Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 22, 2019 | Jun. 30, 2018 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | American Campus Communities Operating Partnership LP | ||
Entity Central Index Key | 0001357369 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-Known Seasoned Issuer | No | ||
Entity Common Stock Shares Outstanding (in shares) | 0 | ||
Entity Public Float | $ 0 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Small Business | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Investments in real estate: | ||
Investments in real estate, net | $ 6,661,034 | $ 6,532,168 |
Cash and cash equivalents | 71,238 | 41,182 |
Restricted cash | 35,279 | 23,590 |
Student contracts receivable, net | 8,565 | 9,170 |
Other assets | 262,730 | 291,260 |
Total assets | 7,038,846 | 6,897,370 |
Liabilities: | ||
Secured mortgage, construction and bond debt, net | 853,084 | 664,020 |
Accounts payable and accrued expenses | 88,767 | 53,741 |
Other liabilities | 191,233 | 187,983 |
Total liabilities | 3,307,599 | 3,266,243 |
Commitments and contingencies (Note 16) | ||
Redeemable noncontrolling interests | 184,446 | 132,169 |
American Campus Communities, Inc. and Subsidiaries stockholders’ equity: | ||
Common stock, $0.01 par value, 800,000,000 shares authorized, 136,967,286 and 136,362,728 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively | 1,370 | 1,364 |
Additional paid in capital | 4,458,240 | 4,326,910 |
Common stock held in rabbi trust, 69,603 and 63,778 shares at December 31, 2018 and December 31, 2017, respectively | (3,092) | (2,944) |
Accumulated earnings and dividends | (971,070) | (837,644) |
Accumulated other comprehensive loss | (4,397) | (2,701) |
Total American Campus Communities, Inc. and Subsidiaries stockholders’ equity | 3,481,051 | 3,484,985 |
Total equity | 3,546,801 | 3,498,958 |
Partners’ capital: | ||
Accumulated other comprehensive loss | (4,397) | (2,701) |
Total liabilities and equity/capital | 7,038,846 | 6,897,370 |
Unsecured notes, net | ||
Liabilities: | ||
Unsecured term loans, net | 1,588,446 | 1,585,855 |
Unsecured term loans, net | ||
Liabilities: | ||
Unsecured term loans, net | 198,769 | 647,044 |
Unsecured revolving credit facility | ||
Liabilities: | ||
Unsecured term loans, net | 387,300 | 127,600 |
Owned properties, net | ||
Investments in real estate: | ||
Investments in real estate, net | 6,583,397 | 6,450,364 |
On-campus participating properties, net | ||
Investments in real estate: | ||
Investments in real estate, net | 77,637 | 81,804 |
Partially-owned properties | ||
American Campus Communities, Inc. and Subsidiaries stockholders’ equity: | ||
Noncontrolling interests – partially owned properties | 65,750 | 13,973 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ||
Investments in real estate: | ||
Investments in real estate, net | 6,661,034 | 6,532,168 |
Cash and cash equivalents | 71,238 | 41,182 |
Restricted cash | 35,279 | 23,590 |
Student contracts receivable, net | 8,565 | 9,170 |
Other assets | 262,730 | 291,260 |
Total assets | 7,038,846 | 6,897,370 |
Liabilities: | ||
Secured mortgage, construction and bond debt, net | 853,084 | 664,020 |
Accounts payable and accrued expenses | 88,767 | 53,741 |
Other liabilities | 191,233 | 187,983 |
Total liabilities | 3,307,599 | 3,266,243 |
Commitments and contingencies (Note 16) | ||
Redeemable noncontrolling interests | 184,446 | 132,169 |
American Campus Communities, Inc. and Subsidiaries stockholders’ equity: | ||
Accumulated other comprehensive loss | (4,397) | (2,701) |
Partners’ capital: | ||
General partner - 12,222 OP units outstanding at both December 31, 2018 and December 31, 2017 | 55 | 67 |
Limited partner - 137,024,667 and 136,414,284 OP units outstanding at December 31, 2018 and December 31, 2017, respectively | 3,485,393 | 3,487,619 |
Accumulated other comprehensive loss | (4,397) | (2,701) |
Total partners’ capital | 3,481,051 | 3,484,985 |
Total capital | 3,546,801 | 3,498,958 |
Total liabilities and equity/capital | 7,038,846 | 6,897,370 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Unsecured notes, net | ||
Liabilities: | ||
Unsecured term loans, net | 1,588,446 | 1,585,855 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Unsecured term loans, net | ||
Liabilities: | ||
Unsecured term loans, net | 198,769 | 647,044 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Unsecured revolving credit facility | ||
Liabilities: | ||
Unsecured term loans, net | 387,300 | 127,600 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Owned properties, net | ||
Investments in real estate: | ||
Investments in real estate, net | 6,583,397 | 6,450,364 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties, net | ||
Investments in real estate: | ||
Investments in real estate, net | 77,637 | 81,804 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially-owned properties | ||
Partners’ capital: | ||
Noncontrolling interests – partially owned properties | $ 65,750 | $ 13,973 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 800,000,000 | 800,000,000 |
Common stock, shares issued (in shares) | 136,967,286 | 136,362,728 |
Common stock, shares outstanding (in shares) | 136,967,286 | 136,362,728 |
Common stock held in Rabbi Trust (in shares) | 69,603 | 63,778 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ||
General partner, OP units outstanding (in shares) | 12,222 | 12,222 |
Limited partner, OP units outstanding (in shares) | 137,024,667 | 136,414,284 |
Investments in real estate, net | ||
Consolidated variable interest entities' assets | $ 1,042,585 | |
Investments in real estate, net | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ||
Consolidated variable interest entities' assets | 1,042,585 | $ 520,393 |
Cash, cash equivalents, and restricted cash | ||
Consolidated variable interest entities' assets | 72,218 | |
Cash, cash equivalents, and restricted cash | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ||
Consolidated variable interest entities' assets | 72,218 | 27,693 |
Other assets | ||
Consolidated variable interest entities' assets | 11,918 | |
Other assets | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ||
Consolidated variable interest entities' assets | 11,918 | 6,461 |
Secured mortgage and construction debt, net | ||
Consolidated variable interest entities' liabilities | 447,292 | |
Secured mortgage and construction debt, net | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ||
Consolidated variable interest entities' liabilities | 447,292 | 151,474 |
Accounts payable, accrued expenses and other liabilities | ||
Consolidated variable interest entities' liabilities | 53,432 | |
Accounts payable, accrued expenses and other liabilities | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | ||
Consolidated variable interest entities' liabilities | $ 53,432 | $ 37,610 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | |||
Total revenues | $ 880,810 | $ 796,447 | $ 786,361 |
Operating expenses (income): | |||
Third-party development and management services | 15,459 | 15,225 | 14,533 |
General and administrative | 34,537 | 31,386 | 22,493 |
Depreciation and amortization | 263,203 | 234,955 | 211,387 |
Ground/facility leases | 11,855 | 10,213 | 9,167 |
(Gain) loss from disposition of real estate | (42,314) | 632 | (21,197) |
Provision for real estate impairment | 0 | 15,317 | 4,895 |
Other operating income | (2,648) | 0 | 0 |
Total operating expenses | 668,215 | 654,541 | 592,021 |
Operating income | 212,595 | 141,906 | 194,340 |
Nonoperating income (expenses): | |||
Interest income | 4,834 | 4,945 | 5,481 |
Interest expense | (99,228) | (71,122) | (78,687) |
Amortization of deferred financing costs | (5,816) | (4,619) | (6,520) |
Gain (loss) from extinguishment of debt, net | 7,867 | 0 | (12,841) |
Other nonoperating income | 1,301 | 0 | 0 |
Total nonoperating expenses | (91,042) | (70,796) | (92,567) |
Income before income taxes | 121,553 | 71,110 | 101,773 |
Income tax provision | (2,429) | (989) | (1,150) |
Net income | 119,124 | 70,121 | 100,623 |
Net income attributable to noncontrolling interests – partially owned properties | (2,029) | (1,083) | (1,562) |
Net income attributable to ACC, Inc. and Subsidiaries common stockholders | 117,095 | 69,038 | 99,061 |
Other comprehensive (loss) income | |||
Change in fair value of interest rate swaps and other | (1,696) | 1,366 | 1,763 |
Comprehensive income | $ 115,399 | $ 70,404 | $ 100,824 |
Net income per share attributable to ACC, Inc. and Subsidiaries common stockholders | |||
Basic (in dollars per share) | $ 0.84 | $ 0.50 | $ 0.76 |
Diluted (in dollars per share) | $ 0.84 | $ 0.50 | $ 0.75 |
Weighted-average common shares outstanding: | |||
Basic (in shares) | 136,815,051 | 135,141,423 | 129,228,748 |
Diluted (in shares) | 137,722,049 | 136,002,385 | 130,018,729 |
Weighted-average common units outstanding | |||
Distributions declared per common share (in dollars per share) | $ 1.82 | $ 1.74 | $ 1.66 |
Owned Properties | |||
Revenues: | |||
Operating lease revenue | $ 825,959 | $ 738,710 | $ 735,392 |
Operating expenses (income): | |||
Operating expenses excluding general, administrative, depreciation and lease expense | 373,521 | 332,429 | 337,296 |
On-campus participating properties, net | |||
Revenues: | |||
Operating lease revenue | 34,596 | 33,945 | 33,433 |
Operating expenses (income): | |||
Operating expenses excluding general, administrative, depreciation and lease expense | 14,602 | 14,384 | 13,447 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||
Revenues: | |||
Total revenues | 880,810 | 796,447 | 786,361 |
Operating expenses (income): | |||
Third-party development and management services | 15,459 | 15,225 | 14,533 |
General and administrative | 34,537 | 31,386 | 22,493 |
Depreciation and amortization | 263,203 | 234,955 | 211,387 |
Ground/facility leases | 11,855 | 10,213 | 9,167 |
(Gain) loss from disposition of real estate | 42,314 | (632) | 21,197 |
Provision for real estate impairment | 0 | 15,317 | 4,895 |
Other operating income | (2,648) | 0 | 0 |
Total operating expenses | 668,215 | 654,541 | 592,021 |
Operating income | 212,595 | 141,906 | 194,340 |
Nonoperating income (expenses): | |||
Interest income | 4,834 | 4,945 | 5,481 |
Interest expense | (99,228) | (71,122) | (78,687) |
Amortization of deferred financing costs | (5,816) | (4,619) | (6,520) |
Gain (loss) from extinguishment of debt, net | 7,867 | 0 | (12,841) |
Other nonoperating income | 1,301 | 0 | 0 |
Total nonoperating expenses | (91,042) | (70,796) | (92,567) |
Income before income taxes | 121,553 | 71,110 | 101,773 |
Income tax provision | (2,429) | (989) | (1,150) |
Net income | 119,124 | 70,121 | 100,623 |
Net income attributable to noncontrolling interests – partially owned properties | (1,215) | (435) | |
Net income attributable to ACC, Inc. and Subsidiaries common stockholders | 117,909 | 69,686 | 100,167 |
Series A preferred units distributions | (124) | (124) | (146) |
Net income attributable to common unitholders | 117,785 | 69,562 | 100,021 |
Other comprehensive (loss) income | |||
Change in fair value of interest rate swaps and other | (1,696) | 1,366 | 1,763 |
Comprehensive income | $ 116,089 | $ 70,928 | $ 101,784 |
Net income per unit attributable to common unitholders | |||
Basic (in dollars per unit) | $ 0.85 | $ 0.50 | $ 0.76 |
Diluted (in dollars per unit) | $ 0.84 | $ 0.50 | $ 0.75 |
Weighted-average common units outstanding | |||
Basic (in units) | 137,586,759 | 136,160,609 | 130,460,248 |
Diluted (in units) | 138,493,757 | 137,021,571 | 131,250,229 |
Distributions declared per Common Unit (in dollars per unit) | $ 1.82 | $ 1.74 | $ 1.66 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Owned Properties | |||
Revenues: | |||
Operating lease revenue | $ 825,959 | $ 738,710 | $ 735,392 |
Operating expenses (income): | |||
Operating expenses excluding general, administrative, depreciation and lease expense | 373,521 | 332,429 | 337,296 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties, net | |||
Revenues: | |||
Operating lease revenue | 34,596 | 33,945 | 33,433 |
Operating expenses (income): | |||
Operating expenses excluding general, administrative, depreciation and lease expense | 14,602 | 14,384 | 13,447 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially-owned properties | |||
Nonoperating income (expenses): | |||
Net income attributable to noncontrolling interests – partially owned properties | (1,215) | (435) | (456) |
Third-party development services | |||
Revenues: | |||
Revenues | 7,281 | 10,761 | 4,606 |
Third-party development services | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||
Revenues: | |||
Revenues | 7,281 | 10,761 | 4,606 |
Third-party management services | |||
Revenues: | |||
Revenues | 9,814 | 9,832 | 9,724 |
Third-party management services | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||
Revenues: | |||
Revenues | 9,814 | 9,832 | 9,724 |
Resident services | |||
Revenues: | |||
Revenues | 3,160 | 3,199 | 3,206 |
Resident services | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||
Revenues: | |||
Revenues | $ 3,160 | $ 3,199 | $ 3,206 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY/ CAPITAL - USD ($) $ in Thousands | Total | Common Shares | Additional Paid in Capital | Common Shares Held in Rabbi Trust | Accumulated Earnings and Dividends | Accumulated Other Comprehensive Loss | Noncontrolling Interests - Partially Owned PropertiesPartially Owned Properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.General Partner | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.Limited Partner | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.Accumulated Other Comprehensive Loss | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P.Noncontrolling Interests - Partially Owned PropertiesPartially Owned Properties |
Beginning Balance (in shares) at Dec. 31, 2015 | 112,350,877 | 10,155 | ||||||||||
Beginning Balance at Dec. 31, 2015 | $ 2,781,657 | $ 1,124 | $ 3,325,806 | $ (403) | $ (550,501) | $ (5,830) | $ 11,461 | |||||
Beginning Balance (in units) at Dec. 31, 2015 | 12,222 | 112,348,810 | ||||||||||
Beginning Balance at Dec. 31, 2015 | $ 2,781,657 | $ 93 | $ 2,775,933 | $ (5,830) | $ 11,461 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Adjustments to reflect redeemable noncontrolling interests at fair value | (7,937) | (7,937) | (7,937) | $ (7,937) | ||||||||
Amortization of restricted stock awards and vesting of restricted stock units (in shares) | 15,524 | 15,524 | ||||||||||
Amortization of restricted stock awards and vesting of restricted stock units | 10,043 | 10,043 | 10,043 | $ 10,043 | ||||||||
Vesting of restricted stock awards (in shares) | 127,352 | 127,352 | ||||||||||
Vesting of restricted stock awards | (2,977) | $ 1 | (2,978) | (2,977) | $ (2,977) | |||||||
Distributions to common and restricted stockholders | (218,697) | (218,697) | ||||||||||
Distributions | (218,697) | (20) | $ (218,677) | |||||||||
Contributions by noncontrolling interests - partially owned properties | 1,272 | 1,272 | 1,272 | 1,272 | ||||||||
Distributions to noncontrolling interests - partially owned properties | (376) | (376) | (376) | (376) | ||||||||
Change in ownership of consolidated subsidiary | (7,311) | (7,311) | (7,311) | (7,311) | ||||||||
Conversion of common and preferred operating partnership units to common stock (in shares/units) | 312,761 | 312,761 | ||||||||||
Conversion of common and preferred operating partnership units to common stock | 11,292 | $ 3 | 11,289 | 11,292 | $ 11,292 | |||||||
Issuance of units in exchange for contributions of equity offering proceeds (in units) | 19,429,000 | |||||||||||
Conversion of common and preferred operating partnership units to common stock | 782,241 | $ 782,241 | ||||||||||
Change in fair value of interest rate swaps and other | 1,350 | 1,350 | 1,350 | 1,350 | ||||||||
Net proceeds from sale of common stock (in shares) | 19,429,000 | |||||||||||
Net proceeds from sale of common stock | 782,241 | $ 194 | 782,047 | |||||||||
Amortization of interest rate swap terminations | 413 | 413 | 413 | 413 | ||||||||
Deposits to deferred compensation plan, net of withdrawals (in shares) | (10,026) | 10,026 | ||||||||||
Deposits to deferred compensation plan, net of withdrawals | 0 | 572 | $ (572) | |||||||||
Net income | 99,517 | 99,061 | 456 | 99,517 | $ 9 | $ 99,052 | 456 | |||||
Ending Balance (in shares) at Dec. 31, 2016 | 132,225,488 | 20,181 | ||||||||||
Ending Balance at Dec. 31, 2016 | 3,450,487 | $ 1,322 | 4,118,842 | $ (975) | (670,137) | (4,067) | 5,502 | |||||
Ending Balance (in units) at Dec. 31, 2016 | 12,222 | 132,233,447 | ||||||||||
Ending Balance at Dec. 31, 2016 | 3,450,487 | $ 82 | $ 3,448,970 | (4,067) | 5,502 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Adjustments to reflect redeemable noncontrolling interests at fair value | 9,172 | 9,172 | 9,172 | $ 9,172 | ||||||||
Amortization of restricted stock awards and vesting of restricted stock units (in shares) | 16,295 | 16,295 | ||||||||||
Amortization of restricted stock awards and vesting of restricted stock units | 13,854 | 13,854 | 13,854 | $ 13,854 | ||||||||
Vesting of restricted stock awards (in shares) | 193,186 | 193,186 | ||||||||||
Vesting of restricted stock awards | (4,920) | $ 2 | (4,922) | (4,920) | $ (4,920) | |||||||
Distributions to common and restricted stockholders | (236,545) | (236,545) | ||||||||||
Distributions | (236,545) | (21) | $ (236,524) | |||||||||
Contributions by noncontrolling interests - partially owned properties | 8,254 | 8,254 | 8,254 | 8,254 | ||||||||
Distributions to noncontrolling interests - partially owned properties | (212) | (212) | (212) | (212) | ||||||||
Conversion of common and preferred operating partnership units to common stock (in shares/units) | 22,000 | 22,000 | ||||||||||
Conversion of common and preferred operating partnership units to common stock | 154 | $ 0 | 154 | 154 | $ 154 | |||||||
Issuance of units in exchange for contributions of equity offering proceeds (in units) | 3,949,356 | |||||||||||
Conversion of common and preferred operating partnership units to common stock | 187,881 | $ 187,881 | ||||||||||
Change in fair value of interest rate swaps and other | 954 | 954 | 954 | 954 | ||||||||
Net proceeds from sale of common stock (in shares) | 3,949,356 | |||||||||||
Net proceeds from sale of common stock | 187,881 | $ 40 | 187,841 | |||||||||
Amortization of interest rate swap terminations | 412 | 412 | 412 | 412 | ||||||||
Deposits to deferred compensation plan, net of withdrawals (in shares) | (43,597) | 43,597 | ||||||||||
Deposits to deferred compensation plan, net of withdrawals | 0 | 1,969 | $ (1,969) | |||||||||
Net income | 69,467 | 69,038 | 429 | 69,467 | $ 6 | $ 69,032 | 429 | |||||
Ending Balance (in shares) at Dec. 31, 2017 | 136,362,728 | 63,778 | ||||||||||
Ending Balance at Dec. 31, 2017 | 3,498,958 | $ 1,364 | 4,326,910 | $ (2,944) | (837,644) | (2,701) | 13,973 | |||||
Ending Balance (in units) at Dec. 31, 2017 | 12,222 | 136,414,284 | ||||||||||
Ending Balance at Dec. 31, 2017 | 3,498,958 | $ 67 | $ 3,487,619 | (2,701) | 13,973 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Adjustments to reflect redeemable noncontrolling interests at fair value | (66,079) | (66,079) | (66,079) | $ (66,079) | ||||||||
Amortization of restricted stock awards and vesting of restricted stock units (in shares) | 27,376 | 27,376 | ||||||||||
Amortization of restricted stock awards and vesting of restricted stock units | 12,176 | 12,176 | 12,176 | $ 12,176 | ||||||||
Vesting of restricted stock awards (in shares) | 170,664 | 170,664 | ||||||||||
Vesting of restricted stock awards | (2,756) | $ 2 | (2,758) | (2,756) | $ (2,756) | |||||||
Distributions to common and restricted stockholders | (250,521) | (250,521) | ||||||||||
Distributions | (250,521) | (22) | (250,499) | |||||||||
Contributions by noncontrolling interests - partially owned properties | 212,481 | 212,481 | 212,481 | 212,481 | ||||||||
Distributions to noncontrolling interests - partially owned properties | (152,325) | (152,325) | (152,325) | (152,325) | ||||||||
Change in ownership of consolidated subsidiary | 165,043 | 174,515 | (9,472) | 165,043 | $ 174,515 | (9,472) | ||||||
Conversion of common and preferred operating partnership units to common stock (in shares/units) | 412,343 | 412,343 | ||||||||||
Conversion of common and preferred operating partnership units to common stock | 13,332 | $ 4 | 13,328 | 13,332 | $ 13,332 | |||||||
Change in fair value of interest rate swaps and other | (1,696) | (1,696) | (1,696) | (1,696) | ||||||||
Deposits to deferred compensation plan, net of withdrawals (in shares) | (5,825) | 5,825 | ||||||||||
Deposits to deferred compensation plan, net of withdrawals | 0 | 148 | $ (148) | |||||||||
Net income | 118,188 | 117,095 | 1,093 | 118,188 | $ 10 | $ 117,085 | 1,093 | |||||
Ending Balance (in shares) at Dec. 31, 2018 | 136,967,286 | 69,603 | ||||||||||
Ending Balance at Dec. 31, 2018 | $ 3,546,801 | $ 1,370 | $ 4,458,240 | $ (3,092) | $ (971,070) | $ (4,397) | $ 65,750 | |||||
Ending Balance (in units) at Dec. 31, 2018 | 12,222 | 137,024,667 | ||||||||||
Ending Balance at Dec. 31, 2018 | $ 3,546,801 | $ 55 | $ 3,485,393 | $ (4,397) | $ 65,750 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating activities | |||
Net income | $ 119,124 | $ 70,121 | $ 100,623 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
(Gain) loss from disposition of real estate | (42,314) | 632 | (21,197) |
Gain from insurance settlement | (1,245) | 0 | 0 |
(Gain) loss from extinguishment of debt, net | (7,867) | 0 | 12,841 |
Provision for real estate impairment | 0 | 15,317 | 4,895 |
Depreciation and amortization | 263,203 | 234,955 | 211,387 |
Amortization of deferred financing costs and debt premiums/discounts | 885 | (2,871) | (5,145) |
Share-based compensation | 12,176 | 13,854 | 10,043 |
Income tax provision | 2,429 | 989 | 1,150 |
Amortization of interest rate swap terminations and other | 412 | 412 | 613 |
Changes in operating assets and liabilities: | |||
Student contracts receivable, net | 148 | (414) | 8,709 |
Other assets | (9,570) | 2,502 | (15,905) |
Accounts payable and accrued expenses | 31,299 | (26,718) | (83) |
Other liabilities | 7,941 | 9,898 | (1,874) |
Net cash provided by operating activities | 376,621 | 318,677 | 306,057 |
Investing activities | |||
Proceeds from disposition of properties and land parcels | 242,284 | 24,462 | 571,424 |
Cash paid for acquisition of properties and land parcels | (26,626) | (375,541) | (103,660) |
Other investing activities | (1,669) | (5,608) | (17,559) |
Net cash used in investing activities | (335,812) | (977,772) | (38,465) |
Financing activities | |||
Proceeds from unsecured notes | 0 | 399,648 | 0 |
Proceeds from sale of common stock | 0 | 190,912 | 816,065 |
Offering costs | 0 | (2,374) | (32,923) |
Pay-off of mortgage and construction loans | (186,347) | (147,960) | (374,971) |
Defeasance costs related to early extinguishment of debt | (2,726) | 0 | (23,827) |
Pay-off of unsecured term loans | (450,000) | 0 | (600,000) |
Proceeds from unsecured term loans | 0 | 500,000 | 150,000 |
Proceeds from revolving credit facility | 1,095,500 | 1,164,700 | 376,000 |
Paydowns of revolving credit facility | (835,800) | (1,136,400) | (345,600) |
Proceeds from construction loans | 100,882 | 40,170 | 4,454 |
Proceeds from mortgage loans | 330,000 | 0 | 0 |
Scheduled principal payments on debt | (11,704) | (12,819) | (15,037) |
Debt issuance and assumption costs | (656) | (12,060) | (831) |
Termination of interest rate swaps | 0 | 0 | (108) |
Increase in ownership of consolidated subsidiary | (10,486) | 0 | 0 |
Contribution by noncontrolling interests | 379,391 | 11,801 | 0 |
Taxes paid on net-share settlements | (2,756) | (4,920) | (2,977) |
Distributions paid to common and restricted stockholders | (250,521) | (236,545) | (218,697) |
Distributions paid to noncontrolling interests | (153,841) | (77,243) | (2,517) |
Net cash provided by (used in) financing activities | 936 | 676,910 | (270,969) |
Net change in cash, cash equivalents, and restricted cash | 41,745 | 17,815 | (3,377) |
Cash, cash equivalents, and restricted cash at beginning of period | 64,772 | 46,957 | 50,334 |
Cash, cash equivalents, and restricted cash at end of period | 106,517 | 64,772 | 46,957 |
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets | |||
Total cash, cash equivalents, and restricted cash at end of period | 64,772 | 46,957 | 50,334 |
Supplemental disclosure of non-cash investing and financing activities | |||
Loans associated with investment in joint ventures | 0 | (104,056) | 0 |
Conversion of common and preferred operating partnership units to common stock | 13,332 | 154 | 11,292 |
Non-cash contribution from noncontrolling interest | 8,729 | 159,247 | 0 |
Non-cash consideration exchanged in purchase of land parcel | 0 | (3,071) | 0 |
Change in accrued construction in progress | (5,218) | 16,512 | 20,734 |
Change in fair value of derivative instruments, net | (2,108) | 954 | 1,150 |
Adjustment to reflect redeemable noncontrolling interests at fair value | (66,079) | 9,172 | (7,937) |
Change in ownership of consolidated subsidiary | (175,529) | 0 | 0 |
Supplemental disclosure of cash flow information | |||
Interest paid | 101,841 | 72,407 | 92,502 |
Income taxes paid | 1,060 | 1,053 | 1,094 |
Owned Properties | |||
Investing activities | |||
Investments in owned properties under development | (70,809) | (82,722) | (61,587) |
Owned properties under development | |||
Investing activities | |||
Investments in owned properties under development | (475,338) | (534,830) | (424,139) |
On-campus participating properties, net | |||
Investing activities | |||
Investments in owned properties under development | (3,654) | (3,533) | (2,944) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||
Operating activities | |||
Net income | 119,124 | 70,121 | 100,623 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
(Gain) loss from disposition of real estate | (42,314) | 632 | (21,197) |
Gain from insurance settlement | (1,245) | 0 | 0 |
(Gain) loss from extinguishment of debt, net | (7,867) | 0 | 12,841 |
Provision for real estate impairment | 0 | 15,317 | 4,895 |
Depreciation and amortization | 263,203 | 234,955 | 211,387 |
Amortization of deferred financing costs and debt premiums/discounts | 885 | (2,871) | (5,145) |
Share-based compensation | 12,176 | 13,854 | 10,043 |
Income tax provision | 2,429 | 989 | 1,150 |
Amortization of interest rate swap terminations and other | 412 | 412 | 613 |
Changes in operating assets and liabilities: | |||
Student contracts receivable, net | 148 | (414) | 8,709 |
Other assets | (9,570) | 2,502 | (15,905) |
Accounts payable and accrued expenses | 31,299 | (26,718) | (83) |
Other liabilities | 7,941 | 9,898 | (1,874) |
Net cash provided by operating activities | 376,621 | 318,677 | 306,057 |
Investing activities | |||
Proceeds from disposition of properties and land parcels | 242,284 | 24,462 | 571,424 |
Cash paid for acquisition of properties and land parcels | (26,626) | (375,541) | (103,660) |
Other investing activities | (1,669) | (5,608) | (17,559) |
Net cash used in investing activities | (335,812) | (977,772) | (38,465) |
Financing activities | |||
Proceeds from unsecured notes | 0 | 399,648 | 0 |
Proceeds from issuance of common units in exchange for contributions, net | 0 | 188,538 | 783,142 |
Pay-off of mortgage and construction loans | (186,347) | (147,960) | (374,971) |
Defeasance costs related to early extinguishment of debt | (2,726) | 0 | (23,827) |
Pay-off of unsecured term loans | (450,000) | 0 | (600,000) |
Proceeds from unsecured term loans | 0 | 500,000 | 150,000 |
Proceeds from revolving credit facility | 1,095,500 | 1,164,700 | 376,000 |
Paydowns of revolving credit facility | (835,800) | (1,136,400) | (345,600) |
Proceeds from construction loans | 100,882 | 40,170 | 4,454 |
Proceeds from mortgage loans | 330,000 | 0 | 0 |
Scheduled principal payments on debt | (11,704) | (12,819) | (15,037) |
Debt issuance and assumption costs | (656) | (12,060) | (831) |
Termination of interest rate swaps | 0 | 0 | (108) |
Increase in ownership of consolidated subsidiary | (10,486) | 0 | 0 |
Contribution by noncontrolling interests | 379,391 | 11,801 | 0 |
Taxes paid on net-share settlements | (2,756) | (4,920) | (2,977) |
Net cash provided by (used in) financing activities | 936 | 676,910 | (270,969) |
Net change in cash, cash equivalents, and restricted cash | 41,745 | 17,815 | (3,377) |
Cash, cash equivalents, and restricted cash at beginning of period | 64,772 | 46,957 | 50,334 |
Cash, cash equivalents, and restricted cash at end of period | 106,517 | 64,772 | 46,957 |
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets | |||
Total cash, cash equivalents, and restricted cash at end of period | 64,772 | 46,957 | 50,334 |
Supplemental disclosure of non-cash investing and financing activities | |||
Loans associated with investment in joint ventures | 0 | ||
Conversion of common and preferred operating partnership units to common stock | 13,332 | ||
Non-cash contribution from noncontrolling interest | 8,729 | ||
Non-cash consideration exchanged in purchase of land parcel | 0 | ||
Change in accrued construction in progress | (5,218) | ||
Change in fair value of derivative instruments, net | (2,108) | ||
Adjustment to reflect redeemable noncontrolling interests at fair value | (66,079) | ||
Change in ownership of consolidated subsidiary | (175,529) | ||
Supplemental disclosure of cash flow information | |||
Interest paid | 101,841 | ||
Income taxes paid | 1,060 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Common and preferred units | |||
Financing activities | |||
Distributions paid | (250,515) | (236,905) | (219,500) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Unvested restricted Awards | |||
Financing activities | |||
Distributions paid | (1,522) | (1,536) | (1,338) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Partially-owned properties | |||
Financing activities | |||
Distributions paid | (152,325) | (75,347) | (376) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Owned Properties | |||
Investing activities | |||
Investments in owned properties under development | (70,809) | (82,722) | (61,587) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Owned properties under development | |||
Investing activities | |||
Investments in owned properties under development | (475,338) | (534,830) | (424,139) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | On-campus participating properties, net | |||
Investing activities | |||
Investments in owned properties under development | $ (3,654) | $ (3,533) | $ (2,944) |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business American Campus Communities, Inc. (“ACC”) is a real estate investment trust (“REIT”) that commenced operations effective with the completion of an initial public offering (“IPO”) on August 17, 2004. Through ACC’s controlling interest in American Campus Communities Operating Partnership, L.P. (“ACCOP”), ACC is the largest owner, manager and developer of high quality student housing properties in the United States in terms of beds owned and under management. ACC is a fully integrated, self-managed and self-administered equity REIT with expertise in the acquisition, design, financing, development, construction management, leasing and management of student housing properties. ACC’s common stock is publicly traded on the New York Stock Exchange (“NYSE”) under the ticker symbol “ACC.” The general partner of ACCOP is American Campus Communities Holdings, LLC (“ACC Holdings”), an entity that is wholly-owned by ACC. As of December 31, 2018 , ACC Holdings held an ownership interest in ACCOP of less than 1% . The limited partners of ACCOP are ACC and other limited partners consisting of current and former members of management and nonaffiliated third parties. As of December 31, 2018 , ACC owned an approximate 99.5% limited partnership interest in ACCOP. As the sole member of the general partner of ACCOP, ACC has exclusive control of ACCOP’s day-to-day management. Management operates ACC and ACCOP as one business. The management of ACC consists of the same members as the management of ACCOP. ACC consolidates ACCOP for financial reporting purposes, and ACC does not have significant assets other than its investment in ACCOP. Therefore, the assets and liabilities of ACC and ACCOP are the same on their respective financial statements. References to the “Company” means collectively ACC, ACCOP and those entities/subsidiaries owned or controlled by ACC and/or ACCOP. References to the “Operating Partnership” mean collectively ACCOP and those entities/subsidiaries owned or controlled by ACCOP. Unless otherwise indicated, the accompanying Notes to the Consolidated Financial Statements apply to both the Company and the Operating Partnership. As of December 31, 2018 , the Company’s property portfolio contained 170 properties with approximately 109,100 beds. The Company’s property portfolio consisted of 131 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 five on-campus participating properties operated under ground/facility leases with the related university systems. Of the 170 properties, seven were under development as of December 31, 2018 , and when completed will consist of a total of approximately 8,700 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 December 31, 2018 , also through one of ACC’s TRSs, the Company provided third-party management and leasing services for 34 properties that represented approximately 24,800 beds. Third-party management and leasing services are typically provided pursuant to management contracts that have initial terms that range from one to five years. As of December 31, 2018 , the Company’s total owned and third-party managed portfolio included 204 properties with approximately 133,900 beds. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements, presented in U.S. dollars, are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and revenue and expenses during the reporting periods. The Company’s actual results could differ from those estimates and assumptions. All material intercompany transactions among consolidated entities have been eliminated. All dollar amounts in the tables herein, except share, per share, unit and per unit amounts, are stated in thousands unless otherwise indicated. Principles of Consolidation The Company’s consolidated financial statements include its accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which it has control. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities (“VIEs”), which requires the consolidation of VIEs in which the Company is considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation using the voting interest model. Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016-02 (“ASU 2016-02”), “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 are effective upon adoption of ASU 2016-02. The Company adopted ASU 2016-02 as of January 1, 2019, utilizing the “modified retrospective” method. The impact of ASU 2016-02 is as follows: As Lessee: • Under the new standard, lessees will 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 will determine whether lease expense is recognized on a straight-line basis over the term of the lease (operating lease) or on an effective interest method (finance lease). In addition, ASU 2016-02 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. As of December 31, 2018 , the Company is a lessee under 28 ground leases and two corporate office headquarters leases for which it has recognized a right of use asset and lease liability of approximately $250 to $300 million upon adoption. Details of the future minimum lease payments for leases in existence as of December 31, 2018 are disclosed in Note 15 in the accompanying Notes to Consolidated Financial Statements contained in Item 8 for further discussion. • 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 the adoption date, the leases will need to be evaluated under the new standard and may be classified as finance leases depending on the terms of the transactions. As Lessor: • Under the new standard, the accounting for lessors will remain largely unchanged from current GAAP; however, ASU 2016-02 requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under existing standards, these costs are capitalizable and therefore the new lease standard will result 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 legal expenses incurred when negotiating commercial leases. • The new 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 will result in no change to how revenue is currently recorded. 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. In addition, the Company does not expect the following accounting pronouncements to have a material effect on its consolidated financial statements: Accounting Standards Update Effective Date ASU 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” January 1, 2019 ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” January 1, 2019 ASU 2018-16, "Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes" January 1, 2019 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 Accounting Standards Update 2016-18 (“ASU 2016-18”), “Statement of Cash Flows: Restricted Cash” On January 1, 2018, the Company adopted ASU 2016-18. The amendments in this update require the change in restricted cash to be reported with cash and cash equivalents when reconciling between beginning and ending amounts in the statements of cash flows. The Company applied the amendments retrospectively to each period presented in the consolidated statements of cash flows of the Company. Prior to the adoption of ASU 2016-18, the Company reported the change in restricted cash within operating, investing, and financing activities in its consolidated statement of cash flows. As a result of the Company’s adoption of this standard and the retrospective application, cash and cash equivalents in the consolidated statements of cash flows as of December 31, 2017 and December 31, 2016 increased by approximately $23.6 million and $24.8 million , respectively, to reflect the inclusion of the restricted cash balance at the end of the period, net cash provided by operating activities for the twelve months ended December 31, 2017 and December 31, 2016 decreased by approximately $1.3 million and $2.0 million , respectively, net cash used in investing activities increased by less than $0.1 million and decreased by approximately $7.0 million , respectively, and net cash provided by financing activities both increased by less than $0.1 million . Accounting Standards Update 2014-09 (“ASU 2014-09”), “Revenue From Contracts With Customers (Topic 606)” On January 1, 2018, the Company adopted ASU 2014-09 and all related clarifying Accounting Standards Updates associated with ASU 2014-09. ASU 2014-09 provides a single comprehensive revenue recognition model for contracts with customers (excluding certain contracts, such as lease contracts) to improve comparability within industries. ASU 2014-09 requires an entity to recognize revenue to reflect the transfer of goods or services to customers at an amount the entity expects to be paid in exchange for those goods and services and provide enhanced disclosures, all to provide more comprehensive guidance for transactions such as service revenue and contract modifications. The Company adopted the new revenue standard using the modified retrospective approach and elected to apply the practical expedient to only assess the recognition of revenue for open contracts during the transition period. The effect of adoption did not have a material impact on the Company’s consolidated financial statements and there was no adjustment to the opening balance of retained earnings at January 1, 2018. The comparative information has not been restated and continues to be reported under the accounting standards in effect for that period. Under the new standard there was a change in the way the Company determines the unit of account for its third-party development projects. Under the previous guidance, the Company segmented revenue recognition between the development and construction phases of its contracts, recognizing each using the proportional performance method and the percentage of completion method, respectively. Under the new guidance, the entire development and construction contract represents a single performance obligation comprised of a series of distinct services to be satisfied over time, and a single transaction price to be recognized over the life of the contract using a time-based measure of progress. Any variable consideration included in the transaction price is estimated using the expected value approach and is only included to the extent that a significant revenue reversal is not likely to occur. The adoption of ASU 2014-09 resulted in differences in the timing and pattern of revenue recognition for such third-party development and construction management contracts; however, the change did not have a material impact on the Company’s consolidated financial statements. Third-party management services revenues consist of base fees earned as a result of managing all aspects of a property’s day-to-day operations, and incentive fees based on the managed property’s operating measures. There was no change in the Company’s recognition of base management fees. Incentive management fees were previously recognized when the incentive criteria had been met. Under the new guidance, incentive fees are estimated using the expected value approach and are included in the transaction price only to the extent that a significant revenue reversal is not likely to occur; however, the change did not have a material impact on the Company’s consolidated financial statements. There was no change to the Company’s revenue recognition methods for ancillary services and other non-lease related revenues as a result of the adoption of ASU 2014-09. Rental income from leasing arrangements is specifically excluded from ASU 2014-09 and is being evaluated as part of the adoption of the lease accounting standard, ASU 2016-02, discussed above. Accounting Standards Update 2017-05 (“ASU 2017-05”), “Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets” On January 1, 2018, in conjunction with the adoption of ASU 2014-09, discussed above, the Company adopted ASU 2017-05. The purpose of this ASU is to eliminate the diversity in practice in accounting for derecognition of a nonfinancial asset and in-substance nonfinancial assets (only when the asset or asset group does not meet the definition of a business or the transaction is not a sale to a customer). The adoption of ASU 2017-05 did not have a material impact on the consolidated financial statements given the simplicity of the Company’s historical disposition transactions. Other In addition, on January 1, 2018, the Company adopted the following accounting pronouncements which did not have a material effect on the Company’s consolidated financial statements: • ASU 2017-09, “Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting” • ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” • ASU 2017-10, "Service Concession Arrangements (Topic 853): Determining the Customer of Operation Services" The SEC issued the Disclosure Update and Simplification rule in 2018 to remove inconsistencies between US GAAP and SEC regulations. This rule is effective November 5, 2018 and eliminates Rule 3-15(a)(1) of Regulation S-X, which requires 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 reclassifications of 2018, 2017, and 2016 gains and losses from disposition of real estate from non-operating income to operating income on the Consolidated Statements of Comprehensive Income. Additionally, the tables in Note 18 were restated in accordance with the change in regulation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Investments in Real Estate Investments in real estate are recorded at historical cost. Major improvements that extend the life of an asset are capitalized and depreciated over the remaining useful life of the asset. The cost of ordinary repairs and maintenance are expensed as 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 $11.7 million , $15.9 million and $12.3 million was capitalized during the years ended December 31, 2018 , 2017 and 2016 , respectively. Management assesses whether there has been an impairment in the value of the Company’s investments in real estate whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment is recognized when estimated expected future undiscounted cash flows are less than the carrying value of the property, or when a property meets the criteria to be classified as held for sale, at which time an impairment charge is recognized for any excess of the carrying value of the property over the expected net proceeds from the disposal. The estimation of expected future net cash flows is inherently uncertain and relies on assumptions regarding current and future economics and market conditions. If such conditions change, then an adjustment to the carrying value of the Company’s long-lived assets could occur in the future period in which the conditions change. To the extent that a property is impaired, the excess of the carrying amount of the property over its estimated fair value is charged to earnings. 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 December 31, 2018 and 2017 , other than a $15.3 million impairment charge recorded in June 2017 for one property that is in receivership (see Note 10). The Company evaluates each acquisition to determine if the integrated set of assets and activities acquired meet the definition of a business. If either of the following criteria is met, the integrated set of assets and activities acquired would not qualify as a business: • Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or • The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e. revenue generated before and after the transaction). Property acquisitions deemed to qualify as a business are accounted for as business combinations, and the related acquisition costs are expensed as incurred. The Company allocates the purchase price of properties acquired in business combinations to net tangible and identified intangible assets based on their fair values. Fair value estimates are based on information obtained from a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, the Company’s own analysis of recently acquired and existing comparable properties in the Company’s portfolio, and other market data. Information obtained about each property as a result of due diligence, marketing, and leasing activities, is also considered. The value allocated to land is generally based on the actual purchase price if acquired separately, or market research/comparables if acquired as part of an existing operating property. The value allocated to building is based on the fair value determined on an “as-if vacant” basis, which is estimated using a replacement cost approach that relies upon assumptions that the Company believes are consistent with current market conditions for similar properties. The value allocated to furniture, fixtures, and equipment is based on an estimate of the fair value of the appliances and fixtures inside the units. The Company has determined these estimates are primarily based upon unobservable inputs and therefore are considered to be Level 3 inputs within the fair value hierarchy. Acquisitions of properties that do not meet the definition of a business are accounted for as asset acquisitions. The accounting model for asset acquisitions is similar to the accounting model for business combinations except that the acquisition consideration (including transaction costs) is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. The relative fair values used to allocate the cost of an asset acquisition are determined using the same methodologies and assumptions as those utilized to determine fair value in a business combination. Long-Lived Assets–Held for Sale Long-lived assets to be disposed of are classified as held for sale in the period in which all of the following criteria are met: a. Management, having the authority to approve the action, commits to a plan to sell the asset. b. The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. c. An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated. d. The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year. e. The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. f. Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Concurrent with this classification, the asset is recorded at the lower of cost or fair value less estimated selling costs, and depreciation ceases. The Company did not have any properties classified as held for sale as of December 31, 2018 and 2017 . Owned On-Campus Properties Under its ACE program, the Company, as lessee, has entered into ground/facility leases to finance, construct, and manage 34 student housing properties. Four properties were under construction as of December 31, 2018 with two scheduled to open for occupancy in Fall 2019, one in 2020 and one in phases from 2020 to 2021. The terms of the leases, including extension options, range from 30 to 90 years, and the lessor has title to the land and in some cases any improvements placed thereon. In these cases, the Company’s involvement in construction requires the lessor’s post construction ownership of the improvements to be treated as a sale with a subsequent leaseback by the Company. However, these sale-leaseback transactions do not qualify for sale-leaseback accounting because of the Company’s continuing involvement in the constructed assets. As a result of the Company’s continuing involvement, these leases are accounted for by the deposit method, in which the assets subject to the ground/facility leases are reflected at historical cost, less amortization, and the financing obligations are reflected at the terms of the underlying financing. On-Campus Participating Properties The Company has entered into five ground and facility leases with three university systems and colleges to finance, construct, and manage five on-campus student housing facilities. Under the terms of the leases, the lessor has title to the land and any improvements placed thereon. With the exception of the Company’s lease with West Virginia University, each lease terminates upon final repayment of the construction related financing, the amortization period of which is contractually stipulated. The Company’s involvement in construction requires the lessor’s post construction ownership of the improvements to be treated as a sale with a subsequent leaseback by the Company. The sale-leaseback transaction has been accounted for as a financing, and as a result, any fee earned during construction is deferred and recognized over the term of the lease. The resulting financing obligation is reflected at the terms of the underlying financing, i.e., interest is accrued at the contractual rates and principal reduces in accordance with the contractual principal repayment schedules. The entities that own the on-campus participating properties are determined to be VIEs, with the Company being the primary beneficiary. As such, the Company consolidates these properties for financial reporting purposes. Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less, when purchased, to be cash equivalents. The Company maintains cash balances in various banks. At times, the Company’s balances may exceed the amount insured by the FDIC. As the Company only uses money-centered financial institutions, the Company does not believe it is exposed to any significant credit risk related to its cash and cash equivalents. Restricted Cash Restricted cash consists of funds held in trusts that were established in connection with three bond issues for the Company’s on-campus participating properties. The funds are invested in low risk investments, generally consisting of government backed securities, as permitted by the indentures of trusts. Additionally, restricted cash includes escrow accounts held by lenders and resident security deposits, as required by law in certain states. Restricted cash also consists of escrow deposits made in connection with potential property acquisitions and development opportunities. These escrow deposits are invested in interest-bearing accounts at federally-insured banks. Realized and unrealized gains and losses are not material for the periods presented. Loans Receivable Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan purchase discounts, and net of an allowance for loan losses when such loan is deemed to be impaired. Loan purchase discounts are amortized over the term of the loan. The unamortized discount on the loans receivable was $2.4 million and $2.6 million as of December 31, 2018 and 2017 , respectively. The Company considers a loan impaired when, based upon current information and events, it is probable that it will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. Management’s estimate of the collectability of principal and interest payments under the Company’s loans receivable from CaPFA Capital Corp. 2000F (“CaPFA”), which mature in December 2040 and carry a balance, net of discount, of approximately $54.6 million and $57.9 million as of December 31, 2018 and 2017 , respectively, are highly dependent on the future operating performance of the properties securing the loans. As future economic conditions and/or market conditions at the properties change, management will continue to evaluate the collectability of such amounts. The Company believes there were no impairments of the carrying value of its loans receivable as of December 31, 2018 . Loans receivable are included in other assets on the accompanying consolidated balance sheets. Intangible Assets A portion of the purchase price of acquired properties is allocated to the value of in-place leases for both student and commercial tenants, which is based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued “as-if” vacant. As lease terms for student leases are typically one year or less, rates on in-place leases generally approximate market rental rates. Factors considered in the valuation of in-place leases include an estimate of the carrying costs during the expected lease-up period considering current market conditions, nature of the tenancy, and costs to execute similar leases. Carrying costs include estimates of lost rents at market rates during the expected lease-up period, as well as marketing and other operating expenses. The value of in-place leases is amortized over the remaining initial term of the respective leases. The purchase price of property acquisitions is not allocated to student tenant relationships, considering the terms of the leases and the expected levels of renewals. In connection with the property acquisitions and investments in joint ventures discussed in Note 5 herein, the Company capitalized approximately $7.4 million and $0.6 million for the years December 31, 2017 and 2016 , respectively, related to management’s estimate of the fair value of in-place leases assumed. There were no new acquisitions or investments in joint ventures during the year ended December 31, 2018 , that required an allocation of value to in-place leases. The net carrying amount of in-place leases at December 31, 2018 and 2017 was approximately $1.1 million and $4.2 million , respectively, and is included in other assets on the accompanying consolidated balance sheets. Amortization expense was approximately $3.0 million , $4.5 million and $0.9 million for the years ended December 31, 2018 , 2017 and 2016 , respectively, and is included in depreciation and amortization expense in the accompanying consolidated statements of comprehensive income. As of December 31, 2018 , the remaining weighted average in-place lease term was 6.9 years . See Note 5 herein for an expanded discussion of the property acquisitions completed during 2017 and 2016 . For acquired properties subject to an in-place property tax incentive arrangement, a portion of the purchase price is allocated to the present value of expected future property tax savings over the projected incentive arrangement period. In connection with the property acquisitions discussed in Note 5 herein, the Company capitalized approximately $10.2 million and $3.6 million for the years December 31, 2017 and 2016 , respectively, related to management’s estimate of the fair value of in-place property tax incentive arrangements assumed. Unamortized in-place property tax incentive arrangements as of December 31, 2018 and 2017 were approximately $56.3 million and $61.4 million , respectively, and are included in other assets on the accompanying consolidated balance sheets. Amortization expense was approximately $3.7 million , $3.3 million and $2.9 million for the years ended December 31, 2018 , 2017 and 2016 , respectively, and is included in owned properties operating expense in the accompanying consolidated statements of comprehensive income. As of December 31, 2018 , the remaining weighted average tax incentive arrangement period was 18.3 years . See Note 5 herein for an expanded discussion of the property acquisitions completed during 2018 , 2017 and 2016 . Deferred Financing Costs The Company defers financing costs and amortizes the costs over the terms of the related debt using the effective-interest method. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to earnings. In those instances when debt modifications do not include material changes to the terms of the underlying debt agreement, unamortized costs of the original instrument are added to the costs of the modification and amortized over the life of the modified debt using the effective interest method. Deferred financing costs, net of amortization, for the Company’s revolving credit facility are included in other assets on the accompanying consolidated balance sheets. Net deferred financing costs for the Company’s revolving credit facility at December 31, 2018 and 2017 were approximately $3.5 million and $4.6 million , respectively. Redeemable Noncontrolling Interests The Company follows guidance issued by the FASB regarding the classification and measurement of redeemable securities. Under this guidance, securities that are redeemable for cash or other assets, at the option of the holder and not solely within the control of the issuer, must be classified outside of permanent equity as redeemable noncontrolling interests. The Company makes this determination based on terms in the applicable agreements, specifically in relation to redemption provisions. The Company initially records the redeemable noncontrolling interests at fair value. The carrying amount of the redeemable noncontrolling interest is subsequently adjusted to the redemption value (assuming the noncontrolling interest is redeemable at the balance sheet date), with the corresponding offset for changes in fair value recorded in additional paid in capital. Reductions in fair value are recorded only to the extent that the Company has previously recorded increases in fair value above the redeemable noncontrolling interests’ initial basis. As the changes in redemption value are based on fair value, there is no effect on the Company’s earnings per share. Redeemable noncontrolling interests on the accompanying consolidated balance sheets of ACC are referred to as redeemable limited partners on the consolidated balance sheets of the Operating Partnership. Refer to Note 9 for a more detailed discussion of redeemable noncontrolling interests for both ACC and the Operating Partnership. 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, two properties subject to presale arrangements, and five 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 Consolidated Balance Sheets. Joint Ventures The Company consolidates joint ventures when it exhibits financial or operational control, which is determined using accounting standards related to the consolidation of joint ventures and VIEs. For joint ventures that are defined as VIEs, the primary beneficiary consolidates the entity. The Company considers itself to be the primary beneficiary of a VIE when it has the power to direct the activities that most significantly impact the performance of the VIE, such as management of day-to-d |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Earnings Per Share – Company Basic earnings per share is computed using net income attributable to common shareholders and the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings per share reflects common shares issuable from the assumed conversion of American Campus Communities Operating Partnership Units (“OP Units”) and common share awards granted. Only those items having a dilutive impact on basic earnings per share are included in diluted earnings per share. The following potentially dilutive securities were outstanding for the years ended December 31, 2018 , 2017 and 2016 , but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. Year Ended December 31, 2018 2017 2016 Common OP Units (Note 9) 771,708 1,019,186 1,231,500 Preferred OP Units (Note 9) 77,513 77,513 90,763 Total potentially dilutive securities 849,221 1,096,699 1,322,263 The following is a summary of the elements used in calculating basic and diluted earnings per share: Year Ended December 31, 2018 2017 2016 Numerator - basic and diluted earnings per share: Net income $ 119,124 $ 70,121 $ 100,623 Net income attributable to noncontrolling interests (2,029 ) (1,083 ) (1,562 ) Net income attributable to ACC, Inc. and Subsidiaries common stockholders 117,095 69,038 99,061 Amount allocated to participating securities (1,522 ) (1,536 ) (1,338 ) Net income attributable to common stockholders $ 115,573 $ 67,502 $ 97,723 Denominator: Basic weighted average common shares outstanding 136,815,051 135,141,423 129,228,748 Unvested restricted stock awards (Note 12) 906,998 860,962 789,981 Diluted weighted average common shares outstanding 137,722,049 136,002,385 130,018,729 Year Ended December 31, 2018 2017 2016 Earnings per share: Net income attributable to common stockholders - basic $ 0.84 $ 0.50 $ 0.76 Net income attributable to common stockholders - diluted $ 0.84 $ 0.50 $ 0.75 Earnings Per Unit – Operating Partnership Basic earnings per OP Unit is computed using net income attributable to common unitholders and the weighted average number of common units outstanding during the period. Diluted earnings per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units or resulted in the issuance of OP Units and then shared in the earnings of the Operating Partnership. The following is a summary of the elements used in calculating basic and diluted earnings per unit: Year Ended December 31, 2018 2017 2016 Numerator - basic and diluted earnings per unit: Net income $ 119,124 $ 70,121 $ 100,623 Net income attributable to noncontrolling interests – partially owned properties (1,215 ) (435 ) (456 ) Series A preferred unit distributions (124 ) (124 ) (146 ) Amount allocated to participating securities (1,522 ) (1,536 ) (1,338 ) Net income attributable to common unitholders $ 116,263 $ 68,026 $ 98,683 Denominator: Basic weighted average common units outstanding 137,586,759 136,160,609 130,460,248 Unvested restricted stock awards (Note 12) 906,998 860,962 789,981 Diluted weighted average common units outstanding 138,493,757 137,021,571 131,250,229 Earnings per unit: Net income attributable to common unitholders - basic $ 0.85 $ 0.50 $ 0.76 Net income attributable to common unitholders - diluted $ 0.84 $ 0.50 $ 0.75 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes As mentioned in Note 2 , the Company qualifies as a REIT under the Code. As a REIT, the Company is not subject to federal income tax as long as it distributes at least 90% of its taxable income to its shareholders each year. Therefore, no provision for federal income taxes for the REIT has been included in the accompanying consolidated financial statements. If the Company’s taxable income exceeds its distributions for the year, the REIT tax rules allow the Company to designate distributions from a subsequent tax year in order to avoid current taxation on undistributed income. If the Company fails to qualify as a REIT, the Company will be subject to federal income tax (including any applicable alternative minimum tax for tax years ending on or prior to December 31, 2017) on its taxable income and to federal income and excise taxes on its undistributed income. In addition, ACCOP is a flow-through entity and is not subject to federal income taxes at the entity level. Historically, the Company has incurred only state and local income, franchise and margin taxes. The Company’s TRSs are subject to federal, state, and local income taxes. As such, deferred income taxes result from temporary differences between the carrying amounts of assets and liabilities of the TRSs for financial reporting purposes and the amounts used for income tax purposes. On December 22, 2017, the Tax Cuts and Jobs Act was signed into law and included wide-scale changes to individual, flow-through and corporation tax laws, including those that impact the real estate industry, the ownership of real estate and real estate investments, and REITs. One significant change was a reduction of the federal corporate income tax rate to 21% . The new rate became effective on January 1, 2018, and is a significant decrease from the prior graduated rate structure, which included a 35% maximum. Given that deferred tax assets and liabilities are measured using enacted tax rates in effect in the years in which those temporary differences are expected to reverse, the deferred balances below reflect the impact of the rate reduction. As of December 31, 2018 , we have reviewed the provisions of the new tax laws that pertain to the Company and have determined them to have no other material income tax effect for financial statement purposes. December 31, 2018 2017 Deferred tax assets: Fixed and intangible assets $ 365 $ 750 Net operating loss carryforwards 9,277 8,808 Prepaid and deferred income 866 1,459 Bad debt reserves 656 574 Accrued expenses and other 3,208 2,769 Stock compensation 2,083 2,017 Total deferred tax assets 16,455 16,377 Valuation allowance for deferred tax assets (16,390 ) (16,293 ) Deferred tax assets, net of valuation allowance 65 84 Deferred tax liability: Deferred financing costs 65 84 Net deferred tax liabilities $ — $ — Significant components of the Company’s income tax provision are as follows: Year Ended December 31, 2018 2017 2016 Current: Federal $ — $ — $ — State (2,429 ) (989 ) (1,150 ) Deferred: Federal — — — State — — — Total provision $ (2,429 ) $ (989 ) $ (1,150 ) TRS earnings subject to tax consisted of losses of approximately $2.0 million , $8.4 million and $3.8 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The reconciliation of income tax for the TRSs computed at the U.S. statutory rate to income tax provision is as follows: Year Ended December 31, 2018 2017 2016 Tax benefit at U.S. statutory rates on TRS income subject to tax $ 327 $ 1,277 $ 2,303 State income tax, net of federal income tax benefit 13 57 85 Effect of permanent differences and other (154 ) 207 (88 ) Deferred tax impact of tax reform — (9,206 ) — (Increase) decrease in valuation allowance (186 ) 7,665 (2,300 ) TRS income tax provision $ — $ — $ — At December 31, 2018 , the TRSs had net operating loss carryforwards (“NOLs”) of approximately $40.1 million for income tax purposes that begin to expire in 2026 . These NOLs may be used to offset future taxable income generated by each of the respective TRSs. Due to the various limitations to which the use of NOLs are subject, the Company has applied a valuation allowance to the NOLs given the likelihood that the NOLs will expire unused. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states’ jurisdictions as required, and as of December 31, 2018 , the 2017 , 2016 and 2015 calendar tax years are subject to examination by the tax authorities. The Company had no material unrecognized tax benefits for the years ended December 31, 2018 , the 2017 , and 2016 , and as of December 31, 2018 , the Company does not expect to record any material unrecognized tax benefits. Because no material unrecognized tax benefits have been recorded, no related interest or penalties have been calculated. A schedule of per share distributions the Company paid and reported to its shareholders, which is unaudited, is set forth in the following table: Year Ended December 31, Tax Treatment of Distributions: 2018 2017 2016 Ordinary income $ — $ 0.8316 $ 0.3541 Long-term capital gain (1) 1.8200 — 0.5145 Return of capital — 0.9084 0.7914 Total per common share outstanding $ 1.8200 $ 1.7400 $ 1.6600 (1) Unrecaptured Sec. 1250 gains of $0.4008 and $0.5383 were reported for the years ended December 31, 2018 and 2016, respectively. There was no unrecaptured Sec. 1250 gain reported for the year ended December 31, 2017 . |
Acquisitions and Joint Venture
Acquisitions and Joint Venture Investments | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions and Joint Venture Investments | Acquisitions and Joint Venture Investments Asset Acquisitions The Company adopted ASU 2017-01 prospectively to any property acquisition transactions that occurred subsequent to January 1, 2017. Under the new standard, the Company expects that most property acquisitions will be accounted for as asset acquisitions rather than business combinations. Presale Development Projects: During the year ended December 31, 2018, the Company entered into two presale agreements to purchase two properties under development. The Company is obligated to purchase the properties for approximately $107.3 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. As a part of the presale agreements, the Company has the option to elect not to purchase the asset, which would result in the Company paying a significant penalty if the developer is not in default under the terms of the presale agreement. Property Location Primary University Served Project Type Beds Scheduled Completion The Flex at Stadium Centre Tallahassee, FL Florida State University Off-campus 340 August 2019 959 Franklin (1) Eugene, OR University of Oregon Off-campus 443 September 2019 783 (1) As part of the presale agreement, the Company provided $15.6 million of mezzanine financing to the project. 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. Property Acquisitions: During the third quarter of 2017, the Company executed an agreement to acquire a portfolio of seven student housing properties from affiliates of Core Spaces and DRW Real Estate Investments (the “Core Transaction”). The transaction included the purchase of 100% of the ownership interests in two operating properties, the purchase of partial ownership interests in two operating properties that completed construction and commenced operations in Fall 2017, and the purchase of partial ownership interests in three properties that completed construction and commenced operations in Fall 2018. The purchase of partial ownership interests was made through a joint venture arrangement. In total, the Core Transaction properties contain 3,776 beds. The initial investment made at closing was $306.0 million and the Company increased its investment by $130.6 million in Fall 2018. The purchase of the remaining ownership interests in the properties of approximately $154.0 million is anticipated to be completed in Fall 2019. During the year ended December 31, 2017, the Company acquired three owned properties containing 1,240 beds for a total purchase price of approximately $222.9 million as well as 100% of the ownership interests in two operating properties as part of the Core Transaction described above for $146.1 million . Total cash consideration was approximately $222.3 million for the three owned properties and $144.3 million for the ownership interests acquired as a part of the Core Transaction. The difference between the contracted purchase price and the cash consideration is due to other assets and liabilities that were not part of the contractual purchase price, but were acquired in the transactions, as well as transaction costs capitalized as part of the acquisitions. Land Acquisitions: 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 . During the year ended December 31, 2017, the Company purchased five land parcels with a fair value of $12.0 million for total cash consideration of approximately $8.9 million . The difference between the fair value of the land and the cash consideration represents non-cash consideration. In addition, during the year ended December 31, 2017, the Company made an initial investment of $9.0 million in a joint venture that holds a land parcel with fair value of $12.0 million . Business Combinations As discussed above, properties acquired prior to January 1, 2017 were accounted for as business combinations. 2016 Acquisition Activity : During the year ended December 31, 2016, the Company acquired two properties containing 709 beds for a total purchase price of approximately $63.1 million and secured two in-process development properties containing 1,333 beds for approximately $39.6 million . Total cash consideration was approximately $102.8 million . The difference between the contracted purchase price and the cash consideration is due to other assets and liabilities that were not part of the contractual purchase price, but were acquired in the transactions. |
Property Dispositions
Property Dispositions | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Property Dispositions | Property Dispositions Property Dispositions In May 2018, the Company sold the following portfolio of three owned properties 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 . Property Location Primary University Served Beds Icon Plaza Los Angeles, CA University of Southern California 253 West 27th Place Los Angeles, CA University of Southern California 475 The Standard Athens, GA University of Georgia 610 1,338 During the year ended December 31, 2017, the Company sold one property, containing 657 beds, for approximately $25.0 million , resulting in net proceeds of approximately $24.5 million . The net loss on this disposition totaled approximately $0.6 million . Concurrent with the classification of this property as held for sale in December 2016, the Company reduced the property’s carrying amount to its estimated fair value less estimated selling costs and recorded an impairment charge of $4.9 million . In 2016, the Company sold 21 properties for a total sales price of approximately $581.8 million , resulting in net proceeds of approximately $571.4 million . The net gain on these dispositions totaled approximately $21.2 million . 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. For further discussion refer to Note 10 . 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. For further discussion refer to Note 9 . The difference between the joint venture partner’s cash contribution and its proportional share of the net book value of the properties was recorded in additional paid in capital in the Company’s consolidated balance sheets and consolidated statement of changes in equity. |
Investments in Owned Properties
Investments in Owned Properties | 12 Months Ended |
Dec. 31, 2018 | |
Owned Properties | |
Real Estate Properties [Line Items] | |
Investments in Owned Properties | Owned properties, both wholly-owned and those owned through investments in VIEs, consisted of the following: December 31, 2018 December 31, 2017 Land (1) $ 653,522 $ 646,991 Buildings and improvements 6,486,106 6,096,527 Furniture, fixtures and equipment 371,429 348,828 Construction in progress 302,902 393,045 7,813,959 7,485,391 Less accumulated depreciation (1,230,562 ) (1,035,027 ) Owned properties, net $ 6,583,397 $ 6,450,364 (1) The land balance above includes undeveloped land parcels with book values of approximately $54.5 million and $38.0 million as of December 31, 2018 and 2017 , respectively. It also includes land totaling approximately $10.3 million and $29.9 million as of December 31, 2018 and 2017 , respectively, related to properties under development. |
On-Campus Participating Propert
On-Campus Participating Properties | 12 Months Ended |
Dec. 31, 2018 | |
On-Campus Participating Properties | |
Real Estate Properties [Line Items] | |
On-Campus Participating Properties | On-Campus Participating Properties The Company is a party to five ground/facility lease agreements (“Leases”) with three university systems (each, a “Lessor”) for the purpose of developing, constructing, and operating five student housing facilities on university campuses. Under the terms of the Leases, title to the constructed facilities is held by the applicable Lessor and such Lessor receives a de minimis base rent paid at inception and 50% of defined net cash flows on an annual basis through the term of the lease. The Leases with the Texas A&M University and University of Houston systems terminate upon the earlier to occur of the final repayment of the related debt, the amortization period of which is contractually stipulated, or the end of the lease term. The Lease with West Virginia University has an initial term of 40 years with two 10 -year extensions at the Company’s option. The Company may not sell, assign, convey or transfer its leasehold interest in the West Virginia University student housing facility. In the event the Company seeks to sell its leasehold interest in the other four facilities, the Leases provide the applicable Lessor the right of first refusal of a bona fide purchase offer and an option to purchase the lessee’s rights under the applicable Lease. Additionally, as discussed in Note 10 , three of the on-campus participating properties are 100% financed with project-based taxable bonds. In conjunction with the execution of each Lease, the Company has entered into separate agreements to manage the related facilities for a fee equal to a percentage of defined gross receipts. The terms of the management agreements are not contingent upon the continuation of the Leases. On-campus participating properties are as follows: Lease Required Debt Historical Cost – December 31, Lessor/University Commencement Repayment 2018 2017 Texas A&M University System / Prairie View A&M University (1) 2/1/1996 9/1/2023 $ 45,661 $ 44,364 Texas A&M University System / Texas A&M International 2/1/1996 9/1/2023 6,982 6,923 Texas A&M University System / Prairie View A&M University (2) 10/1/1999 8/31/2025 28,451 27,802 8/31/2028 University of Houston System / University of Houston (3) 9/27/2000 8/31/2035 36,178 36,062 West Virginia University / West Virginia University 7/16/2013 7/16/2045 45,290 44,845 162,562 159,996 Less accumulated amortization (84,925 ) (78,192 ) On-campus participating properties, net $ 77,637 $ 81,804 (1) Consists of three phases placed in service between 1996 and 1998. (2) Consists of two phases placed in service in 2000 and 2003. (3) Consists of two phases placed in service in 2001 and 2005. |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2018 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests Interests in Consolidated Real Estate Joint Ventures and Presale Arrangements Noncontrolling interests - partially owned properties : As of December 31, 2018 , the Operating Partnership consolidates four joint ventures that own and operate ten owned off-campus properties, including the ACC / Allianz Joint Venture Transaction discussed in Note 6 . Additionally, the Company has entered into two presale agreements to purchase two in-process development properties. The portion of net assets attributable to the third-party partners in these arrangements is classified as “noncontrolling interests - partially owned properties” within equity and capital on the accompanying consolidated balance sheets of ACC and the Operating Partnership, respectively. Redeemable noncontrolling interests (ACC) / redeemable limited partners (Operating Partnership) : As part of the Core Transaction discussed in Note 5 , the Company entered into two joint ventures (the "Core Joint Ventures") in the third quarter of 2017. The Company is consolidating these joint ventures and the noncontrolling interest holder in each of these consolidated joint ventures has the option to redeem its noncontrolling interest in the entities through the exercise of put options. The options will be exercisable in the third and fourth quarter of 2019, and the redemption price is based on the fair value of the properties at the time of option exercise. As the exercise of the options is outside of the Company’s control, the portion of net assets attributable to the third-party partner in each of the Core Joint Ventures is classified as “redeemable noncontrolling interests” and “redeemable limited partners” in the mezzanine section of the accompanying consolidated balance sheets of ACC and the Operating Partnership, respectively. During the year ended December 31, 2018 , the redemption value of redeemable noncontrolling interests increased by $68.7 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 underlying properties becoming operational during the third quarter and the leasing results for the 2018-2019 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 of the properties 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. For further discussion on accounting for changes in redemption value, refer to Note 2 . The third-party partners’ share of the income or loss of the joint ventures described above is calculated based on the partners’ economic interest in the joint ventures, is included in “net income attributable to noncontrolling interests” on the consolidated statements of comprehensive income of ACC and is reported as “net income attributable to noncontrolling interests - partially owned properties” on the consolidated statements of comprehensive income of the Operating Partnership. Operating Partnership Ownership Also included in redeemable noncontrolling interests (ACC) / redeemable limited partners (Operating Partnership) are OP Units for which the Operating Partnership is required, either by contract or securities law, to deliver registered common shares of ACC to the exchanging OP unit holder, or for which the Operating Partnership has the intent or history of exchanging such units for cash. The units classified as such include Series A Preferred Units (“Preferred OP Units”) as well as Common OP Units. The value of redeemable noncontrolling interests (ACC) / redeemable limited partners (Operating Partnership) related to OP Units on the accompanying consolidated balance sheets is reported at the greater of fair value, which is based on the closing market value of the Company’s common stock at period end, or historical cost at the end of each reporting period. The OP Unitholders’ share of the income or loss of the Company is included in “net income attributable to noncontrolling interests” on the consolidated statements of comprehensive income of ACC. As of December 31, 2018 and 2017 , respectively, approximately 0.5% and 0.8% of the equity interests of the Operating Partnership were held by owners of Common OP Units and Preferred OP Units not held by ACC or ACC Holdings. During the year ended December 31, 2018 and 2017 , 412,343 and 22,000 Common OP Units were converted into an equal number of shares of ACC’s common stock, respectively. Below is a table summarizing the activity of redeemable noncontrolling interests (ACC) / redeemable limited partners (Operating Partnership) for the years ended December 31, 2018 and 2017 , which includes both the redeemable joint venture partners and OP Units discussed above: Balance, December 31, 2016 $ 55,078 Net income 654 Distributions (77,031 ) Conversion of redeemable limited partner units into shares of ACC common stock (154 ) Contributions from noncontrolling interests 162,794 Adjustments to reflect redeemable noncontrolling interests at fair value (9,172 ) Balance, December 31, 2017 $ 132,169 Net income 936 Distributions (1,516 ) Conversion of redeemable limited partner units into shares of ACC common stock (13,334 ) Contributions from noncontrolling interests 112 Adjustments to reflect redeemable noncontrolling interests at fair value 66,079 Balance, December 31, 2018 $ 184,446 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt A summary of the Company’s outstanding consolidated indebtedness, including unamortized debt premiums and discounts, is as follows: December 31, 2018 2017 Debt secured by owned properties: Mortgage loans payable: Unpaid principal balance $ 727,163 $ 496,557 Unamortized deferred financing costs (1,757 ) (2,144 ) Unamortized debt premiums 11,579 19,006 736,985 513,419 Construction loans payable (1) 22,207 51,780 Unamortized deferred financing costs (480 ) (888 ) 758,712 564,311 Debt secured by on-campus participating properties: Mortgage loans payable (2) 67,867 69,776 Bonds payable 27,030 30,575 Unamortized deferred financing costs (525 ) (642 ) 94,372 99,709 Total secured mortgage, construction and bond debt 853,084 664,020 Unsecured notes, net of unamortized OID and deferred financing costs (3) 1,588,446 1,585,855 Unsecured term loans, net of unamortized deferred financing costs (4) 198,769 647,044 Unsecured revolving credit facility 387,300 127,600 Total debt, net $ 3,027,599 $ 3,024,519 (1) Construction loans payable relates to construction loans partially financing the development of two presale development properties. These properties are owned by entities determined to be VIEs for which the Company is the primary beneficiary. The creditors of these construction loans do not have recourse to the assets of the Company. (2) The creditors of mortgage loans payable related to on-campus participating properties do not have recourse to the assets of the Company. (3) Includes net unamortized original issue discount (“OID”) of $1.6 million at December 31, 2018 and $1.9 million at December 31, 2017 , and net unamortized deferred financing costs of $10.0 million at December 31, 2018 and $12.2 million at December 31, 2017 . (4) Includes net unamortized deferred financing costs of $1.2 million at December 31, 2018 and $3.0 million at December 31, 2017 . Mortgage and Construction Loans Payable Mortgage loans payable generally feature either monthly interest and principal payments or monthly interest-only payments with balloon payments due at maturity. For purposes of classification in the following table, variable rate mortgage loans subject to interest rate swaps are deemed to be fixed rate, due to the Company having effectively fixed the interest rate for the underlying debt instrument. Construction loans payable generally feature monthly payments of interest only during the term of the loan and outstanding borrowings become due at maturity. Mortgage and construction loans payable, excluding debt premiums and discounts, consisted of the following as of December 31, 2018 : December 31, 2018 Principal Outstanding Weighted Weighted Number of December 31, Average Average Years Properties 2018 2017 Interest Rate to Maturity Encumbered Fixed Rate: Mortgage loans payable (1) $ 683,615 $ 566,333 4.61 % 6.0 Years 19 Variable Rate: Mortgage & construction loans payable (2) 133,622 51,780 4.44 % 8.4 Years 4 Total $ 817,237 $ 618,113 4.58 % 6.4 Years 23 (1) Fixed rate mortgage loans payable mature at various dates from 2019 through 2028 and carry interest rates ranging from 4.00% to 6.43% at December 31, 2018 . (2) Variable rate construction loans mature upon completion of the development projects in Fall 2019 and carry interest rates based on LIBOR plus a spread, which translate into interest rates ranging from 5.16% to 5.35% at December 31, 2018 . During the year ended December 31, 2018 , the following transactions occurred: Mortgage Loans Payable (1) Construction Loans Payable Balance, December 31, 2017 $ 566,333 $ 51,780 Additions: Origination of debt - ACC/Allianz JV 330,000 — Draws under advancing construction notes payable — 100,882 Deductions: Pay-off of mortgage notes payable due to disposition (2) (45,516 ) — Pay-off and extinguishment of mortgage notes payable (3) (47,626 ) — Pay-off of construction debt (4) — (130,455 ) Scheduled repayments of principal (8,161 ) — Balance, December 31, 2018 $ 795,030 $ 22,207 (1) Balance excludes unamortized debt premiums and discounts. (2) The Company paid off fixed rate mortgage debt relating to the disposition of one owned property and transition of one owned property into the ACC/Allianz joint venture. (3) The Company paid off one fixed rate mortgage loan nearing maturity at one owned property and had one loan extinguished, as planned, as a part of the unwinding of a New Market Tax Credit ("NMTC") structure at a second owned property. The unwinding of the NMTC resulted in a gain of $8.7 million . (4) Includes the payoff of $111.2 million associated with the Core Transaction and $19.3 million related to one presale development property. In May 2017, the lender of the non-recourse mortgage loan secured by Blanton Common, a property located near Valdosta State University which was inherited as part of the GMH student housing transaction in 2008, sent a formal notice of default and initiated foreclosure proceedings. The property generated insufficient cash flow to cover the debt service on the mortgage, which had a balance of $27.4 million at default and a contractual maturity date of August 2017. In May 2017, the lender began receiving the net operating cash flows of the property each month in lieu of scheduled monthly mortgage payments. In August 2017, the property transferred to receivership and a third-party manager began managing the property on behalf of the lender. As of December 31, 2018 , the Company was cooperating with the lender to allow for a consensual foreclosure process upon which the property will be surrendered to the lender in satisfaction of the mortgage loan. In June 2017, the Company recorded an impairment charge for this property of $15.3 million . Bonds Payable Three of the on-campus participating properties are 100% financed with outstanding project-based taxable bonds. Under the terms of these financings, one of the Company’s special purpose subsidiaries publicly issued three series of taxable bonds and loaned the proceeds to three special purpose subsidiaries that each hold a separate leasehold interest. The bonds encumbering the leasehold interests are non-recourse, subject to customary exceptions. Although a default in payment by these special purpose subsidiaries could result in a default under one or more series of bonds, indebtedness of any of these special purpose subsidiaries is not cross-defaulted or cross-collateralized with indebtedness of the Company, the Operating Partnership or other special purpose subsidiaries. Repayment of principal and interest on these bonds is insured by MBIA, Inc. Interest and principal are paid semi-annually and annually, respectively, through maturity. Covenants include, among other items, budgeted and actual debt service coverage ratios. As of December 31, 2018 , the Company was in compliance with all such covenants. Bonds payable at December 31, 2018 consisted of the following: Principal Weighted Required Series Mortgaged Facilities Subject to Leases Original December 31, 2018 Average Rate Maturity Date Monthly Debt Service 1999 University Village-PVAMU/TAMIU $ 39,270 $ 14,560 7.76 % September 2023 $ 302 2001 University College–PVAMU 20,995 10,020 7.62 % August 2025 158 2003 University College–PVAMU 4,325 2,450 6.20 % August 2028 28 Total/weighted average rate $ 64,590 $ 27,030 7.57 % $ 488 Unsecured Notes The Company has issued the following senior unsecured notes: Date Issued Amount % of Par Value Coupon Yield Original Issue Discount Term (Years) April 2013 $ 400,000 99.659 3.750% 3.791% $ 1,364 10 June 2014 400,000 99.861 4.125% 4.269% (1) 556 10 September 2015 400,000 99.811 3.350% 3.391% 756 5 October 2017 400,000 99.912 3.625% 3.635% 352 10 $ 1,600,000 $ 3,028 (1) The yield includes effect of the amortization of the interest rate swap terminations. The notes are fully and unconditionally guaranteed by the Company. Interest on the notes is payable semi-annually. The total unamortized original issue discount was approximately $1.6 million and $1.9 million as of December 31, 2018 and 2017 , respectively, and is included in unsecured notes on the accompanying consolidated balance sheets. Amortization of approximately $0.4 million , $0.3 million , and $0.3 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively, was calculated using the effective-interest method and is included in interest expense on the accompanying consolidated statements of comprehensive income. The terms of the unsecured notes include certain financial covenants that require the Operating Partnership to limit the amount of total debt and secured debt as a percentage of total asset value, as defined. In addition, the Operating Partnership must maintain a minimum ratio of unencumbered asset value to unsecured debt, as well as a minimum interest coverage level. As of December 31, 2018 , the Company was in compliance with all such covenants. Unsecured Revolving Credit Facility In January 2017, the Company entered into the Fifth Amended and Restated Credit Agreement (the “Agreement”). Pursuant to the Agreement, the Company increased the size of its unsecured revolving credit facility from $500 million to $700 million , which may be expanded by up to an additional $500 million upon the satisfaction of certain conditions. In connection with the Agreement, the maturity date of the revolving credit facility was extended from March 2018 to March 2022 . The unsecured revolving credit facility bears interest at a variable rate, at the Company’s option, based upon a base rate of one-, two-, three- or six-month LIBOR, plus, in each case, a spread based upon the Company’s investment grade rating from either Moody’s Investor Services, Inc. or Standard & Poor’s Rating Group. Additionally, the Company is required to pay a facility fee of 0.20% per annum on the $700 million revolving credit facility. As of December 31, 2018 , the revolving credit facility bore interest at a weighted average annual rate of 3.66% ( 2.46% + 1.00% spread + 0.20% facility fee), and availability under the revolving credit facility totaled $312.7 million . The terms of the unsecured credit facility include certain restrictions and covenants, which limit, among other items, the incurrence of additional indebtedness and liens. The facility contains customary affirmative and negative covenants and also contains financial covenants that, among other things, require the Company to maintain certain maximum leverage ratios and minimum ratios of “EBITDA” (earnings before interest, taxes, depreciation and amortization) to fixed charges. The financial covenants also include a minimum asset value requirement, a maximum secured debt ratio, and a minimum unsecured debt service coverage ratio. As of December 31, 2018 , the Company was in compliance with all such covenants. Unsecured Term Loans In May 2018, the Company repaid the $300 million unsecured term loan (“Term Loan III Facility”) and the $150 million unsecured term loan (“Term Loan I Facility”) 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 the Term Loan III Facility and Term Loan I Facility, the Company accelerated the amortization of $0.9 million of deferred financing costs. In June 2017, the Company entered into an Unsecured Term Loan Credit Agreement (the “New Term Loan II Facility”) totaling $200 million . The maturity date of the New Term Loan II Facility is June 2022. The agreement has an accordion feature that allows the Company to expand the amount by up to an additional $100 million , subject to the satisfaction of certain conditions. The weighted average annual rate on the New Term Loan II Facility was 3.48% ( 2.38% + 1.10% spread) at December 31, 2018 . The terms of the term loan facilities described above include certain restrictions and covenants consistent with those of the unsecured revolving credit facility discussed above. As of December 31, 2018 , the Company was in compliance with all such covenants. Debt Maturities The following table summarizes the stated debt maturities and scheduled amortization payments, excluding debt premiums and discounts, for each of the five years subsequent to December 31, 2018 and thereafter: 2019 $ 131,500 (1) 2020 446,073 2021 196,913 2022 619,609 2023 407,538 Thereafter 1,229,934 $ 3,031,567 (1) 2019 includes $22.2 million related to construction loans used to finance the development and construction of two in-process development properties held by entities determined to be VIEs. These loans are an obligation of the third-party developers and will be paid off with proceeds from the Company’s investment in the properties, which is expected to occur upon the successful completion and delivery of the properties in Fall 2019 (see Note 5 and Note 16 ). Other than with regard to the non-recourse mortgage loan secured by Blanton Common, as discussed above, payment of principal and interest were current at December 31, 2018 . Certain of the mortgage notes and bonds payable are subject to prepayment penalties. |
Stockholders' Equity _ Partners
Stockholders' Equity / Partners' Capital | 12 Months Ended |
Dec. 31, 2018 | |
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 year ended December 31, 2018 . The following table presents activity under the Company’s ATM Equity Program during the year ended December 31, 2017 : Year Ended December 31, 2017 Total net proceeds $ 188,538 Commissions paid to sales agents $ 2,374 Weighted average price per share $ 48.34 Shares of common stock sold 3,949,356 As of December 31, 2018 , the Company had $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 select employees and members of the Company’s Board of Directors, in which vested share awards (see Note 12 ), salary and other cash amounts earned may be deposited. Deferred Compensation Plan assets are held in a rabbi trust, which is subject to the claims of the Company’s creditors in the event of bankruptcy or insolvency. The shares held in the Deferred Compensation Plan are classified within stockholders’ equity in a manner similar to the manner in which treasury stock is classified. Subsequent changes in the fair value of the shares are not recognized. During the year ended December 31, 2018 , 12,956 shares and 7,131 shares of vested stock were deposited into and withdrawn from the Deferred Compensation Plan, respectively, bringing the total ACC shares held in the Deferred Compensation Plan to 69,603 as of December 31, 2018 . Partners’ Capital – Operating Partnership In connection with the issuance of common shares under the ATM Equity Program discussed above, ACCOP issued a number of Common OP Units to ACC equivalent to the number of common shares issued by ACC. |
Incentive Award Plan
Incentive Award Plan | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [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. As of December 31, 2018 , 3.5 million shares were available for issuance under the 2018 Plan. Restricted Stock Units Upon initial appointment to the Board of Directors and reelection to the Board of Directors at each Annual Meeting of Stockholders, each independent member of the Board of Directors is granted RSUs. On the Settlement Date, the Company will deliver to the recipients a number of shares of common stock or cash, as determined by the Compensation Committee of the Board of Directors, equal to the number of RSUs held by the recipients. In addition, recipients of RSUs are entitled to dividend equivalents equal to the cash distributions paid by the Company on one share of common stock for each RSU issued, payable currently or on the Settlement Date, as determined by the Compensation Committee of the Board of Directors. In March and September 2018, the Company appointed two new members to the Board of Directors who were granted RSUs valued at $115,000 each. Upon reelection to the Board of Directors in May 2018 , all members of the Company’s Board of Directors were granted RSUs in accordance with the 2018 Plan. These RSUs were valued at $160,000 for the Chairman of the Board of Directors and at $115,000 for all other members. The number of RSUs was determined based on the fair market value of the Company’s stock on the date of grant, as defined in the 2018 Plan. All awards vested and settled immediately on the date of grant, and the Company delivered shares of common stock and cash, as determined by the Compensation Committee of the Board of Directors. A summary of ACC’s RSUs under the Plan for the years ended December 31, 2018 and 2017 and activity during the year then ended is presented below: Number of RSUs Weighted-Average Grant Date Fair Value Per RSU Outstanding at December 31, 2016 — $ — Granted 18,221 46.67 Settled in common shares (16,295 ) 46.65 Settled in cash (1,926 ) 46.76 Outstanding at December 31, 2017 — — Granted 27,376 39.45 Settled in common shares (27,376 ) 39.45 Outstanding at December 31, 2018 — — The Company recognized expense of approximately $1.1 million for the year ended December 31, 2018 , and $0.9 million for each of the years ended December 31, 2017 and 2016 , respectively, reflecting the fair value of the RSUs issued on the date of grant, and the expense is included in general and administrative expenses on the Company’s consolidated statements of comprehensive income. The weighted-average grant-date fair value for each RSU granted during the year ended December 31, 2016 was $46.81 . Restricted Stock Awards The Company awards RSAs to its executive officers and certain employees that vest in equal annual installments over a five year period. Unvested awards are forfeited upon the termination of an individual’s employment with the Company under specified circumstances. Recipients of RSAs receive dividends, as declared by the Company’s Board of Directors, on unvested shares, provided that the recipient continues to be employed by the Company. A summary of the Company’s RSAs under the Plan for the years ended December 31, 2018 and 2017 is presented below: Number of RSAs Weighted-Average Grant Date Fair Value Per RSA Nonvested balance at December 31, 2016 773,101 $ 41.47 Granted 344,688 48.55 Vested (193,186 ) 42.29 Forfeited (113,733 ) 42.36 Nonvested balance at December 31, 2017 810,870 $ 44.16 Granted 357,387 39.41 Vested (249,102 ) 43.36 Forfeited (56,475 ) 43.64 Nonvested balance at December 31, 2018 862,680 $ 42.46 The fair value of RSAs is calculated based on the closing market value of the Company’s common stock on the date of grant. The fair value of these awards is amortized to expense over the vesting periods, which amounted to approximately $11.1 million , $13.1 million and $9.3 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The amortization of restricted stock awards for the year ended December 31, 2017 includes $2.4 million of contractual executive separation and retirement charges incurred with regard to the retirement of the Company’s former Chief Financial Officer, representing the June 30, 2017 vesting of 46,976 RSAs, net of shares withheld for taxes, related to the retirement. The weighted-average grant date fair value for each RSA granted and forfeited during the year ended December 31, 2016 was $41.41 and $40.47 , respectively. The total fair value of RSAs vested during the year ended December 31, 2018 , was approximately $9.1 million . Additionally, as of December 31, 2018 , the Company had approximately $27.1 million of total unrecognized compensation cost related to these RSAs, which is expected to be recognized over a remaining weighted-average period of 3.2 years. Per the provisions of the Plan, an employee becomes retirement eligible when (i) the sum of an employee’s full years of service (a minimum of 120 contiguous full months) and the employee’s age on the date of termination (a minimum of 50 years of age) equals or exceeds 70 years (hereinafter referred to as the “Rule of 70”); (ii) the employee gives at least six months prior written notice to the Company of his or her intention to retire; and (iii) the employee enters into a noncompetition agreement and a general release of all claims in a form that is reasonably satisfactory to the Company. As of December 31, 2018 , 15 employees have met the Rule of 70, including the Company’s Chief Executive Officer and President. A total of 271,771 unvested RSAs are held by such employees. Once the other two conditions of retirement eligibility are met, the shares held by these employees will be subject to accelerated vesting. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and forward starting swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Forward starting swaps are used to protect the Company against adverse fluctuations in interest rates by reducing its exposure to variability in cash flows relating to interest payments on a forecasted issuance of debt. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in other comprehensive income (outside of earnings) and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. Ineffectiveness resulting from the derivative instruments was immaterial for the years ended December 31, 2018 , 2017 and 2016 . The following table summarizes the Company’s outstanding interest rate swap contracts and forward starting swap contracts which are included in other assets and other liabilities on the accompanying consolidated balance sheets as of December 31, 2018 : Hedged Debt Instrument Effective Date Maturity Date Pay Fixed Rate Receive Floating Rate Index Current Notional Amount Fair Value Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month $ 13,158 $ 50 Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month 13,294 51 Park Point mortgage loan (1) Feb 1, 2019 Jan 16, 2024 2.7475% LIBOR - 1 month 70,000 (1,038 ) Unsecured corporate debt (2) Sep 30, 2019 Sep 30, 2029 2.8020% LIBOR - 3 month 100,000 (634 ) Unsecured corporate debt (2) Sep 30, 2019 Sep 30, 2029 2.8025% LIBOR - 3 month 50,000 (316 ) Unsecured corporate debt (2) Sep 30, 2019 Sep 30, 2029 2.7990% LIBOR - 3 month 50,000 (299 ) Total $ 296,452 $ (2,186 ) (1) In October 2018, the remaining previous interest rate swaps on the Park Point mortgage loan expired and the remaining immaterial balance in accumulated other comprehensive income was reclassified into earnings. A new forward starting swap was entered into in December 2018. (2) Represents forward starting swaps to hedge forecasted issuances of unsecured debt. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2018 and 2017 : Asset Derivatives Liability Derivatives Fair Value as of Fair Value as of Description Balance Sheet Location December 31, 2018 December 31, 2017 Balance Sheet Location December 31, 2018 December 31, 2017 Interest rate swap contracts Other assets $ 101 $ 87 Other liabilities $ — $ 191 Forward starting swap contracts Other assets — — Other liabilities 2,287 — Total derivatives designated $ 101 $ 87 $ 2,287 $ 191 |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures Financial Instruments Carried at Fair Value The Company follows the authoritative guidance for financial assets and liabilities, which establishes a framework for measuring fair value and requires enhanced disclosures about fair value measurements. The authoritative guidance requires disclosure about how fair value is determined for assets and liabilities and establishes a hierarchy by which these assets and liabilities must be categorized, based on significance of inputs. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability, such as interest rates and yield curves observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In instances in which the inputs used to measure fair value may fall into different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement in its entirety has been determined is based on the lowest level input significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The following table presents information about the Company’s financial instruments measured at fair value on a recurring basis as of December 31, 2018 and 2017 , and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. Fair Value Measurements as of December 31, 2018 December 31, 2017 Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Derivative financial $ — $ 101 $ — $ 101 $ — $ 87 $ — $ 87 Liabilities: Derivative financial instruments $ — $ 2,287 $ — $ 2,287 $ — $ 191 $ — $ 191 Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) $ — $ 27,828 $ 156,618 $ 184,446 $ — $ 44,503 $ 87,666 $ 132,169 The OP Unit component of redeemable noncontrolling interests has a redemption feature and is marked to its redemption value when the redemption value exceeds the original issue price. The redemption value is based on the fair value of the Company’s common stock at the redemption date and therefore, is calculated based on the fair value of the Company’s common stock at the balance sheet date. Since the valuation is based on observable inputs such as quoted prices for similar instruments in active markets, these instruments are classified in Level 2 of the fair value hierarchy. As discussed in Note 9 , the redemption value of the redeemable noncontrolling interest increased by $68.7 million during the year ended December 31, 2018. The redemption value is based on the fair value of the underlying properties held by the joint ventures. This analysis incorporates information obtained from a number of sources, including the Company’s analysis of comparable properties in the Company’s portfolio, estimations of net operating results of the properties, capitalization rates, discount rates, and other market data. The Company has determined these estimates are primarily based upon unobservable inputs and therefore are considered to be Level 3 inputs within the fair value hierarchy. Refer to Note 9 for the activity related to the noncontrolling interest during the year ended December 31, 2018 and 2017 . The Company had no transfers between Levels 1, 2 or 3 during the periods presented. Financial Instruments Not Carried at Fair Value Cash and Cash Equivalents, Restricted Cash, Student Contracts Receivable, Other Assets, Accounts Payable and Accrued Expenses and Other Liabilities: The Company estimates that the carrying amount approximates fair value, due to the short maturity of these instruments. Loans Receivable : The fair value of loans receivable is based on a discounted cash flow analysis consisting of scheduled cash flows and discount rate estimates to approximate those that a willing buyer and seller might use. These financial instruments utilize Level 3 inputs. Mortgage Loans Payable : The fair value of mortgage loans payable is based on the present value of the cash flows at current market interest rates through maturity. The Company has concluded the fair value of these financial instruments utilize Level 2 inputs as the majority of the significant inputs used to value these instruments fall within Level 2 of the fair value hierarchy. The Company estimates that the carrying value of variable rate mortgages approximates fair value due to the variable interest rate features of these instruments. Fixed rate mortgage fair values are included in the table below. Bonds Payable : The fair value of bonds payable is based on quoted prices in markets that are not active due to the unique characteristics of these financial instruments; as such, the Company has concluded the inputs used to measure fair value fall within Level 2 of the fair value hierarchy. Unsecured Notes : In calculating the fair value of unsecured notes, interest rate and spread assumptions reflect current creditworthiness and market conditions available for the issuance of unsecured notes with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs. Construction Loans Payable, Unsecured Revolving Credit Facility, and Unsecured Term Loans : The fair value of these instruments approximates their carrying values due to the variable interest rate feature of these instruments. The table below contains the estimated fair value and related carrying amounts for the Company’s financial instruments as of December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 Estimated Fair Value Carrying Amount Estimated Fair Value Carrying Amount Assets: Loans receivable $ 50,993 $ 54,611 $ 54,140 $ 57,948 Liabilities: Unsecured notes $ 1,566,900 $ 1,588,446 (1) $ 1,620,839 $ 1,585,855 (1) Mortgage loans payable $ 668,911 $ 693,384 (2) $ 571,676 $ 582,927 (2) Bonds payable $ 28,805 $ 26,741 (3) $ 32,552 $ 30,201 (3) (1) Includes net unamortized OID and net unamortized deferred financing costs (see Note 10 ). (2) Includes net unamortized debt premiums and discounts and net unamortized deferred financing costs (see Note 10 ). Does not include two variable rate mortgage loans with a combined principal balance of $111.4 million as of December 31, 2018. (3) Includes net unamortized deferred financing costs (see Note 10 ). |
Lease Commitments
Lease Commitments | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Lease Commitments | Lease Commitments As discussed in Note 2 , the Company as lessee has entered into lease agreements with university systems and other third parties for the purpose of financing, constructing and operating student housing properties. Under the terms of the ground and facility leases, the lessor may receive annual minimum rent, variable rent based upon the operating performance of the property, or a combination thereof. The Company records rent under the straight-line method over the term of the lease and any difference between the straight-line rent amount and amount payable under the lease terms is recorded as prepaid or deferred rent. Straight-line rent is capitalized during the construction period and expensed upon the commencement of operations. Owned On-Campus Properties Under its ACE program, the Company has entered into ground/facility lease agreements to finance, construct, and manage 34 student housing properties (see Note 2 for details). As of December 31, 2018 and 2017 , net prepaid ground rent totaled approximately $6.9 million and $8.4 million , respectively, and is included in other assets on the accompanying consolidated balance sheets. Under these ground/facility leases, the Company recognized rent expense of approximately $8.9 million , $7.4 million and $6.2 million for the years ended December 31, 2018 , 2017 and 2016 , respectively, and capitalized rent of approximately $2.3 million , $2.0 million and $0.7 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Rent expense is included in ground/facility leases expense in the accompanying consolidated statements of comprehensive income. On-Campus Participating Properties The Company is a party to five ground/facility lease agreements with three university systems for the purpose of developing, constructing, and operating five student housing facilities on university campuses. Under the terms of the agreements, the lessor receives 50% of defined net cash flows on an annual basis through the term of the lease (see Note 2 and Note 8 for details). Under these leases, the Company recognized rent expense of approximately $2.9 million , $2.8 million and $3.0 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Rent expense is included in ground/facility leases expense in the accompanying consolidated statements of comprehensive income. Other Leases The Company has entered into ground lease agreements with third parties for the purpose of constructing and operating certain of its owned off-campus student housing properties. As of December 31, 2018 and 2017 , net deferred ground rent totaled approximately $4.2 million and $3.6 million , respectively, and is included in other liabilities on the accompanying consolidated balance sheets. Under these ground leases, the Company recognized rent expense of approximately $3.0 million , $2.4 million and $2.2 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Rent expense is included in owned properties operating expenses in the accompanying consolidated statements of comprehensive income. In addition, the Company has entered into a lease for corporate office space beginning January 2011 , and expiring December 2020 , as well as a lease for expansion space for its corporate office beginning December 2016 and expiring March 2024 . The terms of the leases provide for a period of free rent, scheduled rental rate increases, and common area maintenance charges upon expiration of the free rent period. The Company also has various operating leases for furniture, office and technology equipment, which expire through 2023 . There were no capital lease obligations outstanding as of December 31, 2018 . Future minimum commitments over the life of all leases, which exclude variable rent payments, are as follows: Operating 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 | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments Construction Contracts: As of December 31, 2018 , excluding two properties under construction and subject to presale arrangements which are being funded by construction loans, the Company estimates additional costs to complete five owned development projects under construction to be approximately $479.7 million . Joint Ventures: As discussed in Note 5 , as part of the Core Transaction, the Company entered into two joint ventures during the third quarter of 2017. As part of this transaction, the Company is obligated to increase its investment in the joint ventures over a two year period. As of December 31, 2018 , the remaining funding commitment was approximately $154.0 million . Presale Development Projects: The Company has entered into two presale agreements to purchase properties which will be completed in Fall 2019. Total estimated development costs of approximately $107.3 million include the purchase price and elected upgrades, of which $89.6 million remains to be funded as of December 31, 2018 . The Company is obligated to purchase the properties as long as the developer meets certain construction completion deadlines and other closing conditions. As a part of the presale agreements, the Company has the option to elect not to purchase the asset, which would result in the Company paying a significant penalty if the developer is not in default under the terms of the presale agreement. The Company is responsible for leasing, management, and initial operations of the project while the third-party developer retains development risk during the construction period. See Note 5 for further discussion. The Company expects to fund the commitments mentioned above through a combination of proceeds from cash flows generated from operations, anticipated property dispositions, joint venture activity, and a combination of debt and equity transactions, which may include net proceeds from the ATM Equity Program discussed in Note 11 , borrowings under the Company’s existing unsecured credit facilities, and accessing the unsecured bond market. Development-related Guarantees: For certain of its third-party development projects, the Company commonly provides alternate housing and project cost guarantees, subject to force majeure. These guarantees are typically limited, on an aggregate basis, to the amount of the projects’ related development fees or a contractually agreed-upon maximum exposure amount. Alternate housing guarantees generally require the Company to provide substitute living quarters and transportation for students to and from the university if the project is not complete by an agreed-upon completion date. These guarantees typically expire at the later of five days after completion of the project or once the Company has moved all students from the substitute living quarters into the project. Under project cost guarantees, the Company is responsible for the construction cost of a project in excess of an approved budget. The budget consists primarily of costs included in the general contractors’ guaranteed maximum price contract (“GMP”). In most cases, the GMP obligates the general contractor, subject to force majeure and approved change orders, to provide completion date guarantees and to cover cost overruns and liquidated damages. In addition, the GMP is in certain cases secured with payment and performance bonds. Project cost guarantees expire upon completion of certain developer obligations, which are normally satisfied within one year after completion of the project. The Company’s estimated maximum exposure amount under the above guarantees is approximately $14.0 million as of December 31, 2018 . As of December 31, 2018 , management did not anticipate any material deviations from schedule or budget related to third-party development projects currently in progress. In the normal course of business, the Company enters into various development-related purchase commitments with parties that provide development-related goods and services. In the event that the Company was to terminate development services prior to the completion of projects under construction, the Company could potentially be committed to satisfy outstanding purchase orders with such parties. As a part of the development agreement with Walt Disney ® World Resort, the Company has guaranteed the completion of construction of approximately $614.6 million 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. Other Guarantee: In 2017, as part of the purchase of an undeveloped land parcel, the Company entered into an agreement to construct a commercial retail space within a project under development that will be conveyed back to the seller upon construction completion. If the construction of the retail space is not completed in accordance with the agreement, the Company is required to pay liquidated damages of $2.1 million . As of December 31, 2018 , management anticipates completing construction of the retail space in accordance with the agreement. Contingencies Litigation: The Company is subject to various claims, lawsuits and legal proceedings, as well as other matters that have not been fully resolved and that have arisen in the ordinary course of business. While it is not possible to ascertain the ultimate outcome of such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on the consolidated financial position or results of operations of the Company. However, the outcome of claims, lawsuits and legal proceedings brought against the Company is subject to significant uncertainty. Therefore, although management considers the likelihood of such an outcome to be remote, the ultimate results of these matters cannot be predicted with certainty. Letters of Intent: In the ordinary course of the Company’s business, the Company enters into letters of intent indicating a willingness to negotiate for acquisitions, dispositions or joint ventures. Such letters of intent are non-binding (except with regard to exclusivity and confidentiality), and neither party to the letter of intent is obligated to pursue negotiations unless and until a definitive contract is entered into by the parties. Even if definitive contracts are entered into, the letters of intent relating to the acquisition and disposition of real property and resulting contracts generally contemplate that such contracts will provide the acquirer with time to evaluate the property and conduct due diligence, during which periods the acquirer will have the ability to terminate the contracts without penalty or forfeiture of any material deposit or earnest money. There can be no assurance that definitive contracts will be entered into with respect to any matter covered by letters of intent or that the Company will consummate any transaction contemplated by any definitive contract. Furthermore, due diligence periods for real property are frequently extended as needed. Once the due diligence period expires, the Company is then at risk under a real property acquisition contract, but only to the extent of any non-refundable earnest money deposits associated with the contract and subject to normal closing conditions being met. Environmental Matters: The Company is not aware of any environmental liability with respect to the properties that would have a material adverse effect on the Company’s business, assets or results of operations. However, there can be no assurance that such a material environmental liability does not exist. The existence of any such material environmental liability could have an adverse effect on the Company’s results of operations and cash flows. |
Segments
Segments | 12 Months Ended |
Dec. 31, 2018 | |
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 noncontrolling interests. During the year ended December 31, 2017, the Company revised the measure of profit or loss for each segment to include the allocation of costs related to corporate management and oversight and to exclude intercompany management fee revenue. This was due to a presentation change in the information used by the Company’s chief operating decision makers to assess segment and company-wide performance and allocate resources, which was driven by the reorganization of duties within the Company’s executive management team. Prior period amounts have been reclassified to conform to the current period presentation. Year Ended December 31, 2018 2017 2016 Owned Properties Rental revenues and other income $ 829,119 $ 741,909 $ 738,598 Interest income 1,436 1,545 1,170 Total revenues from external customers 830,555 743,454 739,768 Operating expenses before depreciation, amortization, and ground/facility lease expense (373,521 ) (332,429 ) (337,296 ) Ground/facility lease expense (8,927 ) (7,372 ) (6,158 ) Interest expense, net (1) (14,742 ) (3,659 ) (18,552 ) Operating income before depreciation and amortization $ 433,365 $ 399,994 $ 377,762 Depreciation and amortization $ 253,843 $ 223,939 $ 200,934 Capital expenditures $ 546,147 $ 617,552 $ 485,726 Total segment assets at December 31, $ 6,841,222 $ 6,691,758 $ 5,672,360 On-Campus Participating Properties Rental revenues and other income $ 34,596 $ 33,945 $ 33,433 Interest income 133 65 10 Total revenues from external customers 34,729 34,010 33,443 Operating expenses before depreciation, amortization, and ground/facility lease expense (14,602 ) (14,384 ) (13,447 ) Ground/facility lease expense (2,928 ) (2,841 ) (3,009 ) Interest expense, net (1) (5,098 ) (5,264 ) (5,539 ) Operating income before depreciation and amortization $ 12,101 $ 11,521 $ 11,448 Depreciation and amortization $ 7,820 $ 7,536 $ 7,343 Capital expenditures $ 3,654 $ 3,533 $ 2,944 Total segment assets at December 31, $ 93,917 $ 100,031 $ 103,256 Development Services Development and construction management fees $ 7,281 $ 10,761 $ 4,606 Operating expenses (8,031 ) (7,618 ) (7,530 ) Operating (loss) income before depreciation and amortization $ (750 ) $ 3,143 $ (2,924 ) Total segment assets at December 31, $ 10,087 $ 6,726 $ 2,601 Property Management Services Property management fees from external customers $ 9,814 $ 9,832 $ 9,724 Operating expenses (7,428 ) (7,607 ) (7,003 ) Operating income before depreciation and amortization $ 2,386 $ 2,225 $ 2,721 Total segment assets at December 31, $ 6,426 $ 7,576 $ 7,997 Reconciliations Total segment revenues and other income $ 882,379 $ 798,057 $ 787,541 Unallocated interest income earned on investments and corporate cash 3,265 3,335 4,301 Total consolidated revenues, including interest income $ 885,644 $ 801,392 $ 791,842 Segment operating income before depreciation and amortization $ 447,102 $ 416,883 $ 389,007 Depreciation and amortization (269,019 ) (239,574 ) (217,907 ) Net unallocated expenses relating to corporate interest and overhead (110,660 ) (90,250 ) (72,788 ) Gain (loss) from disposition of real estate 42,314 (632 ) 21,197 Provision for real estate impairment — (15,317 ) (4,895 ) Other operating and nonoperating income 3,949 — — Gain (loss) from extinguishment of debt, net 7,867 — (12,841 ) Income tax provision (2,429 ) (989 ) (1,150 ) Net income $ 119,124 $ 70,121 $ 100,623 Total segment assets $ 6,951,652 $ 6,806,091 $ 5,786,214 Unallocated corporate assets 87,194 91,279 79,699 Total assets at December 31, $ 7,038,846 $ 6,897,370 $ 5,865,913 (1) Net of capitalized interest and amortization of debt premiums. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) American Campus Communities, Inc. The information presented below represents the quarterly consolidated financial results of the Company for the years ended December 31, 2018 and 2017 . 2018 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 220,409 $ 201,059 $ 213,469 $ 245,873 $ 880,810 Operating income 50,406 73,168 (1) 21,501 67,520 212,595 (1) Net income (loss) 26,250 45,990 (2,737 ) 49,621 119,124 Net (income) loss attributable to noncontrolling interests (323 ) 19 392 (2,117 ) (2,029 ) Net income (loss) attributable to ACC, Inc. and Subsidiaries common stockholders $ 25,927 $ 46,009 $ (2,345 ) $ 47,504 $ 117,095 Net income (loss) attributable to common stockholders per share - basic $ 0.19 $ 0.33 $ (0.02 ) $ 0.34 $ 0.84 Net income (loss) attributable to common stockholders per share - diluted $ 0.18 $ 0.33 $ (0.02 ) $ 0.34 $ 0.84 (2) 2017 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 192,938 $ 179,008 $ 196,938 $ 227,563 $ 796,447 Operating income 49,219 11,978 (1) 17,575 63,134 141,906 (1) Net income (loss) 34,449 (2,653 ) (1,233 ) 39,558 70,121 Net income attributable to noncontrolling interests (399 ) (109 ) (79 ) (496 ) (1,083 ) Net income (loss) attributable to ACC, Inc. and Subsidiaries common stockholders $ 34,050 $ (2,762 ) $ (1,312 ) $ 39,062 $ 69,038 Net income (loss) attributable to common stockholders per share - basic and diluted $ 0.25 $ (0.02 ) $ (0.01 ) $ 0.28 $ 0.50 (1) The SEC issued the Disclosure Update and Simplification rule in 2018 to remove inconsistencies between US GAAP and SEC regulations. This rule is effective November 5, 2018 and eliminates Rule 3-15(a)(1) of Regulation S-X, which requires 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 reclassifications of 2018 and 2017 gains and losses from disposition of real estate from non-operating income to operating income which are reflected in the tables above. (2) Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year. American Campus Communities Operating Partnership, L.P. The information presented below represents the quarterly consolidated financial results of the Operating Partnership for the years ended December 31, 2018 and 2017 . 2018 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 220,409 $ 201,059 $ 213,469 $ 245,873 $ 880,810 Operating income 50,406 73,168 (1) 21,501 67,520 212,595 (1) Net income (loss) 26,250 45,990 (2,737 ) 49,621 119,124 Net (income) loss attributable to noncontrolling interests (114 ) 366 413 (1,880 ) (1,215 ) Series A preferred unit distributions (31 ) (31 ) (31 ) (31 ) (124 ) Net income (loss) available to common unitholders $ 26,105 $ 46,325 $ (2,355 ) $ 47,710 $ 117,785 Net income (loss) per unit attributable to common unitholders - basic $ 0.19 $ 0.33 $ (0.02 ) $ 0.34 $ 0.85 (2) Net income (loss) per unit attributable to common unitholders - diluted $ 0.18 $ 0.33 $ (0.02 ) $ 0.34 $ 0.84 (2) 2017 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 192,938 $ 179,008 $ 196,938 $ 227,563 $ 796,447 Operating income 49,219 11,978 (1) 17,575 63,134 141,906 (1) Net income (loss) 34,449 (2,653 ) (1,233 ) 39,558 70,121 Net income attributable to noncontrolling interests (105 ) (97 ) (57 ) (176 ) (435 ) Series A preferred unit distributions (31 ) (31 ) (31 ) (31 ) (124 ) Net income (loss) available to common unitholders $ 34,313 $ (2,781 ) $ (1,321 ) $ 39,351 $ 69,562 Net income (loss) per unit attributable to common unitholders - basic and diluted $ 0.25 $ (0.02 ) $ (0.01 ) $ 0.28 $ 0.50 (1) The SEC issued the Disclosure Update and Simplification rule in 2018 to remove inconsistencies between US GAAP and SEC regulations. This rule is effective November 5, 2018 and eliminates Rule 3-15(a)(1) of Regulation S-X, which requires 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 reclassifications of 2018 and 2017 gains and losses from disposition of real estate from non-operating income to operating income which are reflected in the table above. (2) Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Conversion of Property to OCPP Structure: In January 2019, one property at Prairie View A&M University was converted to the OCCP structure . The entities that own OCPPs are determined to be VIEs. As the Company retained control of the property after the transaction, it was deemed the primary beneficiary. As such, the Company’s contribution of the property to the OCPP was recorded at net book value, and the property continues to be included in the Company’s consolidated financial statements contained herein. Refer to Note 8 for additional details regarding the OCPP structure. Distributions : On January 22, 2019 , the Company’s Board of Directors declared a distribution per share of $0.46 which was paid on February 15, 2019 to all common stockholders of record as of February 1, 2019 . At the same time, the Operating Partnership paid an equivalent amount per unit to holders of Common Units, as well as the quarterly cumulative preferential distribution to holders of Series A Preferred Units (see Note 9 ). Change in Debt Agreement: One $70 million variable rate mortgage loan was swapped to a fixed rate in January 2019, at which time the maturity was extended to January 2024 . Material Definitive Agreement : In February 2019, the Company entered into a First Amendment to the Fifth Amended and Restated Credit Agreement (the "Amendment"). Pursuant to the Amendment, the Company increased the size of its senior unsecured revolving credit facility by $ 300 million to $ 1 billion , which may be expanded by up to an additional $ 200 million upon the satisfaction of certain conditions. |
Schedule of Real Estate and Acc
Schedule of Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule of Real Estate and Accumulated Depreciation | Schedule of Real Estate and Accumulated Depreciation Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs (1) Land Buildings and Total (2) Accumulated Depreciation Encumbrances (3) Year Built (4) Owned Properties (5) The Callaway House 173 538 $ 5,081 $ 20,499 $ 7,688 $ 5,002 $ 28,266 $ 33,268 $ 12,877 $ — 1999 The Village at Science Drive 192 732 4,673 19,021 7,077 4,673 26,098 30,771 9,991 — 2000 University Village at Boulder Creek 82 309 1,035 16,393 756 1,035 17,149 18,184 7,158 — 2002 University Village - Fresno 105 406 929 15,168 200 929 15,368 16,297 5,685 — 2004 University Village - Temple 220 749 — 41,119 1,381 — 42,500 42,500 15,475 — 2004 College Club Townhomes 136 544 1,967 16,049 830 1,967 16,879 18,846 6,262 — 2002 University Club Apartments 94 376 1,416 11,848 978 1,416 12,826 14,242 4,719 — 1999 City Parc at Fry Street 136 418 1,902 17,678 3,987 1,902 21,665 23,567 6,957 — 2004 Entrada Real 98 363 1,475 15,859 2,117 1,475 17,976 19,451 6,374 — 2000 University Village at Sweethome 269 828 2,473 34,448 470 2,473 34,918 37,391 12,085 — 2005 University Village - Tallahassee 217 716 4,322 26,225 3,797 4,322 30,022 34,344 10,313 — 1991 Royal Village Gainesville 118 448 2,386 15,153 5,059 2,363 20,235 22,598 5,998 — 1996 Royal Lexington 94 364 2,848 12,783 4,166 2,848 16,949 19,797 5,748 — 1994 Raiders Pass 264 828 3,877 32,445 3,976 3,877 36,421 40,298 12,002 — 2001 Aggie Station 156 450 1,634 18,821 2,973 1,634 21,794 23,428 7,032 — 2003 The Outpost - San Antonio 276 828 3,262 36,252 9,591 3,262 45,843 49,105 13,237 — 2005 Callaway Villas 236 704 3,903 31,953 177 3,903 32,130 36,033 9,934 — 2006 The Village on Sixth Avenue 248 752 2,763 22,480 4,240 2,763 26,720 29,483 8,230 — 1999 Newtown Crossing 356 942 7,013 53,597 (1,046 ) 7,013 52,551 59,564 15,921 — 2005 Olde Towne University Square 224 550 2,277 24,614 (688 ) 2,277 23,926 26,203 7,298 — 2005 Peninsular Place 183 478 2,306 16,559 (186 ) 2,306 16,373 18,679 5,017 — 2005 University Centre 234 838 — 77,378 1,160 — 78,538 78,538 23,524 — 2007 The Summit & Jacob Heights 258 930 2,318 36,464 2,305 2,318 38,769 41,087 11,149 — 2004 GrandMarc Seven Corners 186 440 4,491 28,807 1,601 4,491 30,408 34,899 8,743 — 2000 Aztec Corner 180 606 17,460 32,209 1,927 17,460 34,136 51,596 10,054 — 2001 The Tower at Third 188 375 1,145 19,128 12,071 1,267 31,077 32,344 9,928 — 1973 Willowtree Apartments and Tower 473 851 9,807 21,880 4,005 9,806 25,886 35,692 8,621 — 1970 University Pointe 204 682 989 27,576 4,267 989 31,843 32,832 9,653 — 2004 University Trails 240 684 1,183 25,173 3,566 1,183 28,739 29,922 9,120 — 2003 Campus Trails 156 480 1,358 11,291 4,874 1,358 16,165 17,523 5,171 — 1991 University Crossings (ACE) 260 1,016 — 50,668 41,583 — 92,251 92,251 26,933 — 2003 Vista del Sol (ACE) 613 1,866 — 135,939 5,434 — 141,373 141,373 41,553 — 2008 Villas at Chestnut Ridge 196 552 2,756 33,510 1,800 2,756 35,310 38,066 10,841 — 2008 Barrett Honors College (ACE) 604 1,721 — 131,302 21,760 — 153,062 153,062 43,927 — 2009 Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs (1) Land Buildings and Total (2) Accumulated Depreciation Encumbrances (3) Year Built (4) Sanctuary Lofts 201 487 $ 2,960 $ 18,180 $ 3,934 $ 2,959 $ 22,115 $ 25,074 $ 7,065 $ — 2006 Blanton Common (6) 276 860 3,788 16,759 269 3,788 17,028 20,816 7,762 27,380 2005 The Edge - Charlotte 180 720 3,076 23,395 9,176 3,076 32,571 35,647 9,698 — 1999 University Walk 120 480 2,016 14,599 3,351 2,016 17,950 19,966 5,369 — 2002 Uptown 180 528 3,031 21,685 2,527 3,031 24,212 27,243 6,276 — 2004 2nd Avenue Centre 274 868 4,434 27,236 4,138 4,434 31,374 35,808 9,279 — 2008 Villas at Babcock 204 792 4,642 30,901 208 4,642 31,109 35,751 10,696 — 2011 Lobo Village (ACE) 216 864 — 42,490 868 — 43,358 43,358 10,380 — 2011 Villas on Sycamore 170 680 3,000 24,640 347 3,000 24,987 27,987 9,101 — 2011 University Village Northwest at Prairie View (ACE) 36 144 — 4,228 115 — 4,343 4,343 1,312 — 2011 26 West 367 1,026 21,396 63,994 7,235 21,396 71,229 92,625 16,344 66,938 2008 The Varsity 258 901 11,605 108,529 2,647 11,605 111,176 122,781 22,114 — 2011 Avalon Heights 210 754 4,968 24,345 14,876 4,968 39,221 44,189 8,672 — 2002 University Commons 164 480 12,559 19,010 3,029 12,559 22,039 34,598 5,019 — 2003 Casas del Rio (ACE) 283 1,028 — 40,639 1,697 — 42,336 42,336 15,157 — 2012 The Suites (ACE) 439 878 — 45,296 703 — 45,999 45,999 11,561 — 2013 Hilltop Townhomes (ACE) 144 576 — 31,507 526 — 32,033 32,033 9,571 — 2012 U Club on Frey 216 864 8,703 36,873 1,079 8,703 37,952 46,655 9,635 — 2013 Campus Edge on UTA Boulevard 128 488 2,661 21,233 962 2,663 22,193 24,856 6,597 — 2012 U Club Townhomes on Marion Pugh 160 640 6,722 26,546 1,753 6,722 28,299 35,021 8,648 — 2012 Villas on Rensch 153 610 10,231 33,852 1,239 10,231 35,091 45,322 9,601 — 2012 The Village at Overton Park 163 612 5,262 29,374 1,212 5,262 30,586 35,848 9,213 — 2012 Casa de Oro (ACE) 109 365 — 12,362 242 — 12,604 12,604 4,074 — 2012 The Villas at Vista del Sol (ACE) 104 400 — 20,421 444 — 20,865 20,865 6,837 — 2012 The Block 669 1,555 22,270 141,430 12,932 22,458 154,174 176,632 27,432 94,117 2008 University Pointe at College Station (ACE) 282 978 — 84,657 2,335 — 86,992 86,992 26,616 — 2012 309 Green 110 416 5,351 49,987 4,057 5,351 54,044 59,395 10,304 29,595 2008 The Retreat 187 780 5,265 46,236 3,524 5,265 49,760 55,025 9,755 — 2012 Lofts54 43 172 430 14,741 4,298 430 19,039 19,469 3,630 — 2008 Campustown Rentals 264 746 2,382 40,190 4,144 2,382 44,334 46,716 10,134 — 1982 Chauncey Square 158 386 2,522 40,013 1,874 2,522 41,887 44,409 8,268 — 2011 Texan & Vintage 124 311 5,937 11,906 15,616 5,937 27,522 33,459 5,187 18,796 2008 The Castilian 371 623 3,663 59,772 33,630 3,663 93,402 97,065 19,652 46,052 1967 Bishops Square 134 315 1,206 17,878 1,855 1,206 19,733 20,939 4,426 10,893 2002 Union 54 120 169 6,348 1,025 169 7,373 7,542 1,657 3,402 2006 922 Place 132 468 3,363 34,947 3,320 3,363 38,267 41,630 8,370 — 2009 Campustown 452 1,217 1,818 77,894 6,789 1,818 84,683 86,501 15,887 — 1997 Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs (1) Land Buildings and Total (2) Accumulated Depreciation Encumbrances (3) Year Built (4) River Mill 243 461 $ 1,741 $ 22,806 $ 3,908 $ 1,741 $ 26,714 $ 28,455 $ 5,688 $ — 1972 Landmark 173 606 3,002 118,168 1,352 3,002 119,520 122,522 21,066 — 2012 The Province - Greensboro 219 696 2,226 48,567 1,408 2,226 49,975 52,201 10,090 27,046 2011 RAMZ Apartments on Broad 88 172 785 12,303 650 785 12,953 13,738 2,537 — 2004 The Lofts at Capital Garage 36 144 313 3,581 611 313 4,192 4,505 1,009 — 2000 25Twenty 249 562 2,226 33,429 1,276 2,226 34,705 36,931 7,937 25,222 2011 The Province - Louisville 366 858 4,392 63,068 1,644 4,392 64,712 69,104 13,454 35,168 2009 The Province - Rochester 336 816 3,798 70,955 2,639 3,798 73,594 77,392 14,998 33,036 2010 5 Twenty Four & 5 Twenty Five Angliana 376 1,060 — 60,448 7,205 5,214 62,439 67,653 13,141 — 2010 The Province - Tampa 287 947 — 52,943 3,956 — 56,899 56,899 11,435 31,344 2009 U Pointe Kennesaw 216 795 1,482 61,654 5,670 1,482 67,324 68,806 14,673 — 2012 The Cottages of Durham 141 619 3,955 41,421 2,410 3,955 43,831 47,786 10,764 — 2012 University Edge 201 608 4,500 26,385 1,407 4,500 27,792 32,292 5,340 — 2012 The Lodges of East Lansing 364 1,049 6,472 89,231 2,383 6,472 91,614 98,086 17,454 28,545 2012 7th Street Station 82 309 9,792 16,472 565 9,792 17,037 26,829 3,536 — 2012 The Callaway House Austin 219 753 — 61,550 908 — 62,458 62,458 13,578 80,726 2013 Manzanita Hall (ACE) 241 816 — 48,781 1,313 — 50,094 50,094 11,718 — 2013 University View (ACE) 96 336 — 14,683 222 — 14,905 14,905 3,481 — 2013 U Club Townhomes at Overton Park 112 448 7,775 21,483 912 7,775 22,395 30,170 5,129 — 2013 601 Copeland 81 283 1,457 26,699 403 1,457 27,102 28,559 5,275 — 2013 The Townhomes at Newtown Crossing 152 608 7,745 32,074 558 7,745 32,632 40,377 6,441 — 2013 Chestnut Square (ACE) 220 861 — 98,369 2,726 — 101,095 101,095 20,575 — 2013 Park Point 300 924 7,827 73,495 4,982 7,827 78,477 86,304 15,015 70,000 2008 U Centre at Fry Street 194 614 2,902 47,700 2,094 2,902 49,794 52,696 8,343 — 2012 Cardinal Towne 255 545 6,547 53,809 3,164 6,547 56,973 63,520 9,363 — 2010 Merwick Stanworth (ACE) 325 593 — 79,598 (362 ) — 79,236 79,236 8,365 — 2014 Plaza on University 364 1,313 23,987 85,584 3,845 23,987 89,429 113,416 15,582 — 2014 U Centre at Northgate (ACE) 196 784 — 35,663 371 — 36,034 36,034 6,563 — 2014 University Walk 177 526 4,341 29,073 790 4,341 29,863 34,204 4,114 — 2014 U Club on Woodward 236 944 16,350 46,982 618 16,349 47,601 63,950 8,831 — 2014 Park Point 66 226 — 25,725 3,451 — 29,176 29,176 3,577 10,824 2010 1200 West Marshall 136 406 4,397 33,908 1,727 4,397 35,635 40,032 4,746 — 2013 8 1/2 Canal Street 160 540 2,797 45,394 1,670 2,797 47,064 49,861 5,646 — 2011 Vistas San Marcos 255 600 586 45,761 5,275 586 51,036 51,622 8,323 — 2013 Crest at Pearl 141 343 4,395 36,268 1,858 4,491 38,030 42,521 4,668 23,372 2014 U Club Binghamton 186 710 3,584 48,559 2,745 3,584 51,304 54,888 5,687 — 2005 Stadium Centre 447 970 9,249 100,854 4,259 9,249 105,113 114,362 11,397 64,708 2014 Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs (1) Land Buildings and Total (2) Accumulated Depreciation Encumbrances (3) Year Built (4) 160 Ross 182 642 $ 2,962 $ 38,478 $ 565 $ 2,962 $ 39,043 $ 42,005 $ 5,340 $ — 2015 The Summit at University City (ACE) 351 1,315 — 154,770 1,444 — 156,214 156,214 16,956 — 2015 2125 Franklin 192 734 8,299 55,716 463 8,299 56,179 64,478 6,678 — 2015 University Crossings - Charlotte 187 546 645 36,838 4,453 645 41,291 41,936 3,336 — 2014 U Club on 28th 100 398 9,725 45,788 124 9,725 45,912 55,637 3,839 — 2016 Currie Hall (ACE) 178 456 — 49,987 214 — 50,201 50,201 4,492 — 2016 University Pointe (ACE) 134 531 — 44,035 175 — 44,210 44,210 3,763 — 2016 Fairview House (ACE) 107 633 — 38,144 150 — 38,294 38,294 3,895 — 2016 U Club Sunnyside 134 534 7,423 41,582 137 7,423 41,719 49,142 3,606 — 2016 U Point 54 163 1,425 17,325 2,322 1,425 19,647 21,072 1,508 — 2016 The Arlie 169 598 1,350 43,352 1,275 1,350 44,627 45,977 3,130 — 2016 TWELVE at U District 283 384 13,013 98,115 1,559 13,013 99,674 112,687 4,250 — 2014 The 515 183 513 1,611 68,953 1,242 1,611 70,195 71,806 2,797 — 2015 State 220 665 3,448 66,774 2,234 3,448 69,008 72,456 3,230 — 2013 The James 366 850 18,871 118,096 1,641 18,871 119,737 138,608 5,266 — 2017 Bridges 11th 184 258 — 58,825 1,003 — 59,828 59,828 2,009 — 2015 Hub U District Seattle 111 248 5,700 56,355 854 5,700 57,209 62,909 2,256 — 2017 Tooker House (ACE) 429 1,594 — 103,897 (274 ) — 103,623 103,623 5,587 — 2017 SkyView (ACE) 163 626 — 57,578 176 — 57,754 57,754 2,743 — 2017 University Square (ACE) 143 466 — 25,635 (14 ) — 25,621 25,621 1,395 — 2017 U Centre on Turner 182 718 14,000 55,456 (42 ) 14,000 55,414 69,414 2,802 — 2017 U Pointe on Speight 180 700 4,705 46,160 404 4,705 46,564 51,269 2,254 — 2017 21Hundred at Overton Park 296 1,204 16,767 64,057 765 16,767 64,822 81,589 3,365 — 2017 The Suites at Third 63 251 831 22,384 (78 ) 831 22,306 23,137 1,124 — 2017 U Club Binghamton 140 562 12,274 43,813 52 12,274 43,865 56,139 2,188 — 2017 Callaway House Apartments 386 915 12,651 78,220 383 12,651 78,603 91,254 4,040 — 2017 U Centre on College 127 418 — 41,607 (249 ) — 41,358 41,358 1,948 — 2017 David Blackwell Hall (ACE) 412 781 — 59,912 37,098 — 97,010 97,010 1,303 — 2018 Gladding Residence Center (ACE) 592 1,524 — 73,913 20,455 — 94,368 94,368 1,382 — 2018 Irvington House (ACE) 197 648 — 22,919 13,303 — 36,222 36,222 544 — 2018 The Edge - Stadium Centre 111 412 — 20,040 20,845 10,000 30,885 40,885 390 — 2018 Greek Leadership Village (ACE) 498 957 — 30,889 38,462 — 69,351 69,351 1,018 — 2018 NAU Honors College (ACE) 318 636 — 24,498 17,830 — 42,328 42,328 613 — 2018 U Club Townhomes at Oxford 132 528 5,115 20,662 18,607 5,115 39,269 44,384 600 — 2018 Hub Ann Arbor 124 310 7,050 26,498 16,367 7,050 42,865 49,915 615 — 2018 Hub Flagstaff 198 591 5,397 30,330 26,296 5,397 56,626 62,023 736 — 2018 Campus Edge on Pierce 289 599 6,881 22,661 33,157 6,881 55,818 62,699 807 — 2018 Initial Cost Total Costs Units Beds Land Buildings and Improvements and Furniture, Fixtures and Equipment Costs (1) Land Buildings and Total (2) Accumulated Depreciation Encumbrances (3) Year Built (4) Properties Under Development (7) 191 College 127 495 $ 5,434 $ 33,140 $ — $ 5,434 $ 33,140 $ 38,574 $ — $ — 2019 LightView (ACE) 214 825 — 116,359 — — 116,359 116,359 — — 2019 University of Arizona Honors College (ACE) 319 1,056 — 40,860 — — 40,860 40,860 — — 2019 959 Franklin 230 443 4,864 42,337 — 4,864 42,337 47,201 — 19,612 2019 The Flex at Stadium Centre 78 340 — 12,779 — — 12,779 12,779 — 2,595 2019 Disney College Program Phases I-V (ACE) (8) 1,251 4,996 — 25,666 — — 25,666 25,666 — — 2020-21 (8) San Francisco State University (ACE) 169 584 — 15,003 — — 15,003 15,003 — — 2020 Undeveloped land parcels (9) — — 54,462 651 — 54,462 651 55,113 389 — N/A Pipeline developments (10) — — — 11,189 — — 11,189 11,189 — — 2022-23 (10) Subtotal 33,843 103,988 $ 638,005 $ 6,510,071 $ 665,883 $ 653,522 $ 7,160,437 $ 7,813,959 $ 1,230,562 $ 749,371 On-Campus Participating Properties University Village at Prairie View 612 1,920 $ — $ 36,506 $ 9,155 $ — $ 45,661 $ 45,661 $ 34,652 $ 12,628 1997 University Village at Laredo 84 250 — 5,844 22,607 — 6,982 6,982 5,487 1,932 1997 University College at Prairie View 756 1,470 — 22,650 5,801 — 28,451 28,451 19,214 12,470 2001 Cullen Oaks 411 879 — 33,910 2,268 — 36,178 36,178 17,678 26,452 2003 College Park 224 567 — 43,634 1,656 — 45,290 45,290 7,894 41,414 2014 Subtotal 2,087 5,086 $ — $ 142,544 $ 41,487 $ — $ 162,562 $ 162,562 $ 84,925 $ 94,896 Total 35,930 109,074 $ 638,005 $ 6,652,615 $ 707,370 $ 653,522 $ 7,322,999 $ 7,976,521 $ 1,315,487 $ 844,267 (1) Includes write-offs of fully depreciated assets. (2) Total aggregate costs for federal income tax purposes is approximately $8.2 billion . (3) Total encumbrances exclude net unamortized debt premiums and deferred financing costs of approximately $11.6 million and $2.8 million , respectively, as of December 31, 2018 . (4) For properties with multiple phases, the year built represents the weighted average year based on the number of beds delivered each year. (5) A number of our properties consist of two or more phases that are counted separately in the property portfolio numbers disclosed in Note 1 . (6) This property is currently in receivership and is in the process of being transferred to the lender in settlement of the property’s $27.4 million mortgage loan that matured in August 2017. (7) Initial costs represent construction costs incurred to date associated with the development of these properties. Year built represents the scheduled completion date. (8) Consists of five phases that are counted as one property in the property portfolio numbers contained in Note 1 and will be delivered during 2020 and 2021. (9) Buildings and improvements and furniture, fixtures and equipment and accumulated depreciation amounts are related to buildings on two land parcels that will be demolished as part of development. (10) Consists of five additional phases of the Disney College Program project that, along with the five phases from footnote 8, are counted as one property. The Company has not broken ground on these pipeline developments; however, because the Company has committed to and has legally guaranteed the completion of the project, the predevelopment costs have been capitalized and are included in the table above. The changes in the Company’s investments in real estate and related accumulated depreciation for each of the years ended December 31, 2018 , 2017 and 2016 are as follows: For the Year Ended December 31, 2018 2017 2016 Owned (1) On-Campus (2) Owned (1) On-Campus (2) Owned (1) On-Campus (2) Investments in Real Estate: Balance, beginning of year $ 7,485,391 $ 159,996 $ 6,316,470 $ 162,929 $ 6,369,747 $ 159,985 Acquisition of land for development 26,758 — 24,049 — 6,338 — Acquisition of properties — — 618,183 — 99,426 — Improvements and development expenditures 549,635 3,654 621,793 3,544 522,723 2,944 Write-off of fully depreciated or damaged assets (16,758 ) (1,088 ) (40,923 ) (6,477 ) (227 ) — Provision for real estate impairment — — (15,317 ) — (4,895 ) — Disposition of real estate (231,067 ) — (38,864 ) — (676,642 ) — Balance, end of year $ 7,813,959 $ 162,562 $ 7,485,391 $ 159,996 $ 6,316,470 $ 162,929 Accumulated Depreciation: Balance, beginning of year $ (1,035,027 ) $ (78,192 ) $ (864,106 ) $ (77,132 ) $ (792,122 ) $ (69,856 ) Depreciation for the year (242,123 ) (7,821 ) (213,660 ) (7,536 ) (197,105 ) (7,276 ) Write-off of fully depreciated or damaged assets 16,242 1,088 37,761 6,476 227 — Disposition of properties 30,346 — 4,978 — 124,894 — Balance, end of year $ (1,230,562 ) $ (84,925 ) $ (1,035,027 ) $ (78,192 ) $ (864,106 ) $ (77,132 ) (1) Includes owned off-campus properties and owned on-campus properties. (2) Includes on-campus participating properties. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate Properties [Line Items] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements, presented in U.S. dollars, are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and revenue and expenses during the reporting periods. The Company’s actual results could differ from those estimates and assumptions. All material intercompany transactions among consolidated entities have been eliminated. All dollar amounts in the tables herein, except share, per share, unit and per unit amounts, are stated in thousands unless otherwise indicated. |
Principles of Consolidation | Principles of Consolidation The Company’s consolidated financial statements include its accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which it has control. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities (“VIEs”), which requires the consolidation of VIEs in which the Company is considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation using the voting interest model. |
Recently Issued and Adopted Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016-02 (“ASU 2016-02”), “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 are effective upon adoption of ASU 2016-02. The Company adopted ASU 2016-02 as of January 1, 2019, utilizing the “modified retrospective” method. The impact of ASU 2016-02 is as follows: As Lessee: • Under the new standard, lessees will 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 will determine whether lease expense is recognized on a straight-line basis over the term of the lease (operating lease) or on an effective interest method (finance lease). In addition, ASU 2016-02 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. As of December 31, 2018 , the Company is a lessee under 28 ground leases and two corporate office headquarters leases for which it has recognized a right of use asset and lease liability of approximately $250 to $300 million upon adoption. Details of the future minimum lease payments for leases in existence as of December 31, 2018 are disclosed in Note 15 in the accompanying Notes to Consolidated Financial Statements contained in Item 8 for further discussion. • 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 the adoption date, the leases will need to be evaluated under the new standard and may be classified as finance leases depending on the terms of the transactions. As Lessor: • Under the new standard, the accounting for lessors will remain largely unchanged from current GAAP; however, ASU 2016-02 requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under existing standards, these costs are capitalizable and therefore the new lease standard will result 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 legal expenses incurred when negotiating commercial leases. • The new 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 will result in no change to how revenue is currently recorded. 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. In addition, the Company does not expect the following accounting pronouncements to have a material effect on its consolidated financial statements: Accounting Standards Update Effective Date ASU 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” January 1, 2019 ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” January 1, 2019 ASU 2018-16, "Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes" January 1, 2019 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 Accounting Standards Update 2016-18 (“ASU 2016-18”), “Statement of Cash Flows: Restricted Cash” On January 1, 2018, the Company adopted ASU 2016-18. The amendments in this update require the change in restricted cash to be reported with cash and cash equivalents when reconciling between beginning and ending amounts in the statements of cash flows. The Company applied the amendments retrospectively to each period presented in the consolidated statements of cash flows of the Company. Prior to the adoption of ASU 2016-18, the Company reported the change in restricted cash within operating, investing, and financing activities in its consolidated statement of cash flows. As a result of the Company’s adoption of this standard and the retrospective application, cash and cash equivalents in the consolidated statements of cash flows as of December 31, 2017 and December 31, 2016 increased by approximately $23.6 million and $24.8 million , respectively, to reflect the inclusion of the restricted cash balance at the end of the period, net cash provided by operating activities for the twelve months ended December 31, 2017 and December 31, 2016 decreased by approximately $1.3 million and $2.0 million , respectively, net cash used in investing activities increased by less than $0.1 million and decreased by approximately $7.0 million , respectively, and net cash provided by financing activities both increased by less than $0.1 million . Accounting Standards Update 2014-09 (“ASU 2014-09”), “Revenue From Contracts With Customers (Topic 606)” On January 1, 2018, the Company adopted ASU 2014-09 and all related clarifying Accounting Standards Updates associated with ASU 2014-09. ASU 2014-09 provides a single comprehensive revenue recognition model for contracts with customers (excluding certain contracts, such as lease contracts) to improve comparability within industries. ASU 2014-09 requires an entity to recognize revenue to reflect the transfer of goods or services to customers at an amount the entity expects to be paid in exchange for those goods and services and provide enhanced disclosures, all to provide more comprehensive guidance for transactions such as service revenue and contract modifications. The Company adopted the new revenue standard using the modified retrospective approach and elected to apply the practical expedient to only assess the recognition of revenue for open contracts during the transition period. The effect of adoption did not have a material impact on the Company’s consolidated financial statements and there was no adjustment to the opening balance of retained earnings at January 1, 2018. The comparative information has not been restated and continues to be reported under the accounting standards in effect for that period. Under the new standard there was a change in the way the Company determines the unit of account for its third-party development projects. Under the previous guidance, the Company segmented revenue recognition between the development and construction phases of its contracts, recognizing each using the proportional performance method and the percentage of completion method, respectively. Under the new guidance, the entire development and construction contract represents a single performance obligation comprised of a series of distinct services to be satisfied over time, and a single transaction price to be recognized over the life of the contract using a time-based measure of progress. Any variable consideration included in the transaction price is estimated using the expected value approach and is only included to the extent that a significant revenue reversal is not likely to occur. The adoption of ASU 2014-09 resulted in differences in the timing and pattern of revenue recognition for such third-party development and construction management contracts; however, the change did not have a material impact on the Company’s consolidated financial statements. Third-party management services revenues consist of base fees earned as a result of managing all aspects of a property’s day-to-day operations, and incentive fees based on the managed property’s operating measures. There was no change in the Company’s recognition of base management fees. Incentive management fees were previously recognized when the incentive criteria had been met. Under the new guidance, incentive fees are estimated using the expected value approach and are included in the transaction price only to the extent that a significant revenue reversal is not likely to occur; however, the change did not have a material impact on the Company’s consolidated financial statements. There was no change to the Company’s revenue recognition methods for ancillary services and other non-lease related revenues as a result of the adoption of ASU 2014-09. Rental income from leasing arrangements is specifically excluded from ASU 2014-09 and is being evaluated as part of the adoption of the lease accounting standard, ASU 2016-02, discussed above. Accounting Standards Update 2017-05 (“ASU 2017-05”), “Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets” On January 1, 2018, in conjunction with the adoption of ASU 2014-09, discussed above, the Company adopted ASU 2017-05. The purpose of this ASU is to eliminate the diversity in practice in accounting for derecognition of a nonfinancial asset and in-substance nonfinancial assets (only when the asset or asset group does not meet the definition of a business or the transaction is not a sale to a customer). The adoption of ASU 2017-05 did not have a material impact on the consolidated financial statements given the simplicity of the Company’s historical disposition transactions. Other In addition, on January 1, 2018, the Company adopted the following accounting pronouncements which did not have a material effect on the Company’s consolidated financial statements: • ASU 2017-09, “Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting” • ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” • ASU 2017-10, "Service Concession Arrangements (Topic 853): Determining the Customer of Operation Services" The SEC issued the Disclosure Update and Simplification rule in 2018 to remove inconsistencies between US GAAP and SEC regulations. This rule is effective November 5, 2018 and eliminates Rule 3-15(a)(1) of Regulation S-X, which requires 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 reclassifications of 2018, 2017, and 2016 gains and losses from disposition of real estate from non-operating income to operating income on the Consolidated Statements of Comprehensive Income. Additionally, the tables in Note 18 were restated in accordance with the change in regulation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Investments in Real Estate and On-Campus Properties | Investments in Real Estate Investments in real estate are recorded at historical cost. Major improvements that extend the life of an asset are capitalized and depreciated over the remaining useful life of the asset. The cost of ordinary repairs and maintenance are expensed as 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 $11.7 million , $15.9 million and $12.3 million was capitalized during the years ended December 31, 2018 , 2017 and 2016 , respectively. Management assesses whether there has been an impairment in the value of the Company’s investments in real estate whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment is recognized when estimated expected future undiscounted cash flows are less than the carrying value of the property, or when a property meets the criteria to be classified as held for sale, at which time an impairment charge is recognized for any excess of the carrying value of the property over the expected net proceeds from the disposal. The estimation of expected future net cash flows is inherently uncertain and relies on assumptions regarding current and future economics and market conditions. If such conditions change, then an adjustment to the carrying value of the Company’s long-lived assets could occur in the future period in which the conditions change. To the extent that a property is impaired, the excess of the carrying amount of the property over its estimated fair value is charged to earnings. 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 December 31, 2018 and 2017 , other than a $15.3 million impairment charge recorded in June 2017 for one property that is in receivership (see Note 10). The Company evaluates each acquisition to determine if the integrated set of assets and activities acquired meet the definition of a business. If either of the following criteria is met, the integrated set of assets and activities acquired would not qualify as a business: • Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or • The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e. revenue generated before and after the transaction). Property acquisitions deemed to qualify as a business are accounted for as business combinations, and the related acquisition costs are expensed as incurred. The Company allocates the purchase price of properties acquired in business combinations to net tangible and identified intangible assets based on their fair values. Fair value estimates are based on information obtained from a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, the Company’s own analysis of recently acquired and existing comparable properties in the Company’s portfolio, and other market data. Information obtained about each property as a result of due diligence, marketing, and leasing activities, is also considered. The value allocated to land is generally based on the actual purchase price if acquired separately, or market research/comparables if acquired as part of an existing operating property. The value allocated to building is based on the fair value determined on an “as-if vacant” basis, which is estimated using a replacement cost approach that relies upon assumptions that the Company believes are consistent with current market conditions for similar properties. The value allocated to furniture, fixtures, and equipment is based on an estimate of the fair value of the appliances and fixtures inside the units. The Company has determined these estimates are primarily based upon unobservable inputs and therefore are considered to be Level 3 inputs within the fair value hierarchy. Acquisitions of properties that do not meet the definition of a business are accounted for as asset acquisitions. The accounting model for asset acquisitions is similar to the accounting model for business combinations except that the acquisition consideration (including transaction costs) is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. The relative fair values used to allocate the cost of an asset acquisition are determined using the same methodologies and assumptions as those utilized to determine fair value in a business combination. |
Long-Lived Assets-Held for Sale | Long-Lived Assets–Held for Sale Long-lived assets to be disposed of are classified as held for sale in the period in which all of the following criteria are met: a. Management, having the authority to approve the action, commits to a plan to sell the asset. b. The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. c. An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated. d. The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year. e. The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. f. Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Concurrent with this classification, the asset is recorded at the lower of cost or fair value less estimated selling costs, and depreciation ceases. The Company did not have any properties classified as held for sale as of December 31, 2018 and 2017 . |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less, when purchased, to be cash equivalents. The Company maintains cash balances in various banks. At times, the Company’s balances may exceed the amount insured by the FDIC. As the Company only uses money-centered financial institutions, the Company does not believe it is exposed to any significant credit risk related to its cash and cash equivalents. |
Restricted Cash | Restricted Cash Restricted cash consists of funds held in trusts that were established in connection with three bond issues for the Company’s on-campus participating properties. The funds are invested in low risk investments, generally consisting of government backed securities, as permitted by the indentures of trusts. Additionally, restricted cash includes escrow accounts held by lenders and resident security deposits, as required by law in certain states. Restricted cash also consists of escrow deposits made in connection with potential property acquisitions and development opportunities. These escrow deposits are invested in interest-bearing accounts at federally-insured banks. Realized and unrealized gains and losses are not material for the periods presented. |
Loans Receivable | Loans Receivable Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan purchase discounts, and net of an allowance for loan losses when such loan is deemed to be impaired. Loan purchase discounts are amortized over the term of the loan. The unamortized discount on the loans receivable was $2.4 million and $2.6 million as of December 31, 2018 and 2017 , respectively. The Company considers a loan impaired when, based upon current information and events, it is probable that it will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. Management’s estimate of the collectability of principal and interest payments under the Company’s loans receivable from CaPFA Capital Corp. 2000F (“CaPFA”), which mature in December 2040 and carry a balance, net of discount, of approximately $54.6 million and $57.9 million as of December 31, 2018 and 2017 , respectively, are highly dependent on the future operating performance of the properties securing the loans. As future economic conditions and/or market conditions at the properties change, management will continue to evaluate the collectability of such amounts. The Company believes there were no impairments of the carrying value of its loans receivable as of December 31, 2018 . Loans receivable are included in other assets on the accompanying consolidated balance sheets. |
Intangible Assets | Intangible Assets A portion of the purchase price of acquired properties is allocated to the value of in-place leases for both student and commercial tenants, which is based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued “as-if” vacant. As lease terms for student leases are typically one year or less, rates on in-place leases generally approximate market rental rates. Factors considered in the valuation of in-place leases include an estimate of the carrying costs during the expected lease-up period considering current market conditions, nature of the tenancy, and costs to execute similar leases. Carrying costs include estimates of lost rents at market rates during the expected lease-up period, as well as marketing and other operating expenses. The value of in-place leases is amortized over the remaining initial term of the respective leases. The purchase price of property acquisitions is not allocated to student tenant relationships, considering the terms of the leases and the expected levels of renewals. In connection with the property acquisitions and investments in joint ventures discussed in Note 5 herein, the Company capitalized approximately $7.4 million and $0.6 million for the years December 31, 2017 and 2016 , respectively, related to management’s estimate of the fair value of in-place leases assumed. There were no new acquisitions or investments in joint ventures during the year ended December 31, 2018 , that required an allocation of value to in-place leases. The net carrying amount of in-place leases at December 31, 2018 and 2017 was approximately $1.1 million and $4.2 million , respectively, and is included in other assets on the accompanying consolidated balance sheets. Amortization expense was approximately $3.0 million , $4.5 million and $0.9 million for the years ended December 31, 2018 , 2017 and 2016 , respectively, and is included in depreciation and amortization expense in the accompanying consolidated statements of comprehensive income. As of December 31, 2018 , the remaining weighted average in-place lease term was 6.9 years . See Note 5 herein for an expanded discussion of the property acquisitions completed during 2017 and 2016 . For acquired properties subject to an in-place property tax incentive arrangement, a portion of the purchase price is allocated to the present value of expected future property tax savings over the projected incentive arrangement period. In connection with the property acquisitions discussed in Note 5 herein, the Company capitalized approximately $10.2 million and $3.6 million for the years December 31, 2017 and 2016 , respectively, related to management’s estimate of the fair value of in-place property tax incentive arrangements assumed. Unamortized in-place property tax incentive arrangements as of December 31, 2018 and 2017 were approximately $56.3 million and $61.4 million , respectively, and are included in other assets on the accompanying consolidated balance sheets. Amortization expense was approximately $3.7 million , $3.3 million and $2.9 million for the years ended December 31, 2018 , 2017 and 2016 , respectively, and is included in owned properties operating expense in the accompanying consolidated statements of comprehensive income. As of December 31, 2018 , the remaining weighted average tax incentive arrangement period was 18.3 years . See Note 5 herein for an expanded discussion of the property acquisitions completed during 2018 , 2017 and 2016 . |
Deferred Financing Costs | Deferred Financing Costs The Company defers financing costs and amortizes the costs over the terms of the related debt using the effective-interest method. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to earnings. In those instances when debt modifications do not include material changes to the terms of the underlying debt agreement, unamortized costs of the original instrument are added to the costs of the modification and amortized over the life of the modified debt using the effective interest method. Deferred financing costs, net of amortization, for the Company’s revolving credit facility are included in other assets on the accompanying consolidated balance sheets. Net deferred financing costs for the Company’s revolving credit facility at December 31, 2018 and 2017 were approximately $3.5 million and $4.6 million , respectively. |
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests The Company follows guidance issued by the FASB regarding the classification and measurement of redeemable securities. Under this guidance, securities that are redeemable for cash or other assets, at the option of the holder and not solely within the control of the issuer, must be classified outside of permanent equity as redeemable noncontrolling interests. The Company makes this determination based on terms in the applicable agreements, specifically in relation to redemption provisions. The Company initially records the redeemable noncontrolling interests at fair value. The carrying amount of the redeemable noncontrolling interest is subsequently adjusted to the redemption value (assuming the noncontrolling interest is redeemable at the balance sheet date), with the corresponding offset for changes in fair value recorded in additional paid in capital. Reductions in fair value are recorded only to the extent that the Company has previously recorded increases in fair value above the redeemable noncontrolling interests’ initial basis. As the changes in redemption value are based on fair value, there is no effect on the Company’s earnings per share. Redeemable noncontrolling interests on the accompanying consolidated balance sheets of ACC are referred to as redeemable limited partners on the consolidated balance sheets of the Operating Partnership. Refer to Note 9 for a more detailed discussion of redeemable noncontrolling interests for both ACC and the Operating Partnership. |
Joint Ventures | Joint Ventures The Company consolidates joint ventures when it exhibits financial or operational control, which is determined using accounting standards related to the consolidation of joint ventures and VIEs. For joint ventures that are defined as VIEs, the primary beneficiary consolidates the entity. The Company considers itself to be the primary beneficiary of a VIE when it has the power to direct the activities that most significantly impact the performance of the VIE, such as management of day-to-day operations, preparing and approving operating and capital budgets, and encumbering or selling the related properties. In instances where the Company is not the primary beneficiary, it does not consolidate the joint venture for financial reporting purposes. For joint ventures that are not defined as VIEs, where the Company is the general partner, but does not control the joint venture as the other partners hold substantive participating rights, the Company uses the equity method of accounting. For joint ventures where the Company is a limited partner, management evaluates whether the Company holds substantive participating rights. In instances where the Company holds substantive participating rights in the joint venture, the Company consolidates the joint venture; otherwise it uses the equity method of accounting. |
Consolidated VIEs and Presale Development Projects | Presale Development Projects As part of its development strategy, the Company enters into presale agreements to purchase various properties. Under the terms of these agreements, the Company is obligated to purchase the property as long as certain construction completion deadlines and other closing conditions are met. As a part of the presale agreements, the Company has the option to elect not to purchase the asset, which would result in the Company paying a significant penalty. The Company is typically responsible for leasing, management, and initial operations of the project while the third-party developer retains development risk during the construction period. The entity that owns the property is deemed to be a VIE, and the Company is deemed to be the primary beneficiary of the VIE. As such, upon execution of the purchase and sale agreement, the Company records the assets, liabilities and noncontrolling interest of the entity owning the property at fair value. 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, two properties subject to presale arrangements, and five 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 Consolidated Balance Sheets. |
Mortgage Debt - Premiums and Discounts | Mortgage Debt - Premiums and Discounts Mortgage debt premiums and discounts represent fair value adjustments to account for the difference between the stated rates and market rates of mortgage debt assumed in connection with the Company’s property acquisitions. The mortgage debt premiums and discounts are included in secured mortgage, construction, and bond debt on the accompanying consolidated balance sheets and are amortized to interest expense over the term of the related mortgage loans using the effective-interest method. The amortization of mortgage debt premiums and discounts resulted in a net decrease to interest expense of approximately $5.3 million , $7.8 million and $12.0 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. As of December 31, 2018 and 2017 , net unamortized mortgage debt premiums were approximately $11.6 million and $19.0 million , respectively. The Company did not have any unamortized debt discounts as of December 31, 2018 and 2017 . |
Rental Revenues and Related Receivables | Rental Revenues and Related Receivables Students are required to execute lease contracts with payment schedules that vary from single to monthly payments. Receivables are recorded when billed, revenues and related lease incentives are recognized on a straight-line basis over the term of the contracts, and balances are considered past due when payment is not received on the contractual due date. The Company generally requires each executed contract to be accompanied by a signed parental guaranty, and in certain cases a refundable security deposit. Security deposits are refundable, net of any outstanding charges, upon expiration of the underlying contract. Allowances for receivables are established when management determines that collection of such receivables is doubtful. Management’s determination of the adequacy of the allowances is based primarily on an analysis of the aging of receivables, historical bad debts, and current economic trends. When management has determined receivables to be uncollectible, which is typically after two years , they are removed as an asset with a corresponding reduction in the allowance for doubtful accounts. |
Tenant Reimbursements | Tenant Reimbursements Reimbursements from tenants, consisting of amounts due from tenants for utilities, are recognized as revenue in the period the recoverable costs are incurred. Tenant reimbursements are recognized and recorded on a gross basis, as the Company is generally the primary obligor with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the supplier, and has credit risk. |
Third-Party Development and Management Services Revenue and Costs | Third-Party Development Services Revenue The Company recognizes development revenues and construction revenues over the life of the contract using a time-based measure of progress. An entire development and construction contract represents a single performance obligation comprised of a series of distinct services to be satisfied over time, and a single transaction price to be recognized over the life of the contract using a time-based measure of progress. Any variable consideration included in the transaction price is estimated using the expected value approach and is only included to the extent that a significant revenue reversal is not likely to occur. Refer to the Recently Adopted Accounting Pronouncements section above for details on the impact of the newly adopted revenue standard. Third-Party Development Services Costs Pre-development expenditures such as architectural fees, permits and deposits associated with the pursuit of third-party and owned development projects are expensed as incurred, until such time that management believes it is probable that the contract will be executed and/or construction will commence, at which time the Company capitalizes the costs. Because the Company frequently incurs these pre-development expenditures before a financing commitment and/or required permits and authorizations have been obtained, the Company bears the risk of loss of these pre-development expenditures if financing cannot ultimately be arranged on acceptable terms or the Company is unable to successfully obtain the required permits and authorizations. As such, management evaluates the status of third-party and owned projects that have not yet commenced construction on a periodic basis and expenses any deferred costs related to projects whose current status indicates the commencement of construction is unlikely and/or the costs may not provide future value to the Company in the form of revenues. Such write-offs are included in third-party development and management services expenses (in the case of third-party development projects) or general and administrative expenses (in the case of owned development projects) on the accompanying consolidated statements of comprehensive income. As of December 31, 2018 , the Company has deferred approximately $7.5 million in pre-development costs related to third-party and owned development projects that have not yet commenced construction. Such costs are included in other assets on the accompanying consolidated balance sheets. Third-Party Management Services Revenue Management fees are recognized when earned in accordance with each management contract. Incentive management fees are estimated using the expected value approach and are included in the transaction price only to the extent that a significant revenue reversal is not likely to occur. The Company evaluates the collectability of revenue earned from third-party management contracts and reserves any amounts deemed to be uncollectible based on the individual facts and circumstances of the projects and associated contracts. Refer to the Recently Adopted Accounting Pronouncements section above for details on the impact of the newly adopted revenue standard. |
Advertising Costs | Advertising Costs Advertising costs are expensed during the period incurred, or as the advertising takes place, depending on the nature and term of the specific advertising arrangements. Advertising expense approximated $13.6 million , $12.7 million and $12.8 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company records all derivative financial instruments on the balance sheet at fair value. Changes in fair value are recognized either in earnings or as other comprehensive income, depending on whether the derivative has been designated as a fair value or cash flow hedge and whether it qualifies as part of a hedging relationship, the nature of the exposure being hedged, and how effective the derivative is at offsetting movements in underlying exposure. The Company discontinues hedge accounting when: (i) it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item; (ii) the derivative expires or is sold, terminated, or exercised; (iii) it is no longer probable that the forecasted transaction will occur; or (iv) management determines that designating the derivative as a hedging instrument is no longer appropriate. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company will carry the derivative at its fair value on the balance sheet, recognizing changes in the fair value in current-period earnings. The Company uses interest rate swaps to effectively convert a portion of its floating rate debt to fixed rate, thus reducing the impact of rising interest rates on interest payments. These instruments are designated as cash flow hedges and the interest differential to be paid or received is accrued as interest expense. The Company’s counter-parties are major financial institutions. See Note 13 for an expanded discussion on derivative instruments and hedging activities. |
Common Stock Issuances and Costs | Common Stock Issuances and Costs Specific incremental costs directly attributable to the Company’s equity offerings are deferred and charged against the gross proceeds of the offering. As such, underwriting commissions and other common stock issuance costs are reflected as a reduction of additional paid in capital. See Note 11 for an expanded discussion on common stock issuances and costs. |
Share-Based Compensation | Share-Based Compensation Compensation expense associated with share-based awards is recognized in the consolidated statements of comprehensive income based on the grant-date fair values net of the estimated forfeitures. Compensation expense is recognized over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. The estimated forfeitures included in compensation expense are based on historical experience and are adjusted to reflect actual forfeitures at the end of the vesting period. See Note 12 for an expanded discussion of the Company’s share-based compensation awards. |
Income Taxes | Income Taxes The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted taxable income to its stockholders. As a REIT, the Company will generally not be subject to corporate level federal income tax on taxable income it currently distributes to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for the subsequent four taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local income and excise taxes on its income and property, and to federal income and excise taxes on its undistributed income. The Company owns two TRSs, one of which manages the Company’s non-REIT activities and each of which is subject to federal, state and local income taxes. |
Owned on campus properties | |
Real Estate Properties [Line Items] | |
Investments in Real Estate and On-Campus Properties | Owned On-Campus Properties Under its ACE program, the Company, as lessee, has entered into ground/facility leases to finance, construct, and manage 34 student housing properties. Four properties were under construction as of December 31, 2018 with two scheduled to open for occupancy in Fall 2019, one in 2020 and one in phases from 2020 to 2021. The terms of the leases, including extension options, range from 30 to 90 years, and the lessor has title to the land and in some cases any improvements placed thereon. In these cases, the Company’s involvement in construction requires the lessor’s post construction ownership of the improvements to be treated as a sale with a subsequent leaseback by the Company. However, these sale-leaseback transactions do not qualify for sale-leaseback accounting because of the Company’s continuing involvement in the constructed assets. As a result of the Company’s continuing involvement, these leases are accounted for by the deposit method, in which the assets subject to the ground/facility leases are reflected at historical cost, less amortization, and the financing obligations are reflected at the terms of the underlying financing. |
On-campus participating properties, net | |
Real Estate Properties [Line Items] | |
Investments in Real Estate and On-Campus Properties | On-Campus Participating Properties The Company has entered into five ground and facility leases with three university systems and colleges to finance, construct, and manage five on-campus student housing facilities. Under the terms of the leases, the lessor has title to the land and any improvements placed thereon. With the exception of the Company’s lease with West Virginia University, each lease terminates upon final repayment of the construction related financing, the amortization period of which is contractually stipulated. The Company’s involvement in construction requires the lessor’s post construction ownership of the improvements to be treated as a sale with a subsequent leaseback by the Company. The sale-leaseback transaction has been accounted for as a financing, and as a result, any fee earned during construction is deferred and recognized over the term of the lease. The resulting financing obligation is reflected at the terms of the underlying financing, i.e., interest is accrued at the contractual rates and principal reduces in accordance with the contractual principal repayment schedules. The entities that own the on-campus participating properties are determined to be VIEs, with the Company being the primary beneficiary. As such, the Company consolidates these properties for financial reporting purposes. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of accounting pronouncements | In addition, the Company does not expect the following accounting pronouncements to have a material effect on its consolidated financial statements: Accounting Standards Update Effective Date ASU 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” January 1, 2019 ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” January 1, 2019 ASU 2018-16, "Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes" January 1, 2019 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 | Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings and improvements 7-40 years Leasehold interest - on-campus participating properties 25-34 years (shorter of useful life or respective lease term) Furniture, fixtures and equipment 3-7 years |
Schedule of allowance for doubtful accounts | The allowance for doubtful accounts is summarized as follows: Balance, Beginning of Period Charged to Expense Write-Offs (1) Balance, End of Period Year ended December 31, 2016 $ 17,054 $ 9,195 $ (9,794 ) $ 16,455 Year ended December 31, 2017 $ 16,455 $ 6,753 $ (8,860 ) $ 14,348 Year ended December 31, 2018 $ 14,348 $ 7,472 $ (6,807 ) $ 15,013 (1) Write-offs include $0.2 million , $3.1 million , and $3.1 million during the years ended December 31, 2018 , 2017 , and 2016 , respectively, related to properties disposed of in prior years. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share Disclosure [Line Items] | |
Schedule of potentially dilutive securities not included in calculating diluted earnings per share | The following potentially dilutive securities were outstanding for the years ended December 31, 2018 , 2017 and 2016 , but were not included in the computation of diluted earnings per share because the effects of their inclusion would be anti-dilutive. Year Ended December 31, 2018 2017 2016 Common OP Units (Note 9) 771,708 1,019,186 1,231,500 Preferred OP Units (Note 9) 77,513 77,513 90,763 Total potentially dilutive securities 849,221 1,096,699 1,322,263 |
Schedule of summary of elements used in calculating basic and diluted earnings per share | The following is a summary of the elements used in calculating basic and diluted earnings per share: Year Ended December 31, 2018 2017 2016 Numerator - basic and diluted earnings per share: Net income $ 119,124 $ 70,121 $ 100,623 Net income attributable to noncontrolling interests (2,029 ) (1,083 ) (1,562 ) Net income attributable to ACC, Inc. and Subsidiaries common stockholders 117,095 69,038 99,061 Amount allocated to participating securities (1,522 ) (1,536 ) (1,338 ) Net income attributable to common stockholders $ 115,573 $ 67,502 $ 97,723 Denominator: Basic weighted average common shares outstanding 136,815,051 135,141,423 129,228,748 Unvested restricted stock awards (Note 12) 906,998 860,962 789,981 Diluted weighted average common shares outstanding 137,722,049 136,002,385 130,018,729 Year Ended December 31, 2018 2017 2016 Earnings per share: Net income attributable to common stockholders - basic $ 0.84 $ 0.50 $ 0.76 Net income attributable to common stockholders - diluted $ 0.84 $ 0.50 $ 0.75 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |
Earnings Per Share Disclosure [Line Items] | |
Schedule of potentially dilutive securities not included in calculating diluted earnings per share | The following is a summary of the elements used in calculating basic and diluted earnings per unit: Year Ended December 31, 2018 2017 2016 Numerator - basic and diluted earnings per unit: Net income $ 119,124 $ 70,121 $ 100,623 Net income attributable to noncontrolling interests – partially owned properties (1,215 ) (435 ) (456 ) Series A preferred unit distributions (124 ) (124 ) (146 ) Amount allocated to participating securities (1,522 ) (1,536 ) (1,338 ) Net income attributable to common unitholders $ 116,263 $ 68,026 $ 98,683 Denominator: Basic weighted average common units outstanding 137,586,759 136,160,609 130,460,248 Unvested restricted stock awards (Note 12) 906,998 860,962 789,981 Diluted weighted average common units outstanding 138,493,757 137,021,571 131,250,229 Earnings per unit: Net income attributable to common unitholders - basic $ 0.85 $ 0.50 $ 0.76 Net income attributable to common unitholders - diluted $ 0.84 $ 0.50 $ 0.75 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of significant components of deferred tax assets and liabilities of TRSs | December 31, 2018 2017 Deferred tax assets: Fixed and intangible assets $ 365 $ 750 Net operating loss carryforwards 9,277 8,808 Prepaid and deferred income 866 1,459 Bad debt reserves 656 574 Accrued expenses and other 3,208 2,769 Stock compensation 2,083 2,017 Total deferred tax assets 16,455 16,377 Valuation allowance for deferred tax assets (16,390 ) (16,293 ) Deferred tax assets, net of valuation allowance 65 84 Deferred tax liability: Deferred financing costs 65 84 Net deferred tax liabilities $ — $ — |
Schedule of significant components of income tax provision | Significant components of the Company’s income tax provision are as follows: Year Ended December 31, 2018 2017 2016 Current: Federal $ — $ — $ — State (2,429 ) (989 ) (1,150 ) Deferred: Federal — — — State — — — Total provision $ (2,429 ) $ (989 ) $ (1,150 ) |
Schedule of reconciliation of income tax attributable to continuing operations for the TRSs computed at the U.S. statutory rate to income tax provision | The reconciliation of income tax for the TRSs computed at the U.S. statutory rate to income tax provision is as follows: Year Ended December 31, 2018 2017 2016 Tax benefit at U.S. statutory rates on TRS income subject to tax $ 327 $ 1,277 $ 2,303 State income tax, net of federal income tax benefit 13 57 85 Effect of permanent differences and other (154 ) 207 (88 ) Deferred tax impact of tax reform — (9,206 ) — (Increase) decrease in valuation allowance (186 ) 7,665 (2,300 ) TRS income tax provision $ — $ — $ — |
Schedule of distributions to shareholders | A schedule of per share distributions the Company paid and reported to its shareholders, which is unaudited, is set forth in the following table: Year Ended December 31, Tax Treatment of Distributions: 2018 2017 2016 Ordinary income $ — $ 0.8316 $ 0.3541 Long-term capital gain (1) 1.8200 — 0.5145 Return of capital — 0.9084 0.7914 Total per common share outstanding $ 1.8200 $ 1.7400 $ 1.6600 (1) Unrecaptured Sec. 1250 gains of $0.4008 and $0.5383 were reported for the years ended December 31, 2018 and 2016, respectively. There was no unrecaptured Sec. 1250 gain reported for the year ended December 31, 2017 . |
Acquisitions and Joint Ventur_2
Acquisitions and Joint Venture Investments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Schedule of asset acquisitions | During the year ended December 31, 2018, the Company entered into two presale agreements to purchase two properties under development. The Company is obligated to purchase the properties for approximately $107.3 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. As a part of the presale agreements, the Company has the option to elect not to purchase the asset, which would result in the Company paying a significant penalty if the developer is not in default under the terms of the presale agreement. Property Location Primary University Served Project Type Beds Scheduled Completion The Flex at Stadium Centre Tallahassee, FL Florida State University Off-campus 340 August 2019 959 Franklin (1) Eugene, OR University of Oregon Off-campus 443 September 2019 783 (1) As part of the presale agreement, the Company provided $15.6 million of mezzanine financing to the project. |
Investments in Owned Properti_2
Investments in Owned Properties (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Owned Properties | |
Real Estate Properties [Line Items] | |
Schedule of real estate properties | Owned properties, both wholly-owned and those owned through investments in VIEs, consisted of the following: December 31, 2018 December 31, 2017 Land (1) $ 653,522 $ 646,991 Buildings and improvements 6,486,106 6,096,527 Furniture, fixtures and equipment 371,429 348,828 Construction in progress 302,902 393,045 7,813,959 7,485,391 Less accumulated depreciation (1,230,562 ) (1,035,027 ) Owned properties, net $ 6,583,397 $ 6,450,364 (1) The land balance above includes undeveloped land parcels with book values of approximately $54.5 million and $38.0 million as of December 31, 2018 and 2017 , respectively. It also includes land totaling approximately $10.3 million and $29.9 million as of December 31, 2018 and 2017 , respectively, related to properties under development. |
On-Campus Participating Prope_2
On-Campus Participating Properties (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
On-campus participating properties, net | |
Real Estate Properties [Line Items] | |
Schedule of real estate properties | On-campus participating properties are as follows: Lease Required Debt Historical Cost – December 31, Lessor/University Commencement Repayment 2018 2017 Texas A&M University System / Prairie View A&M University (1) 2/1/1996 9/1/2023 $ 45,661 $ 44,364 Texas A&M University System / Texas A&M International 2/1/1996 9/1/2023 6,982 6,923 Texas A&M University System / Prairie View A&M University (2) 10/1/1999 8/31/2025 28,451 27,802 8/31/2028 University of Houston System / University of Houston (3) 9/27/2000 8/31/2035 36,178 36,062 West Virginia University / West Virginia University 7/16/2013 7/16/2045 45,290 44,845 162,562 159,996 Less accumulated amortization (84,925 ) (78,192 ) On-campus participating properties, net $ 77,637 $ 81,804 (1) Consists of three phases placed in service between 1996 and 1998. (2) Consists of two phases placed in service in 2000 and 2003. (3) Consists of two phases placed in service in 2001 and 2005. |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Noncontrolling Interest [Abstract] | |
Schedule of summarized activity of redeemable limited partners | Below is a table summarizing the activity of redeemable noncontrolling interests (ACC) / redeemable limited partners (Operating Partnership) for the years ended December 31, 2018 and 2017 , which includes both the redeemable joint venture partners and OP Units discussed above: Balance, December 31, 2016 $ 55,078 Net income 654 Distributions (77,031 ) Conversion of redeemable limited partner units into shares of ACC common stock (154 ) Contributions from noncontrolling interests 162,794 Adjustments to reflect redeemable noncontrolling interests at fair value (9,172 ) Balance, December 31, 2017 $ 132,169 Net income 936 Distributions (1,516 ) Conversion of redeemable limited partner units into shares of ACC common stock (13,334 ) Contributions from noncontrolling interests 112 Adjustments to reflect redeemable noncontrolling interests at fair value 66,079 Balance, December 31, 2018 $ 184,446 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of outstanding consolidated indebtedness and summary of senior unsecured notes | A summary of the Company’s outstanding consolidated indebtedness, including unamortized debt premiums and discounts, is as follows: December 31, 2018 2017 Debt secured by owned properties: Mortgage loans payable: Unpaid principal balance $ 727,163 $ 496,557 Unamortized deferred financing costs (1,757 ) (2,144 ) Unamortized debt premiums 11,579 19,006 736,985 513,419 Construction loans payable (1) 22,207 51,780 Unamortized deferred financing costs (480 ) (888 ) 758,712 564,311 Debt secured by on-campus participating properties: Mortgage loans payable (2) 67,867 69,776 Bonds payable 27,030 30,575 Unamortized deferred financing costs (525 ) (642 ) 94,372 99,709 Total secured mortgage, construction and bond debt 853,084 664,020 Unsecured notes, net of unamortized OID and deferred financing costs (3) 1,588,446 1,585,855 Unsecured term loans, net of unamortized deferred financing costs (4) 198,769 647,044 Unsecured revolving credit facility 387,300 127,600 Total debt, net $ 3,027,599 $ 3,024,519 (1) Construction loans payable relates to construction loans partially financing the development of two presale development properties. These properties are owned by entities determined to be VIEs for which the Company is the primary beneficiary. The creditors of these construction loans do not have recourse to the assets of the Company. (2) The creditors of mortgage loans payable related to on-campus participating properties do not have recourse to the assets of the Company. (3) Includes net unamortized original issue discount (“OID”) of $1.6 million at December 31, 2018 and $1.9 million at December 31, 2017 , and net unamortized deferred financing costs of $10.0 million at December 31, 2018 and $12.2 million at December 31, 2017 . (4) Includes net unamortized deferred financing costs of $1.2 million at December 31, 2018 and $3.0 million at December 31, 2017 . The Company has issued the following senior unsecured notes: Date Issued Amount % of Par Value Coupon Yield Original Issue Discount Term (Years) April 2013 $ 400,000 99.659 3.750% 3.791% $ 1,364 10 June 2014 400,000 99.861 4.125% 4.269% (1) 556 10 September 2015 400,000 99.811 3.350% 3.391% 756 5 October 2017 400,000 99.912 3.625% 3.635% 352 10 $ 1,600,000 $ 3,028 (1) The yield includes effect of the amortization of the interest rate swap terminations. |
Schedule of mortgage and construction loans payable | Mortgage and construction loans payable, excluding debt premiums and discounts, consisted of the following as of December 31, 2018 : December 31, 2018 Principal Outstanding Weighted Weighted Number of December 31, Average Average Years Properties 2018 2017 Interest Rate to Maturity Encumbered Fixed Rate: Mortgage loans payable (1) $ 683,615 $ 566,333 4.61 % 6.0 Years 19 Variable Rate: Mortgage & construction loans payable (2) 133,622 51,780 4.44 % 8.4 Years 4 Total $ 817,237 $ 618,113 4.58 % 6.4 Years 23 (1) Fixed rate mortgage loans payable mature at various dates from 2019 through 2028 and carry interest rates ranging from 4.00% to 6.43% at December 31, 2018 . (2) Variable rate construction loans mature upon completion of the development projects in Fall 2019 and carry interest rates based on LIBOR plus a spread, which translate into interest rates ranging from 5.16% to 5.35% at December 31, 2018 . |
Schedule of debt transactions | During the year ended December 31, 2018 , the following transactions occurred: Mortgage Loans Payable (1) Construction Loans Payable Balance, December 31, 2017 $ 566,333 $ 51,780 Additions: Origination of debt - ACC/Allianz JV 330,000 — Draws under advancing construction notes payable — 100,882 Deductions: Pay-off of mortgage notes payable due to disposition (2) (45,516 ) — Pay-off and extinguishment of mortgage notes payable (3) (47,626 ) — Pay-off of construction debt (4) — (130,455 ) Scheduled repayments of principal (8,161 ) — Balance, December 31, 2018 $ 795,030 $ 22,207 (1) Balance excludes unamortized debt premiums and discounts. (2) The Company paid off fixed rate mortgage debt relating to the disposition of one owned property and transition of one owned property into the ACC/Allianz joint venture. (3) The Company paid off one fixed rate mortgage loan nearing maturity at one owned property and had one loan extinguished, as planned, as a part of the unwinding of a New Market Tax Credit ("NMTC") structure at a second owned property. The unwinding of the NMTC resulted in a gain of $8.7 million . (4) Includes the payoff of $111.2 million associated with the Core Transaction and $19.3 million related to one presale development property. |
Schedule of bonds payable | Bonds payable at December 31, 2018 consisted of the following: Principal Weighted Required Series Mortgaged Facilities Subject to Leases Original December 31, 2018 Average Rate Maturity Date Monthly Debt Service 1999 University Village-PVAMU/TAMIU $ 39,270 $ 14,560 7.76 % September 2023 $ 302 2001 University College–PVAMU 20,995 10,020 7.62 % August 2025 158 2003 University College–PVAMU 4,325 2,450 6.20 % August 2028 28 Total/weighted average rate $ 64,590 $ 27,030 7.57 % $ 488 |
Schedule of debt maturities | The following table summarizes the stated debt maturities and scheduled amortization payments, excluding debt premiums and discounts, for each of the five years subsequent to December 31, 2018 and thereafter: 2019 $ 131,500 (1) 2020 446,073 2021 196,913 2022 619,609 2023 407,538 Thereafter 1,229,934 $ 3,031,567 (1) 2019 includes $22.2 million related to construction loans used to finance the development and construction of two in-process development properties held by entities determined to be VIEs. These loans are an obligation of the third-party developers and will be paid off with proceeds from the Company’s investment in the properties, which is expected to occur upon the successful completion and delivery of the properties in Fall 2019 (see Note 5 and Note 16 ). |
Stockholders' Equity _ Partne_2
Stockholders' Equity / Partners' Capital (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Summary of Equity Program Activity | The following table presents activity under the Company’s ATM Equity Program during the year ended December 31, 2017 : Year Ended December 31, 2017 Total net proceeds $ 188,538 Commissions paid to sales agents $ 2,374 Weighted average price per share $ 48.34 Shares of common stock sold 3,949,356 |
Incentive Award Plan (Tables)
Incentive Award Plan (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of summary of restricted stock units | A summary of ACC’s RSUs under the Plan for the years ended December 31, 2018 and 2017 and activity during the year then ended is presented below: Number of RSUs Weighted-Average Grant Date Fair Value Per RSU Outstanding at December 31, 2016 — $ — Granted 18,221 46.67 Settled in common shares (16,295 ) 46.65 Settled in cash (1,926 ) 46.76 Outstanding at December 31, 2017 — — Granted 27,376 39.45 Settled in common shares (27,376 ) 39.45 Outstanding at December 31, 2018 — — |
Schedule of summary of restricted stock awards | A summary of the Company’s RSAs under the Plan for the years ended December 31, 2018 and 2017 is presented below: Number of RSAs Weighted-Average Grant Date Fair Value Per RSA Nonvested balance at December 31, 2016 773,101 $ 41.47 Granted 344,688 48.55 Vested (193,186 ) 42.29 Forfeited (113,733 ) 42.36 Nonvested balance at December 31, 2017 810,870 $ 44.16 Granted 357,387 39.41 Vested (249,102 ) 43.36 Forfeited (56,475 ) 43.64 Nonvested balance at December 31, 2018 862,680 $ 42.46 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 and forward starting swap contracts which are included in other assets and other liabilities on the accompanying consolidated balance sheets as of December 31, 2018 : Hedged Debt Instrument Effective Date Maturity Date Pay Fixed Rate Receive Floating Rate Index Current Notional Amount Fair Value Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month $ 13,158 $ 50 Cullen Oaks mortgage loan Feb 18, 2014 Feb 15, 2021 2.2750% LIBOR - 1 month 13,294 51 Park Point mortgage loan (1) Feb 1, 2019 Jan 16, 2024 2.7475% LIBOR - 1 month 70,000 (1,038 ) Unsecured corporate debt (2) Sep 30, 2019 Sep 30, 2029 2.8020% LIBOR - 3 month 100,000 (634 ) Unsecured corporate debt (2) Sep 30, 2019 Sep 30, 2029 2.8025% LIBOR - 3 month 50,000 (316 ) Unsecured corporate debt (2) Sep 30, 2019 Sep 30, 2029 2.7990% LIBOR - 3 month 50,000 (299 ) Total $ 296,452 $ (2,186 ) (1) In October 2018, the remaining previous interest rate swaps on the Park Point mortgage loan expired and the remaining immaterial balance in accumulated other comprehensive income was reclassified into earnings. A new forward starting swap was entered into in December 2018. (2) Represents forward starting swaps to hedge forecasted issuances of unsecured debt. |
Schedule of fair value of derivative financial instruments and classification on consolidated balance sheet | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2018 and 2017 : Asset Derivatives Liability Derivatives Fair Value as of Fair Value as of Description Balance Sheet Location December 31, 2018 December 31, 2017 Balance Sheet Location December 31, 2018 December 31, 2017 Interest rate swap contracts Other assets $ 101 $ 87 Other liabilities $ — $ 191 Forward starting swap contracts Other assets — — Other liabilities 2,287 — Total derivatives designated $ 101 $ 87 $ 2,287 $ 191 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 December 31, 2018 and 2017 , and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. Fair Value Measurements as of December 31, 2018 December 31, 2017 Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Derivative financial $ — $ 101 $ — $ 101 $ — $ 87 $ — $ 87 Liabilities: Derivative financial instruments $ — $ 2,287 $ — $ 2,287 $ — $ 191 $ — $ 191 Mezzanine: Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) $ — $ 27,828 $ 156,618 $ 184,446 $ — $ 44,503 $ 87,666 $ 132,169 |
Schedule of estimated fair value and related carrying amounts of mortgage loans and bonds payable | The table below contains the estimated fair value and related carrying amounts for the Company’s financial instruments as of December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 Estimated Fair Value Carrying Amount Estimated Fair Value Carrying Amount Assets: Loans receivable $ 50,993 $ 54,611 $ 54,140 $ 57,948 Liabilities: Unsecured notes $ 1,566,900 $ 1,588,446 (1) $ 1,620,839 $ 1,585,855 (1) Mortgage loans payable $ 668,911 $ 693,384 (2) $ 571,676 $ 582,927 (2) Bonds payable $ 28,805 $ 26,741 (3) $ 32,552 $ 30,201 (3) (1) Includes net unamortized OID and net unamortized deferred financing costs (see Note 10 ). (2) Includes net unamortized debt premiums and discounts and net unamortized deferred financing costs (see Note 10 ). Does not include two variable rate mortgage loans with a combined principal balance of $111.4 million as of December 31, 2018. (3) Includes net unamortized deferred financing costs (see Note 10 ). |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Future minimum commitments for operating leases | Future minimum commitments over the life of all leases, which exclude variable rent payments, are as follows: Operating 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 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | Year Ended December 31, 2018 2017 2016 Owned Properties Rental revenues and other income $ 829,119 $ 741,909 $ 738,598 Interest income 1,436 1,545 1,170 Total revenues from external customers 830,555 743,454 739,768 Operating expenses before depreciation, amortization, and ground/facility lease expense (373,521 ) (332,429 ) (337,296 ) Ground/facility lease expense (8,927 ) (7,372 ) (6,158 ) Interest expense, net (1) (14,742 ) (3,659 ) (18,552 ) Operating income before depreciation and amortization $ 433,365 $ 399,994 $ 377,762 Depreciation and amortization $ 253,843 $ 223,939 $ 200,934 Capital expenditures $ 546,147 $ 617,552 $ 485,726 Total segment assets at December 31, $ 6,841,222 $ 6,691,758 $ 5,672,360 On-Campus Participating Properties Rental revenues and other income $ 34,596 $ 33,945 $ 33,433 Interest income 133 65 10 Total revenues from external customers 34,729 34,010 33,443 Operating expenses before depreciation, amortization, and ground/facility lease expense (14,602 ) (14,384 ) (13,447 ) Ground/facility lease expense (2,928 ) (2,841 ) (3,009 ) Interest expense, net (1) (5,098 ) (5,264 ) (5,539 ) Operating income before depreciation and amortization $ 12,101 $ 11,521 $ 11,448 Depreciation and amortization $ 7,820 $ 7,536 $ 7,343 Capital expenditures $ 3,654 $ 3,533 $ 2,944 Total segment assets at December 31, $ 93,917 $ 100,031 $ 103,256 Development Services Development and construction management fees $ 7,281 $ 10,761 $ 4,606 Operating expenses (8,031 ) (7,618 ) (7,530 ) Operating (loss) income before depreciation and amortization $ (750 ) $ 3,143 $ (2,924 ) Total segment assets at December 31, $ 10,087 $ 6,726 $ 2,601 Property Management Services Property management fees from external customers $ 9,814 $ 9,832 $ 9,724 Operating expenses (7,428 ) (7,607 ) (7,003 ) Operating income before depreciation and amortization $ 2,386 $ 2,225 $ 2,721 Total segment assets at December 31, $ 6,426 $ 7,576 $ 7,997 Reconciliations Total segment revenues and other income $ 882,379 $ 798,057 $ 787,541 Unallocated interest income earned on investments and corporate cash 3,265 3,335 4,301 Total consolidated revenues, including interest income $ 885,644 $ 801,392 $ 791,842 Segment operating income before depreciation and amortization $ 447,102 $ 416,883 $ 389,007 Depreciation and amortization (269,019 ) (239,574 ) (217,907 ) Net unallocated expenses relating to corporate interest and overhead (110,660 ) (90,250 ) (72,788 ) Gain (loss) from disposition of real estate 42,314 (632 ) 21,197 Provision for real estate impairment — (15,317 ) (4,895 ) Other operating and nonoperating income 3,949 — — Gain (loss) from extinguishment of debt, net 7,867 — (12,841 ) Income tax provision (2,429 ) (989 ) (1,150 ) Net income $ 119,124 $ 70,121 $ 100,623 Total segment assets $ 6,951,652 $ 6,806,091 $ 5,786,214 Unallocated corporate assets 87,194 91,279 79,699 Total assets at December 31, $ 7,038,846 $ 6,897,370 $ 5,865,913 (1) Net of capitalized interest and amortization of debt premiums. |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Document Information [Line Items] | |
Schedule of quarterly financial information | The information presented below represents the quarterly consolidated financial results of the Company for the years ended December 31, 2018 and 2017 . 2018 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 220,409 $ 201,059 $ 213,469 $ 245,873 $ 880,810 Operating income 50,406 73,168 (1) 21,501 67,520 212,595 (1) Net income (loss) 26,250 45,990 (2,737 ) 49,621 119,124 Net (income) loss attributable to noncontrolling interests (323 ) 19 392 (2,117 ) (2,029 ) Net income (loss) attributable to ACC, Inc. and Subsidiaries common stockholders $ 25,927 $ 46,009 $ (2,345 ) $ 47,504 $ 117,095 Net income (loss) attributable to common stockholders per share - basic $ 0.19 $ 0.33 $ (0.02 ) $ 0.34 $ 0.84 Net income (loss) attributable to common stockholders per share - diluted $ 0.18 $ 0.33 $ (0.02 ) $ 0.34 $ 0.84 (2) 2017 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 192,938 $ 179,008 $ 196,938 $ 227,563 $ 796,447 Operating income 49,219 11,978 (1) 17,575 63,134 141,906 (1) Net income (loss) 34,449 (2,653 ) (1,233 ) 39,558 70,121 Net income attributable to noncontrolling interests (399 ) (109 ) (79 ) (496 ) (1,083 ) Net income (loss) attributable to ACC, Inc. and Subsidiaries common stockholders $ 34,050 $ (2,762 ) $ (1,312 ) $ 39,062 $ 69,038 Net income (loss) attributable to common stockholders per share - basic and diluted $ 0.25 $ (0.02 ) $ (0.01 ) $ 0.28 $ 0.50 (1) The SEC issued the Disclosure Update and Simplification rule in 2018 to remove inconsistencies between US GAAP and SEC regulations. This rule is effective November 5, 2018 and eliminates Rule 3-15(a)(1) of Regulation S-X, which requires 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 reclassifications of 2018 and 2017 gains and losses from disposition of real estate from non-operating income to operating income which are reflected in the tables above. (2) Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year. |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |
Document Information [Line Items] | |
Schedule of quarterly financial information | The information presented below represents the quarterly consolidated financial results of the Operating Partnership for the years ended December 31, 2018 and 2017 . 2018 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 220,409 $ 201,059 $ 213,469 $ 245,873 $ 880,810 Operating income 50,406 73,168 (1) 21,501 67,520 212,595 (1) Net income (loss) 26,250 45,990 (2,737 ) 49,621 119,124 Net (income) loss attributable to noncontrolling interests (114 ) 366 413 (1,880 ) (1,215 ) Series A preferred unit distributions (31 ) (31 ) (31 ) (31 ) (124 ) Net income (loss) available to common unitholders $ 26,105 $ 46,325 $ (2,355 ) $ 47,710 $ 117,785 Net income (loss) per unit attributable to common unitholders - basic $ 0.19 $ 0.33 $ (0.02 ) $ 0.34 $ 0.85 (2) Net income (loss) per unit attributable to common unitholders - diluted $ 0.18 $ 0.33 $ (0.02 ) $ 0.34 $ 0.84 (2) 2017 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total Total revenues $ 192,938 $ 179,008 $ 196,938 $ 227,563 $ 796,447 Operating income 49,219 11,978 (1) 17,575 63,134 141,906 (1) Net income (loss) 34,449 (2,653 ) (1,233 ) 39,558 70,121 Net income attributable to noncontrolling interests (105 ) (97 ) (57 ) (176 ) (435 ) Series A preferred unit distributions (31 ) (31 ) (31 ) (31 ) (124 ) Net income (loss) available to common unitholders $ 34,313 $ (2,781 ) $ (1,321 ) $ 39,351 $ 69,562 Net income (loss) per unit attributable to common unitholders - basic and diluted $ 0.25 $ (0.02 ) $ (0.01 ) $ 0.28 $ 0.50 (1) The SEC issued the Disclosure Update and Simplification rule in 2018 to remove inconsistencies between US GAAP and SEC regulations. This rule is effective November 5, 2018 and eliminates Rule 3-15(a)(1) of Regulation S-X, which requires 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 reclassifications of 2018 and 2017 gains and losses from disposition of real estate from non-operating income to operating income which are reflected in the table above. (2) Net income per share is computed independently for each of the periods presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year. |
Organization and Description _2
Organization and Description of Business - Narrative (Details) | 12 Months Ended |
Dec. 31, 2018BedProperty | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Number of properties | 170 |
Number of beds | Bed | 109,100 |
Minimum | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Initial terms of contract | 1 year |
Maximum | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Initial terms of contract | 5 years |
Management and leasing services | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Number of properties | 34 |
Number of beds | Bed | 24,800 |
Third-party managed portfolio | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Number of properties | 204 |
Number of beds | Bed | 133,900 |
Off campus properties | Owned Properties | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Number of properties | 131 |
American campus equity | Owned Properties | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Number of student housing properties | 34 |
On-campus participating properties, net | Owned Properties | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Number of properties | 5 |
Under development | Owned Properties | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Number of beds | Bed | 8,700 |
On-campus participating properties, net | Owned Properties | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Number of properties | 5 |
On-campus participating properties, net | Under development | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Number of properties under construction | 7 |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Limited partner ownership interest (percent) | 99.50% |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Maximum | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |
Ownership interest (percent) | 1.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2017USD ($) | Dec. 31, 2018USD ($)leaseuniversity_systemEntityagreementProperty | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2015USD ($) | |
Significant Accounting Policies [Line Items] | ||||||
Increase in restricted cash | $ 106,517,000 | $ 64,772,000 | $ 46,957,000 | $ 50,334,000 | ||
Number of properties subject to ground leases | lease | 28 | |||||
Number of properties subject to corporate office headquarters leases | lease | 2 | |||||
Net change in cash, cash equivalents and restricted cash | $ 41,745,000 | 17,815,000 | (3,377,000) | |||
Net cash provided by (used in) operating activities | 376,621,000 | 318,677,000 | 306,057,000 | |||
Net cash provided by (used in) investing activities | (335,812,000) | (977,772,000) | (38,465,000) | |||
Net cash provided by (used in) financing activities | 936,000 | 676,910,000 | (270,969,000) | |||
Capitalized interest | $ 11,700,000 | 15,900,000 | 12,300,000 | |||
Number of properties | Property | 170 | |||||
Unamortized discount on loans receivable | $ 2,400,000 | 2,600,000 | ||||
Impairment of loans receivable | 0 | |||||
Net carrying amount of in-pace leases | $ 1,100,000 | 4,200,000 | ||||
Weighted average in-place lease term | 6 years 11 months 8 days | |||||
Deferred finance costs | $ 3,500,000 | 4,600,000 | ||||
Number of third-party joint venture partners | Entity | 6 | |||||
Number of presale agreements | agreement | 2 | |||||
Period where receivables are deemed uncollectible | 2 years | |||||
Amount of pre-development costs deferred | $ 7,500,000 | |||||
Advertising costs | $ 13,600,000 | 12,700,000 | 12,800,000 | |||
Number of entities | Entity | 2 | |||||
Provision for real estate impairment | $ 0 | 15,317,000 | 4,895,000 | |||
In-place leases | ||||||
Significant Accounting Policies [Line Items] | ||||||
Lease term | 1 year | |||||
Capitalized amount of acquired intangible assets | 7,400,000 | 600,000 | ||||
Amortization expense of acquired intangible assets | $ 3,000,000 | 4,500,000 | 900,000 | |||
Property tax abatement | ||||||
Significant Accounting Policies [Line Items] | ||||||
Capitalized amount of acquired intangible assets | 10,200,000 | 3,600,000 | ||||
Amortization expense of acquired intangible assets | 3,700,000 | 3,300,000 | 2,900,000 | |||
Unamortized tax abatement | $ 56,300,000 | 61,400,000 | ||||
Weighted average tax abatement period | 18 years 3 months 14 days | |||||
Mortgages | ||||||
Significant Accounting Policies [Line Items] | ||||||
Amortization of debt discounts (premiums) | $ (5,300,000) | (7,800,000) | (12,000,000) | |||
Net unamortized debt premiums | 11,600,000 | 19,000,000 | ||||
Provision for real estate impairment | $ 15,300,000 | |||||
Carrying Amount | ||||||
Significant Accounting Policies [Line Items] | ||||||
Loans receivable | $ 54,611,000 | 57,948,000 | ||||
Accounting Standards Update 2016-18 | ||||||
Significant Accounting Policies [Line Items] | ||||||
Increase in restricted cash | 23,600,000 | 24,800,000 | ||||
Net cash provided by (used in) operating activities | (1,300,000) | (2,000,000) | ||||
Net cash provided by (used in) investing activities | 100,000 | (7,000,000) | ||||
Net cash provided by (used in) financing activities | 100,000 | $ 100,000 | ||||
Owned on campus properties | American campus equity | ||||||
Significant Accounting Policies [Line Items] | ||||||
Number of student housing properties | Property | 34 | |||||
Number of properties under construction | Property | 4 | |||||
On-campus participating properties, net | ||||||
Significant Accounting Policies [Line Items] | ||||||
Number of university systems | university_system | 3 | |||||
On-campus participating properties, net | Under development | ||||||
Significant Accounting Policies [Line Items] | ||||||
Number of properties under construction | Property | 7 | |||||
Owned Properties | Mortgages | ||||||
Significant Accounting Policies [Line Items] | ||||||
Net unamortized debt premiums | $ 11,579,000 | $ 19,006,000 | ||||
Owned Properties | American campus equity | ||||||
Significant Accounting Policies [Line Items] | ||||||
Number of student housing properties | Property | 34 | |||||
Owned Properties | Owned on campus properties | Under development | ||||||
Significant Accounting Policies [Line Items] | ||||||
Number of properties scheduled to be open for occupancy in fall 2018 | Property | 2 | |||||
Number of properties scheduled to be open for occupancy in fall 2019 | Property | 1 | |||||
Owned Properties | On-campus participating properties, net | ||||||
Significant Accounting Policies [Line Items] | ||||||
Number of properties subject to ground leases | lease | 5 | |||||
Number of university systems | university_system | 3 | |||||
Number of properties | Property | 5 | |||||
On-campus participating properties, net | ||||||
Significant Accounting Policies [Line Items] | ||||||
Number of properties | Property | 5 | |||||
Minimum | Owned on campus properties | American campus equity | ||||||
Significant Accounting Policies [Line Items] | ||||||
Term of agreement | 30 years | |||||
Maximum | Owned on campus properties | American campus equity | ||||||
Significant Accounting Policies [Line Items] | ||||||
Term of agreement | 90 years | |||||
Six Joint Ventures | ||||||
Significant Accounting Policies [Line Items] | ||||||
Number of properties | Property | 15 | |||||
Scenario, Forecast | Minimum | Accounting Standards Update 2016-02 | ||||||
Significant Accounting Policies [Line Items] | ||||||
Right-of-use asset | $ 250,000,000 | |||||
Lease liability | 250,000,000 | |||||
Scenario, Forecast | Maximum | Accounting Standards Update 2016-02 | ||||||
Significant Accounting Policies [Line Items] | ||||||
Right-of-use asset | 300,000,000 | |||||
Lease liability | $ 300,000,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Buildings and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful Life | 7 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful Life | 40 years |
Leasehold interest | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful Life | 25 years |
Leasehold interest | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful Life | 34 years |
Furniture, fixtures and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful Life | 3 years |
Furniture, fixtures and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful Life | 7 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance, Beginning of Period | $ 14,348 | $ 16,455 | $ 17,054 |
Charged to Expense | 7,472 | 6,753 | 9,195 |
Write-Offs | (6,807) | (8,860) | (9,794) |
Balance, End of Period | 15,013 | 14,348 | 16,455 |
Write-offs related to properties disposed of in prior years | $ 200 | $ 3,100 | $ 3,100 |
Earnings Per Share - Potentiall
Earnings Per Share - Potentially dilutive securities not included in calculating diluted earnings per share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total potentially dilutive securities | 849,221 | 1,096,699 | 1,322,263 |
Common OP Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total potentially dilutive securities | 771,708 | 1,019,186 | 1,231,500 |
Preferred OP Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total potentially dilutive securities | 77,513 | 77,513 | 90,763 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Elements Used in Calculating Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator - basic and diluted earnings per share: | |||||||||||
Net income | $ 49,621 | $ (2,737) | $ 45,990 | $ 26,250 | $ 39,558 | $ (1,233) | $ (2,653) | $ 34,449 | $ 119,124 | $ 70,121 | $ 100,623 |
Net (income) loss attributable to noncontrolling interests | (2,117) | 392 | 19 | (323) | (496) | (79) | (109) | (399) | (2,029) | (1,083) | (1,562) |
Net income attributable to ACC, Inc. and Subsidiaries common stockholders | $ 47,504 | $ (2,345) | $ 46,009 | $ 25,927 | $ 39,062 | $ (1,312) | $ (2,762) | $ 34,050 | 117,095 | 69,038 | 99,061 |
Amount allocated to participating securities | (1,522) | (1,536) | (1,338) | ||||||||
Net income attributable to common stockholders | $ 115,573 | $ 67,502 | $ 97,723 | ||||||||
Denominator: | |||||||||||
Basic weighted average common shares outstanding (shares) | 136,815,051 | 135,141,423 | 129,228,748 | ||||||||
Unvested restricted stock awards (shares) | 906,998 | 860,962 | 789,981 | ||||||||
Diluted weighted average common shares outstanding (shares) | 137,722,049 | 136,002,385 | 130,018,729 | ||||||||
Earnings per share: | |||||||||||
Net income (loss) attributable to common stockholders per share - basic (in dollars per share) | $ 0.34 | $ (0.02) | $ 0.33 | $ 0.19 | $ 0.84 | $ 0.50 | $ 0.76 | ||||
Net income (loss) attributable to common stockholders per share - diluted (in dollars per share) | $ 0.34 | $ (0.02) | $ 0.33 | $ 0.18 | $ 0.84 | $ 0.50 | $ 0.75 |
Earnings Per Share - Summary _2
Earnings Per Share - Summary of Elements Used in Calculating Basic and Diluted Earnings per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator - basic and diluted earnings per unit: | |||||||||||
Net income | $ 49,621 | $ (2,737) | $ 45,990 | $ 26,250 | $ 39,558 | $ (1,233) | $ (2,653) | $ 34,449 | $ 119,124 | $ 70,121 | $ 100,623 |
Net income attributable to noncontrolling interests – partially owned properties | (2,117) | 392 | 19 | (323) | (496) | (79) | (109) | (399) | (2,029) | (1,083) | (1,562) |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||||||||||
Numerator - basic and diluted earnings per unit: | |||||||||||
Net income | 49,621 | (2,737) | 45,990 | 26,250 | 39,558 | (1,233) | (2,653) | 34,449 | 119,124 | 70,121 | 100,623 |
Net income attributable to noncontrolling interests – partially owned properties | (1,880) | 413 | 366 | (114) | (176) | (57) | (97) | (105) | (1,215) | (435) | |
Series A preferred unit distributions | $ (31) | $ (31) | $ (31) | $ (31) | $ (31) | $ (31) | $ (31) | $ (31) | (124) | (124) | (146) |
Amount allocated to participating securities | (1,522) | (1,536) | (1,338) | ||||||||
Net income attributable to common unitholders | $ 116,263 | $ 68,026 | $ 98,683 | ||||||||
Denominator: | |||||||||||
Basic weighted average common units outstanding (units) | 137,586,759 | 136,160,609 | 130,460,248 | ||||||||
Unvested restricted stock awards (units) | 906,998 | 860,962 | 789,981 | ||||||||
Diluted weighted average common units outstanding (units) | 138,493,757 | 137,021,571 | 131,250,229 | ||||||||
Earnings per unit: | |||||||||||
Net income attributable to common unitholders - basic (in dollars per unit) | $ 0.85 | $ 0.50 | $ 0.76 | ||||||||
Net income attributable to common unitholders - diluted (in dollars per unit) | $ 0.34 | $ (0.02) | $ 0.33 | $ 0.18 | $ 0.84 | $ 0.50 | $ 0.75 | ||||
Partially-owned properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||||||||||
Numerator - basic and diluted earnings per unit: | |||||||||||
Net income attributable to noncontrolling interests – partially owned properties | $ (1,215) | $ (435) | $ (456) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Line Items] | |||
Loss subject to TRS earnings tax | $ (121,553) | $ (71,110) | $ (101,773) |
TRS | |||
Income Taxes [Line Items] | |||
Loss subject to TRS earnings tax | 2,000 | $ 8,400 | $ 3,800 |
Net operating loss carryforwards | $ 40,100 |
Income Taxes - Components of de
Income Taxes - Components of deferred tax assets and liabilities of TRSs (Details) - TRS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Fixed and intangible assets | $ 365 | $ 750 |
Net operating loss carryforwards | 9,277 | 8,808 |
Prepaid and deferred income | 866 | 1,459 |
Bad debt reserves | 656 | 574 |
Accrued expenses and other | 3,208 | 2,769 |
Stock compensation | 2,083 | 2,017 |
Total deferred tax assets | 16,455 | 16,377 |
Valuation allowance for deferred tax assets | (16,390) | (16,293) |
Deferred tax assets, net of valuation allowance | 65 | 84 |
Deferred tax liability: | ||
Deferred financing costs | 65 | 84 |
Net deferred tax liabilities | $ 0 | $ 0 |
Income Taxes - Components of in
Income Taxes - Components of income tax provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | |||
Federal | $ 0 | $ 0 | $ 0 |
State | (2,429) | (989) | (1,150) |
Deferred: | |||
Federal | 0 | 0 | 0 |
State | 0 | 0 | 0 |
Total provision | $ (2,429) | $ (989) | $ (1,150) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of income tax attributable to continuing operations for TRSs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Line Items] | |||
TRS income tax provision | $ 2,429 | $ 989 | $ 1,150 |
TRS | |||
Income Taxes [Line Items] | |||
Tax benefit at U.S. statutory rates on TRS income subject to tax | 327 | 1,277 | 2,303 |
State income tax, net of federal income tax benefit | 13 | 57 | 85 |
Effect of permanent differences and other | (154) | 207 | (88) |
Deferred tax impact of tax reform | 0 | (9,206) | 0 |
(Increase) decrease in valuation allowance | (186) | 7,665 | (2,300) |
TRS income tax provision | $ 0 | $ 0 | $ 0 |
Income Taxes - Tax treatment of
Income Taxes - Tax treatment of distributions to shareholders (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Ordinary income | $ 0 | $ 0.8316 | $ 0.3541 |
Long-term capital gain | 1.8200 | 0 | 0.5145 |
Return of capital | 0 | 0.9084 | 0.7914 |
Total per common share outstanding | 1.82 | 1.74 | 1.66 |
Unrecaptured Section 1250 gains | $ 0.4008 | $ 0 | $ 0.5383 |
Acquisitions and Joint Ventur_3
Acquisitions and Joint Venture Investments - Narrative (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2018USD ($) | Aug. 31, 2018USD ($)Bed | Sep. 30, 2019USD ($)Bed | Sep. 30, 2017USD ($)BedProperty | Dec. 31, 2018USD ($)presale_agreementagreementBedProperty | Dec. 31, 2017USD ($)land_parcelBedProperty | Dec. 31, 2016USD ($)BedProperty | |
Business Acquisition [Line Items] | |||||||
Number of presale agreements | agreement | 2 | ||||||
Number of properties, under development | Property | 5 | ||||||
Number of beds | Bed | 109,100 | ||||||
Payments to acquire land | $ 16,500 | ||||||
Number of properties | Property | 170 | ||||||
Cash paid for asset acquisitions | $ 26,626 | $ 375,541 | $ 103,660 | ||||
Presale development properties | |||||||
Business Acquisition [Line Items] | |||||||
Number of presale agreements | presale_agreement | 2 | ||||||
Number of properties, under development | Property | 2 | ||||||
Pre-sale arrangement, purchase price | $ 107,300 | ||||||
In-process development properties | |||||||
Business Acquisition [Line Items] | |||||||
Number of presale agreements | agreement | 2 | ||||||
Number of properties, under development | Property | 2 | ||||||
Number of properties | Property | 3 | ||||||
Scenario, Forecast | Presale development properties | |||||||
Business Acquisition [Line Items] | |||||||
Pre-sale arrangement, purchase price | $ 107,300 | ||||||
Scenario, Forecast | In-process development properties | |||||||
Business Acquisition [Line Items] | |||||||
Number of beds | Bed | 783 | ||||||
The Edge - Stadium Centre | Owned Properties | Pre-Sale Arrangement | |||||||
Business Acquisition [Line Items] | |||||||
Number of beds | Bed | 412 | ||||||
Asset acquisition, consideration transferred | $ 42,600 | ||||||
Payments to acquire land | 10,000 | ||||||
2016 Property Acquisitions | Owned Properties | |||||||
Business Acquisition [Line Items] | |||||||
Number of beds | Bed | 709 | ||||||
Number of properties | Property | 2 | ||||||
Total purchase price | $ 63,100 | ||||||
2016 Property Acquisitions | In-process development properties | |||||||
Business Acquisition [Line Items] | |||||||
Number of beds | Bed | 1,333 | ||||||
Number of properties | Property | 2 | ||||||
Total purchase price | $ 39,600 | ||||||
Payments to acquire business, cash | $ 102,800 | ||||||
Series of Individually Immaterial Asset Acquisitions | |||||||
Business Acquisition [Line Items] | |||||||
Number of beds | Bed | 1,240 | ||||||
Asset acquisition, consideration transferred | $ 222,900 | ||||||
Number of properties | Property | 3 | ||||||
Cash paid for asset acquisitions | $ 222,300 | ||||||
Core Transaction | |||||||
Business Acquisition [Line Items] | |||||||
Number of beds | Bed | 3,776 | ||||||
Asset acquisition, consideration transferred | $ 130,600 | $ 306,000 | $ 154,000 | $ 146,100 | |||
Number of student housing properties | Property | 7 | ||||||
Limited partner ownership interest (percent) | 100.00% | 100.00% | |||||
Number of properties | Property | 2 | 2 | |||||
Number of operating properties purchased through joint venture arrangement | Property | 2 | ||||||
Cash paid for asset acquisitions | $ 144,300 | ||||||
Land | |||||||
Business Acquisition [Line Items] | |||||||
Asset acquisition, consideration transferred | $ 16,600 | 12,000 | |||||
Payments to acquire land | $ 8,900 | ||||||
Number of land parcels acquired | land_parcel | 5 | ||||||
Asset acquisitions, fair value | $ 12,000 | ||||||
Land | In-process development properties | |||||||
Business Acquisition [Line Items] | |||||||
Asset acquisition, consideration transferred | $ 9,000 |
Acquisitions and Joint Ventur_4
Acquisitions and Joint Venture Investments - Schedule of Asset Acquisitions (Details) $ in Millions | Sep. 30, 2019USD ($)Bed | Aug. 31, 2019Bed | Dec. 31, 2018Bed |
Property, Plant and Equipment [Line Items] | |||
Number of beds | 109,100 | ||
Scenario, Forecast | In-process development properties | |||
Property, Plant and Equipment [Line Items] | |||
Number of beds | 783 | ||
Financing receivable, gross | $ | $ 15.6 | ||
Scenario, Forecast | In-process development properties | The Flex at Stadium Centre | |||
Property, Plant and Equipment [Line Items] | |||
Number of beds | 340 | ||
Scenario, Forecast | In-process development properties | 959 Franklin | |||
Property, Plant and Equipment [Line Items] | |||
Number of beds | 443 |
Property Dispositions (Details)
Property Dispositions (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
May 31, 2018USD ($)BedProperty | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($)Bed | Dec. 31, 2017USD ($)Bed | Dec. 31, 2016USD ($)Property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Total proceeds from disposition of real estate | $ 242,284 | $ 24,462 | $ 571,424 | ||
Gain (loss) from disposition of real estate | $ 42,314 | (632) | 21,197 | ||
Number of beds | Bed | 109,100 | ||||
Provision for real estate impairment | $ 0 | 15,317 | 4,895 | ||
Proceeds from secured debt issuance | $ 330,000 | $ 330,000 | 0 | $ 0 | |
Disposal group, not discontinued operations | Owned Properties | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of properties sold | Property | 21 | ||||
Sale price of disposed property | 245,000 | $ 581,800 | $ 581,800 | ||
Total proceeds from disposition of real estate | 242,300 | 24,500 | 571,400 | ||
Gain (loss) from disposition of real estate | $ 42,300 | $ 21,200 | |||
Provision for real estate impairment | 4,900 | ||||
Owned Properties | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of properties sold | Property | 7 | ||||
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 | ||||
The Province - Dayton | Disposal group, not discontinued operations | Owned Properties | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Sale price of disposed property | $ 25,000 | ||||
Gain (loss) from disposition of real estate | $ (600) | ||||
Number of beds | Bed | 657 | ||||
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 properties sold | Property | 7 | ||||
Number of beds | Bed | 4,611 | ||||
Allianz Real Estate | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Cash contribution | $ 373,100 | ||||
ACC/Allianz Joint Venture | Allianz Real Estate | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Minority interest (percent) | 45.00% |
Property Dispositions - Summary
Property Dispositions - Summary of Properties Classified as Held for Sale (Details) - Wholly Owned Properties Sold - Disposal Group, Held-for-sale, Not Discontinued Operations | 1 Months Ended |
May 31, 2018Bed | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of beds in properties sold | 1,338 |
Icon Plaza | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of beds in properties sold | 253 |
West 27th Place | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of beds in properties sold | 475 |
The Standard | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of beds in properties sold | 610 |
Investments in Owned Properti_3
Investments in Owned Properties - Summary of wholly-owned properties (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Real Estate Properties [Line Items] | ||
Owned properties, net | $ 6,661,034 | $ 6,532,168 |
Undeveloped land parcels | 54,500 | 38,000 |
Owned Properties | ||
Real Estate Properties [Line Items] | ||
Land | 653,522 | 646,991 |
Buildings and improvements | 6,486,106 | 6,096,527 |
Furniture, fixtures and equipment | 371,429 | 348,828 |
Construction in progress | 302,902 | 393,045 |
Real estate properties gross | 7,813,959 | 7,485,391 |
Less accumulated depreciation | (1,230,562) | (1,035,027) |
Owned properties, net | 6,583,397 | 6,450,364 |
Under development | ||
Real Estate Properties [Line Items] | ||
Undeveloped land parcels | $ 10,300 | $ 29,900 |
On-Campus Participating Prope_3
On-Campus Participating Properties - Narrative (Details) | 12 Months Ended |
Dec. 31, 2018leaseContractuniversity_systemProperty | |
Real Estate Properties [Line Items] | |
Number of ground/facility lease agreements | lease | 28 |
Leasehold interest in other facilities | 170 |
Number of properties | 3 |
Percentage of financing | 100.00% |
On-campus participating properties, net | |
Real Estate Properties [Line Items] | |
Number of university systems | university_system | 3 |
West Virginia University | On-campus participating properties, net | |
Real Estate Properties [Line Items] | |
Lease term | 40 years |
Number of renewal options | Contract | 2 |
Lease extension period | 10 years |
Owned Properties | On-campus participating properties, net | |
Real Estate Properties [Line Items] | |
Number of ground/facility lease agreements | lease | 5 |
Number of university systems | university_system | 3 |
Leasehold interest in other facilities | 5 |
Owned Properties | On-campus participating properties (excluding West Virginia University) | |
Real Estate Properties [Line Items] | |
Leasehold interest in other facilities | 4 |
On-campus participating properties, net | Owned Properties | |
Real Estate Properties [Line Items] | |
Number of university systems | university_system | 3 |
Percentage of future net cash flows | 50.00% |
Leasehold interest in other facilities | 5 |
On-Campus Participating Prope_4
On-Campus Participating Properties - Summary of On Campus Participating Properties (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)phase | Dec. 31, 2017USD ($) | |
Real Estate Properties [Line Items] | ||
Owned properties, net | $ 6,661,034 | $ 6,532,168 |
Prairie View A&M University | Phases Placed In Service Between 1996 And 1998 | ||
Real Estate Properties [Line Items] | ||
Number of project phases | phase | 3 | |
Texas A&M International | Phases Placed In Service In 2000 And 2003 | ||
Real Estate Properties [Line Items] | ||
Number of project phases | phase | 2 | |
University of Houston | Phases Placed In Service in 2001 And 2005 | ||
Real Estate Properties [Line Items] | ||
Number of project phases | phase | 2 | |
On-Campus Participating Properties | ||
Real Estate Properties [Line Items] | ||
Real estate properties gross | $ 162,562 | 159,996 |
Less accumulated amortization | (84,925) | (78,192) |
Owned properties, net | $ 77,637 | 81,804 |
On-Campus Participating Properties | Prairie View A&M University | Phases Placed In Service Between 1996 And 1998 | ||
Real Estate Properties [Line Items] | ||
Lease Commencement Date | Feb. 1, 1996 | |
Required Debt Repayment | Sep. 1, 2023 | |
Real estate properties gross | $ 45,661 | 44,364 |
On-Campus Participating Properties | Prairie View A&M University | Phases Placed In Service In 2000 And 2003 | ||
Real Estate Properties [Line Items] | ||
Lease Commencement Date | Oct. 1, 1999 | |
Real estate properties gross | $ 28,451 | 27,802 |
On-Campus Participating Properties | Prairie View A&M University | Phases Placed In Service In 2000 And 2003 | Minimum | ||
Real Estate Properties [Line Items] | ||
Required Debt Repayment | Aug. 31, 2025 | |
On-Campus Participating Properties | Prairie View A&M University | Phases Placed In Service In 2000 And 2003 | Maximum | ||
Real Estate Properties [Line Items] | ||
Required Debt Repayment | Aug. 31, 2028 | |
On-Campus Participating Properties | Texas A&M International | ||
Real Estate Properties [Line Items] | ||
Lease Commencement Date | Feb. 1, 1996 | |
Required Debt Repayment | Sep. 1, 2023 | |
Real estate properties gross | $ 6,982 | 6,923 |
On-Campus Participating Properties | University of Houston | Phases Placed In Service in 2001 And 2005 | ||
Real Estate Properties [Line Items] | ||
Lease Commencement Date | Sep. 27, 2000 | |
Required Debt Repayment | Aug. 31, 2035 | |
Real estate properties gross | $ 36,178 | 36,062 |
On-Campus Participating Properties | West Virginia University | Phases Placed in Service in 2013 | ||
Real Estate Properties [Line Items] | ||
Lease Commencement Date | Jul. 16, 2013 | |
Required Debt Repayment | Jul. 16, 2045 | |
Real estate properties gross | $ 45,290 | $ 44,845 |
Noncontrolling Interests - Narr
Noncontrolling Interests - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)EntityagreementPropertyshares | Dec. 31, 2017Propertyshares | Sep. 30, 2017Property | |
Noncontrolling Interest [Line Items] | |||
Number of third-party joint venture partners | Entity | 6 | ||
Number of properties | 170 | ||
Number of presale agreements | agreement | 2 | ||
Number of properties, under development | 5 | ||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Redeemable noncontrolling interests | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling interest, change in redemption Value | $ | $ 68.7 | ||
Common OP units | |||
Noncontrolling Interest [Line Items] | |||
Conversion of common units to common stock (in shares) | shares | 412,343 | 22,000 | |
Three off-campus properties | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||
Noncontrolling Interest [Line Items] | |||
Number of third-party joint venture partners | Entity | 4 | ||
In-Process Development Properties | |||
Noncontrolling Interest [Line Items] | |||
Number of properties | 3 | ||
Number of presale agreements | agreement | 2 | ||
Number of properties, under development | 2 | ||
In-Process Development Properties | Three off-campus properties | |||
Noncontrolling Interest [Line Items] | |||
Number of properties | 10 | ||
Core Transaction | |||
Noncontrolling Interest [Line Items] | |||
Number of properties | 2 | 2 | |
Number of operating properties purchased through joint venture arrangement | 2 | ||
Operating Partnership [Member] | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||
Noncontrolling Interest [Line Items] | |||
Equity interests held by owners of common units and series A preferred units/ retained by seller (percent) | 0.50% | 0.80% |
Noncontrolling Interests - Summ
Noncontrolling Interests - Summarized Activity of Redeemable Limited Partners (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Noncontrolling Interest [Roll Forward] | |||
Beginning Balance | $ 132,169 | ||
Distributions | (152,325) | $ (212) | $ (376) |
Conversion of redeemable limited partner units into shares of ACC common stock | (13,332) | (154) | (11,292) |
Contributions from noncontrolling interests | 212,481 | 8,254 | 1,272 |
Ending Balance | 184,446 | 132,169 | |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||
Noncontrolling Interest [Roll Forward] | |||
Beginning Balance | 132,169 | ||
Distributions | (152,325) | (212) | (376) |
Conversion of redeemable limited partner units into shares of ACC common stock | (13,332) | (154) | (11,292) |
Contributions from noncontrolling interests | 212,481 | 8,254 | 1,272 |
Ending Balance | 184,446 | 132,169 | |
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Redeemable noncontrolling interests | |||
Noncontrolling Interest [Roll Forward] | |||
Beginning Balance | 132,169 | 55,078 | |
Net income | 936 | 654 | |
Distributions | (1,516) | (77,031) | |
Conversion of redeemable limited partner units into shares of ACC common stock | (13,334) | (154) | |
Contributions from noncontrolling interests | 112 | 162,794 | |
Adjustments to reflect redeemable noncontrolling interests at fair value | 66,079 | (9,172) | |
Ending Balance | $ 184,446 | $ 132,169 | $ 55,078 |
Debt - Summary of outstanding c
Debt - Summary of outstanding consolidated indebtedness (Details) $ in Thousands | Dec. 31, 2018USD ($)Property | Dec. 31, 2017USD ($) | Sep. 30, 2017Property | May 31, 2017USD ($) |
Debt Instrument [Line Items] | ||||
Principal Outstanding | $ 817,237 | $ 618,113 | ||
Total secured mortgage, construction and bond debt | 853,084 | 664,020 | ||
Total debt, net | $ 3,027,599 | 3,024,519 | ||
Number of properties | Property | 170 | |||
Unsecured notes, net | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | $ 1,588,446 | 1,585,855 | ||
Unsecured term loans, net | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 198,769 | 647,044 | ||
Unsecured revolving credit facility | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 387,300 | 127,600 | ||
Mortgage loans payable | ||||
Debt Instrument [Line Items] | ||||
Unamortized deferred financing costs | (2,800) | |||
Unamortized debt premiums | 11,600 | 19,000 | ||
Total secured mortgage, construction and bond debt | $ 27,400 | |||
Total debt, net | 795,030 | 566,333 | ||
Construction loans payable | ||||
Debt Instrument [Line Items] | ||||
Total debt, net | 22,207 | 51,780 | ||
Unsecured debt | ||||
Debt Instrument [Line Items] | ||||
Unamortized deferred financing costs | (10,000) | (12,200) | ||
Unamortized debt discounts | 1,600 | 1,900 | ||
Notes payable, other payables | ||||
Debt Instrument [Line Items] | ||||
Unamortized deferred financing costs | (1,200) | (3,000) | ||
Owned Properties | ||||
Debt Instrument [Line Items] | ||||
Total debt, net | 758,712 | 564,311 | ||
Owned Properties | Mortgage loans payable | ||||
Debt Instrument [Line Items] | ||||
Principal Outstanding | 727,163 | 496,557 | ||
Unamortized deferred financing costs | (1,757) | (2,144) | ||
Unamortized debt premiums | 11,579 | 19,006 | ||
Total secured mortgage, construction and bond debt | 736,985 | 513,419 | ||
Owned Properties | Construction loans payable | ||||
Debt Instrument [Line Items] | ||||
Principal Outstanding | 22,207 | 51,780 | ||
Unamortized deferred financing costs | (480) | (888) | ||
On-Campus Participating Properties | ||||
Debt Instrument [Line Items] | ||||
Unamortized deferred financing costs | (525) | (642) | ||
Total debt, net | $ 94,372 | 99,709 | ||
Number of properties | Property | 5 | |||
On-Campus Participating Properties | Mortgage loans payable | ||||
Debt Instrument [Line Items] | ||||
Principal Outstanding | $ 67,867 | 69,776 | ||
On-Campus Participating Properties | Bonds payable | ||||
Debt Instrument [Line Items] | ||||
Principal Outstanding | $ 27,030 | $ 30,575 | ||
In-process development properties | ||||
Debt Instrument [Line Items] | ||||
Number of properties | Property | 3 | |||
In-process development properties | Construction loans payable | ||||
Debt Instrument [Line Items] | ||||
Number of properties | Property | 2 |
Debt - Mortgage and constructio
Debt - Mortgage and construction loans payable excluding premiums and discounts (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)Property | Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | ||
Principal Outstanding | $ | $ 817,237 | $ 618,113 |
Weighted Average Interest Rate | 4.58% | |
Weighted Average Years to Maturity | 6 years 4 months 24 days | |
Number of Properties Encumbered | Property | 23 | |
Mortgage loans payable | Fixed Rate | ||
Debt Instrument [Line Items] | ||
Principal Outstanding | $ | $ 683,615 | 566,333 |
Weighted Average Interest Rate | 4.61% | |
Weighted Average Years to Maturity | 6 years | |
Number of Properties Encumbered | Property | 19 | |
Construction loans payable | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Principal Outstanding | $ | $ 133,622 | $ 51,780 |
Weighted Average Interest Rate | 4.44% | |
Weighted Average Years to Maturity | 8 years 4 months 24 days | |
Number of Properties Encumbered | Property | 4 | |
Minimum | Mortgage loans payable | Fixed Rate | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 4.00% | |
Maximum | Mortgage loans payable | Fixed Rate | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 6.43% | |
London Interbank Offered Rate (LIBOR) | Minimum | Construction loans payable | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 5.16% | |
London Interbank Offered Rate (LIBOR) | Maximum | Construction loans payable | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 5.35% |
Debt - Mortgage and construct_2
Debt - Mortgage and construction loans payable transactions occurred (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
May 31, 2018USD ($) | Dec. 31, 2018USD ($)LoanProperty | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Long Term Debt Transactions [Roll Forward] | ||||
Balance, December 31, 2017 | $ 3,027,599 | $ 3,024,519 | ||
Additions: | ||||
Origination of debt - ACC/Allianz JV | $ 330,000 | 330,000 | 0 | $ 0 |
Draws under advancing construction notes payable | 100,882 | 40,170 | 4,454 | |
Deductions: | ||||
Balance, December 31, 2018 | 3,024,519 | |||
Gain (loss) from extinguishment of debt, net | 7,867 | 0 | $ (12,841) | |
Mortgage loans payable | ||||
Long Term Debt Transactions [Roll Forward] | ||||
Balance, December 31, 2017 | 795,030 | 566,333 | ||
Additions: | ||||
Origination of debt - ACC/Allianz JV | 330,000 | |||
Deductions: | ||||
Pay-off of debt | (45,516) | |||
Pay-off and extinguishment of mortgage notes payable | (47,626) | |||
Scheduled repayments of principal | (8,161) | |||
Balance, December 31, 2018 | $ 566,333 | |||
Number of properties disposed | Property | 1 | |||
Number of properties transitioned into joint venture | Property | 1 | |||
Number of loans paid off | Loan | 1 | |||
Number of loans extinguished | Loan | 1 | |||
Gain (loss) from extinguishment of debt, net | $ 8,700 | |||
Construction loans payable | ||||
Long Term Debt Transactions [Roll Forward] | ||||
Balance, December 31, 2017 | 22,207 | $ 51,780 | ||
Additions: | ||||
Draws under advancing construction notes payable | 100,882 | |||
Deductions: | ||||
Pay-off of debt | (130,455) | |||
Balance, December 31, 2018 | 51,780 | |||
Core Transaction | Construction loans payable | ||||
Deductions: | ||||
Pay-off of debt | (111,200) | |||
Presale development properties | Construction loans payable | ||||
Deductions: | ||||
Pay-off of debt | $ (19,300) |
Debt - Narrative (Details)
Debt - Narrative (Details) | 1 Months Ended | 12 Months Ended | |||||
May 31, 2018USD ($)Property | Jun. 30, 2017USD ($) | Jan. 31, 2017USD ($) | Dec. 31, 2018USD ($)Subsidarybond_seriesProperty | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | May 31, 2017USD ($) | |
Debt Instrument [Line Items] | |||||||
Secured mortgage, construction and bond debt, net | $ 853,084,000 | $ 664,020,000 | |||||
Provision for real estate impairment | $ 0 | 15,317,000 | $ 4,895,000 | ||||
Number of properties | Property | 3 | ||||||
Percentage of financing | 100.00% | ||||||
Number of series of taxable bonds issued | bond_series | 3 | ||||||
Number of special purpose subsidiaries | Subsidary | 3 | ||||||
Pay-off of unsecured term loans | $ 450,000,000 | 0 | 600,000,000 | ||||
Unsecured revolving credit facility | Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Annual unused commitment fee (percent) | 0.20% | ||||||
Weighted average interest rate of debt (percent) | 3.66% | ||||||
Interest rate (percent) | 2.46% | ||||||
Weighted average interest rate spread (percent) | 1.00% | ||||||
Mortgage loans payable | |||||||
Debt Instrument [Line Items] | |||||||
Secured mortgage, construction and bond debt, net | $ 27,400,000 | ||||||
Provision for real estate impairment | $ 15,300,000 | ||||||
Amortization of debt discounts (premiums) | $ (5,300,000) | (7,800,000) | (12,000,000) | ||||
Unsecured debt | |||||||
Debt Instrument [Line Items] | |||||||
Unamortized debt discounts | 1,600,000 | 1,900,000 | |||||
Unsecured debt | Unsecured revolving credit facility | |||||||
Debt Instrument [Line Items] | |||||||
Additional borrowing capacity of unsecured facility (up to) | $ 500,000,000 | ||||||
Annual unused commitment fee (percent) | 0.20% | ||||||
Revolving credit facility available | $ 312,700,000 | ||||||
Unsecured debt | Unsecured revolving credit facility | Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Current borrowing capacity | $ 500,000,000 | ||||||
Credit facility | $ 700,000,000 | ||||||
Unsecured debt | Unsecured revolving credit facility | Term Loan I Facility | |||||||
Debt Instrument [Line Items] | |||||||
Pay-off of unsecured term loans | $ 150,000,000 | ||||||
Unsecured debt | Unsecured revolving credit facility | Term Loan III Facility | |||||||
Debt Instrument [Line Items] | |||||||
Pay-off of unsecured term loans | 300,000,000 | ||||||
Write off of deferred debt issuance cost | $ 900,000 | ||||||
Unsecured debt | Unsecured revolving credit facility | Term Loan II Facility | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility | 200,000,000 | ||||||
Weighted average interest rate of debt (percent) | 3.48% | ||||||
Interest rate (percent) | 2.38% | ||||||
Weighted average interest rate spread (percent) | 1.10% | ||||||
Line of credit facility, accordion feature, increase limit | $ 100,000,000 | ||||||
Owned properties, net | |||||||
Debt Instrument [Line Items] | |||||||
Number of properties sold | Property | 7 | ||||||
Owned properties, net | Mortgage loans payable | |||||||
Debt Instrument [Line Items] | |||||||
Secured mortgage, construction and bond debt, net | $ 736,985,000 | 513,419,000 | |||||
Disposal group, not discontinued operations | Owned properties, net | |||||||
Debt Instrument [Line Items] | |||||||
Number of properties sold | Property | 3 | ||||||
Unsecured notes, net | Senior notes | |||||||
Debt Instrument [Line Items] | |||||||
Unamortized debt discounts | 1,600,000 | 1,900,000 | |||||
Interest Expense | Senior notes | |||||||
Debt Instrument [Line Items] | |||||||
Amortization of debt discounts (premiums) | $ 400,000 | $ 300,000 | $ 300,000 |
Debt - Summary of Bonds payable
Debt - Summary of Bonds payable (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Principal | $ 817,237,000 | $ 618,113,000 |
Weighted Average Rate | 4.58% | |
Bonds Payable | ||
Debt Instrument [Line Items] | ||
Original | $ 64,590,000 | |
Principal | $ 27,030,000 | |
Weighted Average Rate | 7.57% | |
Required Monthly Debt Service | $ 488,000 | |
Bonds Payable | Series 1999 | ||
Debt Instrument [Line Items] | ||
Mortgaged Facilities Subject to Leases | University Village-PVAMU/TAMIU | |
Original | $ 39,270,000 | |
Principal | $ 14,560,000 | |
Weighted Average Rate | 7.76% | |
Maturity Date | Sep. 1, 2023 | |
Required Monthly Debt Service | $ 302,000 | |
Bonds Payable | Series 2001 | ||
Debt Instrument [Line Items] | ||
Mortgaged Facilities Subject to Leases | University College–PVAMU | |
Original | $ 20,995,000 | |
Principal | $ 10,020,000 | |
Weighted Average Rate | 7.62% | |
Maturity Date | Aug. 1, 2025 | |
Required Monthly Debt Service | $ 158,000 | |
Bonds Payable | Series 2003 | ||
Debt Instrument [Line Items] | ||
Mortgaged Facilities Subject to Leases | University College–PVAMU | |
Original | $ 4,325,000 | |
Principal | $ 2,450,000 | |
Weighted Average Rate | 6.20% | |
Maturity Date | Aug. 1, 2028 | |
Required Monthly Debt Service | $ 28,000 |
Debt - Summary of Unsecured Not
Debt - Summary of Unsecured Notes (Details) - AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Senior notes | |
Debt Instrument [Line Items] | |
Amount | $ 1,600,000,000 |
Original Issue Discount | 3,028,000 |
Senior Notes - April 2013 | |
Debt Instrument [Line Items] | |
Amount | $ 400,000,000 |
Percentage of par value | 99.659% |
Coupon | 3.75% |
Yield | 3.791% |
Original Issue Discount | $ 1,364,000 |
Term (Years) | 10 years |
Senior Notes - June 2014 | |
Debt Instrument [Line Items] | |
Amount | $ 400,000,000 |
Percentage of par value | 99.861% |
Coupon | 4.125% |
Yield | 4.269% |
Original Issue Discount | $ 556,000 |
Term (Years) | 10 years |
Senior Notes - September 2015 | |
Debt Instrument [Line Items] | |
Amount | $ 400,000,000 |
Percentage of par value | 99.811% |
Coupon | 3.35% |
Yield | 3.391% |
Original Issue Discount | $ 756,000 |
Term (Years) | 5 years |
Senior Notes - October 2017 | |
Debt Instrument [Line Items] | |
Amount | $ 400,000,000 |
Percentage of par value | 99.912% |
Coupon | 3.625% |
Yield | 3.635% |
Original Issue Discount | $ 352,000 |
Term (Years) | 10 years |
Debt - Summary of Debt Maturiti
Debt - Summary of Debt Maturities (Details) $ in Thousands | Dec. 31, 2018USD ($)Property | Dec. 31, 2017USD ($) | Sep. 30, 2017Property |
Debt Instrument [Line Items] | |||
Principal Outstanding | $ 817,237 | $ 618,113 | |
Number of properties | Property | 170 | ||
Scheduled Principal | |||
Debt Instrument [Line Items] | |||
2019 | $ 131,500 | ||
2020 | 446,073 | ||
2021 | 196,913 | ||
2022 | 619,609 | ||
2023 | 407,538 | ||
Thereafter | 1,229,934 | ||
Total debt | 3,031,567 | ||
In-process development properties | |||
Debt Instrument [Line Items] | |||
Number of properties | Property | 3 | ||
Construction loans payable | Owned Properties | |||
Debt Instrument [Line Items] | |||
Principal Outstanding | $ 22,207 | $ 51,780 | |
Construction loans payable | In-process development properties | |||
Debt Instrument [Line Items] | |||
Number of properties | Property | 2 |
Stockholders' Equity _ Partne_3
Stockholders' Equity / Partners' Capital - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | May 31, 2018 | |
Class Of Stock [Line Items] | ||||
Shares held in deferred compensation plan (in shares) | 69,603 | 63,778 | ||
Treasury Stock | ||||
Class Of Stock [Line Items] | ||||
Number of shares withdrawn from deferred compensation plan (in shares) | 5,825 | 43,597 | 10,026 | |
ATM Equity Program | ||||
Class Of Stock [Line Items] | ||||
ATM equity program, aggregate offering price authorized (up to $500 million) | $ 500 | $ 500 | ||
At The Market Program Expired May 2018, Included In ATM Equity Program | ||||
Class Of Stock [Line Items] | ||||
ATM equity program, aggregate offering price authorized (up to $500 million) | $ 233 | |||
Deferred Compensation Plan | ||||
Class Of Stock [Line Items] | ||||
Shares held in deferred compensation plan (in shares) | 69,603 | |||
Deferred Compensation Plan | Treasury Stock | ||||
Class Of Stock [Line Items] | ||||
Shares of common stock deposited into deferred compensation plan (in shares) | 12,956 | |||
Number of shares withdrawn from deferred compensation plan (in shares) | 7,131 |
Stockholders' Equity _ Partne_4
Stockholders' Equity / Partners' Capital - Summary of Equity Program Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Class of Stock [Line Items] | |||
Total net proceeds | $ 0 | $ 190,912 | $ 816,065 |
ATM Equity Program | |||
Class of Stock [Line Items] | |||
Total net proceeds | 188,538 | ||
Commissions paid to sales agents | $ 2,374 | ||
Weighted average price per share (in dollars per share) | $ 48.34 | ||
Shares of common stock sold (in shares) | 3,949,356 |
Incentive Award Plan - Narrativ
Incentive Award Plan - Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
May 31, 2018USD ($)shares | Mar. 31, 2018USD ($)employee | Dec. 31, 2018USD ($)employee$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of newly appointed members to the Board of Directors | employee | 2 | ||||
Restricted Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated share-based compensation | $ 1,100 | $ 900 | $ 900 | ||
Weighted-average grant date fair value, granted (in dollars per share) | $ / shares | $ 39.45 | $ 46.67 | $ 46.81 | ||
Restricted Stock Units | Newly Appointed Board Member | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based awards, stock granted during period, value | $ 115 | ||||
Restricted Stock Units | Chairman of the Board of Directors | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based awards, stock granted during period, value | $ 160 | ||||
Restricted Stock Units | All other members | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based awards, stock granted during period, value | $ 115 | ||||
Restricted Stock Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated share-based compensation | $ 11,100 | $ 13,100 | $ 9,300 | ||
Weighted-average grant date fair value, granted (in dollars per share) | $ / shares | $ 39.41 | $ 48.55 | $ 41.41 | ||
Restricted stock award vesting period (in years) | 5 years | ||||
Number of shares vested (in shares) | shares | 249,102 | 193,186 | |||
Weighted average grant date fair value, fair value (in dollars per share) | $ / shares | $ 43.64 | $ 42.36 | $ 40.47 | ||
Total fair value of RSAs vested | $ 9,100 | ||||
Total unrecognized compensation cost | $ 27,100 | ||||
Total unrecognized compensation cost, weighted-average period (in years) | 3 years 2 months 13 days | ||||
Minimum age to meet retirement qualification (under Company Plan) | 50 years | ||||
Minimum combination of employee service years and employee age to meet retirement qualification (under Company Plan) | 70 years | ||||
Minimum notification period of intention to retire (under Company Plan) | 6 months | ||||
Number of employees holding unvested awards which will vest upon retirement | employee | 15 | ||||
Number of unvested awards held by individual (in shares) | shares | 271,771 | ||||
Restricted Stock Awards | Chief Financial Officer | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated share-based compensation | $ 2,400 | ||||
Number of shares vested (in shares) | shares | 46,976 | ||||
Minimum | Restricted Stock Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Minimum number of full years of service to qualify for retirement (under Company Plan) | 120 months | ||||
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) | shares | 3,500,000 | ||||
Stock-based awards, number of shares available for issuance (in shares) | shares | 3,500,000 |
Incentive Award Plan - Summary
Incentive Award Plan - Summary of Restricted Stock Units (Details) - Restricted Stock Units - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Number of RSUs | |||
Nonvested, beginning balance (in shares) | 0 | ||
Granted (in shares) | 27,376 | 18,221 | |
Settled in common shares (in shares) | (27,376) | (16,295) | |
Settled in cash (in shares) | (1,926) | ||
Nonvested, ending balance (in shares) | 0 | ||
Weighted-Average Grant Date Fair Value Per RSU | |||
Nonvested, Weighted-Average Grant Date Fair Value, beginning balance (in dollars per share) | $ 0 | $ 0 | |
Granted, Weighted-Average Grant Date Fair Value (in dollars per share) | 39.45 | 46.67 | $ 46.81 |
Settled in common shares, Weighted-Average Grant Date Fair Value (in dollars per share) | 39.45 | 46.65 | |
Settled in cash, Weighted-Average Grant Date Fair Value (in dollars per share) | 46.76 | ||
Nonvested, Weighted-Average Grant Date Fair Value, ending balance (in dollars per share) | $ 0 | $ 0 | $ 0 |
Incentive Award Plan - Summar_2
Incentive Award Plan - Summary of Restricted Stock Awards (Details) - Restricted Stock Awards - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Number of RSAs | |||
Nonvested, beginning balance (in shares) | 810,870 | 773,101 | |
Granted (in shares) | 357,387 | 344,688 | |
Vested (in shares) | (249,102) | (193,186) | |
Forfeited (in shares) | (56,475) | (113,733) | |
Nonvested, ending balance (in shares) | 862,680 | 810,870 | 773,101 |
Weighted-Average Grant Date Fair Value Per RSA | |||
Nonvested, Weighted-Average Grant Date Fair Value, beginning balance (in dollars per share) | $ 44.16 | $ 41.47 | |
Granted, Weighted-Average Grant Date Fair Value (in dollars per share) | 39.41 | 48.55 | $ 41.41 |
Vested, Weighted-Average Grant Date Fair Value (in dollars per share) | 43.36 | 42.29 | |
Forfeited, Weighted-Average Grant Date Fair Value (in dollars per share) | 43.64 | 42.36 | 40.47 |
Nonvested, Weighted-Average Grant Date Fair Value, ending balance (in dollars per share) | $ 42.46 | $ 44.16 | $ 41.47 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Summary of Outstanding Interest Rate Swap Contracts (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Derivative [Line Items] | |
Current Notional Amount | $ 296,452 |
Fair Value | $ (2,186) |
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 | $ 13,158 |
Fair Value | $ 50 |
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 | $ 13,294 |
Fair Value | $ 51 |
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 | $ (1,038) |
Interest Rate Swap - 2.8020% Fixed Rate | |
Derivative [Line Items] | |
Effective Date | Sep. 30, 2019 |
Maturity Date | Sep. 30, 2029 |
Pay Fixed Rate | 2.802% |
Receive Floating Rate Index | LIBOR - 3 month |
Current Notional Amount | $ 100,000 |
Fair Value | $ (634) |
Interest Rate Swap - 2.8025% Fixed Rate | |
Derivative [Line Items] | |
Effective Date | Sep. 30, 2019 |
Maturity Date | Sep. 30, 2029 |
Pay Fixed Rate | 2.8025% |
Receive Floating Rate Index | LIBOR - 3 month |
Current Notional Amount | $ 50,000 |
Fair Value | $ (316) |
Interest Rate Swap - 2.7990% Fixed Rate | |
Derivative [Line Items] | |
Effective Date | Sep. 30, 2019 |
Maturity Date | Sep. 30, 2029 |
Pay Fixed Rate | 2.799% |
Receive Floating Rate Index | LIBOR - 3 month |
Current Notional Amount | $ 50,000 |
Fair Value | $ (299) |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Fair Value of Derivative Financial Instruments and Classification on Consolidated Balance Sheet (Details) - Designated as hedging instrument - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 101 | $ 87 |
Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 2,287 | 191 |
Interest rate swap contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 101 | 87 |
Interest rate swap contracts | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0 | 191 |
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 | $ 2,287 | $ 0 |
Fair Value Disclosures - Financ
Fair Value Disclosures - Financial instruments measured at fair value (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Derivative financial instruments | $ 101 | $ 87 |
Liabilities: | ||
Derivative financial instruments | 2,287 | 191 |
Mezzanine: | ||
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) | 184,446 | 132,169 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | ||
Assets: | ||
Derivative financial instruments | 0 | 0 |
Liabilities: | ||
Derivative financial instruments | 0 | 0 |
Mezzanine: | ||
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivative financial instruments | 101 | 87 |
Liabilities: | ||
Derivative financial instruments | 2,287 | 191 |
Mezzanine: | ||
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) | 27,828 | 44,503 |
Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Derivative financial instruments | 0 | 0 |
Liabilities: | ||
Derivative financial instruments | 0 | 0 |
Mezzanine: | ||
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership) | $ 156,618 | $ 87,666 |
Fair Value Disclosures - Narrat
Fair Value Disclosures - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Redeemable noncontrolling interests | AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Noncontrolling interest, change in redemption Value | $ 68.7 |
Fair Value Disclosures - Estima
Fair Value Disclosures - Estimated fair value and related carrying amounts for mortgage loans and bonds payable (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Principal | $ 817,237 | $ 618,113 |
Estimated Fair Value | ||
Liabilities: | ||
Unsecured notes | 1,566,900 | 1,620,839 |
Mortgage loans payable | 668,911 | 571,676 |
Bonds payable | 28,805 | 32,552 |
Assets: | ||
Loans receivable | 50,993 | 54,140 |
Carrying Amount | ||
Liabilities: | ||
Unsecured notes | 1,588,446 | 1,585,855 |
Mortgage loans payable | 693,384 | 582,927 |
Bonds payable | 26,741 | 30,201 |
Assets: | ||
Loans receivable | 54,611 | 57,948 |
Owned Properties | Mortgage loans payable | ||
Assets: | ||
Principal | 727,163 | $ 496,557 |
Owned Properties | Mortgage loans payable | Variable Rate Mortgage Loans | ||
Assets: | ||
Principal | $ 111,400 |
Lease Commitments - Narrative (
Lease Commitments - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)leaseuniversity_systemProperty | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Leases Disclosure [Line Items] | |||
Number of properties subject to ground leases | lease | 28 | ||
Number of properties | Property | 170 | ||
American campus equity | Owned on campus properties | |||
Leases Disclosure [Line Items] | |||
Number of student housing properties | Property | 34 | ||
Prepaid ground rent | $ 6.9 | $ 8.4 | |
Ground/facility leases | 8.9 | 7.4 | $ 6.2 |
Capitalized rent | $ 2.3 | 2 | 0.7 |
Owned Properties | American campus equity | |||
Leases Disclosure [Line Items] | |||
Number of student housing properties | Property | 34 | ||
Owned Properties | On-campus participating properties, net | |||
Leases Disclosure [Line Items] | |||
Ground/facility leases | $ 2.9 | 2.8 | 3 |
Number of university systems | university_system | 3 | ||
Number of properties | Property | 5 | ||
Percentage of future net cash flows | 50.00% | ||
Owned Properties | Off campus properties | |||
Leases Disclosure [Line Items] | |||
Ground/facility leases | $ 3 | 2.4 | $ 2.2 |
Number of properties | Property | 131 | ||
Deferred ground rent | $ 4.2 | $ 3.6 |
Lease Commitments - Future mini
Lease Commitments - Future minimum commitments over life (Details) $ in Thousands | Dec. 31, 2018USD ($) |
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 | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2018USD ($) | Aug. 31, 2013USD ($)Contract | Sep. 30, 2019USD ($)agreement | Sep. 30, 2017USD ($)Property | Dec. 31, 2018USD ($)Property | Dec. 31, 2017USD ($)Property | |
Commitments and Contingencies Disclosure [Line Items] | ||||||
Number of properties | Property | 170 | |||||
Number of properties, under development | Property | 5 | |||||
Alternate Housing Guarantees and Project Cost Guarantees | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Project cost guarantees expiration (within years following project completion) | 5 days | |||||
Project Cost Guarantees | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Project cost guarantees expiration (within years following project completion) | 1 year | |||||
Third-Party Development Projects | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Guarantee obligations, maximum exposure, owner caused delays | $ 14,000,000 | |||||
Performance guarantee | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Estimate of possible loss | $ 614,600,000 | |||||
Under development | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Number of properties | Property | 2 | |||||
Drexel University Property | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Lease term | 40 years | |||||
Number of renewal options | Contract | 3 | |||||
Lease extension period | 10 years | |||||
Commitment to pay real estate transfer taxes, amount | $ 1,800,000 | |||||
Real estate transfer taxes paid upon conveyance of land | 600,000 | |||||
Maximum | Drexel University Property | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Commitment to pay real estate transfer taxes, amount | $ 2,400,000 | |||||
Construction Contracts | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Construction contacts, amount to complete projects | $ 479,700,000 | |||||
Presale development properties | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Number of properties, under development | Property | 2 | |||||
Pre-sale arrangement, purchase price | $ 107,300,000 | |||||
Pre-Sale Arrangement Purchase Price, Remaining Obligation To Be Funded | 89,600,000 | |||||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | Core Transaction | Consolidated Properties | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Number of operating properties purchased through joint venture arrangement | Property | 2 | |||||
Joint venture term | 2 years | |||||
Core Transaction | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Number of properties | Property | 2 | 2 | ||||
Number of operating properties purchased through joint venture arrangement | Property | 2 | |||||
Asset acquisition, consideration transferred | $ 130,600,000 | $ 306,000,000 | 154,000,000 | $ 146,100,000 | ||
Disney College Program Phases I-V (ACE) | Performance guarantee | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Guarantee, maximum exposure | 200,000 | |||||
Development guarantee, damages due per bed each day of a delay | 20 | |||||
Commercial Retail Space | Performance guarantee | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Guarantee, maximum exposure | $ 2,100,000 | |||||
Scenario, Forecast | Presale development properties | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Number of presale agreements | agreement | 2 | |||||
Pre-sale arrangement, purchase price | $ 107,300,000 |
Segments - Narrative (Details)
Segments - Narrative (Details) | 12 Months Ended |
Dec. 31, 2018Segment | |
Segment Reporting [Abstract] | |
Identified reportable segments | 4 |
Segments - Schedule of Segment
Segments - Schedule of Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 245,873 | $ 213,469 | $ 201,059 | $ 220,409 | $ 227,563 | $ 196,938 | $ 179,008 | $ 192,938 | $ 880,810 | $ 796,447 | $ 786,361 |
Ground/facility lease expense | (11,855) | (10,213) | (9,167) | ||||||||
Interest expense, net | (99,228) | (71,122) | (78,687) | ||||||||
Operating expenses | (668,215) | (654,541) | (592,021) | ||||||||
Depreciation and amortization | (269,019) | (239,574) | (217,907) | ||||||||
Total consolidated revenues, including interest income | 885,644 | 801,392 | 791,842 | ||||||||
Segment operating income before depreciation and amortization | 67,520 | 21,501 | 73,168 | 50,406 | 63,134 | 17,575 | 11,978 | 49,219 | 212,595 | 141,906 | 194,340 |
Gain (loss) from disposition of real estate | 42,314 | (632) | 21,197 | ||||||||
Provision for real estate impairment | 0 | (15,317) | (4,895) | ||||||||
Other operating and nonoperating income | 3,949 | 0 | 0 | ||||||||
Gain (loss) from extinguishment of debt, net | 7,867 | 0 | (12,841) | ||||||||
Income tax provision | (2,429) | (989) | (1,150) | ||||||||
Net income | 49,621 | $ (2,737) | $ 45,990 | $ 26,250 | 39,558 | $ (1,233) | $ (2,653) | $ 34,449 | 119,124 | 70,121 | 100,623 |
Total assets | 7,038,846 | 6,897,370 | 7,038,846 | 6,897,370 | 5,865,913 | ||||||
Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 882,379 | 798,057 | 787,541 | ||||||||
Segment operating income before depreciation and amortization | 447,102 | 416,883 | 389,007 | ||||||||
Total assets | 6,951,652 | 6,806,091 | 6,951,652 | 6,806,091 | 5,786,214 | ||||||
Operating segments | Owned Properties | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Rental revenues and other income | 829,119 | 741,909 | 738,598 | ||||||||
Interest income | 1,436 | 1,545 | 1,170 | ||||||||
Total revenues | 830,555 | 743,454 | 739,768 | ||||||||
Operating expenses before depreciation, amortization, and ground/facility lease expense | (373,521) | (332,429) | (337,296) | ||||||||
Ground/facility lease expense | (8,927) | (7,372) | (6,158) | ||||||||
Interest expense, net | (14,742) | (3,659) | (18,552) | ||||||||
Operating income before depreciation and amortization | 433,365 | 399,994 | 377,762 | ||||||||
Depreciation and amortization | 253,843 | 223,939 | 200,934 | ||||||||
Capital expenditures | 546,147 | 617,552 | 485,726 | ||||||||
Total assets | 6,841,222 | 6,691,758 | 6,841,222 | 6,691,758 | 5,672,360 | ||||||
Operating segments | On-Campus Participating Properties | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Rental revenues and other income | 34,596 | 33,945 | 33,433 | ||||||||
Interest income | 133 | 65 | 10 | ||||||||
Total revenues | 34,729 | 34,010 | 33,443 | ||||||||
Operating expenses before depreciation, amortization, and ground/facility lease expense | (14,602) | (14,384) | (13,447) | ||||||||
Ground/facility lease expense | (2,928) | (2,841) | (3,009) | ||||||||
Interest expense, net | (5,098) | (5,264) | (5,539) | ||||||||
Operating income before depreciation and amortization | 12,101 | 11,521 | 11,448 | ||||||||
Depreciation and amortization | 7,820 | 7,536 | 7,343 | ||||||||
Capital expenditures | 3,654 | 3,533 | 2,944 | ||||||||
Total assets | 93,917 | 100,031 | 93,917 | 100,031 | 103,256 | ||||||
Operating segments | Development Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Development and construction management fees | 7,281 | 10,761 | 4,606 | ||||||||
Operating expenses | (8,031) | (7,618) | (7,530) | ||||||||
Operating income before depreciation and amortization | (750) | 3,143 | (2,924) | ||||||||
Total assets | 10,087 | 6,726 | 10,087 | 6,726 | 2,601 | ||||||
Operating segments | Property Management Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating expenses | (7,428) | (7,607) | (7,003) | ||||||||
Operating income before depreciation and amortization | 2,386 | 2,225 | 2,721 | ||||||||
Total assets | 6,426 | 7,576 | 6,426 | 7,576 | 7,997 | ||||||
Unallocated | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 3,265 | 3,335 | 4,301 | ||||||||
Operating expenses | (110,660) | (90,250) | (72,788) | ||||||||
Total assets | $ 87,194 | $ 91,279 | 87,194 | 91,279 | 79,699 | ||||||
Third-party management services | Operating segments | Property Management Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 9,814 | $ 9,832 | $ 9,724 |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule Of Quarterly Financial Information [Line Items] | |||||||||||
Total revenues | $ 245,873 | $ 213,469 | $ 201,059 | $ 220,409 | $ 227,563 | $ 196,938 | $ 179,008 | $ 192,938 | $ 880,810 | $ 796,447 | $ 786,361 |
Operating income | 67,520 | 21,501 | 73,168 | 50,406 | 63,134 | 17,575 | 11,978 | 49,219 | 212,595 | 141,906 | 194,340 |
Net income (loss) | 49,621 | (2,737) | 45,990 | 26,250 | 39,558 | (1,233) | (2,653) | 34,449 | 119,124 | 70,121 | 100,623 |
Net (income) loss attributable to noncontrolling interests | (2,117) | 392 | 19 | (323) | (496) | (79) | (109) | (399) | (2,029) | (1,083) | (1,562) |
Net income attributable to ACC, Inc. and Subsidiaries common stockholders | $ 47,504 | $ (2,345) | $ 46,009 | $ 25,927 | $ 39,062 | $ (1,312) | $ (2,762) | $ 34,050 | $ 117,095 | $ 69,038 | $ 99,061 |
Net income (loss) attributable to common stockholders per share - basic (in dollars per share) | $ 0.34 | $ (0.02) | $ 0.33 | $ 0.19 | $ 0.84 | $ 0.50 | $ 0.76 | ||||
Net income (loss) attributable to common stockholders per share - diluted (in dollars per share) | $ 0.34 | $ (0.02) | $ 0.33 | $ 0.18 | $ 0.84 | 0.50 | $ 0.75 | ||||
Net income (loss) attributable to common stockholders per share - basic and diluted (in dollars per share) | $ 0.28 | $ (0.01) | $ (0.02) | $ 0.25 | $ 0.50 | ||||||
AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP, L.P. | |||||||||||
Schedule Of Quarterly Financial Information [Line Items] | |||||||||||
Total revenues | $ 245,873 | $ 213,469 | $ 201,059 | $ 220,409 | $ 227,563 | $ 196,938 | $ 179,008 | $ 192,938 | $ 880,810 | $ 796,447 | $ 786,361 |
Operating income | 67,520 | 21,501 | 73,168 | 50,406 | 63,134 | 17,575 | 11,978 | 49,219 | 212,595 | 141,906 | 194,340 |
Net income (loss) | 49,621 | (2,737) | 45,990 | 26,250 | 39,558 | (1,233) | (2,653) | 34,449 | 119,124 | 70,121 | 100,623 |
Net (income) loss attributable to noncontrolling interests | (1,880) | 413 | 366 | (114) | (176) | (57) | (97) | (105) | (1,215) | (435) | |
Series A preferred unit distributions | (31) | (31) | (31) | (31) | (31) | (31) | (31) | (31) | (124) | (124) | (146) |
Net income attributable to ACC, Inc. and Subsidiaries common stockholders | 117,909 | 69,686 | 100,167 | ||||||||
Net income attributable to common unitholders | $ 47,710 | $ (2,355) | $ 46,325 | $ 26,105 | $ 39,351 | $ (1,321) | $ (2,781) | $ 34,313 | $ 117,785 | $ 69,562 | $ 100,021 |
Net income (loss) per unit attributable to common unitholders - basic (in dollars per unit) | $ 0.34 | $ (0.02) | $ 0.33 | $ 0.19 | $ 0.85 | ||||||
Net income (loss) per unit attributable to common unitholders - diluted (in dollars per unit) | $ 0.34 | $ (0.02) | $ 0.33 | $ 0.18 | $ 0.84 | $ 0.50 | $ 0.75 | ||||
Net income (loss) per unit attributable to common unitholders - basic and diluted (in dollars per unit) | $ 0.28 | $ (0.01) | $ (0.02) | $ 0.25 | $ 0.50 |
Subsequent Events (Details)
Subsequent Events (Details) | Jan. 22, 2019$ / shares | Feb. 28, 2019USD ($) | Jan. 31, 2019USD ($)Property | Jan. 31, 2017USD ($) |
Credit Agreement | Unsecured debt | Unsecured revolving credit facility | ||||
Subsequent Event [Line Items] | ||||
Credit facility | $ 700,000,000 | |||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Number of properties converted | Property | 1 | |||
Refinanced amount of debt | $ 70,000,000 | |||
Subsequent Event | Credit Agreement | Unsecured debt | Unsecured revolving credit facility | ||||
Subsequent Event [Line Items] | ||||
Increase in credit facility | $ 300,000,000 | |||
Credit facility | 1,000,000,000 | |||
Line of credit facility, accordion feature, increase limit | $ 200,000,000 | |||
Subsequent Event | Dividend Declared | ||||
Subsequent Event [Line Items] | ||||
Distributions declared per Common Unit (in dollars per unit) | $ / shares | $ 0.46 |
Schedule of Real Estate and A_2
Schedule of Real Estate and Accumulated Depreciation - Schedule of Real Estate Properties (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2017Property | Dec. 31, 2018USD ($)land_parcelBedphasePropertyUnit | Dec. 31, 2017USD ($)Property | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 35,930 | ||||
Beds | Bed | 109,074 | ||||
Initial Cost, Land | $ 638,005 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 6,652,615 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 707,370 | ||||
Total Costs, Land | 653,522 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 7,322,999 | ||||
Total Costs, Total | 7,976,521 | ||||
Accumulated Depreciation | 1,315,487 | ||||
Encumbrances | 844,267 | ||||
Aggregate costs for federal income tax purposes | $ 8,200,000 | ||||
Number of properties | Property | 170 | ||||
Number of properties, under development | Property | 5 | ||||
Owned Properties | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 33,843 | ||||
Beds | Bed | 103,988 | ||||
Initial Cost, Land | $ 638,005 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 6,510,071 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 665,883 | ||||
Total Costs, Land | 653,522 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 7,160,437 | ||||
Total Costs, Total | 7,813,959 | ||||
Accumulated Depreciation | 1,230,562 | $ 1,035,027 | $ 864,106 | $ 792,122 | |
Encumbrances | $ 749,371 | ||||
Owned Properties | The Callaway House | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 173 | ||||
Beds | Bed | 538 | ||||
Initial Cost, Land | $ 5,081 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,499 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 7,688 | ||||
Total Costs, Land | 5,002 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 28,266 | ||||
Total Costs, Total | 33,268 | ||||
Accumulated Depreciation | 12,877 | ||||
Encumbrances | $ 0 | ||||
Year Built | 1999 | ||||
Owned Properties | The Village at Science Drive | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 192 | ||||
Beds | Bed | 732 | ||||
Initial Cost, Land | $ 4,673 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 19,021 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 7,077 | ||||
Total Costs, Land | 4,673 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,098 | ||||
Total Costs, Total | 30,771 | ||||
Accumulated Depreciation | 9,991 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2000 | ||||
Owned Properties | University Village at Boulder Creek | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 82 | ||||
Beds | Bed | 309 | ||||
Initial Cost, Land | $ 1,035 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,393 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 756 | ||||
Total Costs, Land | 1,035 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,149 | ||||
Total Costs, Total | 18,184 | ||||
Accumulated Depreciation | 7,158 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2002 | ||||
Owned Properties | University Village - Fresno | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 105 | ||||
Beds | Bed | 406 | ||||
Initial Cost, Land | $ 929 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 15,168 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 200 | ||||
Total Costs, Land | 929 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 15,368 | ||||
Total Costs, Total | 16,297 | ||||
Accumulated Depreciation | 5,685 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2004 | ||||
Owned Properties | University Village - Temple | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 220 | ||||
Beds | Bed | 749 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,119 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,381 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 42,500 | ||||
Total Costs, Total | 42,500 | ||||
Accumulated Depreciation | 15,475 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2004 | ||||
Owned Properties | College Club Townhomes | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 136 | ||||
Beds | Bed | 544 | ||||
Initial Cost, Land | $ 1,967 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,049 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 830 | ||||
Total Costs, Land | 1,967 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,879 | ||||
Total Costs, Total | 18,846 | ||||
Accumulated Depreciation | 6,262 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2002 | ||||
Owned Properties | University Club Apartments | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 94 | ||||
Beds | Bed | 376 | ||||
Initial Cost, Land | $ 1,416 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 11,848 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 978 | ||||
Total Costs, Land | 1,416 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,826 | ||||
Total Costs, Total | 14,242 | ||||
Accumulated Depreciation | 4,719 | ||||
Encumbrances | $ 0 | ||||
Year Built | 1999 | ||||
Owned Properties | City Parc at Fry Street | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 136 | ||||
Beds | Bed | 418 | ||||
Initial Cost, Land | $ 1,902 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,678 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 3,987 | ||||
Total Costs, Land | 1,902 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,665 | ||||
Total Costs, Total | 23,567 | ||||
Accumulated Depreciation | 6,957 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2004 | ||||
Owned Properties | Entrada Real | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 98 | ||||
Beds | Bed | 363 | ||||
Initial Cost, Land | $ 1,475 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 15,859 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,117 | ||||
Total Costs, Land | 1,475 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,976 | ||||
Total Costs, Total | 19,451 | ||||
Accumulated Depreciation | 6,374 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2000 | ||||
Owned Properties | University Village at Sweethome | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 269 | ||||
Beds | Bed | 828 | ||||
Initial Cost, Land | $ 2,473 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 34,448 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 470 | ||||
Total Costs, Land | 2,473 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 34,918 | ||||
Total Costs, Total | 37,391 | ||||
Accumulated Depreciation | 12,085 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2005 | ||||
Owned Properties | University Village - Tallahassee | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 217 | ||||
Beds | Bed | 716 | ||||
Initial Cost, Land | $ 4,322 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,225 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 3,797 | ||||
Total Costs, Land | 4,322 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,022 | ||||
Total Costs, Total | 34,344 | ||||
Accumulated Depreciation | 10,313 | ||||
Encumbrances | $ 0 | ||||
Year Built | 1991 | ||||
Owned Properties | Royal Village Gainesville | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 118 | ||||
Beds | Bed | 448 | ||||
Initial Cost, Land | $ 2,386 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 15,153 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 5,059 | ||||
Total Costs, Land | 2,363 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,235 | ||||
Total Costs, Total | 22,598 | ||||
Accumulated Depreciation | 5,998 | ||||
Encumbrances | $ 0 | ||||
Year Built | 1996 | ||||
Owned Properties | Royal Lexington | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 94 | ||||
Beds | Bed | 364 | ||||
Initial Cost, Land | $ 2,848 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,783 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 4,166 | ||||
Total Costs, Land | 2,848 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,949 | ||||
Total Costs, Total | 19,797 | ||||
Accumulated Depreciation | 5,748 | ||||
Encumbrances | $ 0 | ||||
Year Built | 1994 | ||||
Owned Properties | Raiders Pass | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 264 | ||||
Beds | Bed | 828 | ||||
Initial Cost, Land | $ 3,877 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 32,445 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 3,976 | ||||
Total Costs, Land | 3,877 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,421 | ||||
Total Costs, Total | 40,298 | ||||
Accumulated Depreciation | 12,002 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2001 | ||||
Owned Properties | Aggie Station | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 156 | ||||
Beds | Bed | 450 | ||||
Initial Cost, Land | $ 1,634 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,821 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,973 | ||||
Total Costs, Land | 1,634 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,794 | ||||
Total Costs, Total | 23,428 | ||||
Accumulated Depreciation | 7,032 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2003 | ||||
Owned Properties | The Outpost - San Antonio | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 276 | ||||
Beds | Bed | 828 | ||||
Initial Cost, Land | $ 3,262 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,252 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 9,591 | ||||
Total Costs, Land | 3,262 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 45,843 | ||||
Total Costs, Total | 49,105 | ||||
Accumulated Depreciation | 13,237 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2005 | ||||
Owned Properties | Callaway Villas | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 236 | ||||
Beds | Bed | 704 | ||||
Initial Cost, Land | $ 3,903 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 31,953 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 177 | ||||
Total Costs, Land | 3,903 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 32,130 | ||||
Total Costs, Total | 36,033 | ||||
Accumulated Depreciation | 9,934 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2006 | ||||
Owned Properties | The Village on Sixth Avenue | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 248 | ||||
Beds | Bed | 752 | ||||
Initial Cost, Land | $ 2,763 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,480 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 4,240 | ||||
Total Costs, Land | 2,763 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,720 | ||||
Total Costs, Total | 29,483 | ||||
Accumulated Depreciation | 8,230 | ||||
Encumbrances | $ 0 | ||||
Year Built | 1999 | ||||
Owned Properties | Newtown Crossing | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 356 | ||||
Beds | Bed | 942 | ||||
Initial Cost, Land | $ 7,013 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 53,597 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | (1,046) | ||||
Total Costs, Land | 7,013 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 52,551 | ||||
Total Costs, Total | 59,564 | ||||
Accumulated Depreciation | 15,921 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2005 | ||||
Owned Properties | Olde Towne University Square | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 224 | ||||
Beds | Bed | 550 | ||||
Initial Cost, Land | $ 2,277 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 24,614 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | (688) | ||||
Total Costs, Land | 2,277 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 23,926 | ||||
Total Costs, Total | 26,203 | ||||
Accumulated Depreciation | 7,298 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2005 | ||||
Owned Properties | Peninsular Place | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 183 | ||||
Beds | Bed | 478 | ||||
Initial Cost, Land | $ 2,306 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,559 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | (186) | ||||
Total Costs, Land | 2,306 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,373 | ||||
Total Costs, Total | 18,679 | ||||
Accumulated Depreciation | 5,017 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2005 | ||||
Owned Properties | University Centre | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 234 | ||||
Beds | Bed | 838 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 77,378 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,160 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 78,538 | ||||
Total Costs, Total | 78,538 | ||||
Accumulated Depreciation | 23,524 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2007 | ||||
Owned Properties | The Summit & Jacob Heights | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 258 | ||||
Beds | Bed | 930 | ||||
Initial Cost, Land | $ 2,318 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,464 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,305 | ||||
Total Costs, Land | 2,318 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 38,769 | ||||
Total Costs, Total | 41,087 | ||||
Accumulated Depreciation | 11,149 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2004 | ||||
Owned Properties | GrandMarc Seven Corners | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 186 | ||||
Beds | Bed | 440 | ||||
Initial Cost, Land | $ 4,491 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 28,807 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,601 | ||||
Total Costs, Land | 4,491 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,408 | ||||
Total Costs, Total | 34,899 | ||||
Accumulated Depreciation | 8,743 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2000 | ||||
Owned Properties | Aztec Corner | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 180 | ||||
Beds | Bed | 606 | ||||
Initial Cost, Land | $ 17,460 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 32,209 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,927 | ||||
Total Costs, Land | 17,460 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 34,136 | ||||
Total Costs, Total | 51,596 | ||||
Accumulated Depreciation | 10,054 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2001 | ||||
Owned Properties | The Tower at Third | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 188 | ||||
Beds | Bed | 375 | ||||
Initial Cost, Land | $ 1,145 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 19,128 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 12,071 | ||||
Total Costs, Land | 1,267 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 31,077 | ||||
Total Costs, Total | 32,344 | ||||
Accumulated Depreciation | 9,928 | ||||
Encumbrances | $ 0 | ||||
Year Built | 1973 | ||||
Owned Properties | Willowtree Apartments and Tower | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 473 | ||||
Beds | Bed | 851 | ||||
Initial Cost, Land | $ 9,807 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,880 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 4,005 | ||||
Total Costs, Land | 9,806 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,886 | ||||
Total Costs, Total | 35,692 | ||||
Accumulated Depreciation | 8,621 | ||||
Encumbrances | $ 0 | ||||
Year Built | 1970 | ||||
Owned Properties | University Pointe | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 204 | ||||
Beds | Bed | 682 | ||||
Initial Cost, Land | $ 989 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 27,576 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 4,267 | ||||
Total Costs, Land | 989 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 31,843 | ||||
Total Costs, Total | 32,832 | ||||
Accumulated Depreciation | 9,653 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2004 | ||||
Owned Properties | University Trails | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 240 | ||||
Beds | Bed | 684 | ||||
Initial Cost, Land | $ 1,183 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,173 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 3,566 | ||||
Total Costs, Land | 1,183 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 28,739 | ||||
Total Costs, Total | 29,922 | ||||
Accumulated Depreciation | 9,120 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2003 | ||||
Owned Properties | Campus Trails | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 156 | ||||
Beds | Bed | 480 | ||||
Initial Cost, Land | $ 1,358 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 11,291 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 4,874 | ||||
Total Costs, Land | 1,358 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,165 | ||||
Total Costs, Total | 17,523 | ||||
Accumulated Depreciation | 5,171 | ||||
Encumbrances | $ 0 | ||||
Year Built | 1991 | ||||
Owned Properties | University Crossings (ACE) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 260 | ||||
Beds | Bed | 1,016 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 50,668 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 41,583 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 92,251 | ||||
Total Costs, Total | 92,251 | ||||
Accumulated Depreciation | 26,933 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2003 | ||||
Owned Properties | Vista del Sol (ACE) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 613 | ||||
Beds | Bed | 1,866 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 135,939 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 5,434 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 141,373 | ||||
Total Costs, Total | 141,373 | ||||
Accumulated Depreciation | 41,553 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2008 | ||||
Owned Properties | Villas at Chestnut Ridge | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 196 | ||||
Beds | Bed | 552 | ||||
Initial Cost, Land | $ 2,756 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,510 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,800 | ||||
Total Costs, Land | 2,756 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 35,310 | ||||
Total Costs, Total | 38,066 | ||||
Accumulated Depreciation | 10,841 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2008 | ||||
Owned Properties | Barrett Honors College (ACE) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 604 | ||||
Beds | Bed | 1,721 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 131,302 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 21,760 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 153,062 | ||||
Total Costs, Total | 153,062 | ||||
Accumulated Depreciation | 43,927 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2009 | ||||
Owned Properties | Sanctuary Lofts | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 201 | ||||
Beds | Bed | 487 | ||||
Initial Cost, Land | $ 2,960 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 18,180 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 3,934 | ||||
Total Costs, Land | 2,959 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,115 | ||||
Total Costs, Total | 25,074 | ||||
Accumulated Depreciation | 7,065 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2006 | ||||
Owned Properties | Blanton Common | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 276 | ||||
Beds | Bed | 860 | ||||
Initial Cost, Land | $ 3,788 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,759 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 269 | ||||
Total Costs, Land | 3,788 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,028 | ||||
Total Costs, Total | 20,816 | ||||
Accumulated Depreciation | 7,762 | ||||
Encumbrances | $ 27,380 | ||||
Year Built | 2005 | ||||
Mortgage loan | $ 27,400 | ||||
Owned Properties | The Edge - Charlotte | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 180 | ||||
Beds | Bed | 720 | ||||
Initial Cost, Land | $ 3,076 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 23,395 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 9,176 | ||||
Total Costs, Land | 3,076 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 32,571 | ||||
Total Costs, Total | 35,647 | ||||
Accumulated Depreciation | 9,698 | ||||
Encumbrances | $ 0 | ||||
Year Built | 1999 | ||||
Owned Properties | University Walk | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 120 | ||||
Beds | Bed | 480 | ||||
Initial Cost, Land | $ 2,016 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 14,599 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 3,351 | ||||
Total Costs, Land | 2,016 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,950 | ||||
Total Costs, Total | 19,966 | ||||
Accumulated Depreciation | 5,369 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2002 | ||||
Owned Properties | Uptown | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 180 | ||||
Beds | Bed | 528 | ||||
Initial Cost, Land | $ 3,031 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,685 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,527 | ||||
Total Costs, Land | 3,031 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 24,212 | ||||
Total Costs, Total | 27,243 | ||||
Accumulated Depreciation | 6,276 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2004 | ||||
Owned Properties | 2nd Avenue Centre | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 274 | ||||
Beds | Bed | 868 | ||||
Initial Cost, Land | $ 4,434 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 27,236 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 4,138 | ||||
Total Costs, Land | 4,434 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 31,374 | ||||
Total Costs, Total | 35,808 | ||||
Accumulated Depreciation | 9,279 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2008 | ||||
Owned Properties | Villas at Babcock | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 204 | ||||
Beds | Bed | 792 | ||||
Initial Cost, Land | $ 4,642 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,901 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 208 | ||||
Total Costs, Land | 4,642 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 31,109 | ||||
Total Costs, Total | 35,751 | ||||
Accumulated Depreciation | 10,696 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2011 | ||||
Owned Properties | Lobo Village (ACE) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 216 | ||||
Beds | Bed | 864 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 42,490 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 868 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 43,358 | ||||
Total Costs, Total | 43,358 | ||||
Accumulated Depreciation | 10,380 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2011 | ||||
Owned Properties | Villas on Sycamore | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 170 | ||||
Beds | Bed | 680 | ||||
Initial Cost, Land | $ 3,000 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 24,640 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 347 | ||||
Total Costs, Land | 3,000 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 24,987 | ||||
Total Costs, Total | 27,987 | ||||
Accumulated Depreciation | 9,101 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2011 | ||||
Owned Properties | University Village Northwest at Prairie View (ACE) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 36 | ||||
Beds | Bed | 144 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 4,228 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 115 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 4,343 | ||||
Total Costs, Total | 4,343 | ||||
Accumulated Depreciation | 1,312 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2011 | ||||
Owned Properties | 26 West | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 367 | ||||
Beds | Bed | 1,026 | ||||
Initial Cost, Land | $ 21,396 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 63,994 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 7,235 | ||||
Total Costs, Land | 21,396 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 71,229 | ||||
Total Costs, Total | 92,625 | ||||
Accumulated Depreciation | 16,344 | ||||
Encumbrances | $ 66,938 | ||||
Year Built | 2008 | ||||
Owned Properties | The Varsity | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 258 | ||||
Beds | Bed | 901 | ||||
Initial Cost, Land | $ 11,605 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 108,529 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,647 | ||||
Total Costs, Land | 11,605 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 111,176 | ||||
Total Costs, Total | 122,781 | ||||
Accumulated Depreciation | 22,114 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2011 | ||||
Owned Properties | Avalon Heights | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 210 | ||||
Beds | Bed | 754 | ||||
Initial Cost, Land | $ 4,968 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 24,345 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 14,876 | ||||
Total Costs, Land | 4,968 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 39,221 | ||||
Total Costs, Total | 44,189 | ||||
Accumulated Depreciation | 8,672 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2002 | ||||
Owned Properties | University Commons | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 164 | ||||
Beds | Bed | 480 | ||||
Initial Cost, Land | $ 12,559 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 19,010 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 3,029 | ||||
Total Costs, Land | 12,559 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,039 | ||||
Total Costs, Total | 34,598 | ||||
Accumulated Depreciation | 5,019 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2003 | ||||
Owned Properties | Casas del Rio (ACE) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 283 | ||||
Beds | Bed | 1,028 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 40,639 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,697 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 42,336 | ||||
Total Costs, Total | 42,336 | ||||
Accumulated Depreciation | 15,157 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2012 | ||||
Owned Properties | The Suites (ACE) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 439 | ||||
Beds | Bed | 878 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 45,296 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 703 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 45,999 | ||||
Total Costs, Total | 45,999 | ||||
Accumulated Depreciation | 11,561 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2013 | ||||
Owned Properties | Hilltop Townhomes (ACE) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 144 | ||||
Beds | Bed | 576 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 31,507 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 526 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 32,033 | ||||
Total Costs, Total | 32,033 | ||||
Accumulated Depreciation | 9,571 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2012 | ||||
Owned Properties | U Club on Frey | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 216 | ||||
Beds | Bed | 864 | ||||
Initial Cost, Land | $ 8,703 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,873 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,079 | ||||
Total Costs, Land | 8,703 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 37,952 | ||||
Total Costs, Total | 46,655 | ||||
Accumulated Depreciation | 9,635 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2013 | ||||
Owned Properties | Campus Edge on UTA Boulevard | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 128 | ||||
Beds | Bed | 488 | ||||
Initial Cost, Land | $ 2,661 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,233 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 962 | ||||
Total Costs, Land | 2,663 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,193 | ||||
Total Costs, Total | 24,856 | ||||
Accumulated Depreciation | 6,597 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2012 | ||||
Owned Properties | U Club Townhomes on Marion Pugh | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 160 | ||||
Beds | Bed | 640 | ||||
Initial Cost, Land | $ 6,722 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,546 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,753 | ||||
Total Costs, Land | 6,722 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 28,299 | ||||
Total Costs, Total | 35,021 | ||||
Accumulated Depreciation | 8,648 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2012 | ||||
Owned Properties | Villas on Rensch | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 153 | ||||
Beds | Bed | 610 | ||||
Initial Cost, Land | $ 10,231 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,852 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,239 | ||||
Total Costs, Land | 10,231 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 35,091 | ||||
Total Costs, Total | 45,322 | ||||
Accumulated Depreciation | 9,601 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2012 | ||||
Owned Properties | The Village at Overton Park | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 163 | ||||
Beds | Bed | 612 | ||||
Initial Cost, Land | $ 5,262 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 29,374 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,212 | ||||
Total Costs, Land | 5,262 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,586 | ||||
Total Costs, Total | 35,848 | ||||
Accumulated Depreciation | 9,213 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2012 | ||||
Owned Properties | Casa de Oro (ACE) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 109 | ||||
Beds | Bed | 365 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,362 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 242 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,604 | ||||
Total Costs, Total | 12,604 | ||||
Accumulated Depreciation | 4,074 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2012 | ||||
Owned Properties | The Villas at Vista del Sol (ACE) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 104 | ||||
Beds | Bed | 400 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,421 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 444 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,865 | ||||
Total Costs, Total | 20,865 | ||||
Accumulated Depreciation | 6,837 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2012 | ||||
Owned Properties | The Block | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 669 | ||||
Beds | Bed | 1,555 | ||||
Initial Cost, Land | $ 22,270 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 141,430 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 12,932 | ||||
Total Costs, Land | 22,458 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 154,174 | ||||
Total Costs, Total | 176,632 | ||||
Accumulated Depreciation | 27,432 | ||||
Encumbrances | $ 94,117 | ||||
Year Built | 2008 | ||||
Owned Properties | University Pointe at College Station (ACE) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 282 | ||||
Beds | Bed | 978 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 84,657 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,335 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 86,992 | ||||
Total Costs, Total | 86,992 | ||||
Accumulated Depreciation | 26,616 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2012 | ||||
Owned Properties | 309 Green | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 110 | ||||
Beds | Bed | 416 | ||||
Initial Cost, Land | $ 5,351 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 49,987 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 4,057 | ||||
Total Costs, Land | 5,351 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 54,044 | ||||
Total Costs, Total | 59,395 | ||||
Accumulated Depreciation | 10,304 | ||||
Encumbrances | $ 29,595 | ||||
Year Built | 2008 | ||||
Owned Properties | The Retreat | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 187 | ||||
Beds | Bed | 780 | ||||
Initial Cost, Land | $ 5,265 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 46,236 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 3,524 | ||||
Total Costs, Land | 5,265 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 49,760 | ||||
Total Costs, Total | 55,025 | ||||
Accumulated Depreciation | 9,755 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2012 | ||||
Owned Properties | Lofts54 | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 43 | ||||
Beds | Bed | 172 | ||||
Initial Cost, Land | $ 430 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 14,741 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 4,298 | ||||
Total Costs, Land | 430 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 19,039 | ||||
Total Costs, Total | 19,469 | ||||
Accumulated Depreciation | 3,630 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2008 | ||||
Owned Properties | Campustown Rentals | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 264 | ||||
Beds | Bed | 746 | ||||
Initial Cost, Land | $ 2,382 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 40,190 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 4,144 | ||||
Total Costs, Land | 2,382 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 44,334 | ||||
Total Costs, Total | 46,716 | ||||
Accumulated Depreciation | 10,134 | ||||
Encumbrances | $ 0 | ||||
Year Built | 1982 | ||||
Owned Properties | Chauncey Square | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 158 | ||||
Beds | Bed | 386 | ||||
Initial Cost, Land | $ 2,522 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 40,013 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,874 | ||||
Total Costs, Land | 2,522 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,887 | ||||
Total Costs, Total | 44,409 | ||||
Accumulated Depreciation | 8,268 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2011 | ||||
Owned Properties | Texan & Vintage | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 124 | ||||
Beds | Bed | 311 | ||||
Initial Cost, Land | $ 5,937 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 11,906 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 15,616 | ||||
Total Costs, Land | 5,937 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 27,522 | ||||
Total Costs, Total | 33,459 | ||||
Accumulated Depreciation | 5,187 | ||||
Encumbrances | $ 18,796 | ||||
Year Built | 2008 | ||||
Owned Properties | The Castilian | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 371 | ||||
Beds | Bed | 623 | ||||
Initial Cost, Land | $ 3,663 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 59,772 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 33,630 | ||||
Total Costs, Land | 3,663 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 93,402 | ||||
Total Costs, Total | 97,065 | ||||
Accumulated Depreciation | 19,652 | ||||
Encumbrances | $ 46,052 | ||||
Year Built | 1967 | ||||
Owned Properties | Bishops Square | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 134 | ||||
Beds | Bed | 315 | ||||
Initial Cost, Land | $ 1,206 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,878 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,855 | ||||
Total Costs, Land | 1,206 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 19,733 | ||||
Total Costs, Total | 20,939 | ||||
Accumulated Depreciation | 4,426 | ||||
Encumbrances | $ 10,893 | ||||
Year Built | 2002 | ||||
Owned Properties | Union | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 54 | ||||
Beds | Bed | 120 | ||||
Initial Cost, Land | $ 169 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 6,348 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,025 | ||||
Total Costs, Land | 169 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 7,373 | ||||
Total Costs, Total | 7,542 | ||||
Accumulated Depreciation | 1,657 | ||||
Encumbrances | $ 3,402 | ||||
Year Built | 2006 | ||||
Owned Properties | 922 Place | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 132 | ||||
Beds | Bed | 468 | ||||
Initial Cost, Land | $ 3,363 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 34,947 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 3,320 | ||||
Total Costs, Land | 3,363 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 38,267 | ||||
Total Costs, Total | 41,630 | ||||
Accumulated Depreciation | 8,370 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2009 | ||||
Owned Properties | Campustown | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 452 | ||||
Beds | Bed | 1,217 | ||||
Initial Cost, Land | $ 1,818 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 77,894 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 6,789 | ||||
Total Costs, Land | 1,818 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 84,683 | ||||
Total Costs, Total | 86,501 | ||||
Accumulated Depreciation | 15,887 | ||||
Encumbrances | $ 0 | ||||
Year Built | 1997 | ||||
Owned Properties | River Mill | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 243 | ||||
Beds | Bed | 461 | ||||
Initial Cost, Land | $ 1,741 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,806 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 3,908 | ||||
Total Costs, Land | 1,741 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,714 | ||||
Total Costs, Total | 28,455 | ||||
Accumulated Depreciation | 5,688 | ||||
Encumbrances | $ 0 | ||||
Year Built | 1972 | ||||
Owned Properties | Landmark | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 173 | ||||
Beds | Bed | 606 | ||||
Initial Cost, Land | $ 3,002 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 118,168 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,352 | ||||
Total Costs, Land | 3,002 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 119,520 | ||||
Total Costs, Total | 122,522 | ||||
Accumulated Depreciation | 21,066 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2012 | ||||
Owned Properties | The Province - Greensboro | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 219 | ||||
Beds | Bed | 696 | ||||
Initial Cost, Land | $ 2,226 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 48,567 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,408 | ||||
Total Costs, Land | 2,226 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 49,975 | ||||
Total Costs, Total | 52,201 | ||||
Accumulated Depreciation | 10,090 | ||||
Encumbrances | $ 27,046 | ||||
Year Built | 2011 | ||||
Owned Properties | RAMZ Apartments on Broad | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 88 | ||||
Beds | Bed | 172 | ||||
Initial Cost, Land | $ 785 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,303 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 650 | ||||
Total Costs, Land | 785 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,953 | ||||
Total Costs, Total | 13,738 | ||||
Accumulated Depreciation | 2,537 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2004 | ||||
Owned Properties | The Lofts at Capital Garage | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 36 | ||||
Beds | Bed | 144 | ||||
Initial Cost, Land | $ 313 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 3,581 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 611 | ||||
Total Costs, Land | 313 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 4,192 | ||||
Total Costs, Total | 4,505 | ||||
Accumulated Depreciation | 1,009 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2000 | ||||
Owned Properties | 25Twenty | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 249 | ||||
Beds | Bed | 562 | ||||
Initial Cost, Land | $ 2,226 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,429 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,276 | ||||
Total Costs, Land | 2,226 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 34,705 | ||||
Total Costs, Total | 36,931 | ||||
Accumulated Depreciation | 7,937 | ||||
Encumbrances | $ 25,222 | ||||
Year Built | 2011 | ||||
Owned Properties | The Province - Louisville | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 366 | ||||
Beds | Bed | 858 | ||||
Initial Cost, Land | $ 4,392 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 63,068 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,644 | ||||
Total Costs, Land | 4,392 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 64,712 | ||||
Total Costs, Total | 69,104 | ||||
Accumulated Depreciation | 13,454 | ||||
Encumbrances | $ 35,168 | ||||
Year Built | 2009 | ||||
Owned Properties | The Province - Rochester | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 336 | ||||
Beds | Bed | 816 | ||||
Initial Cost, Land | $ 3,798 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 70,955 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,639 | ||||
Total Costs, Land | 3,798 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 73,594 | ||||
Total Costs, Total | 77,392 | ||||
Accumulated Depreciation | 14,998 | ||||
Encumbrances | $ 33,036 | ||||
Year Built | 2010 | ||||
Owned Properties | 5 Twenty Four & 5 Twenty Five Angliana | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 376 | ||||
Beds | Bed | 1,060 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 60,448 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 7,205 | ||||
Total Costs, Land | 5,214 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 62,439 | ||||
Total Costs, Total | 67,653 | ||||
Accumulated Depreciation | 13,141 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2010 | ||||
Owned Properties | The Province - Tampa | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 287 | ||||
Beds | Bed | 947 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 52,943 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 3,956 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 56,899 | ||||
Total Costs, Total | 56,899 | ||||
Accumulated Depreciation | 11,435 | ||||
Encumbrances | $ 31,344 | ||||
Year Built | 2009 | ||||
Owned Properties | U Pointe Kennesaw | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 216 | ||||
Beds | Bed | 795 | ||||
Initial Cost, Land | $ 1,482 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 61,654 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 5,670 | ||||
Total Costs, Land | 1,482 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 67,324 | ||||
Total Costs, Total | 68,806 | ||||
Accumulated Depreciation | 14,673 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2012 | ||||
Owned Properties | The Cottages of Durham | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 141 | ||||
Beds | Bed | 619 | ||||
Initial Cost, Land | $ 3,955 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,421 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,410 | ||||
Total Costs, Land | 3,955 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 43,831 | ||||
Total Costs, Total | 47,786 | ||||
Accumulated Depreciation | 10,764 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2012 | ||||
Owned Properties | University Edge | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 201 | ||||
Beds | Bed | 608 | ||||
Initial Cost, Land | $ 4,500 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,385 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,407 | ||||
Total Costs, Land | 4,500 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 27,792 | ||||
Total Costs, Total | 32,292 | ||||
Accumulated Depreciation | 5,340 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2012 | ||||
Owned Properties | The Lodges of East Lansing | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 364 | ||||
Beds | Bed | 1,049 | ||||
Initial Cost, Land | $ 6,472 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 89,231 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,383 | ||||
Total Costs, Land | 6,472 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 91,614 | ||||
Total Costs, Total | 98,086 | ||||
Accumulated Depreciation | 17,454 | ||||
Encumbrances | $ 28,545 | ||||
Year Built | 2012 | ||||
Owned Properties | 7th Street Station | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 82 | ||||
Beds | Bed | 309 | ||||
Initial Cost, Land | $ 9,792 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 16,472 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 565 | ||||
Total Costs, Land | 9,792 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,037 | ||||
Total Costs, Total | 26,829 | ||||
Accumulated Depreciation | 3,536 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2012 | ||||
Owned Properties | The Callaway House Austin | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 219 | ||||
Beds | Bed | 753 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 61,550 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 908 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 62,458 | ||||
Total Costs, Total | 62,458 | ||||
Accumulated Depreciation | 13,578 | ||||
Encumbrances | $ 80,726 | ||||
Year Built | 2013 | ||||
Owned Properties | Manzanita Hall (ACE) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 241 | ||||
Beds | Bed | 816 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 48,781 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,313 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 50,094 | ||||
Total Costs, Total | 50,094 | ||||
Accumulated Depreciation | 11,718 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2013 | ||||
Owned Properties | University View (ACE) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 96 | ||||
Beds | Bed | 336 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 14,683 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 222 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 14,905 | ||||
Total Costs, Total | 14,905 | ||||
Accumulated Depreciation | 3,481 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2013 | ||||
Owned Properties | U Club Townhomes at Overton Park | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 112 | ||||
Beds | Bed | 448 | ||||
Initial Cost, Land | $ 7,775 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 21,483 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 912 | ||||
Total Costs, Land | 7,775 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,395 | ||||
Total Costs, Total | 30,170 | ||||
Accumulated Depreciation | 5,129 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2013 | ||||
Owned Properties | 601 Copeland | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 81 | ||||
Beds | Bed | 283 | ||||
Initial Cost, Land | $ 1,457 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,699 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 403 | ||||
Total Costs, Land | 1,457 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 27,102 | ||||
Total Costs, Total | 28,559 | ||||
Accumulated Depreciation | 5,275 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2013 | ||||
Owned Properties | The Townhomes at Newtown Crossing | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 152 | ||||
Beds | Bed | 608 | ||||
Initial Cost, Land | $ 7,745 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 32,074 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 558 | ||||
Total Costs, Land | 7,745 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 32,632 | ||||
Total Costs, Total | 40,377 | ||||
Accumulated Depreciation | 6,441 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2013 | ||||
Owned Properties | Chestnut Square (ACE) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 220 | ||||
Beds | Bed | 861 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 98,369 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,726 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 101,095 | ||||
Total Costs, Total | 101,095 | ||||
Accumulated Depreciation | 20,575 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2013 | ||||
Owned Properties | Park Point | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 300 | ||||
Beds | Bed | 924 | ||||
Initial Cost, Land | $ 7,827 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 73,495 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 4,982 | ||||
Total Costs, Land | 7,827 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 78,477 | ||||
Total Costs, Total | 86,304 | ||||
Accumulated Depreciation | 15,015 | ||||
Encumbrances | $ 70,000 | ||||
Year Built | 2008 | ||||
Owned Properties | U Centre at Fry Street | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 194 | ||||
Beds | Bed | 614 | ||||
Initial Cost, Land | $ 2,902 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 47,700 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,094 | ||||
Total Costs, Land | 2,902 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 49,794 | ||||
Total Costs, Total | 52,696 | ||||
Accumulated Depreciation | 8,343 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2012 | ||||
Owned Properties | Cardinal Towne | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 255 | ||||
Beds | Bed | 545 | ||||
Initial Cost, Land | $ 6,547 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 53,809 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 3,164 | ||||
Total Costs, Land | 6,547 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 56,973 | ||||
Total Costs, Total | 63,520 | ||||
Accumulated Depreciation | 9,363 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2010 | ||||
Owned Properties | Merwick Stanworth (ACE) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 325 | ||||
Beds | Bed | 593 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 79,598 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | (362) | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 79,236 | ||||
Total Costs, Total | 79,236 | ||||
Accumulated Depreciation | 8,365 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2014 | ||||
Owned Properties | Plaza on University | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 364 | ||||
Beds | Bed | 1,313 | ||||
Initial Cost, Land | $ 23,987 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 85,584 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 3,845 | ||||
Total Costs, Land | 23,987 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 89,429 | ||||
Total Costs, Total | 113,416 | ||||
Accumulated Depreciation | 15,582 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2014 | ||||
Owned Properties | U Centre at Northgate (ACE) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 196 | ||||
Beds | Bed | 784 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 35,663 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 371 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,034 | ||||
Total Costs, Total | 36,034 | ||||
Accumulated Depreciation | 6,563 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2014 | ||||
Owned Properties | University Walk | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 177 | ||||
Beds | Bed | 526 | ||||
Initial Cost, Land | $ 4,341 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 29,073 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 790 | ||||
Total Costs, Land | 4,341 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 29,863 | ||||
Total Costs, Total | 34,204 | ||||
Accumulated Depreciation | 4,114 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2014 | ||||
Owned Properties | U Club on Woodward | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 236 | ||||
Beds | Bed | 944 | ||||
Initial Cost, Land | $ 16,350 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 46,982 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 618 | ||||
Total Costs, Land | 16,349 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 47,601 | ||||
Total Costs, Total | 63,950 | ||||
Accumulated Depreciation | 8,831 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2014 | ||||
Owned Properties | Park Point | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 66 | ||||
Beds | Bed | 226 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,725 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 3,451 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 29,176 | ||||
Total Costs, Total | 29,176 | ||||
Accumulated Depreciation | 3,577 | ||||
Encumbrances | $ 10,824 | ||||
Year Built | 2010 | ||||
Owned Properties | 1200 West Marshall | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 136 | ||||
Beds | Bed | 406 | ||||
Initial Cost, Land | $ 4,397 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,908 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,727 | ||||
Total Costs, Land | 4,397 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 35,635 | ||||
Total Costs, Total | 40,032 | ||||
Accumulated Depreciation | 4,746 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2013 | ||||
Owned Properties | 8 1/2 Canal Street | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 160 | ||||
Beds | Bed | 540 | ||||
Initial Cost, Land | $ 2,797 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 45,394 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,670 | ||||
Total Costs, Land | 2,797 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 47,064 | ||||
Total Costs, Total | 49,861 | ||||
Accumulated Depreciation | 5,646 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2011 | ||||
Owned Properties | Vistas San Marcos | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 255 | ||||
Beds | Bed | 600 | ||||
Initial Cost, Land | $ 586 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 45,761 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 5,275 | ||||
Total Costs, Land | 586 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 51,036 | ||||
Total Costs, Total | 51,622 | ||||
Accumulated Depreciation | 8,323 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2013 | ||||
Owned Properties | Crest at Pearl | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 141 | ||||
Beds | Bed | 343 | ||||
Initial Cost, Land | $ 4,395 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,268 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,858 | ||||
Total Costs, Land | 4,491 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 38,030 | ||||
Total Costs, Total | 42,521 | ||||
Accumulated Depreciation | 4,668 | ||||
Encumbrances | $ 23,372 | ||||
Year Built | 2014 | ||||
Owned Properties | U Club Binghamton | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 186 | ||||
Beds | Bed | 710 | ||||
Initial Cost, Land | $ 3,584 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 48,559 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,745 | ||||
Total Costs, Land | 3,584 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 51,304 | ||||
Total Costs, Total | 54,888 | ||||
Accumulated Depreciation | 5,687 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2005 | ||||
Owned Properties | Stadium Centre | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 447 | ||||
Beds | Bed | 970 | ||||
Initial Cost, Land | $ 9,249 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 100,854 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 4,259 | ||||
Total Costs, Land | 9,249 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 105,113 | ||||
Total Costs, Total | 114,362 | ||||
Accumulated Depreciation | 11,397 | ||||
Encumbrances | $ 64,708 | ||||
Year Built | 2014 | ||||
Owned Properties | 160 Ross | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 182 | ||||
Beds | Bed | 642 | ||||
Initial Cost, Land | $ 2,962 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 38,478 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 565 | ||||
Total Costs, Land | 2,962 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 39,043 | ||||
Total Costs, Total | 42,005 | ||||
Accumulated Depreciation | 5,340 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2015 | ||||
Owned Properties | The Summit at University City (ACE) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 351 | ||||
Beds | Bed | 1,315 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 154,770 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,444 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 156,214 | ||||
Total Costs, Total | 156,214 | ||||
Accumulated Depreciation | 16,956 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2015 | ||||
Owned Properties | 2125 Franklin | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 192 | ||||
Beds | Bed | 734 | ||||
Initial Cost, Land | $ 8,299 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 55,716 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 463 | ||||
Total Costs, Land | 8,299 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 56,179 | ||||
Total Costs, Total | 64,478 | ||||
Accumulated Depreciation | 6,678 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2015 | ||||
Owned Properties | University Crossings - Charlotte | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 187 | ||||
Beds | Bed | 546 | ||||
Initial Cost, Land | $ 645 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,838 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 4,453 | ||||
Total Costs, Land | 645 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,291 | ||||
Total Costs, Total | 41,936 | ||||
Accumulated Depreciation | 3,336 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2014 | ||||
Owned Properties | U Club on 28th | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 100 | ||||
Beds | Bed | 398 | ||||
Initial Cost, Land | $ 9,725 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 45,788 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 124 | ||||
Total Costs, Land | 9,725 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 45,912 | ||||
Total Costs, Total | 55,637 | ||||
Accumulated Depreciation | 3,839 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2016 | ||||
Owned Properties | Currie Hall (ACE) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 178 | ||||
Beds | Bed | 456 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 49,987 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 214 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 50,201 | ||||
Total Costs, Total | 50,201 | ||||
Accumulated Depreciation | 4,492 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2016 | ||||
Owned Properties | University Pointe (ACE) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 134 | ||||
Beds | Bed | 531 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 44,035 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 175 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 44,210 | ||||
Total Costs, Total | 44,210 | ||||
Accumulated Depreciation | 3,763 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2016 | ||||
Owned Properties | Fairview House (ACE) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 107 | ||||
Beds | Bed | 633 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 38,144 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 150 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 38,294 | ||||
Total Costs, Total | 38,294 | ||||
Accumulated Depreciation | 3,895 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2016 | ||||
Owned Properties | U Club Sunnyside | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 134 | ||||
Beds | Bed | 534 | ||||
Initial Cost, Land | $ 7,423 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,582 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 137 | ||||
Total Costs, Land | 7,423 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,719 | ||||
Total Costs, Total | 49,142 | ||||
Accumulated Depreciation | 3,606 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2016 | ||||
Owned Properties | U Point | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 54 | ||||
Beds | Bed | 163 | ||||
Initial Cost, Land | $ 1,425 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 17,325 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,322 | ||||
Total Costs, Land | 1,425 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 19,647 | ||||
Total Costs, Total | 21,072 | ||||
Accumulated Depreciation | 1,508 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2016 | ||||
Owned Properties | The Arlie | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 169 | ||||
Beds | Bed | 598 | ||||
Initial Cost, Land | $ 1,350 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 43,352 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,275 | ||||
Total Costs, Land | 1,350 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 44,627 | ||||
Total Costs, Total | 45,977 | ||||
Accumulated Depreciation | 3,130 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2016 | ||||
Owned Properties | TWELVE at U District | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 283 | ||||
Beds | Bed | 384 | ||||
Initial Cost, Land | $ 13,013 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 98,115 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,559 | ||||
Total Costs, Land | 13,013 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 99,674 | ||||
Total Costs, Total | 112,687 | ||||
Accumulated Depreciation | 4,250 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2014 | ||||
Owned Properties | The 515 | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 183 | ||||
Beds | Bed | 513 | ||||
Initial Cost, Land | $ 1,611 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 68,953 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,242 | ||||
Total Costs, Land | 1,611 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 70,195 | ||||
Total Costs, Total | 71,806 | ||||
Accumulated Depreciation | 2,797 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2015 | ||||
Owned Properties | State | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 220 | ||||
Beds | Bed | 665 | ||||
Initial Cost, Land | $ 3,448 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 66,774 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,234 | ||||
Total Costs, Land | 3,448 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 69,008 | ||||
Total Costs, Total | 72,456 | ||||
Accumulated Depreciation | 3,230 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2013 | ||||
Owned Properties | The James | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 366 | ||||
Beds | Bed | 850 | ||||
Initial Cost, Land | $ 18,871 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 118,096 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,641 | ||||
Total Costs, Land | 18,871 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 119,737 | ||||
Total Costs, Total | 138,608 | ||||
Accumulated Depreciation | 5,266 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2017 | ||||
Owned Properties | Bridges @ 11th | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 184 | ||||
Beds | Bed | 258 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 58,825 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,003 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 59,828 | ||||
Total Costs, Total | 59,828 | ||||
Accumulated Depreciation | 2,009 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2015 | ||||
Owned Properties | Hub U District Seattle | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 111 | ||||
Beds | Bed | 248 | ||||
Initial Cost, Land | $ 5,700 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 56,355 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 854 | ||||
Total Costs, Land | 5,700 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 57,209 | ||||
Total Costs, Total | 62,909 | ||||
Accumulated Depreciation | 2,256 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2017 | ||||
Owned Properties | Tooker House (ACE) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 429 | ||||
Beds | Bed | 1,594 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 103,897 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | (274) | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 103,623 | ||||
Total Costs, Total | 103,623 | ||||
Accumulated Depreciation | 5,587 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2017 | ||||
Owned Properties | SkyView (ACE) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 163 | ||||
Beds | Bed | 626 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 57,578 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 176 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 57,754 | ||||
Total Costs, Total | 57,754 | ||||
Accumulated Depreciation | 2,743 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2017 | ||||
Owned Properties | University Square (ACE) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 143 | ||||
Beds | Bed | 466 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,635 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | (14) | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,621 | ||||
Total Costs, Total | 25,621 | ||||
Accumulated Depreciation | 1,395 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2017 | ||||
Owned Properties | U Centre on Turner | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 182 | ||||
Beds | Bed | 718 | ||||
Initial Cost, Land | $ 14,000 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 55,456 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | (42) | ||||
Total Costs, Land | 14,000 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 55,414 | ||||
Total Costs, Total | 69,414 | ||||
Accumulated Depreciation | 2,802 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2017 | ||||
Owned Properties | U Pointe on Speight | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 180 | ||||
Beds | Bed | 700 | ||||
Initial Cost, Land | $ 4,705 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 46,160 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 404 | ||||
Total Costs, Land | 4,705 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 46,564 | ||||
Total Costs, Total | 51,269 | ||||
Accumulated Depreciation | 2,254 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2017 | ||||
Owned Properties | 21Hundred at Overton Park | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 296 | ||||
Beds | Bed | 1,204 | ||||
Initial Cost, Land | $ 16,767 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 64,057 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 765 | ||||
Total Costs, Land | 16,767 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 64,822 | ||||
Total Costs, Total | 81,589 | ||||
Accumulated Depreciation | 3,365 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2017 | ||||
Owned Properties | The Suites at Third | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 63 | ||||
Beds | Bed | 251 | ||||
Initial Cost, Land | $ 831 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,384 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | (78) | ||||
Total Costs, Land | 831 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,306 | ||||
Total Costs, Total | 23,137 | ||||
Accumulated Depreciation | 1,124 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2017 | ||||
Owned Properties | U Club Binghamton | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 140 | ||||
Beds | Bed | 562 | ||||
Initial Cost, Land | $ 12,274 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 43,813 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 52 | ||||
Total Costs, Land | 12,274 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 43,865 | ||||
Total Costs, Total | 56,139 | ||||
Accumulated Depreciation | 2,188 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2017 | ||||
Owned Properties | Callaway House Apartments | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 386 | ||||
Beds | Bed | 915 | ||||
Initial Cost, Land | $ 12,651 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 78,220 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 383 | ||||
Total Costs, Land | 12,651 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 78,603 | ||||
Total Costs, Total | 91,254 | ||||
Accumulated Depreciation | 4,040 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2017 | ||||
Owned Properties | U Centre on College | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 127 | ||||
Beds | Bed | 418 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,607 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | (249) | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 41,358 | ||||
Total Costs, Total | 41,358 | ||||
Accumulated Depreciation | 1,948 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2017 | ||||
Owned Properties | David Blackwell Hall (ACE) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 412 | ||||
Beds | Bed | 781 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 59,912 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 37,098 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 97,010 | ||||
Total Costs, Total | 97,010 | ||||
Accumulated Depreciation | 1,303 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2018 | ||||
Owned Properties | Gladding Residence Center (ACE) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 592 | ||||
Beds | Bed | 1,524 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 73,913 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 20,455 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 94,368 | ||||
Total Costs, Total | 94,368 | ||||
Accumulated Depreciation | 1,382 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2018 | ||||
Owned Properties | Irvington House (ACE) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 197 | ||||
Beds | Bed | 648 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,919 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 13,303 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,222 | ||||
Total Costs, Total | 36,222 | ||||
Accumulated Depreciation | 544 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2018 | ||||
Owned Properties | U Club Townhomes at Oxford | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 111 | ||||
Beds | Bed | 412 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,040 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 20,845 | ||||
Total Costs, Land | 10,000 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,885 | ||||
Total Costs, Total | 40,885 | ||||
Accumulated Depreciation | 390 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2018 | ||||
Owned Properties | Greek Leadership Village (ACE) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 498 | ||||
Beds | Bed | 957 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,889 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 38,462 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 69,351 | ||||
Total Costs, Total | 69,351 | ||||
Accumulated Depreciation | 1,018 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2018 | ||||
Owned Properties | NAU Honors College (ACE) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 318 | ||||
Beds | Bed | 636 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 24,498 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 17,830 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 42,328 | ||||
Total Costs, Total | 42,328 | ||||
Accumulated Depreciation | 613 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2018 | ||||
Owned Properties | U Club Townhomes at Oxford | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 132 | ||||
Beds | Bed | 528 | ||||
Initial Cost, Land | $ 5,115 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 20,662 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 18,607 | ||||
Total Costs, Land | 5,115 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 39,269 | ||||
Total Costs, Total | 44,384 | ||||
Accumulated Depreciation | 600 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2018 | ||||
Owned Properties | Hub Ann Arbor | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 124 | ||||
Beds | Bed | 310 | ||||
Initial Cost, Land | $ 7,050 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 26,498 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 16,367 | ||||
Total Costs, Land | 7,050 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 42,865 | ||||
Total Costs, Total | 49,915 | ||||
Accumulated Depreciation | 615 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2018 | ||||
Owned Properties | Hub Flagstaff | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 198 | ||||
Beds | Bed | 591 | ||||
Initial Cost, Land | $ 5,397 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 30,330 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 26,296 | ||||
Total Costs, Land | 5,397 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 56,626 | ||||
Total Costs, Total | 62,023 | ||||
Accumulated Depreciation | 736 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2018 | ||||
Owned Properties | Campus Edge on Pierce | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 289 | ||||
Beds | Bed | 599 | ||||
Initial Cost, Land | $ 6,881 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,661 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 33,157 | ||||
Total Costs, Land | 6,881 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 55,818 | ||||
Total Costs, Total | 62,699 | ||||
Accumulated Depreciation | 807 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2018 | ||||
Owned Properties | 191 College | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 127 | ||||
Beds | Bed | 495 | ||||
Initial Cost, Land | $ 5,434 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,140 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 0 | ||||
Total Costs, Land | 5,434 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,140 | ||||
Total Costs, Total | 38,574 | ||||
Accumulated Depreciation | 0 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2019 | ||||
Owned Properties | LightView (ACE) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 214 | ||||
Beds | Bed | 825 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 116,359 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 0 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 116,359 | ||||
Total Costs, Total | 116,359 | ||||
Accumulated Depreciation | 0 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2019 | ||||
Owned Properties | University of Arizona Honors College (ACE) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 319 | ||||
Beds | Bed | 1,056 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 40,860 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 0 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 40,860 | ||||
Total Costs, Total | 40,860 | ||||
Accumulated Depreciation | 0 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2019 | ||||
Owned Properties | 959 Franklin | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 230 | ||||
Beds | Bed | 443 | ||||
Initial Cost, Land | $ 4,864 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 42,337 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 0 | ||||
Total Costs, Land | 4,864 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 42,337 | ||||
Total Costs, Total | 47,201 | ||||
Accumulated Depreciation | 0 | ||||
Encumbrances | $ 19,612 | ||||
Year Built | 2019 | ||||
Owned Properties | The Flex at Stadium Centre | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 78 | ||||
Beds | Bed | 340 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,779 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 0 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 12,779 | ||||
Total Costs, Total | 12,779 | ||||
Accumulated Depreciation | 0 | ||||
Encumbrances | $ 2,595 | ||||
Year Built | 2019 | ||||
Owned Properties | Disney College Program Phases I-V (ACE) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 1,251 | ||||
Beds | Bed | 4,996 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,666 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 0 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 25,666 | ||||
Total Costs, Total | 25,666 | ||||
Accumulated Depreciation | 0 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2020-21 (8) | ||||
Number of project phases | phase | 5 | ||||
Owned Properties | San Francisco State University (ACE) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 169 | ||||
Beds | Bed | 584 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 15,003 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 0 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 15,003 | ||||
Total Costs, Total | 15,003 | ||||
Accumulated Depreciation | 0 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2020 | ||||
Owned Properties | Undeveloped land parcels | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 0 | ||||
Beds | Bed | 0 | ||||
Initial Cost, Land | $ 54,462 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 651 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 0 | ||||
Total Costs, Land | 54,462 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 651 | ||||
Total Costs, Total | 55,113 | ||||
Accumulated Depreciation | 389 | ||||
Encumbrances | $ 0 | ||||
Number of project phases | phase | 5 | ||||
Number of Land Parcels Disposed | land_parcel | 2 | ||||
Owned Properties | Pipeline Developments | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 0 | ||||
Beds | Bed | 0 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 11,189 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 0 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 11,189 | ||||
Total Costs, Total | 11,189 | ||||
Accumulated Depreciation | 0 | ||||
Encumbrances | $ 0 | ||||
Year Built | 2022-23 (10) | ||||
Number of project phases | phase | 5 | ||||
On-campus participating properties, net | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 2,087 | ||||
Beds | Bed | 5,086 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 142,544 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 41,487 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 162,562 | ||||
Total Costs, Total | 162,562 | ||||
Accumulated Depreciation | 84,925 | 78,192 | $ 77,132 | $ 69,856 | |
Encumbrances | 94,896 | ||||
Unamortized deferred financing costs | $ (525) | (642) | |||
Number of properties | Property | 5 | ||||
On-campus participating properties, net | University Village at Prairie View | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 612 | ||||
Beds | Bed | 1,920 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,506 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 9,155 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 45,661 | ||||
Total Costs, Total | 45,661 | ||||
Accumulated Depreciation | 34,652 | ||||
Encumbrances | $ 12,628 | ||||
Year Built | 1997 | ||||
On-campus participating properties, net | University Village at Laredo | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 84 | ||||
Beds | Bed | 250 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 5,844 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 22,607 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 6,982 | ||||
Total Costs, Total | 6,982 | ||||
Accumulated Depreciation | 5,487 | ||||
Encumbrances | $ 1,932 | ||||
Year Built | 1997 | ||||
On-campus participating properties, net | University College at Prairie View | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 756 | ||||
Beds | Bed | 1,470 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 22,650 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 5,801 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 28,451 | ||||
Total Costs, Total | 28,451 | ||||
Accumulated Depreciation | 19,214 | ||||
Encumbrances | $ 12,470 | ||||
Year Built | 2001 | ||||
On-campus participating properties, net | Cullen Oaks | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 411 | ||||
Beds | Bed | 879 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 33,910 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 2,268 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 36,178 | ||||
Total Costs, Total | 36,178 | ||||
Accumulated Depreciation | 17,678 | ||||
Encumbrances | $ 26,452 | ||||
Year Built | 2003 | ||||
On-campus participating properties, net | College Park | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Units | Unit | 224 | ||||
Beds | Bed | 567 | ||||
Initial Cost, Land | $ 0 | ||||
Initial Cost, Buildings and Improvements and Furniture, Fixtures and Equipment | 43,634 | ||||
Costs Capitalized Subsequent to Acquisition / Initial Development (1) | 1,656 | ||||
Total Costs, Land | 0 | ||||
Total Costs, Buildings and Improvements and Furniture, Fixtures and Equipment | 45,290 | ||||
Total Costs, Total | 45,290 | ||||
Accumulated Depreciation | 7,894 | ||||
Encumbrances | $ 41,414 | ||||
Year Built | 2014 | ||||
Mortgages | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Unamortized debt premiums | $ 11,600 | 19,000 | |||
Unamortized deferred financing costs | (2,800) | ||||
Mortgages | Owned Properties | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Unamortized debt premiums | 11,579 | 19,006 | |||
Unamortized deferred financing costs | $ (1,757) | $ (2,144) | |||
Core Transaction | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Limited partner ownership interest (percent) | 100.00% | 100.00% | |||
Number of properties | Property | 2 | 2 | |||
Number of operating properties purchased through joint venture arrangement | Property | 2 |
Schedule of Real Estate and A_3
Schedule of Real Estate and Accumulated Depreciation - Changes in investments in real estate and related accumulated depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Depreciation: | |||
Balance, end of year | $ (1,315,487) | ||
Owned Properties | |||
Investments in Real Estate: | |||
Balance, beginning of year | 7,485,391 | $ 6,316,470 | $ 6,369,747 |
Acquisition of land for development | 26,758 | 24,049 | 6,338 |
Acquisition of properties | 0 | 618,183 | 99,426 |
Improvements and development expenditures | 549,635 | 621,793 | 522,723 |
Write-off of fully depreciated or damaged assets | (16,758) | (40,923) | (227) |
Provision for real estate impairment | 0 | (15,317) | (4,895) |
Disposition of real estate | (231,067) | (38,864) | (676,642) |
Balance, end of year | 7,813,959 | 7,485,391 | 6,316,470 |
Accumulated Depreciation: | |||
Balance, beginning of year | (1,035,027) | (864,106) | (792,122) |
Depreciation for the year | (242,123) | (213,660) | (197,105) |
Write-off of fully depreciated or damaged assets | 16,242 | 37,761 | 227 |
Disposition of properties | 30,346 | 4,978 | 124,894 |
Balance, end of year | (1,230,562) | (1,035,027) | (864,106) |
On-campus participating properties, net | |||
Investments in Real Estate: | |||
Balance, beginning of year | 159,996 | 162,929 | 159,985 |
Acquisition of land for development | 0 | 0 | 0 |
Acquisition of properties | 0 | 0 | 0 |
Improvements and development expenditures | 3,654 | 3,544 | 2,944 |
Write-off of fully depreciated or damaged assets | (1,088) | (6,477) | 0 |
Provision for real estate impairment | 0 | 0 | 0 |
Disposition of real estate | 0 | 0 | 0 |
Balance, end of year | 162,562 | 159,996 | 162,929 |
Accumulated Depreciation: | |||
Balance, beginning of year | (78,192) | (77,132) | (69,856) |
Depreciation for the year | (7,821) | (7,536) | (7,276) |
Write-off of fully depreciated or damaged assets | 1,088 | 6,476 | 0 |
Disposition of properties | 0 | 0 | 0 |
Balance, end of year | $ (84,925) | $ (78,192) | $ (77,132) |