We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
American Campus Communities Inc | NYSE:ACC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 65.42 | 0 | 01:00:00 |
Maryland (American Campus Communities, Inc.)
Maryland (American Campus Communities Operating
Partnership, L.P.)
|
|
76-0753089 (American Campus Communities, Inc.)
56-2473181 (American Campus Communities Operating
Partnership, L.P.)
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
|
(IRS Employer Identification No.)
|
12700 Hill Country Blvd., Suite T-200
Austin, TX
(Address of Principal Executive Offices)
|
|
78738
(Zip Code)
|
American Campus Communities, Inc.
|
Yes
x
No
o
|
American Campus Communities Operating Partnership, L.P.
|
Yes
x
No
o
|
American Campus Communities, Inc.
|
Yes
x
No
o
|
American Campus Communities Operating Partnership, L.P.
|
Yes
x
No
o
|
Large accelerated filer
x
|
Accelerated Filer
o
|
Non-accelerated filer
o
(Do not check if a smaller reporting company)
|
Smaller reporting company
o
|
Large accelerated filer
o
|
Accelerated Filer
o
|
Non-accelerated filer
x
(Do not check if a smaller reporting company)
|
Smaller reporting company
o
|
American Campus Communities, Inc.
|
Yes
o
No
x
|
American Campus Communities Operating Partnership, L.P
|
Yes
o
No
x
|
(1)
|
enhances investors’ understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
|
(2)
|
eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and
|
(3)
|
creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.
|
|
PAGE NO.
|
|
|
|
|
PART I.
|
|
|
|
|
|
Item 1.
|
Consolidated Financial Statements of American Campus Communities, Inc. and Subsidiaries:
|
|
|
|
|
|
Consolidated Balance Sheets as of June 30, 2016 (unaudited) and December 31, 2015
|
|
|
|
|
|
Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2016 and 2015 (all unaudited)
|
|
|
|
|
|
Consolidated Statement of Changes in Equity for the six months ended June 30, 2016 (unaudited)
|
|
|
|
|
|
Consolidated Statements of Cash Flows for the six months ended June 30, 2016 and 2015 (all unaudited)
|
|
|
|
|
|
Consolidated Financial Statements of American Campus Communities Operating Partnership, L.P. and Subsidiaries:
|
|
|
|
|
|
Consolidated Balance Sheets as of June 30, 2016 (unaudited) and December 31, 2015
|
|
|
|
|
|
Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2016 and 2015 (all unaudited)
|
|
|
|
|
|
Consolidated Statement of Changes in Capital for the six months ended June 30, 2016 (unaudited)
|
|
|
|
|
|
Consolidated Statements of Cash Flows for the six months ended June 30, 2016 and 2015 (all unaudited)
|
|
|
|
|
|
Notes to Consolidated Financial Statements of American Campus Communities, Inc. and Subsidiaries and American Campus Communities Operating Partnership, L.P. and Subsidiaries (unaudited)
|
|
|
|
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
|
|
|
|
Item 3.
|
Quantitative and Qualitative Disclosure about Market Risk
|
|
|
|
|
Item 4.
|
Controls and Procedures
|
|
|
|
|
PART II.
|
|
|
|
|
|
Item 1.
|
Legal Proceedings
|
|
|
|
|
Item 1A.
|
Risk Factors
|
|
|
|
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
|
|
|
|
Item 3.
|
Defaults Upon Senior Securities
|
|
|
|
|
Item 4.
|
Mine Safety Disclosures
|
|
|
|
|
Item 5.
|
Other Information
|
|
|
|
|
Item 6.
|
Exhibits
|
|
|
|
|
SIGNATURES
|
|
|
June 30, 2016
|
|
December 31, 2015
|
||||
|
|
(Unaudited)
|
|
|
||||
Assets
|
|
|
|
|
||||
|
|
|
|
|
||||
Investments in real estate:
|
|
|
|
|
||||
Wholly-owned properties, net
|
|
$
|
5,721,507
|
|
|
$
|
5,522,271
|
|
Wholly-owned properties held for sale
|
|
—
|
|
|
55,354
|
|
||
On-campus participating properties, net
|
|
87,596
|
|
|
90,129
|
|
||
Investments in real estate, net
|
|
5,809,103
|
|
|
5,667,754
|
|
||
|
|
|
|
|
||||
Cash and cash equivalents
|
|
206,738
|
|
|
16,659
|
|
||
Restricted cash
|
|
34,946
|
|
|
33,675
|
|
||
Student contracts receivable, net
|
|
7,117
|
|
|
18,475
|
|
||
Other assets
|
|
257,153
|
|
|
269,685
|
|
||
|
|
|
|
|
||||
Total assets
|
|
$
|
6,315,057
|
|
|
$
|
6,006,248
|
|
|
|
|
|
|
||||
Liabilities and equity
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
|
|
||
Secured mortgage, construction and bond debt
|
|
$
|
1,054,376
|
|
|
$
|
1,094,962
|
|
Unsecured notes
|
|
1,187,695
|
|
|
1,186,700
|
|
||
Unsecured term loans
|
|
348,593
|
|
|
597,719
|
|
||
Unsecured revolving credit facility
|
|
—
|
|
|
68,900
|
|
||
Accounts payable and accrued expenses
|
|
61,626
|
|
|
71,988
|
|
||
Other liabilities
|
|
164,493
|
|
|
144,811
|
|
||
Total liabilities
|
|
2,816,783
|
|
|
3,165,080
|
|
||
|
|
|
|
|
||||
Commitments and contingencies (Note 14)
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
Redeemable noncontrolling interests
|
|
73,722
|
|
|
59,511
|
|
||
|
|
|
|
|
||||
Equity:
|
|
|
|
|
|
|
||
American Campus Communities, Inc. and Subsidiaries stockholders’ equity:
|
|
|
|
|
|
|
||
Common stock, $0.01 par value, 800,000,000 shares authorized, 130,446,578 and 112,350,877 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively
|
|
1,304
|
|
|
1,124
|
|
||
Additional paid in capital
|
|
4,021,440
|
|
|
3,325,806
|
|
||
Treasury stock, at cost, 20,181 and 10,155 shares at June 30, 2016 and December 31, 2015, respectively
|
|
(975
|
)
|
|
(403
|
)
|
||
Accumulated earnings and dividends
|
|
(594,115
|
)
|
|
(550,501
|
)
|
||
Accumulated other comprehensive loss
|
|
(7,263
|
)
|
|
(5,830
|
)
|
||
Total American Campus Communities, Inc. and Subsidiaries stockholders’ equity
|
|
3,420,391
|
|
|
2,770,196
|
|
||
Noncontrolling interests - partially owned properties
|
|
4,161
|
|
|
11,461
|
|
||
Total equity
|
|
3,424,552
|
|
|
2,781,657
|
|
||
|
|
|
|
|
||||
Total liabilities and equity
|
|
$
|
6,315,057
|
|
|
$
|
6,006,248
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Revenues
|
|
|
|
|
|
|
|
|
||||||||
Wholly-owned properties
|
|
$
|
174,682
|
|
|
$
|
167,468
|
|
|
$
|
360,384
|
|
|
$
|
347,366
|
|
On-campus participating properties
|
|
6,214
|
|
|
5,704
|
|
|
16,260
|
|
|
14,904
|
|
||||
Third-party development services
|
|
2,121
|
|
|
1,677
|
|
|
3,156
|
|
|
2,241
|
|
||||
Third-party management services
|
|
2,253
|
|
|
2,324
|
|
|
4,663
|
|
|
4,325
|
|
||||
Resident services
|
|
713
|
|
|
701
|
|
|
1,515
|
|
|
1,531
|
|
||||
Total revenues
|
|
185,983
|
|
|
177,874
|
|
|
385,978
|
|
|
370,367
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Wholly-owned properties
|
|
77,722
|
|
|
77,251
|
|
|
156,573
|
|
|
156,261
|
|
||||
On-campus participating properties
|
|
3,299
|
|
|
2,942
|
|
|
6,341
|
|
|
5,610
|
|
||||
Third-party development and management services
|
|
3,560
|
|
|
4,012
|
|
|
7,298
|
|
|
7,152
|
|
||||
General and administrative
|
|
6,126
|
|
|
5,678
|
|
|
11,435
|
|
|
10,428
|
|
||||
Depreciation and amortization
|
|
53,703
|
|
|
51,578
|
|
|
107,419
|
|
|
102,229
|
|
||||
Ground/facility leases
|
|
2,467
|
|
|
1,961
|
|
|
4,771
|
|
|
4,059
|
|
||||
Total operating expenses
|
|
146,877
|
|
|
143,422
|
|
|
293,837
|
|
|
285,739
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Operating income
|
|
39,106
|
|
|
34,452
|
|
|
92,141
|
|
|
84,628
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Nonoperating income and (expenses)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income
|
|
1,475
|
|
|
1,085
|
|
|
2,754
|
|
|
2,197
|
|
||||
Interest expense
|
|
(20,119
|
)
|
|
(20,586
|
)
|
|
(42,746
|
)
|
|
(42,574
|
)
|
||||
Amortization of deferred financing costs
|
|
(1,352
|
)
|
|
(1,338
|
)
|
|
(3,894
|
)
|
|
(2,717
|
)
|
||||
Gain from disposition of real estate
|
|
—
|
|
|
3,790
|
|
|
17,409
|
|
|
48,042
|
|
||||
Loss from early extinguishment of debt
|
|
—
|
|
|
(1,175
|
)
|
|
—
|
|
|
(1,770
|
)
|
||||
Total nonoperating (expenses) income
|
|
(19,996
|
)
|
|
(18,224
|
)
|
|
(26,477
|
)
|
|
3,178
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Income before income taxes
|
|
19,110
|
|
|
16,228
|
|
|
65,664
|
|
|
87,806
|
|
||||
Income tax provision
|
|
(345
|
)
|
|
(310
|
)
|
|
(690
|
)
|
|
(621
|
)
|
||||
Net income
|
|
18,765
|
|
|
15,918
|
|
|
64,974
|
|
|
87,185
|
|
||||
Net income attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Redeemable noncontrolling interests
|
|
(223
|
)
|
|
(246
|
)
|
|
(741
|
)
|
|
(993
|
)
|
||||
Partially owned properties
|
|
(104
|
)
|
|
(92
|
)
|
|
(208
|
)
|
|
(415
|
)
|
||||
Net income attributable to noncontrolling interests
|
|
(327
|
)
|
|
(338
|
)
|
|
(949
|
)
|
|
(1,408
|
)
|
||||
Net income attributable to ACC, Inc. and Subsidiaries common stockholders
|
|
$
|
18,438
|
|
|
$
|
15,580
|
|
|
$
|
64,025
|
|
|
$
|
85,777
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive (loss) income
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Change in fair value of interest rate swaps and other
|
|
(23
|
)
|
|
845
|
|
|
(1,433
|
)
|
|
(1,023
|
)
|
||||
Comprehensive income
|
|
$
|
18,415
|
|
|
$
|
16,425
|
|
|
$
|
62,592
|
|
|
$
|
84,754
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income per share attributable to ACC, Inc. and Subsidiaries common stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted
|
|
$
|
0.14
|
|
|
$
|
0.14
|
|
|
$
|
0.50
|
|
|
$
|
0.76
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
|
130,456,923
|
|
|
112,308,114
|
|
|
126,951,454
|
|
|
111,635,345
|
|
||||
Diluted
|
|
131,240,667
|
|
|
112,983,939
|
|
|
127,753,492
|
|
|
113,652,341
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Distributions declared per common share
|
|
$
|
0.42
|
|
|
$
|
0.40
|
|
|
$
|
0.82
|
|
|
$
|
0.78
|
|
|
|
Common
Shares
|
|
Par Value of
Common
Shares
|
|
Additional Paid
in Capital
|
|
Treasury Stock
|
|
Treasury Stock at Cost
|
|
Accumulated
Earnings and
Dividends
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Noncontrolling
Interests –
Partially Owned
Properties
|
|
Total
|
||||||||||||||||
Equity, December 31, 2015
|
|
112,350,877
|
|
|
$
|
1,124
|
|
|
$
|
3,325,806
|
|
|
10,155
|
|
|
$
|
(403
|
)
|
|
$
|
(550,501
|
)
|
|
$
|
(5,830
|
)
|
|
$
|
11,461
|
|
|
$
|
2,781,657
|
|
Adjustments to reflect redeemable noncontrolling interests at fair value
|
|
—
|
|
|
—
|
|
|
(14,879
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,879
|
)
|
|||||||
Amortization of restricted stock awards
|
|
—
|
|
|
—
|
|
|
4,870
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,870
|
|
|||||||
Vesting of restricted stock awards and restricted stock units
|
|
130,701
|
|
|
1
|
|
|
(1,784
|
)
|
|
10,026
|
|
|
(572
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,355
|
)
|
|||||||
Distributions to common and restricted stockholders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(107,639
|
)
|
|
—
|
|
|
—
|
|
|
(107,639
|
)
|
|||||||
Distributions to noncontrolling interests - partially owned properties
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(253
|
)
|
|
(253
|
)
|
|||||||
Increase in ownership of consolidated subsidiary
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,311
|
)
|
|
(7,311
|
)
|
|||||||
Conversion of operating partnership units to common stock
|
|
25,000
|
|
|
—
|
|
|
259
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
259
|
|
|||||||
Net proceeds from sale of common stock
|
|
17,940,000
|
|
|
179
|
|
|
707,168
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
707,347
|
|
|||||||
Change in fair value of interest rate swaps
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,638
|
)
|
|
—
|
|
|
(1,638
|
)
|
|||||||
Amortization of interest rate swap terminations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
205
|
|
|
—
|
|
|
205
|
|
|||||||
Contributions by noncontrolling partners
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
56
|
|
|
56
|
|
|||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
64,025
|
|
|
—
|
|
|
208
|
|
|
64,233
|
|
|||||||
Equity, June 30, 2016
|
|
130,446,578
|
|
|
$
|
1,304
|
|
|
$
|
4,021,440
|
|
|
20,181
|
|
|
$
|
(975
|
)
|
|
$
|
(594,115
|
)
|
|
$
|
(7,263
|
)
|
|
$
|
4,161
|
|
|
$
|
3,424,552
|
|
|
|
Six Months Ended June 30,
|
||||||
|
|
2016
|
|
2015
|
||||
Operating activities
|
|
|
|
|
||||
Net income
|
|
$
|
64,974
|
|
|
$
|
87,185
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
||
Gains from disposition of real estate
|
|
(17,409
|
)
|
|
(48,042
|
)
|
||
Depreciation and amortization
|
|
107,419
|
|
|
101,855
|
|
||
Amortization of deferred financing costs and debt premiums/discounts
|
|
(2,372
|
)
|
|
(2,980
|
)
|
||
Share-based compensation
|
|
5,492
|
|
|
4,464
|
|
||
Income tax provision
|
|
690
|
|
|
621
|
|
||
Amortization of interest rate swap terminations
|
|
205
|
|
|
204
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
||
Restricted cash
|
|
(4,238
|
)
|
|
(3,445
|
)
|
||
Student contracts receivable, net
|
|
11,283
|
|
|
1,213
|
|
||
Other assets
|
|
5,830
|
|
|
453
|
|
||
Accounts payable and accrued expenses
|
|
(11,849
|
)
|
|
(11,073
|
)
|
||
Other liabilities
|
|
(8,730
|
)
|
|
(325
|
)
|
||
Net cash provided by operating activities
|
|
151,295
|
|
|
130,130
|
|
||
|
|
|
|
|
||||
Investing activities
|
|
|
|
|
|
|
||
Proceeds from disposition of properties
|
|
72,640
|
|
|
395,880
|
|
||
Cash paid for acquisition of operating and under development properties
|
|
(57,132
|
)
|
|
(274,926
|
)
|
||
Cash paid for land acquisitions
|
|
(856
|
)
|
|
(12,190
|
)
|
||
Capital expenditures for wholly-owned properties
|
|
(23,185
|
)
|
|
(27,920
|
)
|
||
Investments in wholly-owned properties under development
|
|
(187,158
|
)
|
|
(109,536
|
)
|
||
Capital expenditures for on-campus participating properties
|
|
(1,064
|
)
|
|
(859
|
)
|
||
Decrease (increase) in escrow deposits for real estate investments
|
|
5,450
|
|
|
(5,939
|
)
|
||
Change in restricted cash related to capital reserves
|
|
(928
|
)
|
|
2,433
|
|
||
Increase in ownership of consolidated subsidiary
|
|
—
|
|
|
(1,708
|
)
|
||
Purchase of corporate furniture, fixtures and equipment
|
|
(3,377
|
)
|
|
(4,142
|
)
|
||
Net cash used in investing activities
|
|
(195,610
|
)
|
|
(38,907
|
)
|
||
|
|
|
|
|
||||
Financing activities
|
|
|
|
|
|
|
||
Proceeds from sale of common stock
|
|
740,025
|
|
|
216,666
|
|
||
Offering costs
|
|
(31,972
|
)
|
|
(2,282
|
)
|
||
Pay-off of mortgage and construction loans
|
|
(34,226
|
)
|
|
(208,980
|
)
|
||
Pay-off of unsecured term loans
|
|
(400,000
|
)
|
|
—
|
|
||
Proceeds from unsecured term loan
|
|
150,000
|
|
|
—
|
|
||
Proceeds from revolving credit facility
|
|
67,700
|
|
|
450,100
|
|
||
Pay downs of revolving credit facility
|
|
(136,600
|
)
|
|
(463,200
|
)
|
||
Proceeds from construction loans
|
|
—
|
|
|
258
|
|
||
Scheduled principal payments on debt
|
|
(7,771
|
)
|
|
(7,216
|
)
|
||
Debt issuance and assumption costs
|
|
(744
|
)
|
|
(196
|
)
|
||
Taxes paid on net-share settlements
|
|
(2,977
|
)
|
|
(2,878
|
)
|
||
Distributions to common and restricted stockholders
|
|
(107,639
|
)
|
|
(88,159
|
)
|
||
Distributions to noncontrolling partners
|
|
(1,402
|
)
|
|
(1,633
|
)
|
||
Net cash provided by (used in) financing activities
|
|
234,394
|
|
|
(107,520
|
)
|
||
|
|
|
|
|
||||
Net change in cash and cash equivalents
|
|
190,079
|
|
|
(16,297
|
)
|
||
Cash and cash equivalents at beginning of period
|
|
16,659
|
|
|
25,062
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
206,738
|
|
|
$
|
8,765
|
|
|
|
|
|
|
||||
Supplemental disclosure of non-cash investing and financing activities
|
|
|
|
|
|
|
||
Loans assumed in connection with property acquisitions
|
|
$
|
(10,012
|
)
|
|
$
|
(11,621
|
)
|
Issuance of common units in connection with property acquisitions
|
|
$
|
—
|
|
|
$
|
(14,182
|
)
|
Change in fair value of derivative instruments, net
|
|
$
|
(1,638
|
)
|
|
$
|
(1,023
|
)
|
Supplemental disclosure of cash flow information
|
|
|
|
|
|
|
||
Interest paid
|
|
$
|
49,621
|
|
|
$
|
46,739
|
|
|
|
June 30, 2016
|
|
December 31, 2015
|
||||
|
|
(Unaudited)
|
|
|
||||
Assets
|
|
|
|
|
||||
|
|
|
|
|
||||
Investments in real estate:
|
|
|
|
|
||||
Wholly-owned properties, net
|
|
$
|
5,721,507
|
|
|
$
|
5,522,271
|
|
Wholly-owned properties held for sale
|
|
—
|
|
|
55,354
|
|
||
On-campus participating properties, net
|
|
87,596
|
|
|
90,129
|
|
||
Investments in real estate, net
|
|
5,809,103
|
|
|
5,667,754
|
|
||
|
|
|
|
|
||||
Cash and cash equivalents
|
|
206,738
|
|
|
16,659
|
|
||
Restricted cash
|
|
34,946
|
|
|
33,675
|
|
||
Student contracts receivable, net
|
|
7,117
|
|
|
18,475
|
|
||
Other assets
|
|
257,153
|
|
|
269,685
|
|
||
|
|
|
|
|
||||
Total assets
|
|
$
|
6,315,057
|
|
|
$
|
6,006,248
|
|
|
|
|
|
|
||||
Liabilities and capital
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
|
|
||
Secured mortgage, construction and bond debt
|
|
$
|
1,054,376
|
|
|
$
|
1,094,962
|
|
Unsecured notes
|
|
1,187,695
|
|
|
1,186,700
|
|
||
Unsecured term loans
|
|
348,593
|
|
|
597,719
|
|
||
Unsecured revolving credit facility
|
|
—
|
|
|
68,900
|
|
||
Accounts payable and accrued expenses
|
|
61,626
|
|
|
71,988
|
|
||
Other liabilities
|
|
164,493
|
|
|
144,811
|
|
||
Total liabilities
|
|
2,816,783
|
|
|
3,165,080
|
|
||
|
|
|
|
|
||||
Commitments and contingencies (Note 14)
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
Redeemable limited partners
|
|
73,722
|
|
|
59,511
|
|
||
|
|
|
|
|
||||
Capital:
|
|
|
|
|
|
|
||
Partners’ capital:
|
|
|
|
|
|
|
||
General partner - 12,222 OP units outstanding at both June 30, 2016 and December 31, 2015
|
|
89
|
|
|
93
|
|
||
Limited partner - 130,454,537 and 112,348,810 OP units outstanding at June 30, 2016 and December 31, 2015, respectively
|
|
3,427,565
|
|
|
2,775,933
|
|
||
Accumulated other comprehensive loss
|
|
(7,263
|
)
|
|
(5,830
|
)
|
||
Total partners’ capital
|
|
3,420,391
|
|
|
2,770,196
|
|
||
Noncontrolling interests - partially owned properties
|
|
4,161
|
|
|
11,461
|
|
||
Total capital
|
|
3,424,552
|
|
|
2,781,657
|
|
||
|
|
|
|
|
||||
Total liabilities and capital
|
|
$
|
6,315,057
|
|
|
$
|
6,006,248
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Revenues
|
|
|
|
|
|
|
|
|
||||||||
Wholly-owned properties
|
|
$
|
174,682
|
|
|
$
|
167,468
|
|
|
$
|
360,384
|
|
|
$
|
347,366
|
|
On-campus participating properties
|
|
6,214
|
|
|
5,704
|
|
|
16,260
|
|
|
14,904
|
|
||||
Third-party development services
|
|
2,121
|
|
|
1,677
|
|
|
3,156
|
|
|
2,241
|
|
||||
Third-party management services
|
|
2,253
|
|
|
2,324
|
|
|
4,663
|
|
|
4,325
|
|
||||
Resident services
|
|
713
|
|
|
701
|
|
|
1,515
|
|
|
1,531
|
|
||||
Total revenues
|
|
185,983
|
|
|
177,874
|
|
|
385,978
|
|
|
370,367
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Wholly-owned properties
|
|
77,722
|
|
|
77,251
|
|
|
156,573
|
|
|
156,261
|
|
||||
On-campus participating properties
|
|
3,299
|
|
|
2,942
|
|
|
6,341
|
|
|
5,610
|
|
||||
Third-party development and management services
|
|
3,560
|
|
|
4,012
|
|
|
7,298
|
|
|
7,152
|
|
||||
General and administrative
|
|
6,126
|
|
|
5,678
|
|
|
11,435
|
|
|
10,428
|
|
||||
Depreciation and amortization
|
|
53,703
|
|
|
51,578
|
|
|
107,419
|
|
|
102,229
|
|
||||
Ground/facility leases
|
|
2,467
|
|
|
1,961
|
|
|
4,771
|
|
|
4,059
|
|
||||
Total operating expenses
|
|
146,877
|
|
|
143,422
|
|
|
293,837
|
|
|
285,739
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Operating income
|
|
39,106
|
|
|
34,452
|
|
|
92,141
|
|
|
84,628
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Nonoperating income and (expenses)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income
|
|
1,475
|
|
|
1,085
|
|
|
2,754
|
|
|
2,197
|
|
||||
Interest expense
|
|
(20,119
|
)
|
|
(20,586
|
)
|
|
(42,746
|
)
|
|
(42,574
|
)
|
||||
Amortization of deferred financing costs
|
|
(1,352
|
)
|
|
(1,338
|
)
|
|
(3,894
|
)
|
|
(2,717
|
)
|
||||
Gain from disposition of real estate
|
|
—
|
|
|
3,790
|
|
|
17,409
|
|
|
48,042
|
|
||||
Loss from early extinguishment of debt
|
|
—
|
|
|
(1,175
|
)
|
|
—
|
|
|
(1,770
|
)
|
||||
Total nonoperating (expenses) income
|
|
(19,996
|
)
|
|
(18,224
|
)
|
|
(26,477
|
)
|
|
3,178
|
|
||||
Income before income taxes
|
|
19,110
|
|
|
16,228
|
|
|
65,664
|
|
|
87,806
|
|
||||
Income tax provision
|
|
(345
|
)
|
|
(310
|
)
|
|
(690
|
)
|
|
(621
|
)
|
||||
Net income
|
|
18,765
|
|
|
15,918
|
|
|
64,974
|
|
|
87,185
|
|
||||
Net income attributable to noncontrolling interests – partially owned properties
|
|
(104
|
)
|
|
(92
|
)
|
|
(208
|
)
|
|
(415
|
)
|
||||
Net income attributable to American Campus Communities Operating Partnership, L.P.
|
|
18,661
|
|
|
15,826
|
|
|
64,766
|
|
|
86,770
|
|
||||
Series A preferred unit distributions
|
|
(37
|
)
|
|
(44
|
)
|
|
(79
|
)
|
|
(88
|
)
|
||||
Net income attributable to common unitholders
|
|
$
|
18,624
|
|
|
$
|
15,782
|
|
|
$
|
64,687
|
|
|
$
|
86,682
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive (loss) income
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Change in fair value of interest rate swaps and other
|
|
(23
|
)
|
|
845
|
|
|
(1,433
|
)
|
|
(1,023
|
)
|
||||
Comprehensive income
|
|
$
|
18,601
|
|
|
$
|
16,627
|
|
|
$
|
63,254
|
|
|
$
|
85,659
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income per unit attributable to common unitholders
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted
|
|
$
|
0.14
|
|
|
$
|
0.14
|
|
|
$
|
0.50
|
|
|
$
|
0.76
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average common units outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
|
131,760,705
|
|
|
113,756,045
|
|
|
128,258,368
|
|
|
112,946,677
|
|
||||
Diluted
|
|
132,544,449
|
|
|
114,431,870
|
|
|
129,060,406
|
|
|
113,652,341
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Distributions declared per Common Unit
|
|
$
|
0.42
|
|
|
$
|
0.40
|
|
|
$
|
0.82
|
|
|
$
|
0.78
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
Noncontrolling
|
|
|
||||||||||||
|
|
|
|
|
|
Other
|
|
Interests -
|
|
|
|
|||||||||||||||
|
|
General Partner
|
|
Limited Partner
|
|
Comprehensive
|
|
Partially Owned
|
|
|
|
|||||||||||||||
|
|
Units
|
|
Amount
|
|
Units
|
|
Amount
|
|
Loss
|
|
Properties
|
|
Total
|
||||||||||||
Capital, December 31, 2015
|
|
12,222
|
|
|
$
|
93
|
|
|
112,348,810
|
|
|
$
|
2,775,933
|
|
|
$
|
(5,830
|
)
|
|
$
|
11,461
|
|
|
$
|
2,781,657
|
|
Adjustments to reflect redeemable limited partners’ interest at fair value
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,879
|
)
|
|
—
|
|
|
—
|
|
|
(14,879
|
)
|
|||||
Amortization of restricted stock awards
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,870
|
|
|
—
|
|
|
—
|
|
|
4,870
|
|
|||||
Vesting of restricted stock awards and restricted stock units
|
|
—
|
|
|
—
|
|
|
140,727
|
|
|
(2,355
|
)
|
|
—
|
|
|
—
|
|
|
(2,355
|
)
|
|||||
Distributions
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
(107,629
|
)
|
|
—
|
|
|
—
|
|
|
(107,639
|
)
|
|||||
Distributions to noncontrolling interests - partially owned properties
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(253
|
)
|
|
(253
|
)
|
|||||
Increase in ownership of consolidated subsidiary
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,311
|
)
|
|
(7,311
|
)
|
|||||
Conversion of operating partnership units to common stock
|
|
—
|
|
|
—
|
|
|
25,000
|
|
|
259
|
|
|
—
|
|
|
—
|
|
|
259
|
|
|||||
Issuance of units in exchange for contributions of equity offering proceeds
|
|
—
|
|
|
—
|
|
|
17,940,000
|
|
|
707,347
|
|
|
—
|
|
|
—
|
|
|
707,347
|
|
|||||
Change in fair value of interest rate swaps
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,638
|
)
|
|
—
|
|
|
(1,638
|
)
|
|||||
Amortization of interest rate swap terminations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
205
|
|
|
—
|
|
|
205
|
|
|||||
Contributions by noncontrolling partners
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
56
|
|
|
56
|
|
|||||
Net income
|
|
—
|
|
|
6
|
|
|
—
|
|
|
64,019
|
|
|
—
|
|
|
208
|
|
|
64,233
|
|
|||||
Capital, June 30, 2016
|
|
12,222
|
|
|
$
|
89
|
|
|
130,454,537
|
|
|
$
|
3,427,565
|
|
|
$
|
(7,263
|
)
|
|
$
|
4,161
|
|
|
$
|
3,424,552
|
|
|
|
Six Months Ended June 30,
|
||||||
|
|
2016
|
|
2015
|
||||
Operating activities
|
|
|
|
|
||||
Net income
|
|
$
|
64,974
|
|
|
$
|
87,185
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
||
Gains from disposition of real estate
|
|
(17,409
|
)
|
|
(48,042
|
)
|
||
Depreciation and amortization
|
|
107,419
|
|
|
101,855
|
|
||
Amortization of deferred financing costs and debt premiums/discounts
|
|
(2,372
|
)
|
|
(2,980
|
)
|
||
Share-based compensation
|
|
5,492
|
|
|
4,464
|
|
||
Income tax provision
|
|
690
|
|
|
621
|
|
||
Amortization of interest rate swap terminations
|
|
205
|
|
|
204
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
||
Restricted cash
|
|
(4,238
|
)
|
|
(3,445
|
)
|
||
Student contracts receivable, net
|
|
11,283
|
|
|
1,213
|
|
||
Other assets
|
|
5,830
|
|
|
453
|
|
||
Accounts payable and accrued expenses
|
|
(11,849
|
)
|
|
(11,073
|
)
|
||
Other liabilities
|
|
(8,730
|
)
|
|
(325
|
)
|
||
Net cash provided by operating activities
|
|
151,295
|
|
|
130,130
|
|
||
|
|
|
|
|
||||
Investing activities
|
|
|
|
|
|
|
||
Proceeds from disposition of properties
|
|
72,640
|
|
|
395,880
|
|
||
Cash paid for acquisition of operating and under development properties
|
|
(57,132
|
)
|
|
(274,926
|
)
|
||
Cash paid for land acquisitions
|
|
(856
|
)
|
|
(12,190
|
)
|
||
Capital expenditures for wholly-owned properties
|
|
(23,185
|
)
|
|
(27,920
|
)
|
||
Investments in wholly-owned properties under development
|
|
(187,158
|
)
|
|
(109,536
|
)
|
||
Capital expenditures for on-campus participating properties
|
|
(1,064
|
)
|
|
(859
|
)
|
||
Decrease (increase) in escrow deposits for real estate investments
|
|
5,450
|
|
|
(5,939
|
)
|
||
Change in restricted cash related to capital reserves
|
|
(928
|
)
|
|
2,433
|
|
||
Increase in ownership of consolidated subsidiary
|
|
—
|
|
|
(1,708
|
)
|
||
Purchase of corporate furniture, fixtures and equipment
|
|
(3,377
|
)
|
|
(4,142
|
)
|
||
Net cash used in investing activities
|
|
(195,610
|
)
|
|
(38,907
|
)
|
||
|
|
|
|
|
||||
Financing activities
|
|
|
|
|
|
|
||
Proceeds from issuance of common units in exchange for contributions, net
|
|
708,053
|
|
|
214,384
|
|
||
Pay-off of unsecured term loan
|
|
(400,000
|
)
|
|
—
|
|
||
Proceeds from unsecured term loan
|
|
150,000
|
|
|
—
|
|
||
Pay-off of mortgage and construction loans
|
|
(34,226
|
)
|
|
(208,980
|
)
|
||
Proceeds from revolving credit facility
|
|
67,700
|
|
|
450,100
|
|
||
Pay downs of revolving credit facility
|
|
(136,600
|
)
|
|
(463,200
|
)
|
||
Proceeds from construction loans
|
|
—
|
|
|
258
|
|
||
Scheduled principal payments on debt
|
|
(7,771
|
)
|
|
(7,216
|
)
|
||
Debt issuance and assumption costs
|
|
(744
|
)
|
|
(196
|
)
|
||
Taxes paid on net-share settlements
|
|
(2,977
|
)
|
|
(2,878
|
)
|
||
Distributions paid on unvested restricted stock awards
|
|
(722
|
)
|
|
(603
|
)
|
||
Distributions paid to common and preferred unitholders
|
|
(108,066
|
)
|
|
(88,643
|
)
|
||
Distributions paid to noncontrolling partners - partially owned properties
|
|
(253
|
)
|
|
(546
|
)
|
||
Net cash provided by (used in) financing activities
|
|
234,394
|
|
|
(107,520
|
)
|
||
|
|
|
|
|
||||
Net change in cash and cash equivalents
|
|
190,079
|
|
|
(16,297
|
)
|
||
Cash and cash equivalents at beginning of period
|
|
16,659
|
|
|
25,062
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
206,738
|
|
|
$
|
8,765
|
|
|
|
|
|
|
||||
Supplemental disclosure of non-cash investing and financing activities
|
|
|
|
|
|
|
||
Loans assumed in connection with property acquisitions
|
|
$
|
(10,012
|
)
|
|
$
|
(11,621
|
)
|
Issuance of common units in connection with property acquisitions
|
|
$
|
—
|
|
|
$
|
(14,182
|
)
|
Change in fair value of derivative instruments, net
|
|
$
|
(1,638
|
)
|
|
$
|
(1,023
|
)
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow information
|
|
|
|
|
|
|
||
Interest paid
|
|
$
|
49,621
|
|
|
$
|
46,739
|
|
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
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Common OP Units (Note 10)
|
|
1,303,782
|
|
|
1,447,931
|
|
|
1,306,914
|
|
|
—
|
|
Preferred OP Units (Note 10)
|
|
94,359
|
|
|
110,040
|
|
|
98,974
|
|
|
110,199
|
|
Total potentially dilutive securities
|
|
1,398,141
|
|
|
1,557,971
|
|
|
1,405,888
|
|
|
110,199
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Numerator – basic earnings per share:
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
$
|
18,765
|
|
|
$
|
15,918
|
|
|
$
|
64,974
|
|
|
$
|
87,185
|
|
Net income attributable to noncontrolling interests
|
|
(327
|
)
|
|
(338
|
)
|
|
(949
|
)
|
|
(1,408
|
)
|
||||
Net income attributable to common stockholders
|
|
18,438
|
|
|
15,580
|
|
|
64,025
|
|
|
85,777
|
|
||||
Amount allocated to participating securities
|
|
(329
|
)
|
|
(269
|
)
|
|
(722
|
)
|
|
(603
|
)
|
||||
Net income attributable to common stockholders - basic
|
|
$
|
18,109
|
|
|
$
|
15,311
|
|
|
$
|
63,303
|
|
|
$
|
85,174
|
|
|
|
|
|
|
|
|
|
|
||||||||
Numerator – diluted earnings per share:
|
|
|
|
|
|
|
|
|
||||||||
Net income attributable to common shareholders - basic
|
|
$
|
18,109
|
|
|
$
|
15,311
|
|
|
$
|
63,303
|
|
|
$
|
85,174
|
|
Income allocated to Common OP Units
|
|
—
|
|
|
—
|
|
|
—
|
|
|
904
|
|
||||
Net income attributable to common shareholders - diluted
|
|
$
|
18,109
|
|
|
$
|
15,311
|
|
|
$
|
63,303
|
|
|
$
|
86,078
|
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic weighted average common shares outstanding
|
|
130,456,923
|
|
|
112,308,114
|
|
|
126,951,454
|
|
|
111,635,345
|
|
||||
Unvested Restricted Stock Awards (Note 11)
|
|
783,744
|
|
|
675,825
|
|
|
802,038
|
|
|
705,664
|
|
||||
Common OP units (Note 10)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,311,332
|
|
||||
Diluted weighted average common shares outstanding
|
|
131,240,667
|
|
|
112,983,939
|
|
|
127,753,492
|
|
|
113,652,341
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share:
|
|
|
|
|
|
|
|
|
||||||||
Net income attributable to common stockholders - basic and diluted
|
|
$
|
0.14
|
|
|
$
|
0.14
|
|
|
$
|
0.50
|
|
|
$
|
0.76
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Numerator – basic and diluted earnings per unit:
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
$
|
18,765
|
|
|
$
|
15,918
|
|
|
$
|
64,974
|
|
|
$
|
87,185
|
|
Net income attributable to noncontrolling interests – partially owned properties
|
|
(104
|
)
|
|
(92
|
)
|
|
(208
|
)
|
|
(415
|
)
|
||||
Series A preferred unit distributions
|
|
(37
|
)
|
|
(44
|
)
|
|
(79
|
)
|
|
(88
|
)
|
||||
Amount allocated to participating securities
|
|
(329
|
)
|
|
(269
|
)
|
|
(722
|
)
|
|
(603
|
)
|
||||
Net income attributable to common unitholders
|
|
$
|
18,295
|
|
|
$
|
15,513
|
|
|
$
|
63,965
|
|
|
$
|
86,079
|
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic weighted average common units outstanding
|
|
131,760,705
|
|
|
113,756,045
|
|
|
128,258,368
|
|
|
112,946,677
|
|
||||
Unvested Restricted Stock Awards (Note 11)
|
|
783,744
|
|
|
675,825
|
|
|
802,038
|
|
|
705,664
|
|
||||
Diluted weighted average common units outstanding
|
|
132,544,449
|
|
|
114,431,870
|
|
|
129,060,406
|
|
|
113,652,341
|
|
Earnings per unit:
|
|
|
|
|
|
|
|
|
||||||||
Net income attributable to common unitholders - basic and diluted
|
|
$
|
0.14
|
|
|
$
|
0.14
|
|
|
$
|
0.50
|
|
|
$
|
0.76
|
|
Property
|
|
Location
|
|
Primary University Served
|
|
Targeted Completion Date
|
|
Acquisition Date
|
|
Beds
|
The Court at Stadium Centre
(1)
|
|
Tallahassee, FL
|
|
Florida State University
|
|
August 2016
|
|
May 2016
|
|
260
|
Callaway House Apartments
|
|
Norman, OK
|
|
University of Oklahoma
|
|
August 2017
|
|
June 2016
|
|
915
|
U Centre on College
|
|
Clemson, SC
|
|
Clemson University
|
|
August 2017
|
|
June 2016
|
|
418
|
|
|
|
|
|
|
|
|
|
|
1,593
|
Property
|
|
Location
|
|
Primary University Served
|
|
Disposition Date
|
|
Beds
|
The Edge - Orlando
|
|
Orlando, FL
|
|
University of Central Florida
|
|
March 2016
|
|
930
|
University Village - Sacramento
|
|
Sacramento, CA
|
|
California State Univ. - Sacramento
|
|
March 2016
|
|
394
|
|
|
|
|
|
|
|
|
1,324
|
|
|
June 30, 2016
|
|
December 31, 2015
|
|
||||
Land
(1)
|
|
$
|
616,508
|
|
|
$
|
597,894
|
|
|
Buildings and improvements
|
|
5,252,108
|
|
|
5,235,033
|
|
|
||
Furniture, fixtures and equipment
|
|
320,591
|
|
|
311,696
|
|
|
||
Construction in progress
|
|
409,829
|
|
|
154,988
|
|
|
||
|
|
6,599,036
|
|
|
6,299,611
|
|
|
||
Less accumulated depreciation
|
|
(877,529
|
)
|
|
(777,340
|
)
|
|
||
Wholly-owned properties, net
|
|
$
|
5,721,507
|
|
|
$
|
5,522,271
|
|
(2)
|
(1)
|
The land balance above includes undeveloped land parcels with book values of approximately
$38.2 million
and
$66.2 million
as of
June 30, 2016
and
December 31, 2015
, respectively. It also includes land totaling approximately
$80.2 million
and
$33.0 million
as of
June 30, 2016
and
December 31, 2015
, respectively, related to properties under development.
|
(2)
|
The balance above excludes the net book value of
two
wholly-owned properties classified as held for sale in the accompanying consolidated balance sheet as of
December 31, 2015
. These properties were sold in March 2016 (see Note
4
).
|
|
|
|
|
|
|
Historical Cost
|
||||||
Lessor/University
|
|
Lease
Commencement
|
|
Required Debt
Repayment |
|
June 30, 2016
|
|
December 31, 2015
|
||||
Texas A&M University System / Prairie View A&M University
(1)
|
|
2/1/1996
|
|
9/1/2023
|
|
$
|
44,657
|
|
|
$
|
44,147
|
|
Texas A&M University System / Texas A&M International
|
|
2/1/1996
|
|
9/1/2023
|
|
7,078
|
|
|
7,064
|
|
||
Texas A&M University System / Prairie View A&M University
(2)
|
|
10/1/1999
|
|
8/31/2025
|
|
27,914
|
|
|
27,717
|
|
||
|
|
8/31/2028
|
|
|
||||||||
University of Houston System / University of Houston
(3)
|
|
9/27/2000
|
|
8/31/2035
|
|
37,648
|
|
|
37,381
|
|
||
West Virginia University System / West Virginia University
|
|
7/16/2013
|
|
7/16/2045
|
|
43,754
|
|
|
43,676
|
|
||
|
|
|
|
|
|
161,051
|
|
|
159,985
|
|
||
Less accumulated amortization
|
|
|
|
|
|
(73,455
|
)
|
|
(69,856
|
)
|
||
On-campus participating properties, net
|
|
|
|
$
|
87,596
|
|
|
$
|
90,129
|
|
(1)
|
Consists of
three
phases placed in service between 1996 and 1998.
|
(2)
|
Consists of
two
phases placed in service in 2000 and 2003.
|
(3)
|
Consists of
two
phases placed in service in 2001 and 2005.
|
|
|
June 30, 2016
|
|
December 31, 2015
|
|
||||
Debt secured by wholly-owned properties:
|
|
|
|
|
|
||||
Mortgage loans payable:
|
|
|
|
|
|
||||
Unpaid principal balance
|
|
$
|
895,197
|
|
|
$
|
934,769
|
|
|
Unamortized deferred financing costs
|
|
(4,379
|
)
|
|
(5,084
|
)
|
|
||
Unamortized debt premiums
|
|
44,261
|
|
|
50,763
|
|
|
||
Unamortized debt discounts
|
|
(88
|
)
|
|
(166
|
)
|
|
||
|
|
934,991
|
|
|
980,282
|
|
|
||
Construction loans payable
(1)
|
|
10,013
|
|
|
5,559
|
|
|
||
Unamortized debt premiums
|
|
797
|
|
|
—
|
|
|
||
Unamortized deferred financing costs
|
|
(95
|
)
|
|
(374
|
)
|
|
||
|
|
945,706
|
|
|
985,467
|
|
|
||
Debt secured by on-campus participating properties:
|
|
|
|
|
|
|
|
||
Mortgage loans payable
|
|
72,572
|
|
|
73,465
|
|
|
||
Bonds payable
|
|
36,935
|
|
|
36,935
|
|
|
||
Unamortized deferred financing costs
|
|
(837
|
)
|
|
(905
|
)
|
|
||
|
|
108,670
|
|
|
109,495
|
|
|
||
Total secured mortgage, construction and bond debt
|
|
1,054,376
|
|
|
1,094,962
|
|
|
||
Unsecured notes, net of unamortized OID and deferred financing costs
(2)
|
|
1,187,695
|
|
|
1,186,700
|
|
|
||
Unsecured term loans, net of unamortized deferred financing costs
(3)
|
|
348,593
|
|
|
597,719
|
|
|
||
Unsecured revolving credit facility
|
|
—
|
|
|
68,900
|
|
|
||
Total debt
|
|
$
|
2,590,664
|
|
|
$
|
2,948,281
|
|
|
(2)
|
Includes net unamortized original issue discount (“OID”) of
$2.1 million
at
June 30, 2016
and
$2.2 million
at
December 31, 2015
, and net unamortized deferred financing costs of
$10.2 million
at
June 30, 2016
and
$11.1 million
at
December 31, 2015
.
|
(3)
|
Includes net unamortized deferred financing costs of
$1.4 million
at
June 30, 2016
and
$2.3 million
at
December 31, 2015
.
|
Date Issued
|
|
Amount
|
|
% of Par Value
|
|
Coupon
|
|
Yield
|
|
Original Issue Discount
|
|
Term
|
||||||
September 2015
|
|
$
|
400,000
|
|
|
99.811
|
|
3.350
|
%
|
|
3.391
|
%
|
|
$
|
756
|
|
|
5
|
June 2014
|
|
400,000
|
|
|
99.861
|
|
4.125
|
%
|
|
4.142
|
%
|
|
556
|
|
|
10
|
||
April 2013
|
|
400,000
|
|
|
99.659
|
|
3.750
|
%
|
|
3.791
|
%
|
|
1,364
|
|
|
10
|
||
|
|
$
|
1,200,000
|
|
|
|
|
|
|
|
|
$
|
2,676
|
|
|
|
|
|
Three months ended June 30, 2015
|
|
Six Months Ended
June 30, 2015 |
||||
Total net proceeds
|
|
$
|
—
|
|
|
$
|
213,416
|
|
Commissions paid to sales agents
|
|
$
|
—
|
|
|
$
|
3,250
|
|
Weighted average price per share
|
|
$
|
—
|
|
|
$
|
43.92
|
|
Shares of common stock sold
|
|
—
|
|
|
4,933,665
|
|
December 31, 2015
|
$
|
59,511
|
|
Net income
|
741
|
|
|
Distributions
|
(1,149
|
)
|
|
Conversion of redeemable limited partner units into shares of ACC common stock
|
(260
|
)
|
|
Adjustments to reflect redeemable limited partner units at fair value
|
14,879
|
|
|
June 30, 2016
|
$
|
73,722
|
|
|
Number of RSUs
|
|
Outstanding at December 31, 2015
|
—
|
|
Granted
|
16,759
|
|
Settled in common shares
|
(13,375
|
)
|
Settled in cash
|
(3,384
|
)
|
Outstanding at June 30, 2016
|
—
|
|
|
Number of RSAs
|
|
Nonvested balance at December 31, 2015
|
655,925
|
|
Granted
|
332,717
|
|
Vested
|
(127,352
|
)
|
Forfeited
(1)
|
(78,070
|
)
|
Nonvested balance at June 30, 2016
|
783,220
|
|
Hedged Debt Instrument
|
|
Effective Date
|
|
Maturity Date
|
|
Pay Fixed Rate
|
|
Receive Floating
Rate Index
|
|
Current Notional
Amount
|
|
Fair Value
|
||||
Cullen Oaks mortgage loan
|
|
Feb 18, 2014
|
|
Feb 15, 2021
|
|
2.2750%
|
|
LIBOR - 1 month
|
|
$
|
14,471
|
|
|
$
|
(895
|
)
|
Cullen Oaks mortgage loan
|
|
Feb 18, 2014
|
|
Feb 15, 2021
|
|
2.2750%
|
|
LIBOR - 1 month
|
|
14,620
|
|
|
(904
|
)
|
||
Term Loan I Facility
|
|
Feb 2, 2012
|
|
Jan 2, 2017
|
|
0.8695%
|
|
LIBOR – 1 month
|
|
125,000
|
|
|
(261
|
)
|
||
Term Loan I Facility
|
|
Feb 2, 2012
|
|
Jan 2, 2017
|
|
0.8800%
|
|
LIBOR – 1 month
|
|
100,000
|
|
|
(214
|
)
|
||
Term Loan I Facility
|
|
Feb 2, 2012
|
|
Jan 2, 2017
|
|
0.8875%
|
|
LIBOR – 1 month
|
|
62,500
|
|
|
(136
|
)
|
||
Term Loan I Facility
|
|
Feb 2, 2012
|
|
Jan 2, 2017
|
|
0.8890%
|
|
LIBOR – 1 month
|
|
62,500
|
|
|
(137
|
)
|
||
Park Point mortgage loan
|
|
Nov 1, 2013
|
|
Oct 5, 2018
|
|
1.5450%
|
|
LIBOR - 1 month
|
|
70,000
|
|
|
(1,536
|
)
|
||
|
|
|
|
|
|
|
|
Total
|
|
$
|
449,091
|
|
|
$
|
(4,083
|
)
|
|
|
Liability Derivatives
|
||||||||
|
|
|
|
Fair Value as of
|
||||||
Description
|
|
Balance Sheet
Location |
|
June 30, 2016
|
|
December 31, 2015
|
||||
Interest rate swaps contracts
|
|
Other liabilities
|
|
$
|
4,083
|
|
|
$
|
2,454
|
|
Total derivatives designated
as hedging instruments
|
|
|
|
$
|
4,083
|
|
|
$
|
2,454
|
|
|
|
Fair Value Measurements as of
|
||||||||||||||||||||||||||||||
|
|
June 30, 2016
|
|
December 31, 2015
|
||||||||||||||||||||||||||||
|
|
Quoted Prices in
Active Markets for
Identical Assets and
Liabilities (Level 1)
|
|
Significant
Other
Observable
Inputs (Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
|
Quoted Prices in
Active Markets for
Identical Assets and
Liabilities (Level 1)
|
|
Significant
Other
Observable
Inputs (Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
||||||||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments
|
|
$
|
—
|
|
|
$
|
4,083
|
|
|
$
|
—
|
|
|
$
|
4,083
|
|
|
$
|
—
|
|
|
$
|
2,454
|
|
|
$
|
—
|
|
|
$
|
2,454
|
|
Mezzanine:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Redeemable noncontrolling interests (Company)/Redeemable limited partners (Operating Partnership)
|
|
$
|
—
|
|
|
$
|
73,722
|
|
|
$
|
—
|
|
|
$
|
73,722
|
|
|
$
|
—
|
|
|
$
|
59,511
|
|
|
$
|
—
|
|
|
$
|
59,511
|
|
|
|
June 30, 2016
|
|
December 31, 2015
|
||||||||||||
|
|
Estimated
Fair Value
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Carrying
Amount
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Loans receivable
(1)
|
|
$
|
48,030
|
|
|
$
|
58,812
|
|
|
$
|
48,030
|
|
|
$
|
57,175
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Unsecured notes
(2)
|
|
$
|
1,243,342
|
|
|
$
|
1,187,695
|
|
|
$
|
1,180,466
|
|
|
$
|
1,186,700
|
|
Mortgage and construction loans
(2)
|
|
1,026,320
|
|
|
1,017,962
|
|
|
994,809
|
|
|
1,053,414
|
|
||||
Bonds
(2)
|
|
42,345
|
|
|
36,414
|
|
|
40,716
|
|
|
36,363
|
|
(1)
|
Management’s estimate of the collectability of principal and interest payments under the company’s loans receivable from CaPFA Capital Corp. 2000F (“CaPFA”), which mature in December 2040, are highly dependent on the future operating performance of the properties securing the loans. As future economic conditions and/or market conditions at the properties change, management will continue to evaluate the collectability of such amounts. The Company believes there were no impairments of the carrying value of its loans receivable as of
June 30, 2016
.
|
(2)
|
Both the estimated fair value and the carrying amount of unsecured notes, mortgage and construction loans, and bonds includes unamortized deferred financing costs (see Note
8
).
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Wholly-Owned Properties
|
|
|
|
|
|
|
|
|
||||||||
Rental revenues and other income
|
|
$
|
175,395
|
|
|
$
|
168,169
|
|
|
$
|
361,899
|
|
|
$
|
348,897
|
|
Interest income
|
|
268
|
|
|
270
|
|
|
533
|
|
|
541
|
|
||||
Total revenues from external customers
|
|
175,663
|
|
|
168,439
|
|
|
362,432
|
|
|
349,438
|
|
||||
Operating expenses before depreciation, amortization, ground/facility leases and allocation of corporate overhead
|
|
(76,705
|
)
|
|
(76,688
|
)
|
|
(154,703
|
)
|
|
(155,742
|
)
|
||||
Ground/facility leases
|
|
(1,452
|
)
|
|
(1,222
|
)
|
|
(2,906
|
)
|
|
(2,445
|
)
|
||||
Interest expense
|
|
(5,231
|
)
|
|
(6,915
|
)
|
|
(12,137
|
)
|
|
(15,653
|
)
|
||||
Operating income before depreciation, amortization, and allocation of corporate overhead
|
|
$
|
92,275
|
|
|
$
|
83,614
|
|
|
$
|
192,686
|
|
|
$
|
175,598
|
|
Depreciation and amortization
|
|
$
|
51,053
|
|
|
$
|
49,248
|
|
|
$
|
102,276
|
|
|
$
|
97,557
|
|
Capital expenditures
|
|
$
|
124,431
|
|
|
$
|
68,989
|
|
|
$
|
210,343
|
|
|
$
|
137,456
|
|
Total segment assets at June 30,
|
|
$
|
5,942,924
|
|
|
$
|
5,585,309
|
|
|
$
|
5,942,924
|
|
|
$
|
5,585,309
|
|
|
|
|
|
|
|
|
|
|
||||||||
On-Campus Participating Properties
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total revenues from external customers
|
|
$
|
6,214
|
|
|
$
|
5,704
|
|
|
$
|
16,260
|
|
|
$
|
14,904
|
|
Interest income
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
||||
Total revenues from external customers
|
|
6,216
|
|
|
5,704
|
|
|
16,262
|
|
|
14,904
|
|
||||
Operating expenses before depreciation, amortization, ground/facility leases and allocation of corporate overhead
|
|
(3,013
|
)
|
|
(2,675
|
)
|
|
(5,771
|
)
|
|
(5,102
|
)
|
||||
Ground/facility leases
|
|
(1,015
|
)
|
|
(739
|
)
|
|
(1,865
|
)
|
|
(1,614
|
)
|
||||
Interest expense
|
|
(1,419
|
)
|
|
(1,488
|
)
|
|
(2,837
|
)
|
|
(2,966
|
)
|
||||
Operating income before depreciation, amortization and allocation of corporate overhead
|
|
$
|
769
|
|
|
$
|
802
|
|
|
$
|
5,789
|
|
|
$
|
5,222
|
|
Depreciation and amortization
|
|
$
|
1,831
|
|
|
$
|
1,735
|
|
|
$
|
3,654
|
|
|
$
|
3,451
|
|
Capital expenditures
|
|
$
|
409
|
|
|
$
|
78
|
|
|
$
|
1,064
|
|
|
$
|
859
|
|
Total segment assets at June 30,
|
|
$
|
104,826
|
|
|
$
|
108,277
|
|
|
$
|
104,826
|
|
|
$
|
108,277
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Development Services
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Development and construction management fees
|
|
$
|
2,121
|
|
|
$
|
1,677
|
|
|
$
|
3,156
|
|
|
$
|
2,241
|
|
Operating expenses
|
|
(3,385
|
)
|
|
(3,925
|
)
|
|
(6,980
|
)
|
|
(7,032
|
)
|
||||
Operating loss before depreciation, amortization and allocation of corporate overhead
|
|
$
|
(1,264
|
)
|
|
$
|
(2,248
|
)
|
|
$
|
(3,824
|
)
|
|
$
|
(4,791
|
)
|
Total segment assets at June 30,
|
|
$
|
2,088
|
|
|
$
|
4,619
|
|
|
$
|
2,088
|
|
|
$
|
4,619
|
|
|
|
|
|
|
|
|
|
|
||||||||
Property Management Services
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Property management fees from external customers
|
|
$
|
2,253
|
|
|
$
|
2,324
|
|
|
$
|
4,663
|
|
|
$
|
4,325
|
|
Intersegment revenues
|
|
5,629
|
|
|
5,607
|
|
|
11,580
|
|
|
11,475
|
|
||||
Total revenues
|
|
7,882
|
|
|
7,931
|
|
|
16,243
|
|
|
15,800
|
|
||||
Operating expenses
|
|
(2,816
|
)
|
|
(3,032
|
)
|
|
(5,800
|
)
|
|
(5,860
|
)
|
||||
Operating income before depreciation, amortization and allocation of corporate overhead
|
|
$
|
5,066
|
|
|
$
|
4,899
|
|
|
$
|
10,443
|
|
|
$
|
9,940
|
|
Total segment assets at June 30,
|
|
$
|
8,787
|
|
|
$
|
7,894
|
|
|
$
|
8,787
|
|
|
$
|
7,894
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total segment revenues and other income
|
|
$
|
191,882
|
|
|
$
|
183,751
|
|
|
$
|
398,093
|
|
|
$
|
382,383
|
|
Unallocated interest income earned on investments and corporate cash
|
|
1,205
|
|
|
815
|
|
|
2,219
|
|
|
1,656
|
|
||||
Elimination of intersegment revenues
|
|
(5,629
|
)
|
|
(5,607
|
)
|
|
(11,580
|
)
|
|
(11,475
|
)
|
||||
Total consolidated revenues, including interest income
|
|
$
|
187,458
|
|
|
$
|
178,959
|
|
|
$
|
388,732
|
|
|
$
|
372,564
|
|
|
|
|
|
|
|
|
|
|
||||||||
Segment operating income before depreciation, amortization and allocation of corporate overhead
|
|
$
|
96,846
|
|
|
$
|
87,067
|
|
|
$
|
205,094
|
|
|
$
|
185,969
|
|
Depreciation and amortization
|
|
(55,055
|
)
|
|
(52,916
|
)
|
|
(111,313
|
)
|
|
(104,946
|
)
|
||||
Net unallocated expenses relating to corporate interest and overhead
|
|
(22,681
|
)
|
|
(20,538
|
)
|
|
(45,526
|
)
|
|
(39,489
|
)
|
||||
Gain from disposition of real estate
|
|
—
|
|
|
3,790
|
|
|
17,409
|
|
|
48,042
|
|
||||
Loss from early extinguishment of debt
|
|
—
|
|
|
(1,175
|
)
|
|
—
|
|
|
(1,770
|
)
|
||||
Income tax provision
|
|
(345
|
)
|
|
(310
|
)
|
|
(690
|
)
|
|
(621
|
)
|
||||
Net income
|
|
$
|
18,765
|
|
|
$
|
15,918
|
|
|
$
|
64,974
|
|
|
$
|
87,185
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total segment assets
|
|
$
|
6,058,625
|
|
|
$
|
5,706,099
|
|
|
$
|
6,058,625
|
|
|
$
|
5,706,099
|
|
Unallocated corporate assets
|
|
256,432
|
|
|
87,535
|
|
|
256,432
|
|
|
87,535
|
|
||||
Total assets at June 30,
|
|
$
|
6,315,057
|
|
|
$
|
5,793,634
|
|
|
$
|
6,315,057
|
|
|
$
|
5,793,634
|
|
Property portfolio:
|
|
Properties
|
|
Beds
|
||
Wholly-owned operating properties:
|
|
|
|
|
||
Off-campus properties
|
|
128
|
|
|
73,309
|
|
On-campus ACE
(1)
|
|
18
|
|
|
14,162
|
|
Subtotal – operating properties
|
|
146
|
|
|
87,471
|
|
|
|
|
|
|
||
Wholly-owned properties under development:
|
|
|
|
|
|
|
Off-campus properties
|
|
10
|
|
|
5,960
|
|
On-campus ACE
|
|
7
|
|
|
4,685
|
|
Subtotal – properties under development
|
|
17
|
|
|
10,645
|
|
|
|
|
|
|
||
Total wholly-owned properties
|
|
163
|
|
|
98,116
|
|
|
|
|
|
|
||
On-campus participating properties
|
|
5
|
|
|
5,086
|
|
|
|
|
|
|
||
Total owned property portfolio
|
|
168
|
|
|
103,202
|
|
|
|
|
|
|
||
Managed properties
|
|
38
|
|
|
29,934
|
|
Total property portfolio
|
|
206
|
|
|
133,136
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
|
|
|||||||||
|
|
2016
|
|
2015
|
|
Change ($)
|
|
Change (%)
|
|||||||
Revenues
|
|
|
|
|
|
|
|
|
|||||||
Wholly-owned properties
|
|
$
|
174,682
|
|
|
$
|
167,468
|
|
|
$
|
7,214
|
|
|
4.3
|
%
|
On-campus participating properties
|
|
6,214
|
|
|
5,704
|
|
|
510
|
|
|
8.9
|
%
|
|||
Third-party development services
|
|
2,121
|
|
|
1,677
|
|
|
444
|
|
|
26.5
|
%
|
|||
Third-party management services
|
|
2,253
|
|
|
2,324
|
|
|
(71
|
)
|
|
(3.1
|
)%
|
|||
Resident services
|
|
713
|
|
|
701
|
|
|
12
|
|
|
1.7
|
%
|
|||
Total revenues
|
|
185,983
|
|
|
177,874
|
|
|
8,109
|
|
|
4.6
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Wholly-owned properties
|
|
77,722
|
|
|
77,251
|
|
|
471
|
|
|
0.6
|
%
|
|||
On-campus participating properties
|
|
3,299
|
|
|
2,942
|
|
|
357
|
|
|
12.1
|
%
|
|||
Third-party development and management services
|
|
3,560
|
|
|
4,012
|
|
|
(452
|
)
|
|
(11.3
|
)%
|
|||
General and administrative
|
|
6,126
|
|
|
5,678
|
|
|
448
|
|
|
7.9
|
%
|
|||
Depreciation and amortization
|
|
53,703
|
|
|
51,578
|
|
|
2,125
|
|
|
4.1
|
%
|
|||
Ground/facility leases
|
|
2,467
|
|
|
1,961
|
|
|
506
|
|
|
25.8
|
%
|
|||
Total operating expenses
|
|
146,877
|
|
|
143,422
|
|
|
3,455
|
|
|
2.4
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Operating income
|
|
39,106
|
|
|
34,452
|
|
|
4,654
|
|
|
13.5
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Nonoperating income and (expenses)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Interest income
|
|
1,475
|
|
|
1,085
|
|
|
390
|
|
|
35.9
|
%
|
|||
Interest expense
|
|
(20,119
|
)
|
|
(20,586
|
)
|
|
467
|
|
|
(2.3
|
)%
|
|||
Amortization of deferred financing costs
|
|
(1,352
|
)
|
|
(1,338
|
)
|
|
(14
|
)
|
|
1.0
|
%
|
|||
Gain from disposition of real estate
|
|
—
|
|
|
3,790
|
|
|
(3,790
|
)
|
|
(100.0
|
)%
|
|||
Loss from early extinguishment of debt
|
|
—
|
|
|
(1,175
|
)
|
|
1,175
|
|
|
(100.0
|
)%
|
|||
Total nonoperating expenses
|
|
(19,996
|
)
|
|
(18,224
|
)
|
|
(1,772
|
)
|
|
9.7
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Income before income taxes and discontinued operations
|
|
19,110
|
|
|
16,228
|
|
|
2,882
|
|
|
17.8
|
%
|
|||
Income tax provision
|
|
(345
|
)
|
|
(310
|
)
|
|
(35
|
)
|
|
11.3
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Net income
|
|
18,765
|
|
|
15,918
|
|
|
2,847
|
|
|
17.9
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Net income attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Redeemable noncontrolling interests
|
|
(223
|
)
|
|
(246
|
)
|
|
23
|
|
|
(9.3
|
)%
|
|||
Partially owned properties
|
|
(104
|
)
|
|
(92
|
)
|
|
(12
|
)
|
|
13.0
|
%
|
|||
Net income attributable to noncontrolling interests
|
|
(327
|
)
|
|
(338
|
)
|
|
11
|
|
|
(3.3
|
)%
|
|||
Net income attributable to ACC, Inc. and Subsidiaries common
stockholders
|
|
$
|
18,438
|
|
|
$
|
15,580
|
|
|
$
|
2,858
|
|
|
18.3
|
%
|
|
|
Same Store Properties
|
|
New Properties
(1)
|
|
Sold Properties
(2)
|
|
Total - All Properties
|
||||||||||||||||||||||||
|
|
Three Months Ended
June 30, |
|
Three Months Ended
June 30, |
|
Three Months Ended
June 30, |
|
Three Months Ended
June 30, |
||||||||||||||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||||||
Number of properties
|
|
134
|
|
|
134
|
|
|
12
|
|
|
8
|
|
|
—
|
|
|
22
|
|
|
146
|
|
|
164
|
|
||||||||
Number of beds
|
|
79,733
|
|
|
79,733
|
|
|
7,738
|
|
|
3,977
|
|
|
—
|
|
|
13,621
|
|
|
87,471
|
|
|
97,331
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Revenues
(3)
|
|
$
|
157,172
|
|
|
$
|
153,387
|
|
|
$
|
18,223
|
|
|
$
|
6,780
|
|
|
$
|
—
|
|
|
$
|
8,002
|
|
|
$
|
175,395
|
|
|
$
|
168,169
|
|
Operating expenses
|
|
70,926
|
|
|
69,245
|
|
|
6,796
|
|
|
3,888
|
|
|
—
|
|
|
4,118
|
|
|
77,722
|
|
|
77,251
|
|
(1)
|
Does not include properties under construction or undergoing redevelopment as of
June 30, 2016
. The number of properties and beds as of
June 30, 2015
and revenues and expenses for the three months then ended include properties for which redevelopment activities had not yet commenced.
|
(2)
|
Includes two wholly-owned properties that were sold during the
six months ended June 30, 2016
, along with 20 wholly-owned properties that were sold during
2015
. Refer to Note
4
in the accompanying Notes to Consolidated Financial Statements contained in Item 1 for a more detailed discussion of our recent disposition activity.
|
(3)
|
Includes revenues which are reflected as resident services revenue on the accompanying consolidated statements of comprehensive income.
|
Property
|
|
Location
|
|
Primary University Served
|
|
Beds
|
|
Acquisition/Opening Date
|
Acquisitions:
|
|
|
|
|
|
|
|
|
Park Point
|
|
Syracuse, NY
|
|
Syracuse University
|
|
226
|
|
February 2015
|
1200 West Marshall
|
|
Richmond, VA
|
|
Virginia Commonwealth University
|
|
406
|
|
March 2015
|
8 1/2 Canal Street
|
|
Richmond, VA
|
|
Virginia Commonwealth University
|
|
540
|
|
March 2015
|
Vistas San Marcos
|
|
San Marcos, TX
|
|
Texas State University
|
|
600
|
|
March 2015
|
Crest at Pearl
|
|
Austin, TX
|
|
University of Texas
|
|
343
|
|
June 2015
|
UP at Metroplex
|
|
Binghamton, NY
|
|
Binghamton University - SUNY
|
|
710
|
|
June 2015
|
Stadium Centre
|
|
Tallahassee, FL
|
|
Florida State University
|
|
710
|
|
July 2015
|
|
|
|
|
SUBTOTAL - Acquisitions
|
|
3,535
|
|
|
Owned Developments:
|
|
|
|
|
|
|
|
|
160 Ross
|
|
Auburn, AL
|
|
Auburn University
|
|
642
|
|
August 2015
|
U Club on Woodward Phase II
|
|
Tallahassee, FL
|
|
Florida State University
|
|
496
|
|
August 2015
|
The Summit at University City
|
|
Philadelphia, PA
|
|
Drexel University
|
|
1,315
|
|
September 2015
|
2125 Franklin
|
|
Eugene, OR
|
|
University of Oregon
|
|
734
|
|
September 2015
|
|
|
|
|
SUBTOTAL - Owned Developments
|
|
3,187
|
|
|
Under Renovation:
|
|
|
|
|
|
|
|
|
University Crossings
|
|
Philadelphia, PA
|
|
Drexel University
|
|
1,016
|
|
September 2015
|
|
|
|
|
Total - New Properties
|
|
7,738
|
|
|
|
|
Six Months Ended June 30,
|
|
|
|||||||||||
|
|
2016
|
|
2015
|
|
Change ($)
|
|
Change (%)
|
|||||||
Revenues
|
|
|
|
|
|
|
|
|
|||||||
Wholly-owned properties
|
|
$
|
360,384
|
|
|
$
|
347,366
|
|
|
$
|
13,018
|
|
|
3.7
|
%
|
On-campus participating properties
|
|
16,260
|
|
|
14,904
|
|
|
1,356
|
|
|
9.1
|
%
|
|||
Third-party development services
|
|
3,156
|
|
|
2,241
|
|
|
915
|
|
|
40.8
|
%
|
|||
Third-party management services
|
|
4,663
|
|
|
4,325
|
|
|
338
|
|
|
7.8
|
%
|
|||
Resident services
|
|
1,515
|
|
|
1,531
|
|
|
(16
|
)
|
|
(1.0
|
)%
|
|||
Total revenues
|
|
385,978
|
|
|
370,367
|
|
|
15,611
|
|
|
4.2
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Wholly-owned properties
|
|
156,573
|
|
|
156,261
|
|
|
312
|
|
|
0.2
|
%
|
|||
On-campus participating properties
|
|
6,341
|
|
|
5,610
|
|
|
731
|
|
|
13.0
|
%
|
|||
Third-party development and management services
|
|
7,298
|
|
|
7,152
|
|
|
146
|
|
|
2.0
|
%
|
|||
General and administrative
|
|
11,435
|
|
|
10,428
|
|
|
1,007
|
|
|
9.7
|
%
|
|||
Depreciation and amortization
|
|
107,419
|
|
|
102,229
|
|
|
5,190
|
|
|
5.1
|
%
|
|||
Ground/facility leases
|
|
4,771
|
|
|
4,059
|
|
|
712
|
|
|
17.5
|
%
|
|||
Total operating expenses
|
|
293,837
|
|
|
285,739
|
|
|
8,098
|
|
|
2.8
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Operating income
|
|
92,141
|
|
|
84,628
|
|
|
7,513
|
|
|
8.9
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Nonoperating income and (expenses)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Interest income
|
|
2,754
|
|
|
2,197
|
|
|
557
|
|
|
25.4
|
%
|
|||
Interest expense
|
|
(42,746
|
)
|
|
(42,574
|
)
|
|
(172
|
)
|
|
0.4
|
%
|
|||
Amortization of deferred financing costs
|
|
(3,894
|
)
|
|
(2,717
|
)
|
|
(1,177
|
)
|
|
43.3
|
%
|
|||
Gain from disposition of real estate
|
|
17,409
|
|
|
48,042
|
|
|
(30,633
|
)
|
|
(63.8
|
)%
|
|||
Loss from early extinguishment of debt
|
|
—
|
|
|
(1,770
|
)
|
|
1,770
|
|
|
(100.0
|
)%
|
|||
Total nonoperating (expenses) income
|
|
(26,477
|
)
|
|
3,178
|
|
|
(29,655
|
)
|
|
(933.1
|
)%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Income before income taxes
|
|
65,664
|
|
|
87,806
|
|
|
(22,142
|
)
|
|
(25.2
|
)%
|
|||
Income tax provision
|
|
(690
|
)
|
|
(621
|
)
|
|
(69
|
)
|
|
11.1
|
%
|
|||
Net income
|
|
64,974
|
|
|
87,185
|
|
|
(22,211
|
)
|
|
(25.5
|
)%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Net income attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Redeemable noncontrolling interests
|
|
(741
|
)
|
|
(993
|
)
|
|
252
|
|
|
(25.4
|
)%
|
|||
Partially owned properties
|
|
(208
|
)
|
|
(415
|
)
|
|
207
|
|
|
(49.9
|
)%
|
|||
Net income attributable to noncontrolling interests
|
|
(949
|
)
|
|
(1,408
|
)
|
|
459
|
|
|
(32.6
|
)%
|
|||
Net income attributable to ACC, Inc. and
subsidiaries common
stockholders
|
|
$
|
64,025
|
|
|
$
|
85,777
|
|
|
$
|
(21,752
|
)
|
|
(25.4
|
)%
|
|
|
Same Store Properties
|
|
New Properties
(1)
|
|
Sold Properties
(2)
|
|
Total - All Properties
|
||||||||||||||||||||||||
|
|
Six Months Ended
June 30, |
|
Six Months Ended
June 30, |
|
Six Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||||||
Number of properties
|
|
134
|
|
|
134
|
|
|
12
|
|
|
8
|
|
|
2
|
|
|
22
|
|
|
148
|
|
|
164
|
|
||||||||
Number of beds
|
|
79,733
|
|
|
79,733
|
|
|
7,738
|
|
|
3,977
|
|
|
1,324
|
|
|
13,621
|
|
|
88,795
|
|
|
97,331
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Revenues
(3)
|
|
$
|
323,348
|
|
|
$
|
315,763
|
|
|
$
|
36,418
|
|
|
$
|
10,539
|
|
|
$
|
2,133
|
|
|
$
|
22,595
|
|
|
$
|
361,899
|
|
|
$
|
348,897
|
|
Operating expenses
|
|
141,641
|
|
|
138,479
|
|
|
13,824
|
|
|
6,610
|
|
|
1,108
|
|
|
11,172
|
|
|
156,573
|
|
|
156,261
|
|
(1)
|
Does not include properties under construction or undergoing redevelopment as of
June 30, 2016
. The number of properties and beds as of
June 30, 2015
and revenues and expenses for the six months then ended include properties for which redevelopment activities had not yet commenced.
|
(2)
|
Includes two wholly-owned properties that were sold during the
six months ended June 30, 2016
, along with 20 wholly-owned properties that were sold during
2015
. Refer to Note
4
in the accompanying Notes to Consolidated Financial Statements contained in Item 1 for a more detailed discussion of our recent disposition activity.
|
(3)
|
Includes revenues which are reflected as resident services revenue on the accompanying consolidated statements of comprehensive income.
|
|
|
Amount
|
|
% of Total
|
|
Weighted Average Rates
|
|
Weighted Average Maturities
|
||||
Secured
|
|
$
|
1,014,717
|
|
|
39.6
|
%
|
|
5.15
|
%
|
|
5.1 Years
|
Unsecured
|
|
1,550,000
|
|
|
60.4
|
%
|
|
3.39
|
%
|
|
5.4 Years
|
|
Total consolidated debt
|
|
$
|
2,564,717
|
|
|
100.0
|
%
|
|
4.09
|
%
|
|
5.3 Years
|
|
|
|
|
|
|
|
|
|
||||
Fixed rate debt
|
|
|
|
|
|
|
|
|
||||
Secured
|
|
|
|
|
|
|
|
|
||||
Project-based taxable bonds
|
|
$
|
36,935
|
|
|
1.4
|
%
|
|
7.56
|
%
|
|
8.2 Years
|
Construction
|
|
10,013
|
|
|
0.4
|
%
|
|
4.61
|
%
|
|
8.2 Years
|
|
Mortgage
|
|
967,769
|
|
|
37.8
|
%
|
|
5.06
|
%
|
|
4.9 Years
|
|
Unsecured
|
|
|
|
|
|
|
|
|
||||
3.750% Notes, due April 2023
|
|
400,000
|
|
|
15.6
|
%
|
|
3.75
|
%
|
|
6.8 Years
|
|
4.125% Notes, due July 2024
(1)
|
|
400,000
|
|
|
15.6
|
%
|
|
4.25
|
%
|
|
8.0 Years
|
|
3.350% Notes, due Oct 2020
|
|
400,000
|
|
|
15.6
|
%
|
|
3.35
|
%
|
|
4.3 Years
|
|
Term loan
|
|
350,000
|
|
|
13.6
|
%
|
|
2.04
|
%
|
|
2.3 Years
|
|
Total - fixed rate debt
|
|
2,564,717
|
|
|
100.0
|
%
|
|
4.09
|
%
|
|
5.3 Years
|
|
|
|
|
|
|
|
|
|
|
||||
Variable rate debt:
|
|
|
|
|
|
|
|
|
||||
Unsecured revolving credit facility
|
|
—
|
|
|
—
|
%
|
|
1.77
|
%
|
|
1.7 Years
|
|
Total consolidated debt
|
|
$
|
2,564,717
|
|
|
100.0
|
%
|
|
4.09
|
%
|
|
5.3 Years
|
|
|
|
|
|
|
|
|
|
(1)
|
In connection with the issuance of these unsecured notes, the Company terminated two forward starting interest rate swap contracts with notional amounts totaling $200 million, resulting in payments to both counterparties, which were recorded in accumulated other comprehensive loss and will be amortized to interest expense over the life of the notes. When including the effect of these interest rate swap terminations, the weighted average effective rate on the unsecured notes is 4.27%.
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net income attributable to ACC, Inc. and
Subsidiaries common stockholders
|
|
$
|
18,438
|
|
|
$
|
15,580
|
|
|
$
|
64,025
|
|
|
$
|
85,777
|
|
Noncontrolling interests
|
|
327
|
|
|
338
|
|
|
949
|
|
|
1,408
|
|
||||
Gain from disposition of real estate
|
|
—
|
|
|
(3,790
|
)
|
|
(17,409
|
)
|
|
(48,042
|
)
|
||||
Real estate related depreciation and amortization
|
|
52,885
|
|
|
50,985
|
|
|
105,931
|
|
|
101,009
|
|
||||
Funds from operations (“FFO”) attributable to
common stockholders and OP unitholders
|
|
71,650
|
|
|
63,113
|
|
|
153,496
|
|
|
140,152
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Elimination of operations of on-campus participating properties:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss (income) from on-campus participating properties
|
|
1,097
|
|
|
969
|
|
|
(2,067
|
)
|
|
(1,699
|
)
|
||||
Amortization of investment in on-campus participating properties
|
|
(1,831
|
)
|
|
(1,735
|
)
|
|
(3,654
|
)
|
|
(3,451
|
)
|
||||
|
|
70,916
|
|
|
62,347
|
|
|
147,775
|
|
|
135,002
|
|
||||
Modifications to reflect operational performance of on-campus participating properties:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Our share of net cash flow
(1)
|
|
1,015
|
|
|
739
|
|
|
1,865
|
|
|
1,614
|
|
||||
Management fees
|
|
264
|
|
|
241
|
|
|
723
|
|
|
668
|
|
||||
Contribution from on-campus participating properties
|
|
1,279
|
|
|
980
|
|
|
2,588
|
|
|
2,282
|
|
||||
Property acquisition costs
|
|
—
|
|
|
683
|
|
|
—
|
|
|
2,213
|
|
||||
Elimination of loss from early extinguishment of debt
(2)
|
|
—
|
|
|
1,175
|
|
|
—
|
|
|
1,770
|
|
||||
Funds from operations – modified (“FFOM”) attributable to
common stockholders and OP unitholders
|
|
$
|
72,195
|
|
|
$
|
65,185
|
|
|
$
|
150,363
|
|
|
$
|
141,267
|
|
|
|
|
|
|
|
|
|
|
||||||||
FFO per share – diluted
|
|
$
|
0.54
|
|
|
$
|
0.55
|
|
|
$
|
1.19
|
|
|
$
|
1.23
|
|
FFOM per share – diluted
|
|
$
|
0.54
|
|
|
$
|
0.57
|
|
|
$
|
1.16
|
|
|
$
|
1.24
|
|
Weighted average common shares outstanding – diluted
|
|
132,638,808
|
|
|
114,541,910
|
|
|
129,159,380
|
|
|
113,762,540
|
|
(1)
|
50% of the properties’ net cash available for distribution after payment of operating expenses, debt service (including repayment of principal) and capital expenditures. Represents amounts accrued for the interim periods, which is included in ground/facility leases expense in the consolidated statements of comprehensive income.
|
(2)
|
Represents losses associated with the early pay-off of mortgage loans for four properties sold during the
six months ended June 30, 2015
. Such costs are excluded from gains from disposition of real estate reported in accordance with GAAP. However, we view the losses from early extinguishment of debt associated with the sales of real estate as an incremental cost of the sale transactions because we extinguished the debt in connection with the consummation of the sale transactions and we had no intent to extinguish the debt absent such transactions. We believe that adjusting FFOM to exclude these losses more appropriately reflects the results of our operations exclusive of the impact of our disposition transactions.
|
(a)
|
Evaluation of Disclosure Controls and Procedures
|
(b)
|
C
hanges in Internal Control Over Financial Reporting
|
(a)
|
Evaluation of Disclosure Controls and Procedures
|
(b)
|
Changes in Internal Control Over Financial Reporting
|
Exhibit Number
|
|
Description of Document
|
31.1
|
|
American Campus Communities, Inc. - Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
31.2
|
|
American Campus Communities, Inc. - Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
31.3
|
|
American Campus Communities Operating Partnership, L.P. - Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
31.4
|
|
American Campus Communities Operating Partnership, L.P. - Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.1
|
|
American Campus Communities, Inc. - Certification of Chief Executive Officer Pursuant to 18 U. S. C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.2
|
|
American Campus Communities, Inc. - Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.3
|
|
American Campus Communities Operating Partnership, L.P. - Certification of Chief Executive Officer Pursuant to 18 U. S. C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.4
|
|
American Campus Communities Operating Partnership, L.P. - Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
Dated:
|
August 5, 2016
|
AMERICAN CAMPUS COMMUNITIES, INC.
|
|
|
|
By:
|
/s/ William C. Bayless, Jr.
|
|
|
|
William C. Bayless, Jr.
President and Chief Executive Officer
|
|
|
By:
|
/s/ Jonathan A. Graf
|
|
|
|
Jonathan A. Graf
Executive Vice President,
Chief Financial Officer, Treasurer
and Secretary
|
Dated:
|
August 5, 2016
|
AMERICAN CAMPUS COMMUNITIES
OPERATING PARTNERSHIP, L.P.
|
||
By:
|
American Campus Communities Holdings,
LLC, its general partner
|
|
|
By:
|
American Campus Communities, Inc.,
its sole member |
|
|
|
|
By:
|
/s/ William C. Bayless, Jr.
|
|
|
|
|
|
William C. Bayless, Jr.
President and Chief Executive Officer
|
|
|
|
|
By:
|
/s/ Jonathan A. Graf
|
|
|
|
|
|
Jonathan A. Graf
Executive Vice President,
Chief Financial Officer, Treasurer
and Secretary
|
1 Year American Campus Communit... Chart |
1 Month American Campus Communit... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions