Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 28, 2017 | |
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) | 136,426,506 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
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
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Investments in real estate: | ||
Investments in real estate, net | $ 5,888,343 | $ 5,538,161 |
Cash and cash equivalents | 25,476 | 22,140 |
Restricted cash | 28,319 | 24,817 |
Student contracts receivable, net | 7,447 | 8,428 |
Other assets | 275,388 | 272,367 |
Total assets | 6,224,973 | 5,865,913 |
Liabilities: | ||
Secured mortgage, construction and bond debt, net | 680,556 | 688,195 |
Unsecured notes, net | 1,189,775 | 1,188,737 |
Unsecured term loans, net | 347,417 | 149,065 |
Unsecured revolving credit facility | 142,286 | 99,300 |
Accounts payable and accrued expenses | 62,547 | 76,614 |
Other liabilities | 179,342 | 158,437 |
Total liabilities | 2,601,923 | 2,360,348 |
Commitments and contingencies (Note 13) | ||
Redeemable noncontrolling/limited partners interests | 55,344 | 55,078 |
American Campus Communities, Inc. and Subsidiaries stockholders’ equity: | ||
Common stock, $0.01 par value, 800,000,000 shares authorized, 136,316,192 and 132,225,488 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively | 1,363 | 1,322 |
Additional paid in capital | 4,312,413 | 4,118,842 |
Common stock held in rabbi trust, 63,354 and 20,181 shares at June 30, 2017 and December 31, 2016, respectively | (1,688) | (975) |
Accumulated earnings and dividends | (754,660) | (670,137) |
Accumulated other comprehensive loss | (3,428) | (4,067) |
Total American Campus Communities, Inc. and Subsidiaries stockholders’ equity | 3,554,000 | 3,444,985 |
Total equity | 3,567,706 | 3,450,487 |
Partners’ capital: | ||
Accumulated other comprehensive loss | (3,428) | (4,067) |
Total liabilities and equity | 6,224,973 | 5,865,913 |
Wholly-owned properties, net | ||
Investments in real estate: | ||
Investments in real estate, net | 5,805,403 | 5,427,014 |
Liabilities: | ||
Secured mortgage, construction and bond debt, net | 575,956 | 583,432 |
Wholly-owned properties held for sale | ||
Investments in real estate: | ||
Investments in real estate, net | 0 | 25,350 |
On-campus participating properties, net | ||
Investments in real estate: | ||
Investments in real estate, net | 82,940 | 85,797 |
Partially owned properties | ||
American Campus Communities, Inc. and Subsidiaries stockholders’ equity: | ||
Noncontrolling interests - partially owned properties | 13,706 | 5,502 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ||
Investments in real estate: | ||
Investments in real estate, net | 5,888,343 | 5,538,161 |
Cash and cash equivalents | 25,476 | 22,140 |
Restricted cash | 28,319 | 24,817 |
Student contracts receivable, net | 7,447 | 8,428 |
Other assets | 275,388 | 272,367 |
Total assets | 6,224,973 | 5,865,913 |
Liabilities: | ||
Secured mortgage, construction and bond debt, net | 680,556 | 688,195 |
Unsecured notes, net | 1,189,775 | 1,188,737 |
Unsecured term loans, net | 347,417 | 149,065 |
Unsecured revolving credit facility | 142,286 | 99,300 |
Accounts payable and accrued expenses | 62,547 | 76,614 |
Other liabilities | 179,342 | 158,437 |
Total liabilities | 2,601,923 | 2,360,348 |
Commitments and contingencies (Note 13) | ||
Redeemable noncontrolling/limited partners interests | 55,344 | 55,078 |
American Campus Communities, Inc. and Subsidiaries stockholders’ equity: | ||
Accumulated other comprehensive loss | (3,428) | (4,067) |
Partners’ capital: | ||
General partner - 12,222 OP units outstanding at both June 30, 2017 and December 31, 2016 | 74 | 82 |
Limited partner - 136,367,324 and 132,233,447 OP units outstanding at June 30, 2017 and December 31, 2016, respectively | 3,557,354 | 3,448,970 |
Accumulated other comprehensive loss | (3,428) | (4,067) |
Total partners’ capital | 3,554,000 | 3,444,985 |
Total capital | 3,567,706 | 3,450,487 |
Total liabilities and equity | 6,224,973 | 5,865,913 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties, net | ||
Investments in real estate: | ||
Investments in real estate, net | 5,805,403 | 5,427,014 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties held for sale | ||
Investments in real estate: | ||
Investments in real estate, net | 0 | 25,350 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties, net | ||
Investments in real estate: | ||
Investments in real estate, net | 82,940 | 85,797 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially owned properties | ||
Partners’ capital: | ||
Noncontrolling interests - partially owned properties | $ 13,706 | $ 5,502 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 800,000,000 | 800,000,000 |
Common stock, shares issued (in shares) | 136,316,192 | 132,225,488 |
Common stock, shares outstanding (in shares) | 136,316,192 | 132,225,488 |
Common stock held in Rabbi Trust (in shares) | 63,354 | 20,181 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ||
General partner, OP units outstanding (in shares) | 12,222 | 12,222 |
Limited partner, OP units outstanding (in shares) | 136,367,324 | 132,233,447 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues: | ||||
Third-party development services | $ 675 | $ 2,121 | $ 1,131 | $ 3,156 |
Third-party management services | 2,288 | 2,253 | 4,902 | 4,663 |
Resident services | 718 | 713 | 1,597 | 1,515 |
Total revenues | 179,008 | 185,983 | 371,946 | 385,978 |
Operating expenses: | ||||
Third-party development and management services | 3,827 | 3,560 | 7,910 | 7,298 |
General and administrative | 9,782 | 6,126 | 16,516 | 11,435 |
Depreciation and amortization | 55,943 | 53,703 | 108,266 | 107,419 |
Ground/facility leases | 2,465 | 2,467 | 4,822 | 4,771 |
Provision for real estate impairment | 15,317 | 0 | 15,317 | 0 |
Total operating expenses | 166,398 | 146,877 | 310,117 | 293,837 |
Operating income | 12,610 | 39,106 | 61,829 | 92,141 |
Nonoperating income and (expenses): | ||||
Interest income | 1,232 | 1,475 | 2,464 | 2,754 |
Interest expense | (14,573) | (20,119) | (29,290) | (42,746) |
Amortization of deferred financing costs | (1,023) | (1,352) | (2,051) | (3,894) |
(Loss) gain from disposition of real estate | (632) | 0 | (632) | 17,409 |
Total nonoperating expense | (14,996) | (19,996) | (29,509) | (26,477) |
(Loss) income before income taxes | (2,386) | 19,110 | 32,320 | 65,664 |
Income tax provision | (267) | (345) | (524) | (690) |
Net income | (2,653) | 18,765 | 31,796 | 64,974 |
Net income attributable to noncontrolling interests | (109) | (327) | (508) | (949) |
Net (loss) income attributable to ACC, Inc. and Subsidiaries common stockholders | (2,762) | 18,438 | 31,288 | 64,025 |
Other comprehensive income (loss) | ||||
Change in fair value of interest rate swaps and other | 155 | (23) | 639 | (1,433) |
Comprehensive (loss) income | $ (2,607) | $ 18,415 | $ 31,927 | $ 62,592 |
Net (loss) income per share attributable to ACC, Inc. and Subsidiaries common stockholders | ||||
Basic and Diluted (in dollars per share) | $ (0.02) | $ 0.14 | ||
Weighted-average common shares outstanding | ||||
Basic (in shares) | 134,614,418 | 130,456,923 | 133,837,748 | 126,951,454 |
Diluted (in shares) | 134,614,418 | 131,240,667 | 134,745,192 | 127,753,492 |
Weighted-average common units outstanding | ||||
Distributions declared per common share (in dollars per share) | $ 0.44 | $ 0.42 | $ 0.86 | $ 0.82 |
Redeemable noncontrolling interests | ||||
Nonoperating income and (expenses): | ||||
Net income attributable to noncontrolling interests | $ (12) | $ (223) | $ (306) | $ (741) |
Wholly-owned properties | ||||
Revenues: | ||||
Operating lease revenue | 169,156 | 174,682 | 347,987 | 360,384 |
Operating expenses: | ||||
Wholly-owned properties and On-campus participating properties | 75,172 | 77,722 | 150,129 | 156,573 |
On-campus participating properties | ||||
Revenues: | ||||
Operating lease revenue | 6,171 | 6,214 | 16,329 | 16,260 |
Operating expenses: | ||||
Wholly-owned properties and On-campus participating properties | 3,892 | 3,299 | 7,157 | 6,341 |
Partially owned properties | ||||
Nonoperating income and (expenses): | ||||
Net income attributable to noncontrolling interests | (97) | (104) | (202) | (208) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ||||
Revenues: | ||||
Third-party development services | 675 | 2,121 | 1,131 | 3,156 |
Third-party management services | 2,288 | 2,253 | 4,902 | 4,663 |
Resident services | 718 | 713 | 1,597 | 1,515 |
Total revenues | 179,008 | 185,983 | 371,946 | 385,978 |
Operating expenses: | ||||
Third-party development and management services | 3,827 | 3,560 | 7,910 | 7,298 |
General and administrative | 9,782 | 6,126 | 16,516 | 11,435 |
Depreciation and amortization | 55,943 | 53,703 | 108,266 | 107,419 |
Ground/facility leases | 2,465 | 2,467 | 4,822 | 4,771 |
Provision for real estate impairment | 15,317 | 0 | 15,317 | 0 |
Total operating expenses | 166,398 | 146,877 | 310,117 | 293,837 |
Operating income | 12,610 | 39,106 | 61,829 | 92,141 |
Nonoperating income and (expenses): | ||||
Interest income | 1,232 | 1,475 | 2,464 | 2,754 |
Interest expense | (14,573) | (20,119) | (29,290) | (42,746) |
Amortization of deferred financing costs | (1,023) | (1,352) | (2,051) | (3,894) |
(Loss) gain from disposition of real estate | (632) | 0 | (632) | 17,409 |
Total nonoperating expense | (14,996) | (19,996) | (29,509) | (26,477) |
(Loss) income before income taxes | (2,386) | 19,110 | 32,320 | 65,664 |
Income tax provision | (267) | (345) | (524) | (690) |
Net income | (2,653) | 18,765 | 31,796 | 64,974 |
Net (loss) income attributable to ACC, Inc. and Subsidiaries common stockholders | (2,750) | 18,661 | 31,594 | 64,766 |
Series A preferred unit distributions | (31) | (37) | (62) | (79) |
Net (loss) income attributable to common unitholders | (2,781) | 18,624 | 31,532 | 64,687 |
Other comprehensive income (loss) | ||||
Change in fair value of interest rate swaps and other | 155 | (23) | 639 | (1,433) |
Comprehensive (loss) income | $ (2,626) | $ 18,601 | $ 32,171 | $ 63,254 |
Net (loss) income per share attributable to ACC, Inc. and Subsidiaries common stockholders | ||||
Basic and Diluted (in dollars per share) | $ 0.23 | $ 0.50 | ||
Net (loss) income per unit attributable to common unitholders | ||||
Basic and Diluted (in dollars per unit) | $ (0.02) | $ 0.14 | $ 0.23 | $ 0.50 |
Weighted-average common units outstanding | ||||
Basic (in units) | 135,643,549 | 131,760,705 | 134,866,879 | 128,258,368 |
Diluted (in units) | 135,643,549 | 132,544,449 | 135,774,323 | 129,060,406 |
Distributions declared per common unit (in dollars per unit) | $ 0.44 | $ 0.42 | $ 0.86 | $ 0.82 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties | ||||
Revenues: | ||||
Operating lease revenue | $ 169,156 | $ 174,682 | $ 347,987 | $ 360,384 |
Operating expenses: | ||||
Wholly-owned properties and On-campus participating properties | 75,172 | 77,722 | 150,129 | 156,573 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties | ||||
Revenues: | ||||
Operating lease revenue | 6,171 | 6,214 | 16,329 | 16,260 |
Operating expenses: | ||||
Wholly-owned properties and On-campus participating properties | 3,892 | 3,299 | 7,157 | 6,341 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially owned properties | ||||
Nonoperating income and (expenses): | ||||
Net income attributable to noncontrolling interests | $ (97) | $ (104) | $ (202) | $ (208) |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY/ CAPITAL - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands | Total | Partially owned properties | Common shares | Additional Paid in Capital | Common Stock Held in Rabbi Trust | 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.Accumulated Other Comprehensive Loss | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.Noncontrolling Interests - Partially Owned PropertiesPartially owned properties | General PartnerAMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Limited PartnerAMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. |
Equity, December 31, 2016 (in shares) at Dec. 31, 2016 | 132,225,488 | 20,181 | |||||||||||
Equity, December 31, 2016 at Dec. 31, 2016 | $ 3,450,487 | $ 1,322 | $ 4,118,842 | $ (975) | $ (670,137) | $ (4,067) | $ 5,502 | ||||||
Capital, December 31, 2016 (in units) at Dec. 31, 2016 | 12,222 | 132,233,447 | |||||||||||
Capital, December 31, 2016 at Dec. 31, 2016 | $ 3,450,487 | $ (4,067) | $ 5,502 | $ 82 | $ 3,448,970 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Adjustments to reflect redeemable limited partners' / noncontrolling interests at fair value | 2,092 | 2,092 | 2,092 | 2,092 | |||||||||
Amortization of restricted stock awards | 8,191 | 8,191 | 8,191 | $ 8,191 | |||||||||
Vesting of restricted stock awards and restricted stock units (in shares) | 165,248 | 43,173 | 208,421 | ||||||||||
Vesting of restricted stock awards and restricted stock units | (4,209) | $ 2 | (3,498) | $ (713) | (4,209) | $ (4,209) | |||||||
Distributions to common and restricted stockholders | (115,811) | (115,811) | |||||||||||
Distributions | (115,811) | (11) | $ (115,800) | ||||||||||
Distributions to noncontrolling interests - partially owned properties | (156) | (156) | (156) | (156) | |||||||||
Issuance of units in exchange for contributions of equity offering proceeds (in shares) | 3,925,456 | ||||||||||||
Issuance of units in exchange for contributions of equity offering proceeds | 186,825 | $ 186,825 | |||||||||||
Net proceeds from sale of common stock (in shares) | 3,925,456 | ||||||||||||
Net proceeds from sale of common stock | 186,825 | $ 39 | 186,786 | ||||||||||
Change in fair value of interest rate swaps and other | 435 | 435 | 435 | 435 | |||||||||
Amortization of interest rate swap terminations | 204 | 204 | 204 | 204 | |||||||||
Contributions by noncontrolling interest | 8,158 | $ 9,400 | 8,158 | 8,158 | 8,158 | ||||||||
Net income | 31,490 | 31,288 | 202 | 31,490 | 202 | $ 3 | $ 31,285 | ||||||
Equity, June 30, 2017 (in shares) at Jun. 30, 2017 | 136,316,192 | 63,354 | |||||||||||
Equity, June 30, 2017 at Jun. 30, 2017 | $ 3,567,706 | $ 1,363 | $ 4,312,413 | $ (1,688) | $ (754,660) | $ (3,428) | $ 13,706 | ||||||
Capital, June 30, 2017 (in units) at Jun. 30, 2017 | 12,222 | 136,367,324 | |||||||||||
Capital as of June 30, 2017 at Jun. 30, 2017 | $ 3,567,706 | $ (3,428) | $ 13,706 | $ 74 | $ 3,557,354 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Operating activities | ||
Net income | $ 31,796 | $ 64,974 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for real estate impairment | 15,317 | 0 |
Loss (gain) from disposition of real estate | 632 | (17,409) |
Depreciation and amortization | 108,266 | 107,419 |
Amortization of deferred financing costs and debt premiums/discounts | (1,806) | (2,372) |
Share-based compensation | 8,902 | 5,492 |
Income tax provision | 524 | 690 |
Amortization of interest rate swap terminations and other | 204 | 205 |
Changes in operating assets and liabilities: | ||
Restricted cash | (2,189) | (4,238) |
Student contracts receivable, net | 1,239 | 11,283 |
Other assets | (13,814) | 5,830 |
Accounts payable and accrued expenses | (16,020) | (11,849) |
Other liabilities | (4,413) | (8,730) |
Net cash provided by operating activities | 128,638 | 151,295 |
Investing activities | ||
Proceeds from disposition of properties | 24,462 | 72,640 |
Cash paid for acquisition of operating and under development properties | (157,967) | (57,132) |
Cash paid for land acquisitions | (16,955) | (856) |
Change in escrow deposits for real estate investments | 225 | 5,450 |
Change in restricted cash related to capital reserves | 41 | (928) |
Purchase of corporate furniture, fixtures and equipment | (3,562) | (3,377) |
Net cash used in investing activities | (431,354) | (195,610) |
Financing activities | ||
Proceeds from sale of common stock | 189,757 | 740,025 |
Offering costs | (2,354) | (31,972) |
Pay-off of mortgage and construction loans | 0 | (34,226) |
Pay-off of unsecured term loans | 0 | (400,000) |
Proceeds from unsecured term loan | 200,000 | 150,000 |
Proceeds from revolving credit facility | 478,600 | 67,700 |
Paydowns of revolving credit facility | (435,614) | (136,600) |
Proceeds from construction loans | 1,037 | 0 |
Scheduled principal payments on debt | (6,494) | (7,771) |
Debt issuance and assumption costs | (5,840) | (744) |
Contributions by noncontrolling interest | 8,158 | 0 |
Taxes paid on net-share settlements | (4,283) | (2,977) |
Distributions to common and restricted stockholders | (115,811) | (107,639) |
Distributions to noncontrolling interests | (1,104) | (1,402) |
Net cash provided by financing activities | 306,052 | 234,394 |
Net change in cash and cash equivalents | 3,336 | 190,079 |
Cash and cash equivalents at beginning of period | 22,140 | 16,659 |
Cash and cash equivalents at end of period | 25,476 | 206,738 |
Supplemental disclosure of non-cash investing and financing activities | ||
Loans assumed in connection with property acquisitions | 0 | (10,012) |
Conversion of common and preferred operating partnership units to common stock | 0 | 259 |
Non-cash contribution from noncontrolling interest | 3,000 | 0 |
Non-cash consideration exchanged in purchase of land parcel | (3,071) | 0 |
Change in accrued construction in progress | 25,214 | 27,472 |
Change in fair value of derivative instruments, net | 435 | (1,638) |
Change in fair value of redeemable noncontrolling interests | 2,092 | (14,879) |
Supplemental disclosure of cash flow information | ||
Cash paid for interest, net of amounts capitalized | 32,925 | 49,621 |
Wholly-owned properties | ||
Investing activities | ||
Capital expenditures for wholly-owned properties/on-campus participating properties | (36,026) | (23,185) |
Investments in wholly-owned properties under development | (240,702) | (187,158) |
On-campus participating properties | ||
Investing activities | ||
Capital expenditures for wholly-owned properties/on-campus participating properties | (870) | (1,064) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ||
Operating activities | ||
Net income | 31,796 | 64,974 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for real estate impairment | 15,317 | 0 |
Loss (gain) from disposition of real estate | 632 | (17,409) |
Depreciation and amortization | 108,266 | 107,419 |
Amortization of deferred financing costs and debt premiums/discounts | (1,806) | (2,372) |
Share-based compensation | 8,902 | 5,492 |
Income tax provision | 524 | 690 |
Amortization of interest rate swap terminations and other | 204 | 205 |
Changes in operating assets and liabilities: | ||
Restricted cash | (2,189) | (4,238) |
Student contracts receivable, net | 1,239 | 11,283 |
Other assets | (13,814) | 5,830 |
Accounts payable and accrued expenses | (16,020) | (11,849) |
Other liabilities | (4,413) | (8,730) |
Net cash provided by operating activities | 128,638 | 151,295 |
Investing activities | ||
Proceeds from disposition of properties | 24,462 | 72,640 |
Cash paid for acquisition of operating and under development properties | (157,967) | (57,132) |
Cash paid for land acquisitions | (16,955) | (856) |
Change in escrow deposits for real estate investments | 225 | 5,450 |
Change in restricted cash related to capital reserves | 41 | (928) |
Purchase of corporate furniture, fixtures and equipment | (3,562) | (3,377) |
Net cash used in investing activities | (431,354) | (195,610) |
Financing activities | ||
Proceeds from issuance of common units in exchange for contributions, net | 187,403 | 708,053 |
Pay-off of mortgage and construction loans | 0 | (34,226) |
Pay-off of unsecured term loans | 0 | (400,000) |
Proceeds from unsecured term loan | 200,000 | 150,000 |
Proceeds from revolving credit facility | 478,600 | 67,700 |
Paydowns of revolving credit facility | (435,614) | (136,600) |
Proceeds from construction loans | 1,037 | 0 |
Scheduled principal payments on debt | (6,494) | (7,771) |
Debt issuance and assumption costs | (5,840) | (744) |
Contributions by noncontrolling interest | 8,158 | 0 |
Taxes paid on net-share settlements | (4,283) | (2,977) |
Net cash provided by financing activities | 306,052 | 234,394 |
Net change in cash and cash equivalents | 3,336 | 190,079 |
Cash and cash equivalents at beginning of period | 22,140 | 16,659 |
Cash and cash equivalents at end of period | 25,476 | 206,738 |
Supplemental disclosure of non-cash investing and financing activities | ||
Loans assumed in connection with property acquisitions | 0 | (10,012) |
Conversion of common and preferred operating partnership units to common stock | 0 | 259 |
Non-cash contribution from noncontrolling interest | 3,000 | 0 |
Non-cash consideration exchanged in purchase of land parcel | (3,071) | 0 |
Change in accrued construction in progress | 25,214 | 27,472 |
Change in fair value of derivative instruments, net | 435 | (1,638) |
Change in fair value of redeemable noncontrolling interests | 2,092 | (14,879) |
Supplemental disclosure of cash flow information | ||
Cash paid for interest, net of amounts capitalized | 32,925 | 49,621 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Common and preferred units | ||
Financing activities | ||
Distributions paid | (115,902) | (108,066) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Unvested restricted awards | ||
Financing activities | ||
Distributions paid | (857) | (722) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially owned properties | ||
Financing activities | ||
Distributions paid | (156) | (253) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Wholly-owned properties | ||
Investing activities | ||
Capital expenditures for wholly-owned properties/on-campus participating properties | (36,026) | (23,185) |
Investments in wholly-owned properties under development | (240,702) | (187,158) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties | ||
Investing activities | ||
Capital expenditures for wholly-owned properties/on-campus participating properties | $ (870) | $ (1,064) |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 , 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 June 30, 2017 , ACC owned an approximate 99.2% 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” means 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 June 30, 2017 , the Company’s property portfolio contained 160 properties with approximately 99,000 beds. The Company’s property portfolio consisted of 124 owned off-campus student housing properties that are in close proximity to colleges and universities, 31 American Campus Equity (“ACE®”) properties operated under ground/facility leases with 14 university systems and five on-campus participating properties operated under ground/facility leases with the related university systems. Of the 160 properties, 19 were under development as of June 30, 2017 , and when completed will consist of a total of approximately 14,300 beds. The Company’s 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”), the Company also provides construction management and development services, primarily for student housing properties owned by colleges and universities, charitable foundations, and others. As of June 30, 2017 , also through one of ACC’s TRSs, the Company provided third-party management and leasing services for 37 properties that represented approximately 29,700 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 June 30, 2017 , the Company’s total owned and third-party managed portfolio included 197 properties with approximately 128,700 beds. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
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 the Company 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. The Company’s 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. Principles of Consolidation The Company’s consolidated financial statements include its accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which it has control. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities (“VIEs”), which requires the consolidation of VIEs in which the Company is considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation using the voting interest model. Recently Issued Accounting Pronouncements In February 2017, the FASB issued Accounting Standards Update 2017-05 (“ASU 2017-05”), “Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets.” The purpose of this ASU is to eliminate the diversity in practice in accounting for derecognition of a nonfinancial asset and in-substance nonfinancial assets (only when the asset or asset group does not meet the definition of a business or the transaction is not a sale to a customer). The guidance is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption for the fiscal years beginning after December 15, 2016 is permitted. This ASU is required to be adopted in conjunction with the Company’s adoption of ASU 2014-09, the new revenue recognition standard, which will be adopted as of January 1, 2018. Upon adoption of this ASU, application must be performed on a retrospective basis for each period presented in the Company’s financial statements or a retrospective basis with a cumulative-effect adjustment to retained earnings at the beginning of the fiscal year of adoption. The Company currently does not anticipate a material impact to its consolidated financial statements for property dispositions given the simplicity of the Company’s historical disposition transactions. In February 2016, the FASB issued Accounting Standards Update 2016-02 (“ASU 2016-02”), “Leases (Topic 842): 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 plans to adopt ASU 2016-02 as of January 1, 2019. While the Company is still evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures, it expects to recognize right-of-use assets and related lease liabilities on its consolidated balance sheets related to ground leases under which it is the lessee. In May 2014, the FASB issued Accounting Standards Update 2014-09 (“ASU 2014-09”), “Revenue From Contracts With Customers (Topic 606)”. 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. Subsequent to the issuance of ASU 2014-09, the FASB has issued multiple Accounting Standards Updates clarifying multiple aspects of the new revenue recognition standard, which include the deferral of the effective date by one year. ASU 2014-09, as amended by subsequent Accounting Standards Updates, 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 retrospective approach upon adoption. The Company plans to adopt the new revenue standard using the modified retrospective approach as of January 1, 2018 and is currently evaluating each of its revenue streams to identify any differences in the timing, measurement or presentation of revenue recognition under the new standard. The Company does not expect the adoption of this standard to have a significant impact on its consolidated financial statements, as a substantial portion of its revenue consists of rental income from leasing arrangements, which is specifically excluded from ASU 2014-09, and will be evaluated with the adoption of the lease accounting standard, ASU 2016-02, discussed above. The Company anticipates the primary effects of the new standard will be associated with the Company’s non-leasing revenue streams, which represent less than 5% of consolidated total revenues. In addition, the Company does not expect the following accounting pronouncements to have a material effect on its consolidated financial statements: • ASU 2017-09, “Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting.” • ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash.” • ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” • ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” Recently Adopted Accounting Pronouncements On January 1, 2017, the Company adopted Accounting Standards Update 2017-01 (“ASU 2017-01”), “Business Combinations (Topic 805): Clarifying the Definition of a Business.” The amendments in this guidance clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The guidance is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years; early adoption is permitted. ASU 2017-01 will be applied prospectively to any transactions occurring subsequent to January 1, 2017. Under the new standard, the Company expects that most property acquisitions will be accounted for as asset acquisitions, and as a result, most transaction costs will be capitalized rather than expensed. The impact on the Company’s consolidated financial statements will depend on the size and volume of future acquisition activity. In addition, on January 1, 2017, the Company adopted the following accounting pronouncements which did not have a material effect on the Company’s consolidated financial statements: • ASU 2017-03, “Accounting Changes and Error Corrections (Topic 250) and Investments — Equity Method and Joint Ventures (Topic 323): Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings (SEC Update).” • ASU 2016-05, “Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships.” 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, 2016 . 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 $5.7 million and $3.6 million was capitalized during the three months ended June 30, 2017 and 2016 , respectively, and interest totaling approximately $10.1 million and $5.7 million was capitalized during the six months ended June 30, 2017 and 2016 , 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 impairment indicators of the carrying values of its investments in real estate as of June 30, 2017 , other than a $15.3 million impairment charge recorded during the three months ended June 30, 2017 for one property that is in the process of being transferred to the lender in settlement of the property's $27.4 million mortgage loan due to mature in August 2017 (see Note 7 ). The Company evaluates each acquisition to determine if the integrated set of assets and activities acquired meet the definition of a business under ASU 2017-01. If either of the following criteria is met, the integrated set of assets and activities acquired would not qualify as a business: • Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or • The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e. revenue generated before and after the transaction). Property acquisitions deemed to qualify as a business are accounted for as business combinations, and the related acquisition costs are expensed as incurred. The Company allocates the purchase price of properties acquired in business combinations to net tangible and identified intangible assets based on their 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, the Company’s own analysis of recently acquired and existing comparable properties in the Company’s 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 a replacement cost approach that relies upon assumptions that the Company believes 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. The Company has determined these estimates are primarily based upon unobservable inputs and therefore are considered to be Level 3 inputs within the fair value hierarchy. Acquisitions of properties that do not meet the definition of a business are accounted for as asset acquisitions. The accounting model for asset acquisitions is similar to the accounting model for business combinations except that the acquisition consideration (including transaction costs) is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. The relative fair values used to allocate the cost of an asset acquisition are determined using the same methodologies and assumptions as those utilized to determine fair value in a business combination. 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 June 30, 2017 , the Company has deferred approximately $6.1 million in pre-development costs related to third-party and owned development projects that have not yet commenced construction. Such costs are included in other assets on the accompanying consolidated balance sheets. 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 and six months ended June 30, 2017 and 2016 , 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 Six Months Ended 2017 2016 2017 2016 Common OP Units (Note 9) 1,029,131 1,303,782 1,029,131 1,306,914 Preferred OP Units (Note 9) 77,513 94,359 77,513 98,974 Unvested restricted stock awards (Note10) 881,306 — — — Total potentially dilutive securities 1,987,950 1,398,141 1,106,644 1,405,888 The following is a summary of the elements used in calculating basic and diluted earnings per share: Three Months Ended Six Months Ended 2017 2016 2017 2016 Numerator – basic and diluted earnings per share: Net (loss) income $ (2,653 ) $ 18,765 $ 31,796 $ 64,974 Net income attributable to noncontrolling interests (109 ) (327 ) (508 ) (949 ) Net (loss) income attributable to common stockholders (2,762 ) 18,438 31,288 64,025 Amount allocated to participating securities (389 ) (329 ) (857 ) (722 ) Net (loss) income attributable to common stockholders $ (3,151 ) $ 18,109 $ 30,431 $ 63,303 Denominator: Basic weighted average common shares outstanding 134,614,418 130,456,923 133,837,748 126,951,454 Unvested restricted stock awards (Note 10) — 783,744 907,444 802,038 Diluted weighted average common shares outstanding 134,614,418 131,240,667 134,745,192 127,753,492 Earnings per share: Net (loss) income attributable to common stockholders - basic and diluted $ (0.02 ) $ 0.14 $ 0.23 $ 0.50 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 Six Months Ended 2017 2016 2017 2016 Numerator – basic and diluted earnings per unit: Net (loss) income $ (2,653 ) $ 18,765 $ 31,796 $ 64,974 Net income attributable to noncontrolling interests – partially owned properties (97 ) (104 ) (202 ) (208 ) Series A preferred unit distributions (31 ) (37 ) (62 ) (79 ) Amount allocated to participating securities (389 ) (329 ) (857 ) (722 ) Net (loss) income attributable to common unitholders $ (3,170 ) $ 18,295 $ 30,675 $ 63,965 Denominator: Basic weighted average common units outstanding 135,643,549 131,760,705 134,866,879 128,258,368 Unvested restricted stock awards (Note 10) — 783,744 907,444 802,038 Diluted weighted average common units outstanding 135,643,549 132,544,449 135,774,323 129,060,406 Earnings per unit: Net (loss) income attributable to common unitholders - basic and diluted $ (0.02 ) $ 0.14 $ 0.23 $ 0.50 |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Land Acquisitions During the six months ended June 30, 2017 , the Company purchased five land parcels with fair value of $23.1 million for total cash consideration of approximately $17.0 million . The difference between the fair value of the land and the cash consideration represents non-cash consideration and a non-cash contribution from a noncontrolling partner. Property Acquisitions During the six months ended June 30, 2017 , the Company acquired the following wholly-owned properties for a total purchase price of approximately $158.5 million . Total cash consideration was approximately $158.0 million . The difference between the contracted purchase price and the cash consideration is due to other assets and liabilities that were not part of the contractual purchase price, but were acquired in the transactions, as well as transaction costs capitalized as part of the acquisitions. Property Location Primary University Served Acquisition Date Beds The Arlie Arlington, TX University of Texas Arlington April 2017 598 TWELVE at U District Seattle, WA University of Washington June 2017 384 982 During the six months ended June 30, 2016 , the Company secured three in-process development properties containing 1,593 beds for a combined purchase price of approximately $66.0 million . As part of these transactions, the Company assumed approximately $10.0 million of fixed rate mortgage debt. |
Property Dispositions
Property Dispositions | 6 Months Ended |
Jun. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Property Dispositions | Property Dispositions During the six months ended June 30, 2017 , the Company sold the following wholly-owned property for approximately $25.0 million , resulting in net proceeds of approximately $24.5 million . The net loss on this disposition totaled approximately $0.6 million . Concurrent with the classification of this property as held for sale in December 2016, the Company reduced the property's carrying amount to its estimated fair value less estimated selling costs, and recorded an impairment charge of $4.9 million : Property Location Primary University Served Beds The Province - Dayton Dayton, OH Wright State University 657 During the six months ended June 30, 2016 , the Company sold two wholly-owned properties containing 1,324 beds for a total sales price of 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 . |
Investments in Wholly-Owned Pro
Investments in Wholly-Owned Properties | 6 Months Ended |
Jun. 30, 2017 | |
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: June 30, 2017 December 31, 2016 Land (1) $ 605,399 $ 568,266 Buildings and improvements 5,199,146 5,065,137 Furniture, fixtures and equipment 313,716 303,240 Construction in progress 645,730 349,498 6,763,991 6,286,141 Accumulated depreciation (958,588 ) (859,127 ) Wholly-owned properties, net $ 5,805,403 $ 5,427,014 (2) (1) The land balance above includes undeveloped land parcels with book values of approximately $45.5 million and $38.5 million as of June 30, 2017 and December 31, 2016 , respectively. It also includes land totaling approximately $71.8 million and $61.2 million as of June 30, 2017 and December 31, 2016 , respectively, related to properties under development. (2) Excludes the net book value of one property classified as held for sale in the accompanying consolidated balance sheets at December 31, 2016 . |
On-Campus Participating Propert
On-Campus Participating Properties | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 December 31, 2016 Texas A&M University System / Prairie View A&M University (1) 2/1/1996 9/1/2023 $ 45,490 $ 45,310 Texas A&M University System / Texas A&M International 2/1/1996 9/1/2023 7,228 7,215 Texas A&M University System / Prairie View A&M University (2) 10/1/1999 8/31/2025 28,852 28,627 8/31/2028 University of Houston System / University of Houston (3) 9/27/2000 8/31/2035 38,118 37,960 West Virginia University System / West Virginia University 7/16/2013 7/16/2045 44,112 43,817 163,800 162,929 Accumulated amortization (80,860 ) (77,132 ) On-campus participating properties, net $ 82,940 $ 85,797 (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
Debt | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt A summary of the Company’s outstanding consolidated indebtedness is as follows: June 30, 2017 December 31, 2016 Debt secured by wholly-owned properties: Mortgage loans payable: Unpaid principal balance $ 555,732 $ 559,642 Unamortized deferred financing costs (2,587 ) (3,040 ) Unamortized debt premiums 22,811 26,830 575,956 583,432 Construction loans payable (1) 1,037 — Unamortized deferred financing costs (326 ) — 576,667 583,432 Debt secured by on-campus participating properties: Mortgage loans payable 70,725 71,662 Bonds payable 33,870 33,870 Unamortized deferred financing costs (706 ) (769 ) 103,889 104,763 Total secured mortgage, construction and bond debt 680,556 688,195 Unsecured notes, net of unamortized OID and deferred financing costs (2) 1,189,775 1,188,737 Unsecured term loans, net of unamortized deferred financing costs (3) 347,417 149,065 Unsecured revolving credit facility 142,286 99,300 Total debt, net $ 2,360,034 $ 2,125,297 (1) Construction loans payable relates to a construction loan partially financing the development and construction of The Edge - Stadium Centre, a VIE the Company is including in its consolidated financial statements. 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 $1.8 million at June 30, 2017 and $1.9 million at December 31, 2016 , and net unamortized deferred financing costs of $8.5 million at June 30, 2017 and $9.3 million at December 31, 2016 . (3) Includes net unamortized deferred financing costs of $2.6 million at June 30, 2017 and $0.9 million at December 31, 2016 . Mortgage and Construction Loans Payable During the six months ended June 30, 2017 , the Company did not pay off any fixed rate mortgage debt. During the six months ended June 30, 2016 , the Company paid off approximately $34.2 million of fixed rate mortgage debt secured by three wholly owned properties. In May 2017, the lender of the non-recourse mortgage loan secured by Blanton Common, a wholly-owned property located near Valdosta State University which was acquired as part of the GMH student housing transaction in 2008, sent a formal notice of default and initiated foreclosure proceedings. The property generates insufficient cash flow to cover the debt service on the mortgage, which had a balance of $27.4 million at June 30, 2017 and a contractual maturity date of August 2017. In May 2017, the lender began receiving the net operating cash flows of the property each month in lieu of scheduled monthly mortgage payments. As of June 30, 2017 , the Company was cooperating with the lender, to allow for a consensual foreclosure process upon which the property will be surrendered to the lender in satisfaction of the mortgage loan. As discussed in Note 2 , during the three months ended June 30, 2017 , the Company recorded an impairment charge for this property of $15.3 million . Unsecured Notes The Company has issued the following senior unsecured notes: Date Issued Amount % of Par Value Coupon Yield Original Issue Discount Term (Years) April 2013 $ 400,000 99.659 3.750 % 3.791 % $ 1,364 10 June 2014 400,000 99.861 4.125 % 4.269 % (1) 556 10 September 2015 400,000 99.811 3.350 % 3.391 % 756 5 $ 1,200,000 $ 2,676 (1) The yield includes the effect of the amortization of interest rate swap terminations (see Note 11 ). 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 June 30, 2017 , the Company was in compliance with all such covenants. Unsecured Revolving Credit Facility In January 2017, the Company entered into the Fifth Amended and Restated Credit Agreement (the “Agreement”). Pursuant to the Agreement, the Company increased the size of its unsecured revolving credit facility from $500 million to $700 million , which may be expanded by up to an additional $500 million upon the satisfaction of certain conditions. In connection with the Agreement, the maturity date of the revolving credit facility was extended from March 2018 to March 2022. The unsecured revolving credit facility 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. Additionally, the Company is required to pay a facility fee of 0.20% per annum on the $700 million revolving credit facility. As of June 30, 2017 , the revolving credit facility bore interest at a weighted average annual rate of 2.32% ( 1.12% + 1.00% spread + 0.20% facility fee), and availability under the revolving credit facility totaled $557.7 million . The terms of the unsecured credit facility include certain restrictions and covenants, which limit, among other items, the incurrence of additional indebtedness and liens. The facility contains customary affirmative and negative covenants and also contains financial covenants that, among other things, require the Company to maintain certain maximum leverage ratios and minimum ratios of “EBITDA” (earnings before interest, taxes, depreciation and amortization) to fixed charges. The financial covenants also include a minimum asset value requirement, a maximum secured debt ratio, and a minimum unsecured debt service coverage ratio. As of June 30, 2017 , the Company was in compliance with all such covenants. Unsecured Term Loans The Company has a $150 million unsecured term loan (“Term Loan I Facility”) which has an accordion feature that allows the Company to expand the amount by up to an additional $50 million , subject to the satisfaction of certain conditions. The maturity date of the Term Loan I Facility is March 2021. The weighted average annual rate on the Term Loan I Facility was 2.16% ( 1.06% + 1.10% spread) at June 30, 2017 . In June 2017, the Company entered into an additional Unsecured Term Credit Agreement (the “New Term Loan II Facility”) totaling $200 million . The maturity date of the New Term Loan II Facility is June 2022. The agreement has an accordion feature that allows the Company to expand the amount by up to an additional $100 million , subject to the satisfaction of certain conditions. The weighted average annual rate on the New Term Loan II Facility was 2.32% ( 1.22% + 1.10% spread), at June 30, 2017 . The terms of the Term Loan I Facility and the New Term Loan II Facility include certain restrictions and covenants consistent with those of the unsecured revolving credit facility discussed above. As of June 30, 2017 , the Company was in compliance with all such covenants. |
Stockholders' Equity _ Partners
Stockholders' Equity / Partners' Capital | 6 Months Ended |
Jun. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity / Partners' Capital | Stockholders’ Equity / Partners’ Capital Stockholders’ Equity - Company In June 2015, the Company established an at-the-market share offering program (the “ATM Equity Program”) through which the Company may issue and sell, from time to time, shares of common stock having an aggregate offering price of up to $500 million . Actual sales under the program will depend on a variety of factors, including, but not limited to, market conditions, the trading price of the Company’s common stock and determinations of the appropriate sources of funding for the Company. The following table presents activity under the Company’s ATM Equity Program during the three and six months ended June 30, 2017 . There was no activity under the Company’s ATM Equity Program during the three and six months ended June 30, 2016 : Three Months Ended Six Months Ended Total net proceeds $ 124,745 $ 187,403 Commissions paid to sales agents $ 1,573 $ 2,354 Weighted average price per share $ 47.69 $ 48.34 Shares of common stock sold 2,648,735 3,925,456 As of June 30, 2017 , the Company had approximately $234.2 million available for issuance under its ATM Equity Program. In February 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 $707.3 million . 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 10 ), 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 shares held in the Deferred Compensation Plan are classified within stockholders’ equity in a manner similar to the manner in which treasury stock is classified. Subsequent changes in the fair value of the shares are not recognized. During the six months ended June 30, 2017 , 43,173 shares of ACC's common stock were deposited into the Deferred Compensation Plan. As of June 30, 2017 , 63,354 shares of ACC’s common stock were held in the Deferred Compensation Plan. 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. |
Noncontrolling Interests
Noncontrolling Interests | 6 Months Ended |
Jun. 30, 2017 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests Operating Partnership Partially-owned properties: As of June 30, 2017 , the Operating Partnership consolidates three joint ventures that own and operate University Village at Sweet Home, University Centre and Villas at Chestnut Ridge owned-off campus properties. The portion of net assets attributable to the third-party partners in these joint ventures is classified as “noncontrolling interests - partially owned properties” within capital on the accompanying consolidated balance sheets of the Operating Partnership. Accordingly, the third-party partners’ share of the income or loss of the joint ventures is reported on the consolidated statements of comprehensive income of the Operating Partnership as “net income attributable to noncontrolling interests – partially owned properties.” In December 2016, the Company entered into a pre-sale agreement to purchase The Edge at Stadium Centre . The $9.4 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 June 30, 2017 . 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, the Company classifies 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 at period end, 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 six months ended June 30, 2017 : December 31, 2016 $ 55,078 Net income 306 Distributions (948 ) Contribution from noncontrolling interest 3,000 Adjustments to reflect redeemable limited partner units at fair value (2,092 ) June 30, 2017 $ 55,344 During the year ended December 31, 2016 , 280,915 Common OP Units and 31,846 Preferred OP Units were converted into an equal number of shares of ACC’s common stock. There were no conversions of Common or Preferred OP Units during the six months ended June 30, 2017 . As of both June 30, 2017 and December 31, 2016 , approximately 0.8% 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 and the noncontrolling interest in a subsidiary in which the holders have the ability to require the Company to repurchase their interest in the subsidiary, 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. |
Incentive Award Plan
Incentive Award Plan | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Incentive Award Plan | Incentive Award Plan Restricted Stock Units (“RSUs”) Upon reelection to the Board of Directors in May 2017, all members of the Company’s Board of Directors were granted RSUs in accordance with the American Campus Communities, Inc. 2010 Incentive Award Plan (the “Plan”). These RSUs were valued at $150,000 for the Chairman of the Board of Directors and at $105,000 for all other members. The number of RSUs was determined based on the fair market value of the Company’s stock on the date of grant, as defined in the Plan. All awards vested and settled immediately on the date of grant, and the Company delivered shares of common stock and cash, as determined by the Compensation Committee of the Board of Directors. A compensation charge of approximately $0.8 million was recorded during the six months ended June 30, 2017 related to these awards and is included in general and administrative expenses on the Company's consolidated statements of comprehensive income. A summary of ACC’s RSUs under the Plan as of June 30, 2017 and activity during the six months then ended is presented below: Number of RSUs Outstanding at December 31, 2016 — Granted 16,737 Settled in common shares (15,235 ) Settled in cash (1,502 ) Outstanding at June 30, 2017 — Restricted Stock Awards (“RSAs”) A summary of RSAs under the American Campus Communities, Inc. 2010 Incentive Award Plan (the “Plan”) as of June 30, 2017 and activity during the six months then ended, is presented below: Number of RSAs Nonvested balance at December 31, 2016 773,101 Granted 344,054 Vested (193,186 ) Forfeited (1) (104,615 ) Nonvested balance at June 30, 2017 819,354 (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 $3.9 million and $2.2 million for the three months ended June 30, 2017 and 2016 , respectively, and $8.2 million and $4.9 million for the six months ended June 30, 2017 and 2016 , respectively. The amortization of restricted stock awards for the six months ended June 30, 2017 includes $2.4 million of contractual executive separation and retirement charges incurred with regard to the retirement of the Company’s Chief Financial Officer, representing the June 30, 2017 vesting of 46,976 RSAs, net of shares withheld for taxes, related to the retirement. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company is exposed to certain risks 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 both the three and six month periods ended June 30, 2017 and 2016 . The following table summarizes the Company’s outstanding interest rate swap contracts as of June 30, 2017 : 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 $ 13,960 $ (262 ) Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month 14,104 (264 ) Park Point mortgage loan Nov 1, 2013 Oct 5, 2018 1.5450% LIBOR - 1 month 70,000 (121 ) Total $ 98,064 $ (647 ) In January 2017, the interest rate swaps on the Term Loan I Facility expired, and the remaining immaterial balance in accumulated other comprehensive income was reclassified into earnings. 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 June 30, 2017 and December 31, 2016 : Liability Derivatives Fair Value as of Description Balance Sheet June 30, 2017 December 31, 2016 Interest rate swaps contracts Other liabilities $ 647 $ 1,099 Total derivatives designated as hedging instruments $ 647 $ 1,099 |
Fair Value Disclosures
Fair Value Disclosures | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures Financial Instruments Carried at Fair Value The following table presents information about the Company’s financial instruments measured at fair value on a recurring basis as of June 30, 2017 and December 31, 2016 , 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 June 30, 2017 December 31, 2016 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 $ — $ 647 $ — $ 647 $ — $ 1,099 $ — $ 1,099 Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) $ — $ 55,344 $ — $ 55,344 $ — $ 55,078 $ — $ 55,078 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 June 30, 2017 , 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 June 30, 2017 and December 31, 2016 , 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. The OP Unit component of redeemable limited partners in the Operating Partnership (redeemable noncontrolling interests in the Company) has a redemption feature and is marked to its 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. Financial Instruments Not Carried at Fair Value 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. 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. Mortgage Loans Payable: The fair value of mortgage loans payable is based on the present value of the cash flows at current market interest rates through maturity. The Company has concluded the fair value of these financial instruments utilize Level 2 inputs as the majority of the inputs used to value these instruments fall within Level 2 of the fair value hierarchy. Bonds Payable: The fair value of bonds payable is based on quoted prices in markets that are not active due to the unique characteristics of these financial instruments; as such, the Company has concluded the inputs used to measure fair value fall within Level 2 of the fair value hierarchy. 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. Construction Loans Payable, Unsecured Revolving Credit Facility, and Unsecured Term Loans : The fair value of these instruments approximates their carrying values due to the variable interest rate feature of these instruments. The table below contains the estimated fair value and related carrying amounts for the Company’s financial instruments as of June 30, 2017 and December 31, 2016 : June 30, 2017 December 31, 2016 Estimated Fair Value Carrying Amount Estimated Fair Value Carrying Amount Assets: Loans receivable $ 54,396 $ 60,202 $ 54,396 $ 58,539 Liabilities: Unsecured notes $ 1,234,500 $ 1,189,775 (1) $ 1,211,344 $ 1,188,737 (1) Mortgage loans payable 638,317 646,397 (2) 644,617 654,794 (2) Bonds payable 36,591 33,448 37,066 33,401 (1) Includes net unamortized OID and net unamortized deferred financing costs (see Note 7 ). (2) Includes net unamortized debt premiums and discounts and net unamortized deferred financing costs (see Note 7 ). |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments Construction Contracts: As of June 30, 2017 , the Company estimates additional costs to complete 18 wholly-owned development projects under construction to be approximately $516.6 million . The Company expects to fund this amount through a combination of net proceeds from the ATM Equity Program discussed in Note 8 , cash flows generated from operations, borrowings under the Company's existing unsecured credit facility, accessing the unsecured bond market, and proceeds from anticipated property dispositions. Pre-sale Arrangements: In December 2016, the Company entered into a pre-sale agreement to purchase The Edge - Stadium Centre, a property which will be completed in August 2018. Total estimated development costs of approximately $42.6 million include the purchase price, elected upgrades, and capitalized transaction costs. 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 retains development risk during the construction period. 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 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. These guarantees typically expire at the later of five days after completion of the project or once the Company has moved all students from the substitute living quarters into the project. 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. For two of its third-party development projects that are currently under construction with the same University system, the Company’s obligation to pay alternate housing costs and excess project costs are unlimited in amount. However, if the Company’s payment obligation arises from force majeure or is caused by the owner, the owner agrees to reimburse the Company from future cash flow of the project, with such reimbursement being subordinate to any financing on the property but paid prior to the University receiving any cash flow from the property. If the Company’s obligation is a result of the general contractor and/or design professionals’ negligence, the owner agrees to assign its right to recover from such party to the Company. Additionally, for these two projects, the Company’s exposure to such costs resulting from owner-caused delays, as defined, is limited to $1.5 million . As of June 30, 2017 , management did not anticipate any material deviations from schedule or budget related to third-party development projects currently in progress. For one of the Company’s wholly-owned development projects that is currently under construction, if the project is terminated by the Company prior to substantial completion, the Company has an obligation to pay the university $20.0 million less the hard costs incurred to date, which include all costs associated with labor, materials and work required in connection with the initial development and construction of the project. As of June 30, 2017 , the Company’s exposure under this guarantee is $7.5 million . However, as of June 30, 2017 , the Company has no intention of terminating the project. 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. Conveyance to University: In August 2013, the Company entered into an agreement to convey fee interest in a parcel of land, on which one of the Company’s 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. Move-in Guarantee: For certain of its owned development projects currently under construction and scheduled for completion in August 2017, the Company has provided certain residents with a move-in date guarantee. Under this guarantee, if the resident’s bedroom is not available for move-in on the agreed upon date, the Company will provide a one-time payment of $1,000 upon the resident’s move-in. This payment may be withheld in the case of the resident’s default on any obligation. As of June 30, 2017 , the Company’s current exposure under the guarantee based on the number of leases signed as of that date was approximately $1.2 million . The maximum exposure under this guarantee assuming 100% occupancy at all properties offering the guarantee is approximately $2.7 million . As of June 30, 2017 , management did not anticipate any material deviations from schedule on its 2017 owned development deliveries. 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 (except with regard to exclusivity and confidentiality), 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 material 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 non-refundable earnest money deposits associated with the contract and subject to normal closing conditions being met. 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 | 6 Months Ended |
Jun. 30, 2017 | |
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 Six Months Ended 2017 2016 2017 2016 Wholly-Owned Properties Rental revenues and other income $ 169,874 $ 175,395 $ 349,584 $ 361,899 Interest income 385 268 776 533 Total revenues from external customers 170,259 175,663 350,360 362,432 Operating expenses before depreciation, amortization, ground/facility leases and allocation of corporate overhead (72,493 ) (76,705 ) (144,770 ) (154,703 ) Ground/facility leases (1,687 ) (1,452 ) (3,287 ) (2,906 ) Interest expense, net (1) 664 (5,231 ) 346 (12,137 ) Operating income before depreciation, amortization, and allocation of corporate overhead $ 96,743 $ 92,275 $ 202,649 $ 192,686 Depreciation and amortization $ 53,345 $ 51,053 $ 103,002 $ 102,276 Capital expenditures $ 148,074 $ 124,431 $ 276,728 $ 210,343 Total segment assets at June 30, $ 6,017,795 $ 5,942,924 $ 6,017,795 $ 5,942,924 On-Campus Participating Properties Total revenues and other income $ 6,171 $ 6,214 $ 16,329 $ 16,260 Interest income 15 2 23 2 Total revenues from external customers 6,186 6,216 16,352 16,262 Operating expenses before depreciation, amortization, ground/facility leases and allocation of corporate overhead (3,562 ) (3,013 ) (6,498 ) (5,771 ) Ground/facility leases (778 ) (1,015 ) (1,535 ) (1,865 ) Interest expense (1,342 ) (1,419 ) (2,675 ) (2,837 ) Operating income before depreciation, amortization and allocation of corporate overhead $ 504 $ 769 $ 5,644 $ 5,789 Depreciation and amortization $ 1,869 $ 1,831 $ 3,729 $ 3,654 Capital expenditures $ 661 $ 409 $ 870 $ 1,064 Total segment assets at June 30, $ 100,970 $ 104,826 $ 100,970 $ 104,826 Development Services Development and construction management fees $ 675 $ 2,121 $ 1,131 $ 3,156 Operating expenses (3,607 ) (3,385 ) (7,211 ) (6,980 ) Operating loss before depreciation, amortization and allocation of corporate overhead $ (2,932 ) $ (1,264 ) $ (6,080 ) $ (3,824 ) Total segment assets at June 30, $ 3,187 $ 2,088 $ 3,187 $ 2,088 Property Management Services Property management fees from external customers $ 2,288 $ 2,253 $ 4,902 $ 4,663 Intersegment revenues 4,769 5,629 9,707 11,580 Total revenues 7,057 7,882 14,609 16,243 Operating expenses (3,261 ) (2,816 ) (6,685 ) (5,800 ) Operating income before depreciation, amortization and allocation of corporate overhead $ 3,796 $ 5,066 $ 7,924 $ 10,443 Total segment assets at June 30, $ 9,982 $ 8,787 $ 9,982 $ 8,787 Three Months Ended Six Months Ended 2017 2016 2017 2016 Reconciliations Total segment revenues and other income $ 184,177 $ 191,882 $ 382,452 $ 398,093 Unallocated interest income earned on investments and corporate cash 832 1,205 1,665 2,219 Elimination of intersegment revenues (4,769 ) (5,629 ) (9,707 ) (11,580 ) Total consolidated revenues, including interest income $ 180,240 $ 187,458 $ 374,410 $ 388,732 Segment operating income before depreciation, amortization and allocation of corporate overhead $ 98,111 $ 96,846 $ 210,137 $ 205,094 Depreciation and amortization (56,966 ) (55,055 ) (110,317 ) (111,313 ) Net unallocated expenses relating to corporate interest and overhead (27,582 ) (22,681 ) (51,551 ) (45,526 ) (Loss) gain from disposition of real estate (632 ) — (632 ) 17,409 Provision for real estate impairment (15,317 ) — (15,317 ) — Income tax provision (267 ) (345 ) (524 ) (690 ) Net income $ (2,653 ) $ 18,765 $ 31,796 $ 64,974 Total segment assets $ 6,131,934 $ 6,058,625 $ 6,131,934 $ 6,058,625 Unallocated corporate assets 93,039 256,432 93,039 256,432 Total assets at June 30, $ 6,224,973 $ 6,315,057 $ 6,224,973 $ 6,315,057 (1) Net of capitalized interest and amortization of debt premiums. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Distributions : On August 2, 2017 , the Company declared a distribution per share of $0.44 , which will be paid on August 25, 2017 to all common stockholders of record as of August 14, 2017 . 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 9 ). ATM Equity Program : Subsequent to quarter end, the Company sold 23,900 shares of common stock under its ATM Equity Program at a weighted average price of $48.09 per share for net proceeds of approximately $1.1 million . |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
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 the Company 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. The Company’s 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. |
Principles of Consolidation | Principles of Consolidation The Company’s consolidated financial statements include its accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which it has control. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities (“VIEs”), which requires the consolidation of VIEs in which the Company is considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation using the voting interest model. |
Recently Issued and Adopted Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2017, the FASB issued Accounting Standards Update 2017-05 (“ASU 2017-05”), “Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets.” The purpose of this ASU is to eliminate the diversity in practice in accounting for derecognition of a nonfinancial asset and in-substance nonfinancial assets (only when the asset or asset group does not meet the definition of a business or the transaction is not a sale to a customer). The guidance is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption for the fiscal years beginning after December 15, 2016 is permitted. This ASU is required to be adopted in conjunction with the Company’s adoption of ASU 2014-09, the new revenue recognition standard, which will be adopted as of January 1, 2018. Upon adoption of this ASU, application must be performed on a retrospective basis for each period presented in the Company’s financial statements or a retrospective basis with a cumulative-effect adjustment to retained earnings at the beginning of the fiscal year of adoption. The Company currently does not anticipate a material impact to its consolidated financial statements for property dispositions given the simplicity of the Company’s historical disposition transactions. In February 2016, the FASB issued Accounting Standards Update 2016-02 (“ASU 2016-02”), “Leases (Topic 842): 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 plans to adopt ASU 2016-02 as of January 1, 2019. While the Company is still evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures, it expects to recognize right-of-use assets and related lease liabilities on its consolidated balance sheets related to ground leases under which it is the lessee. In May 2014, the FASB issued Accounting Standards Update 2014-09 (“ASU 2014-09”), “Revenue From Contracts With Customers (Topic 606)”. 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. Subsequent to the issuance of ASU 2014-09, the FASB has issued multiple Accounting Standards Updates clarifying multiple aspects of the new revenue recognition standard, which include the deferral of the effective date by one year. ASU 2014-09, as amended by subsequent Accounting Standards Updates, 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 retrospective approach upon adoption. The Company plans to adopt the new revenue standard using the modified retrospective approach as of January 1, 2018 and is currently evaluating each of its revenue streams to identify any differences in the timing, measurement or presentation of revenue recognition under the new standard. The Company does not expect the adoption of this standard to have a significant impact on its consolidated financial statements, as a substantial portion of its revenue consists of rental income from leasing arrangements, which is specifically excluded from ASU 2014-09, and will be evaluated with the adoption of the lease accounting standard, ASU 2016-02, discussed above. The Company anticipates the primary effects of the new standard will be associated with the Company’s non-leasing revenue streams, which represent less than 5% of consolidated total revenues. In addition, the Company does not expect the following accounting pronouncements to have a material effect on its consolidated financial statements: • ASU 2017-09, “Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting.” • ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash.” • ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” • ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” Recently Adopted Accounting Pronouncements On January 1, 2017, the Company adopted Accounting Standards Update 2017-01 (“ASU 2017-01”), “Business Combinations (Topic 805): Clarifying the Definition of a Business.” The amendments in this guidance clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The guidance is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years; early adoption is permitted. ASU 2017-01 will be applied prospectively to any transactions occurring subsequent to January 1, 2017. Under the new standard, the Company expects that most property acquisitions will be accounted for as asset acquisitions, and as a result, most transaction costs will be capitalized rather than expensed. The impact on the Company’s consolidated financial statements will depend on the size and volume of future acquisition activity. In addition, on January 1, 2017, the Company adopted the following accounting pronouncements which did not have a material effect on the Company’s consolidated financial statements: • ASU 2017-03, “Accounting Changes and Error Corrections (Topic 250) and Investments — Equity Method and Joint Ventures (Topic 323): Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings (SEC Update).” • ASU 2016-05, “Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships.” |
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 | 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 $5.7 million and $3.6 million was capitalized during the three months ended June 30, 2017 and 2016 , respectively, and interest totaling approximately $10.1 million and $5.7 million was capitalized during the six months ended June 30, 2017 and 2016 , 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 impairment indicators of the carrying values of its investments in real estate as of June 30, 2017 , other than a $15.3 million impairment charge recorded during the three months ended June 30, 2017 for one property that is in the process of being transferred to the lender in settlement of the property's $27.4 million mortgage loan due to mature in August 2017 (see Note 7 ). The Company evaluates each acquisition to determine if the integrated set of assets and activities acquired meet the definition of a business under ASU 2017-01. If either of the following criteria is met, the integrated set of assets and activities acquired would not qualify as a business: • Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or • The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e. revenue generated before and after the transaction). Property acquisitions deemed to qualify as a business are accounted for as business combinations, and the related acquisition costs are expensed as incurred. The Company allocates the purchase price of properties acquired in business combinations to net tangible and identified intangible assets based on their 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, the Company’s own analysis of recently acquired and existing comparable properties in the Company’s 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 a replacement cost approach that relies upon assumptions that the Company believes 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. The Company has determined these estimates are primarily based upon unobservable inputs and therefore are considered to be Level 3 inputs within the fair value hierarchy. Acquisitions of properties that do not meet the definition of a business are accounted for as asset acquisitions. The accounting model for asset acquisitions is similar to the accounting model for business combinations except that the acquisition consideration (including transaction costs) is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. The relative fair values used to allocate the cost of an asset acquisition are determined using the same methodologies and assumptions as those utilized to determine fair value in a business combination. 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. |
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 Accoun23
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 and six months ended June 30, 2017 and 2016 , 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 Six Months Ended 2017 2016 2017 2016 Common OP Units (Note 9) 1,029,131 1,303,782 1,029,131 1,306,914 Preferred OP Units (Note 9) 77,513 94,359 77,513 98,974 Unvested restricted stock awards (Note10) 881,306 — — — Total potentially dilutive securities 1,987,950 1,398,141 1,106,644 1,405,888 |
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 Six Months Ended 2017 2016 2017 2016 Numerator – basic and diluted earnings per share: Net (loss) income $ (2,653 ) $ 18,765 $ 31,796 $ 64,974 Net income attributable to noncontrolling interests (109 ) (327 ) (508 ) (949 ) Net (loss) income attributable to common stockholders (2,762 ) 18,438 31,288 64,025 Amount allocated to participating securities (389 ) (329 ) (857 ) (722 ) Net (loss) income attributable to common stockholders $ (3,151 ) $ 18,109 $ 30,431 $ 63,303 Denominator: Basic weighted average common shares outstanding 134,614,418 130,456,923 133,837,748 126,951,454 Unvested restricted stock awards (Note 10) — 783,744 907,444 802,038 Diluted weighted average common shares outstanding 134,614,418 131,240,667 134,745,192 127,753,492 Earnings per share: Net (loss) income attributable to common stockholders - basic and diluted $ (0.02 ) $ 0.14 $ 0.23 $ 0.50 |
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 Six Months Ended 2017 2016 2017 2016 Numerator – basic and diluted earnings per unit: Net (loss) income $ (2,653 ) $ 18,765 $ 31,796 $ 64,974 Net income attributable to noncontrolling interests – partially owned properties (97 ) (104 ) (202 ) (208 ) Series A preferred unit distributions (31 ) (37 ) (62 ) (79 ) Amount allocated to participating securities (389 ) (329 ) (857 ) (722 ) Net (loss) income attributable to common unitholders $ (3,170 ) $ 18,295 $ 30,675 $ 63,965 Denominator: Basic weighted average common units outstanding 135,643,549 131,760,705 134,866,879 128,258,368 Unvested restricted stock awards (Note 10) — 783,744 907,444 802,038 Diluted weighted average common units outstanding 135,643,549 132,544,449 135,774,323 129,060,406 Earnings per unit: Net (loss) income attributable to common unitholders - basic and diluted $ (0.02 ) $ 0.14 $ 0.23 $ 0.50 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Business Combinations [Abstract] | |
Schedule of business acquisitions, by acquisition | During the six months ended June 30, 2017 , the Company acquired the following wholly-owned properties for a total purchase price of approximately $158.5 million . Total cash consideration was approximately $158.0 million . The difference between the contracted purchase price and the cash consideration is due to other assets and liabilities that were not part of the contractual purchase price, but were acquired in the transactions, as well as transaction costs capitalized as part of the acquisitions. Property Location Primary University Served Acquisition Date Beds The Arlie Arlington, TX University of Texas Arlington April 2017 598 TWELVE at U District Seattle, WA University of Washington June 2017 384 982 |
Property Dispositions (Tables)
Property Dispositions (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of properties classified as held for sale | During the six months ended June 30, 2017 , the Company sold the following wholly-owned property for approximately $25.0 million , resulting in net proceeds of approximately $24.5 million . The net loss on this disposition totaled approximately $0.6 million . Concurrent with the classification of this property as held for sale in December 2016, the Company reduced the property's carrying amount to its estimated fair value less estimated selling costs, and recorded an impairment charge of $4.9 million : Property Location Primary University Served Beds The Province - Dayton Dayton, OH Wright State University 657 |
Investments in Wholly-Owned P26
Investments in Wholly-Owned Properties (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Wholly-owned properties | |
Real Estate Properties [Line Items] | |
Schedule of real estate properties | Wholly-owned properties consisted of the following: June 30, 2017 December 31, 2016 Land (1) $ 605,399 $ 568,266 Buildings and improvements 5,199,146 5,065,137 Furniture, fixtures and equipment 313,716 303,240 Construction in progress 645,730 349,498 6,763,991 6,286,141 Accumulated depreciation (958,588 ) (859,127 ) Wholly-owned properties, net $ 5,805,403 $ 5,427,014 (2) (1) The land balance above includes undeveloped land parcels with book values of approximately $45.5 million and $38.5 million as of June 30, 2017 and December 31, 2016 , respectively. It also includes land totaling approximately $71.8 million and $61.2 million as of June 30, 2017 and December 31, 2016 , respectively, related to properties under development. (2) Excludes the net book value of one property classified as held for sale in the accompanying consolidated balance sheets at December 31, 2016 . |
On-Campus Participating Prope27
On-Campus Participating Properties (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 December 31, 2016 Texas A&M University System / Prairie View A&M University (1) 2/1/1996 9/1/2023 $ 45,490 $ 45,310 Texas A&M University System / Texas A&M International 2/1/1996 9/1/2023 7,228 7,215 Texas A&M University System / Prairie View A&M University (2) 10/1/1999 8/31/2025 28,852 28,627 8/31/2028 University of Houston System / University of Houston (3) 9/27/2000 8/31/2035 38,118 37,960 West Virginia University System / West Virginia University 7/16/2013 7/16/2045 44,112 43,817 163,800 162,929 Accumulated amortization (80,860 ) (77,132 ) On-campus participating properties, net $ 82,940 $ 85,797 (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) | 6 Months Ended |
Jun. 30, 2017 | |
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: June 30, 2017 December 31, 2016 Debt secured by wholly-owned properties: Mortgage loans payable: Unpaid principal balance $ 555,732 $ 559,642 Unamortized deferred financing costs (2,587 ) (3,040 ) Unamortized debt premiums 22,811 26,830 575,956 583,432 Construction loans payable (1) 1,037 — Unamortized deferred financing costs (326 ) — 576,667 583,432 Debt secured by on-campus participating properties: Mortgage loans payable 70,725 71,662 Bonds payable 33,870 33,870 Unamortized deferred financing costs (706 ) (769 ) 103,889 104,763 Total secured mortgage, construction and bond debt 680,556 688,195 Unsecured notes, net of unamortized OID and deferred financing costs (2) 1,189,775 1,188,737 Unsecured term loans, net of unamortized deferred financing costs (3) 347,417 149,065 Unsecured revolving credit facility 142,286 99,300 Total debt, net $ 2,360,034 $ 2,125,297 (1) Construction loans payable relates to a construction loan partially financing the development and construction of The Edge - Stadium Centre, a VIE the Company is including in its consolidated financial statements. 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 $1.8 million at June 30, 2017 and $1.9 million at December 31, 2016 , and net unamortized deferred financing costs of $8.5 million at June 30, 2017 and $9.3 million at December 31, 2016 . (3) Includes net unamortized deferred financing costs of $2.6 million at June 30, 2017 and $0.9 million at December 31, 2016 . The Company has issued the following senior unsecured notes: Date Issued Amount % of Par Value Coupon Yield Original Issue Discount Term (Years) April 2013 $ 400,000 99.659 3.750 % 3.791 % $ 1,364 10 June 2014 400,000 99.861 4.125 % 4.269 % (1) 556 10 September 2015 400,000 99.811 3.350 % 3.391 % 756 5 $ 1,200,000 $ 2,676 (1) The yield includes the effect of the amortization of interest rate swap terminations (see Note 11 ). |
Stockholders' Equity _ Partne29
Stockholders' Equity / Partners' Capital (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Summary of Equity Program activity | The following table presents activity under the Company’s ATM Equity Program during the three and six months ended June 30, 2017 . There was no activity under the Company’s ATM Equity Program during the three and six months ended June 30, 2016 : Three Months Ended Six Months Ended Total net proceeds $ 124,745 $ 187,403 Commissions paid to sales agents $ 1,573 $ 2,354 Weighted average price per share $ 47.69 $ 48.34 Shares of common stock sold 2,648,735 3,925,456 |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Noncontrolling Interest [Abstract] | |
Schedule of summarized activity of redeemable limited partners | Below is a table summarizing the activity of redeemable limited partners for the six months ended June 30, 2017 : December 31, 2016 $ 55,078 Net income 306 Distributions (948 ) Contribution from noncontrolling interest 3,000 Adjustments to reflect redeemable limited partner units at fair value (2,092 ) June 30, 2017 $ 55,344 |
Incentive Award Plan (Tables)
Incentive Award Plan (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of restricted stock units and awards | A summary of RSAs under the American Campus Communities, Inc. 2010 Incentive Award Plan (the “Plan”) as of June 30, 2017 and activity during the six months then ended, is presented below: Number of RSAs Nonvested balance at December 31, 2016 773,101 Granted 344,054 Vested (193,186 ) Forfeited (1) (104,615 ) Nonvested balance at June 30, 2017 819,354 (1) Includes shares withheld to satisfy tax obligations upon vesting. A summary of ACC’s RSUs under the Plan as of June 30, 2017 and activity during the six months then ended is presented below: Number of RSUs Outstanding at December 31, 2016 — Granted 16,737 Settled in common shares (15,235 ) Settled in cash (1,502 ) Outstanding at June 30, 2017 — |
Derivative Instruments and He32
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 : 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 $ 13,960 $ (262 ) Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month 14,104 (264 ) Park Point mortgage loan Nov 1, 2013 Oct 5, 2018 1.5450% LIBOR - 1 month 70,000 (121 ) Total $ 98,064 $ (647 ) |
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 June 30, 2017 and December 31, 2016 : Liability Derivatives Fair Value as of Description Balance Sheet June 30, 2017 December 31, 2016 Interest rate swaps contracts Other liabilities $ 647 $ 1,099 Total derivatives designated as hedging instruments $ 647 $ 1,099 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 December 31, 2016 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 $ — $ 647 $ — $ 647 $ — $ 1,099 $ — $ 1,099 Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) $ — $ 55,344 $ — $ 55,344 $ — $ 55,078 $ — $ 55,078 |
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 June 30, 2017 and December 31, 2016 : June 30, 2017 December 31, 2016 Estimated Fair Value Carrying Amount Estimated Fair Value Carrying Amount Assets: Loans receivable $ 54,396 $ 60,202 $ 54,396 $ 58,539 Liabilities: Unsecured notes $ 1,234,500 $ 1,189,775 (1) $ 1,211,344 $ 1,188,737 (1) Mortgage loans payable 638,317 646,397 (2) 644,617 654,794 (2) Bonds payable 36,591 33,448 37,066 33,401 (1) Includes net unamortized OID and net unamortized deferred financing costs (see Note 7 ). (2) Includes net unamortized debt premiums and discounts and net unamortized deferred financing costs (see Note 7 ). |
Segments (Tables)
Segments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of segment information | Three Months Ended Six Months Ended 2017 2016 2017 2016 Wholly-Owned Properties Rental revenues and other income $ 169,874 $ 175,395 $ 349,584 $ 361,899 Interest income 385 268 776 533 Total revenues from external customers 170,259 175,663 350,360 362,432 Operating expenses before depreciation, amortization, ground/facility leases and allocation of corporate overhead (72,493 ) (76,705 ) (144,770 ) (154,703 ) Ground/facility leases (1,687 ) (1,452 ) (3,287 ) (2,906 ) Interest expense, net (1) 664 (5,231 ) 346 (12,137 ) Operating income before depreciation, amortization, and allocation of corporate overhead $ 96,743 $ 92,275 $ 202,649 $ 192,686 Depreciation and amortization $ 53,345 $ 51,053 $ 103,002 $ 102,276 Capital expenditures $ 148,074 $ 124,431 $ 276,728 $ 210,343 Total segment assets at June 30, $ 6,017,795 $ 5,942,924 $ 6,017,795 $ 5,942,924 On-Campus Participating Properties Total revenues and other income $ 6,171 $ 6,214 $ 16,329 $ 16,260 Interest income 15 2 23 2 Total revenues from external customers 6,186 6,216 16,352 16,262 Operating expenses before depreciation, amortization, ground/facility leases and allocation of corporate overhead (3,562 ) (3,013 ) (6,498 ) (5,771 ) Ground/facility leases (778 ) (1,015 ) (1,535 ) (1,865 ) Interest expense (1,342 ) (1,419 ) (2,675 ) (2,837 ) Operating income before depreciation, amortization and allocation of corporate overhead $ 504 $ 769 $ 5,644 $ 5,789 Depreciation and amortization $ 1,869 $ 1,831 $ 3,729 $ 3,654 Capital expenditures $ 661 $ 409 $ 870 $ 1,064 Total segment assets at June 30, $ 100,970 $ 104,826 $ 100,970 $ 104,826 Development Services Development and construction management fees $ 675 $ 2,121 $ 1,131 $ 3,156 Operating expenses (3,607 ) (3,385 ) (7,211 ) (6,980 ) Operating loss before depreciation, amortization and allocation of corporate overhead $ (2,932 ) $ (1,264 ) $ (6,080 ) $ (3,824 ) Total segment assets at June 30, $ 3,187 $ 2,088 $ 3,187 $ 2,088 Property Management Services Property management fees from external customers $ 2,288 $ 2,253 $ 4,902 $ 4,663 Intersegment revenues 4,769 5,629 9,707 11,580 Total revenues 7,057 7,882 14,609 16,243 Operating expenses (3,261 ) (2,816 ) (6,685 ) (5,800 ) Operating income before depreciation, amortization and allocation of corporate overhead $ 3,796 $ 5,066 $ 7,924 $ 10,443 Total segment assets at June 30, $ 9,982 $ 8,787 $ 9,982 $ 8,787 Three Months Ended Six Months Ended 2017 2016 2017 2016 Reconciliations Total segment revenues and other income $ 184,177 $ 191,882 $ 382,452 $ 398,093 Unallocated interest income earned on investments and corporate cash 832 1,205 1,665 2,219 Elimination of intersegment revenues (4,769 ) (5,629 ) (9,707 ) (11,580 ) Total consolidated revenues, including interest income $ 180,240 $ 187,458 $ 374,410 $ 388,732 Segment operating income before depreciation, amortization and allocation of corporate overhead $ 98,111 $ 96,846 $ 210,137 $ 205,094 Depreciation and amortization (56,966 ) (55,055 ) (110,317 ) (111,313 ) Net unallocated expenses relating to corporate interest and overhead (27,582 ) (22,681 ) (51,551 ) (45,526 ) (Loss) gain from disposition of real estate (632 ) — (632 ) 17,409 Provision for real estate impairment (15,317 ) — (15,317 ) — Income tax provision (267 ) (345 ) (524 ) (690 ) Net income $ (2,653 ) $ 18,765 $ 31,796 $ 64,974 Total segment assets $ 6,131,934 $ 6,058,625 $ 6,131,934 $ 6,058,625 Unallocated corporate assets 93,039 256,432 93,039 256,432 Total assets at June 30, $ 6,224,973 $ 6,315,057 $ 6,224,973 $ 6,315,057 |
Organization and Description 35
Organization and Description of Business - Narrative (Details) | 6 Months Ended |
Jun. 30, 2017university_systemBedProperty | |
Real Estate Properties [Line Items] | |
Number of properties | 160 |
Number of beds | Bed | 99,000 |
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 | |
Real Estate Properties [Line Items] | |
Number of beds | Bed | 982 |
Wholly-owned properties | Off Campus Properties | |
Real Estate Properties [Line Items] | |
Number of properties | 124 |
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 beds | Bed | 14,300 |
Management And Leasing Services | |
Real Estate Properties [Line Items] | |
Number of properties | 37 |
Number of beds | Bed | 29,700 |
Real Estate Investment | |
Real Estate Properties [Line Items] | |
Number of properties | 197 |
Number of beds | Bed | 128,700 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |
Real Estate Properties [Line Items] | |
Limited Partner ownership interest (percent) | 99.20% |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Maximum | |
Real Estate Properties [Line Items] | |
General Partner ownership interest (percent) (less than) | 1.00% |
Owned On Campus Properties | American Campus Equity | |
Real Estate Properties [Line Items] | |
Number of housing properties | 31 |
Number of university systems | university_system | 14 |
Owned On Campus Properties | Under Development | |
Real Estate Properties [Line Items] | |
Number of properties under construction | 19 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details) | 6 Months Ended |
Jun. 30, 2017 | |
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 Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Mortgage Loans on Real Estate [Line Items] | |||||
Capitalized Interest | $ 5,700 | $ 3,600 | $ 10,100 | $ 5,700 | |
Provision for real estate impairment | 15,317 | $ 0 | 15,317 | $ 0 | |
Deferred pre-development costs | 6,100 | 6,100 | |||
Mortgage loans payable | 680,556 | 680,556 | $ 688,195 | ||
Mortgage loans payable | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
Provision for real estate impairment | 15,300 | ||||
Mortgage loans payable | $ 27,400 | $ 27,400 |
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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potential dilutive securities (in shares) | 1,987,950 | 1,398,141 | 1,106,644 | 1,405,888 |
Common OP Units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potential dilutive securities (in shares) | 1,029,131 | 1,303,782 | 1,029,131 | 1,306,914 |
Preferred OP Units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potential dilutive securities (in shares) | 77,513 | 94,359 | 77,513 | 98,974 |
Unvested Restricted Stock Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potential dilutive securities (in shares) | 881,306 | 0 | 0 | 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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Numerator – basic and diluted earnings per share: | ||||
Net (loss) income | $ (2,653) | $ 18,765 | $ 31,796 | $ 64,974 |
Net income attributable to noncontrolling interests | (109) | (327) | (508) | (949) |
Net (loss) income attributable to common stockholders | (2,762) | 18,438 | 31,288 | 64,025 |
Amount allocated to participating securities | (389) | (329) | (857) | (722) |
Net (loss) income attributable to common unitholders | $ (3,151) | $ 18,109 | $ 30,431 | $ 63,303 |
Denominator: | ||||
Basic weighted average common shares outstanding (in shares) | 134,614,418 | 130,456,923 | 133,837,748 | 126,951,454 |
Unvested Restricted Stock Awards (in shares) | 1,987,950 | 1,398,141 | 1,106,644 | 1,405,888 |
Diluted weighted average common shares outstanding (in shares) | 134,614,418 | 131,240,667 | 134,745,192 | 127,753,492 |
Earnings per share: | ||||
Net income attributable to common stockholders - basic and diluted (in dollars per share) | $ (0.02) | $ 0.14 | $ 0.23 | $ 0.50 |
Unvested Restricted Stock Awards | ||||
Denominator: | ||||
Unvested Restricted Stock Awards (in shares) | 0 | 783,744 | 907,444 | 802,038 |
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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Numerator – basic and diluted earnings per unit: | ||||
Net (loss) income | $ (2,653) | $ 18,765 | $ 31,796 | $ 64,974 |
Net income attributable to noncontrolling interests – partially owned properties | (109) | (327) | (508) | (949) |
Amount allocated to participating securities | (389) | (329) | (857) | (722) |
Net (loss) income attributable to common unitholders | (3,151) | 18,109 | 30,431 | 63,303 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ||||
Numerator – basic and diluted earnings per unit: | ||||
Net (loss) income | (2,653) | 18,765 | 31,796 | 64,974 |
Series A preferred unit distributions | (31) | (37) | (62) | (79) |
Amount allocated to participating securities | (389) | (329) | (857) | (722) |
Net (loss) income attributable to common unitholders | $ (3,170) | $ 18,295 | $ 30,675 | $ 63,965 |
Denominator: | ||||
Basic weighted average common units outstanding (in units) | 135,643,549 | 131,760,705 | 134,866,879 | 128,258,368 |
Diluted weighted average common units outstanding (in units) | 135,643,549 | 132,544,449 | 135,774,323 | 129,060,406 |
Earnings per unit: | ||||
Net income attributable to common unitholders - basic and diluted (in dollars per unit) | $ (0.02) | $ 0.14 | $ 0.23 | $ 0.50 |
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 | $ (97) | $ (104) | $ (202) | $ (208) |
Unvested Restricted Stock Awards | ||||
Denominator: | ||||
Unvested Restricted Stock Awards (in units) | 0 | 783,744 | 907,444 | 802,038 |
Unvested Restricted Stock Awards | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ||||
Denominator: | ||||
Unvested Restricted Stock Awards (in units) | 0 | 783,744 | 907,444 | 802,038 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2017USD ($)BedProperty | Jun. 30, 2016USD ($)BedProperty | |
Business Acquisition [Line Items] | ||
Number of land parcels | Property | 5 | |
Total purchase price | $ 23.1 | |
Total cash consideration | $ 17 | |
Number of properties owned | Property | 160 | |
Number of beds | Bed | 99,000 | |
Wholly-owned properties | ||
Business Acquisition [Line Items] | ||
Total purchase price | $ 158.5 | |
Total cash consideration | $ 158 | |
Number of beds | Bed | 982 | |
Series of Individually Immaterial Business Acquisitions | In-Process Development Properties | ||
Business Acquisition [Line Items] | ||
Total purchase price | $ 66 | |
Number of properties owned | Property | 3 | |
Number of beds | Bed | 1,593 | |
Mortgage debt assumed | $ 10 |
Acquisitions - Schedule of Busi
Acquisitions - Schedule of Business Aquisitions by Acquisition (Details) | Jun. 30, 2017Bed |
Business Acquisition [Line Items] | |
Number of beds | 99,000 |
Wholly-owned properties | |
Business Acquisition [Line Items] | |
Number of beds | 982 |
Wholly-owned properties | The Arlie | |
Business Acquisition [Line Items] | |
Number of beds | 598 |
Wholly-owned properties | TWELVE at U District | |
Business Acquisition [Line Items] | |
Number of beds | 384 |
Property Dispositions - Additio
Property Dispositions - Additional Information (Detail Textuals) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($)BedProperty | Mar. 31, 2016USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from disposition of properties | $ 24,462 | $ 72,640 | ||||
(Loss) gain from disposition of real estate | $ (632) | $ 0 | (632) | 17,409 | ||
Provision for real estate impairment | 15,317 | $ 0 | 15,317 | 0 | ||
Discontinued Operations, Disposed of by Sale | Wholly-owned properties | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Sale price of disposed property | $ 25,000 | 25,000 | $ 73,800 | |||
Proceeds from disposition of properties | 24,500 | 72,600 | ||||
(Loss) gain from disposition of real estate | $ (600) | $ 17,400 | ||||
Provision for real estate impairment | $ 4,900 | |||||
Number of properties sold | Property | 2 | |||||
Number of beds in properties sold | Bed | 1,324 |
Property Dispositions - Summary
Property Dispositions - Summary of Properties Classified as Held for Sale (Details) | Jun. 30, 2017Bed |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Beds | 99,000 |
Disposal Group, Held-for-sale, Not Discontinued Operations | The Province - Dayton | Wholly-owned properties held for sale | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Beds | 657 |
Investments in Wholly-Owned P45
Investments in Wholly-Owned Properties - Summary (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Real Estate Properties [Line Items] | ||
Wholly-owned properties, net | $ 5,888,343 | $ 5,538,161 |
Wholly-owned properties | ||
Real Estate Properties [Line Items] | ||
Land | 605,399 | 568,266 |
Buildings and improvements | 5,199,146 | 5,065,137 |
Furniture, fixtures and equipment | 313,716 | 303,240 |
Construction in progress | 645,730 | 349,498 |
Real estate properties gross | 6,763,991 | 6,286,141 |
Accumulated depreciation | (958,588) | (859,127) |
Wholly-owned properties, net | $ 5,805,403 | $ 5,427,014 |
Investments in Wholly-Owned P46
Investments in Wholly-Owned Properties - Summary (Detail Textuals) $ in Millions | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($)Property |
Real Estate Properties [Line Items] | ||
Undeveloped land parcels | $ 45.5 | $ 38.5 |
Under Development | ||
Real Estate Properties [Line Items] | ||
Undeveloped land parcels | $ 71.8 | $ 61.2 |
Wholly-owned properties | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties, held for sale | Property | 1 |
On-Campus Participating Prope47
On-Campus Participating Properties (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017USD ($)phase | Dec. 31, 2016USD ($) | |
Real Estate Properties [Line Items] | ||
Wholly-owned properties, net | $ 5,888,343 | $ 5,538,161 |
On-campus participating properties | ||
Real Estate Properties [Line Items] | ||
Real estate properties, gross | 163,800 | 162,929 |
Accumulated amortization | (80,860) | (77,132) |
Wholly-owned properties, net | $ 82,940 | 85,797 |
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 | $ 7,228 | 7,215 |
Texas A&M University System / Prairie View A&M University between 1996 and 1998 | Prairie View A and M University | ||
Real Estate Properties [Line Items] | ||
Number of project phases | phase | 3 | |
Texas A&M University System / Prairie View A&M University 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 | $ 45,490 | 45,310 |
Texas A&M University System / Prairie View A&M University between 2000 and 2003 | Prairie View A and M University | ||
Real Estate Properties [Line Items] | ||
Number of project phases | phase | 2 | |
Texas A&M University System / Prairie View A&M University between 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 | $ 28,852 | 28,627 |
University of Houston System / University of Houston | University Of Houston | ||
Real Estate Properties [Line Items] | ||
Number of project phases | phase | 2 | |
University of Houston System / University of Houston | 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 | $ 38,118 | 37,960 |
West Virginia University System / West Virginia University | 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 | $ 44,112 | $ 43,817 |
Minimum | Texas A&M University System / Prairie View A&M University between 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 | Texas A&M University System / Prairie View A&M University between 2000 and 2003 | On-campus participating properties | Prairie View A and M University | ||
Real Estate Properties [Line Items] | ||
Required Debt Repayment | Aug. 31, 2028 |
Debt - Summary of Outstanding C
Debt - Summary of Outstanding Consolidated Indebtedness, Including Unamortized Debt Premiums and Discounts (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Secured mortgage, construction and bond debt, net | $ 680,556 | $ 688,195 |
Unamortized deferred financing costs | 347,417 | 149,065 |
Unsecured notes, net of unamortized OID and deferred financing costs | 1,189,775 | 1,188,737 |
Unsecured revolving credit facility | 142,286 | 99,300 |
Total debt, net | 2,360,034 | 2,125,297 |
Mortgage loans payable | ||
Debt Instrument [Line Items] | ||
Secured mortgage, construction and bond debt, net | 27,400 | |
Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Unamortized deferred financing costs | 8,500 | 9,300 |
Unamortized debt discounts | 1,800 | 1,900 |
Term loans | ||
Debt Instrument [Line Items] | ||
Unamortized deferred financing costs | 2,600 | 900 |
Wholly-owned properties, net | ||
Debt Instrument [Line Items] | ||
Secured mortgage, construction and bond debt, net | 575,956 | 583,432 |
Total debt, net | 576,667 | 583,432 |
Wholly-owned properties, net | Mortgage loans payable | ||
Debt Instrument [Line Items] | ||
Secured mortgage, construction and bond debt, net | 555,732 | 559,642 |
Unamortized deferred financing costs | 2,587 | 3,040 |
Unamortized debt premiums | 22,811 | 26,830 |
Wholly-owned properties, net | Construction loans payable | ||
Debt Instrument [Line Items] | ||
Secured mortgage, construction and bond debt, net | 1,037 | 0 |
Unamortized deferred financing costs | 326 | 0 |
On-campus participating properties, net | ||
Debt Instrument [Line Items] | ||
Unamortized deferred financing costs | 706 | 769 |
Total debt, net | 103,889 | 104,763 |
On-campus participating properties, net | Mortgage loans payable | ||
Debt Instrument [Line Items] | ||
Secured mortgage, construction and bond debt, net | 70,725 | 71,662 |
On-campus participating properties, net | Bonds payable | ||
Debt Instrument [Line Items] | ||
Secured mortgage, construction and bond debt, net | $ 33,870 | $ 33,870 |
Debt - Additional Information (
Debt - Additional Information (Detail Textuals) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017USD ($)Property | Jun. 30, 2016USD ($)Property | Jun. 30, 2017USD ($)Property | Jun. 30, 2016USD ($)Property | Jan. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | ||||||
Repayments of secured debt | $ 6,494,000 | $ 7,771,000 | ||||
Number of properties | Property | 160 | 160 | ||||
Mortgage loans payable | $ 680,556,000 | $ 680,556,000 | $ 688,195,000 | |||
Provision for real estate impairment | 15,317,000 | $ 0 | 15,317,000 | 0 | ||
Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage loans payable | 27,400,000 | $ 27,400,000 | ||||
Provision for real estate impairment | 15,300,000 | |||||
Revolving credit facility | Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, additional borrowing capacity (up to) | $ 500,000,000 | |||||
Line of credit, required unused commitment fee per annum (percent) | 0.20% | |||||
Current borrowing capacity of credit facility | 557,700,000 | $ 557,700,000 | ||||
Revolving credit facility | Term Loan I Facility | Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility | 150,000,000 | 150,000,000 | ||||
Line of credit facility, accordion feature (up to) | $ 50,000,000 | $ 50,000,000 | ||||
Basis spread on variable rate | 1.10% | |||||
Weighted average annual interest rate (percent) | 2.16% | 2.16% | ||||
Stated percentage | 1.06% | 1.06% | ||||
Revolving credit facility | Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.00% | |||||
Line of credit, required unused commitment fee per annum (percent) | 0.20% | |||||
Weighted average annual interest rate (percent) | 2.32% | 2.32% | ||||
Stated percentage | 1.12% | 1.12% | ||||
Revolving credit facility | Credit Agreement | Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility | 700,000,000 | |||||
Current borrowing capacity | $ 500,000,000 | |||||
Revolving credit facility | Term Loan II Facility | Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility | $ 200,000,000 | $ 200,000,000 | ||||
Line of credit facility, accordion feature (up to) | $ 100,000,000 | $ 100,000,000 | ||||
Basis spread on variable rate | 1.10% | |||||
Weighted average annual interest rate (percent) | 2.32% | 2.32% | ||||
Stated percentage | 1.22% | 1.22% | ||||
Wholly-owned properties | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage loans payable | $ 575,956,000 | $ 575,956,000 | 583,432,000 | |||
Wholly-owned properties | Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of secured debt | $ 34,200,000 | |||||
Number of properties | Property | 3 | 3 | ||||
Mortgage loans payable | $ 555,732,000 | $ 555,732,000 | $ 559,642,000 |
Debt - Summary of Senior Unsecu
Debt - Summary of Senior Unsecured Notes (Details) - AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Senior notes | |
Debt Instrument [Line Items] | |
Amount | $ 1,200,000,000 |
Original Issue Discount | 2,676,000 |
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 |
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) | 4.269% |
Original Issue Discount | $ 556,000 |
Term | 10 years |
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 |
Stockholders' Equity _ Partne51
Stockholders' Equity / Partners' Capital - (Detail Textuals) - USD ($) | 1 Months Ended | 6 Months Ended | |||
Feb. 29, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Jun. 30, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||||
ATM equity program, aggregate offering price authorized (up to $500 million) | $ 234,200,000 | ||||
Proceeds from sale of common stock | $ 189,757,000 | $ 740,025,000 | |||
Number of shares in deferred compensation plan (in shares) | 63,354 | 20,181 | |||
ATM Equity Program | |||||
Schedule of Equity Method Investments [Line Items] | |||||
ATM equity program, aggregate offering price authorized (up to $500 million) | $ 500,000,000 | ||||
Common shares | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Net proceeds from sale of common stock (in shares) | 17,940,000 | 3,925,456 | |||
Shares issued as a result of ACC equity offering (in dollars per share) | $ 41.25 | ||||
Proceeds from sale of common stock | $ 740,000,000 | ||||
Proceeds from issuance of common stock, net of discounts and expenses | $ 707,300,000 | ||||
Restricted Stock Awards | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of shares deposited into deferred compensation plan (in shares) | 43,173 | ||||
Over-Allotment Option | Common shares | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Net proceeds from sale of common stock (in 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 | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | |
Class of Stock [Line Items] | |||
Total net proceeds | $ 189,757 | $ 740,025 | |
ATM Equity Program | |||
Class of Stock [Line Items] | |||
Total net proceeds | $ 124,745 | 187,403 | |
Commissions paid to sales agents | $ 1,573 | $ 2,354 | |
Weighted average price per share (in dollars per share) | $ 47.69 | $ 48.34 | |
Shares of common stock sold (in shares) | 2,648,735 | 3,925,456 |
Noncontrolling Interests - Addi
Noncontrolling Interests - Additional Information (Detail Textuals) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017USD ($)Entity | Dec. 31, 2016shares | |
Noncontrolling Interest [Line Items] | ||
Contributions by noncontrolling interest | $ 8,158 | |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ||
Noncontrolling Interest [Line Items] | ||
Number of third-party joint venture partners (entities) | Entity | 3 | |
Contributions by noncontrolling interest | $ 8,158 | |
Equity interests held by owners of common units and preferred units (percent) | 0.80% | 0.80% |
Common OP Unit | ||
Noncontrolling Interest [Line Items] | ||
Conversion of operating partnership units to common stock (in shares) | shares | 280,915 | |
Preferred OP Unit | ||
Noncontrolling Interest [Line Items] | ||
Conversion of operating partnership units to common stock (in shares) | shares | 31,846 | |
Partially owned properties | ||
Noncontrolling Interest [Line Items] | ||
Contributions by noncontrolling interest | $ 9,400 |
Noncontrolling Interests - Summ
Noncontrolling Interests - Summarized Activity of Redeemable Limited Partners (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |
Beginning balance | $ 55,078 |
Distributions | (156) |
Contribution from noncontrolling interest | 8,158 |
Adjustments to reflect redeemable limited partner units at fair value | 2,092 |
Ending balance | 55,344 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |
Beginning balance | 55,078 |
Distributions | (156) |
Contribution from noncontrolling interest | 8,158 |
Adjustments to reflect redeemable limited partner units at fair value | 2,092 |
Ending balance | 55,344 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Redeemable noncontrolling interests | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |
Beginning balance | 55,078 |
Net income | 306 |
Distributions | (948) |
Contribution from noncontrolling interest | 3,000 |
Adjustments to reflect redeemable limited partner units at fair value | (2,092) |
Ending balance | $ 55,344 |
Incentive Award Plan - Addition
Incentive Award Plan - Additional Information (Detail Textuals) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated share-based compensation expense | $ 0.8 | |||
Restricted Stock Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated share-based compensation expense | $ 3.9 | $ 2.2 | $ 8.2 | $ 4.9 |
Vested (shares) | 193,186 | |||
Chief Financial Officer | Restricted Stock Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated share-based compensation expense | $ 2.4 | |||
Vested (shares) | 46,976 |
Incentive Award Plan - Summary
Incentive Award Plan - Summary of Restricted Stock Unit (Details) - Restricted Stock Units (RSUs) | 6 Months Ended |
Jun. 30, 2017shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning balance (shares) | 0 |
Granted (shares) | 16,737 |
Settled in common shares (shares) | (15,235) |
Settled in cash (shares) | (1,502) |
Ending balance (shares) | 0 |
Incentive Award Plan - Summar57
Incentive Award Plan - Summary of Restricted Stock Awards (Details) - Restricted Stock Awards | 6 Months Ended |
Jun. 30, 2017shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning balance (shares) | 773,101 |
Granted (shares) | 344,054 |
Vested (shares) | (193,186) |
Forfeited (shares) | (104,615) |
Ending balance (shares) | 819,354 |
Derivative Instruments and He58
Derivative Instruments and Hedging Activities - Summary of Outstanding Interest Rate Swap Contracts (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Derivative [Line Items] | |
Current Notional Amount | $ 98,064 |
Fair Value | $ (647) |
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 | $ 13,960 |
Fair Value | $ (262) |
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 | $ 14,104 |
Fair Value | $ (264) |
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 | $ (121) |
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 | Jun. 30, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Total derivatives liabilities designated as hedging instruments | $ 647 | $ 1,099 |
Interest rate swaps contracts | ||
Derivatives, Fair Value [Line Items] | ||
Total derivatives liabilities designated as hedging instruments | $ 647 | $ 1,099 |
Fair Value Disclosures - Financ
Fair Value Disclosures - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Liabilities: | ||
Derivative financial instruments | $ 647 | $ 1,099 |
Mezzanine: | ||
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) | 55,344 | 55,078 |
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 | 647 | 1,099 |
Mezzanine: | ||
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) | 55,344 | 55,078 |
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 | Jun. 30, 2017 | Dec. 31, 2016 |
Estimated Fair Value | ||
Assets: | ||
Loans receivable | $ 54,396 | $ 54,396 |
Liabilities: | ||
Unsecured notes | 1,234,500 | 1,211,344 |
Mortgage loans payable | 638,317 | 644,617 |
Bonds payable | 36,591 | 37,066 |
Carrying Amount | ||
Assets: | ||
Loans receivable | 60,202 | 58,539 |
Liabilities: | ||
Unsecured notes | 1,189,775 | 1,188,737 |
Mortgage loans payable | 646,397 | 654,794 |
Bonds payable | $ 33,448 | $ 33,401 |
Commitments and Contingencies -
Commitments and Contingencies - (Detail Textuals) | 1 Months Ended | 6 Months Ended | |
Dec. 31, 2016USD ($) | Aug. 31, 2013USD ($)extension | Jun. 30, 2017USD ($)PropertyProject | |
Loss Contingencies [Line Items] | |||
Number of properties, under development | Property | 18 | ||
Amount of obligation less costs incurred | $ 20,000,000 | ||
Maximum exposure, undiscounted | 7,500,000 | ||
Guarantee agreement contingent upon resident's bedroom unavailability at time of move-in | $ 1,000 | ||
Alternate Housing Guarantees | |||
Loss Contingencies [Line Items] | |||
Guarantee expiration period | 5 days | ||
Project Cost Guarantees | |||
Loss Contingencies [Line Items] | |||
Guarantee expiration period | 1 year | ||
Third-Party Development Projects | |||
Loss Contingencies [Line Items] | |||
Number of third-party development projects | Project | 2 | ||
Commitment under third-party development project | $ 1,500,000 | ||
Payment Guarantee | |||
Loss Contingencies [Line Items] | |||
Maximum exposure, undiscounted | 1,200,000 | ||
Indemnification Agreement | |||
Loss Contingencies [Line Items] | |||
Maximum exposure, undiscounted | 2,700,000 | ||
The Edge at Stadium Center | |||
Loss Contingencies [Line Items] | |||
Estimated development costs | $ 42,600,000 | ||
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 (not more than) | $ 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 (not more than) | $ 2,400,000 | ||
Construction contracts | |||
Loss Contingencies [Line Items] | |||
Other commitment | $ 516,600,000 |
Segments - Additional Informati
Segments - Additional Information (Detail Textuals) | 6 Months Ended |
Jun. 30, 2017Segment | |
Segment Reporting [Abstract] | |
Identified reportable segments (segments) | 4 |
Segments - Summary (Details)
Segments - Summary (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||
Total revenues | $ 179,008 | $ 185,983 | $ 371,946 | $ 385,978 | |
Interest expense | (14,573) | (20,119) | (29,290) | (42,746) | |
Depreciation and amortization | (56,966) | (55,055) | (110,317) | (111,313) | |
Operating expenses | (166,398) | (146,877) | (310,117) | (293,837) | |
Property management fees from external customers | 2,288 | 2,253 | 4,902 | 4,663 | |
Total consolidated revenues, including interest income | 180,240 | 187,458 | 374,410 | 388,732 | |
Segment operating income before depreciation, amortization and allocation of corporate overhead | 12,610 | 39,106 | 61,829 | 92,141 | |
(Loss) gain from disposition of real estate | (632) | 0 | (632) | 17,409 | |
Provision for real estate impairment | (15,317) | 0 | (15,317) | 0 | |
Income tax provision | (267) | (345) | (524) | (690) | |
Net income | (2,653) | 18,765 | 31,796 | 64,974 | |
Total assets | 6,224,973 | 6,224,973 | $ 5,865,913 | ||
Operating segments | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 184,177 | 191,882 | 382,452 | 398,093 | |
Total segment assets | 6,131,934 | 6,058,625 | 6,131,934 | 6,058,625 | |
Segment operating income before depreciation, amortization and allocation of corporate overhead | 98,111 | 96,846 | 210,137 | 205,094 | |
Net income | (2,653) | 18,765 | 31,796 | 64,974 | |
Unallocated corporate assets | 93,039 | 256,432 | 93,039 | 256,432 | |
Total assets | 6,224,973 | 6,315,057 | 6,224,973 | 6,315,057 | |
Operating segments | Wholly-owned properties | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues and other income | 169,874 | 175,395 | 349,584 | 361,899 | |
Interest income | 385 | 268 | 776 | 533 | |
Total revenues | 170,259 | 175,663 | 350,360 | 362,432 | |
Operating expenses before depreciation, amortization, ground/facility leases and allocation of corporate overhead | (72,493) | (76,705) | (144,770) | (154,703) | |
Ground/facility leases | (1,687) | (1,452) | (3,287) | (2,906) | |
Interest expense | 664 | (5,231) | 346 | (12,137) | |
Operating income before depreciation, amortization and allocation of corporate overhead | 96,743 | 92,275 | 202,649 | 192,686 | |
Depreciation and amortization | 53,345 | 51,053 | 103,002 | 102,276 | |
Capital expenditures | 148,074 | 124,431 | 276,728 | 210,343 | |
Total segment assets | 6,017,795 | 5,942,924 | 6,017,795 | 5,942,924 | |
Operating segments | On-campus participating properties | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues and other income | 6,171 | 6,214 | 16,329 | 16,260 | |
Interest income | 15 | 2 | 23 | 2 | |
Total revenues | 6,186 | 6,216 | 16,352 | 16,262 | |
Operating expenses before depreciation, amortization, ground/facility leases and allocation of corporate overhead | (3,562) | (3,013) | (6,498) | (5,771) | |
Ground/facility leases | (778) | (1,015) | (1,535) | (1,865) | |
Interest expense | (1,342) | (1,419) | (2,675) | (2,837) | |
Operating income before depreciation, amortization and allocation of corporate overhead | 504 | 769 | 5,644 | 5,789 | |
Depreciation and amortization | 1,869 | 1,831 | 3,729 | 3,654 | |
Capital expenditures | 661 | 409 | 870 | 1,064 | |
Total segment assets | 100,970 | 104,826 | 100,970 | 104,826 | |
Operating segments | Development Services | |||||
Segment Reporting Information [Line Items] | |||||
Operating income before depreciation, amortization and allocation of corporate overhead | (2,932) | (1,264) | (6,080) | (3,824) | |
Total segment assets | 3,187 | 2,088 | 3,187 | 2,088 | |
Development and construction management fees | 675 | 2,121 | 1,131 | 3,156 | |
Operating expenses | (3,607) | (3,385) | (7,211) | (6,980) | |
Operating segments | Property Management Services | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 7,057 | 7,882 | 14,609 | 16,243 | |
Operating income before depreciation, amortization and allocation of corporate overhead | 3,796 | 5,066 | 7,924 | 10,443 | |
Total segment assets | 9,982 | 8,787 | 9,982 | 8,787 | |
Operating expenses | (3,261) | (2,816) | (6,685) | (5,800) | |
Property management fees from external customers | 2,288 | 2,253 | 4,902 | 4,663 | |
Intersegment revenues | 4,769 | 5,629 | 9,707 | 11,580 | |
Unallocated | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 832 | 1,205 | 1,665 | 2,219 | |
Operating expenses | (27,582) | (22,681) | (51,551) | (45,526) | |
Elimination of intersegment revenues | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | $ (4,769) | $ (5,629) | $ (9,707) | $ (11,580) |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 02, 2017 | Aug. 04, 2017 | Feb. 29, 2016 | Jun. 30, 2017 | Jun. 30, 2016 |
Subsequent Event [Line Items] | |||||
Proceeds from sale of common stock | $ 189,757 | $ 740,025 | |||
Subsequent Event | Dividend Declared | |||||
Subsequent Event [Line Items] | |||||
Distributions declared per common unit (in dollars per unit) | $ 0.44 | ||||
Common shares | |||||
Subsequent Event [Line Items] | |||||
Net proceeds from sale of common stock (in shares) | 17,940,000 | 3,925,456 | |||
Shares issued as a result of ACC equity offering (in dollars per share) | $ 41.25 | ||||
Proceeds from sale of common stock | $ 740,000 | ||||
Common shares | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Net proceeds from sale of common stock (in shares) | 0 | ||||
Shares issued as a result of ACC equity offering (in dollars per share) | $ 48.09 | ||||
Proceeds from sale of common stock | $ 1,100 |