Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 28, 2019 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-32265 | |
Entity Registrant Name | AMERICAN CAMPUS COMMUNITIES, INC. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 76-0753089 | |
Entity Address, Address Line One | 12700 Hill Country Blvd., | |
Entity Address, Address Line Two | Suite T-200 | |
Entity Address, Postal Zip Code | 78738 | |
Entity Address, City or Town | Austin, | |
Entity Address, State or Province | TX | |
City Area Code | 512 | |
Local Phone Number | 732-1000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common stock, par value $.01 per share | |
Trading Symbol | ACC | |
Security Exchange Name | NYSE | |
Entity Common Stock Shares Outstanding (in shares) | 137,404,752 | |
Entity Central Index Key | 0001283630 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | ||
Document Information [Line Items] | ||
Entity File Number | 333-181102-01 | |
Entity Registrant Name | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 56-2473181 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001357369 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Investments in real estate: | ||
Investments in real estate, net | $ 6,836,721 | $ 6,661,034 |
Cash and cash equivalents | 56,218 | 71,238 |
Restricted cash | 29,569 | 35,279 |
Student contracts receivable | 27,360 | 8,565 |
Operating Lease, Right-of-Use Asset | 461,810 | |
Other assets | 257,304 | 262,730 |
Total assets | 7,668,982 | 7,038,846 |
Liabilities: | ||
Secured mortgage, construction and bond debt, net | 827,588 | 853,084 |
Accounts payable and accrued expenses | 86,295 | 88,767 |
Operating lease liabilities | 469,479 | |
Other liabilities | 211,612 | 191,233 |
Total liabilities | 4,130,855 | 3,307,599 |
Commitments and contingencies (Note 13) | ||
Redeemable noncontrolling interests | 157,863 | 184,446 |
American Campus Communities, Inc. and Subsidiaries stockholders’ equity: | ||
Common stock, $0.01 par value, 800,000,000 shares authorized, 137,326,824 and 136,967,286 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively | 1,373 | 1,370 |
Additional paid in capital | 4,455,565 | 4,458,240 |
Common stock held in rabbi trust, 77,928 and 69,603 shares at September 30, 2019 and December 31, 2018, respectively | (3,486) | (3,092) |
Accumulated earnings and dividends | (1,104,448) | (971,070) |
Accumulated other comprehensive loss | (18,929) | (4,397) |
Total American Campus Communities, Inc. and Subsidiaries stockholders’ equity | 3,330,075 | 3,481,051 |
Noncontrolling interests - partially owned properties | 50,189 | 65,750 |
Total equity | 3,380,264 | 3,546,801 |
Partners’ capital: | ||
Accumulated other comprehensive loss | (18,929) | (4,397) |
Total liabilities and equity / capital | 7,668,982 | 7,038,846 |
Owned properties | ||
Investments in real estate: | ||
Investments in real estate, net | 6,759,867 | 6,583,397 |
On-campus participating properties, net | ||
Investments in real estate: | ||
Investments in real estate, net | 76,854 | 77,637 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | ||
Investments in real estate: | ||
Investments in real estate, net | 6,836,721 | 6,661,034 |
Cash and cash equivalents | 56,218 | 71,238 |
Restricted cash | 29,569 | 35,279 |
Student contracts receivable | 27,360 | 8,565 |
Operating Lease, Right-of-Use Asset | 461,810 | |
Other assets | 257,304 | 262,730 |
Total assets | 7,668,982 | 7,038,846 |
Liabilities: | ||
Secured mortgage, construction and bond debt, net | 827,588 | 853,084 |
Accounts payable and accrued expenses | 86,295 | 88,767 |
Operating lease liabilities | 469,479 | |
Other liabilities | 211,612 | 191,233 |
Total liabilities | 4,130,855 | 3,307,599 |
Commitments and contingencies (Note 13) | ||
Redeemable noncontrolling interests | 157,863 | 184,446 |
American Campus Communities, Inc. and Subsidiaries stockholders’ equity: | ||
Accumulated other comprehensive loss | (18,929) | (4,397) |
Partners’ capital: | ||
General partner - 12,222 OP units outstanding at both September 30, 2019 and December 31, 2018 | 43 | 55 |
Limited partner - 137,392,530 and 137,024,667 OP units outstanding at September 30, 2019 and December 31, 2018, respectively | 3,348,961 | 3,485,393 |
Accumulated other comprehensive loss | (18,929) | (4,397) |
Total partners’ capital | 3,330,075 | 3,481,051 |
Noncontrolling interests - partially owned properties | 50,189 | 65,750 |
Total capital | 3,380,264 | 3,546,801 |
Total liabilities and equity / capital | 7,668,982 | 7,038,846 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Owned properties | ||
Investments in real estate: | ||
Investments in real estate, net | 6,759,867 | 6,583,397 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | On-campus participating properties, net | ||
Investments in real estate: | ||
Investments in real estate, net | 76,854 | 77,637 |
Unsecured notes, net | ||
Liabilities: | ||
Unsecured debt | 1,984,748 | 1,588,446 |
Unsecured notes, net | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | ||
Liabilities: | ||
Unsecured debt | 1,984,748 | 1,588,446 |
Unsecured term loans, net | ||
Liabilities: | ||
Unsecured debt | 199,033 | 198,769 |
Unsecured term loans, net | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | ||
Liabilities: | ||
Unsecured debt | 199,033 | 198,769 |
Unsecured revolving credit facility | ||
Liabilities: | ||
Unsecured debt | 352,100 | 387,300 |
Unsecured revolving credit facility | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | ||
Liabilities: | ||
Unsecured debt | $ 352,100 | $ 387,300 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 800,000,000 | 800,000,000 |
Common stock, shares issued (in shares) | 137,326,824 | 136,967,286 |
Common stock, shares outstanding (in shares) | 137,326,824 | 136,967,286 |
Common Stock, Shares Held in Employee Trust, Shares | 77,928 | 69,603 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | ||
General partner, OP units outstanding (in units) | 12,222 | 12,222 |
Limited partner, OP units outstanding (in units) | 137,392,530 | 137,024,667 |
Investments in real estate, net | ||
Consolidated variable interest entities' assets | $ 1,035,431 | $ 1,042,585 |
Investments in real estate, net | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | ||
Consolidated variable interest entities' assets | 1,035,431 | 1,042,585 |
Cash, cash equivalents and restricted cash | ||
Consolidated variable interest entities' assets | 48,569 | 72,218 |
Cash, cash equivalents and restricted cash | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | ||
Consolidated variable interest entities' assets | 48,569 | 72,218 |
Other assets | ||
Consolidated variable interest entities' assets | 27,601 | 11,918 |
Other assets | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | ||
Consolidated variable interest entities' assets | 27,601 | 11,918 |
Secured mortgage and construction debt, net | ||
Consolidated variable interest entities' liabilities | 461,927 | 447,292 |
Secured mortgage and construction debt, net | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | ||
Consolidated variable interest entities' liabilities | 461,927 | 447,292 |
Accounts payable, accrued expenses and other liabilities | ||
Consolidated variable interest entities' liabilities | 67,466 | 53,432 |
Accounts payable, accrued expenses and other liabilities | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | ||
Consolidated variable interest entities' liabilities | $ 67,466 | $ 53,432 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues: | ||||
Total revenues | $ 227,705,000 | $ 213,469,000 | $ 687,207,000 | $ 634,937,000 |
Operating expenses (income): | ||||
Third-party development and management services | 5,430,000 | 3,831,000 | 14,129,000 | 11,573,000 |
General and administrative | 7,165,000 | 7,183,000 | 22,595,000 | 27,055,000 |
Depreciation and amortization | 68,930,000 | 66,131,000 | 206,500,000 | 194,447,000 |
Ground/facility leases | 3,215,000 | 2,951,000 | 10,000,000 | 8,526,000 |
Loss (gain) from disposition of real estate | 0 | 0 | 282,000 | (42,314,000) |
Provision for real estate impairment | 0 | 0 | 3,201,000 | 0 |
Other operating income | 0 | 0 | 0 | (2,648,000) |
Total operating expenses | 200,398,000 | 191,968,000 | 563,060,000 | 489,862,000 |
Operating income | 27,307,000 | 21,501,000 | 124,147,000 | 145,075,000 |
Nonoperating income (expenses): | ||||
Interest income | 960,000 | 1,274,000 | 2,855,000 | 3,740,000 |
Interest expense | (28,303,000) | (25,185,000) | (82,432,000) | (72,207,000) |
Amortization of deferred financing costs | (1,315,000) | (1,116,000) | (3,665,000) | (4,744,000) |
Gain (loss) from extinguishment of debt | 20,992,000 | 0 | 20,992,000 | (784,000) |
Other nonoperating income | 0 | 570,000 | 0 | 570,000 |
Total nonoperating expenses | (7,666,000) | (24,457,000) | (62,250,000) | (73,425,000) |
Income (loss) before income taxes | 19,641,000 | (2,956,000) | 61,897,000 | 71,650,000 |
Income tax (provision) benefit | (305,000) | 219,000 | (983,000) | (2,147,000) |
Net income (loss) | 19,336,000 | (2,737,000) | 60,914,000 | 69,503,000 |
Net income attributable to noncontrolling interests | 887,000 | 392,000 | (665,000) | 88,000 |
Net income (loss) attributable to ACC, Inc. and Subsidiaries common stockholders | 20,223,000 | (2,345,000) | 60,249,000 | 69,591,000 |
Other comprehensive (loss) income | ||||
Change in fair value of interest rate swaps and other | (145,000) | 81,000 | (14,532,000) | 726,000 |
Comprehensive income (loss) | $ 20,078,000 | $ (2,264,000) | $ 45,717,000 | $ 70,317,000 |
Net income (loss) per share attributable to ACC, Inc. and Subsidiaries common shareholders | ||||
Basic and diluted (in dollars per share) | $ 0.14 | $ (0.02) | $ 0.43 | $ 0.50 |
Weighted-average common shares outstanding: | ||||
Basic (in shares) | 137,403,842 | 137,022,012 | 137,259,130 | 136,742,094 |
Diluted (in shares) | 138,375,527 | 137,022,012 | 138,257,906 | 137,660,802 |
Owned properties | ||||
Revenues: | ||||
Owned properties and on-campus participating properties revenue | $ 211,082,000 | $ 202,834,000 | $ 638,657,000 | $ 597,854,000 |
Operating expenses (income): | ||||
Operating expenses | 111,836,000 | 107,997,000 | 294,768,000 | 282,193,000 |
Provision for real estate impairment | 0 | |||
On-campus participating properties | ||||
Revenues: | ||||
Owned properties and on-campus participating properties revenue | 6,944,000 | 6,980,000 | 24,788,000 | 23,605,000 |
Operating expenses (income): | ||||
Operating expenses | 3,822,000 | 3,875,000 | 11,585,000 | 11,030,000 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | ||||
Revenues: | ||||
Total revenues | 227,705,000 | 213,469,000 | 687,207,000 | 634,937,000 |
Operating expenses (income): | ||||
Third-party development and management services | 5,430,000 | 3,831,000 | 14,129,000 | 11,573,000 |
General and administrative | 7,165,000 | 7,183,000 | 22,595,000 | 27,055,000 |
Depreciation and amortization | 68,930,000 | 66,131,000 | 206,500,000 | 194,447,000 |
Ground/facility leases | 3,215,000 | 2,951,000 | 10,000,000 | 8,526,000 |
Loss (gain) from disposition of real estate | 0 | 0 | 282,000 | (42,314,000) |
Provision for real estate impairment | 0 | 0 | 3,201,000 | 0 |
Other operating income | 0 | 0 | 0 | (2,648,000) |
Total operating expenses | 200,398,000 | 191,968,000 | 563,060,000 | 489,862,000 |
Operating income | 27,307,000 | 21,501,000 | 124,147,000 | 145,075,000 |
Nonoperating income (expenses): | ||||
Interest income | 960,000 | 1,274,000 | 2,855,000 | 3,740,000 |
Interest expense | (28,303,000) | (25,185,000) | (82,432,000) | (72,207,000) |
Amortization of deferred financing costs | (1,315,000) | (1,116,000) | (3,665,000) | (4,744,000) |
Gain (loss) from extinguishment of debt | 20,992,000 | 0 | 20,992,000 | (784,000) |
Other nonoperating income | 0 | 570,000 | 0 | 570,000 |
Total nonoperating expenses | (7,666,000) | (24,457,000) | (62,250,000) | (73,425,000) |
Income (loss) before income taxes | 19,641,000 | (2,956,000) | 61,897,000 | 71,650,000 |
Income tax (provision) benefit | (305,000) | 219,000 | (983,000) | (2,147,000) |
Net income (loss) | 19,336,000 | (2,737,000) | 60,914,000 | 69,503,000 |
Net income (loss) attributable to ACC, Inc. and Subsidiaries common stockholders | 20,306,000 | (2,324,000) | 60,546,000 | 70,168,000 |
Series A preferred unit distributions | (14,000) | (31,000) | (54,000) | (93,000) |
Net income (loss) attributable to common unitholders | 20,292,000 | (2,355,000) | 60,492,000 | 70,075,000 |
Other comprehensive (loss) income | ||||
Change in fair value of interest rate swaps and other | (145,000) | 81,000 | (14,532,000) | 726,000 |
Comprehensive income (loss) | $ 20,147,000 | $ (2,274,000) | $ 45,960,000 | $ 70,801,000 |
Net income (loss) per share attributable to ACC, Inc. and Subsidiaries common shareholders | ||||
Basic and diluted (in dollars per share) | $ 0.14 | $ (0.02) | $ 0.43 | $ 0.50 |
Net income (loss) per share attributable to ACC, Inc. and Subsidiaries common shareholders | ||||
Basic and diluted (in dollars per share) | $ 0.14 | $ (0.02) | $ 0.43 | $ 0.50 |
Weighted-average common units outstanding | ||||
Basic (in units) | 137,872,317 | 137,624,276 | 137,811,351 | 137,573,422 |
Diluted (in units) | 138,844,002 | 137,624,276 | 138,810,127 | 138,492,130 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Owned properties | ||||
Revenues: | ||||
Owned properties and on-campus participating properties revenue | $ 211,082,000 | $ 202,834,000 | $ 638,657,000 | $ 597,854,000 |
Operating expenses (income): | ||||
Operating expenses | 111,836,000 | 107,997,000 | 294,768,000 | 282,193,000 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | On-campus participating properties | ||||
Revenues: | ||||
Owned properties and on-campus participating properties revenue | 6,944,000 | 6,980,000 | 24,788,000 | 23,605,000 |
Operating expenses (income): | ||||
Operating expenses | 3,822,000 | 3,875,000 | 11,585,000 | 11,030,000 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Noncontrolling interests - partially owned properties | ||||
Nonoperating income (expenses): | ||||
Net income attributable to noncontrolling interests | 970,000 | 413,000 | (368,000) | 665,000 |
Third-party development services | ||||
Revenues: | ||||
Contract with customer, revenue | 5,611,000 | 835,000 | 12,389,000 | 3,883,000 |
Third-party development services | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | ||||
Revenues: | ||||
Contract with customer, revenue | 5,611,000 | 835,000 | 12,389,000 | 3,883,000 |
Third-party management services | ||||
Revenues: | ||||
Contract with customer, revenue | 3,342,000 | 2,128,000 | 9,118,000 | 7,311,000 |
Third-party management services | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | ||||
Revenues: | ||||
Contract with customer, revenue | 3,342,000 | 2,128,000 | 9,118,000 | 7,311,000 |
Resident services | ||||
Revenues: | ||||
Contract with customer, revenue | 726,000 | 692,000 | 2,255,000 | 2,284,000 |
Resident services | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | ||||
Revenues: | ||||
Contract with customer, revenue | $ 726,000 | $ 692,000 | $ 2,255,000 | $ 2,284,000 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Common Shares | Additional Paid in Capital | Common Shares Held in Rabbi Trust | Accumulated Earnings and Dividends | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interests – Partially Owned PropertiesNoncontrolling interests - partially owned properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LPAccumulated Other Comprehensive (Loss) Income | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LPNoncontrolling Interests – Partially Owned PropertiesNoncontrolling interests - partially owned properties | General PartnerAMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Limited PartnerAMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP |
Common Stock, Shares Held in Employee Trust, Shares | 63,778 | |||||||||||
Equity, Beginning (in shares) at Dec. 31, 2017 | 136,362,728 | |||||||||||
Equity, Beginning at Dec. 31, 2017 | $ 3,498,958 | $ 1,364 | $ 4,326,910 | $ (2,944) | $ (837,644) | $ (2,701) | $ 13,973 | |||||
Capital, Beginning (in units) at Dec. 31, 2017 | 12,222 | 136,414,284 | ||||||||||
Capital, Beginning at Dec. 31, 2017 | $ 3,498,958 | $ (2,701) | $ 13,973 | $ 67 | $ 3,487,619 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Adjustments to reflect redeemable noncontrolling interests at fair value | 4,526 | 4,526 | 4,526 | $ 4,526 | ||||||||
Amortization of restricted stock awards and vesting of restricted stock units (in shares) | 3,040 | 3,040 | ||||||||||
Amortization of restricted stock awards and vesting of restricted stock units | 3,443 | 3,443 | 3,443 | $ 3,443 | ||||||||
Vesting of restricted stock awards (in shares) | 165,263 | 165,263 | ||||||||||
Vesting of restricted stock awards | (2,757) | $ 1 | (2,758) | (2,757) | $ (2,757) | |||||||
Distributions to common and restricted unit holders and other | (60,564) | (5) | $ (60,559) | |||||||||
Distributions to common and restricted stockholders/unit holders and other | (60,564) | (60,564) | ||||||||||
Contributions by noncontrolling interests - partially owned properties | 9,515 | 9,515 | 9,515 | 9,515 | ||||||||
Distributions to noncontrolling interests - partially owned properties | (47) | (47) | (47) | (47) | ||||||||
Conversion of common and preferred operating partnership units to common stock (in shares) | 68,448 | 68,448 | ||||||||||
Conversion of common and preferred operating partnership units to common stock | 478 | $ 1 | 477 | 478 | $ 478 | |||||||
Change in fair value of interest rate swaps and other | 465 | 465 | 465 | 465 | ||||||||
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits) (in shares) | 1,160 | (1,160) | ||||||||||
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits) | (127) | $ 127 | ||||||||||
Net Income (Loss) | 26,040 | 25,927 | 113 | 26,040 | 113 | $ 2 | $ 25,925 | |||||
Equity, Ending (in shares) at Mar. 31, 2018 | 136,600,639 | |||||||||||
Equity, Ending at Mar. 31, 2018 | 3,480,057 | $ 1,366 | 4,332,471 | (2,817) | (872,281) | (2,236) | 23,554 | |||||
Capital, Ending (in units) at Mar. 31, 2018 | 12,222 | 136,651,035 | ||||||||||
Capital, Ending at Mar. 31, 2018 | 3,480,057 | (2,236) | 23,554 | $ 64 | $ 3,458,675 | |||||||
Equity, Beginning (in shares) at Dec. 31, 2017 | 136,362,728 | |||||||||||
Equity, Beginning at Dec. 31, 2017 | 3,498,958 | $ 1,364 | 4,326,910 | (2,944) | (837,644) | (2,701) | 13,973 | |||||
Capital, Beginning (in units) at Dec. 31, 2017 | 12,222 | 136,414,284 | ||||||||||
Capital, Beginning at Dec. 31, 2017 | 3,498,958 | (2,701) | 13,973 | $ 67 | $ 3,487,619 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Termination of interest rate swaps | 0 | |||||||||||
Equity, Ending (in shares) at Sep. 30, 2018 | 136,961,885 | |||||||||||
Equity, Ending at Sep. 30, 2018 | 3,562,270 | $ 1,370 | 4,456,208 | (3,092) | (955,310) | (1,975) | 65,069 | |||||
Capital, Ending (in units) at Sep. 30, 2018 | 12,222 | 137,019,266 | ||||||||||
Capital, Ending at Sep. 30, 2018 | 3,562,270 | (1,975) | 65,069 | $ 56 | $ 3,499,120 | |||||||
Equity, Beginning (in shares) at Dec. 31, 2017 | 136,362,728 | |||||||||||
Equity, Beginning at Dec. 31, 2017 | 3,498,958 | $ 1,364 | 4,326,910 | (2,944) | (837,644) | (2,701) | 13,973 | |||||
Capital, Beginning (in units) at Dec. 31, 2017 | 12,222 | 136,414,284 | ||||||||||
Capital, Beginning at Dec. 31, 2017 | 3,498,958 | (2,701) | 13,973 | $ 67 | $ 3,487,619 | |||||||
Equity, Ending (in shares) at Dec. 31, 2018 | 136,967,286 | |||||||||||
Equity, Ending at Dec. 31, 2018 | 3,546,801 | $ 1,370 | 4,458,240 | $ (3,092) | (971,070) | (4,397) | 65,750 | |||||
Capital, Ending (in units) at Dec. 31, 2018 | 12,222 | 137,024,667 | ||||||||||
Capital, Ending at Dec. 31, 2018 | 3,546,801 | (4,397) | 65,750 | $ 55 | $ 3,485,393 | |||||||
Common Stock, Shares Held in Employee Trust, Shares | 62,618 | |||||||||||
Equity, Beginning (in shares) at Mar. 31, 2018 | 136,600,639 | |||||||||||
Equity, Beginning at Mar. 31, 2018 | 3,480,057 | $ 1,366 | 4,332,471 | $ (2,817) | (872,281) | (2,236) | 23,554 | |||||
Capital, Beginning (in units) at Mar. 31, 2018 | 12,222 | 136,651,035 | ||||||||||
Capital, Beginning at Mar. 31, 2018 | 3,480,057 | (2,236) | 23,554 | $ 64 | $ 3,458,675 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Adjustments to reflect redeemable noncontrolling interests at fair value | (4,426) | (4,426) | (4,426) | $ (4,426) | ||||||||
Amortization of restricted stock awards and vesting of restricted stock units (in shares) | 21,590 | 21,590 | ||||||||||
Amortization of restricted stock awards and vesting of restricted stock units | 3,604 | 3,604 | 3,604 | $ 3,604 | ||||||||
Distributions to common and restricted unit holders and other | (63,252) | (6) | (63,246) | |||||||||
Distributions to common and restricted stockholders/unit holders and other | (63,252) | (63,252) | ||||||||||
Contributions by noncontrolling interests - partially owned properties | 198,021 | 198,021 | 198,021 | 198,021 | ||||||||
Distributions to noncontrolling interests - partially owned properties | (151,224) | (151,224) | (151,224) | (151,224) | ||||||||
Change in ownership of consolidated subsidiary | 175,529 | 175,529 | 175,529 | 175,529 | ||||||||
Change in fair value of interest rate swaps and other | 180 | 180 | 180 | 180 | ||||||||
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits) (in shares) | (6,985) | 6,985 | ||||||||||
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits) | 275 | $ (275) | ||||||||||
Net Income (Loss) | 45,646 | 46,009 | (363) | 45,646 | (363) | $ 4 | $ 46,005 | |||||
Equity, Ending (in shares) at Jun. 30, 2018 | 136,615,244 | |||||||||||
Equity, Ending at Jun. 30, 2018 | 3,684,135 | $ 1,366 | 4,507,453 | $ (3,092) | (889,524) | (2,056) | 69,988 | |||||
Capital, Ending (in units) at Jun. 30, 2018 | 12,222 | 136,672,625 | ||||||||||
Capital, Ending at Jun. 30, 2018 | 3,684,135 | (2,056) | 69,988 | $ 62 | $ 3,616,141 | |||||||
Common Stock, Shares Held in Employee Trust, Shares | 69,603 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Adjustments to reflect redeemable noncontrolling interests at fair value | (65,957) | (65,957) | (65,957) | $ (65,957) | ||||||||
Amortization of restricted stock awards and vesting of restricted stock units (in shares) | 2,746 | 2,746 | ||||||||||
Amortization of restricted stock awards and vesting of restricted stock units | 2,875 | 2,875 | 2,875 | $ 2,875 | ||||||||
Distributions to common and restricted unit holders and other | (63,441) | $ (6) | (63,435) | |||||||||
Distributions to common and restricted stockholders/unit holders and other | (63,441) | (63,441) | ||||||||||
Contributions by noncontrolling interests - partially owned properties | 4,945 | 4,945 | 4,945 | 4,945 | ||||||||
Change in ownership of consolidated subsidiary | (10,486) | (1,014) | (9,472) | (10,486) | (9,472) | $ (1,014) | ||||||
Conversion of common and preferred operating partnership units to common stock (in shares) | 343,895 | 343,895 | ||||||||||
Conversion of common and preferred operating partnership units to common stock | 12,855 | $ 4 | 12,851 | 12,855 | $ 12,855 | |||||||
Change in fair value of interest rate swaps and other | 81 | 81 | 81 | 81 | ||||||||
Termination of interest rate swaps | 0 | |||||||||||
Net Income (Loss) | (2,737) | (2,345) | (392) | (2,737) | (392) | $ (2,345) | ||||||
Equity, Ending (in shares) at Sep. 30, 2018 | 136,961,885 | |||||||||||
Equity, Ending at Sep. 30, 2018 | $ 3,562,270 | $ 1,370 | 4,456,208 | $ (3,092) | (955,310) | (1,975) | 65,069 | |||||
Capital, Ending (in units) at Sep. 30, 2018 | 12,222 | 137,019,266 | ||||||||||
Capital, Ending at Sep. 30, 2018 | 3,562,270 | (1,975) | 65,069 | $ 56 | $ 3,499,120 | |||||||
Common Stock, Shares Held in Employee Trust, Shares | 69,603 | |||||||||||
Common Stock, Shares Held in Employee Trust, Shares | 69,603 | 69,603 | ||||||||||
Equity, Beginning (in shares) at Dec. 31, 2018 | 136,967,286 | |||||||||||
Equity, Beginning at Dec. 31, 2018 | $ 3,546,801 | $ 1,370 | 4,458,240 | $ (3,092) | (971,070) | (4,397) | 65,750 | |||||
Capital, Beginning (in units) at Dec. 31, 2018 | 12,222 | 137,024,667 | ||||||||||
Capital, Beginning at Dec. 31, 2018 | 3,546,801 | (4,397) | 65,750 | $ 55 | $ 3,485,393 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Adjustments to reflect redeemable noncontrolling interests at fair value | (2,547) | (2,547) | (2,547) | (2,547) | ||||||||
Amortization of restricted stock awards and vesting of restricted stock units | 3,765 | 3,765 | 3,765 | $ 3,765 | ||||||||
Vesting of restricted stock awards (in shares) | 180,961 | 180,961 | ||||||||||
Vesting of restricted stock awards | (3,831) | (3,831) | (3,831) | $ (3,831) | ||||||||
Distributions to common and restricted unit holders and other | (63,611) | (6) | $ (63,605) | |||||||||
Distributions to common and restricted stockholders/unit holders and other | (63,611) | (63,611) | ||||||||||
Contributions by noncontrolling interests - partially owned properties | 625 | 625 | 625 | 625 | ||||||||
Distributions to noncontrolling interests - partially owned properties | (3,661) | (3,661) | (3,661) | (3,661) | ||||||||
Conversion of common and preferred operating partnership units to common stock (in shares) | 42,271 | 42,271 | ||||||||||
Conversion of common and preferred operating partnership units to common stock | 251 | 251 | 251 | $ 251 | ||||||||
Change in fair value of interest rate swaps and other | (5,794) | (5,794) | (5,794) | (5,794) | ||||||||
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits) (in shares) | (1,829) | 1,829 | ||||||||||
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits) | 70 | $ (70) | ||||||||||
Net Income (Loss) | 31,109 | 29,640 | 1,469 | 31,109 | 1,469 | $ 3 | $ 29,637 | |||||
Equity, Ending (in shares) at Mar. 31, 2019 | 137,188,689 | |||||||||||
Equity, Ending at Mar. 31, 2019 | 3,503,107 | $ 1,370 | 4,455,948 | (3,162) | (1,005,041) | (10,191) | 64,183 | |||||
Capital, Ending (in units) at Mar. 31, 2019 | 12,222 | 137,247,899 | ||||||||||
Capital, Ending at Mar. 31, 2019 | 3,503,107 | (10,191) | 64,183 | $ 52 | $ 3,449,063 | |||||||
Equity, Beginning (in shares) at Dec. 31, 2018 | 136,967,286 | |||||||||||
Equity, Beginning at Dec. 31, 2018 | 3,546,801 | $ 1,370 | 4,458,240 | (3,092) | (971,070) | (4,397) | 65,750 | |||||
Capital, Beginning (in units) at Dec. 31, 2018 | 12,222 | 137,024,667 | ||||||||||
Capital, Beginning at Dec. 31, 2018 | 3,546,801 | (4,397) | 65,750 | $ 55 | $ 3,485,393 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Termination of interest rate swaps | (13,159) | |||||||||||
Equity, Ending (in shares) at Sep. 30, 2019 | 137,326,824 | |||||||||||
Equity, Ending at Sep. 30, 2019 | 3,380,264 | $ 1,373 | 4,455,565 | $ (3,486) | (1,104,448) | (18,929) | 50,189 | |||||
Capital, Ending (in units) at Sep. 30, 2019 | 12,222 | 137,392,530 | ||||||||||
Capital, Ending at Sep. 30, 2019 | 3,380,264 | (18,929) | 50,189 | $ 43 | $ 3,348,961 | |||||||
Common Stock, Shares Held in Employee Trust, Shares | 71,432 | |||||||||||
Equity, Beginning (in shares) at Mar. 31, 2019 | 137,188,689 | |||||||||||
Equity, Beginning at Mar. 31, 2019 | 3,503,107 | $ 1,370 | 4,455,948 | $ (3,162) | (1,005,041) | (10,191) | 64,183 | |||||
Capital, Beginning (in units) at Mar. 31, 2019 | 12,222 | 137,247,899 | ||||||||||
Capital, Beginning at Mar. 31, 2019 | 3,503,107 | (10,191) | 64,183 | $ 52 | $ 3,449,063 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Adjustments to reflect redeemable noncontrolling interests at fair value | 660 | 660 | 660 | $ 660 | ||||||||
Amortization of restricted stock awards and vesting of restricted stock units (in shares) | 15,925 | 15,925 | ||||||||||
Amortization of restricted stock awards and vesting of restricted stock units | 3,744 | 3,744 | 3,744 | $ 3,744 | ||||||||
Vesting of restricted stock awards | (144) | $ 2 | (146) | (144) | (144) | |||||||
Distributions to common and restricted unit holders and other | (64,978) | (5) | (64,973) | |||||||||
Distributions to common and restricted stockholders/unit holders and other | (64,978) | (64,978) | ||||||||||
Contributions by noncontrolling interests - partially owned properties | 79 | 79 | 79 | 79 | ||||||||
Distributions to noncontrolling interests - partially owned properties | (3,037) | (3,037) | (3,037) | (3,037) | ||||||||
Change in fair value of interest rate swaps and other | 4,566 | 4,566 | 4,566 | 4,566 | ||||||||
Termination of interest rate swaps | (13,159) | (13,159) | (13,159) | (13,159) | ||||||||
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits) (in shares) | (4,103) | 4,103 | ||||||||||
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits) | 206 | $ (206) | ||||||||||
Net Income (Loss) | 10,047 | 10,386 | (339) | 10,047 | (339) | $ 1 | $ 10,385 | |||||
Equity, Ending (in shares) at Jun. 30, 2019 | 137,200,511 | |||||||||||
Equity, Ending at Jun. 30, 2019 | 3,440,885 | $ 1,372 | 4,460,412 | $ (3,368) | (1,059,633) | (18,784) | 60,886 | |||||
Capital, Ending (in units) at Jun. 30, 2019 | 12,222 | 137,263,824 | ||||||||||
Capital, Ending at Jun. 30, 2019 | 3,440,885 | (18,784) | 60,886 | $ 48 | $ 3,398,735 | |||||||
Common Stock, Shares Held in Employee Trust, Shares | 75,535 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Adjustments to reflect redeemable noncontrolling interests at fair value | (12,963) | (12,963) | (12,963) | $ (12,963) | ||||||||
Amortization of restricted stock awards and vesting of restricted stock units (in shares) | 2,393 | 2,393 | ||||||||||
Amortization of restricted stock awards and vesting of restricted stock units | 3,105 | 3,105 | 3,105 | $ 3,105 | ||||||||
Distributions to common and restricted unit holders and other | (65,038) | (6) | (65,032) | |||||||||
Distributions to common and restricted stockholders/unit holders and other | (65,038) | (65,038) | ||||||||||
Contributions by noncontrolling interests - partially owned properties | 220 | 220 | 220 | 220 | ||||||||
Distributions to noncontrolling interests - partially owned properties | (1,348) | (1,348) | (1,348) | (1,348) | ||||||||
Change in ownership of consolidated subsidiary | (9,464) | (932) | (8,532) | (9,464) | (8,532) | $ (932) | ||||||
Conversion of common and preferred operating partnership units to common stock (in shares) | 126,313 | 126,313 | ||||||||||
Conversion of common and preferred operating partnership units to common stock | 5,826 | $ 1 | 5,825 | 5,826 | $ 5,826 | |||||||
Change in fair value of interest rate swaps and other | (145) | (145) | (145) | (145) | ||||||||
Termination of interest rate swaps | 0 | |||||||||||
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits) (in shares) | (2,393) | 2,393 | ||||||||||
Deposits (withdraws) to deferred compensation plan, net of withdraws (deposits) | 118 | $ (118) | ||||||||||
Net Income (Loss) | 19,186 | 20,223 | (1,037) | 19,186 | (1,037) | $ 1 | $ 20,222 | |||||
Equity, Ending (in shares) at Sep. 30, 2019 | 137,326,824 | |||||||||||
Equity, Ending at Sep. 30, 2019 | $ 3,380,264 | $ 1,373 | $ 4,455,565 | $ (3,486) | $ (1,104,448) | $ (18,929) | $ 50,189 | |||||
Capital, Ending (in units) at Sep. 30, 2019 | 12,222 | 137,392,530 | ||||||||||
Capital, Ending at Sep. 30, 2019 | $ 3,380,264 | $ (18,929) | $ 50,189 | $ 43 | $ 3,348,961 | |||||||
Common Stock, Shares Held in Employee Trust, Shares | 77,928 | 77,928 |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | |
Distributions to common and restricted stockholders and other (in dollars per common share) | $ 0.47 | $ 0.47 | $ 0.46 | $ 0.46 | $ 0.46 | $ 0.44 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | ||||||
Distributions to common and restricted unit holders and other (in dollars per common unit) | $ 0.47 | $ 0.47 | $ 0.46 | $ 0.46 | $ 0.46 | $ 0.44 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Distributions paid to noncontrolling interests | $ (8,874,000) | $ (152,484,000) |
Operating activities | ||
Net income | 60,914,000 | 69,503,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Loss (gain) from disposition of real estate | 282,000 | (42,314,000) |
(Gain) loss from extinguishment of debt | (20,992,000) | 784,000 |
Provision for real estate impairment | 3,201,000 | 0 |
Depreciation and amortization | 206,500,000 | 194,447,000 |
Amortization of deferred financing costs and debt premiums/discounts | 289,000 | 954,000 |
Share-based compensation | 10,614,000 | 9,922,000 |
Income tax provision | 983,000 | 2,147,000 |
Amortization of interest rate swap terminations and other | 701,000 | 308,000 |
Termination of interest rate swaps | (13,159,000) | 0 |
Student contracts receivable | ||
Student contracts receivable | (19,212,000) | (36,584,000) |
Other assets | (9,061,000) | (16,739,000) |
Accounts payable and accrued expenses | (3,187,000) | 30,214,000 |
Other liabilities | 55,853,000 | 54,291,000 |
Net cash provided by operating activities | 273,726,000 | 266,933,000 |
Investing activities | ||
Proceeds from disposition of properties and land parcels | 8,854,000 | 242,284,000 |
Cash paid for acquisition of properties and land parcels | (8,559,000) | (26,534,000) |
Other investing activities | (2,711,000) | (878,000) |
Net cash used in investing activities | (407,125,000) | (216,111,000) |
Financing activities | ||
Proceeds from unsecured notes | 398,816,000 | 0 |
Pay-off of mortgage and construction loans | (15,124,000) | (146,165,000) |
Defeasance costs related to early extinguishment of debt | 0 | (2,726,000) |
Proceeds from revolving credit facility | 687,700,000 | 882,800,000 |
Paydowns of revolving credit facility | (722,900,000) | (743,500,000) |
Proceeds from construction loans | 29,893,000 | 88,004,000 |
Proceeds from Issuance of First Mortgage Bond | 0 | 330,000,000 |
Scheduled principal payments on debt | (9,843,000) | (9,728,000) |
Debt issuance costs | (6,462,000) | (656,000) |
Increase in ownership of consolidated subsidiary | (44,109,000) | (10,486,000) |
Contribution by noncontrolling interests | 1,174,000 | 379,901,000 |
Taxes paid on net-share settlements | (3,975,000) | (2,756,000) |
Distribution paid | (193,627,000) | (187,257,000) |
Distributions paid to noncontrolling interests | (8,874,000) | (152,484,000) |
Net cash provided by (used in) financing activities | 112,669,000 | (25,053,000) |
Net change in cash, cash equivalents, and restricted cash | (20,730,000) | 25,769,000 |
Cash, cash equivalents, and restricted cash at beginning of period | 106,517,000 | 64,772,000 |
Cash, cash equivalents, and restricted cash at end of period | 85,787,000 | 90,541,000 |
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets | ||
Total cash, cash equivalents, and restricted cash at end of period | 106,517,000 | 64,772,000 |
Supplemental disclosure of non-cash investing and financing activities | ||
Conversion of common and preferred operating partnership units to common stock | 6,077,000 | 13,332,000 |
Non-cash contribution from noncontrolling interest | 0 | 8,729,000 |
Accrued development costs and capital expenditures | 45,406,000 | 49,186,000 |
Change in fair value of redeemable noncontrolling interest | (14,850,000) | (65,857,000) |
Change in ownership of consolidated subsidiary | 0 | (175,529,000) |
Initial recognition of operating lease right of use assets | 463,445,000 | 0 |
Initial recognition of operating lease liabilities | 462,495,000 | 0 |
Non-cash extinguishment of debt, including accrued interest | (34,570,000) | 0 |
Net assets surrendered in conjunction with extinguishment of debt | 13,578,000 | 0 |
Supplemental disclosure of cash flow information | ||
Interest paid | 81,555,000 | 68,970,000 |
Owned properties | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for real estate impairment | 0 | |
Investing activities | ||
Capital expenditures | (52,731,000) | (55,814,000) |
Owned properties under development | ||
Investing activities | ||
Capital expenditures | (349,461,000) | (372,251,000) |
On-campus participating properties | ||
Investing activities | ||
Capital expenditures | (2,517,000) | (2,918,000) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | ||
Operating activities | ||
Net income | 60,914,000 | 69,503,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Loss (gain) from disposition of real estate | 282,000 | (42,314,000) |
(Gain) loss from extinguishment of debt | (20,992,000) | 784,000 |
Provision for real estate impairment | 3,201,000 | 0 |
Depreciation and amortization | 206,500,000 | 194,447,000 |
Amortization of deferred financing costs and debt premiums/discounts | 289,000 | 954,000 |
Share-based compensation | 10,614,000 | 9,922,000 |
Income tax provision | 983,000 | 2,147,000 |
Amortization of interest rate swap terminations and other | 701,000 | 308,000 |
Termination of interest rate swaps | (13,159,000) | 0 |
Student contracts receivable | ||
Student contracts receivable | (19,212,000) | (36,584,000) |
Other assets | (9,061,000) | (16,739,000) |
Accounts payable and accrued expenses | (3,187,000) | 30,214,000 |
Other liabilities | 55,853,000 | 54,291,000 |
Net cash provided by operating activities | 273,726,000 | 266,933,000 |
Investing activities | ||
Proceeds from disposition of properties and land parcels | 8,854,000 | 242,284,000 |
Cash paid for acquisition of properties and land parcels | (8,559,000) | (26,534,000) |
Other investing activities | (2,711,000) | (878,000) |
Net cash used in investing activities | (407,125,000) | (216,111,000) |
Financing activities | ||
Proceeds from unsecured notes | 398,816,000 | 0 |
Pay-off of mortgage and construction loans | (15,124,000) | (146,165,000) |
Defeasance costs related to early extinguishment of debt | 0 | (2,726,000) |
Proceeds from revolving credit facility | 687,700,000 | 882,800,000 |
Paydowns of revolving credit facility | (722,900,000) | (743,500,000) |
Proceeds from construction loans | 29,893,000 | 88,004,000 |
Proceeds from Issuance of First Mortgage Bond | 0 | 330,000,000 |
Scheduled principal payments on debt | (9,843,000) | (9,728,000) |
Debt issuance costs | (6,462,000) | (656,000) |
Increase in ownership of consolidated subsidiary | (44,109,000) | (10,486,000) |
Contribution by noncontrolling interests | 1,174,000 | 379,901,000 |
Taxes paid on net-share settlements | (3,975,000) | (2,756,000) |
Net cash provided by (used in) financing activities | 112,669,000 | (25,053,000) |
Net change in cash, cash equivalents, and restricted cash | (20,730,000) | 25,769,000 |
Cash, cash equivalents, and restricted cash at beginning of period | 106,517,000 | 64,772,000 |
Cash, cash equivalents, and restricted cash at end of period | 85,787,000 | 90,541,000 |
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets | ||
Total cash, cash equivalents, and restricted cash at end of period | 106,517,000 | 64,772,000 |
Supplemental disclosure of non-cash investing and financing activities | ||
Conversion of common and preferred operating partnership units to common stock | 6,077,000 | 13,332,000 |
Non-cash contribution from noncontrolling interest | 0 | 8,729,000 |
Accrued development costs and capital expenditures | 45,406,000 | 49,186,000 |
Change in fair value of redeemable noncontrolling interest | (14,850,000) | (65,857,000) |
Change in ownership of consolidated subsidiary | 0 | (175,529,000) |
Initial recognition of operating lease right of use assets | 463,445,000 | 0 |
Initial recognition of operating lease liabilities | 462,495,000 | 0 |
Non-cash extinguishment of debt, including accrued interest | (34,570,000) | 0 |
Net assets surrendered in conjunction with extinguishment of debt | (13,578,000) | 0 |
Supplemental disclosure of cash flow information | ||
Interest paid | 81,555,000 | 68,970,000 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Common and preferred units | ||
Financing activities | ||
Distribution paid | (192,966,000) | (187,177,000) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Unvested restricted awards | ||
Financing activities | ||
Distribution paid | (1,489,000) | (1,293,000) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Noncontrolling interests - partially owned properties | ||
Financing activities | ||
Distribution paid | (8,046,000) | (151,271,000) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Owned properties | ||
Investing activities | ||
Capital expenditures | (52,731,000) | (55,814,000) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Owned properties under development | ||
Investing activities | ||
Capital expenditures | (349,461,000) | (372,251,000) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | On-campus participating properties | ||
Investing activities | ||
Capital expenditures | (2,517,000) | (2,918,000) |
Term Loans [Member] | ||
Financing activities | ||
Pay-off of unsecured term loans | 0 | (450,000,000) |
Term Loans [Member] | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | ||
Financing activities | ||
Pay-off of unsecured term loans | $ 0 | $ (450,000,000) |
Organization and Description of
Organization and Description of Business | 9 Months Ended |
Sep. 30, 2019 | |
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 LP (“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 September 30, 2019 , 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 September 30, 2019 , ACC owned an approximate 99.6% 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 September 30, 2019 , the Company’s property portfolio contained 168 properties with approximately 113,400 beds. The Company’s property portfolio consisted of 128 owned off-campus student housing properties that are in close proximity to colleges and universities, 34 American Campus Equity (“ACE ® ”) properties operated under ground/facility leases, and six on-campus participating properties operated under ground/facility leases with the related university systems. Of the 168 properties, three were under development as of September 30, 2019 , and when completed will consist of a total of approximately 11,300 beds. The Company’s communities contain modern housing units and are supported by a resident assistant system and other student-oriented programming, with many offering resort-style amenities. Through one of ACC’s taxable REIT subsidiaries (“TRSs”), the Company also provides construction management and development services, primarily for student housing properties owned by colleges and universities, charitable foundations, and others. As of September 30, 2019 , also through one of ACC’s TRSs, the Company provided third-party management and leasing services for 37 properties that represented approximately 26,900 beds. Third-party management and leasing services are typically provided pursuant to management contracts that have initial terms that range from one year to five years . As of September 30, 2019 , the Company’s total owned and third-party managed portfolio included 205 properties with approximately 140,300 beds. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and use of Estimates 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 The Company does not expect the following accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”) to have a material effect on its consolidated financial statements: Accounting Standards Update Effective Date ASU 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract” January 1, 2020 ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” January 1, 2020 ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” January 1, 2020 Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02 (“ASU 2016-12”), “Leases (Topic 842): Amendments to the FASB Accounting Standards Codification.” ASU 2016-02 outlines principles for the recognition, measurement, presentation and disclosure of leases. Subsequent to the issuance of ASU 2016-02, the FASB issued additional ASUs clarifying aspects of the new lease accounting standard, which were effective upon adoption of ASU 2016-02. These lease-related ASUs are collectively referred to as the “New Leases Standard.” The Company adopted the New Leases Standard on January 1, 2019, utilizing the modified retrospective transition approach. Under this approach, the Company elected to apply the new standard to leases that were in place as of January 1, 2019. Results for reporting periods beginning January 1, 2019 are presented under the New Leases Standard. Upon adoption, the Company did not record an adjustment to beginning retained earnings. In addition, the Company adopted the following additional practical expedients available for implementation: • An entity need not reassess whether any existing or expired contracts are or contain leases; • An entity need not reassess lease classification for any existing or expired leases; and • An entity need not reassess initial direct costs for any existing leases. As Lessee: • Under the New Leases Standard, lessees classify leases as either operating or finance leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized on a straight-line basis over the term of the lease (operating lease) or under the effective interest method (finance lease). In addition, the New Leases Standard requires lessees to recognize right-of-use assets and related lease liabilities for leases with a term greater than 12 months regardless of their lease classification. • Upon adoption of the New Leases Standard on January 1, 2019, the Company was a lessee under 28 ground leases and two corporate office headquarters leases for which it recorded $278.2 million in right of use assets (“ROU Assets”), and $277.5 million of operating lease liabilities. • Because the Company’s existing leases under which it is a lessee will continue to be classified as operating leases, the timing and pattern of lease expense recognition (straight-line basis) will remain unchanged. However, for any leases entered into or modified after January 1, 2019, the leases will need to be evaluated under the New Leases Standard and may be classified as finance leases depending on the terms of the transactions. As Lessor: • Under the New Leases Standard, the accounting for lessors remained largely unchanged from current GAAP; however, ASU 2016-02 required that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under the prior standard, these costs were capitalizable and therefore the New Leases Standard resulted in certain of these costs being expensed as incurred after adoption. For the Company, these costs include internal leasing payroll costs incurred for owned and presale development projects, as well as certain legal expenses incurred when negotiating commercial leases. • The New Leases Standard also requires lessors to evaluate collectability of all operating lease payments in a contract at lease commencement and thereafter. If the operating lease payments are deemed not probable of collection, adjustments are recognized as a reduction to lease income. This resulted in the reclassification of the provision for uncollectible accounts from operating expenses to revenue. This adjustment is reflected on a prospective basis in the accompanying consolidated statements of comprehensive income, starting on January 1, 2019. The provision for uncollectible accounts for owned properties was $3.3 million and $2.9 million for the three months ended September 30, 2019 and 2018 , respectively, and was $6.1 million and $5.6 million for the nine months ended September 30, 2019 and 2018 , respectively. The provision for uncollectible accounts for on-campus participating properties for the three months ended September 30, 2019 was $0.1 million , nominal for the three months ended September 30, 2018 , and a $0.6 million benefit and a $0.2 million expense for the nine months ended September 30, 2019 and 2018 , respectively. • The New Leases Standard provides a practical expedient that allows lessors to not separate certain lease and non-lease components if certain criteria are met. The Company assessed the criteria and determined that the timing and pattern of transfer for common area maintenance and the related rental revenue is the same. Therefore, the Company elected the practical expedient which resulted in no change to how revenue is currently recorded. Other In addition, on January 1, 2019 , the Company adopted the following accounting pronouncements which did not have a material effect on the Company’s consolidated financial statements: • ASU 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” • ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” The SEC issued the Disclosure Update and Simplification Rule in 2018 to remove inconsistencies and duplicative disclosures between US GAAP and SEC regulations. This rule was effective November 5, 2018 and eliminated Rule 3-15(a)(1) of Regulation S-X, which required REITs to present separately all gains and losses on sales of properties outside of continuing operations on the Statement of Comprehensive Income. The adoption of this rule resulted in the presentation of gains and losses from disposition of real estate within operating income on the Consolidated Statements of Comprehensive Income. Prior year amounts have reclassified to conform to current presentation. In July 2019, the FASB issued ASU 2019-07, “Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates” which was effective upon issuance. This release is associated with the SEC’s issuance of the Disclosure Update and Simplification Rule referenced above and did not have a material effect on the Company’s consolidated financial statements. Interim Financial Statements The accompanying interim financial statements are unaudited but have been prepared in accordance with GAAP for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements of the Company for these interim periods have been included. Because of the seasonal nature of the Company’s operations, the results of operations and cash flows for any interim period are not necessarily indicative of results for other interim periods or for the full year. These financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . 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 $3.0 million and $2.6 million was capitalized during the three months ended September 30, 2019 and 2018 , respectively, and interest totaling approximately $9.4 million and $9.6 million was capitalized during the nine months ended September 30, 2019 and 2018 , 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. In the case of any impairment, the valuation would be based on Level 3 inputs. There were no impairments of the carrying values of the Company's investments in real estate as of September 30, 2019 , other than a $3.2 million impairment charge recorded on March 31, 2019 concurrent with the classification of one owned property as 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. The Company did not have any properties classified as held for sale as of September 30, 2019 . 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. Consolidated VIEs The Company has investments in various entities that qualify as VIEs for accounting purposes and for which the Company is the primary beneficiary and therefore includes the entities in its consolidated financial statements. These VIEs include the Operating Partnership, six joint ventures that own a total of 15 operating properties, one property subject to a presale arrangement, and six properties owned under the on-campus participating property structure. The VIE assets and liabilities consolidated within the Company's assets and liabilities are disclosed at the bottom of the accompanying Consolidated Balance Sheets. Earnings per Share – Company Basic earnings per share is computed using net income attributable to common stockholders and the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings per share reflects common shares issuable from the assumed conversion of American Campus Communities Operating Partnership Units (“OP Units”) and common share awards granted. Only those items having a dilutive impact on basic earnings per share are included in diluted earnings per share. The following potentially dilutive securities were outstanding for the three and nine months ended September 30, 2019 and 2018 , but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. Three Months Ended Nine Months Ended 2019 2018 2019 2018 Common OP Units (Note 8) 468,475 602,264 552,221 831,328 Preferred OP Units (Note 8) 35,242 77,513 44,843 77,513 Unvested restricted stock awards (Note 9) — 883,595 — — Total potentially dilutive securities 503,717 1,563,372 597,064 908,841 The following is a summary of the elements used in calculating basic and diluted earnings per share: Three Months Ended Nine Months Ended 2019 2018 2019 2018 Numerator – basic and diluted earnings per share: Net income (loss) $ 19,336 $ (2,737 ) $ 60,914 $ 69,503 Net loss (income) attributable to noncontrolling interests 887 392 (665 ) 88 Net income (loss) attributable to ACC, Inc. and Subsidiaries common stockholders 20,223 (2,345 ) 60,249 69,591 Amount allocated to participating securities (458 ) (408 ) (1,489 ) (1,291 ) Net income (loss) attributable to common stockholders $ 19,765 $ (2,753 ) $ 58,760 $ 68,300 Denominator: Basic weighted average common shares outstanding 137,403,842 137,022,012 137,259,130 136,742,094 Unvested restricted stock awards (Note 9) 971,685 — 998,776 918,708 Diluted weighted average common shares outstanding 138,375,527 137,022,012 138,257,906 137,660,802 Earnings per share: Net income (loss) attributable to common stockholders - basic and diluted $ 0.14 $ (0.02 ) $ 0.43 $ 0.50 Earnings per Unit – Operating Partnership Basic earnings per OP Unit is computed using net income attributable to common unitholders and the weighted average number of common units outstanding during the period. Diluted earnings per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units or resulted in the issuance of OP Units and then shared in the earnings of the Operating Partnership. The following is a summary of the elements used in calculating basic and diluted earnings per unit: Three Months Ended Nine Months Ended 2019 2018 2019 2018 Numerator – basic and diluted earnings per unit: Net income (loss) $ 19,336 $ (2,737 ) $ 60,914 $ 69,503 Net loss (income) attributable to noncontrolling interests – partially owned properties 970 413 (368 ) 665 Series A preferred unit distributions (14 ) (31 ) (54 ) (93 ) Amount allocated to participating securities (458 ) (408 ) (1,489 ) (1,291 ) Net income (loss) attributable to common unitholders $ 19,834 $ (2,763 ) $ 59,003 $ 68,784 Denominator: Basic weighted average common units outstanding 137,872,317 137,624,276 137,811,351 137,573,422 Unvested restricted stock awards (Note 9) 971,685 — 998,776 918,708 Diluted weighted average common units outstanding 138,844,002 137,624,276 138,810,127 138,492,130 Earnings per unit: Net income (loss) attributable to common unitholders - basic and diluted $ 0.14 $ (0.02 ) $ 0.43 $ 0.50 |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Presale Development Projects: In August 2019, The Flex - Stadium Centre, a 340 -bed off-campus development property subject to a presale agreement executed in 2018, was completed and acquired by the Company for $36.4 million , including $8.5 million related to the purchase of the land on which the property is built. As the property was consolidated by the Company from the time of execution of the presale agreement with the developer, the closing of the transaction was accounted for as an increase in ownership of a consolidated subsidiary. In August 2018, The Edge - Stadium Centre, a 412 -bed off-campus development property subject to a presale agreement, was completed and acquired by the Company for $42.6 million , including $10.0 million related to the purchase of the land on which the property is built. As the property was consolidated by the Company from the time of execution of the presale agreement with the developer, the closing of the transaction was accounted for as an increase in ownership of a consolidated subsidiary. Land Acquisition: In August 2018, the Company purchased a land parcel for a total purchase price of approximately $16.6 million . Total cash consideration was approximately $16.5 million . |
Property Dispositions
Property Dispositions | 9 Months Ended |
Sep. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Property Dispositions | Property Dispositions Property Dispositions: In May 2019, the Company sold College Club Townhomes, an owned property located near Florida A&M University in Tallahassee, Florida, containing 544 beds for $9.5 million , resulting in net proceeds of approximately $8.9 million . The net loss on this disposition totaled approximately $0.3 million . Concurrent with the classification of this property as held for sale in March 2019, the Company reduced the property’s carrying amount to its estimated fair value less estimated selling costs and recorded an impairment charge of $3.2 million . In May 2018, the Company sold a portfolio of three owned properties containing 1,338 beds for approximately $245.0 million , resulting in net proceeds of approximately $242.3 million . The combined net gain on the portfolio disposition totaled approximately $42.3 million . Joint Venture Activity : In May 2018, the Company executed an agreement to enter into a joint venture arrangement with Allianz Real Estate (the “ACC / Allianz Joint Venture Transaction”). The transaction included the sale of a partial ownership interest in a portfolio of seven owned properties, containing 4,611 beds, through a joint venture arrangement. The joint venture transaction involved the joint venture partner making a cash contribution of approximately $373.1 million in exchange for a 45% ownership interest. As part of the transaction, the joint venture issued $330 million of secured mortgage debt. The joint venture was determined to be a VIE. As the Company retained control of the properties after the joint venture transaction, it was deemed the primary beneficiary. As such, the Company’s contribution of the properties to the joint venture was recorded at net book value, and the joint venture is included in the Company’s consolidated financial statements contained herein. The joint venture partner’s ownership interest in the joint venture is accounted for as noncontrolling interest. |
Investments in Owned Properties
Investments in Owned Properties | 9 Months Ended |
Sep. 30, 2019 | |
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: September 30, 2019 December 31, 2018 Land $ 657,986 $ 653,522 Buildings and improvements 6,843,575 6,486,106 Furniture, fixtures and equipment 392,467 371,429 Construction in progress 272,448 302,902 8,166,476 7,813,959 Less accumulated depreciation (1,406,609 ) (1,230,562 ) Owned properties, net $ 6,759,867 $ 6,583,397 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt A summary of the Company’s outstanding consolidated indebtedness, including unamortized debt premiums and discounts, is as follows: September 30, 2019 December 31, 2018 Debt secured by owned properties: Mortgage loans payable: Unpaid principal balance $ 695,176 $ 727,163 Unamortized deferred financing costs (1,410 ) (1,757 ) Unamortized debt premiums 7,842 11,579 Unamortized debt discounts (212 ) — 701,396 736,985 Construction loans payable (1) 36,977 22,207 Unamortized deferred financing costs — (480 ) 738,373 758,712 Debt secured by on-campus participating properties: Mortgage loans payable (2) 66,445 67,867 Bonds payable (2) 23,215 27,030 Unamortized deferred financing costs (445 ) (525 ) 89,215 94,372 Total secured mortgage, construction and bond debt 827,588 853,084 Unsecured notes, net of unamortized OID and deferred financing costs (3) 1,984,748 1,588,446 Unsecured term loans, net of unamortized deferred financing costs (4) 199,033 198,769 Unsecured revolving credit facility 352,100 387,300 Total debt, net $ 3,363,469 $ 3,027,599 (1) Construction loans payable relate to the construction loans partially financing the development of presale development projects. The properties are owned by an entity determined to be a VIE for which the Company is the primary beneficiary. The creditor of the construction loans does not have recourse to the assets of the Company. (2) The creditors of mortgage loans payable and bonds 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 $2.4 million and $1.6 million at September 30, 2019 and December 31, 2018 , respectively, and net unamortized deferred financing costs of $12.8 million and $10.0 million at September 30, 2019 and December 31, 2018 , respectively. (4) Includes net unamortized deferred financing costs of $1.0 million and $1.2 million at September 30, 2019 and December 31, 2018 , respectively. Mortgage and Construction Loans Payable In January 2019, the Company refinanced $70.0 million of variable rate debt on one wholly-owned property, extending the maturity to January 2024. The Company entered into an interest rate swap contract to hedge the variable rate cash flows associated with interest payments on this LIBOR-based mortgage loan, resulting in a fixed rate of 4.00% . Refer to Note 10 for information related to derivatives. In May 2017, the lender of the non-recourse mortgage loan secured by Blanton Common, a property located near Valdosta State University containing 860 beds which was included 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 June 2017, the Company recorded an impairment charge for this property of $15.3 million . In August 2017, the property transferred to receivership and a third-party manager began managing the property on behalf of the lender. In July 2019, the Company completed the transfer of the property to the lender in settlement of the property's mortgage loan and recognized a net gain from the extinguishment of debt totaling $21.0 million . In August 2019, the company acquired The Flex - Stadium Centre, a property subject to a presale agreement. Approximately $15.1 million of construction debt used to partially finance the development of the presale project was paid off upon acquisition. During the nine months ended September 30, 2018, the Company paid off approximately $55.9 million of fixed rate mortgage debt secured by three owned properties. Additionally, during the nine months ended September 30, 2018, the Company paid $2.7 million in debt defeasance costs associated with the early pay-off of mortgage loans in connection with the sale of one owned property and one owned property included in the ACC / Allianz Joint Venture Transaction (see Note 4 ). These costs were partially offset by the net write-off of $1.9 million of premiums and deferred financing costs, resulting in a loss from early extinguishment of debt of $0.8 million . In the third quarter of 2018, one of the joint ventures that is part of the Core Transaction paid off approximately $71.0 million of construction debt with proceeds from an additional investment made by the Company to the joint venture (see Note 3 ). Additionally, in August 2018, upon completion of construction, the Company acquired The Edge - Stadium Centre, a property subject to a presale agreement. Approximately $19.3 million of construction debt used to partially finance the development of the presale project was paid off upon acquisition. In May 2018, as part of the ACC / Allianz Joint Venture Transaction, the joint venture issued $330.0 million of fixed rate secured mortgage debt with a coupon of 4.07% and the full amount of principal due at maturity in June 2028 (see Note 4 ). Unsecured Notes In June 2019, the Operating Partnership closed a $400 million offering of senior unsecured notes under its existing shelf registration. These 7 -year notes were issued at 99.704 percent of par value with a coupon of 3.300 percent and a yield of 3.347 percent and are fully and unconditionally guaranteed by the Company. Net proceeds from the notes totaled approximately $394.0 million , after deducting the underwriting discount and offering expenses which will be amortized over the term of the unsecured notes. The net proceeds were used to repay borrowings under the Company’s revolving credit facility. The following senior unsecured notes issued by the Company are outstanding as of September 30, 2019 : 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 June 2019 400,000 99.704 3.300 % 3.680 % (1) 1,184 7 $ 2,000,000 $ 4,212 (1) The yield includes the effect of the amortization of interest rate swap terminations (see Note 10 ). 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 September 30, 2019 , the Company was in compliance with all such covenants. Unsecured Revolving Credit Facility In February 2019, the Company exercised the option under the existing credit agreement to increase the capacity of the unsecured revolving credit facility from $700 million to $1.0 billion . It may be expanded by up to an additional $200 million upon the satisfaction of certain conditions. The maturity date of the revolving credit facility is 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 $1.0 billion revolving credit facility. As of September 30, 2019 , the revolving credit facility bore interest at a weighted average annual rate of 3.25% ( 2.05% + 1.00% spread + 0.20% facility fee), and availability under the revolving credit facility totaled $647.9 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 September 30, 2019 , the Company was in compliance with all such covenants. Unsecured Term Loans In May 2018, the Company repaid a $300 million unsecured term loan and a $150 million unsecured term loan which were due to mature in September 2018 and March 2021 , respectively, using the proceeds from the sale of a partial interest in a portfolio of seven owned properties and the portfolio sale of three owned properties (see Note 4 ). In connection with the pay-off of these term loan facilities, the Company accelerated the amortization of $0.9 million of deferred financing costs. The Company is currently party to an Unsecured Term Loan Credit Agreement (the “Term Loan Facility”) totaling $200 million which matures in 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 Term Loan Facility was 3.14% ( 2.04% + 1.10% spread) at September 30, 2019 . The terms of the Term Loan Facility include certain restrictions and covenants consistent with those of the unsecured revolving credit facility discussed above. As of September 30, 2019 , the Company was in compliance with all such covenants. |
Stockholders' Equity _ Partners
Stockholders' Equity / Partners' Capital | 9 Months Ended |
Sep. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity / Partners' Capital | Stockholders’ Equity / Partners’ Capital Stockholders’ Equity - Company In May 2018, the Company renewed its at-the-market share offering program (the “ATM Equity Program”) through which the Company may issue and sell, from time to time, shares of common stock having an aggregate offering price of up to $500 million . The shares that may be sold under this program include shares of common stock of the Company with an aggregate offering price of approximately $233.0 million that were not sold under the Company's previous ATM equity program that expired in May 2018 . Actual sales under the program will depend on a variety of factors including, but not limited to, market conditions, the trading price of the Company’s common stock and determinations of the appropriate sources of funding for the Company. There was no activity under the Company’s ATM Equity Program during the three and nine months ended September 30, 2019 and 2018 . As of September 30, 2019 , the Company had approximately $500.0 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 certain employees and members of the Company’s Board of Directors, in which vested share awards (see Note 9 ), 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 nine months ended September 30, 2019 , 15,670 and 7,345 shares of vested stock were deposited into and withdrawn from the Deferred Compensation Plan, respectively. As of September 30, 2019 , 77,928 shares of ACC’s common stock were held in the Deferred Compensation Plan. |
Noncontrolling Interests
Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2019 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests Interests in Consolidated Real Estate Joint Ventures and Presale Arrangements Noncontrolling interests - partially owned properties: As of September 30, 2019 , the Operating Partnership consolidates four joint ventures that own and operate ten owned off-campus properties. Additionally, the Company is party to one presale agreement to purchase a development property that was completed in Fall 2019. 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) : In the third quarter of 2017, the Company entered into two joint ventures (the “Core Joint Ventures”). 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. 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. During the nine months ended September 30, 2019 , the redemption value of the redeemable noncontrolling interest increased by $11.8 million due to a change in the fair value of the net assets held by the joint ventures that are part of the Core Transaction primarily as a result of the completion of the leasing process for the 2019-2020 academic year. The corresponding offset for the adjustment to the redemption value is recorded in additional paid in capital. The Company’s fair value analysis is based on Level 3 inputs and 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. As the change in redemption value is based on fair value, there is no effect on the Company’s earnings per share. In August 2019, the Company exercised its option to purchase the remaining ownership interest in one of the properties held in one of the Core Joint Ventures, which reduced the redeemable noncontrolling interest by $35.3 million . 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, 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 OP Units 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 September 30, 2019 and December 31, 2018 , approximately 0.4% and 0.5% , respectively, of the equity interests of the Operating Partnership were held by owners of Common OP Units and Preferred OP Units not held by ACC or ACC Holdings. During the nine months ended September 30, 2019 , 168,584 Preferred OP Units were converted into an equal number of shares of ACC’s common stock. During the year ended December 31, 2018 , 412,343 Common 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 three months ended March 31, 2019 and 2018 , June 30, 2019 and 2018 and September 30, 2019 and 2018 , which includes both the redeemable joint venture partners and OP Units discussed above: Balance, December 31, 2018 $ 184,446 Net income 259 Distributions (305 ) Conversion of OP Units into shares of ACC common stock (252 ) Adjustments to reflect redeemable noncontrolling interests at fair value 2,547 Balance, March 31, 2019 $ 186,695 Net income 163 Distributions (288 ) Adjustments to reflect redeemable noncontrolling interests at fair value (660 ) Balance, June 30, 2019 $ 185,910 Net income 150 Distributions (235 ) Conversion of OP Units into shares of ACC common stock (5,830 ) Contributions from noncontrolling interests 250 Change in ownership of consolidated subsidiary (35,345 ) Adjustments to reflect redeemable noncontrolling interests at fair value 12,963 Balance, September 30, 2019 $ 157,863 Balance, December 31, 2017 $ 132,169 Net income 210 Distributions (376 ) Conversion of OP Units into shares of ACC common stock (478 ) Adjustments to reflect redeemable noncontrolling interests at fair value (4,526 ) Balance, March 31, 2018 $ 126,999 Net income 344 Distributions (531 ) Contributions from noncontrolling interests 71 Adjustments to reflect redeemable noncontrolling interests at fair value 4,426 Balance, June 30, 2018 $ 131,309 Distributions (306 ) Conversion of OP Units into shares of ACC common stock (12,855 ) Contributions from noncontrolling interests 549 Adjustments to reflect redeemable noncontrolling interests at fair value 65,957 Balance, September 30, 2018 $ 184,654 |
Incentive Award Plan
Incentive Award Plan | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Incentive Award Plan | Incentive Award Plan In May 2018, the Company’s stockholders approved the American Campus Communities, Inc. 2018 Incentive Award Plan (the “2018 Plan”). The 2018 Plan replaced the Company’s 2010 Incentive Award Plan (the “2010 Plan”). The 2018 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 2018 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 3.5 million shares of the Company’s common stock for issuance pursuant to the 2018 Plan, subject to certain adjustments for changes in the Company’s capital structure, as defined in the 2018 Plan. Upon approval of the 2018 Plan, all remaining authorized shares that were not granted under the 2010 Plan were forfeited and are no longer available for issuance as new awards. Restricted Stock Units (“RSUs”) Upon reelection to the Board of Directors in May 2019 , all members of the Company’s Board of Directors were granted RSUs in accordance with the 2018 Plan. These RSUs were valued at $162,500 for the Chairman of the Board of Directors and at $117,500 for all other members. The number of RSUs was determined based on the fair market value of the Company’s stock on the date of grant, as defined in the 2018 Plan. All awards vested and settled immediately on the date of grant, and the Company delivered shares of common stock, as determined by the Compensation Committee of the Board of Directors. A compensation charge of approximately $0.8 million was recorded related to these awards. In July 2019, the Company appointed one new member to the Board of Directors who was granted RSUs valued at $117,500 . A compensation charge of approximately $0.1 million was recorded related to this award. A summary of RSUs as of September 30, 2019 and activity during the nine months then ended is presented below: Number of RSUs Outstanding at December 31, 2018 — Granted 20,812 Settled in common shares (18,318 ) Settled in cash (2,494 ) Outstanding at September 30, 2019 — Restricted Stock Awards (“RSAs”) A summary of RSAs as of September 30, 2019 and activity during the nine months then ended is presented below: Number of RSAs Nonvested balance at December 31, 2018 862,680 Granted 387,341 Vested (1) (266,556 ) Forfeited (14,486 ) Nonvested balance at September 30, 2019 968,979 (1) Includes shares withheld to satisfy tax obligations upon vesting. The fair value of RSAs is calculated based on the closing market value of ACC’s common stock on the date of grant. The fair value of these awards is amortized to expense over the vesting periods. Amortization expense for the three months ended September 30, 2019 and 2018 amounted to approximately $3.0 million and $2.7 million , respectively, and $9.7 million and $8.8 million for the nine months ended September 30, 2019 and 2018 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2019 | |
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 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. These agreements contain provisions such that if the Company defaults on any of its indebtedness, regardless of whether the repayment of the indebtedness has been accelerated by the lender or not, then the Company could also be declared in default on its derivative obligations. As of September 30, 2019 , the Company was not in default on any of its indebtedness or derivative instruments. As disclosed in Note 2, the adoption of ASU 2017-12 did not have a material effect on the Company’s consolidated financial statements. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in other comprehensive income (“OCI”) (outside of earnings) and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings within the same income statement line item as the earnings effect of the hedged transaction. The following table summarizes the Company’s outstanding interest rate swap contracts which are included in other liabilities on the accompanying consolidated balance sheets as of September 30, 2019 : 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 $ 12,735 $ (120 ) Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month 12,867 (121 ) Park Point mortgage loan Feb 1, 2019 Jan 16, 2024 2.7475% LIBOR - 1 month 70,000 (4,009 ) Total $ 95,602 $ (4,250 ) In December 2018, the Company entered into three forward starting interest rate swap contracts with notional amounts totaling $200 million designated to hedge the Company's exposure to increasing interest rates related to interest payments on an anticipated issuance of unsecured notes. In connection with the issuance of unsecured notes in June 2019, as discussed in Note 6 , the Company terminated the swap contracts resulting in payments to counterparties totaling approximately $13.2 million , which were recorded in accumulated other comprehensive loss and which will be amortized to interest expense over the term of the swap contracts based on the June 2019 issuance and expected additional issuances. 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 September 30, 2019 and December 31, 2018 : Asset Derivatives Liability Derivatives Fair Value as of Fair Value as of Description Balance Sheet Location 9/30/2019 12/31/2018 Balance Sheet Location 9/30/2019 12/31/2018 Interest rate swap contracts Other assets $ — $ 101 Other liabilities $ 4,250 $ — Forward starting swap contracts Other assets — — Other liabilities — 2,287 Total derivatives designated $ — $ 101 $ 4,250 $ 2,287 The table below presents the effect of the Company’s derivative financial instruments on the accompanying consolidated statements of comprehensive income for the three and nine months ended September 30, 2019 and 2018 . Three Months Ended September 30, Nine Months Ended September 30, Description 2019 2018 2019 2018 Change in fair value of derivatives and other recognized in OCI $ (578 ) $ (23 ) $ (2,074 ) $ 418 Termination of interest rate swap payment recognized in OCI — — (13,159 ) — Amortization of interest rate swap terminations (1) 433 104 701 308 Total change in OCI due to derivative financial instruments $ (145 ) $ 81 $ (14,532 ) $ 726 Interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded $ 28,303 $ 25,185 $ 82,432 $ 72,207 (1) Represents amortization from OCI into interest expense. |
Fair Value Disclosures
Fair Value Disclosures | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures There have been no significant changes in the Company’s policies and valuation techniques utilized to determine fair value from what was disclosed in the Annual Report on Form 10-K for the year ended December 31, 2018 . 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 September 30, 2019 and December 31, 2018 , and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. There were no Level 1 measurements for the periods presented, and the Company had no transfers between Levels 1, 2 or 3 during the periods presented. Refer to Note 8 for a discussion of the Level 3 activity during the period related to the redeemable noncontrolling interests in partially owned properties. Fair Value Measurements as of September 30, 2019 December 31, 2018 Level 2 Level 3 Level 2 Level 3 Significant Other Observable Inputs Significant Unobservable Inputs Total Significant Other Observable Inputs Significant Unobservable Inputs Total Assets: Derivative financial instruments $ — $ — $ — $ 101 $ — $ 101 Liabilities: Derivative financial instruments $ 4,250 (1) $ — $ 4,250 $ 2,287 (1) $ — $ 2,287 Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) $ 24,219 (2) $ 133,644 (3) $ 157,863 $ 27,828 (2) $ 156,618 (3) $ 184,446 (1) Valued using discounted cash flow analyses with observable market-based inputs of interest rate curves and option volatility, as well as credit valuation adjustments to reflect nonperformance risk. (2) Represents the OP Unit component of redeemable noncontrolling interests which is based on the fair value of the Company’s common stock at the balance sheet date. Represents a quoted price for a similar asset in an active market. Refer to Note 8 . (3) Represents the Core Joint Ventures component of redeemable noncontrolling interests which is valued using primarily unobservable inputs, 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. Refer to Note 8 . Financial Instruments Not Carried at Fair Value As of September 30, 2019 and December 31, 2018 , the carrying values for the following instruments represent fair values due to the short maturity of the instruments: Cash and Cash Equivalents, Restricted Cash, Student Contracts Receivable, certain items in Other Assets (including receivables, deposits, and prepaid expenses), Accounts Payable, Accrued Expenses, and Other Liabilities. As of September 30, 2019 and December 31, 2018 , the carrying values for the following instruments represent fair values due the variable interest rate feature of the instruments: Construction Loans Payable, Unsecured Revolving Credit Facility, Mortgage Loans Payable (variable rate), and Unsecured Term Loans. The table below contains the estimated fair value and related carrying amounts for the Company’s other financial instruments as of September 30, 2019 and December 31, 2018 . There were no Level 1 measurements for the periods presented. September 30, 2019 December 31, 2018 Estimated Fair Value Estimated Fair Value Level 2 Level 3 Level 2 Level 3 Carrying Amount Significant Other Observable Inputs Significant Carrying Significant Other Observable Inputs Significant Assets Loans receivable $ 49,837 $ — $ 50,993 (1) $ 54,611 $ — $ 50,993 (1) Liabilities (2) Unsecured notes $ 1,984,748 $ 2,074,177 (3) $ — $ 1,588,446 $ 1,566,900 (3) $ — Mortgage loans payable (fixed rate) $ 726,964 (4) $ 732,821 (5) $ — $ 693,384 (6) $ 668,911 (5) $ — Bonds payable $ 22,982 $ 25,194 (7) $ — $ 26,741 $ 28,805 (7) $ — (1) Valued using a discounted cash flow analysis with inputs of scheduled cash flows and discount rates that a willing buyer and seller might use. (2) Carrying amounts disclosed include any applicable net unamortized OID, net unamortized deferred financing costs, and net unamortized debt premiums and discounts (see Note 6 ). (3) Valued using interest rate and spread assumptions that reflect current creditworthiness and market conditions available for the issuance of unsecured notes with similar terms and remaining maturities. (4) Does not include one variable rate mortgage loan with a principal balance of $40.8 million as of September 30, 2019 . (5) Valued using the present value of the cash flows at current market interest rates through maturity that primarily fall within the Level 2 category. (6) Does not include two variable rate mortgage loans with a combined principal balance of $111.4 million as of December 31, 2018. (7) Valued using quoted prices in markets that are not active due to the unique characteristics of these financial instruments. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases Refer to Note 2 for information on the impact of the adoption of the New Leases Standard. As Lessee The Company, as lessee, has entered into 49 ground/facility and office space lease agreements, which qualify as operating leases under the New Leases Standard. These leases include leases entered into under the ACE program with university systems and Walt Disney World ® Resort, leases with local and regional land owners for owned off-campus properties, leases for corporate office space, and leases under the on-campus participating properties (“OCPPs”) structure. Leases entered into under the ACE program are transferable and financeable. Under ground/facility leases, the lessors receive annual minimum (base) rent, variable rent based upon the operating performance of the property, or a combination thereof. The leases have initial terms (excluding extension options) ranging from eleven years to 102 years . The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company records base rent expense under the straight-line method over the term of the lease, and variable rent expense is recorded when the achievement of the target is considered probable. Straight-line rent is capitalized during the construction period and expensed upon the commencement of operations. In the accompanying consolidated statements of comprehensive income, rent expense for ACE properties and OCPPs is included in ground/facility lease expense, and rent expense for owned off-campus properties is included in owned properties operating expenses. Total straight-line rent expense, variable rent expense, and capitalized rent costs for the three months ended September 30, 2019 was $2.5 million , $2.5 million , and $3.2 million , respectively, and $7.4 million , $6.4 million , and $8.3 million for the nine months ended September 30, 2019 , respectively. For purposes of calculating the ROU Asset and lease liability for such leases, extension options are not included in the lease term unless it is reasonably certain that the Company will exercise the option, or the lessor has the sole ability to exercise the option. As most of the Company’s leases do not contain an implicit rate, the Company uses its incremental borrowing rate to determine the present value of the lease payments. This involves determining a secured interest rate for each lease based on the term of the respective lease. The weighted average incremental borrowing rate was 5.35% as of September 30, 2019 . The weighted average remaining lease term of leases with a lease liability as of September 30, 2019 is 62.6 years (excluding extension options). There were no finance lease obligations outstanding as of September 30, 2019 . Future minimum commitments over the life of all operating leases, which exclude variable rent payments, are as follows: September 30, 2019 December 31, 2018 2019 $ 2,669 (1) $ 9,463 2020 11,814 12,092 2021 16,749 16,653 2022 23,664 18,999 2023 28,776 18,903 Thereafter 1,691,033 1,042,842 Total minimum lease payments 1,774,705 $ 1,118,952 Less imputed interest (1,305,226 ) Total lease liabilities $ 469,479 (1) Excluding the nine months ended September 30, 2019 . As Lessor The Company’s primary business involves leasing properties to students under agreements that are classified as operating leases, and which have terms of 12 months or less. These student leases do not provide for variable rent payments. The Company is also a lessor under commercial leases at certain owned properties, some of which provide for variable lease payments based upon tenant performance such as a percentage of sales. The Company recognizes the base lease payments provided for under the leases on a straight-line basis over the lease term, and variable payments are recognized in the period in which the changes in facts and circumstances on which the variable payments are based occur. Lease income under both student and commercial leases is included in owned property revenues in the accompanying consolidated statements of comprehensive income. Lease income under student leases totaled $199.8 million and $189.2 million for the three months ended September 30, 2019 and 2018 , respectively; and $615.8 million and $570.3 million for the nine months ended September 30, 2019 and 2018 , respectively. Lease income under commercial leases totaled $3.4 million and $3.2 million for the three months ended September 30, 2019 and 2018 , respectively; and $10.0 million and $9.7 million for the nine months ended September 30, 2019 and 2018 , respectively. |
Leases | Leases Refer to Note 2 for information on the impact of the adoption of the New Leases Standard. As Lessee The Company, as lessee, has entered into 49 ground/facility and office space lease agreements, which qualify as operating leases under the New Leases Standard. These leases include leases entered into under the ACE program with university systems and Walt Disney World ® Resort, leases with local and regional land owners for owned off-campus properties, leases for corporate office space, and leases under the on-campus participating properties (“OCPPs”) structure. Leases entered into under the ACE program are transferable and financeable. Under ground/facility leases, the lessors receive annual minimum (base) rent, variable rent based upon the operating performance of the property, or a combination thereof. The leases have initial terms (excluding extension options) ranging from eleven years to 102 years . The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company records base rent expense under the straight-line method over the term of the lease, and variable rent expense is recorded when the achievement of the target is considered probable. Straight-line rent is capitalized during the construction period and expensed upon the commencement of operations. In the accompanying consolidated statements of comprehensive income, rent expense for ACE properties and OCPPs is included in ground/facility lease expense, and rent expense for owned off-campus properties is included in owned properties operating expenses. Total straight-line rent expense, variable rent expense, and capitalized rent costs for the three months ended September 30, 2019 was $2.5 million , $2.5 million , and $3.2 million , respectively, and $7.4 million , $6.4 million , and $8.3 million for the nine months ended September 30, 2019 , respectively. For purposes of calculating the ROU Asset and lease liability for such leases, extension options are not included in the lease term unless it is reasonably certain that the Company will exercise the option, or the lessor has the sole ability to exercise the option. As most of the Company’s leases do not contain an implicit rate, the Company uses its incremental borrowing rate to determine the present value of the lease payments. This involves determining a secured interest rate for each lease based on the term of the respective lease. The weighted average incremental borrowing rate was 5.35% as of September 30, 2019 . The weighted average remaining lease term of leases with a lease liability as of September 30, 2019 is 62.6 years (excluding extension options). There were no finance lease obligations outstanding as of September 30, 2019 . Future minimum commitments over the life of all operating leases, which exclude variable rent payments, are as follows: September 30, 2019 December 31, 2018 2019 $ 2,669 (1) $ 9,463 2020 11,814 12,092 2021 16,749 16,653 2022 23,664 18,999 2023 28,776 18,903 Thereafter 1,691,033 1,042,842 Total minimum lease payments 1,774,705 $ 1,118,952 Less imputed interest (1,305,226 ) Total lease liabilities $ 469,479 (1) Excluding the nine months ended September 30, 2019 . As Lessor The Company’s primary business involves leasing properties to students under agreements that are classified as operating leases, and which have terms of 12 months or less. These student leases do not provide for variable rent payments. The Company is also a lessor under commercial leases at certain owned properties, some of which provide for variable lease payments based upon tenant performance such as a percentage of sales. The Company recognizes the base lease payments provided for under the leases on a straight-line basis over the lease term, and variable payments are recognized in the period in which the changes in facts and circumstances on which the variable payments are based occur. Lease income under both student and commercial leases is included in owned property revenues in the accompanying consolidated statements of comprehensive income. Lease income under student leases totaled $199.8 million and $189.2 million for the three months ended September 30, 2019 and 2018 , respectively; and $615.8 million and $570.3 million for the nine months ended September 30, 2019 and 2018 , respectively. Lease income under commercial leases totaled $3.4 million and $3.2 million for the three months ended September 30, 2019 and 2018 , respectively; and $10.0 million and $9.7 million for the nine months ended September 30, 2019 and 2018 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments Construction Contracts: As of September 30, 2019 , the Company estimates additional costs to complete three owned development projects under construction to be approximately $522.0 million . Joint Ventures: 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 which was extended through January 2020. As of September 30, 2019 , the remaining funding commitment was approximately $130.2 million . Presale Development Projects: The Company was party to one presale development agreement as of September 30, 2019 . The Company is obligated to purchase the property for $72.4 million , which includes the contractual purchase price and the cost of elected upgrades, as long as the developer meets certain construction completion deadlines and other closing conditions. The Company expects to fund the remaining $48.7 million of the purchase price in the fourth quarter of 2019. Contingencies 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 $10.6 million as of September 30, 2019 . As of September 30, 2019 , management did not anticipate any material deviations from schedule or budget related to third-party development projects currently in progress. For one of its third-party development projects that is currently under construction, the Company’s obligation to pay alternate housing costs and excess project costs are unlimited in amount. However, if the Company’s payment obligation arises from force majeure or is caused by the owner, the owner agrees to reimburse the Company from future cash flow of the project, with such reimbursement being subordinate to any financing on the property but paid prior to the University receiving any cash flow from the property. If the Company’s obligation is a result of the general contractor and/or design professionals’ negligence, the owner agrees to assign its right to recover from such party to the Company. Additionally, for this project, the Company’s exposure to such costs resulting from owner-caused delays, as defined, is limited to $1.0 million . As of September 30, 2019 , management did not anticipate any material deviations from schedule or budget related to this project. In the normal course of business, the Company enters into various development-related purchase commitments with parties that provide development-related goods and services. In the event that the Company was to terminate development services prior to the completion of projects under construction, the Company could potentially be committed to satisfy outstanding purchase orders with such parties. As a part of the development agreement with Walt Disney World ® Resort, the Company has guaranteed the completion of construction of a $614.6 million project to be delivered in phases from 2020 to 2023. In addition, the Company is subject to a development guarantee in the event that the substantial completion of a project phase is delayed beyond its respective targeted delivery date, except in circumstances resulting in unavoidable delays. The agreement dictates that the Company shall pay damages of $20 per bed for each day of delay for any Disney College Internship Program participant who was either scheduled to live in the delayed phase as well as any participant who was not able to participate in the program due to the lack of available housing and would have otherwise been housed in the delayed phase. Under the agreement, the maximum exposure related to the Disney project assuming all beds are not delivered on their respective delivery date is approximately $0.2 million per day. 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. Pre-development expenditures: The Company incurs pre-development expenditures such as architectural fees, permits, and deposits associated with the pursuit of third-party and owned development projects. The Company bears the risk of loss of these pre-development expenditures if financing cannot be arranged or the Company is unable to obtain the required permits and authorizations for the project. As such, management periodically evaluates the status of third-party and owned projects that have not yet commenced construction 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. As of September 30, 2019 , the Company has deferred approximately $6.0 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. Other Guarantees: In June 2019, the Company entered into a purchase and sale agreement to buy a land parcel initially scheduled to close on or before June 30, 2021, with potential extensions at the Company’s option to June 1, 2022 or June 1, 2023. In connection with the execution of the agreement, the Company made an earnest money deposit of $2.1 million which is included in restricted cash on the accompanying consolidated balance sheet. As a part of the agreement, within 60 days of certain conditions not being met, the seller of the property can either terminate the agreement or exercise an option to require the Company to purchase the undeveloped land, with the Company retaining all rights to fully own, develop, and utilize the land. If the option is exercised, the Company must pay the agreed upon purchase price of $28.7 million and a commission calculated as a percentage of the sales price, and also reimburse the seller for demolition costs. 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 | 9 Months Ended |
Sep. 30, 2019 | |
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. Three Months Ended Nine Months Ended 2019 2018 2019 2018 Owned Properties Rental revenues and other income $ 211,808 $ 203,526 $ 640,912 $ 600,138 Interest income 117 382 355 1,146 Total revenues from external customers 211,925 203,908 641,267 601,284 Operating expenses before depreciation, amortization, and ground/facility lease expense (111,836 ) (107,997 ) (294,768 ) (282,193 ) Ground/facility lease expense (2,862 ) (2,307 ) (7,937 ) (6,294 ) Interest expense, net (1) (3,896 ) (5,622 ) (12,673 ) (9,011 ) Operating income before depreciation and amortization $ 93,331 $ 87,982 $ 325,889 $ 303,786 Depreciation and amortization $ 65,506 $ 62,908 $ 196,638 $ 185,171 Capital expenditures $ 156,840 $ 144,910 $ 402,192 $ 428,065 On-Campus Participating Properties Rental revenues and other income $ 6,944 $ 6,980 $ 24,788 $ 23,605 Interest income 59 43 170 105 Total revenues from external customers 7,003 7,023 24,958 23,710 Operating expenses before depreciation, amortization, and ground/facility lease expense (3,822 ) (3,875 ) (11,585 ) (11,030 ) Ground/facility lease expense (353 ) (644 ) (2,063 ) (2,232 ) Interest expense, net (1) (1,255 ) (1,282 ) (3,869 ) (3,804 ) Operating income before depreciation and amortization $ 1,573 $ 1,222 $ 7,441 $ 6,644 Depreciation and amortization $ 2,289 $ 1,962 $ 6,334 $ 5,856 Capital expenditures $ 1,750 $ 1,394 $ 2,517 $ 2,918 Development Services Development and construction management fees $ 5,611 $ 835 $ 12,389 $ 3,883 Operating expenses (2,080 ) (2,056 ) (6,365 ) (5,976 ) Operating income (loss) before depreciation and amortization $ 3,531 $ (1,221 ) $ 6,024 $ (2,093 ) Property Management Services Property management fees from external customers $ 3,342 $ 2,128 $ 9,118 $ 7,311 Operating expenses (3,350 ) (1,775 ) (7,764 ) (5,597 ) Operating income before depreciation and amortization $ (8 ) $ 353 $ 1,354 $ 1,714 Three Months Ended Nine Months Ended 2019 2018 2019 2018 Reconciliations Total segment revenues and other income $ 227,881 $ 213,894 $ 687,732 $ 636,188 Unallocated interest income earned on investments and corporate cash 784 849 2,330 2,489 Total consolidated revenues, including interest income $ 228,665 $ 214,743 $ 690,062 $ 638,677 Segment operating income before depreciation and amortization $ 98,427 $ 88,336 $ 340,708 $ 310,051 Depreciation and amortization (70,245 ) (67,247 ) (210,165 ) (199,191 ) Net unallocated expenses relating to corporate interest and overhead (29,533 ) (24,615 ) (86,155 ) (83,958 ) (Loss) gain from disposition of real estate — — (282 ) 42,314 Other operating and nonoperating income — 570 — 3,218 Gain (loss) from extinguishment of debt 20,992 — 20,992 (784 ) Provision for real estate impairment — — (3,201 ) — Income tax (provision) benefit (305 ) 219 (983 ) (2,147 ) Net income (loss) $ 19,336 $ (2,737 ) $ 60,914 $ 69,503 (1) |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Distributions : On October 30, 2019 , the Board of Directors of the Company declared a distribution per share of $0.47 , which will be paid on November 22, 2019 to all common stockholders of record as of November 11, 2019 . At the same time, the Operating Partnership will pay an equivalent amount per unit to holders of Common OP Units, as well as the quarterly cumulative preferential distribution to holders of Preferred OP Units (see Note 8 ). Derivative Agreements: In October 2019, the Company entered into an interest rate swap to convert $37.5 million of a $40.8 million variable rate mortgage loan at one of its on-campus participating properties to a fixed rate. Additionally, in October 2019, the Company entered into an interest rate swap to convert $100 million of its unsecured term loan to a fixed rate. Purchase of Noncontrolling Interests : In October 2019, the Company exercised its option to purchase the remaining ownership interests in Hub Ann Arbor, a 310 -bed off-campus property, and Hub Flagstaff, a 591 -bed off-campus property, for a total of $53.0 million . These properties are held in the Core Joint Ventures described in Note 8 . Property Held For Sale: As of October 31, 2019, management determined that all criteria for Held for Sale classification (per Accounting Standards Codification Topic 360, “Property, Plant and Equipment”) have been met for one owned property. As of September 30, 2019 , the net book value of the property was $99.2 million . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and use of Estimates | Basis of Presentation and use of Estimates 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 Accounting Pronouncements | Recently Issued Accounting Pronouncements The Company does not expect the following accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”) to have a material effect on its consolidated financial statements: Accounting Standards Update Effective Date ASU 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract” January 1, 2020 ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” January 1, 2020 ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” January 1, 2020 |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02 (“ASU 2016-12”), “Leases (Topic 842): Amendments to the FASB Accounting Standards Codification.” ASU 2016-02 outlines principles for the recognition, measurement, presentation and disclosure of leases. Subsequent to the issuance of ASU 2016-02, the FASB issued additional ASUs clarifying aspects of the new lease accounting standard, which were effective upon adoption of ASU 2016-02. These lease-related ASUs are collectively referred to as the “New Leases Standard.” The Company adopted the New Leases Standard on January 1, 2019, utilizing the modified retrospective transition approach. Under this approach, the Company elected to apply the new standard to leases that were in place as of January 1, 2019. Results for reporting periods beginning January 1, 2019 are presented under the New Leases Standard. Upon adoption, the Company did not record an adjustment to beginning retained earnings. In addition, the Company adopted the following additional practical expedients available for implementation: • An entity need not reassess whether any existing or expired contracts are or contain leases; • An entity need not reassess lease classification for any existing or expired leases; and • An entity need not reassess initial direct costs for any existing leases. As Lessee: • Under the New Leases Standard, lessees classify leases as either operating or finance leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized on a straight-line basis over the term of the lease (operating lease) or under the effective interest method (finance lease). In addition, the New Leases Standard requires lessees to recognize right-of-use assets and related lease liabilities for leases with a term greater than 12 months regardless of their lease classification. • Upon adoption of the New Leases Standard on January 1, 2019, the Company was a lessee under 28 ground leases and two corporate office headquarters leases for which it recorded $278.2 million in right of use assets (“ROU Assets”), and $277.5 million of operating lease liabilities. • Because the Company’s existing leases under which it is a lessee will continue to be classified as operating leases, the timing and pattern of lease expense recognition (straight-line basis) will remain unchanged. However, for any leases entered into or modified after January 1, 2019, the leases will need to be evaluated under the New Leases Standard and may be classified as finance leases depending on the terms of the transactions. As Lessor: • Under the New Leases Standard, the accounting for lessors remained largely unchanged from current GAAP; however, ASU 2016-02 required that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under the prior standard, these costs were capitalizable and therefore the New Leases Standard resulted in certain of these costs being expensed as incurred after adoption. For the Company, these costs include internal leasing payroll costs incurred for owned and presale development projects, as well as certain legal expenses incurred when negotiating commercial leases. • The New Leases Standard also requires lessors to evaluate collectability of all operating lease payments in a contract at lease commencement and thereafter. If the operating lease payments are deemed not probable of collection, adjustments are recognized as a reduction to lease income. This resulted in the reclassification of the provision for uncollectible accounts from operating expenses to revenue. This adjustment is reflected on a prospective basis in the accompanying consolidated statements of comprehensive income, starting on January 1, 2019. The provision for uncollectible accounts for owned properties was $3.3 million and $2.9 million for the three months ended September 30, 2019 and 2018 , respectively, and was $6.1 million and $5.6 million for the nine months ended September 30, 2019 and 2018 , respectively. The provision for uncollectible accounts for on-campus participating properties for the three months ended September 30, 2019 was $0.1 million , nominal for the three months ended September 30, 2018 , and a $0.6 million benefit and a $0.2 million expense for the nine months ended September 30, 2019 and 2018 , respectively. • The New Leases Standard provides a practical expedient that allows lessors to not separate certain lease and non-lease components if certain criteria are met. The Company assessed the criteria and determined that the timing and pattern of transfer for common area maintenance and the related rental revenue is the same. Therefore, the Company elected the practical expedient which resulted in no change to how revenue is currently recorded. Other In addition, on January 1, 2019 , the Company adopted the following accounting pronouncements which did not have a material effect on the Company’s consolidated financial statements: • ASU 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” • ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” The SEC issued the Disclosure Update and Simplification Rule in 2018 to remove inconsistencies and duplicative disclosures between US GAAP and SEC regulations. This rule was effective November 5, 2018 and eliminated Rule 3-15(a)(1) of Regulation S-X, which required REITs to present separately all gains and losses on sales of properties outside of continuing operations on the Statement of Comprehensive Income. The adoption of this rule resulted in the presentation of gains and losses from disposition of real estate within operating income on the Consolidated Statements of Comprehensive Income. Prior year amounts have reclassified to conform to current presentation. In July 2019, the FASB issued ASU 2019-07, “Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates” which was effective upon issuance. This release is associated with the SEC’s issuance of the Disclosure Update and Simplification Rule referenced above and did not have a material effect on the Company’s consolidated financial statements. |
Interim Financial Statements | Interim Financial Statements The accompanying interim financial statements are unaudited but have been prepared in accordance with GAAP for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements of the Company for these interim periods have been included. Because of the seasonal nature of the Company’s operations, the results of operations and cash flows for any interim period are not necessarily indicative of results for other interim periods or for the full year. These financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . |
Investments in Real Estate | Investments in Real Estate Investments in real estate are recorded at historical cost. Major improvements that extend the life of an asset are capitalized and depreciated over the remaining useful life of the asset. The cost of ordinary repairs and maintenance are charged to expense when incurred. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings and improvements 7-40 years Leasehold interest - on-campus participating properties 25-34 years (shorter of useful life or respective lease term) Furniture, fixtures and equipment 3-7 years Project costs directly associated with the development and construction of an owned real estate project, which include interest, property taxes, and amortization of deferred 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 $3.0 million and $2.6 million was capitalized during the three months ended September 30, 2019 and 2018 , respectively, and interest totaling approximately $9.4 million and $9.6 million was capitalized during the nine months ended September 30, 2019 and 2018 , 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. In the case of any impairment, the valuation would be based on Level 3 inputs. There were no impairments of the carrying values of the Company's investments in real estate as of September 30, 2019 , other than a $3.2 million impairment charge recorded on March 31, 2019 concurrent with the classification of one owned property as held for sale. |
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. The Company did not have any properties classified as held for sale as of September 30, 2019 . |
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. |
Consolidated VIEs | Consolidated VIEs The Company has investments in various entities that qualify as VIEs for accounting purposes and for which the Company is the primary beneficiary and therefore includes the entities in its consolidated financial statements. These VIEs include the Operating Partnership, six joint ventures that own a total of 15 operating properties, one property subject to a presale arrangement, and six |
Earnings per Share - Company/Earnings per Unit - Operating Partnership | Earnings per Share – Company Basic earnings per share is computed using net income attributable to common stockholders and the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings per share reflects common shares issuable from the assumed conversion of American Campus Communities Operating Partnership Units (“OP Units”) and common share awards granted. Only those items having a dilutive impact on basic earnings per share are included in diluted earnings per share. 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. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Schedule of accounting pronouncements | Recently Issued Accounting Pronouncements The Company does not expect the following accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”) to have a material effect on its consolidated financial statements: Accounting Standards Update Effective Date ASU 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract” January 1, 2020 ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” January 1, 2020 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 | 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 |
Schedule of potentially dilutive securities not included in calculating diluted earnings per share | The following potentially dilutive securities were outstanding for the three and nine months ended September 30, 2019 and 2018 , but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. Three Months Ended Nine Months Ended 2019 2018 2019 2018 Common OP Units (Note 8) 468,475 602,264 552,221 831,328 Preferred OP Units (Note 8) 35,242 77,513 44,843 77,513 Unvested restricted stock awards (Note 9) — 883,595 — — Total potentially dilutive securities 503,717 1,563,372 597,064 908,841 |
Schedule of summary of elements used in calculating basic earnings per share/unit | The following is a summary of the elements used in calculating basic and diluted earnings per share: Three Months Ended Nine Months Ended 2019 2018 2019 2018 Numerator – basic and diluted earnings per share: Net income (loss) $ 19,336 $ (2,737 ) $ 60,914 $ 69,503 Net loss (income) attributable to noncontrolling interests 887 392 (665 ) 88 Net income (loss) attributable to ACC, Inc. and Subsidiaries common stockholders 20,223 (2,345 ) 60,249 69,591 Amount allocated to participating securities (458 ) (408 ) (1,489 ) (1,291 ) Net income (loss) attributable to common stockholders $ 19,765 $ (2,753 ) $ 58,760 $ 68,300 Denominator: Basic weighted average common shares outstanding 137,403,842 137,022,012 137,259,130 136,742,094 Unvested restricted stock awards (Note 9) 971,685 — 998,776 918,708 Diluted weighted average common shares outstanding 138,375,527 137,022,012 138,257,906 137,660,802 Earnings per share: Net income (loss) attributable to common stockholders - basic and diluted $ 0.14 $ (0.02 ) $ 0.43 $ 0.50 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Schedule of summary of elements used in calculating basic earnings per share/unit | The following is a summary of the elements used in calculating basic and diluted earnings per unit: Three Months Ended Nine Months Ended 2019 2018 2019 2018 Numerator – basic and diluted earnings per unit: Net income (loss) $ 19,336 $ (2,737 ) $ 60,914 $ 69,503 Net loss (income) attributable to noncontrolling interests – partially owned properties 970 413 (368 ) 665 Series A preferred unit distributions (14 ) (31 ) (54 ) (93 ) Amount allocated to participating securities (458 ) (408 ) (1,489 ) (1,291 ) Net income (loss) attributable to common unitholders $ 19,834 $ (2,763 ) $ 59,003 $ 68,784 Denominator: Basic weighted average common units outstanding 137,872,317 137,624,276 137,811,351 137,573,422 Unvested restricted stock awards (Note 9) 971,685 — 998,776 918,708 Diluted weighted average common units outstanding 138,844,002 137,624,276 138,810,127 138,492,130 Earnings per unit: Net income (loss) attributable to common unitholders - basic and diluted $ 0.14 $ (0.02 ) $ 0.43 $ 0.50 |
Investments in Owned Properti_2
Investments in Owned Properties (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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: September 30, 2019 December 31, 2018 Land $ 657,986 $ 653,522 Buildings and improvements 6,843,575 6,486,106 Furniture, fixtures and equipment 392,467 371,429 Construction in progress 272,448 302,902 8,166,476 7,813,959 Less accumulated depreciation (1,406,609 ) (1,230,562 ) Owned properties, net $ 6,759,867 $ 6,583,397 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of summary of outstanding consolidated indebtedness, including unamortized debt premiums and discounts | The following senior unsecured notes issued by the Company are outstanding as of September 30, 2019 : 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 June 2019 400,000 99.704 3.300 % 3.680 % (1) 1,184 7 $ 2,000,000 $ 4,212 (1) The yield includes the effect of the amortization of interest rate swap terminations (see Note 10 ). A summary of the Company’s outstanding consolidated indebtedness, including unamortized debt premiums and discounts, is as follows: September 30, 2019 December 31, 2018 Debt secured by owned properties: Mortgage loans payable: Unpaid principal balance $ 695,176 $ 727,163 Unamortized deferred financing costs (1,410 ) (1,757 ) Unamortized debt premiums 7,842 11,579 Unamortized debt discounts (212 ) — 701,396 736,985 Construction loans payable (1) 36,977 22,207 Unamortized deferred financing costs — (480 ) 738,373 758,712 Debt secured by on-campus participating properties: Mortgage loans payable (2) 66,445 67,867 Bonds payable (2) 23,215 27,030 Unamortized deferred financing costs (445 ) (525 ) 89,215 94,372 Total secured mortgage, construction and bond debt 827,588 853,084 Unsecured notes, net of unamortized OID and deferred financing costs (3) 1,984,748 1,588,446 Unsecured term loans, net of unamortized deferred financing costs (4) 199,033 198,769 Unsecured revolving credit facility 352,100 387,300 Total debt, net $ 3,363,469 $ 3,027,599 (1) Construction loans payable relate to the construction loans partially financing the development of presale development projects. The properties are owned by an entity determined to be a VIE for which the Company is the primary beneficiary. The creditor of the construction loans does not have recourse to the assets of the Company. (2) The creditors of mortgage loans payable and bonds 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 $2.4 million and $1.6 million at September 30, 2019 and December 31, 2018 , respectively, and net unamortized deferred financing costs of $12.8 million and $10.0 million at September 30, 2019 and December 31, 2018 , respectively. (4) Includes net unamortized deferred financing costs of $1.0 million and $1.2 million at September 30, 2019 and December 31, 2018 , respectively. |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 three months ended March 31, 2019 and 2018 , June 30, 2019 and 2018 and September 30, 2019 and 2018 , which includes both the redeemable joint venture partners and OP Units discussed above: Balance, December 31, 2018 $ 184,446 Net income 259 Distributions (305 ) Conversion of OP Units into shares of ACC common stock (252 ) Adjustments to reflect redeemable noncontrolling interests at fair value 2,547 Balance, March 31, 2019 $ 186,695 Net income 163 Distributions (288 ) Adjustments to reflect redeemable noncontrolling interests at fair value (660 ) Balance, June 30, 2019 $ 185,910 Net income 150 Distributions (235 ) Conversion of OP Units into shares of ACC common stock (5,830 ) Contributions from noncontrolling interests 250 Change in ownership of consolidated subsidiary (35,345 ) Adjustments to reflect redeemable noncontrolling interests at fair value 12,963 Balance, September 30, 2019 $ 157,863 Balance, December 31, 2017 $ 132,169 Net income 210 Distributions (376 ) Conversion of OP Units into shares of ACC common stock (478 ) Adjustments to reflect redeemable noncontrolling interests at fair value (4,526 ) Balance, March 31, 2018 $ 126,999 Net income 344 Distributions (531 ) Contributions from noncontrolling interests 71 Adjustments to reflect redeemable noncontrolling interests at fair value 4,426 Balance, June 30, 2018 $ 131,309 Distributions (306 ) Conversion of OP Units into shares of ACC common stock (12,855 ) Contributions from noncontrolling interests 549 Adjustments to reflect redeemable noncontrolling interests at fair value 65,957 Balance, September 30, 2018 $ 184,654 |
Incentive Award Plan (Tables)
Incentive Award Plan (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Summary of restricted stock units and awards | A summary of RSAs as of September 30, 2019 and activity during the nine months then ended is presented below: Number of RSAs Nonvested balance at December 31, 2018 862,680 Granted 387,341 Vested (1) (266,556 ) Forfeited (14,486 ) Nonvested balance at September 30, 2019 968,979 (1) Includes shares withheld to satisfy tax obligations upon vesting. A summary of RSUs as of September 30, 2019 and activity during the nine months then ended is presented below: Number of RSUs Outstanding at December 31, 2018 — Granted 20,812 Settled in common shares (18,318 ) Settled in cash (2,494 ) Outstanding at September 30, 2019 — |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 which are included in other liabilities on the accompanying consolidated balance sheets as of September 30, 2019 : 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 $ 12,735 $ (120 ) Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month 12,867 (121 ) Park Point mortgage loan Feb 1, 2019 Jan 16, 2024 2.7475% LIBOR - 1 month 70,000 (4,009 ) Total $ 95,602 $ (4,250 ) |
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 September 30, 2019 and December 31, 2018 : Asset Derivatives Liability Derivatives Fair Value as of Fair Value as of Description Balance Sheet Location 9/30/2019 12/31/2018 Balance Sheet Location 9/30/2019 12/31/2018 Interest rate swap contracts Other assets $ — $ 101 Other liabilities $ 4,250 $ — Forward starting swap contracts Other assets — — Other liabilities — 2,287 Total derivatives designated $ — $ 101 $ 4,250 $ 2,287 |
Schedule of effect of derivative financial instruments on the income statement | The table below presents the effect of the Company’s derivative financial instruments on the accompanying consolidated statements of comprehensive income for the three and nine months ended September 30, 2019 and 2018 . Three Months Ended September 30, Nine Months Ended September 30, Description 2019 2018 2019 2018 Change in fair value of derivatives and other recognized in OCI $ (578 ) $ (23 ) $ (2,074 ) $ 418 Termination of interest rate swap payment recognized in OCI — — (13,159 ) — Amortization of interest rate swap terminations (1) 433 104 701 308 Total change in OCI due to derivative financial instruments $ (145 ) $ 81 $ (14,532 ) $ 726 Interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded $ 28,303 $ 25,185 $ 82,432 $ 72,207 (1) Represents amortization from OCI into interest expense. |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial instruments measured at fair value | The following table presents information about the Company’s financial instruments measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018 , and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. There were no Level 1 measurements for the periods presented, and the Company had no transfers between Levels 1, 2 or 3 during the periods presented. Refer to Note 8 for a discussion of the Level 3 activity during the period related to the redeemable noncontrolling interests in partially owned properties. Fair Value Measurements as of September 30, 2019 December 31, 2018 Level 2 Level 3 Level 2 Level 3 Significant Other Observable Inputs Significant Unobservable Inputs Total Significant Other Observable Inputs Significant Unobservable Inputs Total Assets: Derivative financial instruments $ — $ — $ — $ 101 $ — $ 101 Liabilities: Derivative financial instruments $ 4,250 (1) $ — $ 4,250 $ 2,287 (1) $ — $ 2,287 Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) $ 24,219 (2) $ 133,644 (3) $ 157,863 $ 27,828 (2) $ 156,618 (3) $ 184,446 (1) Valued using discounted cash flow analyses with observable market-based inputs of interest rate curves and option volatility, as well as credit valuation adjustments to reflect nonperformance risk. (2) Represents the OP Unit component of redeemable noncontrolling interests which is based on the fair value of the Company’s common stock at the balance sheet date. Represents a quoted price for a similar asset in an active market. Refer to Note 8 . (3) Represents the Core Joint Ventures component of redeemable noncontrolling interests which is valued using primarily unobservable inputs, 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. Refer to Note 8 . |
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 other financial instruments as of September 30, 2019 and December 31, 2018 . There were no Level 1 measurements for the periods presented. September 30, 2019 December 31, 2018 Estimated Fair Value Estimated Fair Value Level 2 Level 3 Level 2 Level 3 Carrying Amount Significant Other Observable Inputs Significant Carrying Significant Other Observable Inputs Significant Assets Loans receivable $ 49,837 $ — $ 50,993 (1) $ 54,611 $ — $ 50,993 (1) Liabilities (2) Unsecured notes $ 1,984,748 $ 2,074,177 (3) $ — $ 1,588,446 $ 1,566,900 (3) $ — Mortgage loans payable (fixed rate) $ 726,964 (4) $ 732,821 (5) $ — $ 693,384 (6) $ 668,911 (5) $ — Bonds payable $ 22,982 $ 25,194 (7) $ — $ 26,741 $ 28,805 (7) $ — (1) Valued using a discounted cash flow analysis with inputs of scheduled cash flows and discount rates that a willing buyer and seller might use. (2) Carrying amounts disclosed include any applicable net unamortized OID, net unamortized deferred financing costs, and net unamortized debt premiums and discounts (see Note 6 ). (3) Valued using interest rate and spread assumptions that reflect current creditworthiness and market conditions available for the issuance of unsecured notes with similar terms and remaining maturities. (4) Does not include one variable rate mortgage loan with a principal balance of $40.8 million as of September 30, 2019 . (5) Valued using the present value of the cash flows at current market interest rates through maturity that primarily fall within the Level 2 category. (6) Does not include two variable rate mortgage loans with a combined principal balance of $111.4 million as of December 31, 2018. (7) Valued using quoted prices in markets that are not active due to the unique characteristics of these financial instruments. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of Future Minimum Commitments of Operating Leases | There were no finance lease obligations outstanding as of September 30, 2019 . Future minimum commitments over the life of all operating leases, which exclude variable rent payments, are as follows: September 30, 2019 December 31, 2018 2019 $ 2,669 (1) $ 9,463 2020 11,814 12,092 2021 16,749 16,653 2022 23,664 18,999 2023 28,776 18,903 Thereafter 1,691,033 1,042,842 Total minimum lease payments 1,774,705 $ 1,118,952 Less imputed interest (1,305,226 ) Total lease liabilities $ 469,479 (1) Excluding the nine months ended September 30, 2019 . |
Schedule of Future Minimum Rental Payments for Operating Leases | There were no finance lease obligations outstanding as of September 30, 2019 . Future minimum commitments over the life of all operating leases, which exclude variable rent payments, are as follows: September 30, 2019 December 31, 2018 2019 $ 2,669 (1) $ 9,463 2020 11,814 12,092 2021 16,749 16,653 2022 23,664 18,999 2023 28,776 18,903 Thereafter 1,691,033 1,042,842 Total minimum lease payments 1,774,705 $ 1,118,952 Less imputed interest (1,305,226 ) Total lease liabilities $ 469,479 (1) Excluding the nine months ended September 30, 2019 . |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of segment information | Three Months Ended Nine Months Ended 2019 2018 2019 2018 Owned Properties Rental revenues and other income $ 211,808 $ 203,526 $ 640,912 $ 600,138 Interest income 117 382 355 1,146 Total revenues from external customers 211,925 203,908 641,267 601,284 Operating expenses before depreciation, amortization, and ground/facility lease expense (111,836 ) (107,997 ) (294,768 ) (282,193 ) Ground/facility lease expense (2,862 ) (2,307 ) (7,937 ) (6,294 ) Interest expense, net (1) (3,896 ) (5,622 ) (12,673 ) (9,011 ) Operating income before depreciation and amortization $ 93,331 $ 87,982 $ 325,889 $ 303,786 Depreciation and amortization $ 65,506 $ 62,908 $ 196,638 $ 185,171 Capital expenditures $ 156,840 $ 144,910 $ 402,192 $ 428,065 On-Campus Participating Properties Rental revenues and other income $ 6,944 $ 6,980 $ 24,788 $ 23,605 Interest income 59 43 170 105 Total revenues from external customers 7,003 7,023 24,958 23,710 Operating expenses before depreciation, amortization, and ground/facility lease expense (3,822 ) (3,875 ) (11,585 ) (11,030 ) Ground/facility lease expense (353 ) (644 ) (2,063 ) (2,232 ) Interest expense, net (1) (1,255 ) (1,282 ) (3,869 ) (3,804 ) Operating income before depreciation and amortization $ 1,573 $ 1,222 $ 7,441 $ 6,644 Depreciation and amortization $ 2,289 $ 1,962 $ 6,334 $ 5,856 Capital expenditures $ 1,750 $ 1,394 $ 2,517 $ 2,918 Development Services Development and construction management fees $ 5,611 $ 835 $ 12,389 $ 3,883 Operating expenses (2,080 ) (2,056 ) (6,365 ) (5,976 ) Operating income (loss) before depreciation and amortization $ 3,531 $ (1,221 ) $ 6,024 $ (2,093 ) Property Management Services Property management fees from external customers $ 3,342 $ 2,128 $ 9,118 $ 7,311 Operating expenses (3,350 ) (1,775 ) (7,764 ) (5,597 ) Operating income before depreciation and amortization $ (8 ) $ 353 $ 1,354 $ 1,714 Three Months Ended Nine Months Ended 2019 2018 2019 2018 Reconciliations Total segment revenues and other income $ 227,881 $ 213,894 $ 687,732 $ 636,188 Unallocated interest income earned on investments and corporate cash 784 849 2,330 2,489 Total consolidated revenues, including interest income $ 228,665 $ 214,743 $ 690,062 $ 638,677 Segment operating income before depreciation and amortization $ 98,427 $ 88,336 $ 340,708 $ 310,051 Depreciation and amortization (70,245 ) (67,247 ) (210,165 ) (199,191 ) Net unallocated expenses relating to corporate interest and overhead (29,533 ) (24,615 ) (86,155 ) (83,958 ) (Loss) gain from disposition of real estate — — (282 ) 42,314 Other operating and nonoperating income — 570 — 3,218 Gain (loss) from extinguishment of debt 20,992 — 20,992 (784 ) Provision for real estate impairment — — (3,201 ) — Income tax (provision) benefit (305 ) 219 (983 ) (2,147 ) Net income (loss) $ 19,336 $ (2,737 ) $ 60,914 $ 69,503 (1) |
Organization and Description _2
Organization and Description of Business (Details) | 9 Months Ended |
Sep. 30, 2019PropertyBed | |
Real Estate Properties [Line Items] | |
Number of properties | 168 |
Number of beds | Bed | 113,400 |
On-campus participating properties | |
Real Estate Properties [Line Items] | |
Number of properties | 6 |
Owned properties | Off Campus Properties | |
Real Estate Properties [Line Items] | |
Number of properties | 128 |
Owned properties | American Campus Equity | |
Real Estate Properties [Line Items] | |
Number of housing properties | 34 |
Owned properties | Under Development | |
Real Estate Properties [Line Items] | |
Number of beds | Bed | 11,300 |
Number of properties under development | 3 |
Management And Leasing Services | |
Real Estate Properties [Line Items] | |
Number of properties | 37 |
Number of beds | Bed | 26,900 |
Investments in real estate, net | |
Real Estate Properties [Line Items] | |
Number of properties | 205 |
Number of beds | Bed | 140,300 |
Maximum | |
Real Estate Properties [Line Items] | |
Initial term of contract | 5 years |
Minimum | |
Real Estate Properties [Line Items] | |
Initial term of contract | 1 year |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | |
Real Estate Properties [Line Items] | |
General partner ownership interest (percent) less than | 1.00% |
Limited partner ownership interest (percent) | 99.60% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) | Jan. 01, 2019USD ($)lease | Sep. 30, 2019USD ($)EntityPropertyagreement | Mar. 31, 2019USD ($)Property | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)EntityPropertyagreement | Sep. 30, 2018USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Number of ground leases | lease | 28 | |||||
Operating Lease, Right-of-Use Asset | $ 461,810,000 | $ 461,810,000 | ||||
Operating lease liabilities | 469,479,000 | 469,479,000 | ||||
Capitalized interest | 3,000,000 | $ 2,600,000 | 9,400,000 | $ 9,600,000 | ||
Provision for real estate impairment | $ 0 | 0 | $ 3,201,000 | 0 | ||
Number of third-party joint venture partners (entities) | Entity | 6 | 6 | ||||
Number of properties | Property | 168 | 168 | ||||
Number of properties subject to presale arrangements | agreement | 1 | 1 | ||||
Six joint ventures | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Number of properties | Property | 15 | 15 | ||||
Owned properties | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Provision for uncollectible accounts | $ 3,300,000 | $ 2,900,000 | $ 6,100,000 | 5,600,000 | ||
Provision for real estate impairment | 0 | |||||
Owned property held for sale | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Provision for real estate impairment | $ 3,200,000 | |||||
Number of properties | Property | 1 | |||||
On-campus participating properties | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Provision for uncollectible accounts | $ 100,000 | $ (600,000) | $ 200,000 | |||
Number of properties | Property | 6 | 6 | ||||
Accounting Standards Update 2016-02 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Operating Lease, Right-of-Use Asset | $ 278,200,000 | |||||
Operating lease liabilities | $ 277,500,000 | |||||
Corporate Office Headquarters | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Number of corporate office headquarters leases | lease | 2 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details) | 9 Months Ended |
Sep. 30, 2019 | |
Minimum | Buildings and improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Minimum | Furniture, fixtures and equipment | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Maximum | Buildings and improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
Maximum | Furniture, fixtures and equipment | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
On-campus participating properties | Minimum | Leasehold interest | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 25 years |
On-campus participating properties | Maximum | Leasehold interest | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 34 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Potentially Dilutive Securities Not Included in Calculating Diluted Earnings Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potential dilutive securities (in shares) | 503,717 | 1,563,372 | 597,064 | 908,841 |
Common OP Units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potential dilutive securities (in shares) | 468,475 | 602,264 | 552,221 | 831,328 |
Preferred OP Units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potential dilutive securities (in shares) | 35,242 | 77,513 | 44,843 | 77,513 |
Unvested restricted stock awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potential dilutive securities (in shares) | 0 | 883,595 | 0 | 0 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summary of Elements Used in Calculating Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Numerator – basic and diluted earnings per share: | ||||
Net income (loss) | $ 19,336 | $ (2,737) | $ 60,914 | $ 69,503 |
Net loss (income) attributable to noncontrolling interests | 887 | 392 | (665) | 88 |
Net income (loss) attributable to ACC, Inc. and Subsidiaries common stockholders | 20,223 | (2,345) | 60,249 | 69,591 |
Amount allocated to participating securities | (458) | (408) | (1,489) | (1,291) |
Net income (loss) attributable to common unitholders | $ 19,765 | $ (2,753) | $ 58,760 | $ 68,300 |
Denominator: | ||||
Basic weighted average common shares outstanding (in shares) | 137,403,842 | 137,022,012 | 137,259,130 | 136,742,094 |
Diluted weighted average common shares outstanding (in shares) | 138,375,527 | 137,022,012 | 138,257,906 | 137,660,802 |
Earnings per share: | ||||
Net income attributable to common stockholders - basic and diluted (in dollars per share) | $ 0.14 | $ (0.02) | $ 0.43 | $ 0.50 |
Unvested restricted stock awards | ||||
Denominator: | ||||
Unvested restricted stock awards (in shares) | 971,685 | 0 | 998,776 | 918,708 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Summary of Elements Used in Calculating Basic and Diluted Earnings per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Numerator – basic and diluted earnings per unit: | ||||
Net income (loss) | $ 19,336 | $ (2,737) | $ 60,914 | $ 69,503 |
Net income attributable to noncontrolling interests | 887 | 392 | (665) | 88 |
Net income (loss) attributable to common unitholders | 19,765 | (2,753) | 58,760 | 68,300 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | ||||
Numerator – basic and diluted earnings per unit: | ||||
Net income (loss) | 19,336 | (2,737) | 60,914 | 69,503 |
Series A preferred unit distributions | (14) | (31) | (54) | (93) |
Amount allocated to participating securities | (458) | (408) | (1,489) | (1,291) |
Net income (loss) attributable to common unitholders | $ 19,834 | $ (2,763) | $ 59,003 | $ 68,784 |
Denominator: | ||||
Basic weighted average common units outstanding (in units) | 137,872,317 | 137,624,276 | 137,811,351 | 137,573,422 |
Diluted weighted average common units outstanding (in units) | 138,844,002 | 137,624,276 | 138,810,127 | 138,492,130 |
Earnings per unit: | ||||
Net income attributable to common unitholders - basic and diluted (in units) | $ 0.14 | $ (0.02) | $ 0.43 | $ 0.50 |
Noncontrolling interests - partially owned properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | ||||
Numerator – basic and diluted earnings per unit: | ||||
Net income attributable to noncontrolling interests | $ 970 | $ 413 | $ (368) | $ 665 |
Unvested restricted stock awards | ||||
Denominator: | ||||
Unvested restricted stock awards (in units) | 971,685 | 0 | 998,776 | 918,708 |
Acquisitions (Details)
Acquisitions (Details) $ in Millions | 1 Months Ended | 9 Months Ended | |
Aug. 31, 2019USD ($)Bed | Aug. 31, 2018USD ($)Bed | Sep. 30, 2019USD ($)Bed | |
Business Acquisition [Line Items] | |||
Number of beds | Bed | 113,400 | ||
Estimated development costs | $ 72.4 | ||
Payments to acquire land | $ 16.5 | ||
Land | |||
Business Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | $ 16.6 | ||
The Edge-Stadium Centre [Member] | Pre-Sale Arrangement [Member] | |||
Business Acquisition [Line Items] | |||
Number of beds | Bed | 412 | ||
Estimated development costs | $ 42.6 | ||
Payments to acquire land | $ 10 | ||
The Flex-Stadium Centre [Member] | Pre-Sale Arrangement [Member] | |||
Business Acquisition [Line Items] | |||
Number of beds | Bed | 340 | ||
Estimated development costs | $ 36.4 | ||
Payments to acquire land | $ 8.5 |
Property Dispositions - Narrati
Property Dispositions - Narrative (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
May 31, 2019USD ($)Bed | May 31, 2018USD ($)PropertyBed | Sep. 30, 2019USD ($)Bed | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)Bed | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of beds | Bed | 113,400 | 113,400 | |||||
Provision for real estate impairment | $ 0 | $ 0 | $ 3,201,000 | $ 0 | |||
Mortgage loans payable | $ 827,588,000 | 827,588,000 | $ 853,084,000 | ||||
Disposal Group, Not Discontinued Operations | Owned properties | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of beds | Bed | 1,338 | ||||||
Purchase Price of Property, Plant and Equipment | $ 245,000,000 | ||||||
Proceeds from Sale of Property, Plant, and Equipment | 242,300,000 | ||||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 42,300,000 | ||||||
Number of properties sold | Property | 3 | ||||||
ACC/Allianz Joint Venture Transaction | Disposal Group, Not Discontinued Operations | Owned properties | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of beds | Bed | 4,611 | ||||||
Number Of Properties in Joint Venture | Property | 7 | ||||||
Number of properties sold | Property | 7 | ||||||
Allianz Real Estate | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Payments to Acquire Interest in Joint Venture | $ 373,100,000 | ||||||
ACC/Allianz Joint Venture | Allianz Real Estate | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 45.00% | ||||||
Owned properties | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Provision for real estate impairment | $ 0 | ||||||
Owned properties | Disposal Group, Not Discontinued Operations | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of properties sold | Property | 3 | ||||||
College Club Townhomes [Member] | Owned properties | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of beds | Bed | 544 | ||||||
College Club Townhomes [Member] | Owned properties | Disposal Group, Not Discontinued Operations | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Purchase Price of Property, Plant and Equipment | $ 9,500,000 | ||||||
Proceeds from Sale of Property, Plant, and Equipment | 8,900,000 | ||||||
Gain (Loss) on Disposition of Property Plant Equipment | (300,000) | ||||||
Provision for real estate impairment | $ 3,200,000 | ||||||
Mortgage loans payable | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Mortgage loans payable | $ 330,000,000 |
Investments in Owned Properti_3
Investments in Owned Properties (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Real Estate Properties [Line Items] | ||
Owned properties, net | $ 6,836,721 | $ 6,661,034 |
Owned properties | ||
Real Estate Properties [Line Items] | ||
Land | 657,986 | 653,522 |
Buildings and improvements | 6,843,575 | 6,486,106 |
Furniture, fixtures and equipment | 392,467 | 371,429 |
Construction in progress | 272,448 | 302,902 |
Real estate properties gross | 8,166,476 | 7,813,959 |
Less accumulated depreciation | (1,406,609) | (1,230,562) |
Owned properties, net | $ 6,759,867 | $ 6,583,397 |
Debt - Summary of Outstanding C
Debt - Summary of Outstanding Consolidated Indebtedness, Including Unamortized Debt Premiums and Discounts (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Secured mortgage, construction and bond debt, net | $ 827,588 | $ 853,084 |
Total debt, net | 3,363,469 | 3,027,599 |
Unsecured debt | ||
Debt Instrument [Line Items] | ||
Unamortized deferred financing costs | (12,800) | (10,000) |
Unamortized original issue discount | 2,400 | 1,600 |
Term loans | ||
Debt Instrument [Line Items] | ||
Unamortized deferred financing costs | (1,000) | (1,200) |
Owned properties, net | ||
Debt Instrument [Line Items] | ||
Total debt, net | 738,373 | 758,712 |
Owned properties, net | Mortgage loans payable | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 695,176 | 727,163 |
Unamortized deferred financing costs | (1,410) | (1,757) |
Unamortized debt premiums | 7,842 | 11,579 |
Unamortized original issue discount | 212 | 0 |
Secured mortgage, construction and bond debt, net | 701,396 | 736,985 |
Owned properties, net | Construction loans payable | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 36,977 | 22,207 |
Unamortized deferred financing costs | 0 | (480) |
On-campus participating properties, net | ||
Debt Instrument [Line Items] | ||
Unamortized deferred financing costs | (445) | (525) |
Total debt, net | 89,215 | 94,372 |
On-campus participating properties, net | Mortgage loans payable | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 66,445 | 67,867 |
On-campus participating properties, net | Bonds payable | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 23,215 | 27,030 |
Unsecured notes, net | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 1,984,748 | 1,588,446 |
Unsecured term loans, net | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 199,033 | 198,769 |
Unsecured revolving credit facility | ||
Debt Instrument [Line Items] | ||
Unsecured debt | $ 352,100 | $ 387,300 |
Debt - Narrative (Details)
Debt - Narrative (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||
Aug. 31, 2019USD ($) | Jul. 31, 2019USD ($) | Jun. 30, 2019USD ($) | Jan. 31, 2019USD ($) | Aug. 31, 2018USD ($) | May 31, 2018USD ($)Property | Jun. 30, 2017USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($)Property | Feb. 28, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2018Property | Aug. 31, 2017USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||
Refinanced debt amount | $ 70,000,000 | ||||||||||||||
Derivative, fixed interest rate | 4.00% | ||||||||||||||
Mortgage loans payable | $ 827,588,000 | $ 827,588,000 | $ 853,084,000 | ||||||||||||
Other operating income | 0 | $ 0 | 3,201,000 | $ 0 | |||||||||||
Repayments of secured debt | 15,124,000 | 146,165,000 | |||||||||||||
Defeasance costs related to early extinguishment of debt | 0 | 2,726,000 | |||||||||||||
(Gain) loss from extinguishment of debt | $ (20,992,000) | 0 | (20,992,000) | 784,000 | |||||||||||
Proceeds from unsecured notes | $ 398,816,000 | 0 | |||||||||||||
Credit Agreement | Unsecured revolving credit facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Stated percentage | 2.05% | 2.05% | |||||||||||||
Line of credit, required unused commitment fee per annum (percent) | 0.20% | ||||||||||||||
Weighted average annual interest rate (percent) | 3.25% | 3.25% | |||||||||||||
Basis spread on variable rate | 1.00% | ||||||||||||||
Mortgages | ACC/Allianz Joint Venture Transaction | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Amount | $ 330,000,000 | ||||||||||||||
Stated percentage | 4.07% | ||||||||||||||
Unsecured debt | Unsecured revolving credit facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Credit facility | $ 700,000,000 | $ 1,000,000,000 | $ 1,000,000,000 | $ 1,000,000,000 | |||||||||||
Credit facility, additional borrowing capacity (up to) | 200,000,000 | $ 200,000,000 | |||||||||||||
Line of credit, required unused commitment fee per annum (percent) | 0.20% | ||||||||||||||
Current borrowing capacity of credit facility | $ 647,900,000 | $ 647,900,000 | |||||||||||||
Unsecured debt | Term Loan III Facility | Unsecured revolving credit facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Write off of deffered financing costs, premiums and discounts | $ 900,000 | ||||||||||||||
Repayments of unsecured debt | 300,000,000 | ||||||||||||||
Unsecured debt | Term Loan I Facility | Unsecured revolving credit facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Repayments of unsecured debt | $ 150,000,000 | ||||||||||||||
Unsecured debt | Term Loan II Facility | Unsecured revolving credit facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Stated percentage | 2.04% | 2.04% | |||||||||||||
Credit facility | $ 200,000,000 | $ 200,000,000 | |||||||||||||
Weighted average annual interest rate (percent) | 3.14% | 3.14% | |||||||||||||
Basis spread on variable rate | 1.10% | ||||||||||||||
Line of credit facility, accordion feature (up to) | $ 100,000,000 | $ 100,000,000 | |||||||||||||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Mortgage loans payable | 827,588,000 | 827,588,000 | 853,084,000 | ||||||||||||
Other operating income | 0 | 0 | 3,201,000 | 0 | |||||||||||
Repayments of secured debt | 15,124,000 | 146,165,000 | |||||||||||||
Defeasance costs related to early extinguishment of debt | 0 | 2,726,000 | |||||||||||||
(Gain) loss from extinguishment of debt | (20,992,000) | 0 | (20,992,000) | 784,000 | |||||||||||
Proceeds from unsecured notes | 398,816,000 | 0 | |||||||||||||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior Notes - June 2019 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Amount | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | ||||||||||||
Term (Years) | 7 years | 7 years | |||||||||||||
% of Par Value | 99.704% | 99.704% | |||||||||||||
Stated percentage | 3.30% | 3.30% | 3.30% | ||||||||||||
Yield (percent) | 3.347% | ||||||||||||||
Proceeds from unsecured notes | $ 394,000,000 | ||||||||||||||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Senior notes - October 2017 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Amount | $ 400,000,000 | $ 400,000,000 | |||||||||||||
Term (Years) | 10 years | ||||||||||||||
% of Par Value | 99.912% | ||||||||||||||
Stated percentage | 3.625% | 3.625% | |||||||||||||
Owned properties | Mortgages | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Repayments of secured debt | 55,900,000 | ||||||||||||||
Number of fixed rate mortgage debt secured owned properties. | Property | 3 | ||||||||||||||
Defeasance costs related to early extinguishment of debt | $ 2,700,000 | ||||||||||||||
Number of properties sold | Property | 1 | ||||||||||||||
Write off of deffered financing costs, premiums and discounts | $ 1,900,000 | ||||||||||||||
(Gain) loss from extinguishment of debt | $ 800,000 | ||||||||||||||
Disposal Group, Not Discontinued Operations | Owned properties | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of properties sold | Property | 3 | ||||||||||||||
Disposal Group, Not Discontinued Operations | ACC/Allianz Joint Venture Transaction | Owned properties | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of properties sold | Property | 7 | ||||||||||||||
Owned properties | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Other operating income | $ 0 | ||||||||||||||
Owned properties | Mortgages | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Mortgage loans payable | $ 701,396,000 | $ 701,396,000 | $ 736,985,000 | ||||||||||||
Owned properties | Disposal Group, Not Discontinued Operations | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of properties sold | Property | 3 | ||||||||||||||
Blanton Common [Member] | Mortgages | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Mortgage loans payable | $ 27,400,000 | ||||||||||||||
Other operating income | $ 15,300,000 | ||||||||||||||
(Gain) loss from extinguishment of debt | $ (21,000,000) | ||||||||||||||
The Edge-Stadium Centre [Member] | Construction Loans [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Repayments of secured debt | $ 19,300,000 | ||||||||||||||
The Flex-Stadium Centre [Member] | Owned properties | Construction Loans [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Repayments of secured debt | $ 15,100,000 | ||||||||||||||
Core Transaction | Construction Loans [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Repayments of secured debt | $ 71,000,000 |
Debt - Summary of Senior Unsecu
Debt - Summary of Senior Unsecured Notes (Details) - AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP - USD ($) | 1 Months Ended | 9 Months Ended |
Jun. 30, 2019 | Sep. 30, 2019 | |
Unsecured notes, net | ||
Debt Instrument [Line Items] | ||
Amount | $ 2,000,000,000 | |
Original Issue Discount | 4,212,000 | |
Senior notes - April 2013 | ||
Debt Instrument [Line Items] | ||
Amount | $ 400,000,000 | |
% of Par Value | 99.659% | |
Coupon (percent) | 3.75% | |
Yield (percent) | 3.791% | |
Original Issue Discount | $ 1,364,000 | |
Term (Years) | 10 years | |
Senior notes - June 2014 | ||
Debt Instrument [Line Items] | ||
Amount | $ 400,000,000 | |
% of Par Value | 99.861% | |
Coupon (percent) | 4.125% | |
Yield (percent) | 4.269% | |
Original Issue Discount | $ 556,000 | |
Term (Years) | 10 years | |
Senior notes - September 2015 | ||
Debt Instrument [Line Items] | ||
Amount | $ 400,000,000 | |
% of Par Value | 99.811% | |
Coupon (percent) | 3.35% | |
Yield (percent) | 3.391% | |
Original Issue Discount | $ 756,000 | |
Term (Years) | 5 years | |
Senior notes - October 2017 | ||
Debt Instrument [Line Items] | ||
Amount | $ 400,000,000 | |
% of Par Value | 99.912% | |
Coupon (percent) | 3.625% | |
Yield (percent) | 3.635% | |
Original Issue Discount | $ 352,000 | |
Term (Years) | 10 years | |
Senior Notes - June 2019 | ||
Debt Instrument [Line Items] | ||
Amount | $ 400,000,000 | $ 400,000,000 |
% of Par Value | 99.704% | 99.704% |
Coupon (percent) | 3.30% | 3.30% |
Yield (percent) | 3.68% | |
Original Issue Discount | $ 1,184,000 | |
Term (Years) | 7 years | 7 years |
Stockholders' Equity _ Partne_2
Stockholders' Equity / Partners' Capital (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2018 | May 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
Number of shares in deferred compensation plan (in shares) | 77,928 | 69,603 | |
ATM Equity Program | |||
Schedule of Equity Method Investments [Line Items] | |||
ATM equity program, aggregate offering price authorized (up to $500 million) | $ 500,000,000 | $ 500,000,000 | |
At The Market Program Expired May 2018, Included In ATM Equity Program | |||
Schedule of Equity Method Investments [Line Items] | |||
ATM equity program, aggregate offering price authorized (up to $500 million) | $ 233,000,000 | ||
Non-Qualified Deferred Compensation Plan | Treasury Stock | |||
Schedule of Equity Method Investments [Line Items] | |||
Treasury Stock, Shares, Acquired | 15,670 | ||
Number of shares withdrawn from deferred compensation plan (in shares) | 7,345 |
Noncontrolling Interests - Narr
Noncontrolling Interests - Narrative (Details) $ in Millions | 1 Months Ended | 9 Months Ended | 12 Months Ended |
Aug. 31, 2019USD ($) | Sep. 30, 2019USD ($)EntityPropertyagreementshares | Dec. 31, 2018shares | |
Noncontrolling Interest [Line Items] | |||
Number of third-party joint venture partners (entities) | 6 | ||
Number of properties | Property | 168 | ||
Number of presale agreements | agreement | 1 | ||
Change in ownership of consolidated subsidiary | $ | $ 35.3 | ||
Common OP Unit | |||
Noncontrolling Interest [Line Items] | |||
Conversion of operating partnership units to common stock (in shares) | shares | 168,584 | 412,343 | |
Core Transaction | |||
Noncontrolling Interest [Line Items] | |||
Number of joint ventures | 2 | ||
Change in fair value of redeemable noncontrolling interest | $ | $ 11.8 | ||
In-process development properties | |||
Noncontrolling Interest [Line Items] | |||
Number of presale agreements | agreement | 1 | ||
Three off-campus properties | In-process development properties | |||
Noncontrolling Interest [Line Items] | |||
Number of properties | Property | 10 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Operating Partnership | |||
Noncontrolling Interest [Line Items] | |||
Equity interests held by owners of common units and preferred units (percent) | 0.40% | 0.50% | |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Three off-campus properties | |||
Noncontrolling Interest [Line Items] | |||
Number of third-party joint venture partners (entities) | 4 |
Noncontrolling Interests - Summ
Noncontrolling Interests - Summarized Activity of Redeemable Limited Partners (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Aug. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Beginning balance | $ 184,446 | $ 184,446 | ||||||
Distributions | $ (1,348) | $ (3,037) | (3,661) | $ (151,224) | $ (47) | |||
Conversion of OP Units into shares of ACC common stock | (5,826) | (251) | $ (12,855) | (478) | ||||
Change in ownership of consolidated subsidiary | $ (35,300) | |||||||
Contributions from noncontrolling interests | 220 | 79 | 625 | 4,945 | 198,021 | 9,515 | ||
Ending balance | 157,863 | 157,863 | ||||||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | ||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Beginning balance | 184,446 | 184,446 | ||||||
Distributions | (1,348) | (3,037) | (3,661) | (151,224) | (47) | |||
Conversion of OP Units into shares of ACC common stock | (5,826) | (251) | (12,855) | (478) | ||||
Contributions from noncontrolling interests | 220 | 79 | 625 | 4,945 | 198,021 | 9,515 | ||
Ending balance | 157,863 | 157,863 | ||||||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Redeemable noncontrolling interests | ||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Beginning balance | 185,910 | 186,695 | 184,446 | 131,309 | 126,999 | 132,169 | 184,446 | |
Net income | 150 | 163 | 259 | 344 | 210 | |||
Distributions | (235) | (288) | (305) | (306) | (531) | (376) | ||
Adjustments to reflect redeemable noncontrolling interests at fair value | 2,547 | |||||||
Contributions from noncontrolling interests | 250 | 549 | 71 | |||||
Adjustments to reflect redeemable noncontrolling interests at fair value | 12,963 | (660) | 65,957 | 4,426 | (4,526) | |||
Ending balance | 157,863 | $ 185,910 | 186,695 | 184,654 | $ 131,309 | 126,999 | $ 157,863 | |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Common and preferred units | ||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Conversion of OP Units into shares of ACC common stock | $ (5,830) | $ (252) | $ (12,855) | $ (478) | ||||
Partially owned properties | ||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Change in ownership of consolidated subsidiary | $ (35,345) |
Incentive Award Plan - Narrativ
Incentive Award Plan - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Jul. 31, 2019 | May 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | May 31, 2018 | |
Restricted stock awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated share-based compensation expense | $ 3,000,000 | $ 2,700,000 | $ 9,700,000 | $ 8,800,000 | |||
NewlyAppointedBoardMember [Member] | Restricted stock units (RSUs) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares granted (in shares) | $ 117,500 | ||||||
Allocated share-based compensation expense | $ 100,000 | ||||||
Board of Directors Chairman | Restricted stock units (RSUs) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares granted (in shares) | $ 162,500 | ||||||
All Other [Member] | Restricted stock units (RSUs) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares granted (in shares) | $ 117,500 | ||||||
Allocated share-based compensation expense | $ 800,000 | ||||||
2018 Incentive Award Plan | Select Employees and Directors | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock reserved for issuance (in shares) | 3,500,000 |
Incentive Award Plan - Summary
Incentive Award Plan - Summary of Restricted Stock Awards (Details) | 9 Months Ended |
Sep. 30, 2019shares | |
Restricted stock units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning balance (shares) | 0 |
Granted (shares) | 20,812 |
Settled in common shares (in shares) | (18,318) |
Settled in cash (in shares) | (2,494) |
Ending balance (shares) | 0 |
Restricted stock awards | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning balance (shares) | 862,680 |
Granted (shares) | 387,341 |
Vested (shares) | (266,556) |
Forfeited (shares) | (14,486) |
Ending balance (shares) | 968,979 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Summary of Outstanding Interest Rate Swap Contracts (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Jan. 31, 2019 | |
Derivative [Line Items] | ||
Pay Fixed Rate | 4.00% | |
Current Notional Amount | $ 95,602 | |
Fair Value | $ (4,250) | |
Interest Rate Swap - 2.275% Fixed Rate | ||
Derivative [Line Items] | ||
Effective Date | Feb. 18, 2014 | |
Maturity Date | Feb. 15, 2021 | |
Pay Fixed Rate | 2.275% | |
Receive Floating Rate Index | LIBOR - 1 month | |
Current Notional Amount | $ 12,735 | |
Fair Value | $ (120) | |
Interest Rate Swap - 2.275% Fixed Rate | ||
Derivative [Line Items] | ||
Effective Date | Feb. 18, 2014 | |
Maturity Date | Feb. 15, 2021 | |
Pay Fixed Rate | 2.275% | |
Receive Floating Rate Index | LIBOR - 1 month | |
Current Notional Amount | $ 12,867 | |
Fair Value | $ (121) | |
Interest Rate Swap - 2.7475% Fixed Rate | ||
Derivative [Line Items] | ||
Effective Date | Feb. 1, 2019 | |
Maturity Date | Jan. 16, 2024 | |
Pay Fixed Rate | 2.7475% | |
Receive Floating Rate Index | LIBOR - 1 month | |
Current Notional Amount | $ 70,000 | |
Fair Value | $ (4,009) |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Narrative (Details) $ in Thousands | 1 Months Ended | 9 Months Ended | ||
Jun. 30, 2019USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($)Contract | |
Derivative [Line Items] | ||||
Notional amount | $ 95,602 | |||
Termination of interest rate swaps | $ 13,159 | $ 0 | ||
Interest rate swap contracts | ||||
Derivative [Line Items] | ||||
Number of forward starting interest rate swap contracts | Contract | 3 | |||
Notional amount | $ 200,000 | |||
Termination of interest rate swaps | $ 13,200 |
Derivative Instruments and He_5
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 | Sep. 30, 2019 | Dec. 31, 2018 |
Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 0 | $ 101 |
Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 4,250 | 2,287 |
Interest rate swap contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 101 |
Interest rate swap contracts | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 4,250 | 0 |
Forward starting swap contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 0 |
Forward starting swap contracts | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 0 | $ 2,287 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Schedule of Effect of Derivative Financial Instruments On The Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative [Line Items] | |||||
Change in fair value of derivatives and other recognized in OCI | $ (578) | $ (23) | $ (2,074) | $ 418 | |
Termination of interest rate swap payment recognized in OCI | 0 | $ (13,159) | 0 | (13,159) | 0 |
Change in fair value of interest rate swaps and other | (145) | 81 | (14,532) | 726 | |
Interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded | 28,303 | 25,185 | 82,432 | 72,207 | |
Interest Expense | |||||
Derivative [Line Items] | |||||
Amortization of interest rate swap terminations | $ 433 | $ 104 | $ 701 | $ 308 |
Fair Value Disclosures - Financ
Fair Value Disclosures - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Derivative financial instruments | $ 0 | $ 101 |
Liabilities: | ||
Derivative financial instruments | 4,250 | 2,287 |
Mezzanine: | ||
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) | 157,863 | 184,446 |
Level 2 | ||
Assets | ||
Derivative financial instruments | 0 | 101 |
Liabilities: | ||
Derivative financial instruments | 4,250 | 2,287 |
Mezzanine: | ||
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) | 24,219 | 27,828 |
Level 3 | ||
Assets | ||
Derivative financial instruments | 0 | 0 |
Liabilities: | ||
Derivative financial instruments | 0 | 0 |
Mezzanine: | ||
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) | $ 133,644 | $ 156,618 |
Fair Value Disclosures - Estima
Fair Value Disclosures - Estimated Fair Value and Related Carrying Amounts of Mortgage Loans and Bonds Payable (Details) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019USD ($)Loan | Dec. 31, 2018USD ($)Loan | |
Carrying Amount | ||
Assets | ||
Loans receivable | $ 49,837 | $ 54,611 |
Liabilities: | ||
Unsecured notes | 1,984,748 | 1,588,446 |
Mortgage loans payable (fixed rate) | 726,964 | 693,384 |
Bonds payable | 22,982 | 26,741 |
Owned properties | Mortgage loans payable | ||
Liabilities: | ||
Principal outstanding | $ 695,176 | $ 727,163 |
Owned properties | Mortgage loans payable | Variable rate mortgage loans | ||
Liabilities: | ||
Number of mortgage loans | Loan | 1 | 2 |
Principal outstanding | $ 40,800 | $ 111,400 |
Level 2 | Estimated Fair Value | ||
Assets | ||
Loans receivable | 0 | 0 |
Liabilities: | ||
Unsecured notes | 2,074,177 | 1,566,900 |
Mortgage loans payable (fixed rate) | 732,821 | 668,911 |
Bonds payable | 25,194 | 28,805 |
Level 3 | Estimated Fair Value | ||
Assets | ||
Loans receivable | 50,993 | 50,993 |
Liabilities: | ||
Mortgage loans payable (fixed rate) | 0 | 0 |
Bonds payable | $ 0 | $ 0 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)agreement | Sep. 30, 2018USD ($) | |
Lessee, Lease, Description [Line Items] | ||||
Number ground/facility and office space lease agreements | agreement | 49 | |||
Straight line rent expense | $ 2.5 | $ 7.4 | ||
Variable rent expense | 2.5 | 6.4 | ||
Capitalized rent cost | $ 3.2 | $ 8.3 | ||
Weighted average incremental borrowing rate | 5.35% | 5.35% | ||
Weighted average remaining lease term | 62 years 7 months 6 days | 62 years 7 months 6 days | ||
Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease terms | 11 years | 11 years | ||
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease terms | 102 years | 102 years | ||
Student Lease Property | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease income | $ 199.8 | $ 189.2 | $ 615.8 | $ 570.3 |
Commercial Lease Property | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease income | $ 3.4 | $ 3.2 | $ 10 | $ 9.7 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Commitments of Operating Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2019 | $ 2,669 | |
2020 | 11,814 | |
2021 | 16,749 | |
2022 | 23,664 | |
2023 | 28,776 | |
Thereafter | 1,691,033 | |
Total minimum lease payments | 1,774,705 | |
Less imputed interest | (1,305,226) | |
Total lease liabilities | $ 469,479 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
2019 | $ 9,463 | |
2020 | 12,092 | |
2021 | 16,653 | |
2022 | 18,999 | |
2023 | 18,903 | |
Thereafter | 1,042,842 | |
Total minimum lease payments | $ 1,118,952 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 1 Months Ended | 9 Months Ended | ||
Aug. 31, 2013USD ($)extension | Sep. 30, 2019USD ($)EntityProperty | Dec. 31, 2019USD ($) | Sep. 30, 2017Entity | |
Loss Contingencies [Line Items] | ||||
Number of properties, under development | Property | 3 | |||
Number of third-party joint venture partners (entities) | Entity | 6 | |||
Estimated development costs | $ 72,400,000 | |||
Deferred pre-development costs | $ 6,000,000 | |||
Alternate Housing Guarantees | ||||
Loss Contingencies [Line Items] | ||||
Guarantee expiration period | 5 days | |||
Project Cost Guarantees | ||||
Loss Contingencies [Line Items] | ||||
Guarantee expiration period | 1 year | |||
Third-Party Development Projects | ||||
Loss Contingencies [Line Items] | ||||
Commitment under third-party development project | $ 10,600,000 | |||
Alternate housing costs and excess project costs | $ 1,000,000 | |||
Performance Guarantee | ||||
Loss Contingencies [Line Items] | ||||
Guarantee expiration period | 60 days | |||
Estimate of possible loss | $ 614,600,000 | |||
Earnest money deposits | 2,100,000 | |||
Purchase and sale agreement upon exercise of option | 28,700,000 | |||
Core Transaction | ||||
Loss Contingencies [Line Items] | ||||
Asset acquisition, consideration transferred | 130,200,000 | |||
Disney College Program Phases I-V (ACE) | Performance Guarantee | ||||
Loss Contingencies [Line Items] | ||||
Development guarantee, damages due per bed each day of a delay | 20 | |||
Guarantor obligations, maximum exposure | 200,000 | |||
Presale development properties | Scenario, Forecast | ||||
Loss Contingencies [Line Items] | ||||
Estimated development costs, remaining obligation to be funded | $ 48,700,000 | |||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP | Core Transaction | Consolidated properties | ||||
Loss Contingencies [Line Items] | ||||
Number of third-party joint venture partners (entities) | Entity | 2 | |||
Drexel University Property | ||||
Loss Contingencies [Line Items] | ||||
Lease term | 40 years | |||
Number of lease renewal options | extension | 3 | |||
Lease extension period | 10 years | |||
Commitment to pay real estate transfer taxes, amount (not more than) | $ 1,800,000 | |||
Real estate transfer taxes paid upon conveyance of land | 600,000 | |||
Drexel University Property | Maximum | ||||
Loss Contingencies [Line Items] | ||||
Commitment to pay real estate transfer taxes, amount (not more than) | $ 2,400,000 | |||
Construction Contracts | ||||
Loss Contingencies [Line Items] | ||||
Development projects under construction | $ 522,000,000 |
Segments - Narrative (Details)
Segments - Narrative (Details) | 9 Months Ended |
Sep. 30, 2019Segment | |
Segment Reporting [Abstract] | |
Identified reportable segments (segments) | 4 |
Segments - Schedule of Segment
Segments - Schedule of Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 227,705 | $ 213,469 | $ 687,207 | $ 634,937 |
Ground/facility lease expense | (3,215) | (2,951) | (10,000) | (8,526) |
Interest expense, net | (28,303) | (25,185) | (82,432) | (72,207) |
Depreciation and amortization | (68,930) | (66,131) | (206,500) | (194,447) |
Operating expenses | (200,398) | (191,968) | (563,060) | (489,862) |
Total consolidated revenues, including interest income | 228,665 | 214,743 | 690,062 | 638,677 |
Segment operating income before depreciation and amortization | 27,307 | 21,501 | 124,147 | 145,075 |
(Loss) gain from disposition of real estate | 0 | 0 | (282) | 42,314 |
Other operating and nonoperating income | 0 | 570 | 0 | 3,218 |
Gain (loss) from extinguishment of debt, net | 20,992 | 0 | 20,992 | (784) |
Provision for real estate impairment | 0 | 0 | (3,201) | 0 |
Income tax (provision) benefit | (305) | 219 | (983) | (2,147) |
Net income (loss) | 19,336 | (2,737) | 60,914 | 69,503 |
Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 227,881 | 213,894 | 687,732 | 636,188 |
Segment operating income before depreciation and amortization | 98,427 | 88,336 | 340,708 | 310,051 |
Net income (loss) | 19,336 | (2,737) | 60,914 | 69,503 |
Operating segments | Owned properties | ||||
Segment Reporting Information [Line Items] | ||||
Rental revenues and other income | 211,808 | 203,526 | 640,912 | 600,138 |
Interest income | 117 | 382 | 355 | 1,146 |
Total revenues | 211,925 | 203,908 | 641,267 | 601,284 |
Operating expenses before depreciation, amortization, and ground/facility lease expense | (111,836) | (107,997) | (294,768) | (282,193) |
Ground/facility lease expense | (2,862) | (2,307) | (7,937) | (6,294) |
Interest expense, net | (3,896) | (5,622) | (12,673) | (9,011) |
Operating income before depreciation and amortization | 93,331 | 87,982 | 325,889 | 303,786 |
Depreciation and amortization | (65,506) | (62,908) | (196,638) | (185,171) |
Capital expenditures | 156,840 | 144,910 | 402,192 | 428,065 |
Operating segments | On-campus participating properties | ||||
Segment Reporting Information [Line Items] | ||||
Rental revenues and other income | 6,944 | 6,980 | 24,788 | 23,605 |
Interest income | 59 | 43 | 170 | 105 |
Total revenues | 7,003 | 7,023 | 24,958 | 23,710 |
Operating expenses before depreciation, amortization, and ground/facility lease expense | (3,822) | (3,875) | (11,585) | (11,030) |
Ground/facility lease expense | (353) | (644) | (2,063) | (2,232) |
Interest expense, net | (1,255) | (1,282) | (3,869) | (3,804) |
Operating income before depreciation and amortization | 1,573 | 1,222 | 7,441 | 6,644 |
Depreciation and amortization | (2,289) | (1,962) | (6,334) | (5,856) |
Capital expenditures | 1,750 | 1,394 | 2,517 | 2,918 |
Operating segments | Third-party development services | ||||
Segment Reporting Information [Line Items] | ||||
Operating income before depreciation and amortization | 3,531 | (1,221) | 6,024 | (2,093) |
Development and construction management fees | 5,611 | 835 | 12,389 | 3,883 |
Operating expenses | (2,080) | (2,056) | (6,365) | (5,976) |
Operating segments | Property Management Services | ||||
Segment Reporting Information [Line Items] | ||||
Operating income before depreciation and amortization | (8) | 353 | 1,354 | 1,714 |
Operating expenses | (3,350) | (1,775) | (7,764) | (5,597) |
Segment reconciling items | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | (70,245) | (67,247) | (210,165) | (199,191) |
Unallocated | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 784 | 849 | 2,330 | 2,489 |
Operating expenses | (29,533) | (24,615) | (86,155) | (83,958) |
Property management fees from external customers | Operating segments | Property Management Services | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 3,342 | $ 2,128 | $ 9,118 | $ 7,311 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands | Oct. 31, 2019USD ($)PropertyBed$ / shares | Sep. 30, 2019USD ($)PropertyBed$ / shares | Jun. 30, 2019$ / shares | Mar. 31, 2019Property$ / shares | Sep. 30, 2018$ / shares | Jun. 30, 2018$ / shares | Mar. 31, 2018$ / shares | Dec. 31, 2018USD ($) |
Subsequent Event [Line Items] | ||||||||
Distributions to common and restricted stockholders and other (in dollars per common share) | $ / shares | $ 0.47 | $ 0.47 | $ 0.46 | $ 0.46 | $ 0.46 | $ 0.44 | ||
Number of properties | Property | 168 | |||||||
Number of beds | Bed | 113,400 | |||||||
Dividend declared | Subsequent event | ||||||||
Subsequent Event [Line Items] | ||||||||
Distributions to common and restricted unit holders and other (in dollars per common unit) | $ / shares | $ 0.47 | |||||||
Distributions to common and restricted stockholders and other (in dollars per common share) | $ / shares | $ 0.47 | |||||||
Unsecured debt | Interest rate swap contract | Subsequent event | ||||||||
Subsequent Event [Line Items] | ||||||||
Derivative, Amount of Hedged Item | $ 100,000 | |||||||
Mortgage loans payable | Interest rate swap contract | Subsequent event | ||||||||
Subsequent Event [Line Items] | ||||||||
Derivative, Amount of Hedged Item | $ 37,500 | |||||||
Owned property held for sale | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of properties | Property | 1 | |||||||
Property held for sale, net book value | $ 99,200 | |||||||
Owned property held for sale | Subsequent event | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of properties | Property | 1 | |||||||
Owned properties | Mortgage loans payable | ||||||||
Subsequent Event [Line Items] | ||||||||
Principal outstanding | 695,176 | $ 727,163 | ||||||
Owned properties | Variable rate mortgage loans | Mortgage loans payable | ||||||||
Subsequent Event [Line Items] | ||||||||
Principal outstanding | $ 40,800 | $ 111,400 | ||||||
Owned properties | Variable rate mortgage loans | Mortgage loans payable | Subsequent event | ||||||||
Subsequent Event [Line Items] | ||||||||
Principal outstanding | $ 40,800 | |||||||
Number of properties | Property | 1 | |||||||
Hub Ann Arbor | Subsequent event | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of beds | Bed | 310 | |||||||
Hub Flagstaff | Subsequent event | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of beds | Bed | 591 | |||||||
Hub Ann Arbor And Hub Flagstaff | Subsequent event | ||||||||
Subsequent Event [Line Items] | ||||||||
Asset acquisition, consideration transferred | $ 53,000 |