Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 29, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | AMERICAN CAMPUS COMMUNITIES INC | |
Entity Central Index Key | 1,283,630 | |
Trading Symbol | acc | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock Shares Outstanding (in shares) | 130,443,384 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ||
Document Information [Line Items] | ||
Entity Registrant Name | American Campus Communities Operating Partnership LP | |
Entity Central Index Key | 1,357,369 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investments in real estate: | ||
Investments in real estate, net | $ 5,663,086 | $ 5,667,754 |
Cash and cash equivalents | 387,273 | 16,659 |
Restricted cash | 40,312 | 33,675 |
Student contracts receivable, net | 7,024 | 18,475 |
Other assets | 269,842 | 269,685 |
Total assets | 6,367,537 | 6,006,248 |
Liabilities: | ||
Secured mortgage, construction and bond debt | 1,087,716 | 1,094,962 |
Unsecured notes | 1,187,175 | 1,186,700 |
Unsecured term loans | 348,376 | 597,719 |
Unsecured revolving credit facility | 0 | 68,900 |
Accounts payable and accrued expenses | 49,306 | 71,988 |
Other liabilities | 155,033 | 144,811 |
Total liabilities | $ 2,827,606 | $ 3,165,080 |
Commitments and contingencies | ||
Redeemable noncontrolling/limited partners interests | $ 66,133 | $ 59,511 |
American Campus Communities, Inc. and Subsidiaries stockholders’ equity: | ||
Common stock, $0.01 par value, 800,000,000 shares authorized, 130,433,194 and 112,350,877 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively | 1,304 | 1,124 |
Additional paid in capital | 4,026,045 | 3,325,806 |
Treasury stock, at cost, 10,190 and 10,155 shares at March 31, 2016 and December 31, 2015, respectively | (405) | (403) |
Accumulated earnings and dividends | (557,427) | (550,501) |
Accumulated other comprehensive loss | (7,240) | (5,830) |
Total American Campus Communities, Inc. and Subsidiaries stockholders’ equity | 3,462,277 | 2,770,196 |
Total equity | 3,473,798 | 2,781,657 |
Partners’ capital: | ||
Accumulated other comprehensive loss | (7,240) | (5,830) |
Total liabilities and equity | 6,367,537 | 6,006,248 |
Wholly-owned properties, net | ||
Investments in real estate: | ||
Investments in real estate, net | 5,574,096 | 5,522,271 |
Liabilities: | ||
Secured mortgage, construction and bond debt | 970,310 | 980,282 |
Wholly-owned properties held for sale | ||
Investments in real estate: | ||
Investments in real estate, net | 0 | 55,354 |
On-campus participating properties, net | ||
Investments in real estate: | ||
Investments in real estate, net | 88,990 | 90,129 |
Partially owned properties | ||
American Campus Communities, Inc. and Subsidiaries stockholders’ equity: | ||
Noncontrolling interests - partially owned properties | 11,521 | 11,461 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ||
Investments in real estate: | ||
Investments in real estate, net | 5,663,086 | 5,667,754 |
Cash and cash equivalents | 387,273 | 16,659 |
Restricted cash | 40,312 | 33,675 |
Student contracts receivable, net | 7,024 | 18,475 |
Other assets | 269,842 | 269,685 |
Total assets | 6,367,537 | 6,006,248 |
Liabilities: | ||
Secured mortgage, construction and bond debt | 1,087,716 | 1,094,962 |
Unsecured notes | 1,187,175 | 1,186,700 |
Unsecured term loans | 348,376 | 597,719 |
Unsecured revolving credit facility | 0 | 68,900 |
Accounts payable and accrued expenses | 49,306 | 71,988 |
Other liabilities | 155,033 | 144,811 |
Total liabilities | $ 2,827,606 | $ 3,165,080 |
Commitments and contingencies | ||
Redeemable noncontrolling/limited partners interests | $ 66,133 | $ 59,511 |
American Campus Communities, Inc. and Subsidiaries stockholders’ equity: | ||
Accumulated other comprehensive loss | (7,240) | (5,830) |
Partners’ capital: | ||
General partner - 12,222 OP units outstanding at both March 31, 2016 and December 31, 2015 | 92 | 93 |
Limited partner - 130,431,162 and 112,348,810 OP units outstanding at March 31, 2016 and December 31, 2015, respectively | 3,469,425 | 2,775,933 |
Accumulated other comprehensive loss | (7,240) | (5,830) |
Total partners’ capital | 3,462,277 | 2,770,196 |
Total capital | 3,473,798 | 2,781,657 |
Total liabilities and equity | 6,367,537 | 6,006,248 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties, net | ||
Investments in real estate: | ||
Investments in real estate, net | 5,574,096 | 5,522,271 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties held for sale | ||
Investments in real estate: | ||
Investments in real estate, net | 0 | 55,354 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties, net | ||
Investments in real estate: | ||
Investments in real estate, net | 88,990 | 90,129 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially owned properties | ||
Partners’ capital: | ||
Noncontrolling interests - partially owned properties | $ 11,521 | $ 11,461 |
CONSOLIDATED BALANCE SHEETS (U3
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
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) | 130,433,194 | 112,350,877 |
Common stock, shares outstanding (shares) | 130,433,194 | 112,350,877 |
Treasury stock at cost (shares) | 10,190 | 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) | 130,431,162 | 112,348,810 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues | ||
Third-party development services | $ 1,035 | $ 564 |
Third-party management services | 2,410 | 2,001 |
Resident services | 802 | 830 |
Total revenues | 199,995 | 192,493 |
Operating expenses | ||
Third-party development and management services | 3,738 | 3,139 |
General and administrative | 5,309 | 4,751 |
Depreciation and amortization | 53,716 | 50,651 |
Ground/facility leases | 2,304 | 2,098 |
Total operating expenses | 146,960 | 142,317 |
Operating income | 53,035 | 50,176 |
Nonoperating income and (expenses) | ||
Interest income | 1,279 | 1,112 |
Interest expense | (22,627) | (21,988) |
Amortization of deferred financing costs | (2,542) | (1,379) |
Gain from disposition of real estate | 17,409 | 44,252 |
Loss from early extinguishment of debt | 0 | (595) |
Total nonoperating (expenses) income | (6,481) | 21,402 |
Income before income taxes | 46,554 | 71,578 |
Income tax provision | (345) | (311) |
Net income | 46,209 | 71,267 |
Net income attributable to noncontrolling interests | (622) | (1,070) |
Net income attributable to ACC, Inc. and Subsidiaries common stockholders | 45,587 | 70,197 |
Other comprehensive loss | ||
Change in fair value of interest rate swaps and other | (1,410) | (1,868) |
Comprehensive income | $ 44,177 | $ 68,329 |
Income per share attributable to ACC, Inc. and Subsidiaries common stockholders | ||
Basic (in dollars per share) | $ 0.37 | $ 0.63 |
Diluted (in dollars per share) | $ 0.36 | $ 0.62 |
Weighted-average common shares outstanding | ||
Basic (in shares) | 123,445,985 | 110,955,099 |
Diluted (in shares) | 124,266,312 | 112,974,505 |
Weighted-average common units outstanding | ||
Distributions declared per common share (in dollars per share) | $ 0.40 | $ 0.38 |
Redeemable noncontrolling interests | ||
Nonoperating income and (expenses) | ||
Net income attributable to noncontrolling interests | $ (518) | $ (747) |
Wholly-owned properties | ||
Revenues | ||
Operating lease revenue | 185,702 | 179,898 |
Operating expenses | ||
Wholly-owned properties and On-campus participating properties | 78,851 | 79,010 |
On-campus participating properties | ||
Revenues | ||
Operating lease revenue | 10,046 | 9,200 |
Operating expenses | ||
Wholly-owned properties and On-campus participating properties | 3,042 | 2,668 |
Partially owned properties | ||
Nonoperating income and (expenses) | ||
Net income attributable to noncontrolling interests | (104) | (323) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ||
Revenues | ||
Third-party development services | 1,035 | 564 |
Third-party management services | 2,410 | 2,001 |
Resident services | 802 | 830 |
Total revenues | 199,995 | 192,493 |
Operating expenses | ||
Third-party development and management services | 3,738 | 3,139 |
General and administrative | 5,309 | 4,751 |
Depreciation and amortization | 53,716 | 50,651 |
Ground/facility leases | 2,304 | 2,098 |
Total operating expenses | 146,960 | 142,317 |
Operating income | 53,035 | 50,176 |
Nonoperating income and (expenses) | ||
Interest income | 1,279 | 1,112 |
Interest expense | (22,627) | (21,988) |
Amortization of deferred financing costs | (2,542) | (1,379) |
Gain from disposition of real estate | 17,409 | 44,252 |
Loss from early extinguishment of debt | 0 | (595) |
Total nonoperating (expenses) income | (6,481) | 21,402 |
Income before income taxes | 46,554 | 71,578 |
Income tax provision | (345) | (311) |
Net income | 46,209 | 71,267 |
Net income attributable to ACC, Inc. and Subsidiaries common stockholders | 46,105 | 70,944 |
Series A preferred unit distributions | (42) | (44) |
Net income attributable to common unitholders | 46,063 | 70,900 |
Other comprehensive loss | ||
Change in fair value of interest rate swaps and other | (1,410) | (1,868) |
Comprehensive income | $ 44,653 | $ 69,032 |
Income per unit attributable to common unitholders | ||
Basic (in dollars per unit) | $ 0.37 | $ 0.63 |
Diluted (in dollars per unit) | $ 0.36 | $ 0.63 |
Weighted-average common units outstanding | ||
Basic (in units) | 124,756,031 | 112,128,315 |
Diluted (in units) | 125,576,358 | 112,864,146 |
Distributions declared per common unit (in dollars per unit) | $ 0.4 | $ 0.38 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties | ||
Revenues | ||
Operating lease revenue | $ 185,702 | $ 179,898 |
Operating expenses | ||
Wholly-owned properties and On-campus participating properties | 78,851 | 79,010 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties | ||
Revenues | ||
Operating lease revenue | 10,046 | 9,200 |
Operating expenses | ||
Wholly-owned properties and On-campus participating properties | 3,042 | 2,668 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially owned properties | ||
Nonoperating income and (expenses) | ||
Net income attributable to noncontrolling interests | $ (104) | $ (323) |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY/ CAPITAL (unaudited) - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands | Total | Partially owned properties | Common shares | Additional Paid in Capital | Treasury Stock | Accumulated Earnings and Dividends | Accumulated Other Comprehensive Loss | Noncontrolling Interests - Partially Owned PropertiesPartially owned properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.General Partner | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.Limited Partner | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.Accumulated Other Comprehensive Loss | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.Noncontrolling Interests - Partially Owned PropertiesPartially owned properties |
Equity, December 31, 2015 (in shares) at Dec. 31, 2015 | 112,350,877 | 10,155 | |||||||||||
Equity, December 31, 2015 at Dec. 31, 2015 | $ 2,781,657 | $ 1,124 | $ 3,325,806 | $ (403) | $ (550,501) | $ (5,830) | $ 11,461 | ||||||
Capital, December 31, 2015 (in units) at Dec. 31, 2015 | 12,222 | 112,348,810 | |||||||||||
Capital, December 31, 2015 at Dec. 31, 2015 | $ 2,781,657 | $ 93 | $ 2,775,933 | $ (5,830) | $ 11,461 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Adjustments to reflect redeemable limited partners' / noncontrolling interests at fair value | (6,833) | (6,833) | (6,833) | (6,833) | |||||||||
Amortization of restricted stock awards | 2,651 | 2,651 | 2,651 | $ 2,651 | |||||||||
Vesting of restricted stock awards and restricted stock units (shares) | 127,317 | 35 | 127,352 | ||||||||||
Vesting of restricted stock awards and restricted stock units | (2,978) | $ 1 | (2,977) | $ (2) | (2,978) | $ (2,978) | |||||||
Distributions to common and restricted stockholders | (52,513) | (52,513) | (52,513) | (5) | $ (52,508) | ||||||||
Distributions to noncontrolling interests - partially owned properties | (100) | (100) | (100) | (100) | |||||||||
Conversion of operating partnership units to common stock (shares) | 15,000 | 15,000 | |||||||||||
Conversion of operating partnership units to common stock | 163 | 163 | 163 | $ 163 | |||||||||
Net proceeds from sale of common stock/Issuance of units in exchange for contributions of equity offering proceeds (shares) | 17,940,000 | 17,940,000 | |||||||||||
Net proceeds from sale of common stock/Issuance of units in exchange for contributions of equity offering proceeds | 707,414 | $ 179 | 707,235 | 707,414 | $ 707,414 | ||||||||
Change in fair value of interest rate swaps | (1,513) | (1,513) | (1,513) | (1,513) | |||||||||
Amortization of interest rate swap terminations | 103 | 103 | 103 | 103 | |||||||||
Contributions by noncontrolling partners | 56 | $ 7,300 | 56 | 56 | 56 | ||||||||
Net income | 45,691 | 45,587 | 104 | 45,691 | $ 4 | $ 45,583 | 104 | ||||||
Equity, March 31, 2016 (in shares) at Mar. 31, 2016 | 130,433,194 | 10,190 | |||||||||||
Equity, March 31, 2016 at Mar. 31, 2016 | $ 3,473,798 | $ 1,304 | $ 4,026,045 | $ (405) | $ (557,427) | $ (7,240) | $ 11,521 | ||||||
Capital, March 31, 2016 (in units) at Mar. 31, 2016 | 12,222 | 130,431,162 | |||||||||||
Capital, March 31, 2016 at Mar. 31, 2016 | $ 3,473,798 | $ 92 | $ 3,469,425 | $ (7,240) | $ 11,521 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating activities | ||
Net income | $ 46,209 | $ 71,267 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Gains from disposition of real estate | (17,409) | (44,252) |
Depreciation and amortization | 53,716 | 50,273 |
Amortization of deferred financing costs and debt premiums/discounts | (615) | (1,540) |
Share-based compensation | 2,651 | 2,061 |
Income tax provision | 345 | 311 |
Amortization of interest rate swap terminations | 103 | 102 |
Changes in operating assets and liabilities: | ||
Restricted cash | (3,904) | (2,971) |
Student contracts receivable, net | 11,376 | 1,585 |
Other assets | (1,669) | 11,667 |
Accounts payable and accrued expenses | (23,156) | (18,631) |
Other liabilities | (3,580) | 7,240 |
Net cash provided by operating activities | 64,067 | 77,112 |
Investing activities | ||
Proceeds from disposition of properties | 72,613 | 226,532 |
Cash paid for property acquisitions | 0 | (166,581) |
Investment in on-campus participating property under development | 0 | (448) |
(Increase) decrease in escrow deposits for real estate investments | (1,520) | 512 |
Change in restricted cash related to capital reserves | (447) | 1,377 |
Increase in ownership of consolidated subsidiary | 0 | (1,708) |
Purchase of corporate furniture, fixtures and equipment | (1,771) | (2,213) |
Net cash used in investing activities | (17,692) | (11,329) |
Financing activities | ||
Proceeds from sale of common stock | 740,025 | 216,666 |
Offering costs | (31,680) | (3,250) |
Pay-off of mortgage and construction loans | (4,390) | (125,370) |
Pay-off of unsecured term loans | (400,000) | 0 |
Proceeds from unsecured term loan | (150,000) | 0 |
Proceeds from revolving credit facility | 67,700 | 172,200 |
Pay downs of revolving credit facility | (136,600) | (282,800) |
Proceeds from construction loans | 0 | 258 |
Scheduled principal payments on debt | (3,917) | (3,841) |
Debt issuance and assumption costs | (744) | (196) |
Taxes paid on net-share settlements | 2,977 | 2,878 |
Distributions to common and restricted stockholders | (52,513) | (42,964) |
Distributions to noncontrolling partners | (665) | (858) |
Net cash provided (used in) by financing activities | 324,239 | (73,033) |
Net change in cash and cash equivalents | 370,614 | (7,250) |
Cash and cash equivalents at beginning of period | 16,659 | 25,062 |
Cash and cash equivalents at end of period | 387,273 | 17,812 |
Supplemental disclosure of non-cash investing and financing activities | ||
Loans assumed in connection with property acquisitions | 0 | (11,623) |
Issuance of common units in connection with property acquisitions | 0 | (14,182) |
Change in fair value of derivative instruments, net | (1,513) | (1,868) |
Supplemental disclosure of cash flow information | ||
Interest paid | 30,668 | 21,151 |
Wholly-owned properties | ||
Investing activities | ||
Capital expenditures for wholly-owned properties/on-campus participating properties | (9,263) | (11,495) |
Investments in wholly-owned properties under development | (76,649) | (56,972) |
On-campus participating properties | ||
Investing activities | ||
Capital expenditures for wholly-owned properties/on-campus participating properties | (655) | (333) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ||
Operating activities | ||
Net income | 46,209 | 71,267 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Gains from disposition of real estate | (17,409) | (44,252) |
Depreciation and amortization | 53,716 | 50,273 |
Amortization of deferred financing costs and debt premiums/discounts | (615) | (1,540) |
Share-based compensation | 2,651 | 2,061 |
Income tax provision | 345 | 311 |
Amortization of interest rate swap terminations | 103 | 102 |
Changes in operating assets and liabilities: | ||
Restricted cash | (3,904) | (2,971) |
Student contracts receivable, net | 11,376 | 1,585 |
Other assets | (1,669) | 11,667 |
Accounts payable and accrued expenses | (23,156) | (18,631) |
Other liabilities | (3,580) | 7,240 |
Net cash provided by operating activities | 64,067 | 77,112 |
Investing activities | ||
Proceeds from disposition of properties | 72,613 | 226,532 |
Cash paid for property acquisitions | 0 | (166,581) |
Investment in on-campus participating property under development | 0 | (448) |
(Increase) decrease in escrow deposits for real estate investments | (1,520) | 512 |
Change in restricted cash related to capital reserves | (447) | 1,377 |
Increase in ownership of consolidated subsidiary | 0 | (1,708) |
Purchase of corporate furniture, fixtures and equipment | (1,771) | (2,213) |
Net cash used in investing activities | (17,692) | (11,329) |
Financing activities | ||
Proceeds from issuance of common units in exchange for contributions, net | 708,345 | 213,416 |
Pay-off of mortgage and construction loans | (4,390) | (125,370) |
Pay-off of unsecured term loans | (400,000) | 0 |
Proceeds from unsecured term loan | (150,000) | 0 |
Proceeds from revolving credit facility | 67,700 | 172,200 |
Pay downs of revolving credit facility | (136,600) | (282,800) |
Proceeds from construction loans | 0 | 258 |
Scheduled principal payments on debt | (3,917) | (3,841) |
Debt issuance and assumption costs | (744) | (196) |
Taxes paid on net-share settlements | 2,977 | 2,878 |
Net cash provided (used in) by financing activities | 324,239 | (73,033) |
Net change in cash and cash equivalents | 370,614 | (7,250) |
Cash and cash equivalents at beginning of period | 16,659 | 25,062 |
Cash and cash equivalents at end of period | 387,273 | 17,812 |
Supplemental disclosure of non-cash investing and financing activities | ||
Loans assumed in connection with property acquisitions | 0 | (11,623) |
Issuance of common units in connection with property acquisitions | 0 | (14,182) |
Change in fair value of derivative instruments, net | (1,513) | (1,868) |
Supplemental disclosure of cash flow information | ||
Interest paid | 30,668 | 21,151 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Unvested Restricted Awards | ||
Financing activities | ||
Distributions paid | (393) | (334) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Common and preferred units | ||
Financing activities | ||
Distributions paid | (52,685) | (43,094) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially owned properties | ||
Financing activities | ||
Distributions to noncontrolling partners | (100) | (394) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties | ||
Investing activities | ||
Capital expenditures for wholly-owned properties/on-campus participating properties | (9,263) | (11,495) |
Investments in wholly-owned properties under development | (76,649) | (56,972) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties | ||
Investing activities | ||
Capital expenditures for wholly-owned properties/on-campus participating properties | $ (655) | $ (333) |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business American Campus Communities, Inc. (“ACC”) is a real estate investment trust (“REIT”) that commenced operations effective with the completion of an initial public offering (“IPO”) on August 17, 2004. Through ACC’s controlling interest in American Campus Communities Operating Partnership, L.P. (“ACCOP”), ACC is one of the largest owners, managers and developers of high quality student housing properties in the United States in terms of beds owned and under management. ACC is a fully integrated, self-managed and self-administered equity REIT with expertise in the acquisition, design, financing, development, construction management, leasing and management of student housing properties. ACC’s common stock is publicly traded on the New York Stock Exchange (“NYSE”) under the ticker symbol “ACC.” The general partner of ACCOP is American Campus Communities Holdings, LLC (“ACC Holdings”), an entity that is wholly-owned by ACC. As of March 31, 2016 , ACC Holdings held an ownership interest in ACCOP of less than 1% . The limited partners of ACCOP are ACC and other limited partners consisting of current and former members of management and nonaffiliated third parties. As of March 31, 2016 , ACC owned an approximate 98.9% limited partnership interest in ACCOP. As the sole member of the general partner of ACCOP, ACC has exclusive control of ACCOP’s day-to-day management. Management operates ACC and ACCOP as one business. The management of ACC consists of the same members as the management of ACCOP. ACC consolidates ACCOP for financial reporting purposes, and ACC does not have significant assets other than its investment in ACCOP. Therefore, the assets and liabilities of ACC and ACCOP are the same on their respective financial statements. References to the “Company,” “we,” “us” or “our” mean collectively ACC, ACCOP and those entities/subsidiaries owned or controlled by ACC and/or ACCOP. References to the “Operating Partnership” mean collectively ACCOP and those entities/subsidiaries owned or controlled by ACCOP. Unless otherwise indicated, the accompanying Notes to the Consolidated Financial Statements apply to both the Company and the Operating Partnership. As of March 31, 2016 , our property portfolio contained 163 properties with approximately 100,600 beds. Our property portfolio consisted of 134 owned off-campus student housing properties that are in close proximity to colleges and universities, 24 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 163 properties, twelve were under development as of March 31, 2016 , and when completed will consist of a total of approximately 8,000 beds. Our communities contain modern housing units and are supported by a resident assistant system and other student-oriented programming, with many offering resort-style amenities. Through one of ACC’s taxable REIT subsidiaries (“TRSs”), we also provide construction management and development services, primarily for student housing properties owned by colleges and universities, charitable foundations, and others. As of March 31, 2016 , also through one of ACC’s TRSs, we provided third-party management and leasing services for 40 properties that represented approximately 30,500 beds. Third-party management and leasing services are typically provided pursuant to management contracts that have initial terms that range from one to five years . As of March 31, 2016 , our total owned and third-party managed portfolio included 203 properties with approximately 131,100 beds. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
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. Recently Issued Accounting Pronouncements In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2016-05 ("ASU 2016-05"), "Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships." The amendments in this guidance clarify that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument under Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The guidance is effective for public business entities for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing whether ASU 2016-05 will have a material effect on its consolidated financial statements. 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 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. Recently Adopted Accounting Pronouncements In March 2016, the FASB issued Accounting Standards Update 2016-09 ("ASU 2016-09"), "Improvements to Employee Share-Based Payment Accounting." The updated guidance changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The guidance is effective for public business entities for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted. The Company adopted ASU 2016-09 as of January 1, 2016. ASU 2016-09 did not have a material impact on the Company's consolidated financial statements. On January 1, 2016, the Company adopted Accounting Standards Update 2015-16 (“ASU 2015-16”), “Simplifying the Accounting for Measurement-Period Adjustments.” Under the new guidance, the Company will no longer recognize a measurement-period adjustment retroactively in a business combination. Instead, measurement-period adjustments will be recognized during the period in which the amount of the adjustment is determined. The adoption of ASU 2015-16 did not have a material impact on the Company’s consolidated financial statements. On January 1, 2016, the Company adopted Accounting Standards Update 2015-03 (“ASU 2015-03”), “Simplifying the Presentation of Debt Issuance Costs.” The impact of adopting ASU 2015-03 on the Company’s consolidated financial statements was the reclassification of deferred financing costs previously included in “other assets” to “secured mortgage, construction and bond debt”, “unsecured notes” and “unsecured term loans” within its consolidated balance sheets for all periods presented. Other than these reclassifications, the adoption of ASU 2015-03 did not have an impact on the Company’s consolidated financial statements. On January 1, 2016, the Company adopted Accounting Standards Update 2015-02 (“ASU 2015-02”), “Amendments to the Consolidation Analysis.” The new guidance changed the analysis a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The guidance did not amend the existing disclosure requirements for Variable Interest Entities (“VIEs”) or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model and eliminated the presumption that a general partner should consolidate a limited partnership. Under the revised guidance, ACCOP is determined to be a VIE. As ACCOP is already included in the consolidated financial statements of the Company, the identification of this entity as a VIE has no impact on its consolidated financial statements. There were no other legal entities qualifying under the scope of the revised guidance that were consolidated as a result of the adoption of this guidance. In addition, there were no other voting interest entities under prior existing guidance determined to be VIEs under the revised guidance. Interim Financial Statements The accompanying interim financial statements are unaudited, but have been prepared in accordance with GAAP for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements of the Company for these interim periods have been included. Because of the seasonal nature of the Company’s operations, the results of operations and cash flows for any interim period are not necessarily indicative of results for other interim periods or for the full year. These financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . 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 $2.1 million and $2.5 million was capitalized during the three months ended March 31, 2016 and 2015 , 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 March 31, 2016 . 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 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. Pre-development Expenditures Pre-development expenditures such as architectural fees, permits and deposits associated with the pursuit of third-party and owned development projects are expensed as incurred, until such time that management believes it is probable that the contract will be executed and/or construction will commence. Because the Company frequently incurs these pre-development expenditures before a financing commitment and/or required permits and authorizations have been obtained, the Company bears the risk of loss of these pre-development expenditures if financing cannot ultimately be arranged on acceptable terms or the Company is unable to successfully obtain the required permits and authorizations. As such, management evaluates the status of third-party and owned projects that have not yet commenced construction on a periodic basis and expenses any deferred costs related to projects whose current status indicates the commencement of construction is unlikely and/or the costs may not provide future value to the Company in the form of revenues. Such write-offs are included in third-party development and management services expenses (in the case of third-party development projects) or general and administrative expenses (in the case of owned development projects) on the accompanying consolidated statements of comprehensive income. As of March 31, 2016 , the Company has deferred approximately $7.8 million in pre-development costs related to third-party and owned development projects that have not yet commenced construction. Such costs are included in other assets on the accompanying consolidated balance sheets. Earnings per Share – Company Basic earnings per share is computed using net income attributable to common stockholders 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 three months ended March 31, 2016 and 2015 , but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. Three Months Ended March 31, 2016 2015 Common OP Units (Note 10) 1,310,046 — Preferred OP Units (Note 10) 103,590 — Total potentially dilutive securities 1,413,636 — The following is a summary of the elements used in calculating basic and diluted earnings per share: Three Months Ended March 31, 2016 2015 Numerator – basic and diluted earnings per share: Net income $ 46,209 $ 71,267 Net income attributable to noncontrolling interests (622 ) (1,070 ) Net income attributable to common stockholders 45,587 70,197 Amount allocated to participating securities (393 ) (334 ) Net income attributable to common stockholders $ 45,194 $ 69,863 Denominator: Basic weighted average common shares outstanding 123,445,985 110,955,099 Unvested Restricted Stock Awards (Note 11) 820,327 735,831 Common OP units (Note 10) — 1,173,216 Preferred OP units (Note 10) — 110,359 Diluted weighted average common shares outstanding 124,266,312 112,974,505 Earnings per share: Net income attributable to common stockholders - basic $ 0.37 $ 0.63 Net income attributable to common stockholders - diluted $ 0.36 $ 0.62 Earnings per Unit – Operating Partnership Basic earnings per OP Unit is computed using net income attributable to common unitholders and the weighted average number of common units outstanding during the period. Diluted earnings per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units or resulted in the issuance of OP Units and then shared in the earnings of the Operating Partnership. The following is a summary of the elements used in calculating basic and diluted earnings per unit: Three Months Ended March 31, 2016 2015 Numerator – basic and diluted earnings per unit: Net income $ 46,209 $ 71,267 Net income attributable to noncontrolling interests – partially owned properties (104 ) (323 ) Series A preferred unit distributions (42 ) (44 ) Amount allocated to participating securities (393 ) (334 ) Net income attributable to common unitholders $ 45,670 $ 70,566 Denominator: Basic weighted average common units outstanding 124,756,031 112,128,315 Unvested Restricted Stock Awards (Note 11) 820,327 735,831 Diluted weighted average common units outstanding 125,576,358 112,864,146 Earnings per unit: Net income attributable to common unitholders - basic $ 0.37 $ 0.63 Net income attributable to common unitholders - diluted $ 0.36 $ 0.63 |
Property Acquisitions
Property Acquisitions | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Property Acquisitions | Property Acquisitions During three months ended March 31, 2015 , the Company acquired five wholly-owned properties containing 2,298 beds for a combined purchase price of approximately $195.3 million . The Company assumed approximately $11.6 million of mortgage debt as part of these transactions. |
Property Dispositions
Property Dispositions | 3 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Property Dispositions | Property Dispositions During the first quarter of 2016, the Company sold the following wholly-owned properties for approximately $73.8 million , resulting in net proceeds of approximately $72.6 million . The combined net gain on these dispositions totaled approximately $17.4 million . Property Location Primary University Served Disposition Date Beds The Edge - Orlando Orlando, FL University of Central Florida March, 2016 930 University Village - Sacramento Sacramento, CA California State Univ. - Sacramento March, 2016 394 1,324 During the three months ended March 31, 2015 , the Company sold 10 wholly-owned properties containing 6,001 beds for a combined sales price of approximately $231.0 million , resulting in net proceeds of approximately $226.5 million . The combined net gain on these dispositions totaled approximately $44.3 million . |
Investments in Wholly-Owned Pro
Investments in Wholly-Owned Properties | 3 Months Ended |
Mar. 31, 2016 | |
Wholly-owned properties | |
Real Estate Properties [Line Items] | |
Investments in Wholly-Owned Properties | Investments in Wholly-Owned Properties Wholly-owned properties consisted of the following: March 31, 2016 December 31, 2015 Land (1) (2) $ 597,898 $ 597,894 Buildings and improvements 5,243,871 5,235,033 Furniture, fixtures and equipment 315,178 311,696 Construction in progress (2) 244,496 154,988 6,401,443 6,299,611 Less accumulated depreciation (827,347 ) (777,340 ) Wholly-owned properties, net $ 5,574,096 $ 5,522,271 (3) (1) The land balance above includes undeveloped land parcels with book values of approximately $44.8 million and $66.2 million as of March 31, 2016 and December 31, 2015 , respectively. It also includes land totaling approximately $54.5 million and $33.0 million as of March 31, 2016 and December 31, 2015 , respectively, related to properties under development. (2) Land includes $1.9 million as of both March 31, 2016 and December 31, 2015 , and construction in progress includes $15.8 million and $12.6 million as of March 31, 2016 and December 31, 2015 , respectively, related to the 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 August 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 . These properties were sold in March 2016 (see Note 4 ). |
On-Campus Participating Propert
On-Campus Participating Properties | 3 Months Ended |
Mar. 31, 2016 | |
On-campus participating properties | |
Real Estate Properties [Line Items] | |
On-Campus Participating Properties | On-Campus Participating Properties On-campus participating properties are as follows: Historical Cost Lessor/University Lease Commencement Required Debt March 31, 2016 December 31, 2015 Texas A&M University System / Prairie View A&M University (1) 2/1/1996 9/1/2023 $ 44,520 $ 44,147 Texas A&M University System / Texas A&M International 2/1/1996 9/1/2023 7,074 7,064 Texas A&M University System / Prairie View A&M University (2) 10/1/1999 8/31/2025 27,790 27,717 8/31/2028 University of Houston System / University of Houston (3) 9/27/2000 8/31/2035 37,529 37,381 West Virginia University System / West Virginia University 7/16/2013 7/16/2045 43,727 43,676 160,640 159,985 Less accumulated amortization (71,650 ) (69,856 ) On-campus participating properties, net $ 88,990 $ 90,129 (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. |
Investments in Unconsolidated J
Investments in Unconsolidated Joint Ventures | 3 Months Ended |
Mar. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures As of March 31, 2016 , 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 fees for providing management services to this joint venture, which totaled approximately $0.5 million and $0.3 million for the three months ended March 31, 2016 and 2015 , respectively. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt On January 1, 2016, the Company adopted ASU 2015-03, and as a result, deferred financing costs associated with secured mortgage, construction and bond debt, unsecured notes, and unsecured term loans are now subject to the new accounting guidance and are presented as a direct reduction to the carrying value of the debt. Prior period amounts have been reclassified to conform to the current period presentation (see Note 2 ). A summary of the Company’s outstanding consolidated indebtedness is as follows: March 31, 2016 December 31, 2015 Debt secured by wholly-owned properties: Mortgage loans payable: Unpaid principal balance $ 927,677 $ 934,769 Unamortized deferred financing costs (4,728 ) (5,084 ) Unamortized debt premiums 47,488 50,763 Unamortized debt discounts (127 ) (166 ) 970,310 980,282 Construction loans payable (1) 8,756 5,559 Unamortized deferred financing costs (431 ) (374 ) 978,635 985,467 Debt secured by on-campus participating properties: Mortgage loans payable 73,017 73,465 Bonds payable 36,935 36,935 Unamortized deferred financing costs (871 ) (905 ) 109,081 109,495 Total secured mortgage, construction and bond debt 1,087,716 1,094,962 Unsecured notes, net of unamortized OID and deferred financing costs (2) 1,187,175 1,186,700 Unsecured term loans, net of unamortized deferred financing costs (3) 348,376 597,719 Unsecured revolving credit facility — 68,900 Total debt $ 2,623,267 $ 2,948,281 (1) Construction loans payable consists of 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 5 ). The creditor of this construction loan does not have recourse to the assets of the Company. (2) Includes net unamortized original issue discount ("OID") of $2.2 million at both March 31, 2016 and December 31, 2015 , and net unamortized deferred financing costs of $10.7 million at March 31, 2016 and $11.1 million at December 31, 2015. (3) Includes net unamortized deferred financing costs of $1.6 million at March 31, 2016 and $2.3 million at December 31, 2015. Pay-off of Mortgage and Construction Debt During the three months ended March 31, 2016 , the Company paid off approximately $4.4 million of fixed rate mortgage debt secured by The Lofts at Capital Garage, a wholly-owned property. During the three months ended March 31, 2015 , the Company paid off approximately $61.4 million of fixed rate mortgage debt secured by three wholly-owned properties, $19.3 million of fixed rate mortgage debt prior to the sale of of two properties, and $44.6 million of variable rate construction debt secured by two owned on-campus ACE properties. 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 $ 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 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 March 31, 2016 , the Company was in compliance with all such covenants. Unsecured Credit Facility The Company has an aggregate unsecured credit facility totaling $0.9 billion which is comprised of unsecured term loans totaling $350 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. On January 29, 2016 the Company refinanced $150 million of the $350 million term loan facility ("Term Loan I Facility") by extending the maturity date for the $150 million portion from January 10, 2017 to March 29, 2021. The remaining $200 million of the $350 million Term Loan I Facility matures on 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 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 $250 million term loan facility ("Term Loan II Facility") was repaid in February 2016 using proceeds from the issuance of 17,940,000 common shares (see Note 9 for details). In connection with this payoff, the Company accelerated the amortization of $1.1 million of deferred financing costs related to the Term Loan II Facility. 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. In February 2016, Standard & Poor's upgraded the Company's investment grade rating from BBB- to BBB, which decreased the spreads by approximately 30 basis points. The Company has entered into multiple interest rate swap contracts with notional amounts totaling $350 million that effectively fix the interest rate to a weighted average annual rate of 0.88% on the outstanding balance of the Term Loan I Facility. Including the current spread of 1.20% for the $200 million of the Term Loan I Facility, and a current spread of 1.10% for the remaining $150 million of the Term Loan I Facility, the all-in weighted average annual rate on the Term Loan I Facility was 2.04% at March 31, 2016 . Refer to Note 12 for more information on the interest rate swap contracts mentioned above. Availability under the revolving credit facility is limited to an “aggregate borrowing base amount” equal to 60% of the value of the Company’s unencumbered properties, calculated as set forth in the unsecured credit facility. Additionally, the Company is required to pay a facility fee of 0.20% per annum on the $500 million revolving credit facility. In February 2016, the Company paid down the outstanding balance on its revolving credit facility in full. As a result, availability under the revolving credit facility totaled $500 million as of March 31, 2016 . The terms of the unsecured credit facility include certain restrictions and covenants, which limit, among other items, the incurrence of additional indebtedness, liens, and the disposition of assets. The facility contains customary affirmative and negative covenants and also contains financial covenants that, among other things, require the Company to maintain certain minimum ratios of “EBITDA” (earnings before interest, taxes, depreciation and amortization) to fixed charges and total indebtedness. The Company may not pay distributions that exceed a specified percentage of funds from operations, as adjusted, for any four consecutive quarters. The financial covenants also include consolidated net worth and leverage ratio tests. As of March 31, 2016 , the Company was in compliance with all such covenants. |
Stockholders' Equity _ Partners
Stockholders' Equity / Partners' Capital | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity / Partners' Capital | Stockholders' Equity / Partners' Capital Stockholders' Equity - Company 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 offering generated gross proceeds of approximately $740.0 million . The aggregate proceeds to ACC, net of the underwriting discount and expenses of the offering, were approximately $707.4 million . In June of 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. There was no activity under the Company's ATM Equity Program during the three months ended March 31, 2016 . The following table presents activity under the Company’s prior ATM Equity Program during three months ended March 31, 2015 : Three Months Ended March 31, 2015 Total net proceeds $ 213,416 Commissions paid to sales agents $ 3,250 Weighted average price per share $ 43.92 Shares of common stock sold 4,933,665 As of March 31, 2016 , 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 three months ended March 31, 2016 , 35 shares of vested restricted stock awards (“RSAs”) were deposited into the Deferred Compensation Plan. As of March 31, 2016 , the Deferred Compensation Plan held 10,190 vested share awards. Partners’ Capital – Operating Partnership In connection with the equity offering and ATM Equity Program discussed above, ACCOP issued a number of American Campus Operating Partnership Common OP Units ("Common OP Units") to ACC equivalent to the number of common shares issued by ACC. In connection with the purchase of 8 1/2 Canal Street during the first quarter of 2015, ACCOP issued 343,895 Common OP Units to the seller, valued at $41.24 per unit. |
Noncontrolling Interests
Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests Operating Partnership Partially-owned properties: As of March 31, 2016 , the Operating Partnership consolidates three joint ventures that own and operate University Village at Sweet Home, University Centre and Villas at Chestnut Ridge owned-off campus properties. The portion of net assets attributable to the third-party partners in these joint ventures is classified as “noncontrolling interests - partially owned properties” within capital on the accompanying consolidated balance sheets of the Operating Partnership. Accordingly, the third-party partners’ share of the income or loss of the joint ventures is reported on the consolidated statements of comprehensive income of the Operating Partnership as “net income attributable to noncontrolling interests – partially owned properties.” As discussed in Note 5 , 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 March 31, 2016 . 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 ("Preferred OP Units") as well as common OP 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 three months ended March 31, 2016 : December 31, 2015 $ 59,511 Net income 518 Distributions (565 ) Conversion of redeemable limited partner units into shares of ACC common stock (164 ) Adjustments to reflect redeemable limited partner units at fair value 6,833 March 31, 2016 $ 66,133 During the three months ended March 31, 2016 , 15,000 Preferred OP Units were converted into an equal number of shares of ACC’s common stock and during the year ended December 31, 2015 , 118,474 Common OP Units and 1,000 Preferred OP Units were converted into an equal number of shares of ACC’s common stock. As of March 31, 2016 and December 31, 2015 , approximately 1.1% and 1.2% , respectively, of the equity interests of the Operating Partnership were held by owners of Common OP Units and Preferred OP Units not held by ACC or ACC Holdings. Company The noncontrolling interests of the Company include the third-party equity interests in partially-owned properties, as discussed above, which are presented as a component of equity in the Company’s consolidated balance sheets. The Company’s noncontrolling interests also include the redeemable limited partners presented in the consolidated balance sheets of the Operating Partnership, which are referred to as “redeemable noncontrolling interests” in the mezzanine section of the Company’s consolidated balance sheets. Noncontrolling interests on the Company’s consolidated statements of comprehensive income include the income/loss attributable to third-party equity interests in partially-owned properties, as well as the income/loss attributable to redeemable noncontrolling interests (i.e. OP Units not held by ACC or ACC Holdings.) |
Incentive Award Plan
Incentive Award Plan | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Incentive Award Plan | Incentive Award Plan Restricted Stock Awards (“RSAs”) A summary of RSAs under the American Campus Communities, Inc. 2010 Incentive Award Plan (the "Plan") as of March 31, 2016 and activity during the three months then ended, is presented below: Number of RSAs Nonvested balance at December 31, 2015 655,925 Granted 327,306 Vested (127,352 ) Forfeited (1) (71,894 ) Nonvested balance at March 31, 2016 783,985 (1) Includes shares withheld to satisfy tax obligations upon vesting. The fair value of RSAs is calculated based on the closing market value of ACC’s common stock on the date of grant. The fair value of these awards is amortized to expense over the vesting periods, which amounted to approximately $2.7 million and $2.1 million for the three months ended March 31, 2016 and 2015 , respectively. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2016 | |
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. 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 three month periods ended March 31, 2016 and 2015 . The following table summarizes the Company’s outstanding interest rate swap contracts as of March 31, 2016 : 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 $ 14,594 $ (800 ) Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month 14,744 (808 ) Term Loan I Facility Feb 2, 2012 Jan 2, 2017 0.8695% LIBOR – 1 month 125,000 (325 ) Term Loan I Facility Feb 2, 2012 Jan 2, 2017 0.8800% LIBOR – 1 month 100,000 (268 ) Term Loan I Facility Feb 2, 2012 Jan 2, 2017 0.8875% LIBOR – 1 month 62,500 (171 ) Term Loan I Facility Feb 2, 2012 Jan 2, 2017 0.8890% LIBOR – 1 month 62,500 (172 ) Park Point mortgage loan Nov 1, 2013 Oct 5, 2018 1.5450% LIBOR - 1 month 70,000 (1,417 ) Total $ 449,338 $ (3,961 ) In January 2016, the Company refinanced a portion of the Term Loan Facility I (See Note 8 for details). While the maturity of a portion of the Term Loan Facility I was extended to March 29, 2021, there were no changes to the timing and amounts of the cash flows received or paid under the interest rate swaps, which will expire on the original maturity date. As a result, the Company concluded that a dedesignation of the original hedge relationship was not required. 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. 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 4.27% . During both the three months ended March 31, 2016 and 2015 $0.1 million was amortized from accumulated other comprehensive loss to interest expense. As of March 31, 2016 and December 31, 2015 , approximately $3.4 million and $3.5 million of the $4.1 million payment remained to be amortized, respectively. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of March 31, 2016 and December 31, 2015 : Liability Derivatives Fair Value as of Description Balance Sheet March 31, 2016 December 31, 2015 Interest rate swaps contracts Other liabilities $ 3,961 $ 2,454 Total derivatives designated as hedging instruments $ 3,961 $ 2,454 |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures The following table presents information about the Company’s financial instruments measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 , and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability, such as interest rates and yield curves observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In instances in which the inputs used to measure fair value may fall into different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement in its entirety has been determined is based on the lowest level input significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Disclosures concerning financial instruments measured at fair value are as follows: Fair Value Measurements as of March 31, 2016 December 31, 2015 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 $ — $ 3,961 $ — $ 3,961 $ — $ 2,454 $ — $ 2,454 Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) $ — $ 66,133 $ — $ 66,133 $ — $ 59,511 $ — $ 59,511 The Company uses derivative financial instruments, specifically interest rate swaps and forward starting swaps, for nontrading purposes. The Company uses interest rate swaps to manage interest rate risk arising from previously unhedged interest payments associated with variable rate debt and forward starting swaps to reduce exposure to variability in cash flows relating to interest payments on forecasted issuances of debt. Through March 31, 2016 , derivative financial instruments were designated and qualified as cash flow hedges. Derivative contracts with positive net fair values inclusive of net accrued interest receipts or payments are recorded in other assets. Derivative contracts with negative net fair values, inclusive of net accrued interest payments or receipts, are recorded in other liabilities. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees. Although the Company has determined the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparty. However, as of March 31, 2016 and December 31, 2015 , 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, 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 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: The fair value of mortgage loans 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: The fair value of bonds is based on quoted prices in markets that are not active due to the unique characteristics of these financial instruments; as such, the Company has concluded the inputs used to measure fair value fall within Level 2 of the fair value hierarchy. The table below contains the estimated fair value and related carrying amounts for the Company’s financial instruments as of March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 Estimated Fair Value Carrying Amount Estimated Fair Value Carrying Amount Assets: Loans receivable (1) $ 48,030 $ 57,992 $ 48,030 $ 57,175 Liabilities: Unsecured notes (2) $ 1,220,061 $ 1,187,175 $ 1,180,466 $ 1,186,700 Mortgage loans (2) 1,000,983 1,043,002 994,809 1,053,414 Bonds (2) 41,824 36,389 40,716 36,363 (1) 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, 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 March 31, 2016 . (2) Both the estimated fair value and the carrying amount of unsecured notes, mortgage loans, and bonds includes unamortized deferred financing costs (see Note 8 ). |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments Construction Contracts: As of March 31, 2016 , the Company estimates additional costs to complete eleven wholly-owned development projects under construction (excluding the pre-sale arrangement discussed below) to be approximately $366.5 million . The Company expects to fund this amount through a combination of net proceeds from the February equity offering discussed in Note 9 , cash flows generated from operations, and proceeds from completed and anticipated property dispositions. 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 August 2016 for $26.5 million (see Note 5 ). 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 March 31, 2016 . In the normal course of business, the Company enters into various development-related purchase commitments with parties that provide development-related goods and services. In the event that the Company was to terminate development services prior to the completion of projects under construction, the Company could potentially be committed to satisfy outstanding purchase orders with such parties. At March 31, 2016 , 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. 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. 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 three months ended March 31, 2016 and 2015 , the Company did not incur any costs related to this obligation. 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 | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segments | Segments The Company defines business segments by their distinct customer base and service provided. The Company has identified four reportable segments: Wholly-Owned Properties, On-Campus Participating Properties, Development Services, and Property Management Services. Management evaluates each segment’s performance based on operating income before depreciation, amortization, minority interests and allocation of corporate overhead. Intercompany fees are reflected at the contractually stipulated amounts. Three Months Ended March 31, 2016 2015 Wholly-Owned Properties Rental revenues and other income $ 186,504 $ 180,728 Interest income 265 271 Total revenues from external customers 186,769 180,999 Operating expenses before depreciation, amortization, ground/facility leases and allocation of corporate overhead (77,998 ) (79,054 ) Ground/facility leases (1,454 ) (1,223 ) Interest expense (6,906 ) (8,738 ) Operating income before depreciation, amortization, and allocation of corporate overhead $ 100,411 $ 91,984 Depreciation and amortization $ 51,223 $ 48,309 Capital expenditures $ 85,912 $ 68,467 Total segment assets at March 31, $ 5,793,453 $ 5,593,579 On-Campus Participating Properties Total revenues from external customers $ 10,046 $ 9,200 Operating expenses before depreciation, amortization, ground/facility leases and allocation of corporate overhead (2,758 ) (2,427 ) Ground/facility leases (850 ) (875 ) Interest expense (1,418 ) (1,478 ) Operating income before depreciation, amortization and allocation of corporate overhead $ 5,020 $ 4,420 Depreciation and amortization $ 1,823 $ 1,716 Capital expenditures $ 655 $ 781 Total segment assets at March 31, $ 107,731 $ 111,208 Three Months Ended March 31, 2016 2015 Development Services Development and construction management fees $ 1,035 $ 564 Operating expenses (3,595 ) (3,107 ) Operating loss before depreciation, amortization and allocation of corporate overhead $ (2,560 ) $ (2,543 ) Total segment assets at March 31, $ 2,397 $ 1,581 Property Management Services Property management fees from external customers $ 2,410 $ 2,001 Intersegment revenues 5,951 5,868 Total revenues 8,361 7,869 Operating expenses (2,984 ) (2,828 ) Operating income before depreciation, amortization and allocation of corporate overhead $ 5,377 $ 5,041 Total segment assets at March 31, $ 8,876 $ 6,871 Reconciliations Total segment revenues and other income $ 206,211 $ 198,632 Unallocated interest income earned on investments and corporate cash 1,014 841 Elimination of intersegment revenues (5,951 ) (5,868 ) Total consolidated revenues, including interest income $ 201,274 $ 193,605 Segment operating income before depreciation, amortization and allocation of corporate overhead $ 108,248 $ 98,902 Depreciation and amortization (56,258 ) (52,030 ) Net unallocated expenses relating to corporate interest and overhead (22,845 ) (18,951 ) Gain from disposition of real estate 17,409 44,252 Loss from early extinguishment of debt — (595 ) Income tax provision (345 ) (311 ) Net income $ 46,209 $ 71,267 Total segment assets $ 5,912,457 $ 5,713,239 Unallocated corporate assets 455,080 88,763 Total assets at March 31, $ 6,367,537 $ 5,802,002 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Distributions : On May 4, 2016 , the Company declared a distribution per share of $0.42 , which will be paid on May 27, 2016 to all common stockholders of record as of May 16, 2016 . At the same time, the Operating Partnership will pay an equivalent amount per unit to holders of Common OP Units, as well as the quarterly cumulative preferential distribution to holders of Preferred OP Units (see Note 10 ). |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements, presented in U.S. dollars, are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and revenue and expenses during the reporting periods. Our actual results could differ from those estimates and assumptions. All material intercompany transactions among consolidated entities have been eliminated. All dollar amounts in the tables herein, except share, per share, unit and per unit amounts, are stated in thousands unless otherwise indicated. Certain prior period amounts have been reclassified to conform to the current period presentation. |
Recently Issued and Adopted Accounting Pronouncements | Recently Issued Accounting Pronouncements In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2016-05 ("ASU 2016-05"), "Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships." The amendments in this guidance clarify that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument under Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The guidance is effective for public business entities for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing whether ASU 2016-05 will have a material effect on its consolidated financial statements. 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 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. Recently Adopted Accounting Pronouncements In March 2016, the FASB issued Accounting Standards Update 2016-09 ("ASU 2016-09"), "Improvements to Employee Share-Based Payment Accounting." The updated guidance changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The guidance is effective for public business entities for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted. The Company adopted ASU 2016-09 as of January 1, 2016. ASU 2016-09 did not have a material impact on the Company's consolidated financial statements. On January 1, 2016, the Company adopted Accounting Standards Update 2015-16 (“ASU 2015-16”), “Simplifying the Accounting for Measurement-Period Adjustments.” Under the new guidance, the Company will no longer recognize a measurement-period adjustment retroactively in a business combination. Instead, measurement-period adjustments will be recognized during the period in which the amount of the adjustment is determined. The adoption of ASU 2015-16 did not have a material impact on the Company’s consolidated financial statements. On January 1, 2016, the Company adopted Accounting Standards Update 2015-03 (“ASU 2015-03”), “Simplifying the Presentation of Debt Issuance Costs.” The impact of adopting ASU 2015-03 on the Company’s consolidated financial statements was the reclassification of deferred financing costs previously included in “other assets” to “secured mortgage, construction and bond debt”, “unsecured notes” and “unsecured term loans” within its consolidated balance sheets for all periods presented. Other than these reclassifications, the adoption of ASU 2015-03 did not have an impact on the Company’s consolidated financial statements. On January 1, 2016, the Company adopted Accounting Standards Update 2015-02 (“ASU 2015-02”), “Amendments to the Consolidation Analysis.” The new guidance changed the analysis a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The guidance did not amend the existing disclosure requirements for Variable Interest Entities (“VIEs”) or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model and eliminated the presumption that a general partner should consolidate a limited partnership. Under the revised guidance, ACCOP is determined to be a VIE. As ACCOP is already included in the consolidated financial statements of the Company, the identification of this entity as a VIE has no impact on its consolidated financial statements. There were no other legal entities qualifying under the scope of the revised guidance that were consolidated as a result of the adoption of this guidance. In addition, there were no other voting interest entities under prior existing guidance determined to be VIEs under the revised guidance. |
Interim Financial Statements | Interim Financial Statements The accompanying interim financial statements are unaudited, but have been prepared in accordance with GAAP for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements of the Company for these interim periods have been included. Because of the seasonal nature of the Company’s operations, the results of operations and cash flows for any interim period are not necessarily indicative of results for other interim periods or for the full year. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Investments in Real Estate | Investments in Real Estate Investments in real estate are recorded at historical cost. Major improvements that extend the life of an asset are capitalized and depreciated over the remaining useful life of the asset. The cost of ordinary repairs and maintenance are charged to expense when incurred. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings and improvements 7-40 years Leasehold interest - on-campus 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 $2.1 million and $2.5 million was capitalized during the three months ended March 31, 2016 and 2015 , 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 March 31, 2016 . 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 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. |
Pre-development Expenditures | Pre-development Expenditures Pre-development expenditures such as architectural fees, permits and deposits associated with the pursuit of third-party and owned development projects are expensed as incurred, until such time that management believes it is probable that the contract will be executed and/or construction will commence. Because the Company frequently incurs these pre-development expenditures before a financing commitment and/or required permits and authorizations have been obtained, the Company bears the risk of loss of these pre-development expenditures if financing cannot ultimately be arranged on acceptable terms or the Company is unable to successfully obtain the required permits and authorizations. As such, management evaluates the status of third-party and owned projects that have not yet commenced construction on a periodic basis and expenses any deferred costs related to projects whose current status indicates the commencement of construction is unlikely and/or the costs may not provide future value to the Company in the form of revenues. Such write-offs are included in third-party development and management services expenses (in the case of third-party development projects) or general and administrative expenses (in the case of owned development projects) on the accompanying consolidated statements of comprehensive income. |
Earnings per Share - Company/Earnings per Unit - Operating Partnership | 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. Earnings per Share – Company Basic earnings per share is computed using net income attributable to common stockholders 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. |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
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 potentially dilutive securities not included in calculating diluted earnings per share | The following potentially dilutive securities were outstanding for the three months ended March 31, 2016 and 2015 , but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. Three Months Ended March 31, 2016 2015 Common OP Units (Note 10) 1,310,046 — Preferred OP Units (Note 10) 103,590 — Total potentially dilutive securities 1,413,636 — |
Schedule of summary of elements used in calculating basic earnings per share/unit | The following is a summary of the elements used in calculating basic and diluted earnings per share: Three Months Ended March 31, 2016 2015 Numerator – basic and diluted earnings per share: Net income $ 46,209 $ 71,267 Net income attributable to noncontrolling interests (622 ) (1,070 ) Net income attributable to common stockholders 45,587 70,197 Amount allocated to participating securities (393 ) (334 ) Net income attributable to common stockholders $ 45,194 $ 69,863 Denominator: Basic weighted average common shares outstanding 123,445,985 110,955,099 Unvested Restricted Stock Awards (Note 11) 820,327 735,831 Common OP units (Note 10) — 1,173,216 Preferred OP units (Note 10) — 110,359 Diluted weighted average common shares outstanding 124,266,312 112,974,505 Earnings per share: Net income attributable to common stockholders - basic $ 0.37 $ 0.63 Net income attributable to common stockholders - diluted $ 0.36 $ 0.62 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Schedule of summary of elements used in calculating basic earnings per share/unit | The following is a summary of the elements used in calculating basic and diluted earnings per unit: Three Months Ended March 31, 2016 2015 Numerator – basic and diluted earnings per unit: Net income $ 46,209 $ 71,267 Net income attributable to noncontrolling interests – partially owned properties (104 ) (323 ) Series A preferred unit distributions (42 ) (44 ) Amount allocated to participating securities (393 ) (334 ) Net income attributable to common unitholders $ 45,670 $ 70,566 Denominator: Basic weighted average common units outstanding 124,756,031 112,128,315 Unvested Restricted Stock Awards (Note 11) 820,327 735,831 Diluted weighted average common units outstanding 125,576,358 112,864,146 Earnings per unit: Net income attributable to common unitholders - basic $ 0.37 $ 0.63 Net income attributable to common unitholders - diluted $ 0.36 $ 0.63 |
Property Dispositions (Tables)
Property Dispositions (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of properties sold during period | Property Location Primary University Served Disposition Date Beds The Edge - Orlando Orlando, FL University of Central Florida March, 2016 930 University Village - Sacramento Sacramento, CA California State Univ. - Sacramento March, 2016 394 1,324 |
Investments in Wholly-Owned P26
Investments in Wholly-Owned Properties (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Wholly-owned properties | |
Real Estate Properties [Line Items] | |
Schedule of Real Estate Properties | Wholly-owned properties consisted of the following: March 31, 2016 December 31, 2015 Land (1) (2) $ 597,898 $ 597,894 Buildings and improvements 5,243,871 5,235,033 Furniture, fixtures and equipment 315,178 311,696 Construction in progress (2) 244,496 154,988 6,401,443 6,299,611 Less accumulated depreciation (827,347 ) (777,340 ) Wholly-owned properties, net $ 5,574,096 $ 5,522,271 (3) (1) The land balance above includes undeveloped land parcels with book values of approximately $44.8 million and $66.2 million as of March 31, 2016 and December 31, 2015 , respectively. It also includes land totaling approximately $54.5 million and $33.0 million as of March 31, 2016 and December 31, 2015 , respectively, related to properties under development. (2) Land includes $1.9 million as of both March 31, 2016 and December 31, 2015 , and construction in progress includes $15.8 million and $12.6 million as of March 31, 2016 and December 31, 2015 , respectively, related to the 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 August 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 . These properties were sold in March 2016 (see Note 4 ). |
On-Campus Participating Prope27
On-Campus Participating Properties (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
On-campus participating properties | |
Real Estate Properties [Line Items] | |
Schedule of Real Estate Properties | On-campus participating properties are as follows: Historical Cost Lessor/University Lease Commencement Required Debt March 31, 2016 December 31, 2015 Texas A&M University System / Prairie View A&M University (1) 2/1/1996 9/1/2023 $ 44,520 $ 44,147 Texas A&M University System / Texas A&M International 2/1/1996 9/1/2023 7,074 7,064 Texas A&M University System / Prairie View A&M University (2) 10/1/1999 8/31/2025 27,790 27,717 8/31/2028 University of Houston System / University of Houston (3) 9/27/2000 8/31/2035 37,529 37,381 West Virginia University System / West Virginia University 7/16/2013 7/16/2045 43,727 43,676 160,640 159,985 Less accumulated amortization (71,650 ) (69,856 ) On-campus participating properties, net $ 88,990 $ 90,129 (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. |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of summary of outstanding consolidated indebtedness, including unamortized debt premiums and discounts | A summary of the Company’s outstanding consolidated indebtedness is as follows: March 31, 2016 December 31, 2015 Debt secured by wholly-owned properties: Mortgage loans payable: Unpaid principal balance $ 927,677 $ 934,769 Unamortized deferred financing costs (4,728 ) (5,084 ) Unamortized debt premiums 47,488 50,763 Unamortized debt discounts (127 ) (166 ) 970,310 980,282 Construction loans payable (1) 8,756 5,559 Unamortized deferred financing costs (431 ) (374 ) 978,635 985,467 Debt secured by on-campus participating properties: Mortgage loans payable 73,017 73,465 Bonds payable 36,935 36,935 Unamortized deferred financing costs (871 ) (905 ) 109,081 109,495 Total secured mortgage, construction and bond debt 1,087,716 1,094,962 Unsecured notes, net of unamortized OID and deferred financing costs (2) 1,187,175 1,186,700 Unsecured term loans, net of unamortized deferred financing costs (3) 348,376 597,719 Unsecured revolving credit facility — 68,900 Total debt $ 2,623,267 $ 2,948,281 (1) Construction loans payable consists of 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 5 ). The creditor of this construction loan does not have recourse to the assets of the Company. (2) Includes net unamortized original issue discount ("OID") of $2.2 million at both March 31, 2016 and December 31, 2015 , and net unamortized deferred financing costs of $10.7 million at March 31, 2016 and $11.1 million at December 31, 2015. (3) Includes net unamortized deferred financing costs of $1.6 million at March 31, 2016 and $2.3 million at December 31, 2015. The Company has issued the following senior unsecured notes: Date Issued Amount % of Par Value Coupon Yield Original Issue Discount Term September 2015 $ 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 |
Stockholders' Equity _ Partne29
Stockholders' Equity / Partners' Capital (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Summary of Equity Program activity | The following table presents activity under the Company’s prior ATM Equity Program during three months ended March 31, 2015 : Three Months Ended March 31, 2015 Total net proceeds $ 213,416 Commissions paid to sales agents $ 3,250 Weighted average price per share $ 43.92 Shares of common stock sold 4,933,665 |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Schedule of summarized activity of redeemable limited partners | Below is a table summarizing the activity of redeemable limited partners for the three months ended March 31, 2016 : December 31, 2015 $ 59,511 Net income 518 Distributions (565 ) Conversion of redeemable limited partner units into shares of ACC common stock (164 ) Adjustments to reflect redeemable limited partner units at fair value 6,833 March 31, 2016 $ 66,133 |
Incentive Award Plan (Tables)
Incentive Award Plan (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of restricted stock awards | A summary of RSAs under the American Campus Communities, Inc. 2010 Incentive Award Plan (the "Plan") as of March 31, 2016 and activity during the three months then ended, is presented below: Number of RSAs Nonvested balance at December 31, 2015 655,925 Granted 327,306 Vested (127,352 ) Forfeited (1) (71,894 ) Nonvested balance at March 31, 2016 783,985 (1) Includes shares withheld to satisfy tax obligations upon vesting. |
Derivative Instruments and He32
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 : 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 $ 14,594 $ (800 ) Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month 14,744 (808 ) Term Loan I Facility Feb 2, 2012 Jan 2, 2017 0.8695% LIBOR – 1 month 125,000 (325 ) Term Loan I Facility Feb 2, 2012 Jan 2, 2017 0.8800% LIBOR – 1 month 100,000 (268 ) Term Loan I Facility Feb 2, 2012 Jan 2, 2017 0.8875% LIBOR – 1 month 62,500 (171 ) Term Loan I Facility Feb 2, 2012 Jan 2, 2017 0.8890% LIBOR – 1 month 62,500 (172 ) Park Point mortgage loan Nov 1, 2013 Oct 5, 2018 1.5450% LIBOR - 1 month 70,000 (1,417 ) Total $ 449,338 $ (3,961 ) In January 2016, the Company refinanced a portion of the Term Loan Facility I (See Note 8 for details). While the maturity of a portion of the Term Loan Facility I was extended to March 29, 2021, there were no changes to the timing and amounts of the cash flows received or paid under the interest rate swaps, which will expire on the original maturity date. As a result, the Company concluded that a dedesignation of the original hedge relationship was not required. |
Schedule of fair value of derivative financial instruments and classification on consolidated balance sheet | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of March 31, 2016 and December 31, 2015 : Liability Derivatives Fair Value as of Description Balance Sheet March 31, 2016 December 31, 2015 Interest rate swaps contracts Other liabilities $ 3,961 $ 2,454 Total derivatives designated as hedging instruments $ 3,961 $ 2,454 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial instruments measured at fair value | Disclosures concerning financial instruments measured at fair value are as follows: Fair Value Measurements as of March 31, 2016 December 31, 2015 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 $ — $ 3,961 $ — $ 3,961 $ — $ 2,454 $ — $ 2,454 Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) $ — $ 66,133 $ — $ 66,133 $ — $ 59,511 $ — $ 59,511 |
Schedule of estimated fair value and related carrying amounts of mortgage loans and bonds payable | The table below contains the estimated fair value and related carrying amounts for the Company’s financial instruments as of March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 Estimated Fair Value Carrying Amount Estimated Fair Value Carrying Amount Assets: Loans receivable (1) $ 48,030 $ 57,992 $ 48,030 $ 57,175 Liabilities: Unsecured notes (2) $ 1,220,061 $ 1,187,175 $ 1,180,466 $ 1,186,700 Mortgage loans (2) 1,000,983 1,043,002 994,809 1,053,414 Bonds (2) 41,824 36,389 40,716 36,363 (1) 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, 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 March 31, 2016 . (2) Both the estimated fair value and the carrying amount of unsecured notes, mortgage loans, and bonds includes unamortized deferred financing costs (see Note 8 ). |
Segments (Tables)
Segments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of segment information | Three Months Ended March 31, 2016 2015 Wholly-Owned Properties Rental revenues and other income $ 186,504 $ 180,728 Interest income 265 271 Total revenues from external customers 186,769 180,999 Operating expenses before depreciation, amortization, ground/facility leases and allocation of corporate overhead (77,998 ) (79,054 ) Ground/facility leases (1,454 ) (1,223 ) Interest expense (6,906 ) (8,738 ) Operating income before depreciation, amortization, and allocation of corporate overhead $ 100,411 $ 91,984 Depreciation and amortization $ 51,223 $ 48,309 Capital expenditures $ 85,912 $ 68,467 Total segment assets at March 31, $ 5,793,453 $ 5,593,579 On-Campus Participating Properties Total revenues from external customers $ 10,046 $ 9,200 Operating expenses before depreciation, amortization, ground/facility leases and allocation of corporate overhead (2,758 ) (2,427 ) Ground/facility leases (850 ) (875 ) Interest expense (1,418 ) (1,478 ) Operating income before depreciation, amortization and allocation of corporate overhead $ 5,020 $ 4,420 Depreciation and amortization $ 1,823 $ 1,716 Capital expenditures $ 655 $ 781 Total segment assets at March 31, $ 107,731 $ 111,208 Three Months Ended March 31, 2016 2015 Development Services Development and construction management fees $ 1,035 $ 564 Operating expenses (3,595 ) (3,107 ) Operating loss before depreciation, amortization and allocation of corporate overhead $ (2,560 ) $ (2,543 ) Total segment assets at March 31, $ 2,397 $ 1,581 Property Management Services Property management fees from external customers $ 2,410 $ 2,001 Intersegment revenues 5,951 5,868 Total revenues 8,361 7,869 Operating expenses (2,984 ) (2,828 ) Operating income before depreciation, amortization and allocation of corporate overhead $ 5,377 $ 5,041 Total segment assets at March 31, $ 8,876 $ 6,871 Reconciliations Total segment revenues and other income $ 206,211 $ 198,632 Unallocated interest income earned on investments and corporate cash 1,014 841 Elimination of intersegment revenues (5,951 ) (5,868 ) Total consolidated revenues, including interest income $ 201,274 $ 193,605 Segment operating income before depreciation, amortization and allocation of corporate overhead $ 108,248 $ 98,902 Depreciation and amortization (56,258 ) (52,030 ) Net unallocated expenses relating to corporate interest and overhead (22,845 ) (18,951 ) Gain from disposition of real estate 17,409 44,252 Loss from early extinguishment of debt — (595 ) Income tax provision (345 ) (311 ) Net income $ 46,209 $ 71,267 Total segment assets $ 5,912,457 $ 5,713,239 Unallocated corporate assets 455,080 88,763 Total assets at March 31, $ 6,367,537 $ 5,802,002 |
Organization and Description 35
Organization and Description of Business - (Details) | 3 Months Ended |
Mar. 31, 2016university_systemPropertyBed | |
Real Estate Properties [Line Items] | |
Number of properties | 163 |
Number of beds | Bed | 100,600 |
Minimum | |
Real Estate Properties [Line Items] | |
Initial term of contract | 1 year |
Maximum | |
Real Estate Properties [Line Items] | |
Initial term of contract | 5 years |
Wholly-owned properties | Off Campus Properties | |
Real Estate Properties [Line Items] | |
Number of properties | 134 |
Wholly-owned properties | American Campus Equity | |
Real Estate Properties [Line Items] | |
Number of properties | 24 |
Number of university systems | university_system | 11 |
Wholly-owned properties | On-campus participating properties | |
Real Estate Properties [Line Items] | |
Number of properties | 5 |
Wholly-owned properties | Under Development | |
Real Estate Properties [Line Items] | |
Number of properties | 12 |
Number of beds | Bed | 8,000 |
Management And Leasing Services | |
Real Estate Properties [Line Items] | |
Number of properties | 40 |
Number of beds | Bed | 30,500 |
Real Estate Investment | |
Real Estate Properties [Line Items] | |
Number of properties | 203 |
Number of beds | Bed | 131,100 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |
Real Estate Properties [Line Items] | |
Limited Partner ownership interest (percent) | 98.90% |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Maximum | |
Real Estate Properties [Line Items] | |
General Partner ownership interest (percent) (less than) | 1.00% |
Summary of Significant Accoun36
Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details) | 3 Months Ended |
Mar. 31, 2016 | |
Minimum | Buildings and improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Minimum | Furniture, fixtures and equipment | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Maximum | Buildings and improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
Maximum | Furniture, fixtures and equipment | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
On-campus participating properties | Minimum | Leasehold interest | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 25 years |
On-campus participating properties | Maximum | Leasehold interest | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 34 years |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Additional Information (Detail Textuals) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accounting Policies [Abstract] | ||
Capitalized Interest | $ 2.1 | $ 2.5 |
Deferred pre-development costs | $ 7.8 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies - Potentially Dilutive Securities Not Included in Calculating Diluted Earnings Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential dilutive securities (shares) | 1,413,636 | 0 |
Common OP Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential dilutive securities (shares) | 1,310,046 | 0 |
Preferred OP Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential dilutive securities (shares) | 103,590 | 0 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Summary of Elements Used in Calculating Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Numerator – basic and diluted earnings per share: | ||
Net income | $ 46,209 | $ 71,267 |
Net income attributable to noncontrolling interests | (622) | (1,070) |
Net income attributable to common stockholders | 45,587 | 70,197 |
Amount allocated to participating securities | (393) | (334) |
Net income attributable to common stockholders | $ 45,194 | $ 69,863 |
Denominator: | ||
Basic weighted average common shares outstanding (in shares) | 123,445,985 | 110,955,099 |
Antidilutive securities (shares) | 1,413,636 | 0 |
Diluted weighted average common shares outstanding (in shares) | 124,266,312 | 112,974,505 |
Earnings per share: | ||
Net income (loss) attributable to common stockholders (in dollars per share) | $ 0.37 | $ 0.63 |
Net income (loss) attributable to common stockholders (in dollars per share) | $ 0.36 | $ 0.62 |
Restricted Stock Awards | ||
Denominator: | ||
Antidilutive securities (shares) | 820,327 | 735,831 |
Common OP Units | ||
Denominator: | ||
Antidilutive securities (shares) | 0 | 1,173,216 |
Preferred OP Units | ||
Denominator: | ||
Antidilutive securities (shares) | 0 | 110,359 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Summary of Elements Used in Calculating Basic and Diluted Earnings per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Numerator – basic and diluted earnings per unit: | ||
Net income | $ 46,209 | $ 71,267 |
Net income attributable to noncontrolling interests – partially owned properties | (622) | (1,070) |
Amount allocated to participating securities | (393) | (334) |
Net income attributable to common unitholders | 45,194 | 69,863 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ||
Numerator – basic and diluted earnings per unit: | ||
Net income | 46,209 | 71,267 |
Series A preferred unit distributions | (42) | (44) |
Amount allocated to participating securities | (393) | (334) |
Net income attributable to common unitholders | $ 45,670 | $ 70,566 |
Denominator: | ||
Basic weighted average common units outstanding (in units) | 124,756,031 | 112,128,315 |
Diluted weighted average common units outstanding (in units) | 125,576,358 | 112,864,146 |
Earnings per unit: | ||
Net income attributable to common unitholders - basic (in dollars per unit) | $ 0.37 | $ 0.63 |
Net income attributable to common unitholders - diluted (in dollars per unit) | $ 0.36 | $ 0.63 |
Partially owned properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ||
Numerator – basic and diluted earnings per unit: | ||
Net income attributable to noncontrolling interests – partially owned properties | $ (104) | $ (323) |
Restricted Stock Awards | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ||
Denominator: | ||
Unvested Restricted Stock Awards (in units) | 820,327 | 735,831 |
Property Acquisitions (Details)
Property Acquisitions (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2015USD ($)PropertyBed | Mar. 31, 2016PropertyBed | |
Business Acquisition [Line Items] | ||
Number of properties | Property | 163 | |
Beds | Bed | 100,600 | |
2015 acquisitions | Wholly-owned properties | ||
Business Acquisition [Line Items] | ||
Number of properties | Property | 5 | |
Beds | Bed | 2,298 | |
Purchase price | $ | $ 195.3 | |
Debt assumed as part of business acquisition | $ | $ 11.6 |
Property Dispositions - Additio
Property Dispositions - Additional Information (Detail Textuals) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($)PropertyBed | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Proceeds from disposition of properties | $ 72,613 | $ 226,532 |
Gain from disposition of real estate | 17,409 | 44,252 |
Wholly-owned properties | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Sale price of disposed property | 73,800 | 231,000 |
Proceeds from disposition of properties | 72,600 | 226,500 |
Gain from disposition of real estate | $ 17,400 | $ 44,300 |
Number of properties sold | Property | 10 | |
Number of beds in properties sold | Bed | 6,001 |
Property Dispositions - Summary
Property Dispositions - Summary of Properties Classified as Held for Sale (Details) | Mar. 31, 2016Bed |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Beds | 100,600 |
Wholly-owned properties | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Beds | 1,324 |
Edge - Orlando | Wholly-owned properties | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Beds | 930 |
University Village Sacramento | Wholly-owned properties | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Beds | 394 |
Investments in Wholly-Owned P44
Investments in Wholly-Owned Properties - Summary (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Real Estate Properties [Line Items] | ||
Wholly-owned properties, net | $ 5,663,086 | $ 5,667,754 |
Wholly-owned properties | ||
Real Estate Properties [Line Items] | ||
Land | 597,898 | 597,894 |
Buildings and improvements | 5,243,871 | 5,235,033 |
Furniture, fixtures and equipment | 315,178 | 311,696 |
Construction in progress | 244,496 | 154,988 |
Real estate properties gross | 6,401,443 | 6,299,611 |
Less accumulated depreciation | (827,347) | (777,340) |
Wholly-owned properties, net | $ 5,574,096 | $ 5,522,271 |
Investments in Wholly-Owned P45
Investments in Wholly-Owned Properties - Summary (Detail Textuals) $ in Millions | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($)Property |
Real Estate Properties [Line Items] | ||
Undeveloped land parcels | $ 44.8 | $ 66.2 |
Under Development | ||
Real Estate Properties [Line Items] | ||
Undeveloped land parcels | 54.5 | $ 33 |
Wholly-owned properties | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties, held for sale | Property | 2 | |
The Court at Stadium Centre | Wholly-owned properties | ||
Real Estate Properties [Line Items] | ||
Land | 1.9 | $ 1.9 |
Construction in progress | $ 15.8 | $ 12.6 |
On-Campus Participating Prope46
On-Campus Participating Properties (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)phase | Dec. 31, 2015USD ($) | |
Real Estate Properties [Line Items] | ||
Wholly-owned properties, net | $ 5,663,086 | $ 5,667,754 |
On-campus participating properties | ||
Real Estate Properties [Line Items] | ||
Real estate properties, gross | 160,640 | 159,985 |
Less accumulated amortization | (71,650) | (69,856) |
Wholly-owned properties, net | $ 88,990 | 90,129 |
On-campus participating properties | 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 | $ 7,074 | 7,064 |
Phases Placed In Service Between 1996 and 1998 | Prairie View A and M University | ||
Real Estate Properties [Line Items] | ||
Number of project phases | phase | 3 | |
Phases Placed In Service Between 1996 and 1998 | On-campus participating properties | Prairie View A and M University | ||
Real Estate Properties [Line Items] | ||
Lease Commencement | Feb. 1, 1996 | |
Required Debt Repayment | Sep. 1, 2023 | |
Real estate properties, gross | $ 44,520 | 44,147 |
Phases Placed In Service In 2000 and 2003 | Prairie View A and M University | ||
Real Estate Properties [Line Items] | ||
Number of project phases | phase | 2 | |
Phases Placed In Service In 2000 and 2003 | On-campus participating properties | Prairie View A and M University | ||
Real Estate Properties [Line Items] | ||
Lease Commencement | Oct. 1, 1999 | |
Real estate properties, gross | $ 27,790 | 27,717 |
Phases Placed In Service In 2001 and 2005 | University Of Houston | ||
Real Estate Properties [Line Items] | ||
Number of project phases | phase | 2 | |
Phases Placed In Service In 2001 and 2005 | On-campus participating properties | University Of Houston | ||
Real Estate Properties [Line Items] | ||
Lease Commencement | Sep. 27, 2000 | |
Required Debt Repayment | Aug. 31, 2035 | |
Real estate properties, gross | $ 37,529 | 37,381 |
Phases Placed in Service in 2013 | On-campus participating properties | West Virginia University | ||
Real Estate Properties [Line Items] | ||
Lease Commencement | Jul. 16, 2013 | |
Required Debt Repayment | Jul. 16, 2045 | |
Real estate properties, gross | $ 43,727 | $ 43,676 |
Minimum | Phases Placed In Service In 2000 and 2003 | On-campus participating properties | Prairie View A and M University | ||
Real Estate Properties [Line Items] | ||
Required Debt Repayment | Aug. 31, 2025 | |
Maximum | Phases Placed In Service In 2000 and 2003 | On-campus participating properties | Prairie View A and M University | ||
Real Estate Properties [Line Items] | ||
Required Debt Repayment | Aug. 31, 2028 |
Investments in Unconsolidated47
Investments in Unconsolidated Joint Ventures - (Detail Textuals) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)Joint_Venture | Mar. 31, 2015USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||
Number of joint ventures | Joint_Venture | 1 | |
Management fee earned | $ 2,410 | $ 2,001 |
Equity Method Investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Management fee earned | $ 500 | $ 300 |
Debt - Summary of Outstanding C
Debt - Summary of Outstanding Consolidated Indebtedness, Including Unamortized Debt Premiums and Discounts (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Secured mortgage, construction and bond debt | $ 1,087,716 | $ 1,094,962 |
Unsecured notes, net of unamortized OID and deferred financing costs | 1,187,175 | 1,186,700 |
Unsecured term loans, net of unamortized deferred financing costs | 348,376 | 597,719 |
Unsecured revolving credit facility | 0 | 68,900 |
Total debt | 2,623,267 | 2,948,281 |
Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Unamortized deferred financing costs | (10,700) | (11,100) |
Unamortized debt discounts | (2,200) | (2,200) |
Term loans | ||
Debt Instrument [Line Items] | ||
Unamortized deferred financing costs | (1,600) | (2,300) |
Wholly-owned properties, net | ||
Debt Instrument [Line Items] | ||
Secured mortgage, construction and bond debt | 970,310 | 980,282 |
Total debt | 978,635 | 985,467 |
Wholly-owned properties, net | Mortgage loans payable | ||
Debt Instrument [Line Items] | ||
Secured mortgage, construction and bond debt | 927,677 | 934,769 |
Unamortized deferred financing costs | (4,728) | (5,084) |
Unamortized debt premiums | 47,488 | 50,763 |
Unamortized debt discounts | (127) | (166) |
Wholly-owned properties, net | Construction loans payable | ||
Debt Instrument [Line Items] | ||
Secured mortgage, construction and bond debt | 8,756 | 5,559 |
Unamortized deferred financing costs | (431) | (374) |
On-campus participating properties, net | ||
Debt Instrument [Line Items] | ||
Unamortized deferred financing costs | (871) | (905) |
Total debt | 109,081 | 109,495 |
On-campus participating properties, net | Mortgage loans payable | ||
Debt Instrument [Line Items] | ||
Secured mortgage, construction and bond debt | 73,017 | 73,465 |
On-campus participating properties, net | Bonds payable | ||
Debt Instrument [Line Items] | ||
Secured mortgage, construction and bond debt | $ 36,935 | $ 36,935 |
Debt - Additional Information (
Debt - Additional Information (Detail Textuals) | Feb. 05, 2016shares | Jan. 29, 2016USD ($)Extension_option | Feb. 29, 2016USD ($) | Mar. 31, 2016USD ($)Propertyshares | Mar. 31, 2015USD ($)Property |
Debt Instrument [Line Items] | |||||
Repayments of debt during period | $ 3,917,000 | $ 3,841,000 | |||
Number of properties | Property | 163 | ||||
Credit facility, additional extension period | 12 months | ||||
Notional amount | $ 449,338,000 | ||||
Mortgage debt | |||||
Debt Instrument [Line Items] | |||||
Repayments of debt during period | $ 19,300,000 | ||||
Number of properties sold | Property | 2 | ||||
Construction loans payable | |||||
Debt Instrument [Line Items] | |||||
Repayments of debt during period | $ 44,600,000 | ||||
Interest Rate Swap | |||||
Debt Instrument [Line Items] | |||||
Notional amount | $ 350,000,000 | ||||
Term Loan I Facility | |||||
Debt Instrument [Line Items] | |||||
Line of credit, weighted average annual interest rate (percent) | 0.88% | ||||
Interest rate during period | 2.04% | ||||
Term Loan II Facility | |||||
Debt Instrument [Line Items] | |||||
Amount of debt repayment | $ 250,000,000 | ||||
Accelerated amortization related to pay-off of debt | $ 1,100,000 | ||||
Revolving credit facility | |||||
Debt Instrument [Line Items] | |||||
Ratio of borrowing amount to value of properties (percent) | 60.00% | ||||
Unsecured Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Credit facility | $ 900,000,000 | ||||
Credit facility, additional borrowing capacity | 500,000,000 | ||||
Decrease in basis spread on variable rate | 0.30% | ||||
Unsecured Revolving Credit Facility | Term loan facility | |||||
Debt Instrument [Line Items] | |||||
Credit facility | $ 350,000,000 | ||||
Unsecured Revolving Credit Facility | Term Loan I Facility | |||||
Debt Instrument [Line Items] | |||||
Credit facility | $ 350,000,000 | ||||
Unsecured Revolving Credit Facility | Term Loan I Facility Maturing March 29, 2021 | |||||
Debt Instrument [Line Items] | |||||
Credit facility | 150,000,000 | ||||
Basis spread on variable rate | 1.10% | ||||
Unsecured Revolving Credit Facility | Term Loan I Facility Maturing January 10, 2019 | |||||
Debt Instrument [Line Items] | |||||
Credit facility | $ 200,000,000 | ||||
Number of loan extension options | Extension_option | 2 | ||||
Duration of loan extension options | 12 months | ||||
Basis spread on variable rate | 1.20% | ||||
Unsecured Revolving Credit Facility | Revolving credit facility | |||||
Debt Instrument [Line Items] | |||||
Credit facility | $ 500,000,000 | ||||
Line of credit, required unused commitment fee per annum (percent) | 0.20% | ||||
Current borrowing capacity of credit facility | $ 500,000,000 | ||||
Covenant terms, time period company may not pay distributions that exceed a percentage of funds from operations | 12 months | ||||
Lofts At Capital Garage | Mortgage debt | |||||
Debt Instrument [Line Items] | |||||
Repayments of debt during period | $ 4,400,000 | ||||
On-Campus ACE Properties | Mortgage debt | |||||
Debt Instrument [Line Items] | |||||
Number of properties | Property | 2 | ||||
Common shares | |||||
Debt Instrument [Line Items] | |||||
Net proceeds from sale of common stock/Issuance of units in exchange for contributions of equity offering proceeds (shares) | shares | 17,940,000 | 17,940,000 | |||
Wholly-owned properties | Mortgage debt | |||||
Debt Instrument [Line Items] | |||||
Number of properties | Property | 3 | ||||
Three Wholly-Owned Properties | Mortgage debt | |||||
Debt Instrument [Line Items] | |||||
Repayments of debt during period | $ 61,400,000 |
Debt - Summary of Senior Unsecu
Debt - Summary of Senior Unsecured Notes (Details) - AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Senior notes | |
Debt Instrument [Line Items] | |
Amount | $ 1,200,000,000 |
Original Issue Discount | 2,676,000 |
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 |
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 |
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 |
Stockholders' Equity _ Partne51
Stockholders' Equity / Partners' Capital - (Detail Textuals) | Feb. 05, 2016USD ($)$ / sharesshares | Mar. 31, 2016USD ($)shares | Mar. 31, 2015USD ($)$ / Unitshares | Dec. 31, 2015shares | Jun. 30, 2015USD ($) |
Schedule of Equity Method Investments [Line Items] | |||||
Proceeds from sale of common stock | $ | $ 740,025,000 | $ 216,666,000 | |||
ATM equity program, aggregate offering price authorized (up to $500 million) | $ | $ 500,000,000 | ||||
Number of shares in Deferred Compensation Plan at end of March 2016 (in shares) | shares | 10,190 | 10,155 | |||
Common shares | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Net proceeds from sale of common stock/Issuance of units in exchange for contributions of equity offering proceeds (shares) | shares | 17,940,000 | 17,940,000 | |||
Proceeds from sale of common stock | $ | $ 740,000,000 | ||||
Shares issued as a result of ACC equity offering (in dollars per share) | $ / shares | $ 41.25 | ||||
Proceeds from issuance of common stock, net of discounts and expenses | $ | $ 707,400,000 | ||||
Vesting of restricted stock awards and restricted stock units (shares) | shares | 127,317 | ||||
ATM Equity Program | |||||
Schedule of Equity Method Investments [Line Items] | |||||
ATM equity program, aggregate offering price authorized (up to $500 million) | $ | $ 500,000,000 | ||||
ATM equity program, common stock offering price | $ | $ 194,000,000 | ||||
Treasury Stock | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Vesting of restricted stock awards and restricted stock units (shares) | shares | 35 | ||||
8 1/2 Canal | Common OP Units | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity issued as part of business acquisition (in shares) | shares | 343,895 | ||||
Equity issued as part of business acquisition (in dollars per unit) | $ / Unit | 41.24 | ||||
Over-Allotment Option | Common shares | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Net proceeds from sale of common stock/Issuance of units in exchange for contributions of equity offering proceeds (shares) | shares | 2,340,000 |
Stockholders' Equity _ Partne52
Stockholders' Equity / Partners' Capital - Summary of Equity Program Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Class of Stock [Line Items] | ||
Total net proceeds | $ 740,025 | $ 216,666 |
ATM Equity Program | ||
Class of Stock [Line Items] | ||
Total net proceeds | 213,416 | |
Commissions paid to sales agents | $ 3,250 | |
Weighted average price per share (in usd per share) | $ 43.92 | |
Shares of common stock sold | 4,933,665 |
Noncontrolling Interests - Addi
Noncontrolling Interests - Additional Information (Detail Textuals) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016USD ($)Entityshares | Dec. 31, 2015shares | |
Noncontrolling Interest [Line Items] | ||
Contribution by noncontrolling interest partners | $ 56 | |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ||
Noncontrolling Interest [Line Items] | ||
Number of third-party joint venture partners (entities) | Entity | 3 | |
Contribution by noncontrolling interest partners | $ 56 | |
Equity interests held by owners of common units and series A preferred units/ retained by seller (percent) | 1.10% | 1.20% |
Preferred OP Unit | ||
Noncontrolling Interest [Line Items] | ||
Conversion of operating partnership units to common stock (shares) | shares | 15,000 | 1,000 |
Common OP Unit | ||
Noncontrolling Interest [Line Items] | ||
Conversion of operating partnership units to common stock (shares) | shares | 118,474 | |
Partially owned properties | ||
Noncontrolling Interest [Line Items] | ||
Contribution by noncontrolling interest partners | $ 7,300 |
Noncontrolling Interests - Summ
Noncontrolling Interests - Summarized Activity of Redeemable Limited Partners (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |
Beginning balance | $ 59,511 |
Distributions | (100) |
Conversion of redeemable limited partner units into shares of ACC common stock | (163) |
Adjustments to reflect redeemable limited partner units at fair value | 6,833 |
Ending balance | 66,133 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |
Beginning balance | 59,511 |
Distributions | (100) |
Conversion of redeemable limited partner units into shares of ACC common stock | (163) |
Adjustments to reflect redeemable limited partner units at fair value | 6,833 |
Ending balance | 66,133 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Redeemable noncontrolling interests | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |
Beginning balance | 59,511 |
Net income | 518 |
Distributions | (565) |
Conversion of redeemable limited partner units into shares of ACC common stock | (164) |
Adjustments to reflect redeemable limited partner units at fair value | 6,833 |
Ending balance | $ 66,133 |
Incentive Award Plan - Summary
Incentive Award Plan - Summary of Restricted Stock Awards (Details) - Restricted Stock Awards | 3 Months Ended |
Mar. 31, 2016shares | |
Number of RSAs | |
Beginning balance (shares) | 655,925 |
Granted (shares) | 327,306 |
Vested (shares) | (127,352) |
Forfeited (shares) | (71,894) |
Ending balance (shares) | 783,985 |
Incentive Award Plan - Addition
Incentive Award Plan - Additional Information (Detail Textuals) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Restricted Stock Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated share-based compensation expense | $ 2.7 | $ 2.1 |
Derivative Instruments and He57
Derivative Instruments and Hedging Activities - Summary of Outstanding Interest Rate Swap Contracts (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Derivative [Line Items] | |
Current Notional Amount | $ 449,338 |
Fair Value | $ (3,961) |
Interest Rate Swap One - 2.2750 Fixed Rate | |
Derivative [Line Items] | |
Effective Date | Feb. 18, 2014 |
Maturity Date | Feb. 15, 2021 |
Pay Fixed Rate (percent) | 2.275% |
Receive Floating Rate Index | LIBOR - 1 month |
Current Notional Amount | $ 14,594 |
Fair Value | $ (800) |
Interest Rate Swap Two - 2.2750 Fixed Rate | |
Derivative [Line Items] | |
Effective Date | Feb. 18, 2014 |
Maturity Date | Feb. 15, 2021 |
Pay Fixed Rate (percent) | 2.275% |
Receive Floating Rate Index | LIBOR - 1 month |
Current Notional Amount | $ 14,744 |
Fair Value | $ (808) |
Interest Rate Swap - 0.8695% Fixed Rate | |
Derivative [Line Items] | |
Effective Date | Feb. 2, 2012 |
Maturity Date | Jan. 2, 2017 |
Pay Fixed Rate (percent) | 0.8695% |
Receive Floating Rate Index | LIBOR – 1 month |
Current Notional Amount | $ 125,000 |
Fair Value | $ (325) |
Interest Rate Swap - 0.88% Fixed Rate | |
Derivative [Line Items] | |
Effective Date | Feb. 2, 2012 |
Maturity Date | Jan. 2, 2017 |
Pay Fixed Rate (percent) | 0.88% |
Receive Floating Rate Index | LIBOR – 1 month |
Current Notional Amount | $ 100,000 |
Fair Value | $ (268) |
Interest Rate Swap - 0.8875% Fixed Rate | |
Derivative [Line Items] | |
Effective Date | Feb. 2, 2012 |
Maturity Date | Jan. 2, 2017 |
Pay Fixed Rate (percent) | 0.8875% |
Receive Floating Rate Index | LIBOR – 1 month |
Current Notional Amount | $ 62,500 |
Fair Value | $ (171) |
Interest Rate Swap - 0.889% Fixed Rate | |
Derivative [Line Items] | |
Effective Date | Feb. 2, 2012 |
Maturity Date | Jan. 2, 2017 |
Pay Fixed Rate (percent) | 0.889% |
Receive Floating Rate Index | LIBOR – 1 month |
Current Notional Amount | $ 62,500 |
Fair Value | $ (172) |
Interest Rate Swap - 1.545% Fixed Rate | |
Derivative [Line Items] | |
Effective Date | Nov. 1, 2013 |
Maturity Date | Oct. 5, 2018 |
Pay Fixed Rate (percent) | 1.545% |
Receive Floating Rate Index | LIBOR - 1 month |
Current Notional Amount | $ 70,000 |
Fair Value | $ (1,417) |
Derivative Instruments and He58
Derivative Instruments and Hedging Activities - Additional Information (Detail Textuals) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2014USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Mar. 31, 2014USD ($)Contract | |
Derivative [Line Items] | |||||
Notional amount | $ 449,338,000 | ||||
Amortization of interest rate swap terminations | 103,000 | $ 102,000 | |||
Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Notional amount | 350,000,000 | ||||
Forward starting swap contracts | |||||
Derivative [Line Items] | |||||
Number of interest rate swap contracts (contracts) | Contract | 2 | ||||
Payments related to terminated swap contracts | $ 4,100,000 | ||||
Amortization of interest rate swap terminations | 100,000 | 100,000 | |||
Termination payment remaining to be amortized | 3,400,000 | $ 3,500,000 | |||
Forward starting swap contracts | Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Notional amount | $ 200,000,000 | ||||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||||
Derivative [Line Items] | |||||
Amortization of interest rate swap terminations | $ 103,000 | $ 102,000 | |||
Senior notes - June 2014 | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||||
Derivative [Line Items] | |||||
Effective interest rate after effect of derivative instruments | 4.27% |
Derivative Instruments and He59
Derivative Instruments and Hedging Activities - Fair Value of Derivative Financial Instruments and Classification on Consolidated Balance Sheet (Details) - Designated as hedging instrument - Other liabilities - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Total derivatives liabilities designated as hedging instruments | $ 3,961 | $ 2,454 |
Interest rate swaps contracts | ||
Derivatives, Fair Value [Line Items] | ||
Total derivatives liabilities designated as hedging instruments | $ 3,961 | $ 2,454 |
Fair Value Disclosures - Financ
Fair Value Disclosures - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Liabilities: | ||
Derivative financial instruments | $ 3,961 | $ 2,454 |
Mezzanine: | ||
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) | 66,133 | 59,511 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | ||
Liabilities: | ||
Derivative financial instruments | 0 | 0 |
Mezzanine: | ||
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Liabilities: | ||
Derivative financial instruments | 3,961 | 2,454 |
Mezzanine: | ||
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) | 66,133 | 59,511 |
Significant Unobservable Inputs (Level 3) | ||
Liabilities: | ||
Derivative financial instruments | 0 | 0 |
Mezzanine: | ||
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) | $ 0 | $ 0 |
Fair Value Disclosures - Estima
Fair Value Disclosures - Estimated Fair Value and Related Carrying Amounts of Mortgage Loans and Bonds Payable (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Estimated Fair Value | ||
Assets: | ||
Loans receivable (1) | $ 48,030 | $ 48,030 |
Liabilities: | ||
Unsecured notes | 1,220,061 | 1,180,466 |
Mortgage loans | 1,000,983 | 994,809 |
Bonds | 41,824 | 40,716 |
Carrying Amount | ||
Assets: | ||
Loans receivable (1) | 57,992 | 57,175 |
Liabilities: | ||
Unsecured notes | 1,187,175 | 1,186,700 |
Mortgage loans | 1,043,002 | 1,053,414 |
Bonds | $ 36,389 | $ 36,363 |
Commitments and Contingencies -
Commitments and Contingencies - (Detail Textuals) | 1 Months Ended | 3 Months Ended | |
Aug. 31, 2016USD ($) | Aug. 31, 2013USD ($)extension | Mar. 31, 2016USD ($)Property | |
Loss Contingencies [Line Items] | |||
Number of properties, under development | Property | 11 | ||
Alternate Housing Guarantees and Project Cost Guarantees | |||
Loss Contingencies [Line Items] | |||
Estimated maximum exposure under guarantee, amount | $ 1,500,000 | ||
Alternate Housing Guarantees | |||
Loss Contingencies [Line Items] | |||
Guarantee expiration period | 5 days | ||
Project Cost Guarantees | |||
Loss Contingencies [Line Items] | |||
Guarantee expiration period | 1 year | ||
Drexel University Property | |||
Loss Contingencies [Line Items] | |||
Lease term | 40 years | ||
Number of lease renewal options | extension | 3 | ||
Lease extension period | 10 years | ||
Commitment to pay real estate transfer taxes, amount | $ 1,800,000 | ||
Real estate transfer taxes paid upon conveyance of land | $ 600,000 | ||
Maximum | Drexel University Property | |||
Loss Contingencies [Line Items] | |||
Commitment to pay real estate transfer taxes, amount | 2,400,000 | ||
Construction contracts | |||
Loss Contingencies [Line Items] | |||
Other commitment | 366,500,000 | ||
Stadium Centre | |||
Loss Contingencies [Line Items] | |||
Payments to acquire real estate and real estate joint ventures | $ 6,900,000 | ||
Scenario, Forecast | The Court at Stadium Centre | |||
Loss Contingencies [Line Items] | |||
Payments to acquire real estate and real estate joint ventures | $ 26,500,000 |
Segments - Additional Informati
Segments - Additional Information (Detail Textuals) | 3 Months Ended |
Mar. 31, 2016Segment | |
Segment Reporting [Abstract] | |
Identified reportable segments (segments) | 4 |
Segments - Summary (Details)
Segments - Summary (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Total revenues from external customers | $ 199,995 | $ 192,493 | |
Interest expense | (22,627) | (21,988) | |
Operating expenses | (146,960) | (142,317) | |
Property management fees from external customers | 2,410 | 2,001 | |
Income (loss) from continuing operations | 46,209 | 71,267 | |
Total assets | 6,367,537 | $ 6,006,248 | |
Operating segments | |||
Segment Reporting Information [Line Items] | |||
Total revenues from external customers | 206,211 | 198,632 | |
Total segment assets | 5,912,457 | 5,713,239 | |
Income (loss) from continuing operations | 46,209 | 71,267 | |
Unallocated corporate assets | 455,080 | 88,763 | |
Total assets | 6,367,537 | 5,802,002 | |
Operating segments | Wholly-owned properties | |||
Segment Reporting Information [Line Items] | |||
Total revenues from external customers | 186,504 | 180,728 | |
Interest income | 265 | 271 | |
Total revenues from external customers | 186,769 | 180,999 | |
Operating expenses before depreciation, amortization, ground/facility leases and allocation of corporate overhead | (77,998) | (79,054) | |
Ground/facility leases | (1,454) | (1,223) | |
Interest expense | (6,906) | (8,738) | |
Operating income before depreciation, amortization and allocation of corporate overhead | 100,411 | 91,984 | |
Depreciation and amortization | 51,223 | 48,309 | |
Capital expenditures | 85,912 | 68,467 | |
Total segment assets | 5,793,453 | 5,593,579 | |
Operating segments | On-campus participating properties | |||
Segment Reporting Information [Line Items] | |||
Total revenues from external customers | 10,046 | 9,200 | |
Operating expenses before depreciation, amortization, ground/facility leases and allocation of corporate overhead | (2,758) | (2,427) | |
Ground/facility leases | (850) | (875) | |
Interest expense | (1,418) | (1,478) | |
Operating income before depreciation, amortization and allocation of corporate overhead | 5,020 | 4,420 | |
Depreciation and amortization | 1,823 | 1,716 | |
Capital expenditures | 655 | 781 | |
Total segment assets | 107,731 | 111,208 | |
Operating segments | Development Services | |||
Segment Reporting Information [Line Items] | |||
Operating income before depreciation, amortization and allocation of corporate overhead | (2,560) | (2,543) | |
Total segment assets | 2,397 | 1,581 | |
Development and construction management fees | 1,035 | 564 | |
Operating expenses | (3,595) | (3,107) | |
Operating segments | Property Management Services | |||
Segment Reporting Information [Line Items] | |||
Total revenues from external customers | 8,361 | 7,869 | |
Operating income before depreciation, amortization and allocation of corporate overhead | 5,377 | 5,041 | |
Total segment assets | 8,876 | 6,871 | |
Operating expenses | (2,984) | (2,828) | |
Property management fees from external customers | 2,410 | 2,001 | |
Intersegment revenues | 5,951 | 5,868 | |
Unallocated interest income earned on investments and corporate cash | |||
Segment Reporting Information [Line Items] | |||
Total revenues from external customers | 1,014 | 841 | |
Elimination of intersegment revenues | |||
Segment Reporting Information [Line Items] | |||
Total revenues from external customers | (5,951) | (5,868) | |
Total consolidated revenues, including interest income | |||
Segment Reporting Information [Line Items] | |||
Total revenues from external customers | 201,274 | 193,605 | |
Segment operating income before depreciation, amortization and allocation of corporate overhead | |||
Segment Reporting Information [Line Items] | |||
Income (loss) from continuing operations | 108,248 | 98,902 | |
Depreciation and amortization | |||
Segment Reporting Information [Line Items] | |||
Income (loss) from continuing operations | (56,258) | (52,030) | |
Net unallocated expenses relating to corporate interest and overhead | |||
Segment Reporting Information [Line Items] | |||
Income (loss) from continuing operations | (22,845) | (18,951) | |
Gain from disposition of real estate | |||
Segment Reporting Information [Line Items] | |||
Income (loss) from continuing operations | 17,409 | 44,252 | |
Loss from early extinguishment of debt | |||
Segment Reporting Information [Line Items] | |||
Income (loss) from continuing operations | 0 | (595) | |
Income tax provision | |||
Segment Reporting Information [Line Items] | |||
Income (loss) from continuing operations | $ (345) | $ (311) |
Subsequent Events - (Details)
Subsequent Events - (Details) | May. 04, 2016$ / shares |
Dividend Declared | Subsequent Event | |
Subsequent Event [Line Items] | |
Common Stock, dividends per share, declared (in dollars per units) | $ 0.42 |