expense) | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from continuing operations | 388 | 186 | (2,666) | ||||||||
Loss from early extinguishment of debt | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from continuing operations | (1,770) | 0 | 0 | ||||||||
Income tax provision | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income from continuing operations | $ (1,242) | $ (1,308) | $ (1,020) |
Quarterly Financial Informati94
Quarterly Financial Information (Unaudited) - Information related to quarterly consolidated financial results(Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Total segment revenues and other income | $ 202,198 | $ 180,816 | $ 177,874 | $ 192,493 | $ 196,819 | $ 181,936 | $ 171,977 | $ 183,183 | $ 753,381 | $ 733,915 | $ 657,462 |
Operating income | 53,725 | 18,551 | 34,452 | 50,176 | 52,704 | 18,854 | 35,433 | 47,995 | 156,904 | 154,986 | 131,753 |
Net income | 27,291 | (5,785) | 13,731 | 26,147 | 118,061 | 61,384 | 47,436 | ||||
Discontinued operations | 0 | 0 | 0 | 2,720 | 0 | 2,720 | 59,755 | ||||
Net income | 28,860 | 2,016 | 15,918 | 71,267 | 27,291 | (5,785) | 13,731 | 28,867 | 118,061 | 64,104 | 107,191 |
Net income attributable to noncontrolling interests | 501 | 161 | 338 | 1,070 | 441 | 62 | 293 | 469 | 2,070 | 1,265 | 2,547 |
Net income attributable to ACC, Inc. and Subsidiaries common stockholders | $ 28,359 | $ 1,855 | $ 15,580 | $ 70,197 | $ 26,850 | $ (5,847) | $ 13,438 | $ 28,398 | 115,991 | 62,839 | 104,644 |
Net income (loss) available to common unitholders | $ 114,905 | $ 61,763 | $ 103,717 | ||||||||
Net income (loss) attributable to ACC, Inc. and Subsidiaries common shareholders per share - basic (in dollars per share) | $ 0.25 | $ 0.01 | $ 0.14 | $ 0.63 | $ 0.25 | $ (0.06) | $ 0.13 | $ 0.27 | $ 1.03 | $ 0.59 | $ 0.99 |
Net income attributable to ACC, Inc. and Subsidiaries common shareholders per share - diluted (in dollars per share) | $ 0.25 | $ 0.01 | $ 0.14 | $ 0.62 | $ 0.25 | $ (0.06) | $ 0.12 | $ 0.27 | $ 1.02 | $ 0.58 | $ 0.98 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||||||||||
Total segment revenues and other income | $ 202,198 | $ 180,816 | $ 177,874 | $ 192,493 | $ 196,819 | $ 181,936 | $ 171,977 | $ 183,183 | $ 753,381 | $ 733,915 | $ 657,462 |
Operating income | 52,704 | 18,854 | 35,433 | 47,995 | 156,904 | 154,986 | 131,753 | ||||
Net income | 27,291 | (5,785) | 13,731 | 26,147 | 118,061 | 61,384 | 47,436 | ||||
Discontinued operations | 0 | 0 | 0 | 2,720 | 0 | 2,720 | 59,755 | ||||
Net income | 27,291 | (5,785) | 13,731 | 28,867 | 118,061 | 64,104 | 107,191 | ||||
Net income attributable to noncontrolling interests | (105) | (92) | (92) | (323) | (95) | (81) | (88) | (88) | (612) | (352) | |
Series A preferred unit distributions | (44) | (44) | (44) | (44) | (44) | (44) | (45) | (45) | (176) | (178) | (182) |
Net income attributable to ACC, Inc. and Subsidiaries common stockholders | 117,449 | 63,752 | 106,003 | ||||||||
Net income (loss) available to common unitholders | $ 28,711 | $ 1,880 | $ 15,782 | $ 70,900 | $ 27,152 | $ (5,910) | $ 13,598 | $ 28,734 | $ 117,273 | $ 63,574 | $ 105,821 |
Net income (loss) attributable to ACC, Inc. and Subsidiaries common shareholders per share - basic (in dollars per share) | $ 1.03 | $ 0.59 | $ 0.99 | ||||||||
Net income attributable to common unitholders per unit - basic (in dollars per share/unit) | $ 0.25 | $ 0.01 | $ 0.14 | $ 0.63 | $ 0.25 | $ (0.06) | $ 0.13 | $ 0.24 | 1.03 | 0.59 | 0.99 |
Net income attributable to ACC, Inc. and Subsidiaries common shareholders per share - diluted (in dollars per share) | 1.02 | 0.58 | 0.98 | ||||||||
Net income attributable to common unitholders (in dollars per share) | $ 0.25 | $ 0.01 | $ 0.14 | $ 0.63 | $ 0.25 | $ (0.06) | $ 0.12 | $ 0.27 | $ 1.02 | $ 0.58 | $ 0.98 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) | Feb. 05, 2016 | Jan. 29, 2016 | Feb. 26, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Subsequent Event [Line Items] | ||||||
Total net proceeds | $ 216,666,000 | $ 89,317,000 | $ 0 | |||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Company dividend paid (in dollars per share) | $ 0.40 | |||||
Term Loan I Facility | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Unsecured term loan amount refinanced | $ 150,000,000 | |||||
Credit facility | $ 350,000,000 | |||||
Unsecured Revolving Credit Facility | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Repayments of debt relating to issuance of offering proceeds | $ 107,000,000 | |||||
Term Loan II Facility | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Repayments of debt relating to issuance of offering proceeds | $ 250,000,000 | |||||
Common shares | ||||||
Subsequent Event [Line Items] | ||||||
Shares of common stock sold (in shares) | 4,933,665 | 2,206,240 | ||||
Common shares | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Shares of common stock sold (in shares) | 17,940,000 | |||||
Price per common stock (in dollars per share) | $ 41.25 | |||||
Total net proceeds | $ 708,200,000 | |||||
Common shares | Over-Allotment Option | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Shares of common stock sold (in shares) | 2,340,000 |
Schedule of Real Estate and A96
Schedule of Real Estate and Accumulated Depreciation (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($)UnitBed | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 32,455 | |||
Beds | Bed | 99,388 | |||
Initial Cost, Land | $ 610,617 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 5,566,320 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 352,795 | |||
Total Costs, Land | 611,222 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 5,918,510 | |||
Total Costs, Total | 6,529,732 | |||
Accumulated Depreciation | 861,978 | |||
Encumbrances | 1,050,728 | |||
Aggregate costs for federal income tax purposes | $ 6,492,200 | |||
Wholly owned properties | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 30,368 | |||
Beds | Bed | 94,302 | |||
Initial Cost, Land | $ 610,617 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 5,423,776 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 335,354 | |||
Total Costs, Land | 611,222 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 5,758,525 | |||
Total Costs, Total | 6,369,747 | |||
Accumulated Depreciation | 792,122 | $ 704,521 | $ 529,555 | $ 396,469 |
Encumbrances | $ 940,328 | |||
Wholly owned properties | The Callaway House | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 173 | |||
Beds | Bed | 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 | 9,136 | |||
Total Costs, Land | 5,081 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 29,635 | |||
Total Costs, Total | 34,716 | |||
Accumulated Depreciation | $ 11,467 | |||
Year Built | 1,999 | |||
Wholly owned properties | The Village at Science Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 192 | |||
Beds | Bed | 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 | 2,600 | |||
Total Costs, Land | 4,673 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,621 | |||
Total Costs, Total | 26,294 | |||
Accumulated Depreciation | $ 8,592 | |||
Year Built | 2,000 | |||
Wholly owned properties | University Village at Boulder Creek | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 82 | |||
Beds | Bed | 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 | 1,669 | |||
Total Costs, Land | 1,035 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,062 | |||
Total Costs, Total | 19,097 | |||
Accumulated Depreciation | $ 7,051 | |||
Year Built | 2,002 | |||
Wholly owned properties | University Village - Fresno | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 105 | |||
Beds | Bed | 406 | |||
Initial Cost, Land | $ 929 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 15,553 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 841 | |||
Total Costs, Land | 929 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,394 | |||
Total Costs, Total | 17,323 | |||
Accumulated Depreciation | $ 5,850 | |||
Year Built | 2,004 | |||
Wholly owned properties | University Village | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 220 | |||
Beds | Bed | 749 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,119 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,601 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 43,720 | |||
Total Costs, Total | 43,720 | |||
Accumulated Depreciation | $ 14,067 | |||
Year Built | 2,004 | |||
Wholly owned properties | University Club Townhomes | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 216 | |||
Beds | Bed | 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 | 5,815 | |||
Total Costs, Land | 4,665 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 28,918 | |||
Total Costs, Total | 33,583 | |||
Accumulated Depreciation | $ 11,091 | |||
Year Built | 2000/2002 | |||
Wholly owned properties | College Club Townhomes | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 136 | |||
Beds | Bed | 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 | 2,919 | |||
Total Costs, Land | 1,967 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,968 | |||
Total Costs, Total | 20,935 | |||
Accumulated Depreciation | $ 7,195 | |||
Year Built | 2001/2004 | |||
Wholly owned properties | University Club Apartments | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 94 | |||
Beds | Bed | 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 | 1,723 | |||
Total Costs, Land | 1,416 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 13,571 | |||
Total Costs, Total | 14,987 | |||
Accumulated Depreciation | $ 4,608 | |||
Year Built | 1,999 | |||
Wholly owned properties | City Parc at Fry Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 136 | |||
Beds | Bed | 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 | 1,946 | |||
Total Costs, Land | 1,902 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 19,624 | |||
Total Costs, Total | 21,526 | |||
Accumulated Depreciation | $ 6,446 | |||
Year Built | 2,004 | |||
Wholly owned properties | Entrada Real | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 98 | |||
Beds | Bed | 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 | 2,297 | |||
Total Costs, Land | 1,475 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,156 | |||
Total Costs, Total | 19,631 | |||
Accumulated Depreciation | $ 5,091 | |||
Year Built | 2,000 | |||
Wholly owned properties | University Village at Sweethome | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 269 | |||
Beds | Bed | 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 | 2,076 | |||
Total Costs, Land | 2,473 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,702 | |||
Total Costs, Total | 39,175 | |||
Accumulated Depreciation | 11,841 | |||
Encumbrances | $ 0 | |||
Year Built | 2,005 | |||
Wholly owned properties | University Village - Tallahassee | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 217 | |||
Beds | Bed | 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 | 4,091 | |||
Total Costs, Land | 4,322 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,316 | |||
Total Costs, Total | 34,638 | |||
Accumulated Depreciation | 9,082 | |||
Encumbrances | $ 0 | |||
Year Built | 1990/91/92 | |||
Wholly owned properties | Royal Village Gainesville | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 118 | |||
Beds | Bed | 448 | |||
Initial Cost, Land | $ 2,386 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 15,153 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,747 | |||
Total Costs, Land | 2,386 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,900 | |||
Total Costs, Total | 19,286 | |||
Accumulated Depreciation | $ 5,168 | |||
Year Built | 1,996 | |||
Wholly owned properties | Royal Lexington | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 94 | |||
Beds | Bed | 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 | 5,195 | |||
Total Costs, Land | 2,848 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,978 | |||
Total Costs, Total | 20,826 | |||
Accumulated Depreciation | $ 5,038 | |||
Year Built | 1,994 | |||
Wholly owned properties | Raiders Pass | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 264 | |||
Beds | Bed | 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 | 3,086 | |||
Total Costs, Land | 3,877 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 35,531 | |||
Total Costs, Total | 39,408 | |||
Accumulated Depreciation | $ 10,348 | |||
Year Built | 2,002 | |||
Wholly owned properties | Aggie Station | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 156 | |||
Beds | Bed | 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 | 1,381 | |||
Total Costs, Land | 1,634 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,202 | |||
Total Costs, Total | 21,836 | |||
Accumulated Depreciation | $ 5,721 | |||
Year Built | 2,002 | |||
Wholly owned properties | The Outpost - San Antonio | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 276 | |||
Beds | Bed | 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 | 2,148 | |||
Total Costs, Land | 3,262 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 38,400 | |||
Total Costs, Total | 41,662 | |||
Accumulated Depreciation | $ 10,585 | |||
Year Built | 2,005 | |||
Wholly owned properties | Callaway Villas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 236 | |||
Beds | Bed | 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 | 987 | |||
Total Costs, Land | 3,903 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,273 | |||
Total Costs, Total | 37,176 | |||
Accumulated Depreciation | $ 9,779 | |||
Year Built | 2,006 | |||
Wholly owned properties | The Village on Sixth Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 248 | |||
Beds | Bed | 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 | 3,130 | |||
Total Costs, Land | 2,763 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,610 | |||
Total Costs, Total | 28,373 | |||
Accumulated Depreciation | 7,592 | |||
Encumbrances | $ 1,252 | |||
Year Built | 2000/2006 | |||
Wholly owned properties | Newtown Crossing | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 356 | |||
Beds | Bed | 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 | 1,718 | |||
Total Costs, Land | 7,013 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 55,315 | |||
Total Costs, Total | 62,328 | |||
Accumulated Depreciation | $ 15,222 | |||
Year Built | 2005/2007 | |||
Wholly owned properties | Olde Towne University Square | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 224 | |||
Beds | Bed | 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 | 1,333 | |||
Total Costs, Land | 2,277 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,947 | |||
Total Costs, Total | 28,224 | |||
Accumulated Depreciation | $ 7,744 | |||
Year Built | 2,005 | |||
Wholly owned properties | Peninsular Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 183 | |||
Beds | Bed | 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 | 1,021 | |||
Total Costs, Land | 2,306 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,580 | |||
Total Costs, Total | 19,886 | |||
Accumulated Depreciation | $ 5,460 | |||
Year Built | 2,005 | |||
Wholly owned properties | University Centre | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 234 | |||
Beds | Bed | 838 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 77,378 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 3,039 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 80,417 | |||
Total Costs, Total | 80,417 | |||
Accumulated Depreciation | $ 20,168 | |||
Year Built | 2,007 | |||
Wholly owned properties | Pirates Place Townhomes | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 144 | |||
Beds | Bed | 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 | 2,388 | |||
Total Costs, Land | 1,159 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,040 | |||
Total Costs, Total | 13,199 | |||
Accumulated Depreciation | 3,563 | |||
Encumbrances | $ 4,422 | |||
Year Built | 1,996 | |||
Wholly owned properties | The Summit and Jacob Heights | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 258 | |||
Beds | Bed | 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 | 1,588 | |||
Total Costs, Land | 2,318 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 38,052 | |||
Total Costs, Total | 40,370 | |||
Accumulated Depreciation | 8,659 | |||
Encumbrances | $ 26,773 | |||
Year Built | 4/6/2003 | |||
Wholly owned properties | GrandMarc Seven Corners | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 186 | |||
Beds | Bed | 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 | 1,841 | |||
Total Costs, Land | 4,491 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,648 | |||
Total Costs, Total | 35,139 | |||
Accumulated Depreciation | 7,094 | |||
Encumbrances | $ 0 | |||
Year Built | 2,000 | |||
Wholly owned properties | University Village- Sacramento | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 250 | |||
Beds | Bed | 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 | 2,139 | |||
Total Costs, Land | 7,275 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 14,778 | |||
Total Costs, Total | 22,053 | |||
Accumulated Depreciation | 4,247 | |||
Encumbrances | $ 0 | |||
Year Built | 1,979 | |||
Wholly owned properties | Aztec Corner | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 180 | |||
Beds | Bed | 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 | 1,476 | |||
Total Costs, Land | 17,460 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,685 | |||
Total Costs, Total | 51,145 | |||
Accumulated Depreciation | 7,461 | |||
Encumbrances | $ 27,026 | |||
Year Built | 1,995 | |||
Wholly owned properties | Campus Corner | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 254 | |||
Beds | Bed | 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 | 2,798 | |||
Total Costs, Land | 1,591 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 23,726 | |||
Total Costs, Total | 25,317 | |||
Accumulated Depreciation | 6,045 | |||
Encumbrances | $ 22,266 | |||
Year Built | 1,997 | |||
Wholly owned properties | Tower at Third | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 188 | |||
Beds | Bed | 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 | 10,313 | |||
Total Costs, Land | 1,748 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 28,838 | |||
Total Costs, Total | 30,586 | |||
Accumulated Depreciation | 7,340 | |||
Encumbrances | $ 0 | |||
Year Built | 1,973 | |||
Wholly owned properties | University Manor | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 168 | |||
Beds | Bed | 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 | 2,374 | |||
Total Costs, Land | 1,387 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,263 | |||
Total Costs, Total | 18,650 | |||
Accumulated Depreciation | $ 5,239 | |||
Year Built | 2,002 | |||
Wholly owned properties | The Edge- Orlando | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 306 | |||
Beds | Bed | 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 | 4,227 | |||
Total Costs, Land | 6,053 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 42,029 | |||
Total Costs, Total | 48,082 | |||
Accumulated Depreciation | 10,534 | |||
Encumbrances | $ 0 | |||
Year Built | 1,999 | |||
Wholly owned properties | Willowtree Apartments and Tower | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 473 | |||
Beds | Bed | 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 | 3,217 | |||
Total Costs, Land | 9,807 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,097 | |||
Total Costs, Total | 34,904 | |||
Accumulated Depreciation | 6,322 | |||
Encumbrances | $ 0 | |||
Year Built | 1968/1974 | |||
Wholly owned properties | Abbott Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 222 | |||
Beds | Bed | 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 | 2,752 | |||
Total Costs, Land | 1,833 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,065 | |||
Total Costs, Total | 22,898 | |||
Accumulated Depreciation | 6,218 | |||
Encumbrances | $ 17,850 | |||
Year Built | 1,999 | |||
Wholly owned properties | The Centre | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 232 | |||
Beds | Bed | 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 | 2,142 | |||
Total Costs, Land | 1,804 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,537 | |||
Total Costs, Total | 23,341 | |||
Accumulated Depreciation | 5,839 | |||
Encumbrances | $ 19,875 | |||
Year Built | 2,004 | |||
Wholly owned properties | Campus Way | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 194 | |||
Beds | Bed | 680 | |||
Initial Cost, Land | $ 1,431 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,845 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 7,919 | |||
Total Costs, Land | 1,431 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 29,764 | |||
Total Costs, Total | 31,195 | |||
Accumulated Depreciation | 6,986 | |||
Encumbrances | $ 15,375 | |||
Year Built | 1,993 | |||
Wholly owned properties | University Pointe | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 204 | |||
Beds | Bed | 682 | |||
Initial Cost, Land | $ 989 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 27,576 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,997 | |||
Total Costs, Land | 989 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 29,573 | |||
Total Costs, Total | 30,562 | |||
Accumulated Depreciation | 7,065 | |||
Encumbrances | $ 0 | |||
Year Built | 2,004 | |||
Wholly owned properties | University Trails | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 240 | |||
Beds | Bed | 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 | 2,877 | |||
Total Costs, Land | 1,183 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 28,050 | |||
Total Costs, Total | 29,233 | |||
Accumulated Depreciation | 6,922 | |||
Encumbrances | $ 0 | |||
Year Built | 2,003 | |||
Wholly owned properties | Campus Trails | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 156 | |||
Beds | Bed | 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 | 4,073 | |||
Total Costs, Land | 1,358 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 15,364 | |||
Total Costs, Total | 16,722 | |||
Accumulated Depreciation | 3,917 | |||
Encumbrances | $ 7,486 | |||
Year Built | 1,991 | |||
Wholly owned properties | Vista del Sol (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 613 | |||
Beds | Bed | 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 | 2,646 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 138,585 | |||
Total Costs, Total | 138,585 | |||
Accumulated Depreciation | 31,209 | |||
Encumbrances | $ 0 | |||
Year Built | 2,008 | |||
Wholly owned properties | Villas at Chestnut Ridge | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 196 | |||
Beds | Bed | 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 | 855 | |||
Total Costs, Land | 2,756 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 34,365 | |||
Total Costs, Total | 37,121 | |||
Accumulated Depreciation | $ 7,947 | |||
Year Built | 2,008 | |||
Wholly owned properties | Barrett Honors College (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 604 | |||
Beds | Bed | 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 | 1,433 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 132,735 | |||
Total Costs, Total | 132,735 | |||
Accumulated Depreciation | $ 26,606 | |||
Year Built | 2,009 | |||
Wholly owned properties | University Heights | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 176 | |||
Beds | Bed | 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 | 1,348 | |||
Total Costs, Land | 1,387 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 9,584 | |||
Total Costs, Total | 10,971 | |||
Accumulated Depreciation | $ 2,274 | |||
Year Built | 2,001 | |||
Wholly owned properties | Sanctuary Lofts | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 201 | |||
Beds | Bed | 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 | 3,047 | |||
Total Costs, Land | 2,960 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,227 | |||
Total Costs, Total | 24,187 | |||
Accumulated Depreciation | 4,744 | |||
Encumbrances | $ 0 | |||
Year Built | 2,006 | |||
Wholly owned properties | Lions Crossing | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 204 | |||
Beds | Bed | 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 | 2,584 | |||
Total Costs, Land | 4,453 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 35,408 | |||
Total Costs, Total | 39,861 | |||
Accumulated Depreciation | 5,757 | |||
Encumbrances | $ 0 | |||
Year Built | 1,996 | |||
Wholly owned properties | Nittany Crossing | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 204 | |||
Beds | Bed | 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 | 3,059 | |||
Total Costs, Land | 4,337 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 34,979 | |||
Total Costs, Total | 39,316 | |||
Accumulated Depreciation | 5,738 | |||
Encumbrances | $ 0 | |||
Year Built | 1,996 | |||
Wholly owned properties | University Oaks | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 181 | |||
Beds | Bed | 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 | 1,511 | |||
Total Costs, Land | 2,150 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,880 | |||
Total Costs, Total | 21,030 | |||
Accumulated Depreciation | 3,435 | |||
Encumbrances | $ 22,150 | |||
Year Built | 2,004 | |||
Wholly owned properties | Blanton Common | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 276 | |||
Beds | Bed | 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 | 1,663 | |||
Total Costs, Land | 3,788 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 31,325 | |||
Total Costs, Total | 35,113 | |||
Accumulated Depreciation | 5,202 | |||
Encumbrances | $ 27,892 | |||
Year Built | 2005/2007 | |||
Wholly owned properties | Burbank Commons | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 134 | |||
Beds | Bed | 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 | 2,669 | |||
Total Costs, Land | 2,512 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,732 | |||
Total Costs, Total | 25,244 | |||
Accumulated Depreciation | 4,228 | |||
Encumbrances | $ 14,888 | |||
Year Built | 1,995 | |||
Wholly owned properties | University Crescent | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 192 | |||
Beds | Bed | 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 | 2,235 | |||
Total Costs, Land | 3,548 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,638 | |||
Total Costs, Total | 34,186 | |||
Accumulated Depreciation | 5,412 | |||
Encumbrances | $ 24,150 | |||
Year Built | 1,999 | |||
Wholly owned properties | The Edge- Charlotte | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 180 | |||
Beds | Bed | 720 | |||
Initial Cost, Land | $ 3,076 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 23,395 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,924 | |||
Total Costs, Land | 3,076 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,319 | |||
Total Costs, Total | 29,395 | |||
Accumulated Depreciation | 4,554 | |||
Encumbrances | $ 0 | |||
Year Built | 1,999 | |||
Wholly owned properties | University Walk - 2002 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 120 | |||
Beds | Bed | 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 | 2,181 | |||
Total Costs, Land | 2,016 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,780 | |||
Total Costs, Total | 18,796 | |||
Accumulated Depreciation | 3,098 | |||
Encumbrances | $ 0 | |||
Year Built | 2,002 | |||
Wholly owned properties | Park Point - 2010 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 66 | |||
Beds | Bed | 226 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,725 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,054 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,779 | |||
Total Costs, Total | 26,779 | |||
Accumulated Depreciation | 617 | |||
Encumbrances | $ 11,461 | |||
Year Built | 2,010 | |||
Wholly owned properties | Uptown Apartments | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 180 | |||
Beds | Bed | 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 | 1,697 | |||
Total Costs, Land | 3,031 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 23,382 | |||
Total Costs, Total | 26,413 | |||
Accumulated Depreciation | 3,709 | |||
Encumbrances | $ 0 | |||
Year Built | 2,004 | |||
Wholly owned properties | 2nd Ave Centre | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 274 | |||
Beds | Bed | 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 | 2,981 | |||
Total Costs, Land | 4,434 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,217 | |||
Total Costs, Total | 34,651 | |||
Accumulated Depreciation | 5,599 | |||
Encumbrances | $ 0 | |||
Year Built | 2,008 | |||
Wholly owned properties | Villas at Babcock | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 204 | |||
Beds | Bed | 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 | 289 | |||
Total Costs, Land | 4,642 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 31,190 | |||
Total Costs, Total | 35,832 | |||
Accumulated Depreciation | 6,534 | |||
Encumbrances | $ 0 | |||
Year Built | 2,011 | |||
Wholly owned properties | Lobo Village (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 216 | |||
Beds | Bed | 864 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 42,490 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 513 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 43,003 | |||
Total Costs, Total | 43,003 | |||
Accumulated Depreciation | $ 6,176 | |||
Year Built | 2,011 | |||
Wholly owned properties | Villas on Sycamore | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 170 | |||
Beds | Bed | 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 | 465 | |||
Total Costs, Land | 3,000 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,105 | |||
Total Costs, Total | 28,105 | |||
Accumulated Depreciation | $ 5,532 | |||
Year Built | 2,011 | |||
Wholly owned properties | University Village Northwest (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 36 | |||
Beds | Bed | 144 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 4,228 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 29 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 4,257 | |||
Total Costs, Total | 4,257 | |||
Accumulated Depreciation | $ 783 | |||
Year Built | 2,011 | |||
Wholly owned properties | 26 West | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 367 | |||
Beds | Bed | 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 | 5,226 | |||
Total Costs, Land | 21,396 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 69,220 | |||
Total Costs, Total | 90,616 | |||
Accumulated Depreciation | $ 8,856 | |||
Year Built | 2,008 | |||
Wholly owned properties | The Varsity | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 258 | |||
Beds | Bed | 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 | 1,750 | |||
Total Costs, Land | 11,605 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 110,279 | |||
Total Costs, Total | 121,884 | |||
Accumulated Depreciation | 12,629 | |||
Encumbrances | $ 0 | |||
Year Built | 2,011 | |||
Wholly owned properties | Avalon Heights | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 210 | |||
Beds | Bed | 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 | 4,192 | |||
Total Costs, Land | 4,968 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 28,537 | |||
Total Costs, Total | 33,505 | |||
Accumulated Depreciation | $ 3,850 | |||
Year Built | 2,002 | |||
Wholly owned properties | University Commons | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 164 | |||
Beds | Bed | 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 | 2,318 | |||
Total Costs, Land | 12,559 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,328 | |||
Total Costs, Total | 33,887 | |||
Accumulated Depreciation | $ 2,557 | |||
Year Built | 2,003 | |||
Wholly owned properties | Casas del Rio (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 283 | |||
Beds | Bed | 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 | 517 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,156 | |||
Total Costs, Total | 41,156 | |||
Accumulated Depreciation | $ 7,915 | |||
Year Built | 2,012 | |||
Wholly owned properties | The Suites (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 275 | |||
Beds | Bed | 550 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 27,080 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 184 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 27,264 | |||
Total Costs, Total | 27,264 | |||
Accumulated Depreciation | $ 4,328 | |||
Year Built | 2,012 | |||
Wholly owned properties | Hilltop Townhomes (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 144 | |||
Beds | Bed | 576 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 31,507 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 215 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 31,722 | |||
Total Costs, Total | 31,722 | |||
Accumulated Depreciation | 5,030 | |||
Encumbrances | $ 0 | |||
Year Built | 2,012 | |||
Wholly owned properties | U Club on Frey | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 114 | |||
Beds | Bed | 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 | 195 | |||
Total Costs, Land | 3,300 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,377 | |||
Total Costs, Total | 21,677 | |||
Accumulated Depreciation | 3,478 | |||
Encumbrances | $ 0 | |||
Year Built | 2,012 | |||
Wholly owned properties | Campus Edge on UTA Boulevard | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 128 | |||
Beds | Bed | 488 | |||
Initial Cost, Land | $ 2,661 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,233 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 366 | |||
Total Costs, Land | 2,661 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,599 | |||
Total Costs, Total | 24,260 | |||
Accumulated Depreciation | 3,387 | |||
Encumbrances | $ 0 | |||
Year Built | 2,012 | |||
Wholly owned properties | U Club Townhomes on Marion Pugh | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 160 | |||
Beds | Bed | 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 | 635 | |||
Total Costs, Land | 6,722 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 27,181 | |||
Total Costs, Total | 33,903 | |||
Accumulated Depreciation | $ 4,482 | |||
Year Built | 2,012 | |||
Wholly owned properties | Villas on Rensch | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 153 | |||
Beds | Bed | 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 | 354 | |||
Total Costs, Land | 10,231 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 34,206 | |||
Total Costs, Total | 44,437 | |||
Accumulated Depreciation | 4,988 | |||
Encumbrances | $ 0 | |||
Year Built | 2,012 | |||
Wholly owned properties | The Village at Overton Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 163 | |||
Beds | Bed | 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 | 285 | |||
Total Costs, Land | 5,262 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 29,659 | |||
Total Costs, Total | 34,921 | |||
Accumulated Depreciation | 4,747 | |||
Encumbrances | $ 0 | |||
Year Built | 2,012 | |||
Wholly owned properties | Casa de Oro (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 109 | |||
Beds | Bed | 365 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,362 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 64 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,426 | |||
Total Costs, Total | 12,426 | |||
Accumulated Depreciation | $ 2,147 | |||
Year Built | 2,012 | |||
Wholly owned properties | The Villas at Vista del Sol (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 104 | |||
Beds | Bed | 400 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,421 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 154 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,575 | |||
Total Costs, Total | 20,575 | |||
Accumulated Depreciation | $ 3,585 | |||
Year Built | 2,012 | |||
Wholly owned properties | The Block | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 669 | |||
Beds | Bed | 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 | 8,321 | |||
Total Costs, Land | 22,270 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 149,751 | |||
Total Costs, Total | 172,021 | |||
Accumulated Depreciation | $ 13,723 | |||
Year Built | 2007/2008 | |||
Wholly owned properties | University Pointe at College Station (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 282 | |||
Beds | Bed | 978 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 84,657 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 852 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 85,509 | |||
Total Costs, Total | 85,509 | |||
Accumulated Depreciation | $ 13,729 | |||
Year Built | 2,012 | |||
Wholly owned properties | 309 Green | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 110 | |||
Beds | Bed | 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 | 1,931 | |||
Total Costs, Land | 5,351 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 51,918 | |||
Total Costs, Total | 57,269 | |||
Accumulated Depreciation | 5,138 | |||
Encumbrances | $ 31,373 | |||
Year Built | 2,008 | |||
Wholly owned properties | The Retreat | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 187 | |||
Beds | Bed | 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 | 1,521 | |||
Total Costs, Land | 5,265 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 47,757 | |||
Total Costs, Total | 53,022 | |||
Accumulated Depreciation | $ 4,763 | |||
Year Built | 2,012 | |||
Wholly owned properties | Lofts54 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 43 | |||
Beds | Bed | 172 | |||
Initial Cost, Land | $ 430 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 14,741 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 825 | |||
Total Costs, Land | 430 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 15,566 | |||
Total Costs, Total | 15,996 | |||
Accumulated Depreciation | 1,664 | |||
Encumbrances | $ 10,798 | |||
Year Built | 2,008 | |||
Wholly owned properties | Campustown Rentals | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 264 | |||
Beds | Bed | 746 | |||
Initial Cost, Land | $ 2,409 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 40,190 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 3,396 | |||
Total Costs, Land | 2,409 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 43,586 | |||
Total Costs, Total | 45,995 | |||
Accumulated Depreciation | $ 4,905 | |||
Year Built | 1920-1987 | |||
Wholly owned properties | Chauncey Square | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 158 | |||
Beds | Bed | 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 | 1,291 | |||
Total Costs, Land | 2,522 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,304 | |||
Total Costs, Total | 43,826 | |||
Accumulated Depreciation | $ 4,253 | |||
Year Built | 2007/2012 | |||
Wholly owned properties | Vintage and Texan West Campus | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 124 | |||
Beds | Bed | 311 | |||
Initial Cost, Land | $ 5,937 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 11,906 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 14,923 | |||
Total Costs, Land | 5,937 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,829 | |||
Total Costs, Total | 32,766 | |||
Accumulated Depreciation | 2,597 | |||
Encumbrances | $ 8,707 | |||
Year Built | 2,009 | |||
Wholly owned properties | The Castilian | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 371 | |||
Beds | Bed | 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 | 31,645 | |||
Total Costs, Land | 3,663 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 91,417 | |||
Total Costs, Total | 95,080 | |||
Accumulated Depreciation | $ 7,357 | |||
Year Built | 1,967 | |||
Wholly owned properties | Bishops Square | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 134 | |||
Beds | Bed | 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 | 1,037 | |||
Total Costs, Land | 1,206 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,915 | |||
Total Costs, Total | 20,121 | |||
Accumulated Depreciation | 2,175 | |||
Encumbrances | $ 11,600 | |||
Year Built | 2,002 | |||
Wholly owned properties | Union | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 54 | |||
Beds | Bed | 120 | |||
Initial Cost, Land | $ 169 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 6,348 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 386 | |||
Total Costs, Land | 169 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 6,734 | |||
Total Costs, Total | 6,903 | |||
Accumulated Depreciation | 782 | |||
Encumbrances | $ 3,597 | |||
Year Built | 2,007 | |||
Wholly owned properties | 922 Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 132 | |||
Beds | Bed | 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 | 2,644 | |||
Total Costs, Land | 3,363 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 37,591 | |||
Total Costs, Total | 40,954 | |||
Accumulated Depreciation | 4,123 | |||
Encumbrances | $ 31,425 | |||
Year Built | 2,009 | |||
Wholly owned properties | Campustown | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 452 | |||
Beds | Bed | 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 | 2,616 | |||
Total Costs, Land | 1,818 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 80,510 | |||
Total Costs, Total | 82,328 | |||
Accumulated Depreciation | 7,828 | |||
Encumbrances | $ 40,799 | |||
Year Built | 1910-2004 | |||
Wholly owned properties | River Mill | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 243 | |||
Beds | Bed | 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 | 2,822 | |||
Total Costs, Land | 1,741 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,628 | |||
Total Costs, Total | 27,369 | |||
Accumulated Depreciation | 2,718 | |||
Encumbrances | $ 0 | |||
Year Built | 1,972 | |||
Wholly owned properties | Garnet River Walk | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 170 | |||
Beds | Bed | 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 | 1,047 | |||
Total Costs, Land | 1,427 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 29,663 | |||
Total Costs, Total | 31,090 | |||
Accumulated Depreciation | 3,534 | |||
Encumbrances | $ 16,856 | |||
Year Built | 2,006 | |||
Wholly owned properties | Landmark | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 173 | |||
Beds | Bed | 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 | 641 | |||
Total Costs, Land | 3,002 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 118,809 | |||
Total Costs, Total | 121,811 | |||
Accumulated Depreciation | $ 10,911 | |||
Year Built | 2,012 | |||
Wholly owned properties | Icon Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 56 | |||
Beds | Bed | 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 | 2,913 | |||
Total Costs, Land | 6,292 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 68,770 | |||
Total Costs, Total | 75,062 | |||
Accumulated Depreciation | $ 6,291 | |||
Year Built | 2,012 | |||
Wholly owned properties | The Province - Greensboro | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 219 | |||
Beds | Bed | 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 | 649 | |||
Total Costs, Land | 2,226 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 49,216 | |||
Total Costs, Total | 51,442 | |||
Accumulated Depreciation | 4,997 | |||
Encumbrances | $ 28,635 | |||
Year Built | 2,011 | |||
Wholly owned properties | RAMZ Apts on Broad | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 88 | |||
Beds | Bed | 172 | |||
Initial Cost, Land | $ 785 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,303 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 418 | |||
Total Costs, Land | 785 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,721 | |||
Total Costs, Total | 13,506 | |||
Accumulated Depreciation | 1,266 | |||
Encumbrances | $ 0 | |||
Year Built | 2,004 | |||
Wholly owned properties | The Lofts at Capital Garage | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 36 | |||
Beds | Bed | 144 | |||
Initial Cost, Land | $ 313 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 3,581 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 413 | |||
Total Costs, Land | 313 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 3,994 | |||
Total Costs, Total | 4,307 | |||
Accumulated Depreciation | 465 | |||
Encumbrances | $ 4,404 | |||
Year Built | 1920/2000 | |||
Wholly owned properties | Forest Village and Woodlake | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 352 | |||
Beds | Bed | 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 | 2,922 | |||
Total Costs, Land | 3,125 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,963 | |||
Total Costs, Total | 24,088 | |||
Accumulated Depreciation | $ 2,443 | |||
Year Built | 1982/1983 | |||
Wholly owned properties | 25 Twenty | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 249 | |||
Beds | Bed | 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 | 479 | |||
Total Costs, Land | 2,226 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,908 | |||
Total Costs, Total | 36,134 | |||
Accumulated Depreciation | 3,907 | |||
Encumbrances | $ 26,585 | |||
Year Built | 2,011 | |||
Wholly owned properties | The Province - Louisville | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 366 | |||
Beds | Bed | 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 | 937 | |||
Total Costs, Land | 4,392 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 64,005 | |||
Total Costs, Total | 68,397 | |||
Accumulated Depreciation | 6,681 | |||
Encumbrances | $ 37,348 | |||
Year Built | 2,009 | |||
Wholly owned properties | West 27th Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 161 | |||
Beds | Bed | 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 | 838 | |||
Total Costs, Land | 13,900 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 77,558 | |||
Total Costs, Total | 91,458 | |||
Accumulated Depreciation | 6,952 | |||
Encumbrances | $ 38,862 | |||
Year Built | 2,011 | |||
Wholly owned properties | The Province - Rochester | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 336 | |||
Beds | Bed | 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 | 1,420 | |||
Total Costs, Land | 3,798 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 72,375 | |||
Total Costs, Total | 76,173 | |||
Accumulated Depreciation | 7,352 | |||
Encumbrances | $ 34,967 | |||
Year Built | 2,010 | |||
Wholly owned properties | 5 Twenty Four and 5 Twenty Five Angliana | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 376 | |||
Beds | Bed | 1,060 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | $ 60,448 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,054 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 61,502 | |||
Total Costs, Total | 61,502 | |||
Accumulated Depreciation | 6,468 | |||
Encumbrances | $ 25,880 | |||
Year Built | 2009/2011 | |||
Wholly owned properties | The Province - Tampa | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 287 | |||
Beds | Bed | 947 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 52,943 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 2,251 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 55,194 | |||
Total Costs, Total | 55,194 | |||
Accumulated Depreciation | 5,796 | |||
Encumbrances | $ 32,686 | |||
Year Built | 2,009 | |||
Wholly owned properties | U Point Kennesaw | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 216 | |||
Beds | Bed | 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 | 3,353 | |||
Total Costs, Land | 1,482 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 65,007 | |||
Total Costs, Total | 66,489 | |||
Accumulated Depreciation | $ 7,016 | |||
Year Built | 2,012 | |||
Wholly owned properties | The Cottages of Columbia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 145 | |||
Beds | Bed | 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 | 1,467 | |||
Total Costs, Land | 2,695 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 29,041 | |||
Total Costs, Total | 31,736 | |||
Accumulated Depreciation | 3,226 | |||
Encumbrances | $ 19,675 | |||
Year Built | 2,008 | |||
Wholly owned properties | Grindstone Canyon | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 201 | |||
Beds | Bed | 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 | 981 | |||
Total Costs, Land | 1,631 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,622 | |||
Total Costs, Total | 24,253 | |||
Accumulated Depreciation | 2,595 | |||
Encumbrances | $ 13,929 | |||
Year Built | 2,003 | |||
Wholly owned properties | The Cottages of Durham | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 141 | |||
Beds | Bed | 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 | 1,648 | |||
Total Costs, Land | 3,955 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 43,069 | |||
Total Costs, Total | 47,024 | |||
Accumulated Depreciation | 5,269 | |||
Encumbrances | $ 0 | |||
Year Built | 2,012 | |||
Wholly owned properties | The Province - Dayton | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 200 | |||
Beds | Bed | 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 | 853 | |||
Total Costs, Land | 1,211 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,836 | |||
Total Costs, Total | 35,047 | |||
Accumulated Depreciation | 3,718 | |||
Encumbrances | $ 0 | |||
Year Built | 2,009 | |||
Wholly owned properties | The Cottages of Baton Rouge | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 382 | |||
Beds | Bed | 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 | 6,469 | |||
Total Costs, Land | 6,524 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 120,381 | |||
Total Costs, Total | 126,905 | |||
Accumulated Depreciation | 11,901 | |||
Encumbrances | $ 62,940 | |||
Year Built | 2010/2011 | |||
Wholly owned properties | U Club Cottages | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 105 | |||
Beds | Bed | 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 | 661 | |||
Total Costs, Land | 1,744 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,795 | |||
Total Costs, Total | 24,539 | |||
Accumulated Depreciation | 2,599 | |||
Encumbrances | $ 15,588 | |||
Year Built | 2,011 | |||
Wholly owned properties | University Edge | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 201 | |||
Beds | Bed | 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 | 894 | |||
Total Costs, Land | 4,500 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 27,279 | |||
Total Costs, Total | 31,779 | |||
Accumulated Depreciation | $ 2,567 | |||
Year Built | 2,012 | |||
Wholly owned properties | The Lodges of East Lansing phase I & II | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 364 | |||
Beds | Bed | 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 | 949 | |||
Total Costs, Land | 6,472 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 90,180 | |||
Total Costs, Total | 96,652 | |||
Accumulated Depreciation | 8,420 | |||
Encumbrances | $ 30,199 | |||
Year Built | 2011/2013 | |||
Wholly owned properties | 7th Street Station | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 82 | |||
Beds | Bed | 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 | 387 | |||
Total Costs, Land | 9,792 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,859 | |||
Total Costs, Total | 26,651 | |||
Accumulated Depreciation | 1,547 | |||
Encumbrances | $ 0 | |||
Year Built | 2,012 | |||
Wholly owned properties | U Club on Woodward | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 112 | |||
Beds | Bed | 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 | 144 | |||
Total Costs, Land | 6,703 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,798 | |||
Total Costs, Total | 28,501 | |||
Accumulated Depreciation | 2,251 | |||
Encumbrances | $ 0 | |||
Year Built | 2,013 | |||
Wholly owned properties | The Callaway House Austin | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 219 | |||
Beds | Bed | 753 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 61,550 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 215 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 61,765 | |||
Total Costs, Total | 61,765 | |||
Accumulated Depreciation | 5,922 | |||
Encumbrances | $ 0 | |||
Year Built | 2,013 | |||
Wholly owned properties | Manzanita (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 241 | |||
Beds | Bed | 816 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 48,781 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 151 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 48,932 | |||
Total Costs, Total | 48,932 | |||
Accumulated Depreciation | 5,107 | |||
Encumbrances | $ 0 | |||
Year Built | 2,013 | |||
Wholly owned properties | University View (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 96 | |||
Beds | Bed | 336 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 14,683 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 105 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 14,788 | |||
Total Costs, Total | 14,788 | |||
Accumulated Depreciation | 1,526 | |||
Encumbrances | $ 0 | |||
Year Built | 2,013 | |||
Wholly owned properties | U Club Townhomes at Overton Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 112 | |||
Beds | Bed | 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 | 139 | |||
Total Costs, Land | 7,775 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,622 | |||
Total Costs, Total | 29,397 | |||
Accumulated Depreciation | $ 2,208 | |||
Year Built | 2,013 | |||
Wholly owned properties | 601 Copeland | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 81 | |||
Beds | Bed | 283 | |||
Initial Cost, Land | $ 1,457 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,699 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 192 | |||
Total Costs, Land | 1,457 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,891 | |||
Total Costs, Total | 28,348 | |||
Accumulated Depreciation | 2,275 | |||
Encumbrances | $ 0 | |||
Year Built | 2,013 | |||
Wholly owned properties | The Townhomes at Newtown Crossing | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 152 | |||
Beds | Bed | 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 | 236 | |||
Total Costs, Land | 7,745 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 32,310 | |||
Total Costs, Total | 40,055 | |||
Accumulated Depreciation | $ 2,696 | |||
Year Built | 2,013 | |||
Wholly owned properties | Chestnut Square (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 220 | |||
Beds | Bed | 861 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 98,369 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,883 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 100,252 | |||
Total Costs, Total | 100,252 | |||
Accumulated Depreciation | 8,764 | |||
Encumbrances | $ 0 | |||
Year Built | 2,013 | |||
Wholly owned properties | Park Point - 2008 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 300 | |||
Beds | Bed | 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 | 3,384 | |||
Total Costs, Land | 7,827 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 76,879 | |||
Total Costs, Total | 84,706 | |||
Accumulated Depreciation | 5,980 | |||
Encumbrances | $ 70,000 | |||
Year Built | 2,008 | |||
Wholly owned properties | U Centre at Fry Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 194 | |||
Beds | Bed | 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 | 1,108 | |||
Total Costs, Land | 2,902 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 48,808 | |||
Total Costs, Total | 51,710 | |||
Accumulated Depreciation | $ 3,331 | |||
Year Built | 2,012 | |||
Wholly owned properties | Cardinal Towne | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 255 | |||
Beds | Bed | 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 | 1,930 | |||
Total Costs, Land | 6,549 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 55,737 | |||
Total Costs, Total | 62,286 | |||
Accumulated Depreciation | 3,544 | |||
Encumbrances | $ 37,250 | |||
Year Built | 2010/2011 | |||
Wholly owned properties | The Standard | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 190 | |||
Beds | Bed | 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 | 438 | |||
Total Costs, Land | 4,674 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 57,748 | |||
Total Costs, Total | 62,422 | |||
Accumulated Depreciation | 2,221 | |||
Encumbrances | $ 0 | |||
Year Built | 2,014 | |||
Wholly owned properties | Stanworth Commons Phase I (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 127 | |||
Beds | Bed | 214 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,930 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 0 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,930 | |||
Total Costs, Total | 30,930 | |||
Accumulated Depreciation | 1,586 | |||
Encumbrances | $ 0 | |||
Year Built | 2,014 | |||
Wholly owned properties | The Plaza on University | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 364 | |||
Beds | Bed | 1,313 | |||
Initial Cost, Land | $ 23,987 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 85,584 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,820 | |||
Total Costs, Land | 23,987 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 87,404 | |||
Total Costs, Total | 111,391 | |||
Accumulated Depreciation | 4,665 | |||
Encumbrances | $ 0 | |||
Year Built | 2,014 | |||
Wholly owned properties | U Club on Frey Phase II | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 102 | |||
Beds | Bed | 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 | 31 | |||
Total Costs, Land | 5,403 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,722 | |||
Total Costs, Total | 24,125 | |||
Accumulated Depreciation | 929 | |||
Encumbrances | $ 0 | |||
Year Built | 2,014 | |||
Wholly owned properties | The Suites Phase II (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 164 | |||
Beds | Bed | 328 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,216 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 57 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,273 | |||
Total Costs, Total | 18,273 | |||
Accumulated Depreciation | $ 1,025 | |||
Year Built | 2,014 | |||
Wholly owned properties | U Centre at Northgate (ACE ) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 196 | |||
Beds | Bed | 784 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 35,663 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 128 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 35,791 | |||
Total Costs, Total | 35,791 | |||
Accumulated Depreciation | 2,077 | |||
Encumbrances | $ 0 | |||
Year Built | 2,014 | |||
Wholly owned properties | University Walk - 2014 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 177 | |||
Beds | Bed | 526 | |||
Initial Cost, Land | $ 4,341 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 29,073 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 530 | |||
Total Costs, Land | 4,341 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 29,603 | |||
Total Costs, Total | 33,944 | |||
Accumulated Depreciation | 973 | |||
Encumbrances | $ 0 | |||
Year Built | 2,014 | |||
Wholly owned properties | 1200 West Marshall | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 136 | |||
Beds | Bed | 406 | |||
Initial Cost, Land | $ 4,397 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,908 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 220 | |||
Total Costs, Land | 4,397 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 34,128 | |||
Total Costs, Total | 38,525 | |||
Accumulated Depreciation | 864 | |||
Encumbrances | $ 0 | |||
Year Built | 2,013 | |||
Wholly owned properties | Canal, 8 1/2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 160 | |||
Beds | Bed | 540 | |||
Initial Cost, Land | $ 2,797 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 45,394 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 212 | |||
Total Costs, Land | 2,797 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 45,606 | |||
Total Costs, Total | 48,403 | |||
Accumulated Depreciation | 1,079 | |||
Encumbrances | $ 0 | |||
Year Built | 2,011 | |||
Wholly owned properties | Vistas San Marcos | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 255 | |||
Beds | Bed | 600 | |||
Initial Cost, Land | $ 586 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 45,761 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 3,078 | |||
Total Costs, Land | 586 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 48,839 | |||
Total Costs, Total | 49,425 | |||
Accumulated Depreciation | 1,351 | |||
Encumbrances | $ 0 | |||
Year Built | 2,013 | |||
Wholly owned properties | Crest at Pearl | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 141 | |||
Beds | Bed | 343 | |||
Initial Cost, Land | $ 4,395 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,268 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 199 | |||
Total Costs, Land | 4,395 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,467 | |||
Total Costs, Total | 40,862 | |||
Accumulated Depreciation | 648 | |||
Encumbrances | $ 0 | |||
Year Built | 2,014 | |||
Wholly owned properties | U Club Binghamton | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 186 | |||
Beds | Bed | 710 | |||
Initial Cost, Land | $ 3,584 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 48,559 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 825 | |||
Total Costs, Land | 3,584 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 49,384 | |||
Total Costs, Total | 52,968 | |||
Accumulated Depreciation | $ 696 | |||
Year Built | 2,005 | |||
Wholly owned properties | Stadium Centre | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 367 | |||
Beds | Bed | 710 | |||
Initial Cost, Land | $ 7,424 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 74,932 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 946 | |||
Total Costs, Land | 7,424 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 75,878 | |||
Total Costs, Total | 83,302 | |||
Accumulated Depreciation | 1,127 | |||
Encumbrances | $ 57,800 | |||
Year Built | 2,014 | |||
Wholly owned properties | 160 Ross | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 182 | |||
Beds | Bed | 642 | |||
Initial Cost, Land | $ 2,962 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 38,478 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 70 | |||
Total Costs, Land | 2,962 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 38,548 | |||
Total Costs, Total | 41,510 | |||
Accumulated Depreciation | $ 637 | |||
Year Built | 2,015 | |||
Wholly owned properties | U Club on Woodward Phase II | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 124 | |||
Beds | Bed | 496 | |||
Initial Cost, Land | $ 9,647 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,328 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 45 | |||
Total Costs, Land | 9,647 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,373 | |||
Total Costs, Total | 35,020 | |||
Accumulated Depreciation | $ 437 | |||
Year Built | 2,015 | |||
Wholly owned properties | The Summit at University City (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 351 | |||
Beds | Bed | 1,315 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 154,770 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 49 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 154,819 | |||
Total Costs, Total | 154,819 | |||
Accumulated Depreciation | $ 1,666 | |||
Year Built | 2,015 | |||
Wholly owned properties | 2125 Franklin | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 192 | |||
Beds | Bed | 734 | |||
Initial Cost, Land | $ 8,299 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 55,716 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 54 | |||
Total Costs, Land | 8,299 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 55,770 | |||
Total Costs, Total | 64,069 | |||
Accumulated Depreciation | $ 578 | |||
Year Built | 2,015 | |||
Wholly owned properties | The Court at Stadium Centre | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 80 | |||
Beds | Bed | 260 | |||
Initial Cost, Land | $ 1,877 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,576 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 0 | |||
Total Costs, Land | 1,877 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,576 | |||
Total Costs, Total | 14,453 | |||
Accumulated Depreciation | 0 | |||
Encumbrances | $ 5,559 | |||
Year Built | 2,016 | |||
Wholly owned properties | U Club on 28th | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 100 | |||
Beds | Bed | 400 | |||
Initial Cost, Land | $ 9,725 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,338 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 0 | |||
Total Costs, Land | 9,725 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,338 | |||
Total Costs, Total | 30,063 | |||
Accumulated Depreciation | 0 | |||
Encumbrances | $ 0 | |||
Year Built | 2,016 | |||
Wholly owned properties | Currie Hall (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 178 | |||
Beds | Bed | 456 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 29,297 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 29,297 | |||
Total Costs, Total | 29,297 | |||
Accumulated Depreciation | 0 | |||
Encumbrances | $ 0 | |||
Year Built | 2,016 | |||
Wholly owned properties | University Pointe (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 134 | |||
Beds | Bed | 531 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | $ 19,154 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 19,154 | |||
Total Costs, Total | 19,154 | |||
Accumulated Depreciation | 0 | |||
Encumbrances | $ 0 | |||
Year Built | 2,016 | |||
Wholly owned properties | Fairview House (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 107 | |||
Beds | Bed | 633 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | $ 23,063 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 23,063 | |||
Total Costs, Total | 23,063 | |||
Accumulated Depreciation | 0 | |||
Encumbrances | $ 0 | |||
Year Built | 2,016 | |||
Wholly owned properties | U Club Sunnyside | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 134 | |||
Beds | Bed | 536 | |||
Initial Cost, Land | $ 7,423 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 15,309 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 0 | |||
Total Costs, Land | 7,423 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 15,309 | |||
Total Costs, Total | 22,732 | |||
Accumulated Depreciation | 0 | |||
Encumbrances | $ 0 | |||
Year Built | 2,016 | |||
Wholly owned properties | Merwick Stanworth Phase II (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 198 | |||
Beds | Bed | 379 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | $ 16,345 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,345 | |||
Total Costs, Total | 16,345 | |||
Accumulated Depreciation | 0 | |||
Encumbrances | $ 0 | |||
Year Built | 2,016 | |||
Wholly owned properties | Arizona State University Residence Hall (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 429 | |||
Beds | Bed | 1,594 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | $ 9,001 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 9,001 | |||
Total Costs, Total | 9,001 | |||
Accumulated Depreciation | 0 | |||
Encumbrances | $ 0 | |||
Year Built | 2,017 | |||
Wholly owned properties | U Centre on Turner | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 182 | |||
Beds | Bed | 718 | |||
Initial Cost, Land | $ 14,000 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 3,364 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 0 | |||
Total Costs, Land | 14,000 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 3,364 | |||
Total Costs, Total | 17,364 | |||
Accumulated Depreciation | 0 | |||
Encumbrances | $ 0 | |||
Year Built | 2,017 | |||
Wholly owned properties | University Crossings (ACE) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 260 | |||
Beds | Bed | 1,016 | |||
Initial Cost, Land | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | $ 47,830 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 41,053 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 88,883 | |||
Total Costs, Total | 88,883 | |||
Accumulated Depreciation | 14,493 | |||
Encumbrances | $ 0 | |||
Year Built | 1926/2003 | |||
Wholly owned properties | Undeveloped land parcels | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 0 | |||
Beds | Bed | 0 | |||
Initial Cost, Land | $ 66,219 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 0 | |||
Total Costs, Land | 66,219 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 0 | |||
Total Costs, Total | 66,219 | |||
Accumulated Depreciation | 0 | |||
Encumbrances | $ 0 | |||
On-campus participating properties | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 2,087 | |||
Beds | Bed | 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 | 17,441 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 159,985 | |||
Total Costs, Total | 159,985 | |||
Accumulated Depreciation | 69,856 | 62,915 | $ 57,249 | $ 52,492 |
Encumbrances | $ 110,400 | |||
On-campus participating properties | University Village – PVAMU | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 612 | |||
Beds | Bed | 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 | 7,641 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 44,147 | |||
Total Costs, Total | 44,147 | |||
Accumulated Depreciation | 30,157 | |||
Encumbrances | $ 18,231 | |||
Year Built | 1996/97/98 | |||
On-campus participating properties | University College - PVAMU | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 756 | |||
Beds | Bed | 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 | 5,067 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 27,717 | |||
Total Costs, Total | 27,717 | |||
Accumulated Depreciation | 16,443 | |||
Encumbrances | $ 15,915 | |||
Year Built | 2000/2003 | |||
On-campus participating properties | University Village - TAMIU | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 84 | |||
Beds | Bed | 250 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 5,844 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 1,220 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 7,064 | |||
Total Costs, Total | 7,064 | |||
Accumulated Depreciation | 4,863 | |||
Encumbrances | $ 2,789 | |||
Year Built | 1,997 | |||
On-campus participating properties | Cullen Oaks Phase I and II | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 411 | |||
Beds | Bed | 879 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,910 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 3,471 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 37,381 | |||
Total Costs, Total | 37,381 | |||
Accumulated Depreciation | 15,926 | |||
Encumbrances | $ 29,587 | |||
Year Built | 2001/2005 | |||
On-campus participating properties | College Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Units | Unit | 224 | |||
Beds | Bed | 567 | |||
Initial Cost, Land | $ 0 | |||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 43,634 | |||
Costs Capitalized Subsequent to Acquisition/Initial Development | 42 | |||
Total Costs, Land | 0 | |||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 43,676 | |||
Total Costs, Total | 43,676 | |||
Accumulated Depreciation | 2,467 | |||
Encumbrances | $ 43,878 | |||
Year Built | 2,014 | |||
Mortgages | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Unamortized debt premiums | $ 50,800 | 60,600 | ||
Unamortized debt discounts | 200 | 900 | ||
Mortgages | Wholly owned properties | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Unamortized debt premiums | 50,763 | 60,586 | ||
Unamortized debt discounts | $ 166 | $ 895 |
Schedule of Real Estate and A97
Schedule of Real Estate and Accumulated Depreciation - Changes in investments in real estate and related accumulated depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Depreciation: | |||
Balance, end of year | $ (861,978) | ||
Wholly owned properties | |||
Investments in Real Estate: | |||
Balance, beginning of year | 6,144,242 | $ 5,742,971 | $ 5,267,845 |
Acquisition of land for development | 39,583 | 3,627 | 25,649 |
Acquisition of properties | 361,265 | 71,269 | 288,191 |
Improvements and development expenditures | 306,659 | 361,369 | 340,033 |
Write off of fully depreciated or damaged assets | (1,240) | (1,853) | (1,862) |
Provision for real estate impairment | 0 | (2,443) | 0 |
Disposition of real estate | (480,762) | (30,698) | (176,885) |
Balance, end of year | 6,369,747 | 6,144,242 | 5,742,971 |
Accumulated Depreciation: | |||
Balance, beginning of year | (704,521) | (529,555) | (396,469) |
Depreciation for the year | (191,661) | (182,756) | (162,230) |
Write off of fully depreciated or damaged assets | 1,240 | 1,281 | 1,862 |
Disposition of properties | 102,820 | 6,509 | 27,282 |
Balance, end of year | (792,122) | (704,521) | (529,555) |
On-campus participating properties | |||
Investments in Real Estate: | |||
Balance, beginning of year | 157,043 | 130,705 | 109,838 |
Acquisition of land for development | 0 | 0 | 0 |
Acquisition of properties | 0 | 0 | 0 |
Improvements and development expenditures | 2,942 | 26,338 | 20,867 |
Write off of fully depreciated or damaged assets | 0 | 0 | 0 |
Provision for real estate impairment | 0 | 0 | 0 |
Disposition of real estate | 0 | 0 | 0 |
Balance, end of year | 159,985 | 157,043 | 130,705 |
Accumulated Depreciation: | |||
Balance, beginning of year | (62,915) | (57,249) | (52,492) |
Depreciation for the year | (6,941) | (5,666) | (4,757) |
Write off of fully depreciated or damaged assets | 0 | 0 | 0 |
Balance, end of year | $ (69,856) | $ (62,915) | $ (57,249) |