Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 23, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Entity Registrant Name | AMERICAN CAMPUS COMMUNITIES INC | ||
Entity Central Index Key | 1,283,630 | ||
Trading Symbol | acc | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-Known Seasoned Issuer | Yes | ||
Entity Common Stock Shares Outstanding (in shares) | 136,494,954 | ||
Entity Public Float | $ 5,450,514,562 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||
Document Information [Line Items] | |||
Entity Registrant Name | American Campus Communities Operating Partnership LP | ||
Entity Central Index Key | 1,357,369 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-Known Seasoned Issuer | No |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investments in real estate: | ||
Investments in real estate, net | $ 6,532,168 | $ 5,538,161 |
Cash and cash equivalents | 41,182 | 22,140 |
Restricted cash | 23,590 | 24,817 |
Student contracts receivable, net | 9,170 | 8,428 |
Other assets | 291,260 | 272,367 |
Total assets | 6,897,370 | 5,865,913 |
Liabilities: | ||
Secured mortgage, construction and bond debt, net | 664,020 | 688,195 |
Unsecured notes, net | 1,585,855 | 1,188,737 |
Unsecured term loans, net | 647,044 | 149,065 |
Unsecured revolving credit facility | 127,600 | 99,300 |
Accounts payable and accrued expenses | 53,741 | 76,614 |
Other liabilities | 187,983 | 158,437 |
Total liabilities | 3,266,243 | 2,360,348 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 132,169 | 55,078 |
American Campus Communities, Inc. and Subsidiaries stockholders’ equity: | ||
Common stock, $0.01 par value, 800,000,000 shares authorized, 136,362,728 and 132,225,488 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively | 1,364 | 1,322 |
Additional paid in capital | 4,326,910 | 4,118,842 |
Common stock held in rabbi trust, 63,778 and 20,181 shares at December 31, 2017 and December 31, 2016, respectively | (2,944) | (975) |
Accumulated earnings and dividends | (837,644) | (670,137) |
Accumulated other comprehensive loss | (2,701) | (4,067) |
Total American Campus Communities, Inc. and Subsidiaries stockholders’ equity | 3,484,985 | 3,444,985 |
Total equity | 3,498,958 | 3,450,487 |
Partners’ capital: | ||
Accumulated other comprehensive loss | (2,701) | (4,067) |
Total liabilities and equity/capital | 6,897,370 | 5,865,913 |
Owned properties, net | ||
Investments in real estate: | ||
Investments in real estate, net | 6,450,364 | 5,427,014 |
Liabilities: | ||
Secured mortgage, construction and bond debt, net | 564,311 | 583,432 |
Owned properties held for sale | ||
Investments in real estate: | ||
Investments in real estate, net | 0 | 25,350 |
On-campus participating properties | ||
Investments in real estate: | ||
Investments in real estate, net | 81,804 | 85,797 |
Liabilities: | ||
Secured mortgage, construction and bond debt, net | 99,709 | 104,763 |
Partially-owned properties | ||
American Campus Communities, Inc. and Subsidiaries stockholders’ equity: | ||
Noncontrolling interests – partially owned properties | 13,973 | 5,502 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ||
Investments in real estate: | ||
Investments in real estate, net | 6,532,168 | 5,538,161 |
Cash and cash equivalents | 41,182 | 22,140 |
Restricted cash | 23,590 | 24,817 |
Student contracts receivable, net | 9,170 | 8,428 |
Other assets | 291,260 | 272,367 |
Total assets | 6,897,370 | 5,865,913 |
Liabilities: | ||
Secured mortgage, construction and bond debt, net | 664,020 | 688,195 |
Unsecured notes, net | 1,585,855 | 1,188,737 |
Unsecured term loans, net | 647,044 | 149,065 |
Unsecured revolving credit facility | 127,600 | 99,300 |
Accounts payable and accrued expenses | 53,741 | 76,614 |
Other liabilities | 187,983 | 158,437 |
Total liabilities | 3,266,243 | 2,360,348 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 132,169 | 55,078 |
American Campus Communities, Inc. and Subsidiaries stockholders’ equity: | ||
Accumulated other comprehensive loss | (2,701) | (4,067) |
Partners’ capital: | ||
General partner - 12,222 OP units outstanding at both December 31, 2017 and December 31, 2016 | 67 | 82 |
Limited partner - 136,414,284 and 132,233,447 OP units outstanding at December 31, 2017 and December 31, 2016, respectively | 3,487,619 | 3,448,970 |
Accumulated other comprehensive loss | (2,701) | (4,067) |
Total partners’ capital | 3,484,985 | 3,444,985 |
Total capital | 3,498,958 | 3,450,487 |
Total liabilities and equity/capital | 6,897,370 | 5,865,913 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Owned properties, net | ||
Investments in real estate: | ||
Investments in real estate, net | 6,450,364 | 5,427,014 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | 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 | ||
Investments in real estate: | ||
Investments in real estate, net | 81,804 | 85,797 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially-owned properties | ||
Partners’ capital: | ||
Noncontrolling interests – partially owned properties | $ 13,973 | $ 5,502 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 800,000,000 | 800,000,000 |
Common stock, shares issued (shares) | 136,362,728 | 132,225,488 |
Common stock, shares outstanding (shares) | 136,362,728 | 132,225,488 |
Treasury stock, shares | 63,778 | 20,181 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ||
General partner, OP units outstanding (shares) | 12,222 | 12,222 |
Limited partner, OP units outstanding (shares) | 136,414,284 | 132,233,447 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||
Third-party development services | $ 10,761 | $ 4,606 | $ 4,964 |
Third-party management services | 9,832 | 9,724 | 8,813 |
Resident services | 3,199 | 3,206 | 3,109 |
Total revenues | 796,447 | 786,361 | 753,381 |
Operating expenses: | |||
Third-party development and management services | 15,225 | 14,533 | 14,346 |
General and administrative | 31,386 | 22,493 | 20,838 |
Depreciation and amortization | 234,955 | 211,387 | 208,788 |
Ground/facility leases | 10,213 | 9,167 | 8,232 |
Provision for real estate impairment | 15,317 | 4,895 | 0 |
Total operating expenses | 653,909 | 613,218 | 596,477 |
Operating income | 142,538 | 173,143 | 156,904 |
Nonoperating income and (expenses): | |||
Interest income | 4,945 | 5,481 | 4,421 |
Interest expense | (71,122) | (78,687) | (87,789) |
Amortization of deferred financing costs | (4,619) | (6,520) | (5,550) |
(Loss) gain from disposition of real estate | (632) | 21,197 | 52,699 |
Loss from early extinguishment of debt | 0 | (12,841) | (1,770) |
Other nonoperating income | 0 | 0 | 388 |
Total nonoperating expenses | (71,428) | (71,370) | (37,601) |
Income before income taxes | 71,110 | 101,773 | 119,303 |
Income tax provision | (989) | (1,150) | (1,242) |
Net income | 70,121 | 100,623 | 118,061 |
Net income attributable to noncontrolling interests – partially owned properties | (1,083) | (1,562) | (2,070) |
Net income (loss) attributable to ACC, Inc. and Subsidiaries common stockholders | 69,038 | 99,061 | 115,991 |
Net income attributable to common unitholders | 67,502 | 97,723 | 114,905 |
Other comprehensive income | |||
Change in fair value of interest rate swaps and other | 1,366 | 1,763 | 464 |
Comprehensive income | $ 70,404 | $ 100,824 | $ 116,455 |
Net income per share attributable to ACC, Inc. and Subsidiaries common stockholders | |||
Basic (in dollars per share) | $ 0.50 | $ 0.76 | |
Diluted (in dollars per share) | $ 0.50 | $ 0.75 | |
Weighted-average common shares outstanding: | |||
Basic (in shares) | 135,141,423 | 129,228,748 | 111,987,361 |
Diluted (in shares) | 136,002,385 | 130,018,729 | 114,032,222 |
Weighted-average common units outstanding: | |||
Distributions declared per common share (in dollars per share) | $ 1.74 | $ 1.66 | $ 1.58 |
Owned Properties | |||
Revenues: | |||
Operating lease revenue | $ 738,710 | $ 735,392 | $ 704,909 |
Operating expenses: | |||
Operating expenses excluding general, administrative, depreciation and lease expense | 332,429 | 337,296 | 331,836 |
On-campus participating properties | |||
Revenues: | |||
Operating lease revenue | 33,945 | 33,433 | 31,586 |
Operating expenses: | |||
Operating expenses excluding general, administrative, depreciation and lease expense | 14,384 | 13,447 | 12,437 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||
Revenues: | |||
Third-party development services | 10,761 | 4,606 | 4,964 |
Third-party management services | 9,832 | 9,724 | 8,813 |
Resident services | 3,199 | 3,206 | 3,109 |
Total revenues | 796,447 | 786,361 | 753,381 |
Operating expenses: | |||
Third-party development and management services | 15,225 | 14,533 | 14,346 |
General and administrative | 31,386 | 22,493 | 20,838 |
Depreciation and amortization | 234,955 | 211,387 | 208,788 |
Ground/facility leases | 10,213 | 9,167 | 8,232 |
Provision for real estate impairment | 15,317 | 4,895 | 0 |
Total operating expenses | 653,909 | 613,218 | 596,477 |
Operating income | 142,538 | 173,143 | 156,904 |
Nonoperating income and (expenses): | |||
Interest income | 4,945 | 5,481 | 4,421 |
Interest expense | (71,122) | (78,687) | (87,789) |
Amortization of deferred financing costs | (4,619) | (6,520) | (5,550) |
(Loss) gain from disposition of real estate | (632) | 21,197 | 52,699 |
Loss from early extinguishment of debt | 0 | (12,841) | (1,770) |
Other nonoperating income | 0 | 0 | 388 |
Total nonoperating expenses | (71,428) | (71,370) | (37,601) |
Income before income taxes | 71,110 | 101,773 | 119,303 |
Income tax provision | (989) | (1,150) | (1,242) |
Net income | 70,121 | 100,623 | 118,061 |
Net income attributable to noncontrolling interests – partially owned properties | (435) | (456) | |
Net income (loss) attributable to ACC, Inc. and Subsidiaries common stockholders | 69,686 | 100,167 | 117,449 |
Series A preferred units distributions | (124) | (146) | (176) |
Net income attributable to common unitholders | 69,562 | 100,021 | 117,273 |
Other comprehensive income | |||
Change in fair value of interest rate swaps and other | 1,366 | 1,763 | 464 |
Comprehensive income | $ 70,928 | $ 101,784 | $ 117,737 |
Net income per share attributable to ACC, Inc. and Subsidiaries common stockholders | |||
Basic (in dollars per share) | $ 0.50 | $ 0.76 | $ 1.03 |
Diluted (in dollars per share) | 0.50 | 0.75 | 1.02 |
Net income per unit attributable to common unitholders | |||
Basic (in dollars per unit) | 0.50 | 0.76 | 1.03 |
Diluted (in dollars per unit) | $ 0.50 | $ 0.75 | $ 1.02 |
Weighted-average common units outstanding: | |||
Basic (in units) | 136,160,609 | 130,460,248 | 113,351,242 |
Diluted (in units) | 137,021,571 | 131,250,229 | 114,032,222 |
Distributions declared per Common Unit (in dollars per unit) | $ 1.74 | $ 1.66 | $ 1.58000 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Owned Properties | |||
Revenues: | |||
Operating lease revenue | $ 738,710 | $ 735,392 | $ 704,909 |
Operating expenses: | |||
Operating expenses excluding general, administrative, depreciation and lease expense | 332,429 | 337,296 | 331,836 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties | |||
Revenues: | |||
Operating lease revenue | 33,945 | 33,433 | 31,586 |
Operating expenses: | |||
Operating expenses excluding general, administrative, depreciation and lease expense | 14,384 | 13,447 | 12,437 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially-owned properties | |||
Nonoperating income and (expenses): | |||
Net income attributable to noncontrolling interests – partially owned properties | $ (435) | $ (456) | $ (612) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY/ CAPITAL - USD ($) $ in Thousands | Total | Common Shares | Additional Paid in Capital | Common Shares 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.General Partner | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.Limited Partner | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.Accumulated Other Comprehensive Loss | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.Noncontrolling Interests - Partially Owned PropertiesPartially Owned Properties |
Beginning Balance (in shares) at Dec. 31, 2014 | 107,175,236 | 0 | ||||||||||
Beginning Balance at Dec. 31, 2014 | $ 2,615,283 | $ 1,072 | $ 3,102,540 | $ 0 | $ (487,986) | $ (6,072) | $ 5,729 | |||||
Beginning Balance (in units) at Dec. 31, 2014 | 12,222 | 107,163,014 | ||||||||||
Beginning Balance at Dec. 31, 2014 | $ 2,615,283 | $ 100 | $ 2,615,526 | $ (6,072) | $ 5,729 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Adjustments to reflect redeemable noncontrolling interests at fair value | 4,462 | 4,462 | 4,462 | 4,462 | ||||||||
Amortization of restricted stock awards | 7,505 | 7,505 | 7,505 | $ 7,505 | ||||||||
Vesting of restricted stock awards and restricted stock units (in shares) | 122,502 | 10,155 | 132,657 | |||||||||
Vesting of restricted stock awards and restricted stock units | (2,145) | $ 1 | (1,743) | $ (403) | (2,145) | $ (2,145) | ||||||
Distributions to common and restricted stockholders | (178,506) | (178,506) | ||||||||||
Distributions | (178,506) | (19) | (178,487) | |||||||||
Distributions to noncontrolling interests - partially owned properties | (635) | (635) | (635) | (635) | ||||||||
Increase in ownership of consolidated subsidiary | (1,065) | 435 | (1,500) | (1,065) | $ 435 | (1,500) | ||||||
Contributions by noncontrolling interests | 7,255 | 7,255 | 7,255 | 7,255 | ||||||||
Conversion of common and preferred operating partnership units to common stock (in shares/units) | 119,474 | 119,474 | ||||||||||
Conversion of common and preferred operating partnership units to common stock | 3,036 | $ 2 | 3,034 | 3,036 | $ 3,036 | |||||||
Redemption of common units for cash | (3,061) | (3,061) | (3,061) | $ (3,061) | ||||||||
Sale of common stock (in shares) | 4,933,665 | |||||||||||
Net proceeds from sale of common stock | 212,683 | $ 49 | 212,634 | |||||||||
Issuance of units in exchange for contributions of equity offering proceeds (in units) | 4,933,665 | |||||||||||
Issuance of units in exchange for contributions of equity offering proceeds | 212,683 | $ 212,683 | ||||||||||
Change in fair value of interest rate swaps and other | (170) | (170) | (170) | 0 | (170) | |||||||
Amortization of interest rate swap terminations | 412 | 412 | 412 | 412 | ||||||||
Net income | 116,603 | 115,991 | 612 | 116,603 | $ 12 | $ 115,979 | 612 | |||||
Ending Balance (in shares) at Dec. 31, 2015 | 112,350,877 | 10,155 | ||||||||||
Ending Balance at Dec. 31, 2015 | 2,781,657 | $ 1,124 | 3,325,806 | $ (403) | (550,501) | (5,830) | 11,461 | |||||
Ending Balance (in units) at Dec. 31, 2015 | 12,222 | 112,348,810 | ||||||||||
Ending Balance at Dec. 31, 2015 | 2,781,657 | $ 93 | $ 2,775,933 | (5,830) | 11,461 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Adjustments to reflect redeemable noncontrolling interests at fair value | (7,937) | (7,937) | (7,937) | (7,937) | ||||||||
Amortization of restricted stock awards | 9,316 | 9,316 | 9,316 | $ 9,316 | ||||||||
Vesting of restricted stock awards and restricted stock units (in shares) | 132,850 | 10,026 | 142,876 | |||||||||
Vesting of restricted stock awards and restricted stock units | (2,250) | $ 1 | (1,679) | $ (572) | (2,250) | $ (2,250) | ||||||
Distributions to common and restricted stockholders | (218,697) | (218,697) | ||||||||||
Distributions | (218,697) | (20) | $ (218,677) | |||||||||
Distributions to noncontrolling interests - partially owned properties | (376) | (376) | (376) | (376) | ||||||||
Increase in ownership of consolidated subsidiary | (7,311) | (7,311) | (7,311) | (7,311) | ||||||||
Contributions by noncontrolling interests | 1,272 | 1,272 | 1,272 | 1,272 | ||||||||
Conversion of common and preferred operating partnership units to common stock (in shares/units) | 312,761 | 312,761 | ||||||||||
Conversion of common and preferred operating partnership units to common stock | 11,292 | $ 3 | 11,289 | 11,292 | $ 11,292 | |||||||
Sale of common stock (in shares) | 19,429,000 | |||||||||||
Net proceeds from sale of common stock | 782,241 | $ 194 | 782,047 | |||||||||
Issuance of units in exchange for contributions of equity offering proceeds (in units) | 19,429,000 | |||||||||||
Issuance of units in exchange for contributions of equity offering proceeds | 782,241 | $ 782,241 | ||||||||||
Change in fair value of interest rate swaps and other | 1,350 | 1,350 | 1,350 | 1,350 | ||||||||
Amortization of interest rate swap terminations | 413 | 413 | 413 | 413 | ||||||||
Net income | 99,517 | 99,061 | 456 | 99,517 | $ 9 | $ 99,052 | 456 | |||||
Ending Balance (in shares) at Dec. 31, 2016 | 132,225,488 | 20,181 | ||||||||||
Ending Balance at Dec. 31, 2016 | 3,450,487 | $ 1,322 | 4,118,842 | $ (975) | (670,137) | (4,067) | 5,502 | |||||
Ending Balance (in units) at Dec. 31, 2016 | 12,222 | 132,233,447 | ||||||||||
Ending Balance at Dec. 31, 2016 | 3,450,487 | $ 82 | $ 3,448,970 | (4,067) | 5,502 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Adjustments to reflect redeemable noncontrolling interests at fair value | 9,172 | 9,172 | 9,172 | 9,172 | ||||||||
Amortization of restricted stock awards | 13,094 | 13,094 | 13,094 | $ 13,094 | ||||||||
Vesting of restricted stock awards and restricted stock units (in shares) | 165,884 | 43,597 | 209,481 | |||||||||
Vesting of restricted stock awards and restricted stock units | (4,160) | $ 2 | (2,193) | $ (1,969) | (4,160) | $ (4,160) | ||||||
Distributions to common and restricted stockholders | (236,545) | (236,545) | ||||||||||
Distributions | (236,545) | (21) | $ (236,524) | |||||||||
Distributions to noncontrolling interests - partially owned properties | (212) | (212) | (212) | (212) | ||||||||
Contributions by noncontrolling interests | 8,254 | 8,254 | 8,254 | 8,254 | ||||||||
Conversion of common and preferred operating partnership units to common stock (in shares/units) | 22,000 | 22,000 | ||||||||||
Conversion of common and preferred operating partnership units to common stock | 154 | 154 | 154 | $ 154 | ||||||||
Sale of common stock (in shares) | 3,949,356 | |||||||||||
Net proceeds from sale of common stock | 187,881 | $ 40 | 187,841 | |||||||||
Issuance of units in exchange for contributions of equity offering proceeds (in units) | 3,949,356 | |||||||||||
Issuance of units in exchange for contributions of equity offering proceeds | 187,881 | $ 187,881 | ||||||||||
Change in fair value of interest rate swaps and other | 954 | 954 | 954 | 954 | ||||||||
Amortization of interest rate swap terminations | 412 | 412 | 412 | 412 | ||||||||
Net income | 69,467 | 69,038 | 429 | 69,467 | $ 6 | $ 69,032 | 429 | |||||
Ending Balance (in shares) at Dec. 31, 2017 | 136,362,728 | 63,778 | ||||||||||
Ending Balance at Dec. 31, 2017 | $ 3,498,958 | $ 1,364 | $ 4,326,910 | $ (2,944) | $ (837,644) | $ (2,701) | $ 13,973 | |||||
Ending Balance (in units) at Dec. 31, 2017 | 12,222 | 136,414,284 | ||||||||||
Ending Balance at Dec. 31, 2017 | $ 3,498,958 | $ 67 | $ 3,487,619 | $ (2,701) | $ 13,973 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities | |||
Net income | $ 70,121 | $ 100,623 | $ 118,061 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Loss (gain) from disposition of real estate | 632 | (21,197) | (52,699) |
Gain from insurance settlement | 0 | 0 | (388) |
Loss from early extinguishment of debt | 0 | 12,841 | 1,770 |
Provision for real estate impairment | 15,317 | 4,895 | 0 |
Depreciation and amortization | 234,955 | 211,387 | 208,788 |
Amortization of deferred financing costs and debt premiums/discounts | (2,871) | (5,145) | (6,280) |
Share-based compensation | 13,854 | 10,043 | 8,161 |
Income tax provision | 989 | 1,150 | 1,242 |
Amortization of interest rate swap terminations and other | 412 | 613 | 412 |
Changes in operating assets and liabilities: | |||
Restricted cash | 1,277 | 2,032 | 1,656 |
Student contracts receivable, net | (414) | 8,709 | (9,397) |
Other assets | 2,502 | (15,905) | (23,475) |
Accounts payable and accrued expenses | (26,718) | (83) | (1,201) |
Other liabilities | 9,898 | (1,874) | 17,136 |
Net cash provided by operating activities | 319,954 | 308,089 | 263,786 |
Investing activities | |||
Proceeds from disposition of properties and land parcels | 24,462 | 571,424 | 427,304 |
Cash paid for acquisition of operating and under-development properties | (366,655) | (102,804) | (291,352) |
Cash paid for land acquisitions | (8,886) | (856) | (49,927) |
Investment in direct financing lease, net | (746) | (6,650) | 0 |
Investment in loans receivable | 0 | 0 | (5,176) |
Proceeds from loans receivable | 0 | 0 | 7,483 |
Change in escrow deposits for real estate investments | (27) | 4,991 | (7,033) |
Change in restricted cash related to capital reserves | 0 | 1,918 | 2,955 |
Proceeds from insurance settlement | 0 | 0 | 388 |
Increase in ownership of consolidated subsidiary | 0 | (7,254) | (1,065) |
Purchase of corporate furniture, fixtures and equipment | (4,862) | (3,655) | (3,621) |
Net cash used in investing activities | (977,799) | (31,556) | (239,455) |
Financing activities | |||
Proceeds from unsecured notes | 399,648 | 0 | 399,244 |
Proceeds from sale of common stock | 190,912 | 816,065 | 216,666 |
Offering costs | (2,374) | (32,923) | (3,250) |
Pay-off of mortgage and construction loans | (147,960) | (374,971) | (263,361) |
Pay-off of unsecured term loans | 0 | (600,000) | 0 |
Proceeds from unsecured term loans | 500,000 | 150,000 | 0 |
Proceeds from revolving credit facility | 1,164,700 | 376,000 | 720,200 |
Paydowns of revolving credit facility | (1,136,400) | (345,600) | (893,800) |
Proceeds from construction loans | 40,170 | 4,454 | 258 |
Scheduled principal payments on debt | (12,842) | (15,120) | (14,450) |
Defeasance costs of early extinguishment of debt | 0 | (23,827) | (1,770) |
Debt issuance and assumption costs | (12,060) | (831) | (4,330) |
Termination of interest rate swaps | 0 | (108) | 0 |
Contributions by noncontrolling interests | 11,801 | 0 | 0 |
Taxes paid on net-share settlements | (4,920) | (2,977) | (2,800) |
Distributions to common and restricted stockholders | (236,545) | (218,697) | (178,506) |
Distributions to noncontrolling interests | (77,243) | (2,517) | (2,964) |
Redemption of common units for cash | 0 | 0 | (3,871) |
Net cash provided by (used in) financing activities | 676,887 | (271,052) | (32,734) |
Net change in cash and cash equivalents | 19,042 | 5,481 | (8,403) |
Cash and cash equivalents at beginning of period | 22,140 | 16,659 | 25,062 |
Cash and cash equivalents at beginning of period | 41,182 | 22,140 | 16,659 |
Supplemental disclosure of non-cash investing and financing activities | |||
Loans assumed in connection with property acquisitions | 0 | 0 | (69,423) |
Loans associated with investment in joint ventures | (104,056) | 0 | 0 |
Issuance of common units in connection with property acquisitions | 0 | 0 | (14,182) |
Conversion of common and preferred operating partnership units to common stock | 154 | 11,292 | 3,036 |
Non-cash contribution from noncontrolling interest | 159,247 | 0 | 0 |
Non-cash consideration exchanged in purchase of land parcel | (3,071) | 0 | 0 |
Change in accrued construction in progress | 16,512 | 20,734 | 5,720 |
Change in fair value of derivative instruments, net | 954 | 1,150 | (170) |
Change in fair value of redeemable noncontrolling interests | 9,172 | (7,937) | 4,462 |
Supplemental disclosure of cash flow information | |||
Cash paid for interest, net of amounts capitalized | 72,407 | 92,502 | 89,336 |
Income taxes paid | 1,053 | 1,094 | 1,078 |
Owned Properties | |||
Investing activities | |||
Capital expenditures for wholly-owned/on-campus participating properties | (82,722) | (61,587) | (96,832) |
Investments in owned properties under development | (534,830) | (424,139) | (219,636) |
On-campus participating properties | |||
Investing activities | |||
Capital expenditures for wholly-owned/on-campus participating properties | (3,533) | (2,944) | (2,943) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||
Operating activities | |||
Net income | 70,121 | 100,623 | 118,061 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Loss (gain) from disposition of real estate | 632 | (21,197) | (52,699) |
Gain from insurance settlement | 0 | 0 | (388) |
Loss from early extinguishment of debt | 0 | 12,841 | 1,770 |
Provision for real estate impairment | 15,317 | 4,895 | 0 |
Depreciation and amortization | 234,955 | 211,387 | 208,788 |
Amortization of deferred financing costs and debt premiums/discounts | (2,871) | (5,145) | (6,280) |
Share-based compensation | 13,854 | 10,043 | 8,161 |
Income tax provision | 989 | 1,150 | 1,242 |
Amortization of interest rate swap terminations and other | 412 | 613 | 412 |
Changes in operating assets and liabilities: | |||
Restricted cash | 1,277 | 2,032 | 1,656 |
Student contracts receivable, net | (414) | 8,709 | (9,397) |
Other assets | 2,502 | (15,905) | (23,475) |
Accounts payable and accrued expenses | (26,718) | (83) | (1,201) |
Other liabilities | 9,898 | (1,874) | 17,136 |
Net cash provided by operating activities | 319,954 | 308,089 | 263,786 |
Investing activities | |||
Proceeds from disposition of properties and land parcels | 24,462 | 571,424 | 427,304 |
Cash paid for acquisition of operating and under-development properties | (366,655) | (102,804) | (291,352) |
Cash paid for land acquisitions | (8,886) | (856) | (49,927) |
Investment in direct financing lease, net | (746) | (6,650) | 0 |
Investment in loans receivable | 0 | 0 | (5,176) |
Proceeds from loans receivable | 0 | 0 | 7,483 |
Change in escrow deposits for real estate investments | (27) | 4,991 | (7,033) |
Change in restricted cash related to capital reserves | 0 | 1,918 | 2,955 |
Proceeds from insurance settlement | 0 | 0 | 388 |
Increase in ownership of consolidated subsidiary | 0 | (7,254) | (1,065) |
Purchase of corporate furniture, fixtures and equipment | (4,862) | (3,655) | (3,621) |
Net cash used in investing activities | (977,799) | (31,556) | (239,455) |
Financing activities | |||
Proceeds from unsecured notes | 399,648 | 0 | 399,244 |
Proceeds from issuance of common units in exchange for contributions, net | 188,538 | 783,142 | 213,416 |
Pay-off of mortgage and construction loans | (147,960) | (374,971) | (263,361) |
Pay-off of unsecured term loans | 0 | (600,000) | 0 |
Proceeds from unsecured term loans | 500,000 | 150,000 | 0 |
Proceeds from revolving credit facility | 1,164,700 | 376,000 | 720,200 |
Paydowns of revolving credit facility | (1,136,400) | (345,600) | (893,800) |
Proceeds from construction loans | 40,170 | 4,454 | 258 |
Scheduled principal payments on debt | (12,842) | (15,120) | (14,450) |
Defeasance costs of early extinguishment of debt | 0 | (23,827) | (1,770) |
Debt issuance and assumption costs | (12,060) | (831) | (4,330) |
Termination of interest rate swaps | 0 | (108) | 0 |
Contributions by noncontrolling interests | 11,801 | 0 | 0 |
Taxes paid on net-share settlements | (4,920) | (2,977) | (2,800) |
Redemption of common units for cash | 0 | 0 | (3,871) |
Net cash provided by (used in) financing activities | 676,887 | (271,052) | (32,734) |
Net change in cash and cash equivalents | 19,042 | 5,481 | (8,403) |
Cash and cash equivalents at beginning of period | 22,140 | 16,659 | 25,062 |
Cash and cash equivalents at beginning of period | 41,182 | 22,140 | 16,659 |
Supplemental disclosure of non-cash investing and financing activities | |||
Loans assumed in connection with property acquisitions | 0 | 0 | (69,423) |
Loans associated with investment in joint ventures | (104,056) | 0 | 0 |
Issuance of common units in connection with property acquisitions | 0 | 0 | (14,182) |
Conversion of common and preferred operating partnership units to common stock | 154 | 11,292 | 3,036 |
Non-cash contribution from noncontrolling interest | 159,247 | 0 | 0 |
Non-cash consideration exchanged in purchase of land parcel | (3,071) | 0 | 0 |
Change in accrued construction in progress | 16,512 | 20,734 | 5,720 |
Change in fair value of derivative instruments, net | 954 | 1,150 | (170) |
Change in fair value of redeemable noncontrolling interests | 9,172 | (7,937) | 4,462 |
Supplemental disclosure of cash flow information | |||
Cash paid for interest, net of amounts capitalized | 72,407 | 92,502 | 89,336 |
Income taxes paid | 1,053 | 1,094 | 1,078 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Unvested restricted Awards | |||
Financing activities | |||
Distributions paid | (1,536) | (1,338) | (1,086) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Common and preferred units | |||
Financing activities | |||
Distributions paid | (236,905) | (219,500) | (179,749) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially-owned properties | |||
Financing activities | |||
Distributions paid | (75,347) | (376) | (635) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Owned Properties | |||
Investing activities | |||
Capital expenditures for wholly-owned/on-campus participating properties | (82,722) | (61,587) | (96,832) |
Investments in owned properties under development | (534,830) | (424,139) | (219,636) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties | |||
Investing activities | |||
Capital expenditures for wholly-owned/on-campus participating properties | $ (3,533) | $ (2,944) | $ (2,943) |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 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 December 31, 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 December 31, 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 December 31, 2017 , the Company’s property portfolio contained 169 properties with approximately 104,100 beds. The Company’s property portfolio consisted of 132 owned off-campus student housing properties that are in close proximity to colleges and universities, 32 American Campus Equity (“ACE®”) properties operated under ground/facility leases with fifteen university systems and five on-campus participating properties operated under ground/facility leases with the related university systems. Of the 169 properties, thirteen were under development as of December 31, 2017 , and when completed will consist of a total of approximately 9,400 beds. Our communities contain modern housing units and are supported by a resident assistant system and other student-oriented programming, with many offering resort-style amenities. Through one of ACC’s taxable REIT subsidiaries (“TRSs”), 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 December 31, 2017 , also through one of ACC’s TRSs, the Company provided third-party management and leasing services for 37 properties that represented approximately 30,000 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 December 31, 2017 , the Company’s total owned and third-party managed portfolio included 206 properties with approximately 134,100 beds. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 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 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. Subsequent to the issuance of ASU 2016-02, the FASB issued an additional Accounting Standards Update clarifying aspects of the new lease accounting standard, which will be effective upon adoption of ASU 2016-02. 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 has completed the process of evaluating the impact of the adoption of ASU 2014-09 on its historical and existing contracts. Approximately 95% of the Company’s consolidated revenues consist of rental income from leasing arrangements, which is specifically excluded from ASU 2014-09, and is being evaluated as part of the adoption of the lease accounting standard, ASU 2016-02, discussed above. The remaining 5% of consolidated revenues subject to the new standard are associated with third-party development services, third-party management services, ancillary services and non-lease component revenues. The Company will adopt the new revenue standard effective January 1, 2018 using the modified retrospective approach, which requires us to recognize the cumulative effect of initially applying the new standard to all existing contracts not yet completed as of the effective date as an adjustment, if any, to retained earnings as of the beginning of the fiscal year of adoption. Upon adoption of the new standard there will be a change in the way the Company determines the unit of account for its third-party development projects. Under existing guidance, the Company segments revenue recognition between the development and construction phases of its contracts, recognizing each using the proportional performance method and the percentage of completion method, respectively. Upon adoption, the entire development and construction contract will represent a single performance obligation comprised of a series of distinct services to be satisfied over time, and a single transaction price will be recognized over the life of the contract using a time-based measure of progress. Any variable consideration included in the transaction price will be estimated using the expected value approach and will only be included to the extent that a significant revenue reversal is not likely to occur. Although the Company anticipates differences in the timing and pattern of revenue recognition for such third-party development and construction management contracts, the Company has concluded that the adoption of ASU 2014-09 on January 1, 2018 will not have a material impact on its consolidated financial statements. 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). This ASU is required to be adopted in conjunction with the Company’s adoption of ASU 2014-09, the new revenue recognition standard, which was adopted as of January 1, 2018. The adoption of ASU 2017-05 will not have a material impact on its consolidated financial statements for property dispositions given the simplicity of the Company’s historical disposition transactions. In addition, the Company does not expect the following accounting pronouncements to have a material effect on its consolidated financial statements: Accounting Standards Update Effective Date ASU 2017-09, “Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting” January 1, 2018 ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” January 1, 2018 ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” January 1, 2018 ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” January 1, 2019 ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” January 1, 2020 Recently Adopted Accounting Pronouncements On January 1, 2017, the Company early 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. ASU 2017-01 was 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.” 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 financing 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 $15.9 million , $12.3 million and $9.6 million was capitalized during the years ended December 31, 2017 , 2016 and 2015 , respectively. Management assesses whether there has been an impairment in the value of the Company’s investments in real estate whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment is recognized when estimated expected future undiscounted cash flows are less than the carrying value of the property, or when a property meets the criteria to be classified as held for sale, at which time an impairment charge is recognized for any excess of the carrying value of the property over the expected net proceeds from the disposal. The estimation of expected future net cash flows is inherently uncertain and relies on assumptions regarding current and future economics and market conditions. If such conditions change, then an adjustment to the carrying value of the Company’s long-lived assets could occur in the future period in which the conditions change. To the extent that a property is impaired, the excess of the carrying amount of the property over its estimated fair value is charged to earnings. The Company believes that there were no impairments of the carrying values of its investments in real estate as of December 31, 2017 , other than a $15.3 million impairment charge recorded during the second quarter 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 that matured in August 2017 (see Note 10 ). 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. Long-Lived Assets–Held for Sale Long-lived assets to be disposed of are classified as held for sale in the period in which all of the following criteria are met: a. Management, having the authority to approve the action, commits to a plan to sell the asset. b. The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. c. An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated. d. The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year. e. The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. f. Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Concurrent with this classification, the asset is recorded at the lower of cost or fair value less estimated selling costs, and depreciation ceases. As discussed in more detail in Note 6 , concurrent with the classification of one of the Company’s owned properties as held for sale as of December 31, 2016 , the Company reduced the property’s carrying amount to its estimated fair value less estimated selling costs which resulted in an impairment charge. The Company did not have any properties classified as held for sale as of December 31, 2017 . Owned On-Campus Properties Under its ACE program, the Company, as lessee, has entered into ground/facility lease agreements with fifteen university systems to finance, construct, and manage 32 student housing properties. Seven properties were under construction as of December 31, 2017 with five scheduled to open for occupancy in Fall 2018 and two in Fall 2019. The terms of the leases, including extension options, range from 30 to 90 years, and the lessor has title to the land and in some cases any improvements placed thereon. In these cases, the Company’s involvement in construction requires the lessor’s post construction ownership of the improvements to be treated as a sale with a subsequent leaseback by the Company. However, these sale-leaseback transactions do not qualify for sale-leaseback accounting because of the Company’s continuing involvement in the constructed assets. As a result of the Company’s continuing involvement, these leases are accounted for by the deposit method, in which the assets subject to the ground/facility leases are reflected at historical cost, less amortization, and the financing obligations are reflected at the terms of the underlying financing. On-Campus Participating Properties The Company has entered into ground and facility leases with three university systems and colleges to finance, construct, and manage five on-campus student housing facilities. Under the terms of the leases, the lessor has title to the land and any improvements placed thereon. With the exception of the Company’s lease with West Virginia University, each lease terminates upon final repayment of the construction related financing, the amortization period of which is contractually stipulated. The Company’s involvement in construction requires the lessor’s post construction ownership of the improvements to be treated as a sale with a subsequent leaseback by the Company. The sale-leaseback transaction has been accounted for as a financing, and as a result, any fee earned during construction is deferred and recognized over the term of the lease. The resulting financing obligation is reflected at the terms of the underlying financing, i.e., interest is accrued at the contractual rates and principal reduces in accordance with the contractual principal repayment schedules. The entities that own the on-campus participating properties are determined to be VIEs, with the Company being the primary beneficiary. As such, the Company consolidates these properties for financial reporting purposes. Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company maintains cash balances in various banks. At times, the Company’s balances may exceed the amount insured by the FDIC. As the Company only uses money-centered financial institutions, the Company does not believe it is exposed to any significant credit risk related to its cash and cash equivalents. Restricted Cash Restricted cash consists of funds held in trust and invested in low risk investments, generally consisting of government backed securities, as permitted by the indentures of trusts, which were established in connection with three bond issues for the Company’s on-campus participating properties. Additionally, restricted cash includes escrow accounts held by lenders and resident security deposits, as required by law in certain states. Restricted cash also consists of escrow deposits made in connection with potential property acquisitions and development opportunities. These escrow deposits are invested in interest-bearing accounts at federally-insured banks. Realized and unrealized gains and losses are not material for the periods presented. Loans Receivable Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan purchase discounts, and net of an allowance for loan losses when such loan is deemed to be impaired. Loan purchase discounts are amortized over the term of the loan. The unamortized discount on the loans receivable was $2.6 million and $2.8 million as of December 31, 2017 and 2016 , respectively. The Company considers a loan impaired when, based upon current information and events, it is probable that it will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. Management’s estimate of the collectability of principal and interest payments under the Company’s loans receivable from CaPFA Capital Corp. 2000F (“CaPFA”), which mature in December 2040 and carry a balance, net of discount, of approximately $57.9 million and $58.5 million as of December 31, 2017 and 2016 , respectively, are highly dependent on the future operating performance of the properties securing the loans. As future economic conditions and/or market conditions at the properties change, management will continue to evaluate the collectability of such amounts. The Company believes there were no impairments of the carrying value of its loans receivable as of December 31, 2017 . Loans receivable are included in other assets on the accompanying consolidated balance sheets. Intangible Assets A portion of the purchase price of acquired properties is allocated to the value of in-place leases for both student and commercial tenants, which is based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued “as-if” vacant. As lease terms for student leases are typically one year or less, rates on in-place leases generally approximate market rental rates. Factors considered in the valuation of in-place leases include an estimate of the carrying costs during the expected lease-up period considering current market conditions, nature of the tenancy, and costs to execute similar leases. Carrying costs include estimates of lost rentals at market rates during the expected lease-up period, as well as marketing and other operating expenses. The value of in-place leases is amortized over the remaining initial term of the respective leases. The purchase price of property acquisitions is not allocated to student tenant relationships, considering the terms of the leases and the expected levels of renewals. In connection with the property acquisitions and investments in joint ventures, discussed in Note 5 herein, the Company capitalized approximately $7.4 million , $0.6 million and $3.3 million for the years December 31, 2017 , 2016 and 2015 , respectively, related to management’s estimate of the fair value of in-place leases assumed. The net carrying amount of in-place leases at December 31, 2017 and 2016 was approximately $4.2 million and $1.3 million , respectively, and is included in other assets on the accompanying consolidated balance sheets. Amortization expense was approximately $4.5 million , $0.9 million and $3.7 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, and is included in depreciation and amortization expense in the accompanying consolidated statements of comprehensive income. As of December 31, 2017 , the remaining weighted average student and commercial in-place lease term was 3.0 years . See Note 5 herein for an expanded discussion of the property acquisitions completed during 2017 , 2016 and 2015 . For acquired properties subject to an in-place property tax incentive arrangement, a portion of the purchase price is allocated to the present value of expected future property tax savings over the projected incentive arrangement period. In connection with the property acquisitions discussed in Note 5 herein, the Company capitalized approximately $10.2 million , $3.6 million and $13.7 million for the years December 31, 2017 , 2016 and 2015 , respectively, related to management’s estimate of the fair value of in-place property tax incentive arrangements assumed. Unamortized in-place property tax incentive arrangements as of December 31, 2017 and 2016 were approximately $61.4 million and $55.1 million , respectively, and are included in other assets on the accompanying consolidated balance sheets. Amortization expense was approximately $3.3 million , $2.9 million and $2.8 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, and is included in owned properties operating expense in the accompanying consolidated statements of comprehensive income. As of December 31, 2017 , the remaining weighted average tax incentive arrangement period was 18.6 years . See Note 5 herein for an expanded discussion of the property acquisitions completed during 2017 , 2016 and 2015 . Deferred Financing Costs The Company defers financing costs and amortizes the costs over the terms of the related debt using the effective-interest method. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to earnings. In those instances when debt modifications do not include material changes to the terms of the underlying debt agreement, unamortized costs of the original instrument are added to the costs of the modification and amortized over the life of the modified debt using the effective interest method. Deferred financing costs, net of amortization, for the Company’s revolving credit facility are included in other assets on the accompanying consolidated balance sheets. Net deferred financing costs for the Company’s revolving credit facility at December 31, 2017 and 2016 were approximately $4.6 million and $1.4 million , respectively. Redeemable Noncontrolling Interests The Company follows guidance issued by the FASB regarding the classification and measurement of redeemable securities. Under this guidance, securities that are redeemable for cash or other assets, at the option of the holder and not solely within the control of the issuer, must be classified outside of permanent equity as redeemable noncontrolling interests. The Company makes this determination based on terms in the applicable agreements, specifically in relation to redemption provisions. The Company initially records the redeemable noncontrolling interests at fair value. The carrying amount of the redeemable noncontrolling interest is subsequently adjusted to the redemption value (assuming the noncontrolling interest is redeemable at the balance sheet date), with the corresponding offset for changes in fair value recorded in additional paid in capital. Reductions in fair value are recorded only to the extent that the Company has previously recorded increases in fair value above the redeemable noncontrolling interests’ initial basis. As the changes in redemption value are based on fair value, there is no effect on the Company’s earnings per share. Redeemable noncontrolling interests on the accompanying consolidated balance sheets of ACC are referred to as redeemable limited partners on the consolidated balance sheets of the Operating Partnership. Refer to Note 9 for a more detailed discussion of redeemable noncontrolling interests for both ACC and the Operating Partnership. Joint Ventures The Company consolidates joint ventures when it exhibits financial or operational control, which is determined using accounting standards related to the consolidation of joint ventures and VIEs. For joint ventures that are defined as VIEs, the primary beneficiary consolidates the entity. The Company considers itself to be the primary beneficiary of a VIE when it has the power to direct the activities that most significantly impact the performance of the VIE, such as management of day-to-day operations, preparing and approving operating and capital budgets, and encumbering or selling the related properties. In instances where the Company is not the primary beneficiary, it does not consolidate the joint venture for financial reporting purposes. For joint ventures that are not defined as VIEs, where the Company is the general partner, but does not control the joint venture as the other partners hold substantive participating rights, the Company uses the equity method of accounting. For joint ventures where the Company is a limited partner, management evaluates whether the Company holds substantive participating rights. In instances where the Company holds substantive participating rights in the joint venture, the Company consolidates the joint venture; otherwise it uses the equity method of accounting. Presale Development Projects As part of its development strategy, the Company enters into presale agreements to purchase various properties. Under the terms of these agreements, the Company is obligated to purchase the property as long as certain construction completion deadlines and other closing conditions are met. The Company is typically responsible for leasing, management, and initial operations of the project while the third-party developer retains development risk during the construction period. The entity that owns the property is deemed to be a VIE, and the Company is deemed to be the primary beneficiary of the VIE. As such, upon execution of the purchase and sale agreement, the Company records the assets, liabilities and noncontrolling interest of the entity owning the property at fair value. Mortgage Debt - Premiums and Discounts Mortgage debt premiums and discounts represent fair value adjustments to account for the difference between the stated rates and market rates of mortgage debt assumed in connection with the Company’s property acquisitions. The mortgage debt premiums and discounts are included in secured mortgage, construction, and bond debt on the accompanying consolidated balance sheets and are amortized to interest expense over the term of the related mortgage loans using the effective-interest method. The amortization of mortgage debt premiums and discounts resulted in a net decrease to interest expense of approximately $7.8 million , $12.0 million and $12.0 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. As of December 31, 2017 and 2016 , net unamortized mortgage debt premiums were approximately $19.0 million and $26.8 million , respectively. The Company did not have any unamortized debt discounts as of December 31, 2017 and 2016 . Unsecured Notes - Original Issue Discount The Company has completed four offerings of senior unsecured notes totaling $1.6 billion that are detailed in Note 10 herein. The total unamortized original issue discount was approximately $1.9 million as of both December 31, 2017 and 2016 , and is included in unsecured notes on the accompanying consolidated balance sheets. Amortization of the original issue discounts of approximately $0.3 million , $0.3 million , and $0.2 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively, is included in interest expense on the accompanying consolidated statements of comprehensive income. Rental Revenues and Related Receivables Students are required to execute lease contracts with payment schedules that vary from single to monthly payments. Receivables are recorded when billed, revenues and related lease incentives are recognized on a straight-line basis over the term of the contracts, and balances are considered past due when payment is not received on the contractual due date. The Company generally requires each executed contract to be accompanied by a signed parental guaranty, and in certain cases a refundable security deposit. Security deposits are refundable, net of any outstanding charges, upon expiration of the underlying contract. Allowances for receivables are established when management determines that collection of such receivables is doubtful. Management’s determination of the adequacy of the allowances is based primarily on an analysis of the aging of receivables, historical bad debts, and current economic trends. When managemen |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Earnings Per Share – Company Basic earnings per share is computed using net income attributable to common shareholders and the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings per share reflects common shares issuable from the assumed conversion of American Campus Communities Operating Partnership Units (“OP Units”) and common share awards granted. Only those items having a dilutive impact on basic earnings per share are included in diluted earnings per share. The following potentially dilutive securities were outstanding for the years ended December 31, 2017 , 2016 and 2015 , but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. Year Ended December 31, 2017 2016 2015 Common OP Units (Note 9) 1,019,186 1,231,500 — Preferred OP Units (Note 9) 77,513 90,763 109,775 Total potentially dilutive securities 1,096,699 1,322,263 109,775 The following is a summary of the elements used in calculating basic and diluted earnings per share: Year Ended December 31, 2017 2016 2015 Numerator - basic earnings per share: Net income $ 70,121 $ 100,623 $ 118,061 Net income attributable to noncontrolling interests (1,083 ) (1,562 ) (2,070 ) Net income attributable to common stockholders 69,038 99,061 115,991 Amount allocated to participating securities (1,536 ) (1,338 ) (1,086 ) Net income attributable to common stockholders - $ 67,502 $ 97,723 $ 114,905 Numerator - diluted earnings per share: Net income attributable to common stockholders - basic $ 67,502 $ 97,723 $ 114,905 Net income attributable to Common OP Units — — 1,282 Net income attributable to common stockholders - diluted $ 67,502 $ 97,723 $ 116,187 Denominator: Basic weighted average common shares outstanding 135,141,423 129,228,748 111,987,361 Unvested restricted stock awards (Note 12) 860,962 789,981 680,980 Common OP Units (Note 9) — — 1,363,881 Diluted weighted average common shares outstanding 136,002,385 130,018,729 114,032,222 Year Ended December 31, 2017 2016 2015 Earnings per share: Net income attributable to common stockholders - Basic $ 0.50 $ 0.76 $ 1.03 Net income attributable to common stockholders - diluted $ 0.50 $ 0.75 $ 1.02 Earnings Per Unit – Operating Partnership Basic earnings per OP Unit is computed using net income attributable to common unitholders and the weighted average number of common units outstanding during the period. Diluted earnings per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units or resulted in the issuance of OP Units and then shared in the earnings of the Operating Partnership. The following is a summary of the elements used in calculating basic and diluted earnings per unit: Year Ended December 31, 2017 2016 2015 Numerator - basic and diluted earnings per unit: Net income $ 70,121 $ 100,623 $ 118,061 Net income attributable to noncontrolling interests – partially owned properties (435 ) (456 ) (612 ) Series A preferred unit distributions (124 ) (146 ) (176 ) Amount allocated to participating securities (1,536 ) (1,338 ) (1,086 ) Net income attributable to common unitholders $ 68,026 $ 98,683 $ 116,187 Denominator: Basic weighted average common units outstanding 136,160,609 130,460,248 113,351,242 Unvested restricted stock awards (Note 12) 860,962 789,981 680,980 Diluted weighted average common units outstanding 137,021,571 131,250,229 114,032,222 Earnings per unit: Net income attributable to common unitholders - basic $ 0.50 $ 0.76 $ 1.03 Net income attributable to common unitholders - diluted $ 0.50 $ 0.75 $ 1.02 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes As mentioned in Note 2 , the Company qualifies as a REIT under the Code. As a REIT, the Company is not subject to federal income tax as long as it distributes at least 90% of its taxable income to its shareholders each year. Therefore, no provision for federal income taxes for the REIT has been included in the accompanying consolidated financial statements. If the Company fails to qualify as a REIT, the Company will be subject to federal income tax (including any applicable alternative minimum tax) on its taxable income and to federal income and excise taxes on its undistributed income. In addition, ACCOP is a flow-through entity and is not subject to federal income taxes at the entity level. Historically, the Company has incurred only state and local income, franchise and margin taxes. The Company’s TRSs are subject to federal, state, and local income taxes. As such, deferred income taxes result from temporary differences between the carrying amounts of assets and liabilities of the TRSs for financial reporting purposes and the amounts used for income tax purposes. On December 22, 2017, the Tax Cuts and Jobs Act was signed into law, making significant changes to the Internal Revenue Code including, but not limited to, reduction of the federal corporate income tax rate to 21% . The new rate will apply beginning on January 1, 2018, and is a significant decrease from the prior graduated rate structure, which included a 35% maximum. Deferred tax assets and liabilities are measured using enacted tax rates in effect in the years in which those temporary differences are expected to reverse. As of December 31, 2017 , we have not completed our accounting for the tax effects of enactment of the Tax Cuts and Jobs Act, however we have made a reasonable estimate of the effects on our existing deferred income tax balances below to reflect the impact of the rate reduction. We are still analyzing certain aspects of the Tax Cuts and Jobs Act and refining our calculations, which could potentially affect the measurement of these balances or potentially give rise to new deferred tax amounts. In addition, our estimates may also be affected as we gain a more thorough understanding of the new tax law. December 31, 2017 2016 Deferred tax assets: Fixed and intangible assets $ 750 $ 2,074 Net operating loss carryforwards 8,808 9,492 Prepaid and deferred income 1,459 2,417 Bad debt reserves 574 754 Accrued expenses and other 2,769 5,251 Stock compensation 2,017 2,866 Total deferred tax assets 16,377 22,854 Valuation allowance for deferred tax assets (16,293 ) (22,688 ) Deferred tax assets, net of valuation allowance 84 166 Deferred tax liability: Deferred financing costs 84 166 Net deferred tax liabilities $ — $ — Significant components of the Company’s income tax provision are as follows: Year Ended December 31, 2017 2016 2015 Current: Federal $ — $ — $ — State (989 ) (1,150 ) (1,242 ) Deferred: Federal — — — State — — — Total provision $ (989 ) $ (1,150 ) $ (1,242 ) TRS earnings subject to tax consisted of losses of approximately $8.4 million , $3.8 million and $3.3 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. The reconciliation of income tax for the TRSs computed at the U.S. statutory rate to income tax provision is as follows: Year Ended December 31, 2017 2016 2015 Tax benefit at U.S. statutory rates on TRS income subject to tax $ 1,277 $ 2,303 $ 2,019 State income tax, net of federal income tax benefit 57 85 74 Effect of permanent differences and other 207 (88 ) (77 ) Deferred tax impact of tax reform (9,206 ) — — Decrease (increase) in valuation allowance 7,665 (2,300 ) (2,016 ) TRS income tax provision $ — $ — $ — At December 31, 2017 , the TRSs had net operating loss carryforwards (“NOLs”) of approximately $38.2 million for income tax purposes that begin to expire in 2026 . These NOLs may be used to offset future taxable income generated by each of the respective TRSs. Due to the various limitations to which the use of NOLs are subject, the Company has applied a valuation allowance to the NOLs given the likelihood that the NOLs will expire unused. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states’ jurisdictions as required, and as of December 31, 2017 , the 2016 , 2015 and 2014 calendar tax years are subject to examination by the tax authorities. The Company had no material unrecognized tax benefits for the years ended December 31, 2017 , the 2016 , and 2015 , and as of December 31, 2017 , the Company does not expect to record any material unrecognized tax benefits. Because no material unrecognized tax benefits have been recorded, no related interest or penalties have been calculated. A schedule of per share distributions the Company paid and reported to its shareholders, which is unaudited, is set forth in the following table: Year Ended December 31, Tax Treatment of Distributions: 2017 2016 2015 Ordinary income $ 0.8316 $ 0.3541 $ 0.4658 Long-term capital gain (1) — 0.5145 0.5301 Return of capital 0.9084 0.7914 0.5841 Total per common share outstanding $ 1.7400 $ 1.6600 $ 1.5800 (1) Unrecaptured Sec. 1250 gains of $0.5383 and $0.5281 were reported for the years ended December 31, 2016 and 2015 , respectively. There was no unrecaptured Sec. 1250 gain reported for the year ended December 31, 2017 . |
Acquisitions and Joint Venture
Acquisitions and Joint Venture Investments | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions and Joint Venture Investments | Acquisitions and Joint Venture Investments Asset Acquisitions As described in Note 2 , the Company adopted ASU 2017-01 prospectively to any property acquisition transactions that occurred subsequent to January 1, 2017. Under the new standard, the Company expects that most property acquisitions will be accounted for as asset acquisitions rather than business combinations. Core Transaction Overview : During the third quarter of 2017, the Company executed an agreement to acquire a portfolio of seven student housing properties from affiliates of Core Spaces and DRW Real Estate Investments (the “Core Transaction”). The transaction included the purchase of 100% of the ownership interests in two operating properties, the purchase of partial ownership interests in two operating properties through a joint venture arrangement (with one property being subject to a purchase option that was exercised in October 2017, with initial funding occurring in November 2017), and the purchase of partial ownership interests in three in-process development properties through a joint venture arrangement. In total, the Core Transaction properties contain 3,776 beds and the initial investment made at closing was $306.0 million . Including the initial investment, the Company expects to invest a total of $590.6 million through a phased purchase of 100% of the ownership interest in all seven properties. Core Transaction Property Acquisitions : In August 2017, the Company purchased 100% of the ownership interests in two properties for a total purchase price of approximately $146.1 million . Total cash consideration was approximately $144.3 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. A list of these two properties acquired as part of the Core Transaction is as follows: Property Location Primary University Served Acquisition Date Beds The 515 Eugene, OR University of Oregon August 2017 513 State Fort Collins, CO Colorado State University August 2017 665 1,178 Core Transaction Joint Ventures : As mentioned above, during the third quarter of 2017, the Company funded initial investments in two joint ventures (the “Core Joint Ventures”). The Core Joint Venture transactions involved the joint venture partner making a non-cash contribution of properties and the Company making a cash contribution to the joint ventures in exchange for its membership interests. The Core Joint Ventures were determined to be VIEs, with the Company being the primary beneficiary. As such, the Core Joint Ventures are included in the Company’s consolidated financial statements contained herein. Additionally, the partners’ ownership interests in each of the joint ventures are accounted for as redeemable noncontrolling interests. For further discussion, refer to Note 9 . The first joint venture (the “Core JV I”) holds two properties (The James and Hub U District Seattle) that completed construction and opened for operations in the third quarter 2017. The Company’s initial investment was $135.7 million for an approximate 67% interest in the joint venture, part of which was used to pay off a $92.4 million construction loan at closing. Additionally, the Company has an option to purchase the remaining ownership interests in the joint venture in the fourth quarter of 2019 under a put/call agreement with the joint venture partner for an amount to be determined by the fair market value of the properties at the date of exercise. The value of the remaining ownership interests is anticipated to approximate $68.8 million . The second joint venture (the “Core JV II”) holds three in-process development properties that are currently under construction and are scheduled to complete construction and open for operations in Fall 2018. The Company’s initial investment was $24.2 million for an approximate 58% interest in the joint venture. Upon the initial funding, the Company assumed sole operational control, while the partner retained certain limited decision making abilities, including responsibility for the development and delivery of the properties within an agreed-upon budget and completion timeline. The joint venture partner has also provided a payment guarantee for the construction loans that are partially financing the construction of the properties. Subsequent to the successful completion and delivery of the assets, which is expected to occur in September 2018, the Company anticipates increasing its investment in Core JV II by $130.6 million as a result of paying off the construction loans. Additionally, the Company has an option to purchase the remaining ownership interests in the joint venture in the third quarter of 2019 under a put/call agreement with the joint venture partner for an amount to be determined by the fair market value of the properties at the date of exercise. The value of the remaining ownership interests upon exercise of the option is anticipated to approximate $85.2 million . A list of the properties contributed to the Core Joint Ventures as part of the Core Transaction are as follows: Property Location Primary University Served Actual or Targeted Completion Date Beds Core JV I: The James Madison, WI University of Wisconsin - Madison August 2017 850 Hub U District Seattle Seattle, WA University of Washington September 2017 248 1,098 Core JV II: Hub Ann Arbor Ann Arbor, MI University of Michigan September 2018 310 Hub Flagstaff Flagstaff, AZ Northern Arizona University September 2018 591 Hub West Lafayette West Lafayette, IN Purdue University September 2018 599 1,500 2,598 Other 2017 Property Acquisitions : In addition to the two properties acquired as part of the Core Transaction discussed above, during the year ended December 31, 2017 the Company acquired three properties containing 1,240 beds for approximately $222.9 million . Total cash consideration was approximately $222.3 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. A list of these properties is outlined below: 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 Bridges 11th Seattle, WA University of Washington October 2017 258 1,240 Land Acquisitions: During the year ended December 31, 2017 , the Company purchased five land parcels with a fair value of $12.0 million for total cash consideration of approximately $8.9 million . The difference between the fair value of the land and the cash consideration represents non-cash consideration. In addition, the Company made an initial investment of $9.0 million in a joint venture that holds a land parcel with fair value of $12.0 million . Business Combinations As discussed above, properties acquired prior to January 1, 2017 were accounted for as business combinations. 2016 Acquisition Activity : During the year ended December 31, 2016 , the Company acquired two properties containing 709 beds for a total purchase price of approximately $63.1 million , and secured two in-process development properties containing 1,333 beds for approximately $39.6 million . 2015 Acquisition Activity : During the year ended December 31, 2015 , the Company acquired eight properties containing 4,061 beds for a total purchase price of approximately $378.3 million . As part of these transactions, the Company assumed approximately $69.4 million of mortgage debt and issued 343,895 Common OP Units, valued at $41.24 per unit. The following table summarizes the fair values of the assets acquired and liabilities assumed from the 2016 property acquisitions discussed above: 2016 Assets: Land $ 14,720 Buildings and improvements 54,162 Furniture, fixtures and equipment 2,736 Construction in progress 27,806 Intangible assets 4,442 Other assets — Total assets $ 103,866 Liabilities: Other liabilities (1,062 ) Net assets $ 102,804 For the year ended December 31, 2016 , the difference between the contracted purchase price of $102.7 million reflected above and the net assets acquired of $102.8 million 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 acquisition of two in-process development properties. The acquired properties’ results of operations have been included in the accompanying consolidated statements of comprehensive income since the respective acquisition closing dates, with the exception of properties under presale agreements, discussed below, and properties held by joint ventures, discussed above, which were consolidated prior to their acquisition dates. The following pro forma information for the years ended December 31, 2016 and 2015 , presents consolidated financial information for the Company as if the 2016 and 2015 property acquisitions had occurred at the beginning of the earliest period presented. The unaudited pro forma information is provided for informational purposes only and is not indicative of results that would have occurred or which may occur in the future: Year Ended December 31, 2016 2015 Total revenues $ 789,942 $ 769,797 Net income attributable to common shareholders $ 99,941 $ 123,101 During 2016 , the Company entered into a presale agreement to purchase The Edge - Stadium Centre, a property under development, for approximately $42.6 million , which includes the contractual purchase price and the cost of elected upgrades. The property is scheduled to be completed in August 2018. During 2015 , the Company entered into a presale agreement to purchase The Court, a property under development for $26.5 million . The closing of the transaction occurred in May 2016 and was accounted for as an increase in ownership of a consolidated subsidiary. The property opened for operations in August 2016. |
Property Dispositions
Property Dispositions | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Property Dispositions | Property Dispositions During the year ended December 31, 2017 , the Company sold The Province - Dayton, an owned property located near Wright State University in Dayton, Ohio, containing 657 beds 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 . In 2016, the Company sold 21 properties for a total sales price of approximately $581.8 million , resulting in net proceeds of approximately $571.4 million . The net gain on these dispositions totaled approximately $21.2 million . In 2015, the Company sold 20 properties and two land parcels for a total sales price of approximately $436.9 million , resulting in net proceeds of approximately $427.3 million . The net gain on these dispositions totaled approximately $52.7 million . |
Investments in Owned Properties
Investments in Owned Properties | 12 Months Ended |
Dec. 31, 2017 | |
Owned Properties | |
Real Estate Properties [Line Items] | |
Investments in Owned Properties | Investments in Owned Properties Owned properties, both wholly-owned and those owned through investments in VIEs, consisted of the following: December 31, 2017 December 31, 2016 Wholly-Owned VIE Total Wholly-Owned VIE Total Land (1) $ 586,170 $ 60,821 $ 646,991 $ 563,037 $ 5,229 $ 568,266 Buildings and improvements 5,789,439 307,088 6,096,527 4,921,473 143,664 5,065,137 Furniture, fixtures and equipment 330,669 18,159 348,828 294,113 9,128 303,241 Construction in progress 293,542 99,503 393,045 347,575 1,923 349,498 6,999,820 485,571 7,485,391 6,126,198 159,944 6,286,142 Less accumulated depreciation (988,044 ) (46,983 ) (1,035,027 ) (815,053 ) (44,075 ) (859,128 ) Owned properties, net $ 6,011,776 $ 438,588 $ 6,450,364 $ 5,311,145 $ 115,869 $ 5,427,014 (2) (1) The land balance above includes undeveloped land parcels with book values of approximately $38.0 million and $38.5 million as of December 31, 2017 and 2016 , respectively. It also includes land totaling approximately $29.9 million and $61.2 million as of December 31, 2017 and 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 sheet at December 31, 2016 . |
On-Campus Participating Propert
On-Campus Participating Properties | 12 Months Ended |
Dec. 31, 2017 | |
On-Campus Participating Properties | |
Real Estate Properties [Line Items] | |
On-Campus Participating Properties | On-Campus Participating Properties The Company is a party to ground/facility lease agreements (“Leases”) with three university systems (each, a “Lessor”) for the purpose of developing, constructing, and operating student housing facilities on university campuses. Under the terms of the Leases, title to the constructed facilities is held by the applicable Lessor and such Lessor receives a de minimis base rent paid at inception and 50% of defined net cash flows on an annual basis through the term of the lease. The Leases with the Texas A&M University and University of Houston systems terminate upon the earlier to occur of the final repayment of the related debt, the amortization period of which is contractually stipulated, or the end of the lease term. The Lease with West Virginia University has an initial term of 40 years with two 10 -year extensions at the Company’s option. The Company may not sell, assign, convey or transfer its leasehold interest in the West Virginia University student housing facility. In the event the Company seeks to sell its leasehold interest in the other four facilities, the Leases provide the applicable Lessor the right of first refusal of a bona fide purchase offer and an option to purchase the lessee’s rights under the applicable Lease. Additionally, as discussed in Note 10 , three of the on-campus participating properties are 100% financed with project-based taxable bonds. In conjunction with the execution of each Lease, the Company has entered into separate agreements to manage the related facilities for a fee equal to a percentage of defined gross receipts. The terms of the management agreements are not contingent upon the continuation of the Leases. On-campus participating properties are as follows: Lease Required Debt Historical Cost – December 31, Lessor/University Commencement Repayment 2017 2016 Texas A&M University System / Prairie View A&M University (1) 2/1/1996 9/1/2023 $ 44,364 $ 45,310 Texas A&M University System / Texas A&M International 2/1/1996 9/1/2023 6,923 7,215 Texas A&M University System / Prairie View A&M University (2) 10/1/1999 8/31/2025 27,802 28,627 8/31/2028 University of Houston System / University of Houston (3) 9/27/2000 8/31/2035 36,062 37,960 West Virginia University / West Virginia University 7/16/2013 7/16/2045 44,845 43,817 159,996 162,929 Less accumulated amortization (78,192 ) (77,132 ) On-campus participating properties, net $ 81,804 $ 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. |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests Interests in Consolidated Real Estate Joint Ventures and Presale Arrangements Noncontrolling interests - partially owned properties : As of December 31, 2017 , the Operating Partnership consolidates three joint ventures that own and operate three owned off-campus properties. Additionally, in December 2016, the Company entered into a presale agreement to purchase The Edge at Stadium Centre. The portion of net assets attributable to the third-party partners in these arrangements is classified as “noncontrolling interests - partially owned properties” within equity and capital on the accompanying consolidated balance sheets of ACC and the Operating Partnership, respectively. Redeemable noncontrolling interests (ACC) / redeemable limited partners (Operating Partnership) : As part of the Core Transaction discussed in detail in Note 5 , the Company entered into the Core Joint Ventures in the third quarter of 2017. The Company is consolidating these joint ventures and the noncontrolling interest holder in each of these consolidated joint ventures has the option to redeem its noncontrolling interest in the entities through the exercise of put options. The options will be exercisable in the third and fourth quarter of 2019, and the redemption price is based on the fair value of the properties at the time of option exercise. As the exercise of the options is outside of the Company’s control, the portion of net assets attributable to the third-party partner in each of the Core Joint Ventures is classified as “redeemable noncontrolling interests” and “redeemable limited partners” in the mezzanine section of the accompanying consolidated balance sheets of ACC and the Operating Partnership, respectively. During the year ended December 31, 2017 , there were no changes in the redemption value of redeemable noncontrolling interests that resulted from a change in the fair value of the net assets held by the Core Joint Ventures. For further discussion on accounting for changes in redemption value, refer to Note 2 . The third-party partners’ share of the income or loss of the joint ventures described above is calculated based on the partners’ economic interest in the joint ventures and is included in “net income attributable to noncontrolling interests” on the consolidated statements of comprehensive income of ACC, and is reported as “net income attributable to noncontrolling interests - partially owned properties” on the consolidated statements of comprehensive income of the Operating Partnership. Operating Partnership Ownership Also included in redeemable noncontrolling interests (ACC) / redeemable limited partners (Operating Partnership) are OP Units for which 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 units classified as such include Series A Preferred Units (“Preferred OP Units”) as well as Common OP Units. The value of redeemable noncontrolling interests (ACC) / redeemable limited partners (Operating Partnership) related to OP Units on the accompanying consolidated balance sheets 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. The OP Unitholders’ share of the income or loss of the Company is included in “net income attributable to noncontrolling interests” on the consolidated statements of comprehensive income of ACC. As of both December 31, 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. During the year ended December 31, 2017 , 22,000 Common OP Units were converted into an equal number of shares of ACC’s common stock. 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. Below is a table summarizing the activity of redeemable noncontrolling interests (ACC) / redeemable limited partners (Operating Partnership) for the years ended December 31, 2017 and 2016 , which includes both the redeemable joint venture partners and OP Units discussed above: Balance, December 31, 2015 $ 59,511 Net income 1,106 Distributions (2,141 ) Conversion of redeemable limited partner units into shares of ACC common stock (11,335 ) Adjustments to reflect redeemable limited partner units at fair value 7,937 Balance, December 31, 2016 $ 55,078 Net income 654 Distributions (77,031 ) Conversion of redeemable limited partner units into shares of ACC common stock (154 ) Contributions from noncontrolling interests 162,794 Adjustments to reflect redeemable limited partner units at fair value (9,172 ) Balance, December 31, 2017 $ 132,169 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt A summary of the Company’s outstanding consolidated indebtedness, including unamortized debt premiums and discounts, is as follows: December 31, 2017 2016 Debt secured by owned properties: Mortgage loans payable: Unpaid principal balance $ 496,557 $ 559,642 Unamortized deferred financing costs (2,144 ) (3,040 ) Unamortized debt premiums 19,006 26,830 513,419 583,432 Construction loans payable (1) 51,780 — Unamortized deferred financing costs (888 ) — 564,311 583,432 Debt secured by on-campus participating properties: Mortgage loans payable (2) 69,776 71,662 Bonds payable 30,575 33,870 Unamortized deferred financing costs (642 ) (769 ) 99,709 104,763 Total secured mortgage, construction and bond debt 664,020 688,195 Unsecured notes, net of unamortized OID and deferred financing costs (3) 1,585,855 1,188,737 Unsecured term loans, net of unamortized deferred financing costs (4) 647,044 149,065 Unsecured revolving credit facility 127,600 99,300 Total debt, net $ 3,024,519 $ 2,125,297 (1) Construction loans payable relates to construction loans partially financing the development of four in-process development properties. These properties are owned by entities determined to be VIEs for which the Company is the primary beneficiary. The creditors of these construction loans do not have recourse to the assets of the Company. (2) Mortgage loans payable related to on-campus participating properties do not have recourse to the assets of the Company. (3) Includes net unamortized original issue discount (“OID”) of $1.9 million at both December 31, 2017 and 2016 , and net unamortized deferred financing costs of $12.2 million at December 31, 2017 and $9.3 million at December 31, 2016 . (4) Includes net unamortized deferred financing costs of $3.0 million at December 31, 2017 and $0.9 million at December 31, 2016 . Mortgage and Construction Loans Payable Mortgage loans payable generally feature either monthly interest and principal payments or monthly interest-only payments with balloon payments due at maturity. For purposes of classification in the following table, variable rate mortgage loans subject to interest rate swaps are deemed to be fixed rate, due to the Company having effectively fixed the interest rate for the underlying debt instrument. Construction loans payable generally feature monthly payments of interest only during the term of the loan and outstanding borrowings become due at maturity. Mortgage and construction loans payable, excluding debt premiums and discounts, consisted of the following as of December 31, 2017 : December 31, 2017 Principal Outstanding Weighted Weighted Number of December 31, Average Average Properties 2017 2016 Interest Rate Years to Maturity Encumbered Fixed Rate: Mortgage loans payable (1) 566,333 $ 631,304 4.64 % 5.3 Years 20 Variable Rate: Construction loans payable (2) 51,780 — 4.41 % — 0.7 Years 4 Total $ 618,113 $ 631,304 4.62 % 4.9 Years 24 (1) Fixed rate mortgage loans payable mature at various dates from June 2018 through July 2045 and carry interest rates ranging from 3.05% to 6.43% at December 31, 2017 . (2) Variable rate construction loans mature upon completion of the development projects in August and September 2018 and carry interest rates based on LIBOR plus a spread, which translate into interest rates ranging from 3.93% to 4.90% at December 31, 2017 . During the year ended December 31, 2017 , the following transactions occurred: Mortgage Loans Payable (1) Construction Loans Payable Balance, December 31, 2016 $ 631,304 $ — Additions: Construction notes payable - Core Joint Ventures (2) — 104,056 Draws under advancing construction notes payable — 40,170 Deductions: Pay-off of maturing mortgage notes payable (3) (55,514 ) — Pay-off of construction debt - Core Joint Ventures (2) — (92,446 ) Scheduled repayments of principal (9,457 ) — Balance, December 31, 2017 $ 566,333 $ 51,780 (1) Balance excludes unamortized debt premiums and discounts. (2) Includes construction debt associated with the Company’s initial investment in the Core Joint Ventures. Construction debt associated with Core JV I, totaling $92.4 million , was paid off with proceeds from the Company’s initial investment in the joint venture (see Note 5 ). (3) The Company paid off fixed rate mortgage debt nearing maturity secured by two owned properties. In May 2017, the lender of the non-recourse mortgage loan secured by Blanton Common, a property located near Valdosta State University which was inherited as part of the GMH student housing transaction in 2008, sent a formal notice of default and initiated foreclosure proceedings. The property generated insufficient cash flow to cover the debt service on the mortgage, which had a balance of $27.4 million at default 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. In August 2017, the property transferred to receivership and a third-party manager began managing the property on behalf of the lender. As of December 31, 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 , in June 2017, the Company recorded an impairment charge for this property of $15.3 million . Bonds Payable Three of the on-campus participating properties are 100% financed with outstanding project-based taxable bonds. Under the terms of these financings, one of the Company’s special purpose subsidiaries publicly issued three series of taxable bonds and loaned the proceeds to three special purpose subsidiaries that each hold a separate leasehold interest. The bonds encumbering the leasehold interests are non-recourse, subject to customary exceptions. Although a default in payment by these special purpose subsidiaries could result in a default under one or more series of bonds, indebtedness of any of these special purpose subsidiaries is not cross-defaulted or cross-collateralized with indebtedness of the Company, the Operating Partnership or other special purpose subsidiaries. Repayment of principal and interest on these bonds is insured by MBIA, Inc. Interest and principal are paid semi-annually and annually, respectively, through maturity. Covenants include, among other items, budgeted and actual debt service coverage ratios. Bonds payable at December 31, 2017 consisted of the following: Principal Weighted Required Series Mortgaged Facilities Subject to Leases Original December 31, 2017 Average Rate Maturity Date Monthly Debt Service 1999 University Village-PVAMU/TAMIU $ 39,270 $ 16,875 7.76 % September 2023 $ 302 2001 University College–PVAMU 20,995 11,075 7.62 % August 2025 158 2003 University College–PVAMU 4,325 2,625 6.16 % August 2028 28 Total/weighted average rate $ 64,590 $ 30,575 7.57 % $ 488 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 October 2017 400,000 99.912 3.625% 3.635% 352 10 $ 1,600,000 $ 3,028 (1) The yield includes effect of the amortization of the interest rate swap terminations (see Note 13 for details). The notes are fully and unconditionally guaranteed by the Company. Interest on the notes is payable semi-annually. The terms of the unsecured notes include certain financial covenants that require the Operating Partnership to limit the amount of total debt and secured debt as a percentage of total asset value, as defined. In addition, the Operating Partnership must maintain a minimum ratio of unencumbered asset value to unsecured debt, as well as a minimum interest coverage level. As of December 31, 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 of 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 December 31, 2017 , the revolving credit facility bore interest at a weighted average annual rate of 2.71% ( 1.51% + 1.00% spread + 0.20% facility fee), and availability under the revolving credit facility totaled $572.4 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 December 31, 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 2.47% ( 1.37% + 1.10% spread) at December 31, 2017 . In June 2017, the Company entered into an Unsecured Term Loan 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 2.45% ( 1.35% + 1.10% spread) at December 31, 2017 . In September 2017, the Company entered into an Unsecured Term Loan Credit Agreement (“Term Loan III Facility”) totaling $300 million . The maturity date of the Term Loan III Facility is September 2018, and can be extended for two one -year periods at the Company’s option, subject to the satisfaction of certain conditions. 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 this term loan was 2.41% ( 1.31% + 1.10% spread) at December 31, 2017 . The terms of the term loan facilities described above include certain restrictions and covenants consistent with those of the unsecured revolving credit facility discussed above. As of December 31, 2017 , the Company was in compliance with all such covenants. Debt Maturities The following table summarizes the stated debt maturities and scheduled amortization payments, excluding debt premiums and discounts, for each of the five years subsequent to December 31, 2017 and thereafter: 2018 $ 497,523 (1) 2019 13,036 2020 455,046 2021 382,147 2022 360,038 Thereafter 1,318,498 $ 3,026,288 (1) 2018 includes $51.8 million related to construction loans used to finance the development and construction of four in-process development properties held by entities determined to be VIEs. These loans are an obligation of the third-party developers and will be paid off with proceeds from the Company’s investment in the properties, which is expected to occur upon the successful completion and delivery of the properties in August and September 2018 (see Note 5 and Note 16 ). Other than with regard to the non-recourse mortgage loan secured by Blanton Common, as discussed above, payment of principal and interest were current at December 31, 2017 . Certain of the mortgage notes and bonds payable are subject to prepayment penalties. |
Stockholders' Equity _ Partners
Stockholders' Equity / Partners' Capital | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity / Partners' Capital | Stockholders’ Equity / Partners’ Capital Stockholders’ Equity – Company 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 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: Year Ended December 31, 2017 2016 Total net proceeds $ 188,538 $ 75,090 Commissions paid to sales agents $ 2,374 $ 953 Weighted average price per share $ 48.34 $ 51.07 Shares of common stock sold 3,949,356 1,489,000 As of December 31, 2017 , the Company had approximately $233.0 million available for issuance under its ATM Equity Program. In 2015, the Company established a Non-Qualified Deferred Compensation Plan (“Deferred Compensation Plan”) maintained for the benefit of select employees and members of the Company’s Board of Directors, in which vested share awards (see Note 12 ), 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 year ended December 31, 2017 , 43,597 shares of ACC’s common stock were deposited into the Deferred Compensation Plan, bringing the total ACC shares held in the Deferred Compensation Plan to 63,778 as of December 31, 2017 . Partners’ Capital – Operating Partnership In connection with the issuance of common shares under the ATM Equity Program discussed above, ACCOP issued a number of Common OP Units to ACC equivalent to the number of common shares issued by ACC. |
Incentive Award Plan
Incentive Award Plan | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Incentive Award Plan | Incentive Award Plan In May 2010, the Company’s stockholders approved the American Campus Communities, Inc. 2010 Incentive Award Plan (the “Plan”). The Plan provides for the grant of various stock-based incentive awards to selected employees and directors of the Company and the Company’s affiliates. The types of awards that may be granted under the Plan include incentive stock options, nonqualified stock options, restricted stock awards (“RSAs”), restricted stock units (“RSUs”), profits interest units (“PIUs”) and other stock-based awards. The Company has reserved a total of 1.7 million shares of the Company’s common stock for issuance pursuant to the Plan, subject to certain adjustments for changes in the Company’s capital structure, as defined in the Plan. As of December 31, 2017 , 468,022 shares were available for issuance under the Plan. Restricted Stock Units Upon initial appointment to the Board of Directors and reelection to the Board of Directors at each Annual Meeting of Stockholders, each outside member of the Board of Directors is granted RSUs. On the Settlement Date, the Company will deliver to the recipients a number of shares of common stock or cash, as determined by the Compensation Committee of the Board of Directors, equal to the number of RSUs held by the recipients. In addition, recipients of RSUs are entitled to dividend equivalents equal to the cash distributions paid by the Company on one share of common stock for each RSU issued, payable currently or on the Settlement Date, as determined by the Compensation Committee of the Board of Directors. Upon reelection to the Board of Directors in May 2017 , all members of the Company’s Board of Directors were granted RSUs in accordance with 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. Additionally, effective July 1, 2017, the Board of Directors’ compensation program was revised to reflect an increase in RSUs of $10,000 for all members of the Board of Directors. The number of RSUs was determined based on the fair market value of the Company’s stock on the date of grant, as defined in the Plan. All awards vested and settled immediately on the date of grant, and the Company delivered shares of common stock and cash, as determined by the Compensation Committee of the Board of Directors. A summary of ACC’s RSUs under the Plan for the years ended December 31, 2017 and 2016 and activity during the year then ended is presented below: Number of RSUs Weighted-Average Grant Date Fair Value Per RSU Outstanding at December 31, 2015 — $ — Granted 18,908 46.81 Settled in common shares (15,524 ) 46.87 Settled in cash (3,384 ) 46.55 Outstanding at December 31, 2016 — $ — Granted 18,221 46.67 Settled in common shares (16,295 ) 46.65 Settled in cash (1,926 ) 46.76 Outstanding at December 31, 2017 — $ — The Company recognized expense of approximately $0.9 million for each of the years ended December 31, 2017 , 2016 and 2015 , respectively, reflecting the fair value of the RSUs issued on the date of grant and the expense is included in general and administrative expenses on the Company’s consolidated statements of comprehensive income. The weighted-average grant-date fair value for each RSU granted during the year ended December 31, 2015 was $39.65 . Restricted Stock Awards The Company awards RSAs to its executive officers and certain employees that generally vest in equal annual installments over a five year period. Unvested awards are forfeited upon the termination of an individual’s employment with the Company under specified circumstances. Recipients of RSAs receive dividends, as declared by the Company’s Board of Directors, on unvested shares, provided that the recipient continues to be employed by the Company. A summary of the Company’s RSAs under the Plan for the years ended December 31, 2017 and 2016 is presented below: Number of RSAs Weighted-Average Grant Date Fair Value Per RSA Nonvested balance at December 31, 2015 655,925 $ 41.12 Granted 332,717 41.41 Vested (127,352 ) 40.19 Forfeited (88,189 ) 40.47 Nonvested balance at December 31, 2016 773,101 $ 41.47 Granted 344,688 48.55 Vested (193,186 ) 42.29 Forfeited (113,733 ) 42.36 Nonvested balance at December 31, 2017 810,870 $ 44.16 The fair value of RSAs is calculated based on the closing market value of the Company’s common stock on the date of grant. The fair value of these awards is amortized to expense over the vesting periods, which amounted to approximately $13.1 million , $9.3 million and $7.5 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. The amortization of restricted stock awards for the year ended December 31, 2017 includes $2.4 million of contractual executive separation and retirement charges incurred with regard to the retirement of the Company’s former Chief Financial Officer, representing the June 30, 2017 vesting of 46,976 RSAs, net of shares withheld for taxes, related to the retirement. The weighted-average grant date fair value for each RSA granted and forfeited during the year ended December 31, 2015 was $44.23 and $38.78 , respectively. The total fair value of RSAs vested during the year ended December 31, 2017 , was approximately $14.6 million . Additionally, as of December 31, 2017 , the Company had approximately $26.9 million of total unrecognized compensation cost related to these RSAs, which is expected to be recognized over a remaining weighted-average period of 3.1 years. Per the provisions of the Plan, an employee becomes retirement eligible when (i) the sum of an employee’s full years of service (a minimum of 120 contiguous full months) and the employee’s age on the date of termination (a minimum of 50 years of age) equals or exceeds 70 years (hereinafter referred to as the “Rule of 70”); (ii) the employee gives at least six months prior written notice to the Company of his or her intention to retire; and (iii) the employee enters into a noncompetition agreement and a general release of all claims in a form that is reasonably satisfactory to the Company. As of December 31, 2017 , 12 employees have met the Rule of 70, including the Company’s Chief Executive Officer and President. A total of 259,125 unvested RSAs are held by such employees. Once the other two conditions of retirement eligibility are met, the shares held by these employees will be subject to accelerated vesting. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 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, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. Ineffectiveness resulting from the derivative instruments summarized below was immaterial for the years ended December 31, 2017 , 2016 and 2015 . The following table summarizes the Company’s outstanding interest rate swap contracts as of December 31, 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 $ 13,698 $ (95 ) Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month 13,839 (96 ) Park Point mortgage loan Nov 1, 2013 Oct 5, 2018 1.5450% LIBOR - 1 month 70,000 87 Total $ 97,537 $ (104 ) In January 2017, the remaining 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 December 31, 2017 and 2016 : Asset Derivatives Liability Derivatives Fair Value as of Fair Value as of Description Balance Sheet Location December 31, 2017 December 31, 2016 Balance Sheet Location December 31, 2017 December 31, 2016 Interest rate swap contracts Other assets $ 87 $ — Other liabilities $ 191 $ 1,099 Total derivatives designated $ 87 $ — $ 191 $ 1,099 |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 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 December 31, 2017 and 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 December 31, 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 Assets: Derivative financial $ — $ 87 $ — $ 87 $ — $ — $ — $ — Liabilities: Derivative financial instruments $ — $ 191 $ — $ 191 $ — $ 1,099 $ — $ 1,099 Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) $ — $ 44,503 $ 87,666 $ 132,169 $ — $ 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 December 31, 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 December 31, 2017 and 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 noncontrolling interests 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. As discussed in Note 2 and Note 9 , the redeemable noncontrolling interests related to the joint venture partners in the Core Transaction are marked to their redemption value at each balance sheet date. The redemption value is based on the fair value of the underlying properties held by the joint ventures. This analysis incorporates information obtained from a number of sources, including the Company’s analysis of comparable properties in the Company’s portfolio, estimations of net operating results of the properties, capitalization rates, discount rates, and other market data. 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. 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 December 31, 2017 and 2016 : December 31, 2017 December 31, 2016 Estimated Fair Value Carrying Amount Estimated Fair Value Carrying Amount Assets: Loans receivable $ 54,140 $ 57,948 $ 54,396 $ 58,539 Liabilities: Unsecured notes $ 1,620,839 $ 1,585,855 (1) $ 1,211,344 $ 1,188,737 (1) Mortgage loans $ 571,676 $ 582,927 (2) $ 644,617 $ 654,794 (2) Bonds payable $ 32,552 $ 30,201 $ 37,066 $ 33,401 (1) Includes net unamortized OID and net unamortized deferred financing costs (see Note 10 ). (2) Includes net unamortized debt premiums and discounts and net unamortized deferred financing costs (see Note 10 ). |
Lease Commitments
Lease Commitments | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Lease Commitments | Lease Commitments As discussed in Note 2 , the Company as lessee has entered into lease agreements with university systems and other third parties for the purpose of financing, constructing and operating student housing properties. Under the terms of the ground/facility leases, the lessor may receive annual minimum rent, variable rent based upon the operating performance of the property, or a combination thereof. The Company records rent under the straight-line method over the term of the lease and any difference between the straight-line rent amount and amount payable under the lease terms is recorded as prepaid or deferred rent. Straight-lined rental amounts are capitalized during the construction period and expensed upon the commencement of operations. Owned On-Campus Properties Under its ACE program, the Company has entered into ground/facility lease agreements with fifteen university systems to finance, construct, and manage 32 student housing properties (see Note 2 for details). As of December 31, 2017 and 2016 , net prepaid ground rent totaled approximately $8.4 million and $10.5 million , respectively, and is included in other assets on the accompanying consolidated balance sheets. Under these ground/facility leases, the Company recognized rent expense of approximately $7.4 million , $6.2 million and $5.3 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, and capitalized rent of approximately $2.0 million , $0.7 million and $0.4 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Rent expense is included in ground/facility leases expense in the accompanying consolidated statements of comprehensive income. On-Campus Participating Properties The Company is a party to ground/facility lease agreements with three university systems for the purpose of developing, constructing, and operating five student housing facilities on university campuses. Under the terms of the agreements, the lessor receives 50% of defined net cash flows on an annual basis through the term of the lease (see Note 2 and Note 8 for details). Under these leases, the Company recognized rent expense of approximately $2.8 million , $3.0 million and $2.9 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Rent expense is included in ground/facility leases expense in the accompanying consolidated statements of comprehensive income. Other Leases The Company has entered into ground lease agreements with third parties for the purpose of constructing and operating certain of its owned off-campus student housing properties. As of December 31, 2017 and 2016 , net deferred ground rent totaled approximately $3.6 million and $3.2 million , respectively, and is included in other liabilities on the accompanying consolidated balance sheets. Under these ground leases, the Company recognized rent expense of approximately $2.4 million , $2.2 million and $2.2 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Rent expense is included in owned properties operating expenses in the accompanying consolidated statements of comprehensive income. In addition, the Company has entered into a lease for corporate office space beginning January 2011 , and expiring December 2020 . Additionally, the Company entered into a lease for expansion space for its corporate office beginning December 2016 and expiring March 2024 . The terms of the leases provide for a period of free rent, scheduled rental rate increases, and common area maintenance charges upon expiration of the free rent period. The Company also has various operating leases for furniture, office and technology equipment, which expire through 2023 . There were no capital lease obligations outstanding as of December 31, 2017 . Future minimum commitments over the life of all leases, which exclude variable rent payments, are as follows: Operating 2018 $ 8,568 2019 9,719 2020 10,159 2021 9,186 2022 9,186 Thereafter 372,397 Total minimum lease payments $ 419,215 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments Construction Contracts: As of December 31, 2017 , excluding four properties under construction and subject to presale arrangements which are being funded by construction loans, the Company estimates additional costs to complete nine owned development projects currently under construction or under contract to begin construction, to be approximately $376.2 million . Joint Ventures: As discussed in Note 5 , as part of the Core Transaction, the Company entered into two joint ventures during the third quarter of 2017. As part of this transaction, the Company is obligated to increase its investment in the joint ventures over a two year period, resulting in a funding commitment of approximately $284.6 million . Presale Development Projects: In December 2016, the Company entered into a presale agreement to purchase The Edge - Stadium Centre , an in-process development, for approximately $42.6 million , which includes the purchase price and elected upgrades. The Company is obligated to purchase the property upon delivery of the asset, which is expected to occur in August 2018 (see Note 5 ). The Company expects to fund the commitments mentioned above through a combination of proceeds from cash flows generated from operations, anticipated property dispositions, joint venture activity, and a combination of debt and equity transactions, which may include net proceeds from the ATM Equity Program discussed in Note 11 , borrowings under the Company’s existing unsecured credit facilities, and accessing the unsecured bond market. 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 in certain cases secured with payment and performance bonds. Project cost guarantees expire upon completion of certain developer obligations, which are normally satisfied within one year after completion of the project. The Company’s estimated maximum exposure amount under the above guarantees is approximately $7.8 million as of December 31, 2017 . As of December 31, 2017 , management did not anticipate any material deviations from schedule or budget related to third-party development projects currently in progress. 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. Other Guarantees: In 2017, as part of the purchase of an undeveloped land parcel, the Company entered into an agreement to construct a commercial retail space within a future development that will be conveyed back to the seller upon construction completion. If the construction of the retail space is not completed in accordance with the agreement, the Company is required to pay liquidated damages of $ 2.1 million . As of December 31, 2017 , management did not anticipate issues in completing construction of the retail space in accordance with the agreement. 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 | 12 Months Ended |
Dec. 31, 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: 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 and minority interests. During the year ended December 31, 2017 , the Company revised the measure of profit or loss for each segment to include the allocation of costs related to corporate management and oversight and to exclude intercompany management fee revenue. This was due to a presentation change in the information used by the Company’s chief operating decision makers to assess segment and company-wide performance and allocate resources, which was driven by the reorganization of duties within the Company’s executive management team. Prior period amounts have been reclassified to conform to the current period presentation. Year Ended December 31, 2017 2016 2015 Owned Properties Rental revenues and other income $ 741,909 $ 738,598 $ 708,018 Interest income 1,545 1,170 1,071 Total revenues from external customers 743,454 739,768 709,089 Operating expenses before depreciation, amortization, and ground/facility lease expense (332,429 ) (337,296 ) (331,836 ) Ground/facility leases (7,372 ) (6,158 ) (5,297 ) Interest expense, net (1) (3,659 ) (18,552 ) (30,147 ) Operating income before depreciation and amortization $ 399,994 $ 377,762 $ 341,809 Depreciation and amortization $ 223,939 $ 200,934 $ 198,986 Capital expenditures $ 617,552 $ 485,726 $ 316,468 Total segment assets at December 31, $ 6,691,758 $ 5,672,360 $ 5,804,068 On-Campus Participating Properties Rental revenues and other income $ 33,945 $ 33,433 $ 31,586 Interest income 65 10 2 Total revenues from external customers 34,010 33,443 31,588 Operating expenses before depreciation, amortization, and ground/facility lease expense (14,384 ) (13,447 ) (12,437 ) Ground/facility lease (2,841 ) (3,009 ) (2,935 ) Interest expense, net (1) (5,264 ) (5,539 ) (5,833 ) Operating income before depreciation and amortization $ 11,521 $ 11,448 $ 10,383 Depreciation and amortization $ 7,536 $ 7,343 $ 7,034 Capital expenditures $ 3,533 $ 2,944 $ 2,943 Total segment assets at December 31, $ 100,031 $ 103,256 $ 104,641 Development Services Development and construction management fees $ 10,761 $ 4,606 $ 4,964 Operating expenses (7,618 ) (7,530 ) (8,119 ) Operating income (loss) before depreciation and amortization $ 3,143 $ (2,924 ) $ (3,155 ) Total segment assets at December 31, $ 6,726 $ 2,601 $ 1,730 Property Management Services Property management fees from external customers $ 9,832 $ 9,724 $ 8,813 Operating expenses (7,607 ) (7,003 ) (6,227 ) Operating income before depreciation and amortization $ 2,225 $ 2,721 $ 2,586 Total segment assets at December 31, $ 7,576 $ 7,997 $ 9,432 Reconciliations Total segment revenues and other income $ 798,057 $ 787,541 $ 754,454 Unallocated interest income earned on investments and corporate cash 3,335 4,301 3,348 Total consolidated revenues, including interest income $ 801,392 $ 791,842 $ 757,802 Segment operating income before depreciation and amortization $ 416,883 $ 389,007 $ 351,623 Depreciation and amortization (239,574 ) (217,907 ) (214,338 ) Net unallocated expenses relating to corporate interest and overhead (90,250 ) (72,788 ) (69,299 ) (Loss) gain from disposition of real estate (632 ) 21,197 52,699 Provision for real estate impairment (15,317 ) (4,895 ) — Other nonoperating income — — 388 Loss from early extinguishment of debt — (12,841 ) (1,770 ) Income tax provision (989 ) (1,150 ) (1,242 ) Net income $ 70,121 $ 100,623 $ 118,061 Total segment assets $ 6,806,091 $ 5,786,214 $ 5,919,871 Unallocated corporate assets 91,279 79,699 86,377 Total assets at December 31, $ 6,897,370 $ 5,865,913 $ 6,006,248 (1) Net of capitalized interest and amortization of debt premiums. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) American Campus Communities, Inc. The information presented below represents the quarterly consolidated financial results of the Company for the years ended December 31, 2017 and 2016 . 2017 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 192,938 $ 179,008 $ 196,938 $ 227,563 $ 796,447 Operating income 49,219 12,610 17,575 63,134 142,538 Net income (loss) 34,449 (2,653 ) (1,233 ) 39,558 70,121 Net income attributable to noncontrolling interests (399 ) (109 ) (79 ) (496 ) (1,083 ) Net income (loss) attributable to ACC, Inc. and Subsidiaries common stockholders $ 34,050 $ (2,762 ) $ (1,312 ) $ 39,062 $ 69,038 Net income (loss) attributable to common stockholders per share - basic $ 0.25 $ (0.02 ) $ (0.01 ) $ 0.28 $ 0.50 Net income (loss) attributable to common stockholders per share - diluted $ 0.25 $ (0.02 ) $ (0.01 ) $ 0.28 $ 0.50 2016 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 199,995 $ 185,983 $ 196,411 $ 203,972 $ 786,361 Operating income 53,035 39,106 29,278 51,724 173,143 Net income 46,209 18,765 9,845 25,804 100,623 Net income attributable to noncontrolling interests (622 ) (327 ) (201 ) (412 ) (1,562 ) Net income attributable to ACC, Inc. and Subsidiaries common stockholders $ 45,587 $ 18,438 $ 9,644 $ 25,392 $ 99,061 Net income attributable to common stockholders per share - basic $ 0.37 $ 0.14 $ 0.07 $ 0.19 $ 0.76 (1) Net income attributable to common stockholders per share - diluted $ 0.36 $ 0.14 $ 0.07 $ 0.19 $ 0.75 (1) (1) Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year. American Campus Communities Operating Partnership, L.P. The information presented below represents the quarterly consolidated financial results of the Operating Partnership for the years ended December 31, 2017 and 2016 . 2017 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 192,938 $ 179,008 $ 196,938 $ 227,563 $ 796,447 Operating income 49,219 12,610 17,575 63,134 142,538 Net income (loss) 34,449 (2,653 ) (1,233 ) 39,558 70,121 Net income attributable to noncontrolling interests (105 ) (97 ) (57 ) (176 ) (435 ) Series A preferred unit distributions (31 ) (31 ) (31 ) (31 ) (124 ) Net income (loss) available to common unitholders $ 34,313 $ (2,781 ) $ (1,321 ) $ 39,351 $ 69,562 Net income (loss) per unit attributable to common unitholders - basic $ 0.25 $ (0.02 ) $ (0.01 ) $ 0.28 $ 0.50 Net income (loss) per unit attributable to common unitholders - diluted $ 0.25 $ (0.02 ) $ (0.01 ) $ 0.28 $ 0.50 2016 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 199,995 $ 185,983 $ 196,411 $ 203,972 $ 786,361 Operating income 53,035 39,106 29,278 51,724 173,143 Net income 46,209 18,765 9,845 25,804 100,623 Net income attributable to noncontrolling interests (104 ) (104 ) (77 ) (171 ) (456 ) Series A preferred unit distributions (42 ) (37 ) (36 ) (31 ) (146 ) Net income available to common unitholders $ 46,063 $ 18,624 $ 9,732 $ 25,602 $ 100,021 Net income per unit attributable to common unitholders - basic $ 0.37 $ 0.14 $ 0.07 $ 0.19 $ 0.76 (1) Net income per unit attributable to common unitholders - diluted $ 0.36 $ 0.14 $ 0.07 $ 0.19 $ 0.75 (1) (1) Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Presale Development Projects: In January 2018, the Company entered into a presale agreement to purchase the Stadium Centre Phase IV, a 340 -bed, property under development located near Florida State University. The Company is obligated to purchase the property for approximately $36.7 million as long as certain construction completion deadlines and other closing conditions are met. Distributions : On January 23, 2018 , the Company’s Board of Directors declared a distribution per share of $0.44 which was paid on February 16, 2018 to all common stockholders of record as of February 2, 2018 . At the same time, the Operating Partnership paid an equivalent amount per unit to holders of Common Units, as well as the quarterly cumulative preferential distribution to holders of Series A Preferred Units (see Note 9 ). |
Schedule of Real Estate and Acc
Schedule of Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule of Real Estate and Accumulated Depreciation | Schedule of Real Estate and Accumulated Depreciation Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs Land Buildings and Total (1) Accumulated Depreciation Encumbrances (2) Year Built (3) Owned Properties The Callaway House 173 538 $ 5,081 $ 20,499 $ 7,434 $ 5,003 $ 28,011 $ 33,014 $ 11,736 $ — 1999 The Village at Science Drive 192 732 4,673 19,021 6,696 4,673 25,717 30,390 8,860 — 2000 University Village at Boulder Creek 82 309 1,035 16,393 645 1,035 17,038 18,073 6,688 — 2002 University Village - Fresno 105 406 929 15,168 — 929 15,168 16,097 5,332 — 2004 University Village - Temple 220 749 — 41,119 940 — 42,059 42,059 14,360 — 2004 College Club Townhomes (4) 136 544 1,967 16,049 1,770 1,967 17,819 19,786 6,763 — 2002 University Club Apartments 94 376 1,416 11,848 1,057 1,416 12,905 14,321 4,480 — 1999 City Parc at Fry Street 136 418 1,902 17,678 1,196 1,902 18,874 20,776 6,305 — 2004 Entrada Real 98 363 1,475 15,859 2,027 1,475 17,886 19,361 5,728 — 2000 University Village at Sweethome 269 828 2,473 34,448 — 2,473 34,448 36,921 11,183 — 2005 University Village - Tallahassee (5) 217 716 4,322 26,225 3,796 4,322 30,021 34,343 9,435 — 1991 Royal Village Gainesville 118 448 2,386 15,153 3,509 2,363 18,685 21,048 5,223 — 1996 Royal Lexington 94 364 2,848 12,783 4,276 2,848 17,059 19,907 5,343 — 1994 Raiders Pass 264 828 3,877 32,445 2,825 3,877 35,270 39,147 10,775 — 2001 Aggie Station 156 450 1,634 18,821 2,819 1,634 21,640 23,274 6,218 — 2003 The Outpost - San Antonio 276 828 3,262 36,252 3,596 3,262 39,848 43,110 11,716 — 2005 Callaway Villas 236 704 3,903 31,953 — 3,903 31,953 35,856 9,207 — 2006 The Village on Sixth Avenue 248 752 2,763 22,480 1,606 2,763 24,086 26,849 7,001 — 1999 Newtown Crossing 356 942 7,013 53,597 1,657 7,013 55,254 62,267 17,456 — 2005 Olde Towne University Square 224 550 2,277 24,614 935 2,277 25,549 27,826 8,412 — 2005 Peninsular Place 183 478 2,306 16,559 941 2,306 17,500 19,806 6,062 — 2005 University Centre 234 838 — 77,378 3,617 — 80,995 80,995 24,175 — 2007 The Summit & Jacob Heights (5) 258 930 2,318 36,464 1,868 2,318 38,332 40,650 10,019 — 2004 GrandMarc Seven Corners 186 440 4,491 28,807 1,522 4,491 30,329 34,820 8,109 — 2000 Aztec Corner 180 606 17,460 32,209 1,728 17,460 33,937 51,397 9,120 — 2001 The Tower at Third 188 375 1,145 19,128 11,868 1,267 30,874 32,141 8,867 — 1973 Willowtree Apartments and Tower (4) 473 851 9,807 21,880 3,671 9,807 25,551 35,358 7,863 — 1970 University Pointe 204 682 989 27,576 4,155 989 31,731 32,720 8,541 — 2004 University Trails 240 684 1,183 25,173 3,284 1,183 28,457 29,640 8,166 — 2003 Campus Trails 156 480 1,358 11,291 4,827 1,358 16,118 17,476 4,716 — 1991 University Crossings (ACE) 260 1,016 — 50,668 38,616 — 89,284 89,284 22,967 — 2003 Vista del Sol (ACE) 613 1,866 — 135,939 3,924 — 139,863 139,863 38,013 — 2008 Villas at Chestnut Ridge 196 552 2,756 33,510 1,335 2,756 34,845 37,601 9,858 — 2008 Barrett Honors College (ACE) 604 1,721 — 131,302 17,485 — 148,787 148,787 39,130 — 2009 Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs Land Buildings and Total (1) Accumulated Depreciation Encumbrances (2) Year Built (3) Sanctuary Lofts 201 487 $ 2,960 $ 18,180 $ 3,738 $ 2,960 $ 21,918 $ 24,878 $ 6,680 $ — 2006 Blanton Common (6) 276 860 3,788 16,759 — 3,788 16,759 20,547 7,193 27,380 2005 The Edge- Charlotte 180 720 3,076 23,395 8,830 3,076 32,225 35,301 7,957 — 1999 University Walk 120 480 2,016 14,599 3,021 2,016 17,620 19,636 4,668 — 2002 Uptown Apartments 180 528 3,031 21,685 2,151 3,031 23,836 26,867 5,429 — 2004 2nd Ave Centre 274 868 4,434 27,236 3,804 4,434 31,040 35,474 8,151 — 2008 Villas at Babcock 204 792 4,642 30,901 47 4,642 30,948 35,590 9,487 — 2011 Lobo Village (ACE) 216 864 — 42,490 543 — 43,033 43,033 8,990 — 2011 Villas on Sycamore 170 680 3,000 24,640 263 3,000 24,903 27,903 8,064 — 2011 University Village Northwest (ACE) 36 144 — 4,228 109 — 4,337 4,337 1,149 — 2011 26 West 367 1,026 21,396 63,994 6,307 21,396 70,301 91,697 13,782 — 2008 The Varsity 258 901 11,605 108,529 2,413 11,605 110,942 122,547 18,831 — 2011 Avalon Heights 210 754 4,968 24,345 13,726 4,968 38,071 43,039 6,584 — 2002 University Commons 164 480 12,559 19,010 2,701 12,559 21,711 34,270 4,166 — 2003 Casas del Rio (ACE) 283 1,028 — 40,639 1,198 — 41,837 41,837 12,691 — 2012 The Suites (ACE) (4) 439 878 — 45,296 502 — 45,798 45,798 9,467 — 2013 Hilltop Townhomes (ACE) 144 576 — 31,507 419 — 31,926 31,926 8,042 — 2012 U Club on Frey (4) 216 864 8,703 36,873 938 8,703 37,811 46,514 7,837 — 2013 Campus Edge on UTA Boulevard 128 488 2,661 21,233 587 2,661 21,820 24,481 5,495 — 2012 U Club Townhomes on Marion Pugh 160 640 6,722 26,546 928 6,722 27,474 34,196 7,207 — 2012 Villas on Rensch 153 610 10,231 33,852 759 10,231 34,611 44,842 8,025 — 2012 The Village at Overton Park 163 612 5,262 29,374 1,009 5,262 30,383 35,645 7,663 — 2012 Casa de Oro (ACE) 109 365 — 12,362 157 — 12,519 12,519 3,424 — 2012 The Villas at Vista del Sol (ACE) 104 400 — 20,421 334 — 20,755 20,755 5,743 — 2012 The Block 669 1,555 22,270 141,430 10,248 22,350 151,598 173,948 22,736 — 2008 University Pointe at College Station (ACE) 282 978 — 84,657 2,089 — 86,746 86,746 22,279 — 2012 309 Green 110 416 5,351 49,987 3,695 5,351 53,682 59,033 8,518 30,222 2008 The Retreat 187 780 5,265 46,236 2,364 5,265 48,600 53,865 7,979 — 2012 Lofts54 43 172 430 14,741 4,254 430 18,995 19,425 2,849 10,409 2008 Campustown Rentals 264 746 2,382 40,190 3,902 2,382 44,092 46,474 8,356 — 1982 Chauncey Square 158 386 2,522 40,013 1,708 2,522 41,721 44,243 6,919 — 2011 Texan & Vintage West Campus (4) 124 311 5,937 11,906 15,449 5,937 27,355 33,292 4,296 8,381 2008 The Castilian 371 623 3,663 59,772 33,270 3,663 93,042 96,705 15,537 — 1967 Bishops Square 134 315 1,206 17,878 1,649 1,206 19,527 20,733 3,645 11,141 2002 Union 54 120 169 6,348 977 169 7,325 7,494 1,339 3,471 2006 922 Place 132 468 3,363 34,947 3,106 3,363 38,053 41,416 6,920 — 2009 Campustown 452 1,217 1,818 77,894 4,490 1,818 82,384 84,202 13,027 — 1997 Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs Land Buildings and Total (1) Accumulated Depreciation Encumbrances (2) Year Built (3) River Mill 243 461 $ 1,741 $ 22,806 $ 3,327 $ 1,741 $ 26,133 $ 27,874 $ 4,660 $ — 1972 Landmark 173 606 3,002 118,168 1,175 3,002 119,343 122,345 17,702 — 2012 Icon Plaza 56 253 6,292 65,857 3,475 6,292 69,332 75,624 10,415 — 2012 The Province - Greensboro 219 696 2,226 48,567 1,149 2,226 49,716 51,942 8,346 27,598 2011 RAMZ Apts on Broad 88 172 785 12,303 564 785 12,867 13,652 2,095 — 2004 The Lofts at Capital Garage 36 144 313 3,581 553 313 4,134 4,447 815 — 2000 25 Twenty 249 562 2,226 33,429 1,111 2,226 34,540 36,766 6,555 25,698 2011 The Province - Louisville 366 858 4,392 63,068 1,394 4,392 64,462 68,854 11,160 35,938 2009 West 27th Place 161 475 13,900 76,720 1,316 13,900 78,036 91,936 11,530 37,460 2011 The Province - Rochester 336 816 3,798 70,955 2,216 3,798 73,171 76,969 12,403 33,719 2010 5 Twenty Four & 5 Twenty Five Angliana (4) 376 1,060 — 60,448 6,941 5,214 62,175 67,389 10,879 — 2010 The Province - Tampa 287 947 — 52,943 3,279 — 56,222 56,222 9,361 31,826 2009 U Point Kennesaw 216 795 1,482 61,654 5,640 1,482 67,294 68,776 12,059 — 2012 The Cottages of Durham 141 619 3,955 41,421 2,082 3,955 43,503 47,458 8,894 — 2012 University Edge 201 608 4,500 26,385 1,213 4,500 27,598 32,098 4,392 — 2012 The Lodges of East Lansing 364 1,049 6,472 89,231 1,293 6,472 90,524 96,996 14,381 29,126 2012 7th Street Station 82 309 9,792 16,472 485 9,792 16,957 26,749 2,862 — 2012 The Callaway House Austin 219 753 — 61,550 769 — 62,319 62,319 10,973 — 2013 Manzanita (ACE) 241 816 — 48,781 350 — 49,131 49,131 9,465 — 2013 University View (ACE) 96 336 — 14,683 176 — 14,859 14,859 2,819 — 2013 U Club Townhomes at Overton Park 112 448 7,775 21,483 658 7,775 22,141 29,916 4,106 — 2013 601 Copeland 81 283 1,457 26,699 340 1,457 27,039 28,496 4,246 — 2013 The Townhomes at Newtown Crossing 152 608 7,745 32,074 453 7,745 32,527 40,272 5,175 — 2013 Chestnut Square (ACE) 220 861 — 98,369 2,274 — 100,643 100,643 16,633 — 2013 Park Point 300 924 7,827 73,495 4,848 7,827 78,343 86,170 11,962 70,000 2008 U Centre at Fry Street 194 614 2,902 47,700 1,798 2,902 49,498 52,400 6,621 — 2012 Cardinal Towne 255 545 6,547 53,809 2,730 6,547 56,539 63,086 7,359 37,250 2010 Stanworth Commons Phase I (ACE) 127 214 — 30,930 38 — 30,968 30,968 3,663 — 2014 The Plaza on University 364 1,313 23,987 85,584 3,565 23,987 89,149 113,136 11,893 — 2014 U Centre at Northgate (ACE) 196 784 — 35,663 265 — 35,928 35,928 5,047 — 2014 University Walk 177 526 4,341 29,073 717 4,341 29,790 34,131 3,050 — 2014 U Club on Woodward (4) 236 944 16,350 46,982 485 16,350 47,467 63,817 6,749 — 2014 The Standard 190 610 4,674 57,310 1,406 4,674 58,716 63,390 6,217 — 2014 Park Point 66 226 — 25,725 3,356 — 29,081 29,081 2,493 11,049 2010 1200 West Marshall 136 406 4,397 33,908 1,536 4,397 35,444 39,841 3,398 — 2013 8 1/2 Canal Street 160 540 2,797 45,394 1,557 2,797 46,951 49,748 4,059 — 2011 Vistas San Marcos 255 600 586 45,761 4,760 586 50,521 51,107 5,934 — 2013 Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs Land Buildings and Total (1) Accumulated Depreciation Encumbrances (2) Year Built (3) Crest at Pearl 141 343 $ 4,395 $ 36,268 $ 1,597 $ 4,491 $ 37,769 $ 42,260 $ 3,235 $ — 2014 U Club Binghamton 186 710 3,584 48,559 2,405 3,584 50,964 54,548 3,944 — 2005 Stadium Centre 367 710 7,424 74,932 2,698 7,424 77,630 85,054 6,502 55,969 2014 160 Ross 182 642 2,962 38,478 279 2,962 38,757 41,719 3,750 — 2015 The Summit at University City (ACE) 351 1,315 — 154,770 793 — 155,563 155,563 11,796 — 2015 2125 Franklin 192 734 8,299 55,716 264 8,299 55,980 64,279 4,629 — 2015 University Crossings - Charlotte 187 546 645 36,838 3,900 645 40,738 41,383 1,810 — 2014 The Court - Stadium Centre 80 260 1,825 25,922 58 1,825 25,980 27,805 1,155 9,921 2016 U Club on 28th 100 398 9,725 45,788 52 9,725 45,840 55,565 2,214 — 2016 Currie Hall (ACE) 178 456 — 49,987 128 — 50,115 50,115 2,624 — 2016 University Pointe (ACE) 134 531 — 44,035 86 — 44,121 44,121 2,168 — 2016 Fairview House (ACE) 107 633 — 38,144 78 — 38,222 38,222 2,258 — 2016 U Club Sunnyside 134 534 7,423 41,582 69 7,423 41,651 49,074 2,112 — 2016 Merwick Stanworth Phase II (ACE) 198 379 — 48,668 52 — 48,720 48,720 2,145 — 2016 U Point 54 163 1,425 17,325 2,259 1,425 19,584 21,009 747 — 2016 The Arlie 169 598 1,350 43,352 899 1,350 44,251 45,601 1,297 — 2016 TWELVE at U District 283 384 13,013 98,115 267 13,013 98,382 111,395 1,529 — 2014 The 515 (8) 183 513 1,611 68,953 74 1,611 69,027 70,638 800 — 2015 State (8) 220 665 3,448 66,774 1,244 3,448 68,018 71,466 875 — 2013 The James (9) 366 850 18,871 118,096 115 18,871 118,211 137,082 1,299 — 2017 Bridges 11th 184 258 — 58,825 59 — 58,884 58,884 391 — 2015 Hub U District Seattle (9) 111 248 5,700 56,355 75 5,700 56,430 62,130 316 — 2017 Tooker House (ACE) 429 1,594 — 103,897 — — 103,897 103,897 1,656 — 2017 Skyview (ACE) 163 626 — 57,578 — — 57,578 57,578 742 — 2017 University Square (ACE) 143 466 — 25,635 — — 25,635 25,635 410 — 2017 U Centre on Turner 182 718 14,000 55,456 — 14,000 55,456 69,456 822 — 2017 U Pointe on Speight 180 700 4,705 46,160 — 4,705 46,160 50,865 610 — 2017 21Hundred Overton Park 296 1,204 16,767 64,057 — 16,767 64,057 80,824 982 — 2017 The Suites at 3rd 63 251 831 22,384 — 831 22,384 23,215 330 — 2017 U Club Binghamton Phase II 140 562 12,274 43,813 — 12,274 43,813 56,087 641 — 2017 Callaway House Apartments 386 915 12,651 78,220 — 12,651 78,220 90,871 1,189 — 2017 U Centre on College 127 418 — 41,607 — — 41,607 41,607 574 — 2017 Properties Under Development (7) David Blackwell Hall (ACE) 412 781 — 59,912 — — 59,912 59,912 — — 2018 Gladding Residence Center (ACE) 592 1,524 — 73,913 — — 73,913 73,913 — — 2018 Irvington House (ACE) 197 648 — 22,919 — — 22,919 22,919 — — 2018 The Edge - Stadium Centre 111 412 — 20,040 — — 20,040 20,040 — 8,899 2018 Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs Land Buildings and Total (1) Accumulated Depreciation Encumbrances (2) Year Built (3) Greek Leadership Village (ACE) 498 957 $ — $ 30,889 $ — $ — $ 30,889 $ 30,889 $ — $ — 2018 NAU Honors College (ACE) 318 636 — 24,498 — — 24,498 24,498 — — 2018 U Club Townhomes at Oxford 132 528 5,115 20,662 — 5,115 20,662 25,777 — — 2018 Hub Ann Arbor (10) 124 310 7,050 26,498 — 7,050 26,498 33,548 — 13,971 2018 Hub Flagstaff (10) 198 591 5,397 30,330 — 5,397 30,330 35,727 — 16,997 2018 Hub West Lafayette (10) 289 599 6,881 22,661 — 6,881 22,661 29,542 — 11,912 2018 191 College 127 495 5,434 10,433 — 5,434 10,433 15,867 — — 2019 Columbus Avenue Student Apts. (ACE) 214 825 — 42,084 — — 42,084 42,084 — — 2019 University of Arizona Honors College (ACE) 319 1,056 — 4,947 — — 4,947 4,947 — — 2019 Undeveloped land parcels (11) — — 38,035 318 — 38,035 318 38,353 152 — N/A Subtotal 32,522 98,963 $ 641,580 $ 6,469,756 $ 374,055 $ 646,991 $ 6,838,400 $ 7,485,391 $ 1,035,027 $ 548,337 On-Campus Participating Properties University Village – PVAMU 612 1,920 $ — $ 36,506 $ 7,858 $ — $ 44,364 $ 44,364 $ 32,663 $ 14,636 1997 University Village - TAMIU 84 250 — 5,844 1,079 — 6,923 6,923 5,212 2,239 1997 University College - PVAMU 756 1,470 — 22,650 5,152 — 27,802 27,802 17,916 13,700 2001 Cullen Oaks Phase I and II 411 879 — 33,910 2,152 — 36,062 36,062 16,392 27,537 2003 College Park 224 567 — 43,634 1,211 — 44,845 44,845 6,009 42,239 2014 Subtotal 2,087 5,086 $ — $ 142,544 $ 17,452 $ — $ 159,996 $ 159,996 $ 78,192 $ 100,351 Total 34,609 104,049 $ 641,580 $ 6,612,300 $ 391,507 $ 646,991 $ 6,998,396 $ 7,645,387 $ 1,113,219 $ 648,688 (1) Total aggregate costs for federal income tax purposes is approximately $7.6 billion . (2) Total encumbrances exclude net unamortized debt premiums and deferred financing costs of approximately $19.0 million and $3.7 million , respectively, as of December 31, 2017 . (3) For properties with multiple phases, the year built represents the weighted average year based on the number of beds delivered each year. (4) Consists of two phases that are counted separately in the property portfolio numbers contained in Note 1 . (5) Consists of three phases that are counted separately in the property portfolio numbers contained in Note 1 . (6) This property is currently in receivership and is in the process of being transferred to the lender in settlement of the property’s $27.4 million mortgage loan that matured in August 2017. (7) Initial costs represent construction costs incurred to date associated with the development of these properties. Year built represents the scheduled completion date. (8) The Company purchased 100% of the ownership interests in two properties as part of the Core Transaction (see Note 5 ). (9) As part of the Core Transaction, the Company purchased partial ownership in two operating properties through a joint venture arrangement (Core JV I). See Note 5 . (10) As part of the Core Transaction, the Company purchased partial ownership in three in-process development properties through a joint venture arrangement (Core JV II). See Note 5 . (11) Buildings and improvements and furniture, fixtures and equipment and accumulated depreciation amounts are related to buildings on one land parcel that will be demolished as part of development. The changes in the Company’s investments in real estate and related accumulated depreciation for each of the years ended December 31, 2017 , 2016 and 2015 are as follows: For the Year Ended December 31, 2017 2016 2015 Owned (1) On-Campus (2) Owned (1) (3) On-Campus (2) Owned (1) (4) On-Campus (2) Investments in Real Estate: Balance, beginning of year $ 6,316,470 $ 162,929 $ 6,369,747 $ 159,985 $ 6,144,242 $ 157,043 Acquisition of land for development 24,049 — 6,338 — 39,583 — Acquisition of properties 618,183 — 99,426 — 361,265 — Improvements and development expenditures 621,793 3,544 522,723 2,944 306,659 2,942 Write off of fully depreciated or damaged assets (40,923 ) (6,477 ) (227 ) — (1,240 ) — Provision for real estate impairment (15,317 ) — (4,895 ) — — — Disposition of real estate (5) (38,864 ) — (676,642 ) — (480,762 ) — Balance, end of year $ 7,485,391 $ 159,996 $ 6,316,470 $ 162,929 $ 6,369,747 $ 159,985 Accumulated Depreciation: Balance, beginning of year $ (864,106 ) $ (77,132 ) $ (792,122 ) $ (69,856 ) $ (704,521 ) $ (62,915 ) Depreciation for the year (213,660 ) (7,536 ) (197,105 ) (7,276 ) (191,661 ) (6,941 ) Write off of fully depreciated or damaged assets 37,761 6,476 227 — 1,240 — Disposition of properties 4,978 — 124,894 — 102,820 — Balance, end of year $ (1,035,027 ) $ (78,192 ) $ (864,106 ) $ (77,132 ) $ (792,122 ) $ (69,856 ) (1) Includes owned off-campus properties and owned on-campus properties. (2) Includes on-campus participating properties. (3) The investments in real estate and accumulated depreciation balances include The Province-Dayton which is classified as an owned property held for sale in the accompanying consolidated balance sheets as of December 31, 2016 . (4) The investments in real estate and accumulated depreciation balances include The Edge - Orlando and University Village Sacramento which were classified as owned properties held for sale as of December 31, 2015 . (5) Includes the conveyance of land, originally purchased by the Company, to the University of Arizona. Concurrent with the land conveyance, the Company as lessee entered into a ground lease agreement with the University. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate Properties [Line Items] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements, presented in U.S. dollars, are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires 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 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. Subsequent to the issuance of ASU 2016-02, the FASB issued an additional Accounting Standards Update clarifying aspects of the new lease accounting standard, which will be effective upon adoption of ASU 2016-02. 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 has completed the process of evaluating the impact of the adoption of ASU 2014-09 on its historical and existing contracts. Approximately 95% of the Company’s consolidated revenues consist of rental income from leasing arrangements, which is specifically excluded from ASU 2014-09, and is being evaluated as part of the adoption of the lease accounting standard, ASU 2016-02, discussed above. The remaining 5% of consolidated revenues subject to the new standard are associated with third-party development services, third-party management services, ancillary services and non-lease component revenues. The Company will adopt the new revenue standard effective January 1, 2018 using the modified retrospective approach, which requires us to recognize the cumulative effect of initially applying the new standard to all existing contracts not yet completed as of the effective date as an adjustment, if any, to retained earnings as of the beginning of the fiscal year of adoption. Upon adoption of the new standard there will be a change in the way the Company determines the unit of account for its third-party development projects. Under existing guidance, the Company segments revenue recognition between the development and construction phases of its contracts, recognizing each using the proportional performance method and the percentage of completion method, respectively. Upon adoption, the entire development and construction contract will represent a single performance obligation comprised of a series of distinct services to be satisfied over time, and a single transaction price will be recognized over the life of the contract using a time-based measure of progress. Any variable consideration included in the transaction price will be estimated using the expected value approach and will only be included to the extent that a significant revenue reversal is not likely to occur. Although the Company anticipates differences in the timing and pattern of revenue recognition for such third-party development and construction management contracts, the Company has concluded that the adoption of ASU 2014-09 on January 1, 2018 will not have a material impact on its consolidated financial statements. 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). This ASU is required to be adopted in conjunction with the Company’s adoption of ASU 2014-09, the new revenue recognition standard, which was adopted as of January 1, 2018. The adoption of ASU 2017-05 will not have a material impact on its consolidated financial statements for property dispositions given the simplicity of the Company’s historical disposition transactions. In addition, the Company does not expect the following accounting pronouncements to have a material effect on its consolidated financial statements: Accounting Standards Update Effective Date ASU 2017-09, “Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting” January 1, 2018 ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” January 1, 2018 ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” January 1, 2018 ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” January 1, 2019 ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” January 1, 2020 Recently Adopted Accounting Pronouncements On January 1, 2017, the Company early 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. ASU 2017-01 was 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.” |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Investments in Real Estate and On-Campus Properties | Investments in Real Estate Investments in real estate are recorded at historical cost. Major improvements that extend the life of an asset are capitalized and depreciated over the remaining useful life of the asset. The cost of ordinary repairs and maintenance are charged to expense when incurred. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings and improvements 7-40 years Leasehold interest - on-campus participating properties 25-34 years (shorter of useful life or respective lease term) Furniture, fixtures and equipment 3-7 years Project costs directly associated with the development and construction of an owned real estate project, which include interest, property taxes, and amortization of deferred financing 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 $15.9 million , $12.3 million and $9.6 million was capitalized during the years ended December 31, 2017 , 2016 and 2015 , respectively. Management assesses whether there has been an impairment in the value of the Company’s investments in real estate whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment is recognized when estimated expected future undiscounted cash flows are less than the carrying value of the property, or when a property meets the criteria to be classified as held for sale, at which time an impairment charge is recognized for any excess of the carrying value of the property over the expected net proceeds from the disposal. The estimation of expected future net cash flows is inherently uncertain and relies on assumptions regarding current and future economics and market conditions. If such conditions change, then an adjustment to the carrying value of the Company’s long-lived assets could occur in the future period in which the conditions change. To the extent that a property is impaired, the excess of the carrying amount of the property over its estimated fair value is charged to earnings. The Company believes that there were no impairments of the carrying values of its investments in real estate as of December 31, 2017 , other than a $15.3 million impairment charge recorded during the second quarter 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 that matured in August 2017 (see Note 10 ). 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. |
Long-Lived Assets-Held for Sale | Long-Lived Assets–Held for Sale Long-lived assets to be disposed of are classified as held for sale in the period in which all of the following criteria are met: a. Management, having the authority to approve the action, commits to a plan to sell the asset. b. The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. c. An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated. d. The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year. e. The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. f. Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Concurrent with this classification, the asset is recorded at the lower of cost or fair value less estimated selling costs, and depreciation ceases. As discussed in more detail in Note 6 , concurrent with the classification of one of the Company’s owned properties as held for sale as of December 31, 2016 , the Company reduced the property’s carrying amount to its estimated fair value less estimated selling costs which resulted in an impairment charge. The Company did not have any properties classified as held for sale as of December 31, 2017 . |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company maintains cash balances in various banks. At times, the Company’s balances may exceed the amount insured by the FDIC. As the Company only uses money-centered financial institutions, the Company does not believe it is exposed to any significant credit risk related to its cash and cash equivalents. |
Restricted Cash | Restricted Cash Restricted cash consists of funds held in trust and invested in low risk investments, generally consisting of government backed securities, as permitted by the indentures of trusts, which were established in connection with three bond issues for the Company’s on-campus participating properties. Additionally, restricted cash includes escrow accounts held by lenders and resident security deposits, as required by law in certain states. Restricted cash also consists of escrow deposits made in connection with potential property acquisitions and development opportunities. These escrow deposits are invested in interest-bearing accounts at federally-insured banks. Realized and unrealized gains and losses are not material for the periods presented. |
Loans Receivable | Loans Receivable Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan purchase discounts, and net of an allowance for loan losses when such loan is deemed to be impaired. Loan purchase discounts are amortized over the term of the loan. The unamortized discount on the loans receivable was $2.6 million and $2.8 million as of December 31, 2017 and 2016 , respectively. The Company considers a loan impaired when, based upon current information and events, it is probable that it will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. Management’s estimate of the collectability of principal and interest payments under the Company’s loans receivable from CaPFA Capital Corp. 2000F (“CaPFA”), which mature in December 2040 and carry a balance, net of discount, of approximately $57.9 million and $58.5 million as of December 31, 2017 and 2016 , respectively, are highly dependent on the future operating performance of the properties securing the loans. As future economic conditions and/or market conditions at the properties change, management will continue to evaluate the collectability of such amounts. The Company believes there were no impairments of the carrying value of its loans receivable as of December 31, 2017 . Loans receivable are included in other assets on the accompanying consolidated balance sheets. |
Intangible Assets | Intangible Assets A portion of the purchase price of acquired properties is allocated to the value of in-place leases for both student and commercial tenants, which is based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued “as-if” vacant. As lease terms for student leases are typically one year or less, rates on in-place leases generally approximate market rental rates. Factors considered in the valuation of in-place leases include an estimate of the carrying costs during the expected lease-up period considering current market conditions, nature of the tenancy, and costs to execute similar leases. Carrying costs include estimates of lost rentals at market rates during the expected lease-up period, as well as marketing and other operating expenses. The value of in-place leases is amortized over the remaining initial term of the respective leases. The purchase price of property acquisitions is not allocated to student tenant relationships, considering the terms of the leases and the expected levels of renewals. In connection with the property acquisitions and investments in joint ventures, discussed in Note 5 herein, the Company capitalized approximately $7.4 million , $0.6 million and $3.3 million for the years December 31, 2017 , 2016 and 2015 , respectively, related to management’s estimate of the fair value of in-place leases assumed. The net carrying amount of in-place leases at December 31, 2017 and 2016 was approximately $4.2 million and $1.3 million , respectively, and is included in other assets on the accompanying consolidated balance sheets. Amortization expense was approximately $4.5 million , $0.9 million and $3.7 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, and is included in depreciation and amortization expense in the accompanying consolidated statements of comprehensive income. As of December 31, 2017 , the remaining weighted average student and commercial in-place lease term was 3.0 years . See Note 5 herein for an expanded discussion of the property acquisitions completed during 2017 , 2016 and 2015 . For acquired properties subject to an in-place property tax incentive arrangement, a portion of the purchase price is allocated to the present value of expected future property tax savings over the projected incentive arrangement period. In connection with the property acquisitions discussed in Note 5 herein, the Company capitalized approximately $10.2 million , $3.6 million and $13.7 million for the years December 31, 2017 , 2016 and 2015 , respectively, related to management’s estimate of the fair value of in-place property tax incentive arrangements assumed. Unamortized in-place property tax incentive arrangements as of December 31, 2017 and 2016 were approximately $61.4 million and $55.1 million , respectively, and are included in other assets on the accompanying consolidated balance sheets. Amortization expense was approximately $3.3 million , $2.9 million and $2.8 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, and is included in owned properties operating expense in the accompanying consolidated statements of comprehensive income. As of December 31, 2017 , the remaining weighted average tax incentive arrangement period was 18.6 years . See Note 5 herein for an expanded discussion of the property acquisitions completed during 2017 , 2016 and 2015 . |
Deferred Financing Costs | Deferred Financing Costs The Company defers financing costs and amortizes the costs over the terms of the related debt using the effective-interest method. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to earnings. In those instances when debt modifications do not include material changes to the terms of the underlying debt agreement, unamortized costs of the original instrument are added to the costs of the modification and amortized over the life of the modified debt using the effective interest method. Deferred financing costs, net of amortization, for the Company’s revolving credit facility are included in other assets on the accompanying consolidated balance sheets. Net deferred financing costs for the Company’s revolving credit facility at December 31, 2017 and 2016 were approximately $4.6 million and $1.4 million , respectively. |
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests The Company follows guidance issued by the FASB regarding the classification and measurement of redeemable securities. Under this guidance, securities that are redeemable for cash or other assets, at the option of the holder and not solely within the control of the issuer, must be classified outside of permanent equity as redeemable noncontrolling interests. The Company makes this determination based on terms in the applicable agreements, specifically in relation to redemption provisions. The Company initially records the redeemable noncontrolling interests at fair value. The carrying amount of the redeemable noncontrolling interest is subsequently adjusted to the redemption value (assuming the noncontrolling interest is redeemable at the balance sheet date), with the corresponding offset for changes in fair value recorded in additional paid in capital. Reductions in fair value are recorded only to the extent that the Company has previously recorded increases in fair value above the redeemable noncontrolling interests’ initial basis. As the changes in redemption value are based on fair value, there is no effect on the Company’s earnings per share. Redeemable noncontrolling interests on the accompanying consolidated balance sheets of ACC are referred to as redeemable limited partners on the consolidated balance sheets of the Operating Partnership. Refer to Note 9 for a more detailed discussion of redeemable noncontrolling interests for both ACC and the Operating Partnership. |
Joint Ventures | Joint Ventures The Company consolidates joint ventures when it exhibits financial or operational control, which is determined using accounting standards related to the consolidation of joint ventures and VIEs. For joint ventures that are defined as VIEs, the primary beneficiary consolidates the entity. The Company considers itself to be the primary beneficiary of a VIE when it has the power to direct the activities that most significantly impact the performance of the VIE, such as management of day-to-day operations, preparing and approving operating and capital budgets, and encumbering or selling the related properties. In instances where the Company is not the primary beneficiary, it does not consolidate the joint venture for financial reporting purposes. For joint ventures that are not defined as VIEs, where the Company is the general partner, but does not control the joint venture as the other partners hold substantive participating rights, the Company uses the equity method of accounting. For joint ventures where the Company is a limited partner, management evaluates whether the Company holds substantive participating rights. In instances where the Company holds substantive participating rights in the joint venture, the Company consolidates the joint venture; otherwise it uses the equity method of accounting. |
Presale Development Projects | Presale Development Projects As part of its development strategy, the Company enters into presale agreements to purchase various properties. Under the terms of these agreements, the Company is obligated to purchase the property as long as certain construction completion deadlines and other closing conditions are met. The Company is typically responsible for leasing, management, and initial operations of the project while the third-party developer retains development risk during the construction period. The entity that owns the property is deemed to be a VIE, and the Company is deemed to be the primary beneficiary of the VIE. As such, upon execution of the purchase and sale agreement, the Company records the assets, liabilities and noncontrolling interest of the entity owning the property at fair value. |
Mortgage Debt - Premiums and Discounts | Mortgage Debt - Premiums and Discounts Mortgage debt premiums and discounts represent fair value adjustments to account for the difference between the stated rates and market rates of mortgage debt assumed in connection with the Company’s property acquisitions. The mortgage debt premiums and discounts are included in secured mortgage, construction, and bond debt on the accompanying consolidated balance sheets and are amortized to interest expense over the term of the related mortgage loans using the effective-interest method. The amortization of mortgage debt premiums and discounts resulted in a net decrease to interest expense of approximately $7.8 million , $12.0 million and $12.0 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. As of December 31, 2017 and 2016 , net unamortized mortgage debt premiums were approximately $19.0 million and $26.8 million , respectively. The Company did not have any unamortized debt discounts as of December 31, 2017 and 2016 . |
Rental Revenues and Related Receivables | Rental Revenues and Related Receivables Students are required to execute lease contracts with payment schedules that vary from single to monthly payments. Receivables are recorded when billed, revenues and related lease incentives are recognized on a straight-line basis over the term of the contracts, and balances are considered past due when payment is not received on the contractual due date. The Company generally requires each executed contract to be accompanied by a signed parental guaranty, and in certain cases a refundable security deposit. Security deposits are refundable, net of any outstanding charges, upon expiration of the underlying contract. Allowances for receivables are established when management determines that collection of such receivables is doubtful. Management’s determination of the adequacy of the allowances is based primarily on an analysis of the aging of receivables, historical bad debts, and current economic trends. When management has determined receivables to be uncollectible, which is typically after two years , they are removed as an asset with a corresponding reduction in the allowance for doubtful accounts. |
Tenant Reimbursements | Tenant Reimbursements Reimbursements from tenants, consisting of amounts due from tenants for utilities, are recognized as revenue in the period the recoverable costs are incurred. Tenant reimbursements are recognized and recorded on a gross basis, as the Company is generally the primary obligor with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the supplier, and has credit risk. |
Third-Party Development Services Revenue | Third-Party Development Services Revenue Development revenues are generally recognized based on a proportional performance method based on contract deliverables, while construction revenues are recognized using the percentage of completion method, as determined by construction costs incurred relative to total estimated construction costs. For projects where the Company’s fee is based on a fixed price, any cost overruns incurred during construction, as compared to the original budget, will reduce the net fee generated on those projects. Incentive fees are recognized when the project is complete and performance has been agreed upon by all parties, or when performance has been verified by an independent third-party. The Company also evaluates the collectability of third-party fee income and expense reimbursements generated through the provision of development and construction management services based upon the individual facts and circumstances, including the contractual right to receive such amounts in accordance with the terms of the various projects, and reserves any amounts that are deemed to be uncollectible. Upon the adoption of ASU 2014-09 on January 1, 2019, there will be a change in the way the Company determines the unit of account for these projects. Although the adoption of ASU 2014-09 will have an impact on the timing and pattern of revenue recognition in relation to third-party development contracts, the Company has concluded it will not have a material effect on its consolidated financial statements. Refer to Recently Issued Accounting Pronouncements above for more details. 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, at which time the Company capitalizes the costs. Because the Company frequently incurs these pre-development expenditures before a financing commitment and/or required permits and authorizations have been obtained, the Company bears the risk of loss of these pre-development expenditures if financing cannot ultimately be arranged on acceptable terms or the Company is unable to successfully obtain the required permits and authorizations. As such, management evaluates the status of third-party and owned projects that have not yet commenced construction on a periodic basis and expenses any deferred costs related to projects whose current status indicates the commencement of construction is unlikely and/or the costs may not provide future value to the Company in the form of revenues. Such write-offs are included in third-party development and management services expenses (in the case of third-party development projects) or general and administrative expenses (in the case of owned development projects) on the accompanying consolidated statements of comprehensive income. As of December 31, 2017 , the Company has deferred approximately $4.7 million in pre-development costs related to third-party and owned development projects that have not yet commenced construction. Such costs are included in other assets on the accompanying consolidated balance sheets. |
Third-Party Management Services Revenue | Third-Party Management Services Revenue Management fees are recognized when earned in accordance with each management contract. Incentive management fees are recognized when the incentive criteria have been met. The Company evaluates the collectability of revenue earned from third-party management contracts and reserves any amounts deemed to be uncollectible based on the individual facts and circumstances of the projects and associated contracts. Similar to its third-party development services revenue, the Company has concluded that the adoption of ASU 2014-09 will not have a material impact on its consolidated financial statements. |
Advertising Costs | Advertising Costs Advertising costs are expensed during the period incurred, or as the advertising takes place, depending on the nature and term of the specific advertising arrangements. Advertising expense approximated $12.7 million , $12.8 million and $11.8 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company records all derivative financial instruments on the balance sheet at fair value. Changes in fair value are recognized either in earnings or as other comprehensive income, depending on whether the derivative has been designated as a fair value or cash flow hedge and whether it qualifies as part of a hedging relationship, the nature of the exposure being hedged, and how effective the derivative is at offsetting movements in underlying exposure. The Company discontinues hedge accounting when: (i) it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item; (ii) the derivative expires or is sold, terminated, or exercised; (iii) it is no longer probable that the forecasted transaction will occur; or (iv) management determines that designating the derivative as a hedging instrument is no longer appropriate. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company will carry the derivative at its fair value on the balance sheet, recognizing changes in the fair value in current-period earnings. The Company uses interest rate swaps to effectively convert a portion of its floating rate debt to fixed rate, thus reducing the impact of rising interest rates on interest payments. These instruments are designated as cash flow hedges and the interest differential to be paid or received is accrued as interest expense. The Company’s counter-parties are major financial institutions. |
Common Stock Issuances and Costs | Common Stock Issuances and Costs Specific incremental costs directly attributable to the Company’s equity offerings are deferred and charged against the gross proceeds of the offering. As such, underwriting commissions and other common stock issuance costs are reflected as a reduction of additional paid in capital. |
Share-Based Compensation | Share-Based Compensation Compensation expense associated with share-based awards is recognized in the consolidated statements of comprehensive income based on the grant-date fair values net of the estimated forfeitures. Compensation expense is recognized over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. The estimated forfeitures included in compensation expense are based on historical experience and are adjusted to reflect actual forfeitures at the end of the vesting period. |
Income Taxes | Income Taxes The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted taxable income to its stockholders. As a REIT, the Company will generally not be subject to corporate level federal income tax on taxable income it currently distributes to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for the subsequent four taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local income and excise taxes on its income and property, and to federal income and excise taxes on its undistributed income. The Company owns two TRSs, one of which manages the Company’s non-REIT activities and each of which is subject to federal, state and local income taxes. |
Owned on campus properties | |
Real Estate Properties [Line Items] | |
Investments in Real Estate and On-Campus Properties | Owned On-Campus Properties Under its ACE program, the Company, as lessee, has entered into ground/facility lease agreements with fifteen university systems to finance, construct, and manage 32 student housing properties. Seven properties were under construction as of December 31, 2017 with five scheduled to open for occupancy in Fall 2018 and two in Fall 2019. The terms of the leases, including extension options, range from 30 to 90 years, and the lessor has title to the land and in some cases any improvements placed thereon. In these cases, the Company’s involvement in construction requires the lessor’s post construction ownership of the improvements to be treated as a sale with a subsequent leaseback by the Company. However, these sale-leaseback transactions do not qualify for sale-leaseback accounting because of the Company’s continuing involvement in the constructed assets. As a result of the Company’s continuing involvement, these leases are accounted for by the deposit method, in which the assets subject to the ground/facility leases are reflected at historical cost, less amortization, and the financing obligations are reflected at the terms of the underlying financing. |
On-campus participating properties | |
Real Estate Properties [Line Items] | |
Investments in Real Estate and On-Campus Properties | On-Campus Participating Properties The Company has entered into ground and facility leases with three university systems and colleges to finance, construct, and manage five on-campus student housing facilities. Under the terms of the leases, the lessor has title to the land and any improvements placed thereon. With the exception of the Company’s lease with West Virginia University, each lease terminates upon final repayment of the construction related financing, the amortization period of which is contractually stipulated. The Company’s involvement in construction requires the lessor’s post construction ownership of the improvements to be treated as a sale with a subsequent leaseback by the Company. The sale-leaseback transaction has been accounted for as a financing, and as a result, any fee earned during construction is deferred and recognized over the term of the lease. The resulting financing obligation is reflected at the terms of the underlying financing, i.e., interest is accrued at the contractual rates and principal reduces in accordance with the contractual principal repayment schedules. The entities that own the on-campus participating properties are determined to be VIEs, with the Company being the primary beneficiary. As such, the Company consolidates these properties for financial reporting purposes. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of accounting pronouncements | In addition, the Company does not expect the following accounting pronouncements to have a material effect on its consolidated financial statements: Accounting Standards Update Effective Date ASU 2017-09, “Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting” January 1, 2018 ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” January 1, 2018 ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” January 1, 2018 ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” January 1, 2019 ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” January 1, 2020 |
Schedule of estimated useful lives of assets | Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings and improvements 7-40 years Leasehold interest - on-campus participating properties 25-34 years (shorter of useful life or respective lease term) Furniture, fixtures and equipment 3-7 years |
Schedule of allowance for doubtful accounts | The allowance for doubtful accounts is summarized as follows: Balance, Beginning of Period Charged to Expense Write-Offs (1) Balance, End of Period Year ended December 31, 2015 $ 19,711 $ 10,115 $ (12,772 ) $ 17,054 Year ended December 31, 2016 $ 17,054 $ 9,195 $ (9,794 ) $ 16,455 Year ended December 31, 2017 $ 16,455 $ 6,753 $ (8,860 ) $ 14,348 (1) Write-offs include $3.1 million , $3.1 million , and $4.0 million during the years ended December 31, 2017 , 2016 , and 2015 , respectively, related to properties disposed of in prior years. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share Disclosure [Line Items] | |
Schedule of potentially dilutive securities not included in calculating diluted earnings per share | The following potentially dilutive securities were outstanding for the years ended December 31, 2017 , 2016 and 2015 , but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. Year Ended December 31, 2017 2016 2015 Common OP Units (Note 9) 1,019,186 1,231,500 — Preferred OP Units (Note 9) 77,513 90,763 109,775 Total potentially dilutive securities 1,096,699 1,322,263 109,775 |
Schedule of summary of elements used in calculating basic and diluted earnings per share | The following is a summary of the elements used in calculating basic and diluted earnings per share: Year Ended December 31, 2017 2016 2015 Numerator - basic earnings per share: Net income $ 70,121 $ 100,623 $ 118,061 Net income attributable to noncontrolling interests (1,083 ) (1,562 ) (2,070 ) Net income attributable to common stockholders 69,038 99,061 115,991 Amount allocated to participating securities (1,536 ) (1,338 ) (1,086 ) Net income attributable to common stockholders - $ 67,502 $ 97,723 $ 114,905 Numerator - diluted earnings per share: Net income attributable to common stockholders - basic $ 67,502 $ 97,723 $ 114,905 Net income attributable to Common OP Units — — 1,282 Net income attributable to common stockholders - diluted $ 67,502 $ 97,723 $ 116,187 Denominator: Basic weighted average common shares outstanding 135,141,423 129,228,748 111,987,361 Unvested restricted stock awards (Note 12) 860,962 789,981 680,980 Common OP Units (Note 9) — — 1,363,881 Diluted weighted average common shares outstanding 136,002,385 130,018,729 114,032,222 Year Ended December 31, 2017 2016 2015 Earnings per share: Net income attributable to common stockholders - Basic $ 0.50 $ 0.76 $ 1.03 Net income attributable to common stockholders - diluted $ 0.50 $ 0.75 $ 1.02 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |
Earnings Per Share Disclosure [Line Items] | |
Schedule of potentially dilutive securities not included in calculating diluted earnings per share | The following is a summary of the elements used in calculating basic and diluted earnings per unit: Year Ended December 31, 2017 2016 2015 Numerator - basic and diluted earnings per unit: Net income $ 70,121 $ 100,623 $ 118,061 Net income attributable to noncontrolling interests – partially owned properties (435 ) (456 ) (612 ) Series A preferred unit distributions (124 ) (146 ) (176 ) Amount allocated to participating securities (1,536 ) (1,338 ) (1,086 ) Net income attributable to common unitholders $ 68,026 $ 98,683 $ 116,187 Denominator: Basic weighted average common units outstanding 136,160,609 130,460,248 113,351,242 Unvested restricted stock awards (Note 12) 860,962 789,981 680,980 Diluted weighted average common units outstanding 137,021,571 131,250,229 114,032,222 Earnings per unit: Net income attributable to common unitholders - basic $ 0.50 $ 0.76 $ 1.03 Net income attributable to common unitholders - diluted $ 0.50 $ 0.75 $ 1.02 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of significant components of deferred tax assets and liabilities of TRSs | December 31, 2017 2016 Deferred tax assets: Fixed and intangible assets $ 750 $ 2,074 Net operating loss carryforwards 8,808 9,492 Prepaid and deferred income 1,459 2,417 Bad debt reserves 574 754 Accrued expenses and other 2,769 5,251 Stock compensation 2,017 2,866 Total deferred tax assets 16,377 22,854 Valuation allowance for deferred tax assets (16,293 ) (22,688 ) Deferred tax assets, net of valuation allowance 84 166 Deferred tax liability: Deferred financing costs 84 166 Net deferred tax liabilities $ — $ — |
Schedule of significant components of income tax provision | Significant components of the Company’s income tax provision are as follows: Year Ended December 31, 2017 2016 2015 Current: Federal $ — $ — $ — State (989 ) (1,150 ) (1,242 ) Deferred: Federal — — — State — — — Total provision $ (989 ) $ (1,150 ) $ (1,242 ) |
Schedule of reconciliation of income tax attributable to continuing operations for the TRSs computed at the U.S. statutory rate to income tax provision | The reconciliation of income tax for the TRSs computed at the U.S. statutory rate to income tax provision is as follows: Year Ended December 31, 2017 2016 2015 Tax benefit at U.S. statutory rates on TRS income subject to tax $ 1,277 $ 2,303 $ 2,019 State income tax, net of federal income tax benefit 57 85 74 Effect of permanent differences and other 207 (88 ) (77 ) Deferred tax impact of tax reform (9,206 ) — — Decrease (increase) in valuation allowance 7,665 (2,300 ) (2,016 ) TRS income tax provision $ — $ — $ — |
Schedule of distributions to shareholders | A schedule of per share distributions the Company paid and reported to its shareholders, which is unaudited, is set forth in the following table: Year Ended December 31, Tax Treatment of Distributions: 2017 2016 2015 Ordinary income $ 0.8316 $ 0.3541 $ 0.4658 Long-term capital gain (1) — 0.5145 0.5301 Return of capital 0.9084 0.7914 0.5841 Total per common share outstanding $ 1.7400 $ 1.6600 $ 1.5800 (1) Unrecaptured Sec. 1250 gains of $0.5383 and $0.5281 were reported for the years ended December 31, 2016 and 2015 , respectively. There was no unrecaptured Sec. 1250 gain reported for the year ended December 31, 2017 . |
Acquisitions and Joint Ventur31
Acquisitions and Joint Venture Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of asset acquisitions | A list of the properties contributed to the Core Joint Ventures as part of the Core Transaction are as follows: Property Location Primary University Served Actual or Targeted Completion Date Beds Core JV I: The James Madison, WI University of Wisconsin - Madison August 2017 850 Hub U District Seattle Seattle, WA University of Washington September 2017 248 1,098 Core JV II: Hub Ann Arbor Ann Arbor, MI University of Michigan September 2018 310 Hub Flagstaff Flagstaff, AZ Northern Arizona University September 2018 591 Hub West Lafayette West Lafayette, IN Purdue University September 2018 599 1,500 2,598 A list of these properties is outlined below: 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 Bridges 11th Seattle, WA University of Washington October 2017 258 1,240 A list of these two properties acquired as part of the Core Transaction is as follows: Property Location Primary University Served Acquisition Date Beds The 515 Eugene, OR University of Oregon August 2017 513 State Fort Collins, CO Colorado State University August 2017 665 1,178 |
Schedule of recognized identified assets acquired and liabilities assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed from the 2016 property acquisitions discussed above: 2016 Assets: Land $ 14,720 Buildings and improvements 54,162 Furniture, fixtures and equipment 2,736 Construction in progress 27,806 Intangible assets 4,442 Other assets — Total assets $ 103,866 Liabilities: Other liabilities (1,062 ) Net assets $ 102,804 |
Schedule of pro forma information | The unaudited pro forma information is provided for informational purposes only and is not indicative of results that would have occurred or which may occur in the future: Year Ended December 31, 2016 2015 Total revenues $ 789,942 $ 769,797 Net income attributable to common shareholders $ 99,941 $ 123,101 |
Investments in Owned Properti32
Investments in Owned Properties (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Owned Properties | |
Real Estate Properties [Line Items] | |
Schedule of real estate properties | Owned properties, both wholly-owned and those owned through investments in VIEs, consisted of the following: December 31, 2017 December 31, 2016 Wholly-Owned VIE Total Wholly-Owned VIE Total Land (1) $ 586,170 $ 60,821 $ 646,991 $ 563,037 $ 5,229 $ 568,266 Buildings and improvements 5,789,439 307,088 6,096,527 4,921,473 143,664 5,065,137 Furniture, fixtures and equipment 330,669 18,159 348,828 294,113 9,128 303,241 Construction in progress 293,542 99,503 393,045 347,575 1,923 349,498 6,999,820 485,571 7,485,391 6,126,198 159,944 6,286,142 Less accumulated depreciation (988,044 ) (46,983 ) (1,035,027 ) (815,053 ) (44,075 ) (859,128 ) Owned properties, net $ 6,011,776 $ 438,588 $ 6,450,364 $ 5,311,145 $ 115,869 $ 5,427,014 (2) (1) The land balance above includes undeveloped land parcels with book values of approximately $38.0 million and $38.5 million as of December 31, 2017 and 2016 , respectively. It also includes land totaling approximately $29.9 million and $61.2 million as of December 31, 2017 and 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 sheet at December 31, 2016 . |
On-Campus Participating Prope33
On-Campus Participating Properties (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
On-campus participating properties | |
Real Estate Properties [Line Items] | |
Schedule of real estate properties | On-campus participating properties are as follows: Lease Required Debt Historical Cost – December 31, Lessor/University Commencement Repayment 2017 2016 Texas A&M University System / Prairie View A&M University (1) 2/1/1996 9/1/2023 $ 44,364 $ 45,310 Texas A&M University System / Texas A&M International 2/1/1996 9/1/2023 6,923 7,215 Texas A&M University System / Prairie View A&M University (2) 10/1/1999 8/31/2025 27,802 28,627 8/31/2028 University of Houston System / University of Houston (3) 9/27/2000 8/31/2035 36,062 37,960 West Virginia University / West Virginia University 7/16/2013 7/16/2045 44,845 43,817 159,996 162,929 Less accumulated amortization (78,192 ) (77,132 ) On-campus participating properties, net $ 81,804 $ 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. |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
Schedule of summarized activity of redeemable limited partners | Below is a table summarizing the activity of redeemable noncontrolling interests (ACC) / redeemable limited partners (Operating Partnership) for the years ended December 31, 2017 and 2016 , which includes both the redeemable joint venture partners and OP Units discussed above: Balance, December 31, 2015 $ 59,511 Net income 1,106 Distributions (2,141 ) Conversion of redeemable limited partner units into shares of ACC common stock (11,335 ) Adjustments to reflect redeemable limited partner units at fair value 7,937 Balance, December 31, 2016 $ 55,078 Net income 654 Distributions (77,031 ) Conversion of redeemable limited partner units into shares of ACC common stock (154 ) Contributions from noncontrolling interests 162,794 Adjustments to reflect redeemable limited partner units at fair value (9,172 ) Balance, December 31, 2017 $ 132,169 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of outstanding consolidated indebtedness and summary of senior 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 October 2017 400,000 99.912 3.625% 3.635% 352 10 $ 1,600,000 $ 3,028 (1) The yield includes effect of the amortization of the interest rate swap terminations (see Note 13 for details). A summary of the Company’s outstanding consolidated indebtedness, including unamortized debt premiums and discounts, is as follows: December 31, 2017 2016 Debt secured by owned properties: Mortgage loans payable: Unpaid principal balance $ 496,557 $ 559,642 Unamortized deferred financing costs (2,144 ) (3,040 ) Unamortized debt premiums 19,006 26,830 513,419 583,432 Construction loans payable (1) 51,780 — Unamortized deferred financing costs (888 ) — 564,311 583,432 Debt secured by on-campus participating properties: Mortgage loans payable (2) 69,776 71,662 Bonds payable 30,575 33,870 Unamortized deferred financing costs (642 ) (769 ) 99,709 104,763 Total secured mortgage, construction and bond debt 664,020 688,195 Unsecured notes, net of unamortized OID and deferred financing costs (3) 1,585,855 1,188,737 Unsecured term loans, net of unamortized deferred financing costs (4) 647,044 149,065 Unsecured revolving credit facility 127,600 99,300 Total debt, net $ 3,024,519 $ 2,125,297 (1) Construction loans payable relates to construction loans partially financing the development of four in-process development properties. These properties are owned by entities determined to be VIEs for which the Company is the primary beneficiary. The creditors of these construction loans do not have recourse to the assets of the Company. (2) Mortgage loans payable related to on-campus participating properties do not have recourse to the assets of the Company. (3) Includes net unamortized original issue discount (“OID”) of $1.9 million at both December 31, 2017 and 2016 , and net unamortized deferred financing costs of $12.2 million at December 31, 2017 and $9.3 million at December 31, 2016 . (4) Includes net unamortized deferred financing costs of $3.0 million at December 31, 2017 and $0.9 million at December 31, 2016 . |
Schedule of mortgage and construction loans payable | Mortgage and construction loans payable, excluding debt premiums and discounts, consisted of the following as of December 31, 2017 : December 31, 2017 Principal Outstanding Weighted Weighted Number of December 31, Average Average Properties 2017 2016 Interest Rate Years to Maturity Encumbered Fixed Rate: Mortgage loans payable (1) 566,333 $ 631,304 4.64 % 5.3 Years 20 Variable Rate: Construction loans payable (2) 51,780 — 4.41 % — 0.7 Years 4 Total $ 618,113 $ 631,304 4.62 % 4.9 Years 24 (1) Fixed rate mortgage loans payable mature at various dates from June 2018 through July 2045 and carry interest rates ranging from 3.05% to 6.43% at December 31, 2017 . (2) Variable rate construction loans mature upon completion of the development projects in August and September 2018 and carry interest rates based on LIBOR plus a spread, which translate into interest rates ranging from 3.93% to 4.90% at December 31, 2017 . |
Schedule of debt transactions | During the year ended December 31, 2017 , the following transactions occurred: Mortgage Loans Payable (1) Construction Loans Payable Balance, December 31, 2016 $ 631,304 $ — Additions: Construction notes payable - Core Joint Ventures (2) — 104,056 Draws under advancing construction notes payable — 40,170 Deductions: Pay-off of maturing mortgage notes payable (3) (55,514 ) — Pay-off of construction debt - Core Joint Ventures (2) — (92,446 ) Scheduled repayments of principal (9,457 ) — Balance, December 31, 2017 $ 566,333 $ 51,780 (1) Balance excludes unamortized debt premiums and discounts. (2) Includes construction debt associated with the Company’s initial investment in the Core Joint Ventures. Construction debt associated with Core JV I, totaling $92.4 million , was paid off with proceeds from the Company’s initial investment in the joint venture (see Note 5 ). (3) The Company paid off fixed rate mortgage debt nearing maturity secured by two owned properties. |
Schedule of bonds payable | Bonds payable at December 31, 2017 consisted of the following: Principal Weighted Required Series Mortgaged Facilities Subject to Leases Original December 31, 2017 Average Rate Maturity Date Monthly Debt Service 1999 University Village-PVAMU/TAMIU $ 39,270 $ 16,875 7.76 % September 2023 $ 302 2001 University College–PVAMU 20,995 11,075 7.62 % August 2025 158 2003 University College–PVAMU 4,325 2,625 6.16 % August 2028 28 Total/weighted average rate $ 64,590 $ 30,575 7.57 % $ 488 |
Schedule of debt maturities | The following table summarizes the stated debt maturities and scheduled amortization payments, excluding debt premiums and discounts, for each of the five years subsequent to December 31, 2017 and thereafter: 2018 $ 497,523 (1) 2019 13,036 2020 455,046 2021 382,147 2022 360,038 Thereafter 1,318,498 $ 3,026,288 (1) 2018 includes $51.8 million related to construction loans used to finance the development and construction of four in-process development properties held by entities determined to be VIEs. These loans are an obligation of the third-party developers and will be paid off with proceeds from the Company’s investment in the properties, which is expected to occur upon the successful completion and delivery of the properties in August and September 2018 (see Note 5 and Note 16 ). |
Stockholders' Equity _ Partne36
Stockholders' Equity / Partners' Capital (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Summary of Equity Program Activity | The following table presents activity under the Company’s ATM Equity Program: Year Ended December 31, 2017 2016 Total net proceeds $ 188,538 $ 75,090 Commissions paid to sales agents $ 2,374 $ 953 Weighted average price per share $ 48.34 $ 51.07 Shares of common stock sold 3,949,356 1,489,000 |
Incentive Award Plan (Tables)
Incentive Award Plan (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of summary of restricted stock units | A summary of ACC’s RSUs under the Plan for the years ended December 31, 2017 and 2016 and activity during the year then ended is presented below: Number of RSUs Weighted-Average Grant Date Fair Value Per RSU Outstanding at December 31, 2015 — $ — Granted 18,908 46.81 Settled in common shares (15,524 ) 46.87 Settled in cash (3,384 ) 46.55 Outstanding at December 31, 2016 — $ — Granted 18,221 46.67 Settled in common shares (16,295 ) 46.65 Settled in cash (1,926 ) 46.76 Outstanding at December 31, 2017 — $ — |
Schedule of summary of restricted stock awards | A summary of the Company’s RSAs under the Plan for the years ended December 31, 2017 and 2016 is presented below: Number of RSAs Weighted-Average Grant Date Fair Value Per RSA Nonvested balance at December 31, 2015 655,925 $ 41.12 Granted 332,717 41.41 Vested (127,352 ) 40.19 Forfeited (88,189 ) 40.47 Nonvested balance at December 31, 2016 773,101 $ 41.47 Granted 344,688 48.55 Vested (193,186 ) 42.29 Forfeited (113,733 ) 42.36 Nonvested balance at December 31, 2017 810,870 $ 44.16 |
Derivative Instruments and He38
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 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 $ 13,698 $ (95 ) Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month 13,839 (96 ) Park Point mortgage loan Nov 1, 2013 Oct 5, 2018 1.5450% LIBOR - 1 month 70,000 87 Total $ 97,537 $ (104 ) |
Schedule of fair value of derivative financial instruments and classification on consolidated balance sheet | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2017 and 2016 : Asset Derivatives Liability Derivatives Fair Value as of Fair Value as of Description Balance Sheet Location December 31, 2017 December 31, 2016 Balance Sheet Location December 31, 2017 December 31, 2016 Interest rate swap contracts Other assets $ 87 $ — Other liabilities $ 191 $ 1,099 Total derivatives designated $ 87 $ — $ 191 $ 1,099 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 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 Assets: Derivative financial $ — $ 87 $ — $ 87 $ — $ — $ — $ — Liabilities: Derivative financial instruments $ — $ 191 $ — $ 191 $ — $ 1,099 $ — $ 1,099 Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) $ — $ 44,503 $ 87,666 $ 132,169 $ — $ 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 December 31, 2017 and 2016 : December 31, 2017 December 31, 2016 Estimated Fair Value Carrying Amount Estimated Fair Value Carrying Amount Assets: Loans receivable $ 54,140 $ 57,948 $ 54,396 $ 58,539 Liabilities: Unsecured notes $ 1,620,839 $ 1,585,855 (1) $ 1,211,344 $ 1,188,737 (1) Mortgage loans $ 571,676 $ 582,927 (2) $ 644,617 $ 654,794 (2) Bonds payable $ 32,552 $ 30,201 $ 37,066 $ 33,401 (1) Includes net unamortized OID and net unamortized deferred financing costs (see Note 10 ). (2) Includes net unamortized debt premiums and discounts and net unamortized deferred financing costs (see Note 10 ). |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Future minimum commitments for operating leases | Future minimum commitments over the life of all leases, which exclude variable rent payments, are as follows: Operating 2018 $ 8,568 2019 9,719 2020 10,159 2021 9,186 2022 9,186 Thereafter 372,397 Total minimum lease payments $ 419,215 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | Year Ended December 31, 2017 2016 2015 Owned Properties Rental revenues and other income $ 741,909 $ 738,598 $ 708,018 Interest income 1,545 1,170 1,071 Total revenues from external customers 743,454 739,768 709,089 Operating expenses before depreciation, amortization, and ground/facility lease expense (332,429 ) (337,296 ) (331,836 ) Ground/facility leases (7,372 ) (6,158 ) (5,297 ) Interest expense, net (1) (3,659 ) (18,552 ) (30,147 ) Operating income before depreciation and amortization $ 399,994 $ 377,762 $ 341,809 Depreciation and amortization $ 223,939 $ 200,934 $ 198,986 Capital expenditures $ 617,552 $ 485,726 $ 316,468 Total segment assets at December 31, $ 6,691,758 $ 5,672,360 $ 5,804,068 On-Campus Participating Properties Rental revenues and other income $ 33,945 $ 33,433 $ 31,586 Interest income 65 10 2 Total revenues from external customers 34,010 33,443 31,588 Operating expenses before depreciation, amortization, and ground/facility lease expense (14,384 ) (13,447 ) (12,437 ) Ground/facility lease (2,841 ) (3,009 ) (2,935 ) Interest expense, net (1) (5,264 ) (5,539 ) (5,833 ) Operating income before depreciation and amortization $ 11,521 $ 11,448 $ 10,383 Depreciation and amortization $ 7,536 $ 7,343 $ 7,034 Capital expenditures $ 3,533 $ 2,944 $ 2,943 Total segment assets at December 31, $ 100,031 $ 103,256 $ 104,641 Development Services Development and construction management fees $ 10,761 $ 4,606 $ 4,964 Operating expenses (7,618 ) (7,530 ) (8,119 ) Operating income (loss) before depreciation and amortization $ 3,143 $ (2,924 ) $ (3,155 ) Total segment assets at December 31, $ 6,726 $ 2,601 $ 1,730 Property Management Services Property management fees from external customers $ 9,832 $ 9,724 $ 8,813 Operating expenses (7,607 ) (7,003 ) (6,227 ) Operating income before depreciation and amortization $ 2,225 $ 2,721 $ 2,586 Total segment assets at December 31, $ 7,576 $ 7,997 $ 9,432 Reconciliations Total segment revenues and other income $ 798,057 $ 787,541 $ 754,454 Unallocated interest income earned on investments and corporate cash 3,335 4,301 3,348 Total consolidated revenues, including interest income $ 801,392 $ 791,842 $ 757,802 Segment operating income before depreciation and amortization $ 416,883 $ 389,007 $ 351,623 Depreciation and amortization (239,574 ) (217,907 ) (214,338 ) Net unallocated expenses relating to corporate interest and overhead (90,250 ) (72,788 ) (69,299 ) (Loss) gain from disposition of real estate (632 ) 21,197 52,699 Provision for real estate impairment (15,317 ) (4,895 ) — Other nonoperating income — — 388 Loss from early extinguishment of debt — (12,841 ) (1,770 ) Income tax provision (989 ) (1,150 ) (1,242 ) Net income $ 70,121 $ 100,623 $ 118,061 Total segment assets $ 6,806,091 $ 5,786,214 $ 5,919,871 Unallocated corporate assets 91,279 79,699 86,377 Total assets at December 31, $ 6,897,370 $ 5,865,913 $ 6,006,248 (1) Net of capitalized interest and amortization of debt premiums. |
Quarterly Financial Informati42
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Document Information [Line Items] | |
Schedule of quarterly financial information | The information presented below represents the quarterly consolidated financial results of the Company for the years ended December 31, 2017 and 2016 . 2017 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 192,938 $ 179,008 $ 196,938 $ 227,563 $ 796,447 Operating income 49,219 12,610 17,575 63,134 142,538 Net income (loss) 34,449 (2,653 ) (1,233 ) 39,558 70,121 Net income attributable to noncontrolling interests (399 ) (109 ) (79 ) (496 ) (1,083 ) Net income (loss) attributable to ACC, Inc. and Subsidiaries common stockholders $ 34,050 $ (2,762 ) $ (1,312 ) $ 39,062 $ 69,038 Net income (loss) attributable to common stockholders per share - basic $ 0.25 $ (0.02 ) $ (0.01 ) $ 0.28 $ 0.50 Net income (loss) attributable to common stockholders per share - diluted $ 0.25 $ (0.02 ) $ (0.01 ) $ 0.28 $ 0.50 2016 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 199,995 $ 185,983 $ 196,411 $ 203,972 $ 786,361 Operating income 53,035 39,106 29,278 51,724 173,143 Net income 46,209 18,765 9,845 25,804 100,623 Net income attributable to noncontrolling interests (622 ) (327 ) (201 ) (412 ) (1,562 ) Net income attributable to ACC, Inc. and Subsidiaries common stockholders $ 45,587 $ 18,438 $ 9,644 $ 25,392 $ 99,061 Net income attributable to common stockholders per share - basic $ 0.37 $ 0.14 $ 0.07 $ 0.19 $ 0.76 (1) Net income attributable to common stockholders per share - diluted $ 0.36 $ 0.14 $ 0.07 $ 0.19 $ 0.75 (1) (1) Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year. |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |
Document Information [Line Items] | |
Schedule of quarterly financial information | The information presented below represents the quarterly consolidated financial results of the Operating Partnership for the years ended December 31, 2017 and 2016 . 2017 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 192,938 $ 179,008 $ 196,938 $ 227,563 $ 796,447 Operating income 49,219 12,610 17,575 63,134 142,538 Net income (loss) 34,449 (2,653 ) (1,233 ) 39,558 70,121 Net income attributable to noncontrolling interests (105 ) (97 ) (57 ) (176 ) (435 ) Series A preferred unit distributions (31 ) (31 ) (31 ) (31 ) (124 ) Net income (loss) available to common unitholders $ 34,313 $ (2,781 ) $ (1,321 ) $ 39,351 $ 69,562 Net income (loss) per unit attributable to common unitholders - basic $ 0.25 $ (0.02 ) $ (0.01 ) $ 0.28 $ 0.50 Net income (loss) per unit attributable to common unitholders - diluted $ 0.25 $ (0.02 ) $ (0.01 ) $ 0.28 $ 0.50 2016 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 199,995 $ 185,983 $ 196,411 $ 203,972 $ 786,361 Operating income 53,035 39,106 29,278 51,724 173,143 Net income 46,209 18,765 9,845 25,804 100,623 Net income attributable to noncontrolling interests (104 ) (104 ) (77 ) (171 ) (456 ) Series A preferred unit distributions (42 ) (37 ) (36 ) (31 ) (146 ) Net income available to common unitholders $ 46,063 $ 18,624 $ 9,732 $ 25,602 $ 100,021 Net income per unit attributable to common unitholders - basic $ 0.37 $ 0.14 $ 0.07 $ 0.19 $ 0.76 (1) Net income per unit attributable to common unitholders - diluted $ 0.36 $ 0.14 $ 0.07 $ 0.19 $ 0.75 (1) (1) Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year. |
Organization and Description 43
Organization and Description of Business - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2017university_systemPropertyBed | Aug. 31, 2017Bed | Jun. 30, 2017Bed | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Number of properties | 169 | ||
Number of beds | Bed | 104,100 | 1,178 | |
Minimum | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Initial terms of contract | 1 year | ||
Maximum | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Initial terms of contract | 5 years | ||
Owned Properties | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Number of beds | Bed | 1,240 | ||
Management and leasing services | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Number of properties | 37 | ||
Number of beds | Bed | 30,000 | ||
Third-party managed portfolio | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Number of properties | 206 | ||
Number of beds | Bed | 134,100 | ||
Off campus properties | Owned Properties | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Number of properties | 132 | ||
On-campus participating properties | Owned Properties | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Number of properties | 5 | ||
Number of university systems | university_system | 3 | ||
Under development | Owned Properties | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Number of beds | Bed | 9,400 | ||
Owned on campus properties | American campus equity | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Number of student housing properties | 32 | ||
Number of university systems | university_system | 15 | ||
Number of properties under construction | 7 | ||
Owned on campus properties | Under development | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Number of properties under construction | 13 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Limited partner ownership interest (percent) | 99.20% | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Maximum | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Ownership interest (percent) | 1.00% |
Summary of Significant Accoun44
Summary of Significant Accounting Policies - Narrative (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($)university_systemofferingEntityProperty | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | May 31, 2017USD ($) | |
Significant Accounting Policies [Line Items] | ||||||
Capitalized interest | $ 15,900,000 | $ 12,300,000 | $ 9,600,000 | |||
Provision for real estate impairment | 15,317,000 | 4,895,000 | 0 | |||
Secured mortgage, construction and bond debt, net | $ 664,020,000 | 688,195,000 | ||||
Number of properties | Property | 169 | |||||
Unamortized discount on loans receivable | $ 2,600,000 | 2,800,000 | ||||
Impairment of loans receivable | 0 | |||||
Net carrying amount of in-pace leases | $ 4,200,000 | 1,300,000 | ||||
Weighted average in-place lease term | 2 years 11 months 20 days | |||||
Deferred finance costs | $ 4,600,000 | 1,400,000 | ||||
Amount of pre-development costs deferred | 4,700,000 | |||||
Advertising costs | $ 12,700,000 | 12,800,000 | 11,800,000 | |||
Number of entities | Entity | 2 | |||||
In-place leases | ||||||
Significant Accounting Policies [Line Items] | ||||||
Lease term | 1 year | |||||
Capitalized amount of acquired intangible assets | $ 7,400,000 | 600,000 | 3,300,000 | |||
Amortization expense of acquired intangible assets | 4,500,000 | 900,000 | 3,700,000 | |||
Property tax abatement | ||||||
Significant Accounting Policies [Line Items] | ||||||
Capitalized amount of acquired intangible assets | 10,200,000 | 3,600,000 | 13,700,000 | |||
Amortization expense of acquired intangible assets | 3,300,000 | 2,900,000 | 2,800,000 | |||
Unamortized tax abatement | $ 61,400,000 | 55,100,000 | ||||
Weighted average tax abatement period | 18 years 7 months 9 days | |||||
Mortgages | ||||||
Significant Accounting Policies [Line Items] | ||||||
Provision for real estate impairment | $ 15,300,000 | $ 15,300,000 | ||||
Secured mortgage, construction and bond debt, net | $ 27,400,000 | $ 27,400,000 | $ 27,400,000 | |||
Amortization of debt discounts (premiums) | $ (7,800,000) | (12,000,000) | 12,000,000 | |||
Net unamortized debt premiums | $ 19,000,000 | 26,800,000 | ||||
Senior notes | ||||||
Significant Accounting Policies [Line Items] | ||||||
Number of debt offerings | offering | 4 | |||||
Amount | $ 1,600,000,000 | |||||
Unsecured notes | Senior notes | ||||||
Significant Accounting Policies [Line Items] | ||||||
Net unamortized debt discounts | 1,900,000 | 1,900,000 | ||||
Interest expense | Senior notes | ||||||
Significant Accounting Policies [Line Items] | ||||||
Amortization of debt discounts (premiums) | 300,000 | 300,000 | $ 200,000 | |||
Carrying Amount | ||||||
Significant Accounting Policies [Line Items] | ||||||
Loans receivable | $ 57,948,000 | 58,539,000 | ||||
Accounting Standards Update 2014-09 | ||||||
Significant Accounting Policies [Line Items] | ||||||
Percentage of revenue, excluded from evaluation | 95.00% | |||||
Percentage of revenue, included in evaluation | 5.00% | |||||
Owned on campus properties | American campus equity | ||||||
Significant Accounting Policies [Line Items] | ||||||
Number of university systems | university_system | 15 | |||||
Number of student housing properties | Property | 32 | |||||
Number of properties under construction | Property | 7 | |||||
Owned on campus properties | Under development | ||||||
Significant Accounting Policies [Line Items] | ||||||
Number of properties under construction | Property | 13 | |||||
On-campus participating properties | ||||||
Significant Accounting Policies [Line Items] | ||||||
Number of university systems | university_system | 3 | |||||
Owned Properties | ||||||
Significant Accounting Policies [Line Items] | ||||||
Secured mortgage, construction and bond debt, net | $ 564,311,000 | 583,432,000 | ||||
Owned Properties | Mortgages | ||||||
Significant Accounting Policies [Line Items] | ||||||
Secured mortgage, construction and bond debt, net | 513,419,000 | 583,432,000 | ||||
Net unamortized debt premiums | $ 19,006,000 | $ 26,830,000 | ||||
Owned Properties | Owned on campus properties | Under development | ||||||
Significant Accounting Policies [Line Items] | ||||||
Number of properties scheduled to be open for occupancy in fall 2018 | Property | 5 | |||||
Number of properties scheduled to be open for occupancy in fall 2019 | Property | 2 | |||||
Owned Properties | On-campus participating properties | ||||||
Significant Accounting Policies [Line Items] | ||||||
Number of university systems | university_system | 3 | |||||
Number of properties | Property | 5 | |||||
Minimum | Owned on campus properties | American campus equity | ||||||
Significant Accounting Policies [Line Items] | ||||||
Term of agreement | 30 years | |||||
Maximum | Owned on campus properties | American campus equity | ||||||
Significant Accounting Policies [Line Items] | ||||||
Term of agreement | 90 years |
Summary of Significant Accoun45
Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Buildings and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful Life | 7 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful Life | 40 years |
Furniture, fixtures and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful Life | 3 years |
Furniture, fixtures and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful Life | 7 years |
On-campus participating properties | Leasehold interest | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful Life | 25 years |
On-campus participating properties | Leasehold interest | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful Life | 34 years |
Summary of Significant Accoun46
Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance, Beginning of Period | $ 16,455 | $ 17,054 | $ 19,711 |
Charged to Expense | 6,753 | 9,195 | 10,115 |
Write-Offs | (8,860) | (9,794) | (12,772) |
Balance, End of Period | 14,348 | 16,455 | 17,054 |
Write-offs related to properties disposed of in prior years | $ 3,100 | $ 3,100 | $ 4,000 |
Earnings Per Share - Potentiall
Earnings Per Share - Potentially dilutive securities not included in calculating diluted earnings per share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (shares) | 1,096,699 | 1,322,263 | 109,775 |
Common OP Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (shares) | 1,019,186 | 1,231,500 | 0 |
Preferred OP Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (shares) | 77,513 | 90,763 | 109,775 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Elements Used in Calculating Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Numerator - basic earnings per share: | |||||||||||
Net income | $ 39,558 | $ (1,233) | $ (2,653) | $ 34,449 | $ 25,804 | $ 9,845 | $ 18,765 | $ 46,209 | $ 70,121 | $ 100,623 | $ 118,061 |
Net income attributable to noncontrolling interests | (496) | (79) | (109) | (399) | (412) | (201) | (327) | (622) | (1,083) | (1,562) | (2,070) |
Net income (loss) attributable to ACC, Inc. and Subsidiaries common stockholders | $ 39,062 | $ (1,312) | $ (2,762) | $ 34,050 | $ 25,392 | $ 9,644 | $ 18,438 | $ 45,587 | 69,038 | 99,061 | 115,991 |
Amount allocated to participating securities | (1,536) | (1,338) | (1,086) | ||||||||
Net income attributable to common unitholders | 67,502 | 97,723 | 114,905 | ||||||||
Numerator - diluted earnings per share: | |||||||||||
Net income attributable to common stockholders - basic | 67,502 | 97,723 | 114,905 | ||||||||
Net income attributable to Common OP Units | 0 | 0 | 1,282 | ||||||||
Net income attributable to common stockholders - diluted | $ 67,502 | $ 97,723 | $ 116,187 | ||||||||
Denominator: | |||||||||||
Basic weighted average common shares outstanding (shares) | 135,141,423 | 129,228,748 | 111,987,361 | ||||||||
Diluted weighted average common shares outstanding (shares) | 136,002,385 | 130,018,729 | 114,032,222 | ||||||||
Earnings per share: | |||||||||||
Net income attributable to common stockholders - Basic (in dollars per share) | $ 0.50 | $ 0.76 | $ 1.03 | ||||||||
Net income attributable to common stockholders - diluted (in dollars per share) | $ 0.50 | $ 0.75 | $ 1.02 | ||||||||
Unvested restricted stock awards | |||||||||||
Denominator: | |||||||||||
Potentially dilutive securities (shares) | 860,962 | 789,981 | 680,980 | ||||||||
Common OP units | |||||||||||
Denominator: | |||||||||||
Potentially dilutive securities (shares) | 0 | 0 | 1,363,881 |
Earnings Per Share - Summary 49
Earnings Per Share - Summary of Elements Used in Calculating Basic and Diluted Earnings per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Numerator - basic and diluted earnings per unit: | |||||||||||
Net income | $ 39,558 | $ (1,233) | $ (2,653) | $ 34,449 | $ 25,804 | $ 9,845 | $ 18,765 | $ 46,209 | $ 70,121 | $ 100,623 | $ 118,061 |
Net income attributable to noncontrolling interests | (496) | (79) | (109) | (399) | (412) | (201) | (327) | (622) | (1,083) | (1,562) | (2,070) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||||||||||
Numerator - basic and diluted earnings per unit: | |||||||||||
Net income | 39,558 | (1,233) | (2,653) | 34,449 | 25,804 | 9,845 | 18,765 | 46,209 | 70,121 | 100,623 | 118,061 |
Net income attributable to noncontrolling interests | (176) | (57) | (97) | (105) | (171) | (77) | (104) | (104) | (435) | (456) | |
Series A preferred unit distributions | $ (31) | $ (31) | $ (31) | $ (31) | $ (31) | $ (36) | $ (37) | $ (42) | (124) | (146) | (176) |
Amount allocated to participating securities | (1,536) | (1,338) | (1,086) | ||||||||
Net income attributable to common stockholders - basic | $ 68,026 | $ 98,683 | $ 116,187 | ||||||||
Denominator: | |||||||||||
Basic weighted average common units outstanding (units) | 136,160,609 | 130,460,248 | 113,351,242 | ||||||||
Diluted weighted average common units outstanding (units) | 137,021,571 | 131,250,229 | 114,032,222 | ||||||||
Earnings per unit: | |||||||||||
Net income attributable to common unitholders - basic (in dollars per unit) | $ 0.50 | $ 0.76 | $ 1.03 | ||||||||
Net income attributable to common unitholders - diluted (in dollars per unit) | $ 0.50 | $ 0.75 | $ 1.02 | ||||||||
Unvested restricted stock awards | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||||||||||
Denominator: | |||||||||||
Potentially dilutive securities (shares) | 860,962 | 789,981 | 680,980 | ||||||||
Partially-owned properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||||||||||
Numerator - basic and diluted earnings per unit: | |||||||||||
Net income attributable to noncontrolling interests | $ (435) | $ (456) | $ (612) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Line Items] | |||
Loss subject to TRS earnings tax | $ (71,110) | $ (101,773) | $ (119,303) |
TRS | |||
Income Taxes [Line Items] | |||
Loss subject to TRS earnings tax | 8,400 | $ 3,800 | $ 3,300 |
Net operating loss carryforwards | $ 38,200 |
Income Taxes - Components of de
Income Taxes - Components of deferred tax assets and liabilities of TRSs (Details) - TRS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Fixed and intangible assets | $ 750 | $ 2,074 |
Net operating loss carryforwards | 8,808 | 9,492 |
Prepaid and deferred income | 1,459 | 2,417 |
Bad debt reserves | 574 | 754 |
Accrued expenses and other | 2,769 | 5,251 |
Stock compensation | 2,017 | 2,866 |
Total deferred tax assets | 16,377 | 22,854 |
Valuation allowance for deferred tax assets | (16,293) | (22,688) |
Deferred tax assets, net of valuation allowance | 84 | 166 |
Deferred tax liability: | ||
Deferred financing costs | 84 | 166 |
Net deferred tax liabilities | $ 0 | $ 0 |
Income Taxes - Components of in
Income Taxes - Components of income tax provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||
Federal | $ 0 | $ 0 | $ 0 |
State | (989) | (1,150) | (1,242) |
Deferred: | |||
Federal | 0 | 0 | 0 |
State | 0 | 0 | 0 |
Total provision | $ (989) | $ (1,150) | $ (1,242) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of income tax attributable to continuing operations for TRSs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Line Items] | |||
TRS income tax provision | $ 989 | $ 1,150 | $ 1,242 |
TRS | |||
Income Taxes [Line Items] | |||
Tax benefit at U.S. statutory rates on TRS income subject to tax | 1,277 | 2,303 | 2,019 |
State income tax, net of federal income tax benefit | 57 | 85 | 74 |
Effect of permanent differences and other | 207 | (88) | (77) |
Deferred tax impact of tax reform | (9,206) | 0 | 0 |
Decrease (increase) in valuation allowance | 7,665 | (2,300) | (2,016) |
TRS income tax provision | $ 0 | $ 0 | $ 0 |
Income Taxes - Tax treatment of
Income Taxes - Tax treatment of distributions to shareholders (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Ordinary income (in dollars per share) | $ 0.8316 | $ 0.3541 | $ 0.4658 |
Long-term capital gain (in dollars per share) | 0 | 0.5145 | 0.5301 |
Return of capital (in dollars per share) | 0.9084 | 0.7914 | 0.5841 |
Total per common share outstanding (in dollars per share) | 1.74 | 1.66 | 1.58 |
Unrecaptured Section 1250 gains (in dollars per share) | $ 0 | $ 0.5383 | $ 0.5281 |
Acquisitions and Joint Ventur55
Acquisitions and Joint Venture Investments - Narrative (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Aug. 31, 2017USD ($)PropertyBed | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($)Property | Dec. 31, 2017Propertyland_parcelBed | Sep. 30, 2017USD ($)PropertyBed | Dec. 31, 2017USD ($)Propertyland_parcelBed | Dec. 31, 2016USD ($)PropertyBed | Dec. 31, 2015USD ($)PropertyBed$ / Unitshares | Sep. 30, 2018Bed | Jun. 30, 2017Bed | |
Business Acquisition [Line Items] | |||||||||||
Number of properties | Property | 169 | 169 | |||||||||
Payments to acquire land | $ 8,886 | $ 856 | $ 49,927 | ||||||||
Construction loan paid off at closing | $ 12,842 | 15,120 | 14,450 | ||||||||
Number of beds | Bed | 1,178 | 104,100 | 104,100 | ||||||||
Cash paid for asset acquisitions | $ 366,655 | $ 102,804 | $ 291,352 | ||||||||
Owned Properties | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of beds | Bed | 1,240 | ||||||||||
In-process development properties | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of properties | Property | 3 | 2 | |||||||||
Number of beds | Bed | 2,598 | 2,598 | |||||||||
Amount expected to be invested | $ 590,600 | ||||||||||
Construction Loans | Owned Properties | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Construction loan paid off at closing | $ 92,400 | ||||||||||
Scenario, Forecast | In-process development properties | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Limited partner ownership interest (percent) | 58.00% | ||||||||||
Number of properties | Property | 3 | ||||||||||
Asset acquisition, consideration transferred | $ 68,800 | $ 24,200 | |||||||||
2016 Property Acquisitions | Owned Properties | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of properties | Property | 2 | ||||||||||
Number of beds | Bed | 709 | ||||||||||
Total purchase price | $ 63,100 | ||||||||||
2016 Property Acquisitions | In-process development properties | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of properties | Property | 2 | ||||||||||
Number of beds | Bed | 1,333 | ||||||||||
Total purchase price | $ 39,600 | ||||||||||
Series of Individually Immaterial Business Acquisitions | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Net assets acquired | 102,800 | ||||||||||
Series of Individually Immaterial Business Acquisitions | Owned Properties | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of properties | Property | 8 | ||||||||||
Number of beds | Bed | 4,061 | ||||||||||
Total purchase price | 102,700 | $ 378,300 | |||||||||
Mortgage debt | $ 69,400 | ||||||||||
Series of Individually Immaterial Business Acquisitions | Common OP units | Owned Properties | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Equity issued as part of business acquisition (in shares) | shares | 343,895 | ||||||||||
Equity issued as part of business acquisition (in dollars per share) | $ / Unit | 41.24 | ||||||||||
The Edge - Stadium Centre | Owned Properties | Pre-Sale Arrangement | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Total purchase price | $ 42,600 | ||||||||||
The Court | Owned Properties | Pre-Sale Arrangement | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Total purchase price | $ 26,500 | ||||||||||
Core Joint Venture I | In-process development properties | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Limited partner ownership interest (percent) | 67.00% | ||||||||||
Number of properties | Property | 2 | ||||||||||
Asset acquisition, consideration transferred | $ 135,700 | ||||||||||
Number of beds | Bed | 1,098 | 1,098 | |||||||||
Core Joint Venture II | Scenario, Forecast | In-process development properties | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of beds | Bed | 1,500 | ||||||||||
Total purchase price | $ 130,600 | ||||||||||
Core Transaction | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of student housing properties | Property | 7 | ||||||||||
Limited partner ownership interest (percent) | 100.00% | 100.00% | 100.00% | ||||||||
Number of properties | Property | 2 | 2 | |||||||||
Number of operating properties purchased through joint venture arrangement | Property | 2 | ||||||||||
Asset acquisition, consideration transferred | $ 146,100 | $ 306,000 | |||||||||
Number of beds | Bed | 3,776 | ||||||||||
Cash paid for asset acquisitions | $ 144,300 | ||||||||||
Core Transaction Subject To Purchase Option | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of properties | Property | 1 | ||||||||||
Series of Individually Immaterial Asset Acquisitions | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of properties | Property | 3 | 3 | |||||||||
Asset acquisition, consideration transferred | $ 222,900 | ||||||||||
Number of beds | Bed | 1,240 | 1,240 | |||||||||
Cash paid for asset acquisitions | $ 222,300 | ||||||||||
Series of Individually Immaterial Asset Acquisitions | Scenario, Forecast | In-process development properties | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Option to purchase remaining interest in joint venture | $ 85,200 | ||||||||||
Land | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Asset acquisition, consideration transferred | $ 12,000 | ||||||||||
Number of land parcels acquired | land_parcel | 5 | 5 | |||||||||
Land | In-process development properties | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Asset acquisition, consideration transferred | $ 9,000 |
Acquisitions and Joint Ventur56
Acquisitions and Joint Venture Investments - Schedule of Asset Acquisitions (Details) - Bed | Sep. 30, 2018 | Dec. 31, 2017 | Oct. 31, 2017 | Sep. 30, 2017 | Aug. 31, 2017 | Jun. 30, 2017 | Apr. 30, 2017 |
Property, Plant and Equipment [Line Items] | |||||||
Number of beds | 104,100 | 1,178 | |||||
The 515 | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of beds | 513 | ||||||
State | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of beds | 665 | ||||||
Owned Properties | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of beds | 1,240 | ||||||
Owned Properties | The Arlie | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of beds | 598 | ||||||
Owned Properties | TWELVE at U District | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of beds | 384 | ||||||
Owned Properties | Bridges @ 11th | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of beds | 258 | ||||||
In-process development properties | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of beds | 2,598 | ||||||
Core Joint Venture I | In-process development properties | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of beds | 1,098 | ||||||
Core Joint Venture I | In-process development properties | The James | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of beds | 850 | ||||||
Core Joint Venture I | In-process development properties | Hub At U District, Seattle | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of beds | 248 | ||||||
Scenario, Forecast | Core Joint Venture II | In-process development properties | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of beds | 1,500 | ||||||
Scenario, Forecast | Core Joint Venture II | In-process development properties | The Hub at Ann Arbor | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of beds | 310 | ||||||
Scenario, Forecast | Core Joint Venture II | In-process development properties | The Hub at Flagstaff | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of beds | 591 | ||||||
Scenario, Forecast | Core Joint Venture II | In-process development properties | The Hub at West Lafayette | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of beds | 599 |
Acquisitions and Joint Ventur57
Acquisitions and Joint Venture Investments - Fair Value of Assets Acquired and Liabilities Assumed (Details) - Series of Individually Immaterial Business Acquisitions $ in Thousands | Dec. 31, 2016USD ($) |
Assets: | |
Land | $ 14,720 |
Buildings and improvements | 54,162 |
Furniture, fixtures and equipment | 2,736 |
Construction in progress | 27,806 |
Intangible assets | 4,442 |
Other assets | 0 |
Total assets | 103,866 |
Liabilities: | |
Other liabilities | (1,062) |
Net assets | $ 102,800 |
Acquisitions and Joint Ventur58
Acquisitions and Joint Venture Investments - Unaudited Pro Forma Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Business Combinations [Abstract] | ||
Total revenues | $ 789,942 | $ 769,797 |
Net income attributable to common shareholders | $ 99,941 | $ 123,101 |
Property Dispositions (Details)
Property Dispositions (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017USD ($)Bed | Dec. 31, 2016USD ($)Property | Dec. 31, 2015USD ($)Propertyland_parcel | Aug. 31, 2017Bed | Jun. 30, 2017Bed | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of beds | Bed | 104,100 | 1,178 | |||
Total proceeds from disposition of real estate | $ 24,462 | $ 571,424 | $ 427,304 | ||
(Loss) gain from disposition of real estate | (632) | 21,197 | 52,699 | ||
Provision for real estate impairment | 15,317 | 4,895 | 0 | ||
Disposal group, not discontinued operations | Owned Properties | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Sale price of disposed property | 25,000 | 581,800 | 436,900 | ||
Total proceeds from disposition of real estate | 24,500 | 571,400 | 427,300 | ||
(Loss) gain from disposition of real estate | (600) | $ 21,200 | $ 52,700 | ||
Provision for real estate impairment | $ 4,900 | ||||
Number of properties sold | Property | 21 | 20 | |||
Number of land parcels disposed | land_parcel | 2 | ||||
The Province - Dayton | Disposal group, not discontinued operations | Wholly-owned properties held for sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of beds | Bed | 657 | ||||
Owned Properties | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of beds | Bed | 1,240 |
Investments in Owned Properti60
Investments in Owned Properties - Summary of wholly-owned properties (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Real Estate Properties [Line Items] | ||
Owned properties, net | $ 6,532,168 | $ 5,538,161 |
Undeveloped land parcels | 38,000 | 38,500 |
Wholly-Owned | ||
Real Estate Properties [Line Items] | ||
Land | 586,170 | 563,037 |
Buildings and improvements | 5,789,439 | 4,921,473 |
Furniture, fixtures and equipment | 330,669 | 294,113 |
Construction in progress | 293,542 | 347,575 |
Real estate properties gross | 6,999,820 | 6,126,198 |
Less accumulated depreciation | (988,044) | (815,053) |
Owned properties, net | 6,011,776 | 5,311,145 |
Variable interest entity | ||
Real Estate Properties [Line Items] | ||
Land | 60,821 | 5,229 |
Buildings and improvements | 307,088 | 143,664 |
Furniture, fixtures and equipment | 18,159 | 9,128 |
Construction in progress | 99,503 | 1,923 |
Real estate properties gross | 485,571 | 159,944 |
Less accumulated depreciation | (46,983) | (44,075) |
Owned properties, net | 438,588 | 115,869 |
Owned Properties | ||
Real Estate Properties [Line Items] | ||
Land | 646,991 | 568,266 |
Buildings and improvements | 6,096,527 | 5,065,137 |
Furniture, fixtures and equipment | 348,828 | 303,241 |
Construction in progress | 393,045 | 349,498 |
Real estate properties gross | 7,485,391 | 6,286,142 |
Less accumulated depreciation | (1,035,027) | (859,128) |
Owned properties, net | 6,450,364 | 5,427,014 |
Under development | ||
Real Estate Properties [Line Items] | ||
Undeveloped land parcels | $ 29,900 | $ 61,200 |
On-Campus Participating Prope61
On-Campus Participating Properties - Narrative (Details) | 12 Months Ended |
Dec. 31, 2017Contractuniversity_systemProperty | |
Real Estate Properties [Line Items] | |
Leasehold interest in other facilities | 169 |
Number of properties | 3 |
Percentage of financing | 100.00% |
On-campus participating properties | |
Real Estate Properties [Line Items] | |
Number of university systems | university_system | 3 |
West Virginia University | On-campus participating properties | |
Real Estate Properties [Line Items] | |
Lease term | 40 years |
Number of renewal options | Contract | 2 |
Lease extension period | 10 years |
Owned Properties | On-campus participating properties (excluding West Virginia University) | |
Real Estate Properties [Line Items] | |
Leasehold interest in other facilities | 4 |
Owned Properties | On-campus participating properties | |
Real Estate Properties [Line Items] | |
Number of university systems | university_system | 3 |
Leasehold interest in other facilities | 5 |
On-campus participating properties | Owned Properties | |
Real Estate Properties [Line Items] | |
Number of university systems | university_system | 3 |
Percentage of future net cash flows | 50.00% |
Leasehold interest in other facilities | 5 |
On-Campus Participating Prope62
On-Campus Participating Properties - Summary of On Campus Participating Properties (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)phase | Dec. 31, 2016USD ($) | |
Real Estate Properties [Line Items] | ||
Owned properties, net | $ 6,532,168 | $ 5,538,161 |
Prairie View A And M University | Phases Placed In Service Between 1996 And 1998 | ||
Real Estate Properties [Line Items] | ||
Number of project phases | phase | 3 | |
Texas A And M International | Phases Placed In Service In 2000 And 2003 | ||
Real Estate Properties [Line Items] | ||
Number of project phases | phase | 2 | |
University Of Houston | Phases Placed In Service in 2001 And 2005 | ||
Real Estate Properties [Line Items] | ||
Number of project phases | phase | 2 | |
On-Campus Participating Properties | ||
Real Estate Properties [Line Items] | ||
Real estate properties gross | $ 159,996 | 162,929 |
Less accumulated amortization | (78,192) | (77,132) |
Owned properties, net | $ 81,804 | 85,797 |
On-Campus Participating Properties | Prairie View A And M University | Phases Placed In Service Between 1996 And 1998 | ||
Real Estate Properties [Line Items] | ||
Lease Commencement Date | Feb. 1, 1996 | |
Lease Expiration Date | Sep. 1, 2023 | |
Real estate properties gross | $ 44,364 | 45,310 |
On-Campus Participating Properties | Prairie View A And M University | Phases Placed In Service In 2000 And 2003 | ||
Real Estate Properties [Line Items] | ||
Lease Commencement Date | Oct. 1, 1999 | |
Real estate properties gross | $ 27,802 | 28,627 |
On-Campus Participating Properties | Prairie View A And M University | Phases Placed In Service In 2000 And 2003 | Minimum | ||
Real Estate Properties [Line Items] | ||
Lease Expiration Date | Aug. 31, 2025 | |
On-Campus Participating Properties | Prairie View A And M University | Phases Placed In Service In 2000 And 2003 | Maximum | ||
Real Estate Properties [Line Items] | ||
Lease Expiration Date | Aug. 31, 2028 | |
On-Campus Participating Properties | Texas A And M International | ||
Real Estate Properties [Line Items] | ||
Lease Commencement Date | Feb. 1, 1996 | |
Lease Expiration Date | Sep. 1, 2023 | |
Real estate properties gross | $ 6,923 | 7,215 |
On-Campus Participating Properties | University Of Houston | Phases Placed In Service in 2001 And 2005 | ||
Real Estate Properties [Line Items] | ||
Lease Commencement Date | Sep. 27, 2000 | |
Lease Expiration Date | Aug. 31, 2035 | |
Real estate properties gross | $ 36,062 | 37,960 |
On-Campus Participating Properties | West Virginia University | Phases Placed in Service in 2013 | ||
Real Estate Properties [Line Items] | ||
Lease Commencement Date | Jul. 16, 2013 | |
Lease Expiration Date | Jul. 16, 2045 | |
Real estate properties gross | $ 44,845 | $ 43,817 |
Noncontrolling Interests - Narr
Noncontrolling Interests - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2017EntityPropertyshares | Dec. 31, 2016Propertyshares | Sep. 30, 2017Property | |
Noncontrolling Interest [Line Items] | |||
Number of properties | 169 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||
Noncontrolling Interest [Line Items] | |||
Equity interests held by owners of common units and series A preferred units/ retained by seller (percent) | 0.80% | 0.80% | |
Common OP units | |||
Noncontrolling Interest [Line Items] | |||
Conversion of common units to common stock (in shares) | shares | 22,000 | 280,915 | |
Preferred OP Unit | |||
Noncontrolling Interest [Line Items] | |||
Conversion of common units to common stock (in shares) | shares | 31,846 | ||
University Village at Sweet Home, University Centre, and Villas at Chestnut Ridge | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||
Noncontrolling Interest [Line Items] | |||
Number of third-party joint venture partners | Entity | 3 | ||
In-Process Development Properties | |||
Noncontrolling Interest [Line Items] | |||
Number of properties | 2 | 3 | |
In-Process Development Properties | University Village at Sweet Home, University Centre, and Villas at Chestnut Ridge | |||
Noncontrolling Interest [Line Items] | |||
Number of properties | 3 |
Noncontrolling Interests - Summ
Noncontrolling Interests - Summarized Activity of Redeemable Limited Partners (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Noncontrolling Interest [Roll Forward] | |||
Beginning Balance | $ 55,078 | ||
Distributions | (212) | $ (376) | $ (635) |
Conversion of redeemable limited partner units into shares of ACC common stock | (154) | (11,292) | (3,036) |
Contributions by noncontrolling interests | 8,254 | 1,272 | 7,255 |
Adjustments to reflect redeemable limited partner units at fair value | 9,172 | (7,937) | 4,462 |
Ending Balance | 132,169 | 55,078 | |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||
Noncontrolling Interest [Roll Forward] | |||
Beginning Balance | 55,078 | ||
Distributions | (212) | (376) | (635) |
Conversion of redeemable limited partner units into shares of ACC common stock | (154) | (11,292) | (3,036) |
Contributions by noncontrolling interests | 8,254 | 1,272 | 7,255 |
Adjustments to reflect redeemable limited partner units at fair value | 9,172 | (7,937) | 4,462 |
Ending Balance | 132,169 | 55,078 | |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Redeemable noncontrolling interests | |||
Noncontrolling Interest [Roll Forward] | |||
Beginning Balance | 55,078 | 59,511 | |
Net income | 654 | 1,106 | |
Distributions | (77,031) | (2,141) | |
Conversion of redeemable limited partner units into shares of ACC common stock | (154) | (11,335) | |
Contributions by noncontrolling interests | 162,794 | ||
Adjustments to reflect redeemable limited partner units at fair value | (9,172) | 7,937 | |
Ending Balance | $ 132,169 | $ 55,078 | $ 59,511 |
Debt - Summary of outstanding c
Debt - Summary of outstanding consolidated indebtedness (Details) $ in Thousands | Dec. 31, 2017USD ($)Property | Sep. 30, 2017Property | Jun. 30, 2017USD ($) | May 31, 2017USD ($) | Dec. 31, 2016USD ($)Property |
Debt Instrument [Line Items] | |||||
Principal outstanding | $ 618,113 | $ 631,304 | |||
Secured mortgage, construction and bond debt, net | 664,020 | 688,195 | |||
Unsecured notes, net of unamortized OID and deferred financing costs | 1,585,855 | 1,188,737 | |||
Unsecured term loans, net of unamortized deferred financing costs | 647,044 | 149,065 | |||
Unsecured revolving credit facility | 127,600 | 99,300 | |||
Long-term debt | $ 3,024,519 | 2,125,297 | |||
Number of properties | Property | 169 | ||||
Mortgage loans payable | |||||
Debt Instrument [Line Items] | |||||
Unamortized deferred financing costs | $ (3,700) | ||||
Unamortized debt premiums | 19,000 | 26,800 | |||
Secured mortgage, construction and bond debt, net | $ 27,400 | $ 27,400 | |||
Long-term debt | 566,333 | 631,304 | |||
Construction loans payable | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 51,780 | 0 | |||
Unsecured debt | |||||
Debt Instrument [Line Items] | |||||
Unamortized deferred financing costs | (12,200) | (9,300) | |||
Unamortized debt discounts | 1,900 | ||||
Notes payable, other payables | |||||
Debt Instrument [Line Items] | |||||
Unamortized deferred financing costs | (3,000) | (900) | |||
Owned Properties | |||||
Debt Instrument [Line Items] | |||||
Secured mortgage, construction and bond debt, net | 564,311 | 583,432 | |||
Owned Properties | Mortgage loans payable | |||||
Debt Instrument [Line Items] | |||||
Principal outstanding | 496,557 | 559,642 | |||
Unamortized deferred financing costs | (2,144) | (3,040) | |||
Unamortized debt premiums | 19,006 | 26,830 | |||
Secured mortgage, construction and bond debt, net | 513,419 | 583,432 | |||
Owned Properties | Construction loans payable | |||||
Debt Instrument [Line Items] | |||||
Principal outstanding | 51,780 | 0 | |||
Unamortized deferred financing costs | (888) | 0 | |||
On-Campus Participating Properties | |||||
Debt Instrument [Line Items] | |||||
Unamortized deferred financing costs | (642) | (769) | |||
Secured mortgage, construction and bond debt, net | 99,709 | 104,763 | |||
On-Campus Participating Properties | Mortgage loans payable | |||||
Debt Instrument [Line Items] | |||||
Principal outstanding | 69,776 | 71,662 | |||
On-Campus Participating Properties | Bonds payable | |||||
Debt Instrument [Line Items] | |||||
Principal outstanding | $ 30,575 | $ 33,870 | |||
In-process development properties | |||||
Debt Instrument [Line Items] | |||||
Number of properties | Property | 3 | 2 | |||
In-process development properties | Construction loans payable | |||||
Debt Instrument [Line Items] | |||||
Number of properties | Property | 4 |
Debt - Mortgage and constructio
Debt - Mortgage and construction loans payable excluding premiums and discounts (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)Property | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | ||
Principal outstanding | $ | $ 618,113 | $ 631,304 |
Weighted average interest rate | 4.62% | |
Weighted average years to maturity | 4 years 10 months 24 days | |
Number of properties encumbered | Property | 24 | |
Mortgage loans payable | Fixed Rate | ||
Debt Instrument [Line Items] | ||
Principal outstanding | $ | $ 566,333 | 631,304 |
Weighted average interest rate | 4.64% | |
Weighted average years to maturity | 5 years 4 months 1 day | |
Number of properties encumbered | Property | 20 | |
Construction loans payable | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Principal outstanding | $ | $ 51,780 | $ 0 |
Weighted average interest rate | 4.41% | |
Weighted average years to maturity | 8 months 12 days | |
Number of properties encumbered | Property | 4 | |
Minimum | Mortgage loans payable | Fixed Rate | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 3.05% | |
Maximum | Mortgage loans payable | Fixed Rate | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 6.43% | |
London Interbank Offered Rate (LIBOR) | Minimum | Construction loans payable | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 3.93% | |
London Interbank Offered Rate (LIBOR) | Maximum | Construction loans payable | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 4.90% |
Debt - Mortgage and construct67
Debt - Mortgage and construction loans payable transactions occurred (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)Property | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Additions: | |||
Draws under advancing construction notes payable | $ 40,170 | $ 4,454 | $ 258 |
Deductions: | |||
Ending Balance | 3,024,519 | 2,125,297 | |
Mortgage loans payable | |||
Deductions: | |||
Pay-off of maturing mortgage notes payable | (55,514) | ||
Scheduled repayments of principal | (9,457) | ||
Ending Balance | 566,333 | 631,304 | |
Construction loans payable | |||
Additions: | |||
Construction notes payable - Core Joint Ventures | 104,056 | ||
Draws under advancing construction notes payable | 40,170 | ||
Deductions: | |||
Pay-off of maturing mortgage notes payable | (92,446) | ||
Ending Balance | $ 51,780 | $ 0 | |
Fixed Rate | Mortgage loans payable | |||
Deductions: | |||
Number of real estate properties, collateralized | Property | 2 | ||
Core Joint Venture I | Construction loans payable | |||
Additions: | |||
Construction notes payable - Core Joint Ventures | $ 92,400 |
Debt - Additional Information (
Debt - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2017USD ($)period | Jun. 30, 2017USD ($) | Jan. 31, 2017USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($)Subsidarybond_seriesProperty | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | May 31, 2017USD ($) | |
Debt Instrument [Line Items] | ||||||||
Secured mortgage, construction and bond debt, net | $ 664,020,000 | $ 688,195,000 | ||||||
Provision for real estate impairment | $ 15,317,000 | $ 4,895,000 | $ 0 | |||||
Number of properties | Property | 3 | |||||||
Percentage of financing | 100.00% | |||||||
Number of series of taxable bonds issued | bond_series | 3 | |||||||
Number of special purpose subsidiaries | Subsidary | 3 | |||||||
Revolving Credit Facility | Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual unused commitment fee (percent) | 0.20% | |||||||
Weighted average interest rate of debt (percent) | 2.71% | |||||||
Interest rate (percent) | 1.51% | |||||||
Weighted average interest rate spread (percent) | 1.00% | |||||||
Mortgage loans payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Secured mortgage, construction and bond debt, net | $ 27,400,000 | $ 27,400,000 | $ 27,400,000 | |||||
Provision for real estate impairment | 15,300,000 | 15,300,000 | ||||||
Unsecured debt | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Additional borrowing capacity of unsecured facility (up to) | $ 500,000,000 | |||||||
Annual unused commitment fee (percent) | 0.20% | |||||||
Revolving credit facility available | $ 572,400,000 | |||||||
Unsecured debt | Revolving Credit Facility | Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Current borrowing capacity | $ 500,000,000 | |||||||
Credit facility | $ 700,000,000 | |||||||
Unsecured debt | Revolving Credit Facility | Term Loan I Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facility | $ 150,000,000 | |||||||
Weighted average interest rate of debt (percent) | 2.47% | |||||||
Interest rate (percent) | 1.37% | |||||||
Weighted average interest rate spread (percent) | 1.10% | |||||||
Line of credit facility, accordion feature, increase limit | $ 50,000,000 | |||||||
Unsecured debt | Revolving Credit Facility | Term Loan II Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facility | $ 200,000,000 | 200,000,000 | ||||||
Weighted average interest rate of debt (percent) | 2.45% | |||||||
Interest rate (percent) | 1.35% | |||||||
Weighted average interest rate spread (percent) | 1.10% | |||||||
Line of credit facility, accordion feature, increase limit | $ 100,000,000 | $ 100,000,000 | ||||||
Unsecured debt | Revolving Credit Facility | Term Loan III Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facility | $ 300,000,000 | |||||||
Weighted average interest rate of debt (percent) | 2.41% | |||||||
Interest rate (percent) | 1.31% | |||||||
Weighted average interest rate spread (percent) | 1.10% | |||||||
Line of credit facility, accordion feature, increase limit | $ 100,000,000 | |||||||
Line of credit facility, number of maturity periods | period | 2 | |||||||
Debt instrument term | 1 year |
Debt - Summary of Bonds payable
Debt - Summary of Bonds payable (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Principal outstanding | $ 618,113,000 | $ 631,304,000 |
Weighted average rate | 4.62% | |
Bonds Payable | ||
Debt Instrument [Line Items] | ||
Original | $ 64,590,000 | |
Principal outstanding | $ 30,575,000 | |
Weighted average rate | 7.57% | |
Required monthly debt service | $ 488,000 | |
Bonds Payable | Series 1999 | ||
Debt Instrument [Line Items] | ||
Mortgaged Facilities Subject to Leases | University Village-PVAMU/TAMIU | |
Original | $ 39,270,000 | |
Principal outstanding | $ 16,875,000 | |
Weighted average rate | 7.76% | |
Maturity Date | Sep. 1, 2023 | |
Required monthly debt service | $ 302,000 | |
Bonds Payable | Series 2001 | ||
Debt Instrument [Line Items] | ||
Mortgaged Facilities Subject to Leases | University College–PVAMU | |
Original | $ 20,995,000 | |
Principal outstanding | $ 11,075,000 | |
Weighted average rate | 7.62% | |
Maturity Date | Aug. 1, 2025 | |
Required monthly debt service | $ 158,000 | |
Bonds Payable | Series 2003 | ||
Debt Instrument [Line Items] | ||
Mortgaged Facilities Subject to Leases | University College–PVAMU | |
Original | $ 4,325,000 | |
Principal outstanding | $ 2,625,000 | |
Weighted average rate | 6.16% | |
Maturity Date | Aug. 1, 2028 | |
Required monthly debt service | $ 28,000 |
Debt - Summary of Unsecured Not
Debt - Summary of Unsecured Notes (Details) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Senior notes | |
Debt Instrument [Line Items] | |
Amount | $ 1,600,000,000 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Senior notes | |
Debt Instrument [Line Items] | |
Amount | 1,600,000,000 |
Original Issue Discount | 3,028,000 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Senior Notes - April 2013 | |
Debt Instrument [Line Items] | |
Amount | $ 400,000,000 |
Percentage of par value | 99.659% |
Coupon (percent) | 3.75% |
Yield rate (percent) | 3.791% |
Original Issue Discount | $ 1,364,000 |
Term (Years) | 10 years |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Senior Notes - June 2014 | |
Debt Instrument [Line Items] | |
Amount | $ 400,000,000 |
Percentage of par value | 99.861% |
Coupon (percent) | 4.125% |
Yield rate (percent) | 4.269% |
Original Issue Discount | $ 556,000 |
Term (Years) | 10 years |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Senior Notes - September 2015 | |
Debt Instrument [Line Items] | |
Amount | $ 400,000,000 |
Percentage of par value | 99.811% |
Coupon (percent) | 3.35% |
Yield rate (percent) | 3.391% |
Original Issue Discount | $ 756,000 |
Term (Years) | 5 years |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Senior Notes - October 2017 | |
Debt Instrument [Line Items] | |
Amount | $ 400,000,000 |
Percentage of par value | 99.912% |
Coupon (percent) | 3.625% |
Yield rate (percent) | 3.635% |
Original Issue Discount | $ 352,000 |
Term (Years) | 10 years |
Debt - Summary of Debt Maturiti
Debt - Summary of Debt Maturities (Details) $ in Thousands | Dec. 31, 2017USD ($)Property | Sep. 30, 2017Property | Dec. 31, 2016USD ($)Property |
Debt Instrument [Line Items] | |||
Principal outstanding | $ 618,113 | $ 631,304 | |
Number of properties | Property | 169 | ||
Scheduled Principal | |||
Debt Instrument [Line Items] | |||
2,018 | $ 497,523 | ||
2,019 | 13,036 | ||
2,020 | 455,046 | ||
2,021 | 382,147 | ||
2,022 | 360,038 | ||
Thereafter | 1,318,498 | ||
Total debt | 3,026,288 | ||
In-process development properties | |||
Debt Instrument [Line Items] | |||
Number of properties | Property | 3 | 2 | |
Construction loans payable | Owned Properties | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 51,780 | $ 0 | |
Construction loans payable | In-process development properties | |||
Debt Instrument [Line Items] | |||
Number of properties | Property | 4 |
Stockholders' Equity _ Partne72
Stockholders' Equity / Partners' Capital - Narrative (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Feb. 29, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | |
Class Of Stock [Line Items] | |||||
Proceeds from sale of common stock | $ 190,912,000 | $ 816,065,000 | $ 216,666,000 | ||
ATM equity program, aggregate offering price authorized | $ 233,000,000 | ||||
Shares held in deferred compensation plan (in shares) | 63,778 | 20,181 | |||
Common Shares | |||||
Class Of Stock [Line Items] | |||||
Sale of common stock (in shares) | 17,940,000 | 3,949,356 | 19,429,000 | 4,933,665 | |
Shares issued price per share (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 | ||||
At Market Atm Twenty Eleven Programs | |||||
Class Of Stock [Line Items] | |||||
ATM equity program, aggregate offering price authorized | $ 500,000,000 | ||||
Common Shares Held in Rabbi Trust | |||||
Class Of Stock [Line Items] | |||||
Shares of common stock deposited into deferred compensation plan (in shares) | 43,597 | ||||
Over-Allotment Option | Common Shares | |||||
Class Of Stock [Line Items] | |||||
Sale of common stock (in shares) | 2,340,000 |
Stockholders' Equity _ Partne73
Stockholders' Equity / Partners' Capital - Summary of Equity Program Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | |||
Total net proceeds | $ 190,912 | $ 816,065 | $ 216,666 |
ATM Equity Program | |||
Class of Stock [Line Items] | |||
Total net proceeds | 188,538 | 75,090 | |
Commissions paid to sales agents | $ 2,374 | $ 953 | |
Weighted average price per share (in dollars per share) | $ 48.34 | $ 51.07 | |
Shares of common stock sold (in shares) | 3,949,356 | 1,489,000 |
Incentive Award Plan - Narrativ
Incentive Award Plan - Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jul. 31, 2017USD ($) | May 31, 2017USD ($) | Dec. 31, 2017USD ($)employee$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / shares | May 31, 2010shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based awards, number of shares available for issuance (in shares) | shares | 468,022 | |||||
2010 Incentive Award Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares reserved for issuance (in shares) | shares | 1,700,000 | |||||
Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Allocated share-based compensation | $ 900 | $ 900 | $ 900 | |||
Weighted-average grant date fair value, granted (in dollars per share) | $ / shares | $ 46.67 | $ 46.81 | $ 39.65 | |||
Restricted Stock Units | Chairman of the Board of Directors | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based awards, stock granted during period, value | $ 10 | $ 150 | ||||
Restricted Stock Units | All other members | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based awards, stock granted during period, value | $ 105 | |||||
Restricted Stock Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Allocated share-based compensation | $ 13,100 | $ 9,300 | $ 7,500 | |||
Weighted-average grant date fair value, granted (in dollars per share) | $ / shares | $ 48.55 | $ 41.41 | $ 44.23 | |||
Restricted stock award vesting period (in years) | 5 years | |||||
Number of shares vested (in shares) | shares | 193,186 | 127,352 | ||||
Weighted average grant date fair value, fair value (in dollars per share) | $ / shares | $ 42.36 | $ 40.47 | $ 38.78 | |||
Total fair value of RSAs vested | $ 14,600 | |||||
Total unrecognized compensation cost | $ 26,900 | |||||
Total unrecognized compensation cost, weighted-average period (in years) | 3 years 1 month 6 days | |||||
Minimum age to meet retirement qualification (under Company Plan) | 50 years | |||||
Minimum combination of employee service years and employee age to meet retirement qualification (under Company Plan) | 70 years | |||||
Minimum notification period of intention to retire (under Company Plan) | 6 months | |||||
Number of employees holding unvested awards which will vest upon retirement | employee | 12 | |||||
Number of unvested awards held by individual (in shares) | shares | 259,125 | |||||
Restricted Stock Awards | Chief Financial Officer | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Allocated share-based compensation | $ 2,400 | |||||
Number of shares vested (in shares) | shares | 46,976 | |||||
Minimum | Restricted Stock Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Minimum number of full years of service to qualify for retirement (under Company Plan) | 120 months |
Incentive Award Plan - Summary
Incentive Award Plan - Summary of Restricted Stock Units (Details) - Restricted Stock Units - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of RSUs | |||
Granted (in shares) | 18,221 | 18,908 | |
Settled in common shares (in shares) | (16,295) | (15,524) | |
Settled in cash (in shares) | (1,926) | (3,384) | |
Weighted-Average Grant Date Fair Value Per RSU | |||
Nonvested, Weighted-Average Grant Date Fair Value, beginning balance (in dollars per share) | $ 0 | $ 0 | |
Granted, Weighted-Average Grant Date Fair Value (in dollars per share) | 46.67 | 46.81 | $ 39.65 |
Settled in common shares, Weighted-Average Grant Date Fair Value (in dollars per share) | 46.65 | 46.87 | |
Settled in cash, Weighted-Average Grant Date Fair Value (in dollars per share) | 46.76 | 46.55 | |
Nonvested, Weighted-Average Grant Date Fair Value, ending balance (in dollars per share) | $ 0 | $ 0 | $ 0 |
Incentive Award Plan - Summar76
Incentive Award Plan - Summary of Restricted Stock Awards (Details) - Restricted Stock Awards - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of RSAs | |||
Nonvested, beginning balance (in shares) | 773,101 | 655,925 | |
Granted (in shares) | 344,688 | 332,717 | |
Vested (in shares) | (193,186) | (127,352) | |
Forfeited (in shares) | (113,733) | (88,189) | |
Nonvested, ending balance (in shares) | 810,870 | 773,101 | 655,925 |
Weighted-Average Grant Date Fair Value Per RSA | |||
Nonvested, Weighted-Average Grant Date Fair Value, beginning balance (in dollars per share) | $ 41.47 | $ 41.12 | |
Granted, Weighted-Average Grant Date Fair Value (in dollars per share) | 48.55 | 41.41 | $ 44.23 |
Vested, Weighted-Average Grant Date Fair Value (in dollars per share) | 42.29 | 40.19 | |
Forfeited, Weighted-Average Grant Date Fair Value (in dollars per share) | 42.36 | 40.47 | 38.78 |
Nonvested, Weighted-Average Grant Date Fair Value, ending balance (in dollars per share) | $ 44.16 | $ 41.47 | $ 41.12 |
Derivative Instruments and He77
Derivative Instruments and Hedging Activities - Summary of Outstanding Interest Rate Swap Contracts (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Derivative [Line Items] | |
Current Notional Amount | $ 97,537 |
Fair Value | $ (104) |
Interest Rate Swap - 2.275% 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 | $ 13,698 |
Fair Value | $ (95) |
Interest Rate Swap - 2.275% 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 | $ 13,839 |
Fair Value | $ (96) |
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 | $ 87 |
Derivative Instruments and He78
Derivative Instruments and Hedging Activities - Fair Value of Derivative Financial Instruments and Classification on Consolidated Balance Sheet (Details) - Designated as hedging instrument - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 87 | $ 0 |
Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 191 | 1,099 |
Interest rate swap contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 87 | 0 |
Interest rate swap contracts | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 191 | $ 1,099 |
Fair Value Disclosures - Financ
Fair Value Disclosures - Financial instruments measured at fair value (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Derivative financial instruments | $ 87 | $ 0 |
Liabilities: | ||
Derivative financial instruments | 191 | 1,099 |
Mezzanine: | ||
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) | 132,169 | 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) | ||
Assets: | ||
Derivative financial instruments | 87 | 0 |
Liabilities: | ||
Derivative financial instruments | 191 | 1,099 |
Mezzanine: | ||
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) | 44,503 | 55,078 |
Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivative financial instruments | 0 | 0 |
Liabilities: | ||
Derivative financial instruments | 0 | 0 |
Mezzanine: | ||
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) | $ 87,666 | $ 0 |
Fair Value Disclosures - Estima
Fair Value Disclosures - Estimated fair value and related carrying amounts for mortgage loans and bonds payable (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Estimated Fair Value | ||
Assets: | ||
Loans receivable | $ 54,140 | $ 54,396 |
Liabilities: | ||
Unsecured notes | 1,620,839 | 1,211,344 |
Mortgage loans | 571,676 | 644,617 |
Bonds payable | 32,552 | 37,066 |
Carrying Amount | ||
Assets: | ||
Loans receivable | 57,948 | 58,539 |
Liabilities: | ||
Unsecured notes | 1,585,855 | 1,188,737 |
Mortgage loans | 582,927 | 654,794 |
Bonds payable | $ 30,201 | $ 33,401 |
Lease Commitments - Narrative (
Lease Commitments - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)university_systemProperty | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Leases Disclosure [Line Items] | |||
Number of properties | Property | 169 | ||
American campus equity | Owned on campus properties | |||
Leases Disclosure [Line Items] | |||
Number of university systems | university_system | 15 | ||
Number of student housing properties | Property | 32 | ||
Prepaid ground rent | $ 8.4 | $ 10.5 | |
Ground/facility leases | 7.4 | 6.2 | $ 5.3 |
Capitalized rent | $ 2 | 0.7 | 0.4 |
Owned Properties | On-campus participating properties | |||
Leases Disclosure [Line Items] | |||
Number of university systems | university_system | 3 | ||
Ground/facility leases | $ 2.8 | 3 | 2.9 |
Number of properties | Property | 5 | ||
Percentage of future net cash flows | 50.00% | ||
Owned Properties | Off campus properties | |||
Leases Disclosure [Line Items] | |||
Ground/facility leases | $ 2.4 | 2.2 | $ 2.2 |
Number of properties | Property | 132 | ||
Deferred ground rent | $ 3.6 | $ 3.2 |
Lease Commitments - Future mini
Lease Commitments - Future minimum commitments over life (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | $ 8,568 |
2,019 | 9,719 |
2,020 | 10,159 |
2,021 | 9,186 |
2,022 | 9,186 |
Thereafter | 372,397 |
Total minimum lease payments | $ 419,215 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Aug. 31, 2013USD ($)Contract | Sep. 30, 2017USD ($)Property | Dec. 31, 2017USD ($)Property | Aug. 31, 2017Property | |
Commitments and Contingencies Disclosure [Line Items] | |||||
Number of properties | Property | 169 | ||||
Number of under development properties | Property | 9 | ||||
Alternate Housing Guarantees and Project Cost Guarantees | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Project cost guarantees expiration (within years following project completion) | 5 days | ||||
Project Cost Guarantees | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Project cost guarantees expiration (within years following project completion) | 1 year | ||||
Third-Party Development Projects | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Guarantee obligations, maximum exposure, owner caused delays | $ 7,800,000 | ||||
Other Guarantees | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Potential liquidated damages | $ 2,100,000 | ||||
Under development | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Number of properties | Property | 4 | ||||
The Edge - Stadium Centre | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Pre-sale arrangement, purchase price | $ 42,600,000 | ||||
Drexel University Property | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Lease term | 40 years | ||||
Number of renewal options | Contract | 3 | ||||
Lease extension period | 10 years | ||||
Commitment to pay real estate transfer taxes, amount | $ 1,800,000 | ||||
Real estate transfer taxes paid upon conveyance of land | 600,000 | ||||
Maximum | Drexel University Property | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Commitment to pay real estate transfer taxes, amount | $ 2,400,000 | ||||
Construction Contracts | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Construction contacts, amount to complete projects | $ 376,200,000 | ||||
Core Transaction | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Number of under development properties | Property | 3 | ||||
Number of operating properties purchased through joint venture arrangement | Property | 2 | ||||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Core Transaction | Consolidated Properties | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Number of operating properties purchased through joint venture arrangement | Property | 2 | ||||
Joint venture term | 2 years | ||||
Business combination, option to purchase remaining interest in joint venture | $ 284,600,000 |
Segments - Narrative (Details)
Segments - Narrative (Details) | 12 Months Ended |
Dec. 31, 2017Segment | |
Segment Reporting [Abstract] | |
Identified reportable segments | 4 |
Segments - Schedule of Segment
Segments - Schedule of Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 227,563 | $ 196,938 | $ 179,008 | $ 192,938 | $ 203,972 | $ 196,411 | $ 185,983 | $ 199,995 | $ 796,447 | $ 786,361 | $ 753,381 |
Ground/facility lease | (10,213) | (9,167) | (8,232) | ||||||||
Interest expense, net | (71,122) | (78,687) | (87,789) | ||||||||
Operating expenses | (653,909) | (613,218) | (596,477) | ||||||||
Property management fees from external customers | 9,832 | 9,724 | 8,813 | ||||||||
Depreciation and amortization | (239,574) | (217,907) | (214,338) | ||||||||
Total consolidated revenues, including interest income | 801,392 | 791,842 | 757,802 | ||||||||
(Loss) gain from disposition of real estate | (632) | 21,197 | 52,699 | ||||||||
Provision for real estate impairment | (15,317) | (4,895) | 0 | ||||||||
Other nonoperating income | 0 | 0 | 388 | ||||||||
Loss from early extinguishment of debt | 0 | (12,841) | (1,770) | ||||||||
Income tax provision | (989) | (1,150) | (1,242) | ||||||||
Net income | 39,558 | $ (1,233) | $ (2,653) | $ 34,449 | 25,804 | $ 9,845 | $ 18,765 | $ 46,209 | 70,121 | 100,623 | 118,061 |
Total assets | 6,897,370 | 5,865,913 | 6,897,370 | 5,865,913 | 6,006,248 | ||||||
Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 798,057 | 787,541 | 754,454 | ||||||||
Operating income before depreciation and amortization | 416,883 | 389,007 | 351,623 | ||||||||
Net income | 70,121 | 100,623 | 118,061 | ||||||||
Total assets | 6,806,091 | 5,786,214 | 6,806,091 | 5,786,214 | 5,919,871 | ||||||
Operating segments | Owned Properties | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Rental revenues and other income | 741,909 | 738,598 | 708,018 | ||||||||
Interest income | 1,545 | 1,170 | 1,071 | ||||||||
Total revenues | 743,454 | 739,768 | 709,089 | ||||||||
Operating expenses before depreciation, amortization, and ground/facility lease expense | (332,429) | (337,296) | (331,836) | ||||||||
Ground/facility lease | (7,372) | (6,158) | (5,297) | ||||||||
Interest expense, net | (3,659) | (18,552) | (30,147) | ||||||||
Operating income before depreciation and amortization | 399,994 | 377,762 | 341,809 | ||||||||
Depreciation and amortization | 223,939 | 200,934 | 198,986 | ||||||||
Capital expenditures | 617,552 | 485,726 | 316,468 | ||||||||
Total assets | 6,691,758 | 5,672,360 | 6,691,758 | 5,672,360 | 5,804,068 | ||||||
Operating segments | On-Campus Participating Properties | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Rental revenues and other income | 33,945 | 33,433 | 31,586 | ||||||||
Interest income | 65 | 10 | 2 | ||||||||
Total revenues | 34,010 | 33,443 | 31,588 | ||||||||
Operating expenses before depreciation, amortization, and ground/facility lease expense | (14,384) | (13,447) | (12,437) | ||||||||
Ground/facility lease | (2,841) | (3,009) | (2,935) | ||||||||
Interest expense, net | (5,264) | (5,539) | (5,833) | ||||||||
Operating income before depreciation and amortization | 11,521 | 11,448 | 10,383 | ||||||||
Depreciation and amortization | 7,536 | 7,343 | 7,034 | ||||||||
Capital expenditures | 3,533 | 2,944 | 2,943 | ||||||||
Total assets | 100,031 | 103,256 | 100,031 | 103,256 | 104,641 | ||||||
Operating segments | Development Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Development and construction management fees | 10,761 | 4,606 | 4,964 | ||||||||
Operating expenses | (7,618) | (7,530) | (8,119) | ||||||||
Operating income before depreciation and amortization | 3,143 | (2,924) | (3,155) | ||||||||
Total assets | 6,726 | 2,601 | 6,726 | 2,601 | 1,730 | ||||||
Operating segments | Property Management Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating expenses | (7,607) | (7,003) | (6,227) | ||||||||
Property management fees from external customers | 9,832 | 9,724 | 8,813 | ||||||||
Operating income before depreciation and amortization | 2,225 | 2,721 | 2,586 | ||||||||
Total assets | 7,576 | 7,997 | 7,576 | 7,997 | 9,432 | ||||||
Unallocated | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 3,335 | 4,301 | 3,348 | ||||||||
Operating expenses | (90,250) | (72,788) | (69,299) | ||||||||
Total assets | $ 91,279 | $ 79,699 | $ 91,279 | $ 79,699 | $ 86,377 |
Quarterly Financial Informati86
Quarterly Financial Information (Unaudited) - Information related to quarterly consolidated financial results (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Total revenues | $ 227,563 | $ 196,938 | $ 179,008 | $ 192,938 | $ 203,972 | $ 196,411 | $ 185,983 | $ 199,995 | $ 796,447 | $ 786,361 | $ 753,381 |
Operating income | 63,134 | 17,575 | 12,610 | 49,219 | 51,724 | 29,278 | 39,106 | 53,035 | 142,538 | 173,143 | 156,904 |
Net income (loss) | 39,558 | (1,233) | (2,653) | 34,449 | 25,804 | 9,845 | 18,765 | 46,209 | 70,121 | 100,623 | 118,061 |
Net income attributable to noncontrolling interests | (496) | (79) | (109) | (399) | (412) | (201) | (327) | (622) | (1,083) | (1,562) | (2,070) |
Net income (loss) attributable to ACC, Inc. and Subsidiaries common stockholders | $ 39,062 | $ (1,312) | $ (2,762) | $ 34,050 | $ 25,392 | $ 9,644 | $ 18,438 | $ 45,587 | 69,038 | 99,061 | 115,991 |
Net income attributable to common unitholders | $ 67,502 | $ 97,723 | 114,905 | ||||||||
Net income (loss) attributable to common stockholders per share - basic (in dollars per share) | $ 0.28 | $ (0.01) | $ (0.02) | $ 0.25 | $ 0.19 | $ 0.07 | $ 0.14 | $ 0.37 | $ 0.50 | $ 0.76 | |
Net income (loss) attributable to common stockholders per share - diluted (in dollars per share) | $ 0.28 | $ (0.01) | $ (0.02) | $ 0.25 | $ 0.19 | $ 0.07 | $ 0.14 | $ 0.36 | $ 0.50 | $ 0.75 | |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||||||||||
Total revenues | $ 227,563 | $ 196,938 | $ 179,008 | $ 192,938 | $ 203,972 | $ 196,411 | $ 185,983 | $ 199,995 | $ 796,447 | $ 786,361 | 753,381 |
Operating income | 63,134 | 17,575 | 12,610 | 49,219 | 51,724 | 29,278 | 39,106 | 53,035 | 142,538 | 173,143 | 156,904 |
Net income (loss) | 39,558 | (1,233) | (2,653) | 34,449 | 25,804 | 9,845 | 18,765 | 46,209 | 70,121 | 100,623 | 118,061 |
Net income attributable to noncontrolling interests | (176) | (57) | (97) | (105) | (171) | (77) | (104) | (104) | (435) | (456) | |
Series A preferred unit distributions | (31) | (31) | (31) | (31) | (31) | (36) | (37) | (42) | (124) | (146) | (176) |
Net income (loss) attributable to ACC, Inc. and Subsidiaries common stockholders | 69,686 | 100,167 | 117,449 | ||||||||
Net income attributable to common unitholders | $ 39,351 | $ (1,321) | $ (2,781) | $ 34,313 | $ 25,602 | $ 9,732 | $ 18,624 | $ 46,063 | $ 69,562 | $ 100,021 | $ 117,273 |
Net income (loss) attributable to common stockholders per share - basic (in dollars per share) | $ 0.50 | $ 0.76 | $ 1.03 | ||||||||
Net income (loss) attributable to common stockholders per share - diluted (in dollars per share) | 0.50 | 0.75 | 1.02 | ||||||||
Net income (loss) per unit attributable to common unitholders - basic (in dollars per unit) | $ 0.28 | $ (0.01) | $ (0.02) | $ 0.25 | $ 0.19 | $ 0.07 | $ 0.14 | $ 0.37 | 0.50 | 0.76 | |
Net income (loss) per unit attributable to common unitholders - diluted (in dollars per unit) | $ 0.28 | $ (0.01) | $ (0.02) | $ 0.25 | $ 0.19 | $ 0.07 | $ 0.14 | $ 0.36 | $ 0.50 | $ 0.75 | $ 1.02 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Millions | Jan. 23, 2018$ / shares | Jan. 31, 2018USD ($)Bed | Dec. 31, 2017Bed | Aug. 31, 2017Bed |
Subsequent Event [Line Items] | ||||
Number of beds | 104,100 | 1,178 | ||
Stadium Centre Phase IV | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Number of beds | 340 | |||
Pre-sale arrangement, purchase price | $ | $ 36.7 | |||
Dividend Declared | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Distributions declared per Common Unit (in dollars per unit) | $ / shares | $ 0.44 |
Schedule of Real Estate and A88
Schedule of Real Estate and Accumulated Depreciation - Schedule of Real Estate Properties (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Aug. 31, 2017Property | Dec. 31, 2017USD ($)PropertyphaseBedUnit | Sep. 30, 2017Property | Dec. 31, 2017USD ($)PropertyphaseBedUnit | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 34,609 | 34,609 | |||||
Beds | Bed | 104,049 | 104,049 | |||||
Initial Cost, Land | $ 641,580 | $ 641,580 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 6,612,300 | 6,612,300 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 391,507 | 391,507 | |||||
Total Costs, Land | 646,991 | 646,991 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 6,998,396 | 6,998,396 | |||||
Total Costs, Total | 7,645,387 | 7,645,387 | |||||
Accumulated Depreciation | 1,113,219 | 1,113,219 | |||||
Encumbrances | 648,688 | $ 648,688 | |||||
Year Built | 2,017 | ||||||
Aggregate costs for federal income tax purposes | $ 7,600,000 | $ 7,600,000 | |||||
Number of properties | Property | 169 | 169 | |||||
Number of under development properties | Property | 9 | 9 | |||||
Owned Properties | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 32,522 | 32,522 | |||||
Beds | Bed | 98,963 | 98,963 | |||||
Initial Cost, Land | $ 641,580 | $ 641,580 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 6,469,756 | 6,469,756 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 374,055 | 374,055 | |||||
Total Costs, Land | 646,991 | 646,991 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 6,838,400 | 6,838,400 | |||||
Total Costs, Total | 7,485,391 | 7,485,391 | |||||
Accumulated Depreciation | 1,035,027 | 1,035,027 | $ 864,106 | $ 792,122 | $ 704,521 | ||
Encumbrances | $ 548,337 | $ 548,337 | |||||
Owned Properties | The Callaway House | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 173 | 173 | |||||
Beds | Bed | 538 | 538 | |||||
Initial Cost, Land | $ 5,081 | $ 5,081 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,499 | 20,499 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 7,434 | 7,434 | |||||
Total Costs, Land | 5,003 | 5,003 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 28,011 | 28,011 | |||||
Total Costs, Total | 33,014 | 33,014 | |||||
Accumulated Depreciation | 11,736 | 11,736 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 1,999 | ||||||
Owned Properties | The Village at Science Drive | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 192 | 192 | |||||
Beds | Bed | 732 | 732 | |||||
Initial Cost, Land | $ 4,673 | $ 4,673 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 19,021 | 19,021 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 6,696 | 6,696 | |||||
Total Costs, Land | 4,673 | 4,673 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,717 | 25,717 | |||||
Total Costs, Total | 30,390 | 30,390 | |||||
Accumulated Depreciation | 8,860 | 8,860 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,000 | ||||||
Owned Properties | University Village at Boulder Creek | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 82 | 82 | |||||
Beds | Bed | 309 | 309 | |||||
Initial Cost, Land | $ 1,035 | $ 1,035 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,393 | 16,393 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 645 | 645 | |||||
Total Costs, Land | 1,035 | 1,035 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,038 | 17,038 | |||||
Total Costs, Total | 18,073 | 18,073 | |||||
Accumulated Depreciation | 6,688 | 6,688 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,002 | ||||||
Owned Properties | University Village - Fresno | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 105 | 105 | |||||
Beds | Bed | 406 | 406 | |||||
Initial Cost, Land | $ 929 | $ 929 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 15,168 | 15,168 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 0 | 0 | |||||
Total Costs, Land | 929 | 929 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 15,168 | 15,168 | |||||
Total Costs, Total | 16,097 | 16,097 | |||||
Accumulated Depreciation | 5,332 | 5,332 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,004 | ||||||
Owned Properties | University Village - Temple | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 220 | 220 | |||||
Beds | Bed | 749 | 749 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,119 | 41,119 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 940 | 940 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 42,059 | 42,059 | |||||
Total Costs, Total | 42,059 | 42,059 | |||||
Accumulated Depreciation | 14,360 | 14,360 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,004 | ||||||
Owned Properties | College Club Townhomes | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 136 | 136 | |||||
Beds | Bed | 544 | 544 | |||||
Initial Cost, Land | $ 1,967 | $ 1,967 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,049 | 16,049 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 1,770 | 1,770 | |||||
Total Costs, Land | 1,967 | 1,967 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,819 | 17,819 | |||||
Total Costs, Total | 19,786 | 19,786 | |||||
Accumulated Depreciation | 6,763 | 6,763 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,002 | ||||||
Owned Properties | University Club Apartments | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 94 | 94 | |||||
Beds | Bed | 376 | 376 | |||||
Initial Cost, Land | $ 1,416 | $ 1,416 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 11,848 | 11,848 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 1,057 | 1,057 | |||||
Total Costs, Land | 1,416 | 1,416 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,905 | 12,905 | |||||
Total Costs, Total | 14,321 | 14,321 | |||||
Accumulated Depreciation | 4,480 | 4,480 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 1,999 | ||||||
Owned Properties | City Parc at Fry Street | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 136 | 136 | |||||
Beds | Bed | 418 | 418 | |||||
Initial Cost, Land | $ 1,902 | $ 1,902 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,678 | 17,678 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 1,196 | 1,196 | |||||
Total Costs, Land | 1,902 | 1,902 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,874 | 18,874 | |||||
Total Costs, Total | 20,776 | 20,776 | |||||
Accumulated Depreciation | 6,305 | 6,305 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,004 | ||||||
Owned Properties | Entrada Real | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 98 | 98 | |||||
Beds | Bed | 363 | 363 | |||||
Initial Cost, Land | $ 1,475 | $ 1,475 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 15,859 | 15,859 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 2,027 | 2,027 | |||||
Total Costs, Land | 1,475 | 1,475 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,886 | 17,886 | |||||
Total Costs, Total | 19,361 | 19,361 | |||||
Accumulated Depreciation | 5,728 | 5,728 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,000 | ||||||
Owned Properties | University Village at Sweethome | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 269 | 269 | |||||
Beds | Bed | 828 | 828 | |||||
Initial Cost, Land | $ 2,473 | $ 2,473 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 34,448 | 34,448 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 0 | 0 | |||||
Total Costs, Land | 2,473 | 2,473 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 34,448 | 34,448 | |||||
Total Costs, Total | 36,921 | 36,921 | |||||
Accumulated Depreciation | 11,183 | 11,183 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,005 | ||||||
Owned Properties | University Village - Tallahassee | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 217 | 217 | |||||
Beds | Bed | 716 | 716 | |||||
Initial Cost, Land | $ 4,322 | $ 4,322 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,225 | 26,225 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 3,796 | 3,796 | |||||
Total Costs, Land | 4,322 | 4,322 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,021 | 30,021 | |||||
Total Costs, Total | 34,343 | 34,343 | |||||
Accumulated Depreciation | 9,435 | 9,435 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 1,991 | ||||||
Number of project phases | phase | 3 | 3 | |||||
Owned Properties | Royal Village Gainesville | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 118 | 118 | |||||
Beds | Bed | 448 | 448 | |||||
Initial Cost, Land | $ 2,386 | $ 2,386 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 15,153 | 15,153 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 3,509 | 3,509 | |||||
Total Costs, Land | 2,363 | 2,363 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,685 | 18,685 | |||||
Total Costs, Total | 21,048 | 21,048 | |||||
Accumulated Depreciation | 5,223 | 5,223 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 1,996 | ||||||
Owned Properties | Royal Lexington | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 94 | 94 | |||||
Beds | Bed | 364 | 364 | |||||
Initial Cost, Land | $ 2,848 | $ 2,848 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,783 | 12,783 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 4,276 | 4,276 | |||||
Total Costs, Land | 2,848 | 2,848 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,059 | 17,059 | |||||
Total Costs, Total | 19,907 | 19,907 | |||||
Accumulated Depreciation | 5,343 | 5,343 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 1,994 | ||||||
Owned Properties | Raiders Pass | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 264 | 264 | |||||
Beds | Bed | 828 | 828 | |||||
Initial Cost, Land | $ 3,877 | $ 3,877 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 32,445 | 32,445 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 2,825 | 2,825 | |||||
Total Costs, Land | 3,877 | 3,877 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 35,270 | 35,270 | |||||
Total Costs, Total | 39,147 | 39,147 | |||||
Accumulated Depreciation | 10,775 | 10,775 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,001 | ||||||
Owned Properties | Aggie Station | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 156 | 156 | |||||
Beds | Bed | 450 | 450 | |||||
Initial Cost, Land | $ 1,634 | $ 1,634 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,821 | 18,821 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 2,819 | 2,819 | |||||
Total Costs, Land | 1,634 | 1,634 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,640 | 21,640 | |||||
Total Costs, Total | 23,274 | 23,274 | |||||
Accumulated Depreciation | 6,218 | 6,218 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,003 | ||||||
Owned Properties | The Outpost - San Antonio | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 276 | 276 | |||||
Beds | Bed | 828 | 828 | |||||
Initial Cost, Land | $ 3,262 | $ 3,262 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,252 | 36,252 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 3,596 | 3,596 | |||||
Total Costs, Land | 3,262 | 3,262 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 39,848 | 39,848 | |||||
Total Costs, Total | 43,110 | 43,110 | |||||
Accumulated Depreciation | 11,716 | 11,716 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,005 | ||||||
Owned Properties | Callaway Villas | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 236 | 236 | |||||
Beds | Bed | 704 | 704 | |||||
Initial Cost, Land | $ 3,903 | $ 3,903 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 31,953 | 31,953 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 0 | 0 | |||||
Total Costs, Land | 3,903 | 3,903 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 31,953 | 31,953 | |||||
Total Costs, Total | 35,856 | 35,856 | |||||
Accumulated Depreciation | 9,207 | 9,207 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,006 | ||||||
Owned Properties | The Village on Sixth Avenue | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 248 | 248 | |||||
Beds | Bed | 752 | 752 | |||||
Initial Cost, Land | $ 2,763 | $ 2,763 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,480 | 22,480 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 1,606 | 1,606 | |||||
Total Costs, Land | 2,763 | 2,763 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 24,086 | 24,086 | |||||
Total Costs, Total | 26,849 | 26,849 | |||||
Accumulated Depreciation | 7,001 | 7,001 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 1,999 | ||||||
Owned Properties | Newtown Crossing | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 356 | 356 | |||||
Beds | Bed | 942 | 942 | |||||
Initial Cost, Land | $ 7,013 | $ 7,013 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 53,597 | 53,597 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 1,657 | 1,657 | |||||
Total Costs, Land | 7,013 | 7,013 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 55,254 | 55,254 | |||||
Total Costs, Total | 62,267 | 62,267 | |||||
Accumulated Depreciation | 17,456 | 17,456 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,005 | ||||||
Owned Properties | Olde Towne University Square | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 224 | 224 | |||||
Beds | Bed | 550 | 550 | |||||
Initial Cost, Land | $ 2,277 | $ 2,277 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 24,614 | 24,614 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 935 | 935 | |||||
Total Costs, Land | 2,277 | 2,277 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,549 | 25,549 | |||||
Total Costs, Total | 27,826 | 27,826 | |||||
Accumulated Depreciation | 8,412 | 8,412 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,005 | ||||||
Owned Properties | Peninsular Place | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 183 | 183 | |||||
Beds | Bed | 478 | 478 | |||||
Initial Cost, Land | $ 2,306 | $ 2,306 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,559 | 16,559 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 941 | 941 | |||||
Total Costs, Land | 2,306 | 2,306 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,500 | 17,500 | |||||
Total Costs, Total | 19,806 | 19,806 | |||||
Accumulated Depreciation | 6,062 | 6,062 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,005 | ||||||
Owned Properties | University Centre | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 234 | 234 | |||||
Beds | Bed | 838 | 838 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 77,378 | 77,378 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 3,617 | 3,617 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 80,995 | 80,995 | |||||
Total Costs, Total | 80,995 | 80,995 | |||||
Accumulated Depreciation | 24,175 | 24,175 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,007 | ||||||
Owned Properties | The Summit & Jacob Heights | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 258 | 258 | |||||
Beds | Bed | 930 | 930 | |||||
Initial Cost, Land | $ 2,318 | $ 2,318 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,464 | 36,464 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 1,868 | 1,868 | |||||
Total Costs, Land | 2,318 | 2,318 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 38,332 | 38,332 | |||||
Total Costs, Total | 40,650 | 40,650 | |||||
Accumulated Depreciation | 10,019 | 10,019 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,004 | ||||||
Owned Properties | GrandMarc Seven Corners | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 186 | 186 | |||||
Beds | Bed | 440 | 440 | |||||
Initial Cost, Land | $ 4,491 | $ 4,491 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 28,807 | 28,807 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 1,522 | 1,522 | |||||
Total Costs, Land | 4,491 | 4,491 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,329 | 30,329 | |||||
Total Costs, Total | 34,820 | 34,820 | |||||
Accumulated Depreciation | 8,109 | 8,109 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,000 | ||||||
Owned Properties | Aztec Corner | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 180 | 180 | |||||
Beds | Bed | 606 | 606 | |||||
Initial Cost, Land | $ 17,460 | $ 17,460 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 32,209 | 32,209 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 1,728 | 1,728 | |||||
Total Costs, Land | 17,460 | 17,460 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,937 | 33,937 | |||||
Total Costs, Total | 51,397 | 51,397 | |||||
Accumulated Depreciation | 9,120 | 9,120 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,001 | ||||||
Owned Properties | The Tower at Third | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 188 | 188 | |||||
Beds | Bed | 375 | 375 | |||||
Initial Cost, Land | $ 1,145 | $ 1,145 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 19,128 | 19,128 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 11,868 | 11,868 | |||||
Total Costs, Land | 1,267 | 1,267 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,874 | 30,874 | |||||
Total Costs, Total | 32,141 | 32,141 | |||||
Accumulated Depreciation | 8,867 | 8,867 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 1,973 | ||||||
Owned Properties | Willowtree Apartments and Tower | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 473 | 473 | |||||
Beds | Bed | 851 | 851 | |||||
Initial Cost, Land | $ 9,807 | $ 9,807 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,880 | 21,880 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 3,671 | 3,671 | |||||
Total Costs, Land | 9,807 | 9,807 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,551 | 25,551 | |||||
Total Costs, Total | 35,358 | 35,358 | |||||
Accumulated Depreciation | 7,863 | 7,863 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 1,970 | ||||||
Owned Properties | University Pointe | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 204 | 204 | |||||
Beds | Bed | 682 | 682 | |||||
Initial Cost, Land | $ 989 | $ 989 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 27,576 | 27,576 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 4,155 | 4,155 | |||||
Total Costs, Land | 989 | 989 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 31,731 | 31,731 | |||||
Total Costs, Total | 32,720 | 32,720 | |||||
Accumulated Depreciation | 8,541 | 8,541 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,004 | ||||||
Owned Properties | University Trails | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 240 | 240 | |||||
Beds | Bed | 684 | 684 | |||||
Initial Cost, Land | $ 1,183 | $ 1,183 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,173 | 25,173 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 3,284 | 3,284 | |||||
Total Costs, Land | 1,183 | 1,183 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 28,457 | 28,457 | |||||
Total Costs, Total | 29,640 | 29,640 | |||||
Accumulated Depreciation | 8,166 | 8,166 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,003 | ||||||
Owned Properties | Campus Trails | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 156 | 156 | |||||
Beds | Bed | 480 | 480 | |||||
Initial Cost, Land | $ 1,358 | $ 1,358 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 11,291 | 11,291 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 4,827 | 4,827 | |||||
Total Costs, Land | 1,358 | 1,358 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,118 | 16,118 | |||||
Total Costs, Total | 17,476 | 17,476 | |||||
Accumulated Depreciation | 4,716 | 4,716 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 1,991 | ||||||
Owned Properties | University Crossings (ACE) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 260 | 260 | |||||
Beds | Bed | 1,016 | 1,016 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 50,668 | 50,668 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 38,616 | 38,616 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 89,284 | 89,284 | |||||
Total Costs, Total | 89,284 | 89,284 | |||||
Accumulated Depreciation | 22,967 | 22,967 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,003 | ||||||
Owned Properties | Vista del Sol (ACE) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 613 | 613 | |||||
Beds | Bed | 1,866 | 1,866 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 135,939 | 135,939 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 3,924 | 3,924 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 139,863 | 139,863 | |||||
Total Costs, Total | 139,863 | 139,863 | |||||
Accumulated Depreciation | 38,013 | 38,013 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,008 | ||||||
Owned Properties | Villas at Chestnut Ridge | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 196 | 196 | |||||
Beds | Bed | 552 | 552 | |||||
Initial Cost, Land | $ 2,756 | $ 2,756 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,510 | 33,510 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 1,335 | 1,335 | |||||
Total Costs, Land | 2,756 | 2,756 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 34,845 | 34,845 | |||||
Total Costs, Total | 37,601 | 37,601 | |||||
Accumulated Depreciation | 9,858 | 9,858 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,008 | ||||||
Owned Properties | Barrett Honors College (ACE) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 604 | 604 | |||||
Beds | Bed | 1,721 | 1,721 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 131,302 | 131,302 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 17,485 | 17,485 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 148,787 | 148,787 | |||||
Total Costs, Total | 148,787 | 148,787 | |||||
Accumulated Depreciation | 39,130 | 39,130 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,009 | ||||||
Owned Properties | Sanctuary Lofts | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 201 | 201 | |||||
Beds | Bed | 487 | 487 | |||||
Initial Cost, Land | $ 2,960 | $ 2,960 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,180 | 18,180 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 3,738 | 3,738 | |||||
Total Costs, Land | 2,960 | 2,960 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,918 | 21,918 | |||||
Total Costs, Total | 24,878 | 24,878 | |||||
Accumulated Depreciation | 6,680 | 6,680 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,006 | ||||||
Owned Properties | Blanton Common | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 276 | 276 | |||||
Beds | Bed | 860 | 860 | |||||
Initial Cost, Land | $ 3,788 | $ 3,788 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,759 | 16,759 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 0 | 0 | |||||
Total Costs, Land | 3,788 | 3,788 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,759 | 16,759 | |||||
Total Costs, Total | 20,547 | 20,547 | |||||
Accumulated Depreciation | 7,193 | 7,193 | |||||
Encumbrances | 27,380 | $ 27,380 | |||||
Year Built | 2,005 | ||||||
Mortgage loan | $ 27,400 | $ 27,400 | |||||
Owned Properties | The Edge- Charlotte | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 180 | 180 | |||||
Beds | Bed | 720 | 720 | |||||
Initial Cost, Land | $ 3,076 | $ 3,076 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 23,395 | 23,395 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 8,830 | 8,830 | |||||
Total Costs, Land | 3,076 | 3,076 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 32,225 | 32,225 | |||||
Total Costs, Total | 35,301 | 35,301 | |||||
Accumulated Depreciation | 7,957 | 7,957 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 1,999 | ||||||
Owned Properties | University Walk | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 120 | 120 | |||||
Beds | Bed | 480 | 480 | |||||
Initial Cost, Land | $ 2,016 | $ 2,016 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 14,599 | 14,599 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 3,021 | 3,021 | |||||
Total Costs, Land | 2,016 | 2,016 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,620 | 17,620 | |||||
Total Costs, Total | 19,636 | 19,636 | |||||
Accumulated Depreciation | 4,668 | 4,668 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,002 | ||||||
Owned Properties | Uptown Apartments | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 180 | 180 | |||||
Beds | Bed | 528 | 528 | |||||
Initial Cost, Land | $ 3,031 | $ 3,031 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,685 | 21,685 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 2,151 | 2,151 | |||||
Total Costs, Land | 3,031 | 3,031 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 23,836 | 23,836 | |||||
Total Costs, Total | 26,867 | 26,867 | |||||
Accumulated Depreciation | 5,429 | 5,429 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,004 | ||||||
Owned Properties | 2nd Ave Centre | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 274 | 274 | |||||
Beds | Bed | 868 | 868 | |||||
Initial Cost, Land | $ 4,434 | $ 4,434 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 27,236 | 27,236 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 3,804 | 3,804 | |||||
Total Costs, Land | 4,434 | 4,434 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 31,040 | 31,040 | |||||
Total Costs, Total | 35,474 | 35,474 | |||||
Accumulated Depreciation | 8,151 | 8,151 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,008 | ||||||
Owned Properties | Villas at Babcock | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 204 | 204 | |||||
Beds | Bed | 792 | 792 | |||||
Initial Cost, Land | $ 4,642 | $ 4,642 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,901 | 30,901 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 47 | 47 | |||||
Total Costs, Land | 4,642 | 4,642 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,948 | 30,948 | |||||
Total Costs, Total | 35,590 | 35,590 | |||||
Accumulated Depreciation | 9,487 | 9,487 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,011 | ||||||
Owned Properties | Lobo Village (ACE) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 216 | 216 | |||||
Beds | Bed | 864 | 864 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 42,490 | 42,490 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 543 | 543 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 43,033 | 43,033 | |||||
Total Costs, Total | 43,033 | 43,033 | |||||
Accumulated Depreciation | 8,990 | 8,990 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,011 | ||||||
Owned Properties | Villas on Sycamore | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 170 | 170 | |||||
Beds | Bed | 680 | 680 | |||||
Initial Cost, Land | $ 3,000 | $ 3,000 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 24,640 | 24,640 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 263 | 263 | |||||
Total Costs, Land | 3,000 | 3,000 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 24,903 | 24,903 | |||||
Total Costs, Total | 27,903 | 27,903 | |||||
Accumulated Depreciation | 8,064 | 8,064 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,011 | ||||||
Owned Properties | University Village Northwest (ACE) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 36 | 36 | |||||
Beds | Bed | 144 | 144 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 4,228 | 4,228 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 109 | 109 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 4,337 | 4,337 | |||||
Total Costs, Total | 4,337 | 4,337 | |||||
Accumulated Depreciation | 1,149 | 1,149 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,011 | ||||||
Owned Properties | 26 West | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 367 | 367 | |||||
Beds | Bed | 1,026 | 1,026 | |||||
Initial Cost, Land | $ 21,396 | $ 21,396 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 63,994 | 63,994 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 6,307 | 6,307 | |||||
Total Costs, Land | 21,396 | 21,396 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 70,301 | 70,301 | |||||
Total Costs, Total | 91,697 | 91,697 | |||||
Accumulated Depreciation | 13,782 | 13,782 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,008 | ||||||
Owned Properties | The Varsity | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 258 | 258 | |||||
Beds | Bed | 901 | 901 | |||||
Initial Cost, Land | $ 11,605 | $ 11,605 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 108,529 | 108,529 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 2,413 | 2,413 | |||||
Total Costs, Land | 11,605 | 11,605 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 110,942 | 110,942 | |||||
Total Costs, Total | 122,547 | 122,547 | |||||
Accumulated Depreciation | 18,831 | 18,831 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,011 | ||||||
Owned Properties | Avalon Heights | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 210 | 210 | |||||
Beds | Bed | 754 | 754 | |||||
Initial Cost, Land | $ 4,968 | $ 4,968 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 24,345 | 24,345 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 13,726 | 13,726 | |||||
Total Costs, Land | 4,968 | 4,968 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 38,071 | 38,071 | |||||
Total Costs, Total | 43,039 | 43,039 | |||||
Accumulated Depreciation | 6,584 | 6,584 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,002 | ||||||
Owned Properties | University Commons | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 164 | 164 | |||||
Beds | Bed | 480 | 480 | |||||
Initial Cost, Land | $ 12,559 | $ 12,559 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 19,010 | 19,010 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 2,701 | 2,701 | |||||
Total Costs, Land | 12,559 | 12,559 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,711 | 21,711 | |||||
Total Costs, Total | 34,270 | 34,270 | |||||
Accumulated Depreciation | 4,166 | 4,166 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,003 | ||||||
Owned Properties | Casas del Rio (ACE) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 283 | 283 | |||||
Beds | Bed | 1,028 | 1,028 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 40,639 | 40,639 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 1,198 | 1,198 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,837 | 41,837 | |||||
Total Costs, Total | 41,837 | 41,837 | |||||
Accumulated Depreciation | 12,691 | 12,691 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,012 | ||||||
Owned Properties | The Suites (ACE) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 439 | 439 | |||||
Beds | Bed | 878 | 878 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 45,296 | 45,296 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 502 | 502 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 45,798 | 45,798 | |||||
Total Costs, Total | 45,798 | 45,798 | |||||
Accumulated Depreciation | 9,467 | 9,467 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,013 | ||||||
Owned Properties | Hilltop Townhomes (ACE) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 144 | 144 | |||||
Beds | Bed | 576 | 576 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 31,507 | 31,507 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 419 | 419 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 31,926 | 31,926 | |||||
Total Costs, Total | 31,926 | 31,926 | |||||
Accumulated Depreciation | 8,042 | 8,042 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,012 | ||||||
Owned Properties | U Club on Frey | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 216 | 216 | |||||
Beds | Bed | 864 | 864 | |||||
Initial Cost, Land | $ 8,703 | $ 8,703 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,873 | 36,873 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 938 | 938 | |||||
Total Costs, Land | 8,703 | 8,703 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 37,811 | 37,811 | |||||
Total Costs, Total | 46,514 | 46,514 | |||||
Accumulated Depreciation | 7,837 | 7,837 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,013 | ||||||
Owned Properties | Campus Edge on UTA Boulevard | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 128 | 128 | |||||
Beds | Bed | 488 | 488 | |||||
Initial Cost, Land | $ 2,661 | $ 2,661 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,233 | 21,233 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 587 | 587 | |||||
Total Costs, Land | 2,661 | 2,661 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,820 | 21,820 | |||||
Total Costs, Total | 24,481 | 24,481 | |||||
Accumulated Depreciation | 5,495 | 5,495 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,012 | ||||||
Owned Properties | U Club Townhomes on Marion Pugh | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 160 | 160 | |||||
Beds | Bed | 640 | 640 | |||||
Initial Cost, Land | $ 6,722 | $ 6,722 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,546 | 26,546 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 928 | 928 | |||||
Total Costs, Land | 6,722 | 6,722 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 27,474 | 27,474 | |||||
Total Costs, Total | 34,196 | 34,196 | |||||
Accumulated Depreciation | 7,207 | 7,207 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,012 | ||||||
Owned Properties | Villas on Rensch | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 153 | 153 | |||||
Beds | Bed | 610 | 610 | |||||
Initial Cost, Land | $ 10,231 | $ 10,231 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,852 | 33,852 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 759 | 759 | |||||
Total Costs, Land | 10,231 | 10,231 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 34,611 | 34,611 | |||||
Total Costs, Total | 44,842 | 44,842 | |||||
Accumulated Depreciation | 8,025 | 8,025 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,012 | ||||||
Owned Properties | The Village at Overton Park | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 163 | 163 | |||||
Beds | Bed | 612 | 612 | |||||
Initial Cost, Land | $ 5,262 | $ 5,262 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 29,374 | 29,374 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 1,009 | 1,009 | |||||
Total Costs, Land | 5,262 | 5,262 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,383 | 30,383 | |||||
Total Costs, Total | 35,645 | 35,645 | |||||
Accumulated Depreciation | 7,663 | 7,663 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,012 | ||||||
Owned Properties | Casa de Oro (ACE) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 109 | 109 | |||||
Beds | Bed | 365 | 365 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,362 | 12,362 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 157 | 157 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,519 | 12,519 | |||||
Total Costs, Total | 12,519 | 12,519 | |||||
Accumulated Depreciation | 3,424 | 3,424 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,012 | ||||||
Owned Properties | The Villas at Vista del Sol (ACE) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 104 | 104 | |||||
Beds | Bed | 400 | 400 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,421 | 20,421 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 334 | 334 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,755 | 20,755 | |||||
Total Costs, Total | 20,755 | 20,755 | |||||
Accumulated Depreciation | 5,743 | 5,743 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,012 | ||||||
Owned Properties | The Block | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 669 | 669 | |||||
Beds | Bed | 1,555 | 1,555 | |||||
Initial Cost, Land | $ 22,270 | $ 22,270 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 141,430 | 141,430 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 10,248 | 10,248 | |||||
Total Costs, Land | 22,350 | 22,350 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 151,598 | 151,598 | |||||
Total Costs, Total | 173,948 | 173,948 | |||||
Accumulated Depreciation | 22,736 | 22,736 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,008 | ||||||
Owned Properties | University Pointe at College Station (ACE) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 282 | 282 | |||||
Beds | Bed | 978 | 978 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 84,657 | 84,657 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 2,089 | 2,089 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 86,746 | 86,746 | |||||
Total Costs, Total | 86,746 | 86,746 | |||||
Accumulated Depreciation | 22,279 | 22,279 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,012 | ||||||
Owned Properties | 309 Green | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 110 | 110 | |||||
Beds | Bed | 416 | 416 | |||||
Initial Cost, Land | $ 5,351 | $ 5,351 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 49,987 | 49,987 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 3,695 | 3,695 | |||||
Total Costs, Land | 5,351 | 5,351 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 53,682 | 53,682 | |||||
Total Costs, Total | 59,033 | 59,033 | |||||
Accumulated Depreciation | 8,518 | 8,518 | |||||
Encumbrances | $ 30,222 | $ 30,222 | |||||
Year Built | 2,008 | ||||||
Owned Properties | The Retreat | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 187 | 187 | |||||
Beds | Bed | 780 | 780 | |||||
Initial Cost, Land | $ 5,265 | $ 5,265 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 46,236 | 46,236 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 2,364 | 2,364 | |||||
Total Costs, Land | 5,265 | 5,265 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 48,600 | 48,600 | |||||
Total Costs, Total | 53,865 | 53,865 | |||||
Accumulated Depreciation | 7,979 | 7,979 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,012 | ||||||
Owned Properties | Lofts54 | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 43 | 43 | |||||
Beds | Bed | 172 | 172 | |||||
Initial Cost, Land | $ 430 | $ 430 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 14,741 | 14,741 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 4,254 | 4,254 | |||||
Total Costs, Land | 430 | 430 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,995 | 18,995 | |||||
Total Costs, Total | 19,425 | 19,425 | |||||
Accumulated Depreciation | 2,849 | 2,849 | |||||
Encumbrances | $ 10,409 | $ 10,409 | |||||
Year Built | 2,008 | ||||||
Owned Properties | Campustown Rentals | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 264 | 264 | |||||
Beds | Bed | 746 | 746 | |||||
Initial Cost, Land | $ 2,382 | $ 2,382 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 40,190 | 40,190 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 3,902 | 3,902 | |||||
Total Costs, Land | 2,382 | 2,382 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 44,092 | 44,092 | |||||
Total Costs, Total | 46,474 | 46,474 | |||||
Accumulated Depreciation | 8,356 | 8,356 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 1,982 | ||||||
Owned Properties | Chauncey Square | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 158 | 158 | |||||
Beds | Bed | 386 | 386 | |||||
Initial Cost, Land | $ 2,522 | $ 2,522 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 40,013 | 40,013 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 1,708 | 1,708 | |||||
Total Costs, Land | 2,522 | 2,522 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,721 | 41,721 | |||||
Total Costs, Total | 44,243 | 44,243 | |||||
Accumulated Depreciation | 6,919 | 6,919 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,011 | ||||||
Owned Properties | Vintage & Texan West Campus | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 124 | 124 | |||||
Beds | Bed | 311 | 311 | |||||
Initial Cost, Land | $ 5,937 | $ 5,937 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 11,906 | 11,906 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 15,449 | 15,449 | |||||
Total Costs, Land | 5,937 | 5,937 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 27,355 | 27,355 | |||||
Total Costs, Total | 33,292 | 33,292 | |||||
Accumulated Depreciation | 4,296 | 4,296 | |||||
Encumbrances | $ 8,381 | $ 8,381 | |||||
Year Built | 2,008 | ||||||
Owned Properties | The Castilian | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 371 | 371 | |||||
Beds | Bed | 623 | 623 | |||||
Initial Cost, Land | $ 3,663 | $ 3,663 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 59,772 | 59,772 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 33,270 | 33,270 | |||||
Total Costs, Land | 3,663 | 3,663 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 93,042 | 93,042 | |||||
Total Costs, Total | 96,705 | 96,705 | |||||
Accumulated Depreciation | 15,537 | 15,537 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 1,967 | ||||||
Owned Properties | Bishops Square | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 134 | 134 | |||||
Beds | Bed | 315 | 315 | |||||
Initial Cost, Land | $ 1,206 | $ 1,206 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,878 | 17,878 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 1,649 | 1,649 | |||||
Total Costs, Land | 1,206 | 1,206 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 19,527 | 19,527 | |||||
Total Costs, Total | 20,733 | 20,733 | |||||
Accumulated Depreciation | 3,645 | 3,645 | |||||
Encumbrances | $ 11,141 | $ 11,141 | |||||
Year Built | 2,002 | ||||||
Owned Properties | Union | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 54 | 54 | |||||
Beds | Bed | 120 | 120 | |||||
Initial Cost, Land | $ 169 | $ 169 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 6,348 | 6,348 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 977 | 977 | |||||
Total Costs, Land | 169 | 169 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 7,325 | 7,325 | |||||
Total Costs, Total | 7,494 | 7,494 | |||||
Accumulated Depreciation | 1,339 | 1,339 | |||||
Encumbrances | $ 3,471 | $ 3,471 | |||||
Year Built | 2,006 | ||||||
Owned Properties | 922 Place | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 132 | 132 | |||||
Beds | Bed | 468 | 468 | |||||
Initial Cost, Land | $ 3,363 | $ 3,363 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 34,947 | 34,947 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 3,106 | 3,106 | |||||
Total Costs, Land | 3,363 | 3,363 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 38,053 | 38,053 | |||||
Total Costs, Total | 41,416 | 41,416 | |||||
Accumulated Depreciation | 6,920 | 6,920 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,009 | ||||||
Owned Properties | Campustown | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 452 | 452 | |||||
Beds | Bed | 1,217 | 1,217 | |||||
Initial Cost, Land | $ 1,818 | $ 1,818 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 77,894 | 77,894 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 4,490 | 4,490 | |||||
Total Costs, Land | 1,818 | 1,818 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 82,384 | 82,384 | |||||
Total Costs, Total | 84,202 | 84,202 | |||||
Accumulated Depreciation | 13,027 | 13,027 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 1,997 | ||||||
Owned Properties | River Mill | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 243 | 243 | |||||
Beds | Bed | 461 | 461 | |||||
Initial Cost, Land | $ 1,741 | $ 1,741 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,806 | 22,806 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 3,327 | 3,327 | |||||
Total Costs, Land | 1,741 | 1,741 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,133 | 26,133 | |||||
Total Costs, Total | 27,874 | 27,874 | |||||
Accumulated Depreciation | 4,660 | 4,660 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 1,972 | ||||||
Owned Properties | Landmark | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 173 | 173 | |||||
Beds | Bed | 606 | 606 | |||||
Initial Cost, Land | $ 3,002 | $ 3,002 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 118,168 | 118,168 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 1,175 | 1,175 | |||||
Total Costs, Land | 3,002 | 3,002 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 119,343 | 119,343 | |||||
Total Costs, Total | 122,345 | 122,345 | |||||
Accumulated Depreciation | 17,702 | 17,702 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,012 | ||||||
Owned Properties | Icon Plaza | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 56 | 56 | |||||
Beds | Bed | 253 | 253 | |||||
Initial Cost, Land | $ 6,292 | $ 6,292 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 65,857 | 65,857 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 3,475 | 3,475 | |||||
Total Costs, Land | 6,292 | 6,292 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 69,332 | 69,332 | |||||
Total Costs, Total | 75,624 | 75,624 | |||||
Accumulated Depreciation | 10,415 | 10,415 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,012 | ||||||
Owned Properties | The Province - Greensboro | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 219 | 219 | |||||
Beds | Bed | 696 | 696 | |||||
Initial Cost, Land | $ 2,226 | $ 2,226 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 48,567 | 48,567 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 1,149 | 1,149 | |||||
Total Costs, Land | 2,226 | 2,226 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 49,716 | 49,716 | |||||
Total Costs, Total | 51,942 | 51,942 | |||||
Accumulated Depreciation | 8,346 | 8,346 | |||||
Encumbrances | $ 27,598 | $ 27,598 | |||||
Year Built | 2,011 | ||||||
Owned Properties | RAMZ Apts on Broad | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 88 | 88 | |||||
Beds | Bed | 172 | 172 | |||||
Initial Cost, Land | $ 785 | $ 785 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,303 | 12,303 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 564 | 564 | |||||
Total Costs, Land | 785 | 785 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,867 | 12,867 | |||||
Total Costs, Total | 13,652 | 13,652 | |||||
Accumulated Depreciation | 2,095 | 2,095 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,004 | ||||||
Owned Properties | The Lofts at Capital Garage | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 36 | 36 | |||||
Beds | Bed | 144 | 144 | |||||
Initial Cost, Land | $ 313 | $ 313 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 3,581 | 3,581 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 553 | 553 | |||||
Total Costs, Land | 313 | 313 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 4,134 | 4,134 | |||||
Total Costs, Total | 4,447 | 4,447 | |||||
Accumulated Depreciation | 815 | 815 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,000 | ||||||
Owned Properties | 25 Twenty | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 249 | 249 | |||||
Beds | Bed | 562 | 562 | |||||
Initial Cost, Land | $ 2,226 | $ 2,226 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,429 | 33,429 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 1,111 | 1,111 | |||||
Total Costs, Land | 2,226 | 2,226 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 34,540 | 34,540 | |||||
Total Costs, Total | 36,766 | 36,766 | |||||
Accumulated Depreciation | 6,555 | 6,555 | |||||
Encumbrances | $ 25,698 | $ 25,698 | |||||
Year Built | 2,011 | ||||||
Owned Properties | The Province - Louisville | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 366 | 366 | |||||
Beds | Bed | 858 | 858 | |||||
Initial Cost, Land | $ 4,392 | $ 4,392 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 63,068 | 63,068 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 1,394 | 1,394 | |||||
Total Costs, Land | 4,392 | 4,392 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 64,462 | 64,462 | |||||
Total Costs, Total | 68,854 | 68,854 | |||||
Accumulated Depreciation | 11,160 | 11,160 | |||||
Encumbrances | $ 35,938 | $ 35,938 | |||||
Year Built | 2,009 | ||||||
Owned Properties | West 27th Place | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 161 | 161 | |||||
Beds | Bed | 475 | 475 | |||||
Initial Cost, Land | $ 13,900 | $ 13,900 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 76,720 | 76,720 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 1,316 | 1,316 | |||||
Total Costs, Land | 13,900 | 13,900 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 78,036 | 78,036 | |||||
Total Costs, Total | 91,936 | 91,936 | |||||
Accumulated Depreciation | 11,530 | 11,530 | |||||
Encumbrances | $ 37,460 | $ 37,460 | |||||
Year Built | 2,011 | ||||||
Owned Properties | The Province - Rochester | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 336 | 336 | |||||
Beds | Bed | 816 | 816 | |||||
Initial Cost, Land | $ 3,798 | $ 3,798 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 70,955 | 70,955 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 2,216 | 2,216 | |||||
Total Costs, Land | 3,798 | 3,798 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 73,171 | 73,171 | |||||
Total Costs, Total | 76,969 | 76,969 | |||||
Accumulated Depreciation | 12,403 | 12,403 | |||||
Encumbrances | $ 33,719 | $ 33,719 | |||||
Year Built | 2,010 | ||||||
Owned Properties | 5 Twenty Four & 5 Twenty Five Angliana | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 376 | 376 | |||||
Beds | Bed | 1,060 | 1,060 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 60,448 | 60,448 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 6,941 | 6,941 | |||||
Total Costs, Land | 5,214 | 5,214 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 62,175 | 62,175 | |||||
Total Costs, Total | 67,389 | 67,389 | |||||
Accumulated Depreciation | 10,879 | 10,879 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,010 | ||||||
Owned Properties | The Province - Tampa | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 287 | 287 | |||||
Beds | Bed | 947 | 947 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 52,943 | 52,943 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 3,279 | 3,279 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 56,222 | 56,222 | |||||
Total Costs, Total | 56,222 | 56,222 | |||||
Accumulated Depreciation | 9,361 | 9,361 | |||||
Encumbrances | $ 31,826 | $ 31,826 | |||||
Year Built | 2,009 | ||||||
Owned Properties | U Point Kennesaw | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 216 | 216 | |||||
Beds | Bed | 795 | 795 | |||||
Initial Cost, Land | $ 1,482 | $ 1,482 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 61,654 | 61,654 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 5,640 | 5,640 | |||||
Total Costs, Land | 1,482 | 1,482 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 67,294 | 67,294 | |||||
Total Costs, Total | 68,776 | 68,776 | |||||
Accumulated Depreciation | 12,059 | 12,059 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,012 | ||||||
Owned Properties | The Cottages of Durham | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 141 | 141 | |||||
Beds | Bed | 619 | 619 | |||||
Initial Cost, Land | $ 3,955 | $ 3,955 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,421 | 41,421 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 2,082 | 2,082 | |||||
Total Costs, Land | 3,955 | 3,955 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 43,503 | 43,503 | |||||
Total Costs, Total | 47,458 | 47,458 | |||||
Accumulated Depreciation | 8,894 | 8,894 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,012 | ||||||
Owned Properties | University Edge | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 201 | 201 | |||||
Beds | Bed | 608 | 608 | |||||
Initial Cost, Land | $ 4,500 | $ 4,500 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,385 | 26,385 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 1,213 | 1,213 | |||||
Total Costs, Land | 4,500 | 4,500 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 27,598 | 27,598 | |||||
Total Costs, Total | 32,098 | 32,098 | |||||
Accumulated Depreciation | 4,392 | 4,392 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,012 | ||||||
Owned Properties | The Lodges of East Lansing | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 364 | 364 | |||||
Beds | Bed | 1,049 | 1,049 | |||||
Initial Cost, Land | $ 6,472 | $ 6,472 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 89,231 | 89,231 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 1,293 | 1,293 | |||||
Total Costs, Land | 6,472 | 6,472 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 90,524 | 90,524 | |||||
Total Costs, Total | 96,996 | 96,996 | |||||
Accumulated Depreciation | 14,381 | 14,381 | |||||
Encumbrances | $ 29,126 | $ 29,126 | |||||
Year Built | 2,012 | ||||||
Owned Properties | 7th Street Station | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 82 | 82 | |||||
Beds | Bed | 309 | 309 | |||||
Initial Cost, Land | $ 9,792 | $ 9,792 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,472 | 16,472 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 485 | 485 | |||||
Total Costs, Land | 9,792 | 9,792 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,957 | 16,957 | |||||
Total Costs, Total | 26,749 | 26,749 | |||||
Accumulated Depreciation | 2,862 | 2,862 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,012 | ||||||
Owned Properties | The Callaway House Austin | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 219 | 219 | |||||
Beds | Bed | 753 | 753 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 61,550 | 61,550 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 769 | 769 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 62,319 | 62,319 | |||||
Total Costs, Total | 62,319 | 62,319 | |||||
Accumulated Depreciation | 10,973 | 10,973 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,013 | ||||||
Owned Properties | Manzanita (ACE) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 241 | 241 | |||||
Beds | Bed | 816 | 816 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 48,781 | 48,781 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 350 | 350 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 49,131 | 49,131 | |||||
Total Costs, Total | 49,131 | 49,131 | |||||
Accumulated Depreciation | 9,465 | 9,465 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,013 | ||||||
Owned Properties | University View (ACE) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 96 | 96 | |||||
Beds | Bed | 336 | 336 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 14,683 | 14,683 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 176 | 176 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 14,859 | 14,859 | |||||
Total Costs, Total | 14,859 | 14,859 | |||||
Accumulated Depreciation | 2,819 | 2,819 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,013 | ||||||
Owned Properties | U Club Townhomes at Overton Park | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 112 | 112 | |||||
Beds | Bed | 448 | 448 | |||||
Initial Cost, Land | $ 7,775 | $ 7,775 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,483 | 21,483 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 658 | 658 | |||||
Total Costs, Land | 7,775 | 7,775 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,141 | 22,141 | |||||
Total Costs, Total | 29,916 | 29,916 | |||||
Accumulated Depreciation | 4,106 | 4,106 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,013 | ||||||
Owned Properties | 601 Copeland | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 81 | 81 | |||||
Beds | Bed | 283 | 283 | |||||
Initial Cost, Land | $ 1,457 | $ 1,457 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,699 | 26,699 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 340 | 340 | |||||
Total Costs, Land | 1,457 | 1,457 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 27,039 | 27,039 | |||||
Total Costs, Total | 28,496 | 28,496 | |||||
Accumulated Depreciation | 4,246 | 4,246 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,013 | ||||||
Owned Properties | The Townhomes at Newtown Crossing | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 152 | 152 | |||||
Beds | Bed | 608 | 608 | |||||
Initial Cost, Land | $ 7,745 | $ 7,745 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 32,074 | 32,074 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 453 | 453 | |||||
Total Costs, Land | 7,745 | 7,745 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 32,527 | 32,527 | |||||
Total Costs, Total | 40,272 | 40,272 | |||||
Accumulated Depreciation | 5,175 | 5,175 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,013 | ||||||
Owned Properties | Chestnut Square (ACE) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 220 | 220 | |||||
Beds | Bed | 861 | 861 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 98,369 | 98,369 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 2,274 | 2,274 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 100,643 | 100,643 | |||||
Total Costs, Total | 100,643 | 100,643 | |||||
Accumulated Depreciation | 16,633 | 16,633 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,013 | ||||||
Owned Properties | Park Point | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 300 | 300 | |||||
Beds | Bed | 924 | 924 | |||||
Initial Cost, Land | $ 7,827 | $ 7,827 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 73,495 | 73,495 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 4,848 | 4,848 | |||||
Total Costs, Land | 7,827 | 7,827 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 78,343 | 78,343 | |||||
Total Costs, Total | 86,170 | 86,170 | |||||
Accumulated Depreciation | 11,962 | 11,962 | |||||
Encumbrances | $ 70,000 | $ 70,000 | |||||
Year Built | 2,008 | ||||||
Owned Properties | U Centre at Fry Street | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 194 | 194 | |||||
Beds | Bed | 614 | 614 | |||||
Initial Cost, Land | $ 2,902 | $ 2,902 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 47,700 | 47,700 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 1,798 | 1,798 | |||||
Total Costs, Land | 2,902 | 2,902 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 49,498 | 49,498 | |||||
Total Costs, Total | 52,400 | 52,400 | |||||
Accumulated Depreciation | 6,621 | 6,621 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,012 | ||||||
Owned Properties | Cardinal Towne | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 255 | 255 | |||||
Beds | Bed | 545 | 545 | |||||
Initial Cost, Land | $ 6,547 | $ 6,547 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 53,809 | 53,809 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 2,730 | 2,730 | |||||
Total Costs, Land | 6,547 | 6,547 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 56,539 | 56,539 | |||||
Total Costs, Total | 63,086 | 63,086 | |||||
Accumulated Depreciation | 7,359 | 7,359 | |||||
Encumbrances | $ 37,250 | $ 37,250 | |||||
Year Built | 2,010 | ||||||
Owned Properties | Stanworth Commons Phase I (ACE) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 127 | 127 | |||||
Beds | Bed | 214 | 214 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,930 | 30,930 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 38 | 38 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,968 | 30,968 | |||||
Total Costs, Total | 30,968 | 30,968 | |||||
Accumulated Depreciation | 3,663 | 3,663 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,014 | ||||||
Owned Properties | The Plaza on University | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 364 | 364 | |||||
Beds | Bed | 1,313 | 1,313 | |||||
Initial Cost, Land | $ 23,987 | $ 23,987 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 85,584 | 85,584 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 3,565 | 3,565 | |||||
Total Costs, Land | 23,987 | 23,987 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 89,149 | 89,149 | |||||
Total Costs, Total | 113,136 | 113,136 | |||||
Accumulated Depreciation | 11,893 | 11,893 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,014 | ||||||
Owned Properties | U Centre at Northgate (ACE) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 196 | 196 | |||||
Beds | Bed | 784 | 784 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 35,663 | 35,663 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 265 | 265 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 35,928 | 35,928 | |||||
Total Costs, Total | 35,928 | 35,928 | |||||
Accumulated Depreciation | 5,047 | 5,047 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,014 | ||||||
Owned Properties | University Walk | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 177 | 177 | |||||
Beds | Bed | 526 | 526 | |||||
Initial Cost, Land | $ 4,341 | $ 4,341 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 29,073 | 29,073 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 717 | 717 | |||||
Total Costs, Land | 4,341 | 4,341 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 29,790 | 29,790 | |||||
Total Costs, Total | 34,131 | 34,131 | |||||
Accumulated Depreciation | 3,050 | 3,050 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,014 | ||||||
Owned Properties | U Club on Woodward | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 236 | 236 | |||||
Beds | Bed | 944 | 944 | |||||
Initial Cost, Land | $ 16,350 | $ 16,350 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 46,982 | 46,982 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 485 | 485 | |||||
Total Costs, Land | 16,350 | 16,350 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 47,467 | 47,467 | |||||
Total Costs, Total | 63,817 | 63,817 | |||||
Accumulated Depreciation | 6,749 | 6,749 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,014 | ||||||
Number of project phases | phase | 2 | 2 | |||||
Owned Properties | The Standard | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 190 | 190 | |||||
Beds | Bed | 610 | 610 | |||||
Initial Cost, Land | $ 4,674 | $ 4,674 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 57,310 | 57,310 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 1,406 | 1,406 | |||||
Total Costs, Land | 4,674 | 4,674 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 58,716 | 58,716 | |||||
Total Costs, Total | 63,390 | 63,390 | |||||
Accumulated Depreciation | 6,217 | 6,217 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,014 | ||||||
Owned Properties | Park Point | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 66 | 66 | |||||
Beds | Bed | 226 | 226 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,725 | 25,725 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 3,356 | 3,356 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 29,081 | 29,081 | |||||
Total Costs, Total | 29,081 | 29,081 | |||||
Accumulated Depreciation | 2,493 | 2,493 | |||||
Encumbrances | $ 11,049 | $ 11,049 | |||||
Year Built | 2,010 | ||||||
Owned Properties | 1200 West Marshall | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 136 | 136 | |||||
Beds | Bed | 406 | 406 | |||||
Initial Cost, Land | $ 4,397 | $ 4,397 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,908 | 33,908 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 1,536 | 1,536 | |||||
Total Costs, Land | 4,397 | 4,397 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 35,444 | 35,444 | |||||
Total Costs, Total | 39,841 | 39,841 | |||||
Accumulated Depreciation | 3,398 | 3,398 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,013 | ||||||
Owned Properties | 8 1/2 Canal Street | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 160 | 160 | |||||
Beds | Bed | 540 | 540 | |||||
Initial Cost, Land | $ 2,797 | $ 2,797 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 45,394 | 45,394 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 1,557 | 1,557 | |||||
Total Costs, Land | 2,797 | 2,797 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 46,951 | 46,951 | |||||
Total Costs, Total | 49,748 | 49,748 | |||||
Accumulated Depreciation | 4,059 | 4,059 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,011 | ||||||
Owned Properties | Vistas San Marcos | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 255 | 255 | |||||
Beds | Bed | 600 | 600 | |||||
Initial Cost, Land | $ 586 | $ 586 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 45,761 | 45,761 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 4,760 | 4,760 | |||||
Total Costs, Land | 586 | 586 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 50,521 | 50,521 | |||||
Total Costs, Total | 51,107 | 51,107 | |||||
Accumulated Depreciation | 5,934 | 5,934 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,013 | ||||||
Owned Properties | Crest at Pearl | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 141 | 141 | |||||
Beds | Bed | 343 | 343 | |||||
Initial Cost, Land | $ 4,395 | $ 4,395 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,268 | 36,268 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 1,597 | 1,597 | |||||
Total Costs, Land | 4,491 | 4,491 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 37,769 | 37,769 | |||||
Total Costs, Total | 42,260 | 42,260 | |||||
Accumulated Depreciation | 3,235 | 3,235 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,014 | ||||||
Owned Properties | U Club Binghamton - 2005 | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 186 | 186 | |||||
Beds | Bed | 710 | 710 | |||||
Initial Cost, Land | $ 3,584 | $ 3,584 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 48,559 | 48,559 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 2,405 | 2,405 | |||||
Total Costs, Land | 3,584 | 3,584 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 50,964 | 50,964 | |||||
Total Costs, Total | 54,548 | 54,548 | |||||
Accumulated Depreciation | 3,944 | 3,944 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,005 | ||||||
Owned Properties | Stadium Centre | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 367 | 367 | |||||
Beds | Bed | 710 | 710 | |||||
Initial Cost, Land | $ 7,424 | $ 7,424 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 74,932 | 74,932 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 2,698 | 2,698 | |||||
Total Costs, Land | 7,424 | 7,424 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 77,630 | 77,630 | |||||
Total Costs, Total | 85,054 | 85,054 | |||||
Accumulated Depreciation | 6,502 | 6,502 | |||||
Encumbrances | $ 55,969 | $ 55,969 | |||||
Year Built | 2,014 | ||||||
Owned Properties | 160 Ross | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 182 | 182 | |||||
Beds | Bed | 642 | 642 | |||||
Initial Cost, Land | $ 2,962 | $ 2,962 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 38,478 | 38,478 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 279 | 279 | |||||
Total Costs, Land | 2,962 | 2,962 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 38,757 | 38,757 | |||||
Total Costs, Total | 41,719 | 41,719 | |||||
Accumulated Depreciation | 3,750 | 3,750 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,015 | ||||||
Owned Properties | The Summit at University City (ACE) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 351 | 351 | |||||
Beds | Bed | 1,315 | 1,315 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 154,770 | 154,770 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 793 | 793 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 155,563 | 155,563 | |||||
Total Costs, Total | 155,563 | 155,563 | |||||
Accumulated Depreciation | 11,796 | 11,796 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,015 | ||||||
Owned Properties | 2125 Franklin | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 192 | 192 | |||||
Beds | Bed | 734 | 734 | |||||
Initial Cost, Land | $ 8,299 | $ 8,299 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 55,716 | 55,716 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 264 | 264 | |||||
Total Costs, Land | 8,299 | 8,299 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 55,980 | 55,980 | |||||
Total Costs, Total | 64,279 | 64,279 | |||||
Accumulated Depreciation | 4,629 | 4,629 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,015 | ||||||
Owned Properties | University Crossings - Charlotte | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 187 | 187 | |||||
Beds | Bed | 546 | 546 | |||||
Initial Cost, Land | $ 645 | $ 645 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,838 | 36,838 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 3,900 | 3,900 | |||||
Total Costs, Land | 645 | 645 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 40,738 | 40,738 | |||||
Total Costs, Total | 41,383 | 41,383 | |||||
Accumulated Depreciation | 1,810 | 1,810 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,014 | ||||||
Owned Properties | The Court - Stadium Centre | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 80 | 80 | |||||
Beds | Bed | 260 | 260 | |||||
Initial Cost, Land | $ 1,825 | $ 1,825 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,922 | 25,922 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 58 | 58 | |||||
Total Costs, Land | 1,825 | 1,825 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,980 | 25,980 | |||||
Total Costs, Total | 27,805 | 27,805 | |||||
Accumulated Depreciation | 1,155 | 1,155 | |||||
Encumbrances | $ 9,921 | $ 9,921 | |||||
Year Built | 2,016 | ||||||
Owned Properties | U Club on 28th | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 100 | 100 | |||||
Beds | Bed | 398 | 398 | |||||
Initial Cost, Land | $ 9,725 | $ 9,725 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 45,788 | 45,788 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 52 | 52 | |||||
Total Costs, Land | 9,725 | 9,725 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 45,840 | 45,840 | |||||
Total Costs, Total | 55,565 | 55,565 | |||||
Accumulated Depreciation | 2,214 | 2,214 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,016 | ||||||
Owned Properties | Currie Hall (ACE) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 178 | 178 | |||||
Beds | Bed | 456 | 456 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 49,987 | 49,987 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 128 | 128 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 50,115 | 50,115 | |||||
Total Costs, Total | 50,115 | 50,115 | |||||
Accumulated Depreciation | 2,624 | 2,624 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,016 | ||||||
Owned Properties | University Pointe (ACE) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 134 | 134 | |||||
Beds | Bed | 531 | 531 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 44,035 | 44,035 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 86 | 86 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 44,121 | 44,121 | |||||
Total Costs, Total | 44,121 | 44,121 | |||||
Accumulated Depreciation | 2,168 | 2,168 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,016 | ||||||
Owned Properties | Fairview House (ACE) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 107 | 107 | |||||
Beds | Bed | 633 | 633 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 38,144 | 38,144 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 78 | 78 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 38,222 | 38,222 | |||||
Total Costs, Total | 38,222 | 38,222 | |||||
Accumulated Depreciation | 2,258 | 2,258 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,016 | ||||||
Owned Properties | U Club Sunnyside | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 134 | 134 | |||||
Beds | Bed | 534 | 534 | |||||
Initial Cost, Land | $ 7,423 | $ 7,423 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,582 | 41,582 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 69 | 69 | |||||
Total Costs, Land | 7,423 | 7,423 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,651 | 41,651 | |||||
Total Costs, Total | 49,074 | 49,074 | |||||
Accumulated Depreciation | 2,112 | 2,112 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,016 | ||||||
Owned Properties | Merwick Stanworth Phase II (ACE) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 198 | 198 | |||||
Beds | Bed | 379 | 379 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 48,668 | 48,668 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 52 | 52 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 48,720 | 48,720 | |||||
Total Costs, Total | 48,720 | 48,720 | |||||
Accumulated Depreciation | 2,145 | 2,145 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,016 | ||||||
Owned Properties | U Point | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 54 | 54 | |||||
Beds | Bed | 163 | 163 | |||||
Initial Cost, Land | $ 1,425 | $ 1,425 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,325 | 17,325 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 2,259 | 2,259 | |||||
Total Costs, Land | 1,425 | 1,425 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 19,584 | 19,584 | |||||
Total Costs, Total | 21,009 | 21,009 | |||||
Accumulated Depreciation | 747 | 747 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,016 | ||||||
Owned Properties | The Arlie | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 169 | 169 | |||||
Beds | Bed | 598 | 598 | |||||
Initial Cost, Land | $ 1,350 | $ 1,350 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 43,352 | 43,352 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 899 | 899 | |||||
Total Costs, Land | 1,350 | 1,350 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 44,251 | 44,251 | |||||
Total Costs, Total | 45,601 | 45,601 | |||||
Accumulated Depreciation | 1,297 | 1,297 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,016 | ||||||
Owned Properties | TWELVE at U District | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 283 | 283 | |||||
Beds | Bed | 384 | 384 | |||||
Initial Cost, Land | $ 13,013 | $ 13,013 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 98,115 | 98,115 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 267 | 267 | |||||
Total Costs, Land | 13,013 | 13,013 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 98,382 | 98,382 | |||||
Total Costs, Total | 111,395 | 111,395 | |||||
Accumulated Depreciation | 1,529 | 1,529 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,014 | ||||||
Owned Properties | The 515 (8) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 183 | 183 | |||||
Beds | Bed | 513 | 513 | |||||
Initial Cost, Land | $ 1,611 | $ 1,611 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 68,953 | 68,953 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 74 | 74 | |||||
Total Costs, Land | 1,611 | 1,611 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 69,027 | 69,027 | |||||
Total Costs, Total | 70,638 | 70,638 | |||||
Accumulated Depreciation | 800 | 800 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,015 | ||||||
Owned Properties | State (8) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 220 | 220 | |||||
Beds | Bed | 665 | 665 | |||||
Initial Cost, Land | $ 3,448 | $ 3,448 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 66,774 | 66,774 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 1,244 | 1,244 | |||||
Total Costs, Land | 3,448 | 3,448 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 68,018 | 68,018 | |||||
Total Costs, Total | 71,466 | 71,466 | |||||
Accumulated Depreciation | 875 | 875 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,013 | ||||||
Owned Properties | The James (9) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 366 | 366 | |||||
Beds | Bed | 850 | 850 | |||||
Initial Cost, Land | $ 18,871 | $ 18,871 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 118,096 | 118,096 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 115 | 115 | |||||
Total Costs, Land | 18,871 | 18,871 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 118,211 | 118,211 | |||||
Total Costs, Total | 137,082 | 137,082 | |||||
Accumulated Depreciation | 1,299 | 1,299 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,017 | ||||||
Owned Properties | Bridges @ 11th | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 184 | 184 | |||||
Beds | Bed | 258 | 258 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 58,825 | 58,825 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 59 | 59 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 58,884 | 58,884 | |||||
Total Costs, Total | 58,884 | 58,884 | |||||
Accumulated Depreciation | 391 | 391 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,015 | ||||||
Owned Properties | Hub U District Seattle (9) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 111 | 111 | |||||
Beds | Bed | 248 | 248 | |||||
Initial Cost, Land | $ 5,700 | $ 5,700 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 56,355 | 56,355 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 75 | 75 | |||||
Total Costs, Land | 5,700 | 5,700 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 56,430 | 56,430 | |||||
Total Costs, Total | 62,130 | 62,130 | |||||
Accumulated Depreciation | 316 | 316 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,017 | ||||||
Owned Properties | Tooker House (ACE) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 429 | 429 | |||||
Beds | Bed | 1,594 | 1,594 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 103,897 | 103,897 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 0 | 0 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 103,897 | 103,897 | |||||
Total Costs, Total | 103,897 | 103,897 | |||||
Accumulated Depreciation | 1,656 | 1,656 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,017 | ||||||
Owned Properties | Skyview (ACE) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 163 | 163 | |||||
Beds | Bed | 626 | 626 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 57,578 | 57,578 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 0 | 0 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 57,578 | 57,578 | |||||
Total Costs, Total | 57,578 | 57,578 | |||||
Accumulated Depreciation | 742 | 742 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,017 | ||||||
Owned Properties | University Square (ACE) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 143 | 143 | |||||
Beds | Bed | 466 | 466 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,635 | 25,635 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 0 | 0 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,635 | 25,635 | |||||
Total Costs, Total | 25,635 | 25,635 | |||||
Accumulated Depreciation | 410 | 410 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,017 | ||||||
Owned Properties | U Centre on Turner | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 182 | 182 | |||||
Beds | Bed | 718 | 718 | |||||
Initial Cost, Land | $ 14,000 | $ 14,000 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 55,456 | 55,456 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 0 | 0 | |||||
Total Costs, Land | 14,000 | 14,000 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 55,456 | 55,456 | |||||
Total Costs, Total | 69,456 | 69,456 | |||||
Accumulated Depreciation | 822 | 822 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,017 | ||||||
Owned Properties | U Pointe on Speight | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 180 | 180 | |||||
Beds | Bed | 700 | 700 | |||||
Initial Cost, Land | $ 4,705 | $ 4,705 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 46,160 | 46,160 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 0 | 0 | |||||
Total Costs, Land | 4,705 | 4,705 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 46,160 | 46,160 | |||||
Total Costs, Total | 50,865 | 50,865 | |||||
Accumulated Depreciation | 610 | 610 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,017 | ||||||
Owned Properties | 21Hundred @ Overton Park | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 296 | 296 | |||||
Beds | Bed | 1,204 | 1,204 | |||||
Initial Cost, Land | $ 16,767 | $ 16,767 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 64,057 | 64,057 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 0 | 0 | |||||
Total Costs, Land | 16,767 | 16,767 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 64,057 | 64,057 | |||||
Total Costs, Total | 80,824 | 80,824 | |||||
Accumulated Depreciation | 982 | 982 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,017 | ||||||
Owned Properties | The Suites at 3rd | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 63 | 63 | |||||
Beds | Bed | 251 | 251 | |||||
Initial Cost, Land | $ 831 | $ 831 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,384 | 22,384 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 0 | 0 | |||||
Total Costs, Land | 831 | 831 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,384 | 22,384 | |||||
Total Costs, Total | 23,215 | 23,215 | |||||
Accumulated Depreciation | 330 | 330 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,017 | ||||||
Owned Properties | U Club Binghamton Phase II | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 140 | 140 | |||||
Beds | Bed | 562 | 562 | |||||
Initial Cost, Land | $ 12,274 | $ 12,274 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 43,813 | 43,813 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 0 | 0 | |||||
Total Costs, Land | 12,274 | 12,274 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 43,813 | 43,813 | |||||
Total Costs, Total | 56,087 | 56,087 | |||||
Accumulated Depreciation | 641 | 641 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Owned Properties | Callaway House Apartments | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 386 | 386 | |||||
Beds | Bed | 915 | 915 | |||||
Initial Cost, Land | $ 12,651 | $ 12,651 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 78,220 | 78,220 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 0 | 0 | |||||
Total Costs, Land | 12,651 | 12,651 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 78,220 | 78,220 | |||||
Total Costs, Total | 90,871 | 90,871 | |||||
Accumulated Depreciation | 1,189 | 1,189 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,017 | ||||||
Owned Properties | U Centre on College | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 127 | 127 | |||||
Beds | Bed | 418 | 418 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,607 | 41,607 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 0 | 0 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,607 | 41,607 | |||||
Total Costs, Total | 41,607 | 41,607 | |||||
Accumulated Depreciation | 574 | 574 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,017 | ||||||
Owned Properties | David Blackwell Hall (ACE) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 412 | 412 | |||||
Beds | Bed | 781 | 781 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 59,912 | 59,912 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 0 | 0 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 59,912 | 59,912 | |||||
Total Costs, Total | 59,912 | 59,912 | |||||
Accumulated Depreciation | 0 | 0 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,018 | ||||||
Owned Properties | Gladding Residence Center (ACE) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 592 | 592 | |||||
Beds | Bed | 1,524 | 1,524 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 73,913 | 73,913 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 0 | 0 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 73,913 | 73,913 | |||||
Total Costs, Total | 73,913 | 73,913 | |||||
Accumulated Depreciation | 0 | 0 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,018 | ||||||
Owned Properties | Irvington House (ACE) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 197 | 197 | |||||
Beds | Bed | 648 | 648 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,919 | 22,919 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 0 | 0 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,919 | 22,919 | |||||
Total Costs, Total | 22,919 | 22,919 | |||||
Accumulated Depreciation | 0 | 0 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,018 | ||||||
Owned Properties | U Club Townhomes at Oxford | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 111 | 111 | |||||
Beds | Bed | 412 | 412 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,040 | 20,040 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 0 | 0 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,040 | 20,040 | |||||
Total Costs, Total | 20,040 | 20,040 | |||||
Accumulated Depreciation | 0 | 0 | |||||
Encumbrances | $ 8,899 | $ 8,899 | |||||
Year Built | 2,018 | ||||||
Owned Properties | Greek Leadership Village (ACE) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 498 | 498 | |||||
Beds | Bed | 957 | 957 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,889 | 30,889 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 0 | 0 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,889 | 30,889 | |||||
Total Costs, Total | 30,889 | 30,889 | |||||
Accumulated Depreciation | 0 | 0 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,018 | ||||||
Owned Properties | NAU Honors College (ACE) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 318 | 318 | |||||
Beds | Bed | 636 | 636 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 24,498 | 24,498 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 0 | 0 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 24,498 | 24,498 | |||||
Total Costs, Total | 24,498 | 24,498 | |||||
Accumulated Depreciation | 0 | 0 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,018 | ||||||
Owned Properties | U Club Townhomes at Oxford | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 132 | 132 | |||||
Beds | Bed | 528 | 528 | |||||
Initial Cost, Land | $ 5,115 | $ 5,115 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,662 | 20,662 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 0 | 0 | |||||
Total Costs, Land | 5,115 | 5,115 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,662 | 20,662 | |||||
Total Costs, Total | 25,777 | 25,777 | |||||
Accumulated Depreciation | 0 | 0 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,018 | ||||||
Owned Properties | Hub Ann Arbor (10) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 124 | 124 | |||||
Beds | Bed | 310 | 310 | |||||
Initial Cost, Land | $ 7,050 | $ 7,050 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,498 | 26,498 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 0 | 0 | |||||
Total Costs, Land | 7,050 | 7,050 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,498 | 26,498 | |||||
Total Costs, Total | 33,548 | 33,548 | |||||
Accumulated Depreciation | 0 | 0 | |||||
Encumbrances | $ 13,971 | $ 13,971 | |||||
Year Built | 2,018 | ||||||
Owned Properties | Hub Flagstaff (10) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 198 | 198 | |||||
Beds | Bed | 591 | 591 | |||||
Initial Cost, Land | $ 5,397 | $ 5,397 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,330 | 30,330 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 0 | 0 | |||||
Total Costs, Land | 5,397 | 5,397 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,330 | 30,330 | |||||
Total Costs, Total | 35,727 | 35,727 | |||||
Accumulated Depreciation | 0 | 0 | |||||
Encumbrances | $ 16,997 | $ 16,997 | |||||
Year Built | 2,018 | ||||||
Owned Properties | Hub West Lafayette (10) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 289 | 289 | |||||
Beds | Bed | 599 | 599 | |||||
Initial Cost, Land | $ 6,881 | $ 6,881 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,661 | 22,661 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 0 | 0 | |||||
Total Costs, Land | 6,881 | 6,881 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,661 | 22,661 | |||||
Total Costs, Total | 29,542 | 29,542 | |||||
Accumulated Depreciation | 0 | 0 | |||||
Encumbrances | $ 11,912 | $ 11,912 | |||||
Year Built | 2,018 | ||||||
Owned Properties | 191 College | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 127 | 127 | |||||
Beds | Bed | 495 | 495 | |||||
Initial Cost, Land | $ 5,434 | $ 5,434 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 10,433 | 10,433 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 0 | 0 | |||||
Total Costs, Land | 5,434 | 5,434 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 10,433 | 10,433 | |||||
Total Costs, Total | 15,867 | 15,867 | |||||
Accumulated Depreciation | 0 | 0 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,019 | ||||||
Owned Properties | Columbus Avenue Student Apts. (ACE) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 214 | 214 | |||||
Beds | Bed | 825 | 825 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 42,084 | 42,084 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 0 | 0 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 42,084 | 42,084 | |||||
Total Costs, Total | 42,084 | 42,084 | |||||
Accumulated Depreciation | 0 | 0 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,019 | ||||||
Owned Properties | University of Arizona Honors College (ACE) | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 319 | 319 | |||||
Beds | Bed | 1,056 | 1,056 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 4,947 | 4,947 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 0 | 0 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 4,947 | 4,947 | |||||
Total Costs, Total | 4,947 | 4,947 | |||||
Accumulated Depreciation | 0 | 0 | |||||
Encumbrances | $ 0 | $ 0 | |||||
Year Built | 2,019 | ||||||
Owned Properties | Undeveloped land parcels | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 0 | 0 | |||||
Beds | Bed | 0 | 0 | |||||
Initial Cost, Land | $ 38,035 | $ 38,035 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 318 | 318 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 0 | 0 | |||||
Total Costs, Land | 38,035 | 38,035 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 318 | 318 | |||||
Total Costs, Total | 38,353 | 38,353 | |||||
Accumulated Depreciation | 152 | 152 | |||||
Encumbrances | $ 0 | $ 0 | |||||
On-campus participating properties | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 2,087 | 2,087 | |||||
Beds | Bed | 5,086 | 5,086 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 142,544 | 142,544 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 17,452 | 17,452 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 159,996 | 159,996 | |||||
Total Costs, Total | 159,996 | 159,996 | |||||
Accumulated Depreciation | 78,192 | 78,192 | 77,132 | $ 69,856 | $ 62,915 | ||
Encumbrances | 100,351 | 100,351 | |||||
Unamortized deferred financing costs | $ (642) | $ (642) | (769) | ||||
On-campus participating properties | University Village – PVAMU | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 612 | 612 | |||||
Beds | Bed | 1,920 | 1,920 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,506 | 36,506 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 7,858 | 7,858 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 44,364 | 44,364 | |||||
Total Costs, Total | 44,364 | 44,364 | |||||
Accumulated Depreciation | 32,663 | 32,663 | |||||
Encumbrances | $ 14,636 | $ 14,636 | |||||
Year Built | 1,997 | ||||||
On-campus participating properties | University Village - TAMIU | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 84 | 84 | |||||
Beds | Bed | 250 | 250 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 5,844 | 5,844 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 1,079 | 1,079 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 6,923 | 6,923 | |||||
Total Costs, Total | 6,923 | 6,923 | |||||
Accumulated Depreciation | 5,212 | 5,212 | |||||
Encumbrances | $ 2,239 | $ 2,239 | |||||
Year Built | 1,997 | ||||||
On-campus participating properties | University College - PVAMU | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 756 | 756 | |||||
Beds | Bed | 1,470 | 1,470 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,650 | 22,650 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 5,152 | 5,152 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 27,802 | 27,802 | |||||
Total Costs, Total | 27,802 | 27,802 | |||||
Accumulated Depreciation | 17,916 | 17,916 | |||||
Encumbrances | $ 13,700 | $ 13,700 | |||||
Year Built | 2,001 | ||||||
On-campus participating properties | Cullen Oaks Phase I and II | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 411 | 411 | |||||
Beds | Bed | 879 | 879 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,910 | 33,910 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 2,152 | 2,152 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,062 | 36,062 | |||||
Total Costs, Total | 36,062 | 36,062 | |||||
Accumulated Depreciation | 16,392 | 16,392 | |||||
Encumbrances | $ 27,537 | $ 27,537 | |||||
Year Built | 2,003 | ||||||
On-campus participating properties | College Park | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Units | Unit | 224 | 224 | |||||
Beds | Bed | 567 | 567 | |||||
Initial Cost, Land | $ 0 | $ 0 | |||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 43,634 | 43,634 | |||||
Costs Capitalized Subsequent to Acquisition / Initial Development | 1,211 | 1,211 | |||||
Total Costs, Land | 0 | 0 | |||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 44,845 | 44,845 | |||||
Total Costs, Total | 44,845 | 44,845 | |||||
Accumulated Depreciation | 6,009 | 6,009 | |||||
Encumbrances | 42,239 | $ 42,239 | |||||
Year Built | 2,014 | ||||||
Mortgages | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Unamortized debt premiums | 19,000 | $ 19,000 | 26,800 | ||||
Unamortized deferred financing costs | (3,700) | (3,700) | |||||
Mortgages | Owned Properties | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Unamortized debt premiums | 19,006 | 19,006 | 26,830 | ||||
Unamortized deferred financing costs | $ (2,144) | $ (2,144) | $ (3,040) | ||||
Core Transaction | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Number of operating properties purchased through joint venture arrangement | Property | 2 | ||||||
Number of under development properties | Property | 3 | ||||||
Core Transaction | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Limited partner ownership interest (percent) | 100.00% | 100.00% | 100.00% | ||||
Number of properties | Property | 2 | 2 | |||||
Number of operating properties purchased through joint venture arrangement | Property | 2 |
Schedule of Real Estate and A89
Schedule of Real Estate and Accumulated Depreciation - Changes in investments in real estate and related accumulated depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Depreciation: | |||
Balance, end of year | $ (1,113,219) | ||
Owned Properties | |||
Investments in Real Estate: | |||
Balance, beginning of year | 6,316,470 | $ 6,369,747 | $ 6,144,242 |
Acquisition of land for development | 24,049 | 6,338 | 39,583 |
Acquisition of properties | 618,183 | 99,426 | 361,265 |
Improvements and development expenditures | 621,793 | 522,723 | 306,659 |
Write off of fully depreciated or damaged assets | (40,923) | (227) | (1,240) |
Provision for real estate impairment | (15,317) | (4,895) | 0 |
Disposition of real estate | (38,864) | (676,642) | (480,762) |
Balance, end of year | 7,485,391 | 6,316,470 | 6,369,747 |
Accumulated Depreciation: | |||
Balance, beginning of year | (864,106) | (792,122) | (704,521) |
Depreciation for the year | (213,660) | (197,105) | (191,661) |
Write off of fully depreciated or damaged assets | 37,761 | 227 | 1,240 |
Disposition of properties | 4,978 | 124,894 | 102,820 |
Balance, end of year | (1,035,027) | (864,106) | (792,122) |
On-campus participating properties | |||
Investments in Real Estate: | |||
Balance, beginning of year | 162,929 | 159,985 | 157,043 |
Acquisition of land for development | 0 | 0 | 0 |
Acquisition of properties | 0 | 0 | 0 |
Improvements and development expenditures | 3,544 | 2,944 | 2,942 |
Write off of fully depreciated or damaged assets | (6,477) | 0 | 0 |
Provision for real estate impairment | 0 | 0 | 0 |
Disposition of real estate | 0 | 0 | 0 |
Balance, end of year | 159,996 | 162,929 | 159,985 |
Accumulated Depreciation: | |||
Balance, beginning of year | (77,132) | (69,856) | (62,915) |
Depreciation for the year | (7,536) | (7,276) | (6,941) |
Write off of fully depreciated or damaged assets | 6,476 | 0 | 0 |
Disposition of properties | 0 | 0 | 0 |
Balance, end of year | $ (78,192) | $ (77,132) | $ (69,856) |